EZCORP Inc (EZPW) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the EZCORP second quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded.

女士們、先生們，早安。歡迎參加 EZCORP 2025 財年第二季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

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'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.

謝謝大家，早安。在我們準備好的演講中，我們將參考幻燈片，您可以從我們的網站 investors.ezcorp.com 查看或下載。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.

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。

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

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。今天參加電話會議的有 EZCORP 執行長 Lachie Given；以及財務長 Tim Jugmans。

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. We delivered another impressive set of operational and financial results in the second quarter, driven by sustained demand for fast and accessible cash solutions and affordable, high-quality second-hand goods.

謝謝，肖恩，大家早安。受對快速便捷的現金解決方案以及價格實惠、高品質的二手商品的持續需求的推動，我們在第二季度再次取得了令人印象深刻的營運和財務業績。

We achieved record Q2 revenue of $318.9 million, marking a 12% year-on-year increase, while PLO also grew 15% to a Q2 record of $271.8 million. Our strong bottom-line performance included a 23% increase in EBITDA to $45.1 million and diluted EPS growth of 21% to $0.34.

我們實現了創紀錄的第二季營收 3.189 億美元，年增 12%，而 PLO 也成長了 15%，達到創紀錄的 2.718 億美元。我們強勁的底線業績包括 EBITDA 成長 23% 至 4,510 萬美元，稀釋每股收益成長 21% 至 0.34 美元。

These results again highlight the operating leverage inherent in our business model, driven by strong growth, disciplined expense management and enhanced operational efficiency. Together, these factors continue to strengthen our profitability and drive significant value for our shareholders.

這些結果再次凸顯了我們商業模式中固有的經營槓桿，這得益於強勁的成長、嚴格的費用管理和提高的營運效率。這些因素共同增強了我們的獲利能力，並為我們的股東帶來了巨大的價值。

Beginning on slide 3, we continue to be a global leader in pawn broking and pre-owned retail with 1,284 stores across the US and Latin America. Persistent inflation and economic pressure continue to impact customers who are increasingly turning to EZCORP to secure short-term cash and quality pre-owned goods.

從第 3 張幻燈片開始，我們繼續成為當鋪和二手零售領域的全球領導者，在美國和拉丁美洲擁有 1,284 家門市。持續的通貨膨脹和經濟壓力繼續影響著客戶，他們越來越多地轉向 EZCORP 來獲得短期現金和優質二手商品。

Our unwavering commitment to innovation and exceptional customer service ensures we can effectively meet value-conscious consumers' evolving needs. On the bottom left of the slide, we have included a summary of the pawn product itself, noting that it's a highly customer-friendly alternative for those seeking short-term cash as these transactions are nonrecourse, involve no credit checks, collection activities or reporting to credit bureaus, whether the loan is repaid or not.

我們堅定不移地致力於創新和卓越的客戶服務，確保我們能夠有效地滿足注重價值的消費者不斷變化的需求。在幻燈片的左下角，我們包含了典當產品本身的摘要，並指出對於那些尋求短期現金的人來說，這是一種高度客戶友好的替代方案，因為這些交易是無追索權的，不涉及信用檢查、收款活動或向信用機構報告，無論貸款是否償還。

Moving to slide 4. During the second quarter, we opened nine de novo stores in Latin America and acquired one store in Guatemala. We also consolidated nine stores in Mexico, relocating loan balances and inventory to locations with available leases or stronger unit economics, where we can continue to serve our customers as well as improve operational efficiency and returns.

移至幻燈片 4。第二季度，我們在拉丁美洲開設了 9 家新店，並在瓜地馬拉收購了一家店。我們還整合了墨西哥的九家門市，將貸款餘額和庫存轉移到擁有可用租約或單位經濟實力更強的地點，以便我們能夠繼續為客戶提供服務並提高營運效率和回報。

Our earning assets grew 22% year-over-year, including a record-setting Q2 PLO balance, which grew 15%, contributing to a 12% increase in PSC. We remain very encouraged by our PLO trajectory, which is obviously a critical growth driver for both future revenue and earnings.

我們的生息資產年增 22%，其中第二季 PLO 餘額創下紀錄，成長 15%，推動 PSC 成長 12%。我們仍然對 PLO 的發展軌跡感到非常鼓舞，這顯然是未來收入和收益的關鍵成長動力。

Our cash balance increased to $505.2 million, up from $174.5 million last quarter, primarily due to our $300 million debt financing completed in March as well as cash flow from operating activities. Looking ahead, our significantly strengthened balance sheet enables us to fund our fast-growing earning asset base, pursue inorganic growth opportunities in the markets in which we already operate as well as in potential new markets and to expand our successful de novo store build-out program to drive additional value for our stakeholders.

我們的現金餘額從上一季的 1.745 億美元增加到 5.052 億美元，這主要歸功於我們 3 月完成的 3 億美元債務融資以及來自經營活動的現金流。展望未來，我們顯著增強的資產負債表使我們能夠為快速增長的盈利資產基礎提供資金，在我們已經運營的市場以及潛在的新市場中尋求無機增長機會，並擴大我們成功的全新商店建設計劃，為我們的利益相關者創造更多價值。

In this period of macroeconomic uncertainty, we also believe it's prudent to continue to run high levels of cash liquidity as we balance running a business with exceptionally strong bottom line growth with a strategy of fiscal conservatism to ensure the long-term prosperity of the company.

在這個宏觀經濟不確定的時期，我們也認為，繼續保持高水準的現金流動性是明智之舉，因為我們需要在經營具有異常強勁的底線成長的業務和財政保守主義策略之間取得平衡，以確保公司的長期繁榮。

Slide 5 highlights the strong financial performance in the quarter and showcases our consistent track record of growth across four of our fundamental metrics total revenue, PLO, EBITDA and diluted EPS. Although not presented on the slide, it's worth noting that we delivered year-over-year growth across nearly all of these key metrics for more than 15 consecutive quarters, reflecting a clear and consistent strategic plan and a relentless focus on operational execution by our store teams.

投影片 5 重點介紹了本季強勁的財務業績，並展示了我們四個基本指標（總收入、PLO、EBITDA 和稀釋每股盈餘）的持續成長記錄。雖然幻燈片上沒有展示，但值得注意的是，我們連續 15 個多季度在幾乎所有關鍵指標上都實現了同比增長，這反映了我們清晰一致的戰略計劃以及我們門店團隊對運營執行的不懈關注。

Second quarter total revenues increased 12% year-on-year. Merchandise sales grew 8%, and we delivered gross profit of $185 million, reflecting a 10% increase. In terms of the bottom line, EBITDA increased 23% with EBITDA margin increasing to 14.1%.

