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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 March 31, 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)
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 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 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 30, 2021, 52,873,568 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.


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EZCORP, Inc.
INDEX TO FORM 10-Q


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

(in thousands, except share and per share amounts)
March 31,
2021
March 31,
2020
September 30,
2020
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents$335,638 $193,729 $304,542 
Restricted cash8,006 4,000 8,011 
Pawn loans125,268 160,179 131,323 
Pawn service charges receivable, net20,842 27,304 20,580 
Inventory, net86,214 173,251 95,891 
Notes receivable, net 3,728  
Prepaid expenses and other current assets30,676 23,629 32,903 
Total current assets606,644 585,820 593,250 
Investments in unconsolidated affiliates34,961 27,993 32,458 
Property and equipment, net51,836 58,787 56,986 
Lease right-of-use asset170,479 206,839 183,809 
Goodwill258,199 257,222 257,582 
Intangible assets, net58,125 64,043 58,638 
Notes receivable, net1,164 1,132 1,148 
Deferred tax asset, net9,693 6,251 8,931 
Other assets5,152 5,045 4,221 
Total assets $1,196,253 $1,213,132 $1,197,023 
Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net $ $267 $213 
Accounts payable, accrued expenses and other current liabilities69,019 53,152 71,504 
Customer layaway deposits11,401 13,060 11,008 
Lease liability41,060 44,076 49,742 
Total current liabilities121,480 110,555 132,467 
Long-term debt, net257,143 244,288 251,016 
Deferred tax liability, net167 2,540 524 
Lease liability138,622 171,006 153,040 
Other long-term liabilities9,597 7,190 10,849 
Total liabilities527,009 535,579 547,896 
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,873,568 as of March 31, 2021; 52,097,590 as of March 31, 2020; and 52,332,848 as of September 30, 2020
528 521 521 
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 capital399,439 406,171 398,475 
Retained earnings327,798 347,004 318,169 
Accumulated other comprehensive loss(58,551)(76,173)(68,068)
Total equity669,244 677,553 649,127 
Total liabilities and equity$1,196,253 $1,213,132 $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
March 31,
Six Months Ended
March 31,
(in thousands, except per share amount)2021202020212020
Revenues:
Merchandise sales$115,225 $129,830 $223,008 $256,558 
Jewelry scrapping sales6,075 11,878 12,834 21,406 
Pawn service charges63,436 80,222 126,925 164,947 
Other revenues203 1,350 307 2,803 
Total revenues184,939 223,280 363,074 445,714 
Merchandise cost of goods sold65,790 85,776 130,333 169,852 
Jewelry scrapping cost of goods sold5,401 9,617 10,603 17,371 
Other cost of revenues 525  1,061 
Net revenues113,748 127,362 222,138 257,430 
Operating expenses:
Store expenses81,149 87,648 160,458 176,923 
General and administrative13,771 15,341 26,281 34,179 
Impairment of goodwill, intangible and other assets 47,060  47,060 
Depreciation and amortization8,089 7,762 15,661 15,495 
Loss on sale or disposal of assets and other112 261 90 1,005 
Total operating expenses103,121 158,072 202,490 274,662 
Operating income (loss)10,627 (30,710)19,648 (17,232)
Interest expense5,518 5,881 10,973 11,210 
Interest income(585)(941)(1,406)(1,784)
Equity in net (income) loss of unconsolidated affiliates(1,250)(1,184)(1,766)4,713 
Other expense (income)145 (341)(454)(243)
Income (loss) before income taxes6,799 (34,125)12,301 (31,128)
Income tax expense1,469 6,749 2,672 8,508 
Net income (loss)$5,330 $(40,874)$9,629 $(39,636)
Basic earnings (loss) per share $0.10 $(0.74)$0.17 $(0.71)
Diluted earnings (loss) per share $0.10 $(0.74)$0.17 $(0.71)
Weighted-average basic shares outstanding55,661 55,448 55,509 55,557 
Weighted-average diluted shares outstanding55,665 55,522 55,511 55,608 
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
March 31,
Six Months Ended
March 31,
(in thousands)2021202020212020
Net income (loss)$5,330 $(40,874)$9,629 $(39,636)
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of tax(1,760)(29,846)9,517 (23,775)
Comprehensive income (loss)$3,570 $(70,720)$19,146 $(63,411)
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 StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive (Loss) Income
Total Equity
(in thousands)SharesPar Value
Balances as of September 30, 202055,303 $551 $398,475 $318,169 $(68,068)$649,127 
Stock compensation524524 
Release of restricted stock29655 
Taxes paid related to net share settlement of equity awards(730)(730)
Foreign currency translation gain11,27711,277 
Net income4,2994,299 
Balances as of December 31, 202055,599$556 $398,269 $322,468 $(56,791)$664,502 
Stock compensation— 1,094 — — 1,094
Transfer of consideration for prior period acquisition33— 185 — — 185
Release of restricted stock2122 — — — 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, 202155,844$558 $399,439 $327,798 $(58,551)$669,244 
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive (Loss) Income
Total Equity
(in thousands)SharesPar Value
Balances as of September 30, 201955,535 $556 $407,628 $389,163 $(52,398)$744,949 
Stock compensation1,6951,695 
Release of restricted stock46355 
Taxes paid related to net share settlement of equity awards(1,395)(1,395)
Foreign currency translation gain6,0716,071 
Purchase and retirement of treasury stock(142)(2)(488)(473)(963)
Net income— — 1,238 — 1,238 
Balances as of December 31, 201955,856$559 $407,440 $389,928 $(46,327)$751,600 
Stock compensation— — 930 — — 930 
Release of restricted stock13 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, 202055,068$551 $406,171 $347,004 $(76,173)$677,553 

