ezpw-20240930

美國

證券交易委員會

華盛頓特區20549

形式 10-K


☑						根據1934年證券交易法第13或15（d）條提交的年度報告

日終了的財政年度九月30, 2024 或


☐						根據1934年證券交易法第13或15（d）條提交的過渡報告

的過渡期至

委員會檔案號：0-19424

EZCORP，Inc.

(註冊人的確切姓名載於其章程)

特拉華

74-2540145

(註冊成立或組織的國家或其他司法管轄區)

(國際稅務局僱主身分證號碼)

蜜蜂洞路2500號

一號樓

200套房

羅林伍德

78746

（主要行政辦公室地址）

(郵政編碼)

註冊人的電話號碼，包括區號： (512) 314-3400

根據該法第12(B)節登記的證券：

每個班級的標題

交易代碼

註冊的每個交易所的名稱

A類無投票權普通股，每股面值0.01美元

EZPW

「納斯達克」股票市場

(納斯達克全球精選市場)

如果註冊人是證券法規則405中定義的知名經驗豐富的發行人，請用複選標記表示。是☐ 沒有 ☑

如果註冊人無需根據該法案第13條或第15（d）條提交報告，則通過勾選標記進行驗證。是的 ☐ 沒有 ☑

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短期限內)提交了1934年《證券交易法》第13或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。是的 ☑ 沒有 ☐

用複選標記表示註冊人是否已在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T法規(本章232.405節)第405條規則要求提交的每個交互數據文件。是的 ☑ 沒有 ☐

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中的「大型加速申報公司」、「加速申報公司」、「較小報告公司」和「新興成長型公司」的定義。


大型數據庫加速的文件管理器	☐	加速文件管理器	☑
非加速文件服務器	☐	規模較小的新聞報道公司	☐
		新興成長型公司	☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否選擇不使用延長的過渡期來遵守根據《交易法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

用複選標記表示註冊人是否提交了一份報告，證明其管理層根據《薩班斯-奧克斯利法案》(《美國聯邦法典》第15編，第7262(B)節)第404(B)條對其財務報告的內部控制的有效性進行了評估，該評估是由編制或發佈其審計報告的註冊會計師事務所進行的。☑

如果證券是根據該法第12(B)條登記的，應用複選標記表示登記人的財務報表是否反映了對以前發佈的財務報表的錯誤更正。☐

用複選標記表示這些錯誤更正中是否有任何重述需要對註冊人的任何執行人員在相關恢復期間根據第240.10D-1(B)條收到的基於激勵的補償進行恢復分析。☐

用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。是☐ 沒有 ☑

登記人發行和發行的唯一一類有投票權的證券是b類有投票權的普通股，每股面值0.01美元，所有這些證券均由登記人的附屬公司擁有。b類投票普通股沒有交易市場。註冊人非附屬公司持有的A類無投票權普通股的總市值爲美元567 根據2024年3月31日納斯達克股市收盤價計算，爲百萬。

截至2024年11月6日， 51,495,277 註冊人的A類無投票權普通股股份，每股面值0.01美元，以及 2,970,171 註冊人的b類投票普通股股份，面值0.01美元r股，表現出色。

通過引用併入的文件：無

目錄表

EZCORP，Inc.

財政年度截至2024年9月30日

表格10-K索引


項目			頁面
不是的。			號
第一部分
1.業務			3
1A.危險因素			15
1B.未解決的員工意見			14
1C.網絡安全			21
2.性能			22
3.法律訴訟			22
4.礦山安全披露			22
第二部分
5.註冊人普通股市場、相關股東事項和發行人購買股票證券			23
6. [保留]			24
7.管理層對財務狀況和經營成果的討論和分析			25
7A.關於市場風險的定量和定性披露			36
8.財務報表和補充數據			37
9.會計和財務披露方面的變化和與會計師的分歧			70
9A.控制和程序			70
90億。其他信息			73
9C.有關阻止檢查的外國司法管轄區的披露			73
第三部分
10.董事、執行官和公司治理			74
11.高管薪酬			81
12.某些受益所有人和管理層的證券所有權以及相關股東事宜			102
13.某些關係和關聯交易以及董事獨立性			104
14.首席會計師費用和服務			105
第四部分
15.展品和財務報表附表			105
16.表格10-k摘要			105
簽名			107

目錄表

第一部分

本報告包含反映我們未來計劃、估計、信念和預期績效的前瞻性陳述。由於許多風險和不確定性，包括「第一部分，第1A項-風險因素」下討論的風險和不確定性，我們的實際結果可能與這些前瞻性陳述當前預期和表達或暗示的結果存在重大差異。我們警告說，關於未來事件的假設、期望、預測、意圖或信念可能並且經常確實與實際結果不同，而且差異可能是實質性的。另請參閱「第二部分，第7項-管理層對財務狀況和經營業績的討論和分析-關於可能影響未來業績的風險和不確定性的警示聲明。」

除非另有說明，否則所提及的「公司」、「我們」、「我們的」、「我們」和「EZCORP」均指EZCORP，Inc.及其合併子公司統稱。提及的「財年」是指截至指定年份9月30日的財年。例如，「2024財年」是指截至2024年9月30日的財年。除非另有說明，否則所有以「$」開頭的貨幣金額均以美元表示。

項目1.業務

目標、願景和戰略

EZCORP，Inc.是美國（「美國」）領先的典當服務提供商和拉丁美洲，擁有1，279個地點和8，000多名團隊成員。我們是一家特拉華州公司，總部位於德克薩斯州奧斯汀。

我們的目的聲明：

“我們的存在是爲了滿足客戶的短期現金和二手零售需求，幫助他們生活和享受生活。

我們由一支多元化的團隊推動，他們對典當充滿熱情，他們有動力做到最好--因爲我們的客戶、家庭、利益相關者以及我們生活的社區和環境都值得這樣做。”

這一目的得到了以客戶爲中心的戰略的支持，該戰略包括以下內容：

•提供快速、輕鬆、簡單的現金獲取途徑;

•以友好和尊重的方式爲我們的客戶服務;

•始終保持競爭和公平;

•熱情滿足客戶需求;

•建立持久的關係;以及

•認識並獎勵客戶忠誠度。

該戰略由三個基本支柱組成：

•增強核心 - 不懈地專注於典當業務的卓越執行力和卓越運營。

•成本效率和簡化 - 通過持續關注簡化和優化，塑造成本效率文化。

•創新和發展 - 擴大客戶參與度，在更多地點更頻繁地爲更多客戶提供服務。

我們依靠四個基本能力來執行我們的戰略並實現我們的目標：

•團隊成員 - 我們爲多元化、敬業和終身的團隊打造出對典當業真正充滿熱情。

•IT和數據現代化 - 我們對IT和數據資產進行現代化改造，以利用增長機會並在每次客戶互動中創造更大的價值。

•風險管理和建設合規文化 - 我們不斷專注於加強管理運營、財務、監管、合規、信息安全和聲譽風險的能力。

•環境、社會和治理（「ESG」） - 我們優先考慮制定全面綜合可持續發展計劃的基本要素。

目錄表

我們的業務概述

截至2024年9月30日，我們總共運營1，279個地點，包括：

•542家美國當鋪（主要以EZPAWN或Value Pawn & Jewelry經營）;

•565家墨西哥當鋪（主要經營爲Empeño Fá和Cash Apoyo Efectivo）;和

•在危地馬拉、薩爾瓦多和洪都拉斯擁有172家當鋪（名稱爲GuatePrenda和MaxiEfectivo）。

在我們的當鋪，我們以有形個人財產抵押的價值預付現金，並向尋求高價值的客戶出售商品。我們出售的商品主要包括從我們的典當活動中沒收的二手抵押品或從客戶處購買的商品。根據商店數量，我們e第二個la美國最大的當鋪老闆和運營商，也是拉丁美洲最大的當鋪老闆和運營商之一。我們還以ZZ+名義提供基於網絡的應用程序，允許客戶在線管理典當交易、分期付款和忠誠度獎勵。

除了在美國和拉丁美洲的核心典當業務外，我們還進行了以下戰略投資：

•我們擁有Cash Converters International Limited（「Cash Converters」）43.7%的股份，該公司是一家上市公司（ASX：CCV），總部位於西澳大利亞州珀斯。Cash Converters及其控制的公司由一個多元化的集團組成，在17個國家的669家商店中賺取特許經營、商店運營、個人金融（包括典當交易）和車輛金融收入。

•我們擁有Founders One，LLC（「Founders」）的優先權益，該LLC擁有Simple Management Group，Inc的多數股權。（「SMG」）在美國擁有並經營102家當鋪，加勒比海和中美洲，計劃在這些地區建立和收購更多商店。

我們的收入主要來自未償還典當貸款（「PLO」）的典當服務費（「CSC」）、商品銷售和珠寶報廢。我們仍然專注於優化巴解組織的平衡以及由此產生的更高的平價。下圖列出了2024財年、2023財年和2022財年的毛利潤來源，包括CSC、商品銷售毛利潤（「商品銷售GP」）和珠寶報廢毛利潤（「珠寶報廢GP」）：

目錄表

以下圖表按地區列出了2024財年、2023財年和2022財年的毛利潤來源：

細分市場和地理信息

我們在全球範圍內開展業務，並按地理位置管理業務。我們的業務分爲以下可報告分部：

•美國典當，包括我們在美國的EZPAWN、Value Pawn & Jewel以及其他品牌典當業務;

•拉丁美洲典當，包括我們在墨西哥的Empeño Fá、Cash Apoyo Efectivo和其他品牌典當業務，以及我們在危地馬拉、薩爾瓦多和洪都拉斯的GuatePrenda和MaxiEfectivo典當業務（簡稱「GPX」）;和

•其他投資，主要包括我們在現金轉換器中的股權以及我們對創始人的投資和應收票據。

下表按細分列出了存儲數據：


	公司擁有的商店
	美國典當	拉丁美洲典當	已整合

截至2021年9月30日	516	632	1,148
新地點開業	—	28	28
收購地點	3	—	3
地點合併或關閉	(4)	—	(4)
截至2022年9月30日	515	660	1,175
新地點開業	3	44	47
收購地點	12	—	12
地點合併或關閉	(1)	(2)	(3)
截至2023年9月30日	529	702	1,231
新地點開業	1	40	41
收購地點	13	—	13
地點合併或關閉	(1)	(5)	(6)
截至2024年9月30日	542	737	1,279

有關我們的分部和地理區域的更多信息，請參閱註釋12：「第二部分第8項-財務報表和補充數據」中包含的合併財務報表註釋的分部信息。

目錄表

典當活動

在我們的當鋪，我們以有形個人財產抵押的價值預付現金。我們爲這些現金預付款賺取典當服務費（「PQ」），而PQ費率因州和交易規模而異。交易時，我們佔有典當抵押品，該抵押品包括有形個人財產，通常是珠寶、消費電子產品、工具、體育用品和樂器。如果客戶選擇贖回典當，他們將償還預付金額加上任何應計的PSP。如果客戶選擇不贖回其典當，典當抵押品將成爲我們的庫存，我們在零售商品銷售活動中出售，或者在某些情況下，因其固有的黃金或寶石含量而出售廢料。因此，我們典當業務的成功在很大程度上取決於我們準確評估典當贖回可能性以及抵押個人財產的估計轉售或報廢價值的能力。

截至2024年9月30日，我們的PLO期末餘額爲27410萬美元。2024財年，CSC約佔我們總收入的38%和毛利潤的64%。

在美國，根據適用法律的允許，CSC費率通常在每月12%至25%之間變化，典當期限通常在30至90天之間。個人典當交易平均在170美元至200美元之間。

在墨西哥，根據適用法律的允許，CSC費率通常在每月15%至21%之間變化，典當的主要期限爲30天。個人典當交易通常平均在1，200至1，500墨西哥披索之間，按2024財年的平均匯率計算，平均約爲65至85美元。

根據適用法律的允許，在GPPX中，CSC費率通常在每月12%至18%之間變化，典當主要期限爲30天。個人典當交易以該國當地貨幣進行，使用2024財年的平均匯率，平均價格通常在120至140美元之間。由於用作典當抵押品的珠寶集中度較高，GPMX國家的平均交易金額往往高於墨西哥。

如果客戶選擇不贖回、續訂或延長其典當，典當抵押品將被沒收併成爲可供出售的庫存。當典當抵押品被沒收時，我們不會記錄損失或沖銷，因爲爲未付典當預付的金額成爲被沒收抵押品的庫存攜帶成本。被沒收抵押品的後續出售與典當金額（由任何庫存儲備抵消）之間的差額反映在商品銷售毛利率中。

我們能夠以遠低於原始零售價格的價格提供優質二手商品，這吸引了有價值意識的客戶。庫存銷售的毛利潤主要取決於我們對財產被接受作爲典當抵押品或購買時估計轉售或廢品價值的評估以及我們及時出售該商品的能力。由於我們的庫存和銷售的很大一部分涉及黃金和珠寶，因此我們的業績可能會受到黃金和鑽石的市場價格的影響。

美國和我們大多數拉丁美洲商店的客戶可以購買產品保護計劃，允許他們在購買後六個月內兌換通過我們的零售典當業務銷售的某些普通商品（非珠寶）。在美國，我們還提供珠寶VIP套餐，該套餐保證客戶在出售的物品上獲得最低的未來典當預付金額，如果他們以該物品交易購買更昂貴的珠寶，則允許他們獲得全額積分，併爲所出售的物品提供小型維修服務。除了預付費外，客戶還可以通過支付通常爲商品售價10%的最低分期按金來購買商品。我們通常會將物品分期付款90-180天，在此期間，客戶需要通過一系列分期付款支付銷售價格的餘額。如果錯過付款，我們將該商品保留最多30天，然後將其退回到活動庫存中進行銷售。

運營和風險管理

我們的典當業務旨在爲商店團隊提供最佳水平的支持，提供指導、指導和問題解決，以發現更好地爲客戶服務的機會，並使我們成爲客戶服務和滿意度方面的領導者。

我們的風險管理結構由資產保護、合規和內部審計部門組成，負責監控庫存系統、貸款實踐、監管合規性以及對我們政策和程序的合規性。我們至少每年對每家商店的庫存進行全面實物審計，並且更頻繁地在風險較高或縮水較多的商店進行。珠寶和槍支的庫存清點每天完成，其他更容易被盜的庫存類別每年循環清點多次。我們在每次庫存清點結束時記錄已知損失的縮減調整。這些調整在中期記錄爲估計數，並在週期計數期間發現。

目錄表

人力資本管理

敬業度調查

我們於2024年4月進行了由Glint管理的全球員工敬業度調查，參與率爲87%，總體敬業度評分爲84分。我們的參與度評分比全球基準高出十個百分點，全球基準包含來自各個行業（金融、醫療保健、製造、專業服務、零售、技術和公用事業）的1，100多家不同規模公司的數據，幷包括來自150多個國家/地區的超過800萬受訪者的結果。

我們的最大優勢是職業、以客戶爲中心和持續改進。我們改進的重點領域包括團隊、有價值的隊友和工作與生活平衡。團隊成員提供了超過11，900條意見，意見好壞參半，其中27%是積極的，38%是中立的，35%是消極的。爲了確保我們解決調查中提出的問題，地區經理及以上級別的所有人員領導都將制定2025財年的參與目標，並以能夠產生最大業務和團隊成員影響的行動爲指導。

人才管理與發展

我們在所有地區僱用了約8，000名團隊成員，其中美國約3，600人、墨西哥約3，500人和中美洲約900人。我們尋求僱用和晉升團隊成員來引領今天的發展，並在未來擔任更重要的角色。我們通過培訓和發展計劃來實現這一目標，團隊成員可以利用這些計劃來規劃自己的職業生涯並確定未來的增長機會。我們與各級團隊成員進行合作，以便了解他們的專業和個人目標，識別高潛力的未來領導者以加強我們的內部團隊，支持他們的旅程並留住我們的人才。

在我們的當鋪中，我們提供：

•一個融合典當藝術和科學在線和實踐培訓的入職計劃;

•職業道路計劃與我們的人才和繼任策略保持一致，強調職業發展和個人發展計劃;以及

•一種學習體驗，可以釋放和加速團隊成員的潛力以及業務增長。

我們對商店級團隊成員的投資在2024財年產生了切實的成果：

•我們2024年全球員工敬業度調查中的高分問題包括「我知道EZCORP爲我提供的職業道路」（好感度評分爲89%）和「我在EZCORP有很好的學習和發展機會」（好感度評分爲86%）。

•超過85%的管理職位通過內部晉升填補。

我們加強了對職業道路（運營）以及職業和能力框架（企業支持中心）的利用，以制定個人發展計劃，以指導團隊成員的職業道路，併爲他們爲未來的角色做好準備。

文化和道德

文化對於我們的長期成功以及我們吸引、培養和留住實現我們的目標、願景和戰略所需的頂尖人才的能力至關重要。

我們的價值觀--人、典當、激情--定義了我們作爲企業的優先事項，而我們的指導原則--領導力、客戶服務、問責、尊重、多元化和可持續發展--體現了我們對如何與團隊成員、客戶和社區互動的期望。全球範圍內使用各種工具來展示對我們原則、價值觀和積極文化的承諾，包括簡潔語言的行爲準則和支持政策、年度期望培訓以及執行管理層的清晰溝通，以加強道德行爲和積極文化。

爲了支持我們的道德商業實踐，我們設立了一條道德熱線，供所有團隊成員和外部利益相關者報告（如果需要，可以匿名）任何擔憂的問題。與熱線（由獨立第三方管理）的通信被髮送至適當的職能部門（人力資源部門、法律部門或合規部門），在某些情況下直接發送至董事會，以進行調查和解決。此外，任何股東或其他利益相關方都可以通過我們網站投資者關係部分概述的流程單獨或集體向董事會發送通訊。

目錄表

多樣性和包容性

在EZCORP，我們營造一個重視多樣性、包容性和所有人發展的環境。在我們的2024年全球員工敬業度調查中，83%的參與者對「我對EZCORP感到歸屬感」這個問題做出了積極回應。2024財年，我們繼續通過重點關注以下舉措來推進多元化和包容性戰略：

•承諾和問責制- 通過公司政策、溝通和行動展示承諾和問責制。

•工作場所包容性 — 營造重視多樣性和包容性並鼓勵協作、靈活性和公平性的工作環境。

•多元化的員工隊伍 — 從多元化、合格的候選人庫中招聘和晉升，以增加觀點和經驗的多樣性。

我們贊助親和力小組，以營造一個包容性和支持性的環境，讓具有共同特徵、經驗或興趣的團隊成員能夠有效地聯繫、合作和貢獻。美國的婦女賦權組織、黑人賦權組織、西班牙裔領導力倡導組織（HOLA）和ZZ驕傲親和力團體以及拉丁美洲的婦女賦權組織和工薪父母親和力團體都旨在通過提供開放對話、資源共享、專業發展和文化豐富的平台來增強多樣性、公平和包容性努力。

2024財年美國種族和民族人口統計 (1) (2)

2024財年全球性別人口統計 (2)

（1）「代表性不足的少數族裔」一詞用於描述不同的人群，包括非裔美國人、西班牙裔、亞裔和美洲原住民團隊成員，他們在受僱時自我認定自己的種族和民族。

（2）「管理」一詞用於描述具有一個或多個直接下屬的團隊成員。

目錄表

整體薪酬

我們的薪酬計劃旨在使團隊成員的薪酬與個人和公司績效保持一致，並提供適當的激勵措施來吸引、保留和激勵團隊成員實現成果。

我們的薪酬計劃結構平衡了短期和長期績效的激勵收入。具體而言：

•我們提供具有競爭力且與職位、技能水平、經驗、知識和地理位置一致的工資和激勵計劃。此外，每年（美國）進行性別和種族/民族分析以確保薪酬公平。

•我們聘請了一家全國認可的外部薪酬和福利諮詢公司來獨立評估我們高管薪酬的有效性，並針對我們選定的同行群體提供基準，其中包括來自相關行業、爲類似客戶群提供服務的類似規模的公司，從事零售或消費金融行業，通常具有類似的運營動態。

•我們通過將可變現薪酬與股票表現聯繫起來，使高管的長期股權薪酬與股東利益保持一致。

•所有員工都有資格享受帶薪休假、公司付費人壽保險和參與終身獎勵計劃，該計劃通過根據他們的服務年數授予ZZ + Rewards積分來表彰他們的承諾和忠誠度。

健康和安全

我們對團隊成員的承諾是提供一個安全且無傷害的工作場所。我們繼續投資旨在改善身體、精神和社會福祉的項目。

管理和監督

董事會人員和薪酬委員會主要負責分析、建議和（酌情）批准高管薪酬。該委員會還負責組織發展事務，並協助董事會履行其總體職責，使EZCORP能夠吸引、保留、發展和激勵爲公司的長期成功做出貢獻的合格高管。

該委員會積極參與高管招聘和選拔過程。委員會成員在高管人才管理和繼任流程中發揮着重要作用，包括審查和實現高管的年度目標。所有高管至少有一個與人員相關的目標，通常分爲員工敬業度分數、自願吸引力和包容性領域。

環境、社會和治理（ESG）

EZCORP致力於以負責任的方式滿足客戶的需求，在這方面，我們將目標、願景、價值觀、指導原則和業務戰略與環境、社會和治理可持續發展因素保持一致。

我們的典當和相關零售活動本質上有助於「循環經濟」並促進環境可持續發展。我們爲客戶提供獨特的選擇來滿足他們對現金的需求-這些選擇是銀行和信用合作社、信用卡提供商或分期付款和短期貸款機構等傳統貸款機構不提供的。對於我們的許多客戶來說，典當交易爲滿足他們的意外費用提供了必要且在財務上負責任的生命線。我們的零售活動主要依賴於二手商品的本地採購，並將這些商品再循環回我們服務的社區。簡而言之，我們的業務是獨特的、必要的和可持續的。

環境可持續性

我們的業務通過以下方式爲整體環境可持續發展做出貢獻：

•我們的業務本質上是一項社區業務，每家商店主要爲周圍社區服務。這種「本地」重點減少了客戶長途跋涉才能獲得我們的產品和服務的需要，並消除了對送貨服務的需要。

•我們的每家商店都充當自己的「供應鏈」。我們通過典當或向客戶購買二手商品，然後通常在同一家商店出售該商品（在典當交易的情況下，沒收後）。因此，我們不會維護或依賴大量供應、分銷或倉儲設施。

目錄表

•我們銷售的幾乎所有商品都是二手商品，這有助於二手商品回收和循環經濟。2024財年，我們銷售了約520萬件二手商品，其中包括超過290萬件消費電子產品、相機和家居用品類別的商品、140萬件其他日用商品（例如工具和樂器）和80萬件珠寶。此外，通過珠寶報廢活動，我們回收了大量黃金和鑽石。所有這些活動有效地延長了許多產品的使用壽命，減少了浪費並減少了對新制造業和採礦業的需求。

•與依賴製造商和廣泛供應鏈和分銷渠道的大型零售商或其他大型零售商相比，我們的商店運營本身留下的碳足跡相對較小。我們的商店相對較小（通常爲3，300平方英尺或以下）。爲了減少能源消耗，我們在78%的美國商店和62%的拉丁美洲商店安裝了節能LED照明。

•在我們的所有設施中，包括我們的企業支持辦公室，我們通過減少消耗、回收紙質產品（2024財年美國所有地點約100萬英鎊）以及負責任地處理報廢計算機、電子產品和相關配件來促進環境管理。回收或其他健全的電子廢物處理。我們位於德克薩斯州奧斯汀的公司辦事處獲得了LEED銀牌認證。

社會責任

我們的業務通過以下方式促進社會責任：

•我們的業務是沒有銀行賬戶和/或服務不足、無法獲得傳統形式資本或信貸的消費者的重要且負責任的財務資源。我們通過社區商店在數字產品的支持下改善金融服務的覆蓋範圍和獲取。我們提供在美國平均185美元的即時現金交易。我們的典當交易簡單、透明、受監管且安全，資金批准基於抵押品的估值，而不是客戶的信譽。客戶無需償還預付金額;相反，客戶可以選擇償還預付金額和PQ或放棄抵押商品。我們不會對客戶進行收款工作或採取其他法律行動，也不會向外部信貸機構報告交易歷史記錄。

•客戶滿意度衡量和反饋是改善我們的客戶服務和團隊成員參與度的關鍵因素。爲了獲取直接的客戶反饋，我們在所有商店啓用了Google評論，並收到了超過349，000條Google評論，美國和拉丁美洲的平均滿意度爲4.8（滿分5）。

•我們爲客戶提供多種支付選項，包括跨商店、電話、基於網絡和移動平台，減少了前往商店付款的需要。在線付款可通過分期付款和典當擴展進行，並在這些交易中交付電子付款收據。

•我們更新了EZCORP基金會的使命，該基金會是我們的慈善機構，致力於通過支持符合我們「People」、「Pawn」和「Passion」運營價值觀的慈善組織，爲我們生活和運營的社區帶來改變。當前的舉措包括支持金融掃盲工作、努力消除糧食不安全、增強年輕人成功能力以及其他貧困干預活動。

•有關我們多元化和包容性舉措的討論，請參閱上文的「人力資本管理-多元化和包容性」。

治理

在EZCORP，我們相信「我們開展業務的方式與我們開展的業務一樣重要。」這一信念是我們行爲準則的基礎，該準則概述了我們的期望，並就我們的團隊成員如何合乎道德和負責任地開展日常活動提供指導。我們的道德原則包括誠實、誠信、可靠、忠誠、尊重、責任、公平、關懷、領導力和多樣性，這些原則構成了我們治理業務的基礎。

•儘管我們是納斯達克上市規則下的「受控公司」，但我們仍維持所有上市納斯達克公司所需的治理標準，包括：

•獨立董事佔董事會的大多數。我們董事會的七名成員中有四名符合納斯達克上市規則規定的所有「獨立性」要求，並且獨立董事在董事會服務之外與我們的控股股東沒有任何過去或現有的關係。

•我們所有常務董事委員會（審計和風險委員會、人員和薪酬委員會以及提名委員會）均由獨立董事組成。

•我們滿足納斯達克的董事會多元化規則，七名董事會成員中有兩名是多元化董事，其中一名自認爲是女性和代表性不足的少數族裔，另一名自認爲是代表性不足的少數族裔。

目錄表

有關我們公司治理標準的進一步討論，請參閱「第三部分，第10項-董事、執行官和公司治理」。

•我們的典當業務在我們運營的所有司法管轄區均獲得許可和監督。我們保持着強大的合規文化，由董事會監控和監督，並得到經驗豐富的監管和合規團隊的支持。

•保護客戶數據和企業網絡的隱私、完整性和安全性是首要任務，也受到我們董事會的監控和監督。我們維持着一個單獨的IT安全團隊，負責設計和實施我們的網絡風險策略，包括系統部署、企業範圍的培訓、威脅事件的監控和報告以及響應準備。

增長和擴張

我們戰略的一部分是通過開設新的（「重新命名」）地點以及在拉丁美洲和美國以及潛在新市場的收購來增加我們運營的地點數量。我們增加新店的能力取決於幾個變量，例如預計實現的內部投資障礙、可接受地點或收購候選者的可用性、收購者/賣家價格預期的一致性、監管環境、當地分區法令、獲得資本的機會和合格人員的可用性。

2024財年，我們繼續在拉丁美洲和美國擴張，開設了41家新店（墨西哥20家，危地馬拉17家，洪都拉斯3家，內華達州1家）並收購了美國13家門店。我們還合併了6家門店，其中5家在拉丁美洲，1家在美國。我們現在總共擁有1，279家門店，拉丁美洲737例（58%），美國542例（42%）。2024財年，拉丁美洲當鋪佔我們綜合毛利潤的27%，因爲拉丁美洲當鋪的平均規模小於美國。我們看到了通過收購和重新開業在拉丁美洲和美國進一步擴張的機會。

季節性和季度業績

在美國，PSC在第四財季(7月至9月)歷史上最高，這是因爲夏季的平均PLO餘額較高，而在退稅季節之後的第三財季(4月至6月)PSC最低，而由於假日季節、情人節前後的珠寶銷售以及可獲得退稅，我們的第一和第二財季(10月至3月)的商品銷售額最高。在拉丁美洲，我們的大多數客戶在12月從他們的僱主那裏獲得額外的補償，許多客戶在6月或7月獲得額外的補償，這給PLO餘額帶來了下行壓力，並在這兩個時期刺激了一些商品的銷售。在墨西哥，我們在2023財年第三季度看到了類似的貸款餘額下降壓力，原因是與公司向員工支付利潤分享相關的法律發生了變化。我們預計這一變化將影響5月和6月每年的典當貸款贖回；然而，在2024財年，墨西哥對典當貸款的需求超過了與利潤分享支付相關的任何下行壓力。由於這些因素和其他因素的淨影響，不包括離散費用，我們的綜合稅前收益通常在第一財季(10月至12月)最高，在第三財季(4月至6月)最低。

競爭

我們的所有活動都面臨着重大競爭。這些競爭條件可能會對我們的收入、盈利能力和擴張能力產生影響。我們與其他典當行、信貸服務組織、銀行、信用合作社和其他金融機構（例如消費金融公司）競爭。我們相信競爭的主要因素是客戶服務和關係管理的質量，包括比其他人更了解客戶的需求、便利性、商店位置和客戶友好的環境。此外，我們相信有效競爭的能力將越來越依賴於強大的綜合管理、區域重點、自動化管理信息系統、資本獲取和優質客戶服務。

我們的商品銷售競爭對手包括衆多零售和批發商店，例如珠寶店、折扣零售店、消費電子商店、其他當鋪、其他轉售商店、電子商務零售商和拍賣網站。我們零售業務的競爭因素包括能夠以可觀的價格爲客戶提供各種商品，以及卓越的客戶服務和便利的地理位置。

美國的典當行業規模龐大、相對成熟且高度分散。該行業由幾家大型運營商（我們是其中第二大運營商）和主要擁有一到三個地點的獨立運營商組成.

拉丁美洲的典當行業也很分散，但沒有美國那麼分散。該行業由獨立運營商和連鎖店（包括一些非營利組織）擁有的典當店組成。我們是墨西哥第二大營利性運營商，也是危地馬拉最大的運營商。典當行業，尤其是經營百貨和珠寶的全線商店，在拉丁美洲仍處於擴張階段。

我們於2021年在美國和墨西哥推出了ZZ + Rewards忠誠度計劃，並於2022年在GPMX推出了ZZ + Rewards忠誠度計劃，目前已推出540萬英鎊全球會員。該免費計劃允許客戶在大多數交易中賺取積分，一旦達到一定閾值，這些積分就可以作爲零售折扣。我們相信該計劃相對於其他典當運營商提供了明顯的競爭優勢。

目錄表

商標和商品名稱

我們主要以「EZPAWN」或「Value Pawn & Jewelry」名稱經營美國當鋪，主要以「EMPEðO FÁCIL」和「Cash Apoyo Efectivo」名稱經營墨西哥當鋪，以「GuatePrenda」名稱經營危地馬拉當鋪，以及以「MaxiEfectivo」名稱經營薩爾瓦多和洪都拉斯當鋪。我們已在美國專利商標局註冊了EZPAWN、Value Pawn & Jewelry和EZCORP等名稱。在墨西哥，我們已在墨西哥研究所註冊了「EMPEðO FÁCIL」、「Bazareño」、「Presta Dinero」、「Montepio San Patricio」和「Cash Apoyo Efectivo」名稱。我們在危地馬拉註冊了「GuatePrenda」名稱，在危地馬拉、薩爾瓦多和洪都拉斯註冊了「MaxiEfectivo」名稱。

監管

遵守聯邦、州和地方法律法規是我們管理業務的一個組成部分，我們在實質上遵守所有這些規則的情況下開展業務。以下是影響我們業務的重要法規的一般描述。

美國法規

典當規例-我們的典當行受其所在州的監管，在某些情況下，還受個別市政當局或其他地方當局的監管。適用的法規、條例和條例因地點不同而不同，通常對典當行或個別典當行團隊成員施加許可要求。許可證要求通常涉及財務責任和性質，並可能對典當行的經營地點設定限制。其他規則規定了日常典當業務的各個方面，包括典當行可能收取的典當服務費、典當貸款的最高金額、典當貸款的最低或最高期限、典當票的內容和格式，以及典當貸款違約後典當行必須持有典當品才能出售的時間長度。如果不遵守適用的法規，可能會被吊銷或暫時吊銷典當許可證、處以罰款或要求退還手續費和費用以及其他民事或刑事處罰。我們還必須遵守關於披露與每筆典當貸款交易相關的年百分率、融資費用、融資金額、支付總額和支付時間表的各種聯邦要求。適用於我們典當貸款業務的其他聯邦法規在下面的「其他法規」中描述。

我們的大多數當鋪自願或根據適用法律向當地執法機構提供定期（通常是每天）報告。這些報告爲當地執法部門提供有關從客戶處收到的物品（無論是通過典當還是購買）的信息，包括所涉商品的詳細描述以及客戶的姓名和地址。如果我們接受客戶作爲抵押品或從客戶處購買商品，並且確定我們的客戶不是合法所有者，則該商品將由合法所有者收回，並且這些損失將包括在我們的收縮中e.從歷史上看，我們還沒有經歷過大量這種性質的索賠。

我們在美國的一些當鋪經營槍支，每家商店都按照聯邦法律的要求持有聯邦槍支許可證。1968年聯邦槍支管制法和菸酒槍支和爆炸物管理局發佈的法規還要求每家經營槍支的當鋪保存所有槍支收據和處置的永久書面記錄。此外，我們必須遵守《布雷迪手槍暴力預防法》，該法案要求我們在發放、銷售或以其他方式處置槍支之前進行背景調查。

其他法規- 我們的典當貸款活動受其他州和聯邦法規和法規的約束，包括以下內容：

•我們遵守《貸款真相法案》（「TILA」）及其基本法規，該法規要求貸方以標準化方式披露有關信貸條款和成本的信息，包括以年百分比的形式披露。TILA法規還要求我們在宣傳我們的產品和服務時提供一定的披露。

•我們遵守聯邦《Gramm-Leach-Bliley法案》及其基礎法規，以及與隱私和數據安全相關的各種州法律和法規。根據這些法規，我們必須向客戶披露與保護和共享客戶非公開個人信息相關的政策和做法。這些法規還要求我們確保我們的系統旨在保護客戶非公開個人信息的機密性，其中許多法規規定了如果客戶的個人信息以未經授權的方式披露，我們必須採取某些行動來通知客戶。在某些司法管轄區，我們受到限制我們收集數據範圍並授予客戶訪問、更正和/或刪除我們獲得的信息的權利的法律的約束。

•我們遵守《公平信用報告法》，該法案的頒佈部分目的是解決與共享消費者信用報告中包含的消費者財務信息和信用歷史相關的隱私問題，並限制我們共享某些消費者報告信息的能力。

目錄表

•我們遵守《聯邦公平準確信用交易法》，該法案修訂了《公平信用報告法》，要求我們採用書面指導和程序來檢測、預防和減輕身份盜竊，並採用各種政策和程序（包括團隊成員培訓）來解決和幫助檢測和應對可疑活動或身份盜竊「危險信號」。

•作爲消費金融產品的提供商，根據《多德-弗蘭克法案》，我們被禁止從事任何不公平、欺騙性或濫用行爲或做法（UDAAP），因爲它們可能對消費者造成重大經濟傷害，削弱消費者信心並破壞金融市場。

•《平等信貸機會法》禁止基於種族、膚色、宗教、國籍、性別、婚姻狀況、年齡、接受公共援助或善意行使《消費者信貸保護法》規定的任何權利的歧視。

•根據《美國愛國者法案》，我們必須維持反洗錢合規計劃，其中包括制定內部政策、程序和控制措施;指定合規官員;持續的團隊成員培訓計劃和獨立審計職能來測試該計劃。

•我們遵守《銀行保密法》及其基本法規，其中要求我們報告和維護某些高額交易的記錄。此外，聯邦法律和法規要求我們向財政部金融犯罪執法網絡（「FinCen」）報告某些被認爲可疑的交易（或一系列交易）。一般來說，如果我們知道、懷疑或有理由懷疑交易（a）涉及非法活動所得資金或旨在隱藏或掩飾此類資金，（b）旨在逃避《銀行保密法》的要求，或（c）似乎不服務於合法業務或合法目的，則交易被視爲可疑交易。

•美國財政部外國資產管制辦公室（「OFAC」）根據美國外交政策和國家安全目標，管理和執行經濟和貿易制裁，針對目標外國和政權、恐怖分子、國際毒品販運者、從事與大規模殺傷性武器擴散和其他國家安全威脅相關活動的人，美國的外交政策或經濟。我們被禁止與受制裁和限制的個人、企業和國家開展業務，並被要求報告涉及美國點名的任何交易。財政部。

•《反海外腐敗法》（「FCPA」）規定，某些類別的個人和實體向外國政府官員付款以幫助獲得或保留業務是非法的。具體而言，《FCPA》的反賄賂條款禁止故意使用郵件或任何州際商業工具腐敗地向任何人提供任何要約、付款、承諾付款或授權支付金錢或任何有價值的東西，同時知道將直接或間接提供、給予或承諾全部或部分此類金錢或有價值的東西，外國官員以其官方身份影響外國官員，引誘外國官員做出或不做出違反其合法職責的行爲，或獲取任何不當利益，以協助爲任何人獲得或保留業務，或向任何人引導業務。

•根據《軍事貸款法》頒佈的國防部法規將向現役軍人或其家屬發放的某些消費貸款（包括典當貸款）的年利率限制在36%。

在某些情況下，聯邦消費者金融保護局（「CFPB」）可能能夠通過其規則制定權對美國典當業行使監管權。迄今爲止，CFPB尚未採取任何措施來行使此類權力，也沒有表示任何打算這樣做，儘管它已對典當公司發起行動，指控其涉嫌違反消費者貸款法規，包括上述《軍事貸款法》。