第二季總營收年增12%。商品銷售額成長了 8%，毛利達到 1.85 億美元，成長了 10%。從底線來看，EBITDA 成長了 23%，EBITDA 利潤率增加至 14.1%。

As noted earlier, elevated consumer demand, operational execution and exceptional customer service continue to fuel our top and bottom lines. Slide 6 provides further detail on our consolidated revenue and gross profit performance.

如前所述，不斷增長的消費者需求、營運執行和卓越的客戶服務持續推動我們的營收和利潤成長。幻燈片 6 提供了有關我們的綜合收入和毛利表現的更多詳細資訊。

On the gross profit slide, we often emphasize that our focus is on driving overall gross profit in dollars as well as margin regardless of whether that comes from merchandise sales, scrap or PSC. As we've consistently delivered revenue and gross profit growth, maintaining a gross margin in the high 50s.

在毛利幻燈片上，我們經常強調，我們的重點是推動整體毛利以及利潤率，無論這些毛利來自商品銷售、廢料或 PSC。由於我們持續實現收入和毛利成長，毛利率維持在 50% 左右。

On this page, you can also see that the majority of our economics continue to be derived in the US, which accounted for 72% of gross profit during the quarter. Now turning to our key business strategy highlights for the quarter on slide 7.

在此頁面上，您還可以看到我們的大部分經濟效益仍然來自美國，美國佔本季毛利的 72%。現在轉到幻燈片 7 上本季的主要業務策略亮點。

We continue to strengthen our core pawn operations through investments in our people and technology with a focus on enhancing customer experience through accessible and flexible financing solutions. Aligned with our customer-centric approach, our EZ+ Rewards program continues to gain strong momentum with membership growing 34% to 6.2 million and accounting for 77% of all transactions this quarter.

我們繼續透過對人才和技術的投資來加強我們的核心典當業務，重點是透過便利且靈活的融資解決方案來提升客戶體驗。秉承以客戶為中心的理念，我們的 EZ+ 獎勵計畫持續保持強勁發展勢頭，會員數量成長 34%，達到 620 萬，佔本季所有交易的 77%。

We believe the program will continue to drive customer loyalty in the local neighborhoods in which we serve and broaden engagement across platforms, including through our core pawn website traffic, which increased 5% to $1.7 million this quarter.

我們相信，該計劃將繼續推動我們服務的當地社區的客戶忠誠度，並擴大跨平台的參與度，包括透過我們的核心典當網站流量，本季度增長了 5%，達到 170 萬美元。

Additionally, the introduction of a long-term layaway option last year resulted in a 15% increase in new layaways made during the quarter. As a reminder, layaway sales are recognized as revenue upon final payment.

此外，去年推出的長期分期付款選項導致本季新分期付款數量增加了 15%。提醒一下，分期付款銷售在最終付款時確認為收入。

And now that customers have extended periods to complete payments, a portion of sales will shift to future quarters, impacting both current revenue and traditional inventory turnover ratios. This enhanced layaway offering underscores our commitment to accommodating our customers financing needs, particularly in the jewelry category.

現在，由於客戶的付款期限延長，部分銷售額將轉移到未來幾個季度，從而影響當期收入和傳統的庫存週轉率。此次增強的分期付款服務凸顯了我們致力於滿足客戶融資需求的承諾，尤其是在珠寶類別方面。

We continue to advance our innovation and growth initiatives this quarter. In the US, online payments increased by $7 million, reaching $29 million, a reflection of the growing adoption of our digital channels. In Mexico, EZ + adoption is gaining momentum with 17% of extensions and layaways now completed through online payments, demonstrating our customers growing preference for seamless tech-enabled solutions.

本季我們持續推進創新和成長計劃。在美國，線上支付增加了 700 萬美元，達到 2,900 萬美元，這反映出我們的數位管道的採用率日益提高。在墨西哥，EZ+ 的採用勢頭強勁，目前 17% 的延期和分期付款都是透過線上支付完成的，這表明我們的客戶越來越傾向於無縫技術支援的解決方案。

Consumer interest in affordable luxury remains strong. Max Pawn's e-commerce platform delivered a 25% increase in sales, reinforcing our position in this attractive and growing market. We also expanded our view-online, purchase in-store experience to over 30% of our US retail locations, enhancing convenience and creating a seamless connection between digital discovery and in-store service.

消費者對平價奢侈品的興趣依然濃厚。Max Pawn 的電子商務平台的銷售額成長了 25%，鞏固了我們在這個具有吸引力且不斷成長的市場中的地位。我們還將「線上瀏覽、店內購買」的體驗擴展到美國 30% 以上的零售店，提高了便利性並在數位發現和店內服務之間建立了無縫連接。

Across all these efforts, our focus remains clear to deliver the most convenient customer-centric experience in the industry while continuing to make a positive impact in the communities we serve.

在所有這些努力中，我們的重點始終是提供業內最便捷的以客戶為中心的體驗，同時繼續對我們服務的社區產生積極影響。

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

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

Thanks, Lachie. Slide 9 provides a detailed look at our consolidated financial results for the second fiscal quarter. As Lachie mentioned, we closed the quarter with a record-setting Q2 PLO balance of $271.8 million, reflecting a 15% increase on total and same-store basis.

謝謝，拉奇。投影片 9 詳細介紹了我們第二財季的綜合財務表現。正如 Lachie 所提到的，我們在本季結束時創下了 Q2 PLO 餘額 2.718 億美元的紀錄，總額和同店銷售額增加了 15%。

PSC revenue rose 12% year-over-year, primarily fueled by same-store PLO growth. Our inventory increased 32% year-over-year, driven by both increased PLO as well as lower inventory turnover at 2.5 times compared to 2.9 times, which is still a healthy turnover rate.

PSC 營收年增 12%，主要得益於同店 PLO 的成長。我們的庫存年增了 32%，這得益於 PLO 的增加以及庫存週轉率從 2.9 次下降至 2.5 次，但這仍然是一個健康的周轉率。

Lower inventory turnover during the quarter was partially attributed to the expansion of our layaway program in the US as well as a greater composition of jewelry inventory, which typically has a longer sales cycle.

本季庫存週轉率較低，部分原因是我們在美國擴大了分期付款計劃，以及珠寶庫存組成增加，而珠寶庫存通常具有更長的銷售週期。

While these factors contribute to the trend, we remain focused on improving inventory turns and are prioritizing efforts to optimize sales velocity and inventory management. Merchandise sales increased by 8% to $177.4 million, while merchandise margin contracted by 150 basis points due to increased price negotiations at the counter.

