All for attending our 46th Annual Growth Conference. I am Brian McNamara, one of Canaccord's analysts in the consumer space, and we are delighted to have EZCORP here and a host Chief Financial Officer Tim Jugmans. Tim, thanks so much for joining us. The company reported another impressive quarter last week. Can you give us a high-level overview of the company and the industry as a whole and why growth has been so strong over the last few years? Thanks, Brian, for having us. Really appreciate the time, and the one-on-ones have been great so far today. Yes, another record quarter for us reporting last week. We continue to grow strength to strength. I think our adjusted EBITDA was up 48% and adjusted EPS was up 47%. The macro continues to help us along the way. We have consumers. The K-shaped economy continue to help us along the way. But a lot of it is what we are doing as a management team. We are getting better at pricing. We are getting better at executing our new stores that we are building in de novos continue to come online at stronger rates, with more stores being built every single year. Generally, we are building about 30 stores a year now. We are building about 40. Lachie talked on the call about even building more for next year. We match that with very disciplined M&A. We have obviously recently purchased SMG, which I am sure we are going to talk about a little bit later, which over 100 stores in a number of countries. That is coming online as well. All these things are really bringing great momentum on the earnings front. Your core customer is low-income, unbanked, underbanked consumers. Have you seen any notable changes in customer mix, including middle and higher income customers maybe trading down? How might that influence merchandise or lending trends? From a customer perspective, obviously we're not collecting much data on it. But it really is a customer that wants to deal with a short-term cash need. It really doesn't matter if they banked or underbanked or high income or low income. We see all the entire spectrum coming to our store. It's a very easy transaction to do. You only have an ID and an item of value, and you can get a loan very fast, cash in hand, and you can leave the store. It's probably the easiest way to get money that's out there. On the merchandise side, we're definitely seeing on the luxury side and the sneaker side is definitely the fast-growing categories that we're seeing. Things like laptops are going down. As you wander the halls, you'll even see that far less people are carrying around a laptop and more people are carrying around tablets, even in this environment, never mind the home environment. Those are the kind of things that we continue to change in our stores. Obviously, the values of those laptops are coming down. But also our loan-to-values, we lend on the lower end of those in laptops. But on a luxury handbag, we're lending it slightly higher because we know there are consumers out there that want to buy them. We lend a little bit more aggressively on the items that we know are hot commodities that we can easily sell in our stores. What about regulation? Would you consider regulation a friend or a foe? Are there any concerns about potential legislation down the road? Legislation across all the geographies we've been operating has been very stable for a very long time. What that does create, in states like Texas, is moats. Because in most places in Texas now, you need to show that there is a need for another pawn store to go into that neighborhood, and that's very hard to do. That means that our established stores make it very hard for somebody else to come in and build something from scratch. That kind of legislation is definitely helpful. The other thing to point to is Illinois is an example of a state which wanted to introduce consumer lending caps that follow the Military Lending Act. Pawn was an exception. They introduced a sliding scale for pawn, similar to the one that we operate in Texas, really aiming at ensuring that the rates that we charge are much lower at the higher dollar value, like $500 +, when our average loan size is around $200 to $250. Not much of an effect at all. They realized that our lending is very different to a consumer lending. There is no credit checks. There is no collections. This is really an option for a customer to come back, rather than a traditional loan. Great. I think over 60% of your U.S. stores are in two states. You mentioned Texas and Florida. Is it safe to say in most states you are in, it is just hard for the municipality to issue a pawn license? Is that the moat you are talking about? Is that representative of your other exposures? Definitely, the strongest case is definitely in Texas. Las Vegas is the other one. Las Vegas has probably had the strongest moats there, just to the fact that they have given out very few licenses over a long period of time. It is really based on population. The licenses have been very hard to get. Having a license in Vegas is, you can build very good stores. In Florida, there are obviously a lot of competition at the higher because it has got a higher rate there than most other states. There is a lot more competition. To build a really sizable store is definitely a little bit tougher. The rate does definitely help profitability. At the end of the day, the reason that we have that many stores in those states is, one is the rates. It is where we started. When EZCORP started, it was like 16 stores in Texas, with dirt floors. As soon listed after that, at about 30 stores. It has been a great journey. The other sizable acquisition occurred in Florida. Those are the reasons that we ended up with the structure we have. The regulation has also helped us along the way in both places where it really supports very well-run compliant stores. It costs a lot of money to be able to do that. When you get to the scale that we are, that is a much