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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 March 31, 2024 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
https://cdn.kscope.io/357ee5f71fdf0d0010414c5d62420bfb-ezcorplogob21.jpg
EZCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware74-2540145
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2500 Bee Cave RoadBldg OneSuite 200RollingwoodTX78746
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A Non-voting Common Stock, par value $.01 per shareEZPWNASDAQ 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 every Interactive Data File required to be submitted 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 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 filerAccelerated filer
Non-accelerated filerSmaller 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 April 24, 2024, 51,972,207 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.


EZCORP, Inc.
INDEX TO FORM 10-Q


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EZCORP, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except share and per share amounts)
March 31,
2024
March 31,
2023
September 30,
2023
Assets:
Current assets:
Cash and cash equivalents$229,111 $243,128 $220,595 
Restricted cash8,581 8,451 8,373 
Pawn loans235,773 206,096 245,766 
Pawn service charges receivable, net38,268 33,116 38,885 
Inventory, net163,429 150,297 166,477 
Prepaid expenses and other current assets47,142 45,564 39,623 
Total current assets722,304 686,652 719,719 
Investments in unconsolidated affiliates13,162 10,681 10,987 
Other investments51,220 39,220 36,220 
Property and equipment, net63,306 59,775 68,096 
Right-of-use assets, net243,752 234,287 234,388 
Goodwill310,658 300,078 302,372 
Intangible assets, net61,714 59,620 58,216 
Notes receivable, net 1,233  
Deferred tax asset, net26,247 19,127 25,702 
Other assets, net15,779 9,859 12,011 
Total assets $1,508,142 $1,420,532 $1,467,711 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $34,347 $ $34,265 
Accounts payable, accrued expenses and other current liabilities62,838 72,695 81,605 
Customer layaway deposits20,352 18,761 18,920 
Operating lease liabilities, current55,658 53,921 57,182 
Total current liabilities173,195 145,377 191,972 
Long-term debt, net326,573 359,287 325,847 
Deferred tax liability, net465 368 435 
Operating lease liabilities197,285 191,874 193,187 
Other long-term liabilities10,228 11,038 10,502 
Total liabilities707,746 707,944 721,943 
Commitments and contingencies (Note 9)
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,057,309 as of March 31, 2024; 52,561,071 as of March 31, 2023; and 51,869,569 as of September 30, 2023
521 526 519 
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 capital345,174 343,088 346,181 
Retained earnings477,683 405,961 431,140 
Accumulated other comprehensive loss(23,012)(37,017)(32,102)
Total equity800,396 712,588 745,768 
Total liabilities and equity$1,508,142 $1,420,532 $1,467,711 

See accompanying notes to unaudited condensed consolidated financial statements
1

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands, except per share amount)2024202320242023
Revenues:
Merchandise sales$164,687 $152,507 $344,090 $316,294 
Jewelry scrapping sales13,714 12,825 27,796 20,709 
Pawn service charges107,163 93,030 213,612 185,623 
Other revenues75 61 132 124 
Total revenues285,639 258,423 585,630 522,750 
Merchandise cost of goods sold106,259 97,339 221,469 202,216 
Jewelry scrapping cost of goods sold11,788 11,902 23,996 18,855 
Gross profit167,592 149,182 340,165 301,679 
Operating expenses:
Store expenses114,582 101,269 225,137 202,072 
General and administrative18,266 15,609 34,809 31,085 
Depreciation and amortization8,219 7,963 16,784 15,951 
Loss (gain) on sale or disposal of assets and other3 73 (169)57 
Other income(765)(2,465)(765)(2,465)
Total operating expenses140,305 122,449 275,796 246,700 
Operating income27,287 26,733 64,369 54,979 
Interest expense3,402 3,390 6,842 9,580 
Interest income(2,882)(1,898)(5,521)(2,562)
Equity in net (income) loss of unconsolidated affiliates(1,719)32,501 (2,872)30,917 
Other (income) expense(165)80 (436)(154)
 Income (loss) before income taxes28,651 (7,340)66,356 17,198 
Income tax expense (benefit) 7,172 (550)16,407 7,210 
Net income (loss)$21,479 $(6,790)$49,949 $9,988 
Basic earnings (loss) per share $0.39 $(0.12)$0.91 $0.18 
Diluted earnings (loss) per share $0.29 $(0.12)$0.65 $0.11 
Weighted-average basic shares outstanding55,093 55,648 55,084 55,981 
Weighted-average diluted shares outstanding83,045 55,648 84,948 65,269 
See accompanying notes to unaudited condensed consolidated financial statements
2

