EZCORP Inc (EZPW) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the EZCORP fiscal fourth-quarter and full-year 2024 earnings call. (Operator Instructions) As a reminder, this call may be recorded.

早安，女士們、先生們，歡迎參加 EZCORP 第四財季和 2024 年全年財報電話會議。（操作員說明）謹此提醒，此通話可能會被錄音。

I'd now like to turn the conference over to Sean Mansouri, the company's Investor Relations adviser with Elevate IR. Please go ahead, Sean.

現在我想將會議轉交給 Sean Mansouri，他是該公司 Elevate IR 的投資者關係顧問。請繼續，肖恩。

Thank you, and good morning, everyone. During our prepared remarks, we will refer to slides which are available for viewing or download from our website at investors.ezcorp.com.

謝謝大家，大家早安。在我們準備好的演講中，我們將參考可從我們的網站 Investors.ezcorp.com 查看或下載的幻燈片。

Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations.

在開始之前，我想提醒大家，本次電話會議以及簡報投影片包含有關公司未來時期的預期營運和財務表現的某些前瞻性陳述。這些陳述是基於公司目前的預期。

Actual results for future periods may differ materially from those expressed due to a number of risks or other factors that are discussed in our annual, quarterly, and other reports filed with the Securities and Exchange Commission.

由於我們向美國證券交易委員會提交的年度、季度和其他報告中討論的許多風險或其他因素，未來時期的實際結果可能與所表達的結果有重大差異。

And as noted in our presentation materials, and unless otherwise identified, results are presented on an adjusted basis to remove the effect of foreign currency fluctuations and other discrete items.

正如我們的演示材料中所指出的，除非另有說明，否則結果是在調整後的基礎上呈現的，以消除外幣波動和其他離散項目的影響。

Joining us on the call today are EZCORP's Chief Executive Officer; Lachie Given; and Tim Jugmans, Chief Financial Officer.

今天加入我們電話會議的是 EZCORP 執行長；拉奇·吉文；和財務長蒂姆·賈格曼斯。

Now, I'll turn the call over to Lachie.

現在，我將把電話轉給 Lachie。

Thanks, Sean, and good morning, everyone. Today, I'd like to begin with a review of our fiscal fourth quarter and 2024 performance and then move to an overview of the progress we've made on our strategic goals we set 4 years ago. We're excited to report a record-breaking fiscal Q4 and full year 2024, driven by our team's consistent execution of our strategic plan.

謝謝肖恩，大家早安。今天，我想先回顧我們第四財季和 2024 年的業績，然後概述我們在 4 年前製定的策略目標方面所取得的進展。我們很高興地報告第四財季和 2024 年全年創紀錄的業績，這得益於我們團隊對戰略計劃的持續執行。

Total revenue for Q4 reached a record $300.9 million, up 11% year over year, while PLO grew 14%, $279.2 million, the highest level in our history. We also delivered strong bottom line results in Q4 with EBITDA up 15% to $36.7 million and diluted EPS climbing 13% to $0.26 per share. These outstanding operating and financial results demonstrate our commitment to delivering value for our stakeholders.

第四季總營收達到創紀錄的 3.009 億美元，年增 11%，而 PLO 成長 14%，達到 2.792 億美元，創歷史最高水準。我們也在第四季度實現了強勁的淨利潤，EBITDA 成長 15%，達到 3,670 萬美元，攤薄後每股收益成長 13%，達到每股 0.26 美元。這些出色的營運和財務表現證明了我們致力於為利害關係人創造價值的承諾。

Beginning on slide 3. We continue to be a global leader in pawn broking and preowned and recycled retail. We operate 1,279 stores in the US and Latin America, having added another 21 stores this quarter. Demand for our pawn broking services continues to grow as economic pressure from elevated living costs and limited credit options drive customers into short-term cash solutions.

從投影片 3 開始。我們繼續成為當鋪以及二手和回收零售領域的全球領導者。我們在美國和拉丁美洲經營 1,279 家商店，本季又新增了 21 家商店。由於生活成本上升和信貸選擇有限帶來的經濟壓力促使客戶尋求短期現金解決方案，對我們典當經紀服務的需求持續成長。

Additionally, consumers are becoming increasingly value conscious, turning to pre-owned merchandise for its affordability and eco-friendly benefits. We are continuously innovating and providing exceptional customer service to address these evolving needs.

此外，消費者的價值意識越來越強，轉而購買二手商品，因為其價格實惠且環保。我們不斷創新並提供卓越的客戶服務，以滿足這些不斷變化的需求。

Moving to slide 4. During the quarter, we opened 20 new stores across Latin America and acquired an additional store in the US. Our earning assets grew 16% year over year, supporting a record PLO balance and leading to a 12% increase in PSC. Our cash balance declined to $171 million due to paying off our convertible note during the quarter, along with an increase in PLO and inventory as well as share repurchases of $3 million.

轉到投影片 4。本季度，我們在拉丁美洲開設了 20 家新店，並在美國收購了一家新店。我們的獲利資產年增 16%，支持創紀錄的 PLO 餘額，並導致 PSC 成長 12%。由於本季還清了我們的可轉換票據，加上 PLO 和庫存增加以及 300 萬美元的股票回購，我們的現金餘額下降至 1.71 億美元。

We maintained substantial liquidity to fund PLO growth, expand de novo stores support inorganic growth opportunities, address near-term debt maturities and share repurchasing. Slide 5 shows the continued growth of our business across all key financial metrics in Q4 as well as throughout the year.

我們保持大量流動性，為巴解組織的成長提供資金，擴大從頭商店支持無機成長機會，解決近期債務到期問題和股票回購。投影片 5 顯示了我們的業務在第四季度以及全年所有關鍵財務指標上的持續成長。

Q4 revenues grew 11% year over year. Merchandise sales increased 9% and gross profit grew by 12%, while EBITDA and diluted EPS climbed 15% and 13%, respectively. As noted earlier, strong consumer demand and exceptional customer service continue to fuel PLO and PSC growth.

第四季營收年增 11%。商品銷售額成長 9%，毛利成長 12%，而 EBITDA 和攤薄後每股盈餘分別成長 15% 和 13%。如前所述，強勁的消費者需求和卓越的客戶服務持續推動 PLO 和 PSC 的成長。

Now turning to our key business strategy highlights for Q4, which are on slide 6. We are proud of the progress we've made in strengthening our core pawn operations. In the US, revenue continued to grow due to our ongoing focus on development for our team members, serving our customers and executing on pawn fundamentals.

現在轉向我們第四季的主要業務策略亮點，如投影片 6 所示。我們對在加強核心典當業務方面取得的進展感到自豪。在美國，由於我們持續關注團隊成員的發展、服務客戶並執行典當基本原則，收入持續成長。

In Latin America, gross profit grew by 20% due to enhancements in automated pricing, loan guidance and focus on customer service. Additionally, we continue to improve store systems and processes to increase speed of serve.

