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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021 or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File No. 0-19424
EZCORP, INC.
(Exact name of registrant as specified in its charter)

Delaware | 74-2540145
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
2500 Bee Cave Road | Bldg One | Suite 200 | Rollingwood | TX | 78746
(Address of principal executive offices) | (Zip Code)

Registrant’s telephone number, including area code: (512) 314-3400

Securities registered pursuant to Section 12(b) of the Act

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per share |  | EZPW |  | NASDAQ Stock Market
|  |  |  | (NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | ☐ | Accelerated Filer | ☒
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☒
|  | Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, all of which is owned by an affiliate of the registrant. There is no trading market for the Class B Voting Common Stock.
As of July 31, 2021, 53,086,438 shares of the registrant’s Class A Non-voting Common Stock ("Class A Common Stock"), par value $.01 per share, and 2,970,171 shares of the registrant’s Class B Voting Common Stock, par value $.01 per share, were outstanding.

Table of Contents
EZCORP, Inc.
INDEX TO FORM 10-Q

PART I — FINANCIAL INFORMATION |
Item 1. Financial Statements |
Condensed Consolidated Balance Sheets as of June 30, 2021 and 2020 (Unaudited) and September 30, 2020 | 1
Condensed Consolidated Statements of Operations for the Three and N ine M onths Ended June 30, 2021 and 2020 (Unaudited) | 2
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and N ine M onths Ended June 30, 2021 and 2020 (Unaudited) | 4
Condensed Consolidated Statements of Stockholders’ Equity for the Periods Ended June 30, 2021 and 2020 (Unaudited) | 4
Condensed Consolidated Statements of Cash Flows for the N ine M onths Ended June 30, 2021 and 2020 (Unaudited) | 5
Notes to Interim Condensed Consolidated Financial Statements (Unaudited) | 6
Note 1: Organization and Summary of Significant Accounting Policies | 6
Note 2: Acquisitions | 7
Note 3: Expected Credit Losses | 8
Note 4: Goodwill | 9
Note 5: Other Charges | 9
Note 6: Earnings Per Share | 10
Note 7: Leases | 10
Note 8: Strategic Investments | 11
Note 9: Fair Value Measurements | 12
Note 10: Debt | 14
Note 1 1: Share-Based Compensation | 16
Note 1 2: Income Taxes | 16
Note 1 3: Commitments and Contingencies | 17
Note 1 4: Segment Information | 17
Note 1 5: Supplemental Consolidated Financial Information | 20
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21
Item 3. Quantitative and Qualitative Disclosures about Market Risk | 33
Item 4. Controls and Procedures | 33
PART II — OTHER INFORMATION |
Item 1. Legal Proceedings | 34
Item 1A. Risk Factors | 34
Item 6. Exhibits | 35
SIGNATURES | 36

Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts) | June 30, 2021 |  | June 30, 2020 |  | September 30, 2020
| (Unaudited) |  |
Assets: |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | 283,668 |  |  | $ | 311,130 |  |  | $ | 304,542 |
Restricted cash | 13,795 |  |  | 4,000 |  |  | 8,011 |
Pawn loans | 157,155 |  |  | 113,290 |  |  | 131,323 |
Pawn service charges receivable, net | 24,965 |  |  | 17,432 |  |  | 20,580 |
Inventory, net | 92,242 |  |  | 123,112 |  |  | 95,891 |
Notes receivable, net | — |  |  | 3,866 |  |  | — |
Prepaid expenses and other current assets | 28,343 |  |  | 25,754 |  |  | 32,903 |
Total current assets | 600,168 |  |  | 598,584 |  |  | 593,250 |
Investments in unconsolidated affiliates | 35,387 |  |  | 29,483 |  |  | 32,458 |
Property and equipment, net | 55,630 |  |  | 58,098 |  |  | 56,986 |
Lease right-of-use asset | 185,467 |  |  | 204,591 |  |  | 183,809 |
Goodwill | 283,619 |  |  | 257,326 |  |  | 257,582 |
Intangible assets, net | 61,922 |  |  | 65,003 |  |  | 58,638 |
Notes receivable, net | 1,173 |  |  | 1,140 |  |  | 1,148 |
Deferred tax asset, net | 10,292 |  |  | 5,505 |  |  | 8,931 |
Other assets | 4,992 |  |  | 4,572 |  |  | 4,221 |
Total assets | $ | 1,238,650 |  |  | $ | 1,224,302 |  |  | $ | 1,197,023 |
Liabilities and equity: |  |  |  |  |
Current liabilities: |  |  |  |  |
Current maturities of long-term debt, net | $ | — |  |  | $ | 268 |  |  | $ | 213 |
Accounts payable, accrued expenses and other current liabilities | 84,966 |  |  | 58,358 |  |  | 71,504 |
Customer layaway deposits | 11,884 |  |  | 11,902 |  |  | 11,008 |
Lease liability | 47,241 |  |  | 48,840 |  |  | 49,742 |
Total current liabilities | 144,091 |  |  | 119,368 |  |  | 132,467 |
Long-term debt, net | 260,632 |  |  | 247,618 |  |  | 251,016 |
Deferred tax liability, net | 1,309 |  |  | 2,165 |  |  | 524 |
Lease liability | 149,342 |  |  | 167,716 |  |  | 153,040 |
Other long-term liabilities | 10,058 |  |  | 7,523 |  |  | 10,849 |
Total liabilities | 565,432 |  |  | 544,390 |  |  | 547,896 |
Commitments and Contingencies (Note 13) |  |  |  |  |
Stockholders’ equity: |  |  |  |  |
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 53,086,438 as of June 30, 2021; 52,097,590 as of June 30, 2020; and 52,332,848 as of September 30, 2020 | 530 |  |  | 521 |  |  | 521 |
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 | 30 |  |  | 30 |  |  | 30 |
Additional paid-in capital | 402,522 |  |  | 408,601 |  |  | 398,475 |
Retained earnings | 325,228 |  |  | 341,517 |  |  | 318,169 |
Accumulated other comprehensive loss | (55,092) |  |  | (70,757) |  |  | (68,068) |
Total equity | 673,218 |  |  | 679,912 |  |  | 649,127 |
Total liabilities and equity | $ | 1,238,650 |  |  | $ | 1,224,302 |  |  | $ | 1,197,023 |

See accompanying notes to unaudited interim condensed consolidated financial statements
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands, except per share amount) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Merchandise sales | $ | 107,808 |  |  | $ | 136,537 |  |  | $ | 330,816 |  |  | $ | 393,095 |
Jewelry scrapping sales | 5,673 |  |  | 20,303 |  |  | 18,507 |  |  | 41,709 |
Pawn service charges | 60,431 |  |  | 52,460 |  |  | 187,356 |  |  | 217,407 |
Other revenues | 121 |  |  | 924 |  |  | 428 |  |  | 3,727 |
Total revenues | 174,033 |  |  | 210,224 |  |  | 537,107 |  |  | 655,938 |
Merchandise cost of goods sold | 60,539 |  |  | 91,859 |  |  | 190,872 |  |  | 261,711 |
Jewelry scrapping cost of goods sold | 5,473 |  |  | 16,158 |  |  | 16,076 |  |  | 33,529 |
Other cost of revenues | — |  |  | 32 |  |  | — |  |  | 1,093 |
Net revenues | 108,021 |  |  | 102,175 |  |  | 330,159 |  |  | 359,605 |
Operating expenses: |  |  |  |  |  |  |
Store expenses | 81,803 |  |  | 82,341 |  |  | 242,261 |  |  | 259,264 |
General and administrative | 14,589 |  |  | 16,176 |  |  | 40,870 |  |  | 50,355 |
Impairment of goodwill, intangible and other assets | — |  |  | — |  |  | — |  |  | 47,060 |
Depreciation and amortization | 7,419 |  |  | 7,679 |  |  | 23,080 |  |  | 23,174 |
Loss on sale or disposal of assets and other | — |  |  | 255 |  |  | 90 |  |  | 1,260 |
Other charges | 497 |  |  | — |  |  | 497 |  |  | — |
Total operating expenses | 104,308 |  |  | 106,451 |  |  | 306,798 |  |  | 381,113 |
Operating income (loss) | 3,713 |  |  | (4,276) |  |  | 23,361 |  |  | (21,508) |
Interest expense | 5,569 |  |  | 5,379 |  |  | 16,542 |  |  | 16,589 |
Interest income | (512) |  |  | (628) |  |  | (1,918) |  |  | (2,412) |
Equity in net (income) loss of unconsolidated affiliates | (643) |  |  | 1,183 |  |  | (2,409) |  |  | 5,896 |
Other expense (income) | 65 |  |  | 28 |  |  | (389) |  |  | (215) |
(Loss) income before income taxes | (766) |  |  | (10,238) |  |  | 11,535 |  |  | (41,366) |
Income tax expense (benefit) | 1,804 |  |  | (4,751) |  |  | 4,476 |  |  | 3,757 |
Net (loss) income | $ | (2,570) |  |  | $ | (5,487) |  |  | $ | 7,059 |  |  | $ | (45,123) |
Basic (loss) earnings per share | $ | (0.05) |  |  | $ | (0.10) |  |  | $ | 0.13 |  |  | $ | (0.81) |
Diluted (loss) earnings per share | $ | (0.05) |  |  | $ | (0.10) |  |  | $ | 0.13 |  |  | $ | (0.81) |
Weighted-average basic shares outstanding | 55,898 |  |  | 55,068 |  |  | 55,639 |  |  | 55,395 |
Weighted-average diluted shares outstanding | 55,898 |  |  | 55,068 |  |  | 55,653 |  |  | 55,395 |

See accompanying notes to unaudited interim condensed consolidated financial statements
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Net (loss) income | $ | (2,570) |  |  | $ | (5,487) |  |  | $ | 7,059 |  |  | $ | (45,123) |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency translation adjustment, net of tax | 3,459 |  |  | 5,416 |  |  | 12,976 |  |  | (18,359) |
Comprehensive income (loss) | $ | 889 |  |  | $ | (71) |  |  | $ | 20,035 |  |  | $ | (63,482) |

See accompanying notes to unaudited interim condensed consolidated financial statements.
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited except for balances as of September 30, 2020 and September 30, 2019)

| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive (Loss) Income |  |  |  | Total Equity
(in thousands) | Shares |  | Par Value |
Balances as of September 30, 2020 | 55,303 |  |  | $ | 551 |  |  | $ | 398,475 |  |  | $ | 318,169 |  |  | $ | (68,068) |  |  |  |  | $ | 649,127 |
Stock compensation | — |  | — |  | 524 |  | — |  | — |  |  |  | 524 |
Release of restricted stock | 296 |  | 5 |  | — |  | — |  | — |  |  |  | 5 |
Taxes paid related to net share settlement of equity awards | — |  | — |  | (730) |  | — |  | — |  |  |  | (730) |
Foreign currency translation gain | — |  | — |  | — |  | — |  | 11,277 |  |  |  | 11,277 |
Net income | — |  | — |  | — |  | 4,299 |  | — |  |  |  | 4,299 |
Balances as of December 31, 2020 | 55,599 |  | $ | 556 |  |  | $ | 398,269 |  |  | $ | 322,468 |  |  | $ | (56,791) |  |  |  |  | $ | 664,502 |
Stock compensation | — |  | — |  |  | 1,094 |  |  | — |  |  | — |  |  |  |  | 1,094
Transfer of consideration for prior period acquisition | 33 |  | — |  |  | 185 |  |  | — |  |  | — |  |  |  |  | 185
Release of restricted stock | 212 |  | 2 |  |  | — |  |  | — |  |  | — |  |  |  |  | 2
Taxes paid related to net share settlement of equity awards | — |  | — |  |  | (109) |  |  | — |  |  | — |  |  |  |  | (109)
Foreign currency translation loss | — |  | — |  |  | — |  |  | — |  |  | (1,760) |  |  |  |  | (1,760)
Net Income | — |  | — |  |  | — |  |  | 5,330 |  |  | — |  |  |  |  | 5,330
Balances as of March 31, 2021 | 55,844 |  | $ | 558 |  |  | $ | 399,439 |  |  | $ | 327,798 |  |  | $ | (58,551) |  |  |  |  | $ | 669,244 |
Stock compensation | — |  | — |  |  | 1,538 |  |  | — |  |  | — |  |  |  |  | 1,538 |
Transfer of consideration for current period acquisition | 213 |  | 2 |  |  | 1,545 |  |  | — |  |  | — |  |  |  |  | 1,547 |
Foreign currency translation gain | — |  | — |  |  | — |  |  | — |  |  | 3,459 |  |  |  |  | 3,459 |
Net loss | — |  | — |  |  | — |  |  | (2,570) |  |  | — |  |  |  |  | (2,570) |
Balances as of June 30, 2021 | 56,057 |  | $ | 560 |  |  | $ | 402,522 |  |  | $ | 325,228 |  |  | $ | (55,092) |  |  |  |  | $ | 673,218 |

| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive (Loss) Income |  |  |  | Total Equity
(in thousands) | Shares |  | Par Value |
Balances as of September 30, 2019 | 55,535 |  |  | $ | 556 |  |  | $ | 407,628 |  |  | $ | 389,163 |  |  | $ | (52,398) |  |  |  |  | $ | 744,949 |
Stock compensation | — |  | — |  | 1,695 |  | — |  | — |  |  |  | 1,695 |
Release of restricted stock | 463 |  | 5 |  | — |  | — |  | — |  |  |  | 5 |
Taxes paid related to net share settlement of equity awards | — |  | — |  | (1,395) |  | — |  | — |  |  |  | (1,395) |
Foreign currency translation gain | — |  | — |  | — |  | — |  | 6,071 |  |  |  | 6,071 |
Purchase and retirement of treasury stock | (142) |  | (2) |  | (488) |  | (473) |  | — |  |  |  | (963) |
Net income | — |  | — |  |  | — |  |  | 1,238 |  |  | — |  |  |  |  | 1,238 |
Balances as of December 31, 2019 | 55,856 |  | $ | 559 |  |  | $ | 407,440 |  |  | $ | 389,928 |  |  | $ | (46,327) |  |  |  |  | $ | 751,600 |
Stock compensation | — |  |  | — |  |  | 930 |  |  | — |  |  | — |  |  |  |  | 930 |
Release of restricted stock | 13 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Taxes paid related to net share settlement of equity awards | — |  |  | — |  |  | (63) |  |  | — |  |  | — |  |  |  |  | (63) |
Foreign currency translation loss | — |  |  | — |  |  | — |  |  | — |  |  | (29,846) |  |  |  |  | (29,846) |
Purchase and retirement of treasury stock | (801) |  |  | (9) |  |  | (2,136) |  |  | (2,050) |  |  | — |  |  |  |  | (4,195) |
Net loss | — |  |  | — |  |  | — |  |  | (40,874) |  |  | — |  |  |  |  | (40,874) |
Balances as of March 31, 2020 | 55,068 |  | $ | 551 |  |  | $ | 406,171 |  |  | $ | 347,004 |  |  | $ | (76,173) |  |  |  |  | $ | 677,553 |
Stock compensation | — |  | — |  |  | 2,430 |  |  | — |  |  | — |  |  |  |  | 2,430 |
Foreign currency translation gain | — |  | — |  |  | — |  |  | — |  |  | 5,416 |  |  |  |  | 5,416 |
Net loss | — |  | — |  |  | — |  |  | (5,487) |  |  | — |  |  |  |  | (5,487) |
Balances as of June 30, 2020 | 55,068 |  | $ | 551 |  |  | $ | 408,601 |  |  | $ | 341,517 |  |  | $ | (70,757) |  |  |  |  | $ | 679,912 |

See accompanying notes to unaudited interim condensed consolidated financial statements
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Nine Months Ended June 30,
(in thousands) | 2021 |  | 2020
Operating activities: |  |  |
Net income (loss) | $ | 7,059 |  |  | $ | (45,123) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: |  |  |
Depreciation and amortization | 23,080 |  |  | 23,174 |
Amortization of debt discount and deferred financing costs | 10,243 |  |  | 9,814 |
Amortization of lease right-of-use asset | 35,885 |  |  | 34,265 |
Accretion of notes receivable discount and deferred compensation fee | — |  |  | (688) |
Deferred income taxes | (576) |  |  | (3,327) |
Impairment of goodwill and intangible assets | — |  |  | 47,060 |
Other adjustments | (331) |  |  | 2,128 |
Provision for inventory reserve | (6,812) |  |  | (4,477) |
Stock compensation expense | 3,156 |  |  | 5,093 |
Equity in net (income) loss of unconsolidated affiliates | (2,409) |  |  | 5,896 |
Changes in operating assets and liabilities, net of business acquisitions: |  |  |
Service charges and fees receivable | (2,832) |  |  | 14,076 |
Inventory | 5,382 |  |  | 12,467 |
Prepaid expenses, other current assets and other assets | 7,908 |  |  | (3,348) |
Accounts payable, accrued expenses and other liabilities | (51,565) |  |  | (40,450) |
Customer layaway deposits | 511 |  |  | (709) |
Income taxes | 4,423 |  |  | 514 |
Net cash provided by operating activities | 33,122 |  |  | 56,365 |
Investing activities: |  |  |
Loans made | (423,450) |  |  | (442,752) |
Loans repaid | 260,536 |  |  | 321,718 |
Recovery of pawn loan principal through sale of forfeited collateral | 155,595 |  |  | 248,290 |
Capital expenditures, net | (14,635) |  |  | (20,867) |
Acquisitions, net of cash acquired | (15,132) |  |  | — |
Principal collections on notes receivable | — |  |  | 4,000 |
Net cash (used in) provided by investing activities | (37,086) |  |  | 110,389 |
Financing activities: |  |  |
Taxes paid related to net share settlement of equity awards | (839) |  |  | (1,458) |
Payout of deferred consideration | — |  |  | (350) |
Proceeds from borrowings, net of issuance costs | — |  |  | (106) |
Payments on assumed debt and other borrowings | (15,363) |  |  | (316) |
Repurchase of common stock | — |  |  | (5,158) |
Net cash used in financing activities | (16,202) |  |  | (7,388) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 5,076 |  |  | (6,678) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (15,090) |  |  | 152,688 |
Cash, cash equivalents and restricted cash at beginning of period | 312,553 |  |  | 162,442 |
Cash, cash equivalents and restricted cash at end of period | $ | 297,463 |  |  | $ | 315,130 |
Supplemental disclosure of cash flow information |  |  |
Cash and cash equivalents | $ | 283,668 |  |  | $ | 311,130 |
Restricted cash | 13,795 |  |  | 4,000 |
Total cash and cash equivalents and restricted cash | $ | 297,463 |  |  | $ | 315,130 |
Non-cash investing and financing activities: |  |  |
Pawn loans forfeited and transferred to inventory | $ | 145,839 |  |  | $ | 200,160 |
Transfer of consideration for current period acquisition | 1,547 |  |  | — |
Acquisition earn-out contingency | 4,608 |  |  | — |
Accrued acquisition consideration held as restricted cash | 5,824 |  |  | — |

See accompanying notes to unaudited interim condensed consolidated financial statements.
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Notes to Interim Condensed Consolidated Financial Statements
NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
EZCORP, Inc. (collectively with its subsidiaries, the “Company”, “we”, “us” or “our”) is a leading provider of pawn loans in the United States and Latin America. Pawn loans are non-recourse loans collateralized by tangible property. We also sell merchandise, primarily collateral forfeited from pawn lending operations and pre-owned merchandise purchased from customers.
Basis of Presentation
The accompanying interim unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended September 30, 2020, filed with the SEC on December 14, 2020 (“2020 Annual Report”).
In the opinion of management, the accompanying Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Financial results for the three and nine-month periods ended June 30, 2021, are not necessarily indicative of results that may be expected for the fiscal year ending September 30, 2021.
Our business is subject to seasonal variations, and operating results for the three and nine months ended June 30, 2021 and 2020 (the "current quarter" and "prior-year quarter," respectively) are not necessarily indicative of the results of operations for the full fiscal year.
There have been no changes that have had a material impact in significant accounting policies as described in our Annual Report on Form 10-K for the year ended September 30, 2020.
Principles of Consolidation
The accompanying Condensed Consolidated Financial Statements include the accounts of EZCORP, Inc. and its wholly owned subsidiaries. We use the equity method of accounting for entities in which we have a 50% or less investment and exercise significant influence. We account for equity investments for which we do not have significant influence and without readily determinable fair values at cost with adjustments for observable changes in price in orderly transactions for identical or similar investments of the same issuer or impairments. All inter-company accounts and transactions have been eliminated in consolidation.
Reclassifications
We have reclassified certain amounts in prior-period financial statements to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include the determination of inventory reserves, expected credit losses, useful lives of long-lived and intangible assets, valuation of share-based compensation, valuation of equity investments, valuation of deferred tax assets and liabilities, loss contingencies related to litigation and discount rates used for operating leases. Actual results may result in actual amounts differing from reported amounts.
Impact of COVID-19
The COVID-19 pandemic continues to affect the U.S. and global economies, and as previously disclosed in our 2020 Annual Report, the pandemic also affected our businesses in a variety of ways beginning in the second quarter of fiscal 2020 and continuing into fiscal 2021. We cannot estimate the length or severity of the COVID-19 pandemic or the related financial consequences on our business and operations, including whether and when historic economic and operating conditions will resume or the extent to which the disruption may impact our
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business, financial position, results of operations or cash flows. Our estimates, judgments and assumptions related to COVID-19 could ultimately differ over time.
Recently Adopted Accounting Policies
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 modifies the measurement of expected credit losses of certain financial instruments, requiring entities to estimate an expected lifetime credit loss on financial assets. The ASU amends the impairment model to utilize an expected loss methodology and replaces the incurred loss methodology for financial instruments including trade receivables. The amendment requires entities to consider other factors, such as historical loss experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 was effective on October 1, 2020.
We adopted ASU 2016-13 effective October 1, 2020 using the modified retrospective approach. There was no net cumulative effect adjustment to retained earnings as of October 1, 2020 as a result of this adoption. This amendment did not have a material impact on our balance sheets or cash flows from operations and did not have a material impact on our operating results.
Recently Issued Accounting Pronouncements
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020 and adoption must be as of the beginning of our annual fiscal year. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
NOTE 2: ACQUISITIONS
On June 9, 2021, we completed the acquisition of 100% of the common shares of PLO del Bajio S. de R.L. de C.V. (“Bajio”) and gained control of the entity, further expanding our geographic footprint within Mexico with the addition of 128 pawn stores. These stores, operating under the name "Cash Apoyo Efectivo," are located principally in the Mexico City metropolitan area and have strong brand recognition in that market. This is our largest acquisition to date in terms of store-count. We now operate a total of 1,143 pawn stores, 627 of which are in Latin America, including 503 in Mexico.
The total consideration paid for Bajio was $23.6 million, consisting of cash of $17.4 million, of which $11.6 million was paid in cash at closing and the remaining $5.8 million is accrued and held as restricted cash to be paid out per the acquisition agreement and 212,870 shares of our Class A Non-Voting Common Stock valued at $1.6 million. In addition, t he sellers may be entitled to additional payments of up to $4.6 million over the next two years, contingent on the performance of the acquired stores with growing its loan portfolio. We recorded this earn-out contingency as part of the total consideration as the metrics are considered achievable by Management.
We also repaid $14.9 million of Bajio’s existing debt assumed in the acquisition on June 9, 2021.
The assets acquired and liabilities assumed are based upon the estimated fair values at the date of acquisition. The excess purchase price over the estimated fair market value of the new assets acquired has been recorded as goodwill.
The estimated fair value of the assets acquired and liabilities assumed are provisional as management is still gathering additional information to complete the purchase accounting. The preliminary allocation of the consideration for the net acquired assets from this business combination were as follows, in thousands:
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Cash and cash equivalents | $ | 308 |
Earning assets | 9,462 |
Lease right-of-use assets | 10,826 |
Property and equipment | 4,317 |
Intangible assets* | 3,965 |
Goodwill | 22,957 |
Other assets | 649 |
Accounts payable, deferred taxes and other liabilities | (3,150) |
Lease liability | (10,826) |
Assumed debt | (14,931) |
Total consideration | $ | 23,577 |
*Intangible assets consist of $4.0 million in trade names. |

The factors contributing to the recognition of goodwill, which is recorded in our Latin America Pawn segment, were based on several strategic and synergistic benefits we expect to realize from the acquisition, including expansion of our store base as well as the ability to further leverage our pawn expertise, investments in information technology and other back office and support functions of our existing Mexico pawn business. We expect none of the goodwill resulting from this business combination will be deductible for income tax purposes.
The results of Bajio have been included in our condensed consolidated financial statements from June 9, 2021 through June 30, 2021, and are reported in our Latin America Pawn segment. The acquired business contributed revenues of $1.7 million and net income of $0.1 million to us for the period from June 9, 2021 to June 30, 2021.
The following unaudited pro forma summary presents consolidated information for us as if the business combination had occurred on October 1, 2019. The pro forma information is not necessarily indicative of our results of operations had the acquisitions been completed on the above date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions, nor does it reflect additional revenue opportunities following the acquisition. The pro forma adjustments reflected in the table below are subject to change as additional analysis is performed.

