EZCORP, Inc.

Good morning, ladies and gentlemen. Welcome to the EC Corp. Third Quarter Fiscal 2025 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 Sean Mansoury, the company's investor relations advisor with Elevate IR. Please go ahead, Sean.

Thank you and good morning, everyone. During our prepared remarks, we will refer to slides which are available for viewing or download from our website at .easycorp.com. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, contain certain forelooking 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 EZ Corp's Chief Executive Officer, Lockheed Given, and Tim Jugmans, Chief Financial Officer. Now I'd like to turn the call over to Lockheed Given. Lockheed.

Thanks, and good morning, everyone. This quarter showcased the continued strong financial and operating momentum across the business, disciplined execution by our team, and the growing operating leverage in our platform, which drove exceptional earnings growth for our shareholders. We delivered record third quarter revenue of $319.9 million, up 14% year over year, and an all-time high PLO of $293.2 million, reflecting sustained demand for immediate cash and affordable pre-owned merchandise across our geographies. Earnings for the quarter were up significantly. Adjusted EBITDA rose 42% to $45.2 million, and diluted EPS increased 38% to 33 cents, driven by operating leverage embedded in our model. As we scale, we're capturing more margin and deeper customer engagement across both new and existing markets. Turning to slide three, EZcorp now operates 1,336 pawn stores across the United States and Latin America, including 604 in Mexico. We remain a global leader in short-term collateralized lending and pre-owned retail. Persistent inflation and tighter access to credit continue to drive customers towards pawn as a trusted and transparent alternative for instant cash. Our value proposition is fast and accessible, with no credit checks, no collections, and no long-term obligations. This ongoing demand is translating into strong lending activity and deeper customer engagement across the business. Our 8,000 plus team members' commitment to customer service and innovation allows us to scale with discipline, remain highly engaged with the customer, and deliver valuable financial solutions when people need them most. Moving on to slide four, this was a meaningful quarter for both expansion of our store footprint and earning asset base, a clear demonstration of how we're deploying capital to grow the business in ways that support long-term earnings growth. During the quarter, we acquired 40 stores under the Monta Providencia and two Impeño Infectivo brands across 13 Mexico states. The business offers traditional pawn loans as well as auto pawn transactions, some of which are through standalone auto pawn stores. These stores not only expand our geographic footprint, they also meaningfully broaden our addressable market through secured auto lending. Auto pawn is a growing category of collateral in Mexico, with higher ticket sizes and stronger appeal to customers who may not qualify for traditional credit. It also allows us to reach a broader demographic and participate in a segment where we've historically been under-penetrated. In the US, we added three new stores, including a MaxPawn luxury format location in Miami Beach and open 10 de novo locations across Latin America, focusing on Mexico, Guatemala, and El Salvador. All of this helped drive earning assets to $520 million, including a record PLO of $293.2 million, up 12% year over year. We saw continued strength in same-store lending and rising average loan sizes, particularly given increased jewelry volume. The PLO to inventory ratio also remains healthy at 1.3 times. We ended the quarter with $472.1 million in cash, down from $505.2 million last quarter, reflecting capital deployed into store acquisitions and growth and earning assets, partially offset by strong operating cash flow. In the three-month period ending July 31, we repurchased $3 million worth of shares. In July, we also provided an additional $3 million from secured loan to Founders One, a growth platform through which we invest in Simple Management Group, which currently operates 99 pawn stores. The acquisition pipeline remains robust, and we believe that with our highly liquid balance sheet, we can continue to deploy capital opportunistically to significantly scale the platform for our shareholders. Turning to slide five, although you can only see the past four quarters of performance here, it's worth noting that we've delivered more than two years of consecutive growth across all four of our key performance metrics, revenue, PLO, adjusted EBITDA, and adjusted capital. We've also delivered a new adjusted EPS, a testament to the durability of our model and the execution across our store network. Additionally, our earnings growth has accelerated for three quarters in a row, further demonstrating the momentum in our business. Total revenue increased 14% year over year to $319.9 million driven by growth in PFC, merchandise sales, and a significant increase in scrap. Merchandise sales grew 10%, with same store sales up 9%, supported by strong customer demand and effective retail execution. Growth profit rose 13% to $188.4 million in line with revenue growth. EBITDA increased 42% to $45.2 million, with EBITDA margin expanding 280 basis points to 14.1%, and adjusted EPS rose 38% to 33%. It's worth noting that EBITDA margin has now expanded five quarters in a row on a year over year basis. These results reflect the operating leverage we're capturing as we scale, both in terms of loan demand and retail productivity. Slide six provides a closer look at our consolidated revenue and gross profit performance for the quarter. In Q3, total revenue grew 14% for $319.9 million, and gross profit increased 13% to $188.4 million, supported by growth across all major revenue streams. As always, our focus is on driving both gross profit dollars and margins, whether from PFC, merchandise sales, or scrap. PFC increased 10% year over year to $17.2 million and remains our most consistent and high margin earnings engine. Merchandise and sales gross profit rose 19% to $70.2 million, reflecting both higher gold prices and improved execution at the counter. Growth margin held steady at 59% even as we scaled, a reflection of the consistency embedded in our model. While PLO increased 12% year over year, inventory grew at a faster pace of 32%, driven by greater purchasing activity this quarter, higher layaways, as well as lower inventory turns. It's worth noting that outright purchases generally yield higher margins than porn-sourced goods. From a mixed perspective, US porn continues to drive the majority of our business, contributing 69% of revenue and 71% of gross profit this quarter. As we continue to grow in Latin America, we're applying the same operating model that's delivered consistent results in the US, from pricing and inventory systems to training and in-store execution. The opportunity ahead is clear, to improve performance, strengthen unit economics, and drive higher margin contribution as the platform scales. Turning to slide seven, our business strategy highlights for the quarter. We continue to strengthen our core porn operations while advancing the initiatives that position us for long-term growth across customer experience, digital engagement, and field execution. Our easyPlots Rewards program continued to grow as we added 300,000 new members during the third quarter, reaching 6.5 million globally, and accounting for over 70% of our known customer transactions in Q3. Website traffic grew 9%, the 1.9 million visits, supported by continued improvements in our SEO programs. We also saw increased digital traction with $30 million in US online payments. In Mexico, 20% of layaways and extensions were completed digitally, more than double from this time last year. Our view online purchasing store experience now covers nearly 80% of US stores, making our inventory more accessible and convenient to browse. We also began testing InstantQuotes, a new tool that gives customers a preliminary loan estimate before visiting the store. While still early, we believe it is the potential to drive stronger conversion and improve in-store efficiency. MaxPorn e-commerce platform sales increased 28%, reflecting sustained demand for affordable luxuries, and reinforcing our position in the high-quality resale category. From a team perspective, we completed the FY25 team member engagement survey during the quarter with 89% participation and an engagement score of 85, both well above industry benchmarks. This speaks to our unique culture of pride to work at EasyCorp, serving our customers with passion and respect and genuine alignment to our company-wide mantra of people, porn and passion. Having a highly engaged, tenured workforce is a unique competitive advantage for EasyCorp and continues to be a strong focus for our leadership team. Our strategy remains focused on investing in the platform, empowering our people, and delivering consistent, high-quality service at scale. With that, I'll hand over the call over to Tim Jugmans, our CFO, who will provide a deeper look at our financial results. Tim?