EZCORP, Inc. (NASDAQ:EZPW) Q2 2022 Earnings Conference Call May 5, 2022 8:00 AM ET
Company Participants
Jean Marie Young - IR, Three Part Advisors
Lachlan Given - CEO
Tim Jugmans - CFO
Conference Call Participants
John Hecht - Jefferies
Marla Backer - Sidoti
Operator
Good morning, ladies and gentlemen. Welcome to the EZCORP Second Quarter Fiscal 2022 Earnings Call. [Operator Instructions] As a reminder, this call may be recorded.
I'd now like to turn the conference over to Jean Marie, Investor Relations with Three Part Advisors. Please go ahead, Jean.
Jean Marie Young
Thank you and good morning, everyone. During our prepared remarks, we'll 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 and other factors that are discussed in our annual, quarterly and other reports filed with the Securities and Exchange Commissions.
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.
Attending us on the call today is EZCORP's Chief Executive Officer, Lachlan Given and Tim Jugmans, Chief Financial Officer.
Now I would like to turn the call over to Lachlan Given. Lachlan?
Lachlan 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 very strong quarter of financial results. Pawn loans outstanding a key driver of our business increased 38% year-over-year and at its highest level ever for the second quarter.
On a consolidated [balance sheet basis]. It has been within 4% of pre-pandemic levels. Building on an excellent [third] quarter, EBITDA was up 61% for the second quarter. We delivered very strong net income and $16.6 million up 75% on last year. I'm also pleased to announce that the board of directors has approved a share buyback program of up to $50 million to be executed over the next three years. We have a robust and liquid balance sheet and confident in our ability to continue to generate strong cash flow. We have the capacity to return cash to shareholders by buying back shares at what we believe in the attractive valuation while continuing to grow the business into significant scale.