EZCORP, Inc. (NASDAQ:EZPW) Q1 2023 Earnings Conference Call February 2, 2023 9:00 AM ET

Company Participants

Jean Marie Young - Investor Relations, Freeport's Advisors

Lachlan Given - Chief Executive Officer

Tim Jugmans - Chief Financial Officer

Conference Call Participants

Brian Nagel - Oppenheimer

John Hecht - Jefferies

Brian McNamara - Canaccord Genuity

Alexander Villalobos - Jefferies

Operator

Good morning, ladies and gentlemen. Welcome to the EZCORP First Quarter Fiscal 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call may be recorded.

I'd now like to turn the conference over to Jane Marine Young, Investor Relations with Freeport's Advisors. Please go ahead, Jane.

Jean Marie 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 continues to consistently execute on the three-year strategic plan put in place at the end of fiscal 2020. We began fiscal 2023 with an excellent first quarter. I want to thank our passionate, engaged and highly productive team members for their continued focus on operational excellence, which continues to drive our very strong financial results.

Pawn loans outstanding, the key driver of our business, was $208.6 million at quarter-end, an 18% year-over-year increase and our highest ever result for Q1, and merchandise sales were up 14% to $161.9 million, a highest ever quarterly sales result.