EZCORP Inc (EZPW) 2026 Q3 法說會逐字稿

Good morning ladies and fiscal 2026 earnings call. (Operator Instructions)

各位女士、先生早安，歡迎參加本公司 2026 會計年度財報電話會議。(接線員指示)

I now like to turn the conference over to Shawn Mann Story, the company's Investor Relations Advisor with Elevate IR.

現在我很高興將會議交給 Shawn Mann Story，他是本公司與 Elevate IR 合作的投資人關係顧問。

Please go ahead, Sean.

Sean，請開始。

Thank you and good morning, everyone.

謝謝，各位早安。

During our prepared remarks, we will refer to slides which are available for viewing or download from our website at investors.easycorp.com.

在我們的事先準備發言中，我們將引用投影片；投影片可於 investors.easycorp.com 供瀏覽或下載。

Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides.

在開始之前，我想提醒各位，本次電話會議以及簡報投影片

Contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods.

包含若干前瞻性陳述，涉及公司對未來期間預期的營運與財務表現。

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

這些陳述係基於公司目前的預期。

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

由於多項風險或其他因素（已於我們向美國證券交易委員會提交的年度、季度及其他報告中討論），未來期間的實際結果可能與所表達者有重大差異。

As noted in our presentation materials and unless otherwise identified, results are presented on an adjusted basis.

如我們的簡報資料所述，除非另有說明，相關結果係以調整後基礎呈列，

To remove the effects of foreign currency fluctuations and other discrete items.

以排除外匯波動及其他一次性項目的影響。

Joining us on the call today, our Easy Corp's Chief Executive Officer, Locky Given, and Tim Jugman's Chief Financial Officer.

今天與會者包括 Easy Corp 執行長 Locky Given，以及財務長 Tim Jugman。

Now I'll turn the call over to Lachlan.

現在我將把電話會議交給 Lachlan。

Thank you, Sean, and good morning everyone.

謝謝你，Sean，各位早安。

Easy Corp delivered another outstanding quarter, one of the strongest quarters in our history.

Easy Corp 再次交出非常亮眼的一季，這是我們歷史上最強勁的季度之一。

Adjusted EBITDA was up 48% to $65.6 million and adjusted diluted EPS was up 47% to $0.47.

調整後 EBITDA 成長 48% 至 6,560 萬美元，調整後稀釋每股盈餘成長 47% 至 0.47 美元。

The key highlight for the quarter was the exceptionally strong Core pawn operating metrics which normalize out global scrap.

本季的關鍵亮點是核心典當（Core pawn）營運指標異常強勁，該指標已將全球廢金（scrap）的影響正常化排除，

Across all of the markets in which we operate.

涵蓋我們營運的所有市場。

Corpore revenues grew 24%.

核心典當營收成長 24%。

Corporn gross profit rose 28%, and sameto Cre porn gross profit increased 13%.

核心典當毛利上升 28%，同店核心典當毛利增加 13%。

As anticipated, gold prices stabilized and scrap sales and margins declined sequentially while our earnings momentum and growth continued to build in a meaningful way for all of our shareholders.

如預期，金價趨於穩定，廢金銷售與毛利率較前一季下滑；同時，我們的獲利動能與成長持續以有意義的方式累積，為所有股東創造價值。

Core demand for our product remains strong across all of the markets in which we serve.

我們產品的核心需求在所有服務市場仍然強勁。

PLO finished the quarter at a record $382 million up 31%.

PLO 於季末達到創新高的 3.82 億美元，成長 31%。

Driven by higher average loan sizes and the addition of new stores.

主要受平均貸款金額提高以及新增門市帶動。

More consumers are also choosing affordable, high-quality pre-owned goods, so sales and turns remain robust.

也有更多消費者選擇價格實惠且高品質的二手商品，因此銷售與周轉仍然強勁。

And America was a standout again this quarter.

而美洲地區本季再次表現突出。

In constant currency, PLO is 33%.

以固定匯率計，PLO 成長 33%。

Core pawn gross profit rose 31%, and segmenty Bada increased 40% with margins expanding on both the merchandise and Ida lines.

核心典當毛利上升 31%，分部 EBITDA 增加 40%，商品與放款（loan）兩條業務線的利潤率皆擴張。

We continued to grow our scale in this region during the quarter, extending a market leadership position in Guatemala, where we acquired 33 stores.

本季我們持續擴大該區域規模，並在瓜地馬拉收購 33 家門市，進一步鞏固市場領導地位。

We also opened 9 Denovo stores across the region, which represents a very exciting element of our short and long-term growth story as our de novos are consistently performing above expectations.

我們也在該區域新開 9 家 Denovo 門市；這是我們短期與長期成長故事中非常令人振奮的一環，因為我們的新開店表現持續優於預期。

We also reached an important milestone with SMG.

我們在 SMG 方面也達成一項重要里程碑。

During the quarter we acquired the remaining interest in Founders and increased our ownership of SMG to 97.4%.

本季我們收購了 Founders 的剩餘持股，並將 SMG 持股提高至 97.4%。

July, shortly after quarter end, we purchased the remaining shares and now own 100% of SMG.

7 月（在季末不久後），我們買下剩餘股份，目前已持有 SMG 100% 股權。

Our view on SMG has strengthened as we see considerable opportunity in introducing easy systems, operating disciplines, culture, and capital, across the platform.

隨著我們看到在整個平台導入 easy 的系統、營運紀律、文化與資本所帶來的可觀機會，我們對 SMG 的看法更加正面。

I'll now hand it over to Tim to take you through the financials before returning for closing remarks.

接下來我將把時間交給 Tim，請他帶各位回顧財務表現，之後我再回來做結語。

Tim.

Tim。

Thanks Lachlan.

謝謝你，Lachlan。

Turning to slide 5 for the consolidated financial highlights.

請看第 5 頁投影片的合併財務重點。

Adjusted EBITDA rose 48% to $65.6 million an EBITDA margin expanded 190 basis points to 16%, driven by merchandise margin expansion, expense, discipline, and higher scrap gross profit.

調整後 EBITDA 成長 48% 至 6,560 萬美元，EBITDA 利潤率擴張 190 個基點至 16%，主要受商品毛利率擴張、費用控管、營運紀律，以及較高的廢金毛利帶動。

Adjusted diluted EPS improved 47% to $0.47.

調整後稀釋每股盈餘提升 47% 至 0.47 美元。

Earnings grew well ahead of the revenue, demonstrating operating leverage in our model.

獲利成長明顯快於營收，展現我們商業模式的營運槓桿。

Total revenues grew 31% to $408.4 million on higher merchandise sales, PSC and scrap, along with new stores including SMG.

總營收成長 31% 至 4.084 億美元，主要來自較高的商品銷售、PSC 與廢金，以及包含 SMG 在內的新門市貢獻。

Gross profit also increased 30% to $240.3 million.

毛利亦增加 30% 至 2.403 億美元。

PLO ended the quarter at $382 million up 31%.

PLO於季末為 3.82 億美元，成長 31%。

That PLO strength flowed through to PSE, which rose 29% to $149.1 million with sameto PSC up 13%.

PLO 的強勁表現也反映在 PSE 上，PSE 成長 29% 至 1.491 億美元，同店 PSC 成長 13%。

On the retail side, merchandise sales grew 21% to $203.5 million with same store sales up 6%. Merchandise margin expanded 190 basis points to 38% on pricing, execution, and inventory quality.

在零售端，商品銷售成長 21% 至 2.035 億美元，同店銷售成長 6%。商品毛利率擴張 190 個基點至 38%，主要受定價、執行力與庫存品質提升帶動。

On slide 6, we have provided the Consolidated revenue and EBD bridges which show the composition and quality of this quarter's growth.

在第 6 頁投影片，我們提供了合併營收與 EBD 橋接表，顯示本季成長的構成與品質。

On revenues, SMG contributed $43.1 million in its second quarter of consolidation, and same-store Corporn revenues added $24.5 million.

就營收而言，SMG 在合併後的第二個季度貢獻 4,310 萬美元，同店核心典當營收增加 2,450 萬美元。

Scrap sales on the same store basis added $15.9 million and other new stores contributed $13.9 million.

同店基礎的廢金銷售增加 1,590 萬美元，其他新門市貢獻 1,390 萬美元。

Same store Core pawn revenues grew 9% and Sato Core pawn gross profit grew 13%.

同店核心典當營收成長 9%，同店核心典當毛利成長 13%。

As a reminder, Core pawn excludes scrap entirely, giving the cleanest read on underlying business performance.

提醒各位，核心典當完全排除廢金，能最清楚反映基礎業務表現。

The Iberda Bridge provides a clear view of earning drivers.

EBITDA 橋接表清楚呈現獲利驅動因素。

Same-store EBITDA, excluding gross profit, contributed $12.9 million of the year over year increase, the largest single driver of the bridge.