雖然這些因素導致了這種趨勢，但我們仍然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% 至 1.774 億美元，但由於櫃檯價格談判增加，商品利潤率收縮了 150 個基點。

Despite lower merchandise margin, we posted another strong quarter of EBITDA margin expansion, increasing 130 basis points to 14.1%, reflecting our ongoing focus to drive operating efficiencies and fixed cost leverage.

儘管商品利潤率較低，但我們的 EBITDA 利潤率在本季再次強勁成長，增加了 130 個基點，達到 14.1%，這反映了我們持續致力於提高營運效率和固定成本槓桿。

Moving to our US Pawn segment on slide 10. Revenue for the quarter was up 7% to $221.4 million. Earning assets grew by 21%, driven by significant PLO and inventory growth. Approximately half the increase in inventory is due to the increase in customer layaways where sales get recognized in future quarters.

前往投影片 10 上的「美國典當」部分。本季營收成長 7% 至 2.214 億美元。受 PLO 和庫存大幅成長的推動，獲利資產成長了 21%。庫存增加的大約一半是由於客戶分期付款的增加，這種分期付款的銷售額在未來幾個季度得到確認。

Slide 11 includes a map of US states in which we operate, highlighting our significant footprint of 542 stores across 19 states. From this page, I also want to call out a 15% increase in average loan size for the quarter across the US with approximately three-fourth of that growth driven by higher prices on jewelry and the remainder due to higher prices on general merchandise.

幻燈片 11 包括我們經營所在的美國各州的地圖，突出顯示了我們在 19 個州的 542 家門市的龐大足跡。從這一頁開始，我還想指出，本季美國平均貸款規模成長了 15%，其中約四分之三的成長是由於珠寶價格上漲，其餘的成長是由於一般商品價格上漲。

Slide 12 offers an in-depth look at our US financial performance, highlighting a 15% increase in PLO, both on a total and same-store basis. This was driven by a higher average loan size, enhanced operational performance and sustained growing demand for pawn services.

投影片 12 深入介紹了我們的美國財務業績，重點介紹了 PLO 的整體和同店成長 15%。這是由於平均貸款規模增加、營運績效增強以及典當服務需求持續成長所致。

With respect to the tax refund season to the end of March this year, the IRS has seen the average tax refund increase by $120 or 3.9%. Even with this increase, we saw the same 9% sequential PLO decrease from quarter one as seen in FY24. PSC revenue rose 9% year-over-year, primarily driven by the same-store PLO growth, partially offset by lower PLO yield.

就今年 3 月底的退稅季而言，美國國稅局發現平均退稅額增加了 120 美元，增幅為 3.9%。即使有這樣的成長，我們也看到 PLO 與 FY24 第一季相比連續下降了 9%。PSC 營收年增 9%，主要得益於同店 PLO 的成長，但 PLO 收益率的下降部分抵消了這一增長。

In the US, we have seen our average loan size increase, but we have seen lower yields due to markets such as Texas, where the state regulations mandate lower monthly interest rates as loan size increase. While this still benefits absolute PSC dollars, it does contribute to lower PLO yields.

在美國，我們的平均貸款規模有所增加，但由於德州等市場規定貸款規模增加時月利率會降低，因此收益率有所下降。雖然這仍然有利於絕對 PSC 美元，但確實導致 PLO 收益率下降。

This is driving the disparity between PLO and PSC growth this quarter. On the US retail side, merchandise sales increased by 2% and were up 1% on a same-store basis, while merchandise gross margin decreased 58 basis points.

這導致了本季巴解組織和巴勒斯坦權力機構成長之間的差距。美國零售方面，商品銷售額成長2%，同店銷售額成長1%，但商品毛利率下降58個基點。

US pawn EBITDA for the quarter was $49.8 million, up 15%, primarily due to higher PSC with EBITDA margin up once again, expanding 173 basis points to 22.5%, underscoring the team's focus on profitability. Turning to our Latin American segment on slide 13. It was again a very strong quarter. Total revenues increased 25% to $97.5 million.

本季美國典當業 EBITDA 為 4,980 萬美元，成長 15%，主要由於 PSC 增加，EBITDA 利潤率再次上升，擴大 173 個基點至 22.5%，凸顯了團隊對獲利能力的關注。前往投影片 13 上的拉丁美洲部分。這又是一個非常強勁的季度。總收入成長 25% 至 9,750 萬美元。

Earning assets increased 28%, driven by strong PLO growth of 17% and a 44% increase in inventory compared to historically low levels in the prior period. We continue to evaluate and execute actions both systemically and operationally that we have worked well in the US to drive further improvements across Latin America.

獲利資產成長了 28%，這得益於 PLO 強勁成長 17% 以及庫存較上一時期的歷史低點成長 44%。我們將繼續從系統和操作兩個方面評估和執行我們在美國行之有效的行動，以推動整個拉丁美洲的進一步改善。

On slide 14, you can see that we've expanded and applied our presence in Latin America with 742 stores, opening nine de novo stores, acquiring one store in Guatemala and consolidating nine stores in Mexico. PLO jewelry composition increased by 400 basis points, reflecting our continued focus on growing this category, particularly in Mexico.

在幻燈片 14 上，您可以看到我們擴大並應用了我們在拉丁美洲的業務，擁有 742 家門店，開設了 9 家新店，收購了危地馬拉的 1 家門市，並合併了墨西哥的 9 家門市。PLO 珠寶成分增加了 400 個基點，反映出我們持續關注這一類別的成長，尤其是在墨西哥。

And from an inventory perspective, jewelry composition was down 90 basis points due to increased scrapping. As shown on slide 15, Latin America experienced 17% PLO growth and was up 14% on a same-store basis, resulting in a 19% PSC increase.

從庫存角度來看，由於報廢量增加，珠寶成分下降了 90 個基點。如投影片 15 所示，拉丁美洲的 PLO 成長了 17%，同店銷售額成長了 14%，導致 PSC 成長了 19%。

Strong results were driven by our team's execution to drive operating performance as well as a robust loan demand from our customers. On the retail side, merchandise sales grew by 21%, up 18% on a same-store basis. Merchandise gross profit grew 11%, partially offset by a 274 basis point margin contraction due to increased price negotiations at the counter.