墨西哥法規

典當規定 - 墨西哥聯邦法律規定了由墨西哥主要聯邦消費者保護機構聯邦消費者保護局（PROFeco）對當鋪行業的行政監管。PROFeco規範典當貸款合同的形式和條款（但不包括利息或服務費率），並定義了當鋪（包括零售業務）的某些運營標準和程序，並制定了登記、披露、擔保和報告要求。未遵守PROFeco的規則和法規將受到巨額罰款和制裁，包括暫停運營。

PROFeco要求當客戶典當同一類別的三件以上物品時，我們報告某些交易（或一系列交易）。反洗錢法規限制在某些交易中使用現金。該法律中專門影響典當行業的相關方面包括每月報告「脆弱活動」，其中包括某些高價值典當和貴金屬交易。

《關於保護私人方持有個人數據的聯邦法》要求我們保護客戶的個人信息。該法律要求我們是否與第三方共享客戶個人信息，並發佈（在線和店內）我們的數據隱私政策。

目錄表

我們在墨西哥的典當業務還通過州法律以及地方分區和許可條例受到州和地方一級的監管。例如，一些州要求當鋪的經營許可證、團隊成員接受過商品估價培訓的認證以及嚴格的客戶身份控制。州和地方機構通常有權暫停商店運營，等待實際或涉嫌的監管、許可和許可問題得到解決。

其他條例 - 我們在墨西哥的典當業務須遵守《一般行政責任法》（「GRAL」），該法要求我們實施誠信政策，其中包含確保整個組織誠信標準的機制。GRAL對向政府官員不當付款、影響力兜售（包括僱用公職人員和使用不當影響力）和公共採購過程中的其他腐敗行爲制定了行政處罰。

我們還受《聯邦防止和識別非法資金交易法》的約束，該法要求報告超過某些貨幣限額的某些交易，任命合規官員，並維護客戶身份識別記錄和控制。這項法律影響到墨西哥所有易受傷害的活動，旨在通過墨西哥財政和公共信貸部與墨西哥總檢察長辦公室之間的雙邊合作，發現由非法或非法所得手段引起的商業活動。該法律還限制在與高價值資產相關的某些交易中使用現金，並限制洗錢活動，並在可能的情況下限制此類現金交易的匿名性。Nsaction提供。這項專門影響典當業的法律的相關方面包括每月報告「易受攻擊的活動」，其中包括超過174254.85墨西哥披索和超過174.254.85墨西哥披索的貴金屬零售交易。禁止以現金零售超過348,509.70墨西哥披索的貴金屬。如果不遵守這些規則，將被處以巨額罰款和制裁。

我們還必須遵守監管機構根據《聯邦計量和標準化法》第40條發佈的墨西哥官方標準，該標準制定了適用於零售產品和服務以及相關披露、標籤和營銷的規則，包括NOM-179-SCFI-2016、NOM-017-SCFI-1993和NOM-024-SCFI-2013。

除上述外，我們在墨西哥的典當業務還受各個聯邦、州和地方政府機構在稅務合規、海關、消費者保護、洗錢、民事保護法規、市政法規、貿易法規（聯邦）、公共安全和就業問題等領域的各種一般商業法規的約束。

其他拉丁美洲法規

危地馬拉、薩爾瓦多和洪都拉斯的地方政府實體也監管貸款和零售業務。某些法律和當地的分區和許可條例要求基本的商業營業執照和標誌許可證。在這些國家和地區的業務也使我們受到其他類型的法規的約束，包括與財務報告、數據保護和隱私、稅務合規、勞工和就業做法、房地產交易、反洗錢、商業和電子銀行限制、信用卡交易、高利貸法、消費者保護、營銷、廣告和其他一般商業活動有關的法規。隨着我們國際業務範圍的擴大，我們在管理業務時可能會面臨額外的行政和監管成本。此外，法律法規的意外變化、對地方要求或立法的行政解釋或民選官員的公開言論可能會對我們的運營和盈利產生負面影響。

可用信息

我們根據修訂後的1934年《證券交易法》（「交易法」）向美國證券交易委員會（「SEC」）提交年度、季度和當前報告以及其他文件。美國證券交易委員會維護一個互聯網網站，其中包含有關以電子方式向美國證券交易委員會提交的發行人的報告和其他信息。公衆可以通過www.sec.gov獲取我們向SEC提交的任何文件。

我們維護一個網站：www.ezcorp.com。我們向SEC提交的文件，包括我們的10-K表格年度報告、10-Q表格季度報告、8-K表格當前報告和第16條文件，可通過我們網站上「投資者關係- SEC文件」標題下維護的鏈接免費獲取。我們網站上包含的信息不會以引用的方式納入本報告中。

第10項億。未解決的員工意見

沒有。

目錄表

項目1A.危險因素

存在許多風險和不確定性可能影響我們的運營、績效、發展和結果。其中許多風險超出了我們的控制範圍。以下是可能影響我們業務的重要風險因素的描述。如果發生任何這些風險，我們的業務、財務狀況或運營業績可能會受到重大不利影響。我們目前未知或我們目前認爲不重大的額外風險和不確定性也可能對我們的業務、財務狀況或經營業績產生重大不利影響。

公司特定風險

影響我們產品和服務的法律和法規的變化或未能遵守可能會對我們的運營和財務業績產生重大不利影響。

我們的產品和服務在我們運營的每個國家和司法管轄區都受到不同法律法規的監管(請參閱「第一部分，第1項-商業-法規」)，任何此類國家或司法管轄區都可能採用不利的立法或法規。如果此類法律或法規在任何特定司法管轄區通過，我們一般會根據新規則對我們的業務進行評估，並確定我們是否可以繼續在該司法管轄區經營新的或修改的產品，或者是否可以通過提供更多產品來增強我們的業務。在任何情況下，如果我們無法在新規則下繼續盈利運營，我們可能會決定關閉或整合門店，導致收入、收益和資產減少。此外，我們不遵守適用的法律和法規可能會導致罰款、處罰或停止或暫停運營的命令，這可能會對我們的運營結果產生實質性的不利影響。

消費者權益倡導者、媒體或其他機構對典當行業的負面描述可能會導致立法或監管活動增加，可能會對我們公開交易股票的市值產生不利影響，或者可能會使我們的業務更難成功運營。

許多不利於典當行業的立法和監管努力都是消費者權益倡導團體、媒體成員或其他關注典當貸款成本或典當經營者購買被盜財產或接受其作爲典當抵押品的其他機構對典當行業的負面描述的結果。我們無法保證我們的行業不會受到進一步的負面描述，或者儘管客戶對此類服務有很大的需求，但限制典當貸款的可用性或以其他方式監管典當業務的立法或監管努力不會成功。此類努力如果成功，可能會對我們的運營或財務業績產生重大不利影響。

此外，對我們行業的負面描述可能會限制願意持有我們A類普通股的投資者數量，這可能會對其市場價值產生不利影響;限制我們開展運營和實現戰略增長目標所需的債務或股權融資來源;或者使我們更難吸引、僱用和留住有才華的高管和其他關鍵團隊成員。

我們美國業務的很大一部分集中在德克薩斯州和佛羅里達州。

截至2024年9月30日，更多我們超過63%的美國當鋪位於德克薩斯州（46%）和佛羅里達州（17%），這些商店佔我們收入和盈利能力的很大一部分。德克薩斯州和佛羅里達州的立法、監管和總體商業環境對我們的典當業務活動相對有利，但這兩個州的負面立法或監管變化可能會對我們的整體運營和財務表現產生重大不利影響。此外，如下所述，我們在德克薩斯州和佛羅里達州開展重大業務的地區特別容易受到颶風和熱帶風暴活動的影響。

黃金價值或黃金交易量的大幅或突然下降可能會對我們的盈利和財務狀況產生重大影響。

黃金珠寶構成我們典當貸款和庫存抵押品的很大一部分。銷售價格分成、銷售收益以及我們以可接受的利潤率清算多餘珠寶庫存的能力取決於黃金價值和黃金交易量。黃金供應量下降或客戶向我們出售黃金或使用黃金作爲典當貸款抵押品的意願或能力下降可能會影響我們的業務。黃金價值或數量下降或客戶行爲變化對我們的財務狀況和運營業績的影響無法合理估計，因爲市場和客戶對黃金價值變化的反應尚不清楚;然而，黃金價值或黃金數量的顯着下降可能會導致銷售額、銷售利潤率、PLO和PQ下降。

目錄表

我們的銷售額、PLO、銷售利潤率和典當贖回率的波動可能會對我們的經營業績產生重大不利影響。

我們經常經歷各種運營指標的波動。經濟環境的變化、競爭壓力、客戶品味和偏好的變化或黃金價格的大幅下跌可能導致這些指標的任何變化，都可能對我們的盈利能力和實現計劃運營業績的能力產生重大不利影響。

我們增長目標的實現取決於我們開設和收購新店的能力。

我們的擴張戰略包括收購現有商店和重新開設商店。我們的收購策略取決於有吸引力的收購候選者的可用性，而我們的從頭開始商店策略的成功取決於許多無法預測或控制的因素，例如是否有可接受的地點和理想的客戶群、可接受的租賃條款的談判、獲得所需的政府許可和許可的能力以及合適的競爭環境的存在。我們增長目標的實現還取決於我們吸引、培訓和留住合格團隊成員的能力。未能實現我們的擴張目標可能會對我們的前景、未來的運營業績和未來的現金流產生不利影響。

我們繼續對AlphaCredit承擔有限的平倉前稅款賠償義務。

根據與出售我們擁有94%權益的子公司Prestaciones Finmart，SAPI相關的購買協議條款德CV，SOFOM，ENR（「Grupo Finmart」）轉讓給Alpha Holding，SA根據2016年9月的C.V.（「AlphaCredit」），我們仍然有義務賠償AlphaCredit的任何「收盤前稅款」（即，Grupo Finmart業務產生的應歸因於2016年9月出售完成之前時期的稅務義務）。這些義務持續到適用於截止前期限的訴訟時效到期爲止。2019年8月，AlphaCredit通知我們，可能對某些收盤前稅款提出賠償索賠，但此類索賠的性質、範圍和有效性尚未確定。AlphaCredit總計800萬美元的最終付款於2019年存入托管，等待潛在的賠償索賠得到解決。

適用於大部分關閉前年份的訴訟時效現已到期，但AlphaCredit通知我們，他們提交了2016年的修訂申報表，他們聲稱該申報表延長了該年的訴訟時效。我們正在繼續尋求釋放資金。

一個人實際擁有我們所有有投票權的股票，並通常控制所有需要股東投票的事項的結果，這可能會影響我們公開交易的無投票權股票的價值。

菲利普·E科恩是我們所有B類投票普通股的受益所有者，並且我們所有公開交易的股票都是無投票權股票。因此，除了科恩先生之外的股東對董事選舉或任何其他需要股東投票的事項沒有投票權，法律要求的有限情況除外。此外，我們的章程目前規定，有投票權的股東可以任命或罷免高級職員，或採取董事會根據章程可能對高級職員採取的任何其他行動。缺乏投票權可能會對我們公開交易的A類普通股的市場價值產生不利影響。

科恩先生是我們董事會成員並擔任執行主席。作爲董事會成員，科恩先生有權對所有需要董事會批准的事項進行投票。我們的章程目前規定，所有董事的出席應構成業務交易的法定人數，並且董事會的任何行爲都需要所有董事的一致批准。因此，科恩先生和其他每位董事一樣，有能力阻止董事會的行動。科恩先生同意，作爲董事會成員，他不會參與任何有關其執行主席職位的董事會投票。

我們在美國擁有重要的槍支業務，這使我們面臨監管罰款、訴訟和相關責任的風險增加。

我們在美國的一些商店進行涉及槍支的典當和零售交易，這可能會導致受傷和相關訴訟的風險增加。我們可能會因不當使用我們銷售的槍支而受到訴訟，包括試圖向槍支零售商追討與濫用槍支有關的損害賠償的人的行爲。如果我們未能正確執行槍支交易所需的背景調查以及以其他方式記錄和報告，我們還可能會招致罰款、處罰或責任，或者被吊銷或暫停我們的聯邦槍支許可證。任何此類行爲都可能對我們的業務、前景、運營業績、財務狀況和聲譽產生重大不利影響。

我們的業務受到團隊成員和第三方搶劫、入室盜竊和商店層面的其他犯罪的影響。

我們的業務性質要求我們在商店中保留大量手頭現金、貸款抵押品和庫存。因此，由於商店發生搶劫、入室盜竊、盜竊、騷亂、搶劫和其他犯罪活動，我們可能會遭受現金或商品損失。此外，我們可能會因此類活動而對客戶或其他第三方承擔責任。雖然我們維持資產保護和監控計劃以減輕這些風險，並維持保險計劃以防止災難性損失或風險敞口，但無法保證這些犯罪不會發生，也無法保證此類損失不會對我們的業務或運營結果產生不利影響。

目錄表

來自各種來源的競爭變化可能會對我們實現計劃的能力產生重大不利影響。

我們遇到了來自其他當鋪、消費貸款公司、其他零售商、在線零售商和拍賣網站的激烈競爭，其中許多公司的財務資源比我們大得多。競爭對手數量或規模的增加或競爭影響的其他變化（例如激進的營銷和定價做法）可能會對我們的運營產生不利影響。在墨西哥，我們與政府附屬或贊助的非營利基金會擁有和運營的某些當鋪直接競爭，政府可能會採取損害我們在該市場競爭能力的行動。

我們的持續盈利能力和增長計劃取決於我們成功設計或收購、部署和維護信息技術和其他業務系統的能力，以支持我們當前的業務以及計劃的增長和擴張。

我們業務的成功取決於我們的信息技術和業務系統以及相關控制的效率和可靠性，包括我們門店地點使用的銷售點系統。如果我們對技術基礎設施的訪問受到損害(如計算機病毒、網絡攻擊或第三方其他故意破壞、自然災害、電信系統故障、電氣系統故障或連接中斷)，或者如果新的或更新的技術系統(如我們的銷售點系統)的設計或推出存在缺陷，我們可能無法及時和有效地處理交易或以其他方式開展業務。基礎設施中斷可能會損害我們的聲譽，並導致我們失去客戶和收入。我們從多個角度考慮安全風險，包括物理安全以及基礎設施和數據庫的安全。隨着我們的技術基礎設施不斷從內部部署演變爲雲服務提供商，我們將繼續評估此類基礎設施的安全性，包括第三方服務提供商。

我們投資了現金兌換國際有限公司出於戰略原因。澳大利亞或現金轉換器運營的其他司法管轄區的法律或監管變化或其他因素可能會對現金轉換器的運營業績產生不利影響，由於權益會計法，我們所佔的份額將反映在我們自己的財務報表中。此外，如果經營業績或其他因素對Cash Converters公開交易股票的價值產生不利影響，那麼我們可能會被要求損害我們的投資，就像我們過去所做的那樣。

我們擁有Cash Converters 43.7%的已發行普通股，Cash Converters是一家總部位於澳大利亞的上市公司。我們於2009年11月進行了初始投資，此後定期進行增量投資。這項戰略投資的成功取決於多種因素，包括Cash Converters的業務業績以及市場對該業績的評估。

2022年12月，澳大利亞議會通過了《2022年金融部門改革法案》，該法案規定了小額信貸合同的貸款限額，該法案於2023年6月生效。爲了反映對其經營業績的預期不利影響，Cash Converters在截至2022年12月31日的期間記錄了一次性非現金減損費用，我們在2023財年第二季度記錄了該費用的份額。

過去，我們對現金轉換器投資的公允價值進行了多項減損。在分析現金轉換器的股價表現和其他因素後，我們確定我們於2024年9月30日對現金轉換器的投資的公允價值高於其公允價值。參見注3：「第二部分第8項-財務報表和補充數據」中包含的合併財務報表註釋的戰略投資。如果我們投資的公允價值下降，並且我們確定這種下降是非暫時性的，我們可能會被要求進一步損害我們的投資並確認相關投資損失，這將對我們在損害期間的經營業績和財務狀況產生不利影響。此外，如果我們未來決定這樣做，我們無法保證我們能夠以優惠的條款處置我們對現金轉換器的部分或全部投資。

我們有能力收回對其他公司的投資（例如我們對Simple Management Group，Inc.的間接投資。以及我們對Rich Data Corporation的投資）嚴重依賴於這些公司的成功和業績，包括它們各自獲得進一步債務或股權融資的能力。

我們對其他公司有一定的投資。參見注1：重要會計政策的組織和摘要-「第二部分第8項-財務報表和補充數據」中包含的合併財務報表註釋的投資。我們收回對這些公司投資的能力在很大程度上取決於它們的成功和業績，可能包括它們獲得進一步債務或股權融資的能力。如果任何此類公司未能成功，我們可能需要在未來期間損害我們的投資並確認相關投資損失。

我們可能會遭受財產、人員傷亡或其他損失，包括與颶風、地震和火山等自然災害相關的損失。並非所有此類損失都由保險承保。

我們爲各種類型的財產、傷亡和其他風險制定保險計劃。我們獲得的保險類型和金額不時有所不同，具體取決於可用性、成本以及我們在風險保留方面的決定。這些保單受免賠額和除外額的約束，導致我們在自我保險的基礎上保留一定程度的風險。保險未承保的損失可能很大，並可能增加我們的費用，這可能會損害我們的運營業績和財務狀況。

目錄表

我們在易受颶風影響的地區有大量業務(特別是佛羅里達州的大西洋和墨西哥灣沿岸地區，包括休斯頓在內的德克薩斯州墨西哥灣沿岸地區，以及墨西哥和中美洲)。我們行動的某些地區也容易遭受其他類型的自然災害，如地震、火山和龍捲風。如上所述，由於保單免賠額和風險扣除額，並不是我們因任何此類自然災害而遭受的所有有形損失都在保險範圍內。此外，自然災害可能會對我們的業務產生重大負面影響，而不僅僅是對財產的有形破壞，包括我們的PLO、庫存、典當服務費和商品銷售的減少。適用的業務中斷保單將只承保這些負面影響中的有限部分(如果有的話)。因此，地理上孤立的自然災害可能會對我們的整體運營和財務業績產生實質性的不利影響。

善意佔我們總資產的很大一部分。我們至少每年評估一次善意的減損，這可能會導致重大的非現金減記，並可能對我們的經營業績和財務狀況產生重大不利影響。

我們粘液的攜帶價值截至2024年9月30日，dwill爲30650萬美元，約佔我們總資產的21%。我們每年或在發生事件時更頻繁地測試具有無限壽命的信譽和無形資產的潛在損害發生或情況發生變化，很有可能將報告單位的公允價值降至其公允價值以下。這些事件或情況可能包括商業環境的重大變化、戰略方向的變化、法律因素、經營績效指標、競爭環境的變化、報告單位大部分的出售或處置，或未來經濟因素，例如我們報告單位估計的未來貼現現金流量的不利變化。

當在第四季度對善意進行年度減損測試時，我們可以選擇首先評估定性因素，以確定事件或情況的存在是否導致確定報告單位的估計公允價值更有可能低於其公允價值。如果我們選擇進行定性評估並確定損害更有可能發生，則我們需要進行定量損害測試;否則，無需進一步分析。我們還可以選擇不進行定性評估，而是直接進行定量損害測試。在進行量化損失測試時，我們應用一步量化測試，並將善意損失金額記錄爲報告單位的公允價值超過其公允價值的部分，但不得超過分配給該報告單位的善意總額。

當我們進行量化善意減損測試時，我們根據預期未來現金流量（包括終端價值）的現值，使用收益法估計報告單位的公允價值，並利用爲每個報告單位單獨確定的基於市場的加權平均資本成本（「WACC」）。公允價值的確定涉及使用估計和假設，包括收入增長率、營業利潤率和最終增長率，通過從運營和經濟角度來看與我們類似但不相同的其他上市公司得出的估計WACC進行貼現。我們使用與各自業務以及我們內部制定的預測固有的風險和不確定性相稱的貼現率。

看到注1：重要會計政策的組織和摘要和注6：善意和無形資產的「第二部分第8項-財務報表和補充數據」中包含的合併財務報表註釋討論我們對善意和無限壽命無形資產進行的年度減損測試。

我們的可轉換票據的轉換功能如果被觸發，可能會對我們的財務狀況和經營業績產生不利影響。

我們有一個轉換總額33340萬美元截至2024年9月30日的未償票據。看到注7：債務包含在「第二部分第8項-財務報表和補充數據」中的合併財務報表註釋。如果其中任何可轉換票據的轉換功能被觸發，持有人將有權在指定時期內隨時選擇轉換票據。如果一個或多個持有人選擇兌換其票據，我們可能會被要求或可能選擇通過支付現金來償還義務，這可能會對我們的流動性產生不利影響。此外，即使持有人不選擇轉換其票據，根據適用的會計規則，我們也可能被要求將可轉換票據的全部或部分未償還本金重新分類爲流動負債而不是長期負債，這將導致我們的淨運營資本大幅減少。

將我們的可轉換票據轉換爲股票可能會稀釋現有股東的所有權利益，或者可能會壓低我們A類普通股的價格。

如果發生這種情況，可轉換票據的轉換將稀釋現有股東的所有權利益，因爲我們在轉換時交付A類普通股股份。此類股票在公開市場上的任何銷售都可能對我們A類普通股的現行市場價格產生不利影響。此外，可轉換票據的存在可能會鼓勵市場參與者賣空，因爲此類票據的轉換可用於滿足空頭頭寸，或者預期將票據轉換爲我們A類普通股的股票可能會壓低我們A類普通股的價格。

目錄表

我們可供未來發行的無保留股份數量有限，這可能會限制我們進行未來融資和其他交易的能力以及我們向管理層提供股權獎勵的能力。

我們的公司註冊證書目前授權我們發行最多10000股A類普通股的萬股票。考慮到已發行和已發行的股份，以及根據可轉換票據預留供發行的股份，未償還的股權激勵薪酬和B類普通股的轉換，我們大約有770股萬股票自9月30日起可供其他用途的授權A類普通股的ES，2024。我們預計這一數字將減少到700萬版本在2024年11月降低目前批准的長期激勵獎的發放。那裏因此，我們發行A類普通股(根據現有的預留承諾除外)或可轉換爲A類普通股或可交換爲A類普通股的證券或工具的能力可能受到限制，直到有額外的授權、未發行和未儲備股份可用，或者除非我們確定我們不太可能發行目前已預留的所有股份。例如，在此期間，我們完成涉及發行或潛在發行A類普通股的股權或與股權掛鉤的融資或其他交易(包括戰略收購)的能力可能受到限制。此外，我們向管理團隊提供基於股權的薪酬的能力也可能有限，這可能會對我們使管理層的激勵與股東保持一致或吸引和留住關鍵管理人員的能力產生不利影響。

一般風險

公共衛生問題可能會對我們的財務狀況、運營業績或流動性產生不利影響。

我們的業務可能會受到公共衛生問題的影響，例如COVID-19、其他流行病和傳染病傳播。此類公共衛生問題以及政府和消費者對此的反應可能會（i）由於商店關閉、商店進出或客流量減少或勞動力短缺而限制我們向客戶提供產品和服務的能力，（ii）對我們的產品和服務的需求產生不利影響或（iii）導致其他不可預見的負面發展。任何這些因素都可能對我們的財務狀況、運營業績或流動性產生不利影響。

我們在拉丁美洲擁有大量業務，業務、監管、政治或社會氣候的變化可能會影響我們在那裏的業務，從而對我們的運營業績和增長計劃產生不利影響。

我們在拉丁美洲(主要是墨西哥，但也有危地馬拉、薩爾瓦多和洪都拉斯)擁有和經營着大量的典當行。此外，我們的增長計劃包括在其中一些國家以及潛在的拉丁美洲其他國家的潛在擴張。在這些國家做生意使我們面臨與政治不穩定、腐敗、經濟動盪、販毒集團和Gang有關的暴力、包括騷亂和搶劫在內的社會動盪、稅收和外國投資政策、公共安全和安全擔憂以及法律法規應用不確定等風險。因此，在我們無法控制的任何國家發生的行動或事件可能會限制我們在那裏開展業務的能力，或者以其他方式對這些業務的盈利能力產生不利影響。此外，上述任何一個國家的商業、監管或政治氣候的變化，或貨幣匯率的大幅波動，都可能影響我們擴大或繼續在那裏開展業務的能力，這可能對我們的前景、運營結果和現金流產生重大不利影響。關於我們在其中開展業務的拉丁美洲國家目前的監管環境的說明，請參閱「第一部分，第1項--商業--監管」下的「墨西哥條例」和「其他拉丁美洲條例」。

外幣匯率的重大變化可能會對我們的盈利和財務狀況產生重大不利影響。

我們在拉丁美洲（主要是墨西哥，但也有危地馬拉、薩爾瓦多和洪都拉斯）擁有海外業務，並在澳大利亞進行股權投資。我們在這些國家的資產和投資以及收益和股息必須從其各自的功能貨幣兌換成美元。這些外幣中的任何一種大幅貶值都可能導致美元資產和收益下降，從而對我們的財務狀況、經營業績和現金流產生潛在的重大不利影響。

訴訟和監管程序可能會對我們的業務產生重大不利影響。

我們目前面臨各種訴訟和監管行動，未來可能會採取額外行動。潛在的行動範圍從正常業務過程中產生的索賠和主張（例如合同、客戶或就業糾紛）到更重大的企業層面問題或股東訴訟。所有這些事項都受到固有的不確定性的影響，可能會發生不利的裁決，其中可能包括金錢損失、罰款和處罰或其他救濟。任何不利的裁決或結果都可能對我們的運營業績產生重大不利影響，或者可能對我們的聲譽產生負面影響。

目錄表

根據我們的公司註冊證書，我們通常有義務賠償我們的董事和高級管理人員作爲公司董事或高級管理人員所產生的費用和責任。因此，如果訴訟點名或涉及我們的任何董事或高級職員，則(除某些例外情況外)我們一般有義務支付或償還董事或高級職員因此類訴訟而產生的費用或責任(包括辯護費用、判決和爲達成和解而支付的金額)。我們維持管理責任保險，以保護我們免受這種潛在的賠償風險，以及公司在某些情況下可能直接產生的潛在成本或責任。然而，我們的保險承保範圍受免賠額的限制，可能有一些費用或負債不在保單覆蓋範圍內。此外，如果我們在任何此類訴訟(或同一保單年度所包括的訴訟的任何組合)中的最終責任超過管理責任保單限制，我們的運營結果和財務狀況可能會受到不利影響。

我們的收購、投資和其他交易可能會擾亂我們的持續業務並損害我們的運營業績。

在執行我們的業務戰略時，我們經常進行討論，評估機會，並就可能的收購、投資和其他交易達成協議。這些交易可能涉及重大挑戰和風險，包括我們可能無法實現收購或投資的預期回報，我們可能無法留住被收購業務的關鍵人員，或者我們可能在將被收購業務整合到我們的業務系統和流程中遇到困難。如果我們確實就收購、投資或其他交易達成協議，我們可能會因爲無法獲得所需的監管或其他批准或其他因素而無法完成這些協議。此外，收購、投資和其他交易需要大量的管理資源，有可能轉移我們對現有業務的注意力，而且整合和運營任何收購的業務都存在固有的風險。這些因素可能會損害我們的業務和運營結果。

根據適用的反賄賂、反腐敗、反洗錢和其他一般商業法律法規，我們可能會承擔責任，並且任何關於我們違反這些法律或法規的確定都可能對我們的業務產生重大不利影響。

我們受到各種反賄賂和反腐敗法律的約束，這些法律禁止爲獲得或保留業務而向外國政府及其官員進行不當付款或提議付款，包括美國的《反海外腐敗法》和墨西哥的《一般行政責任法》。我們還遵守旨在防止洗錢或對恐怖主義或其他非法活動的金融支持的各種法律和法規，包括美國的《愛國者法》和《銀行保密法》以及墨西哥的《聯邦預防和識別非法來源資金交易法》。請參閱「第一部分，第1項-業務-監管。」此外，我們的業務正在欠發達且普遍認爲商業和政治環境可能更加腐敗的國家和地區擴張。

雖然我們維持控制措施和政策以確保遵守適用的法律和法規，但這些控制措施和政策可能不太有效。如果我們負有責任的團隊成員、代理人或其他人員的行爲違反了我們的政策，我們可能會受到嚴厲的刑事或民事制裁和處罰，並且我們可能會承擔可能對我們的業務、經營業績和財務狀況產生重大不利影響的其他責任。

我們的流動性和資本要求或進入資本市場或其他融資和交易銀行來源的變化可能會限制我們實現計劃的能力。

運營現金流或債務或股權融資的可用性大幅減少可能會對我們實現計劃增長和經營業績的能力產生重大不利影響。我們獲得債務或股權融資的能力，包括現有債務的可能再融資，將取決於市場條件、我們的財務狀況以及融資來源以可接受的利率和條款向我們提供資本的意願。無法以可接受的利率和條款獲得資本可能會限制或限制我們實現增長目標的能力，這可能會對我們的財務狀況和經營業績產生不利影響。

我們獲得交易性銀行服務以及某些國家/地區之間的國際電匯服務是一項持續的業務要求。無法訪問或維護交易性銀行業務或電匯服務可能會導致成本增加或無法有效管理我們的現金，因爲我們需要尋求替代銀行服務或從幾家區域或當地零售銀行獲得服務。

目錄表

我們收集和存儲各種敏感客戶信息，數據安全漏洞或其他網絡攻擊可能會損害我們的業務運營並導致聲譽損害。

在開展業務的過程中，我們收集並在我們的信息技術系統上存儲關於我們客戶的各種信息，包括敏感的個人身份識別和財務信息。我們可能沒有資源或技術專業知識來預測或防止迅速演變的網絡攻擊類型。攻擊的目標可能是我們、我們的服務提供商、我們的客戶或其他委託我們提供信息的人。實際或預期的攻擊可能會導致我們的成本增加，包括僱用更多人員、購買更多保護技術、培訓團隊成員以及聘請第三方專家和顧問的成本。計算機能力的進步、新技術的發現或其他發展可能會導致我們用來保護數據的技術被攻破或泄露。此外，數據和安全漏洞可能是由於非技術問題造成的，包括我們或與我們有商業關係的人造成的違規行爲，從而導致未經授權發佈個人或機密信息。如果我們的系統中有任何此類信息被盜用，或者我們未能維護此類信息的安全性和保密性，我們可能會受到罰款、處罰和責任。此外，任何此類數據安全漏洞都可能損害我們的聲譽，並對我們的數據安全措施失去信心，這可能會對我們的業務和前景產生不利影響。

我們可能會面臨業務中斷或對我們的運營和增長的其他不利影響。

我們的業務和運營可能會因惡劣天氣、自然災害、停電、暴力行爲、恐怖襲擊、戰爭、內亂或類似事件而受到中斷或損害。此外，我們可能會遇到信息技術或其他業務系統中斷。此類事件可能會損害我們客戶對我們業務的訪問，影響我們擴大或繼續運營的能力，或者對我們的財務狀況產生不利影響。

我們面臨下討論的其他風險 “第二部分，第7A項-關於市場風險的定量和定性披露。”

項目1C。網絡安全

網絡安全風險管理和策略

我們面臨各種網絡安全風險，包括與未經授權訪問和濫用數據、系統中斷、勒索軟體、惡意軟體和其他威脅有關的風險。我們的網絡安全計劃融合了旨在降低網絡風險的信息技術、零售技術和客戶產品。我們的安全措施是定製的，以滿足我們獨特的業務要求，涵蓋防火牆、入侵檢測和預防系統、加密和多因素身份驗證。我們還聘請外部專家以成熟度評估、事件響應、滲透測試和其他諮詢服務的形式加強和評估我們的網絡安全措施。我們遵守國家標準與技術研究所網絡安全框架概述的實踐和標準。

我們對我們的系統和數據進行持續監控，由外部檢測和響應公司管理。如果發生網絡事件，我們會維護跨多個部門協調的事件響應計劃。該策略旨在快速有效的事件管理，以最大限度地減少運營中斷。我們的響應協議包括檢測、遏制、根除、恢復和事件後審查步驟，包括對安全的影響、數據丟失、運營中斷、成本和潛在的聲譽損害。

我們認識到員工是重要的防禦機制，因此提供網絡安全、隱私和信息處理培訓。此外，我們還定期進行網絡釣魚演習，以提高員工的警惕。我們的教育計劃旨在提高人們對網絡風險的認識，並教導員工保護公司、我們的客戶和自己免受網絡威脅。這些計劃向我們的員工通報最新的網絡安全危險和安全在線實踐，包括安全訪問、網絡釣魚意識、遠程工作安全和報告可疑活動。

網絡安全治理和監督

我們的網絡安全治理框架旨在促進問責制和持續加強網絡安全措施。網絡安全計劃的管理涉及跨職能資源，即我們的網絡和技術風險委員會，這是一個爲解決網絡和數據隱私問題而成立的內部多部門委員會。網絡安全計劃由我們的首席信息安全官（「CISO」）領導，他向首席法律官彙報。內部審計部門監控和審查我們的網絡安全計劃。

董事會負責監督和監控公司面臨的重大風險。董事會的審計和風險委員會負責監督我們的風險管理框架，包括網絡安全風險。CISO每季度直接向審計和風險委員會報告網絡安全風險。

目錄表

迄今爲止，我們尚未發現任何已經或可能對我們的業務、財務狀況或運營業績產生重大影響的網絡安全威脅或事件。儘管如此，網絡安全威脅的升級對我們的系統、網絡以及產品和服務構成了風險，儘管我們努力減輕這些風險，但這些風險可能無法抵禦所有事件。有關網絡安全風險如何對我們的業務產生重大影響的詳細討論，請參閱「第一部分，第1A項-風險因素」。

項目2.財產

我們租賃了位於我們整個運營地理區域的當鋪地點。請參閱「第一部分，第1項-業務-細分和地理信息。」我們的當鋪通常位於獨立建築內，或佔據整個或部分帶有連續停車場的零售地帶中心。商店內部的一部分專爲零售業務而設計，商品按類別展示出售。獨特的外觀設計和有吸引力的店內標牌爲顧客提供了吸引力的氛圍。We維護或報銷房東爲我們每家商店維護財產和一般責任保險的費用。我們的商店每週營業六七天哎呀。

我們美國地點的租約初始期限通常爲三至十年，通常允許以三至五年爲增量續訂。我們的主要公司辦公室位於德克薩斯州奧斯汀，租期至2029年3月，租金每年不斷上漲，租期結束時包括兩個爲期五年的延期選擇。我們在拉丁美洲的地點通常以三到五年的租期租賃。

我們現有的租約將在2039財年的不同日期到期，其中少數租約按月到期。所有租賃均規定按市場價格支付指定的定期租金。大多數租賃要求我們維護財產並支付保險和稅款。我們相信，終止我們的任何一項租賃都不會對我們的運營產生重大不利影響。我們的策略通常是租賃而不是擁有我們的商店空間。我們可能會持續關閉或整合表現不佳的商店地點。

截至2024年9月30日，我們共有1，279家門店，其中542家位於美國，其中46%位於德克薩斯州，17%位於佛羅里達州，其餘分佈在其他17個州。我們還在墨西哥擁有565個地點，在危地馬拉擁有133個地點，在薩爾瓦多擁有18個地點，在洪都拉斯擁有21個地點。

除了我們的商店租賃外，我們還在德克薩斯州奧斯汀租賃了約108，000平方英尺的企業辦公空間（其中70，742平方英尺正在分包或可供分包給其他租戶）。我們在墨西哥（8，600平方英尺）、危地馬拉（3，500平方英尺）、薩爾瓦多（4，500平方英尺）和洪都拉斯（1，200平方英尺）租賃其他公司辦公空間。

有關商店地點的更多信息，請參閱“第一部分，第1項-業務-細分和地理信息。

項目3.法律程序

參見注11：「第二部分第8項-財務報表和補充數據」中包含的合併財務報表附註的或有事項。

項目4.礦山安全披露

不適用。

目錄表

第二部分

項目5.註冊人普通股票市場、相關股東事項和發行人購買股票證券

市場信息

我們的A類無投票權普通股（「A類普通股」）在納斯達克證券市場交易，代碼爲「EZPW」。截至2024年11月1日，約有69名登記股東擁有我們A類普通股的記錄。我們的B類投票普通股（「B類普通股」）沒有交易市場，該股由一名股東持有 11月1日， 2024.根據納斯達克股市的報告，截至2024年9月30日，我們A類普通股的收盤價爲每股11.21美元。

股票表現圖表

以下股票表現圖表和相關信息不應被視爲已向美國證券交易委員會「提交」，此類信息也不應通過引用的方式納入根據1933年證券法或1934年證券交易法的任何未來提交的任何文件中。

下表比較了過去五個財年我們A類普通股的累積總股東回報與同期納斯達克綜合指數（股票代碼：IXIC）和納斯達克其他金融指數（股票代碼：IXFN）的累積總回報。該圖表顯示了過去五個財年結束時，投資於我們的A類普通股或2019年9月30日指數的100美元的價值。該圖表描述了每個財年末（而不是任何中期）我們A類普通股價值相對於指數的變化。歷史股價表現不一定表明未來股價表現。

目錄表


公司指數	2019	2020	2021	2022	2023	2024
EZCORP，Inc.	$100.00	$77.86	$117.18	$119.35	$127.71	$173.53
納斯達克綜合指數	$100.00	$139.61	$180.62	$132.21	$165.26	$227.38
納斯達克其他金融指數	$100.00	$104.68	$127.41	$87.79	$106.70	$128.75

股票回購活動

下表提供了有關我們在截至2024年9月30日的季度回購A類無投票權普通股股份的某些信息。本季度的所有回購均以現行市場價格在公開市場交易中進行，並根據1934年證券交易法第10 b5 -1條規定的交易計劃執行。


