EZCORP Inc (EZPW) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the EZCORP first quarter, fiscal 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the conference over to Sean Mansouri, the company's investor relations adviser with Elevate IR. Please go ahead, Sean.

女士們、先生們，早安，歡迎參加 EZCORP 2025 財年第一季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。現在，我想將會議交給 Elevate IR 的公司投資者關係顧問 Sean Mansouri。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. Before we begin, I would 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.

謝謝大家，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。在我們開始之前，我想提醒大家，本次電話會議以及簡報投影片包含一些關於公司未來預期營運和財務表現的前瞻性陳述。

These statements are based on the company's current expectations. 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. 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.

這些聲明是基於公司目前的預期。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若干風險或其他因素，未來期間的實際結果可能與所表達的結果有重大差異。正如我們的簡報資料中所述，除非另有說明，否則結果均按調整後的基礎呈現，以消除外匯波動和其他離散項目的影響。

Joining us on the call today are EZCORP's Chief Executive Officer, Lachlan P. Given; and Tim Jugmans, Chief Financial Officer. Now I'll turn the call over to Lachie.

今天參加電話會議的有 EZCORP 執行長 Lachlan P. Given；以及財務長 Tim Jugmans。現在我將把電話轉給 Lachie。

Thanks Sean and good morning everyone. We kicked off fiscal 2025 with another strong set of operating and financial results driven by sustained demand for fast cash pollution and affordable high quality second hand goods building on our momentum from last year, we generated another quarter of record revenue and PLO. In Q1, we achieved total revenue of $329.7 million marking a 10% year over year increase. While PLO grew 16% to $282.9 million.

謝謝肖恩，大家早安。我們以另一組強勁的營運和財務業績拉開了 2025 財年的序幕，這得益於對快速現金污染和價格實惠的高品質二手商品的持續需求，在去年勢頭的推動下，我們又創造了一個季度的創紀錄收入和 PLO。第一季度，我們的總營收達到 3.297 億美元，年增 10%。而巴解組織則成長了 16%，達到 2.829 億美元。

A strong bottom-line performance included a 12% increase in EBITDA for $53 million and diluted EPS up 17% to $0.42. These results highlight our continued commitment to delivering enhanced value for our stakeholders through relentless operational execution.

強勁的底線表現包括 EBITDA 成長 12% 至 5,300 萬美元，稀釋每股收益成長 17% 至 0.42 美元。這些結果凸顯了我們透過不懈的營運執行為利害關係人提供更高價值的持續承諾。

Beginning on slide 3, we continue to be a global leader in pawnbroking and preowned retail. We operate 1283 stores in the US and Latin America including four Denogo stores added this quarter. With the rising cost of living and limited access to credit options for many consumers. The demand for our pawnbroking services continues to grow significantly.

從第 3 張投影片開始，我們繼續成為當鋪和二手零售領域的全球領導者。我們在美國和拉丁美洲經營 1283 家商店，其中包括本季新增的 4 家 Denogo 商店。隨著生活成本的上升和許多消費者獲得信貸選擇的機會的有限。我們的典當服務的需求持續大幅成長。

At the same time more consumers are seeking affordable, sustainable preowned goods driven by a heightened focus on value conscious shopping. Our commitment to innovation and exceptional service ensures we can effectively meet these evolving customer needs.

同時，越來越多的消費者開始尋求價格實惠、可持續的二手商品，因為他們更重視購物的價值。我們致力於創新和卓越的服務，確保我們能夠有效地滿足不斷變化的客戶需求。

Moving on to slide 4, as I mentioned, we opened four de novo stores in Latin America. This quarter, our earning assets grew 20% year over year supporting a record PLO balance and leading to a 13% increase in PSC. our cash balance increased to $174.5 million up $4 million from last quarter driven primarily by cash from operating activities.

繼續看投影片 4，如我所提到的，我們在拉丁美洲開設了四家新店。本季度，我們的生息資產年增 20%，支持了創紀錄的 PLO 餘額，並導致 PSC 增加 13%。我們的現金餘額增加至 1.745 億美元，比上一季增加 400 萬美元，主要受經營活動現金流的推動。

This was partially offset by higher earning assets capital expenditures, tax payments for net share settlement of equity awards and share repurchases. We maintain strong liquidity to support PLO growth de Novo store expansion, strategic acquisitions near term debt maturities and ongoing share repurchases. we maintain strong financial performance in the quarter Showcasing the continued growth of our business across key metrics.

這部分被更高的收益資產資本支出、股權獎勵淨股份結算的稅金和股份回購所抵銷。我們保持強大的流動性以支持 PLO 成長、de Novo 商店擴張、策略性收購、近期債務到期和持續的股票回購。我們在本季度保持了強勁的財務業績，展示了我們業務在關鍵指標上的持續成長。

Q1 revenues and gross profit grew 10% year over year merchandise sales increased 8% and EBITDA was up double digits for the third consecutive quarter. As noted earlier, strong consumer demand, operational execution and exceptional customer service continue to fuel our growth.

第一季營收和毛利年增 10%，商品銷售額成長 8%，EBITDA 連續第三個季度實現兩位數成長。如前所述，強勁的消費者需求、營運執行和卓越的客戶服務持續推動我們的成長。

Now, turning to our key business strategy highlights for the quarter on slide 6, I am pleased to highlight the significant progress we have made in strengthening our Core plan operations. This achievement is a testament to the dedication and expertise of our team whose efforts have driven meaningful improvements across the business.