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands)2024202320242023
Net income (loss)$21,479 $(6,790)$49,949 $9,988 
Other comprehensive income:
Foreign currency translation adjustment, net of income tax expense for our investment in unconsolidated affiliate of $98 and $1,133 for the three months ended March 31, 2024, and 2023, respectively and $41 and $737 for the six months ended March 31, 2024, and 2023, respectively
4,457 16,148 9,090 18,652 
Comprehensive income $25,936 $9,358 $59,039 $28,640 
See accompanying notes to unaudited condensed consolidated financial statements





3

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive Loss
Total Stockholders’ Equity
(in thousands)SharesPar Value
Balances as of September 30, 202354,840 $549 $346,181 $431,140 $(32,102)$745,768 
Stock compensation— — 2,264 — — 2,264 
Release of restricted stock, net of shares withheld for taxes758 8 — — — 8 
Taxes paid related to net share settlement of equity awards— — (3,253)— — (3,253)
Foreign currency translation gain— — — — 4,633 4,633 
Purchase and retirement of treasury stock(355)(4)(1,322)(1,681)— (3,007)
Net income— — — 28,470 — 28,470 
Balances as of December 31, 202355,243 $553 $343,870 $457,929 $(27,469)$774,883 
Stock compensation— 2,580 — — 2,580
Release of restricted stock, net of shares withheld for taxes891 (1)— — 
Foreign currency translation gain— — — 4,457 4,457
Purchase and retirement of treasury stock(305)(3)(1,275)(1,725)— (3,003)
Net income— — 21,479 — 21,479
Balances as of March 31, 202455,027$551 $345,174 $477,683 $(23,012)$800,396 
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive Loss
Total Stockholders’ Equity
(in thousands)SharesPar Value
Balances as of September 30, 202256,425 $564 $345,330 $402,006 $(55,669)$692,231 
Stock compensation— — 1,886 — — 1,886 
Transfer of equity consideration for acquisition10 — 99 — — 99 
Release of restricted stock, net of shares withheld for taxes235 2 — — — 2 
Taxes paid related to net share settlement of equity awards— — (1,138)— — (1,138)
Foreign currency translation gain— — — — 2,504 2,504 
Purchase and retirement of treasury stock(822)(7)(3,165)(3,855)— (7,027)
Net income— — — 16,778 — 16,778 
Balances as of December 31, 202255,848 $559 $343,012 $414,929 $(53,165)$705,335 
Stock compensation— — 1,855 — — 1,855 
Release of restricted stock, net of shares withheld for taxes132 2 — — — 2 
Taxes paid related to net share settlement of equity awards(1)— (11)— — (11)
Foreign currency translation gain— — — — 16,148 16,148 
Purchase and retirement of treasury stock(448)(5)(1,768)(2,178)— (3,951)
Net loss— — — (6,790)— (6,790)
Balances as of March 31, 202355,531 $556 $343,088 $405,961 $(37,017)$712,588 

See accompanying notes to unaudited condensed consolidated financial statements
4

EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
March 31,
(in thousands)20242023
Operating activities:
Net income $49,949 $9,988 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization16,784 15,951 
Amortization of debt discount and deferred financing costs807 736 
Non-cash lease expense29,514 27,546 
Deferred income taxes515 (6,987)
Other adjustments(1,429)(2,386)
Provision for inventory reserve183 280 
Stock compensation expense4,844 3,741 
Equity in net (income) loss from investment in unconsolidated affiliates(2,872)30,917 
Net loss on extinguishment of debt 3,545 
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable1,071 1,357 
Inventory1,617 (2,306)
Prepaid expenses, other current assets and other assets(8,699)(3,639)
Accounts payable, accrued expenses and other liabilities(57,531)(43,969)
Customer layaway deposits886 1,426 
Income taxes909 8,852 
Dividends from unconsolidated affiliates 1,775 
Net cash provided by operating activities36,548 46,827 
Investing activities:
Loans made(433,194)(378,717)
Loans repaid262,970 230,604 
Recovery of pawn loan principal through sale of forfeited collateral188,351 171,504 
Capital expenditures, net(13,654)(18,439)
Acquisitions, net of cash acquired(8,610)(12,968)
Issuance of notes receivable (15,500)
Investment in unconsolidated affiliate(850)(2,133)
Investment in other investments(15,000)(15,000)
Dividends from unconsolidated affiliates1,745  
Net cash used in investing activities(18,242)(40,649)
Financing activities:
Taxes paid related to net share settlement of equity awards(3,253)(1,149)
Proceeds from issuance of debt 230,000 
Debt issuance cost (7,458)
Cash paid on extinguishment of debt (1,951)
Payments on debt (178,488)
Purchase and retirement of treasury stock(6,010)(10,978)
Payments of finance leases(276) 
Net cash (used in) provided by financing activities (9,539)29,976 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(43)1,056 
Net increase in cash, cash equivalents and restricted cash8,724 37,210 
Cash and cash equivalents and restricted cash at beginning of period228,968 214,369 
Cash and cash equivalents and restricted cash at end of period$237,692 $251,579 
See accompanying notes to unaudited condensed consolidated financial statements
5


Notes to Condensed Consolidated Financial Statements
(Unaudited)
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 provider of pawn loans in the United States (“U.S.”) 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 U.S. GAAP 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, 2023, filed with the Securities and Exchange Commission (“SEC”) on November 15, 2023 (“2023 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 six month periods ended March 31, 2024, are not necessarily indicative of results that may be expected for the fiscal year ending September 30, 2024 or any other period due, in part, to seasonal variations. There have been no changes that have had a material impact in significant accounting policies as described in our 2023 Annual Report.
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.
Use of Estimates and Assumptions
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. We base our estimates on historical experience, observable trends and various other assumptions we believe are reasonable. Actual results may differ materially from these estimates under different assumptions or conditions.
Merchandise Sales Revenue Recognition
Customer layaway deposits are recorded as liabilities when a customer provides a deposit for merchandise. Customer layaway deposits are generally refundable upon cancellation. Our customer layaway deposits balance as of March 31, 2024, 2023 and September 30, 2023 was $20.4 million, $18.8 million and $18.9 million, respectively, and are generally recognized as revenue within a one-year period.
Investments
We account for our investment in Rich Data Corporation (“RDC”) in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities, and we have elected to use the measurement alternative to measure this investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of March 31, 2024, 2023 and September 30, 2023, the carrying value of our investment in RDC was $6.2 million.
Refer to Note 5: Strategic Investments for details on our investment in Founders One, LLC (“Founders”).
6

Recently Issued Accounting Pronouncements
In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of this ASU 2023-07 are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of this ASU 2023-09 are effective for the Company for fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (“ASU 2024-02”). ASU 2024-02 contains amendments to the Codification that remove references to various FASB Concepts Statements. The requirements of this ASU 2024-02 are effective for the Company for fiscal years beginning after December 15, 2024 and can be applied on a prospective or retrospective basis. This standard is not expected to have a significant impact on our consolidated financial statements and related disclosures.
NOTE 2: GOODWILL
The following table summarizes the changes in the carrying amount of goodwill by segment and in total:
 
Six Months Ended March 31, 2024
(in thousands)U.S. PawnLatin America PawnConsolidated
Balances as of September 30, 2023
$255,942 $46,430 $302,372 
Acquisitions (a)
6,330  6,330 
Effect of foreign currency translation changes 1,956 1,956 
Balances as of March 31, 2024$262,272 $48,386 $310,658 
 
Six Months Ended March 31, 2023
(in thousands)U.S. PawnLatin America PawnConsolidated
Balances as of September 30, 2022
$245,503 $41,325 $286,828 
Acquisitions (a)
9,468  9,468 
Effect of foreign currency translation changes 3,782 3,782 
Balances as of March 31, 2023
$254,971 $45,107 $300,078 
(a) Amount represents goodwill recognized in connection with acquisitions within the U.S. Pawn segment that were immaterial, individually and in the aggregate, and we have therefore omitted certain disclosures.
7

