EZCORP Inc (EZPW) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the EZCORP fiscal fourth-quarter and full-year 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 財年第四季及全年業績電話會議。（操作員說明）提醒您，本次通話可能會被錄音。

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，我想把會議交給公司投資人關係顧問、來自 Elevate IR 的 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.

謝謝大家，大家早安。在準備演講期間，我們將參考幻燈片，這些幻燈片可在我們的網站 investors.ezcorp.com 上查看或下載。

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. 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.

在會議開始之前，我想提醒大家，本次電話會議以及簡報中包含一些關於公司未來期間預期經營和財務業績的前瞻性陳述。這些聲明是基於公司目前的預期。由於我們在向美國證券交易委員會提交的年度報告、季度報告和其他報告中討論的許多風險或其他因素，未來期間的實際結果可能與所表達的結果有重大差異。如我們在簡報資料中所述，除非另有說明，否則結果均以調整後的形式呈現，以消除外匯波動和其他個別項目的影響。

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

今天參加電話會議的有 EZCORP 的執行長 Lachie Given 和財務長 Tim Jugmans。

Now I'd like to turn the call over to Lachie.

現在我想把電話交給拉奇。

Thank you, Sean, and good morning, everyone. Fiscal 2025 was a transformative year for EZCORP. Outstanding operating and financial results on the top and bottom line drove exceptional shareholder value creation. We materially grew the store base across the five countries in which we operate, while retaining a highly liquid and lowly geared balance sheet.

謝謝你，肖恩，大家早安。2025財年是EZCORP的轉型之年。出色的營運和財務業績，無論是營收或利潤，都為股東創造了卓越的價值。我們在營運的五個國家大幅擴大了門市數量，同時維持了高流動性和低槓桿率的資產負債表。

We achieved record revenue of $1.3 billion for 2025, up 12% year over year and adjusted EBITDA of $191.2 million, up 26%. EBITDA margin also expanded to 14.7% from 13%. Net income surged 30% to $110.7 million.

我們實現了 2025 年創紀錄的 13 億美元收入，年增 12%；調整後 EBITDA 為 1.912 億美元，成長 26%。EBITDA利潤率也從13%擴大到14.7%。淨利潤飆升 30%，達到 1.107 億美元。

Turning to slide 3. EZCORP is a leading provider of pawn transactions in the United States and Latin America. Founded in 1989, we operate 1,360 stores across 5 countries with approximately 8,500 team members. Our model expands access to financial services through neighborhood retail locations and promotes the circular economy by recycling preowned merchandise and jewelry.

翻到第三張幻燈片。EZCORP是美國和拉丁美洲領先的典當交易服務提供者。公司成立於 1989 年，在 5 個國家經營 1360 家門市，擁有約 8500 名團隊成員。我們的模式透過社區零售點擴大金融服務的覆蓋範圍，並透過回收二手商品和珠寶來促進循環經濟。

The fundamentals of our pawn product continue to resonate powerfully with customers who need immediate access to cash. Our loans are non-recourse, meaning customers have no obligation to repay. They can simply walk away and forfeit their collateral with no further consequences.

我們的典當產品的基本理念繼續引起需要立即獲得現金的客戶的高度共鳴。我們的貸款是無追索權貸款，這意味著客戶沒有償還義務。他們可以就此離開，放棄抵押品，而不會承擔任何其他後果。

We don't check credit scores. We don't require bank accounts or employment verification. We never engage in collection activities, and we don't report to credit bureaus. These small short-term transactions serve millions of Americans and Latin Americans who are underserved by traditional financial institutions that need immediate cash solutions delivered in a highly respectful and efficient way.

我們不查信用評分。我們不需要銀行帳戶資訊或工作證明。我們從不進行催收活動，也不會向信用機構報告。這些小額短期交易服務於數百萬美國人和拉丁美洲人，他們需要以高度尊重和高效的方式獲得即時現金解決方案，但傳統金融機構的服務卻不足。

Moving to slide 4. We added 24 stores in the quarter, opening 17 de novo stores in Latin America, 11 in Mexico, 4 in Guatemala and 2 in Honduras. We also completed the acquisition of 7 stores through our Monte Providencia and Tu Empeño Efectivo transaction in Mexico, plus acquired 1 store in the United States, offset by 1 consolidation. Our store count has grown from 1,148 stores in fiscal 2021 to 1,360 stores at fiscal 2025 year-end. Post fiscal year-end, we acquired 14 additional stores in Mexico and 3 in Texas and entered into a definitive agreement to acquire 12 more Texas locations.

切換到第4張投影片。本季我們新增了 24 家門市，其中 17 家位於拉丁美洲，11 家位於墨西哥，4 家位於瓜地馬拉，2 家位於宏都拉斯。我們也透過我們在墨西哥的 Monte Providencia 和 Tu Empeño Efectivo 交易完成了對 7 家門市的收購，並在美國收購了 1 家門市，但被 1 家合併門市所抵消。我們的門市數量已從 2021 財年的 1,148 家增加到 2025 財年末的 1,360 家。財政年度結束後，我們在墨西哥收購了 14 家門市，在德州收購了 3 家門市，並達成最終協議，將收購德州的另外 12 家門市。

We ended the quarter with earning assets of $549.1 million, up 18%, comprised of record PLO of $303.9 million and inventory of $245.2 million. The PLO balance represents an 11% increase year over year, driven by strong consumer demand and increased average loan sizes. Our PLO to inventory ratio remains healthy at 1.2 times, demonstrating disciplined lending and inventory management.

本季末，我們的獲利資產為 5.491 億美元，成長 18%，其中包括創紀錄的 PLO 3.039 億美元和 2.452 億美元的庫存。受強勁的消費者需求和平均貸款規模增加的推動，PLO餘額年增11%。我們的 PLO 與庫存比率保持在 1.2 倍的健康水平，表明我們採取了嚴格的貸款和庫存管理措施。

Our cash position of $469.5 million increased materially from $170.5 million at fiscal end 2024, reflecting the $300 million senior notes offering completed in March 2025. We remain well positioned financially to unlock further scale and accelerate organic and inorganic growth.

我們的現金狀況從 2024 財年末的 1.705 億美元大幅成長至 4.695 億美元，這反映了 2025 年 3 月完成的 3 億美元高級票據發行。我們依然擁有充足的財務實力，可以進一步擴大規模，加速有機和無機成長。

Slide 5 and 6 highlight our strong financial performance during the fourth quarter. Tim will walk through those in detail shortly.

第 5 和第 6 張投影片重點介紹了我們第四季度強勁的財務業績。蒂姆稍後會詳細講解這些內容。

On slide 7, it provides an update on the strategic initiatives fueling our consistent growth across four of our fundamental operating metrics. Under the strength in the core, we delivered double-digit growth with record revenues and record-high PLO, powered by our customer-centric approach and robust consumer demand. The team's ongoing commitment to operational excellence continues to support exceptional profitability. Adjusted EBITDA grew 33% to $47.9 million, while margins expanded 210 basis points to 14.3%.