	股票回購
	購買股份總數（1）	每股平均支付價格		作爲公開宣佈計劃一部分購買的股票總數	根據該計劃可能購買的股票的大致美元價值（1）
	(in數千，股票數量和平均價格信息除外）
2024年7月1日至7月31日	98,391	$	10.14	98,391	$	26,015
2024年8月1日至8月31日	92,870	$	11.66	92,870	$	24,933
2024年9月1日至9月30日	81,493	$	11.22	81,493	$	24,019
截至2024年9月30日的季度	272,754	$	10.98	272,754	$	24,019


(1)			2022年5月3日，董事會批准了一項股票回購計劃，根據該計劃，公司有權在三年內回購高達5000萬美元的A類無投票權普通股。與其他機會相比，該計劃的執行將響應波動的市場狀況和估值、流動性需求以及預期投資回報。

項目6. [保留]

目錄表

項目7.管理層對財務狀況和運營結果的討論和分析

管理層對財務狀況和經營業績的討論和分析旨在向讀者通報影響EZCORP，Inc.財務狀況和經營業績的事項。及其子公司（統稱「我們」、「我們」、「我們」或「公司」）截至2024年9月30日的兩年期。以下討論應與我們的合併財務報表和「第二部分第8項-財務報表和補充數據」中的隨附註釋一起閱讀。此討論和分析包含前瞻性陳述，我們的實際結果可能與這些前瞻性陳述中的預期存在重大差異。請參閱下文「第一部分，第1A項-風險因素」和「有關可能影響未來業績的風險和不確定性的警示聲明」。

業務發展

2024年9月11日，公司宣佈與Presta Dinero，SA達成收購協議de C.V.收購墨西哥53家當鋪。雖然當時我們預計將於2024年10月31日完成交易，但交易尚未完成，各方仍在討論中。

經營成果

非GAAP財務信息

爲了補充我們根據公認會計原則編制和列報的合併財務報表，我們在不變貨幣基礎(「不變貨幣」)和「相同商店」的基礎上提供某些其他非GAAP財務信息。我們使用不變貨幣結果來評估我們的拉丁美洲典當業務，這些業務主要以墨西哥披索、危地馬拉魁薩爾和其他拉美貨幣計價。我們在同一門店的基礎上分析結果(定義爲在整個可比期間內開業的門店)，以更好地了解現有門店的業績，而不會僅因門店數量的變化而增加或減少影響。我們相信，展示恒定貨幣和相同的門店業績，對於了解我們拉丁美洲典當業務(在恒定貨幣的情況下)和我們的門店業務(在相同門店業績的情況下)的活動和業務指標是有意義和有用的，並反映了另一種查看業務方面的方式，當根據GAAP結果進行查看時，可以更好地了解和評估影響我們業務的因素和趨勢。我們提供非GAAP財務信息以供參考，並加強對我們的GAAP合併財務報表的了解。我們使用這些非GAAP財務信息來評估和比較不同會計期間的經營結果。讀者應考慮到這些信息是對我們根據公認會計原則編制的財務報表的補充，但不是更好或更好。這種非公認會計准則的財務信息可能由其他公司以不同的方式確定或計算，從而限制了這些衡量標準用於比較目的的有用性。

爲排除外幣匯率波動的影響，本文報告的不變貨幣結果是通過使用上一年可比期間而不是本期間的匯率將以當地貨幣計價的綜合資產負債表和綜合經營報表項目換算爲美元來計算的。我們對資產負債表項目採用了期末匯率，對經營報表項目採用了按月計算的每日平均結算率。我們的營業報表不變貨幣結果反映了每月匯率的波動，不能直接從下面的匯率計算。不變貨幣結果也不包括外幣收益或損失。截至2024年9月30日和2023年9月30日終了的財政年度，每種適用貨幣相對於美元的期末和大致平均匯率如下：


	9月30日，		止十二個月 9月30日，
	2024	2023		2024	2023

墨西哥披索	19.7	17.4		17.7	18.3
危地馬拉人Quetzal	7.6	7.7		7.6	7.6
洪都拉斯倫皮拉	24.6	24.5		24.4	24.3

澳元	1.4	1.6		1.5	1.5

目錄表

經營業績

2024財年與2023財年

這些表格以及隨後的討論應與隨附的合併財務報表和相關注釋一起閱讀。

財務數據彙總

下表列出了2024財年和2023財年的選定彙總財務數據。


	財年 9月30日，						變化
(單位：千)	2024			2023

毛利潤：
典當服務費	$	436,545		$	383,772		14%

商品銷售	663,736			615,446			8%
商品銷售毛利潤	236,333			220,667			7%
商品銷售毛利率	36		%	36		%	0個點子

珠寶報廢銷售	61,082			49,528			23%
珠寶報廢毛利	9,156			5,104			79%
珠寶報廢銷售毛利率	15		%	10		%	500個點子

其他收入	239			295			(19)%
毛利	682,273			609,838			12%

運營費用：
店鋪開支	461,055			418,574			10%
一般和行政	75,557			67,529			12%
其他資產減值	843			4,343			(81)%
折舊及攤銷	33,069			32,131			3%
出售或處置資產和其他（收益）損失	(16)			208			(108)%
其他營業收入	(765)			(5,097)			(85)%
總運營支出	569,743			517,688			10%

利息開支	13,585			16,456			(17)%
利息收入	(10,575)			(7,470)			42%
未合併附屬公司淨（收入）損失中的權益	(4,711)			28,459			117%
其他（收入）費用	(1,377)			3,072			145%
非營業（收入）費用總額	(3,078)			40,517			108%

稅前收入	115,608			51,633			124%
所得稅開支	32,513			13,170			147%




淨收入	$	83,095		$	38,463		116%

淨典當收益資產：
典當貸款	$	274,084		$	245,766		12%
庫存，淨額	191,923			166,477			15%
淨典當收益資產總額	$	466,007		$	412,243		13%

目錄表

由於運營業績改善和典當需求持續強勁，未償典當貸款（「PLO」）增加2830萬美元（12%）至27410萬美元。

總收入增加11260萬美元（11%），毛利潤增加12%，反映典當服務費（「CSC」）收入、商品銷售和商品銷售毛利潤的改善。

由於巴解組織平均水平上升，CSC增加了5280萬美元（14%）。商品銷售額增加4830萬美元（8%）。商品銷售毛利率仍在36%的目標範圍內。

運營費用增加5，210萬美元（10%），主要原因是：（a）由於通貨膨脹和最低工資上漲推動的勞動力增加，商店費用增加了4，250萬美元，以及在較小程度上與租金相關的費用;（b）一般和行政費用增加800萬美元，主要是由於勞動力、激勵補償以及在較小程度上，與我們的Workday企業資源規劃系統的實施和持續支持相關的成本。

非營業收入總額增加4360萬美元（108%），主要是由於上一年確認了我們在現金轉換器淨業績中應占的損失，該淨業績與其非現金善意減損費用相關，利息費用減少和利息收入增加。利息費用減少290萬美元，主要是由於2024年可轉換票據和2025年可轉換票據部分質押記錄的上一年淨虧損。參見注釋7：「第二部分第8項-財務報表和補充數據」中合併財務報表註釋的債務供進一步討論。利息收入的增加主要是由於我們的金庫管理市場利率上升。

所得稅費用增加了1930萬美元，主要是由於所得稅前收入增加了6，400萬美元、拉丁美洲不可扣除費用增加以及不再永久再投資的先前收益的應計預扣稅。所得稅費用包括不一定對應於稅前收入並導致有效稅率波動的其他項目。這些項目包括州稅的淨影響、不可扣除項目和某些海外業務估值津貼的變化。參見注9：「第二部分第8項-財務報表和補充數據」中包含的合併財務報表附註的所得稅，用於量化這些項目。

目錄表

美國典當

下表列出了我們美國典當部門的選定摘要財務數據：


	財年 9月30日，						變化
(單位：千)	2024			2023

毛利潤：
典當服務費	$	322,362		$	285,919		13%

商品銷售	459,251			432,578			6%
商品銷售毛利潤	170,357			164,704			3%
商品銷售毛利率	37		%	38		%	(100)BPS

珠寶報廢銷售	54,344			43,305			25%
珠寶報廢銷售毛利	8,418			5,596			50%
珠寶報廢銷售毛利率	15		%	13		%	200個點子

其他收入	126			119			6%
毛利	501,263			456,338			10%

分部運營費用：
店鋪開支	325,816			299,319			9%

折舊及攤銷	10,147			10,382			(2)%
出售或處置資產和其他損失	3			115			(97)%
分部運營貢獻	165,297			146,522			13%

其他分部收入	7			(2)			*
分部貢獻	$	165,290		$	146,524		13%

其他數據：
每家商店平均每月期末典當貸款餘額（a）	$	361		$	327		10%
未償典當貸款的月平均收益率	14		%	14		%	- BPS
典當抵押品-一般商品	34		%	34		%	—%
典當抵押品-珠寶	66		%	66		%	—%


*			表示在數學上沒有意義的百分比計算。
(a)			餘額根據適用期間月度期末餘額平均值的平均值計算。

PLO年底銷售額爲21430萬美元，按同店總額計算增長12%。

總收入增長10%，毛利潤增長10%，主要是由於銷售費用增加和商品銷售額增加。

由於巴解組織平均水平上升，CSC增加了13%。

商品銷售額增長6%。抵消了銷售增長的影響，商品銷售毛利率下降100個點子至37%。

商店費用增加了9%（同一商店增加了8%），主要是由於通貨膨脹推動的勞動力成本。

由於上述變化，分部貢獻增加了1880萬美元。

2024財年，由於收購13家門店、新增1家新店和整合1家門店，美國典當部門的部門淨門店數量增加了13家。

目錄表

拉丁美洲典當

下表列出了拉丁美洲典當部門的選定摘要財務數據，包括從功能貨幣兌換爲美元后的固定貨幣結果。請參閱上文「經營業績-非GAAP財務信息」。


	截至9月30日的財年，
(單位：千)	2024 (GAAP)			2023 (GAAP)			變化 (GAAP)	2024 （固定貨幣）			變更（固定貨幣）

毛利潤：
典當服務費	$	114,183		$	97,853		17%	$	111,784		14%

商品銷售	204,485			182,868			12%	199,012			9%
商品銷售毛利潤	65,976			55,963			18%	64,138			15%
商品銷售毛利率	32		%	31		%	100個點子	32		%	100個點子

珠寶報廢銷售	6,738			6,223			8%	6,779			9%
珠寶報廢銷售毛利	738			(492)			250%	739			250%
珠寶報廢銷售毛利率	11		%	(8)		%	238%	11		%	238%

其他收入，淨	78			121			(36)%	76			(37)%
毛利	180,975			153,445			18%	176,737			15%

分部運營費用：
店鋪開支	135,239			119,255			13%	131,831			11%
折舊及攤銷	8,865			9,191			(4)%	8,599			(6)%

其他營業收入	—			(5,097)			100%	—			100%
分部運營貢獻	36,871			30,096			23%	36,307			21%

其他分部收入（a）	(1,970)			(1,562)			26%	(1,846)			18%
分部貢獻	$	38,841		$	31,658		23%	$	38,153		21%

其他數據：
每家商店平均每月期末典當貸款餘額（b）	$	83		$	73		14%	$	82		12%
未償典當貸款的月平均收益率	16		%	17		%	(100)BPS	16		%	(100)BPS
典當抵押品-一般商品	64		%	68		%	(6)%	65		%	(4)%
典當抵押品-珠寶	36		%	32		%	13%	35		%	9%

表示在數學上沒有意義的百分比計算。

(a)

2024財年和2023財年的固定貨幣金額不包括匯率變動導致的淨GAAP外幣交易損失分別爲10萬美元和40萬美元。

(b)

餘額根據適用期間月度期末餘額平均值的平均值計算。


	2024年變革 (GAAP)	2024年變革（固定貨幣）
同店數據：（a）
巴解組織	7%	16%
PSC	16%	14%
商品銷售	11%	8%
商品銷售毛利潤	16%	13%
店鋪開支	12%	9%

(a)

計入同一商店計算的期末開業商店爲697家。

PLO升至5980萬美元，增長8%（按固定匯率計算爲18%）。以同一商店爲基礎，由於運營業績改善和貸款需求增加，PLO增長了7%（按固定匯率計算爲16%）。

目錄表

總收入增長13%（按固定貨幣計算爲11%），毛利潤增長18%（按固定貨幣計算爲15%），反映了銷售費用增加、商品銷售額增加和毛利潤改善。

由於巴解組織平均水平上升，PQ增加了17%（按固定貨幣計算爲14%）。

商品銷售額增長12%（按固定貨幣計算爲9%），同店銷售額增長11%（按固定貨幣計算爲8%）。商品銷售毛利率增長100個點子至32%。

商店費用增加了1600萬美元，增長13%（按固定匯率計算爲11%），主要是由於勞動力人數增加，與商店活動和最低工資上漲保持一致，以及在較小程度上與租約續簽相關的租金。同店費用增加了12%（按固定匯率計算爲9%）。

由於上述變化，以及與之前完成的收購相關的或有對價負債上一年撥回的影響，分部貢獻增加了23%，達到3880萬美元（按固定貨幣計算爲21%），該影響計入「其他營業收入」。

2024財年，由於開設了40家新店和合並了5家門店，拉丁美洲典當部門的淨門店數量增加了35家。

其他投資

下表列出了我們其他投資部門從主要是澳元的功能貨幣兌換成美元后的選定摘要財務數據：


	財年 9月30日，				變化
(單位：千)	2024		2023

毛利潤：
消費貸款費用、利息等	$	35	$	55	(36)%

毛利	35		55		(36)%

分部運營費用：


利息收入	(2,422)		(1,500)		61%
未合併附屬公司淨（收入）損失中的權益	(4,993)		28,459		118%
分部經營貢獻（虧損）	7,450		(26,904)		128%

其他分部（收入）虧損	—		31		100%
分部貢獻（虧損）	$	7,450	$	(26,935)	128%

分部收入爲750萬美元，增加3440萬美元，主要是由於我們應占現金轉換器與其非現金善意減損費用相關的淨業績的上一年淨虧損。

目錄表

其他項目

下表將上述我們的綜合分部貢獻與EZCORP，Inc.應占凈利潤進行了調節，包括影響我們綜合財務業績但未在分部之間分配的項目：


	財年 9月30日，				變化
(單位：千)	2024		2023

分部貢獻	$	211,581	$	151,247	40%
企業費用（收入）：
一般和行政	75,557		67,532		12%
其他資產減值	843		4,343		(81)%
折舊及攤銷	14,057		12,558		12%
出售或處置資產和其他損失	121		382		(68)%
其他營業收入	(765)		—		100%
利息開支	13,585		16,456		(17)%
利息收入	(6,541)		(4,829)		35%
未合併附屬公司淨虧損中的權益	282		—		*
其他（收入）費用	(1,166)		3,172		137%
稅前收入	115,608		51,633		124%
所得稅開支	32,513		13,170		147%




淨收入	$	83,095	$	38,463	116%


*			表示在數學上沒有意義的百分比計算。

分部貢獻增加6030萬美元或40%，主要是由於如上所述分部經營業績的改善。

一般和行政費用增加了800萬美元（12%），主要是由於勞動力、激勵補償，以及（較小的）與Workday企業資源規劃系統的實施和持續支持相關的成本。

利息費用減少290萬美元（17%），主要是由於2024年可轉換票據和2025年可轉換票據部分質押記錄的上一年淨虧損。參見注釋7：合併財務報表附註債務包含在「第二部分第8項-財務報表和補充數據」中，以供進一步討論。

利息收入增加170萬美元，主要是由於我們的金庫管理市場利率上升。

所得稅費用增加1930萬美元，主要是由於所得稅前收入增加6，400萬美元、拉丁美洲不可扣除費用增加以及不再永久再投資的先前收益的應計預扣稅。所得稅費用包括不一定對應於稅前收入並導致有效稅率波動的其他項目。這些項目包括州稅的淨影響、不可扣除項目和某些海外業務估值津貼的變化。參見注9：「第二部分第8項-財務報表和補充數據」中包含的合併財務報表附註的所得稅，用於量化這些項目。

2023財年與2022財年

2023財年與2022財年的經營業績討論位於截至2023年9月30日的年度10-K表格年度報告的「第二部分，第7項-管理層對財務狀況和經營業績的討論和分析」中。

目錄表

流動性與資本資源

現金和現金等價物

我們的現金及等值物餘額 2024年9月30日爲17050萬美元，而2023年9月30日爲2.206億美元。我們的現金及等值物持有在主要銀行的現金存管賬戶中或投資於高質量的短期流動性投資。

現金流

下表和討論概述了我們現金的來源和用途：


	財年 9月30日，				變化
(單位：千)	2024		2023

經營活動提供的現金流	$	113,600	$	101,834	12%
投資活動所用現金流量	(111,853)		(110,886)		1%
融資活動提供的現金流（用於）	(50,183)		23,692		(312)%
匯率變動對現金及現金等價物和限制性現金的影響	(725)		(41)		*
現金及現金等值物和限制性現金淨（減少）增加	$	(49,161)	$	14,599	(437)%

表示在數學上沒有意義的百分比計算。

經營活動提供的現金流增加1，180萬美元，主要是由於凈利潤增加（考慮影響凈利潤的非現金項目的調整）以及主要與所得稅支付時間相關的營運資金變化、預付費用、應付賬款和庫存。

投資活動中使用的現金流增加100萬美元，主要是由於典當淨流出增加5170萬美元，但被出售沒收抵押品的現金流入增加2700萬美元以及用於資助戰略投資、資本支出和收購的現金流淨減少2370萬美元所抵消。

融資活動中使用的現金流增加7,390美元主要與2022年12月爲2029年可轉換票據融資有關，其中我們發行了230.0美元，本金爲3.750美元的2029年到期的可轉換優先票據，被我們2024年可轉換票據的本金總額約109.4美元的清償抵銷，我們的2024年可轉換票據的本金總額約爲117.5美元外加應計利息，我們的2025年可轉換票據的本金總額約爲6910萬美元外加應計利息。此外，我們還使用2029年可轉換票據發行淨收益中的約500萬美元，在私下談判的交易中從票據購買者手中回購了578,703股A類普通股。此外，2024年7月1日，2024年可轉換票據到期，剩餘的3,440美元未償還本金總額加上應計利息已用手頭現金償還。2024年，公司根據普通股回購計劃，以1,200萬美元回購並註銷了1,218,503股A類普通股。

這些變化的淨影響是本年度手頭現金減少4，920萬美元，導致期末現金和限制現金餘額爲1.798億美元。

現金來源和用途

2022年12月，我們發行了本金總額爲230.0美元的2029年可轉換債券。在發行2029年可轉換票據的同時，我們取消了2024年可轉換票據的本金總額約109.4美元，外加應計利息約117.5美元，以及2025年可轉換票據的本金總額約6,910萬美元，外加應計利息約6,290萬美元。此外，我們還使用2029年可轉換票據發行淨收益中的約500萬美元，在私下談判的交易中從票據購買者手中回購了578,703股A類普通股。見「第二部分，第8項--財務報表和補充數據」中所列的附註7：合併財務報表附註。與上述交易一起回購的股份是與下文提及的公開宣佈的股份回購計劃分開授權的，並不被視爲其中的一部分。

2022年5月3日，董事會授權在三年內回購高達5000萬美元的A類普通股。截至2024年9月30日，我們已根據該計劃以2，600萬美元回購了2，845，548股A類普通股，該金額在我們合併資產負債表中的「額外實繳資本」和「保留收益」之間分配。與其他機會相比，該計劃的執行將響應波動的市場狀況和估值、流動性需求以及預期投資回報。

目錄表

根據股票回購計劃，我們可以根據適用的證券法隨時酌情購買A類無投票權普通股，包括通過公開市場交易、大宗或私下談判交易或其任何組合。此外，我們還可以根據符合1934年證券交易法第10 b5 -1條要求的交易計劃購買股份。

購買金額和時間將取決於多種因素，包括股價、交易量、一般市場狀況、法律和監管要求、一般商業狀況、現金流水平以及管理層和董事會確定的企業考慮因素，例如流動性和資本需求以及有吸引力的替代投資機會的可用性。董事會保留隨時修改、暫停或終止該計劃的權利。

2024年7月1日，2024年可轉換票據到期，剩餘3，440萬美元未償本金總額加上應計利息已使用手頭現金償還。

我們預計，截至2025財年，運營產生的現金流和手頭現金將足以爲持續運營、債務償還要求、稅款支付、任何未來股票回購、戰略投資、我們的合同義務、計劃的重新商店增長、資本支出和流動資金需求提供資金。我們繼續探索大大小小的收購機會，並可能會選擇在未來根據需要尋求額外的債務、股權或股權相關融資。根據收購活動的水平和其他因素，我們償還長期債務責任（包括2025年5月和2029年12月到期的可轉換債務）的能力可能需要我們通過發行新債務證券、股權證券、可轉換證券或通過新的信貸安排爲這些義務再融資。

可轉換票據

有關我們可轉換票據條款的描述，包括相關轉換和其他相關特徵和交易，請參閱「第二部分第8項-財務報表和補充數據」中的註釋7：合併財務報表附註債務。

合同義務

以下是截至2024年9月30日我們履行未來總合同義務的現金需求摘要：


			按期間到期的付款
(單位：千)	*總計		小於 1年		1-3年		3-5年		多過 5年

債務義務（a）	$	333,373	$	103,373	$	—	$	—	$	230,000
長期債務利息	46,713		10,057		17,250		17,250		2,156
租賃義務（b）	293,380		76,639		118,792		59,939		38,010
總計（c）（d）	$	673,466	$	190,069	$	136,042	$	77,189	$	270,166

（a）不包括債務折扣和遞延融資成本以及可轉換特徵。

（b）不包括預計將收到的560萬美元的分包付款。

（c）由於任何此類付款的時間不確定，因此合同義務表中沒有反映不確定稅收優惠的撥備。參見注9：「第二部分第8項-財務報表和補充數據」中合併財務報表附註的所得稅。此外，由於付款的時間不確定，因此沒有包括總計850萬美元的保險準備金、延期賠償安排或其他負債的撥備。

（d）總額不包括已在我們的綜合資產負債表上記錄爲流動負債的合同義務，但包括在上述債務義務標題中的長期債務的當前到期日以及包括在上述長期債務義務和租賃義務的利息中的利息和租賃義務除外。

除了上表中的租賃義務外，我們還負責大部分地點的維護、財產稅和保險。在截至2024年9月30日的財年，這些金額總計爲1770萬美元。

關鍵會計估計

根據美國公認會計原則（「GAAP」）編制財務報表要求我們做出影響資產、負債、收入和費用的報告金額以及或有資產和負債的相關披露的估計和假設。我們持續評估我們的估計和判斷，包括與收入確認、庫存、貸款損失撥備、善意和無限壽命無形資產、長壽和其他無形資產、所得稅、或有事項和訴訟相關的估計和判斷。我們的估計基於歷史經驗、可觀察趨勢以及我們認爲在當時情況下合理的各種其他假設。我們使用這些信息來對從其他來源無法明顯看出的資產和負債的公允價值做出判斷。在不同的假設或條件下，實際結果可能與估計不同。

目錄表

可能對我們的經營業績產生重大影響的關鍵會計政策和估計，以及相關的近期會計公告，在「第二部分第8項-財務報表和補充數據」中的註釋1：合併財務報表註釋的重要會計政策的組織和摘要中進行了描述。有關量化某些關鍵估計敏感性的某些會計政策將在下文進一步討論。

典當貸款收入確認

對於我們認爲可以收回的所有典當貸款，我們在貸款期限內使用有效利率法記錄了《價格按金》。我們對可收回貸款的估計基於幾個輸入，包括最近的贖回率、贖回率的歷史趨勢以及接下來幾個月到期的貸款金額。這些因素中的任何一個的意外變化都可能會改變我們對可回收貸款的估計，從而影響我們的收入和財務狀況。截至2024年9月30日，我們的應收賬款項目合作伙伴關係餘額爲4400萬美元。假設平均沒收率增加或減少10%，則截至2024年9月30日，我們的應收典當服務費餘額將增加或減少約140萬美元。

庫存和銷售商品成本

在確定適當的庫存總體估值撥備時，我們會考慮對過時或緩慢流動庫存和萎縮的估計。我們持續監控每種類型庫存的銷售利潤率，並與歷史利潤率進行比較。這些利潤率的重大差異可能需要修改未來庫存儲備估計。我們歷來根據當前的黃金價格和由此產生的利潤率趨勢修改了與珠寶庫存相關的儲備。未來金價下跌可能會導致珠寶庫存儲備率上升。截至2024年9月30日，我們的庫存毛餘額爲19470萬美元，其中我們已納入儲備金270萬美元。假設儲備率增加或減少10%，則截至2024年9月30日，我們的庫存儲備餘額將增加或減少約30萬美元。

善意和無限期無形資產

在測試善意是否存在減損時，我們可以選擇首先評估定性因素，以確定事件或情況的存在是否導致確定報告單位的估計公允價值更有可能低於其公允價值。如果我們選擇進行定性評估並確定損害更有可能發生，則我們需要進行定量損害測試;否則，無需進一步分析。我們還可以選擇不進行定性評估，而是直接進行定量損害測試。在進行量化損失測試時，我們應用一步量化測試，並將善意損失金額記錄爲報告單位的公允價值超過其公允價值的部分，但不得超過分配給該報告單位的善意總額。

我們首先評估定性因素，以確定是否有必要進行量化減損測試，來測試無限壽命的無形資產的減損。如果我們認爲，定性評估的結果是，無限壽命無形資產的公允價值很可能低於其公允價值，則需要進行量化減損測試。否則，無需進一步測試。

我們認爲，對觸發事件的發生或情況的實質性變化（可能表明善意的公允價值可能受到損害）的評估是一項關鍵估計。此外，我們認爲上述討論的與我們在減損量化測試中使用的收入法有關的假設是關鍵估計。

2024財年和2023財年的減損分析結果在「第二部分第8項-財務報表和補充數據」中的註釋6：合併財務報表註釋的善意和無形資產中進行了討論。

所得稅

管理層認爲，預測收入（包括某些稅務規劃策略可能產生的收入），加上現有應稅暫時性差異的未來逆轉，很可能足以完全收回已記錄的遞延所得稅資產淨額。如果我們確定所有或部分淨遞延所得稅資產在未來不可變現，我們將對將在做出此確定期間計入盈利的估值撥備進行調整。根據每個司法管轄區的具體事實和估計，我們已將淨運營虧損和預計不會使用的稅收抵免的遞延所得稅資產的估值撥備納入其中。

目錄表

根據對未來國內現金產生將足以滿足未來國內現金需求的估計以及我們對這些子公司盈利進行再投資的具體計劃，我們認爲某些非美國子公司的盈利將無限期投資於美國境外。我們尚未記錄與無限期投資美國境外的外國子公司未分配收益的外國預扣稅相關的遞延稅務負債

本公司可能須接受本公司經營業務或於相關期間內經營業務的任何或所有司法管轄區的稅務機關的所得稅審計。在確定不確定的稅收狀況時，需要做出重大判斷。我們利用所需的兩步法來確認和衡量不確定的稅收頭寸。第一步是通過確定現有證據的權重是否表明該地位更有可能在審計中得到維持，包括相關上訴或訴訟程序的解決，來評估納稅狀況以供確認。第二步是將稅收優惠衡量爲最終和解時可能實現的50%以上的最大金額。我們在評估和估計我們的稅收狀況和稅收優惠時會考慮許多因素，這些因素可能需要定期調整，也可能無法準確預測實際結果。我們會根據不斷變化的事實和情況，例如審計結束或估計的修訂，調整這些儲備。確認或計量的變化反映在判斷發生變化的期間。我們認爲，所有時期的所得稅撥備都已經足夠。

關於可能影響未來業績的風險和不確定性的警告聲明

這份Form 10-K年度報告，包括管理層對財務狀況和經營結果的討論和分析，包括1933年證券法第27A節和1934年證券交易法第21E節所指的「前瞻性陳述」。我們打算讓所有前瞻性陳述受到這些法律所創造的安全港的約束。除有關歷史事實的陳述外，所有與我們的戰略、未來業務、財務狀況、未來收入、預計成本、前景、計劃和目標有關的陳述都是前瞻性陳述。「可能」、「可以」、「應該」、「可能」、「將會」、「將會」、「預測」、「預期」、「相信」、「估計」、「預期」、「打算」、「計劃」、「項目」以及類似的表述旨在識別前瞻性表述，儘管並不是所有的前瞻性表述都包含這些識別詞語。這些聲明只是根據我們目前的預期和目前可獲得的信息對未來事件的結果和時機的預測。由於許多風險和不確定性，實際結果可能與前瞻性陳述中表達的大不相同，其中許多風險和不確定因素是我們無法控制的。因此，您不應將任何前瞻性陳述視爲預期結果將會實現的陳述。在考慮前瞻性陳述時，您應牢記本報告中的風險因素和其他警告性陳述。這些風險和不確定因素包括：

•法律法規的變化;

•對我們行業的負面描述;

•業務集中在德克薩斯州和佛羅里達州;

•黃金價格或成交量的變化;

•銷售額、典當貸款餘額、銷售利潤率、典當贖回利率或其他重要經營指標的變化;

•我們有能力通過收購和重新開業繼續增加門店數量;

•繼續承擔與出售Grupo Finmart相關的收盤前稅款的賠償義務;

•我們受控的所有權結構;

•與槍支業務相關的潛在監管罰款、訴訟和相關責任;

•我們商店潛在的搶劫、入室盜竊和其他犯罪行爲;

•競爭格局的變化;

•我們設計或獲取、部署和維護足夠的信息技術和其他業務系統的能力;

•未能實現足夠的投資回報;

•潛在的未保險財產、傷亡或其他損失;

•潛在的自然災害;

•聲譽或商品名稱等其他無形資產潛在損失對財務報表的影響;

•可轉換票據可能轉換爲現金（這可能會對流動性產生不利影響）或股票（這將導致現有股東的稀釋）;

•未來可發行的無保留股份數量有限;

•可能對我們的財務狀況或運營結果產生不利影響的公共衛生問題;

•拉丁美洲商業、監管、政治或社會氣候的變化;

•外幣匯率變化;

•未來訴訟和監管程序的結果;

•收購、投資和新業務的潛在破壞性影響;

目錄表

•反腐敗、反賄賂、反洗錢和其他一般商業法律法規的潛在風險;

•流動性、資本要求或債務和資本市場准入的變化;

•潛在的數據安全漏洞或其他網絡攻擊;以及

•潛在的內亂或政府推翻以及我們無法控制的其他事件。

有關這些重要風險因素的討論，請參閱「第一部分，第1A項-風險因素」。

此外，我們無法預測可能導致我們的實際結果與前瞻性陳述中表達的結果不同的所有風險和不確定性。您不應過度依賴我們的前瞻性陳述。儘管前瞻性陳述反映了我們的善意信念，但前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，這可能導致我們的實際結果、業績或成就與此類前瞻性陳述所表達或暗示的預期未來結果、業績或成就存在重大差異。因此，您不應將任何前瞻性陳述視爲預期結果將實現的代表。

除法律要求外，我們明確不承擔任何公開更新前瞻性陳述中包含的任何信息的責任。本警示性聲明明確限制了所有歸因於我們的前瞻性陳述。

項目7A。關於市場風險的定量和證明性披露

市場風險披露

我們面臨主要與黃金價值和外幣匯率變化相關的市場風險。

我們的盈利和財務狀況受到黃金價值變化的影響，以及白銀和寶石價值（較小程度上）的影響，以及由此對典當貸款、珠寶銷售和珠寶銷售成本的影響。廢品銷售的收益以及我們以可接受的利潤率出售珠寶庫存的能力取決於黃金價值。由於廢料銷售的時間和其他運營考慮因素，無法合理估計黃金價值假設變化對我們的財務狀況和運營業績的影響。

我們的盈利和財務狀況受到與我們的股票投資和美國境外業務相關的外匯波動的影響。雖然我們通常不尋求對沖外幣金額，但我們會不時考慮對沖策略，以減輕某些離散風險通過短期安排。

截至2024年6月30日，現金轉換器的兌換調整（包含在我們2024年9月30日的三個月滯後業績中）是股東權益的名義增加，不包括所得稅影響。截至2024年9月30日，1澳元兌0.6944澳元走強，而上一年爲0.6452澳元。

拉丁美洲的兌換調整主要代表截至2024年9月30日的財年墨西哥披索的變化，股東權益減少了2050萬美元。截至2024年9月30日，墨西哥披索下跌約11%，從截至2023年9月30日的0.0574美元跌至1.00美元墨西哥披索兌0.0508美元。截至2024年9月30日，危地馬拉格查爾從截至2023年9月30日的0.1302美元上漲約2%危地馬拉Q1. 00美元至0.1325美元。我們目前假設，截至2024年9月30日，超過2000萬美元的先前盈利（應計適用的預扣稅）的盈利和資本在拉丁美洲進行無限期再投資。與未來任何收益或資本匯回相關的累積兌換損益將影響我們在匯回期間的收益。

在較小程度上，我們的業務受到洪都拉斯倫皮拉匯率波動的影響。

由於經營業績和匯率之間的相互關係，我們無法預測外幣的未來估值，也無法預測匯率的進一步變動將如何影響我們未來的盈利或財務狀況。

目錄表

項目8.財務報表和補充數據

合併財務報表索引


			頁面
獨立註冊會計師事務所的報告（BDO USA，PC;德克薩斯州達拉斯; PCAOB ID #243)			38
合併財務報表：
截至2002年9月30日的合併資產負債表 4 和20 23			40
截至2002年9月30日的三年中每年的合併經營報表 4 , 202 3 和202 2			41
截至2002年9月30日的三年合併全面收益表 4 , 202 3 和20 2 2			42
截至2002年9月30日的三個年度每年的合併股東權益報表 4 , 202 3 和20 2 2			43
截至2002年9月30日的三年中每年的合併現金流量表 4 , 202 3 和202 2			44
合併財務報表附註			45
注1：重要會計政策的組織和摘要			45


注意事項 2 ：每股收益			51
注意事項 3 ：戰略投資			52
注意事項 4 ：公允價值衡量			53
注意事項 5 ：財產和設備			53
注意事項 6 ：善意和無形資產			53
注意事項 7 ：債務			54
注意事項 8 ：普通股和股票補償			57
注意事項 9 ：所得稅			61
注意事項 10 ：租賃			63
注意事項 11 ：意外情況			65
注意事項 12 ：細分信息			65
注意事項 13 ：補充合併財務信息			68

目錄表

獨立註冊會計師事務所報告

股東和董事會

EZCORP，Inc.

德克薩斯州羅林伍德

對合並財務報表的幾點看法

我們審計了EZCORP，Inc.隨附的合併資產負債表。(the「公司」）截至2024年9月30日和2023年9月30日止三年各年的相關合並經營報表、全面收益、股東權益和現金流量以及相關附註（統稱「合併財務報表」）。我們認爲，合併財務報表在所有重大方面公平地反映了公司2024年9月30日和2023年9月30日的財務狀況，以及截至2024年9月30日期間三年中每年的經營結果和現金流量，符合美國普遍接受的會計原則。

我們還根據上市公司會計監督委員會（美國）（「PCAOB」）的標準，根據中規定的標準，審計了公司截至2024年9月30日的財務報告內部控制內部控制--綜合框架(2013) 特雷德韋委員會贊助組織委員會（「COSO」）發佈的報告和我們2024年11月13日的報告對此表達了無保留的意見。

意見基礎

這些合併財務報表是公司管理層的責任。我們的責任是根據我們的審計對公司的合併財務報表發表意見。我們是一家在PCAOB註冊的公共會計師事務所，根據美國聯邦證券法以及美國證券交易委員會和PCAOB的適用規則和法規，我們必須對公司保持獨立性。

我們按照PCAOB的標準進行審計。這些準則要求我們計劃和執行審計，以獲得關於合併財務報表是否沒有重大錯報的合理保證，無論是由於錯誤還是舞弊。

我們的審計包括執行評估合併財務報表重大錯報風險的程序，無論是由於錯誤還是欺詐，以及執行應對這些風險的程序。這些程序包括在測試的基礎上審查關於合併財務報表中的金額和披露的證據。我們的審計還包括評價管理層使用的會計原則和作出的重大估計，以及評價合併財務報表的整體列報。我們相信，我們的審計爲我們的觀點提供了合理的基礎。

關鍵審計事項

以下傳達的關鍵審計事項是由已傳達或要求傳達給審計委員會的綜合財務報表本期審計產生的事項，並且：（1）與對綜合財務報表重要的賬目或披露有關;（2）涉及我們特別具有挑戰性、主觀或複雜的判斷。關鍵審計事項的溝通不會以任何方式改變我們對整體綜合財務報表的意見，並且我們不會通過以下溝通關鍵審計事項來對關鍵審計事項或與其相關的賬目或披露提供單獨的意見。

美國（U.S.）的收入確認和墨西哥商品銷售和典當服務費

如合併財務報表附註1所述，公司在商品庫存出售並交付給客戶的時間點確認商品銷售收入。對於公司認爲可收回的所有典當貸款，該公司在典當貸款期限內使用實際利率法確認典當服務費的收入。如合併財務報表附註12所述，截至2024年9月30日止年度，公司在美國和墨西哥的總收入分別爲83610萬美元和24760萬美元，幾乎全部與商品銷售和典當服務費用有關。

我們將美國和墨西哥境內商品銷售和典當服務費用的收入確認確定爲一項關鍵審計事項，因爲審計這些地點內的商品銷售和典當服務費用收入需要更大程度的審計工作。

我們爲解決這一關鍵審計問題而執行的主要程序包括：

•測試美國和墨西哥境內商品銷售和典當服務費用收入的啓動、處理和記錄自動化應用程序控制的有效性。

目錄表

•通過追蹤抽樣交易到電子銷售記錄和電子付款證據等支持信息，抽樣測試美國和墨西哥的商品銷售收入和典當服務收費收入交易。

/s/ BDO美國，PC

我們自2015年以來一直擔任公司的核數師。

德克薩斯州達拉斯

2024年11月13日

EZCORP，Inc.