NOTE 3: EARNINGS (LOSS) PER SHARE
The following table reconciles the number of common shares used to compute basic and diluted earnings (loss) per share attributable to EZCORP Inc., shareholders:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands, except per share amounts)2024202320242023
Basic earnings (loss) per common share:
Net income (loss) - basic $21,479 $(6,790)$49,949 $9,988 
Weighted shares outstanding - basic55,093 55,64855,084 55,981 
Basic earnings (loss) per common share $0.39 $(0.12)$0.91 $0.18 
Diluted earnings (loss) per common share:
Net income (loss) - basic$21,479 $(6,790)$49,949 $9,988 
Add: Convertible Notes interest expense (income), net of tax*2,415  5,074 (2,733)
Net income (loss) - diluted $23,894 $(6,790)$55,023 $7,255 
Weighted shares outstanding - basic55,093 55,648 55,084 55,981 
Equity-based compensation awards - effect of dilution**974  1,156 1,067 
Convertible Notes - effect of dilution***26,978  28,708 8,221 
Weighted shares outstanding - diluted83,045 55,648 84,948 65,269 
Diluted earnings (loss) per common share$0.29 $(0.12)$0.65 $0.11 
Potential common shares excluded from the calculation of diluted earnings (loss) per common share above:
Equity-based compensation awards** 1,014   
Convertible Notes*** 30,417  20,141 
Restricted stock****1,676 1,504 1,673 1,528 
Total1,676 32,935 1,673 21,669 
*    Effective January 1, 2024, we are required to combination settle the 2024 Convertible Notes. As such, no interest expense is included for the three months ended March 31, 2024 and only the first quarter of 2024 interest expense is included for the six months ended March 31, 2024. The six months ended March 31,2023 includes $5.4 million gain on the partial extinguishment of debt, associated with the 2025 Convertible Notes, which was recorded to “Interest expense” in the Company’s condensed consolidated statement of operations. See Note 7: Debt for additional information.
**    Includes time-based share-based awards and performance based awards for which targets for fiscal year tranches have been achieved and vesting is subject only to achievement of service conditions.
***    As we are required to combination settle the 2024 Convertible Notes effective January 1, 2024, the 3.4 million principal shares are not included for the three months ended March 31, 2024 and only the weighted average shares of 1.7 million are included for the six months ended March 31, 2024. Additionally, no potential common shares related to the accreted value of the 2024 Convertible Notes are included for the three or six months ended March 31, 2024 as the average market rate was not above the initial conversion price of $10.00 per share for the noted reporting periods. See Note 7: Debt for conversion price, initial conversion rate and additional information on the 2024 Convertible Notes, 2025 Convertible Notes, and 2029 Convertible Notes.
****    Includes antidilutive share-based awards 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.
8

NOTE 4: 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 and finance leases for vehicles with lease terms ranging from two to five years.
The table below presents balances of our lease assets and liabilities and their balance sheet locations for both operating and financing leases:
(in thousands)Balance Sheet LocationMarch 31, 2024March 31, 2023
September 30, 2023
Lease assets:
Operating lease right-of-use assetsRight-of-use assets, net$243,752 $234,287 $234,388 
Financing lease assetsOther assets2,094 1,289 2,178 
Total lease assets$245,846 $235,576 $236,566 
Lease liabilities:
Current:
Operating lease liabilitiesOperating lease liabilities, current$55,658 $53,921 $57,182 
Financing lease liabilitiesAccounts payable, accrued expenses and other current liabilities583 282 530 
Total current lease liabilities$56,241 $54,203 $57,712 
Non-current:
Operating lease liabilitiesOperating lease liabilities$197,285 $191,874 $193,187 
Financing lease liabilitiesOther long-term liabilities1,626 1,024 1,715 
Total non-current lease liabilities$198,911 $192,898 $194,902 
Total lease liabilities$255,152 $247,101 $252,614 
The table below provides major components of our lease costs:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands)2024202320242023
Operating lease cost:
Operating lease cost *$19,840 $18,023 $38,906 $35,518 
Variable lease cost4,643 4,028 8,858 7,880 
Total operating lease cost$24,483 $22,051 $47,764 $43,398 
Financing lease cost:
Amortization of financing lease assets$164 $55 $315 $74 
Interest on financing lease liabilities63 24 128 35 
Total financing lease cost$227 $79 $443 $109 
Total lease cost$24,710 $22,130 $48,207 $43,507 