現在，轉到幻燈片 6 上本季的主要業務策略亮點，我很高興地強調我們在加強核心計劃營運方面取得的重大進展。這項成就證明了我們團隊的奉獻精神和專業知識，他們的努力推動了整個業務的有意義的改進。

As a result, we have delivered strong loan growth fueled by larger average loan sizes, operational improvements and robust customer demand. To enhance the customer experience by providing accessible and flexible financing solutions for our customers. We have expanded a third party buy now pay later program into all of our US stores.

因此，在平均貸款規模擴大、營運改善和客戶需求強勁的推動下，我們實現了強勁的貸款成長。透過為客戶提供便利、靈活的融資解決方案來提升客戶體驗。我們已將第三方「先買後付」計劃擴展到我們在美國的所有商店。

Additionally, in July, we launched a longer term layaway option which drove a 13% increase in new layaways during the quarter. Since layaway sales are recognized upon final payment and customers now have more time to complete their payments.

此外，7 月份，我們推出了長期分期付款選項，推動本季新分期付款業務增加了 13%。由於分期付款銷售在最終付款時確認，因此客戶現在有更多時間來完成付款。

This adjustment has shifted from sales into future quarters, reflecting the flexibility we've provided to better meet our customers' financing needs, especially for the jewelry category to complement these efforts. We've seen strong engagement with our Easy Plus rewards program which continues to drive customer loyalty and enhance our overall performance.

此次調整已從銷售額轉向未來幾個季度，反映了我們為更好地滿足客戶的融資需求而提供的靈活性，特別是針對珠寶類別，以補充這些努力。我們看到 Easy Plus 獎勵計劃的參與度很高，這將繼續提高客戶忠誠度並增強我們的整體業績。

In fact, our Easy plus rewards members accounted for 77% of all transactions for the quarter. We also captured a 5% increase in traffic to our core Pawn websites. These metrics reflect deepening connections with our customer base and engagement across multiple platforms.

事實上，我們的 Easy plus 獎勵會員佔本季所有交易的 77%。我們也發現核心 Pawn 網站的流量增加了 5%。這些指標反映了我們與客戶群的聯繫日益加深以及跨多個平台的參與。

We are equally focused on investing in our team members who are the backbone of our success. We enhance fuel compensation plans to more effectively drive expected behaviors, reward, performance and increased retention.

我們同樣注重對團隊成員的投資，他們是我們成功的支柱。我們加強了燃料補償計劃，以更有效地推動預期行為、獎勵、績效和提高保留率。

Additionally, we announced an Assistant Manager certification program for the US stores to grow internal talent and strengthen operation support to celebrate excellence across the business. We held easy elite celebrations in each of our regions. Recognizing our top store managers with a consistent global message centered on growth mindset and exceeding expectations.

此外，我們還宣布了針對美國門市的助理經理認證計劃，以培養內部人才並加強營運支持，以慶祝整個業務的卓越表現。我們在各個地區舉辦了輕鬆的精英慶祝活動。透過以成長心態和超越期望為中心的一致全球訊息來表彰我們的頂級店長。

According to innovation and growth, US online payment collections increased more than 30% to $27.2 million for the quarter. Similarly, in Mexico, digital adoptions continue to rise with 15% of extensions and layaways now handled through online payments.

根據創新與成長，本季美國線上支付收款成長超過 30%，達到 2,720 萬美元。同樣，在墨西哥，數位化採用率持續上升，目前 15% 的延期和分期付款均透過線上支付處理。

The bar for affordable luxury remains strong with Max Pawn's luxury e-commerce sales increasing 50% largely fueled by ebay sales. As we continue to test buy online pick up in store, we also launched a new pilot program for view online buy in store. Additionally, we are testing new SMS marketing campaigns in the US to increase engagement with easy Plus members.

可負擔奢侈品的標準仍然很高，Max Pawn 的奢侈品電子商務銷售額成長了 50%，這主要歸功於 eBay 的銷售。在我們繼續測試網上購買店內取貨的同時，我們也推出了新的試點計劃，用於在店內查看網上購買。此外，我們正在美國測試新的簡訊行銷活動，以增加 Easy Plus 會員的參與度。

Slide 7 highlights our continued dedication to sustainability and community impact. In Q1 we sold over 1.5 million pre owned items to extend their useful life and provided critical financial services to customers in the communities, we serve.

投影片 7 重點介紹了我們對永續發展和社區影響的持續奉獻。在第一季度，我們銷售了超過 150 萬件二手物品，以延長其使用壽命，並為我們服務的社區的客戶提供重要的金融服務。

We also advanced inclusivity through affinity groups and belonging initiatives, enhanced team operations and supported communities with charity donations and 461 hours of company paid volunteer time going to non profits and community organizations.

我們還透過興趣小組和歸屬感計劃促進了包容性，增強了團隊運作，並透過慈善捐款和 461 小時的公司帶薪志工時間為非營利組織和社區組織提供了支持。

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

說完這些，我將把電話交給財務長 Tim Jugmans，他將更深入地了解我們的財務表現。提姆？

Thanks, Lachie. Slide 9 provides a detailed look at our consolidated financial results for the first fiscal quarter. As Lachie mentioned, we closed the quarter with record PLO of $282.9 million a 16% increase year over year and up 15% on a same store basis.