同店 EBITDA（不含廢金毛利）對年增貢獻 1,290 萬美元，是橋接表中最大的單一驅動因素。

SMG added $6.6 million and same store scrap gross profit added $3.5 million.

SMG 增加 660 萬美元，同店廢金毛利增加 350 萬美元。

Core operations and new stores, not scrap, drove the majority of our earnings throughout this quarter.

本季我們大部分的獲利成長來自核心營運與新門市，而非廢金。

Scrap sales of $55.7 million increase to $8.8 million year over year on higher gold prices.

廢金銷售為 5,570 萬美元，年增 880 萬美元，主要受金價上漲帶動。

Sequentially, scrap sales and margin declined from the second quarter's unusually elevated levels as gold stabilized, consistent with the outlook we provided on last quarter's call.

就季比而言，隨著金價趨於穩定，廢金銷售與利潤率自第二季異常偏高的水準回落，與我們在上一季電話會議所提供的展望一致。

Scrap gross margin was 26% compared to 38% in the second quarter and 2.9% in the prior year quarter.

廢金毛利率為 26%，相較第二季的 38% 以及去年同期的 2.9%。

Gross profit of $14.5 million remained well above the $7.9 million we generated a year ago.

毛利 1,450 萬美元仍明顯高於一年前的 790 萬美元。

That remains a valuable contributor to earnings and cash.

這仍是獲利與現金的重要貢獻來源。

As a reminder, we lend against longer-term gold values, not daily price movements, and use scrap to manage inventory, not speculate on gold.

提醒各位，我們放款係以較長期的黃金價值為基礎，而非每日價格波動；並且我們使用廢金來管理庫存，而非投機黃金。

Consolidated net inventory ended at 312, $0.5 million up 39%, reflecting higher PO purchases and layaways.

合併淨庫存期末為 312，增加 0.5 百萬美元、成長 39%，反映採購訂單（PO）採購與分期預留（layaway）增加。

Turnover was 2.3 times compared to 2.4 times a year ago, and Age General Merchandise declined 132 basis points to 1.3% of total general merchandise inventory.

周轉率為 2.3 倍，較去年同期的 2.4 倍略降；而滯銷一般商品（Aged General Merchandise）占一般商品總庫存比重下降 132 個基點至 1.3%。

Inventory growth if it sell within approximately 12 months.

庫存成長，若其可在約 12 個月內售出。

Moving to the US porn segment on slides 7 and 8, we ended the quarter with 560 stores across 19 states, including 1 store acquired during the period.

接著看投影片 7 與 8 的美國典當（pawn）部門，本季期末我們在 19 個州共有 560 家門市，其中包含期間內收購的 1 家門市。

Total revenue has increased 14% to $251.2 million with more than half of the improvement attributed to Cre porn.

總營收成長 14% 至 2.512 億美元，其中超過一半的改善歸因於核心典當（Core pawn）。

Core pawn revenue grew 9% and Corn gross profit grew 12%, supported by healthy porn activity and further merchandise margin expansion.

核心典當營收成長 9%，核心典當毛利成長 12%，受惠於健康的典當活動以及商品毛利率進一步擴張。

PLO grew 15% to $254.5 million with same store PLO up 13%, driven by increased average loan size and continued strong pawn demand.

PLO 成長 15% 至 2.545 億美元，同店 PLO 成長 13%，主要由平均放款金額增加及典當需求持續強勁所帶動。

Average loan size.

平均放款金額。

Rose 16% to $240 on higher jewelry composition and gold prices, jewelry represents 69% of USPLO.

在珠寶占比提高與金價上漲帶動下，上升 16% 至 240 美元；珠寶占美國 PLO（USPLO）的 69%。

PSE increased 13%, primarily driven by same store PLO growth.

PSE 成長 13%，主要由同店 PLO 成長所驅動。

On the retail side, merchandise sales increased 6% with same store sales up 3% and merchandise margin expanded 130 basis points to 40%.

在零售端，商品銷售成長 6%，同店銷售成長 3%，商品毛利率擴張 130 個基點至 40%。

Inventory quality remains excellent.

庫存品質仍然非常優異。

Inventory grew 28% to $212.2 million on higher PLO, purchases and layways, while turnover came in at 2 times.

庫存因 PLO、採購與分期預留（layaway）增加而成長 28% 至 2.122 億美元，周轉率為 2 倍。

A general merchandise declined to 1.9% of total general merchandise inventory, or just $0.7 million.

滯銷一般商品降至一般商品總庫存的 1.9%，或僅 0.7 百萬美元。

Segment EBITDA improved 23% to $64.5 million and Core pawn accounted for 83% of the gross profit growth.

部門 EBITDA 成長 23% 至 6,450 萬美元，且核心典當貢獻了毛利成長的 83%。

Store expenses rose 8% in total and 6% on the same store basis, well below revenue growth, lifting EBITDA margin 200 basis to 26%.

門市費用總計上升 8%，同店基礎上升 6%，明顯低於營收成長，使 EBITDA 利潤率提升 200 個基點至 26%。

This reflects the durable demand, discipline, lending, and operating execution in our US stores.

這反映我們美國門市具韌性的需求、紀律性的放款，以及營運執行力。

Turning to Latin America on slide 9 and 10, where the team delivered another excellent quarter.

接著看投影片 9 與 10 的拉丁美洲，團隊再度交出非常出色的一季。

We ended the period with 881 stores across 4 countries.

期末我們在 4 個國家共有 881 家門市。

During the quarter, we opened 9 de novo stores, including 5 in Mexico, 3 in Guatemala, and 1 in Honduras, and consolidated 1 location.

本季我們新開 9 家自建（de novo）門市，包括墨西哥 5 家、瓜地馬拉 3 家、宏都拉斯 1 家，並整併 1 個據點。

In April we also completed the acquisition of 33 stores in Guatemala, extending our leadership in that market.

4 月我們也完成收購瓜地馬拉 33 家門市，進一步鞏固我們在該市場的領導地位。

As a reminder, our Latin American results are presented on a constant currency basis unless otherwise noted.

提醒一下，除非另有說明，我們的拉丁美洲業績以固定匯率（constant currency）基礎呈現。

Revenues reached a record $114.1 million up 25%, with about half the improvement for merchandise sales.

營收達到創紀錄的 1.141 億美元，成長 25%，其中約一半的改善來自商品銷售。

Core pawn revenues grew 22% and Core pawn gross profit grew 31%, so the growth here is broad-based and high-quality.

核心典當營收成長 22%，核心典當毛利成長 31%，因此此處的成長具廣泛性且品質高。

PLO increased 33% to $93.7 million with Sato PLO up 28% on sustained porn demand and improved operational performance.

PLO 成長 33% 至 9,370 萬美元，同店 PLO 成長 28%，受惠於持續的典當需求與營運表現改善。

On a GAAP reported based, average loan size rose 28% to $112 or 18% in constant currency.

以 GAAP 報告基礎計算，平均放款金額上升 28% 至 112 美元；以固定匯率計則上升 18%。

Jewelry now represents 49% of PLO.

珠寶目前占 PLO 的 49%。

PSA rose 26% supported by same store PLO growth and new stores.

PSA 成長 26%，受同店 PLO 成長與新門市帶動。

Merchandise sales climbed 20% with same store sales up 11%.

商品銷售攀升 20%，同店銷售成長 11%。

Merchandise margin expanded 490 basis points to 36%, reflecting stronger pricing, execution, and product mix.

商品毛利率擴張 490 個基點至 36%，反映更強的定價、執行力與產品組合。

Inventory finished at $71.4 million up 21% on PLO growth with turnover 3.1 times.

庫存期末為 7,140 萬美元，因 PLO 成長而上升 21%，周轉率為 3.1 倍。

Age general merchandise remained below 1% of total general merchandise inventory.

滯銷一般商品仍低於一般商品總庫存的 1%。

Segment EBITDA grew 40% to $25.4 million with 95% of the gross profit growth driven by Core pawn.

部門 EBITDA 成長 40% 至 2,540 萬美元，其中 95% 的毛利成長由核心典當所驅動。

Store expenses increased 27% in total and 17% on the same store basis, primarily reflecting labor costs, including minimum wage increases.

門市費用總計增加 27%，同店基礎增加 17%，主要反映人力成本上升，包括基本工資調升。

Gross profit growth more than offset those higher costs, an EBITDA margin expanded 240 basis points to 22%.

毛利成長足以抵銷上述較高成本，EBITDA 利潤率擴張 240 個基點至 22%。

Moving to SMG on slide 11, as Lockie mentioned, SMG is now wholly owned, effective in the 4th quarter, because we do not ISMG in the prior year period, results are presented on an absolute basis without year over year comparisons.