第 7 頁介紹了推動我們在四個基本營運指標上持續成長的策略性舉措的最新進展。在核心業務的強大支撐下，我們實現了兩位數的成長，創下了營收和利潤率的新高，這得益於我們以客戶為中心的經營理念和強勁的消費者需求。團隊對卓越營運的持續投入，持續支撐著卓越的獲利能力。調整後 EBITDA 成長 33% 至 4,790 萬美元，利潤率成長 210 個基點至 14.3%。

On team members, we implemented a targeted incentive compensation campaign in Q4 that successfully improved merchandise sales, results we plan to replicate periodically throughout fiscal 2026. We've also completed enterprise-wide talent and succession planning, and launched structured retention programs that are already enhancing early engagement and reducing workforce attrition.

在團隊成員方面，我們在第四季度實施了一項有針對性的激勵薪酬活動，成功地提高了商品銷售額，我們計劃在 2026 財年期間定期複製這一成果。我們還完成了企業範圍內的人才和繼任計劃，並啟動了結構化的留任計劃，這些計劃已經提高了早期員工的參與度並降低了員工流失率。

Our customer-focus initiatives are gaining significant traction. Our strategy is delivering measurable results. Digital transformation continues to accelerate omnichannel engagement and operational efficiency. EZ+ Rewards membership is up 26% to 6.9 million members, driving loyalty in local neighborhoods we serve and repeat transactions.

我們以客戶為中心的各項措施正取得顯著成效。我們的策略正在取得可衡量的成果。數位轉型持續加速全通路互動和營運效率的提升。EZ+ Rewards 會員人數成長 26%，達到 690 萬，提高了我們服務社群的顧客忠誠度和重複交易率。

We continue to broaden engagement across platforms, with our website traffic increasing 49% to 2.6 million visits this quarter. Importantly, Net Promoter Scores improved dramatically, rising to 61% in the US and 62% in Mexico, while we maintained Google review ratings above 4.7 across all geographies.

我們持續擴大跨平台互動，本季網站流量成長 49%，達到 260 萬次造訪。重要的是，淨推薦值大幅提高，在美國達到 61%，在墨西哥達到 62%，同時我們在所有地區的 Google 評論評分均保持在 4.7 分以上。

Finally, our innovate and grow initiatives delivered tangible expansion this quarter. In the US, we collected $34 million in online payments, up $10 million or 42% year-over-year growth, demonstrating strong customer adoption of digital platforms. We expanded our view-online purchase in-store capability to all US stores as of October 2025, seamlessly connecting digital discovery with in-store transactions. Additionally, our instant quote tool, which provides real-time loan estimates for electronics is now operational in 66% of US stores, driving both customer engagement and conversion.

最後，我們的創新和發展舉措在本季取得了切實可見的成長。在美國，我們透過線上支付收取了 3,400 萬美元，比去年同期成長了 1,000 萬美元，增幅達 42%，這表明客戶對數位平台的接受度很高。從 2025 年 10 月起，我們將線上瀏覽、店內購買的功能擴展到美國所有門市，將線上瀏覽與店內交易無縫連接起來。此外，我們的即時報價工具（可為電子產品提供即時貸款估算）目前已在美國 66% 的門市投入使用，從而提高了客戶參與度和轉換率。

In Mexico, we're seeing rapid digital adoption with 22% of extensions and layaway payments now processed online, creating convenience for customers while improving store productivity. As we continue to scale these digital initiatives, we're unlocking meaningful operational leverage while enhancing the customer experience. This omnichannel approach positions us at the forefront of digital innovation in our industry, while digital engagement successfully translates into increased store transactions and reinforcing our market leadership position.

在墨西哥，我們看到數位化正在迅速普及，目前 22% 的分期付款和預購付款都是在線處理的，這既為顧客帶來了便利，也提高了商店的生產力。隨著我們不斷擴大這些數位化措施的規模，我們在提升客戶體驗的同時，也釋放了有意義的營運槓桿作用。這種全通路方法使我們處於行業數位創新的前沿，同時數位互動成功地轉化為門市交易量的增加，並鞏固了我們的市場領導地位。

I'll now turn it over to Tim to walk through our detailed financial results. Tim?

現在我將把發言權交給提姆，讓他詳細講解我們的財務表現。提姆？

Thanks, Lachie. As we transition into the detailed financial highlights section, I want to emphasize that fiscal 2025 represents not just a strong quarterly performance, but the culmination of multiple years of operational improvements, strategic investments, and disciplined execution. The results demonstrate the significant earnings power of our platform and our ability to generate consistent profitable growth while maintaining strong financial discipline.

謝謝你，拉奇。當我們進入詳細的財務亮點部分時，我想強調的是，2025 財年不僅代表著強勁的季度業績，更是多年來營運改善、策略投資和嚴格執行的最終成果。結果證明了我們平台的強大獲利能力，以及我們在保持嚴格財務紀律的同時實現持續獲利成長的能力。

Turning to slide 9. PLO of $303.9 million increased 11% or 9% on a same-store basis, driven by an increase in average loan size, reflecting higher gold values and the increase in value of general merchandise. Inventory increased 28% to $245.2 million due to increase in PLO, layaways and purchases. Aged general merchandise increased 83 basis points to 2.6% of total general merchandise inventory, demonstrating disciplined inventory management.

翻到第9張投影片。PLO 為 3.039 億美元，成長 11%，同店成長 9%，主因是平均貸款規模增加，反映黃金價格上漲和一般商品價值增加。由於 PLO、分期付款和採購增加，庫存增加了 28%，達到 2.452 億美元。滯銷一般商品佔一般商品總庫存的比例上升了 83 個基點，達到 2.6%，顯示庫存管理嚴格。

Merchandise sales of $176 million increased 9% with same-store sales up 7%. Merchandise margin remained steady at 35%. PSC of $125.6 million grew 9%, primarily driven by same-store PLO growth. EBITDA reached $47.9 million, up 33% year over year, with margins expanding 210 basis points to 14.3%. General and administrative expenses of $23.4 million increased 13%, primarily due to higher incentive compensation.

商品銷售額達 1.76 億美元，成長 9%，同店銷售額成長 7%。商品毛利率維持穩定在 35%。PSC 為 1.256 億美元，成長 9%，主要由同店 PLO 成長推動。EBITDA 達 4,790 萬美元，年增 33%，利潤率擴大 210 個基點至 14.3%。一般及行政費用為 2,340 萬美元，成長 13%，主要原因是激勵性薪資增加。

On slide 10, total revenues increased $26.9 million or 13% to $238.9 million for the US Pawn segment. Approximately half of this is attributable to scrap sales benefiting from higher gold prices and increased jewelry purchases. Earning assets increased $66.5 million to $419.4 million, driven by PLO growth of $19.5 million to $233.8 million and inventory growth of $47 million to $185.7 million. The 9% PLO growth on both a total and same-store basis reflects strong performance across our markets.

第 10 頁顯示，美國典當業務部門的總收入增加了 2,690 萬美元，增幅達 13%，達到 2.389 億美元。其中約一半是由於金價上漲和珠寶購買量增加，廢料銷售受益。獲利資產增加 6,650 萬美元至 4.194 億美元，其中 PLO 成長 1,950 萬美元至 2.338 億美元，庫存成長 4,700 萬美元至 1.857 億美元。9% 的 PLO 成長（無論是整體或同店層級）反映了我們各個市場的強勁表現。

On slide 11, our 545 stores across 19 states are concentrated in large urban markets. Texas remains our largest market with 247 stores, followed by Florida with 95 stores. During the year, average loan increased 13% to $209, supported by higher gold prices and increased value of general merchandise. PLO composition continues to shift towards jewelry, now 68% of PLO, up 220 basis points. Jewelry inventory composition increased 310 basis points to 65%. This shift enhances our ability to capitalize on elevated gold prices through scrap sales, which contributed significantly to our 27% segment EBITDA growth.