謝謝，拉奇。投影片 9 詳細介紹了我們第一財季的綜合財務表現。正如 Lachie 所提到的，我們本季的 PLO 達到了創紀錄的 2.829 億美元，年增 16%，同店成長 15%。

PSE revenues rose 13% year over year, primarily fueled by same store PLO growth. Our inventory turnover rate was 2.7 times compared to three times with HGM inventory excluding our three luxury stores at 1.2%. Some of the lower inventory can be attributed to the expansion of our low way program in the US as well as a greater composition of jewelry inventory in Latin America, which typically has a longer sales cycle.

PSE 營收年增 13%，主要得益於同店 PLO 的成長。我們的庫存週轉率為 2.7 次，而 HGM 的庫存（不包括我們的三家奢侈品店）週轉率為 3 次，為 1.2%。庫存較低的部分原因是我們在美國低價計劃的擴張，以及拉丁美洲珠寶庫存的增加，而拉丁美洲的銷售週期通常更長。

While these factors contribute to the trend, we are focused on improving inventory turns and are prioritizing efforts to optimize sales velocity and inventory management. Merchandise sales increased by 8% to $192.9 million, while merchandise gross profit grew by 4% from the prior year.

雖然這些因素導致了這種趨勢，但我們專注於提高庫存週轉率，並優先努力優化銷售速度和庫存管理。商品銷售額成長 8%，達到 1.929 億美元，商品毛利較前一年成長 4%。

We also posted another strong quarter of EBITDA margin expansion which increased 35 basis points to 16.1% as we continue to drive operating leverage in our business. Moving to our US pawn segment on slide 10, US revenue for the quarter was up 7% to a record $232.2 million earning assets grew by 16% driven by an increase in PLO and inventory.

隨著我們繼續提高業務的經營槓桿，我們也公佈了另一個強勁的季度 EBITDA 利潤率成長，增加了 35 個基點，達到 16.1%。轉到幻燈片 10 上的美國典當部分，本季美國收入增長 7%，達到創紀錄的 2.322 億美元，盈利資產增長 16%，這得益於 PLO 和庫存的增加。

Slide 11 includes a map of the US states which we operate highlighting our robust footprint of 542 stores across 19 states. A first quarter average US loan size increased by 14% supported by a 60 basis points rise in PLO jewelry composition as well as growing gold and GM prices.

幻燈片 11 包括我們經營的美國各州的地圖，突出顯示了我們在 19 個州的 542 家門市的穩健足跡。受巴解組織珠寶成分上漲 60 個基點以及黃金和基改價格上漲的推動，美國第一季平均貸款規模增加了 14%。

Slide 12 offers an in depth look at US financial performance highlighting a 15% increase in PLO both on total and same store basis. This was driven by higher average loan size, enhanced operational performance and sustained growing demand for pawn services on the US retail side merchandise sales increased by 3% and were up 1% on a same store basis. Our merchandise gross margin decreased 61 basis points.

投影片 12 深入介紹了美國的財務業績，重點介紹了 PLO 在整體和同店基礎上的成長情況。這是由於平均貸款規模增加、營運績效增強以及美國零售方面對典當服務的需求持續增長所致，商品銷售額增長了 3%，同店銷售額增長了 1%。我們的商品毛利率下降了61個基點。

The decrease in sales margin reflects an increase in promotional activity and customer negotiation at the counter US pawn EBITDA for the quarter was $55.6 million up 11% primarily due to higher PSE with EBITDA margin once again, expanding to 24% underscoring our focus on profitability.

銷售利潤率的下降反映了櫃檯促銷活動和客戶談判的增加，本季度美國典當 EBITDA 為 5560 萬美元，增長 11%，這主要是由於 PSE 增加，EBITDA 利潤率再次擴大至 24%，凸顯了我們對盈利能力的關注。

Turning to our Latin American segment on slide 13, total revenues increased 18% to $97.5 million which was a record high for the fiscal first quarter earning assets increased 35% driven by a very strong PLO increase of 19% and inventory increase of 57% from the prior year which was a historically low level.

談到投影片 13 上的拉丁美洲分部，總營收成長 18% 至 9,750 萬美元，創下第一財季的歷史新高，獲利資產成長 35%，這得益於 PLO 強勁成長 19% 以及庫存增加 57%，而去年同期則處於歷史最低水平。

As PLO has grown significantly in recent quarters, we continue to focus on driving more sales at comparable pace. We are implementing actions both systemically and operationally that were successful in the US that aim to drive improvements going forward.

由於 PLO 在最近幾季實現了顯著成長，我們將繼續致力於以同等速度推動更多銷售。我們正在系統和操作上實施在美國取得成功的行動，旨在推動未來的改進。

On slide 14, you can see that we have expanded our presence in Latin America and now have 741 stores opening one store in Mexico and three stores in Guatemala during the quarter. PLO jewelry composition increased by 400 basis points reflecting our continued focus on growing this cut review particularly in Mexico.

在第 14 張投影片上，您可以看到我們擴大了在拉丁美洲的業務，目前本季在墨西哥開設了 1 家店，在危地馬拉開設了 3 家店，共有 741 家門市。PLO 珠寶成分增加了 400 個基點，反映出我們持續專注於擴大這種切割審查，特別是在墨西哥。

As mentioned, our Latin American region saw significant PLO growth of 19% as highlighted on slide 15, primarily fueled by our team's strong operational performance and increased pawn demand in the area. PSE rose by 17% driven by same store PLO growth on the retail side, Merchandise sales grew by 19% and up 16% on a same store basis.