接著看投影片 11 的 SMG。如 Lockie 所提，SMG 自第 4 季起已成為全資持有；由於去年同期我們未納入 SMG，因此本段結果以絕對值呈現，不做年對年比較。

SMG entered the quarter with 108 stores across 12 countries under the La Familion cash whis banners, including 1 de novo opened during the quarter in Puerto Rico.

SMG 於本季開始時在 12 個國家共有 108 家門市，使用 La Familion cash whis 品牌旗幟營運，其中本季在波多黎各新開 1 家自建（de novo）門市。

POO at the end of the quarter was $33.8 million and total revenues were $431.1 million comprised of 17.1 of merchandise sales, 14.3 of PSE and 11.7% of jewelry scrap sales.

本季期末 POO 為 3,380 萬美元，總營收為 4.311 億美元，組成包括：商品銷售 17.1、PSE 14.3，以及珠寶廢料（scrap）銷售 11.7%。

Haworn revenues were $31.4 million and Core pawn gross profit was $19.7 million out of a total gross profit of $22.4 million.

典當營收為 3,140 萬美元，核心典當毛利為 1,970 萬美元；總毛利為 2,240 萬美元。

From a balance sheet perspective, we remain highly liquid and conservatively positioned.

從資產負債表角度來看，我們仍維持高度流動性，且財務部位保守。

We ended the quarter with $311 million in cash.

本季期末現金為 3.11 億美元。

Our first debt maturity is in December 2029 when our convertible notes of $230 million are due, followed by $300 million senior notes in April 2032.

我們第一筆到期債務在 2029 年 12 月，屆時 2.30 億美元可轉換公司債到期；其後為 2032 年 4 月到期的 3.00 億美元優先票據。

The year over year decline in cash primarily reflects the retirement of SMG's third-party debt of $134.2 million in cash deployed into acquisitions.

現金年對年下降主要反映：償還 SMG 的第三方債務 1.342 億美元，以及將現金投入收購。

During the quarter under the $50 million repurchase program authorized by our board in November 2025.

本季在董事會於 2025 年 11 月核准的 5,000 萬美元庫藏股回購計畫下，

We repurchased and retired approximately 132,000 shares of our Class A common stock with $4 million.

我們以 400 萬美元回購並註銷約 132,000 股 A 類普通股。

We have used $8 million of the program to date.

截至目前，我們已使用該計畫 800 萬美元。

Our couple allocation priorities aren't changed, existing store PLO and other earning asset growth.\

我們的資本配置優先順序並未改變：既有門市的 PLO 與其他生息資產成長。\

Discipline emanates and opportunistic returns to shareholders, all within a fiscally conservative balance sheet.

秉持紀律、審慎並把握機會回饋股東，同時維持財務保守的資產負債表。

Looking ahead, our operating priorities are consistent, grow PLO, improve inventory efficiency, build denovos, integrate our recent acquisitions and manage expenses carefully.

展望未來，我們的營運優先事項一致：擴大 PLO、提升庫存效率、建立自建（de novo）門市、整合近期收購案，並謹慎管理費用。

As discussed in the last few quarters, scrap margin is mostly driven by year over year change in gold price.

如過去幾季所討論，廢料（scrap）毛利率主要由金價的年對年變動所驅動。

As anticipated, consolidated scrap margin came down sequentially year over year to 26%.

如預期，合併廢料（scrap）毛利率年對年按季回落至 26%。

If gold price does not increase, we'd expect continued normalization towards long-term historical levels of scrap margin between 15 and 20%.

若金價未再上漲，我們預期廢料（scrap）毛利率將持續正常化，回到長期歷史區間 15% 至 20%。

On seasonality, a few reminders for our fiscal fourth quarter.

關於季節性，針對我們的會計年度第四季有幾點提醒。

In Latin America, customers receive a mid-year bonus payment in July, which typically drives higher redemptions and seasonal step down in PLO, while the US book usually continues to build.

在拉丁美洲，客戶會在 7 月收到年中獎金，通常會帶動較高的贖回（redemptions）並使 PLO 季節性下滑；而美國的放款帳簿通常仍會持續擴張。

I've seen over the recent quarters, PLO yield also compresses gradually as average loan sizes rise since larger loans carry lower monthly rates in states such as Texas.

我在最近幾個季度觀察到，隨著平均貸款金額上升（因為較大額貸款在德州等州通常適用較低的月利率），PLO 殖利率也在逐步收窄。

And as Stratton normalizes historical sequential bottom line patterns will be less useful.

而且隨著 Stratton 回歸常態，歷史上的連續性（逐季）淨利走勢將不再那麼有參考價值。

Core pawn revenue and Core pawn gross profit remain the cleanest read on the underlying business.

核心典當營收與核心典當毛利仍是判讀基礎業務最清楚的指標。

On expenses, we will continue to see sequential increase as we continue to grow existing stores, add denovos, and integrate acquisitions including SMG.

在費用方面，隨著我們持續擴張既有門市、增設新開店（de novo），並整合包含 SMG 在內的併購案，我們將持續看到費用逐季增加。

Our M&A pipeline remains active in both the US and Latin America, focused primarily on markets we have trusted local management teams and deep operating knowledge.

我們在美國與拉丁美洲的併購（M&A）案源仍然活躍，主要聚焦於我們擁有值得信賴的在地管理團隊、且具備深厚營運知識的市場。

We continue to evaluate every opportunity against strategic fit, integration, complexity, and return on investor capital.

我們持續以策略契合度、整合難度、複雜性，以及投資人資本報酬率等面向，評估每一個機會。

Now I'd like to turn it back to Lockie for closing remarks.

現在我想把時間交回給 Lockie 做結語。

Thanks, Tim.

謝謝，Tim。

This was clearly an outstanding operating and financial quality driven mostly by our Core pawn operating performance rather than by gold scrap activities.

這一季的營運與財務品質顯然非常出色，主要是由我們核心典當的營運表現所帶動，而非黃金回收（gold scrap）活動。

All regions are performing exceptionally well.

所有地區的表現都非常亮眼。

And we are very excited about the opportunity for additional growth in SMG.

我們也對 SMG 額外成長的機會感到非常振奮。

We have a strong liquid balance sheet and no near-term debt maturities.

我們的資產負債表流動性強，且短期內沒有到期的債務。

The M&A pipeline remains robust, particularly in Latin America, and we're excited about the large scale de novo opportunity in that region as well.

併購案源仍然強勁，尤其是在拉丁美洲；我們也對該地區大規模新開店（de novo）的機會感到興奮。

Finally, a genuine thank you to our 9,700 team members for the passion and professionalism you deliver to our customers every day.

最後，真心感謝我們 9,700 位團隊成員每天以熱情與專業服務客戶。

I look forward to together closing out what has been an exceptionally strong fiscal year for our company and for our shareholders.

我期待我們能一起為公司與股東完成一個格外強勁的會計年度收官。

With that operator, we'll open the line for questions.

接下來，接線生，我們開放提問。

(Operator Instructions) Brian McNamara, Canaccord Genuity.

(接線生指示) Brian McNamara，Canaccord Genuity。

I was hoping you guys could align, gold prices.

我希望你們可以對齊一下黃金價格的看法。

I hate to beat the dead horse here, but obviously it's a concern we hear from investors, the sits at 4,300 today, versus 5,400 at the peak in January, how does that impact your day to day operations and kind of if you can give some color on how you price loans and all that good stuff, I think it would be really helpful, thank you.

我不想老調重彈，但這顯然是我們從投資人那邊聽到的疑慮：今天大概在 4,300，相較於 1 月高點的 5,400，這對你們日常營運有什麼影響？以及如果可以提供一些你們如何訂定放款價格等相關細節，我想會很有幫助，謝謝。

Thanks, Brian.

謝謝你，Brian。

Tim, you want to have a first crack at that?

Tim，你要先回答一下嗎？

Sure.

當然。

Thank you, Brian, for the question.

謝謝你，Brian，這個問題。

The, onsetting a gold prices, we are looking at, we look at gold prices on a rolling basis.

關於黃金價格，我們是用滾動方式來看黃金價格。

So look at like a 3-month rolling basis.

例如看 3 個月的滾動區間。

So if gold spikes, like in January, and then comes back down, we are not changing what we do on a day to day basis.

所以如果黃金像 1 月那樣飆升、之後又回落，我們不會因此在日常作業上天天改變做法。

So we're looking at, more medium-term gold prices, to price.

我們看的是較中期的金價來訂價。

Price loans, the biggest effect that, we do see on the business is scrap.

在貸款訂價上，我們看到對業務影響最大的是回收（scrap）。

So, what we saw in quarter 2 with the, rise of the gold prices is that the scrap margin was significantly higher than normal.

所以我們在第 2 季看到金價上漲時，回收毛利率顯著高於正常水準。

And this quarter, what we've seen is that gold price is coming down, and the change year over year in gold price is, declining.