* Includes a reduction for sublease rental income of $0.6 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively, and $1.7 million and $1.8 million for the six months ended March 31, 2024 and 2023, respectively.
Lease expense is recognized on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in “Store expenses” and “General and administrative” under operating expenses, based on the underlying lease use. Cash paid for operating leases was $24.3 million and $18.9 million for the three months ended March 31, 2024 and 2023, respectively, and $44.6 million and $37.4 million for the six months ended March 31, 2024 and 2023, respectively. Cash paid for principal and interest on finance leases was $0.1 million and $0.1 million, respectively, for the three months ended March 31, 2024 and $0.3 million and $0.1 million for the six months ended March 31, 2024 respectively. There was no cash paid for principal or interest on finance leases during the three and six months ended March 31, 2023.

9

The weighted-average term and discount rates for leases are as follows:
Six Months Ended
March 31,
20242023
Weighted-average remaining lease term (years):
Operating leases4.885.16
Financing leases3.173.97
Weighted-average discount rate:
Operating leases8.41 %8.42 %
Financing leases11.14 %11.14 %

As of March 31, 2024, maturities of lease liabilities under ASC 842 by fiscal year were as follows:
(in thousands)Operating LeasesFinancing Leases
Remaining 2024$35,375 $382 
Fiscal 2025
75,330 849 
Fiscal 2026
64,181 849 
Fiscal 2027
49,593 536 
Fiscal 2028
34,224 28 
Thereafter50,899  
Total lease liabilities$309,602 $2,644 
Less: portion representing imputed interest56,659 435 
Total net lease liabilities$252,943 $2,209 
Less: current portion55,658 583 
Total long term net lease liabilities$197,285 $1,626 
We recorded $35.0 million and $34.5 million in non-cash additions to our operating right-of-use assets and lease liabilities for the six months ended March 31, 2024 and 2023, respectively. We recorded $0.2 million and $1.2 million in non-cash finance lease additions for the six months ended March 31, 2024 and 2023, respectively.
10

NOTE 5: STRATEGIC INVESTMENTS
Cash Converters International Limited
As of March 31, 2024, we owned 273,939,157 shares, or approximately 43.7%, of Cash Converters. We acquired our original investment (representing approximately 30% of the outstanding shares) in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
We received cash dividends from Cash Converters of $1.7 million and $1.8 million during the six months ended March 31, 2024 and 2023, respectively.
The following tables present summary financial information for Cash Converters’ most recently reported results at December 31, 2023 after translation to U.S. dollars:
December 31,
(in thousands)20232022
Current assets$186,572 $189,179 
Non-current assets137,271 98,301 
Total assets$323,843 $287,480 
Current liabilities$101,097 $91,601 
Non-current liabilities79,926 56,792 
Shareholders’ equity142,820 139,087 
Total liabilities and shareholders’ equity$323,843 $287,480 

 
Half-Year Ended December 31,
(in thousands)20232022
Gross revenues$124,874 $98,768 
Gross profit$73,675 $63,800 
Net profit (loss) $6,499 $(73,197)
During the three and six months ended March 31, 2024, we recorded our share of income of $1.7 million and $2.9 million, respectively, from Cash Converters. During the three and six months ended March 31, 2023 we recorded a loss of $32.5 million and $30.9 million, respectively, from Cash Converters, which included $32.4 million as our share of their non-cash goodwill impairment charge during the quarter ended March 31, 2023 that was recorded to “Equity in net (income) loss of unconsolidated affiliates” in the condensed consolidated statements of operations.
See Note 6: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters.
Founders One, LLC
In October 2021, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a then newly-formed entity with one other member.
On December 2, 2022, we contributed an additional $15.0 million to Founders associated with our preferred interest. In addition, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member.
In October 2023, we contributed an additional $15.0 million to Founders associated with our preferred interest, bringing our total preferred equity investment in Founders to $45.0 million.
We have an interest in Founders, a variable interest entity, but because the Company is not the primary beneficiary, we do not consolidate Founders. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our preferred equity investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. As of March 31, 2024, our $45.0 million carrying value of the preferred equity investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our condensed consolidated balance sheets, respectively. As of March 31, 2024, our maximum exposure for losses related to our investment in Founders was our $45.0 million preferred equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest.
See Note 6: Fair Value Measurements for the fair value and carrying value of our loan to Founders.
11

