EZCORP, Inc. (NASDAQ:EZPW) Q1 2024 Earnings Conference Call February 1, 2024 9:00 AM ET
Company Participants
Jean Marie Young - IR, Three Part Advisors
Lachlan Given - CEO
Timothy Jugmans - CFO
Conference Call Participants
Ibrahim Kargbo - Jefferies
Madison Callinan - Canaccord Genuity
Operator
Good morning, ladies and gentlemen. Welcome to the EZCORP First Fiscal Quarter 2024 Earnings Call. [Operator Instructions] 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 Advisers. 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, 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. We began fiscal 2024 with an outstanding quarter. Total revenue of $293 million was the highest in the company's history. Our PLO continues to grow, with our highest first quarter PLO ever. Bottom line net income also grew very strongly to $28 million, up 30% on Q1 2023.
Beginning on Slide 3. We are a global leader in pawn broking and preowned and recycled retail. We operate 1,237 stores in the U.S. and Latin America, having added another 6 stores this quarter. The macroeconomic environment continues to be a challenge for our customer base, with inflationary pressure increasing the demand for pawn as consumers seek cash to satisfy their short-term needs. In addition, consumers seek value by purchasing preowned merchandise and jewelry, which also represents a more environmentally responsible way to shop. We strive to provide an industry-leading experience to our customers through continuous innovation.