EZCORP, Inc. (NASDAQ:EZPW) Q2 2023 Earnings Conference Call May 4, 2023 9:00 AM ET

Company Participants

Jean Young - Three Part Advisors

Lachlan Given - CEO, Director & Chief Strategy, M&A and Funding Officer

Timothy Jugmans - CFO

Conference Call Participants

William Dossett - Oppenheimer

Brian McNamara - Canaccord Genuity

John Hecht - Jefferies

Operator

Good morning, ladies and gentlemen. Welcome to the EZCORP Second Quarter Fiscal 2023 Earnings Call. [Operator Instructions]. As a reminder, this call may be recorded. I'd now like to turn the conference over to Jean Young, Investor Relations with Three Part Advisors, . Please go ahead, Jean.

Jean Young

Thank you, and good morning, everyone. During our prepared remarks, we will be referring to slides, which are available for viewing or download from our website at investors.ezcorp.com. Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods. 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.

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

Lachlan Given

Thanks, Jean , and good morning, everyone. Our team's consistent execution of our strategic plan has again yielded strong financial results with record second quarter pawn loans outstanding and merchandise sales. PLO is the key driver of our business was up 17%, $202.9 million, and merchandise sales were up 12%, 8% on a same-store basis.

The macroeconomic environment continues to support increased core demand for our products and services, including providing environmentally conscious consumers with a more sustainable way to shop. Our team's relentless commitment to serving our customers with passion and respect and to excel operationally in all that we do continues to drive our strong operating and financial results.

Beginning on Slide 3. We are a global leader in pawnbroking and pre-owned and recycled retail. We operate 1,199 stores in the U.S. and Latin America with strategic investments in adjacent businesses, expanding our geographic footprint worldwide. The macroeconomic environment continues to be a challenge for our customer base with inflationary pressures and economic uncertainty driving increased demand perform. Consumers are seeking value for money and environmentally responsible alternatives, driving increased demand for secondhand goods. We strive to be the best, most convenient experience for our customers through continuous innovation, while positively impacting the environment and the communities in which we serve.