合併資產負債表


	9月30日，
(in千，份額和每股金額除外）	2024		2023

資產：
流動資產：
現金和現金等價物	$	170,513	$	220,595
受限現金	9,294		8,373
典當貸款	274,084		245,766
應收典當服務費，淨額	44,013		38,885
庫存，淨額	191,923		166,477

預付費用和其他流動資產	39,171		39,623
流動資產總額	728,998		719,719
對未合併附屬公司的投資	13,329		10,987
其他投資	51,900		36,220
財產和設備，淨值	65,973		68,096
使用權資產，淨值	226,602		234,388
商譽	306,478		302,372
無形資產，淨額	58,451		58,216

遞延所得稅資產，淨額	25,362		25,702
其他資產減去	16,144		12,011
總資產	$	1,493,237	$	1,467,711

負債和股權：
流動負債：
長期債務當前到期日，淨值	$	103,072	$	34,265
應付賬款、應計費用和其他流動負債	85,737		81,605
客戶分期付款按金	21,570		18,920
經營租賃負債，流動	58,998		57,182
流動負債總額	269,377		191,972
長期債務，淨	224,256		325,847
遞延稅款負債，淨額	2,080		435
經營租賃負債	180,616		193,187
其他長期負債	12,337		10,502
總負債	688,666		721,943
承諾和或有事項（注11）
股東權益：
A類無投票權普通股，面值$0.01 每股;授權股份： 100 百萬; 51,582,698 截至2024年9月30日已發行和未償還;以及已發行和未償還的 51,869,569 截至2023年9月30日	516		519
B類投票普通股，可轉換，面值$0.01 每股;授權股份： 3 百萬;已發行和未償還： 2,970,171 截至2024年9月30日和2023年9月30日	30		30
借記資本公積	348,366		346,181
留存收益	507,206		431,140
累計其他綜合損失	(51,547)		(32,102)
總股本	804,571		745,768
負債和權益總額	$	1,493,237	$	1,467,711

見合併財務報表附註。

EZCORP，Inc.

綜合經營報表


	截至9月30日的財年，
(in數千，每股金額除外）	2024		2023		2022

收入：
商品銷售	$	663,736	$	615,446	$	532,886
珠寶報廢銷售	61,082		49,528		32,033
典當服務費	436,545		383,772		320,865
其他收入	239		295		441
總收入	1,161,602		1,049,041		886,225
售出商品的商品成本	427,403		394,779		329,382
出售商品的珠寶報廢成本	51,926		44,424		28,696

毛利	682,273		609,838		528,147
運營費用：
店鋪開支	461,055		418,574		357,417
一般和行政	75,557		67,529		64,342
其他資產減值	843		4,343		—
折舊及攤銷	33,069		32,131		32,140
出售或處置資產和其他（收益）損失	(16)		208		(674)
其他營業收入	(765)		(5,097)		—
總運營支出	569,743		517,688		453,225
營業收入	112,530		92,150		74,922
利息開支	13,585		16,456		9,972
利息收入	(10,575)		(7,470)		(817)
未合併附屬公司淨（收入）損失中的權益	(4,711)		28,459		(1,779)

其他（收入）費用	(1,377)		3,072		(167)
稅前收入	115,608		51,633		67,713
所得稅開支	32,513		13,170		17,553


淨收入	$	83,095	$	38,463	$	50,160



每股基本盈利	$	1.51	$	0.69	$	0.89
稀釋後每股收益	$	1.10	$	0.53	$	0.70

加權平均已發行基本股	54,935		55,586		56,498
加權平均稀釋流通股	84,448		80,865		82,400

見合併財務報表附註。

目錄表

EZCORP，Inc.

綜合全面收益表


	截至9月30日的財年，
(單位：千)	2024		2023		2022

淨收入	$	83,095	$	38,463	$	50,160
其他全面（損失）收益：
外幣兌換調整，扣除我們對未合併附屬公司美元的投資的所得稅費用7, $666 和$229 分別截至2024年、2023年和2022年9月30日的年度	(19,445)		23,567		2,746


全面收益	$	63,650	$	62,030	$	52,906

請參閱合併財務報表隨附的附註。

目錄表

EZCORP，Inc.

股東權益合併報表


	普通股			借記資本公積				累計其他綜合損失		權益總額
(單位：千)	股份	Par 值				保留盈利

截至2021年10月1日的餘額	56,057	$	560	$	403,312	$	326,781	$	(58,415)	$	672,238
股票薪酬	—	—		5,053		—		—		5,053

其他投資對價的轉讓	213	2		1,498		—		—		1,500
解除限制性股票	393	4		—		—		—		4
與股權獎勵淨股份結算相關的已付稅款	—	—		(792)		—		—		(792)
採用亞利桑那州立大學2020-06的累積影響	—	—		(62,804)		26,166		—		(36,638)




外幣兌換收益	—	—		—		—		2,746		2,746

庫藏股的購買和報廢	(238)	(2)		(937)		(1,101)		—		(2,040)

淨收入	—	—		—		50,160		—		50,160
截至2022年9月30日的餘額	56,425	$	564	$	345,330	$	402,006	$	(55,669)	$	692,231
股票薪酬	—	—		9,539		—		—		9,539
轉讓收購股權對價	10	—		99		—		—		99

解除限制性股票，扣除預扣稅的股票	373	5		—		—		—		5
與股權獎勵淨股份結算相關的已付稅款	(1)	—		(1,148)		—		—		(1,148)





外幣兌換收益	—	—		—		—		23,567		23,567

庫藏股的購買和報廢	(1,967)	(20)		(7,639)		(9,329)		—		(16,988)

淨收入	—	—		—		38,463		—		38,463
截至2023年9月30日的餘額	54,840	$	549	$	346,181	$	431,140	$	(32,102)	$	745,768
股票薪酬	—	—		10,406		—		—		10,406


解除限制性股票，扣除預扣稅的股票	855	9		40		—		—		49
結算2024年到期可轉換票據的轉換溢價	77	1		(1)		—		—		—
與股權獎勵淨股份結算相關的已付稅款	—	—		(3,294)		—		—		(3,294)





外幣換算虧損	—	—		—		—		(19,445)		(19,445)

庫藏股的購買和報廢	(1,219)	(13)		(4,966)		(7,029)		—		(12,008)

淨收入	—	—		—		83,095		—		83,095
截至2024年9月30日的餘額	54,553	$	546	$	348,366	$	507,206	$	(51,547)	$	804,571

See隨附合並財務報表附註。

目錄表

EZCORP，Inc.

綜合現金流量表


	截至9月30日的財年，
(單位：千)	2024		2023		2022

經營活動：
淨收入	$	83,095	$	38,463	$	50,160
將凈利潤與經營活動提供的淨現金進行調節的調整：
折舊及攤銷	33,069		32,131		32,140
債務貼現和遞延融資成本攤銷	1,605		1,561		1,433
非現金租賃費用	58,393		56,937		52,201

遞延所得稅	1,354		(12,802)		4,945
其他資產減值	843		4,343		—
其他調整	789		(2,890)		2,511
庫存準備金	73		603		(2,253)

股票補償費用	10,406		9,539		5,053
對未合併附屬公司的投資淨（收益）損失中的權益	(4,711)		28,459		(1,779)
債務消除淨損失	—		3,545		—
扣除業務收購後的經營資產和負債變化：
服務費和應收費用	(5,217)		(4,204)		(4,572)
庫存	(8,488)		(4,810)		(15,341)
預付費用、其他流動資產和其他資產	(8,638)		(1,814)		3,238

應付賬款、應計費用和其他負債	(57,158)		(61,522)		(65,141)
客戶分期付款按金	2,950		1,376		3,359
所得稅	5,235		12,919		(2,785)
來自未合併附屬公司的股息	—		—		3,366
經營活動提供的淨現金	113,600		101,834		66,535
投資活動：
發放的貸款	(937,014)		(821,725)		(740,057)
貸款已償還	522,497		458,854		410,523
通過出售沒收的抵押品收回典當貸款本金	363,396		336,349		274,423
資本支出，淨	(35,764)		(40,446)		(31,895)
收購，扣除收購現金	(12,113)		(14,874)		(1,850)
（發行）應收票據的收益	421		(15,500)		(1,000)
對未合併附屬公司的投資	(1,131)		(2,133)		(6,927)
其他投資投資	(15,680)		(15,000)		(16,500)

來自未合併附屬公司的股息	3,535		3,589		—
投資活動所用現金淨額	(111,853)		(110,886)		(113,283)
融資活動：
與股權獎勵淨股份結算相關的已付稅款	(3,294)		(1,148)		(792)

借款收益	—		230,000		—
債務發行成本	—		(7,458)		—
償還債務時支付的現金	—		(1,951)		—
承擔債務的支付	(34,389)		(178,488)		—
庫藏股的購買和報廢	(12,008)		(16,988)		(2,040)
融資租賃付款	(492)		(275)		—
融資活動提供的淨現金（用於）	(50,183)		23,692		(2,832)
匯率變動對現金及現金等價物和限制性現金的影響	(725)		(41)		325
現金及現金等值物和限制性現金淨（減少）增加	(49,161)		14,599		(49,255)
現金及現金等值物以及期末限制現金	228,968		214,369		263,624
期末現金及現金等值物和限制現金	$	179,807	$	228,968	$	214,369

見合併財務報表附註。

目錄表

合併財務報表附註

注1：重要會計政策的組織和摘要

業務描述

EZCORP，Inc.成立於1989年，是美國和拉丁美洲的典當服務提供商。在我們的當鋪，我們以個人抵押財產的價值預付現金。我們還銷售商品，主要是從典當活動中沒收的抵押品和從客戶處購買的二手商品。我們滿足消費者的短期現金需求，重點是提供行業領先的客戶體驗。

截至2024年9月30日，我們總共運營了 1,279 地點，包括：

•542 美國當鋪（主要以EZPAWN或Value Pawn & Jewelry經營）;

•565 墨西哥當鋪（主要以Empeño Fá和Cash Apoyo Efectivo的名義經營）;和

•172 危地馬拉、薩爾瓦多和洪都拉斯的當鋪（以GuatePrenda和MaxiEfectivo的名義運營）。

我們擁有股權（43.7截至2024年9月30日的%）Cash Converters International Limited（「Cash Converters」），這是一家總部位於西澳大利亞州珀斯的上市公司（ASX：CCV）。現金轉換公司及其控制的公司由一個多元化的集團組成，從特許經營、商店運營、個人金融（包括典當交易）和車輛金融中產生收入， 669 門店 17 國家此外，我們擁有Founders One，LLC（「Founders」）的優先權益，該LLC擁有Simple Management Group，Inc的多數股權。（「SMG」）。

列報依據和合並原則

隨附的合併財務報表是根據公認會計原則編制的，並以美元表示。其中包括EZCORP，Inc.的賬戶，及其全資子公司。對於我們擁有重大影響力但我們擁有50%或更少投資的實體，我們使用權益法會計。我們將對我們沒有重大影響力且不具有易於確定的公允價值的實體的股權投資按成本進行會計處理。如果我們獲得證據表明該投資的公允價值已降至低於其成本，我們會通過在綜合經營報表中記錄的損失費用將記錄的成本降低至較低的價值。所有公司間賬戶和交易均已在合併中刪除。

估計和假設的使用

編制該等財務報表要求管理層做出影響資產、負債、收入和支出的報告金額以及或有資產和負債的相關披露的估計和假設。我們定期評估估計和判斷，包括與收入確認、庫存、貸款損失撥備、長期資產和無形資產、股份報酬、所得稅、或有事項和訴訟相關的估計和判斷。我們的估計基於歷史經驗、可觀察趨勢和我們認爲合理的各種其他假設，其結果構成了對資產和負債的公允價值以及從其他來源無法明顯看出的應計成本和費用做出判斷的基礎。在不同的假設或條件下，實際結果可能與估計存在重大差異。

典當貸款和收入確認

我們的典當貸款是完全抵押的，賬面價值是基於借給客戶的初始金額。對於我們認爲可以收回的所有典當貸款，我們在典當貸款的有效期內使用有效利息方法記錄典當服務費。我們對可回收性的估計基於幾個輸入，包括最近的贖回利率、贖回利率的歷史趨勢以及接下來幾個月到期的貸款金額。這些因素中的任何一個的意外變化都可能改變我們對可收集性的估計，並影響我們的運營結果和財務狀況。如果典當貸款沒有償還，沒收的抵押品將按典當貸款本金餘額或物品的可變現淨值中的較低者記錄爲存貨。截至2024年9月30日，未償還的綜合典當貸款爲$274.11000萬美元，其中107.5 百萬（39%)可歸因於德克薩斯州的商店和$28.6 百萬（10%)歸因於佛羅里達州的商店。截至2023年9月30日，未償還的綜合典當貸款爲$245.81000萬美元，其中95.5 百萬（39%)可歸因於德克薩斯州的商店和$25.7 百萬（10%)歸因於佛羅里達州的商店。

目錄表

商品銷售收入確認

我們對商品銷售的履約義務主要與我們商店的時間點零售額有關。我們確認在銷售商品庫存並交付給客戶時，或在預付銷售的情況下，當我們收到最後付款時，履行義務的履行情況，並記錄商品銷售收入和相關成本。當客戶爲商品提供定金時，客戶預付定金被記錄爲負債。客戶預付按金一般可在取消後退還。截至2024年、2023年和2022年9月30日，我們的客戶預付存款餘額爲$21.6 百萬美元18.9 億和$16.0分別爲2000萬美元，一般確認爲一年內的收入。顧客退貨或換貨的時間有限，實際退貨並不重要。銷售存貨所收取的銷售稅不計入確認爲商品銷售的金額，並在綜合資產負債表中記爲「應付賬款、應計開支及其他流動負債」，直至匯入有關政府當局爲止。

對於作爲廢料出售的貴金屬和寶石，當庫存合法轉移給精煉商並且精煉商獲得庫存控制權時，我們確認履行了履行義務，並記錄收入和相關成本。此類交易在特定報告期末未償應收賬款並不重大，因爲付款通常在庫存合法轉讓後的短時間內收到。

我們的交易價格在與客戶的合同中明確規定。

庫存和銷售商品成本

如果典當貸款未被贖回，則被沒收的抵押品將以典當貸款本金餘額或物品可變現淨值中的較低者記錄爲庫存。我們不會記錄沒收典當貸款本金部分的貸款損失備抵或沖銷費用，因爲此類貸款已完全抵押。庫存使用特定的會計識別方法記錄。

爲了以成本或可變現淨值中的較低者列出庫存，我們根據基礎商品的類型和年限記錄過剩、過時或緩慢流動庫存的備抵。我們的庫存主要包括一般商品和珠寶。我們綜合經營報表中記錄的「售出商品的商品成本」包括售出庫存的歷史成本、庫存萎縮以及庫存萎縮和估值備抵的任何變化。我們將中央珠寶加工部門的運營成本列爲「銷售商品的珠寶報廢成本」，因爲此類成本與向精煉商銷售貴金屬和寶石直接相關。

我們認爲，我們對過時或緩慢流動庫存和萎縮的估計對於確定適當的庫存總體估值撥備至關重要。我們不斷監控每種類型庫存的銷售利潤率，並將當前利潤率與歷史利潤率進行比較。這些利潤率的重大差異可能需要修改未來庫存儲備估計。我們根據當前和預計的黃金價格確定與珠寶庫存相關的儲備。未來黃金價值的下跌可能會導致珠寶庫存相關儲備增加。

可能導致庫存過剩或過時的情況包括業務和經濟變化條件、市場條件變化導致的消費者信心變化、對我們產品的需求下降或技術變化導致的庫存報廢。

With respect to our Mexico pawn operations, we do not own the forfeited collateral. However, we assume the risk of loss on such collateral and are solely responsible for its care and disposition and, therefore, record such collateral as inventory in our Consolidated Balance Sheets. As of September 30, 2024 and 2023, inventory related to our Mexico pawn operations was $42.2 million and $31.4 million, respectively.

Cash and Cash Equivalents and Cash Concentrations

現金及現金等值物主要包括存款現金或原合同到期日爲三個月或以下的高流動性投資，或貨幣市場共同基金。我們在主要金融機構持有的現金金額通常超過FDIC的保險限額。我們通過維持高質量金融機構的現金存款以及定期評估發行投資或持有此類存款的一級金融機構的信用質量來管理與現金和現金等值物以及現金集中度相關的信用風險。從歷史上看，我們從未因這種現金集中而經歷過任何損失。

受限制現金

截至2024年9月30日和2023年9月30日，限制現金包括美元0.5 億和$0.3 分別與收購PLO del Bajio S有關。de. R.L. de CV和$8.8 億和$8.1 分別以託管方式持有100萬美元，等待與出售Grupo Finmart相關的收盤前稅收補償索賠的解決。

目錄表

投資

我們按照權益法覈算我們對現金轉換器的投資。由於現金轉換器的財年在本財年前三個月結束，因此我們將現金轉換器業績的利息記錄在三個月滯後因此，我們報告的截至2024年、2023年和2022年9月30日財年的運營業績包括我們分別在截至2024年、2023年和2022年6月30日的十二個月期間現金轉換公司業績中所佔的百分比權益。

在本財年的第一季度，我們根據對截至當年9月30日的三個月現金轉換器業績的估計，記錄了截至12月31日的三個月現金轉換器業績的百分比權益。同樣，在本財年的第三季度，我們使用截至當年3月31日的三個月現金轉換器的估計業績記錄了截至6月30日的三個月現金轉換器業績的百分比權益。Cash Converters向澳大利亞證券與投資委員會和澳大利亞證券交易所提交截至6月30日和12月31日的半年度財務報告。我們使用這些公開的財務報告來調整我們記錄的估計金額。現金轉換器的實際結果可能與我們的估計不同。有關我們對現金轉換器投資的更多詳細信息，請參閱注3：戰略投資。

我們根據ASC 321覈算了對Rich Data Corporation（「REC」）的投資，投資-股票證券，並且我們已選擇使用測量替代方案以成本減去任何減損，加上或減去同一發行人相同或類似投資（如果有的話）的有序交易中可觀察到的價格變化所產生的變化來測量該投資。截至2024年9月30日和2023年9月30日，我們對REC的投資的公允價值爲美元6.2 萬

有關我們對Founders投資的詳細信息，請參閱注3：戰略投資。

租賃

我們在開始時確定安排是否包含租賃。我們已選擇不在資產負債表上承認期限爲一年或以下的租賃，作爲實際權宜之計。經營租賃資產計入合併資產負債表的使用權資產淨值，融資租賃資產計入其他資產淨值。我們就與典當地點和公司辦公室相關的房地產簽訂經營租賃協議。我們主要就機動車輛簽訂了融資租賃協議。

經營性和融資性租賃負債在租賃開始日根據固定租賃付款額的現值使用公司的增量借款利率確認。由於我們的租賃通常不包括隱含利率，因此我們根據租賃開始日可用的信息，對具有類似特徵的租賃組應用投資組合方法來計算增量借款利率。我們的租賃條款包括在合理確定我們將行使其選擇權時延長租賃的選擇權。我們在完全抵押的基礎上使用與經營租賃剩餘租期期限相匹配的增量借款利率來初始衡量我們的租賃負債。我們定期評估續訂選項以了解假設的任何變化。

我們不會單獨計算租賃和非租賃部分。租賃組成部分通常包括租金、稅款和保險，非租賃組成部分通常包括公共區域維護。使用權資產以與長期資產相同的方式進行減損測試。我們在租賃期內以直線法確認租賃費用，可變租賃費用在成本發生期間確認。我們的經營租賃組合包括當鋪和公司辦公室，租賃期限從三到十年，包括續訂選項。我們的融資租賃條款範圍從二到五年.我們通常將典當地點的初始租賃期限計算爲十年.我們的主要企業辦公室租賃至2029年3月，租金每年上漲。

善意和無限期無形資產

善意是指購買價格超過按公允價值計量的業務合併中收購的可識別資產和承擔的負債淨值的部分。我們每年於9月30日以及在發生某些觸發事件或情況發生實質性變化後，都會對聲譽進行評估，表明聲譽的公允價值可能會受到損害。我們認爲，對觸發事件的發生或情況的實質性變化（可能表明善意的公允價值可能受到損害）的評估是一項關鍵估計。

在報告單位層面測試善意的減損。報告單位是一個經營分部或經營分部以下一級，稱爲「組成部分」。如果經營分部的某個組成部分是可獲得離散財務信息的業務，並且分部管理層定期審查其經營業績，則該組成部分必須被識別爲報告單位。

目錄表

我們首先評估定性因素，以確定是否有必要進行量化減損測試，來測試無限壽命的無形資產的減損。如果我們根據定性評估認爲壽命無限的無形資產的公允價值很有可能低於其公允價值，則需要進行量化減損測試。否則，無需進一步測試。

財產和設備

我們按成本記錄財產和設備。我們使用的估計使用壽命以直線法對這些資產進行折舊 30 建築物和二-到-七年傢具、設備和軟件開發成本。我們將租賃權改良物在其估計使用壽命（通常情況下）中的較短者內折舊 10 年）或租賃開始時合理保證的租賃期限。

長壽資產的估值

當發生事件或情況變化表明其公允價值可能無法收回時，例如歷史經營損失或計劃在之前估計的使用壽命結束前關閉商店，則定期審查長期資產（包括使用權（ROU）資產）的公允價值。如果預計未來未貼現現金流量低於資產的公允價值，則可能發生潛在的損失。現金流量估計包括管理層對在運營中使用這些資產直接產生的現金流入和流出的假設。我們認爲與確定預計未來現金流量相關的假設是一個關鍵估計。當發生潛在的損害時，如果長期資產的公允價值超過其公允價值，則記錄損失減記。

軟件開發成本和雲計算安排

我們將開發或獲取內部使用的軟體相關的某些成本資本化，並在軟體的估計使用壽命內以直線法攤銷成本，通常五年.淨資本化開發成本包含在我們綜合現金流量表的「資本支出，淨額」中。

在評估我們的雲計算安排是否包括軟體許可時，我們會考慮我們是否有合同權利在託管期間的任何時間佔有軟體而不會受到重大處罰，以及我們是否可以在自己的硬件上運行軟體，或者與與供應商無關的另一方簽訂託管軟體的合同。如果雲計算安排包括軟體許可，我們將考慮與獲得其他軟體許可一致的安排的軟體許可要素。如果雲計算安排不包括軟體許可證，我們會將該安排視爲服務合同。對於符合服務合同定義的雲計算安排，公司將應用程序開發階段發生的實施成本資本化，直至軟體準備好在其他資產中預期使用，並在我們的綜合資產負債表中進行淨額攤銷，然後在合同期限內以直線方式攤銷成本。託管服務費不被視爲實施成本，並被視爲預付費用，然後公司在合同期限內以直線方式攤銷成本。與數據轉換、培訓和其他維護活動有關的費用在發生時計入費用。

業務合併

我們將總收購價格分配至根據收購法收購的資產和負債的公允價值，而善意代表購買價格超過所收購淨資產公允價值的部分。我們在發生時承擔交易成本。我們在確定調整金額的報告期內確認對計量期內識別的臨時金額和善意的任何調整，並因臨時金額的變化而產生的折舊、攤銷或其他收入影響（如有）的變化對本期收益的影響，計算方式就好像會計已在收購日完成一樣。

目錄表

可轉換債券證券

2021年10月1日，我們提前採用了會計準則更新(ASU)2020-06，債務--可轉換債務和其他期權(分主題470-20)和衍生工具和對沖--實體自身權益的合同(分主題815-40)(「ASU 2020-06」)，在修改後的追溯基礎上。根據ASU 2020-06年度，我們不再將可轉換優先票據分爲負債和權益部分。我們認識到最初應用ASU作爲對2021年10月1日留存收益期初餘額的調整的累積影響。先前在現金轉換模式下計入權益的轉換選擇權重組爲未償還可轉換債務，因此，額外實收資本及可轉換優先票據的相關未攤銷債務折扣減少。取消之前分離所記錄的剩餘債務折扣的效果是增加了我們的淨債務餘額。上期合併財務報表未作追溯調整，繼續按照這些期間的現行會計準則進行報告。

外幣

我們的外國子公司使用各自國家的當地貨幣作爲其功能貨幣。我們外國子公司的資產負債表賬戶和權益法投資的資產和負債按每季度末的匯率從各自的功能貨幣兌換成美元，其收益按每季度的平均匯率兌換成美元。我們將由此產生的轉換調整作爲股東權益的單獨組成部分呈現。與外國子公司淨資產相關的累計換算調整是隨附合並股東權益表中累計其他全面損失中記錄的唯一金額。

未計入外幣交易損益計入我們綜合經營報表的「其他（收入）費用」中。

店鋪開支

「商店費用」中包括與經營商店相關的成本以及支持辦公室的任何直接成本。這些成本包括勞動力、水電費、用品和銀行費用等其他直接費用以及商店租金、建築維修和維護、廣告、商店財產稅和保險以及區域和區域管理費用等間接費用.

一般及行政開支

「一般和行政」費用中包括與我們的行政和行政辦公室相關的費用。這包括高管和行政工資、工資、股票和激勵補償、專業費用、許可費、與我們行政辦公室運營相關的成本，例如租金、財產稅、保險、信息技術和其他企業成本。

廣告成本在發生時計入費用，並主要計入我們綜合經營報表的「商店費用」中。這些費用爲美元6.2 百萬美元4.9 億和$2.3 2024財年、2023財年和2022財年分別爲百萬美元。2024、2023和2022財年，我們產生了美元3.6 百萬美元2.9 億和$0.3 與數字廣告相關的金額分別爲百萬。每年的剩餘費用與一般廣告費用有關。

股票薪酬

We measure share-based compensation expense at the grant date based on the price of underlying shares at that date and recognize it as expense ratably over the vesting or service period, as applicable, of the stock award. Our policy is to recognize expense on performance-based awards, where satisfaction of the performance condition is probable, ratably over the awards’ vesting period and recognize expense on awards that only have service requirements on a straight-line basis. We recognize forfeitures as they occur when calculating share-based compensation expense.

Income Taxes

We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value of assets and liabilities and their tax basis and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the related temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized when the rate change is enacted.

Table of Contents

We consider the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and our specific plans for reinvestment of those subsidiary earnings. We have not recorded a deferred tax liability related to the U.S. federal and state income taxes and foreign withholding taxes of our undistributed earnings of foreign subsidiaries indefinitely invested outside the U.S. We treat taxes due on future U.S. inclusions in taxable income related to Global Intangible Low-Taxed Income (“GILTI”) as a current-period expense when incurred.

We may be subject to income tax audits by the respective tax authorities in any or all of the jurisdictions in which we operate or have operated within a relevant period. Significant judgment is required in determining uncertain tax positions. We utilize the required two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments, and which may not accurately forecast actual outcomes. We adjust these reserves in light of changing facts and circumstances, such as the closing of an audit or the refinement of an estimate. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We believe adequate provisions for income taxes have been made for all periods. We recognize interest and penalties related to unrecognized tax benefits as “Income tax expense” in our Consolidated Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income on a segregated unit of account basis.

We consider our assessment of the recognition of deferred tax assets as well as estimates of uncertain tax positions to be critical estimates.

Share Repurchases

When treasury shares are retired, the Company allocates the excess of the repurchase price over the par value of shares acquired between additional paid-in capital and retained earnings. The portion allocated to additional paid-in capital is limited to the pro rata portion of additional paid-in capital for the retired treasury shares. Any further excess of the repurchase price is allocated to retained earnings.

Earnings per Share and Common Stock

We compute basic earnings per share based on the weighted average number of shares of common stock outstanding during the period. Upon our adoption of ASU 2020-06 on October 1, 2021, interest charges on the convertible debt are required to be added to net income and we calculate diluted earnings per share during the period using the if-converted method. Diluted net income (loss) and diluted weighted-average shares outstanding are adjusted to account for the impact of the assumed issuance of potential common shares that are dilutive, subject to dilution sequencing rules. Dilutive potential common shares include outstanding restricted stock awards as well as shares issuable on conversion of our outstanding convertible debt securities. Potential common shares are required to be excluded from the computation of diluted earnings per share if the assumed proceeds upon exercise or vest are greater than the cost to re-acquire the same number of shares at the average market price, and therefore the effect would be anti-dilutive. There were no participating securities outstanding during fiscal 2024, 2023 and 2022 requiring the application of the two-class method. When we are in a loss position for the period, dilutive securities are excluded from the calculation of earnings per share, as they would have an anti-dilutive effect.

Our capital stock consists of two classes of common stock designated as Class A Non-Voting Common Stock (“Class A Common Stock”) and Class B Voting Common Stock (“Class B Common Stock”). The rights, preferences and privileges of the Class A and Class B Common Stock are similar except that each share of Class B Common Stock has one vote and each share of Class A Common Stock has no voting privileges, except as required by law. All Class A Common Stock is publicly held. Holders of Class B Common Stock may, individually or as a class, convert some or all of their shares into Class A Common Stock on a one-to-one basis. Class A Common Stock becomes voting common stock upon the conversion of all Class B Common Stock to Class A Common Stock. We are required to reserve the number of authorized but unissued shares of Class A Common Stock that would be issuable upon conversion of all outstanding shares of Class B Common Stock.

Recently Issued Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

Table of Contents

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of ASU 2023-07 are effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (“ASU 2024-02”). ASU 2024-02 contains amendments to the Codification that remove references to various FASB Concepts Statements. The requirements of this ASU 2024-02 are effective for the Company for fiscal years beginning after December 15, 2024 and can be applied on a prospective or retrospective basis. This standard is not expected to have a significant impact on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The requirements of ASU 2024-03 are effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all period periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

NOTE 2: EARNINGS PER SHARE

The following table reconciles the number of common shares used to compute basic and diluted earnings per common share:


	Fiscal Year Ended September 30,
(in thousands, except per share amounts)	2024		2023		2022

Basic earnings per common share:
Net Income - Basic	$	83,095	$	38,463	$	50,160
Weighted shares outstanding - Basic	54,935		55,586		56,498
Basic earnings per common share	$	1.51	$	0.69	$	0.89

Diluted earnings per common share:
Net Income - Basic	$	83,095	$	38,463	$	50,160
Add: Convertible Notes interest expense, net of tax*	9,947		4,327		7,489



Net Income - Diluted	$	93,042	$	42,790	$	57,649
Weighted shares outstanding - basic	54,935		55,586		56,498
Equity-based compensation awards - effect of dilution**	1,651		1,482		678
Convertible Notes - effect of dilution***	27,862		23,797		25,224



Weighted Shares Outstanding - Diluted	84,448		80,865		82,400
Diluted earnings per common share	$	1.10	$	0.53	$	0.70

Potential common shares excluded from the calculation of diluted earnings per share above:

Convertible Notes***	—		5,596		—



Restricted stock****	782		801		1,975
Total	782		6,397		1,975

* Effective January 1, 2024, we were required to combination settle the 2024 Convertible Notes. Only the first quarter of 2024 interest expense is included for the year ended September 30, 2024. The year ended September 30, 2023 includes $5.4 million gain on the partial extinguishment of debt, associated with the 2025 Convertible Notes, which was recorded to “Interest expense” in our condensed consolidated statement of operations. See Note 7: Debt for additional information.

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** Includes time-based share-based awards and performance-based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to achievement of service conditions.

*** As we were required to combination settle the 2024 Convertible Notes effective January 1, 2024, only weighted average shares of 883,283 were included until settlement on July 1, 2024. On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand and 77,328 shares of Class A Common Stock, equal to the accreted value, were issued as part of the 2024 Convertible Notes conversion. The 2024 Convertible Notes were considered anti-dilutive in the sequencing calculation for the fiscal year ended September 30, 2023. See Note 7: Debt for conversion price, initial conversion rate and additional information on the 2024 Convertible Notes, 2025 Convertible Notes and 2029 Convertible Notes.

**** Includes antidilutive share-based awards and performance-based share-based awards that are contingently issuable, but for which the condition for issuance has not been met as of the end of the reporting period.

NOTE 3: STRATEGIC INVESTMENTS

Cash Converters International Limited

As of September 30, 2024, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.

We received cash dividends from Cash Converters of $3.5 million, $3.6 million and $3.4 million during the years ended September 30, 2024, 2023 and 2022, respectively. In October 2024, we received a cash dividend of $1.8 million from Cash Converters.

The following tables present summary financial information for Cash Converters’ most recently reported results as applicable after translation to U.S. dollars:


	June 30,
(in thousands)	2024		2023

Current assets	$	185,649	$	189,563
Non-current assets	133,043		103,595
Total assets	$	318,692	$	293,158

Current liabilities	$	103,771	$	97,630
Non-current liabilities	74,010		58,777
Shareholders’ equity	140,911		136,751
Total liabilities and shareholders’ equity	$	318,692	$	293,158


	Fiscal Year Ended June 30,
(in thousands)	2024		2023		2022

Gross revenues	$	251,135	$	203,608	$	178,215
Gross profit	$	152,879	$	125,709	$	116,106
Net profit (loss)	$	11,420	$	(65,351)	$	8,099

Our equity in Cash Converters’ net income was $5.0 million and $2.9 million in fiscal 2024 and 2022, respectively. Our equity in Cash Converters’ net loss was $28.5 million in fiscal 2023, which includes $32.4 million of our share of their non-cash goodwill impairment charge. Cash Converters’ accumulated undistributed after-tax loss included in our consolidated retained earnings were $14.7 million as of September 30, 2024.

At September 30, 2024, 2023 and 2022, the fair value of our investment in Cash Converters, as estimated by reference to its quoted market price per share, was greater than its carrying value. See Note 4: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.

Founders One, LLC

In fiscal 2022, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member. In fiscal 2023, we contributed an additional $15.0 million associated with our preferred interest and loaned Founders $15.0 million in exchange for a Demand Promissory Note secured by the common interest held by the other member. In fiscal 2024, we contributed an additional $15.0 million associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million.

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We have an interest in Founders, a variable interest entity, but because we are not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of September 30, 2024, our $45.0 million carrying value of the investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our consolidated balance sheets, respectively. As of September 30, 2024, our maximum exposure for losses related to our investment in Founders was our $45.0 million equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest. See Note 4: Fair Value Measurements for the fair value and carrying value of our loan to Founders.

NOTE 4: FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:

•Level 1 — Quoted market prices in active markets for identical assets or liabilities.

•Level 2 — Other observable market-based inputs or unobservable inputs that are corroborated by market data.

•Level 3 — Unobservable inputs that are not corroborated by market data.

Financial Assets and Liabilities Not Measured at Fair Value

The tables below present our financial assets and liabilities that were not measured at fair value:


	Carrying Value		Estimated Fair Value
	September 30, 2024		September 30, 2024		Fair Value Measurement Using
(in thousands)					Level 1		Level 2		Level 3

Financial assets:

Promissory note receivable from Founders	$	15,722	$	15,722	$	—	$	—	$	15,722

Investments in unconsolidated affiliates	13,329		42,496		41,646		—		850
Financial liabilities:

2025 Convertible Notes	$	103,072	$	100,401	$	—	$	100,401	$	—
2029 Convertible Notes	224,256		273,700		—		273,700		—


	Carrying Value		Estimated Fair Value
	September 30, 2023		September 30, 2023		Fair Value Measurement Using
(in thousands)					Level 1		Level 2		Level 3

Financial assets:
Promissory note receivable due April 2024	$	1,251	$	1,251	$	—	$	—	$	1,251
Promissory note receivable from Founders	16,500		16,500		—		—		16,500
Investments in unconsolidated affiliate	10,987		35,998		35,998		—		—
Financial liabilities:
2024 Convertible Notes	$	34,265	$	35,765	$	—	$	35,765	$	—
2025 Convertible Notes	102,563		96,137		—		96,137		—
2029 Convertible Notes	223,284		224,112		—		224,112		—

Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we estimate that their carrying value approximates fair value. We consider our cash and cash equivalents to be measured using Level 1 inputs and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, consumer loans, fees and interest receivable and other debt could significantly increase or decrease these fair value estimates.

In fiscal 2023, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member. As of September 30, 2024, the interest rate on the note was 15.00% per annum, and all principal and accrued interest is due on demand. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value as of September 30, 2024.

We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.

We measured the fair value of the 2024, 2025 and 2029 Convertible Notes using quoted price inputs. The notes are not actively traded, and thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value estimates disclosed above could significantly increase or decrease.

In fiscal 2019, we received $1.1 million in previously escrowed seller funds as a result of settling certain indemnification claims with the seller of GPMX. In April 2019, we loaned the $1.1 million back to the seller of GPMX in exchange for a promissory note. The interest rate on the note was 2.89% per annum and was secured by certain marketable securities owned by the seller and held in a U.S. brokerage account. All principal and accrued interest on the promissory note was received in April 2024.

See “Note 10: Leases” for discussion on the non-recurring fair value adjustment related to our corporate office lease during fiscal 2023.

NOTE 5: PROPERTY AND EQUIPMENT

Major classifications of property and equipment were as follows:


	September 30,
	2024						2023
(in thousands)	Carrying Amount		Accumulated Depreciation		Net Book Value		Carrying Amount		Accumulated Depreciation		Net Book Value

Land	$	4	$	—	$	4	$	4	$	—	$	4
Buildings and improvements	145,001		(105,337)		39,664		146,687		(109,710)		36,977
Furniture and equipment	100,823		(74,882)		25,941		164,818		(133,870)		30,948
Software	34,886		(34,522)		364		33,952		(33,785)		167

	$	280,714	$	(214,741)	$	65,973	$	345,461	$	(277,365)	$	68,096

The depreciation of property and equipment is recorded as depreciation expense and included under “Depreciation and amortization” recorded in our Consolidated Statements of Operations. These amounts were $21.5 million, $22.1 million and $20.4 million for fiscal 2024, 2023 and 2022, respectively.

NOTE 6: GOODWILL AND INTANGIBLE ASSETS

We evaluate goodwill for impairment annually on September 30 and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired.

