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Diluted earnings per share for the third quarter of 2015 totaled $0.40, which included $0.19 per share of non-recurring and primarily non-cash restructuring expenses related to U.S. consumer loan operations. Adjusted earnings per share for the quarter, excluding these non-recurring expenses, was $0.59 compared to prior year adjusted earnings per share of $0.69. On a comparative basis with the prior year, third quarter 2015 adjusted earnings were reduced by $0.12 per share due to the 25% decline in the value of the peso and approximately $0.05 per share due to decreases in earnings from non-core jewelry scrapping and payday lending operations. Adjusted net income and adjusted net income per share are defined in the detailed reconciliation of non-GAAP financial measures provided elsewhere in this release.

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Year-to-date diluted earnings per share were $1.45. Excluding the non-recurring expenses related to the restructuring of the U.S. consumer loan operations and other non-recurring expenses, adjusted earnings per share were $1.68 compared to $1.88 in the same prior-year period. Comparative earnings for the nine months ended September 30, 2015 were reduced by $0.23 per share due to an 18% decline in the value of the peso, approximately $0.16 per share due to decreases in earnings from non-core jewelry scrapping and payday

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Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and certain non-recurring charges) for the trailing twelve months ended September 30, 2015 totaled $140.4 million, an increase of 7% on a constant currency basis. Net income was $68.2 million for the same trailing twelve month period. A reconciliation of adjusted EBITDA to net income is provided elsewhere in this release.

•	Core pawn revenue, composed of retail merchandise sales and pawn service fees, increased 14% during the third quarter of 2015 compared to the third quarter of 2014. Total revenue increased 9% to $170 million, reflecting the strong growth in core pawn revenues partially offset by a 30% decline in total non-core payday lending and jewelry scrapping revenues.

•	Retail merchandise sales increased by 17% for the third quarter of 2015 compared to the prior-year period, driven by increases of 19% in the U.S and 16% in Mexico. Pawn fee revenue grew 9% in total compared to the prior-year period, with increases of 10% and 8% in Mexico and the U.S., respectively.

•	Same-store revenue growth from core pawn operations (excluding scrap jewelry sales and consumer loan fees) increased 8% in Mexico, decreased 4% in the U.S. and resulted in 4% overall growth in the third quarter compared to the prior-year period.

•	For the three and nine months ended September 30, 2015, 52% of revenues were from operations in Mexico which were primarily conducted in Mexican pesos and translated into U.S. dollars for financial reporting purposes. On a constant currency basis, using the prior period average exchange rate, 56% of year-to-date revenues would have been generated in Mexico.

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Revenue from non-core scrap jewelry operations declined 35% during the third quarter as compared to the prior year and accounted for less than 1% of total gross profit for the current period. The decrease was the result of a 29% decline in scrap volume produced and a 9% decrease in the weighted-average selling price of gold. The gross margin for scrap jewelry sales was 11% in the third quarter of 2015, which was consistent with the prior-year period.

•	Non-core revenue from consumer payday and title lending operations decreased 25% in the third quarter of 2015 compared to the third quarter of 2014, primarily the result of store closings and regulatory restrictions. The Company’s U.S. consumer loan operations comprised only 4% of total revenue and total gross profit in the third quarter of 2015.

•	Consolidated gross margins on retail merchandise sales remained strong at 38% during the third quarter of 2015. These gross margin results were especially impressive given the ongoing shift toward general merchandise inventories and the integration of recently acquired stores, many of which had lower margin structures.

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Pawn loans receivable increased by 5% on a year-over-year basis at quarter end, growing equally in both the U.S. and Mexico. On a same-store basis, pawn loans increased 4% in Mexico, which represented a significant improvement from the prior quarter when same-store loan growth was less than 1%. Same-store pawn loans were down 5% in the U.S., due in part to the continued impact of lower gasoline prices, which dampened loan demand, and lower loan balances in many of the Company’s acquired stores as they continue transitioning to the Company’s best practice lending and operating standards. Same-store pawn loan balances were down much less in many of Company’s larger established markets.

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Annualized inventory turns for the trailing twelve months ended September 30, 2015 were 3.4 times per year. Aged inventories (items held for over a year) accounted for approximately 5% of total inventories, an improvement from 6% in the prior quarter, due primarily to aged inventories in recently acquired stores. Excluding inventories in the stores acquired during the trailing twelve months ended September 30, 2015, aged inventories represented only 4% of total inventories, which includes slower turning retail gold jewelry.