See accompanying notes to unaudited interim condensed consolidated financial statements
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EZCORP, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
March 31,
(in thousands)20212020
Operating activities:
Net income (loss)$9,629 $(39,636)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization15,661 15,495 
Amortization of debt discount and deferred financing costs6,754 6,493 
Amortization of lease right-of-use asset23,835 22,752 
Accretion of notes receivable discount and deferred compensation fee (546)
Deferred income taxes(1,119)(3,698)
Impairment of goodwill and intangible assets 47,060 
Other adjustments(250)1,810 
Provision for inventory reserve(5,265)(742)
Stock compensation expense1,618 2,722 
Equity in net (income) loss of unconsolidated affiliates(1,766)4,713 
Changes in operating assets and liabilities:
Service charges and fees receivable(106)4,027 
Inventory6,481 (539)
Prepaid expenses, other current assets and other assets3,874 (2,791)
Accounts payable, accrued expenses and other liabilities(43,436)(37,799)
Customer layaway deposits238 538 
Income taxes2,573 1,412 
Net cash provided by operating activities18,721 21,271 
Investing activities:
Loans made(269,468)(351,050)
Loans repaid177,888 229,054 
Recovery of pawn loan principal through sale of forfeited collateral109,019 158,792 
Capital expenditures, net(8,359)(12,160)
Principal collections on notes receivable 4,000 
Net cash provided by investing activities9,080 28,636 
Financing activities:
Taxes paid related to net share settlement of equity awards(839)(1,458)
Payout of deferred consideration (175)
Proceeds from borrowings, net of issuance costs (109)
Payments on borrowings(871)(355)
Repurchase of common stock (5,159)
Net cash used in financing activities (1,710)(7,256)
Effect of exchange rate changes on cash and cash equivalents and restricted cash5,000 (7,364)
Net increase in cash, cash equivalents and restricted cash31,091 35,287 
Cash, cash equivalents and restricted cash at beginning of period312,553 162,442 
Cash, cash equivalents and restricted cash at end of period$343,644 $197,729 
Supplemental disclosure of cash flow information
Cash and cash equivalents$335,638 $193,729 
Restricted cash8,006 4,000 
Total cash and cash equivalents and restricted cash$343,644 $197,729 
Non-cash investing and financing activities:
Pawn loans forfeited and transferred to inventory$99,285 $156,468 
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 the Company’s 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 six-month periods ended March 31, 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 six months ended March 31, 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 revenue recognition, 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, 2023, 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: 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.
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 charge 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 March 31, 2021, pawn loan and related pawn service charge receivable, net were $125.3 million and $20.8 million, respectively.