第 11 頁顯示，我們在 19 個州的 545 家門市集中在大型城市市場。德州仍然是我們最大的市場，擁有 247 家門市，其次是佛羅裡達州，擁有 95 家門市。年內，受金價上漲和一般商品價值增加的支撐，平均貸款額增加了 13%，達到 209 美元。PLO 的組成繼續向珠寶業轉變，目前珠寶佔 PLO 的 68%，上升了 220 個基點。珠寶庫存佔比上升 310 個基點至 65%。這一轉變增強了我們透過廢金銷售利用高金價的能力，這極大地促進了我們分部 EBITDA 成長 27%。

Slide 12 details US Pawn financial performance. Merchandise sales of $117.3 million increased 6% overall and 5% same-store. Merchandise margin remained steady at 37%. Segment EBITDA of $55.2 million increased 27%, with margin expanding 250 basis points to 23%, driven by higher gross profit, including incremental scrap gross profit of $5.7 million and disciplined expense management with same-store expenses up just 3%.

第 12 張投影片詳細介紹了美國當鋪的財務表現。商品銷售額達 1.173 億美元，整體成長 6%，同店銷售額成長 5%。商品毛利率維持穩定在 37%。分部 EBITDA 為 5,520 萬美元，成長 27%，利潤率成長 250 個基點至 23%，這主要得益於毛利的成長，包括 570 萬美元的增量廢料毛利潤，以及嚴格的費用管理，同店費用僅成長 3%。

Turning to Latin America on slide 13. Fourth-quarter revenues were $96.9 million, up 17%. Earning assets of $129.7 million increased 15% with PLO up 17% to $70.1 million and inventory up 12% to $59.6 million.

第 13 張投影片轉向拉丁美洲。第四季營收為9,690萬美元，成長17%。獲利資產為 1.297 億美元，成長 15%，其中 PLO 成長 17% 至 7,010 萬美元，庫存成長 12% 至 5,960 萬美元。

Slide 14 shows our 815-store footprint across 4 countries. Mexico remains our largest international market with 622 stores. We opened 17 de novo stores in the quarter and acquired 7 stores in Mexico. For the year, average loan size of $88 decreased 4% as reported, but increased 3% when adjusted for foreign exchange. Jewelry composition increased. PLO jewelry composition up 450 basis points to 41%, inventory jewelry composition up 850 basis points to 39%.

第 14 張幻燈片展示了我們在 4 個國家的 815 家門市佈局。墨西哥仍然是我們最大的國際市場，擁有 622 家門市。本季我們開設了 17 家新店，並在墨西哥收購了 7 家門市。據報告，該年度平均貸款規模為 88 美元，下降了 4%；但經外匯調整後，則增加了 3%。珠寶成分增加。PLO珠寶佔比上升450個基點至41%，庫存珠寶佔比上升850個基點至39%。

Slide 15 provides detailed metrics. PLO grew 17% with same-store growth of 9%. Merchandise sales increased 16% with same-store up 10%, and merchandise margin remained steady at 32%. Segment EBITDA of $14.2 million increased 18% with margins improving to 15%. Store expenses increased 19%, driven by new stores, while same-store expenses increased 11%.

第 15 張投影片提供了詳細的指標。PLO成長了17%，同店成長了9%。商品銷售額成長了 16%，同店銷售額成長了 10%，商品毛利率維持穩定在 32%。分部 EBITDA 為 1,420 萬美元，成長 18%，利潤率提高至 15%。受新店開張的推動，門市支出增加了 19%，而同店支出增加了 11%。

Slide 17 and 18 capture the exceptional transformation we have driven over the past five years. Since fiscal 2021, we fundamentally transformed EZCORP's earnings profile. Net income has increased more than 5 times from $21 million to $110 million. EBITDA has grown nearly 3 times from $68 million to $191 million. Revenue has grown from $729 million to $1.3 billion, while EBITDA margin expanded from 19% to 15%.

第 17 和 18 張幻燈片記錄了我們在過去五年中取得的非凡成就。自 2021 財年以來，我們從根本上改變了 EZCORP 的獲利狀況。淨收入成長超過5倍，從2,100萬美元增至1.1億美元。EBITDA成長了近3倍，從6,800萬美元增至1.91億美元。營收從 7.29 億美元成長到 13 億美元，而 EBITDA 利潤率從 19% 擴大到 15%。

On slide 18, PLO has grown from a pandemic low of $176 million today's record $304 million. The portfolio has shifted towards jewelry now represented 62% of PLO versus 54% in fiscal 2021, contributing to our high average loan size of $145 compared to $114 in fiscal 2021.

在第 18 張投影片中，PLO 的規模已從疫情期間的低點 1.76 億美元增長到如今創紀錄的 3.04 億美元。投資組合已轉向珠寶，目前佔 PLO 的 62%，而 2021 財年為 54%，這使得我們的平均貸款規模從 2021 財年的 114 美元增加到 145 美元。

Slide 19 illustrates our inventory management evolution. Inventory has grown to $245 million with aged general merchandise up slightly to 2.6% of inventory. Inventory turns are 2.5 times, partially reflecting higher jewelry balances. While inventory as a percentage of PLO is growing, we remain comfortable with the metrics given our increase in purchasing and the impact of our 10-month layaway program.

第 19 張投影片展示了我們的庫存管理演變過程。庫存已增至 2.45 億美元，其中滯銷一般商品庫存略微上升至庫存的 2.6%。庫存週轉率為 2.5 次，部分原因是珠寶庫存較高。雖然庫存佔 PLO 的比例正在增長，但考慮到採購量的增加以及我們 10 個月分期付款計劃的影響，我們對這些指標仍然感到滿意。

Slide 20 illustrates our merchandise sales evolution over the past five years. Merchandise sales grew 69% from $426 million in fiscal 2021 to a record $721 million in fiscal 2025, while merchandise margin normalized from 42% in fiscal 2021 to 35% in fiscal 2025, within our targeted range of 35% to 38%. Merchandise sales gross profit grew 36% from $185 million to $251 million.

第 20 張投影片展示了我們過去五年的商品銷售變化。商品銷售額從 2021 財年的 4.26 億美元成長 69%，達到 2025 財年的創紀錄的 7.21 億美元，而商品毛利率從 2021 財年的 42% 正常化至 2025 財年的 35%，在我們 35% 至 38% 的目標範圍內。商品銷售毛利成長了 36%，從 1.85 億美元增至 2.51 億美元。

On slide 21, our strategic investments continue delivering strong returns. Cash Converters International has returned $14.2 million in dividends over five years, of which we have used $10.7 million to increase our ownership to 43.7%. During quarter one FY26, we committed to maintain our ownership percentage by investing an additional $5.7 million through a rights offering, while also receiving an additional $1.8 million dividend.