強勁的業績得益於我們團隊的執行力，推動了營運業績，以及客戶強勁的貸款需求。零售方面，商品銷售額成長21%，同店銷售額成長18%。商品毛利增加 11%，但由於櫃檯價格談判增加導致利潤率下降 274 個基點，部分抵消了這一增長。

EBITDA grew an impressive 36% to $13.6 million, with EBITDA margin increasing by 99 basis points to 13.9%. A quick word on our balance sheet and capital allocation priorities. We are well positioned for the future with a very strong balance sheet and robust liquidity.

EBITDA 大幅成長 36%，達到 1,360 萬美元，EBITDA 利潤率增加 99 個基點，達到 13.9%。簡單介紹一下我們的資產負債表和資本配置重點。我們擁有非常強勁的資產負債表和充裕的流動性，為未來做好了充分準備。

As Lachie mentioned, during the quarter, we completed a $300 million debt financing. And as of March 31, we had approximately $505 million of cash. As part of this transaction, we received a first-time credit rating of Ba1 from Moody's, clearly reflecting the strength of the company's financial position.

正如 Lachie 所提到的，在本季度，我們完成了 3 億美元的債務融資。截至 3 月 31 日，我們擁有約 5.05 億美元現金。作為此次交易的一部分，我們首次獲得了穆迪的Ba1信用評級，這清楚地反映了公司財務狀況的強勁。

Slide 28 of our quarterly earnings presentation provides a pro forma view of our debt and convertible note obligations to account for the expected retirement of our May 2025 convertible notes. The pro forma assumes that convert holders do not convert their convertible notes into common stock, which would be done at a share price of $15.90.

我們的季度收益報告的第 28 張投影片提供了我們的債務和可轉換票據義務的備考視圖，以說明我們 2025 年 5 月可轉換票據的預期到期償還情況。該表格假設轉換持有人不會將其可轉換票據轉換為普通股，而這將以每股 15.90 美元的價格完成。

However, if all the holders do elect to convert their notes, the total number of shares underlying these notes is 6.5 million shares, which we already shown in our diluted EPS calculation. If this were to occur, the $103.4 million of cash that was earmarked to redeem these notes would remain available to the company for other uses.

然而，如果所有持有人都選擇轉換其票據，這些票據所對應的股票總數將為 650 萬股，這一點我們已在稀釋每股收益計算中體現。如果發生這種情況，用於贖回這些票據的 1.034 億美元現金仍可供公司用於其他用途。

Looking ahead, we believe our focus on growing PLO, combined with disciplined inventory management, streamlined systems and a commitment to exceptional customer service will be driving force that sustain our strong momentum through 2025. While consumers continue to navigate macroeconomic pressures, EZCORP remains committed to meeting our customers' evolving needs and consistent long-term financial results.

展望未來，我們相信，專注於發展 PLO，結合嚴格的庫存管理、精簡的系統和對卓越客戶服務的承諾，將成為我們在 2025 年保持強勁發展勢頭的驅動力。在消費者持續應對宏觀經濟壓力的同時，EZCORP 仍致力於滿足客戶不斷變化的需求和持續的長期財務表現。

From an M&A standpoint, our pipeline remains strong with opportunities in both the US and LatAm. Our acquisition strategy remains grounded in rigorous due diligence and disciplined execution, focused on identifying high-quality accretive targets that support long-term growth and deliver attractive returns to our shareholders.

從併購的角度來看，我們的通路依然強勁，在美國和拉丁美洲都有機會。我們的收購策略仍以嚴格的盡職調查和嚴謹的執行為基礎，專注於尋找支持長期成長並為股東帶來可觀回報的高品質增值目標。

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'd like to extend my genuine appreciation to our team for delivering another impressive quarter with strong growth across nearly all of our key financial metrics. Guided by our core values of people, pawn and passion, the company remains well positioned to continue to drive sustained growth for our shareholders well into the future.

謝謝，蒂姆。我要向我們的團隊表達由衷的感謝，他們又創造了一個令人印象深刻的季度，幾乎所有關鍵財務指標都實現了強勁增長。在「以人為本、典當和熱情」的核心價值的指導下，公司將繼續為股東在未來實現持續成長做好準備。

And with that, we will open the call up to questions. Operator?

接下來，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 question and congrats on the strong results. So I guess on the tax season, I think this was probably the most normal one we've had since arguably 2019, and your US PLO declined, as you said, 9% sequentially.

嘿，大家早安。感謝您提出這個問題，並祝賀您取得如此優異的成績。因此，我想就稅收季節而言，我認為這可能是我們自 2019 年以來最正常的一個季節，正如您所說，您的美國巴解組織 (PLO) 環比下降了 9%。

I think that was typically like a mid-teens decline sequentially historically, if I'm wrong, please correct me. But in your view, is this just a kind of a new normal? Or does it speak more to the macro environment and its impact on your customers?

我認為從歷史上看，這通常就像十幾歲時逐漸下降的趨勢，如果我錯了，請糾正我。但在您看來，這只是一種新常態嗎？或者它更多地反映了宏觀環境及其對客戶的影響？

Tim, you can take that.

提姆，你可以拿著。

Yes, sure. That 9% decrease was similar to last year. The average return is only grew like 4%. And so it does look like a new normal. It does look like the American consumer costs have gone up more than that 4% of the refund.

是的，當然。9%的降幅與去年相似。平均回報率僅增加了4%左右。所以它看起來確實像是一種新常態。看起來美國消費者的成本確實上漲了超過4%的退款金額。

And so there is a lot more costs going in than compared to the refunds. So the last couple of years has been less than 10% drop. And as you said, it was between 15% and 20% drop prior to 2019. So it does look like a new normal if things remain the same.

因此，與退款相比，產生的成本要高得多。過去幾年的降幅不到 10%。正如您所說，2019 年之前下降了 15% 到 20%。因此，如果情況保持不變，這確實看起來像是一種新常態。

Great. And then secondly, it's been tariffs, tariffs, tariffs, obviously, recently in the news. Are you guys seeing a tangible impact from tariffs on the positive side yet with price increases either widely in effect or widely expected in the primary market? And are you continuing to see new faces in your stores, perhaps middle and upper income folks trading down?

偉大的。其次，最近新聞明顯充斥關稅、關稅、關稅等議題。你們是否看到了關稅帶來的正面影響，但一級市場的價格上漲是否已經普遍生效或普遍預期會上漲？你們的商店裡是否持續出現新面孔，也許是中高收入者的消費水準下降？

Tim, do you want to take the tariff one?

提姆，你想選擇關稅那一項嗎？

Sure. From a tariff perspective, it does, new items don't appear in our stores straight away. So that does take a bit of time. But we are seeing the inflationary effects on general merchandise. So the average loan size last quarter was due to 50% to jewelry, 50% to general merchandise.

