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Further, our failure to comply with applicable laws and regulations could result in fines, penalties or orders to cease or suspend operations, which could have a material adverse effect on our results of operations.
+Added: For example, a bill was recently introduced in the Illinois legislature proposing a 36% APR rate cap to pawn loans made in the state.
+Added: If that bill becomes law, then our business in Illinois could be adversely affected.
Negative characterizations of the pawn industry by consumer advocates, media or others could result in increased legislative or regulatory activity, could adversely affect the market value of our publicly traded stock, or could make it harder to operate our business successfully.
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business is concentrated in Texas and Florida.
−Removed: As of September 30, 2021, more than 60% of our U.S.
−Removed: pawn stores were locat ed in Texas (44%) and Florida (18%), a nd those stores account for a significant portion of our revenues and profitability.
+Added: As of September 30, 2022, more th an 62% of our U.S.
+Added: pawn stores were located in Texas (44%) and Florida (18%), and those stores account for a significant portion of our revenues and profitability.
The legislative, regulatory and general business environment in Texas and Florida has been relatively favorable for our pawn business activities, but a negative legislative or regulatory change in either of those states could have a material adverse effect on our overall operations and financial performance.
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In August 2019, AlphaCredit notified us of a potential indemnity claim for certain pre-closing taxes, but the nature, extent and validity of such claim has yet to be determined.
−Removed: The final payments from AlphaCredit totaling $8.0 million have been placed into escrow pending resolution of the potential indemnity claim.
+Added: The final payments from AlphaCredit totaling $8.0 million were placed into escrow in 2019 pending resolution of the potential indemnity claim.
+Added: The statute of limitations applicable to most of the pre-closing years has now expired, but AlphaCredit has informed us that they filed an amended return for 2016, which they claim extends the statute of limitations for that year.
+Added: We are in discussions with AlphaCredit regarding the validity of the indemnity claim, the amount of any continuing exposure and whether some or all of the escrow can now be released.
+Added: Those discussions are complicated by the fact that AlphaCredit is now involved in a concurso mercantil (insolvency) proceeding in Mexico.
+Added: AlphaCredit is currently in the conciliation phase of the proceeding and management remains in day-to-day control of the business.
+Added: In the event that the proceedings move to the bankruptcy or liquidation phase, then we will have to continue our discussions with the liquidation trustee.
One person beneficially owns all of our voting stock and generally controls the outcome of all matters requiring a vote of stockholders, which may influence the value of our publicly traded non-voting stock.
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We may be required in future periods to impair our investment and recognize related investment losses, as we have done in the past, and we may not realize a positive return on the investment.
−Removed: At November 1, 2021, we ow ned 37.72% of the outstanding ordinary shares of Cash Converters , which is a publicly traded company based in Australia.
+Added: We own 43.7% of the outstanding ordinary shares of Cash Converters, which is a publicly traded company based in Australia.
We made the initial investment in November 2009 and have made incremental investments periodically since then.
The success of this strategic investment is dependent on a variety of factors, including Cash Converters’s business performance and the market’s assessment of that performance.
−Removed: We have recorded a number of impairments to the carrying value of our investment in Cash Converters in
−Removed: After an analysis of Cash Converters ’s stock price performance and other factors, we determined the fair value of our investment in Cash Converters at September 30, 2021 wa s greater than its carrying value.
+Added: We have recorded a number of impairments to the carrying value of our investment in Cash Converters in the past.
+Added: After an analysis of Cash Converters’s stock price performance and other factors, we determined the fair value of our investment in Cash Converters at September 30, 2022 was greater than its carrying value.
Strategic Investments of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data.” If the fair value of our investment declines and we determine that such decline is other-than-temporary, we may be required to further impair our investment and recognize the related investment loss, which would adversely affect our results of operations and financial position in the period of impairment.
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is heavily dependent on the success and performance of those companies, including their respective ability to obtain further debt or equity financing.
−Removed: We have an investment in Rich Data Corporation (“ RDC ”) and an indirect investment in Simple Management Group, Inc.
−Removed: Strategic Investments and Note 16:
−Removed: Subsequent Events of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data.” Our ability to recover our investment in either of these companies is heavily dependent on their success and performance, potentially including their ability to obtain further debt or equity financing.
+Added: We have an investment in RDC and an indirect investment in SMG .
+Added: Strategic Investments of Notes to Consolidated Financial Statements included in “Part II, Item 8 — Financial Statements and Supplemental Data.” Our ability to recover our investment in either of these companies is heavily dependent on their success and performance, potentially including their ability to obtain further debt or equity financing.