第 21 頁，我們的策略投資持續帶來強勁的回報。Cash Converters International 在過去五年中派發了 1,420 萬美元的股息，我們用其中的 1,070 萬美元將我們的持股比例提高到 43.7%。在 2026 財年第一季度，我們承諾透過配股增資 570 萬美元來維持我們的持股比例，同時也獲得了 180 萬美元的額外股息。

Our investment in Simple Management Group through Founders is performing well. SMG generated $171 million in revenue for the 12 months ended September 30, 2025, up 23% with gross profit of $88 million, up 18%. Our preferred equity structure provides a 20% cumulative preferred return plus 50% participation in distributions above certain thresholds.

我們透過 Founders 對 Simple Management Group 的投資表現良好。截至 2025 年 9 月 30 日的 12 個月內，SMG 的營收為 1.71 億美元，成長 23%；毛利為 8,800 萬美元，成長 18%。我們的優先股結構提供 20% 的累積優先回報，外加超過特定門檻時 50% 的分配參與權。

Looking ahead to fiscal 2026, we remain focused on growing PLO, improving inventory efficiency, and scaling operational best practices across all geographies. We are very pleased with expense management to date. However, we do expect a sequential increase in total expenses through the year.

展望 2026 財年，我們將繼續專注於發展 PLO、提高庫存效率，並在所有地區推廣最佳營運實務。我們對目前的費用管理情況非常滿意。但是，我們預計全年總支出將逐年增加。

Based on the current gold prices remaining steady, we expect similar scrap sales gross profit as we have seen in the last two quarters to continue into quarter one and then for scrap margins to decline sequentially during FY26 back to normal levels.

基於當前金價保持穩定，我們預計與過去兩個季度類似的廢金銷售毛利潤將延續到第一季度，然後廢金利潤率將在 2026 財年期間環比下降，恢復到正常水平。

Our M&A pipeline remains very active with multiple opportunities in various stages of due diligence. The fragmentation in our industry continues to create attractive acquisition opportunities where we can leverage our operational expertise and robust balance sheet. Each opportunity is evaluated through our rigorous framework focusing on strategic integration complexity and return on invested capital.

我們的併購專案儲備依然非常活躍，目前有多個專案正處於盡職調查的不同階段。我們產業的碎片化持續創造著極具吸引力的收購機會，我們可以利用自身的營運專長和穩健的資產負債表。我們會根據嚴格的評估框架，專注於策略整合的複雜性和投資報酬率，對每一個機會進行評估。

Back to you, Lachie, for closing remarks.

拉奇，現在請你做總結發言。

Thanks, Tim. Fiscal 2025 was a defining year for EZCORP. We delivered record financial performance, improved our scale, continued our relentless focus on operational discipline by focusing on our people and our customers, and enhanced our balance sheet with the largest financing in our history.

謝謝你，提姆。2025 財政年度是 EZCORP 的一個決定性年份。我們實現了創紀錄的財務業績，擴大了規模，繼續堅持不懈地專注於營運紀律，以人為本，以客戶為中心，並透過公司歷史上最大規模的融資增強了資產負債表。

Thank you to our 8,500 team members, their dedication to serving our customers with respect has driven these exceptional results. We are very well positioned with a highly resilient, exciting growth platform to capitalize on organic and inorganic opportunities to drive further superior returns for our shareholders.

感謝我們8500名團隊成員，他們以尊重和敬業精神服務客戶，才取得了這些卓越的成果。我們擁有極具韌性、令人振奮的成長平台，處於非常有利的地位，能夠抓住內生式和外延式成長機會，為股東帶來更優異的回報。

With that, we'll open the call to questions. Operator?

接下來，我們將開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

Congrats on another strong year here. So we get a lot of questions on gold prices. I'm sure you guys do. How -- what's kind of your message to investors and prospective investors maybe assuming that a lot of this benefit is maybe short-lived? And obviously, nobody can predict what the price of gold will do.

恭喜你們又度過了碩果累累的一年。我們經常收到關於黃金價格的問題。我相信你們一定也這麼想。您想對投資者和潛在投資者傳達什麼訊息？假設這些好處大多是短暫的。顯然，沒有人能夠預測黃金價格的走勢。

But like from a managing the business function, like should investors worry about a potential decline in gold price? Like how should we -- can you kind of frame that for us?

但從企業管理的角度來看，投資人是否應該擔心金價可能下跌？我們該怎麼做？你能幫我們概括一下嗎？

Yeah. Look, I think, Tim, you can comment as well. But I think we run this business over, obviously, many, many years in very different gold environments. I think a rising gold price is clearly helpful. I think we had some real tailwind in this year's numbers clearly from scrap gross profit.

是的。提姆，我覺得你也可以發表一下意見。但我認為，我們經營這項業務顯然是在很多很多年裡，在非常不同的黃金市場環境下進行的。我認為金價上漲顯然是有利的。我認為今年的業績確實得益於廢料毛利的提振。

But ignoring gold, we still had a phenomenal year. I think the core business across all that we're doing, whether it's lending, sales, the business is doing extremely well. And I think the rising gold price just added to that performance. I think we've spoken to you a lot in the past about the fact that these are short-term loans that we offer, and so we're able to adjust very quickly no matter what gold does.

但拋開黃金不談，我們仍然度過了輝煌的一年。我認為我們所有業務的核心部分，無論是貸款、銷售，都做得非常好。我認為金價上漲進一步推高了這一業績。我想我們過去已經多次跟您談過，我們提供的是短期貸款，因此無論黃金價格如何波動，我們都能迅速做出調整。

So I think when we speak to investors, we obviously say that a large part of our PLO and inventory is gold, and a rising gold price is helpful. But that said, a change in that -- clearly, a very significant change quickly, you would have some short-term issues. But I think in the long term here, no matter what gold is doing, we have a very resilient business model that we can adapt very quickly to a change in price in gold.

所以我覺得，當我們與投資者交談時，我們顯然會說，我們的PLO和庫存很大一部分是黃金，金價上漲是有幫助的。但話雖如此，如果這種情況發生改變——顯然，如果迅速發生非常重大的改變，就會出現一些短期問題。但我認為從長遠來看，無論黃金價格如何波動，我們都擁有非常強大的商業模式，可以迅速適應黃金價格的變化。

Tim, I don't know if you'd add any more to that.

提姆，我不知道你是否還有什麼要補充的。

I think we have to remember that this business is driven from a PLO perspective. And you're saying, well, the customer is in need for cash. And so that need for cash ignores gold price. So just because the gold price is up or down, doesn't change the customer's need for cash. It just changes what they're bringing in.

我認為我們必須記住，這項業務是從PLO（巴勒斯坦解放組織）的角度出發的。而你的意思是，顧客急需現金。因此，對現金的需求忽略了黃金價格。所以，無論金價上漲或下跌，都不會改變顧客對現金的需求。這只是改變了他們引進的貨物種類。

And so I think that's just an important part of the business to remember that just because gold price has doubled, it doesn't mean our average loan size has doubled in the past year. And so the average loan size is where the demand is for the product. It's not in the gold price.

所以我認為，記住這一點對於業務發展至關重要：即使金價翻了一番，也不代表我們過去一年的平均貸款規模也翻了一番。因此，平均貸款規模反映了對該產品的需求。它並不在黃金價格中。

Got it. That's really helpful. Secondly, on LatAm, obviously, a really significantly improved performance there over the last couple of years. Like what inning are we in there in terms of improving that business? It seems like a lot has been done over the last couple of years.

