EZCORP, Inc. (NASDAQ:EZPW) Q2 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Jean Marie Young - IR, Three Part Advisors
Lachlan Given - Chief Executive Officer
Tim Jugmans - Chief Financial Officer

Conference Call Participants

John Hecht - Jefferies
Brian McNamara - Canaccord Genuity

Operator

Good morning, ladies and gentlemen. Welcome to the EZCORP Second Fiscal Quarter 2024 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 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, 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, Lachy Given and Tim Jugmans, Chief Financial Officer.

Now I'd like to turn the call over to Lachy Given. Lachy?

Lachlan Given

Thanks, Jean and good morning, everyone. For the second quarter of fiscal 2024, EZCORP has produced another very strong set of operating and financial results for our shareholders. Total revenue of $280 million was up 8% and PLO of $232 million was up 13%. Both were the highest for the second quarter in the company's history. From a bottom line perspective, adjusted net income was up 21%.

Beginning on Slide 3, we are a global leader in pawnbroking in pre-owned and recycled retail. We operate 1246 stores in the U.S. and Latin America, having added another nine stores this quarter. The macroeconomic environment remains challenging for our customer base. With rising living costs, economic uncertainty and less availability of consumer credit, customers are increasingly using pawnbroking services to satisfy their short-term cash needs.