NOTE 6: 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.
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:
Carrying ValueEstimated Fair Value
 March 31, 2024March 31, 2024Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable due April 2024$1,268 $1,268 $ $ $1,268 
Promissory note receivable from Founders17,706 17,706   17,706 
Investments in unconsolidated affiliates13,162 41,135 40,285  850 
Financial liabilities:
2024 Convertible Notes$34,347 $34,303 $ $34,303 $ 
2025 Convertible Notes102,817 97,171  97,171  
2029 Convertible Notes223,756 268,893  268,893  
Carrying ValueEstimated Fair Value
 March 31, 2023March 31, 2023Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable due April 2024$1,233 $1,233 $ $ $1,233 
Promissory note receivable from Founders15,600 15,600   15,600 
Investments in unconsolidated affiliates10,681 42,917 42,917   
Financial liabilities:
2024 Convertible Notes$34,184 $34,389 $ $34,389 $ 
2025 Convertible Notes102,312 94,690  94,690  
2029 Convertible Notes222,791 221,529  221,529  

12

Carrying ValueEstimated Fair Value
 
September 30, 2023
September 30, 2023
Fair Value Measurement Using
(in thousands)Level 1Level 2Level 3
Financial assets:
Promissory note receivable due April 2024$1,251 $1,251 $ $ $1,251 
Promissory note receivable from Founders16,500 16,500   16,500 
Investments in unconsolidated affiliates10,987 35,998 35,998   
Financial liabilities:
2024 Convertible Notes$34,265 $35,765 $ $35,765 $ 
2025 Convertible Notes102,563 96,137  96,137  
2029 Convertible Notes223,284 224,112  224,112  
Based primarily on the short-term nature of cash and cash equivalents, pawn loans, pawn service charges receivable and other liabilities, we estimate that their carrying value approximates fair value. We consider our cash and cash equivalents, including money market accounts, to be measured using Level 1 inputs and our pawn loans, pawn service charges receivable and other liabilities to be measured using Level 3 inputs. Significant increases or decreases in the underlying assumptions used to value pawn loans, pawn service charges receivable, fees and interest receivable and other debt could significantly increase or decrease these fair value estimates.
The Company remeasured its acquisition-related contingent obligation associated with the acquisition in June 2021 of PLO del Bajio S. de R.S. de C.V., which owned stores operating under the name "Cash Apoyo Efectivo," at the end of each reporting period. This remeasurement resulted in a $2.5 million reduction of the obligation with an offset recorded to "Other" as an operating item in our condensed consolidated statement of operations during the second quarter of fiscal 2023. The remaining obligation of $2.5 million is included in "Accounts payable, accrued expenses and other current liabilities" in our Consolidated Balance Sheet as of March 31, 2023. The key assumptions used to determine the fair value of acquisition-related contingent consideration are estimated by management, not observable in the market and, therefore, considered Level 3 inputs within the fair value hierarchy.
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. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value as of March 31, 2024. As of March 31, 2024, our $1.3 million carrying value of the promissory note is recorded within “Prepaid expenses and other current assets” in our condensed consolidated balance sheets. All principal and accrued interest was received in April 2024.
In December 2022, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member. As of March 31, 2024, the interest rate on the note was 15.00% per annum, and all principal and accrued interest is due on demand. Based primarily on the short-term nature of the note, we estimate that its carrying value approximates fair value as of March 31, 2024.
We use the equity method of accounting to account for our ownership interest in Cash Converters. The inputs used to generate the fair value of the investment in Cash Converters were considered Level 1 inputs. These inputs consist of (a) the quoted stock price on the Australian Stock Exchange multiplied by (b) the number of shares we owned multiplied by (c) the applicable foreign currency exchange rate as of the end of our reporting period. We included no control premium for owning a large percentage of outstanding shares.
We measured the fair value of the 2024, 2025 and 2029 Convertible Notes using quoted price inputs. The notes are not actively traded, and thus the price inputs represent a Level 2 measurement. As the quoted price inputs are highly variable from day to day, the fair value estimates disclosed above could significantly increase or decrease.
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NOTE 7: DEBT
The following table presents the Company's debt instruments outstanding:
 March 31, 2024March 31, 2023