在拉丁美洲，由於自動化定價、貸款指導和對客戶服務的關注的增強，毛利增加了 20%。此外，我們繼續改進商店系統和流程以提高服務速度。

Our focus on strengthening customer relationships is evident in the 44% growth of EZ+ Rewards members, reaching 5.4 million members globally. We also captured an increase of 23% in traffic to our core pawn website. These metrics reflect our deepening connections with our customer base and our ability to engage across multiple platforms.

我們對加強客戶關係的重視體現在 EZ+ Rewards 會員數量增加了 44%，全球會員數達到 540 萬。我們的核心典當網站流量也增加了 23%。這些指標反映了我們與客戶群日益加深的聯繫以及我們跨多個平台參與的能力。

We remain committed to fostering a culture that empowers and recognizes our team members who are truly the foundation of our success. In Latin America, we've improved scheduling processes to support a healthier work-life balance. Additionally, we launched comprehensive training on the fiscal 2025 incentive program structure, ensuring team members fully understand earnings potential and performance criteria. To support long-term growth, we've also enhanced our talent and succession planning tools, equipping EZCORP to better identify, develop and retain top talent.

我們仍然致力於培養一種文化，賦予我們的團隊成員權力並認可他們，他們是我們成功的真正基礎。在拉丁美洲，我們改進了日程安排流程，以支持更健康的工作與生活平衡。此外，我們也啟動了 2025 財年激勵計畫架構的全面培訓，確保團隊成員充分了解獲利潛力和績效標準。為了支持長期成長，我們還增強了人才和繼任計畫工具，使 EZCORP 能夠更好地識別、培養和留住頂尖人才。

Turning to innovation and growth. US online payment collections increased $6.2 million in the quarter. In Mexico, adoption of online payments also grew with 13% of extensions in layaways now handled online. Additionally, Max Pawn's luxury e-commerce sales grew sixfold, primarily through eBay.

轉向創新和成長。本季美國線上支付收款額增加了 620 萬美元。在墨西哥，線上支付的採用率也有所增長，目前在線上處理的分期付款中，有 13%。此外，Max Pawn 的奢侈品電子商務銷售額成長了六倍，主要透過 eBay 實現。

With that, I'll hand the call over to Tim Jugmans, our CFO who will provide a deeper look at our financial results. Tim?

接下來，我會將電話轉交給我們的財務長 Tim Jugmans，他將更深入地了解我們的財務表現。提姆？

Thanks, Lachie. Slide 8 provides a detailed look at our consolidated financial results for the fiscal fourth quarter. As Lachie mentioned, we closed the quarter with a record PLO of $279.2 million, a 14% increase year over year. PSC revenue rose 12% year over year, primarily fueled by same-store PLO growth. Our inventory turnover rate was 2.6 times with aged GM inventory at 1.7%.

謝謝，拉奇。第 8 張投影片詳細介紹了我們第四財季的綜合財務表現。正如 Lachie 所提到的，我們以創紀錄的 2.792 億美元的 PLO 結束本季度，年增 14%。PSC 營收年增 12%，主要得益於同店 PLO 成長。我們的庫存週轉率為 2.6 倍，其中老化的通用庫存率為 1.7%。

Merchandise sales increased by 9% to $165.5 million, while merchandise gross profit grew by 8% from the prior year period. The company posted another strong quarter of profitability with EBITDA increasing to $36.7 million, representing a 15% increase from the prior year period. This growth was primarily driven by higher PSC partially offset by a 10% increase in expenses.

商品銷售額成長 9%，達到 1.655 億美元，商品毛利較上年同期成長 8%。該公司第三季獲利能力強勁，EBITDA 增至 3,670 萬美元，較上年同期成長 15%。這一增長主要是由於 PSC 增加而部分被 10% 的費用增加所抵消。

Moving to our US pawn segment on slide 9. We achieved record fourth-quarter US revenue of $212 million, up 9% year over year. Earning assets grew by 10%, driven by an increase both in PLO and inventory.

前往投影片 9 上的美國典當部分。我們第四季美國營收達到創紀錄的 2.12 億美元，年增 9%。在 PLO 和庫存增加的推動下，獲利資產增加了 10%。

Slide 10 includes a map of the US states where we operate, highlighting our robust footprint of 542 stores. Our FY24 average US loan size increased by 9%, supported by a 2 basis point rise in PLO jewelry composition as we benefited from rising gold prices. Additionally, general merchandise inventory composition rose by 20 basis points, driven by sporting goods, electronics and tools.

投影片 10 包含我們經營業務所在的美國各州的地圖，突顯了我們擁有 542 家商店的強大足跡。我們的 2024 財年平均美國貸款規模增加了 9%，這得益於金價上漲帶來的 PLO 珠寶構成增加 2 個基點的支撐。此外，在體育用品、電子產品和工具的推動下，一般商品庫存組成上升了 20 個基點。

Slide 11 provides a more detailed view of our financial performance in the US PLO grew 12% on a total and same-store basis due to improved operational performance and continued -- on the US retail side, merchandise sales increased by 7%, while merchandise sales gross profit rose by 4%. The lower gross margin reflects our focus on inventory turnover.

投影片11 更詳細地展示了我們在美國的財務表現。銷售額成長了7%。較低的毛利率反映了我們對庫存週轉率的關注。

US pawn EBITDA for the quarter was $43.6 million, up 10%, primarily due to higher PSC, partially offset by a 10% increase in US expenses. US EBITDA margin improved by 24 basis points to 21%, underscoring our focus on profitability.

本季美國典當 EBITDA 為 4,360 萬美元，成長 10%，主要是由於 PSC 增加，但部分被美國費用增加 10% 所抵銷。美國 EBITDA 利潤率提高了 24 個基點，達到 21%，凸顯了我們對獲利能力的關注。

Turning to our Latin American pawn segment on slide 12. Total revenues increased 17% to $88.9 million, which was a record high for the fiscal fourth quarter. Earning assets increased 33%, driven by a PLO increase of 18% and an inventory increase of 56%. The increase in inventory is driven by a number of factors, including higher PLO and lower-than-normal inventory in the prior year quarter in which we reduced aged general merchandise.

轉向幻燈片 12 上的拉丁美洲典當部分。總營收成長 17%，達到 8,890 萬美元，創第四財季歷史新高。在 PLO 成長 18% 和庫存成長 56% 的推動下，獲利資產成長 33%。庫存增加是由多種因素推動的，包括較高的 PLO 和去年同期庫存低於正常水平，我們減少了老化的一般商品。

The holiday period during our first quarter provides a great view to increase sales to lower inventory growth. On slide 13, you can see that we expanded our presence in Latin America and now have 737 stores opening 20 new locations across three countries during the quarter.

第一季的假期為我們提供了增加銷售量、降低庫存成長的絕佳機會。在投影片 13 上，您可以看到我們擴大了在拉丁美洲的業務，目前本季在三個國家開設了 737 家商店、20 家新店。

PLO jewelry competition increased by 400 basis points, reflecting our strategic focus on growing this category, particularly in Mexico. The higher jewelry composition also contributed to a 10% increase in average loan size for the year at 7% on a constant currency basis.