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•	Total inventories at September 30, 2015 increased 15% over the prior-year period, in-line with store growth and largely driven by acquisitions.

•	During the quarter, the Company opened eight new locations in Mexico. Year-to-date, a total of 62 stores were added as the Company acquired 30 large format pawn store locations in the U.S. and opened 32 new stores in Mexico.

•	As of September 30, 2015, the Company operated 1,045 stores composed of 700 stores in Mexico, of which 657 are large format, full-service pawn stores and 345 stores in the U.S., of which 283 are large format, full-service pawn stores.

•	The adjusted EBITDA margin was 20% for the trailing twelve months ended September 30, 2015. Excluding the impacts of non-core payday lending and wholesale scrap jewelry operations, the adjusted EBITDA margin remained consistent with the prior year. The calculation of adjusted EBITDA margin is provided elsewhere in this release.

•	Pre-tax store operating margins were 25% for the trailing twelve months ended September 30, 2015.

•	The Company’s adjusted return on equity for the trailing twelve months ended September 30, 2015 was 17% and the adjusted return on assets was 10% for the same period. These financial ratios were calculated after adjusting for the non-recurring items described in more detail elsewhere in this release.

•	As of September 30, 2015, the Company had $73 million in cash on its balance sheet and $101.5 million of availability for future borrowings under its long-term revolving bank credit facilities. The average interest rate on the Company’s $68.5 million outstanding bank debt at quarter end was 2.75%.

•	The leverage ratio at September 30, 2015 (outstanding indebtedness divided by trailing twelve months adjusted EBITDA) was 1.9:1. Net debt, defined as funded debt less invested cash, was $211 million at September 30, 2015. The leverage ratio of adjusted EBITDA to net debt was 0.7:1 and the ratio of net debt to equity was 0.5:1.

•	Cash provided by operating activities was $93 million for the trailing twelve months ended September 30, 2015, while free cash flow totaled $71 million. Free cash flow is defined in the detailed reconciliation of non-GAAP financial measures provided elsewhere in this release.

•	The Company authorized a two million share stock repurchase plan in January 2015. Year-to-date, the Company had repurchased 661,000 shares under the plan at an aggregate cost of $32 million.

•	For the trailing twelve months ended September 30, 2015, the Company invested $57 million in acquisitions, $22 million in capital expenditures and $32 million in stock repurchases, funded primarily with operating cash flows and a $12 million increase in net debt.

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As part of the Company’s long-term strategy of reducing non-core consumer/payday lending operations, the Company closed 14 consumer loan stores in Texas during the nine months ended September 30, 2015 and plans to close at least eight more of these stores during the fourth quarter. These closings will reduce the number of remaining freestanding U.S. consumer loan locations to 43 stores, all located in Texas.

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During the third quarter of 2015, the Company recognized non-recurring expenses related to the restructuring of the U.S. consumer loan operations of $8.4 million (pre-tax) related to its freestanding Texas consumer loan locations, which included a $7.9 million (pre-tax) U.S. consumer loan operations non-cash goodwill impairment. The total charge, net of tax benefits, was $5.5 million, or $0.19 per share. These non-recurring charges are a result of the continued significant deterioration in payday lending market conditions, primarily due to increased regulations, as well as our continued de-emphasis of non-core payday operations resulting in

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Due primarily to the significant further weakening of the Mexican peso during the third quarter of 2015 and expected continued impact in the fourth quarter, the Company is updating its fiscal full-year 2015 adjusted earnings guidance to a range of $2.40 to $2.50 per diluted share. The adjusted earnings per share guidance excludes the impact of non-recurring expenses related to U.S. consumer loan operations and non-recurring costs related to store acquisitions.

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The Company’s previous guidance for the second half of the year, as provided in July 2015, was based on a projected exchange rate in a range of 15.50 to 16.25 Mexican pesos / U.S. dollar. The actual average exchange rate for third quarter was 16.40 Mexican pesos / U.S. dollar. The projected rate for the fourth quarter is now set at a range of 16.25 to 17.25 Mexican pesos / U.S. dollar. Accordingly, the incremental impact on dollar-translated earnings in Mexico is estimated to be an additional $0.07 to $0.11 per share of earnings as compared to the previous guidance. Given the further declines in U.S. gasoline prices during the third quarter, the Company’s updated guidance is also more cautious about short-term fourth quarter U.S. pawn loan demand.