知道了。這真的很有幫助。其次，在拉丁美洲，在過去幾年裡，那裡的表現顯然有了顯著提升。就改善這項業務而言，我們現在處於第幾個階段？過去幾年似乎做了很多事。

Remember, I'm a cricketer, not a baseball player, Brian. So I'll take my best crack at that. Look, I think we have built really fantastic momentum, particularly in Mexico in the last, call it, 1.5 years. But it's still early down there. When Blair walks into a store, there's opportunity every single time.

記住，我是板球運動員，不是棒球運動員，布萊恩。所以我會盡我所能。我認為我們已經取得了非常強勁的發展勢頭，尤其是在墨西哥，過去一年半的時間。但那邊現在還早。布萊爾每次走進商店，都蘊藏著機會。

And so I think down in Latin America, it is still early in the innings. We have got a lot to do in gold and jewelry generally. I think historically, we've been a GM business down there, particularly in Mexico. And so our teams are learning how to lend a lot better on jewelry. So I think there's some real upside around that.

所以我覺得在拉丁美洲，現在還處於比賽初期。我們在黃金和珠寶領域還有很多工作要做。我認為從歷史上看，我們一直是一家通用汽車公司，尤其是在墨西哥。因此，我們的團隊正在學習如何更好地發放珠寶貸款。所以我認為這方面確實有一些正面的方面。

I think digital adoption down there is early. So we're seeing some real momentum now in online payments and extensions, but I think we can do more there. So I think you're right to point out the momentum because it's -- every quarter, we're seeming to deliver just fantastic results. And it's not just the key metrics down there. I think what's really important is you're seeing a truly balanced business.

我認為那裡的數位化普及還處於早期階段。所以我們現在看到在線支付和擴展程序方面出現了一些真正的增長勢頭，但我認為我們還可以做得更多。所以我認為你指出這種發展勢頭是正確的，因為——每個季度，我們似乎都能取得非常棒的業績。而且不只是下面這些關鍵指標。我認為真正重要的是，你看到的是一個真正平衡的企業。

So you're seeing the metrics move strongly, but you're seeing them move in the right way. For example, PLO is growing faster than inventory. And aged looks good and so turns look good. And so I think it's growing well. It's in a balanced way. So -- and I think there's still plenty to do down there.

所以你會看到各項指標都在強勁成長，而且是朝著正確的方向發展。例如，PLO 的成長速度比庫存成長速度更快。衰老的外表很有魅力，轉彎的外表也很有魅力。所以我認為它發展得很好。它以一種平衡的方式呈現。所以——而且我認為那裡仍然有很多事情可以做。

I think we've got a big M&A runway down there. I think we're well capitalized to take advantage of that. So there's plenty to do on that front, as well as you've seen us build 40 stores last year. I think we would -- while we don't sort of commit to a number, our intention is to grow our de novo business down there at a similar rate, pending what happens on the M&A front. So I think on all fronts in Latin America, we have got a lot more to do. So very pleased with the momentum.

我認為我們那裡有很大的併購空間。我認為我們資金充足，完全可以利用這一點。所以這方面還有很多工作要做，正如你們所見，我們去年建了 40 家門市。我認為我們會——雖然我們不打算給出具體的數字，但我們的目標是在併購方面取得進展之前，以類似的速度發展我們在那裡的新業務。所以我認為，在拉丁美洲的各個方面，我們還有很多工作要做。我對目前的勢頭非常滿意。

Got it. And then just finally, on the M&A pipeline. Last quarter, it sounded like you had a pretty robust pipeline. You did some -- you acquired some stores in Q4. It sounds like you acquired some stores subsequent to the end of the quarter.

知道了。最後，還有併購的進展。上個季度，聽起來你們的銷售管道相當完善。你們在第四季收購了一些門市。聽起來你是在季度末之後收購了一些店。

How does that look? How does -- how should investors be thinking about M&A as it relates to 2026?

看起來怎麼樣？投資者該如何看待與 2026 年相關的併購活動？

As you pointed out -- thanks, Brian. As you pointed out, it was super pleasing to see the momentum there. As everyone knows, M&A by nature is opportunistic. So you can never kind of plan for when it comes together. But across the board, Latin America, we did a really good acquisition down there in the quarter.

正如你所指出的——謝謝你，布萊恩。正如你所指出的，看到這種發展勢頭真是令人欣喜。眾所周知，併購本質上是機會主義的。所以你永遠無法預料它何時會發生。但總體而言，在拉丁美洲，我們本季完成了一筆非常成功的收購。

And then subsequent to that, we've done some really exciting stuff in Texas in October. So I think things are coming together there. But as I said, we have a lot more to do. The pipeline remains extremely robust. But I think as we say every quarter, we do this in a disciplined way.

之後，我們在十月在德克薩斯州做了一些非常令人興奮的事情。所以我覺得事情正在朝著好的方向發展。但正如我所說，我們還有很多工作要做。該管道系統依然非常穩健。但我認為，正如我們每個季度都會說的那樣，我們以嚴謹的方式完成這項工作。

Even though we've got plenty of cash, we look at this on a return on invested capital basis and whatever is best for our shareholders. So while the pipeline is robust, I think you're going to see more of the same from us. It's going to be done in a disciplined way. And -- but we are excited about what we've managed to do in the last three or four months.

儘管我們手頭現金充裕，但我們仍以投資報酬率為出發點，以股東利益為先。所以，儘管產品線很穩定，但我認為你們將會看到我們繼續推出類似的產品。這件事將以嚴謹的方式進行。但是──我們對過去三、四個月所取得的成就感到非常興奮。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Just a couple here. First, focusing on LatAm. I know there's always a lot of questions about just minimum wage inflation, other dynamics within Mexico. I'm kind of wondering if you're seeing any impact on the ground in terms of pawn loan demand based on what's going on in the US remittance industry.

就幾個。首先，重點關注拉丁美洲。我知道大家總是有很多關於最低工資上漲以及墨西哥其他方面動態的問題。我想知道，鑑於美國匯款行業的現狀，您是否觀察到當鋪貸款需求方面有任何實際影響。

I mean we've seen a clear slowdown in money transfer volume based on immigration enforcement actions here. Are you able to ascertain whether or not that's actually increasing demand in store in Mexico and throughout LatAm?

我的意思是，我們已經看到，由於移民執法行動，匯款量明顯放緩。您能否確定這是否真的增加了墨西哥和整個拉丁美洲的門市需求？

Well, I think it's a good question. We get asked this quite a bit. And our evidence is more anecdotal because we're not doing any money transfer. But you're seeing very robust lending in our Latin America business. And whether that's as a result of the money transfer business or other factors, I think the good news for us is that lending across all regions in that part of the world are very strong.

嗯，我覺得這是個好問題。我們常被問到這個問題。而且我們的證據比較多是軼事性的，因為我們沒有進行任何資金轉移。但您可以看到，我們在拉丁美洲的業務貸款業務非常強勁。無論這是匯款業務還是其他因素造成的，我認為對我們來說的好消息是，該地區所有地區的貸款業務都非常強勁。

Tim, I don't know if you'd add any more to that.