而這一季我們看到金價回落，且金價的年增變化正在下降。

And so now we've seen sequentially that gold prize margin decrease, but also year over year, that, scrap margins decrease.

因此我們看到回收毛利率逐季下降，同時年對年回收毛利率也下降。

And so, what we expect if gold prices remain, pretty consistent where, obviously, it's, a little bit of a spike in,

所以我們預期，如果金價維持相對一致——當然，最近幾天有一點上衝——

In the last few days, but it's been in that 4 thou just over 4,000 to 4,300 for, a number of months if we exclude the spike in, January,

但若排除 1 月那次飆升，過去好幾個月大致都在 4,000 出頭到 4,300 的區間，

And so we would expect, scrap margins to come back down to normal levels.

那我們會預期回收毛利率回到正常水準。

And I think to add to that, Brian, as I know you know.

我想補充一下，Brian，如你所知。

We're in the business of satisfying a customer's need for cash.

我們的業務本質是在滿足客戶對現金的需求。

And as you can see from our loan growth, that demand has been pretty phenomenal on a very consistent basis, we're seeing extremely strong lending trends, which is the most important metric in our business, is PLO growth.

從我們的放款成長你也看得出來，這個需求一直非常驚人且相當穩定；我們看到極為強勁的放款趨勢，而在我們的業務中最重要的指標就是 PLO 成長。

And you can see across the US

你可以看到在美國各地，

In Latin America particularly, the demand for cash that we're seeing in our stores is exceptionally strong.

尤其在拉丁美洲，我們門市所看到的現金需求格外強勁。

So, clearly gold is the largest piece of collateral that our customers use, but I think.

所以很明顯，黃金是我們客戶使用的最大宗抵押品，但我認為——

When you're thinking about the future of this business, it is incredibly robust, from a growth perspective, because what we really do is satisfy a customer's need for cash and the macro, both the macro situation with high gas prices, interest rates, inflation, the cost of living, all of those macro indicators continue to be a challenge for our customer, and I think from a micro perspective is what we do in our stores, we've still got a lot to do in our own performance, to continue to improve these stores organically.

當你思考這門生意的未來，從成長角度來看它非常強韌，因為我們真正做的是滿足客戶對現金的需求；而宏觀環境——高油價、利率、通膨、生活成本——所有這些宏觀指標對我們的客戶仍是挑戰。同時從微觀角度來看，也就是我們在門市端所做的事，我們仍有很多可以做，以持續提升門市的自發性（有機）表現。

So from both perspectives, I'm very excited about, the growth potential of our business, and gold, and they've gone specifically to gold, which a lot of people are doing, it's a good question, but I think what really underlines the quality of this business is our ability to service that need for cash.

因此從這兩個角度，我都對我們業務的成長潛力感到非常興奮。至於你特別提到黃金——很多人都在關注——這是個好問題；但我認為真正凸顯這門生意品質的，是我們服務客戶現金需求的能力。

That's helpful, just, to follow on to that, I've been of the view that, and correct me if I'm wrong, a person comes in for a dollar amount they need $200 to satisfy short-term cash need to your point, if gold drops 25% per se, so something they got 3 months ago, they get for 160 today for argument's sake.

這很有幫助。接著追問一下：我的看法是——如果我說錯請糾正——一個人進來是為了他需要的金額，例如需要 200 美元來滿足短期現金需求；如果金價例如下跌 25%，那他 3 個月前能借到 200 的東西，今天可能只能借到 160（舉例）。

Do you, would they then pawn another item to kind of make up that $40 or do you think there's some folks that just because gold prices are higher, they're getting a higher loan in excess of what the cash they need, I know it's a pretty loaded question there.

那麼他會不會再典當另一件物品來補足那 40？或者你認為有些人只是因為金價較高，所以借到超過其實際現金需求的更高額貸款？我知道這問題有點複雜。

But yeah, look, are there certain customers that do the second one, of course, they take more money because gold's up. But, my own anecdotal view here is that back to what I said, people have a demand for cash, whether it's to pay a medical bill to fill up their car, that does not depend on the gold price, that is just the fundamental need for cash, and that's what we're there to serve, so look, I know it's a loaded question, I'm sure there are people who are taking more because the gold price is up, but fundamentally speaking, this customer needs cash.

但對，坦白說，確實有某些客戶會屬於第二種情況，當然，因為金價上漲他們就拿更多錢。不過以我個人的經驗來看，回到我剛才說的，人們有現金需求——不論是付醫療帳單或是加油——那並不取決於金價；那就是對現金的基本需求，而我們就是為了滿足這個需求而存在。所以我知道這問題很複雜，我相信確實有人因為金價上漲而多拿一些，但從根本上說，這位客戶就是需要現金。

And that's what we're using all sorts of things, whether it's general merchandise, whether it's gold, whether it's jewelry, diamonds to satisfy that need.

而我們會用各式各樣的物品來滿足這個需求，不論是一般商品、黃金、珠寶、鑽石。

But we know that to satisfy the need for cash.

但我們知道，這都是為了滿足現金需求。

Customers are bringing in less grams than they used to satisfy the same amount of cash, and we know there's a group of customers that is not taking what we're offering.

客戶為了取得同樣金額的現金，帶來的克數比以前更少；而我們也知道，有一群客戶並不接受我們所提供的金額。

So there's definitely a whole group of customers that take just, they're taking below what we're offering.

所以確實有一整群客戶只是拿了、他們拿到的金額低於我們所提供的。

And not taking any higher.

而且不會拿更高的額度。

So, it just, what we would say is that it's, the effect on the gold price is not a, it doesn't, it doesn't affect the average loan size, right?

所以，我們會說的是，黃金價格的影響並不是——它不會影響平均貸款金額，對吧？

So the, if the average loan size was moving with the gold price, it would move very differently.

所以，如果平均貸款金額會隨著金價變動，它的走勢會非常不一樣。

And so I think that's an important part, the only part where the gold price has a big effect and trying to people maximize what they're getting is when they're selling their gold to us, that is where the gold price matters much more.

因此我認為這是很重要的一點；黃金價格真正會產生很大影響、以及人們試圖把自己拿到的金額最大化的唯一情境，是他們把黃金賣給我們的時候——那時金價就重要得多。

And a lot of that gold that we're buying is stuff that is not really sellable in our store.

而且我們買進的很多黃金，其實是在我們店裡不太能賣的東西。

So, like a broken, necklace.

例如斷掉的項鍊。

And so scrapping that, pretty quickly.

所以就很快把它當廢料處理。

So that is, that's where they, the customers trying to maximize.

所以那就是客戶想要最大化的地方。

It's quite a difference when it's a loan product.

當它是貸款產品時，差異就很大。

Right, so that's very helpful, I appreciate the detail there, guys.

對，這很有幫助，我很感謝各位提供這些細節。

On the stuff where your execution matters here like merchandise margin, I think it was the highest, your US merchandise margin since 2022, and I think some the result, blended X SMG looks north of your targeted 35 to 38 range.

在你們執行力會影響結果的部分，例如商品毛利率，我記得這是自 2022 年以來你們美國商品毛利率最高的一次，而且我想某些結果——合併後（blended）不含 SMG 的數字看起來高於你們目標的 35% 到 38% 區間。

Lachlan, I know you guys have been working to get that margin up, any color on what's driving the progress there?

Lachlan，我知道你們一直在努力把毛利率拉高，能否談談是什麼在推動這方面的進展？

Hi, Tim, you want to take a crack at at margin?

嗨，Tim，你要不要來回答一下毛利率的問題？

Yeah, we've,

好啊，我們——

We now Martin, we still expect to be still on a consolidated basis, going in that kind of range, it's definitely, crept up, which is, really nice to see.

我們現在的商品毛利率（merchandise margin），我們仍預期在合併基礎上會落在那個區間內；它確實有些上升，看到這點真的很不錯。

We got better, execution in the store, better at, pricing, are 2 things.

我們在門市端的執行更好、定價也更到位，這是兩個因素。

And obviously there's a little bit of, gold and the change in gold price, affecting that.

當然也有一點點黃金以及金價變動對此造成影響。

But, we're still very happy of where it is, but it will continue to move in that range.

但我們對目前的水準仍然很滿意，不過它會持續在那個區間內波動。

Great, and there's something I could squeeze one last one, em and, how is the pipeline looking today, how is the SMG integration going and, how did it come together in terms of getting that asset wholly owned?

很好，如果我可以再塞最後一個問題，嗯——目前的併購案源（pipeline）看起來如何？SMG 的整合進度如何？以及你們最後是怎麼把那項資產整合成為 100% 持有的？

There's 3 more questions, Brian, but no problem.

Brian，這其實是三個問題，不過沒問題。

There's no worries.

沒事的。

You're you're good at this.