As of September 30, 2024, we assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair values of our reporting units were less than their carrying values as of the testing date. As a result of our assessment, no goodwill impairment charge was recorded during the fiscal year ended September 30, 2024. There was no impairment charge recorded during the fiscal years ended September 30, 2023 and 2022. Accumulated goodwill impairment losses of $41.3 million were recorded prior to 2022 associated with the U.S. Pawn ($10.0 million) and Latin America Pawn ($31.3 million) segments because of the impact of the COVID-19 pandemic on typical customer behavior, which led to a significant decline in pawn loan balances and the mandated closure of stores in our GPMX countries.

The following table presents the changes in the carrying value of goodwill by segment:


(in thousands)	U.S. Pawn		Latin America Pawn		Consolidated

Balances as of September 30, 2022	$	245,503	$	41,325	$	286,828
Acquisitions(a)	10,439		—		10,439



Effect of foreign currency translation changes	—		5,105		5,105
Balances as of September 30, 2023	$	255,942	$	46,430	$	302,372
Acquisitions(a)	8,486		—		8,486


Effect of foreign currency translation changes	—		(4,380)		(4,380)
Balances as of September 30, 2024	$	264,428	$	42,050	$	306,478

(a) Amount represents goodwill recognized in connection with acquisitions within the U.S. Pawn segment that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures.

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As of September 30, 2024, we assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair values of our indefinite-lived intangible assets were less than their carrying values.

The following table presents the balance of each major class of intangible assets:


	September 30,
(in thousands)	2024		2023

Non-amortizing intangible assets:
Trade names	$	18,771	$	19,793
Pawn licenses	9,534		9,535
	$	28,305	$	29,328

Amortizing intangible assets:
Internally developed software	$	103,428	$	89,488
Accumulated amortization	(73,318)		(60,628)

	$	30,110	$	28,860

Other	$	2,303	$	2,346
Accumulated amortization	(2,267)		(2,318)
	$	36	$	28
Intangible assets, net	$	58,451	$	58,216

The amortization of most definite-lived intangible assets is recorded as amortization expense and included under “Depreciation and amortization” expense in our Consolidated Statements of Operations. These amounts were $11.6 million, $10.0 million and $11.7 million for fiscal 2024, 2023 and 2022, respectively.

A charge of $2.4 million was recorded during fiscal 2022 to ”General and administrative” expenses in our Consolidated Statements of Operations related to an asset write-down associated with an information technology software infrastructure migration.

As of September 30, 2024, our estimate of future amortization expense for definite-lived intangible assets is as follows (in thousands):


2025	$	10,674
2026	8,257
2027	6,008
2028	3,485
2029	1,708
Thereafter	14
	$	30,146

As acquisitions and dispositions occur in the future, amortization expense may vary from these estimates.

NOTE 7: DEBT

The following table presents the Company’s debt instruments outstanding:


	September 30, 2024						September 30, 2023
(in thousands)	Gross Amount		Debt Issuance Costs		Carrying Amount		Gross Amount		Debt Issuance Costs		Carrying Amount

2029 Convertible Notes	$	230,000	$	(5,744)	$	224,256	$	230,000	$	(6,716)	$	223,284
2025 Convertible Notes	103,373		(301)		103,072		103,373		(810)		102,563
2024 Convertible Notes	—		—		—		34,389		(124)		34,265

Total	$	333,373	$	(6,045)	$	327,328	$	367,762	$	(7,650)	$	360,112
Less current portion	103,373		(301)		103,072		34,389		(124)		34,265
Total long-term debt	$	230,000	$	(5,744)	$	224,256	$	333,373	$	(7,526)	$	325,847

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The following table presents the Company’s contractual maturities related to the debt instruments as of September 30, 2024


	Schedule of Contractual Maturities
(in thousands)	2029 Convertible Notes		2025 Convertible Notes		Total

Fiscal 2025	$	—	$	103,373	$	103,373
Fiscal 2026	—		—		—
Fiscal 2027	—		—		—
Fiscal 2028	—		—		—
Fiscal 2029	—		—		—
Thereafter	230,000		—		230,000
Total long-term debt	$	230,000	$	103,373	$	333,373

The following table presents the Company’s interest expense related to the Convertible Notes:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022





2029 Convertible Notes:
Contractual interest expense	$	8,625	$	6,900	$	—
Amortization of deferred financing costs	972		742		—

Total interest expense	$	9,597	$	7,642	$	—
2025 Convertible Notes:
Contractual interest expense	$	2,455	$	2,779	$	4,097
Amortization of deferred financing costs	509		559		797

Gain on extinguishment	—		(5,389)		—
Total interest expense	$	2,964	$	(2,051)	$	4,894
2024 Convertible Notes:
Contractual interest expense	$	742	$	1,609	$	4,133
Amortization of deferred financing costs	124		260		635

Loss on extinguishment	—		8,935		—
Total interest expense	$	866	$	10,804	$	4,768

3.750% Convertible Senior Notes Due 2029

In December 2022, we issued $230.0 million aggregate principal amount of 3.750% Convertible Senior Notes Due 2029 (the “2029 Convertible Notes”), for which $230.0 million remains outstanding as of September 30, 2024. The 2029 Convertible Notes were issued pursuant to an indenture dated December 12, 2022 (the “2022 Indenture”) by and between the Company and Truist Bank, as trustee. The 2029 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2029 Convertible Notes pay interest semi-annually in arrears at a rate of 3.750% per annum on June 15 and December 15 of each year, commencing June 15, 2023, and mature on December 15, 2029 (the “2029 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date. At maturity, the holders of the 2029 Convertible Notes will be entitled to receive cash equal to the principal of the 2029 Convertible Notes plus accrued interest.

The effective interest rate for fiscal 2024 was approximately 4.28%. As of September 30, 2024, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2029 Maturity Date assuming no early conversion.

The 2029 Convertible Notes are convertible based on an initial conversion rate of 89.0313 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $11.23 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2029 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments. Upon conversion, we may settle in cash, shares of Class A Common Stock or any combination thereof, at our election.

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Prior to June 15, 2029, the 2029 Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2023 (and only during such fiscal quarter), if the last reported sale price of our Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price, as defined in the 2022 Indenture, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A Common Stock and the conversion rate on such trading day; (3) if we call any or all of the 2029 Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, as defined in the 2022 Indenture. On or after June 15, 2029 until the close of business on the business day immediately preceding the 2029 Maturity Date, holders of 2029 Convertible Notes may, at their option, convert their 2029 Convertible Notes at any time, regardless of the foregoing circumstances.

We may not redeem the 2029 Convertible Notes prior to December 21, 2026. At our option, we may redeem for cash all or any portion of the 2029 Convertible Notes on or after December 21, 2026, if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

As of September 30, 2024, the 2029 Convertible Notes were not convertible as no conditions of conversion had been met. Accordingly, the net balance of the 2029 Convertible Notes was classified as a non-current liability in our Consolidated Balance Sheets as of September 30, 2024. The classification of the 2029 Convertible Notes as current or non-current in the Consolidated Balance Sheets is evaluated at each balance sheet date and may change from time to time depending on whether any of the conversion conditions has been met.

If one of the conversion conditions is met in any future fiscal quarter, we will classify our net liability under the 2029 Convertible Notes as a current liability in the Consolidated Balance Sheets as of the end of that fiscal quarter. If none of the conversion conditions have been met in a future fiscal quarter prior to the one-year period immediately preceding the 2029 Maturity Date, we will classify our net liability under the 2029 Convertible Notes as a non-current liability in the Consolidated Balance Sheets as of the end of that fiscal quarter. If the note holders elect to convert their 2029 Convertible Notes prior to maturity, any unamortized debt issuance costs will be recognized as expense at the time of conversion. If the entire outstanding principal amount had been converted on September 30, 2024, we would have recorded an expense associated with the conversion, comprised of $5.7 million of unamortized debt issuance costs. As of September 30, 2024, none of the note holders had elected to convert their 2029 Convertible Notes.

The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of September 30, 2024. As of September 30, 2024, the if-converted value of the 2029 Convertible Notes did not exceed the principal amount.

Note Repurchases

In December 2022, we repurchased approximately $109.4 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 for approximately $117.5 million plus accrued interest and approximately $69.1 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 for approximately $62.9 million plus accrued interest and recognized a $3.5 million loss on extinguishment of debt recorded to “Interest expense” in our Consolidated Statement of Operations.

2.375% Convertible Senior Notes Due 2025

In May 2018, we issued $172.5 million aggregate principal amount of 2.375% Convertible Senior Notes Due 2025 (the “2025 Convertible Notes”), for which $103.4 million remains outstanding as of September 30, 2024. The 2025 Convertible Notes were issued pursuant to an indenture dated May 14, 2018 (the “2018 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2018 Indenture. The 2025 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2025 Convertible Notes pay interest semi-annually in arrears at a rate of 2.375% per annum on May 1 and November 1 of each year, commencing November 1, 2018, and mature on May 1, 2025 (the “2025 Maturity Date”), unless converted, redeemed or repurchased in accordance with the terms prior to such date.

The effective interest rate for fiscal 2024 was approximately 2.88% for the 2025 Convertible Notes. As of September 30, 2024, the remaining unamortized debt issuance costs will be amortized using the effective interest method through the 2025 Maturity Date assuming no early conversion.

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The 2025 Convertible Notes are convertible based on an initial conversion rate of 62.8931 shares of Class A Common Stock per $1,000 principal amount (equivalent to an initial conversion price of $15.90 per share). The conversion rate will not be adjusted for any accrued and unpaid interest. The 2025 Convertible Notes contain certain make-whole fundamental change premiums and customary anti-dilution adjustments. Upon conversion prior to November 1, 2024, we could settle in cash, shares of Class A Common Stock or any combination thereof, at our election.

Prior to November 1, 2024, the 2025 Convertible Notes were convertible at the option of the holders only upon certain conditions, none of which were met. On or after November 1, 2024 until the close of business on the business day immediately preceding the 2025 Maturity Date, holders of 2025 Convertible Notes may, at their option, convert their 2025 Convertible Notes at any time. Conversions occurring on or after November 1, 2024, are settled in a combination of cash and shares of Class A Common Stock, unless, by November 1, 2024, we elect another settlement method. Pursuant to the terms of the 2018 Indenture, we have elected to settle any conversions of the 2025 Convertible Notes using shares of Class A Common Stock (physical settlement). On October 28, 2024, we provided notice of that election to the trustee.

Given the 2025 Maturity Date of May 1, 2025, the net balance of the 2025 Convertible Notes was classified as a current liability in our Consolidated Balance Sheets as of September 30, 2024. If the note holders elect to convert their 2025 Convertible Notes prior to maturity, any unamortized debt issuance costs will be recognized as expense at the time of conversion. If the entire outstanding principal amount had been converted on September 30, 2024, we would have recorded an expense associated with the conversion, comprised of $0.3 million of unamortized debt issuance costs. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of September 30, 2024. As of September 30, 2024, the if-converted value of the 2025 Convertible Notes did not exceed the principal amount and none of the note holders had elected to convert their 2025 Convertible Notes.

2.875% Convertible Senior Notes Due 2024

In July 2017, we issued $143.75 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024 (the “2024 Convertible Notes”), none of which remain outstanding as of September 30, 2024. The 2024 Convertible Notes were issued pursuant to an indenture dated July 5, 2017 (the “2017 Indenture”) by and between the Company and Wells Fargo Bank, National Association, as the original trustee. Effective October 1, 2019, Truist (formerly BB&T) assumed the duties and responsibilities as trustee under the 2017 Indenture. The 2024 Convertible Notes were issued in a private offering under Rule 144A under the Securities Act of 1933. The 2024 Convertible Notes paid interest semi-annually in arrears at a rate of 2.875% per annum on January 1 and July 1 of each year, commencing January 1, 2018, and matured on July 1, 2024 (the “2024 Maturity Date”). On July 1, 2024, the $34.4 million aggregate principal amount outstanding plus accrued interest was repaid using cash on hand and 77,328 Class A Common Stock shares, equal to the accreted value, were issued as part of the 2024 Convertible Notes conversion.

NOTE 8: COMMON STOCK AND STOCK COMPENSATION

Common Stock Repurchase Program

On May 3, 2022, our Board of Directors (the “Board”) authorized the repurchase of up to $50 million of our Class A Common Stock over three years (the “Common Stock Repurchase Program”). Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities.

The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board has reserved the right to modify, suspend or terminate the program at any time. As of September 30, 2024, we had repurchased and retired 2,845,548 shares of our Class A Common Stock for $26.0 million under the Common Stock Repurchase Program, of which 1,218,503 and 1,389,102 shares were repurchased and retired for $12.0 million during the fiscal years ended September 30, 2024 and 2023, respectively. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our Consolidated Balance Sheets.

Other Common Stock Repurchases

During December 2022, we used approximately $5.0 million of the net proceeds from the 2029 Convertible Notes offering to repurchase for cash 578,703 shares of our Class A Common Stock from purchasers of the notes in privately negotiated transactions. Such transactions were authorized separately from, and not considered a part of, the publicly announced Common Stock Repurchase Program discussed above. The repurchase amount is allocated between “Additional paid-in capital” and “Retained earnings” in our consolidated balance sheets.

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Stock Compensation

We utilize equity-based awards as a long-term incentive to attract and retain qualified employees, consultants and directors and motivate them to achieve long-term goals, thereby promoting the long-term financial interests of the Company and enhancing long-term stockholder return.

2022 LTI Plan

On March 1, 2022, we adopted the 2022 Long-Term Incentive Plan (the “2022 LTI Plan”), which gives us the ability to grant equity-based incentive compensation awards, in the form of restricted stock or restricted stock units, to our employees, members of the Board of Directors and consultants, independent contractors or advisors who are determined to have a direct and significant effect on the Company’s performance. The total number of shares of Class A Common Stock that may be issued pursuant to awards under the 2022 LTI Plan (“Authorized Shares”) is such number that is from time to time approved by the holder of the Company’s Class B Voting Common Stock (the “Voting Stockholder”). At the time the 2022 LTI Plan was adopted, 400,000 shares of our Class A Common Stock were added as Authorized Shares. That number was increased to 1,900,000 in October 2022, to 3,300,000 in November 2023 and to 4,150,000 in October 2024. At any time, the number of shares that are available for issuance under future awards (“Available Shares”) is equal to the number of Authorized Shares reduced by the number of shares previously issued and the number of shares that may be issued under outstanding awards. The number of Available Shares is increased for shares covered by awards that are forfeited, cancelled or otherwise terminated without the issuance of shares or shares that are withheld at the request of a participant to satisfy such participant’s tax withholding obligations.

The 2022 LTI Plan is administered by the People and Compensation Committee of the Board of Directors (the “Committee”). The Committee generally determines and recommends the type, recipient, amount and terms for all awards issued under the 2022 LTI Plan, but each award issuance requires the approval of the full Board of Directors.

Restricted stock awards are generally subject to continued service over a specified period (typically one-to-three years) and expensed straight-line over the service period. Restricted stock units are generally subject to the achievement of performance goals in addition to continued service, and they are expensed, on a tranche-by-tranche basis, ratably over the service period beginning with the start of the measurement of performance.

2010 LTI Plan

The 2022 LTI Plan replaced the 2010 Long-Term Incentive Plan (the “2010 LTI Plan”) for all long-term incentive awards issued from and after January 1, 2022. The 2010 LTI Plan remains effective, but only with respect to LTI awards issued and outstanding as of December 31, 2021, and any authorized but unissued shares remaining in the 2010 LTI Plan are available only to satisfy such awards.

Under the 2010 LTI Plan, we granted awards of restricted stock or restricted stock units to employees and non-employee directors. Awards granted to employees were typically subject to performance and service conditions. Awards granted to non-employee directors were time-based awards subject only to service conditions. Awards were measured at the grant date fair value with compensation costs associated with the awards recognized over the requisite service period, usually the vesting period, on a straight-line basis.

Board of Director Awards

Immediately after our 2024 Annual Meeting of Stockholders in March 2024, we granted each of the five non-employee directors a restricted stock award of 15,037 shares (75,185 shares in total). Those shares are scheduled to vest on the day immediately preceding the 2025 Annual Meeting of Stockholders (but in no event later than March 31, 2025), subject only to service conditions.

In March 2023, we granted each of the five non-employee directors a restricted stock award of 18,038 shares (90,190 shares in total). Those shares vested on the day immediately preceding the 2024 Annual Meeting of Stockholders in March 2024.

In March 2022, we granted each of the five non-employee directors a restricted stock award of 26,490 shares (132,450 shares in total). Those shares vested on the day immediately preceding the 2023 Annual Meeting of Stockholders in March 2023.

In February 2021, we granted each of the four non-employee directors serving at that time a restricted stock award of 31,936 shares (127,744 shares in total). Those shares vested on the day immediately preceding our 2022 Annual Meeting of Stockholders in March 2022.

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Employee Awards

FY24 Awards — In November 2023, we granted restricted stock unit awards of a total of 995,759 shares to our executive officers and other key employees. These awards were issued as part of our annual LTI program for fiscal 2024. The awards have a three-year performance period consisting of fiscal 2024, fiscal 2025 and fiscal 2026. For each award, 60% of the total number of shares was allocated equally among the three fiscal years in the performance period (20% each), with each tranche having separate performance conditions. In addition, 20% of the total number of shares was allocated to a three-year cumulative performance condition applicable to the entire three-year performance period, and 20% was subject only to continued service. The number of shares available to vest from each performance-based tranche can range from 0 to 150% and is dependent on the achievement of the performance conditions for that tranche. All of the performance-based shares that become available to vest based on the achievement of the performance conditions, along with the time-based tranche, will vest on September 30, 2026, so long as the participant continues active employment with the Company through that date. Performance targets for the fiscal 2024 tranche and the three-year cumulative tranche were determined and communicated at the time of grant. Grant dates for the fiscal 2025 and fiscal 2026 tranches will be determined when the applicable performance targets are established for those tranches. As of September 30, 2024, we considered the performance targets for the fiscal 2024 tranche to be probable of achievement at the 133% level and the cumulative performance target for the three-year cumulative tranche to be probable of achievement at the 100% level. During fiscal 2024, we granted restricted stock unit awards of an additional 17,524 shares to key employees in connection with promotions or new hires. These additional awards carry the same terms as those granted in November 2023.

FY23 Awards — In October 2022, we granted restricted stock unit awards of a total of 912,524 shares to our executive officers and other key employees. These awards were issued as part of our annual LTI program for fiscal 2023. The awards have a three-year performance period consisting of fiscal 2023, fiscal 2024 and fiscal 2025. For each award, 60% of the total number of shares was allocated equally among the three fiscal years in the performance period (20% each), with each tranche having separate performance conditions. In addition, 20% of the total number of shares was allocated to a three-year cumulative performance condition applicable to the entire three-year performance period, and 20% was subject only to continued service. The number of shares available to vest from each performance-based tranche can range from 0 to 150% and is dependent on the achievement of the performance conditions for that tranche. All of the performance-based shares that become available to vest based on the achievement of the performance conditions, along with the time-based tranche, will vest on September 30, 2025, so long as the participant continues active employment with the Company through that date. Performance targets for the fiscal 2023 tranche and the three-year cumulative tranche were determined and communicated at the time of grant. Grant dates for the fiscal 2024 and fiscal 2025 tranches correspond to the establishment and communication of the applicable performance targets for those tranches. As of September 30, 2023, we considered the performance targets for the fiscal 2023 tranche to be probable of achievement at the 147% level, and as of September 30, 2024, we considered the performance targets for the fiscal 2024 tranche to be probable of achievement at the 133% level, and the cumulative performance target for the three-year cumulative tranche to be probable of achievement at the 150% level. During fiscal 2023, we granted restricted stock unit awards of an additional 8,036 shares to key employees in connection with promotions or new hires. These additional awards carry the same terms as those granted in October 2022.

FY22 Awards — In October and November 2021, we granted restricted stock unit awards of a total of 981,327 shares to our executive officers and other key employees. These awards were issued as part of our annual LTI program for fiscal 2022. The awards have a three-year performance period consisting of fiscal 2022, fiscal 2023 and fiscal 2024. For each award, the total number of shares was allocated equally among the three fiscal years in the performance period, with each tranche having separate performance conditions. The number of shares available to vest from each tranche can range from 0 to 150% and is dependent on the achievement of the performance condition for that tranche. All of the shares that become available to vest based on the achievement of the performance conditions will vest on September 30, 2024, so long as the participant continues active employment with the Company through that date. Performance targets for the fiscal 2022 tranche were determined and communicated at the time of grant. Grant dates for the other two tranches correspond to the establishment and communication of the applicable performance targets for these tranches. As of September 30, 2022, we considered the performance targets for the fiscal 2022 tranche to be probable of achievement at the 150% level, as of September 30, 2023, we considered the performance targets for the fiscal 2023 tranche to be probable of achievement at the 147% level, and as of September 30, 2024, we considered the performance targets for the fiscal 2024 tranche to be probable of achievement at the 133% level. During fiscal 2022, we granted restricted stock unit awards of an additional 161,265 shares to executive officers and other key employees in connection with promotions or new hires. These additional awards carry the same terms as those granted in October and November 2021.

In October 2021, we granted a restricted stock award of 29,722 shares to an executive officer as a special performance and retention award. This awards vested ratably over three years (fiscal 2022, fiscal 2023 and fiscal 2024).

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FY21 Awards — In February 2021, we granted restricted stock units of a total of 1,177,214 shares to our executive officers and other key employees. The awards have a three-year performance period consisting of fiscal 2021, fiscal 2022 and fiscal 2023. For each award, the total number of shares was allocated equally among the three fiscal years in the performance period, with each tranche having separate performance conditions. The number of shares available to vest from each tranche can range from 0 to 150% and is dependent on the achievement of the performance condition for that tranche. All of the shares that became available to vest based on the achievement of the performance conditions vested on September 30, 2023, for participants whose active employment with the Company continued through that date. Performance targets for the fiscal 2021 tranche were determined and communicated in February 2021, and performance targets for the fiscal 2022 tranche were determined and communicated in October 2021, and performance targets for the fiscal 2023 tranche were determined and communicated in October 2022. As of September 30, 2021, we considered the performance targets for the fiscal 2021 tranche to be probable of achievement at the 150% level, as of September 30, 2022, we considered the performance targets for the fiscal 2022 tranche to be probable of achievement at the 150% level, and as of September 30, 2023, we considered the performance targets for the fiscal 2023 tranche to be probable of achievement at the 135% level. During fiscal 2021, we granted restricted stock unit awards of an additional 4,722 shares of restricted stock to employees in connection with promotions or new hires. These additional awards carry the same terms as those granted in February 2021. All of these awards vested in November 2023, after the Committee determined that the performance conditions had been met.

FY20 Awards — In January 2020, the Committee approved restricted stock unit awards for executive officers and key employees, but did not finalize the performance targets at that time. In January 2021, the Committee approved the applicable performance targets and we granted restricted stock unit awards of a total of 550,224 shares of restricted stock to employees. We consider the awards to have a three-year performance period consisting of fiscal 2020, fiscal 2021 and fiscal 2022, with a service condition applicable to fiscal 2020 and then separate performance conditions applicable to fiscal 2021 and 2022. For each award, the total number of shares was allocated equally among fiscal 2021 and fiscal 2022, with each tranche having separate performance conditions. The number of shares available to vest from each tranche was dependent on the achievement of the performance condition for that tranche and could range from 0 to 100%. All of the shares that became available to vest based on the achievement of the performance conditions vested on September 30, 2022, for participants whose active employment with the Company continued through that date. Performance targets for the fiscal 2021 tranche were communicated in January 2021, and performance targets for the fiscal 2022 tranche were determined and communicated in October 2021. As of September 30, 2021, we considered the performance targets for the fiscal 2021 tranche to be probable of achievement at the 100% level, and as of September 30, 2022, we considered the performance targets for the fiscal 2022 tranche to be probable of achievement at the 100% level. All of these awards vested in November 2022, after the Committee determined that the performance conditions had been met.

As of September 30, 2024, the unamortized fair value of share awards to be amortized over their remaining vesting periods was approximately $11.6 million. The weighted-average period over which these costs will be amortized is approximately two years.

The following table presents amounts related to our stock compensation arrangements:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Share-based compensation costs	$	10,406	$	9,539	$	5,053
Income tax benefit on share-based compensation	(1,071)		(1,125)		(557)

The following table presents a summary of stock compensation activity:


	Shares	Weighted Average Grant Date Fair Value

Outstanding as of September 30, 2023	2,555,899	$	6.80
Granted (a)	1,442,461	7.59
Released (b)	(1,235,235)	5.28
Cancelled	(63,211)	7.32
Outstanding as of September 30, 2024	2,699,914	$	7.91

(a) Includes performance adjustment of 353,993 shares awarded above their target grants resulting from the achievement of performance targets established at the grant date.

(b) 380,931 shares were withheld to satisfy related income tax withholding.

The following table presents a summary of the fair value of shares granted:


	Fiscal Year Ended September 30,
(in millions except per share amounts)	2024		2023		2022

Weighted average grant date fair value per share granted (a)	$	7.59	$	7.82	$	7.24
Total market value of shares released	$	10.7	$	4.7	$	3.7

(a) Awards with performance and time-based vesting provisions are generally valued based upon the underlying share price as of the issuance date.

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Other

We have not declared or paid any dividends and currently do not anticipate paying any dividends in the immediate future. As described in Note 7: Debt, payment of a dividend requires an adjustment to the conversion rate of our Convertible Notes. Should we pay dividends in the future, our certificate of incorporation provides that cash dividends on common stock, when declared, must be declared and paid at the same per share amounts on both classes of stock. Any future determination to pay cash dividends will be at the discretion of our Board of Directors.

NOTE 9: INCOME TAXES

The following table presents the components of our income before income taxes, including inter-segment amounts:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Domestic*	$	82,703	$	26,209	$	49,937
Foreign	32,905		25,424		17,776
	$	115,608	$	51,633	$	67,713

* Includes the majority of our corporate administrative costs. See Note 12: Segment Information for information pertaining to segment contribution.

The following table presents the significant components of the income tax provision:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Current:
Federal	$	20,176	$	18,753	$	9,465
State and foreign	10,983		7,219		3,143
	31,159		25,972		12,608
Deferred:
Federal	(1,719)		(11,182)		983
State and foreign	3,073		(1,620)		3,962
	1,354		(12,802)		4,945
Total income tax expense	$	32,513	$	13,170	$	17,553

The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes:


	Fiscal Year Ended September 30,
(in thousands)	2024			2023			2022

Income tax expense (benefit) at the federal statutory rate	$	24,278		$	10,843		$	14,223
State taxes, net of federal benefit	3,421			1,814			1,728
Mexico inflation adjustment	(2,154)			(1,787)			(2,089)
Non-deductible items	4,169			2,655			1,705

Foreign rate differential	2,098			2,381			1,306
Change in valuation allowance	(411)			311			660
Stock compensation	(202)			(62)			(161)
Uncertain tax positions	(198)			(174)			(2,025)
Foreign withholding tax	998			—			—
Deferred tax true-up	587			(165)			3,811
Dividends received deduction	(742)			(754)			(699)
Non-deductible loss on debt restructuring	—			1,710			—
U.S. GAAP/statutory book adjustments	(239)			(1,143)			—
Other	908			(2,459)			(906)
Total income tax expense	$	32,513		$	13,170		$	17,553
Effective tax rate	28		%	26		%	26		%

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The following table shows significant components of our deferred tax assets and liabilities:


	September 30,
(in thousands)	2024		2023

Deferred tax assets:
Cash Converters	$	20,051	$	20,364
Tax over book inventory	8,595		8,186
Accrued liabilities	7,958		7,689
Pawn service charges receivable	3,182		2,764
Stock compensation	1,718		1,645
Foreign tax credit	1,696		1,696
State and foreign net operating loss carryforwards	13,030		14,547
Book over tax depreciation	7,052		7,298
Operating lease liabilities	52,444		56,720
Other	6,510		7,612
Total deferred tax assets before valuation allowance	122,236		128,521
Valuation allowance	(15,685)		(16,885)
Total deferred tax assets, net	106,551		111,636
Deferred tax liabilities:
Tax over book amortization	31,436		30,906

Right-of-use assets, net	49,747		53,366
Prepaid expenses	2,086		2,097
Total deferred tax liabilities	83,269		86,369
Net deferred tax asset	$	23,282	$	25,267

As of September 30, 2024, we had state net operating loss carryforwards of approximately $5.2 million, which begin to expire in 2025 if not utilized. We also had foreign net operating loss carryforwards of $47.1 million, which will begin to expire in 2030 if not utilized. Additionally, we have a $1.7 million foreign tax credit that will expire between 2025 to 2026 if not utilized.

Deferred tax assets and liabilities are recorded for the estimated tax impact of temporary differences between the tax basis and book basis of assets and liabilities. The Company has elected to account for the tax on GILTI as a period cost and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries. As of September 30, 2024, tax in amount of $0.7 million has been accrued for estimated tax on GILTI that will be due. A valuation allowance is established against a deferred tax asset when it is more likely than not that the deferred tax asset will not be realized. Our valuation allowance has been established to offset certain state and foreign net operating loss carryforwards and foreign tax credit carryforwards that are not more likely than not to be utilized prior to expiration. The valuation allowance decreased by $1.2 million in fiscal 2024, primarily due to the release of valuation allowance associated with net operating losses no longer available for use. We believe our results from future operations will generate sufficient taxable income in the appropriate jurisdictions such that it is more likely than not that the remaining deferred tax assets will be realized.

Deferred taxes are not provided for undistributed earnings of foreign subsidiaries of approximately $98.2 million which are intended to be reinvested outside of the U.S. Accordingly, no provision for foreign withholding taxes associated with a distribution of those earnings has been made. We estimate that, upon distribution of our share of these earnings, we would be subject to withholding taxes of approximately $5.0 million as of September 30, 2024. We provided deferred income taxes on all undistributed earnings from Cash Converters. After extensive search for multi-store acquisitions in Guatemala, in the fourth quarter of fiscal 2024, we altered our Guatemala growth strategy to a focus on organic growth of existing stores, denovos and potentially small acquisitions. As a result, we provided for applicable foreign withholding taxes on $20 million of undistributed foreign earnings and recorded a liability of $1.0 million.

The following table presents a roll-forward of unrecognized tax benefits:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Beginning balance	$	3,293	$	3,568	$	4,763
Increase for tax positions taken during a prior period	223		396		547

Decrease for tax positions taken during a prior period	(337)		(259)		—
Decrease for tax positions as a result of the lapse of the statute of limitations	(378)		(412)		(1,742)
Ending balance	$	2,801	$	3,293	$	3,568

All of the above unrecognized tax benefits, if recognized, would impact our effective tax rate for the respective period of each ending balance. The statute of limitations will expire within the next twelve months with respect to approximately $0.7 million of foreign uncertain tax positions.

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We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During 2024, we recognized income tax expense of $0.5 million offset by the reversal of previously accrued interest and penalties of $0.4 million due to the lapse of the statute of limitations on the associated tax position and income tax expense of $0.2 million during 2023 and an income tax benefit of $0.8 million during 2022, related to interest and penalties. The total amount of accrued interest and penalties was $0.8 million, $0.7 million and $1.0 million in 2024, 2023 and 2022, respectively.

We are subject to U.S., Mexico, Canada, Guatemala, Honduras, El Salvador, Peru, United Kingdom, and the Netherlands income taxes as well as income taxes levied by various state and local jurisdictions. With few exceptions, we are no longer subject to examinations by tax authorities for years before the tax year ended September 30, 2018. We believe that adequate provisions have been made for any adjustments that may result from tax examinations.

NOTE 10: LEASES

The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:


(in thousands)	Balance Sheet Location	September 30, 2024		September 30, 2023

Lease assets:
Operating lease right-of-use assets	Right-of-use assets, net	$	226,602	$	234,388
Financing lease assets	Other assets, net	1,559		2,178
Total lease assets		$	228,161	$	236,566

Lease liabilities:
Current:
Operating lease liabilities	Operating lease liabilities, current	$	58,998	$	57,182
Financing lease liabilities	Accounts payable, accrued expenses and other current liabilities	570		530
Total current lease liabilities		$	59,568	$	57,712

Non-current:
Operating Lease liabilities	Operating lease liabilities	$	180,616	$	193,187
Financing lease liabilities	Other long-term liabilities	1,110		1,715
Total non-current lease liabilities		$	181,726	$	194,902
Total lease liabilities		$	241,294	$	252,614

The table below provides major components of our lease costs:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Operating lease cost:
Operating lease cost *	$	79,184	$	74,086	$	67,414
Variable lease cost	17,732		16,315		15,229
Total operating lease cost	$	96,916	$	90,401	$	82,643

Financing lease cost:
Amortization of financing lease assets	$	568	$	327	$	3
Interest on financing lease liabilities	215		145		1
Total financing lease cost	$	783	$	472	$	4
Total lease cost	$	97,699	$	90,873	$	82,647

* Includes a reduction for sublease rental income of $3.1 million, $3.7 million and $3.6 million for fiscal years ending September 2024, 2023 and 2022, respectively.

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Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in “Store expenses” and “General and administrative” expense, based on the underlying lease use. Cash paid for operating leases was $79.7 million, $76.7 million and $72.3 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. Cash paid for principal and interest on finance leases was $0.5 million and $0.2 million respectively, for the fiscal year ended September 30, 2024, and $0.3 million and $0.1 million, respectively, for the fiscal year ended September 30, 2023. There was no cash paid for finance leases for the fiscal year ended September 30, 2022.

The weighted- average term and discount rates for leases are as follows:


	Fiscal Year Ended September 30,
	2024		2023
Weighted-average remaining lease term (years):
Operating leases	4.81		4.97
Financing leases	2.77		3.67

Weighted-average discount rate:
Operating leases	8.30	%	8.51	%
Financing leases	11.14	%	11.14	%

As of September 30, 2024, maturities of lease liabilities under ASC 842 by fiscal year were as follows (in thousands):


	Operating Leases		Financing Leases
Fiscal 2025	$	75,923	$	716
Fiscal 2026	65,945		733
Fiscal 2027	51,645		469
Fiscal 2028	36,755		37
Fiscal 2029	23,146		1
Thereafter	38,010		—
Total lease liabilities	$	291,424	$	1,956
Less: portion representing imputed interest	51,810		276
Total net lease liabilities	$	239,614	$	1,680
Less: current portion	58,998		570
Total long term net lease liabilities	$	180,616	$	1,110

In December 2014, we entered into a non-cancelable 13-year operating lease for our corporate offices, with rent payments beginning February 2016 and ending March 2029. Annual rent, net of square footage subsequently terminated as a result of negotiations with the landlord, escalate from $2.5 million at lease inception to $3.9 million in the terminal year of the lease.

The lease includes two five-year extension options at the end of the initial lease term. The estimated minimum future rental payments under the lease are approximately $15.4 million as of September 30, 2024. As of September 30, 2024, we have subleases in place for a portion of our corporate operating office lease for estimated minimum future sublease payments of approximately $5.1 million.

In fiscal 2023, we assessed the recoverability of the right-of-use asset for our corporate office, primarily due to the termination of a significant sublease. We determined the undiscounted cash flows of the relative corporate lease and sublease did not exceed the net book value of the right-of-use asset. We then determined the fair value of the corporate lease and sublease did not exceed the book value of the right-of-use asset, and an impairment charge of $4.3 million was recorded in fiscal 2023 to “Impairment of other assets” in the Consolidated Statements of Operations.

The following table presents our corporate office lease measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at September 30, 2023, and the related impairment charge recorded (in thousands):


	Fair Value as of September 30, 2023								Fiscal Year Ended 2023
	Level 1		Level 2		Level 3		Total		Impairment Charges
Corporate office	$	—	$	—	$	6,233	$	6,233	$	4,343

We recorded $55.3 million, $66.5 million and 69.4 million in non-cash additions to our operating right-of-use assets and lease liabilities for the fiscal year ended September 30, 2024, 2023 and 2022, respectively. We recorded $0.2 million and $2.5 million in non-cash additions to our finance right-of-use assets and lease liabilities for the year ended September 30, 2024 and 2023, respectively.

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NOTE 11: CONTINGENCIES

Currently, and from time to time, we are involved in various claims, disputes, lawsuits, investigations and legal and regulatory proceedings. We accrue for contingencies if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because these matters are inherently unpredictable and unfavorable developments or resolutions can occur, assessing contingencies requires judgments and is highly subjective about future events, and the amount of resulting loss may differ from these estimates. We do not believe the resolution of any particular matter will have a material adverse effect on our financial condition, results of operations or liquidity.

NOTE 12: SEGMENT INFORMATION

Our operations are primarily managed on a geographical basis and consist of three reportable segments. The factors for determining our reportable segments include the manner in which our chief operating decision maker (“CODM”) evaluates performance for purposes of allocating resources and assessing performance.

We currently report our segments as follows:

•U.S. Pawn — All pawn activities in the United States.

•Latin America Pawn — All pawn activities in Mexico and other parts of Latin America.

•Other Investments — Primarily our equity interest in Cash Converters and our investment in and notes receivable from Founders.

There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our consolidated financial statements.

The following income (loss) before income taxes tables present revenue for each reportable segment, disaggregated revenue within our reportable segments and Corporate, segment profits and segment contribution.