easier pill to swallow. It is probably much harder to run 30 stores than it is to run 200, because the compliance costs is quite a lot when you are only running 30 stores. Your average loan size in the U.S., I think it was up 16% year-over-year in Q3, flat sequentially. That compares the gold prices, the underlying commodity up 37% year-over-year and -7% sequentially. The market appears increasingly concerned over gold prices. Obviously, your average loan size has moved higher with the underlying commodity to roughly 2/3 of your collateral in the U.S. How do you price gold loans and manage gold price volatility? The gold What we do is look at more Sorry. Where's my phone? The gold price is What we do when we're lending on gold is looking at longer-term view of gold. We're not moving it on a daily basis. We're looking at, say, a three-month view and saying, "Well, gold has moved up and down. It looks like it's flattening out. This is where we're going to move our gold lending to." We're not changing it on a daily basis, maybe every three months or so that we're changing it. That allows us to have pretty consistent conversations with our customers. Also, there's a separation between gold price, the spot price, and the retail price of gold. It's not like when you go to a jewelry store, they're changing how much the gold necklace costs to you every single day. The same thing we view on the loan side and the retail side. We're moving, obviously, as gold prices increase, we've moved up. But gold did spike up at the beginning of the year and now come back down. We never took that spike up at all because it was a very short-term view. The other thing to notice is that our average loan size is not moving with the gold price. Our average loan size moves with the need for cash. A customer is coming in for a need for certain dollars to deal with their short-term cash needs. How they fulfill that need is generally on the jewelry side, so mostly gold. Now, because gold is up, they can bring in less grams than they used to get the same loan amount. That's what we're seeing is that less grams are coming in. Even though the loan size has slightly gone up, they don't necessarily need to bring in as much as they used to if gold was back to the $3,000 an ounce it was not long ago. You guys have posted record results for a few years now. There is an emerging view from maybe some market skeptics that this is, quote-unquote, "As good as it gets" for both yourselves and your larger peer, FirstCash. What is your view on that, and what are the key sustainable growth drivers in each of your geographies? Yeah. We do not quite understand this peak earnings narrative. We have got underlying same store PLO in the U.S. growing at 13%. We have core pawn gross profit on a same store basis also growing at 13%. Core pawn is excluding scrap, so ignore that, and it is still growing at 13%. These underlying factors show us that this is growing very healthily. We read all the consumer papers which indicate that our consumer base, it does not look like there is anything that is going to change how our consumers are going to act in the next 12 - 24 months at least. Lots of the reading would indicate that it is probably actually going to get worse. All of that would indicate that we, in the industry, are set to continue to hit record loan balances and record profits. I think that continued to grow. Now, are we going to grow a little bit less than we did when scrap was hitting records this year? Yes, definitely. Obviously, taking scrap out is a much easier way to look at the underlying growth of this business. Overall, you can look at Canaccord's view of the future of both FirstCash and us, and all our other analysts, and all of them have us growing and have strong share price targets across the board. Tell us about your recent acquisition of SMG and the markets you enter with that. That was 108 stores across 12 countries. Predominantly, the dollars are coming from Florida and Puerto Rico. That is around 60 of the stores. Then we have a number of the Caribbean islands, Panama, Costa Rica, and Dominican Republic. We have been invested in that business for a number of years and had the opportunity to now acquire 100% of that. We see a lot of upside in that business. When you are a small operator, you are spending quite a bit on dealing with compliance, for example. Obviously, you have a full finance head office. You are probably getting some external help on the legal side and these things, and we have got full departments to look after all of that. Plus, we have got the capital to grow. When you are a private player, generally, you are a little bit more capital constrained. This allows us to continue to grow. That is grow existing stores, grow in the markets they operate by building new stores and acquiring stores in those jurisdictions. We are very excited about that opportunity. The 108 stores in those number of countries, obviously going to take a bit of time to integrate them. We need to put them on our systems. That includes the POS system, includes the finance and HR systems, and we are in the middle of that integration process. So far, everything seems to be going well. It is obviously always slower than we want. We want to click our fingers and say integrate now. But we are having a whole training process, getting everyone trained up on the new systems and integrated well. What we will see, as we have seen in all the other acquisitions, is that year-over-year, we will continue to see improvements. I think SMG's merchandise margin is a little lower than yours in the U.S. What other margin opportunities do you see with that business, and when do you expect those impacts to be reflected in your financials? Obviously, the SMG is a number of countries, so the comparison to the U.S. is not quite the right comparison, and the comparison to Latin America is not also the right comparison, to be