如上所述，如幻燈片 15 所示，我們的拉丁美洲地區的 PLO 成長顯著，達到 19%，這主要得益於我們團隊強勁的營運表現以及該地區典當需求的增加。零售方面，受同店 PLO 成長推動，PSE 上漲 17%，商品銷售額上漲 19%，同店銷售額上漲 16%。

Merchandise gross profit increased by 11% which was partially offset by a decrease in margin of 223 basis points. EBITDA climbed an impressive 20% to $14.6 million with EBITDA margin increasing by 14 basis points to 15%.

商品毛利成長了 11%，但被利潤率下降 223 個基點部分抵銷。EBITDA 大幅上漲 20%，達到 1,460 萬美元，EBITDA 利潤率增加 14 個基點，達到 15%。

A quick word on our balance sheet and allocation priorities. We continue to have a robust liquidity position with $175 million of cash and $333 million of gross convertible notes on our balance sheet as at December 31, 2024. We believe the most effective use of the cash to drive shareholder value is to use a balanced approach which includes reinvestment in our business to drive organic growth, acquisitions, share buybacks and debt repayments.

簡單介紹一下我們的資產負債表和分配重點。我們的流動性狀況依然強勁，截至 2024 年 12 月 31 日，我們的資產負債表上有 1.75 億美元現金和 3.33 億美元的可轉換票據。我們認為，最有效地利用現金來推動股東價值的方法是採用平衡的方法來利用現金，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。

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 the use of existing cash, traditional debt, high yield debt or other equity linked instruments.

我們有 1.03 億美元的可轉換票據將於 2025 年 5 月到期，我們將繼續探索幾種贖回或再融資該票據的方案，包括使用現有現金、傳統債務、高收益債務或其他股票掛鉤工具。

Looking ahead, we remain focused on driving organic growth across both revenue and earnings through a combination of higher PLO, PSE and merchandise sales growth on a consolidated basis margin expects to remain at the low end of our target range of 35% to 38%. Reflecting our commitment to optimizing inventory turnover and minimizing aged general merchandise. As stated last quarter, with inflation rates declining comparable to a year ago, we anticipate a moderation in some same store expense growth.

展望未來，我們仍將專注於透過提高 PLO、PSE 和商品銷售成長來推動收入和收益的有機成長，預計合併利潤率將保持在 35% 至 38% 的目標範圍的低端。體現了我們致力於優化庫存週轉和減少陳舊日用品的承諾。正如上個季度所述，由於通貨膨脹率與去年同期相比有所下降，我們預計同店支出成長將會放緩。

However, in January, we saw a minimum wage increase of 6.5% to 12% enacted across Latin America. These adjustments along with compression effects that extended wage increases beyond minimum wage earners resulted in salary increases for 63% of our team members in the region. That said we will continue investing in our team technology and store network to enhance operational efficiencies.

然而，今年 1 月，我們看到拉丁美洲各地將最低工資提高了 6.5% 至 12%。這些調整以及將工資成長範圍擴大到最低工資標準以外的壓縮效應，導致該地區 63% 的團隊成員的薪資增加。也就是說，我們將繼續投資於我們的團隊技術和商店網絡，以提高營運效率。

From a strategic standpoint, our M&A pipeline remains strong and we have consistently executed on our inorganic growth strategy. We expect to continue expanding both within our existing markets and internationally. Collectively, these initiatives will be key drivers of our financial and operational performance in the years ahead.

從策略角度來看，我們的併購管道依然強勁，我們一直在執行無機成長策略。我們希望繼續在現有市場和國際擴張。總的來說，這些舉措將成為未來幾年我們財務和營運績效的關鍵驅動力。

Regarding our [auto De Niro] acquisition announced last year the transaction remains pending as we continue they through the due diligence process.

關於我們去年宣布的對德尼羅汽車公司的收購，該交易仍處於等待狀態，我們正在繼續進行盡職調查。

Now I would like to turn it over to Lachie for a few closing remarks.

現在我想請拉奇做最後總結。

Thanks Tim. I want to thank our EZCORP team for delivering an outstanding quarter of operating and financial results for our shareholders. We achieved another record quarter for total revenue and PLO while continuing to drive operating leverage to expand the bottom line.

謝謝蒂姆。我要感謝我們的 EZCORP 團隊為我們的股東帶來了出色的季度營運和財務表現。我們本季的總收入和 PLO 再創歷史新高，同時繼續利用經營槓桿來擴大獲利。

Our strong foundation rooted in core values of people, pawn and passion positions us for continued growth both organically and through Strategic M&A and with that we will open the call to questions. operator?

我們的堅實基礎植根於人、典當和激情的核心價值觀，這使我們能夠透過有機成長和策略併購持續成長，並以此為基礎，我們將開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Brian McNamara, Canaccord Genuity.

Canaccord Genuity 的 Brian McNamara。

Hey, good morning guys. Thanks for taking the questions and congrats on the strong results. A few for me. So first off on the merchandise margin, I think it dipped below 35% for the first time in a few years. I think since 2020. Our pre quarter work suggested loans would be stronger than retail sales and I think that appears to have played out. Is it just that? is there anything else to read into there, particularly in LATAM? Given that the 200 basis point drop year over year?