	Fiscal Year Ended September 30, 2024
(in thousands)	U.S. Pawn		Latin America Pawn		Other Investments		Total Segments		Corporate Items		Consolidated

Revenues:
Merchandise sales	$	459,251	$	204,485	$	—	$	663,736	$	—	$	663,736
Jewelry scrapping sales	54,344		6,738		—		61,082		—		61,082
Pawn service charges	322,362		114,183		—		436,545		—		436,545
Other revenues	126		78		35		239		—		239
Total revenues	836,083		325,484		35		1,161,602		—		1,161,602
Merchandise cost of goods sold	288,894		138,509		—		427,403		—		427,403
Jewelry scrapping cost of goods sold	45,926		6,000		—		51,926		—		51,926

Gross profit	501,263		180,975		35		682,273		—		682,273
Segment and corporate expenses (income):
Store expenses	325,816		135,239		—		461,055		—		461,055
General and administrative	—		—		—		—		75,557		75,557
Impairment of other assets	—		—		—		—		843		843
Depreciation and amortization	10,147		8,865		—		19,012		14,057		33,069
Loss (gain) on sale or disposal of assets and other	3		(140)		—		(137)		121		(16)
Other operating income	—		—		—		—		(765)		(765)
Interest expense	—		—		—		—		13,585		13,585
Interest income	—		(1,612)		(2,422)		(4,034)		(6,541)		(10,575)
Equity in net (income) loss of unconsolidated affiliates	—		—		(4,993)		(4,993)		282		(4,711)
Other income	7		(218)		—		(211)		(1,166)		(1,377)
Segment contribution	$	165,290	$	38,841	$	7,450	$	211,581
Income (loss) before income taxes							$	211,581	$	(95,973)	$	115,608

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	Fiscal Year Ended September 30, 2023
(in thousands)	U.S. Pawn		Latin America Pawn		Other Investments		Total Segments		Corporate Items		Consolidated

Revenues:
Merchandise sales	$	432,578	$	182,868	$	—	$	615,446	$	—	$	615,446
Jewelry scrapping sales	43,305		6,223		—		49,528		—		49,528
Pawn service charges	285,919		97,853		—		383,772		—		383,772
Other revenues	119		121		55		295		—		295
Total revenues	761,921		287,065		55		1,049,041		—		1,049,041
Merchandise cost of goods sold	267,874		126,905		—		394,779		—		394,779
Jewelry scrapping cost of goods sold	37,709		6,715		—		44,424		—		44,424

Gross profit	456,338		153,445		55		609,838		—		609,838
Segment and corporate expenses (income):
Store expenses	299,319		119,255		—		418,574		—		418,574
General and administrative	—		(3)		—		(3)		67,532		67,529
Impairment of other assets	—		—		—		—		4,343		4,343
Depreciation and amortization	10,382		9,191		—		19,573		12,558		32,131
Loss (gain) on sale or disposal of assets and other	115		(289)		—		(174)		382		208
Other operating Income	—		(5,097)		—		(5,097)		—		(5,097)
Interest expense	—		—		—		—		16,456		16,456
Interest income	(2)		(1,139)		(1,500)		(2,641)		(4,829)		(7,470)
Equity in net loss of unconsolidated affiliates	—		—		28,459		28,459		—		28,459

Other (income) expense	—		(131)		31		(100)		3,172		3,072
Segment contribution	$	146,524	$	31,658	$	(26,935)	$	151,247
Income (loss) before income taxes							$	151,247	$	(99,614)	$	51,633


	Fiscal Year Ended September 30, 2022
(in thousands)	U.S. Pawn		Latin America Pawn		Other Investments		Total Segments		Corporate Items		Consolidated

Revenues:
Merchandise sales	$	391,958	$	140,928	$	—	$	532,886	$	—	$	532,886
Jewelry scrapping sales	25,739		6,294		—		32,033		—		32,033
Pawn service charges	240,982		79,883		—		320,865		—		320,865
Other revenues	83		247		111		441		—		441
Total revenues	658,762		227,352		111		886,225		—		886,225
Merchandise cost of goods sold	230,241		99,141		—		329,382		—		329,382
Jewelry scrapping cost of goods sold	22,755		5,941		—		28,696		—		28,696

Gross profit	405,766		122,270		111		528,147		—		528,147
Segment and corporate expenses (income):
Store expenses	266,114		91,303		—		357,417		—		357,417
General and administrative	—		—		—		—		64,342		64,342

Depreciation and amortization	10,552		7,913		—		18,465		13,675		32,140
Loss (gain) on sale or disposal of assets	51		(37)		—		14		(688)		(674)

Interest expense	—		—		—		—		9,972		9,972
Interest income	(2)		(815)		—		(817)		—		(817)
Equity in net income of unconsolidated affiliates	—		—		(1,779)		(1,779)		—		(1,779)

Other (income) expense	—		(148)		52		(96)		(71)		(167)
Segment contribution	$	129,051	$	24,054	$	1,838	$	154,943
Income (loss) before income taxes							$	154,943	$	(87,230)	$	67,713

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The following table presents separately identified segment assets:


(in thousands)	U.S. Pawn		Latin America Pawn		Other Investments(a)		Corporate		Total

Assets as of September 30, 2024
Pawn loans	$	214,306	$	59,778	$	—	$	—	$	274,084
Pawn service charges receivable, net	39,194		4,819		—		—		44,013
Inventory, net	138,624		53,299		—		—		191,923
Total assets	1,009,226		311,824		79,421		92,766		1,493,237

Assets as of September 30, 2023
Pawn loans	$	190,624	$	55,142	$	—	$	—	245,766
Pawn service charges receivable, net	34,318		4,567		—		—		38,885
Inventory, net	128,901		37,576		—		—		166,477
Total assets	984,539		313,164		63,707		106,301		1,467,711

(a) Segment assets as of September 30, 2023 have been recast to conform to current year presentation as CCV no longer meets the 10 percent threshold to be considered its own segment

The following tables provide geographic information:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022

Revenues:
United States	$	836,083	$	761,921	$	658,762
Mexico	247,613		223,765		173,122
Other Latin America	77,871		63,300		54,230
Other Investments	35		55		111
Total revenues	$	1,161,602	$	1,049,041	$	886,225


	September 30,
(in thousands)	2024		2023

Property and equipment, net:
United States	$	35,634	$	37,695
Mexico	21,839		$	24,033
Other Latin America	8,500		$	6,368

Property and equipment, net	$	65,973	$	68,096

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NOTE 13: SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION

Supplemental Consolidated Financial Information

The following table provides information on net amounts included in our Consolidated Balance Sheets:


	September 30,
(in thousands)	2024		2023

Gross pawn service charges receivable	$	57,544	$	50,881
Allowance for uncollectible pawn service charges receivable	(13,531)		(11,996)
Pawn service charges receivable, net	$	44,013	$	38,885

Gross inventory	$	194,657	$	169,138
Inventory reserves	(2,734)		(2,661)
Inventory, net	$	191,923	$	166,477

Prepaid expenses and other	$	3,350	$	4,106
Accounts receivable and other	16,482		12,797
Notes receivable	16,332		17,751
Income taxes prepaid and receivable	3,007		4,969
Prepaid expenses and other current assets	$	39,171	$	39,623





Accounts payable	$	20,850	$	23,022
Accrued payroll	13,541		11,472
Incentive accrual	19,883		18,544
Other payroll related expenses	3,999		5,262
Accrued sales and VAT taxes	3,954		5,565
Accrued income taxes payable	5,934		2,628
Other current liabilities	17,576		15,112






Account payable, accrued expenses and other current liabilities	$	85,737	$	81,605

Unrecognized tax benefits, non-current	2,835		$	2,226
Other non-current liabilities	9,502		8,276
Other long-term liabilities	$	12,337	$	10,502

Valuation and Qualifying Accounts

The following table provides information on our valuation and qualifying accounts not disclosed elsewhere:



(in thousands)	Balance at Beginning of Period		Charged to Expense		Deductions		Balance at End of Period

Allowance for valuation of inventory:
Year Ended September 30, 2024	$	2,661	$	917	$	844	$	2,734
Year Ended September 30, 2023	2,058		603		—		2,661
Year Ended September 30, 2022	4,311		—		2,253		2,058
Allowance for uncollectible pawn service charges receivable:
Year Ended September 30, 2024	$	11,996	$	1,535	$	—	$	13,531
Year Ended September 30, 2023	10,716		1,280		—		11,996
Year Ended September 30, 2022	8,023		2,693		—		10,716




Allowance for valuation of deferred tax assets:
Year Ended September 30, 2024	$	16,885	$	164	$	1,364	$	15,685
Year Ended September 30, 2023	17,966		311		1,392		16,885
Year Ended September 30, 2022	19,135		660		1,829		17,966

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The following table provides supplemental disclosure of Consolidated Statements of Cash Flows information:


	Fiscal Year Ended September 30,
(in thousands)	2024		2023		2022
















































Supplemental disclosure of cash flow information
Cash and cash equivalents	$	170,513	$	220,595	$	206,028
Restricted cash	9,294		8,373		8,341
Total cash and cash equivalents and restricted cash	$	179,807	$	228,968	$	214,369

Cash paid during the period for interest	$	12,069	$	11,143	$	8,230
Cash paid during the period for income taxes, net	$	25,739	$	11,415	$	15,899

Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory	$	383,374	$	330,947	$	300,487
Transfer of consideration for other investment	—		—		1,500
Transfer of equity consideration for acquisition	—		99		—
Acquisition earn-out contingency	—		2,000		—
Accrued acquisition consideration	791		1,412		—
Convertible notes share settlement	799		—		—

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

In connection with the preparation of this Annual Report on Form 10-K, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024. We believe the consolidated financial statements included in this Annual Report on Form 10-K fairly present, in all material respects, our financial position, results of operations, stockholders’ equity and cash flows as of the dates, and for the periods, presented in conformity with GAAP.

Management’s Report on Internal Control Over Financial Reporting

Management, under the supervision of the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of our internal control over financial reporting. Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d(f) under the Exchange Act) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. GAAP. Internal control over financial reporting includes those policies and procedures that (a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets, (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, (c) provide reasonable assurance that receipts and expenditures are being made only in accordance with appropriate authorization of management and the Board of Directors and (d) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

In connection with the preparation of this Annual Report on Form 10-K, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting as of September 30, 2024 based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that assessment, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting was effective as of September 30, 2024.

Our internal control over financial reporting as of September 30, 2024 has been audited by our independent registered public accounting firm, as stated in their report appearing below.

Changes in Internal Control Over Financial Reporting

During the fourth quarter of fiscal 2024, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that, in the aggregate, have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Inherent Limitations on Internal Controls

Notwithstanding the foregoing, management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be met. Limitations inherent in any control system include the following:

•Judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes.

•Controls can be circumvented by individuals, acting alone or in collusion with others, or by management override.

•The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

•Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures.

•The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered relative to their costs.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

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Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

EZCORP, Inc.

Rollingwood, Texas

Opinion on Internal Control over Financial Reporting

We have audited EZCORP, Inc.’s (the “Company’s”) internal control over financial reporting as of September 30, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of September 30, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended September 30, 2024, and the related notes and our report dated November 13, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ BDO USA, P.C.

Dallas, Texas

November 13, 2024

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ITEM 9B. OTHER INFORMATION

Insider Trading Arrangements

No director or executive officer adopted, modified or terminated any contract, instruction, written plan or other trading arrangement relating to the purchase or sale of Company securities during the fourth quarter of fiscal 2024.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

PART III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Board of Directors

Set forth below are the names of the persons who, as of November 1, 2024, constituted our Board of Directors and their ages and committee assignments as of that date:


Name	Age	Committees

Matthew W. Appel	68	Audit and Risk, People and Compensation, Nominating (Chair), Lead Independent Director
Zena Srivatsa Arnold	46	Audit and Risk, People and Compensation, Nominating
Phillip E. Cohen (Executive Chairman)	77	—
Lachlan P. Given	48	—
Jason A. Kulas	54	—
Pablo Lagos Espinosa	69	Audit and Risk, People and Compensation (Chair), Nominating
Gary L. Tillett	65	Audit and Risk (Chair), People and Compensation, Nominating

Director Qualifications — The Board believes that individuals who serve on the Board of Directors should have demonstrated notable or significant achievements in business, education or public service; should possess the requisite intelligence, education and experience to make a significant contribution to the Board and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of our stockholders. The following are qualifications, experience and skills for Board members which are important to our business and its future:

•Leadership Experience — Our directors should demonstrate extraordinary leadership qualities. Strong leaders bring vision, strategic agility, diverse and global perspectives and broad business insight to the company. They demonstrate practical management experience, skills for managing change and deep knowledge of industries, geographies and risk management strategies relevant to our business. They have experience in identifying and developing the current and future leaders of the company.

•Finance Experience — We believe that all directors should possess an understanding of finance and related reporting processes.

•Strategically Relevant Experience — Our directors should have business experience that is relevant to our strategic goals and objectives, including geographical and product expansion. We value experience in our high priority growth areas, including new or expanding geographies or customer segments and existing and new technologies; understanding of our business environments; and experience with, exposure to or reputation among a broad subset of our customer base.

•Government Experience — Our business is subject to a variety of legislative and regulatory risks. Accordingly, we value experience in the legislative, judicial or regulatory branches of government or government relations.

Board Diversity — The following table summarizes the gender and demographic diversity of our Board of Directors:


Board Diversity Matrix (as of November 1, 2024)
Total number of Directors	7

	Female		Male
Gender Identity	1	14%	6	86%

Demographic Background:
Asian	1	14%
Hispanic or Latinx			1	14%
White			5	72%

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Biographical Information — Set forth below is current biographical information about our directors, including the qualifications, experience and skills that make them suitable for service as a director.

•Matthew W. Appel — Mr. Appel joined EZCORP as a director in January 2015. He is the Lead Independent Director (and, as such, serves as Chair of the Nominating Committee) and is a member of the Audit and Risk Committee and the People and Compensation Committee. Mr. Appel spent 37 years in finance, administration and operations roles with a variety of companies, most recently Zale Corporation, an NYSE listed jewelry retailer, where he served as Chief Financial Officer from May 2009 to May 2011 and Chief Administrative Officer from May 2011 to July 2014 and co-led the successful turnaround of the company. Prior to joining Zale, Mr. Appel was Chief Financial Officer of EXL Service Holdings, Inc., a NASDAQ listed business process solutions company (February 2007 to May 2009); spent four years (February 2003 to February 2007) at Electronic Data Systems Corporation, serving as Vice President, Finance and Administration BPO and Vice President, BPO Management; and held a variety of finance and operations roles from 1984 to 2003 at Tenneco Inc., Affiliated Computer Services, Inc. and PricewaterhouseCoopers. Mr. Appel began his professional career with Arthur Andersen & Company, working there from 1977 to 1984. He received an MBA in Accounting from the Rutgers University Graduate School of Business in 1977 and a Business Administration degree from Rutgers College in 1976. Mr. Appel is a Certified Public Accountant and a Certified Management Accountant.

Director qualifications: leadership, chief financial officer and executive management experience; broad business and strategically relevant experience; retail management experience; financial experience, including accounting, tax and financial reporting; experience in developing growth strategies; personnel development.

•Zena Srivatsa Arnold — Ms. Arnold has been a director since May 2019. She is a member of the Audit and Risk Committee, the People and Compensation Committee and the Nominating Committee. Ms. Arnold has over 20 years of experience in marketing, brand management, strategy development and business operations. She serves as Chief Marketing Officer at Sephora, one of the world’s largest luxury cosmetic brands that is part of the Moet Hennessy Louis Vuitton conglomerate. Prior to joining Sephora in May 2023, she was Senior Vice President, Carbonated Soft Drinks, at PepsiCo., Inc., where she oversaw the brand and business for the Carbonated Soft Drink portfolio in North America, including some of the company’s largest brands such as Pepsi and Mountain Dew. Prior to joining PepsiCo in March 2022, she was the Chief Digital and Marketing Officer of Kimberly-Clark Corporation, a global personal care and consumer products company (April 2020 to March 2022), and spent six years with Google, serving as Global Head of Growth for Chromebook (May 2019 to March 2020); General Manager, US Chromebooks (March 2018 to May 2019); Global Head of Marketing, Chromebooks and IoT (November 2016 to March 2018); Head of Americas Marketing, Google Play (April 2015 to October 2016); and Head of NA Marketing, Google Play (October 2013 to April 2015). Prior to joining Google, Ms. Arnold spent over nine years in various brand management positions with Kellogg Company (August 2010 to October 2013) and Procter & Gamble (April 2004 to August 2010). Ms. Arnold began her professional career at General Electric Corporation, where she served as Product Manager, Server Solutions for GE Capital IT Solutions (April 2002 to April 2004). Ms. Arnold received a Bachelor of Science degree in Computer Science, with a minor in Business Marketing, from The Ohio State University. She was recognized in 2014 as one of Brand Innovators “40 Under 40,” and has received numerous other professional awards and recognitions. Ms. Arnold also serves on the board of directors of Lancaster Colony Corporation (NASDAQ: LANC).

Director qualifications: leadership, executive management experience; broad business and strategically relevant experience; experience in developing growth strategies.

•Phillip E. Cohen — Mr. Cohen has been a member of the Board of Directors and the Executive Chairman since September 2019. He has been an owner of, and advisor to, the Company for over 30 years. He acquired the Company in 1989 and took it public in 1991 with an initial public offering of Class A Non-Voting Common Stock. Mr. Cohen has 50 years of investment banking and financial advisory experience with a variety of firms, including Kuhn Loeb & Co. Incorporated (1973-1977), Lehman Brothers Kuhn Loeb Incorporated (1977-1979), The First Boston Corporation (1980), Oppenheimer & Co, Inc. (1980-1984), Morgan Schiff & Co., Inc. (1984-Present) and Madison Park LLC (2004 to Present). Mr. Cohen received a Bachelor of Commerce degree from the University of Melbourne and a Masters of Business Administration from Harvard University. Mr. Cohen is the sole stockholder of MS Pawn Corporation, which is the general partner of MS Pawn Limited Partnership, the owner of 100% of the outstanding shares of our Class B Voting Common Stock.

Director qualifications: leadership; broad business and strategically relevant experience; retail management experience; financial experience; international experience and global perspective; industry knowledge; experience in developing growth strategies. Further, Mr. Cohen has deep knowledge of the Company and its opportunities and challenges spanning multiple economic cycles.

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Lachlan P. Given — Mr. Given is our Chief Executive Officer and a director, having been appointed to that role, and elected to the
Board of Directors, in March 2022, after serving as Co-Interim Chief Executive Officer since January 2022. From September 2020 to January 2022, he was Chief Strategy, M&A and Funding Officer, with responsibility for overseeing the Company’s strategic planning; mergers, acquisitions and strategic investments; and capital market and institutional funding activities. From September 2019 to September 2020, he was the Chief M&A and Strategic Funding Officer. He previously served on the Board of Directors from July 2014 to September 2019, holding the position of Non-Executive Chairman (July 2014 to August 2014), Executive Vice Chairman (August 2014 to February 2015) and Executive Chairman (February 2015 to September 2019). Before joining the Company as an executive, Mr. Given provided financial and advisory services to the Company through his own business and financial advisory firm and as a consultant to Madison Park LLC, which is wholly owned by Phillip E. Cohen, who is the beneficial owner of all of our Class B Voting Common Stock. Mr. Given is also a director of The Farm Journal Corporation, a 135+ year old pre-eminent U.S. agricultural media company; Senetas Corporation Limited (ASX: SEN), a developer and manufacturer of certified, defense-grade encryption solutions; CANSTAR Pty Ltd, an Australian financial services ratings and research firm; and Cash Converters International Limited (ASX: CCV). Mr. Given began his career working in the investment banking and equity capital markets divisions of Merrill Lynch in Hong Kong and Sydney, Australia, where he specialized in the origination and execution of a variety of M&A, equity, equity-linked and fixed income transactions.

•Jason A. Kulas — Mr. Kulas is a member of the Board of Directors and holds the position of Vice Chairman and Chief Financial Officer of Exeter Finance LLC, a leading indirect auto finance company. He is a former EZCORP executive, having served as Chief Executive Officer from July 2020 to January 2022 when he left to join Exeter Finance, and President and Chief Financial Officer from February 2020 to July 2020. He first became associated with EZCORP in April 2019 when he was appointed as an independent member of the Board of Directors. While an independent director, he served on the Audit and Risk Committee and the Nominating Committee. Mr. Kulas resigned from the Board of Directors when he joined the Company as an executive in February 2020, and was reappointed to the Board in connection with his appointment as Chief Executive Officer. Prior to joining the Company as an executive, Mr. Kulas spent over 25 years in financial analysis, investment banking and executive-level finance and operations roles with a variety of companies, most recently Santander Consumer USA Inc., a NYSE-listed auto finance company, where he served as Chief Executive Officer and a director from 2015 to 2017, President from 2013 to 2015, Chief Financial Officer from 2007 to 2015 and a director from 2007 to 2012. Prior to joining Santander Consumer USA, Mr. Kulas was a Managing Director in Investment Banking with J.P. Morgan Chase & Co. (1995 to 2007), where he managed JPMorgan’s South Region investment banking office. He has also served as an Adjunct Professor of Marketing at Texas Christian University (1997 to 1999); Securities Analyst at William C. Connor Foundation – TCU Educational Investment Fund (1994 to 1995); and an intern and Financial Analyst at Dun & Bradstreet (1993 to 1995). Mr. Kulas received an MBA with a concentration in Finance and Marketing from Texas Christian University in 1995 and a Bachelor of Arts degree from Southern Methodist University in 1993. He formerly served as an advisor to Warburg Pincus International LLC. He has been involved in a variety of civic and philanthropic activities, including the Salesmanship Club of Dallas, Momentous Institute, Exchange Club of East Dallas, Dallas Citizens Council, Baylor Scott & White Dallas Foundation and Art House Dallas.

Director qualifications: leadership, chief executive officer, chief financial officer and executive management experience; broad business and strategically relevant experience; financial experience; experience in developing growth strategies; personnel development.

•Pablo Lagos Espinosa — Mr. Lagos joined EZCORP as a director in October 2010. He is Chair of the People and Compensation Committee and a member of the Audit and Risk Committee and Nominating Committee. Mr. Lagos served as President and Chief Executive Officer of Pepsi Bottling Group Mexico from 2006 to 2008 and as its Chief Operating Officer from 2003 to 2006. He previously held various executive management positions with Pepsi Bottling Group, PepsiCo Inc., Unilever Mexico and PepsiCola International, Inc., concentrating exclusively in Latin America. Since his retirement in December 2008, Mr. Lagos has been an investor and consultant in various private business ventures and has served as a keynote speaker on organizational leadership and management. He currently serves as Chairman of the board of Casa del Parque, a privately held enterprise focused on developing senior living residences in Mexico. He is also a member of the Mexican Advisory Board for Niagara Waters, a leading manufacturer of bottled water in the U.S. and Mexico. He received a Bachelor of Science degree in Industrial & Systems Engineering from Instituto Technológico de Monterrey, Master of Science degrees in Industrial Engineering and Operations Research and an MBA from Stanford University.

Director qualifications: leadership, chief executive officer and executive management experience in significant multi-national environments; deep understanding of strategically important geographies and international markets; risk management experience; financial experience; experience in developing, implementing and managing strategic plans, including international expansion; personnel development; legislative and government relations experience.

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•Gary L. Tillett — Mr. Tillett has been a director since April 2019 and serves as Chair of the Audit and Risk Committee and a member of the People and Compensation Committee and the Nominating Committee. He has more than 40 years of experience in public accounting and business management. He spent 31 years at PricewaterhouseCoopers, where he progressed from entry-level staff to senior partner serving a variety of businesses in the Insurance Practice, the Transaction Services Practice and the U.S. Financial Services Practice. From 2005 to 2010, he was the Transactions Services Leader of the firm’s U.S. Financial Services Practice, leading a newly assembled team of professionals providing service to clients pursuing transactions in the financial services sector. At the time of his retirement from PwC in 2014, he was the Transaction Services Leader of the firm’s New York Metro Practice, where he led teams advising clients on complex transactions, including structuring, due diligence, valuation and financial reporting. Mr. Tillett left PwC in 2014 to take the role of Executive Vice President and Chief Financial Officer of Walter Investment Management Corp., then a publicly traded independent originator and servicer of residential mortgage loans. Walter Investment Management Corp. initiated Chapter 11 bankruptcy proceedings in November 2017 and successfully completed a financial restructuring plan in February 2018 and changed its name to Ditech Holding Corp. Mr. Tillett retired from his position in February 2018 after assisting with the development and execution of the financial restructuring plan. From January 2020 through June 2022, Mr. Tillett assisted a private mortgage servicing company in a financial consulting role. Mr. Tillett received an MBA from the Manchester Business School at the University of Manchester and a Bachelor of Science degree with an emphasis in Accounting from the University of Texas at Dallas. He is a Certified Public Accountant.

Director qualifications: leadership, chief financial officer and executive management experience; broad business and strategically relevant experience; financial experience, including accounting, tax and financial reporting; personnel development.

Executive Officers

Set forth below are the name, age and position of each of the persons serving as our executive officers as of November 1, 2024:

Name

Age

Title

Phillip E. Cohen

Executive Chairman

Lachlan P. Given

Chief Executive Officer

Ellen Bryant

Chief Legal Officer and Secretary

Timothy K. Jugmans

Chief Financial Officer

John Blair Powell, Jr.

Chief Operating Officer

Keith Robertson

Chief Information Officer

Sunil Sajnani

Chief Audit and Loss Prevention Executive

Nicole Swies

Chief Revenue Officer

Lisa VanRoekel

Chief Human Resources Officer

Set forth below is current biographical information about our executive officers, except for Mr. Cohen and Mr. Given, whose biographical information is included under “Board of Directors” above.

Ellen Bryant — Ms. Bryant serves as Chief Legal Officer and Secretary, having been promoted to that position in January 2023 after having served as Vice President and Deputy General Counsel. Ms. Bryant joined the Company in January 2004 as Associate General Counsel and has held legal roles of increasing responsibility through August 2015, when she was promoted to Deputy General Counsel. During her tenure with the Company, Ms. Bryant has been primarily responsible for legal support of the Company’s pawn segments, with experience in the U.S. and Mexico, mergers and acquisitions, financial services, compliance and general corporate matters. Prior to joining the Company, Ms. Bryant was a Staff Attorney with the Texas Automobile Dealers Association. She received a Bachelor of Arts degree from the University of Texas at Austin and a J.D. degree from the University of Houston Law Center and has been a member of the Texas State Bar since November 1998.

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Timothy K. Jugmans — Mr. Jugmans serves as Chief Financial Officer, having been appointed to that role in May 2021. He served as Interim Chief Financial Officer from September 2020 to May 2021. Prior to that, he served as Vice President, Treasury and M&A since December 2016 and as a consultant to EZCORP performing similar duties since March 2015. From January 2015 to December 2016, Mr. Jugmans was a principal of Selene Partners Inc., a financial consulting firm providing strategic advice and other business services to a variety of clients, including the Company and Morgan Schiff & Co., Inc. He served as the Chief Financial Officer of Morgan Schiff from April 2013 to December 2014, and was Chief Financial Officer of ShippingEasy, Inc. from July 2011 to April 2013. From April 2005 to June 2012, Mr. Jugmans was a Corporate Advisor at Lexicon Partners Pty Limited, an independent corporate advisory and consulting firm based in Sydney, Australia. He served in various analyst and senior analyst positions at boutique investment banks for seven years prior to that. Mr. Jugmans received a Bachelor of Business degree with a major in Finance and a minor in Mathematics from the University of Technology in Sydney. He serves as non-executive Chairman of the Board of Cash Converters International Limited (ASX:CCV), having been appointed to that position in April 2022. From April 2015 to April 2021, he served as a non-executive board member and Chairman of Ratecity Pty Ltd., which operates one of Australia’s leading financial comparison sites.

John Blair Powell, Jr. — Mr. Powell serves as Chief Operating Officer and has responsibility for store-level operations for all of the Company’s locations worldwide. He joined EZCORP in 1989 as a pawnbroker in Houston, Texas, and during his 30+-year tenure at EZCORP, has held all field level positions, from store level to multi-unit management positions, including Regional Director of Operations. He moved into Operations at the Corporate Support Center in 2000 and was our top Operations Administration executive for the 13 years, most recently serving as Chief Customer Service Officer for Global Pawn. Mr. Powell was named President, US Pawn in September 2020 and was promoted to President, Global Pawn in October 2021. He served as Co-Interim Chief Executive Officer from January 2022 to March 2022, when he was appointed Chief Operating Officer.

Keith Robertson — Mr. Robertson is our Chief Information Officer. He joined the Company in October 2018 as Senior Vice President, Global IT and New Ventures, and was promoted to his current position in November 2019. Prior to joining the Company, he spent seven years at AIG, working on a global transformation of the IT systems, facilities and workforce. From 1989 until 2011, Mr. Robertson worked at EDS/HP, last serving as the Chief Operating Officer for the Financial Services division, where he led IT programs supporting Bank of America, American Express, State Farm and others. Mr. Robertson grew up in Scotland and attended Heriot-Watt University in Edinburgh, where he graduated with an Honors degree in Electrical and Electronic Engineering.

Sunil Sajnani — Mr. Sajnani joined the Company in April 2020 and serves as Chief Audit and Loss Prevention Executive. Prior to joining the Company, he spent six years at Santander Consumer USA in multiple leadership roles, initially as Chief Audit Executive and most recently as Executive Vice President, Head of Digital, Direct to Consumer and Service for Others. Prior to Santander Consumer, Mr. Sajnani held a variety of management positions at Conn’s, Inc., most recently serving as the Head of Internal Audit, Enterprise Risk Management and Regulatory Compliance. He began his career with PricewaterhouseCoopers in Transaction Advisory Services, mainly serving large banks and specialty finance institutions. Mr. Sajnani received a bachelor’s degree in Financial Economics from the University of Michigan at Ann Arbor and a master’s degree in accounting from Eastern Michigan University. He is a Certified Public Accountant and a Certified Regulatory Compliance Manager.

Nicole Swies — Ms. Swies is our Chief Revenue Officer, responsible for global operations administration and earning assets. Ms. Swies joined EZCORP in November 2002 as a Financial Analyst and has worked in various finance and analytics positions primarily supporting operations in the U.S. and Latin America pawn segments and the legacy Financial Services businesses. She served as Chief Revenue and Operations Officer, with additional responsibility for digital initiatives and marketing, from September 2020 to March 2022, when her title was changed to Chief Revenue Officer. Ms. Swies is a member of the Community Advisory Council for the Ronald McDonald House Charities of Central Texas and serves on the finance committee of ConnectHer, a global non-profit organization dedicated to improving the lives of women and girls through projects, stories and film. She earned her Bachelor of Business Administration in finance from the University of Texas at Austin.

Lisa VanRoekel — Ms. VanRoekel is the Chief Human Resources Officer, having joined the Company in January 2021. In March 2022, she was assigned the additional responsibility of overseeing the Company’s Real Estate and Facilities team. Prior to joining the Company, Ms. VanRoekel spent 19 years in expanding roles with Grupo Santander, one of the world’s largest international banks serving over 100 million customers with 187,000 employees. As an expert leading cultural change and innovative large-scale organizational transformation, Ms. VanRoekel led the Human Resources functions at Santander Digital (USA, Spain and UK), Santander Consumer USA and Santander Bank, N.A. Her most recent role with Grupo Santander was Group Vice President: Human Resources at Santander Digital, where she was responsible for successfully building digital and innovation talent across the U.S., Europe and Latin America. Prior to joining Grupo Santander, she was Director of Human Resources at Allied Riser Communications. Ms. VanRoekel holds B.S. and M.S. degrees in Journalism from Texas A & M Commerce (formerly East Texas State University).

Section 16(a) Beneficial Ownership Reporting Compliance

Based on written representations and a review of the relevant Forms 3, 4 and 5, during fiscal 2024 all persons subject to Section 16 of the Securities Exchange Act of 1934 with respect to EZCORP timely filed all reports required by Section 16(a) of the Securities Exchange Act.

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Code of Conduct

We maintain a Code of Conduct that is applicable to all of our Team Members, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer. That Code of Conduct, which satisfies the requirements of a “code of ethics” under applicable SEC rules, contains written standards that are designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest; full, fair, accurate, timely and understandable public disclosures and communications, including financial reporting; compliance with applicable laws, rules and regulations; prompt internal reporting of violations of the code and accountability for adherence to the code. A copy of the Code of Conduct is posted in the Investor Relations section of on our website at www.ezcorp.com

We will post any waivers of the Code of Conduct, or amendments thereto, that are applicable to our Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer in the Investor Relations section of our website at www.ezcorp.com. To date, there have been no such waivers.

Insider Trading Policy

We maintain an insider trading policy addressing the purchase, sale and other disposition of the Company’s securities by its officers, directors and employees that is reasonably designed to promote compliance with U.S. federal insider trading laws, rules and regulations and the Nasdaq Listing Rules. That policy is filed as an exhibit to this report.

Corporate Governance

Controlled Company Exemptions — The Nasdaq Listing Rules contain several corporate governance requirements for Nasdaq-listed companies. These requirements generally relate to the composition of the board and its committees. For example, the rules require the following:

•A majority of the directors must be independent (Rule 5605(b)(1));

•The audit committee must have at least three members, each of whom must be independent (Rule 5605(c)(2));

•Executive officer compensation must be determined, or recommended to the board of directors for determination, by either (1) a majority of the independent directors or (2) a compensation committee comprised solely of independent directors (Rule 5605(d)); and

•Director nominations must be selected, or recommended for the board’s selection, by either (1) a majority of the independent directors or (2) a nominations committee comprised solely of independent directors (Rule 5605(e)).

Rule 5615(c)(2), however, provides that a “Controlled Company” is exempt from the requirement to have a majority of independent directors and from the requirements to have independent director oversight over executive compensation and director nominations. The Listing Rules define a “Controlled Company” as a company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company. EZCORP is a “Controlled Company” within this meaning by virtue of the fact that 100% of the outstanding Class B Voting Common Stock (the only class of voting securities outstanding) is held of record solely by MS Pawn Limited Partnership and beneficially by Phillip E. Cohen.

The Company has relied on the Controlled Company exemptions in the past, but is not currently relying on such exemptions. The controlling shareholder or the Board may implement changes in the future that would again require the Company to rely on the Controlled Company exemptions under the Nasdaq Listing Rules.

Committees of the Board of Directors — The Board of Directors maintains the following committees to assist it in its oversight responsibilities. The current membership of each committee is indicated in the list of directors set forth under “Board of Directors” above.

•Audit and Risk Committee — The Audit and Risk Committee assists the Board in fulfilling its responsibility to provide oversight with respect to our financial statements and reports and other disclosures provided to stockholders, the system of internal controls, the audit process and legal and ethical compliance. Its duties include reviewing the scope and adequacy of our internal and financial controls and procedures; reviewing the scope and results of the audit plans of our independent and internal auditors; reviewing the objectivity, effectiveness and resources of the internal audit function; and appraising our financial reporting activities and the accounting standards and principles followed. The Audit and Risk Committee also selects, engages, compensates and oversees our independent auditor and pre-approves all services to be performed by the independent auditing firm.

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The Audit and Risk Committee has further responsibility for overseeing our risk management and compliance processes. In carrying out that responsibility, the Audit and Risk Committee ensures that adequate policies and procedures have been designed and implemented to (a) manage and monitor significant risks the Company faces, including financial, operational, security, IT and cybersecurity, legal, compliance and regulatory risks; and (b) assure compliance with all applicable laws and regulations, including data privacy requirements.

The Audit and Risk Committee is comprised entirely of directors who satisfy the standards of independence described under “Part III, Item 13 — Certain Relationships and Related Transactions, and Director Independence — Director Independence,” as well as additional or supplemental independence standards applicable to audit committee members established under applicable law and Nasdaq listing requirements. The Board has determined that each Audit and Risk Committee member meets the Nasdaq “financial literacy” requirement and that Mr. Tillett, Chair of the committee, and Mr. Appel are “financial experts” within the meaning of the current rules of the SEC.

•People and Compensation Committee — The People and Compensation Committee has the primary responsibility of reviewing, analyzing and (as appropriate) approving, on behalf of the Board, executive compensation and organizational development matters and otherwise assisting the Board in its overall responsibility to enable the Company to attract, retain, develop and motivate qualified executives and employees who will contribute to our long-term success. Specific responsibilities and duties include assisting management and the Board in identifying, developing and evaluating potential candidates for senior executive positions; overseeing the development of succession plans for senior executive positions; reviewing and approving (or recommending, as appropriate) amounts and types of compensation to be paid to our executive officers; reviewing and recommending to the full Board the amount and type of compensation to be paid to our non-employee directors; reviewing and recommending to the full Board all equity compensation to be paid to our Team Members (including the executive officers); and advising management with respect to the quality of the workforce to carry out our strategic goals. The People and Compensation Committee is comprised entirely of directors who satisfy the standards of independence described under “Part III, Item 13 — Certain Relationships and Related Transactions, and Director Independence — Director Independence.”

•Nominating Committee — The Nominating Committee assists the Board with respect to the selection and nomination of candidates for election or appointment to the Board, including making recommendations to the Board regarding the size and composition of the Board and its committees; recommending to the Board the qualifications needed or required of Board members; identifying and evaluating qualified individuals to become Board members; making recommendations to the full Board regarding the nomination of appropriate candidates; and assessing and monitoring each continuing and prospective director’s independence and qualification to serve on the Board and its committees. The Nominating Committee is comprised entirely of directors who satisfy the standards of independence described under “Part III, Item 13 — Certain Relationships and Related Transactions, and Director Independence — Director Independence.”

Each of the three standing committees is governed by a written charter, a copy of which can be found in the Investor Relations section of our website at www.ezcorp.com.

Meetings and Attendance — The following table sets forth the number of meetings held during fiscal 2024 by the Board of Directors and each committee thereof, as well as the number of times during the year that action was taken by unanimous written consent. Our bylaws currently require the unanimous attendance of all directors in order for a quorum to be present at a meeting of the Board of Directors. In addition to the number of official Board meetings noted below, the Board of Directors also held five other meetings that were not considered official meetings of the Board due to the absence of a quorum.

All directors attended at least 75% of the meetings of the Board and of the committees on which they served.


	Fiscal 2024
	Meetings Held	Action by Unanimous Written Consent

Board of Directors	7	7
Audit and Risk Committee	4	—
People and Compensation Committee	6	2
Nominating Committee	—	1

In addition, during fiscal 2022, the Board of Directors formed and commissioned a “Share Buyback Committee,” consisting of Mr. Appel, Mr. Given, Mr. Kulas and Mr. Tillett, for the purpose of reviewing and approving the Company’s share repurchase plans. That committee met a total of four times during fiscal 2024.