PLO 珠寶競賽增加了 400 個基點，反映出我們對發展這個類別（尤其是在墨西哥）的策略重點。較高的珠寶組成也導致今年平均貸款規模增加 10%，以固定匯率計算為 7%。

As mentioned, our Latin American region saw a significant PLO growth of 18%, as highlighted on slide 14, primarily fueled by our team's strong operational performance and increased pawn demand in the area. PSC rose by 19%, driven by same-store PLO growth.

如前所述，我們拉丁美洲地區的 PLO 顯著增長了 18%，如幻燈片 14 所示，這主要是由於我們團隊強勁的營運績效和該地區典當需求的增加所推動的。在同店 PLO 成長的推動下，PSC 成長了 19%。

On the retail side, merchandise sales grew by 14% and merchandise gross profit increased by 19%, reflecting a 200 basis point margin expansion. EBITDA climbed an impressive 50% to $12.7 million with EBITDA margin reaching 14%, up from 12 basis points.

零售方面，商品銷售額成長14%，商品毛利成長19%，利潤率擴大200個基點。EBITDA 成長了 50%，達到 1,270 萬美元，EBITDA 利潤率從 12 個基點上升至 14%。

The EBITDA improvement was due to higher PSC, partially offset by a 10% increase in expenses. As we often do at fiscal year-end, we would like to take this opportunity to highlight how we have performed against this multiyear strategy and longer-term goals we introduced at the end of fiscal 2020.

EBITDA 的改善歸因於 PSC 的增加，但部分被費用增加 10% 所抵消。正如我們在財年末經常做的那樣，我們想藉此機會強調我們在 2020 財年末推出的多年戰略和長期目標方面的表現。

I'll now pass it over to Lachie to review our execution.

現在我將把它交給 Lachie 來審查我們的執行情況。

Thanks, Tim. Slide 16 highlights our strategic progress over the last four years. In fiscal 2020, we transitioned to a seasoned leadership team, largely promoted from within and deeply experienced in the pawn business.

謝謝，蒂姆。幻燈片 16 重點介紹了我們過去四年的策略進展。2020 財年，我們組建了一支經驗豐富的領導團隊，主要由內部晉升，在當鋪業務方面經驗豐富。

This team initiated a comprehensive review across all functions leading to a new multiyear plan focused on cultural enhancement, team development, and optimizing our core pawn operations. We aim to improve lending model, increase inventory turnover, reduce costs and expand both our customer base and store footprint, all while prioritizing exceptional cost of service.

該團隊對所有職能部門發起了全面審查，制定了一個新的多年計劃，重點關注文化增強、團隊發展和優化我們的核心典當業務。我們的目標是改善貸款模式、提高庫存週轉率、降低成本並擴大我們的客戶群和商店足跡，同時優先考慮卓越的服務成本。

These efforts have driven substantial growth on the top and bottom line, along with strong returns on capital for our shareholders. On slide 17, our commitment to our core values, people, pawn and passion has resulted in record-breaking PLO and revenue growth, along with strong ROEA.

這些努力推動了營收和利潤的大幅成長，並為我們的股東帶來了豐厚的資本回報。在投影片 17 中，我們對核心價值、人員、典當和熱情的承諾帶來了破紀錄的 PLO 和收入成長，以及強勁的 ROEA。

We launched a cultural transformation in the US in financial year '20 and in Latin America by financial year 2022. The outcome of these assets is visible not only in our improved financial and operating metrics, but also in our latest company-wide engagement survey, growing an impressive 84-point significantly above global benchmark.

我們於 20 財年在美國啟動了文化轉型，並於 2022 財年在拉丁美洲啟動了文化轉型。這些資產的成果不僅體現在我們改進的財務和營運指標中，而且體現在我們最新的全公司敬業度調查中，顯著高於全球基準，令人印象深刻的 84 點。

On slide 18, you can see how the execution of our strategy over the last four years has led to material improvements in profitability and shareholder value. Net income is up nearly 4 times since fiscal 2020 and EBITDA has more than doubled with the share price increasing 123% during the four-year period, significantly outperforming both the Russell 2000 and S&P 500. Tim will now detail other substantial financial improvements we've achieved over the last few years.

在投影片 18 中，您可以看到我們過去四年策略的執行如何帶來獲利能力和股東價值的實質改善。自 2020 財年以來，淨利潤增長了近 4 倍，EBITDA 增長了一倍以上，股價在四年內上漲了 123%，顯著優於羅素 2000 指數和標準普爾 500 指數。蒂姆現在將詳細介紹我們在過去幾年中取得的其他重大財務改進。

Thanks, Lachie. Over the past four years, we've had substantial improvement in our financial results. Starting with PLO on slide 19. We reached a low in fiscal 2020 due to COVID impact, but demand has rebounded strongly. At the end of fiscal 2024, PLO hit an all-time high, while PSC increased to $434 million for the fiscal full year.

謝謝，拉奇。過去四年來，我們的財務表現有了顯著改善。從投影片 19 上的 PLO 開始。由於新冠疫情的影響，我們在 2020 財年達到了低點，但需求強勁反彈。2024 財年末，PLO 創下歷史新高，而 PSC 全年增至 4.34 億美元。

Jewelry pawn demand growing faster than general merchandise has contributed to a higher average loan size, and based on current gold prices, we expect continued growth in this key category. On slide 20, you will see our progress to more effectively managed inventory.

珠寶典當需求的成長速度快於一般商品，導致平均貸款規模更高，根據目前的金價，我們預期這個關鍵類別將持續成長。在投影片 20 上，您將看到我們在更有效管理庫存方面取得的進展。

Despite the increase in inventory driven by our focus on PLO, inventory returns remained strong at 2.8 times, while our aged GM sits at 1.7%. It's worth noting that excluding luxury handbags in our three Max Pawn stores in Las Vegas. Aged general merchandise remains under 1% of total GM inventory in fiscal 2024.

儘管我們對 PLO 的關注推動了庫存增加，但庫存回報率仍然保持在 2.8 倍的強勁水平，而我們老化的 GM 為 1.7%。值得注意的是，不包括我們位於拉斯維加斯的三家 Max Pawn 商店的豪華手袋。到 2024 財年，老化一般商品仍佔通用汽車庫存總量的 1% 以下。

slide 21 highlights record merchandise sales and gross profit in fiscal 2024, reflecting the improvements made to our operating model over the last four years. Sales gross profit increased to $234 million in fiscal 2024, reflecting a 9% CAGR since 2020, while our merchandise margin after peaking in FY21 has now stabilized within our target range at 36%.