嘿，大家早安。感謝您回答問題，並祝賀您取得的優異成績。對我來說有幾個。首先，就商品利潤率而言，我認為它是幾年來首次跌破 35%。我認為從 2020 年開始。我們的季度前研究表明貸款將比零售銷售表現強勁，我認為這似乎已經實現了。僅此而已嗎？還有什麼值得閱讀的嗎，特別是在拉丁美洲？鑑於同比下降了 200 個基點？

That's correct. It's definitely a very strong loan growth quarter. We are definitely seeing the demand for cash in our stores from our consumers and we did have to negotiate a lot more in the stores and provide further discounts because we do see this customer having less cash to spend.

沒錯。這無疑是一個非常強勁的貸款成長季度。我們確實看到我們的商店中的消費者對現金的需求，我們確實必須在商店中進行更多協商並提供進一步的折扣，因為我們確實看到這些顧客可供支出的現金減少了。

Got it. Second a question we have gotten a lot recently is the company's exposure to undocumented immigrants and how potential deportations could impact your business. Is there any way to measure that? I know that anything pawned needs to be kind of ID'd and checked by local police and things like that. Given regulations to ensure it's not stolen. Just any color there would be helpful.

知道了。其次，我們最近經常收到的一個問題是，貴公司對無證移民的接觸情況以及潛在的驅逐出境將如何影響貴公司的業務。有什麼方法可以測量嗎？我知道任何典當品都需要經過當地警方的鑑定和檢查等。制定規定以確保它不被盜。任何顏色都有幫助。

Look, I think. Good morning, Brian. And thanks for the question, I think look, we certainly had these, these similar questions too. We haven't seen any impact to this point. Certainly, I think you've seen in this quarter's results.

瞧，我認為。早安，布萊恩。感謝您的提問，我想我們肯定也遇到這些類似的問題。到目前為止我們還沒有看到任何影響。當然，我想您已經看到了本季的業績。

As Tim mentioned, some incredibly strong lending results and across many regions, some strong sales results. So, look we haven't seen any impact yet. We can't comment on policy or what we think is going to happen with the new administration.

正如蒂姆所提到的，一些地區的貸款業績非常強勁，銷售業績也十分強勁。所以，我們還沒有看到任何影響。我們無法對政策或新政府將採取的行動發表評論。

I think what we're focused on is what we can do, what we can do to maximize the earnings in the business. And look, I think we are very, very well set up to do that in the future. I think the best way to sort of to deal with this is to concentrate on what we can do as I said, in the stores. And to this point, we have seen no impact as yet.

我認為我們關注的是我們能做什麼，我們能做什麼來最大化業務收益。而且我認為我們已經為未來做好了充分的準備。我認為解決這個問題的最好方法就是集中精力做我們能在商店裡做的事情，正如我所說的。到目前為止，我們還沒有看到任何影響。

Great. And then, maybe one for Tim, how is the company planning for tax refund season this year? And how should investors think of PLO seasonality? I mean, obviously you have a really great PLO balance to finish off the calendar '24. Obviously, we haven't had a normal tax season in a while. So, I am curious if there's any puts or takes there that investors should be aware of.

偉大的。然後，也許我想問提姆一個問題，公司今年的退稅季計畫如何？投資人該如何看待 PLO 的季節性？我的意思是，顯然你有一個非常好的 PLO 餘額來完成 24 日曆。顯然，我們已經有一段時間沒有正常的報稅季節了。因此，我很好奇是否存在投資者應該注意的看跌期權或看漲期權。

Yeah, if we look back in the last two years, even though they hadn't been normal compared to the prior years, they may be the new normal, which is a shorter period of time where people are receiving tax refunds, and the dollars of refund have not moved. Those are what I have been reading, from analysts is that is what people are assuming it's going to happen especially in the states we operate.

是的，如果我們回顧過去兩年，儘管與前幾年相比並不正常，但這或許是新的常態，即人們獲得退稅的時間較短，而且退稅金額沒有變動。這些就是我從分析師那裡讀到的內容，人們認為這些事情會發生，特別是在我們開展業務的州。

Got it. And then you guys announced an acquisition, I think in September it doesn't look like it is closed yet. [Auto deniro] anything to read into there?

知道了。然後你們宣布了一項收購，我認為在九月看起來它還沒有完成。 [Auto deniro] 那裡有什麼可讀的嗎？

No, I think, I mean, Tim said it said it in his remarks. I think we are, it's an acquisition in Mexico. It's in the auto pawn business, which is a relatively new thing for EZCORP. we have got a very, very small amount of auto loans in our book down in Mexico.

不，我認為，我的意思是，蒂姆在他的演講中說過這一點。我認為這是我們在墨西哥的一次收購。該公司從事汽車典當業務，這對 EZCORP 來說是一個相對較新的業務。我們在墨西哥的汽車貸款金額非常小。

So it's look, it's the leading platform down there and we are just in diligence, making sure that we completely understand the business and that it's the right path forward. But we are doing the work and as soon as we are finished, we'll come back to the market and let you know.

所以看起來，它是那裡領先的平台，我們只是勤奮工作，確保我們完全了解業務並且這是正確的前進道路。但我們正在努力，一旦完成，我們就會回到市場並通知您。

Got it and then fine, I appreciate all the taking all the questions here. Finally, I know you guys mentioned in your prepared March the refinancing options for your convert in May. It remains a key topic for most investors we speak with. Are you leaning in a certain direction? Any color on maybe when you'll make a decision on this?