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands, except per share amounts) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenue | $ | 180,854 |  |  | $ | 216,083 |  |  | $ | 558,426 |  |  | $ | 681,069 |
Net (loss) income | (2,475) |  |  | (5,354) |  |  | 6,775 |  |  | (42,628) |
Basic (loss) earnings per common share | (0.04) |  |  | (0.10) |  |  | 0.12 |  |  | (0.75) |
Diluted (loss) earnings per common share | (0.04) |  |  | (0.10) |  |  | 0.12 |  |  | (0.75) |

We did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma net revenue and net income. These pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results to reflect the additional amortization that would have been incurred assuming the amortization of the trade name had been applied from October 1, 2019.
During the three and nine months ended June 30, 2021, we incurred total acquisition costs of $0.2 million and $0.4 million, respectively. The acquisition costs were primarily related to legal, accounting and consulting services, were expensed as incurred through June 30, 2021 and are included in general and administrative expenses in the consolidated statements of operations.
In May 2021, we acquired substantially all of the assets associated with 11 pawn stores in the Houston, Texas area, providing an immediate market-leading position in the South Houston area and enhancing our already strong position in the strategically important Houston metro market. We have concluded that this acquisition was immaterial to our overall consolidated financial results and, therefore, have omitted information that would otherwise be required.
NOTE 3: EXPECTED CREDIT LOSSES
We adopted ASU 2016-13 effective October 1, 2020. We have financing receivables within the scope of ASU 2016-13, specifically pawn loans receivables and related pawn service charges receivables.
Our pawn loans are short-term in nature, typically 30-120 days for U.S. Pawn loans and 30 days for Latin America Pawn loans. Under our existing accounting policy, if a pawn loan is deemed to be uncollectible, we do not recognize an allowance for doubtful accounts due to the expected recovery of the loan principal amount through the sale of the collateral. We record the forfeited collateral as inventory at the pawn loan principal amount.
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Pawn service charges are recorded under the interest method over the term of the related pawn loan. Under our existing accounting policy, we accrue for any earned but unpaid pawn service charges at the end each month. We then apply a reserve to pawn service charges receivable at the end of each month using a pawn loan forfeiture rate derived from a trailing twelve-month average, adjusted for seasonality factors.
We have evaluated, on a collective basis, our pawn loan receivables and pawn service charges receivables and determined the new credit loss standard did not have a material impact on our consolidated financial statements, as our current polices appropriately capture lifetime expected credit losses.
The presentation of pawn loan and pawn service charge receivable as separate line items on our consolidated balance sheet will remain unchanged under the new credit loss standard.
As of June 30, 2021, pawn loan and related pawn service charges receivable, net were $157.2 million and $25.0 million, respectively.
NOTE 4: GOODWILL
The following table summarizes the changes in the carrying amount of goodwill by segment and in total:

| Nine Months Ended June 30, 2021
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Consolidated
Balances as of September 30, 2020 | $ | 241,928 |  |  | $ | 15,654 |  |  | $ | 257,582 |
Acquisitions | 2,394 |  |  | 22,957 |  |  | 25,351 |
Effect of foreign currency translation changes | — |  |  | 686 |  |  | 686 |
Balances as of June 30, 2021 | $ | 244,322 |  |  | $ | 39,297 |  |  | $ | 283,619 |

| Nine Months Ended June 30, 2020
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Consolidated
Balances as of September 30, 2019 | $ | 251,752 |  |  | $ | 48,775 |  |  | $ | 300,527 |
Effect of foreign currency translation changes | — |  |  | (1,888) |  |  | (1,888) |
Measurement period adjustments | 176 |  |  | (149) |  |  | 27 |
Impairment charge | (10,000) |  |  | (31,340) |  |  | (41,340) |
Balances as of June 30, 2020 | $ | 241,928 |  |  | $ | 15,398 |  |  | $ | 257,326 |

NOTE 5: OTHER CHARGES
During the fourth quarter of fiscal 2020, we began to implement strategic initiatives to refocus on our core pawn business and optimize our cost structure in order to improve our bottom line performance and position us for sustainable growth. The initiatives focused on workforce reductions, closure of our CASHMAX operations, store closures, write-offs and other miscellaneous charges. We recorded $20.4 million of such charges for the quarter ended September 30, 2020, and had accrued charges of $10.7 million remaining at September 30, 2020. We recorded $0.5 million of charges for the three months ended June 30, 2021 related to the closure of store operations in Peru.

(in thousands) |  | Accrued Charges at September 30, 2020 |  | Charges |  | Payments and Adjustments |  | Accrued Charges at March 31, 2021 |  | Charges |  | Payments and Adjustments |  | Accrued Charges at June 30, 2021
Cash charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Labor reduction costs |  | $ | 5,946 |  |  | $ | — |  |  | $ | (3,418) |  |  | $ | 2,528 |  |  | $ | — |  |  | $ | (1,454) |  |  | $ | 1,074 |
| CASHMAX shutdown costs |  | 800 |  |  | — |  |  | (800) |  |  | — |  |  | — |  |  | — |  |  | — |
| Store closure costs |  | 1,806 |  |  | — |  |  | (1,806) |  |  | — |  |  | 497 |  |  | — |  |  | 497 |
| Other |  | 2,166 |  |  | — |  |  | (166) |  |  | 2,000 |  |  | — |  |  | — |  |  | 2,000 |
|  |  | $ | 10,718 |  |  | $ | — |  |  | $ | (6,190) |  |  | $ | 4,528 |  |  | $ | 497 |  |  | $ | (1,454) |  |  | $ | 3,571 |

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NOTE 6: EARNINGS PER SHARE
The following table reconciles the number of common shares used to compute basic and diluted earnings per share attributable to EZCORP Inc., shareholders:

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands, except per share amounts) | 2021 |  | 2020 |  | 2021 |  | 2020
Net (loss) income | $ | (2,570) |  |  | $ | (5,487) |  |  | $ | 7,059 |  |  | $ | (45,123) |
Earnings per common share |  |  |  |  |  |  |
Average common share outstanding (denominator) | 55,898 |  |  | 55,068 |  | 55,639 |  |  | 55,395 |
(Loss) earnings per common share | $ | (0.05) |  |  | $ | (0.10) |  |  | $ | 0.13 |  |  | $ | (0.81) |
Diluted earnings per common share |  |  |  |  |  |  |
Average common share outstanding | 55,898 |  |  | 55,068 |  |  | 55,639 |  |  | 55,395 |
Dilutive effect of restricted stock and convertible notes* | — |  |  | — |  |  | 14 |  |  | — |
Diluted average common shares outstanding (denominator) | 55,898 |  |  | 55,068 |  |  | 55,653 |  |  | 55,395 |
Diluted (loss) earnings per common share | $ | (0.05) |  |  | $ | (0.10) |  |  | $ | 0.13 |  |  | $ | (0.81) |
Potential common shares excluded from the calculation of diluted earnings per share above: |  |  |  |  |  |  |
Restricted stock** | 1,154 |  | 3,042 |  | 896 |  |  | 2,677 |

* Includes time-based share-based awards and Convertible Notes. See Note 10 for discussion of the terms and conditions of the potential impact of the 2024 Convertible Notes and 2025 Convertible Notes. This amount excludes all potential common shares for periods when there is a loss from continuing operations.
** Includes antidilutive share-based awards as well as 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 7: LEASES
We determine if a contract contains a lease at inception. Our lease portfolio consists primarily of operating leases for pawn store locations and corporate offices with lease terms ranging from three to ten years.
The information below provides a summary of our leasing activities. See Note 12 in our 2020 Annual Report for additional information about our leasing activities.
The table below presents balances of our operating leases:

(in thousands) | June 30, 2021 |  | June 30, 2020 |  | September 30, 2020 |  |
Right-of-use asset | $ | 185,467 |  |  | $ | 204,591 |  |  | $ | 183,809 |  |  |
Lease liability, current | $ | 47,241 |  |  | $ | 48,840 |  |  | $ | 49,742 |  |  |
Lease liability, non-current | 149,342 |  |  | 167,716 |  |  | 153,040 |  |  |
Total lease liability | $ | 196,583 |  |  | $ | 216,556 |  |  | $ | 202,782 |  |  |

The table below provides the composition of our lease costs:

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense | $ | 15,699 |  |  | $ | 15,624 |  |  | $ | 47,237 |  |  | $ | 47,603 |
Variable lease expense | 3,601 |  |  | 3,025 |  |  | 9,768 |  |  | 8,925 |
Other (1) | (845) |  |  | — |  |  | (2,570) |  |  | — |
Total lease expense | $ | 18,455 |  |  | $ | 18,649 |  |  | $ | 54,435 |  |  | $ | 56,528 |
(1) Includes sublease rental income. |  |  |  |  |  |  |

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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" and "General and Administrative" expense, based on the underlying lease use.
Other supplemental information includes the following for our operating leases:

| Nine Months Ended June 30,
| 2021 |  | 2020
Weighted-average remaining contractual lease term (years) | 5.21 |  | 5.58
Weighted-average incremental borrowing rate | 7.86 | % |  | 8.25 | %

Maturities of lease liabilities as of June 30, 2021 were as follows (in thousands):

Remaining 2021 | $ | 14,491 |
Fiscal 2022 | 59,908 |
Fiscal 2023 | 47,637 |
Fiscal 2024 | 35,724 |
Fiscal 2025 | 24,970 |
Thereafter | 57,358 |
Total lease payments | $ | 240,088 |
Less: Portion representing interest | 43,505 |
Present value of operating lease liabilities | $ | 196,583 |
Less: Current portion | 47,241 |
Non-current portion | $ | 149,342 |

We recorded $33.5 million and $10.1 million in non-cash additions to our right of use assets and lease liabilities for the nine months ended June 30, 2021 and June 30, 2020, respectively.
NOTE 8: STRATEGIC INVESTMENTS
On April 14, 2021, we received an additional 9,519,277 shares in Cash Converters International Limited ("Cash Converters International") resulting from the reinvestment of a dividend, bringing our total ownership to 223,702,991 shares, or 35.65% of Cash Converters International as of June 30, 2021.
The following tables present summary financial information for Cash Converters International’s most recently reported results at December 31, 2020 after translation to U.S. dollars:

| December 31,
(in thousands) | 2020 |  | 2019
Current assets | $ | 170,412 |  |  | $ | 164,906 |
Non-current assets | 189,810 |  |  | 199,277 |
Total assets | $ | 360,222 |  |  | $ | 364,183 |
Current liabilities | $ | 59,962 |  |  | $ | 93,958 |
Non-current liabilities | 58,368 |  |  | 60,503 |
Shareholders’ equity | 241,892 |  |  | 209,722 |
Total liabilities and shareholders’ equity | $ | 360,222 |  |  | $ | 364,183 |

| Half-Year Ended December 31,
(in thousands) | 2020 |  | 2019
Gross revenues | $ | 71,153 |  |  | $ | 98,531 |
Gross profit | 51,231 |  |  | 59,250 |
Net profit (loss) | 5,561 |  |  | (13,280) |

See Note 9 for the fair value and carrying value of our investment in Cash Converters International.
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NOTE 9: 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.
We have elected not to measure at fair value any eligible items for which fair value measurement is optional.
There were no transfers in or out of Level 1, Level 2 or Level 3 for financial assets or liabilities measured at fair value on a recurring basis during the periods presented.
Fair Value Measurement on a Recurring Basis
As of June 30, 2021, June 30, 2020 and September 30, 2020, we did not have any financial assets or liabilities measured at fair value on a recurring basis.
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Financial Assets and Liabilities Not Measured at Fair Value
The tables below present our estimates of fair value of financial assets and liabilities that were not measured at fair value on a recurring basis:

|  | Carrying Value |  | Estimated Fair Value
|  | June 30, 2021 |  | June 30, 2021 |  | Fair Value Measurement Using
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
2.89% promissory note receivable due April 2024 |  | $ | 1,173 |  |  | $ | 1,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,173 |
Investments in unconsolidated affiliates |  | 35,387 |  |  | 43,440 |  |  | 35,970 |  |  | — |  |  | 7,470 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 121,910 |  |  | $ | 150,219 |  |  | $ | — |  |  | $ | 150,219 |  |  | $ | — |
2025 Convertible Notes |  | 138,722 |  |  | 154,129 |  |  | — |  |  | 154,129 |  |  | — |

|  | Carrying Value |  | Estimated Fair Value
|  | June 30, 2020 |  | June 30, 2020 |  | Fair Value Measurement Using
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Notes receivable from Grupo Finmart, net |  | $ | 3,866 |  |  | $ | 3,945 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,945 |
2.89% promissory note receivable due April 2024 |  | 1,140 |  |  | 1,140 |  |  | — |  |  | — |  |  | 1,140 |
Investments in unconsolidated affiliates |  | 29,483 |  |  | 33,602 |  |  | 25,779 |  |  | — |  |  | 7,823 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 115,681 |  |  | $ | 130,669 |  |  | $ | — |  |  | $ | 130,669 |  |  | $ | — |
2025 Convertible Notes |  | 131,378 |  |  | 125,235 |  |  | — |  |  | 125,235 |  |  | — |
8.5% unsecured debt due 2024 |  | 998 |  |  | 998 |  |  | — |  |  | — |  |  | 998 |
CASHMAX secured borrowing facility |  | (171) |  |  | 295 |  |  | — |  |  | — |  |  | 295 |

|  | Carrying Value |  | Estimated Fair Value
|  | September 30, 2020 |  | September 30, 2020 |  | Fair Value Measurement Using
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
2.89% promissory note receivable due April 2024 |  | $ | 1,148 |  |  | $ | 1,148 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,148 |
Investments in unconsolidated affiliates |  | 32,458 |  |  | 32,597 |  |  | 24,833 |  |  | — |  |  | 7,764 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | 117,193 |  |  | $ | 129,979 |  |  | $ | — |  |  | $ | 129,979 |  |  | $ | — |
2025 Convertible Notes |  | 133,164 |  |  | 137,569 |  |  | — |  |  | 137,569 |  |  | — |
8.5% unsecured debt due 2024 |  | 872 |  |  | 872 |  |  | — |  |  | — |  |  | 872 |