honest, because of their clear mix is quite different. But as we have said from an EZCORP perspective, EBITDA margin, we want to continue to improve that year-over-year. In SMG, it would be the same thing. What we want to see is we want to. The capital constrained part of the business, I think we can lend a little bit more. I think we can do a little bit better on the merchandise side, probably scrap a little bit less than they have been scrapping. Then change incentives a little bit to match the new way we want to operate. I think are all very exciting ways that we're going to see improvements. But as we said, it's going to take a little bit of time for this implementation to occur. But I think next year at this time, I think we're going to see a lot more of those improvements come through, because we'll be fully integrated. Tell us about your M&A strategy overall. Is it fair to say M&A will be more onesies, twosies while you kind of digest SMG, or is there bigger opportunities out there? In the U.S., I think that's right, only because there are not that many larger opportunities in the U.S. FirstCash and us have bought many of the larger players in the space in the States we want to operate. But the industry is dominated by mom and pops running one to two stores. And so that's where we see we want to continue to see growth on a unit economic basis in the U.S. But the bigger growth on unit economics is really coming in Latin America. As we said before, we're building 40+ stores a year. But the acquisition pipeline, there are a number of store chains out there that are 50+. And so the number of stores able to buy in one transaction is far higher, especially in Mexico, compared to any other place we currently operate. And so we see the acquisition pipeline remaining very strong. That's definitely a place our capital will continue to go to. The current management team, yourself, Lachie, have been in place for roughly six years or so. You turned around the U.S. business first. You are making similar progress in LATAM. Can you provide detail on the improvements you have seen in LATAM, and whether you can use the same playbook you used in the U.S., and talk about Blair Powell, your COO's influence there? Sure. You do not want to talk about the share price going from $5 to- That is the next question. $30 in the period of time the management team has been there? But yes. Obviously, where the dollars were, we wanted to focus on, so really turning around the U.S. was really a focus on ensuring that we were selling the inventory we had with a focus on turns and making sure there was no. Minimizing aged inventory on the general merchandise side, and getting incentives right. That was the playbook, a really simple playbook, really a focus on the stores, focus on our team members, is really what we did in the U.S. Now we are taking that same playbook and been implementing it in Latin America. You have seen, especially the last year, Latin America has just been on fire. It is because of the build that we have had over a long period of time, using the same techniques that we use in the U.S. and implementing them. I think, a couple of years ago, we said Latin America was two to three years behind. Now it's probably a year to 18 months behind the U.S. on the implementation. Execution continues to get better there. We've seen in the numbers, we also have seen in the mix, we've seen that the mix of GM and jewelry. Jewelry was 40% of the portfolio a year ago, now it's 50%. These are on purpose. What we're doing to improve the economics is pushing and ensuring our team down there that they are very good lenders on the jewelry side, and they're getting the confidence to continue to do that. To your point, the stock has done very well, particularly over the last two years. You still trade at a pretty big discount to your larger public company competitor. But the gap is significantly narrowed, right? What have you proven to the market, and how do you continue narrowing that gap? Definitely hasn't closed as much as we wanted. But that's not in our control. Our control is really in continue to execute, saying what we're going to do, showing the numbers that continue to improve. That's what we have been doing. This share price has moved all over the place in those five years. On days that you think should go up because you got good news, it goes down, and then other times it just takes these meteoric rises. We as a management team are not focused on that, but just on the underlying numbers. The share price will take care of itself. The things that we have done that we think have made a difference in getting closer, one is, obviously, the numbers. Two is getting the $300 million notes instead of using convertibles. I think that's definitely helped. Having a buyback in place I think has also helped. Those things are helping, but I think the execution at our stores, being disciplined on the M&A, I think that's what will eventually drive the share price even higher. The last question we are asking all of our companies exposed to consumer, and I think obviously you guys give a great read-through into particularly the low-income consumer, is how healthy do you think the consumer is today compared to this time last year? How do you see consumer spending overall shaping up as we head into the back half of the year and into 2027? The PLO growth and average loan size growth that we have seen year-over-year would indicate that the consumer is hurting a little bit more than they were a year ago. What we read is that either this is going to remain similar or get worse for the rest of the year. We are here to help consumers deal with those short-term needs and also on the retail side, get a great deal, and be able to shop secondhand, environmentally friendly. We are pretty excited about the future growth of the business. Okay. We will wrap it up there. Thanks so much, Tim. Thank you very much, Brian.