明白了，很好，我感謝大家在這裡回答所有問題。最後，我知道你們在三月的準備中提到了五月份轉換的再融資選擇。對於我們交談過的大多數投資者來說，這仍然是一個關鍵話題。您是否傾向於某個方向？何時會對此做出決定？

Look, I think the color hasn't changed. It's very good news in that. We certainly are under no pressure to do anything. We have liquidity to pay with cash in May. So, we can take our time here in really, weighing the pros and the cons of each alternative. I know people have different views on those alternatives.

看，我認為顏色沒有改變。這是非常好的消息。我們當然沒有面臨做任何事情的壓力。我們有流動資金在五月用現金支付。因此，我們可以花些時間認真權衡每種選擇的優缺點。我知道人們對這些替代方案有不同的看法。

But we are highly focused on it. We may go before May, we may go after May. But I think given the amount of growth potential in our business, both organically and inorganically, we will likely do another financing in the future to fuel that growth.

但我們對此高度關注。我們可能在五月之前去，也可能在五月之後去。但我認為，考慮到我們業務的成長潛力，無論是有機成長還是無機成長，我們將來可能會進行另一次融資來推動這一成長。

But as I said we are under no pressure to do it in any hurry. The terms continue to improve for us with our operating performance improving. So I think we are very comfortable with where we are at in terms of potential financing. But the board is, as I said, very focused on it, spending the time with our various advisers to hopefully pick the right path forward.

但正如我所說，我們沒有任何匆忙做這件事的壓力。隨著我們的經營績效不斷改善，我們的條件也不斷改善。因此我認為我們對目前的潛在融資狀況非常滿意。但正如我所說，董事會非常關注此事，花時間與我們的各位顧問討論，希望能找到正確的前進道路。

Got it. Appreciate all the color guys. Thanks very much

知道了。感謝所有的色彩人。非常感謝

John Hecht, Jeffries

約翰‧赫克特、傑弗里斯

Good morning guys. Thanks very much for taking my questions. First one on the recent wage increases in Mexico. number one is, there's been a series of these. Do you guys have any insight as to that, we are probably reaching the end of this cycle of wage increases? Number one.

大家早安。非常感謝您回答我的問題。第一個是關於墨西哥最近的工資上漲。第一，已經發生了一系列這樣的事情。大家對此有什麼看法嗎？我們可能已經到達了薪資上漲週期的末期？第一。

And number two is the other than the increasing of expenses down there from wage increases, Does the wage increases affect any other aspects of your business on the lending side?

第二個問題是，除了薪資上漲導致的開支增加之外，薪資上漲是否會影響您貸款業務的其他方面？

Look, I think. Good morning, John and thank you for the questions as well. Look, I think yes, we are seeing our various programs from the Mexican government on wage increases. This one, this one was a pretty significant one.

瞧，我認為。早安，約翰，也謝謝你的提問。看，我想是的，我們看到墨西哥政府推出了各種提高工資的計劃。這一次，這一次非常重要。

Again, we don't know to be honest with you what the future holds on that front. But what I can tell you is that our Mexican and Latin American business are gaining real momentum and the growth, phenomenal sales growth.

再說一次，說實話，我們不知道這方面的未來會是什麼樣子。但我可以告訴你們的是，我們的墨西哥和拉丁美洲業務正在獲得真正的發展勢頭和成長，銷售額實現了驚人的成長。

So, I think the cash that's being put people's pockets is clearly helping on the sales side. But in terms of the loan side, we are not seeing any slowdown given the money that's been through the minimum wage rises. So, look, it has impacted our expenses obviously.

因此，我認為人們口袋裡的現金顯然對銷售有幫助。但就貸款方面而言，考慮到最低工資上漲帶來的資金流入，我們並未看到任何放緩。所以，看，它顯然影響了我們的開支。

And answering your question, we don't know where it's going to go. But the very good news is that segment is growing incredibly well in a balanced way with a great team. So, I am super excited about the growth prospects down there.

回答你的問題，我們不知道它會去哪裡。但非常好的消息是，在一支優秀團隊的帶領下，該部門正以均衡的方式實現良好成長。因此，我對那裡的成長前景感到非常興奮。

Okay. That's great. Thanks. And then you guys have invested in infrastructure to develop new services like, the online sales, the customer rewards which I think are pretty unique in the industry. Maybe can you give us a sense for how you measure the impact of that? Any customer trends that you are seeing as a result of those activities?

好的。那太棒了。謝謝。然後，你們投資了基礎設施來開發新服務，例如線上銷售、客戶獎勵，我認為這在業界是相當獨特的。也許您能告訴我們您如何衡量其影響嗎？透過這些活動，您看到了哪些客戶趨勢？

Yeah, look, it's a good question and yes, we are investing across all of our digital assets, our core infrastructure, our point-of-sale system. And look, I think (inaudible) I think you can say that whatever we are doing here is in part due to the investment we are making in driving more customers through our digital business because we are trending very, very well, comparatively We look at, when we look at acquisitions, we compare the way we're growing both from loans and from sales as to other companies are growing and we're obviously growing very strongly.