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ITEM 11. EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

This Compensation Discussion and Analysis describes our compensation practices and the executive compensation policies, decisions and actions of the People and Compensation Committee of our Board of Directors (the “Committee”). It focuses specifically on compensation earned during fiscal 2024 by the following individuals, referred to as our Named Executive Officers.


Name						Position

Lachlan P. Given						Chief Executive Officer
Timothy K. Jugmans						Chief Financial Officer
Philip E. Cohen						Executive Chairman
John Blair Powell, Jr.						Chief Operating Officer
Lisa VanRoekel						Chief Human Resources Officer

Executive Compensation Philosophy and Program Design

Philosophy and Goals — We have designed our executive compensation program to accomplish the following primary goals:


			Attract and retain high performers			•Compensation is competitive to attract and retain high performers •When performance objectives are achieved, resulting pay is competitive with market •When performance is outstanding and exceeds performance objectives, resulting pay is positioned above, and potentially near the top of, the market
			Pay for performance			•The majority of compensation is performance-based (short-and long-term) •These performance-based incentives are tied to the achievement of financial and strategic objectives, recognizing company-wide and individual performance
			Shareholder alignment			•The value of equity awards is dependent on our stock performance and the achievement of objective financial goals •Equity incentives will have the greatest weight in the mix of variable compensation for executives
			Long-term commitment			•Equity incentive awards vest over multiple years to align executives with the investment horizon of long-term shareholders •After vesting, executives are subject to stock ownership requirements

These principles are reflected in the following best-practice features of our executive compensation program:

What We Do

What We Don’t Do

Emphasize performance-based variable pay

Generally, no single trigger change-in-control payments

Link significant portion of equity incentive grants to performance goals

No significant perquisites

Require stock retention by executives and directors

No hedging or pledging of Company stock

Perform annual risk assessments

Retain an independent compensation consultant

Maintain an incentive clawback policy

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Compensation Components — “Total direct” compensation is composed of four principal components, each one contributing to the accomplishment of our compensation program goals:

Compensation Component

Description

Attract and Retain

Pay for Performance

Shareholder Alignment

Long-term Commitment

Base salary

A market-competitive salary to provide a fixed annual cash income

Short-term incentives

Annual cash incentive opportunity tied to an assessment of annual corporate and business unit financial performance, as well as individual contributions

Long-term incentives

Equity incentive grants with vesting tied to achievement of earnings-based goals and continued employment

Executive retirement

(US only)

Annual retirement plan contributions that vest over three years

The Committee reviews the executive pay mix on an annual basis. The Committee does not target a fixed percentage allocation among the compensation components, but rather aims to provide the majority of executive officer compensation opportunities in the form of at-risk incentive compensation.

Benchmarking and Peer Group Data

To attract and retain the best executives for key management positions, we provide compensation opportunities that are competitive based on peer group and survey data. We do not target any specific pay percentile for our executive officers. It is important to note, however, that the majority of pay opportunities for our top executives are incentive-based and that actual realizable compensation is heavily dependent upon actual business results. See “Executive Compensation Philosophy and Program Design” above. Failure to achieve targeted results could result in realized compensation being below the competitive benchmarks. Conversely, our incentive compensation programs provide opportunities for compensation to exceed the competitive benchmarks if specified objectives are achieved at targeted levels or higher. The Committee believes that actual realizable compensation for our top executives is well aligned with our performance.

The Committee asks its independent compensation consultant to conduct an annual competitive compensation review to benchmark compensation for executive officers. Mercer (US) Inc. (“Mercer”), the Committee’s independent compensation consultant, delivered its Fiscal 2024 Executive Compensation Competitive Market Assessment (the “FY24 Mercer Executive Compensation Report”) to the Committee in August 2023 in connection with the Committee’s review and evaluation of the executive compensation program and pay levels for fiscal 2024. For that report, Mercer collected competitive pay data for a peer group of 14 publicly traded companies that were reviewed and approved by the Committee in May 2023.

There is only one publicly traded company in the marketplace with which we directly compete, FirstCash Holdings, Inc. As a result, the Committee uses a set of similarly-sized companies from relevant industries that serve similar customer bases, operate in the retail or consumer finance industries and typically have similar operating dynamics as the Company. The Committee believes this approach appropriately reflects the diverse labor market for executive talent in which we compete and presents a reasonable reference for evaluating the competitiveness of our executive compensation levels and practices.

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The fiscal 2024 peer group consisted of the following companies:

Peer Company

Stock Symbol

Primary Business

The Aaron's Company, Inc.

AAN

Homefurnishing Retail

The Cato Corporation

CATO

Apparel Retail

Conn's, Inc.

CONN

Computer and Electronics Retail

CURO Group Holdings Corp.

CURO

Consumer Finance

Enova International, Inc.

ENVA

Consumer Finance

FirstCash Holdings, Inc.

FCFS

Consumer Finance — Pawn Operator

Green Dot Corporation

GDOT

Consumer Finance

LendingClub Corporation

Consumer Finance

LendingTree, Inc.

TREE

Consumer Finance

MoneyGram International, Inc.

MGI

Data Processing and Outsourced Services — Fintech

Oportun Financial Corporation

OPRT

Consumer Finance

PRA Group, Inc.

PRAA

Consumer Finance

Regional Management Corp.

Consumer Finance

World Acceptance Corporation

WRLD

Consumer Finance

In comparison to the peer group used in fiscal 2023, in fiscal 2024, two companies were removed and three were added. Atlanticus Holdings Corporation was removed due to its revenue size being outside the range of reasonable comparability, and Elevate Credit, Inc. was removed due to it no longer being public. The three companies added (Green Dot Corporation, LendingTree, Inc. and PRA Group Inc.) maintain focus on the Consumer Finance industry. When the peer group was approved by the Committee, Mercer noted that the Company was at the 38th percentile of the peer group in terms of revenue size and at the 49th percentile in terms of market capitalization.

To benchmark our executive compensation, Mercer used peer group data from the most recently available proxy filings (CEO and CFO positions and other executive positions where available) and its own executive compensation survey data (for all executive officer positions). Additional data from other published surveys was used as secondary reference points.

The FY24 Mercer Executive Compensation Report contained the following general observations, which the Committee took into consideration in evaluating and approving executive compensation for fiscal 2024:

•Total cash compensation (at target levels) for our executive officers as a group approximates the 59th percentile, with seven of eight executive officers approximating or exceeding the 50th percentile.

•Long-term incentive compensation (at target levels) is less competitive at below the 25th percentile, with six of eight executive officers below the 50th percentile.

•As a whole, total direct compensation (cash compensation plus long-term incentive) for our executive officers is at the 45th percentile, with half of our executive officers approximating or exceeding the 50th percentile.

Components of Compensation and Fiscal 2024 Executive Compensation Actions

Our executive compensation program consists of four main elements: base salaries, short-term cash incentive opportunities, long-term incentive opportunities (generally paid in the form of equity awards) and other benefits, including healthcare and retirement. Each of these components is discussed in more detail below, along with the compensation actions that were taken during fiscal 2024.

Base Salary

Our primary objective with respect to base salary levels is to provide sufficient fixed cash income to attract and retain experienced leaders in a competitive market. The base salaries of our executive officers are reviewed and adjusted (if appropriate) annually to reflect, among other things, individual performance, review of market data, experience in role, macro-economic conditions and internal equity.

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The following table shows, for each Named Executive Officer, the base salaries that were in effect for fiscal 2024 and 2023:


Named Executive Officer	Fiscal 2024 Base Salary		Fiscal 2023 Base Salary		Increase

Lachlan P. Given	$	750,000	$	750,000	0%
Timothy K. Jugmans	$	475,000	$	450,000	6%
Philip E. Cohen	$	1,500,000	$	1,500,000	0%
John Blair Powell, Jr.	$	600,000	$	550,000	9%
Lisa VanRoekel	$	410,000	$	410,000	0%

In October 2024, the Committee determined that the fiscal 2025 base salaries for the Named Executive Officers would be as follows: Mr,. Given, $750,000 (no increase); Mr. Jugmans, $500,000 (5.3% increase); Mr. Cohen, $1,500,000 (no increase); Mr. Powell, $600,000 (no increase); and Ms. VanRoekel, $410,000 (no increase).

Annual Short-Term Incentive

Our executive officers, as well as other key Team Members, are eligible to participate in our annual short-term incentive (“STI”) plan. The plan is designed to provide financial reward contingent on achievement of annual corporate and business unit financial results, as well as personal objectives tied to our strategic goals.

The following is a summary of the terms of the fiscal 2024 STI plan, which the Committee approved in May 2023:

•The fiscal 2024 STI plan provides cash bonus opportunities based on achievement of specified performance goals. The bonus opportunity for each participant was determined based on a designated target amount, a business performance modifier based on the achievement of specified EBITDA-based performance goals for the Company as a whole (consolidated) and each business unit, and an assessment of individual performance.

•Participants were assigned to one of two “STI Incentive Pools” — Consolidated Executive Officer and Consolidated — and the total target amount for each pool equaled the aggregate designated target amount for the participants in that pool. The Consolidated Pool also includes three sub-pools based on individual business unit performance.

•The plan was subject to a “Company Performance Gate,” such that no pool would be funded if the Company did not achieve the minimum level of Adjusted EBITDA required for a corporate-level payout.

•If the Company Performance Gate was achieved, then each pool was funded in a range from 0% to 150% of the total target amount assigned to that pool, based on the level of achievement of the applicable performance goal for that pool.

•The performance goal for both the Consolidated Executive Officer pool and the Consolidated pool was based on the consolidated Adjusted EBITDA shown in the Board-approved budget for fiscal 2024 (excluding any impact of our investment in Cash Converters). The threshold level for each pool (i.e. the performance needed to achieve 50% funding) was set at 85% of the designated performance goal for that pool, and the maximum level (i.e. the performance needed to achieve 150% funding) was set at 115% of the designated performance goal. The Company Performance Gate was set at 85% of the consolidated performance goal.

•The Committee retained discretionary authority to make adjustments to the reported EBITDA as it, in its sole discretion, determined to be necessary, appropriate or desirable to take into consideration special events or other circumstances reasonably beyond management’s control (referred to as “Adjusted EBITDA”).

•Each participant’s bonus amount was funded out of their assigned pool based on an evaluation of their individual performance against objectives specified at the beginning of the year. For all participants other than the executive officers, the final bonus amounts were determined by management. For the executive officers (other than the CEO), the final bonus amounts were recommended by the CEO and approved by the Committee. The final bonus amount for the CEO was determined by the Committee.

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The following table sets forth the fiscal 2024 STI target amount for each of the Named Executive Officers:


Named Executive Officer (1)	Fiscal 2024 STI Target Amount		Target Amount as % of Base Salary

Lachlan P. Given	$	1,125,000	150%
Timothy K. Jugmans	$	475,000	100%
John Blair Powell, Jr.	$	600,000	100%
Lisa VanRoekel	$	246,000	60%

(1) Mr. Cohen, in his role as Executive Chairman, is not a participant in the STI plan, but is subject to a separate incentive opportunity specified in the terms of his employment. Pursuant to those terms, he had the opportunity to earn an incentive award of up to $1,750,000. See “Executive Chairman Incentive Award” below.

The amount of each Named Executive Officer’s STI bonus opportunity at the Threshold, Target and Maximum levels is set forth in the “Grants of Plan-Based Awards” table under “Incentive Plan Based Awards” below.

All of the Named Executive Officers were assigned to the Consolidated Executive Officer pool. During fiscal 2024, the Company achieved 109% of the specified consolidated performance goal.

In addition to the noted financial performance, management was successful in completing specific initiatives that were designed to drive progress across the key strategic focus areas for fiscal 2024, which included:

•Strengthening our core pawn business;

•Driving cost efficiency;

•Improving our Team Member experience;

•Improving and expanding our customer engagement through innovation and growth;

•Modernizing our IT and data management systems;

•Enhancing and maintaining our culture of risk management and compliance; and

•Developing the foundations of a comprehensive and integrated sustainability program.

These strategic focus areas provided the foundation for delivering strong financial performance through increased earnings and efficient balance sheet management.

Following a consideration of all of these factors, the Committee approved a funding level of 127% for the Consolidated Executive Officer pool, which included all of the Named Executive Officers. The specific bonus amount approved for each Named Executive Officer is indicated in the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table below. Those amounts were calculated as follows:


Named Executive Officer (1)	Target Amount		STI Payout		Percent of Target Awarded


Lachlan P. Given	$	1,125,000	$	1,428,750	127%
Timothy K. Jugmans	$	475,000	$	603,250	127%
John Blair Powell, Jr.	$	600,000	$	762,000	127%
Lisa VanRoekel	$	246,000	$	312,420	127%

(1) Mr. Cohen’s bonus payout was calculated as described below under “Executive Chairman Incentive Award.”

In November 2024, the Committee approved the STI plan for fiscal 2025. The fiscal 2025 STI plan contains the same design elements as the fiscal 2024 plan; however the individual business unit sub-pools were removed from the Consolidated Pool. For fiscal 2025, the Target Amounts for each of the Named Executive Officers will be as follows: Mr. Given, $1,125,000; Mr. Jugmans, $500,000; Mr. Powell, $600,000; and Ms. VanRoekel, $246,000.

Long-Term Incentives

General — Long-term incentive (“LTI”) compensation, in the form of equity awards, is a key component in our executive compensation program, helping to encourage long-term commitment, shareholder alignment and long-term performance orientation. The value of equity awards over time bears a direct relationship to the price of our stock and the gain or loss experienced by our stockholders.

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All of our executive officers are eligible to receive LTI awards. We structure our LTI compensation program to place greater emphasis on long-term performance that enhances stockholder value. Many of our peers have a significant time-based vesting component to their long-term awards, while 80% of our LTI awards are subject to performance-based vesting. To further emphasize the long-term nature of these awards, 100% of the LTI awards vest at the end of a three-year performance period, rather than a prorated vesting each year during the performance period. The Committee believes this structure incentivizes and rewards longer-term vision and strategies and provides a balance to our short-term programs, which are focused on annual performance.

We are currently issuing LTI awards under the 2022 Long-Term Incentive Plan (the “2022 LTI Plan”). Under the terms of the 2022 LTI Plan, all awards must be approved by the full Board of Directors, following recommendation by the Committee.

Grant frequency — Although LTI awards may be made at any time as determined by the Committee and approved by the Board, the Committee generally considers new LTI grants for executive officers and other key employees on an annual basis. Given that these annual LTI awards are intended to incentivize performance over the full designated performance period, the Committee considers it appropriate to use the stock price at the beginning of the performance period in determining the number of shares or units to be granted. In the Committee’s view, this methodology, consistently applied, neutralizes the stock price as a factor impacting the timing of awards.

Fiscal 2024 Actions — For fiscal 2024, the Committee took the following actions regarding LTI awards:

•Grant of fiscal 2024 LTI awards — In May 2023, the Committee approved the design and structure of the fiscal 2024 LTI awards. In October 2023, the Committee authorized the issuance of awards to the executive officers and other key employees, which awards were granted in October 2023 following approval by the Board. The number of units awarded to each participant was determined by dividing the participant’s designated LTI target amount by $8.25, the closing trading price of our Class A Non-Voting Common Stock on September 29, 2023. The following table shows the fiscal 2024 LTI awards for the Named Executive Officers (other than Mr. Cohen, who is subject to a separate incentive program and is not eligible for LTI awards):


Named Executive Officer	Fiscal 2024 LTI Target Amount		Number of Units

Lachlan P. Given	$	2,600,000	315,151
Timothy K. Jugmans	$	700,000	84,848
John Blair Powell, Jr.	$	1,200,000	145,454
Lisa VanRoekel	$	350,000	42,424

The awards took the form of restricted stock units with the following terms:

•Performance will be measured over a three-year performance period (fiscal 2024, fiscal 2025 and fiscal 2026).

•Vesting for 80% of the units awarded is subject to performance measured against specified net income targets — 20% of the units are allocated to each of the three years in the performance period (with each year measured separately based on an annual Adjusted Net Income performance goal), and 20% of the units are subject to a cumulative performance goal based on Adjusted Net Income growth over the three-year performance period.

The Committee continues to consider net income to be the long-term shareholder value metric against which management should be measured, as it reflects the scaling of profitability in a fiscally robust way. Net income takes into account the full bottom-line performance and growth of the Company, including a prudent capital structure; it is the metric that primarily drives our stock price, closely aligning management’s interests with those of our shareholders; it is one of the three primary financial goals in the Company’s “Strategic Goals and Measures” framework; and it is less susceptible to manipulation, as EPS often is with debt-financed share buybacks that potentially put financial position at risk.

•The remaining 20% of the units are subject to time-based vesting, contingent only on continuous active employment through the end of the performance period.

•The number of performance-based units (whether annual or cumulative) that will be available to vest at the end of the performance period will range from 50% (assuming minimum threshold performance is achieved) and 150%, depending on the level of performance target achievement. There is no “bonus” unit opportunity for the time-based units, and they will vest at 100% only if the continuous active employment condition is met; otherwise, they will be forfeited.

The Committee believes this structure aligns with the Company’s business strategy by maintaining executive focus on each year’s results but also driving long-term, multi-year performance. Additionally, the Committee determined, with the advice of its independent consultant, that the inclusion of a relatively small time-based element aligns the Company’s equity awards with market comparables.

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•Vesting of fiscal 2022 awards — As described in our Annual Report on Form 10-K for the year ended September 30, 2022 (the “2022 Annual Report”), the fiscal 2022 LTI awards were approved in October 2021. The basic design of the fiscal 2022 awards is similar to the fiscal 2024 awards discussed above, except that 100% of the units awarded are subject to performance-based vesting (divided equally among the three years in the performance period, fiscal 2022, fiscal 2023 and fiscal 2024). As reported in our Annual Report on Form 10-K for the year ended September 30, 2023 (the “2023 Annual Report”), the Committee previously determined that 150% of the units allocated to fiscal 2022 and 147% of the units allocated to fiscal 2023 were available for vesting for those participants whose employment continued through fiscal 2024.

During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million) exceeded the specified performance goal at the target level, and in November 2024, the Committee determined that 133% of the units allocated to fiscal 2024 (along with the units allocated to fiscal 2022 and fiscal 2023 as described above) were vested for those participants whose employment continued through the end of fiscal 2024. The resulting vesting for the Named Executive Officers was as follows: this includes 235,925 units for Mr. Given, (including 71,325 “bonus” units); 83,599 units for Mr. Jugmans, (including 25,273 “bonus” units); 136,168 units for Mr. Powell, (including 41,165 “bonus” units); and 59,535 units for Ms. VanRoekel, (including 17,996 “bonus” units).

•Second-year performance of fiscal 2023 awards — As described in our 2023 Annual Report, the fiscal 2023 LTI awards were approved in October 2022. The basic design of the fiscal 2023 awards is substantially similar to the fiscal 2024 awards discussed above, except that the three-year performance period consists of fiscal 2023, fiscal 2024 and fiscal 2025. As reported in the 2023 Annual Report, the Committee determined in November 2023 that 147% of the units allocated to fiscal 2023 were available for vesting for those participants whose employment continues through fiscal 2024.

During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million) exceeded the specified performance goal at the target level, and in November 2024, the Committee determined that 133% of the units allocated to fiscal 2024 were available for vesting for those participants whose employment continues through the end of fiscal 2025. For the Named Executive Officers, this includes 69,001 units for Mr. Given (including 17,120 “bonus” units); 17,250 units for Mr. Jugmans (including 4,280 “bonus” units); 28,463 units for Mr. Powell (including 7,062 “bonus” units); and 11,316 units for Ms. VanRoekel (including 2,807 “bonus” units).

•First-year performance of fiscal 2024 awards — During fiscal 2024, the Company’s Adjusted Net Income performance ($84.7 million) exceeded the specified performance goal at the target level, and in November 2024, the Committee determined that 133% of the units allocated to fiscal 2024 are available for vesting for those participants whose employment continues through the end of fiscal 2026. For the Named Executive Officers, this includes 83,829 units for Mr. Given (including 20,799 “bonus” units); 22,568 units for Mr. Jugmans (including 5,599 “bonus” units); 38,689 units for Mr. Powell (including 9,599 “bonus” units); and 11,283 units for Ms. VanRoekel (including 2,799 “bonus” units).

•Grant of fiscal 2025 Awards — In October 2024, the Committee approved the plan design for the fiscal 2025 LTI awards. The approved design is substantially identical to the fiscal 2024 awards described above, except that the three-year performance period covers fiscal 2025, fiscal 2026 and fiscal 2027. The fiscal 2025 LTI awards were granted in November 2024 following approval by the Board. The number of units awarded to each participant was determined by dividing the participant’s designated LTI target amount by $11.21, the closing trading price of our Class A Non-Voting Common Stock on September 30, 2024. The following table shows the fiscal 2025 LTI awards for the Named Executive Officers (other than Mr. Cohen, who is subject to a separate incentive program and is not eligible for LTI awards):


Named Executive Officer (1)	Fiscal 2025 LTI Target Amount		Number of Units

Lachlan P. Given	$	3,000,000	267,618
Timothy K. Jugmans	$	900,000	80,285
John Blair Powell, Jr.	$	1,200,000	107,047
Lisa VanRoekel	$	400,000	35,682

(1) In October 2024, the Committee approved increases in the LTI target amounts for Mr. Given (from $2,600,000 to 3,000,000), Mr. Jugmans (from $700,000 to $900,000), and Ms. VanRoekel (from $350,000 to $400,000). These changes better align the executives’ long-term incentive compensation and total direct compensation with peer group executives in comparable positions (at the 41st percentile and 43rd percentile, respectively, for Mr. Given; at the 43rd percentile and 45th percentile, respectively, for Mr. Jugmans; and at the 43rd percentile and 63rd percentile, respectively, for Ms. VanRoekel), and is consistent with the Company’s pay-for-performance philosophy and emphasis on long-term compensation.

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Executive Chairman Incentive Award

As Executive Chairman, Mr. Cohen has an incentive compensation opportunity of $1,750,000 per year, awarded in the form of cash-settled phantom stock units (“Units”) tied to the trading price of the Company’s Class A Common Stock, as follows:

•Award — At the beginning of a fiscal year (the “Performance Year”), the number of Units awarded is determined by dividing $1,750,000 by the stock price at the close of the immediately preceding fiscal year.

•Vesting — The awarded Units vest at the end of the Performance Year so long as the “Company Performance Gate” under the Company’s STI plan for the Performance Year has been achieved. The Company Performance Gate is the level of performance (generally measured in terms of Adjusted EBITDA) needed to achieve any payout under the STI plan. Even if the Company Performance Gate is achieved, the Committee in its discretion may reduce the number of Units that vest based upon the Committee’s evaluation of Mr. Cohen’s achievement of individual performance objectives. Conversely, if the Company Performance Gate is not achieved, the Committee in its discretion may choose to vest some or all of the Units based an evaluation of Mr. Cohen’s achievement of individual performance objectives.

•Payout — The vested Units will be paid out in two installments. The first installment will be paid as soon as practicable after the end of the Performance Year and will be an amount of cash equal to 50% of the vested Units multiplied by the stock price at the end of the Performance Year. The second installment will be paid out at the end of the next fiscal year and will be an amount of cash equal to 50% of the vested Units multiplied by the stock price at that time.

At the beginning of fiscal 2024, Mr. Cohen received 212,121 Units (the “FY24 Units”), which was calculated by dividing the bonus opportunity ($1,750,000) by $8.25, the closing trading price of our Class A Non-Voting Common Stock on September 29, 2023. In September 2024, the Committee reviewed and evaluated Mr. Cohen’s individual performance during fiscal 2024, noting Mr. Cohen’s valuable contributions in key strategic areas, including the following:

•Providing leadership and mentorship to the CEO, COO and CFO;

•Providing counsel and advice on development and execution of strategic plan;

•Providing direction, high-level involvement and support on key growth initiatives, including acquisitions, strategic investments and partnerships and de novo developments;

•Providing counsel and operational guidance to improve store-level performance and Team Member engagement; and

•Providing thought leadership and guidance on financing and capital allocation strategies.

As noted above, the Committee has determined that the Company Performance Gate under the fiscal 2024 STI plan has been achieved. See “Annual Short-Term Incentive” above. Consequently, and taking into consideration the Committee’s evaluation of Mr. Cohen’s individual performance, the Committee approved the vesting of 100% of the FY24 Units. Under the terms of Mr. Cohen’s incentive opportunity, 50% of those Units (or 106,060 Units) will be paid out on a per-Unit value of $11.21 (the closing trading price of our Class A Common Stock on September 30, 2024), translating to a cash payout of $1,188,933. The remaining 50% of the FY24 Units (106,061 Units) will be paid at the end of fiscal 2025 based on the closing trading price of our Class A Non-Voting Common Stock at that time.

In September 2024, the Committee maintained Mr. Cohen’s incentive compensation opportunity at $1,750,000, and for fiscal 2025, Mr. Cohen received 156,110 Units (the “FY25 Units”), which was calculated by dividing the bonus opportunity ($1,750,000) by $11.21, the closing trading price of our Class A Non-Voting Common Stock on September 30, 2024. The FY25 Units will be subject to the vesting and payout terms described above.

Supplemental Executive Retirement Plan

We provide selected executives with a non-qualified Supplemental Executive Retirement Plan (“SERP”) to offer a competitive benefit and to assist in offsetting potential impacts of contribution limitations applicable to our 401(k) retirement savings plan. For fiscal 2024, the Committee approved SERP contributions for each of the executive officers equal to 10% of base salary. This resulted in the following SERP contributions for each of the Named Executive Officers (other than Mr. Cohen who is not eligible for SERP contributions):


Named Executive Officer	Fiscal 2024 SERP Contribution

Lachlan P. Given	$	75,000
Timothy K. Jugmans	$	47,500
John Blair Powell, Jr.	$	60,000
Lisa VanRoekel	$	41,000

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In September 2024, the Committee approved fiscal 2025 SERP contributions equal to 10% of base salary for each of the executive officers (other than Mr. Cohen). For the Named Executive Officers, those contributions were $75,000 for Mr. Given, $50,000 for Mr. Jugmans, $60,000 for Mr. Powell and $41,000 for Ms. VanRoekel.

Other Benefits and Perquisites

The executive officers participate in other benefit plans on the same terms as other Team Members. These plans include medical, dental, life insurance and our 401(k) retirement savings plan. In addition, we provide supplemental healthcare benefits to our executive officers. The amount of that benefit for the Named Executive Officers is included in the “All Other Compensation” column of the Summary Compensation Table below.

Executive Compensation Governance and Process

Composition of the People and Compensation Committee

The People and Compensation Committee is comprised of four members — Mr. Lagos (Chair), Mr. Appel, Ms. Arnold and Mr. Tillett — each of whom is an independent director. See “Part III, Item 10 — Directors, Executive Officers and Corporate Governance — Board of Directors.”

Role of the Committee

The Board of Directors has authorized the Committee to establish the compensation programs for all executive officers and to provide oversight for compliance with our compensation philosophy. The Committee delegates the day-to-day administration of the compensation plans to management and retains responsibility for ensuring that the plan administration is consistent with our policies.

Annually, the Committee sets the compensation for our executive officers, including objectives and awards under incentive plans (subject to approval of LTI awards by the Board of Directors). The Committee also reviews all other proposed LTI awards and makes recommendations to the Board of Directors on proposed LTI awards and the appropriate compensation for the non-employee directors.

The Committee also oversees the Company’s human capital management (HCM) strategy, policies and activities, including succession planning and corresponding individual development in order to maintain the talent necessary to fulfill our operational and strategic objectives; diversity and inclusion initiatives; Team Member engagement; and assessing the overall effectiveness of our HCM programs. For more information on the Committee's role, see “Part III, Item 10 — Directors, Executive Officers and Corporate Governance — Corporate Governance — Committees of the Board — People and Compensation Committee,” as well as the Committee's charter, which can be found in the Investor Relations section of our website at www.ezcorp.com.

Role of Management

The Committee receives data regarding compensation trends, succession plans, issues and recommendations from management. Members of management, including the Chief Executive Officer, Chief Human Resources Officer and Chief Legal Officer, attend Committee meetings at the invitation of the Committee. In addition, our Chief Executive Officer provides input on individual performance and recommendations regarding compensation adjustments to the Committee for executive officer positions other than his own.

Role of the Independent Compensation Consultant

Under its charter, the Committee has sole authority to retain, terminate, obtain advice from, oversee and compensate its outside advisors, including its compensation consultant. We have provided appropriate funding to the Committee to do so.

Since March 2020, the Committee has retained Mercer as its independent compensation consultant. The Committee’s independent compensation consultant reports directly to the Committee, and the Committee may replace its independent compensation consultant or hire additional consultants at any time. The Committee’s independent compensation consultant communicates with, and attends meetings of, the Committee as requested.

The Committee annually evaluates the independence of its independent compensation consultant in providing executive compensation consulting services, and to date has found no conflict of interest with respect to Mercer.

During fiscal 2024, Mercer, among other things, advised the Committee on the principal aspects of our executive compensation program, updated the Committee on evolving best practices and provided market information and analysis regarding the competitiveness of our program design and award values.

Compensation Risk

The Committee continually monitors our general compensation practices, specifically the design, administration and assessment of our incentive plans, to identify any components, measurement factors or potential outcomes that might create an incentive for excessive risk-

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taking detrimental to the Company. The Committee has determined that our compensation plans and policies do not encourage excessive risk-taking.

Our executive compensation program provides a balance of short-term and long-term incentives that reward achievement of profitable, consistent and sustainable results. These include:

•Annual incentive compensation tied to achievement of profitable Company or business unit performance (as measured by consolidated and/or business unit EBITDA);

•Meaningful long-term equity incentive opportunities that are substantially performance-based and provide an incentive to deliver long-term growth in stockholder value as a result of sustained earnings growth.

We maintain the following policies to mitigate compensation risk:

•Compensation Recovery Policy — The Board of Directors has adopted a Compensation Recovery Policy that complies with the requirements of the Nasdaq Listing Rules. Under the policy, the Company generally is required to take reasonably prompt action to recover “Erroneously Awarded Compensation” from the persons subject to the policy (including the executive officers) if the Company is required to prepare an accounting restatement due to the Company’s material noncompliance with financial reporting requirements. “Erroneously Awarded Compensation” is the amount of incentive compensation received by a covered person in excess of the amount that would have been received had it been determined based on the restated amounts. A copy of the Compensation Recovery Policy, which became effective on August 1, 2023, is filed as an exhibit to this Report.

•Anti-Hedging Policy — We maintain a policy prohibiting the trading of “derivative securities” related to, or engaging in “short sales” of, our stock by members of the Board of Directors, executive officers or any other persons associated or affiliated with the Company (through employment, contractual relationship or otherwise) who are designated from time to time by the Board of Directors. For purposes of the policy, a “derivative security” is any option, warrant, convertible security, stock appreciation right or similar right with an exercise or conversion privilege at a price related to our stock, or similar securities with a value derived from the value of our stock; and a “short sale” is any sale of stock that the seller does not own or any sale that is consummated by the delivery of stock borrowed by, or for the account of, the seller. The Board believes that this policy, by preventing the shifting of the risks of ownership of Company stock, helps to align the interests of management with the interests of the other Company stockholders.

•Executive Share Retention Policy — The Board of Directors has adopted stock ownership requirements applicable to the members of the Board of Directors and the executive officers. Pursuant to those requirements, each non-executive member of the Board of Directors and each executive officer is required to hold a number of shares of Class A Non-Voting Common Stock having a market value equal to the applicable “Required Multiple” of the annual retainer fee (in the case of the non-executive directors) or base salary (in the case of the executive officers). The Required Multiple is 4X for the non-executive directors and the CEO, 2X for the Executive Chairman and 1X for the other executive officers. Each person subject to the stock ownership requirements is required to hold at least 50% (in the case of the non-executive directors) or 30% (in the case of the executive officers) of each vesting of restricted stock or restricted stock units until the required stock ownership amount is satisfied. Thereafter, such person can sell shares (subject to our trading window policy) as long as the required stock ownership amount is maintained. Because each share of Class B Voting Common Stock is convertible into a share of Class A Non-Voting Common Stock, the shares of Class B Voting Common Stock held by Mr. Cohen are treated as the equivalent number of shares of Class A Non-Voting Common Stock for purposes of applying the stock ownership requirements.

All directors and executive officers are currently in compliance with the stock ownership requirements.

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Other Executive Compensation Matters

Change in Control Severance Plan — The executive officers (other than Mr. Cohen) are participants in the EZCORP, Inc. Change in Control Severance Plan (the “CIC Severance Plan”), which was approved and adopted by the Board of Directors in November 2022. A participant in the CIC Severance Plan is entitled to receive certain severance benefits if both of the following events occur (a “double trigger”): The Company experiences a change in control and the executive’s employment is terminated within two years thereafter. The severance benefits include a cash payment equal to (1) a multiple of the participant’s annual base salary and target STI bonus plus (2) the participant’s prorated target bonus for the year in which the termination occurs. In addition, the Company will provide continued healthcare benefits for a number of years equal to the applicable multiple. The multiple referred to varies by executive officer, with the CEO, COO and CFO having multiples of 2.0 and the remaining executive officer participants having multiples of 1.5.

The Board of Directors has also approved amendments to the 2022 Long-Term Incentive Plan and all outstanding LTI awards to provide for the acceleration of vesting (at target levels, in the case of performance-based awards) upon the occurrence of a qualifying termination following a change in control. This acceleration of vesting benefit applies to the CIC Severance Plan participants, as well as all other holders of outstanding LTI awards.

Generally, for purposes of the CIC Severance Plan, a change in control will be deemed to have occurred if a person or group acquires beneficial ownership of 50% or more of the combined voting power of the outstanding Company securities, either directly or through consummation of a business combination; provided, however, that any acquisition or beneficial ownership of voting securities by, or a transfer of voting securities to, Mr. Cohen, any of his heirs or any entity that is owned or controlled by Mr. Cohen or any of his heirs, shall not constitute a change in control.

The foregoing is a summary description of the principal terms of the CIC Severance Plan and is qualified in its entirety by reference to the full terms and provisions set forth in the plan document, which is filed as an exhibit to this Report.

Other severance benefits — We provide the following other severance benefits to our executive officers (other than Mr. Cohen):

•Unless severance benefits under the CIC Severance Plan are triggered, each of our executive officers will receive one year’s base salary (as a lump sum or in the form of salary continuation) if their employment is terminated by the Company without cause.

•Generally, restricted stock and restricted stock unit awards, including those granted to the executive officers, provide for accelerated vesting of some or all of the unvested shares or units in the event of the holder's death or disability.

More information on severance arrangements can be found under “Other Benefit Plans — Certain Termination Benefits” below. The Committee believes that these benefits provide important protection to the executive officers, are consistent with practice of the peer companies and are appropriate for attraction and retention of executive talent.

Restrictive Covenant Agreements — Each of our executive officers (other than Mr. Cohen), along with other key Team Members, has entered into a Restrictive Covenant Agreement under which the executive is subject to confidentiality and non-disclosure obligations with respect to various categories of proprietary, competitively sensitive and confidential information. In addition, each such executive has agreed that, for a period of one year following the termination of employment with the Company, they will not compete with the Company (within a defined area) and will not solicit the Company's Team Members or suppliers.

Employment Contract for Mr. Given — On November 14, 2023, we entered into an Employment Contract with Mr. Given, our Chief Executive Officer, who resides in London, England. The Employment Contract was entered into to comply with U.K. employment laws and is not intended to alter the fundamental elements of Mr. Given’s employment relationship, including the compensatory arrangement as reflected in this Compensation Discussion and Analysis. The terms of the Employment Contract mirror as close as possible the terms of Mr. Given’s pre-existing U.S. employment, although certain modifications were necessary to adapt to a U.K. employment environment, particularly with regards to healthcare and other benefits. All compensation received by Mr. Given under the Employment Contract is reflected in the Summary Compensation Table below, including the “All Other Compensation” column, which includes healthcare and other benefits.

Compensation Committee Report

The Compensation Committee has reviewed the foregoing Compensation Discussion and Analysis and has discussed it with management. Based on that review and those discussions, the Committee has recommended to the Board of Directors that the Compensation Discussion and Analysis be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.


			Pablo Lagos Espinosa, Chair Matthew W. Appel Zena Srivatsa Arnold Gary L. Tillett

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Compensation Committee Interlocks and Insider Participation

None of the persons who served as members of the Compensation Committee during fiscal 2024 are or have ever been an officer of or employed by the Company, nor do they have any relationship that requires disclosure under Item 404 of Regulation S-K, the SEC’s rules requiring disclosure of certain relationships and related party transactions.

Summary Compensation Table

The table below summarizes the total compensation for fiscal 2024, 2023 and 2022 for the Named Executive Officers. The amounts shown reflect the compensation received by each of the Named Executive Officers for the positions in which they were serving during the fiscal years so noted, as follows:

•Mr. Given served as Chief Strategy, M&A and Strategic Funding Officer during fiscal 2021 and the first quarter of fiscal 2022. He was named Co-Interim Chief Executive Officer effective January 12, 2022 and appointed Chief Executive Officer on March 3, 2022.

•Mr. Jugmans has served as Chief Financial Officer during all of the three fiscal years reported.

•Mr. Cohen has served as Executive Chairman during all of the three fiscal years reported.

•Mr. Powell was promoted to the position of President, Global Pawn in October 2021 and held that position until he was named Co-Interim Chief Executive Officer effective January 12, 2022 and appointed Chief Operating Officer on March 3, 2022.

•Ms. VanRoekel has served as Chief Human Resources Officer during all of the three fiscal years reported.