Due to the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other debt, we estimate that the 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 debt 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 March 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 note bears interest at the rate of 2.89% per annum and is secured by certain marketable securities owned by the seller and held in a U.S. brokerage account. All principal and accrued interest is due and payable in April 2024. The note approximated its carrying value as of June 30, 2021.
We use the equity method of accounting to account for our 35.65% ownership in Cash Converters International. These inputs are comprised 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.
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We use the equity method of accounting to account for our 13.14% ownership in Rich Data Corporation, a previously consolidated variable interest entity for which we no longer have the power to direct the activities that most significantly affect its economic performance. We believe its fair value approximates carrying value although such fair value is highly variable and includes significant unobservable inputs.
We measured the fair value of the 2024 and 2025 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 September 2020, we received the final payment from AlphaCredit on the notes receivable related to the sale of Grupo Finmart and recorded the amount under “Restricted cash” in our consolidated balance sheet as of June 30, 2021. In August 2019, AlphaCredit notified us of an indemnity claim for certain pre-closing taxes, but the nature, extent and validity of such claim has yet to be determined.
NOTE 10: DEBT
The following table presents the Company's debt instruments outstanding:

| June 30, 2021 |  | June 30, 2020 |  | September 30, 2020
(in thousands) | Gross Amount |  | Debt Discount and Issuance Costs |  | Carrying Amount |  | Gross Amount |  | Debt Discount and Issuance Costs |  | Carrying Amount |  | Gross Amount |  | Debt Discount and Issuance Costs |  | Carrying Amount
2024 Convertible Notes | $ | 143,750 |  |  | $ | (21,840) |  |  | $ | 121,910 |  |  | $ | 143,750 |  |  | $ | (28,069) |  |  | $ | 115,681 |  |  | $ | 143,750 |  |  | $ | (26,557) |  |  | $ | 117,193 |
2025 Convertible Notes | 172,500 |  |  | (33,778) |  |  | 138,722 |  |  | 172,500 |  |  | (41,122) |  |  | 131,378 |  |  | 172,500 |  |  | (39,336) |  |  | 133,164 |
8.5% unsecured debt due 2024* | — |  |  | — |  |  | — |  |  | 998 |  |  | — |  |  | 998 |  |  | 872 |  |  | — |  |  | 872 |
CASHMAX secured borrowing facility* | — |  |  | — |  |  | — |  |  | 295 |  |  | (466) |  |  | (171) |  |  | — |  |  | — |  |  | — |
Total | $ | 316,250 |  |  | $ | (55,618) |  |  | $ | 260,632 |  |  | $ | 317,543 |  |  | $ | (69,657) |  |  | $ | 247,886 |  |  | $ | 317,122 |  |  | $ | (65,893) |  |  | $ | 251,229 |
Less current portion | — |  |  | — |  |  | — |  |  | 268 |  |  | — |  |  | 268 |  |  | 213 |  |  | — |  |  | 213 |
Total long-term debt | $ | 316,250 |  |  | $ | (55,618) |  |  | $ | 260,632 |  |  | $ | 317,275 |  |  | $ | (69,657) |  |  | $ | 247,618 |  |  | $ | 316,909 |  |  | $ | (65,893) |  |  | $ | 251,016 |

* Amount translated from Guatemalan quetzals and Canadian dollars as of applicable period end. Certain disclosures omitted due to materiality considerations.
The following table presents the Company's contractual maturities related to the debt instruments as of June 30, 2021:

| Schedule of Contractual Maturities
(in thousands) | Total |  | Less Than 1 Year |  | 1 - 3 Years |  | 3 - 5 Years |  | More Than 5 Years
2024 Convertible Notes* | $ | 143,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 143,750 |  |  | $ | — |
2025 Convertible Notes* | 172,500 |  |  | — |  |  | — |  |  | 172,500 |  |  | — |
| $ | 316,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 316,250 |  |  | $ | — |

* Excludes the potential impact of embedded derivatives as discussed below.
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The following table presents the Company's interest expense related to the Convertible Notes for the three and nine months ended June 30, 2021 and 2020:

| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
2024 Convertible Notes: |  |  |  |  |  |  |
Contractual interest expense | $ | 1,033 |  |  | $ | 1,033 |  |  | $ | 3,100 |  |  | $ | 3,100 |
Amortization of debt discount and deferred financing costs | 1,602 |  |  | 1,484 |  |  | 4,716 |  |  | 4,370 |
Total interest expense | $ | 2,635 |  |  | $ | 2,517 |  |  | $ | 7,816 |  |  | $ | 7,470 |
2025 Convertible Notes: |  |  |  |  |  |  |
Contractual interest expense | $ | 1,024 |  |  | $ | 1,024 |  |  | $ | 3,073 |  |  | $ | 3,072 |
Amortization of debt discount and deferred financing costs | 1,886 |  |  | 1,754 |  |  | 5,558 |  |  | 5,168 |
Total interest expense | $ | 2,910 |  |  | $ | 2,778 |  |  | $ | 8,631 |  |  | $ | 8,240 |

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”). 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 pay 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 mature on July 1, 2024 (the "2024 Maturity Date"), unless converted, redeemed or repurchased in accordance with the terms prior to such date. At maturity, the holders of the 2024 Convertible Notes will be entitled to receive cash equal to the principal of the 2024 Convertible Notes plus accrued interest.
The carrying amount of the 2024 Convertible Notes as a separate equity-classified instrument (the “2024 Convertible Notes Embedded Derivative”) included in “Additional paid-in capital” in our condensed consolidated balance sheets as of June 30, 2021 was $39.8 million, ($25.3 million, net of tax). The effective interest rate for the three and nine months ended June 30, 2021 was approximately 9%. As of June 30, 2021, the remaining unamortized debt discount and issuance costs will be amortized through the 2024 Maturity Date assuming no early conversion.
The 2024 Convertible Notes are convertible into cash or shares of Class A Common Stock, or any combination thereof, at our option subject to satisfaction of certain conditions and during the periods described in the 2017 Indenture, based on an initial conversion rate of 100 shares of Class A Common Stock per $1,000 principal amount of 2024 Convertible Notes (equivalent to an initial conversion price of $10.00 per share of Class A Common Stock). We account for the Class A Common Stock issuable upon conversion under the treasury stock method. To the extent the average share price is over $10.00 per share for any fiscal quarter, we are required to recognize incremental dilution of our earnings per share.
If, among other triggers described in the 2017 Indenture, the market price of the Class A Common Stock meets the threshold based on at least 20 of the final 30 trading days of the quarter for the 2024 Convertible Notes to become convertible at the option of the holders during the subsequent quarter, we may be required to classify the 2024 Convertible Notes as current on our condensed consolidated balance sheets for each quarter in which such triggers are met. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of June 30, 2021. As of June 30, 2021, the if-converted value of the 2024 Convertible Notes did not exceed the principal amount.
2.375% 2025 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”). 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 carrying amount of the 2025 Convertible Notes as a separate equity-classified instrument (the “2025 Convertible Notes Embedded Derivative”) included in “Additional paid-in capital” in our condensed consolidated balance sheets as of June 30, 2021 was $49.6 million, ($39.1 million, net of tax). The effective interest rate for the three and nine months ended June 30, 2021 was approximately 9%. As of June 30, 2021, the remaining unamortized debt discount and issuance costs will be amortized through the 2025 Maturity Date assuming no early conversion.
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The 2025 Convertible Notes are convertible into cash or shares of Class A Common Stock, or any combination thereof, at our option subject to satisfaction of certain conditions and during the periods described in the 2018 Indenture, based on an initial conversion rate of 62.8931 shares of Class A Common Stock per $1,000 principal amount of 2025 Convertible Notes (equivalent to an initial conversion price of $15.90 per share of Class A Common Stock). We account for the Class A Common Stock issuable upon conversion under the treasury stock method. To the extent the average share price is over $15.90 per share for any fiscal quarter or year-to-date period, we are required to recognize incremental dilution of our earnings per share.
If, among other triggers described in the 2018 Indenture, the market price of the Class A Common Stock meets the threshold based on at least 20 of the final 30 trading days of the quarter for the 2025 Convertible Notes to become convertible at the option of the holders during the subsequent quarter, we may be required to classify the 2025 Convertible Notes as current on our condensed consolidated balance sheets for each quarter in which such triggers are met. The stock trading price condition and other triggers are measured on a quarter-by-quarter basis and were not met as of June 30, 2021. As of June 30, 2021, the if-converted value of the 2025 Convertible Notes did not exceed the principal amount.
CASHMA X Secured Borrowing Facility
In November 2018, we entered into a receivable's securitization facility with a third-party lender to provide funding for installment loan originations in our Canadian CASHMAX business. We terminated this facility in September 2020 as part of the closure of the operations of our CASHMAX business. See our 2020 Annual Report for additional information regarding the closure of our Canadian operations.
NOTE 11: SHARE-BASED COMPENSATION
Common Stock Repurchase Program
In December 2019, the Company's Board of Directors (the "Board") authorized the repurchase of up to $60.0 million of our Class A Common Stock over three years. Repurchases under the program were suspended in March 2020 in order to preserve liquidity as a result of uncertainties related to the COVID-19 pandemic. No share repurchases under the program have been made during fiscal 2021. During fiscal 2020, we repurchased and retired 943,149 shares of our Class A Common Stock for $5.2 million, which was allocated between "Additional paid-in capital" and "Retained earnings" in our condensed consolidated balance sheets.
Stock Compensation
We maintain a Board-approved incentive plan to retain the services of our valued officers, directors and employees and to incentivize such persons to make contributions to our company and motivate excellent performance (the "Incentive Plan"). Under the Incentive Plan, we grant awards of restricted stock or restricted stock units to employees and non-employee directors. Awards granted to employees are typically subject to performance and service conditions. Awards granted to non-employee directors are time-based awards subject only to service conditions. Awards granted under the Incentive Plan are 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.
In December 2020, we granted 143,145 restricted stock awards to our non-employee directors at a grant date fair value of $5.03. These awards vested in February 2021 (79,525 awards) and March 2021 (63,620 awards). In February 2021, we granted 127,744 restricted stock awards to our non-employee directors at a grant date fair value of $5.01, which awards will vest at the next annual meeting of stockholders, but no later than March 31, 2022.
In January 2021, we granted 289,592 restricted stock awards to employees at a grant date fair value of $4.68 and 275,107 restricted stock awards to employees at a grant date fair value of $4.71. These awards vest on September 30, 2021 and September 30, 2022, respectively.
In February 2021, we granted 392,419 restricted stock awards to employees at a grant date fair value of $4.96, which vest on September 30, 2023.
During the first quarter of fiscal 2020, we granted 222,912 shares of restricted stock awards to non-employee directors based on a share price of $6.46. These awards vested on September 30, 2020.
NOTE 12: INCOME TAXES
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. We recognized the effect on the consolidated financial statements in the period ended March 31, 2020. For the period ended June 30, 2021, the CARES Act has not had a material impact on our consolidated financial statements. At this time, we do not expect the impact of the CARES Act to have a material impact on our consolidated financial statements for the year ending September 30, 2021.
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NOTE 13: COMMITMENTS AND 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. The amount of resulting loss may differ from these estimates.
While we are unable to determine the ultimate outcome of any current litigation or regulatory actions, 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 14: SEGMENT INFORMATION
Our operations are primarily managed on a geographical basis and are comprised 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. During the first quarter of fiscal 2021, the financial information of our Lana business activities were no longer reviewed by the CODM for evaluating performance since Lana no longer has business activities. Rather, Lana offers support activities to U.S. Pawn. As a result, Lana is no longer an operating or reportable segment. Our historical segment results have been recast to conform to current presentation.
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; and
•Other International — primarily our equity interest in the net income of Cash Converters International and Rich Data Corporation.
There are no inter-segment revenues presented below, and the amounts below were determined in accordance with the same accounting principles used in our condensed consolidated financial statements.
The following tables present revenue for each reportable segment, disaggregated revenue within our three reportable segments and Corporate, segment profits and segment contribution.