To the extent that either of such companies is not successful, we may be required in future periods to impair our investment and recognize related investment losses.
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Our certificate of incorporation currently authorizes us to issue up to 100 million shares of Class A Common Stock.
−Removed: Taking into consideration the shares that are issued and outstanding, as well as the shares that have been reserved for issuance pursuant to convertible notes, warrants and outstanding equity incentive compensation awards and the conversion of the Class B Common Stock, we had approximately 10.0 million shar es of authorized Class A Common Stock available for other uses as of September 30, 2021.
+Added: Taking into consideration the shares that are issued and outstanding, as well as the shares that have been reserved for issuance pursuant to convertible notes, outstanding equity incentive compensation awards and the conversion of the Class B Common Stock, we had approximately 9.5 million shar es of authorized Class A Common Stock available for other uses as of September 30, 2022.
Therefore, our ability to issue shares of Class A Common Stock (other than pursuant to the existing reserved-for commitments), or securities or instruments that are convertible into or exchangeable for shares of Class A Common Stock, may be limited until such time additional authorized, unissued and unreserved shares become available or unless we determine we are unlikely to issue all of the shares that are currently reserved.
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Any of these factors may adversely affect our financial condition, results of operations or liquidity.
+Added: The COVID-19 pandemic adversely affected our gross profit and earnings during the latter half of fiscal 2020 and into fiscal 2021.
+Added: latter part of fiscal 2021, we saw pawn transaction activity start to rebuild.
+Added: That has continued to date, and our pawn loans outstanding ("PLO") balances now exceed pre-pandemic levels, which will drive accelerating pawn service charges ("PSC") revenue in the coming quarters given the natural lag between pawn originations and related fees.
+Added: Despite the recovery in pawn transaction activity, new COVID-19 variants could affect portions of our business, such as managing appropriate staffing at the store level.
+Added: Our estimates, judgments and assumptions related to COVID-19 could vary over time, and there can be no assurance that the continuing pandemic will not have an adverse effect on our results of operations, financial position and cash flows in future periods.
We have significant operations in Latin America, and changes in the business, regulatory, political or social climate could impact our operations there, which could adversely affect our results of operations and growth plans.
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Furthermore, changes in the business, regulatory or political climate in any of those countries, or significant fluctuations in currency exchange rates, could affect our ability to expand or continue our operations there, which could have a material adverse impact on our prospects, results of operations and cash flows.
−Removed: description of the current regulatory environment in the Latin American countries in which we operate, see “Mexico Regulations” and “Other Latin America Regulations” under “Part I, Item 1 — Business — Regulation.”
+Added: For a description of the current regulatory environment in the Latin American countries in which we operate, see “Mexico Regulations” and “Other Latin America Regulations” under “Part I, Item 1 — Business — Regulation.”
A significant change in foreign currency exchange rates could have a material adverse impact on our earnings and financial position.
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Potential actions range from claims and assertions arising in the ordinary course of business (such as contract, customer or employment disputes) to more significant corporate-level matters or shareholder litigation.
−Removed: All of these matters are subject to inherent uncertainties, and unfavorable rulings could occur, which could include monetary damages, fines and penalties or other relief.
+Added: All of these matters are subject to inherent uncertainties, and unfavorable rulings could
+Added: occur, which could include monetary damages, fines and penalties or other relief.
Any unfavorable ruling or outcome could have a material adverse effect on our results of operations or could negatively affect our reputation.
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A significant reduction in cash flows from operations or the availability of debt or equity financing could materially and adversely affect our ability to achieve our planned growth and operating results.
−Removed: Our ability to obtain debt or equity financing, including the possible refinancing of
−Removed: existing indebtedness, will depend upon market conditions, our financial condition and the willingness of financing sources to make capital available to us at acceptable rates and terms.
+Added: Our ability to obtain debt or equity financing, including the possible refinancing of existing indebtedness, will depend upon market conditions, our financial condition and the willingness of financing sources to make capital available to us at acceptable rates and terms.
The inability to access capital at acceptable rates and terms could restrict or limit our ability to achieve our growth objectives, which could adversely affect our financial condition and results of operations.
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We may not have the resources or technical expertise to anticipate or prevent rapidly evolving types of cyber attacks.
−Removed: Attacks may be targeted at us, our service providers, our customers or others who have entrusted us with information.
+Added: Attacks may be targeted at us, our service providers, our customers or others
+Added: who have entrusted us with information.
Actual or anticipated attacks may cause us to incur increased costs, including costs to hire additional personnel, purchase additional protection technologies, train Team Members and engage third-party experts and consultants.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.