投影片 21 重點介紹了 2024 財年創紀錄的商品銷售額和毛利，反映了過去四年我們營運模式的改進。2024 財年，銷售毛利增加至 2.34 億美元，自 2020 年以來複合年增長率為 9%，而我們的商品利潤率在 2021 財年達到高峰後，現已穩定在 36% 的目標範圍內。

Turning to slide 22. We achieved sustained growth in customer engagement driven by our EZ Rewards program, which has led to market share gains and improved customer service efficiency. EZ+ Rewards members surpassed $5 million at the end of fiscal 2024, and those members accounted for 77% of all transactions for the year. We also continue to drive strong growth across a number of key metrics, including online extensions and layaways as well as cumulative reviews, which are highlighted on this slide. Moving to slide 23.

轉到投影片 22。在 EZ Rewards 計畫的推動下，我們實現了客戶參與度的持續成長，從而提高了市場份額並提高了客戶服務效率。截至 2024 財年末，EZ+ Rewards 會員的交易額超過 500 萬美元，這些會員佔當年所有交易的 77%。我們也繼續推動一些關鍵指標的強勁成長，包括線上延期和分期預約以及累積評論，這些都在這張投影片中突出顯示。轉到投影片 23。

Since fiscal 2020, we've added 274 stores with 160 of those stores added through acquisition and 131 de novos, while consolidating 24 locations that did not meet our growth and profitability thresholds. We've also entered the luxury segment since that time with our Max Pawn stores in Las Vegas. Our strong balance sheet underpins these growth initiatives with $249 million invested in earning assets and $71 million in strategic assets.

自 2020 財年以來，我們新增了 274 家門市，其中 160 家是透過收購新增的，131 家是從頭新增的，同時整合了 24 家未達到我們成長和獲利門檻的門市。從那時起，我們也透過位於拉斯維加斯的 Max Pawn 商店進入了奢侈品領域。我們強大的資產負債表透過投資 2.49 億美元投資於獲利資產和 7,100 萬美元投資於戰略資產，為這些成長計畫提供了支撐。

Since August 2022, we've repurchased 3.4 million shares for $31 million and extended over 68% of our debt maturities to fiscal 2029, maintaining a favorable long-term cash cost of 3.75%. The US pawn shown on slide 24, PLO has more than doubled from fiscal 2020 with PLO per store up 87%. Gross profit increased by 39% and EBITDA by 75% and ROEA has reached 156% at the end of fiscal 2024.

自 2022 年 8 月以來，我們已以 3,100 萬美元回購了 340 萬股股票，並將超過 68% 的債務期限延長至 2029 財年，保持了 3.75% 的有利長期現金成本。投影片 24 中顯示的美國典當，PLO 比 2020 財年增加了一倍多，每家商店的 PLO 增加了 87%。2024財年末，毛利成長39%，EBITDA成長75%，ROEA達156%。

Turning to our Latin American segment highlights on slide 25. PLO in Latin America is up 160% since fiscal 2020 with PLO per store up 76%. EBITDA has increased an impressive 150% since fiscal 2020 and the EBITDA margin is up 400 basis points to 14% during the same period. ROEA in fiscal 2020 were 127% and is now 175 driven by our team's focus on customer and operational improvements.

轉向幻燈片 25 上的拉丁美洲部分亮點。自 2020 財年以來，拉丁美洲的 PLO 成長了 160%，每家商店的 PLO 成長了 76%。自 2020 財年以來，EBITDA 成長了 150%，令人印象深刻，同期 EBITDA 利潤率成長了 400 個基點，達到 14%。由於我們團隊對客戶和營運改善的關注，2020 財年的 ROEA 為 127%，現在為 175%。

Turning to slide 26 on our strategic investments. Our investment in Cash Converters International SMG through founders represent a significant strategic and geographic expansion of our core pawn operations. Through Founders, we've gained increased exposure to key regions like the Caribbean, Central America, and Florida. With Cash Converters International listed on the Australian Stock Exchange, we've expanded our presence across 14 countries, including Australia and New Zealand and the UK.

轉向投影片 26，了解我們的策略投資。我們透過創辦人對 Cash Converters International SMG 的投資代表了我們核心典當業務的重大策略和地理擴張。透過創辦人，我們增加了對加勒比海、中美洲和佛羅裡達等關鍵地區的接觸。隨著 Cash Converters International 在澳洲證券交易所上市，我們將業務擴展到 14 個國家，包括澳洲、紐西蘭和英國。

We are highly optimistic about the growth prospects of these two well-managed businesses. Since fiscal 2021, we've invested $10.7 million to increase our ownership from 34.8% to 43.7% and received $12.3 million in dividends, including $1.8 million in October 2024.

我們對這兩項管理良好的業務的成長前景高度樂觀。自 2021 財年以來，我們已投資 1,070 萬美元，將持股比例從 34.8% 增加至 43.7%，並獲得了 1,230 萬美元的股息，其中包括 2024 年 10 月的 180 萬美元。

On the ESG front, on slide 27, we remain focused on contributor to a circular economy by providing environmentally friendly retail experiences to our customers through a network of neighborhood e-commerce stores.

在幻燈片 27 中的 ESG 方面，我們仍然致力於透過社區電子商務商店網路為客戶提供環保的零售體驗，從而為循環經濟做出貢獻。

In fiscal 2024, we sold over 5.2 million preowned general merchandise and jewelry items through pawn purchases and purchases from customers, extending the useful life of these products. We were also recognized by Newsweek for work-life diversity during fiscal year and remain very active with our contributions and community engagement.

2024 財年，我們透過當鋪購買和向客戶購買的方式銷售了超過 520 萬件二手一般商品和珠寶，延長了這些產品的使用壽命。我們在財政年度的工作與生活多樣性也受到《新聞周刊》的認可，並且我們仍然非常積極地做出貢獻和參與社區活動。

A quick word on our capital stack and allocation priorities. We continue to have a robust liquidity position with $171 million of cash and $333 million of gross convertible notes on our balance sheet as at September 30, 2024.

簡單介紹一下我們的資本堆疊和分配優先事項。截至 2024 年 9 月 30 日，我們的資產負債表上仍擁有強勁的流動性頭寸，現金為 1.71 億美元，可轉換票據總額為 3.33 億美元。

We believe the most effective uses of cash drive shareholder value is to use a balanced approach, which includes reinvestment in our business to drive organic growth, acquisitions, share buybacks and debt repayment.

我們認為，現金驅動股東價值的最有效用途是採用平衡的方法，其中包括對我們的業務進行再投資以推動有機成長、收購、股票回購和債務償還。

As Lachie mentioned earlier, our 2024 notes were retired in early July. We have $103 million of convertible notes that come due in May 2025 and we continue to explore several options to retire or refinance that note, including by use of existing cash, traditional debt or other equity-linked instruments.

正如 Lachie 之前提到的，我們的 2024 年票據已於 7 月初停用。我們有 1.03 億美元的可轉換票據將於 2025 年 5 月到期，我們將繼續探索多種選擇來註銷或再融資該票據，包括使用現有現金、傳統債務或其他股票掛鉤工具。

Looking ahead, we expect to continue driving organic growth on both the top and bottom line by a combination of increasing PLO and PSC, as well as merchandise sales growth. As communicated in prior quarters, we are likely to see gross margin remain at the lower end of our target range of 35% to 38% as we are focused on strong inventory turns and limited age general merchandise.