你很擅長這個。

So I want to start with SMG.

所以我想先從 SMG 開始。

So SMG,

所以 SMG——

Yeah, well, it's been a huge couple of quarters, obviously, on the general M&A front.

對，嗯，顯然在整體併購（M&A）方面，這幾個季度非常忙。

We've we've done SMG, we've done 33 stores in Guatemala, we've done a bunch in Mexico, we've done a few little ones in the US, so we've been incredibly active these last 2 quarters on execution, and so M&A for me now has 2 sort of heads, 1 head is integrating these businesses in a really strong, robust way, and the other side of it is we need to do more, so on the ones we've just done.

我們做了 SMG，我們在瓜地馬拉做了 33 家門市，我們在墨西哥做了很多，我們在美國也做了幾個小案子；所以過去兩個季度在執行上我們非常積極。對我來說，現在的併購有兩個面向：一個面向是以非常強而有力、穩健的方式整合這些業務；另一個面向是我們還需要做更多——也就是針對我們剛完成的這些案子。

I think SNG were very excited about.

我想我們對 SNG 感到非常興奮。

I think, it's going to take a year to get them, the big things we need to do is get them onto our point of sale, we need to get them onto work day.

我認為要花一年時間把他們——我們需要做的重點大事，是把他們導入我們的 POS（銷售點）系統，還需要把他們導入 Workday。

So those 2 things are significant pieces of work, and are going on as we speak.

所以這兩件事都是相當重大的工作，而且此刻正在進行中。

I think from an operational perspective, this was a business that was capital constrained and is no longer capital constrained, so we are going through cultural change now where we don't need to rely on scrapping as much to create cash, we are now, doing what Easy Corp does, which is to manage inventory with scrap, but to really concentrate on having our jewelry cases full and making strong margins on selling our jewelry, so there's cultural change going on, I would say this 1st year is all about, getting on our system, getting onto Workday, and some cultural change, but we're incredibly excited that once those things are done, and they're on our system.

我認為從營運角度來看，這是一家過去受資本限制的企業，而現在不再受資本限制；因此我們正在推動文化轉變：我們不需要再那麼依賴把黃金當廢料處理來創造現金；我們現在要做的是 Easy Corp 一貫的做法——用報廢（scrap）來管理庫存，但更專注於讓珠寶展示櫃保持滿檔，並透過銷售珠寶取得強勁的毛利。因此我會說文化轉變正在發生；我認為第一年重點就是導入我們的系統、導入 Workday，以及一些文化轉變。但我們非常興奮，因為一旦這些都完成、而且他們上了我們的系統。

We think this is, we're probably feeling we're going to be ahead of our own expectations as to what this business can do, we're very happy with the leadership there.

我們認為這項業務的表現很可能會超出我們原本的預期；我們對那邊的領導團隊非常滿意。

They've been very open, transparent, and we're working really well together, so I think SMG, and to your question about how it came together, look, these deals, as I always say to the market they take time, you've got to have a willing seller, a willing buyer, and you've got to have a price, and they just sometimes they just to come together and this is excellent, thank you very much guys.

他們非常開放、透明，我們合作得非常順暢。所以我想 SMG——至於你問它是怎麼促成的，坦白說，這些交易就像我一直跟市場說的，需要時間；你必須有願意賣的賣方、願意買的買方，還要有一個價格；有時候就是在某個時點水到渠成。這非常棒，非常感謝各位。

(Operator Instructions) David Sharf, Citizens Capital Markets.

(接線員指示) Citizens Capital Markets 的 David Sharf。

Hey, tell you what, I'm going to follow-up and pile on the (technical difficulty)

嘿，我跟進一下，也再加碼一下(技術問題)

So what I was just ending, sorry, let me just end that. So we're very happy on the SMG side, but in the pipeline to Brian's last question, I think the pipeline, as Tim said in his remarks, remains very robust, in Latin America particularly, I think in the US, as I've said before, we're kind of in the smaller acquisition zone though, now you're going to see ones and two.

所以我剛剛要結尾的部分，抱歉，讓我把那段收一下。所以在 SMG 這邊我們非常滿意；但就 Brian 最後一個問題談到的案源（pipeline），我認為如 Tim 在發言中所說，案源仍然非常強勁，特別是在拉丁美洲。我想在美國，如我之前說過的，我們現在比較是在小型收購的區間，所以你會看到一間、兩間這種規模的案子。

But, I think Latin America is, super interesting, big independent chains and then on top of that, I think what I said in my remarks was that the de novos, they sort of got, get a little forgotten, often, because it's just sort of what we do every day, but I think it's a really strong growth platform for us that, investors and analysts should remember.

不過我認為拉丁美洲非常有意思，有大型的獨立連鎖；此外，我在發言中也提到，de novos（新開店）有時會被稍微忽略，因為那就是我們每天在做的事，但我認為這對我們而言是一個非常強的成長平台，投資人和分析師應該要記得這點。

We've got great opportunity across Latin America for de novos as well.

我們在拉丁美洲的新開店（de novos）也有很好的機會。

So, I think it's, those inorganic opportunities, Brian, are really exciting.

所以我認為，這些非有機（inorganic）的機會，Brian，真的很令人興奮。

David, do you want to go ahead with your question?

David，你要不要開始提問？

Okay, yeah, I wasn't sure if I was alive or not.

好，對，我不確定我是不是還在線上。

Sure, just re real quickly, may maybe just kind of framing the prior questions a little bit differently,

當然，簡單很快地，或許只是把前面那些問題換個方式來框架一下——

When we think about the cash needs versus the collateral value debate on what a consumer is actually going to do when they walk through your door maybe more directly.

當我們更直接地思考：消費者走進你們店裡時，現金需求與抵押品價值之間的取捨，究竟會如何影響他實際的行為。

Do you think PLO growth would be the same?

你認為 PLO 的成長會是一樣的嗎？

The same store PLO growth, with gold prices,

同店 PLO 成長，在金價——

At last year's levels, maybe that's a more direct way of just framing the question.

如果回到去年那個水準？也許這樣更直接地表達這個問題。

Go for it, Tim.

Tim，你來回答吧。

What was, if we do it, you mean literally this time last year?

你的意思是，如果我們用——你是指字面上就是去年這個時候嗎？

Well, just thinking about gold being up 20% or so in a year, just trying to get a sense for once again, this debate about your serving cash needs when somebody walks through the door, are they are just going to ultimately act on what they need, or are they going to assess the collateral value and the potential to borrow more,

嗯，只是想到黃金一年內上漲了大約20%，我想再一次了解一下：關於有人走進店裡時你們滿足其現金需求的這個討論，他們最後是只會依照自己需要的金額來行動，還是會評估抵押品價值以及可能再多借一些的空間。

We know ours.

我們很清楚我們這邊的情況。

Yeah, we know our customers arre very smart.

對，我們知道我們的客戶非常聰明。

They are, for the majority, only taking what they need, because if you're taking a loan,

他們確實如此；大多數情況下，他們只拿自己需要的金額，因為如果你是在借款，

Why are you going to ignore then you feel comfortable paying back if you want that item back.

如果你想把那件物品贖回去，為什麼要忽略你覺得自己能夠安心償還的金額呢？

That would not make any sense, right?

那樣就完全說不通，對吧？

So if you're coming in with something that you want back.

所以如果你帶來的是你想要贖回的東西。

You're only going to take what you need and that you feel comfortable repaying.

你只會拿你需要、而且你覺得自己還得起的金額。

So it's a very important, it's a very different to selling your item where you're trying to maximize it.

所以這非常重要；這跟你把物品賣掉、想把價格最大化，是非常不同的。

Now, obviously, I'd have to really speculate on what customers would do, but from what we can see at the counter, that's how customers act.

當然，我必須要很大程度上去推測客戶會怎麼做，但從我們在櫃檯看到的情況，客戶就是這樣行為的。

So, we would say, if we thought that that was always maximizing we wouldn't have the amount of customers that don't take the maximum, and we would have a much that.

所以我們會說，如果我們認為客戶總是會把金額拉到最大，我們就不會看到那麼多客戶不拿最高額度；而且我們也會看到更多那樣的情況。

Average loan size would increased much more based on the gold price.

平均貸款金額會隨著金價上漲而增加得多得多。

And so those two things tell you that this is not a, this is a demand-led item, not a gold price led in an average loan size.

因此，這兩點告訴你：這不是一個由金價帶動平均貸款金額的項目；這是需求導向的。

Got it, yeah, that's a very important part of the business growth rate.

了解，對，這是業務成長率中非常重要的一部分。

Yeah.

對。

Good.

很好。

Hey, just one follow-up.

嘿，我再追問一個。

I, in terms of the PLO growth in Mexico specifically, I know we're about a good 9, 10 months into this, I think, work, workers stoppage the the strike at the big national, Monte operation, has there been any direct relationship between the work stoppage is there and your foot traffic.