當然。從關稅角度來看，確實如此，新商品不會立即出現在我們的商店中。所以這確實需要一點時間。但我們看到了通膨對日用商品的影響。因此，上個季度的平均貸款規模中，50% 來自珠寶，50% 來自一般商品。

This quarter, it's 75% jewelry and 25% general merchandise. And so that average loan size continues to grow both because of gold price increases, but also general merchandise is getting more expensive and worth more money. So people are getting larger loans with single items.

本季度，珠寶佔75%，日用百貨佔25%。因此，平均貸款規模持續成長，不僅是因為金價上漲，而且是因為一般商品的價格越來越高，價值也越來越高。因此人們可以透過單件物品獲得更大額度的貸款。

And then on the second part of the question, Brian, I think we are seeing new faces. We are seeing people trade down, but it is a significant strategic initiative for us to drive much more traffic into the stores, and we're doing that in a physical way and in a digital way, which we think we're leading the market on.

然後關於問題的第二部分，布萊恩，我認為我們看到了新面孔。我們看到人們的消費水準下降，但對我們來說，這是一個重要的戰略舉措，可以為商店吸引更多的客流，我們正在透過實體方式和數位方式來實現這一目標，我們認為我們在這方面處於市場領先地位。

So new customers, transaction growth, it's definitely happening, but it's a key strategic initiative over the next 6, 12, 18 months because we want to see more of it.

因此，新客戶和交易量的成長肯定會發生，但這是未來 6、12、18 個月的關鍵策略舉措，因為我們希望看到更多這樣的成長。

Great. And then your merchandise margins in the last few quarters have been a bit kind of lower than what we would have been accustomed to. So 34% is below your targeted range. I'm sure there's a bit more negotiation in the stores, but why wouldn't that be a bit better, particularly as your larger competitors kind of doing that merch margin consistently in kind of the low 40s range. Is that simply you guys prioritize the loan counter?

偉大的。過去幾個季度，你們的商品利潤率比我們習慣的要低一些。因此 34% 低於您的目標範圍。我確信商店裡的談判會更加激烈，但為什麼這樣不會更好一些呢，尤其是當你的大型競爭對手的商品利潤率一直保持在 40% 出頭的時候。那隻是你們優先考慮貸款櫃檯嗎？

Back for Tim.

回到蒂姆身邊。

Yes. So what we try and prioritize is trying to prioritize gross profit. And so we look at both the PSC that's going to come through and the gross profit margin. And in combination, that's what we're trying to maximize. So at this point in the cycle, what we see is that trying to satisfy the customers needs with the cash will generate a little bit more PSC if we give them a little bit more money.

是的。因此，我們嘗試並優先考慮的是毛利。因此，我們既要考慮 PSC，也要考慮毛利率。綜合起來，這就是我們想要實現最大化的目標。因此，在週期的這個階段，我們看到的是，如果我們給客戶多一點錢，試圖用現金滿足客戶的需求，就會產生更多的 PSC。

That means that when, if that item does drop, we will make a little bit less on the sale of that item. But from an overall perspective, we are trying to maximize that gross profit number. And I think you can see on one of those slides now, we have been consistently producing great gross profit margins on an overall basis for a very long time.

這意味著，如果該物品確實下降，我們在該物品上的銷售收入將會減少一點。但從整體來看，我們正在努力實現毛利最大化。我想您現在可以在其中一張幻燈片上看到，我們在很長一段時間內一直在總體上保持較高的毛利率。

Great. And then just last one on the $300 million in senior notes. Clearly, you have a lot of cash on the balance sheet now. I'm curious what you intend to do with the extra cash? And if you could remind us of your capital allocation priorities. Thank you.

偉大的。最後再說一下 3 億美元的優先票據。顯然，你的資產負債表上現在有很多現金。我很好奇您打算用這些額外的現金做什麼？如果您能提醒我們您的資本配置優先事項。謝謝。

Thank you, Brian. Look, I think the story hasn't changed at all. I think we're looking for a real balance here on scaling the business up, which we've always said is our number one priority. We think the opportunity is very, very large for our company even within the markets that we're already in. So scaling the business up and balancing that with running a very conservative balance sheet.

謝謝你，布萊恩。看，我認為故事根本沒有改變。我認為我們正在尋求業務擴大的真正平衡，我們一直說這是我們的首要任務。我們認為，即使在我們已經進入的市場中，我們公司也面臨著非常大的機會。因此，擴大業務規模並透過運行非常保守的資產負債表來平衡。

So we like to be very liquid as all our shareholders know. And so it really is a balance here that we're trying to build. We've got a pretty robust pipeline. The extra cash gives us some real flexibility now in how we can approach those opportunities. I think it's not a new day for EZCORP at all.

因此，正如我們所有股東所知，我們希望擁有高度的流動性。因此，我們確實正在努力建立一種平衡。我們擁有相當強大的管道。額外的現金讓我們在如何抓住這些機會方面有了真正的靈活性。我認為這對 EZCORP 來說根本不是什麼新鮮事。

We are going to continue doing exactly what we've been doing, which is very disciplined M&A in the markets that we're in and in the products that we're in. Yes, we will always look at new markets, but I think there's enough to do and significant pipelines across Mexico, the US and other parts of Latin America where we think that we can put some capital to work.

我們將繼續做我們一直在做的事情，即在我們所處的市場和產品中進行非常有紀律的併購。是的，我們會一直關注新的市場，但我認為已經有足夠多的事情要做，而且在墨西哥、美國和拉丁美洲其他地區都有重要的管道，我們認為我們可以投入一些資金去運作。

So I think it's more of the same. I think we're just, we are more liquid. I think we're much, much stronger. I think as I said in my opening remarks, I think the world and the macro economy kind of demand that for us at the moment.

所以我認為情況大體上是相同的。我認為我們的流動性更強了。我認為我們變得更強大了。我想，正如我在開場白中所說的那樣，我認為目前世界和宏觀經濟對我們提出了這樣的要求。

And I think our shareholders and prospective investors and lots of the analysts are telling us that being very liquid at the moment is extremely important and is well rewarded by the market. So I think we're in a really strong position, but I think you're just going to see more of the same stuff.

我認為我們的股東、潛在投資者和許多分析師都告訴我們，目前保持充足的流動性極為重要，而且市場也會給予其豐厚的回報。所以我認為我們處於非常有利的地位，但我認為你只會看到更多相同的事情。

Am done, thank you guys.

完成了，謝謝大家。

Alex Howell, Stephens Inc.