提姆，我不知道你是否還有什麼要補充的。

And it also is -- some of this is short term. When these money things change, some months is a little bit higher than others. And so it does move over the place, and it does move between different countries that we've seen. So just because in Mexico, it's slightly lower, it doesn't mean the other Latin American countries we are operating in are lower as well.

而且其中一些也是短期措施。當這些資金狀況改變時，有些月份會比其他月份略高一些。所以它的確會四處移動，而且正如我們所看到的，它會在不同的國家之間移動。所以，墨西哥的水平略低，並不意味著我們開展業務的其他拉丁美洲國家的水平也同樣較低。

It is something we do look at, but there's not an immediate correlation there. But we know that the demand for the loan product has been strong in Latin America, especially over the last 18 months, but a lot of that is really to do with operational changes that we've made.

我們會關注這一點，但目前還沒有發現直接的關聯。但我們知道，拉丁美洲對貸款產品的需求一直很強勁，尤其是在過去 18 個月裡，但這很大程度上與我們所做的營運變革有關。

Got it. No, I appreciate the color. Just quickly shifting to the US, I appreciate the previous comments about gold prices and ultimately the impact on borrowing demand. But given that half the US revenue growth is obviously, as you noted, related to scrap sales this past quarter, is there any kind of benchmark for US top-line growth you'd be willing to offer up for fiscal '26, just given the kind of the scrap and underlying gold assumption (multiple speakers)

知道了。不，我很喜歡這個顏色。簡單來說，我想談談美國的情況。我很贊同先前關於黃金價格及其對借貸需求的影響的評論。但正如您所指出的，上個季度美國營收成長的一半顯然與廢料銷售有關，鑑於廢料和黃金銷售的現狀，您能否為2026財年美國營收成長提供一個基準？（多位發言者）

We don't guide. All I can tell you is that our intention and our objective is to continue with robust revenue growth. I think your point is well made that scrap gross profit was a significant part of particularly the last couple of quarters.

我們不提供指導。我只能告訴你們，我們的意圖和目標是繼續保持強勁的營收成長。我認為你的觀點很有道理，廢料毛利在過去幾季中佔了很大一部分。

But we still see real opportunity in our business outside of just that. So I'd say to you, we're not going to guide specifically, but our objective is to continue this relatively robust revenue growth and particularly profit growth.

但除此之外，我們仍然看到公司業務中存在真正的機會。所以我想說的是，我們不會給出具體的業績指引，但我們的目標是繼續保持相對強勁的收入成長，尤其是利潤成長。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Congrats on a nice quarter and year. I just wanted to -- most of my questions have been taken, but if you don't mind, kind of walk us through your -- the loyalty program and some of the marketing efforts. And walk us through some of the results you're seeing in those in terms of whether it's increased foot traffic or increased transactions per consumer?

恭喜你本季和全年都取得了不錯的成績。我只是想問——我的大部分問題都已經被問過了，但如果您不介意的話，能否帶我們了解一下您的——會員計劃和一些營銷活動。請您詳細介紹您在這些方面看到的具體成果，例如客流量增加或每位消費者的交易量增加？

Thanks, Kyle. Yeah, look, I think this 2026 is a big year for our marketing effort. I think it's sort of the culmination in a couple of years of real focus on what we're doing there, particularly digitally. So you pointed out the rewards program. As we said in our opening remarks, we are now across all stores, offering all of our inventory online, so consumers can see all what we're doing online and come into the stores and buy it.

謝謝你，凱爾。是的，我認為2026年是我們行銷工作的重要一年。我認為這是我們近年來真正專注於我們在那裡所做的事情，特別是數位化方面的事情，最終的成果。所以你提到了獎勵計劃。正如我們在開場白中所說，我們現在已經覆蓋所有門市，並在網上提供所有庫存，因此消費者可以在網上看到我們正在做的一切，然後到店裡購買。

I think we're leading the industry in that area. We are now doing instant quotes online. So if you've got an electronic good, we can give you a quote online for a loan or for a purchase. I think that's leading the industry. I think you're going to see us very, very active across social channels.

我認為我們在這一領域處於行業領先地位。我們現在提供線上即時報價服務。所以，如果您有電子產品，我們可以在線為您提供貸款或購買報價。我認為這是行業領先地位。我認為你們將會看到我們在各個社群媒體平台上非常活躍。

We're already active across YouTube and Facebook and TikTok and Instagram. But I think you'll see some more focus, some more spend, particularly around video in those areas. We're having a lot of success with SEO, SEM in our digital marketing program. So I think for the first time, we are now kind of entering a year where we're firing on all cylinders from a marketing perspective built on all of these initiatives we've been talking about the last couple of years, but they're finally sort of launched and we're ready to see the impact.

我們已經在 YouTube、Facebook、TikTok 和 Instagram 上開展了業務。但我認為你會看到這些地區在影片方面投入更多精力，增加更多支出。我們在數位行銷專案中透過搜尋引擎優化（SEO）和搜尋引擎行銷（SEM）取得了巨大的成功。所以我覺得，我們現在算是第一次進入了行銷方面全面開足馬力的一年，這得益於我們過去幾年一直在討論的所有舉措，這些舉措終於開始實施，我們準備好看看它們的影響了。

So look, we're really excited about those things. We think it's both going to drive, as you say, traffic, but it's also what the customer wants. You can't pick where you're going to meet your customer, they pick where they want to meet you. So we want to be able to meet them, whether it's on the phone, online, in-store.

所以你看，我們真的對這些事情感到很興奮。我們認為這既會像你所說的促進交通，也是顧客想要的。你不能選擇在哪裡與客戶見面，而是由客戶選擇他們想在哪裡與你見面。所以我們希望能夠與他們見面，無論是透過電話、網路或在店內。

And so we're providing all of these channels for the first time across all that we're doing. And I think we genuinely lead the industry in that area. So I think this is the first year that you're going to -- that we're going to really be able to measure those benefits.

因此，我們首次在所做的一切中提供所有這些管道。而且我認為我們在這一領域確實處於行業領先地位。所以我認為今年是你們將要——我們將真正能夠衡量這些好處的第一年。

In terms of the rewards program, it continues to build quite nicely. We are almost 7 million members now, I think. And it's sort of getting a bit more mature. But I think we are now running really exciting, targeted marketing programs to those members. So we're learning much more about each member. We're using data to target them better to increase sales, increase turns, increase margin.

獎勵計劃方面，目前進展順利。我想我們現在應該有近700萬會員了。它似乎也變得更成熟了。但我認為，我們現在正在針對這些會員進行非常令人興奮、有針對性的行銷活動。因此，我們對每個成員都有了更深入的了解。我們正在利用數據來更好地進行目標定位，以提高銷售額、提高週轉率和提高利潤率。

So I think it's a really good question, and we're kind of -- we're quite excited about that part of the business this year because I think this industry generally, including us, have sort of ignored that part of the business for decades. And I think customers have become much more savvy, particularly younger customers. And I think EZ has -- we've taken a real position here to focus on this part of the business, hire a great team. And I'm hoping that this year, we're going to see some pretty strong results come out of those efforts.