我想就墨西哥的PLO成長而言，我知道我們大概已經進行了9到10個月了；我想是那家大型全國性Monte營運據點的停工、罷工，這件事跟你們的來客量之間是否有任何直接關聯？

I mean, I think there has to have been, right?

我的意思是，我覺得應該多少會有吧，對嗎？

I think, comparatively speaking, we haven't got a whole lot of stores that are very close to theirs, but, I think there is certainly an element of the demand that was in those stores that have come to other pawn shops across the country.

我想相較之下，我們並沒有很多門市離他們非常近；但我認為，原本在那些門市的部分需求，確實有一部分轉移到全國其他當鋪了。

John Hecht, Jefferies.

John Hecht，Jefferies。

Just first one is getting a little bit more on, SMG, just one of like the characteristics of the stores, and the metrics that like, store PLO size versus other geographies, inventory returns, the standard loan size in terms, is it consistent there, or are there differences, and do you guys have objectives to, call it change the metrics over time.

第一個問題是想再多了解一下SMG：例如門市的一些特性與指標，像是門市PLO規模相較其他地區、庫存回收（贖回）率、標準貸款金額等；那邊是否一致，或是存在差異？以及你們是否有目標要隨時間調整這些指標？

Right.

好的。

Morning, John.

早安，John。

Thanks for the question, mate.

謝謝你的提問，老兄。

Yeah, so look, it, it's region by region, so the biggest two markets for SMG are Florida and Puerto Rico.

對，所以你看，這是因地區而異；SMG最大的兩個市場是佛羅里達和波多黎各。

Then there is, a bunch of other countries across the Caribbean where it's much smaller.

接著在加勒比海其他一些國家也有一批門市，但規模小得多。

So I would say generally speaking the metrics, the metrics we are certainly aiming for are similar to what we do.

所以我會說，一般而言，我們確實希望達成的那些指標，與我們自身的做法是相近的。

I think each market is different in Puerto Rico, for example, similar to Mexico where they have the auto business as under the porn regulation there so those stores do particularly well.

我認為每個市場都不同；例如在波多黎各，類似墨西哥，那裡汽車業務也被納入當鋪監管之下，所以那些門市表現特別好。

And then in Florida, it's very similar metrics to what we are certainly looking to do, I think, as I said earlier before, SMG was capital constrained before we bought it.

而在佛羅里達，其指標與我們希望達成的目標非常相似。我想，正如我先前提到的，SMG在我們收購之前受到資本限制。

And so, I think, adding our capital, our operating disciplines, our culture, I think will bring that business much more into line with Easy Corp's metrics, but as I said, it's going to take some time, but the great thing about this business is that across markets and across countries, the metrics are similar, the customer base is similar, our teams are similar, so we can manage this business in a, in quite a focused way.

因此，我認為加入我們的資本、營運紀律與文化，會讓那項業務更貼近Easy Corp的指標；但如我所說，這需要一些時間。不過這個業務很棒的一點是：跨市場、跨國家，指標相似、客群相似、團隊也相似，所以我們可以用相當聚焦的方式來管理這門業務。

And so, as I said earlier, I'm pretty excited about what SMG can do, particularly once on our system and once we've got

所以，如我先前所說，我對SMG能做到的事情感到很興奮，特別是一旦上了我們的系統、而且一旦我們把

Once we've got this culture sort of rolled out.

一旦我們把這套文化算是推行到位之後。

On, John, on slide, 11 in the investor deck.

另外，John，在投資人簡報的第11頁。

We do have some of those, metrics, that we go through.

我們確實有列出其中一些我們會檢視的指標。

The, you'll see that average loan size for SMG is higher than in the US, and most of that is because of the, Puerto Rico and the landing on the vehicles, which does push that average loan size up, compared to, the US.

你會看到SMG的平均貸款金額高於美國本土，而這主要是因為波多黎各以及以車輛作為抵押的放款，這確實會把平均貸款金額拉高，相較於美國本土。

That out, and second question is, the PLO obviously has been very strong, the growth in PLL, and that obviously translates into obviously strong revenue growth too is the mixer revenue, in US and I am, is it consistent with what it was, a year ago it was like 30% less, or are you observing any changes in the types of inventory as things expand.

把這點先放一邊，第二個問題是：PLO顯然一直非常強勁，PLL的成長也很強，這也明顯轉化為強勁的營收成長；那麼在美國的營收組合（mix of revenue）——我記得一年前大概低了30%左右——現在是否仍與當時一致？或者隨著規模擴張，你們是否觀察到庫存類型有所變化？

But on the types of inventory, yeah, we definitely, in the last number of years, we've definitely seen, jewelry continue to increase, and then from a general merchandise perspective, we've definitely seen, the luxury and shoes, continue to increase in the stores, and things like TVs and other large electronics.

就庫存類型而言，是的，過去幾年我們確實看到珠寶持續增加；而從一般商品的角度來看，我們也確實看到奢侈品與鞋類在門市持續增加；像電視和其他大型電子產品則在下降。

They are declining, and so it all mixed based on where, what the customer is after and what the customer has, to bring in its also can be quite different neighborhood to neighborhood.

所以整體組合會依客戶想要什麼、以及客戶手上有什麼可以帶來而變動；而且不同社區之間也可能差異很大。

I, I'd say, John, the biggest change we've seen in in inventory is in Latin America.

我會說，John，我們在庫存方面看到最大的變化是在拉丁美洲。

I think you'll see in the materials that we are now 50% of our PLO is jewelry.

我想你會在資料中看到，我們現在有50%的PLO是珠寶。

And, historically, we were known as the GM lender.

而在過去，我們一直被視為一般商品（GM）放款方。

And I think the last 2 years, at training, led by Blair and a really strong leadership across Latin America has done a phenomenal job in us becoming a very strong jewelry lender too, and I can't remember what the percentage was 3 years ago, but I'd take a guess it was a 30 or 35% jewelry, which is now 50, So I think that that Latin American piece is a big part of the growth story there.

我認為過去兩年，在Blair帶領的訓練，以及拉丁美洲非常強的領導團隊推動下，我們在成為強勢的珠寶放款方這件事上做得非常出色。我不記得三年前的比例是多少，但我猜大概是30%或35%的珠寶，現在已經到50%。所以我認為拉丁美洲這一塊是那邊成長故事的重要部分。

And as Tim said, we, we've got luxury is growing, sneakers are growing, laptops are down, so there's definitely elements of different inventory, but I wouldn't say it's anywhere near as big as the jewelry store.

而如Tim所說，我們看到奢侈品在成長、球鞋在成長、筆電在下降，所以庫存確實有不同品類的變化，但我不會說其影響有珠寶那麼大。

Kyle Joseph, Stevens.

Kyle Joseph，Stevens。

Hey, good morning guys, thanks for taking my questions, since we asked about gold enough, I guess we'll talk about gas prices, obviously been pretty volatile, but, in the US, specifically, how much of an impact are you seeing these days from fluctuations in gas prices?

嗨，各位早安，謝謝回答我的問題。既然黃金已經問得夠多了，我想我們來談談油價；油價顯然一直很波動，但在美國這邊，特別是最近，你們看到汽油價格波動對你們的影響有多大？

Look, thanks Kyle.

你看，謝謝你，Kyle。

Look, we don't have the number.

你看，我們沒有那個數字。

Obviously, this is anecdotal, but clearly that puts pressure on this customer, and I think the volatility increases the demand for cash, and I can't give you a specific number, but it definitely impacts what our customers are doing.

顯然這只是軼事性的觀察，但很明顯這會對這位客戶造成壓力，而我認為波動性會提高對現金的需求。我無法給你一個具體數字，但它確實會影響我們客戶的行為。

Got it, and then, yeah, on FMG, I apologies if I missed this, but I think you're at 108 stores, just, within those markets, do you have a sense for, how many stores that could eventually be, obviously I guess it's some overlap.

了解。然後，嗯，關於 FMG，我如果漏聽了先道歉，但我想你們目前有 108 家門市；在那些市場裡，你們是否大概知道最終可能會有多少家門市？當然我猜會有一些重疊。

Yeah, it's there's, it's an interesting question given the overlap.

是的，考量到重疊，這確實是個有意思的問題。

So what we're doing at the moment is focusing on leadership, how we're going to run this business, is it integrated, is it, who's running what?

所以我們目前在做的是聚焦在領導架構：我們要怎麼經營這個業務？是整合式的嗎？由誰負責什麼？

I think the focus is to get onto the right, onto our system, so I think that is step one.

我認為重點是先把它導入到我們的系統上，所以我覺得那是第一步。

And then we're going to assess which of these markets, Puerto Rico looks to be a very attractive market, there's markets in the Caribbean, so I think we're sort of in the process now of assessing that.