| Three Months Ended June 30, 2021
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 84,465 |  |  | $ | 23,343 |  |  | $ | — |  |  | $ | 107,808 |  |  | $ | — |  |  | $ | 107,808 |
Jewelry scrapping sales | 1,908 |  |  | 3,765 |  |  | — |  |  | 5,673 |  |  | — |  |  | 5,673 |
Pawn service charges | 44,039 |  |  | 16,392 |  |  | — |  |  | 60,431 |  |  | — |  |  | 60,431 |
Other revenues | 32 |  |  | — |  |  | 89 |  |  | 121 |  |  | — |  |  | 121 |
Total revenues | 130,444 |  |  | 43,500 |  |  | 89 |  |  | 174,033 |  |  | — |  |  | 174,033 |
Merchandise cost of goods sold | 45,310 |  |  | 15,229 |  |  | — |  |  | 60,539 |  |  | — |  |  | 60,539 |
Jewelry scrapping cost of goods sold | 1,878 |  |  | 3,595 |  |  | — |  |  | 5,473 |  |  | — |  |  | 5,473 |
Other cost of revenues | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net revenues | 83,256 |  |  | 24,676 |  |  | 89 |  |  | 108,021 |  |  | — |  |  | 108,021 |
Segment and corporate expenses (income): |  |  |  |  |  |  |  |  |  |  |
Store expenses | 62,507 |  |  | 19,296 |  |  | — |  |  | 81,803 |  |  | — |  |  | 81,803 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | 14,589 |  |  | 14,589 |
Depreciation and amortization | 2,600 |  |  | 1,806 |  |  | — |  |  | 4,406 |  |  | 3,013 |  |  | 7,419 |
Other charges | — |  |  | 497 |  |  | — |  |  | 497 |  |  | — |  |  | 497 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 5,569 |  |  | 5,569 |
Interest income | — |  |  | (484) |  |  | — |  |  | (484) |  |  | (28) |  |  | (512) |
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | (643) |  |  | (643) |  |  | — |  |  | (643) |
Other (income) expense | — |  |  | (5) |  |  | 18 |  |  | 13 |  |  | 52 |  |  | 65 |
Segment contribution | $ | 18,149 |  |  | $ | 3,566 |  |  | $ | 714 |  |  | $ | 22,429 |  |  |  |  |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 22,429 |  |  | $ | (23,195) |  |  | $ | (766) |

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| Three Months Ended June 30, 2020
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 116,258 |  |  | $ | 20,279 |  |  | $ | — |  |  | $ | 136,537 |  |  |  |  | $ | 136,537 |
Jewelry scrapping sales | 17,129 |  |  | 3,174 |  |  | — |  |  | 20,303 |  |  | — |  |  | 20,303 |
Pawn service charges | 41,069 |  |  | 11,391 |  |  | — |  |  | 52,460 |  |  | — |  |  | 52,460 |
Other revenues | 40 |  |  | — |  |  | 884 |  |  | 924 |  |  | — |  |  | 924 |
Total revenues | 174,496 |  |  | 34,844 |  |  | 884 |  |  | 210,224 |  |  | — |  |  | 210,224 |
Merchandise cost of goods sold | 75,838 |  |  | 16,021 |  |  | — |  |  | 91,859 |  |  | — |  |  | 91,859 |
Jewelry scrapping cost of goods sold | 12,875 |  |  | 3,283 |  |  | — |  |  | 16,158 |  |  | — |  |  | 16,158 |
Other cost of revenues | — |  |  | 32 |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Net revenues | 85,783 |  |  | 15,508 |  |  | 884 |  |  | 102,175 |  |  | — |  |  | 102,175 |
Segment and corporate expenses (income): |  |  |  |  |  |  |  |  |  |  |
Store expenses | 66,243 |  |  | 15,041 |  |  | 1,057 |  |  | 82,341 |  |  | — |  |  | 82,341 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | 16,176 |  |  | 16,176 |
Depreciation and amortization | 2,749 |  |  | 1,647 |  |  | 3 |  |  | 4,399 |  |  | 3,280 |  |  | 7,679 |
(Gain) loss on sale or disposal of assets and other | 234 |  |  | 23 |  |  | (20) |  |  | 237 |  |  | 18 |  |  | 255 |
Interest expense | — |  |  | — |  |  | 140 |  |  | 140 |  |  | 5,239 |  |  | 5,379 |
Interest income | — |  |  | (404) |  |  | — |  |  | (404) |  |  | (224) |  |  | (628) |
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | 1,183 |  |  | 1,183 |  |  | — |  |  | 1,183 |
Other (income) expense | — |  |  | (61) |  |  | (5) |  |  | (66) |  |  | 94 |  |  | 28 |
Segment contribution (loss) | $ | 16,557 |  |  | $ | (738) |  |  | $ | (1,474) |  |  | $ | 14,345 |  |  |  |  |
Loss before income taxes |  |  |  |  |  |  | $ | 14,345 |  |  | $ | (24,583) |  |  | $ | (10,238) |

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| Nine Months Ended June 30, 2021
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 260,545 |  |  | $ | 70,271 |  |  | $ | — |  |  | $ | 330,816 |  |  | $ | — |  |  | $ | 330,816 |
Jewelry scrapping sales | 9,493 |  |  | 9,014 |  |  | — |  |  | 18,507 |  |  | — |  |  | 18,507 |
Pawn service charges | 143,836 |  |  | 43,520 |  |  | — |  |  | 187,356 |  |  | — |  |  | 187,356 |
Other revenues | 83 |  |  | 7 |  |  | 338 |  |  | 428 |  |  | — |  |  | 428 |
Total revenues | 413,957 |  |  | 122,812 |  |  | 338 |  |  | 537,107 |  |  | — |  |  | 537,107 |
Merchandise cost of goods sold | 145,181 |  |  | 45,691 |  |  | — |  |  | 190,872 |  |  | — |  |  | 190,872 |
Jewelry scrapping cost of goods sold | 7,871 |  |  | 8,205 |  |  | — |  |  | 16,076 |  |  | — |  |  | 16,076 |
Net revenues | 260,905 |  |  | 68,916 |  |  | 338 |  |  | 330,159 |  |  | — |  |  | 330,159 |
Segment and corporate expenses (income): |  |  |  |  |  |  |  |  |  |  |
Store expenses | 188,256 |  |  | 54,005 |  |  | — |  |  | 242,261 |  |  | — |  |  | 242,261 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | 40,870 |  |  | 40,870 |
Depreciation and amortization | 7,972 |  |  | 5,459 |  |  | — |  |  | 13,431 |  |  | 9,649 |  |  | 23,080 |
Loss on sale or disposal of assets and other | 27 |  |  | — |  |  | — |  |  | 27 |  |  | 63 |  |  | 90 |
Other charges | — |  |  | 497 |  |  | — |  |  | 497 |  |  | — |  |  | 497 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | 16,542 |  |  | 16,542 |
Interest income | — |  |  | (1,819) |  |  | — |  |  | (1,819) |  |  | (99) |  |  | (1,918) |
Equity in net income of unconsolidated affiliates | — |  |  | — |  |  | (2,409) |  |  | (2,409) |  |  | — |  |  | (2,409) |
Other (income) expense | — |  |  | (375) |  |  | (183) |  |  | (558) |  |  | 169 |  |  | (389) |
Segment contribution | $ | 64,650 |  |  | $ | 11,149 |  |  | $ | 2,930 |  |  | $ | 78,729 |  |  |  |  |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 78,729 |  |  | $ | (67,194) |  |  | $ | 11,535 |

| Nine Months Ended June 30, 2020
(in thousands) | U.S. Pawn |  | Latin America Pawn |  | Other International |  | Total Segments |  | Corporate Items |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Merchandise sales | $ | 314,059 |  |  | $ | 79,036 |  |  | $ | — |  |  | $ | 393,095 |  |  | $ | — |  |  | $ | 393,095 |
Jewelry scrapping sales | 32,905 |  |  | 8,804 |  |  | — |  |  | 41,709 |  |  | — |  |  | 41,709 |
Pawn service charges | 166,859 |  |  | 50,548 |  |  | — |  |  | 217,407 |  |  | — |  |  | 217,407 |
Other revenues | 107 |  |  | 50 |  |  | 3,570 |  |  | 3,727 |  |  | — |  |  | 3,727 |
Total revenues | 513,930 |  |  | 138,438 |  |  | 3,570 |  |  | 655,938 |  |  | — |  |  | 655,938 |
Merchandise cost of goods sold | 202,488 |  |  | 59,223 |  |  | — |  |  | 261,711 |  |  | — |  |  | 261,711 |
Jewelry scrapping cost of goods sold | 25,430 |  |  | 8,099 |  |  | — |  |  | 33,529 |  |  | — |  |  | 33,529 |
Other cost of revenues | — |  |  | 69 |  |  | 1,024 |  |  | 1,093 |  |  | — |  |  | 1,093 |
Net revenues | 286,012 |  |  | 71,047 |  |  | 2,546 |  |  | 359,605 |  |  | — |  |  | 359,605 |
Segment and corporate expenses (income): |  |  |  |  |  |  |  |  |  |  |
Store expenses | 201,921 |  |  | 53,493 |  |  | 3,850 |  |  | 259,264 |  |  | — |  |  | 259,264 |
General and administrative | — |  |  | — |  |  | — |  |  | — |  |  | 50,355 |  |  | 50,355 |
Impairment of goodwill, intangible and other assets | 10,000 |  |  | 35,936 |  |  | 1,124 |  |  | 47,060 |  |  | — |  |  | 47,060 |
Depreciation and amortization | 8,325 |  |  | 5,476 |  |  | 60 |  |  | 13,861 |  |  | 9,313 |  |  | 23,174 |
(Gain) loss on sale or disposal of assets and other | 234 |  |  | (72) |  |  | (20) |  |  | 142 |  |  | 1,118 |  |  | 1,260 |
Interest expense | — |  |  | 430 |  |  | 464 |  |  | 894 |  |  | 15,695 |  |  | 16,589 |
Interest income | — |  |  | (1,161) |  |  | — |  |  | (1,161) |  |  | (1,251) |  |  | (2,412) |
Equity in net loss of unconsolidated affiliates | — |  |  |  |  | 5,896 |  |  | 5,896 |  |  | — |  |  | 5,896 |
Other (income) expense | — |  |  | (303) |  |  | 14 |  |  | (289) |  |  | 74 |  |  | (215) |
Segment contribution (loss) | $ | 65,532 |  |  | $ | (22,752) |  |  | $ | (8,842) |  |  | $ | 33,938 |  |  |  |  |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 33,938 |  |  | $ | (75,304) |  |  | $ | (41,366) |

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NOTE 15: SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION
The following table provides supplemental information on net amounts included in our condensed consolidated balance sheets:

(in thousands) | June 30, 2021 |  | June 30, 2020 |  | September 30, 2020
Gross pawn service charges receivable | $ | 31,648 |  |  | $ | 23,674 |  |  | $ | 27,259 |
Allowance for uncollectible pawn service charges receivable | (6,683) |  |  | (6,242) |  |  | (6,679) |
Pawn service charges receivable, net | $ | 24,965 |  |  | $ | 17,432 |  |  | $ | 20,580 |
Gross inventory | $ | 98,761 |  |  | $ | 133,319 |  |  | $ | 108,205 |
Inventory reserves | (6,519) |  |  | (10,207) |  |  | (12,314) |
Inventory, net | $ | 92,242 |  |  | $ | 123,112 |  |  | $ | 95,891 |
Prepaid expenses and other | $ | 7,278 |  |  | $ | 8,980 |  |  | $ | 10,614 |
Accounts receivable and other | 7,111 |  |  | 6,813 |  |  | 6,991 |
Income taxes receivable | 13,954 |  |  | 9,961 |  |  | 15,298 |
Prepaid expenses and other current assets | $ | 28,343 |  |  | $ | 25,754 |  |  | $ | 32,903 |
Property and equipment, gross | $ | 283,304 |  |  | $ | 265,149 |  |  | $ | 267,509 |
Accumulated depreciation | (227,674) |  |  | (207,051) |  |  | (210,523) |
Property and equipment, net | $ | 55,630 |  |  | $ | 58,098 |  |  | $ | 56,986 |
Accounts payable | $ | 19,325 |  |  | $ | 15,304 |  |  | $ | 19,114 |
Accrued expenses and other | 65,641 |  |  | 43,054 |  |  | 52,390 |
Accounts payable, accrued expenses and other current liabilities | $ | 84,966 |  |  | $ | 58,358 |  |  | $ | 71,504 |

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, “we,” “us”, “our”, "EZCORP" or the “Company”). The following discussion should be read together with our condensed consolidated financial statements and related notes included elsewhere within this report. This discussion contains forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements. See "Part I, Item 1A — Risk Factors" of our Annual Report on Form 10-K for the year ended September 30, 2020, as supplemented by the information set forth in “Part I, Item 3 — Quantitative and Qualitative Disclosures about Market Risk” and "Part II, Item 1A — Risk Factors" of this Report, for a discussion of certain risks, uncertainties and assumptions associated with these statements.
Business Overview
EZCORP is a Delaware corporation headquartered in Austin, Texas. We are a leading provider of pawn loans in the United States and Latin America. Pawn loans are nonrecourse loans collateralized by personal property. We also sell merchandise, primarily collateral forfeited from unpaid loans or goods purchased directly from customers.
We exist to serve our customers’ short-term cash needs, helping them to live and enjoy their lives. We are focused on three strategic pillars:

| Strengthen the Core | Renewed focus on the unique and essential elements of our pawn business
| Cost Reduction and Simplification | Significant and sustained adjustment of cost base through ongoing simplification
| Innovate and Grow | Broaden customer engagement to service more customers more frequently in more locations