所以我覺得這是一個非常好的問題，而且我們今年對這部分業務感到非常興奮，因為我認為包括我們自己在內的整個行業幾十年來一直忽略了這部分業務。我認為消費者，尤其是年輕消費者，變得更精明了。我認為 EZ 已經——我們已經真正專注於這部分業務，並聘請了一支優秀的團隊。我希望今年這些努力能取得一些非常顯著的成果。

Got it. Really helpful. And then just one follow-up for me. Going back to the M&A pipeline. You guys recently made an acquisition in the auto pawn space. Just want to get a sense for how that's performing and if you have more appetite there?

知道了。真的很有幫助。然後我還有一個後續問題。回到併購流程。你們最近在汽車典當領域進行了一次收購。只是想了解那邊的業績如何，以及你是否對那邊更感興趣？

And then in terms of geographies, should we think about your M&A pipeline kind of in existing geographies? Or willing to expand beyond those?

那麼就地域而言，我們是否應該考慮在現有地域範圍內進行併購活動？或是願意拓展到這些範圍之外？

Both good questions. Thank you, Kyle. So let me start with the second one on the M&A side. Look, there's a lot to do in our existing markets. So I think we're certainly focused there.

兩個好問題。謝謝你，凱爾。那麼，就讓我先從併購的第二個問題開始吧。你看，我們在現有市場中有很多事情要做。所以我覺得我們肯定會重點關注這一點。

That said, we are always open to new markets, new geographies. But with that, obviously, comes risk. And we've got great existing teams in our existing markets. So my own bias is to those markets. I just think it's less risk. We've got a better chance of strong execution. So I think our bias is definitely to our existing markets, and we've got plenty to do there. But that said, I think there are some new exciting markets that we can open up, but we're going to do that in a disciplined -- not a casual way. So I think really the answer to your question is, first, the existing markets and then maybe some new ones.

也就是說，我們始終對新市場、新地域持開放態度。但很顯然，風險也隨之而來。我們在現有市場擁有非常優秀的團隊。所以我個人比較看好這些市場。我只是覺得這樣風險比較小。我們更有可能取得良好的執行效果。所以我認為我們肯定更傾向於現有市場，而且我們在那裡還有很多工作要做。但話雖如此，我認為我們可以開拓一些令人興奮的新市場，但我們會以嚴謹的態度，而不是隨意的態度來做這件事。所以我覺得你問題的答案其實是，首先是現有市場，然後可能是一些新市場。

And then on the car lending business in Mexico, it started well. So we are really firming up our processes around that product, whether it's underwriting, whether it's collections, in the pawn lending business down in Mexico. I think we are now assessing how we're going to roll that out into our existing stores. I think it's becoming quite a large pawn product in the Mexican market around our competition.

然後，在墨西哥的汽車貸款業務開局良好。因此，我們正在切實加強圍繞該產品的各項流程，無論是承保、催收，還是在墨西哥的典當貸款業務。我認為我們現在正在評估如何將這項措施推廣到我們現有的門市。我認為，在我們的競爭對手周圍，它在墨西哥市場上正逐漸成為相當大的典當產品。

So I think we bought a really good solid business to start with that's performing well. And now our team is assessing how quickly we roll that out in which stores, in which markets in Mexico. So I think 2026 should be a really interesting year for that business.

所以我認為我們收購了一家非常優秀、營運穩健且業績良好的企業。現在我們的團隊正在評估如何在墨西哥的哪些門市、哪些市場盡快推出這項服務。所以我認為2026年對這家公司來說應該會是非常有趣的一年。

Raj Sharma, Texas Capital.

Raj Sharma，德州資本。

Solid results. Congratulations. My question was, are you -- all the digital initiatives that you have made to the business, are you seeing -- what changes are you observing in your business on these digital initiatives? Does it serve -- is it serving a younger cohort that's more stressed? Or are you doing more layaways as a result of all these initiatives?

結果令人滿意。恭喜。我的問題是，你們為企業實施的所有數位化舉措，是否為企業帶來了哪些變化？它是否服務於——是否服務於壓力更大的年輕群體？或者說，由於這些舉措，你們的預購訂單量增加了？

And my question really is around -- do you need to track economic indicators like delinquencies and credit card balances? Or do you just see it clearly in your store traffic online flow? And then I have some follow-on question.

我的問題其實是──是否需要追蹤拖欠款項和信用卡餘額等經濟指標？或者，您是否能從您店舖的線上流量中清楚地看到這一點？然後我還有一些後續問題。

Thanks, Raj. Look, on the second question, on the tracking of metrics, look, Tim certainly looks at macro metrics. But I think our focus is really what we're doing. And that means our operating initiatives in the stores. That's where we focus. We look at the macro at times when we're asked, but I think we can't control that. What we can control is what we're doing for our customers in the stores. So that's really our focus.

謝謝你，拉傑。關於第二個問題，關於指標跟踪，蒂姆當然會關注宏觀指標。但我認為我們真正的焦點在於我們正在做的事情。這意味著我們在門市的營運舉措。這就是我們關注的重點。我們有時會在被問及時關注宏觀經濟，但我認為我們無法控制宏觀經濟。我們能控制的就是我們在門市為顧客提供的服務。所以這才是我們真正關注的重點。

And on the digital initiatives, you're seeing genuine change as a result of those initiatives. If you look at extensions and paying loans online, it's just sort of phenomenal growth as to our customers who are wanting to do that. So that's not only exemplary customer service, but it's making our stores more efficient so that our people in our stores are actually looking after customers on the lending and the sales side rather than just extending loans.

在數位化措施方面，你會看到這些措施帶來的真正改變。如果你看看線上貸款延期和還款業務，你會發現我們的客戶對這類業務的成長非常迅猛。這不僅是卓越的客戶服務，而且還提高了我們門市的效率，使我們門市的員工能夠真正地在貸款和銷售方面照顧客戶，而不僅僅是發放貸款。

So I think you can see very, very high growth in those metrics where people are taking that option to pay or extend online. That's sort of one of the digital initiatives that's really changed significantly in the last couple of years. And then on the other digital initiatives, obviously, you've got the loyalty program, and we think that, that's very, very helpful in us growing market share. So I think that digital initiative has been super important.

所以我認為你可以看到，在選擇線上付款或延期付款的人群中，這些指標的成長非常非常快。這是近幾年來發生顯著變化的數位化措施之一。至於其他數位化舉措，顯然包括會員忠誠度計劃，我們認為這對我們擴大市場份額非常有幫助。所以我認為數位轉型計劃非常重要。

And then really just your core website, social marketing, paid search marketing. I think we're just -- we're gathering more and more customers across the regions in which we're operating the new way. It used to be that you would just put up a big sign that said pawn and you had good customer service. They were the two ways you'd market in a pawn shop.

然後就是你的核心網站、社群行銷、付費搜尋行銷。我認為我們只是——我們正在以新的方式運營的各個地區吸引越來越多的客戶。以前，你只要掛個大牌子寫著“當鋪”，就能提供很好的客戶服務。這是你在當鋪會裡會採用的兩種銷售方式。

I think now you've just got to be a lot more diverse than that because that's where you're going to meet your customers, whether it's through social, whether it's paid search, whether it's SEO. I think you've got to be doing all these things to ensure that your customer base is growing.