•	The Company expects to add approximately 80 new stores in 2015, a majority of which will be de novo large format pawn stores in Mexico.

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•	changes in regional, national or international economic conditions, including inflation rates, unemployment rates and energy prices;

•	changes in foreign currency exchange rates and the Mexican peso to U.S. dollar exchange rate in particular;

•	changes in consumer demand, including purchasing, borrowing and repayment behaviors;

•	changes in pawn forfeiture rates and credit loss provisions;

•	changes in the market value of pawn collateral and merchandise inventories, including gold prices and the value of consumer electronics and other products;

•	changes or increases in competition;

•	the ability to locate, open and staff new stores and successfully integrate acquisitions;

•	the availability or access to sources of used merchandise inventory;

•	changes in credit markets, interest rates and the ability to establish, renew and/or extend the Company’s debt financing;

•	the ability to maintain banking relationships for treasury services and processing of certain consumer lending transactions;

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•	the ability to hire and retain key management personnel;

•	new federal, state or local legislative initiatives or governmental regulations (or changes to existing laws and regulations) affecting pawn businesses, consumer loan businesses and credit services organizations (in both the United States and Mexico), including administrative or legal interpretations thereto;

•	risks and uncertainties related to foreign operations in Mexico;

•	changes in import/export regulations and tariffs or duties;

•	changes in banking, anti-money laundering or gun control regulations;

•	unforeseen litigation or regulatory investigations;

•	changes in tax rates or policies in the U.S. and Mexico;

•	inclement weather, natural disasters and public health issues;

•	security breaches, cyber attacks or fraudulent activity;

•	a prolonged interruption in the Company’s operations of its facilities, systems, and business functions, including its information technology and other business systems;

•	the implementation of new, or changes in the interpretation of existing, accounting principles or financial reporting requirements; and

•	future business decisions.

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(1)	Wholesale scrap jewelry revenue during the three months ended September 30, 2015 consisted primarily of gold sales, of which approximately 6,000 ounces were sold at an average price of $1,112 per ounce, compared to approximately 8,400 ounces of gold sold at $1,224 per ounce in the prior-year period.

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(1)	Wholesale scrap jewelry revenue during the nine months ended September 30, 2015 consisted primarily of gold, of which approximately 18,200 ounces sold at an average selling price of $1,171 per ounce, compared to approximately 25,400 ounces of gold sold at $1,282 per ounce in the prior-year period.

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(1)	CSO amounts outstanding are composed of the principal portion of active CSO extensions of credit by an independent third-party lender, which are not included on the Company’s balance sheet, net of the Company’s estimated fair value of its liability under the letters of credit guaranteeing the extensions of credit.

(2)

Combined customer loans is a non-GAAP measure as it includes CSO credit extensions held by an independent third-party not included on the Company’s balance sheet. The Company believes this non-GAAP measure provides investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the consumer loan portfolio on an aggregate basis. The Company also believes the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on the Company’s balance sheet since both credit services fees revenue and the corresponding loss provision are impacted by the aggregate amount of loans owned by the Company and those guaranteed by the Company as reflected in its financial statements.

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(1)	The large format locations include retail showrooms and accept a broad array of pawn collateral including consumer electronics, appliances, power tools, jewelry and other general merchandise items. At September 30, 2015, 129 of the U.S. large format pawn stores, which are primarily located in Texas, also offered consumer loans or credit services products.

(2)	The small format locations typically have limited retail operations and primarily accept jewelry and small electronic items as pawn collateral and also offer consumer loans or credit services products.

(3)

The Company’s U.S. freestanding, small format consumer loan locations offer a credit services product and are all located in Texas. The Company intends to close an additional eight U.S. consumer loan locations in the fourth quarter of fiscal 2015. The Mexico locations offer small, short-term consumer loans. The Company’s credit services operations also include an internet distribution channel for customers residing in the state of Texas.

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(1)	For the three months ended September 30, 2015, excludes $264,000 of depreciation and amortization and for the nine months and trailing twelve months ended September 30, 2015, excludes $493,000 of depreciation and amortization, which are included in the non-recurring restructuring expenses related to U.S. consumer loan operations.

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