亞歷克斯·豪厄爾（Alex Howell），史蒂芬斯公司

Hey guys, good morning. On for Kyle. Congrats on the quarter and the recent private notes offering. I think most of my questions have actually been asked. I'm just curious how you guys are thinking about your Latin American acquisition strategy going forward and just what you're really seeing out there currently. Love to get your thoughts.

大家好，早安。凱爾上場。恭喜本季和最近的私人票據發行。我想我的大部分問題實際上已經被問過了。我只是好奇你們如何看待未來的拉丁美洲收購策略，以及目前你們真正看到的情況。想知道您的想法。

Sure. Yeah, sure. So Latin America is obviously a massive highlight of this quarter that we've just reported on as well as two or three before that. We've seen extremely strong momentum down there across all of our metrics. So across lending, sales, margin, and it's really down to some fantastic operational leadership led by Blair and his operating team in Mexico.

當然。是的，當然。因此，拉丁美洲顯然是本季的一大亮點，我們剛剛報道過，之前還有兩三個季度也報導過。我們從所有指標中都看到了極其強勁的發展勢頭。因此，在貸款、銷售、保證金方面，這實際上要歸功於布萊爾和他在墨西哥的營運團隊所領導的出色的營運領導力。

We've told the market that we invested heavily in the US business first and that Latin America, we will do the same. And I think the market can see now the results of those efforts. So I think Latin America is an extremely important part of our business and getting more important given the organic performance.

我們已經告訴市場，我們首先在美國業務上投入了大量資金，在拉丁美洲，我們也會這樣做。我認為市場現在可以看到這些努力的成果。因此，我認為拉丁美洲是我們業務中極其重要的一部分，考慮到有機表現，它的重要性也日益凸顯。

I think in terms of the inorganic opportunities, absolutely right down there in Mexico and beyond. I think there are small opportunities of 5 to 15 stores, and there's the middle size up to 150 and then five plus opportunities above that.

我認為，就無機機會而言，絕對在墨西哥及其周邊地區。我認為有 5 到 15 家商店的小型機會，也有多達 150 家商店的中等規模機會，然後有 5 家以上商店的機會。

And when I say opportunity, I just mean operators down there. So it's a very large market. It is a very interesting market for us. But again, we will take a disciplined approach to acquisitions down there.

當我說機會時，我只是指向那裡的運營商。所以這是一個非常大的市場。對我們來說這是一個非常有趣的市場。但我們會再次採取嚴謹的態度進行收購。

So I think we have made sure that our balance sheet is strong enough to move on opportunistic acquisitions down there, which there are, as I said, a long list of independent operators down there. But we will do it in a way that our shareholders get an appropriate return, that we acquire good management teams and that we think we can improve those businesses.

因此，我認為我們已經確保我們的資產負債表足夠強勁，可以進行機會性收購，正如我所說，那裡有很多獨立運營商。但我們會採取適當的方式，讓我們的股東獲得適當的回報，讓我們獲得優秀的管理團隊，讓我們認為可以改善這些業務。

So all in all, I think it's more of the same down there, lots of opportunity. We've got a really strong balance sheet to go after it, but we'll do it in a disciplined way.

總而言之，我認為那裡的情況大致相同，有很多機會。我們擁有非常強大的資產負債表來實現這一目標，但我們將以嚴謹的方式實現這一目標。

Thank you guys.

謝謝你們。

Craig Irwin, ROTH Capital Partners.

克雷格歐文（Craig Irwin），羅仕證券資本合夥公司（ROTH Capital Partners）。

Good morning and thank you for taking my questions. So to step back into the big picture, right, you obviously are executing really well on some of these initiatives you've put in place, like I guess the one that jumps out to me is the longer-term layaways and the 15% increase in layaways that's delivered in the quarter, right?

早上好，感謝您回答我的問題。所以回到大局，對吧，您顯然在實施的一些舉措上執行得非常好，比如我想最讓我印象深刻的是長期分期付款和本季度分期付款增加 15%，對吧？

Then you also have other tailwinds that are sort of nondiscretionary like the price of gold going through $3,000 an ounce. Lachie, can you maybe just talk us through how these discretionary and nondiscretionary tailwinds are materializing in your business? Is the benefit from things like the longer-term layaways already in? Or is it still building?

然後你還會遇到其他一些不可控的順風因素，例如金價突破每盎司 3,000 美元。Lachie，您能否向我們講講這些可自由支配和非可自由支配的順風因素是如何在您的業務中實現的？長期分期付款等措施的益處已經顯現了嗎？還是它仍在建設中？

And should we see a similar impact from gold prices benefiting the jewelry business, does that come through over time? Or does it come through much more quickly in an individual quarter?

我們是否應該看到金價對珠寶業產生類似的影響，這種影響會隨著時間的推移而顯現出來嗎？或者在某個季度內它會更快實現嗎？

Thank you, Craig. Yes. So Tim and I both have sort of, we'll split that question up a bit. But in taking that step back, which I think is a good thing to do, I think you're dead right. We have got our own internal initiatives that are driving much better operational execution and performance.

謝謝你，克雷格。是的。因此，蒂姆和我都有點，我們會稍微分開這個問題。但退一步來說，我認為這是一件好事，我認為你完全正確。我們擁有自己的內部舉措，可以推動更好的營運執行和績效。

And then you've got external macroeconomic, including the gold price, things that are going on that are also on balance helping. And so I think both of those two separate buckets are helping to drive the really strong performance.

然後你會看到外部宏觀經濟，包括黃金價格，正在發生的事情總體上也是有幫助的。因此我認為這兩個獨立的部分都有助於推動真正強勁的表現。

In terms of the internal stuff, I think your question on the layaway program, look, the layaway program, if you remember, you don't recognize sales until those layaways are paid in full. So we expect that we have essentially put off sales into the next few quarters as a result of those layaways. So we haven't recognized the sales to this point on that question, but which hopefully sets us up for some strong sales periods going forward.

就內部事務而言，我認為您的問題是關於分期付款計劃的，您看，分期付款計劃，如果您還記得的話，在這些分期付款全部付清之前，您無法確認銷售額。因此，我們預計，由於這些分期付款，我們基本上已經將銷售推遲到了接下來的幾個季度。因此，我們還沒有確認該問題的當前銷售情況，但希望這能為我們未來的強勁銷售期奠定基礎。

But many, many other internal initiatives that are driving this performance. You've got a lot of time being spent on how we price products at the loan counter. You've got a lot of work going on, on lending grids, how much, what our LTV should be like what categories.