我認為現在你必須更加多元化，因為你將透過各種管道接觸你的客戶，無論是社群媒體、付費搜尋還是搜尋引擎優化。我認為你必須做所有這些事情才能確保你的客戶群不斷成長。

So look, I think there's -- customer growth is an obvious outcome from these digital initiatives, I think making our stores more efficient, so giving our people more time to serve our customers instead of doing the brand kind of loan extensions or loan payments. And I think customer loyalty and retention, through the rewards program, is the other major outcome here from concentrating on these digital initiatives.

所以你看，我認為客戶成長是這些數位化措施的明顯結果，我認為提高我們門市的效率，讓我們的員工有更多的時間來服務客戶，而不是處理品牌相關的貸款延期或貸款支付等事宜。我認為，透過獎勵計畫提高顧客忠誠度和留存率，是集中精力推進這些數位化措施的另一個主要成果。

Got it. Got it. That's very helpful, very descriptive. And then just one other question is in the US Pawn side, the PLOs were up 9%. The inventory was up more. Inventory turnover was down. Is that -- can you explain the inventory was up more than the PLO growth? And is that layaways? Is that --

知道了。知道了。這很有幫助，描述得非常清楚。還有最後一個問題，關於美國棋手方面，PLO 領先 9%。庫存量增加。庫存週轉率下降。是這樣的－你能解釋為什麼庫存成長幅度超過了PLO的成長幅度嗎？那是分期付款嗎？是嗎？--

Yeah, it's a good question, that one. I would say to you that we're still happy with these metrics. And what's driving that is partly doing more purchases. It's partly doing more longer-term layaways. But I would say it's an opportunity for us is to increase turn.

嗯，這確實是個好問題。我想說的是，我們對這些指標仍然感到滿意。而造成這種情況的部分原因是購物量增加。部分原因是增加了長期分期付款選項。但我認為這對我們來說是一個增加營業額的機會。

So we've got various operating initiatives in place, which we started towards the end of the year and going into the new year where we are designing bigger, better incentive programs for our store staff to sell more. We are putting more talent into this function, which is the selling function. I think EZ has always been a fantastic lender first. And I think our current team has taken a more balanced approach to that. It always starts with the loan clearly, but you have to flush that inventory and flush it quickly.

因此，我們制定了各種營運舉措，這些舉措從去年年底開始，一直延續到新的一年，我們正在為門市員工設計更大、更好的激勵計劃，以促進銷售成長。我們正在向銷售部門投入更多的人才。我認為EZ一直是一家非常棒的貸款機構。我認為我們目前的團隊在這方面採取了更平衡的方法。一切顯然都是從貸款開始的，但你必須盡快清理庫存。

So look, I think you point out, it is a metric that is an opportunity for us. I think there's good reason for inventory growing the way it's been growing. But I think we have got initiatives in place for 2026 where we want to improve those turns.

所以你看，我認為你指出的，這是一個對我們來說充滿機會的指標。我認為庫存以目前這種速度成長是有充分理由的。但我認為我們已經制定了2026年的計劃，希望能夠改善這些方面。

I think also remember that, that inventory increase, a majority of that is jewelry. So if we wanted to tomorrow, go scrap a whole lot and improve that turnover, we could. But we see that selling that gold in the stores is an important part of the long-term growth of the stores. So you're selling it back to the neighborhood.

我認為還要記住，庫存增加的部分，大部分是珠寶。所以如果我們明天想的話，可以大幅削減成本，提高營業額。但我們看到，在商店裡銷售黃金是商店長期發展的重要組成部分。所以你是要把它賣回給鄰居。

And so that -- our focus is on the long term and not a short-term gain. And so you'll see that inventory growing a little bit more just because we have more jewelry and that jewelry price -- gold price has obviously significantly increased. Yeah.

因此，我們的重點是長期發展，而不是短期利益。因此，你會看到庫存略有增加，因為我們有更多的珠寶，而珠寶價格——黃金價格顯然大幅上漲。是的。

Got it. So it's not necessarily a concern for you, more of an opportunity. It reflects more of a gold price rise and increased gold jewelry being taken in.

知道了。所以這未必是你該擔心的事，而更像是個機會。這更反映了金價上漲和黃金首飾需求增加。

Correct. So jewelry obviously sells at a little bit slower rate. That's why the inventory turnover is down. Obviously, with the gold rate -- quickly gold rising price, lots of people come in and sell their gold more than in the usual period. So that drives the inventory as well.

正確的。所以珠寶的銷售速度顯然要慢一些。這就是庫存週轉率下降的原因。顯然，隨著金價快速上漲，許多人湧入市場出售黃金，比平常賣的人數更多。所以這也會影響庫存。

And then we've also talked about our 10-month layaway program that is just for the first time this -- in quarter four lapped from last year. So it's not quite apples-to-apples yet. But over the year, we'll start seeing a more like-for-like comparison.

此外，我們還談到了我們的 10 個月分期付款計劃，這是今年第四季度首次推出，與去年同期相比有所變化。所以現在還不能完全進行比較。但一年下來，我們將開始看到更多同類比較。

Andrew Scutt, ROTH Capital Markets.

Andrew Scutt，ROTH Capital Markets。

Strong results. Most of my questions have been answered. So just one quick one for me. In recent months and weeks, we've heard that the US consumer has been a little bit constrained. We're also going through a long government shutdown. Have your store managers in the US seen any change in consumer behavior or maybe a different profile of customer coming in store?

效果顯著。我的大部分問題都已得到解答。那我就簡單問一個問題。近幾個月來，我們聽說美國消費者的購買力受到了一些限制。我們還正經歷著漫長的政府停擺。你們在美國的門市經理是否注意到消費者行為的任何變化，或是進店顧客的類型是否有所改變？

Look -- thank you, Andrew. I think -- look, we are certainly seeing, as you can see from the results, strong demand for the line product in our US stores. What that is a result of, I can't really comment whether it's government shutdown, whether it's difficulty in getting loans from alternative providers.

謝謝你，安德魯。我認為——你看，正如你從結果中看到的，我們確實看到，美國門市對該系列產品的需求強勁。我無法評論這究竟是由什麼原因造成的，是政府停擺，還是難以從其他貸款機構獲得貸款。

But we are seeing the customer continue to be under pressure. And I think you can see that in the US, in our really strong lending profile. We're also doing a good job on the sales side. So I think the business is firing on all cylinders.

但我們看到客戶持續面臨壓力。我認為這一點可以從美國非常強勁的貸款狀況中看出。我們在銷售方面也做得很好。所以我認為公司目前營運狀況非常良好。

But to your specific question on government shutdown, all I can point you to is our lending results and they're robust. So maybe it is part of the situation.

但對於你提出的政府停擺的具體問題，我只能向你展示我們的貸款業績，而我們的業績非常穩健。所以，這或許也是現狀的一部分。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Lachie Given for any closing remarks.

目前隊列中沒有其他問題。我謹將會議交還給拉奇·吉文先生，請他作總結發言。

Thank you, everyone, for joining. It was obviously a phenomenal year for us. We're very proud of the results. We're very grateful to our 8,500 staff members for delivering these results, and we're also very grateful for everyone's support here on the call.

謝謝大家的參與。對我們來說，這顯然是意義非凡的一年。我們對結果非常滿意。我們非常感謝8,500位員工取得這些成果，也非常感謝大家在電話會議上的支持。

So look forward to talking to you all more through the course of the next day and week. Thanks for joining.

期待在接下來的幾天和一周內與大家進行更多交流。謝謝參與。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。