接著我們會評估哪些市場值得投入。波多黎各看起來是非常有吸引力的市場，還有加勒比海的一些市場，所以我想我們現在正處於評估的過程中。

But given it's a 100% owned, that'll be, that'll just be part of our de novo program going forward.

但因為這是 100% 持股的，未來就會納入我們的 de novo（新開店）計畫的一部分。

Got it, and then, last one for me, on the Latin American PLO growth, obviously really strong, what, what's driving that, how sustainable is it just a function of higher inflation down there, or is it kind of influenced by inventory mix as well?

了解。最後一題，關於拉丁美洲 PLO 的成長，顯然非常強勁；是什麼在驅動？可持續性如何？只是因為那邊通膨較高的因素，還是也受到庫存組合的影響？

I think, I want to give that team the credit they deserve.

我想我得把該給的功勞給那個團隊。

It's just, it's been phenomenal execution down there.

他們在那邊的執行真的非常出色。

I think part of it is our teams to be much better lenders on jewelry.

我認為其中一部分是我們的團隊在珠寶放款方面變成更好的放款人。

As I said before, people would come in with phones and electronics and tools, that was what we were known for, and we've just had this very deliberate execution program for the last few years where jewelry has become a much better part of what we do.

如我之前說的，以前人們會拿手機、電子產品和工具進來，那是我們的招牌；而過去幾年我們有一個非常刻意的執行計畫，讓珠寶成為我們業務中更重要、也做得更好的部分。

And so, I think that's been, that's been really helpful on the PLO side.

所以我認為這對 PLO 端確實很有幫助。

So look, I think the macro, absolutely.

所以你看，我認為總體環境當然有影響。

Thing, things are tough for our customers out there.

我們在那邊的客戶日子確實不好過。

So it's, the macro has been supportive, but I think the Latin American story is much more about what we've done from an execution and leadership perspective, than, what the macro is doing.

所以總體環境是有利的，但我認為拉丁美洲的故事更多是關於我們在執行與領導層面做了什麼，而不是總體環境在做什麼。

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

Hi, good morning, thanks for taking my, questions, got two quick follow-ups.

嗨，早安，謝謝讓我提問。我有兩個很快的追問。

So first, Tim, it was helpful, you provided, kind of a lot of commentary in terms of how to think about seasonality, and I think there's a seasonal component to lat them and maybe the US is okay and then there's also kind of what's happening with jewelry scrap.

第一個，Tim，你提供了不少關於如何看待季節性的評論，這很有幫助。我認為拉丁美洲可能有季節性因素，美國可能還好；另外也有一些關於珠寶報廢（scrap）的情況。

If you kind of put it all together in a consolidated basis if you could help us think about like should we be thinking about the EBITA or EPS kind of slowing down on the quarter to quarter basis, because underlying, like it does seem, US andlat are doing really strong, so I just want to understand, be just from a near term perspective, how all of those things shake out.

如果把這些放在一起、以合併口徑來看，你能否幫我們思考：我們是否應該預期 EBITA 或 EPS 在季度對季度的基礎上會放緩？因為從基本面看，美國和拉丁美洲似乎都表現很強，所以我想了解就短期而言，這些因素會如何反映出來。

Thank you.

謝謝。

Thank you.

謝謝。

Yeah, the biggest, obviously we don't provide guidance on those numbers, but, as we've said, you can see that, s, gross profit had a big effect on quarter 2 and less of effect on quarter 3, from a g a growth perspective but what did say on the call is that scrap margin is, assuming gold price stays.

是的，最大的因素是——顯然我們不對那些數字提供指引——但如我們所說，你可以看到，報廢（scrap）毛利對第二季影響很大，而從成長角度看對第三季的影響較小。不過我們在電話會議上提到的是：在金價維持的前提下，報廢毛利率

Is relatively stable, it will start coming down to that 1,520 to 20% range, that we've had it in, while gold was stable and so that normalization will mean that there is less growth year over year, when you're including scrap.

相對穩定，將開始回落到我們在金價穩定時所處的 15% 到 20% 區間。因此這種正常化意味著，當你把報廢納入時，年對年的成長會變少。

But obviously, excluding scrap is probably a better way to look at the underlying long-term, performance of the business.

但顯然，排除報廢可能是更好的方式來看這項業務的長期基本面表現。

I think that's, Vince, that's the key, thanks for the question.

我想就是這樣，Vince，這是重點，謝謝你的問題。

I think that's the key thing that we are trying as a team to show the market, and you guys, the analysts, is that, we don't get credit anyway for scrapping in the market, so I think this business should be looked at on a core basis, and when you look at the core business, as Tim's done a really good job of outlining in the deck, this is growing really strongly, lending is strong, sales are strong, margins improving.

我認為這正是我們團隊想向市場、以及你們分析師呈現的關鍵：市場其實也不會因為我們做報廢而給我們估值上的加分，所以我認為這個業務應該以核心口徑來看。當你看核心業務時——Tim 在簡報裡已經很清楚地勾勒——成長非常強勁，放款強、銷售強、毛利率在改善。

We're doing M&A in multiple markets, we're building a lot of new stores.

我們在多個市場進行併購（M&A），也在開很多新店。

We've got a very liquid balance sheet, and scrapping, look, scrapping goes up and down by the quarter.

我們的資產負債表流動性非常充裕，而報廢這件事，你看，報廢會隨季度上下波動。

We don't get credit for it, which is okay, but from a multiple and an earnings perspective, but it shows what the business can really do, and it provides great cash flow so we can redeploy that into either paying down debt or building denovos or doing M&A.

我們不會因為它在估值倍數與獲利角度得到加分，這也沒關係；但它能展現這個業務真正能做到什麼，並且帶來很好的現金流，讓我們可以再部署到償還債務、開 de novo（新開店），或做併購（M&A）。

So I think, when you look at it including scrap which I don't think many people do, yes, the earnings, the earnings come down because of scrap, but I think what's best to speak about and to look at to assess the real value of this business and the platform is the core operating metrics that we're putting out, and they're very strong.

所以我認為，如果你把報廢納入（我不覺得很多人會這樣看），是的，獲利會因為報廢而下來；但我認為要談、也要用來評估這個業務與平台真正價值的，最好是我們所揭露的核心營運指標，而那些指標非常強。

Okay, great, that's super helpful, thank you, and, I guess to follow-up on that, of course, we've been getting a lot of these questions and, a lot of discussion already on gold prices, but,

好的，很好，這非常有幫助，謝謝。然後，我想再追問一下：當然，我們收到很多這類問題，也已經有很多關於金價的討論，但是，

My, I guess understanding is, your underwriting of the business, the way, you deal with jewelry or any inventory as you're pricing the business, at a discount, you're evaluating the customer's propensity to.

我的理解是，你們在承作（underwriting）這門生意時，無論是處理珠寶或任何庫存，在定價時都會打折；你們會評估客戶的償還意願，

To pay back or if you have to put the item on retail, and so it seems like the greatest maybe focus is if you, if the agent inventory number goes up, down, and it sounds to me that number has been doing really well, so regardless of where gold or, inflation or other prices go as long as you're able to turn over the inventory quickly.

以及如果必須把物品放到零售端出售的情況。所以看起來最大的關注點可能在於：如果庫存周轉天數上升或下降；而聽起來那個數字表現一直很好，所以不管金價、通膨或其他價格怎麼走，只要你們能快速周轉庫存就行。

Yeah I think that's absolutely sort of the age old pawnbrokers's objective, right?

是的，我認為那完全就是典當業者自古以來的目標，對吧？

We've got to be really strong at the lending counter, but then you gotta make sure you're turning that inventory.

我們必須在放款櫃檯端做得非常強，但接著你也得確保庫存周轉得動。

So, look, aged aged, I I never like to lead with aged, because, it leads to poor operating practice, but because it's very small dollars.

所以，你看，關於庫存老化（aged），我從來不喜歡把老化當作主要指標來講，因為那會導致不良的營運作法，但因為金額其實很小。

Our aged inventory is, it's less than $5 million you could write it off today and have very little impact, but it's

我們的老化庫存不到 500 萬美元，你今天就算把它全部沖銷，影響也非常小，但它是

You're right, turns are very important to this business, and so, from an operating perspective, we are improving incentives and improving training and just to make sure that that remains robust.

你說得對，周轉率對這門生意非常重要，因此從營運角度來看，我們正在改善激勵機制並加強訓練，以確保這一點能持續穩健。

You can also impact turns pretty easily by scrapping.

你也可以透過報廢很容易地影響周轉率。

So, to someone who's not as experienced at looking at these numbers, oh look, turns are flat, well, you could easily increase your terms by scrapping, we don't want to do that, we want to make sure that our jewelry cases are full, that customers get a great experience, and we can sell the jewelry at a high margin.