Pawn Activities
At our pawn stores, we offer pawn loans, which are typically small, nonrecourse loans collateralized by tangible personal property. We earn pawn service charges on our pawn loans, which varies by state and loan size. Collateral for our pawn loans consists of tangible personal property, generally jewelry, consumer electronics, tools, sporting goods and musical instruments. Security for our pawn loans is provided via the estimated resale value of the collateralized personal property and the perceived probability of the loans' redemption.
Our ability to offer quality pre-owned goods at prices significantly lower than original retail prices attracts value-conscious customers. The gross profit on sales of inventory depends primarily on our assessment of the loan or purchase value at the time the property is either accepted as loan collateral or purchased and our ability to sell that merchandise in a timely manner. As a significant portion of our inventory and sales involve gold and jewelry, our results can be influenced by the market price of gold and diamonds.
Growth and Expansion
Our strategy is to expand the number of locations we operate through opening new (“de novo”) locations and through acquisitions in both Latin America and the United States and potential new markets. Our ability to add new stores is dependent on several variables, such as projected achievement of internal investment hurdles, the availability of acceptable sites or acquisition candidates, the alignment of acquirer/seller price expectations, the regulatory environment, local zoning ordinances, access to capital and the availability of qualified personnel. We see opportunity for further expansion through acquisitions and de novo openings in Latin America and acquisitions in the United States.
Seasonality and Quarterly Results
In the United States, pawn service charges are historically highest in our fourth fiscal quarter (July through September) due to a higher average loan balance during the summer lending season and lowest in our third fiscal quarter (April through June) following the tax refund season and merchandise sales are highest in our first and second fiscal quarters (October through March) due to the holiday season, jewelry sales surrounding Valentine’s Day and the availability of tax refunds. In Latin America, most of our customers receive additional compensation from their employers in December, and many receive additional compensation in June or July, applying downward pressure on loan balances and fueling some merchandise sales in those periods. As a net effect of these and other factors and excluding discrete charges, our consolidated profit before tax is generally highest in our first fiscal quarter (October through December) and lowest in our third
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fiscal quarter (April through June). These historical trends have been impacted by COVID-19. However, we expect these historical trends to return in the future.
Financial Highlights
We remain focused on optimizing our balance of pawn loans outstanding (“PLO”) and the resulting higher pawn service charges (“PSC”). The following chart presents sources of net revenues, including PSC, merchandise sales gross profit ("Merchandise sales GP") and jewelry scrapping gross profit ("Jewelry Scrapping GP") for the three and nine months ended June 30, 2021 and 2020:
The following chart presents sources of net revenues by geographic disbursement for the three and nine months ended June 30, 2021 and 2020:
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Business Developments
COVID-19
The COVID-19 pandemic continues to affect the U.S. and global economies, and as disclosed in our 2020 Annual Report on Form 10-K, the pandemic also affected our business in a variety of ways beginning in the second quarter of fiscal 2020 and continuing into fiscal 2021. The full extent and duration of the COVID-19 impact on the global economy generally, and on our business specifically, is currently unknown. We expect the impact of the pandemic, and the recovery therefrom, will continue to adversely affect net revenues and earnings in fiscal 2021. A prolonged pandemic and recovery may have an adverse effect on our results of operations, financial position and liquidity in future periods.
Reinvestment of Dividends
On February 21, 2021, Cash Converters International announced that its board of directors declared an interim dividend of AUD $0.01 per share, which was payable on April 14, 2021 to ordinary shareholders of record as of the close of business on March 25, 2021. We elected to receive our dividend entitlement in the form of additional ordinary shares pursuant to Cash Converters International's pre-existing Dividend Reinvestment Plan. Under that plan, on April 14, 2021, we received an additional 9,519,277 shares, bringing our total ownership to 223,702,991 shares, representing 35.65% of Cash Converters International's total outstanding ordinary shares.
Acquisitions
On June 9, 2021, we completed the acquisition of 100% of the common shares of PLO del Bajio S. de R.L. de C.V. (“Bajio”) and gained control of the entity, further expanding our geographic footprint within Mexico with the addition of 128 pawn stores. These stores, operating under the name "Cash Apoyo Efectivo," are located principally in the Mexico City metropolitan area and have strong brand recognition in that market. This is our largest acquisition to date in terms of store-count. The total consideration paid for Bajio was $23.6 million, consisting of cash of $17.4 million, of which $11.6 million was paid in cash at closing and the remaining $5.8 million is accrued and held as restricted cash to be paid out per the acquisition agreement, and 212,870 shares of our Class A Non-Voting Common Stock valued at $1.6 million. In addition, t h e sellers may be entitled to additional payments of up to $4.6 million over the next two years, contingent on the performance of the acquired stores with growing its loan portfolio. We also repaid $14.9 million of Bajio’s existing debt assumed in the acquisition.
In May 2021, we acquired 11 pawn stores in the Houston, Texas area, providing an immediate market-leading position in the South Houston area and enhancing our already strong position in the strategically important Houston metro market.
Strategic Initiatives
During the fourth quarter of fiscal 2020, we began to implement strategic initiatives to refocus on our core pawn business and optimize our cost structure in order to improve our bottom line performance and position us for sustainable growth. During the third quarter of fiscal 2021, due to uneconomic rate caps and limited synergies across our platform, we finalized our decision for the closure of our 11 stores in Peru and incurred costs of $0.5 million related to the closure.
Results of Operations
Non-GAAP Constant Currency Financial Information
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis ("constant currency"). We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe presentation of constant currency results is meaningful and useful in understanding the activities and business metrics of our Latin America Pawn operations and reflect an additional way of viewing aspects of our business that, when viewed with GAAP results, provide a better understanding and evaluation of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information to evaluate and compare operating results across accounting periods. Readers should consider the information in addition to, but not rather than or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and are not directly calculable from the rates below.
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Constant currency results, where presented, also exclude the foreign currency gain or loss. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2021 and June 30, 2020 were as follows:

| June 30, |  | Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Mexican peso | 19.9 |  |  | 23.1 |  |  | 20.0 |  |  | 23.3 |  |  | 20.3 |  |  | 20.8 |
Guatemalan quetzal | 7.6 |  |  | 7.5 |  |  | 7.6 |  |  | 7.5 |  |  | 7.6 |  |  | 7.5 |
Honduran lempira | 23.6 |  |  | 24.4 |  |  | 23.7 |  |  | 24.4 |  |  | 23.8 |  |  | 24.3 |
Peruvian sol | 3.9 |  |  | 3.5 |  |  | 3.8 |  |  | 3.4 |  |  | 3.7 |  |  | 3.4 |

Operating Results
Segments
We manage our business and report our financial results in three reportable operating segments;
•U.S. Pawn — Represents all pawn activities in the United States;
•Latin America Pawn — Represents all pawn activities in Mexico and other parts of Latin America; and
•Other International — Represents our equity interest in the net income of Cash Converters International and Rich Data Corporation and our financial services stores in Canada, operating under the CASHMAX brand. In the fourth quarter of fiscal 2020, we closed our stores in Canada, and closing activities related to CASHMAX in fiscal year 2021 are not material.
See Note 14 (Segment Information) for information regarding changes in reportable segments. Our historical segment results have been recast to conform to current presentation.
Store Data by Segment

| Three Months Ended June 30, 2021
| U.S. Pawn |  | Latin America Pawn |  |  |  | Consolidated
As of March 31, 2021 | 505 |  |  | 506 |  |  |  |  | 1,011 |
New locations opened | — |  |  | 4 |  |  |  |  | 4 |
Locations acquired | 11 |  |  | 128 |  |  |  |  | 139 |
Locations sold, combined or closed | — |  |  | (11) |  |  |  |  | (11) |
As of June 30, 2021 | 516 |  |  | 627 |  |  |  |  | 1,143 |

| Three Months Ended June 30, 2020
| U.S. Pawn |  | Latin America Pawn |  | Other International |  | Consolidated
As of March 31, 2020 | 512 |  |  | 493 |  |  | 22 |  |  | 1,027 |
New locations opened | — |  |  | 3 |  |  | — |  |  | 3 |
Locations sold, combined or closed | (1) |  |  | — |  |  | — |  |  | (1) |
As of June 30, 2020 | 511 |  |  | 496 |  |  | 22 |  |  | 1,029 |

| Nine Months Ended June 30, 2021
| U.S. Pawn |  | Latin America Pawn |  |  |  | Consolidated
As of September 30, 2020 | 505 |  |  | 500 |  |  |  |  | 1,005 |
New locations opened | — |  |  | 10 |  |  |  |  | 10 |
Locations acquired | 11 |  |  | 128 |  |  |  |  | 139 |
Locations sold, combined or closed | — |  |  | (11) |  |  |  |  | (11) |
As of June 30, 2021 | 516 |  |  | 627 |  |  |  |  | 1,143 |

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| Nine Months Ended June 30, 2020
| U.S. Pawn |  | Latin America Pawn |  | Other International |  | Consolidated
As of September 30, 2019 | 512 |  |  | 480 |  |  | 22 |  |  | 1,014 |
New locations opened | — |  |  | 16 |  |  | — |  |  | 16 |
Locations sold, combined or closed | (1) |  |  | — |  |  | — |  |  | (1) |
As of June 30, 2020 | 511 |  |  | 496 |  |  | 22 |  |  | 1,029 |

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Three Months Ended June 30, 2021 vs. Three Months Ended June 30, 2020
These tables, as well as the discussion that follows, should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for our U.S. Pawn segment:

| Three Months Ended June 30, |  | Change
(in thousands) | 2021 |  | 2020 |
Net revenues: |  |  |  |  |
Pawn service charges | $ | 44,039 |  |  | $ | 41,069 |  |  | 7%
Merchandise sales | 84,465 |  |  | 116,258 |  |  | (27)%
Merchandise sales gross profit | 39,155 |  |  | 40,420 |  |  | (3)%
Gross margin on merchandise sales | 46 | % |  | 35 | % |  | 1,100bps
Jewelry scrapping sales | 1,908 |  |  | 17,129 |  |  | (89)%
Jewelry scrapping sales gross profit | 30 |  |  | 4,254 |  |  | (99)%
Gross margin on jewelry scrapping sales | 2 | % |  | 25 | % |  | (2,300)bps
Other revenues | 32 |  |  | 40 |  |  | (20)%
Net revenues | 83,256 |  |  | 85,783 |  |  | (3)%
Segment operating expenses: |  |  |  |  |
Store expenses | 62,507 |  |  | 66,243 |  |  | (6)%
Depreciation and amortization | 2,600 |  |  | 2,749 |  |  | (5)%
Loss on sale or disposal of assets and other | — |  |  | 234 |  |  | (100)%
Segment contribution | $ | 18,149 |  |  | $ | 16,557 |  |  | 10%
Other data: |  |  |  |  |
Net earning assets (a) | $ | 186,322 |  |  | $ | 176,866 |  |  | 5%
Inventory turnover | 2.8 |  |  | 3.2 |  |  | (13)%
Average monthly ending pawn loan balance per store (b) | $ | 206 |  |  | $ | 172 |  |  | 20%
Monthly average yield on pawn loans outstanding | 14 | % |  | 14 | % |  | —bps
Pawn loan redemption rate | 88 | % |  | 88 | % |  | —bps

* | Represents a percentage computation that is not mathematically meaningful.
(a) | Balance includes pawn loans and inventory.
(b) | Balance is calculated based upon the average of the monthly ending balances during the applicable period.