但還有許多其他內部舉措正在推動這一表現。您花了很多時間來了解我們如何在貸款櫃檯為產品定價。你有很多工作要做，關於貸款網格，多少，我們的 LTV 應該是什麼，什麼類別。

You've got lots of marketing initiatives going on around both digital and in-store. And really, Blair just leads an operating format that is highly disciplined, it's not a knee-jerk type of regime. It is, we run a really balanced business here.

你們在數位和店內領域都開展了許多行銷活動。事實上，布萊爾領導的政府運作方式非常嚴謹，而不是下意識的。是的，我們在這裡經營著真正平衡的業務。

And I think the last three or four years of a really simple strategy around this operational execution piece is what's been so critical in driving the financial performance and then I think the stock price. In terms of the external stuff, yes, gold is obviously a big driver of average loan size. So we've seen, it really is quite momentous PLO growth. A year ago, I would have been saying that 8% loan growth is fantastic, and we're seeing 15%.

我認為過去三、四年圍繞著這項營運執行部分實施的非常簡單的策略對於推動財務表現和股價至關重要。從外部因素來看，是的，黃金顯然是平均貸款規模的重要驅動因素。所以我們看到，PLO 確實取得了顯著的成長。一年前，我會說 8% 的貸款成長率已經很不錯了，但現在我們的貸款成長率已經達到 15%了。

So it's pretty, it really is exceptional growth on the lending side, and that's the core of the business that we're in. So the gold price is certainly helping on the lending side. And then on the selling side, look, there's some very different, in some ways, competing external things going on out there. It's getting tougher for the consumer. Gold prices on the buying side are getting high.

因此，貸款業務確實取得了顯著成長，而這正是我們所從事業務的核心。因此，黃金價格肯定對貸款有幫助。然後從銷售方面來看，你看，在某些方面，存在著一些非常不同、相互競爭的外部事物。對消費者來說，情況變得越來越艱難。買方黃金價格正在走高。

And if they keep getting higher, start to become a little bit more unaffordable. So on the selling side, we've just got to be really disciplined and dialed in on our discounting cadence to really move this inventory. But at the moment, we're pretty happy with the way that's going in the US. We've got more to do in the US around selling, but with the layaway program about to hit, we think we should be driving some good selling there.

如果價格繼續上漲，人們就會變得越來越難以負擔。因此，在銷售方面，我們必須非常自律，並嚴格控制折扣節奏，才能真正銷售庫存。但目前，我們對美國的情況非常滿意。我們在美國還有很多銷售工作要做，但隨著分期付款計劃即將實施，我們認為我們應該在那裡推動一些好的銷售。

And then you can see in Latin America, it really is doing very well down there. So I think, look, it's a really good point. There's two things going on, the stuff we're doing internally and the macro side. And at the moment, you can see from the financial results that it really is a great time to be in the pawn business. Tim, if you want to add anything to that?

然後你可以看到在拉丁美洲，它在那裡確實表現得很好。所以我認為，這是一個非常好的觀點。有兩件事正在進行，一件是我們內部做的事情，另一件是宏觀方面的事情。目前，您可以從財務結果中看到，現在確實是從事典當業務的好時機。提姆，你還有什麼要補充的嗎？

Yeah, just a little bit more detail on those layaways. What you're correct in saying that this is continues to build. And so those sales haven't come through. Those sales will start coming through in the next few months. And then you'll see the full effect of that layaway program actually in the sales lines.

是的，關於這些分期付款，我想再詳細說一下。您說得對，這種情況仍在繼續發展。所以這些銷售都沒有實現。這些銷售將在未來幾個月內開始實現。然後你會在銷售線上看到分期付款計劃的全部效果。

At the moment, you're really only seeing it on the balance sheet and in the growth of those layaway balances. On the gold side, the one thing to remember is that we're not moving our loan amounts daily on the gold price increases. So we really look at the more longer-term views of gold.

目前，您實際上只能在資產負債表和分期付款餘額的增長中看到它。在黃金方面，要記住的一件事是，我們不會根據金價上漲每天調整我們的貸款金額。因此，我們確實從更長遠的角度看待黃金。

And so we are looking at that all the time, but we're not reaching lending gold at the level of the price of gold today, but probably a few months ago is where we're probably lending at gold at the moment. So there's always some room even if gold does come down that we have some buffer there.

因此，我們一直在關注這一點，但我們的黃金借貸價格還沒有達到今天的黃金價格水平，但也許幾個月前我們的黃金借貸價格就達到了目前的水平。因此，即使金價下跌，我們總會有一定的緩衝空間。

So my next question is about the luxury market and Max Pawn. This is one, I guess, that kind of piques my interest because I can see a fairly substantial opportunity for expansion of your customer base. Can you maybe just update us on Max Pawn.

我的下一個問題是關於奢侈品市場和 Max Pawn。我想，這激起了我的興趣，因為我看到了擴大客戶群的一個相當大的機會。您能否向我們更新一下 Max Pawn 的情況？

I guess last quarter, you said sales were up 50%, which is phenomenal. What would it take for you to look to grow the storefronts or look to grow the online presence around Max Pawn and drive more revenue through this channel?

我想您說過上個季度的銷售額成長了 50%，這真是太驚人了。您需要採取哪些措施來擴大店面或提高 Max Pawn 的線上影響力，並透過這個管道增加收入？

Yes, it's definitely an exciting part of the business. And so starting at the top, we are ahead of where we thought we would have been when we started out on this process. So that's a great place to start. This business is gathering momentum, obviously, based in Vegas at the moment, run by a really experienced pawn broker in Michael Mack. And so we're really happy with the way the business is going.

是的，這絕對是業務中令人興奮的一部分。因此，從頂層開始，我們已經領先於我們在開始這一進程時所認為的水平。這是一個很好的起點。顯然，這項業務正在蓬勃發展，目前總部設在拉斯維加斯，由經驗豐富的典當經紀人邁克爾·麥克 (Michael Mack) 經營。因此，我們對業務的進展感到非常滿意。

And you're right. We also think that we're proving it up in Vegas in a multiunit format. We started with one store and now we've got more. So we're proving that up, and we're really happy with the way that's going. But we are now looking at new markets.

你是對的。我們還認為，我們將在拉斯維加斯以多單元形式證明這一點。我們最初只有一家商店，現在我們擁有更多家商店。所以我們正在證明這一點，並且我們對目前的進展感到非常滿意。但我們現在正在尋找新的市場。

We think there are some really natural candidates around the United States to begin with that would be suitable here. But I think you've seen from this management team over a period of time now that we like to do things in a disciplined way. We look at return on capital.