Name and Principal Position	Fiscal Year	Base Salary		Stock Awards (1)		Non-Equity Incentive Plan Compensation (2)		All Other Compensation (3)		Total

Lachlan P. Given (4)	2024	$	750,000	$	2,934,775	$	1,428,750	$	93,071	$	5,206,596
Chief Executive Officer	2023	$	750,000	$	2,261,136	$	1,383,750	$	86,394	$	4,481,280
	2022	$	728,654	$	1,045,197	$	1,465,274	$	84,452	$	3,323,577
Timothy K. Jugmans (4)	2024	$	475,000	$	857,775	$	603,250	$	108,910	$	2,044,935
Chief Financial Officer	2023	$	450,000	$	749,143	$	553,500	$	71,679	$	1,824,322
	2022	$	438,615	$	412,239	$	626,745	$	71,146	$	1,548,745
Philip E. Cohen	2024	$	1,500,000	—		$	2,279,402	$	19,046	$	3,798,448
Executive Chairman	2023	$	1,500,000	—		$	1,619,896	$	21,597	$	3,141,493
	2022	$	1,500,000	—		$	1,913,468	$	23,310	$	3,436,778
John Blair Powell, Jr.	2024	$	600,000	$	1,403,763	$	762,000	$	94,447	$	2,860,210
Chief Operating Officer	2023	$	550,000	$	1,076,827	$	676,500	$	84,410	$	2,387,737
	2022	$	515,577	$	777,148	$	744,576	$	85,510	$	2,122,811
Lisa VanRoekel	2024	$	410,000	$	525,496	$	312,420	$	58,526	$	1,306,442
Chief Human Resources	2023	$	410,000	$	568,644	$	302,580	$	54,386	$	1,335,610
Officer	2022	$	391,077	$	290,106	$	353,762	$	56,215	$	1,091,160

(1)Amounts represent the aggregate grant date fair value of restricted stock or restricted stock unit awards, computed in accordance with FASB ASC 718-10-25. See Note 8: Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data.” The actual value realized by the Named Executive Officer with respect to stock awards will depend on whether the award vests and, if it vests, the market value of our stock on the date the stock is sold.

For a description of these awards, see the “Grant of Plan-Based Awards” table under “Incentive Plan Based Awards” below. See also “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives” above.

(2)For Named Executive Officers other than Mr. Cohen, amounts represent the incentive bonuses paid pursuant to the Short-Term Incentive Compensation Plan. See “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Annual Incentive Bonuses” above. For Mr. Cohen, amounts represent the incentive bonuses paid pursuant to the special incentive compensation arrangement described under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Executive Chairman Incentive Award.”

(3)Amounts include the cost of providing various perquisites and personal benefits, as well as the value of our contributions to the company-sponsored 401(k) plan and Supplemental Executive Retirement Plan. For detail of the amounts shown for each Named Executive Officer, see the table under “Other Benefits and Perquisites — All Other Compensation” below.

(4)Mr. Given and Mr. Jugmans serve on the board of directors of Cash Converters International Limited, with Mr. Jugmans serving as non-executive chairman. The director fees paid to each of them during fiscal 2024 by Cash Converters International Limited were as follows: Mr. Given, AUD $97,500; and Mr. Jugmans, AUD $172,500. These amounts are not included in the Summary Compensation Table, as they were paid by Cash Converters International Limited, which is not controlled by EZCORP.

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CEO Pay Ratio

The following information sets forth our calculation of the ratio between the annual total compensation of Lachlan P. Given, our Chief Executive Officer, and the annual total compensation of our median Team Member (“CEO Pay Ratio”).

•Mr. Given’s total annual compensation for fiscal 2024 was $5,206,596. That number is derived from the numbers set forth in the Summary Compensation Table above.

•Our median Team Member’s total annual compensation for fiscal 2024 was $18,137, consisting of gross annual wages, bonuses, overtime pay and other benefits.

•Based on those numbers, our CEO Pay ratio for fiscal 2024 is 287:1.

Our CEO Pay Ratio is based on the following methodology:

•When we identified our median Team Member, we selected gross wages paid during fiscal 2024 as the most appropriate measure of compensation and applied that measure consistently across our global population. Gross wages generally include salary and wages (regular, hourly and overtime), commissions and bonuses. We annualized the compensation of all permanent full-time and part-time Team Members as of September 30, 2024.

•We calculated the median Team Member’s total annual compensation in accordance with the rules used to calculate the CEO’s compensation included in the Summary Compensation Table above.

•Using this methodology, we determined that our median Team Member was a full-time certified store manager located in Mexico where Team Member wages and cost of living are significantly lower than the U.S.

In calculating CEO pay ratios, companies are permitted to adopt a variety of methodologies, apply certain exclusions and make reasonable estimates and assumptions reflecting their unique employee populations. Therefore, our CEO Pay Ratio, as described above, may not be comparable to CEO pay ratios reported by other companies due to differences in industries and geographical dispersion of employees, as well as the different estimates, assumptions and methodologies applied by other companies in calculating their CEO pay ratios.

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Incentive Plan Based Awards

The following table sets forth certain information about plan-based awards that we made to the Named Executive Officers during fiscal 2024. For information about the plans under which these awards were granted, see “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Compensation Actions — Annual Incentive Bonus” and “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives” above.

Grants of Plan-Based Awards


		Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1)						Estimated Future Payouts Under Equity Incentive Plan Awards (2)
Name	Grant Date	Threshold		Target		Maximum		Threshold	Target	Maximum	Grant Date Fair Value

Lachlan P. Given	10/01/2023	$	562,500	$	1,125,000	$1,687,500		—	—	—	—
	11/04/2023							189,090	315,151	441,211	$	1,560,001	(3)
	11/14/2023									13,916	$	107,292	(4)
	11/14/2023									25,787	$	198,818	(5)
	11/14/2023									24,384	$	188,001	(6)
	Prior Years										$	880,663	(7)
Timothy K. Jugmans	10/01/2023	$	237,500	$	475,000	$	712,500	—	—	—	—
	11/04/2023							50,907	84,848	118,786	$	420,008	(3)
	11/14/2023									6,865	$	52,929	(4)
	11/14/2023									9,137	$	70,446	(5)
	11/14/2023									6,095	$	46,992	(6)
	Prior Years										$	267,399	(7)
Philip E. Cohen	10/1/2023	$	1,750,000	$	1,750,000	$	1,750,000	—	—	—	—
John Blair Powell, Jr.	10/01/2023	$	300,000	$	600,000	$	900,000	—	—	—	—
	11/04/2023							87,272	145,454	203,636	$	720,011	(3)
	11/14/2023									6,958	$	53,646	(4)
	11/14/2023									14,883	$	114,748	(5)
	11/14/2023									10,058	$	77,547	(6)
	Prior Years										$	437,811	(7)
Lisa VanRoekel	10/01/2023	$	123,000	$	246,000	$	369,000	—	—	—	—
	11/04/2023							25,454	42,424	59,394	$	210,012	(3)
	11/14/2023									6,494	$	50,069	(4)
	11/14/2023									6,504	$	50,146	(5)
	11/14/2023									3,999	$	30,832	(6)
	Prior Years										$	184,437	(7)

(1)These amounts represent the potential payouts under the fiscal 2024 Short-Term Incentive Compensation Plan. See “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Annual Incentive Bonuses” above. The “Target” amount is the amount that would be paid if the specified performance goals are achieved at the target level (although the People and Compensation Committee may reduce any award if it chooses to do so). The “Threshold” reflects the amount that would be paid if the minimum performance goals are achieved, while the “Maximum” amount represents the maximum amount that would be paid if the maximum performance goals are achieved or exceeded. See the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table above for the amount of the actual payout for each of the Named Executive Officers.

(2)The amounts shown represent long-term incentive (LTI) awards (stated in number of units) under our Long-Term Incentive Plans. See “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives.

(3)Represents the estimated grant date fair value of the fiscal 2024 LTI awards, assuming payout at “Target” level. This is the estimated amount of aggregate compensation cost we expect to recognize over the performance period, determined as of the grant date. Because of the structure of the fiscal 2024 awards (as described under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2024 Executive Compensation Actions — Long-Term Incentives — Fiscal 2024 Actions — Grant of Fiscal 2024 Awards” above), each annual tranche of the awards is treated as a separate award for accounting purposes. Consequently, the amount shown represents the grant date fair value of the first annual tranche (20% of the award) plus the grant date fair value of the cumulative three-year performance tranche (20% of the award) plus the grant date fair value of the time-based tranche (20% of the award). The grant date fair value of the second and third annual tranches will be reflected in future years when the performance conditions for those tranches are established and they are deemed to be granted for accounting purposes.

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(4)Represents the grant date fair value of the “bonus” units awarded with respect to the third tranche of the fiscal 2021 LTI awards based on Adjusted Net Income performance during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023 Executive Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — Third Year Performance of Fiscal 2021 Awards.”

(5)Represents the grant date fair value of the “bonus” units awarded with respect to the second tranche of the fiscal 2022 LTI awards based on Adjusted Net Income performance during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023 Executive Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — Second Year Performance of Fiscal 2022 Awards.”

(6)Represents the grant date fair value of the “bonus” units awarded with respect to the first tranche of the fiscal 2023 LTI awards based on Adjusted Net Income performance during fiscal 2023, as discussed in our 2023 Annual Report under “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023 Executive Compensation Actions — Long-Term Incentives — Fiscal 2023 Actions — First Year Performance of Fiscal 2023 Awards.”

(7)Represents the aggregate grant date fair value of the third tranche of the fiscal 2022 LTI awards and the second tranche of the fiscal 2023 LTI awards. Because of the structure of those awards, these tranches were treated as separate awards for accounting purposes granted at the beginning of fiscal 2024, even though the full number of units associated with the awards was included in the “Grants of Plan-Based Awards” table in the 2022 Annual Report and the 2023 Annual Report, respectively.

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The following table sets forth certain information about outstanding stock awards held by the Named Executive Officers as of the end of fiscal 2024. None of the Named Executive Officers holds any stock options.

Outstanding Equity Awards at Fiscal Year-End


		Stock Awards

Name	Award Date	Number of Shares or Units of Stock That Have Not Vested (1)			Market Value of Shares or Units of Stock That Have Not Vested (2)
Lachlan P. Given	11/14/2023		24,384			$	273,345
	11/14/2023		25,787	(3)		$	289,072
	11/04/2023		315,151			$	3,532,843
	11/16/2022		27,434	(3)		$	307,535
	10/11/2022		259,403			$	2,907,908
	03/07/2022		85,340	(3)		$	956,661
	10/13/2021		79,260	(3)		$	888,505
						$	9,155,869
Timothy K. Jugmans	11/14/2023		6,095			$	68,325
	11/14/2023		9,137	(3)		$	102,426
	11/04/2023		84,848			$	951,146
	11/16/2022		9,721	(3)		$	108,972
	10/11/2022		64,850			$	726,969
	03/07/2022		2,844	(3)		$	31,881
	10/13/2021		55,482	(3)		$	621,953
						$	2,611,672
Philip E. Cohen			—			$	—
John Blair Powell, Jr.	11/14/2023		10,058			$	112,750
	11/14/2023		14,883	(3)		$	166,838
	11/04/2023		145,454			$	1,630,539
	11/16/2022		15,834	(3)		$	177,499
	10/11/2022		107,003			$	1,199,504
	03/07/2022		35,558	(3)		$	398,605
	10/13/2021		9,907	(3)		$	111,057
	10/13/2021		59,445	(3)		$	666,378
						$	4,463,170
Lisa VanRoekel	11/14/2023		3,999			$	44,829
	11/14/2023		6,504	(3)		$	72,910
	11/04/2023		42,424			$	475,573
	11/16/2022		6,923	(3)		$	77,607
	10/11/2022		42,542			$	476,896
	03/07/2022		4,551	(3)		$	51,017
	10/13/2021		36,988	(3)		$	414,635
						$	1,613,467

(1)Stated at target levels.

(2)Market value is based on the closing price of our Class A Common Stock on September 30, 2024, the last market trading day of fiscal 2024 ($11.21).

(3)These units vested in November 2024 following approval by the People and Compensation Committee. See “Compensation Discussion and Analysis — Components of Compensation and Fiscal 2023 Executive Compensation Actions — Long-Term Incentives” above.

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Stock Vested

The following table sets forth, with respect to each of the Named Executive Officers, certain information about restricted stock that vested during fiscal 2024:


	Stock Awards
Named Executive Officer	Number of Shares Acquired on Vesting (1)	Value Realized on Vesting (2)

Lachlan P. Given	172,962		$	1,426,937
Timothy K. Jugmans	85,327		$	703,948
Philip E. Cohen	—		—
John Blair Powell, Jr.	96,389		$	795,209
Lisa VanRoekel	80,716		$	665,907

(1)Includes shares withheld to satisfy tax withholding obligations.

(2)Computed using the fair market value of the stock on the date of vesting.

Other Benefits and Perquisites

401(k) Retirement Plan — All U.S. Team Members are given an opportunity to participate in our 401(k) retirement savings plan (following a new-hire waiting period). Subject to statutory limits of the IRS, this plan allows participants to have pre-tax amounts withheld from their pay and provides for a discretionary employer matching contribution (historically, 25% up to 6% of salary). Matching contributions are made in the form of cash. Participants may invest their contributions in various fund options, but are prohibited from investing their contributions in our common stock. A participant vests in the matching contributions over the first three years of service, provided the hours worked requirement is met. A participant’s’ matching contributions vest 100% in the event of death, disability or termination of the plan due to a change in control.

Supplemental Executive Retirement Plan — We provide U.S. executive officers with a non-qualified Supplemental Executive Retirement Plan (“SERP”) to offer a competitive benefit and to assist in offsetting potential impacts of contribution limitations applicable to our 401(k) retirement savings plan. The SERP has similar investment options as are available under the 401(k) retirement savings plan. Company contributions to the SERP are formula-based, reviewed and approved by the People and Compensation Committee each year. For fiscal 2024, our annual contributions to the SERP were calculated as 10% of base salary. For fiscal 2025, the Company contributions to the SERP will continue at the same rates for executive officers. Under the terms of the SERP, participants are also allowed to voluntarily defer all or a portion of their salary and bonus payments into the SERP. There were eight participants during fiscal 2024.

All Company contributed SERP funds have a vesting schedule as an additional retention tool. Generally, the funds vest over three years from the contribution date, with one-third vesting each year. All of a participant’s Company contributed SERP funds vest 100% in the event of the participant’s death or disability or the termination of the plan due to a change in control. In addition, all Company contributed SERP funds are 100% vested when a participant attains age 50 and five years of active service. All Company contributed SERP funds are forfeited, regardless of vesting status, if the participant’s employment is terminated for cause.

A participant may not withdraw any portion of his or her SERP account while still employed by the Company unless, in the sole opinion of management, the participant has an unforeseeable emergency, which is defined as a severe financial hardship resulting from an illness or accident of the participant, the participant’s spouse or a dependent; the loss of the participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the participant’s control.

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The following table describes the SERP contributions, earnings and balance at the end of fiscal 2024 for each of the Named Executive Officers:

Nonqualified Deferred Compensation


Named Executive Officer	Company Contributions in Fiscal 2024 (1)		Aggregate Earnings in Fiscal 2024 (2)		Aggregate Withdrawals/Distributions in Fiscal 2024		Aggregate Forfeitures in Fiscal 2024		Aggregate Balance at September 30, 2024 (3)



Lachlan P. Given	$	75,000	$	156,020	$	—	$	—	$	1,010,025
Timothy K. Jugmans	$	47,500	$	54,082	$	—	$	—	$	253,221
Philip E. Cohen	$	—	$	—	$	—	$	—	$	—
John Blair Powell, Jr.	$	60,000	$	12,087	$	—	$	—	$	255,578
Lisa VanRoekel	$	41,000	$	15,362	$	—	$	—	$	178,479

(1)These amounts were included in the Summary Compensation Table above in the column labeled “All Other Compensation.”

(2)These amounts were not included in the Summary Compensation Table as the earnings were not in excess of market rates.

(3)Of the Aggregate Balance at September 30, 2024, the following amounts were previously reported as compensation in the Summary Compensation Tables for prior years: $573,395 for Mr. Given; $102,943 for Mr. Jugmans; $127,463 for Mr. Powell, and $82,841 for Ms. VanRoekel.

All Other Compensation — The following table describes each component of the amounts shown in the “All Other Compensation” column in the Summary Compensation Table above.


Named Executive Officer	Year	Health Care Supplemental Insurance (1)		Value of Supplemental Life Insurance Premiums (2)		Company Contributions to Defined Contribution Plans (3)		Other Benefits (4)		Total


Lachlan P. Given	2024	$	9,640	$	4,818	$	75,000	$	3,613	$	93,071
	2023	$	6,576	$	4,818	$	75,000	$	—	$	86,394
	2022	$	12,873	$	812	$	70,767	$	—	$	84,452
Timothy K.Jugmans	2024	$	28,248	$	1,572	$	51,058	$	28,032	$	108,910
	2023	$	22,068	$	1,236	$	48,375	$	—	$	71,679
	2022	$	22,068	$	1,392	$	47,686	$	—	$	71,146
Philip E. Cohen	2024	$	14,736	$	1,572	$	2,738	$	—	$	19,046
	2023	$	14,736	$	1,236	$	5,625	$	—	$	21,597
	2022	$	14,736	$	1,392	$	7,182	$	—	$	23,310
John Blair Powell, Jr.	2024	$	28,248	$	1,572	$	64,627	$	—	$	94,447
	2023	$	22,068	$	1,236	$	61,106	$	—	$	84,410
	2022	$	22,068	$	1,392	$	62,050	$	—	$	85,510
Lisa VanRoekel	2024	$	9,804	$	1,572	$	47,150	$	—	$	58,526
	2023	$	7,656	$	1,236	$	45,494	$	—	$	54,386
	2022	$	7,656	$	1,392	$	47,167	$	—	$	56,215

(1)We provide a fully insured supplemental executive medical plan to certain executives, including all of the Named Executive Officers, to cover most healthcare costs in excess of amounts covered by our health insurance plans. The amounts shown (other than the fiscal 2024 and fiscal 2023 amounts for Mr. Given) represent the total premiums paid for the supplemental executive medical plan for each of the Named Executive Officers during each of the years presented. The fiscal 2024 and fiscal 2023 amounts for Mr. Given represent the amount we reimbursed Mr. Given for a supplemental health policy and other medical services in the U.K. that, along with his U.K. National Health Service coverage, provides Mr. Given with healthcare benefits that are comparable to the benefits provided to the other executive officers.

(2)Represents group life insurance premiums paid on behalf of the Named Executive Officers. The benefit provides life and accidental death and dismemberment coverage for the Named Executive Officers at three times annual salary up to a maximum of $1 million. The fiscal 2024 and fiscal 2023 amounts for Mr. Given represent the amount we paid for a rider to the group term policy to provide Mr. Given with comparable benefits in the U.K.

(3)Includes Company contributions to the 401(k) plan and the Supplemental Executive Retirement Plan.

(4)Includes Company-reimbursed expenses related to immigration assistance and tax support services.

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Certain Termination and Change-in-Control Benefits — The following is a summary of various agreements that provide for benefits to the continuing Named Executive Officers upon termination of employment or a change-in-control:

•Restricted Stock Award Agreements — The standard restricted stock award agreement pursuant to which we grant restricted stock or restricted stock units to our Team Members generally provides that vesting is accelerated in the event of the holder’s death or disability.

•SERP Contributions — For all executives who participate in the SERP (including the Named Executive Officers), any unvested Company contributions to the SERP will vest in the case of death or disability of the participant or a change in control.

•General Severance Benefits — We currently provide each of our executive officers (other than Mr. Cohen) with one-year salary continuation if his or her employment is terminated by the Company without cause. This severance benefit is reflected in the terms of Mr. Given’s U.K. Employment Contract. See “Compensation Discussion and Analysis — Other Executive Compensation Matters — Employment Contract for Mr. Given.”

•Change in Control Severance Benefits — The executive officers (other than Mr. Cohen) are subject to the Change in Control Severance Plan, which provides them with certain severance benefits in the form cash payments and continued healthcare benefits in the event that their employment is terminated in connection with or within two years following a change in control of the Company. See “Compensation Discussion and Analysis — Other Executive Compensation Matters — Change in Control Severance Plan.” In addition, all outstanding LTI awards provide for the acceleration of vesting (at target levels, in the case of performance-based awards) upon the occurrence of a qualifying termination following a change in control.

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The following table sets forth the amounts of severance or termination benefits that would have been payable to each of the Named Executive Officers upon the occurrence of various events, assuming each of the events occurred on September 30, 2024:


	Salary		Incentive Bonus		Accelerated Vesting of Restricted Stock (1)		Accelerated Vesting of SERP Balance

Resignation for Good Reason:
Lachlan P. Given	$	—	$	—	$	—	$	—
Timothy K. Jugmans	$	—	$	—	$	—	$	—
Philip E. Cohen	$	—	$	—	$	—	$	—
John Blair Powell, Jr.	$	—	$	—	$	—	$	—
Lisa VanRoekel	$	—	$	—	$	—	$	—
Termination Without Cause:
Lachlan P. Given	$	750,000	$	—	$	—	$	—
Timothy K. Jugmans	$	475,000	$	—	$	—	$	—
Philip E. Cohen	$	—	$	—	$	—	$	—
John Blair Powell, Jr.	$	600,000	$	—	$	—	$	—
Lisa VanRoekel	$	410,000	$	—	$	—	$	—
Death or Disability:
Lachlan P. Given	$	—	$	—	$	9,155,869	$	160,443
Timothy K. Jugmans	$	—	$	—	$	2,611,672	$	113,619
Philip E. Cohen	$	—	$	—	$	—	$	—
John Blair Powell, Jr. (2)	$	—	$	—	$	4,463,170	$	—
Lisa VanRoekel	$	—	$	—	$	1,613,467	$	87,942
Change in Control (3):
Lachlan P. Given	$	1,500,000	$	2,250,000	$	9,155,869	$	160,443
Timothy K. Jugmans	$	950,000	$	950,000	$	2,611,672	$	113,619
Philip E. Cohen	$	—	$	—	$	—	$	—
John Blair Powell, Jr. (2)	$	1,200,000	$	1,200,000	$	4,463,170	$	—
Lisa VanRoekel	$	615,000	$	369,000	$	1,613,467	$	87,942

(1)Represents the number of shares subject to accelerated vesting (as described above), multiplied by the closing sales price of the Class A Common Stock on September 30, 2024 ($11.21).

(2)Mr. Powell is fully vested in his SERP account.

(3)Subject to the terms of the Change in Control Severance Plan. See “Compensation Discussion and Analysis — Other Executive Compensation Matters — Change in Control Severance Plan.”

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Director Compensation

Each non-employee director receives a basic annual retainer fee, with the Lead Independent Director, the chair of the Audit and Risk Committee and the chair of the People and Compensation Committee each receiving an additional amount. During fiscal 2023 the basic annual retainer fee was $80,000, and additional amounts paid to the Lead Independent Director, the chair of the Audit and Risk Committee and the chair of the People and Compensation Committee were $40,000, $27,500 and $15,000, respectively. Annual retainer fees are paid in cash on a quarterly basis.

The non-employee directors are also eligible for stock option and restricted stock awards. The number of options or shares of restricted stock awarded, as well as the other terms and conditions of the awards (such as vesting and exercisability schedules and termination provisions), are determined by the Board of Directors upon the recommendation of the People and Compensation Committee. Historically, the directors have each received an annual restricted stock award with a grant date value equal to 2X the annual retainer fee. The annual award cycle is based on our Annual Meeting of Stockholders, which is generally held in February or March of each year, with the awards being granted on the date of the Annual Meeting of Stockholders and vesting on the day immediately preceding the date of the Annual Meeting of Stockholders held in the following year (but no later than March 31).

The following table sets forth the compensation paid to our non-employee directors for fiscal 2024. Mr. Cohen and Mr. Given are executive officers of the Company and do not receive any additional compensation for serving on the Board of Directors.


Director	Fees Earned or Paid in Cash		Restricted Stock Awards (1)		Total

Matthew W. Appel	$	120,000	$	160,000	$	280,000
Zena Srivatsa Arnold	$	80,000	$	160,000	$	240,000
Jason A. Kulas	$	80,000	$	160,000	$	240,000
Pablo Lagos Espinosa	$	95,000	$	160,000	$	255,000
Gary L. Tillett	$	107,500	$	160,000	$	267,500

(1)Amounts represent the aggregate grant date fair value of restricted stock awards, computed in accordance with FASB ASC 718-10-25. See Note 8: Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplementary Data”. The actual value realized by the director with respect to stock awards will depend on the market value of our stock on the date the stock is sold.

Each of the non-employee directors received a grant of 15,037 shares of restricted stock on March 21, 2024. That amount was determined by dividing $160,000 (2X the annual director fee) by $10.64, the trading price of the Class A Common Stock at the time of grant. These shares are scheduled to vest immediately before the 2025 Annual Meeting of Stockholders (but no later than March 31, 2025).

As of September 30, 2024, each of the continuing non-employee directors held 15,037 shares of unvested restricted stock.

The non-employee director compensation program for fiscal 2025 will generally be the same as the fiscal 2024 program described above.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Equity Compensation Plans

We have two equity compensation plans that have been approved by stockholders — the 2010 Long-Term Incentive Plan (applicable to outstanding long-term incentive awards issued on or before December 31, 2021) and the 2022 Long-Term Incentive Plan (applicable to all long-term incentive awards issued on or after January 1, 2022). New awards can be in the form of stock options, stock appreciation rights, stock bonuses, restricted stock, restricted stock units, performance units or performance shares although generally we issue only restricted stock and restricted stock unit awards. We do not have any equity compensation plans that were not approved by stockholders. The following table summarizes information about our equity compensation plans as of September 30, 2024:


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options (a)	Weighted Average Exercise Price of Outstanding Options (b)	Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c)

Equity compensation plans approved by security holders	—	—	576,429	(1)
Equity compensation plans not approved by security holders	—	—	—
Total	—	—	576,429	(1)

(1) Amount represents the number of shares available for issuance in the 2022 Long-Term Incentive Plan as of September 30, 2024. An additional 850,000 shares were added to the plan on October 30, 2024 to cover the fiscal 2025 LTI awards to be issued in November 2024 which will leave 280,927 shares for future issuances. The 2010 Long-Term Incentive Plan remains effective only to cover currently outstanding awards issued on or prior to December 31, 2021, as that plan was replaced by the 2022 Long-Term Incentive Plan.

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Stock Ownership

Phillip E. Cohen controls EZCORP through his ownership of all of the issued and outstanding stock of MS Pawn Corporation, the sole general partner of MS Pawn Limited Partnership, which owns 100% of our Class B Voting Common Stock. The following table presents information regarding the beneficial ownership of our Common Stock as of November 1, 2024 (except as noted below) for (i) each person known to us to be the beneficial owner of more than 5% of the total number of shares outstanding, (ii) each of our directors, (iii) each of the Named Executive Officers and (iv) all directors and executive officers as a group. Unless otherwise indicated, each person named below holds sole voting and investment power over the shares shown, subject to community property laws where applicable.


	Class A Non-voting Common Stock					Class B Voting Common Stock
Beneficial Owner	Number		Percent			Number	Percent		Voting Percent

MS Pawn Limited Partnership (a) MS Pawn Corporation Phillip Ean Cohen 2500 Bee Cave Road Bldg One, Suite 200 Rollingwood, Texas 78746	2,974,047	(b)	5.46	%	(b)	2,970,171	100	%	100	%
Blackrock Inc. 50 Hudson Yards New York, New York 10001	9,761,969	(c)	17.92	%		—	—		—
Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, Texas 78746	4,068,011	(d)	7.47	%		—	—		—
Vanguard Group Inc. P.O. Box 2600, V26 Valley Forge, Pennsylvania 19482-2600	3,389,461	(c)	6.22	%		—	—		—
Matthew W. Appel	123,647		*			—	—		—
Zena Srivatsa Arnold	125,721		*			—	—		—
Lachlan P. Given	818,477	(e)	*			—	—		—
Jason A. Kulas	158,545	(f)	*
Pablo Lagos Espinosa	213,140	(g)	*
Gary L. Tillett	125,721		*
Timothy K. Jugmans	176,322	(h)	*			—	—		—
John Blair Powell, Jr.	272,396	(i)	*
Lisa VanRoekel	103,925	(j)	*			—	—		—
Directors and executive officers as a group (14 persons)	5,625,444	(k)	10.33	%		2,970,171	100	%	100	%

(a)MS Pawn Corporation is the general partner of MS Pawn Limited Partnership and has the sole right to vote its shares of Class B Common Stock and to direct their disposition. Mr. Cohen is the sole stockholder of MS Pawn Corporation.

(b)The number of shares and percentage reflect Class A Common Stock, inclusive of Class B Common Stock, shares of which are convertible to Class A Common Stock on a one-to-one basis.

(c)As of June 30, 2024 based on Form 13F.

(d)As of September 30, 2024 based on Form 13F.

(e)Includes 217,821 unvested restricted stock units expected to vest within 60 days of November 1, 2024.

(f)These shares are held by a revocable trust of which Mr, Kulas is a co-trustee.

(g)These shares are held by Lakeside Growth Enterprises, L.P., of which Mr. Lagos is sole beneficial owner.

(h)Includes 77,184 unvested restricted stock units expected to vest within 60 days of November 1, 2024.

(i)Includes 125,722 unvested restricted stock units expected to vest within 60 days of November 1, 2024.

(j)Includes 54,970 unvested restricted stock units expected to vest within 60 days of November 1, 2024.

(k)Group includes those persons who were serving as directors and executive officers on November 1, 2024. Number shown includes 663,305 unvested restricted stock units expected to vest within 60 days of November 1, 2024.

* Shares beneficially owned do not exceed one percent of Class A Common Stock.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Related Party Transactions

Review and Approval of Transactions with Related Persons

The Board of Directors has adopted a written comprehensive policy for the review and evaluation of all related party transactions. Under that policy, the Audit and Risk Committee is charged with the responsibility of (a) reviewing and evaluating all transactions, or proposed transactions, between the Company and a related person and (b) approving, ratifying, rescinding or taking other action with respect to each such transaction. With respect to any specific transaction, the Audit and Risk Committee may, in its discretion, transfer its responsibilities to either the full Board of Directors or to any special committee of the Board of Directors designated and created for the purpose of reviewing, evaluating, approving or ratifying such transaction.

Employment arrangement with Nicholas Cohen

Nicholas Cohen, the son of Phillip E. Cohen, the beneficial owner of all of our Class B Voting Common Stock and our Executive Chairman, has been an employee of the Company since May 2018, currently serving in the position of Vice President, Business Development. The Company considers the employment relationship with Nicholas Cohen to be a related party transaction that is subject to the Company’s Policy for Review and Evaluation of Related Party Transactions. Accordingly, the Audit and Risk Committee reviews and approves all promotion opportunities and compensation changes for Nicholas Cohen.

Director Independence

The Board of Directors believes that the interests of the stockholders are best served by having a substantial number of objective, independent representatives on the Board. For this purpose, a director is considered to be independent if the Board determines that the director does not have any direct or indirect material relationship with the Company that may impair, or appear to impair, the director’s ability to make independent judgments.

The Board has evaluated all relationships between the Company and each of the persons who served as a director during any portion of fiscal 2024 and has made the following determinations with respect to each director’s independence:


Director						Status (a)

Matthew W. Appel						Independent
Zena Srivatsa Arnold						Independent
Phillip E. Cohen						Not independent (b)
Lachlan P. Given						Not independent (b)
Jason A. Kulas						Not independent (b)
Pablo Lagos Espinosa						Independent
Gary L. Tillett						Independent

(a)The Board’s determination that a director is independent was made on the basis of the standards for independence set forth in the Nasdaq Listing Rules. Under those standards, a person generally will not be considered independent if he or she has a relationship that, in the opinion of the Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Nasdaq rules also describe specific relationships that will prevent a person from being considered independent.

(b)Mr. Cohen and Mr. Given were executive officers of the Company during all of fiscal 2024, and Mr. Kulas was an executive officer of the Company from February 2020 until January 2022. Therefore, they are not independent in accordance with the standards set forth in the Nasdaq Listing Rules.

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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table presents all fees we incurred in connection with professional services provided by BDO USA, P.C. for fiscal 2024 and 2023:


	Year Ended September 30,
	2024		2023

Audit of financial statements and audit pursuant to section 404 of the Sarbanes-Oxley Act and quarterly reviews	$	1,912,000	$	1,767,000
Audit related fees	—		—
Tax fees	—		—
All other fees	—		—
	$	1,912,000	$	1,767,000

The Audit and Risk Committee has adopted a policy requiring its pre-approval of all fees to be paid to our independent audit firm, regardless of the type of service.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as a part of this 10-K:

(1) Financial Statements

The following consolidated financial statements of EZCORP, Inc. are included in “Part II — Item 8 — Financial Statements and Supplementary Data”:

•Report of Independent Registered Public Accounting Firm (2024 and 2023) — BDO USA, P.C.

•Consolidated Balance Sheets as of September 30, 2024 and 2023

•Consolidated Statements of Operations for each of the three years in the period ended September 30, 2024

•Consolidated Statements of Comprehensive Income for each of the three years in the period ended September 30, 2024

•Consolidated Statements of Cash Flows for each of the three years in the period ended September 30, 2024

•Consolidated Statements of Stockholders’ Equity for each of the three years in the period ended September 30, 2024

•Notes to Consolidated Financial Statements.

(2) Financial Statement Schedules

Financial statement schedules are omitted because they are not required or are not applicable, or the required information is provided in the consolidated financial statements or notes described in Item 15(a)(1) above.

ITEM 16. FORM 10-K SUMMARY

None.

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Exhibits

Incorporated by Reference

Filed Herewith

Exhibit

Description of Exhibit

Form

File No.

Exhibit

Filing Date

3.1

Amended and Restated Certificate of Incorporation

8-K

0-19424

3.1

October 3, 2013

3.2

Certificate of Amendment, dated March 25, 2014, to the Company’s Amended and Restated Certificate of Incorporation

8-K

0-19424

99.1

March 25, 2014

3.3

Amended and Restated By-Laws, effective July 20, 2014

8-K

0-19424

3.2

July 22, 2014

4.1

Specimen of Class A Non-voting Common Stock Certificate

S-1

33-41317

4.1

August 23, 1991

4.2

Description of EZCORP, Inc. Class A Non-voting Common Stock

8-K

0-19424

4.1

October 3, 2013

4.3

Indenture, dated July 5, 2017, between EZCORP, Inc., and Wells Fargo Bank, National Association, as trustee

8-K

0-19424

4.1

July 6, 2017

4.4

Indenture, dated May 14, 2018, between EZCORP, Inc., and Wells Fargo Bank, National Association, as trustee

8-K

0-19424

4.1

May 15, 2018

4.5

Successor Trustee Agreement, dated September 12, 2019, Between EZCORP, Inc., and Wells Fargo Bank, National Association, as prior trustee, and Branch Banking and Trust Company, as successor trustee

8-K

0-19424

4.1

October 7, 2019

4.6

Indenture, dated December 12, 2022, between EZCORP, Inc. and Truist Bank, as trustee

8-K

0-19424

4.1

December 13, 2022

10.1*

EZCORP, Inc. Supplemental Executive Retirement Plan effective December 1, 2005

8-K

0-19424

10.94

December 1, 2005

10.2*

Amended and Restated EZCORP, Inc. 2010 Long-Term Incentive Plan, Effective November 28, 2018

8-K

0-19424

10.1

November 29, 2018

10.3*

Form of Protection of Sensitive Information, Noncompetition and Nonsolicitation Agreement between the Company and certain employees, including the executive officers

10-K

0-19424

10.15

November 24, 2010

10.4*

Form of Restricted Stock Award for non-employee directors

10-K

0-19424

10.17

November 24, 2010

10.5*

Amended and Restated EZCORP, Inc. 2022 Long-term Incentive Plan, Effective November 15, 2022

10-K

0-19424

10.5

November 16, 2022

10.6*

EZCORP, Inc. Change in Control Severance Plan, Effective November 15, 2022

10-K

0-19424

10.6

November 16, 2022

10.7*

Amendment to Amended and Restated EZCORP, Inc. 2010 Long-Term Incentive Plan, Effective November 15, 2022

10-K

0-19424

10.7

November 16, 2022

10.8*

Employment Contract, dated November 14, 2023, between EZCORP UK Limited and Lachlan P. Given

10-K

0-19424

10.8

November 15, 2023

19.1

EZCORP , Inc. Insider Trading Policy , effectiv e Novemb er 5, 2024

21.1

List of Subsidiaries of EZCORP, Inc.

23.1

Consent of BDO USA, P.C., Independent Registered Public Accounting Firm

31.1

Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

31.2

Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

32.1†

Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350

97.1

E ZCORP, I nc. Compensatio n Recovery Policy, effective August 1 , 202 3

101.INS

Inline XBRL Instance Document (the instance document does not appear in the interactive data files because the XBRL tags are embedded within the Inline XBRL document)

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101)

_____________________________


*			Identifies Exhibit that consists of or includes a management contract or compensatory plan or arrangement.
†			The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized:


	EZCORP, Inc.
Date: November 13, 2024	By:	/s/ Lachlan P. Given
		Lachlan P. Given
		Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signature

Title

Date

/s/ Lachlan P. Given

Chief Executive Officer and Director
(principal executive officer)

November 13, 2024

Lachlan P. Given

/s/ Timothy K. Jugmans

Chief Financial Officer (principal financial officer)

November 13, 2024

Timothy K. Jugmans

/s/ Phillip E. Cohen

Executive Chairman of the Board

November 13, 2024

Phillip E. Cohen

/s/ Matthew W. Appel

Director

November 13, 2024

Matthew W. Appel

/s/ Zena Srivatsa Arnold

Director

November 13, 2024

Zena Srivatsa Arnold

/s/ Jason A. Kulas

Director

November 13, 2024

Jason A. Kulas

/s/ Pablo Lagos Espinosa

Director

November 13, 2024

Pablo Lagos Espinosa

/s/ Gary L. Tillett

Director

November 13, 2024

Gary L. Tillett

/s/ Robbie Hicks

Chief Accounting Officer (principal accounting officer)

November 13, 2024

Robert J. Hicks

107