Pawn service charges increased by 7% as a result of higher average PLO for the quarter. Same stores pawn service charges also increased by 7%.
Merchandise sales decreased 27% on both a total and same store basis resulting from the increased demand in the prior year quarter due to the impact of federal economic stimulus. Merchandise sales gross profit decreased 3% to $39.2 million offset by a 1,100 bps improvement in merchandise sales gross profit margin, primarily due to reduced aged inventory levels. (There was a 900 bps improvement when excluding a loss from looting of $2.2 million from merchandise cost of goods sold in the prior year).
Store expenses decreased by 6% driven by a reduction in labor expense.
Segment contribution increased $1.6 million or 10%. When excluding the looting charge taken in the prior year quarter, segment contribution decreased $0.6 million,
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Latin America Pawn
The following table presents selected summary financial data for the Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from its functional currencies noted above under “Results of Operations — Non-GAAP Financial Information."

| Three Months Ended June 30,
(in thousands) | 2021 (GAAP) |  | 2020 (GAAP) |  | Change (GAAP) |  | 2021 (Constant Currency) |  | Change (Constant Currency)
Net revenues: |  |  |  |  |  |  |  |  |
Pawn service charges | $ | 16,392 |  |  | $ | 11,391 |  |  | 44% |  | $ | 14,829 |  |  | 30%
Merchandise sales | 23,343 |  |  | 20,279 |  |  | 15% |  | 20,844 |  |  | 3%
Merchandise sales gross profit | 8,114 |  |  | 4,258 |  |  | 91% |  | 7,179 |  |  | 69%
Gross margin on merchandise sales | 35 | % |  | 21 | % |  | 1,400bps |  | 34 | % |  | 1,300bps
Jewelry scrapping sales | 3,765 |  |  | 3,174 |  |  | 19% |  | 3,429 |  |  | 8%
Jewelry scrapping sales gross profit | 170 |  |  | (109) |  |  | (256)% |  | 165 |  |  | (251)%
Gross margin on jewelry scrapping sales | 5 | % |  | (3) | % |  | 800bps |  | 5 | % |  | 800bps
Other revenues, net | — |  |  | (32) |  |  | (100)% |  | — |  |  | (100)%
Net revenues | 24,676 |  |  | 15,508 |  |  | 59% |  | 22,173 |  |  | 43%
Segment operating expenses: |  |  |  |  |  |  |  |  |
Store Expenses | 19,296 |  |  | 15,041 |  |  | 28% |  | 17,276 |  |  | 15%
Depreciation and amortization | 1,806 |  |  | 1,647 |  |  | 10% |  | 1,622 |  |  | (2)%
Other Charges | 497 |  |  | — |  |  | * |  | 491 |  |  | *
Segment operating contribution | 3,077 |  |  | (1,180) |  |  | 361% |  | 3,275 |  |  | 378%
Other segment income (a) | (489) |  |  | (442) |  |  | 11% |  | 65 |  |  | (115)%
Segment contribution | $ | 3,566 |  |  | $ | (738) |  |  | 583% |  | $ | 3,210 |  |  | 535%
Other data: |  |  |  |  |  |  |  |  |
Net earning assets (b) | $ | 63,075 |  |  | $ | 59,441 |  |  | 6% |  | $ | 56,453 |  |  | (5)%
Inventory turnover | 4.0 |  |  | 2.2 |  |  | 82% |  | 4.0 |  |  | 82%
Average monthly ending pawn loan balance per store (c) | $ | 65 |  |  | $ | 59 |  |  | 10% |  | $ | 59 |  |  | —%
Monthly average yield on pawn loans outstanding | 16 | % |  | 12 | % |  | 400bps |  | 16 | % |  | 400bps
Pawn loan redemption rate (d) | 79 | % |  | 77 | % |  | 200bps |  | 79 | % |  | 200bps

* | Represents a percentage computation that is not mathematically meaningful.
(a) | Fiscal 2021 constant currency amount excludes a nominal net GAAP basis foreign currency transaction adjustment resulting from movement in exchange rates. The net foreign currency transaction adjustment for fiscal 2020 was nominal and are included in the above results.
(b) | Balance includes pawn loans and inventory.
(c) | Balance is calculated based upon the average of the monthly ending balances during the applicable period.
(d) | Rate is solely inclusive of results from Mexico Pawn.

In the current quarter, we acquired 128 stores and opened four de novo stores, bringing total segment store-co unt to 627 at t he end of the quarter (net of the closure of 11 stores in Peru).
Pawn service charges increased 44% (30% on a constant currency basis). Same store pawn service charges increased by 38% (24% on a constant currency basis) as a result of higher average PLO for the quarter.
Merchandise sales increased 15% (3% on a constant currency basis) and 8% on a same store basis (4% decrease on a constant currency basis). Merchandise sales gross profit increased 91% to $8.1 million (69% to $7.2 million on a constant currency basis) driven by a 1,400 basis points improvement in merchandise sales gross profit margin primarily due to reduced aged inventory levels and improved inventory turnover.
Store expenses increased by 28% (15% on a constant currency bas is) primarily due to an increase in transaction volume and costs resulting from the re-opening of stores impacted by the COVID-19 pandemic last year.
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Segment contribution increased $4.3 million primarily due to the shutdown of stores related to the COVID-19 pandemic last year.
Other International
The following table presents selected financial data for our Other International segment after translation to U.S. dollars from its functional currency of primarily Australian and Canadian dollars:

| Three Months Ended June 30, |  | Change
(in thousands) | 2021 |  | 2020 |
Net revenues: |  |  |  |  |
Consumer loan fees, interest and other | $ | 89 |  |  | $ | 884 |  |  | (90)%
Consumer loan debt | — |  |  | — |  |  | *
Net revenues | 89 |  |  | 884 |  |  | (90)%
Segment operating expenses: |  |  |  |  |
Store expenses | — |  |  | 1,057 |  |  | *
Depreciation and amortization | — |  |  | 3 |  |  | *
Gain on sale or disposal of assets | — |  |  | (20) |  |  | *
Equity in net (income) loss of unconsolidated affiliates | (643) |  |  | 1,183 |  |  | (154)%
Segment operating contribution | 732 |  |  | (1,339) |  |  | 155%
Other segment expense | 18 |  |  | 135 |  |  | (87)%
Segment contribution (loss) | $ | 714 |  |  | $ | (1,474) |  |  | 148%

* | Represents a percentage computation that is not mathematically meaningful.

Segment contribution was $0.7 million, an increase of $2.2 million from the prior-year quarter primarily due to the increase in equity income for our unconsolidated affiliates.
We operated 22 financial services stores in Canada under the CASHMAX brand during fiscal year 2020. During the fourth quarter of fiscal year 2020, we closed our CASHMAX business and are no longer operating stores in Canada.
Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:

| Three Months Ended June 30, |  | Percentage Change
(in thousands) | 2021 |  | 2020 |
Segment contribution | $ | 22,429 |  |  | $ | 14,345 |  |  | 56%
Corporate expenses (income): |  |  |  |  |
General and administrative | 14,589 |  |  | 16,176 |  |  | (10)%
Depreciation and amortization | 3,013 |  |  | 3,280 |  |  | (8)%
Gain on sale or disposal of assets and other | — |  |  | 18 |  |  | (100)%
Interest expense | 5,569 |  |  | 5,239 |  |  | 6%
Interest income | (28) |  |  | (224) |  |  | (88)%
Other expense | 52 |  |  | 94 |  |  | *
Loss before income taxes | (766) |  |  | (10,238) |  |  | 93%
Income tax expense (benefit) | 1,804 |  |  | (4,751) |  |  | (138)%
Net loss | $ | (2,570) |  |  | $ | (5,487) |  |  | 53%

* | Represents a percentage computation that is not mathematically meaningful.

Segment contribution increased $8.1 million over the prior-year quarter or 56% primarily due to the increase in the Latin America Pawn segment contribution resulting from the re-opening of stores impacted by COVID-19 last year.
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General and administrative expenses decreased $1.6 million or 10% due to strategic initiatives implemented in the fourth quarter of fiscal year 2020 to optimize our cost structure at the corporate level.
Income tax expense increased $6.6 million for the quarter primarily due to a n increase in income taxes for the current year due to an approximately $9.5 million increase in income before income taxes.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and changes in valuation allowances for certain foreign operations.
Nine Months Ended June 30, 2021 vs. Nine Months Ended June 30, 2020
The tables below and discussion that follows should be read in conjunction with the accompanying condensed consolidated financial statements and related notes.
U.S. Pawn
The following table presents selected summary financial data for the U.S. Pawn segment:

| Nine Months Ended June 30, |  | Change
(in thousands) | 2021 |  | 2020 |
Net revenues: |  |  |  |  |
Pawn service charges | $ | 143,836 |  |  | $ | 166,859 |  |  | (14)%
Merchandise sales | 260,545 |  |  | 314,059 |  |  | (17)%
Merchandise sales gross profit | 115,364 |  |  | 111,571 |  |  | 3%
Gross margin on merchandise sales | 44 | % |  | 36 | % |  | 800bps
Jewelry scrapping sales | 9,493 |  |  | 32,905 |  |  | (71)%
Jewelry scrapping sales gross profit | 1,622 |  |  | 7,475 |  |  | (78)%
Gross margin on jewelry scrapping sales | 17 | % |  | 23 | % |  | (600)bps
Other revenues | 83 |  |  | 107 |  |  | (22)%
Net revenues | 260,905 |  |  | 286,012 |  |  | (9)%
Segment operating expenses: |  |  |  |  |
Store expenses | 188,256 |  |  | 201,921 |  |  | (7)%
Impairment of goodwill, intangibles and other assets | — |  |  | 10,000 |  |  | *
Depreciation and amortization | 7,972 |  |  | 8,325 |  |  | (4)%
Segment operating contribution | 64,677 |  |  | 65,766 |  |  | (2)%
Other segment expense | 27 |  |  | 234 |  |  | *
Segment contribution | $ | 64,650 |  |  | $ | 65,532 |  |  | (1)%
Other data: |  |  |  |  |
Average monthly ending pawn loan balance per store (a) | $ | 218 |  |  | $ | 248 |  |  | (12)%
Monthly average yield on pawn loans outstanding | 14 | % |  | 14 | % |  | —bps
Pawn loan redemption rate | 87 | % |  | 87 | % |  | —bps

* | Represents a percentage computation that is not mathematically meaningful.
(a) | Balance is calculated based upon the average of the monthly ending balances during the applicable period.

Pawn service charges decreased 14% in total and on a same store basis. This decrease reflects a substantial decline in new loans activity and associated loan balances as customer borrowing behaviors were impacted by COVID-19.
Merchandise sales decreased 17% in total and on a same store basis due to lower inventory levels. Merchandise sales gross profit increased 3% to $115.4 million driven by a 800 bps improvement in merchandise sales gross profit margin, primarily driven by reduced aged inventory levels and improved inventory turnover.
Store expenses decreased by 7% due to a reduction in labor expense.
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Segment contribution decreased $0.9 million primarily due to the changes in revenue and store expenses described above, offset by the $10.0 million goodwill impairment charge recorded during the prior year quarter. Excluding the goodwill impairment charge, segment contribution decreased $10.9 million, or 14%, to $64.7 million.
Latin America Pawn
The following table presents selected summary financial data our Latin America Pawn segment, including constant currency results, after translation to U.S. dollars from functional currencies. See “Results of Operations — Non-GAAP Financial Information” above.

| Nine Months Ended June 30,
(in thousands) | 2021 (GAAP) |  | 2020 (GAAP) |  | Change (GAAP) |  | 2021 (Constant Currency) |  | Change (Constant Currency)
Net revenues: |  |  |  |  |  |  |  |  |
Pawn service charges | $ | 43,520 |  |  | $ | 50,548 |  |  | (14)% |  | $ | 42,873 |  |  | (15)%
Merchandise sales | 70,271 |  |  | 79,036 |  |  | (11)% |  | 69,431 |  |  | (12)%
Merchandise sales gross profit | 24,580 |  |  | 19,813 |  |  | 24% |  | 24,191 |  |  | 22%
Gross margin on merchandise sales | 35 | % |  | 25 | % |  | 1,000bps |  | 35 | % |  | 1,000bps
Jewelry scrapping sales | 9,014 |  |  | 8,804 |  |  | 2% |  | 8,757 |  |  | (1)%
Jewelry scrapping sales gross profit | 809 |  |  | 705 |  |  | 15% |  | 833 |  |  | 18%
Gross margin on jewelry scrapping sales | 9 | % |  | 8 | % |  | 100bps |  | 10 | % |  | 200bps
Other revenues, net | 7 |  |  | (19) |  |  | (137)% |  | 6 |  |  | (132)%
Net revenues | 68,916 |  |  | 71,047 |  |  | (3)% |  | 67,903 |  |  | (4)%
Segment operating expenses: |  |  |  |  |  |  |  |  |
Store expenses | 54,005 |  |  | 53,493 |  |  | 1% |  | 53,395 |  |  | —%
Depreciation and amortization | 5,459 |  |  | 5,476 |  |  | —% |  | 5,407 |  |  | (1)%
Impairment of goodwill, intangibles and other assets | — |  |  | 35,936 |  |  | (100)% |  | — |  |  | (100)%
Other Charges | 497 |  |  | — |  |  | * |  | 491 |  |  | *
Segment operating contribution (loss) | 8,955 |  |  | (23,858) |  |  | 138% |  | 8,610 |  |  | 136%
Other segment income (a) | (2,194) |  |  | (1,106) |  |  | 98% |  | (2,110) |  |  | 91%
Segment contribution (loss) | $ | 11,149 |  |  | $ | (22,752) |  |  | 149% |  | $ | 10,720 |  |  | 147%
Other data: |  |  |  |  |  |  |  |  |
Average monthly ending pawn loan balance per store (b) | $ | 58 |  |  | $ | 77 |  |  | (25)% |  | $ | 57 |  |  | (26)%
Monthly average yield on pawn loans outstanding | 16 | % |  | 15 | % |  | 100bps |  | 16 | % |  | 100bps
Pawn loan redemption rate | 81 | % |  | 77 | % |  | 400bps |  | 81 | % |  | 400bps

* | Represents a percentage computation that is not mathematically meaningful.
(a) | Fiscal 2021 constant currency amount excludes a nominal net GAAP basis foreign currency transaction adjustment resulting from movement in exchange rates. The net foreign currency transaction adjustment for fiscal 2020 was nominal and are included in the above results.
(b) | Balance is calculated based upon the average of the monthly ending balances during the applicable period.