是的，看，這是一個很好的問題，是的，我們正在投資我們所有的數位資產、我們的核心基礎設施、我們的銷售點系統。而且，我認為（聽不清楚）你可以說，我們在這裡所做的一切，部分歸功於我們透過數位業務吸引更多客戶所做的投資，因為我們的趨勢非常非常好，相對而言，當我們看收購時，我們會比較我們從貸款和銷售方面的增長方式以及其他公司的增長方式，顯然我們的增長非常強勁。

We think we are winning market share in the neighborhoods in which we operate. So I think we start with the high level numbers and we think that we compare quite favorably to the competition and in part that we believe that that's due to the digital investments we're making when you go into our stores, which I know you do and you speak to a store manager and you talk about, our easy plus program or our Google ratings or our social media presence.

我們認為我們正在我們經營所在社區贏得市場份額。因此，我認為我們從高水平的數字開始，我們認為我們與競爭對手相比相當有利，部分原因是我們相信這是由於當您進入我們的商店時我們所做的數字投資，我知道您會這樣做，您會與商店經理交談並談論我們的 easy plus 計劃或我們的谷歌評級或我們的社交媒體存在。

And you say to a store manager, well, we are thinking about winding that back. They immediately jump, jump down at you and say no, don't do that. we really, we find an important way to engage our customer. So I think, look from a customer centric point of view and from a high-level numbers point of view, I think we are confident in what we are doing. And I think you look at other sectors and that you have to meet the customer in all sorts of places.

然後你對商店經理說，好吧，我們正在考慮取消這個計劃。它們會立即跳起來，向你撲過來並說「不，不要這樣做」。我們確實找到了吸引客戶的重要方法。因此我認為，從以客戶為中心的角度和高層次數字的角度來看，我們對所做的事情充滿信心。我認為，看看其他行業，你必須在各種地方與客戶見面。

You can't just choose to meet them in the store because, they want to meet you online or on the telephone. And so I think, we are just building various distribution platforms in order to give our customer the best experience. So look, it we have done it in a pretty disciplined way. We have not gone and spent a huge amount of money on this stuff. We keep it lean; we test, we look at it on our ROI basis. But look I think when you run a customer and people centric business, these investments are important.

您不能只是選擇在商店與他們見面，因為他們想在網路上或透過電話與您見面。所以我認為，我們建立各種分銷平台只是為了給我們的客戶最好的體驗。所以你看，我們已經以一種相當有紀律的方式完成了這件事。我們並沒有在這些東西上花費大量的金錢。我們保持精簡；我們進行測試，並根據投資回報率來看待它。但我認為，當你經營以客戶和以人為本的企業時，這些投資非常重要。

Okay. And then my final question is you have been adding stores; you have been making acquisitions. I mean, maybe can you give us your sense for you this fiscal year where the store, whether it's acquisition or growth opportunities and where you focus there.

好的。我的最後一個問題是，你們一直在增加商店；你們一直在進行收購。我的意思是，也許您能告訴我們您本財年在商店方面的情況，無論是收購還是成長機會，以及您的重點是什麼。

Look, it's a good question. I think, look, we are trying to run a balanced growth strategy around stores. So you have obviously got the [DeNovo] program and then you have got your M&A program and I think with [De Novos] you can be, a little bit better planned.

瞧，這是個好問題。我認為，我們正在嘗試圍繞商店實施平衡的成長策略。所以你顯然已經有了 [DeNovo] 計劃，然後你又有了 M&A 計劃，我認為有了 [De Novos]，你可以製定更好的計劃。

And I think, we have been building roughly 40 stores per year over the last couple of years and look, I think that's a good way to think about at least the short-term future. We'd like to be somewhere in that kind of vicinity. The only caveat to that is if you do a large, a medium to large size acquisition, maybe you slowdown that [DeNovo] program a little bit.

我認為，在過去的幾年裡，我們每年都會新建約 40 家商店，而且，我認為這至少是思考短期未來的好方法。我們希望能住在這樣的附近。唯一的警告是，如果你進行大規模、中型到大型收購，也許你會稍微放慢 [DeNovo] 計劃的速度。

Look, it's [De Novos] are a very important part of our growth strategy. We've got a fantastic team in Latin America that is solely focused on that and are getting very good at it. So I think that's an important part of the growth story. And then on M&A as it takes a willing buyer and a willing seller to come up with a mutually acceptable price and that can take time. And I think you have seen in our recent acquisitions over the years that our sort of price and structure disciplines very real.

你看，它（De Novos）是我們成長策略中非常重要的一部分。我們在拉丁美洲擁有一支出色的團隊，他們專注於此，並且做得非常出色。所以我認為這是成長故事的重要組成部分。然後是併購，因為它需要一個願意的買家和一個願意的賣家來達成雙方都能接受的價格，而這可能需要時間。我想您已經從我們近年來的收購中看到，我們的價格和結構紀律非常切實。

So, look, we think the pipeline is strong. I don't think there's been much change in the last few years in pipeline. I just think, we are going to do it in a disciplined way. We are going to do it where we think we are buying good people. Often in areas that we can, fold pretty easily into our field team. But I think it's, Latin America particularly is still very exciting in terms of the M&A platform in the US.

所以，看，我們認為管道很強大。我認為過去幾年管道方面沒有太大變化。我只是認為，我們會以一種有紀律的方式來做這件事。我們將在我們認為可以買到優秀人才的地方這樣做。通常，在我們能夠做到的領域，我們能夠輕鬆地融入我們的現場團隊。但我認為，就美國的併購平台而言，拉丁美洲仍然非常令人興奮。

There are still definitely targets out there. I think the biggest is simple management group, which we obviously have a significant investment in. So, that's an exciting one for us. That's now 100 stores across Florida, the Caribbean and Central America.

