EZCORP, Inc. (NASDAQ:EZPW) Q3 2022 Results Conference Call August 4, 2022 8:00 AM ET
Company Participants
Jean Marie Young - IR, Three Part Advisors
Lachie Given - CEO
Tim Jugmans - CFO
Conference Call Participants
Sagiv Hartmayer - Jefferies
Marla Backer - Sidoti
Operator
Good morning, ladies and gentlemen. Welcome to the EZCorp Third Quarter Fiscal 2022 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 Jean Marie Young, Investor Relations with Three Part Advisors. Please go ahead, Jean.
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?
Lachie Given
Thanks, Jean, and good morning, everyone. Our team continues to consistently execute on the strategic plan we announced to the market at the end of fiscal 2020, evidenced by another outstanding quarter of financial results. I'd like to acknowledge and thank our team of 6,800 staff for their tireless efforts in serving our customers in such a passionate, respectful and responsible way, and for delivering another very strong quarter of results from our shareholders.
Pawn loans outstanding, the key driver of our business, is at its highest level ever. On a consolidated same-store basis, it has surpassed pre-pandemic levels by 5%. Merchandise sales gross profit margin was 38% at the high end of our range, even while we were able to decrease aged general merchandise to less than 1% of total GM inventory. Adjusted EBITDA was up 100% versus the same quarter last year, and net income is 3x where it was at this time last year on a year-to-date basis.