展望未來，我們預計透過 PLO 和 PSC 的增加以及商品銷售的成長，將繼續推動營收和利潤的有機成長。正如前幾季所傳達的那樣，由於我們專注於強勁的庫存週轉率和有限期限的一般商品，因此我們的毛利率可能會保持在 35% 至 38% 目標範圍的下限。

With inflation rates coming down, we expect that same-store expense increase will also come down. We also continue to invest in our people, technology, and store network to further drive operational efficiency.

隨著通膨率下降，我們預期同店費用成長也將下降。我們也繼續投資我們的人員、技術和商店網絡，以進一步提高營運效率。

Strategically, our pipeline for M&A is robust, and we have demonstrated a strong track record of executing our inorganic growth initiatives, which we expect to continue both in our existing markets and abroad. The combination of these initiatives will be driving forces behind our strong financial and operating performance for years to come.

從策略上講，我們的併購管道非常強勁，我們在執行無機成長計畫方面表現出了良好的記錄，我們預計將在現有市場和海外繼續下去。這些舉措的結合將成為我們未來幾年強勁的財務和營運業績的驅動力。

And with that, we'll open up the call for questions. Operator?

至此，我們將開始提問。操作員？

(Operator Instructions) John Hecht, Jefferies.

（操作員說明）John Hecht，Jefferies。

Morning guys. Thanks very much and congratulations on all those achievements over the past few years. First question, I just want to -- and you might have referred to it a little bit on the call, but the tax rate was higher. I'm wondering just kind of was that a onetime thing? Or is there a mix there? Were there may be some higher tax rates out of LatAm on an intermediate-term basis? Or should we revert back to the kind of more consistent tax rate in the future?

早安各位。非常感謝並祝賀過去幾年取得的所有這些成就。第一個問題，我只是想——你可能在電話中提到了一點，但稅率更高。我想知道那是一次性的事嗎？或者那裡有混合嗎？拉丁美洲的中期稅率是否可能較高？或者我們應該在未來恢復到更一致的稅率？

Thanks, John. Yes, it was slightly higher. There were a couple of one-off items in the tax rate for the quarter and for the year, including moving some money out of Guatemala. So there's a lot holding tax there that would be a onetime item. On a go-forward basis, as Latin America becomes a bigger part of our net income, there will be slight increases in the tax rate, but it will go back to the more normal -- if you look at the entire year, adjusted tax rate, it's going to be much more of that kind of thing going forward.

謝謝，約翰。是的，稍微高一點。本季和全年的稅率中有幾個一次性項目，包括將一些資金轉移出危地馬拉。因此，那裡有很多持有稅，這些稅是一次性的。展望未來，隨著拉丁美洲在我們淨收入中所佔的比例越來越大，稅率將會略有增加，但它將恢復到更正常的水平——如果你看看全年，調整後的稅收率，未來這種事情將會更多。

Okay. And then you guys -- you talked about EZ Rewards and EZ payments, and there seems to be some good adoption. I'm just -- is there a way for us to think about or -- yes, I guess, is there a way for us to think about how much penetration that can have and what that can do to the efficiency of the business over time?

好的。然後你們談到了 EZ Rewards 和 EZ Payments，似乎有一些很好的採用。我只是——有沒有一種方法可以讓我們思考，或者——是的，我想，有沒有一種方法可以讓我們思考可以有多少滲透率以及它可以對業務效率產生什麼影響時間？

Yeah. Look, I think -- thank you for the question, John. Look, I think on the EZ+ side, we are getting towards -- I wouldn't say full penetration, but we have got 5.4 million members now. So it's -- we would have -- when we launched this program, we would never have thought we would have got to this level, certainly at this level and then this quickly. So we're incredibly happy with how that program is going.

是的。聽著，我想──謝謝你的提問，約翰。看，我認為在 EZ+ 方面，我們正在走向——我不會說完全滲透，但我們現在已經擁有 540 萬會員。所以，當我們啟動這個計劃時，我們絕對不會想到我們會達到這個水平，當然在這個水平，然後這麼快。所以我們對計劃的進展感到非常滿意。

But I do think this is slowing now. And so the penetration is we expect to see some growth, but really, it's now about engaging that $5.4 million, which will continue to grow, but it's really now about engaging that customer base with all sorts of targeted marketing programs that are going to drive the key metrics. So I think going forward, it's now more about engagement rather than about penetration.

但我確實認為現在這種情況正在放緩。因此，我們預計滲透率會有所增長，但實際上，現在的重點是吸引540 萬美元，這將繼續增長，但現在真正的重點是讓客戶群參與各種有針對性的行銷計劃，這些計劃將推動關鍵指標。所以我認為，展望未來，現在更多的是參與而不是滲透。

And then on the online payment side, that is really helping our team members in our stores to spend more time serving customers than simply the manual process of doing extension. So I think the best part of that program, which continues to grow really well is just helping with our customer service in stores.

然後在線上支付方面，這確實幫助我們商店的團隊成員花更多的時間為客戶服務，而不僅僅是進行擴展的手動流程。因此，我認為該計劃的最佳部分是幫助我們在商店中提供客戶服務，該計劃繼續發展得非常好。

So I think that will grow as well, but both programs have come so far already that, again, it's more about the engagement side rather than signing up new customers.

因此，我認為這一數字也會成長，但這兩個計劃到目前為止都已經取得了進展，再次強調，更多的是參與方面，而不是簽署新客戶。

On the online payments there, John, I would also look at -- we -- that's been running in the US for quite a while. We've just recently launched that in Mexico, and need to launch it in our other countries as well. So we don't have any of that occurring yet. So still quite a lot of still quite a lot there from a total company perspective growth. But from the US, it's been there for a number of years. So we wouldn't expect huge changes.

關於那裡的線上支付，約翰，我也會關注——我們——它已經在美國運行了很長一段時間。我們最近剛在墨西哥推出了它，並且還需要在我們其他國家推出它。所以我們還沒有發生任何這種情況。因此，從整個公司的角度來看，仍然有相當多的成長。但在美國，它已經存在很多年了。所以我們不會期望會發生巨大的改變。

Okay. And then any comments on kind of the ongoing effects of the hurricanes in Florida, just because I know you guys have a lot of stores there.

好的。然後是關於佛羅裡達州颶風持續影響的任何評論，只是因為我知道你們那裡有很多商店。

We did see when those came through, we did have a number of days where the stores were shut down. We're become quite efficient and our team on getting those stores back up and running. We're one of the first stores to be up and running and be able to help our customers. From an ongoing basis, we feel pretty good about it. Obviously, there has a little bit of a slowdown as people will get back to normal in those regions. But we see that more of a short-term and long-term effect.