那裡一定還有目標。我認為最大的是簡單的管理團隊，我們顯然對此進行了大量的投資。所以，這對我們來說是一件令人興奮的事。目前，該品牌已在佛羅裡達、加勒比地區和中美洲擁有 100 家門市。

So, I think that one's very interesting and then beyond I think the world of pawnbroking is a very large world of incredible scale. And so I think long term this is a super exciting global scale opportunity. But for now, I think, we are concentrated on our core markets, and I think there's plenty to do there both organically and inorganically.

所以，我認為這非常有趣，而且我認為當鋪的世界是一個非常龐大、規模令人難以置信的世界。因此我認為從長遠來看這是一個非常令人興奮的全球性機會。但就目前而言，我認為，我們專注於我們的核心市場，而且我認為在那裡我們有很多事情要做，無論是有機的還是無機的。

Great. Thanks very much for that color.

偉大的。非常感謝那個顏色。

(Operator Instructions) Kyle Joseph with Stevens.

（操作員指示）凱爾·約瑟夫和史蒂文斯。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

Just wanted to get a sense for domestic growth. I know you guys talked about, as inflation wanes, you would expect that growth to come down a bit, but you we did see it accelerate in the December quarter. So just kind of, give us any sort of sense of what drove the acceleration in the quarter and kind how quickly you expect that to normalize.

只是想了解國內的發展。我知道你們談到了，隨著通貨膨脹的減弱，你們會預期成長會有所下降，但我們確實看到它在 12 月季度加速。因此，請讓我們了解一下是什麼推動了本季的成長，以及您預計成長將以多快的速度恢復正常。

Morning, Kyle. Look, as you point out, it was a super strong result in the US on the lending side. I think it was Tim said in his remarks, I think it was driven by both, really strong engagement by our people in store.

早安，凱爾。你看，正如你所指出的，美國在貸款方面取得了非常強勁的成績。我認為這是蒂姆在他的演講中所說的，我認為這是由我們店內員工的強烈參與所推動的。

Blair and his team are phenomenal in teaching our team members, our pawn brokers in store to engage every customer. And I think that engagement and that core expertise is really driving stronger loans. And then you have got higher average loan size as Tim mentioned and just, I do think that the consumer out there is still challenged at our end.

布萊爾和他的團隊非常善於教導我們的團隊成員、店內的典當經紀人如何與每位顧客互動。我認為這種參與和核心專業知識確實推動了更強勁的貸款。然後，正如蒂姆所提到的，你獲得了更高的平均貸款額，而且我確實認為，對我們來說，消費者仍然面臨著挑戰​​。

And so, yes, inflation is coming down, but it's still up there. Interest rates are high gas prices. You've got other forms of finance, tightening. So I think our customer is showing that, there is still a strong need for cash. So, our view is that, with strong execution in the stores, we should continue to drive pretty strong growth here in loans.

是的，通貨膨脹率正在下降，但仍然很高。利率就是高油價。其他形式的融資正在收緊。所以我認為我們的客戶表明，他們仍然強烈需要現金。因此，我們的觀點是，憑藉門市的強勁執行力，我們應該繼續推動貸款業務的強勁成長。

Got it. And then, just high level talk about competitive trends between the call it the two segments of US and LATAM and where you are seeing LTV trends in each segment.

知道了。然後，我們高階地討論美國和拉丁美洲兩個細分市場之間的競爭趨勢，以及每個細分市場的 LTV 趨勢。

I think competitive trends, I don't think they have changed quarter over quarter. I think, obviously there are the two major competitors, us and first cash and then a very fragmented industry beyond that. So, I think the competitive trends I think have been pretty stable. And then segment by what was the second part of the question segment by segment competitive trends?

我認為競爭趨勢並沒有逐季度改變。我認為，顯然有兩個主要競爭對手，首先是我們，其次是現金，然後是一個非常分散的行業。所以，我認為競爭趨勢一直相當穩定。然後按細分市場競爭趨勢細分問題的第二部分是什麼？

just where you're seeing LTVs.

就在您看到 LTV 的地方。

Tim, do you want to comment on that? segment by segment?

提姆，你想對此發表評論嗎？逐段逐段？

Yes. So, from an LTV perspective, those are in constant movement based on where we are seeing the sales occur in our stores and across the market. And so those we are adjusting all the time, but from a consolidated perspective, they really remain very consistent year after year.

是的。因此，從 LTV 的角度來看，它們會根據我們在商店和整個市場中看到的銷售情況而不斷變化。因此，我們一直在進行調整，但從綜合角度來看，它們年復一年地保持著非常一致的狀態。

Got it. That's it for me. Thanks for answering my questions.

知道了。對我來說就是這樣。感謝您回答我的問題。

Thank you. I would now like to turn the call back over to Lachie given for any closing remarks.

謝謝。現在我想將電話轉回給 Lachie，請他做最後發言。

Thank you, operator, and thank you everyone for joining today. We very much appreciate your time, and we are looking forward to talking to a lot of you over the next couple of days and just one last time a very big thank you to the EZCORP team for another very, very strong set of operating results. Thanks guys, we look forward to chatting a bit later on.

謝謝接線員，也謝謝大家今天的參與。我們非常感謝您抽出時間，並期待在接下來的幾天與大家進行交流，最後一次，非常感謝 EZCORP 團隊再次取得非常非常強勁的營運表現。謝謝大家，我們期待稍後再聊天。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。