我們認為，美國各地有一些真正適合這裡的候選人。但我想，您從這段時間的管理團隊已經看到，我們喜歡以有紀律的方式做事。我們關注的是資本報酬率。

But I love the way you're thinking, which is customer base, expanding that natural customer base that we've always had. And so I think you will see in the coming couple of years, this business expand. But we're really happy with the way it's going.

但我喜歡你的思維方式，也就是客戶群，擴大我們一直擁有的自然客戶群。所以我認為你會看到在未來幾年內，這項業務將會擴大。但我們對於事情的進展感到非常高興。

It is still small. It's a small part of the pie at the moment, but in five years, I would like to think that it's a much bigger part. And we're also gathering expertise from that business and rolling it out into some of our stores, actually, a lot of our stores.

它還很小。目前，它只佔整個市場的一小部分，但五年後，我想它會佔據更大的份額。我們也從該業務中收集專業知識，並將其推廣到我們的一些商店，實際上是許多商店。

It's obviously not full luxury stores in the easy pawn business, but we are feeding many, many stores with some luxury goods that we're learning from the Max Pawn category or that we sort of had already. So I think the luxury category in itself is a really interesting while small today, a really interesting two to five year play for us.

顯然，輕鬆典當業務中沒有全是奢侈品商店，但我們正在向許多商店提供一些奢侈品，這些奢侈品是我們從 Max Pawn 類別中學到的，或者我們已經擁有的。因此，我認為奢侈品類別本身確實很有趣，儘管現在規模還很小，但對我們來說，未來兩到五年將會是一個非常有趣的遊戲。

Excellent. Well, congratulations again on a really solid quarter.

出色的。好吧，再次恭喜您本季業績表現穩健。

Raj Sharma, Texas Capital Bank.

德克薩斯資本銀行的 Raj Sharma。

Thank you. Great, congratulations on the solid performance. Thank you for taking my question. So just after the completion of the debt offering and the expected takeout of the converts, just remind me again, please, what would the shares outstanding be? And then I've got a couple of follow-up questions.

謝謝。太好了，恭喜你出色的表現。感謝您回答我的問題。因此，在債務發行和預期轉換者收購完成後，請再提醒我一下，流通股數是多少？然後我還有幾個後續問題。

Yeah. So there's a good summary on that effect in the back of that presentation. On page 28 and 29, we go through that detail of the debt refinancing. So there's 6.5 million shares associated with the 2025 converts, depending on what holders elect to do will depend on how many get converted.

是的。簡報的後面對此效果進行了很好的總結。在第 28 和 29 頁，我們詳細介紹了債務再融資。因此，有 650 萬股股票與 2025 年的轉換有關，具體取決於持有者選擇做什麼，這將取決於有多少股票被轉換。

Got it. And then any more color on the founders group, how their performance is going in this environment?

知道了。那麼關於創辦人團隊還有什麼消息嗎？他們在這種環境下的表現如何？

Yes. Thanks, Raj. So simple is doing really well. They are 100 stores across Florida and the Caribbean and some of Central America, seeing similar they're now getting into scale, which is fantastic. And they are seeing similar trends to what we're seeing across very strong lending growth in sales, margin.

是的。謝謝，拉傑。如此簡單就能做得很好。他們在佛羅裡達州、加勒比地區和中美洲部分地區擁有 100 家商店，現在他們正在擴大規模，這太棒了。他們看到的趨勢與我們看到的類似，即銷售額和利潤率的貸款成長非常強勁。

So we're really happy with the way that those guys are going. And yes, we sit here as a long-term holder of a preferred security in essentially what's the third largest ban broker in the United States now.

因此，我們對這些人的表現感到非常高興。是的，我們現在是美國第三大禁令經紀商的優先證券的長期持有者。

So as I said, we're really happy with the way they're going. The business is performing well, solid team that is stable. We'll continue to assess, what we do with them in the future. But for now, we're really happy.

正如我所說，我們對他們的進展感到非常滿意。業務表現良好，團隊穩定。我們將繼續評估未來如何處理它們。但就目前而言，我們真的很高興。

Got it. And then just last question for me. You have an off-balance sheet sort of growth vehicle that's a really smart structure that, are there more plans to do something to have growth around that structure? Any color on that? And then what was that about $50 million --

知道了。接下來是我的最後一個問題。你們有一種表外增長工具，這是一種非常聰明的結構，是否有更多計劃來做一些事情來圍繞該結構實現增長？有顏色嗎？那麼 5,000 萬美元又是什麼呢？

Yes. Look, we designed that structure specifically for simple, for the business that we've just talked about. I think it's been a really successful structure as we've been able to see that business scale very, very quickly using off-balance sheet debt.

是的。瞧，我們專門為簡單起見，為我們剛才談到的業務設計了這個結構。我認為這是一個非常成功的結構，因為我們已經能夠看到業務利用表外債務非常迅速地擴大規模。

And we have a preferred in that business. And look, it's not a vehicle we thought of to do other things in or anything like that, doing more partnerships in that vehicle. This is specifically for that situation, which I think has worked really well.

我們在該業務領域佔有優勢。你看，它不是我們想用來做其他事情或類似事情的工具，也不是用來建立更多合作關係的工具。這是專門針對這種情況的，我認為效果非常好。

But yes, every quarter, we're always considering how we can help simple more, what their needs are, what their shareholders needs are. But it's obviously very strategically relevant for us as the third largest operator.

但是的，每個季度，我們都在考慮如何提供更多幫助，他們的需求是什麼，他們的股東的需求是什麼。但對於我們身為第三大營運商來說，這顯然具有重要的戰略意義。

We've worked with their management team for many, many years and know them well. So in time, with them, we will think about how our future looks together. But for now, we like being a preferred holder of that security and staying close to the situation.

我們與他們的管理團隊合作了很多年，對他們非常了解。所以，隨著時間的推移，我們會和他們一起思考我們的未來會是什麼樣子。但就目前而言，我們希望成為該證券的優先持有者並密切關注事態發展。

Got it. Thank you again for taking my questions. I will take it off-line again, solid results.

知道了。再次感謝您回答我的問題。我會再次將其離線，獲得可靠的結果。

I will now turn the call back over to Lachlan Given for closing remarks.

現在我將把電話轉回 Lachlan Given 做結束語。

Thank you, operator. Thank you, everyone, for joining today. We're really proud of another fantastic quarter. So looking forward to talking to many of you during the day and over the next week or so. Thanks, everyone.

謝謝您，接線生。謝謝大家今天的參與。我們為又一個出色的季度感到自豪。因此，期待在白天以及接下來的一周左右與你們中的許多人進行交談。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。