我們確實看到了這些問題何時發生，我們確實有幾天商店關閉。我們和我們的團隊在讓這些商店恢復和運作方面變得非常有效率。我們是最早成立並經營並能夠為客戶提供幫助的商店之一。從持續的基礎來看，我們對此感覺非常好。顯然，隨著這些地區的人們恢復正常，經濟成長會略有放緩。但我們看到更多的是短期和長期的影響。

Okay. And then my final question, I appreciate you guys answering all these I guess just as inflation steadies in the US, I don't know if that's quite occurred in LatAm as much as the US, but are you seeing any changes in customer behavior in terms of transaction size or loan demand or foot traffic? Or is it fairly steady?

好的。然後我的最後一個問題，我感謝你們回答所有這些問題，我想就像美國的通貨膨脹穩定一樣，我不知道拉丁美洲是否像美國一樣發生這種情況，但是你們是否看到客戶行為發生任何變化？或者說相當穩定？

I'd say, it's been fairly steady. It's -- we're seeing pretty robust demand, as you can see in the Q4 numbers, both on the loan side and the sales side. So across all regions, we continue to see really strong customer growth, which is exciting. And I think jewelry clearly has been a big driver of that as well. As Tim said in his remarks, we're really optimistic about growth from here. And it's an exciting time to be an investor at EZCORP.

可以說，已經相當穩定了。正如您在第四季度的數據中看到的那樣，我們看到貸款方面和銷售方面的需求都非常強勁。因此，在所有地區，我們繼續看到真正強勁的客戶成長，這令人興奮。我認為珠寶顯然也是其中一個重要的推動因素。正如蒂姆在演講中所說，我們對這裡的成長非常樂觀。對於 EZCORP 的投資者來說，這是一個令人興奮的時刻。

Great. Thank you, guys, very much.

偉大的。非常感謝你們，夥伴們。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

Hey. Good morning, guys. Thanks for taking the question. Congrats on the continued strong results. I guess, first off, you guys announced an acquisition in September of an auto pawn business. Just curious if you can comment on that. I'm not sure -- I think it was expected to close on October 31. Just curious what the rationale was there and how big of an opportunity to kind of see that.

嘿。早安，夥計們。感謝您提出問題。祝賀持續取得強勁成果。我想，首先，你們在 9 月宣布收購一家汽車典當業務。只是好奇你是否可以對此發表評論。我不確定——我認為預計將於 10 月 31 日結束。只是好奇其中的原理是什麼，以及看到這一點的機會有多大。

Thank you, Brian, and good morning. Yeah. Look, we announced the acquisition of 53 stores down in Mexico. We'd expect to have closed it by now, as you said. We're just continuing to work on closing diligence items. So there will be more to come on that.

謝謝你，布萊恩，早安。是的。看，我們宣布收購墨西哥 53 家商店。正如您所說，我們預計現在已經關閉它。我們正在繼續努力完成盡職調查項目。因此，還會有更多的事情發生。

And the strategic rationale is that, that business is becoming a larger part of the customer's collateral down in Mexico. Our competitors are doing it pretty well across the across the for-profit businesses as well as the government non-for-profit businesses, and we've been a little behind in that take-up. So it's got to be a focus going forward. This one is the clear market leader. So we're -- as I said, we continue to work on diligence to get it hopefully closed.

戰略理由是，該業務正在成為墨西哥客戶抵押品的重要組成部分。我們的競爭對手在營利企業和政府非營利企業中都做得很好，而我們在這方面有點落後。因此，它必須成為未來的重點。這是明顯的市場領導者。因此，正如我所說，我們將繼續盡職調查，以期有望完成該專案。

Got it. That's helpful. Obviously, election last week, a Red wave per se, 60% plus of your stores are in two red states. Can you guys comment on your expectation of regulatory change, if any, that you expect with the new administration and remind us how friendly this administration was to the industry in its first term.

知道了。這很有幫助。顯然，上週的選舉本身就是一場紅色浪潮，60% 以上的商店位於兩個紅色州。你們能否評論一下你們對新政府監管變革的期望（如果有的話），並提醒我們本屆政府在第一任期內對產業是多麼友好。

Thank you. Look, the regulatory regime has been pretty steady in the US for a long period of time. Sometimes you see things see things happen in certain states like we saw in Illinois a couple of years ago that our investors and shareholders are aware of. But this has been quite a steady regulatory regime.

謝謝。看來，美國的監管制度長期以來相當穩定。有時你會看到某些州發生的事情，就像我們幾年前在伊利諾伊州看到的那樣，我們的投資者和股東都知道。但這是一個相當穩定的監管制度。

It was during the current administration. It was in the former Trump administration. So we don't expect to see any real wholesale change. But that said, we continue to invest in the area. We make sure we're on top of it from a state and federal level. But across all of our markets, the US and Latin America, it has been stable, and we expect it to be stable in the future.

那是在現任政府期間。那是在前川普政府時期。因此，我們預計不會看到任何真正的大規模變化。但話雖如此，我們仍在繼續投資該領域。我們確保我們在州和聯邦層級處於領先地位。但在我們所有的市場，美國和拉丁美洲，它一直很穩定，我們預計它在未來也將保持穩定。

Got it. And then, look, the last few years have been very strange as it relates to your typical seasonality. What's -- as you plan for '25, are you expecting that typical seasonality to come back? Or how should investors think about PLO since it drives your business pretty significantly?

知道了。然後，你看，過去幾年非常奇怪，因為這與典型的季節性有關。當您為 25 年制定計劃時，您是否預計典型的季節性會回來？或者投資者應該如何看待 PLO，因為它極大地推動了您的業務？

Sorry, my phone just blanked out there a little bit. Can you repeat that, sorry?

抱歉，我的手機突然一片空白。抱歉，您能再說一次嗎？

Yeah. No problem. Tim, on PLO seasonality, I mean, it's been wonky the last couple of years, as you know, the typical paydowns you didn't see with tax refund season and that's kind of played out for the whole year over the last couple of years, like as you plan the business for '25 and your financial outlook, like how should investors be thinking about PLO seasonality you think it will return or steady as always kind of thing?

是的。沒問題。提姆，關於巴解組織的季節性，我的意思是，過去幾年一直很不穩定，如您所知，您在退稅季中沒有看到的典型付款，並且在過去幾年中全年都在發生這種情況，就像你計劃 25 年的業務和你的財務前景一樣，例如投資者應該如何考慮 PLO 季節性，你認為它會像往常一樣回歸或穩定？

I think using what we saw in '24 seems to getting back to more normal seasonality. Obviously, tax refund season, has been a little bit more subdued in the last two years than prior to COVID. So we think that is probably going to continue, but we've got to see what happens happens this year in that period. But otherwise, I think we're back to the more than normal seasonality in the numbers.

我認為使用我們在 24 年看到的情況似乎可以恢復到更正常的季節性。顯然，過去兩年的退稅季節比新冠疫情爆發之前要淡一些。所以我們認為這種情況可能會持續下去，但我們必須看看今年那個時期會發生什麼。但除此之外，我認為我們的數字又回到了超出正常水平的季節性。

Got it. And then maybe, Lachie, can you comment on kind of what you guys are doing down in LatAm with Blair and folks kind of turning around that business similar to kind of what you guys did a few years back with the US We saw a nice improvement there this year. Where are we in terms of that turnaround? And should we expect continued margin improvement there in fiscal '25.