During the nine months ended June 30, 2021, our Latin America pawn segment acquired 128 stores and opened ten de novo stores.
The change in net revenue attributable to same stores and new stores added since the prior-year is summarized as follows:
Pawn service charges decreased 14% (15% on a constant currency basis). Same stores pawn service charges also decreased by 16% (17% on a constant currency basis). The average ending monthly pawn loan balance outstanding during the nine month period was down 25% (26% on a constant currency basis). During most of this period, we have experienced a substantial decline in new loans activity and associated loan balances as the result of the impact of constrained traffic, limited operating hours and increased remittances from the U.S.
Merchandise sales decreased 11% (12% on a constant currency basis) and 14% on a same store basis due to lower inventory levels. This decrease in merchandise sales was offset by an increase in merchandise sales gross profit of 24% to $24.6 million (22% to $24.2 million on a
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constant currency basis) driven by a 1,000 bps improvement in merchandise sales gross profit margin primarily due to reduced aged inventory levels and improved inventory turnover.
Store expenses decreased by 1% (flat on a constant currency basis) driven by a reduction in labor expense.
Segment contribution increased $33.9 million primarily due to the impairment charges of $35.9 million recorded during the prior year quarter. Excluding the impairment charges, segment contribution decrease d $2.0 million, or 15%, to $11.1 milli on. This decrease was primarily due to the changes in revenue and store expenses described above.
Other International
The following table presents selected financial data for our Other International segment after translation to U.S. dollars from its functional currency of primarily Australian and Canadian dollars:

| Nine Months Ended June 30, |  | Change
(in thousands) | 2021 |  | 2020 |
Net revenues: |  |  |  |  |
Consumer loan fees, interest and other | $ | 338 |  |  | $ | 3,570 |  |  | (91)%
Consumer loan debt | — |  |  | 1,024 |  |  | (100)%
Net revenues | 338 |  |  | 2,546 |  |  | (87)%
Segment operating expenses: |  |  |  |  |
Store expenses | — |  |  | 3,850 |  |  | (100)%
Impairment of goodwill, intangible and other assets | — |  |  | 1,124 |  |  | (100)%
Gain on sale or disposal of assets | — |  |  | (20) |  |  | (100)%
Equity in net (income) loss on unconsolidated affiliates | (2,409) |  |  | 5,896 |  |  | 141%
Segment operating contribution | 2,747 |  |  | (8,304) |  |  | 133%
Other segment (income) expense | (183) |  |  | 538 |  |  | 134%
Segment contribution (loss) | $ | 2,930 |  |  | $ | (8,842) |  |  | 133%

Segment contribution was $2.9 million, an increase of $11.8 million from the prior-year quarter primarily due to a an increase of $5.0 million of net segment operating contribution resulting from the closure of our Canada operations and a $7.1 million charge, ($10.1 million, net of a $3.0 million tax benefit) in the first quarter of fiscal 2020 for the our share of the Cash Converters International settlement of a class action lawsuit. During the fourth quarter of fiscal year 2020, we closed our CASHMAX business and are no longer operating stores in Canada.
Other Items
The following table reconciles our consolidated segment contribution discussed above to net income attributable to EZCORP, Inc., including items that affect our consolidated financial results but are not allocated among segments:

| Nine Months Ended June 30, |  | Percentage Change
(in thousands) | 2021 |  | 2020 |
Segment contribution | $ | 78,729 |  |  | $ | 33,938 |  |  | 132%
Corporate expenses (income): |  |  |  |  |
General and administrative | 40,870 |  |  | 50,355 |  |  | (19)%
Depreciation and amortization | 9,649 |  |  | 9,313 |  |  | 4%
Loss on sale or disposal of assets | 63 |  |  | 1,118 |  |  | (94)%
Interest expense | 16,542 |  |  | 15,695 |  |  | 5%
Interest income | (99) |  |  | (1,251) |  |  | (92)%
Other expense | 169 |  |  | 74 |  |  | 128%
Income (loss) from continuing operations before income taxes | 11,535 |  |  | (41,366) |  |  | 128%
Income tax expense | 4,476 |  |  | 3,757 |  |  | 19%
Net income (loss) attributable to EZCORP, Inc. | $ | 7,059 |  |  | $ | (45,123) |  |  | 116%

Segment contribution increased $44.8 million or 132% over the prior-year period, primarily due to a $47.1 million impairment charge of certain long-lived assets in the second quarter of fiscal 2020. Excluding the impairment charges, segment contribution decreased by $2.3 million or
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3% primarily due to reduced pawn service charges from a decline in new loan activity and associated loan balances as a result of a change in customer borrowing behaviors due to COVID-19, partially offset by increased merchandise sales gross profit and decreased store expenses.
General and administrative expenses decreased $9.5 million due to strategic initiatives implemented in the fourth quarter of fiscal year 2020 to optimize our cost structure at the corporate level.
Income tax expense increased $0.7 million primarily due to an increase in income taxes for the current year due to an approximately $52.9 million increase in income before income taxes offset by a decrease in income tax expense of approximately $14.0 million due to non-deductible goodwill impairments booked in the quarter ended March 31, 2020.
Income tax expense includes other items that do not necessarily correspond to pre-tax earnings and create volatility in our effective tax rate. These items include the net effect of state taxes, non-deductible items and changes in valuation allowances for certain foreign operations.
Liquidity and Capital Resources
We currently believe that, based on available capital resources and projected operating cash flow, we have adequate capital resources to fund working capital needs, currently anticipated capital expenditures, currently anticipated business growth and expansion, tax payments, and current and projected debt service requirements.
Cash and Cash Equivalents
Our cash and equivalents balance was $283.7 million at June 30, 2021 compare d to $304.5 million at September 30, 2020. At June 30, 2021, our cash and equivalents were held in cash depository accounts with major banks or invested in high quality, short-term liquid investments.
Cash Flows
The table and discussion below presents a summary of the selected sources and uses of our cash:

| Nine Months Ended June 30, |  | Percentage Change
(in thousands) | 2021 |  | 2020 |
Cash flows provided by operating activities | $ | 33,122 |  |  | $ | 56,365 |  |  | (41)%
Cash flows (used in) provided by investing activities | (37,086) |  |  | 110,389 |  |  | (134)%
Cash flows used in financing activities | (16,202) |  |  | (7,388) |  |  | (119)%
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 5,076 |  |  | (6,678) |  |  | 176%
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (15,090) |  |  | $ | 152,688 |  |  | (110)%

Net cash provided by operating activities decreased $23.2 million or 41% year-over-year due to a decrease of $4.5 million in net income adjusted for non-cash items, and a decrease of $18.7 million in changes to working capital. Changes in working capital are primarily related to the timing of collections in pawn service charges receivable, layaway deposits, inventory purchases, and the timing of outgoing payments of accounts payable and prepaid expenses.
Net cash provided by investing activities decreased by $147.5 million, or 134%, year-over-year primarily due to a $92.7 million decrease in the sale of forfeited collateral, a decrease of $41.9 million in net pawn loan lending and collections and acquisitions of $15.1 million.
Net cash used in financing activities increased $8.8 million, or 119%, year-over-year primarily due to the payment of assumed debt of $14.9 million from the Bajio acquisition (discussed in Note 2), offset by a $5.2 million decrease in the repurchase of common stock paid during the prior year.
The net effect of cash flows was a $15.1 million decrease in cash on hand during the current year-to-date period, resulting in a $297.5 million ending cash and restricted cash balance.
Sources and Uses of Cash
In December 2019, our Board of Directors authorized a stock repurchase program that will allow us to repurchase up to $60 million of our Class A Non-voting Common Stock over three years. On March 20, 2020, we suspended the repurchase of shares under the program in order to preserve current liquidity given the uncertainty of the impact of the COVID-19 pandemic to our operations. As of September 30, 2020, we had repurchased and retired 943,149 shares of our Class A Common Stock for $5.2 million. The resumption of our stock repurchase program and the amount and timing of purchases will be dependent on a variety of factors, such as the return to normal business conditions, stock price, trading volume, general market conditions, legal and regulatory requirements, cash flow levels, and corporate
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considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. During the three and nine months ended June 30, 2021, there were no stock repurchases.
We anticipate that cash flows from operations and cash on hand will be adequate to fund any future stock repurchases, our contractual obligations, planned de novo store growth, capital expenditures and working capital requirements through fiscal 2021. We continue to explore acquisition opportunities, both large and small, and may choose to pursue additional debt, equity or equity-linked financings in the future should the need arise. Given the current uncertainty related to the COVID-19 pandemic, we may adjust our capital or other expenditures. Depending on the level of acquisition activity and other factors, our ability to repay our longer term debt obligations, including the convertible debt maturing in 2024 and 2025, may require us to refinance these obligations through the issuance of new debt securities, equity securities, convertible securities or through new credit facilities.
Contractual Obligations
In "Part II, Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended September 30, 2020, we reported that we had $604.6 million in total contractual obligations as of September 30, 2020. There have been no material changes to this total obligation since September 30, 2020, other than changes as the result of adoption of accounting standards as further discussed in Note 1 of Notes to Interim Condensed Consolidated Financial Statements included in "Part I, Item 1 — Financial Statements."
We are responsible for the maintenance, property taxes and insurance at most of our locations. In the fiscal year ended September 30, 2020, these collectively amounted to $12.3 million.
Recently Adopted Accounting Policies and Recently Issued Accounting Pronouncements
See Note 1 of Notes to Interim Condensed Consolidated Financial Statements included in "Part I, Item 1 — Financial Statements."
Cautionary Statement Regarding Risks and Uncertainties that May Affect Future Results
This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that all forward-looking statements be subject to the safe harbors created by these laws. All statements, other than statements of historical facts, regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives are forward-looking statements. These statements are often, but not always, made with words or phrases like "may," "should," "could," "will," "predict," "anticipate," "believe," "estimate," "expect," "intend," "plan," "projection" and similar expressions. Such statements are only predictions of the outcome and timing of future events based on our current expectations and currently available information and, accordingly, are subject to substantial risks, uncertainties and assumptions. Actual results could differ materially from those expressed in the forward-looking statements due to a number of risks and uncertainties, many of which are beyond our control. In addition, we cannot predict all of the risks and uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements. Accordingly, you should not regard any forward-looking statements as a representation that the expected results will be achieved. Important risk factors that could cause results or events to differ from current expectations are identified and described in "Part I, Item 1A — Risk Factors" of our Annual Report on Form 10-K for the year ended September 30, 2020 and "Part II, Item 1A — Risk Factors" of this Report.
We specifically disclaim any responsibility to publicly update any information contained in a forward-looking statement except as required by law. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risks relating to our operations result primarily from changes in interest rates, gold values and foreign currency exchange rates, and are described in detail in "Part II, Item 7A — Quantitative and Qualitative Disclosures about Market Risk" of our Annual Report on Form 10-K for the year ended September 30, 2020. With the exception of the impacts of COVID-19, which are discussed elsewhere in this Report, there have been no material changes in our reported market risks or risk management policies since the filing of our Annual Report on Form 10-K for the year ended September 30, 2020.
ITEM 4. CONTROLS AND PROCEDURES
This report includes the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the "Exchange Act"). See Exhibits 31.1 and 31.2. This Item 4 includes information concerning the controls and control evaluations referred to in those certifications.
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Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities 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.
Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2021. Our principal executive officer and principal financial officer have concluded that as of June 30, 2021, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Internal Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal controls 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 control system’s objectives will be met. 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, within the Company have been detected. The design of any system of controls is based in part upon 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. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 13 of Notes to Interim Condensed Consolidated Financial Statements included in "Part I, Item 1 — Financial Statements."
ITEM 1A. RISK FACTORS
Important risk factors that could affect our operations and financial performance, or that could cause results or events to differ from current expectations, are described in "Part I, Item 1A — Risk Factors" of our Annual Report on Form 10-K for the year ended September 30, 2020, as supplemented by the information set forth below.
Illinois recently passed the Predatory Loan Prevention Act, which we do not believe applies to pawn. If it is determined that the new law applies to pawn transactions, our business in Illinois (20 stores) could be adversely affected.
The Illinois Predatory Loan Prevention Act was signed into law on March 23, 2021. Pawn transactions are not mentioned in the act, and we believe that pawn transactions are not subject to the provisions of the act. On April 28, the Illinois Department of Financial & Professional Regulation issued a fact sheet that lists "pawn loans" as among the types of consumer loans covered by the law. We are seeking formal confirmation that the new act does not apply to pawn transactions. If it is determined that the act does apply to pawn, then our business in Illinois could be adversely affected and we could be subject to civil penalties.
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ITEM 6. EXHIBITS
The following exhibits are filed with, or incorporated by reference into, this report.

|  |  | Incorporated by Reference |  | Filed Herewith
Exhibit | Description of Exhibit |  | Form | File No. | Exhibit | Filing Date |
31.1 | Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 |  |  |  |  |  |  | x
31.2 | Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 |  |  |  |  |  |  | x
32.1† | Certifications of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350 |  |  |  |  |  |  | x
32.2† | Certifications of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350 |  |  |  |  |  |  | x
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 |  |  |  |  |  |  | x
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |  |  | x
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  |  |  | x
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |  |  |  |  |  |  | x
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |  |  | x
104 | Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101) |  |  |  |  |  |  |

_____________________________

† | The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q 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 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: | August 4, 2021 |  | /s/ Jason A. Kulas
|  |  | Jason A. Kulas, Chief Executive Officer

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