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S-3/A Filing
EZCORP (EZPW) S-3/AShelf registration (amended)
Filed: 11 May 17, 12:00am
Six Months Ended March 31, | Year Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes (a) | $ | 26,728 | $ | 363 | $ | (66,207 | ) | $ | 7,889 | $ | 29,687 | $ | 146,139 | ||||||||||
(Income) loss from investments in unconsolidated affiliates | (2,721 | ) | 255 | 5,473 | (5,948 | ) | (11,878 | ) | (16,038 | ) | |||||||||||||
Distributed income from unconsolidated affiliates | 1,153 | 2,197 | 4,842 | 5,129 | 10,632 | 5,560 | |||||||||||||||||
Fixed charges | 17,388 | 48,074 | 86,724 | 75,743 | 51,749 | 31,103 | |||||||||||||||||
Total earnings available for fixed charges | $ | 42,548 | $ | 50,889 | $ | 30,832 | $ | 82,813 | $ | 80,190 | $ | 166,764 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense including amortization of discounts and capitalized expenses related to indebtedness (b) | $ | 11,193 | $ | 33,444 | $ | 42,202 | $ | 28,388 | $ | 16,190 | $ | (742 | ) | ||||||||||
Estimated interest portion of rental expense | 6,195 | 12,828 | 15,450 | 12,645 | 10,863 | 7,674 | |||||||||||||||||
Losses under guarantees, net (c) | — | 1,802 | 29,072 | 34,710 | 24,696 | 24,171 | |||||||||||||||||
Total fixed charges | $ | 17,388 | $ | 48,074 | $ | 86,724 | $ | 75,743 | $ | 51,749 | $ | 31,103 | |||||||||||
Ratio of earnings to fixed charges | 2.45 | x | 1.06 | x | (d) | 1.09 | x | 1.55 | x | 5.36 | x |
(a) | Amounts are presented as recast to exclude the results of operations discontinued in fiscal 2016 and prior. |
(b) | There was no significant interest associated with uncertain tax positions for any period presented. |
(c) | Amounts are presented net of recoveries of previous losses. |
(d) | The ratio as computed for fiscal 2015 was less than 1.0 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $56 million would have been necessary to bring the ratio to 1.0. |