知道了。然後，Lachie，您能否評論一下你們在拉丁美洲與布萊爾所做的事情以及人們扭轉該業務的方式，類似於幾年前你們在美國所做的事情我們看到了今年在那裡很大的進步。就這一轉變而言，我們處於什麼位置？我們是否應該預期 25 財年的利潤率會持續改善？

Yeah. It's a good call out, Brian. So as you identified, Blair, Blair has been magnificent in his operations team with just a relentless focus on execution every day in our stores. And really, it's been a people-led story. So people and culture is where we start started on this journey.

是的。這是一個很好的呼籲，布萊恩。正如您所指出的，布萊爾，布萊爾在他的營運團隊中表現出色，每天都堅持不懈地專注於我們商店的執行。事實上，這是一個以人為主導的故事。因此，人和文化是我們踏上這段旅程的起點。

And as we said in our remarks, we started in the US and got to it in probably financial year '22 in Latin America. And I think the most pleasing thing you'll see in our results that we've announced overnight is just this continued momentum in Latin America across all metrics.

正如我們在發言中所說，我們從美國開始，並可能在 22 財年在拉丁美洲實現這一目標。我認為，在我們隔夜宣布的結果中，您會看到的最令人高興的事情是拉丁美洲在所有指標上的持續成長勢頭。

You can see that our earning assets are growing really nicely, and that's followed up with some really extremely strong growth numbers in EBITDA so I think you can see that, that focus from financial year '22 with the rollout of an enhanced operating model with -- enhanced cultural model, it's really paying it's really -- you're seeing some consistent strong growth numbers now across that business.

您可以看到我們的獲利資產成長得非常好，隨後 EBITDA 出現了一些非常強勁的成長數字，所以我認為您可以看到，從 22 財年開始，重點推出了增強的營運模式： - 增強的文化模式，它真的很值得——你現在看到整個業務的一些持續強勁的成長數字。

From here, I think -- I still think there is a lot for us to do. The macro environment continues to be very supportive down there as well as in the US. And I think loan growth, sales growth have still got plenty of runway. I think on the margin side, there is certainly room for improvement there.

從這裡開始，我認為——我仍然認為我們還有很多事情要做。那裡以及美國的宏觀環境仍然非常有利。我認為貸款成長、銷售成長仍有足夠的空間。我認為在利潤方面，肯定還有進步的空間。

But as you know, we are most focused on terms because with really strong PLO growth numbers that we're seeing, we need to make sure that we don't inadvertently have an inventory problem where things start to age and then you've got a significant issue down the track.

但如你所知，我們最關注的是條款，因為我們看到的巴解組織成長數字非常強勁，我們需要確保我們不會無意中出現庫存問題，即物品開始老化，然後你就得到了一個重要的問題。

So our real focus is better lending at the loan calendar, strong PLO growth followed up with really strong inventory turns, which then produces that margin. But you're right, we would like to see some increased margin there because that's got a meaningful impact on the bottom line. But I think primary focus is PLO growth and inventory terms.

因此，我們真正的重點是在貸款日曆上提供更好的貸款，強勁的巴解組織成長以及強勁的庫存週轉率，從而產生利潤。但你是對的，我們希望看到利潤率增加，因為這對利潤產生了有意義的影響。但我認為主要關注的是巴解組織的成長和庫存條件。

And just one more for me. Appreciate taking a bunch of questions here. Just on capital allocation priorities. I know, Tim, you kind of mentioned in your prepared remarks that you're exploring kind of any and all options for your 2025 converts. I think it's a big issue for some long haul as trying to get involved here.

還給我一個。感謝您在這裡提出一系列問題。只是關於資本配置的優先順序。我知道，提姆，您在準備好的發言中提到，您正在為 2025 年的皈依者探索各種選擇。我認為從長遠來看，試圖參與其中是一個大問題。

When should we expect, I guess, a decision on that? I think you announced that at the general meeting last year, is that can the timeframe investors should be looking at?

我想我們什麼時候應該對此做出決定？我想您在去年的股東大會上宣布，這是投資人應該關注的時間框架嗎？

Look, I think we're going to maintain as much flexibility as we can. As Tim said in his remarks, we do have all of the alternatives on the table because our operating performance continues to improve. So banks, investment banks, credit providers are all telling us that our terms continue to improve with the stability in our performance and management team. So I think we've got to till May until the bonds mature. We've got enough cash to just pay them down.

聽著，我認為我們將盡可能保持靈活性。正如蒂姆在演講中所說，我們確實有所有的替代方案，因為我們的經營業績持續改善。因此，銀行、投資銀行、信貸提供者都告訴我們，隨著我們績效和管理團隊的穩定性，我們的條款不斷改善。所以我認為我們必須等到五月債券到期。我們有足夠的現金來償還他們的債務。

That's obviously one very real scenario. And then we've got straight debt alternatives. We've got convert alternatives. And so -- the good news is we don't have a gun to our head to make a decision on this because of our strong liquid balance sheet.

這顯然是一個非常真實的場景。然後我們就有了直接債務替代方案。我們有轉換的替代方案。因此，好消息是，由於我們擁有強大的流動性資產負債表，因此我們無需用槍指著自己的頭來做出決定。

So we will take our time here to do what we believe is best for the long term of our business and for our shareholders. But there's no magic to the AGM timing. So we've got -- we've got five, six months here to make a call. But the good news is, the terms seem to get better, the alternative set is pretty diverse. And so we'll -- between now and May will come to a decision.

因此，我們將花時間做我們認為對我們業務和股東的長期發展最有利的事情。但年度股東會的時機並沒有什麼神奇之處。所以我們有五、六個月的時間來做決定。但好消息是，條款似乎變得更好，替代方案相當多樣化。所以我們會——從現在到五月之間做出決定。

Excellent. Appreciate the candor, guys. Best of luck.

出色的。夥伴們，欣賞你的坦誠。祝你好運。

Thanks.

謝謝。

Kyle Joseph, Stephens.

凱爾約瑟夫、史蒂芬斯。

Hey. Tood morning, guys. Thanks for taking my questions. Just -- actually just one for me, really. Going back to the election, any sort of other implications you see or any other impacts on the business in terms of whether it's immigration or FX movements or anything? Just kind of how your initial thoughts there?

嘿。早安，夥計們。感謝您回答我的問題。只是——實際上只是對我來說，真的。回到選舉，您看到的任何其他影響或對業務的任何其他影響，無論是移民還是外匯波動還是其他什麼？您最初的想法怎麼樣？

Look, yes, thank you for the question. Look, I think there are -- there's no big tailwinds or headwinds with this for us in terms of this new administration. I think our customer need cash. I think we provide a fantastic service for value for money, secondhand goods, and in this sector, it's usually -- it operates quite independently of political forces. So I think the macro here is it continues to be helpful.