所以，對於不太有經驗、沒那麼熟悉看這些數字的人來說，會覺得「喔，看，周轉率持平」，但其實你可以很容易透過報廢來提高周轉率；我們不想這麼做。我們希望確保珠寶展示櫃是滿的，讓顧客有很好的體驗，並且能以高毛利賣出珠寶。

But yeah, turns absolutely very critical part of this story.

不過沒錯，周轉率絕對是這個故事中非常關鍵的一部分。

The, on the numbers there, like AIGM in the US at 1.9% is $0.7 million of inventory, but we're not talking, these dollars are not big, so just keep in mind the size.

至於那邊的數字，例如美國的 AIGM 為 1.9% 相當於 70 萬美元的庫存，但我們談的金額其實不大，所以請記得規模。

And, obviously, jewelry is, different, cause they can easily be scrapped.

而且，很明顯地，珠寶是不同的，因為它們很容易被報廢。

So, but, and so age general merchandise is the only thing you really need to be worrying about.

所以，總之，你真正需要擔心的只有「庫齡一般商品」。

Right, so we're not really taking a, view of what gold prices were a year ago because that inventory would already pretty much be gone at this point if I think about it correctly.

對，所以我們其實不太會去看一年前的金價，因為如果我理解正確的話，那批庫存到這個時間點基本上已經差不多都處理掉了。

Correct, it's generally, the jewelry is generally scrapped at around that 12-month mark, that's correct.

沒錯，一般來說，珠寶大約在 12 個月左右就會被報廢處理，這是正確的。

Eric Wold, Texas Capital Securities.

Eric Wold，Texas Capital Securities。

Thanks, good morning, thanks for taking my questions, a couple of follow-ups on some of the topics before I'll say off gold prices, but, there was a question kind of around, gas prices, and kind of what you're saying, you made the comment that, the increase in average loan size really being driven by demand, and the need for kind of, additional liquidity and short-term cash needs, maybe dive into that a little bit better, kind of what are you seeing for the consumers on a kind of a more micro level in terms of coming in and seeking loans in terms of repeat visitation trends where you can track from those consumers, payoff for insurances, anything that kind of gives, maybe cover of the roundabout view of, new consumer health, in this environment right now versus maybe, a few quarters ago.

謝謝，早安，謝謝回答我的問題。我想就前面幾個主題追問幾點，之後我會再談金價。不過先前有個問題大概是關於油價，以及你剛才提到的內容：你評論說平均貸款金額的上升主要是由需求驅動，反映出需要額外流動性與短期現金需求。能否再更深入說明一下？從更微觀的層面來看，你們看到消費者在進店尋求貸款方面有哪些現象？例如可追蹤的重複到訪趨勢、用於支付保險的清償情況，或任何能讓我們從側面了解在目前環境下新客戶健康狀況、相較於幾個季度前的指標。

Yeah, thank you for the question.

好的，謝謝你的問題。

Look, I think you start with pLO growth, right?

你看，我認為可以先從 pLO 成長開始，對吧？

You can just see, it is very strong, which means demand for our core line products is increasing significantly.

你可以看到它非常強勁，這表示我們核心放款產品的需求正在顯著增加。

So, I think our customer is under pressure and there is a need for cash.

所以我認為我們的客戶正承受壓力，確實有現金需求。

It's across, sorry, everything from GM to jewelry.

這涵蓋了——抱歉——從一般商品到珠寶的所有品類。

And in terms of forfeitures, I think over a pretty long period of time, that's been pretty stable, we don't really see big changes in our forfeitures.

至於沒收率（forfeitures），我想在相當長的一段時間裡都很穩定，我們沒有看到沒收率出現大的變化。

As Tim mentioned earlier, we're seeing increased, activity in customers selling us gold.

如 Tim 先前提到的，我們看到客戶把黃金賣給我們的活動增加。

But, I think the the the the metrics around forfeitures to your question has remained pretty stable.

但是，我認為就你問到的沒收率相關指標而言，仍然相當穩定。

I think then you look at sales, and you take a different view is they also robust and, particularly in Latin America, we're seeing super strong sales growth.

接著你再看銷售，從另一個角度來看也同樣強勁，尤其是在拉丁美洲，我們看到非常強的銷售成長。

So, when you think about the customer being under pressure, and you look at the sales and you say, well, that looks quite strong.

所以當你想到客戶承受壓力，同時又看到銷售表現，會覺得「嗯，看起來相當強」。

So I think, it's a mixed bag, but the good news for us is that both sides of our business, and as I said earlier again, it is a mix of some macro tailwind, but I think much more importantly is is what we're doing, at the team level, we're just getting much better at lending, we're better at pricing the inventory, we're better at using digital initiative marketing, AI, around the core of what we do to help satisfy this growing need for cash from our customers.

因此我認為這是好壞參半；但對我們而言的好消息是，我們業務的兩端——如我先前再次提到——確實有一些總體環境的順風，但更重要的是我們團隊層面正在做的事：我們在放款方面變得更擅長、在庫存定價上更好，也更善於運用數位行銷、AI 等措施，圍繞我們的核心能力，來滿足客戶日益增加的現金需求。

I think the important thing there is that we, we're lending at, 40 to 65% of what we think the value is but we're assessing that on a regular basis.

我認為這裡重要的一點是：我們放款金額大約是我們認為價值的 40% 到 65%，而且我們會定期重新評估。

And so if we see, say, for example, which we've seen with laptops, is no one wants to buy a laptop anymore, and those prices continue to decrease, we're going to be lending on the low end of those loan to values,

因此如果我們看到——例如我們在筆電上看到的情況——就是沒有人想再買筆電了，而那些價格持續下滑，我們就會以較低的貸款成數（loan-to-value）來放款，

Because we want to make sure that we can sell and so the forfeitures are really in line with our pricing, and that's why they became, pretty consistent through, all economic cycles.

因為我們要確保能賣得出去；所以沒收率其實與我們的定價高度一致，這也是為什麼它在各種經濟循環中都能維持相當一致。

Got it, and then just the \ follow-up question on the acquisition pipeline.

了解，那再追問一個關於併購管線的問題。

There's a question obviously about SMG and that kind of just coming together timing wise to go to 100%, what you could have seen in the current pipeline, maybe what's been completed and what's in discussion in terms of, the length of discussion cycles.

顯然有個問題是關於 SMG，以及它在時程上如何整合、走到 100% 持股；就目前的管線而言，你們可能看到了什麼？哪些已完成、哪些仍在討論中？以及就討論週期的長度來看，

We're set days of sellers, evaluations, kind of what are you seeing in that versus kind of what you would expect at this point in the cycle.

賣方的設定預期、估值等方面，你們看到的情況與你在這個週期此時點原本會期待的相比如何？

Look, I think it's funny, this industry, the truth of the matter is that these things have a very long cycle, this M&A, I can tell you I've been close to acquisitions for 10 years, and then others for 3 months, they just want to get going.

你看，我覺得很有趣，這個產業的事實是：這些事情的週期非常長，這些併購。我可以告訴你，我曾經跟進某些收購案長達 10 年，也有些只花 3 個月，對方就想趕快推進。

So it's, that one is really is a mixed bag, just the length of time it gets, it takes to do these sorts of transactions, you've got to remember there's, it's not really private equity that we're dealing with or institutional investors we're dealing with, these are usually family-owned businesses and this person personalities and generational change and that kind of stuff.

所以這方面確實是好壞參半；完成這類交易所需的時間長短不一。你得記得，我們打交道的通常不是私募股權或機構投資人；這些多半是家族企業，牽涉到個人性格、世代交替之類的因素。

But there's no real difference in, I've been doing this a long time now, on the M&A side, and I think it's, there's no real change in how that works from a multiple perspective, I think they're pretty consistent where you, you got to be careful is, is what scrapping has done.

但整體而言，我做併購這一塊很久了，我認為從倍數的角度來看，運作方式沒有真正的差異；我覺得它們相當一致。你需要小心的是報廢（scrapping）所造成的影響。

So, look, I think that the pipeline itself, particularly in Latin America, is super strong, you've got very large independent chains down there.

所以，你看，我認為管線本身——尤其在拉丁美洲——非常強勁，那邊有非常大型的獨立連鎖業者。

So we're pretty excited, about that pipeline and as I said earlier, the US, I think the US is much more now a small kind of conveyor belt, almost, for want of a better word, of just doing smaller acquisitions and targeted around the markets in which we've got really strong teams.

所以我們對那條管線相當興奮；而如我先前所說，美國方面我認為現在更像是一條較小的「輸送帶」（姑且這麼說），主要是做較小型的收購，並且鎖定在我們擁有非常強團隊的市場。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

Thank you for your participation in today's conference.

感謝各位參與今天的電話會議。

This does conclude the program, you may now disconnect.

本次會議到此結束，您現在可以斷線。