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NOTE 3: 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 the Company 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 had no similar charges for the six months ended March 31, 2021.
(in thousands)Accrued Charges at September 30, 2020ChargesPayments and AdjustmentsAccrued Charges at December 31, 2020ChargesPayments and AdjustmentsAccrued Charges at March 31, 2021
Cash charges:
Labor reduction costs$5,946 $ $(2,343)$3,603 $ $(1,075)$2,528 
CASHMAX shutdown costs800  $(400)$400  $(400)$ 
Store closure costs1,806  $(1,706)$100  $(100)$ 
Other2,166  $(166)$2,000  $ $2,000 
10,718 $ $(4,615)$6,103 $ $(1,575)$4,528 

NOTE 4: 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
March 31,
Six Months Ended
March 31,
(in thousands, except per share amounts)2021202020212020
Net income (loss)$5,330 $(40,874)$9,629 $(39,636)
Earnings per common share
Average common share outstanding (denominator)55,661 55,44855,509 55,557 
Earnings per common share$0.10 $(0.74)$0.17 $(0.71)
Diluted earnings per common share
Average common share outstanding55,661 55,448 55,509 55,557 
Dilutive effect of restricted stock and convertible notes*4 74 2 51 
Diluted average common shares outstanding (denominator)55,665 55,522 55,511 55,608 
Diluted earnings per common share$0.10 $(0.74)$0.17 $(0.71)
Potential common shares excluded from the calculation of diluted earnings per share above*:
Restricted stock**9642,777$831 $2,495 
*    Includes time-based share-based awards and Convertible Notes. See Note 8 for discussion of the terms and conditions of the potential impact of the 2024 Convertible Notes and 2025 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.
NOTE 5: 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.
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The table below presents balances of our operating leases:
(in thousands)March 31, 2021March 31, 2020
September 30,
2020
Right-of-use asset$170,479 $206,839 $183,809 
Lease liability, current$41,060 $44,076 $49,742 
Lease liability, non-current138,622 171,006 153,040 
Total lease liability$179,682 $215,082 $202,782 
The table below provides the composition of our lease costs:
Three Months Ended
March 31,
Six Months Ended
March 31,
(in thousands)2021202020212020
Operating lease expense$14,616 $15,453 $29,815 $31,978 
Variable lease expense2,923 3,093 5,968 5,900 
Other (1)
(859) (1,725) 
Total lease expense$16,680 $18,546 $34,058 $37,878 
(1) Includes sublease rental income.

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:
Six Months Ended
March 31,
20212020
Weighted-average remaining contractual lease term (years)
5.075.72
Weighted-average incremental borrowing rate 7.88 %8.25 %

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):
Remaining 2021
$26,419 
Fiscal 2022
53,629 
Fiscal 2023
41,651 
Fiscal 2024
30,463 
Fiscal 2025
21,522 
Thereafter45,866 
Total lease payments$219,550 
Less: Portion representing interest39,868 
Present value of operating lease liabilities$179,682 
Less: Current portion41,060 
Non-current portion$138,622 

We recorded $6.6 million and $0.9 million in non-cash additions to our right of use assets and lease liabilities for the six months ended March 31, 2021 and March 31, 2020, respectively.
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NOTE 6: STRATEGIC INVESTMENTS
As of March 31, 2021, we owned 214,183,714 shares, or 34.75%, of Cash Converters International Limited ("Cash Converters International"). 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)20202019
Current assets$170,412 $164,906 
Non-current assets189,810 199,277 
Total assets$360,222 $364,183 
Current liabilities$59,962 $93,958 
Non-current liabilities58,368 60,503 
Shareholders’ equity241,892