聽著，是的，謝謝你的提問。看，我認為對於新政府而言，這對我們來說沒有大的順風或逆風。我認為我們的客戶需要現金。我認為我們提供物有所值的二手商品出色的服務，在這個領域，它通常完全獨立於政治力量運​​作。所以我認為這裡的宏觀因素是它仍然有幫助。

We still see inflation. We still see interest rates that are relatively high. Gas prices are higher.

我們仍然看到通貨膨脹。我們仍然看到利率相對較高。天然氣價格較高。

But really, this customer base spends what it earns. And so I think with all of the internal initiatives that we've got going, we continue to be really excited about growth prospects. And I think on balance, that this -- the new administration, I don't see any big sort of macro changes here that is going to affect our performance.

但實際上，這個客戶群是花它賺到的錢。因此，我認為，透過我們正在進行的所有內部舉措，我們仍然對成長前景感到非常興奮。總的來說，我認為新政府不會有任何重大的宏觀變化，這會影響我們的表現。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Andrew Scutt, ROTH Capital Partners.

安德魯‧斯卡特，羅仕資本合夥人。

Hey. Good morning, guys. Thank you for taking my questions and congrats on the continued progress. A lot of my questions have been answered here. So just one quick one for me. But can you guys just kind of talk about the store pipeline as you kind of head into 2025 year?

嘿。早安，夥計們。感謝您提出問題並祝賀我的持續進步。我的很多問題都在這裡得到了解答。所以對我來說只是一個快速的。但是，你們能談談即將進入 2025 年的商店管道嗎？

Sure. On the acquisition side?

當然。在收購方面？

Yeah, on the acquisition side.

是的，在收購方面。

Yeah. Great. Thanks for the question. Look, the pipeline continues to be robust. We look at it in two ways.

是的。偉大的。謝謝你的提問。看，管道仍然強勁。我們從兩個方面來看它。

We look at it in areas that we already operate in, and I think that is where our bias is because the best M&A that we can do is where we've got a really strong management team already and hopefully, we're acquiring great talent. So in terms of the areas we already are across US and Latin America, the pipeline, particularly in Latin America remains strong. Mexico is still a very large opportunity with many, many different independent large chains.

我們著眼於我們已經開展業務的領域，我認為這就是我們的偏見所在，因為我們能做的最好的併購是我們已經擁有一支非常強大的管理團隊，希望我們能夠獲得優秀的人才。因此，就我們已經遍布美國和拉丁美洲的領域而言，管道，特別是拉丁美洲的管道仍然強勁。墨西哥仍然是一個非常大的機會，擁有許多不同的獨立大型連鎖店。

And in the US, I think as you're seeing, there's still small acquisitions to do. I think we bought 14 stores for the year across the US, which I think is a pretty good result. And there remains to be more stores in the US. I think the most exciting part of our pipeline or one of the most exciting parts of our pipeline is our -- already our strategic investments. So in cash converters and in particularly in simple.

在美國，我認為正如你所看到的，仍然有小型收購要做。我認為我們今年在美國購買了 14 家商店，我認為這是一個相當不錯的結果。美國還有更多商店。我認為我們的管道中最令人興奮的部分或我們管道中最令人興奮的部分之一是我們已經是我們的策略投資。因此，在現金轉換器中尤其簡單。

We've got a lot of capital in simple and that business is performing really well, which you can see in our deck, and that's a potential acquisition for us in the future.

我們擁有大量簡單的資本，而且業務表現非常好，您可以在我們的平台中看到這一點，這對我們來說是未來的潛在收購。

So look, I think the pipeline is strong. We've then got the rest of the world. And as everybody knows, it is a massive industry in the rest of the world. And so I think over 5 to 10 years, EZCORP's capable of being much, much bigger. If you look at India, Philippines, South America.

所以看，我認為管道很強大。然後我們就得到了世界其他地方。眾所周知，這在世界其他地方是一個巨大的產業。因此，我認為在 5 到 10 年內，EZCORP 能夠變得更大、更大。如果你看看印度、菲律賓、南美。

There's just -- United Kingdom, just massive pawnbroking opportunities. So our sector is a very large one capable of a lot of scale. But for now, I think the best use of our time resource is to continue to grow in the markets we're in as well as sort of exploring where else we might go.

只有──英國，只有大量的典當商機會。所以我們的產業是一個非常大的產業，具有很大的規模。但就目前而言，我認為對我們時間資源的最佳利用是繼續在我們所在的市場中成長，並探索我們可能去的其他地方。

So we're excited about the pipeline. The other part of the pipeline is obviously our de novo, we've got 40 new stores across Latin America for 2024. I think we're getting much better at doing that. And so I'd like to see a pretty consistent pipeline of doing that in the future, too, because can be a very, very strong return on capital, particularly in Mexico, if you're doing it well, and we're really seeing some good success in doing that.

所以我們對管道感到興奮。通路的另一部分顯然是我們的從頭開始，到 2024 年，我們將在拉丁美洲開設 40 家新店。我認為我們在這方面做得越來越好。因此，我也希望看到未來有一個相當一致的管道這樣做，因為可以帶來非常非常強勁的資本回報，特別是在墨西哥，如果你做得很好，而且我們真的看到這方面取得了一些良好的成功。

So I think as excited as ever about the inorganic pipeline, and we've just got to make sure that we can staff those stores and manage them to the same level that we do manage our existing store base and really then fund them. So exciting time.

因此，我認為對無機通路一如既往的興奮，我們只需確保我們能夠為這些商店配備人員並將其管理到與我們管理現有商店基礎相同的水平，然後真正為它們提供資金。如此激動人心的時刻。

Perfect. Well, thanks for the detail and congrats, again, on the strong results.

完美的。好吧，感謝您提供的詳細信息，並再次祝賀我們取得的強勁成果。

Thanks. Thanks for the question.

謝謝。謝謝你的提問。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Lachie for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給 Lachie，讓他作結束語。

Thank you, operator, and thank you, everyone, for joining. On behalf of Tim and I and on behalf of our Board, I just really want to thank again the EZCORP team for what was probably our best ever year. It's some really strong operating results, the momentum in the US and now in Latin America is obvious for everyone to see. So we're not done. We've got a lot of work to do yet.

謝謝運營商，也謝謝大家的加入。我謹代表蒂姆和我，並代表我們的董事會，再次感謝 EZCORP 團隊，他們可能是我們有史以來最好的一年。這是一些非常強勁的經營業績，美國和現在拉丁美洲的勢頭是顯而易見的。所以我們還沒完成。我們還有很多工作要做。

We're excited about the broad growth that we can produce for our shareholders. So thank you for everyone for joining. Thanks to our shareholders also for a really good year and we look forward to talking to a lot of you through the course of the next few days. Thanks a lot.

我們對能為股東帶來的廣泛成長感到興奮。感謝大家的加入。感謝我們的股東們度過了非常美好的一年，我們期待在接下來的幾天裡與你們中的許多人交談。多謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。