EZCORP, Inc. (NASDAQ:EZPW) Q4 2023 Earnings Conference Call November 16, 2023 9:00 AM ET

Company Participants

Jean Marie Young - IR, Three Part Advisors

Lachlan Given - CEO

Timothy Jugmans - CFO

Conference Call Participants

Brian McNamara - Canaccord Genuity

Operator

Good morning ladies and gentlemen and welcome to EZCORP's Fourth Quarter and Full Year 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 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 effects 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 on our strategic plan has again yielded very strong operating and financial results for our stakeholders.

As we conclude the current fiscal year and three-year strategic plan announced in November 2020, we will today begin with a review of our fourth quarter performance, and then we'll move to an overview of the strategic goals we set three years ago and the associated accomplishments that have been achieved in that time.

At the end of Q4, pawn loans outstanding, the key driver of our business, hit a record $250 million, the highest level in EZCORP history. Total Q4 revenue hit a record $261.4 million, driven by higher PSC and sales volumes across all of our regions. Merchandise sales gross margins remained within our targeted range of 36%, with strong inventory turns at 2.7 times.