EZCORP, Inc. (EZPW) Q2 2026 Earnings Call

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and a significant runway ahead in both existing and new porn markets. Turning to slide three, for those new to the story, the porn business resonates strongly with customers because the transaction is fundamentally customer-friendly. Our loans are non-recourse, meaning customers have no obligation to repay. With our core porn product, we don't check credit, require bank accounts, or verify employment, and we don't pursue collections or report to credit bureaus. These are small, short-term transactions, typically $200 to $220 in the US, and $70 to $140 in Latin America, with terms ranging from 30 to 90 days. That core value proposition, together with offering great value for secondhand goods in an environmentally responsible way, where it's fun to come and shop in a pawn store, have been critical in driving consistent, outstanding operating and financial results for our shareholders. With that, I'll turn it over to Tim to walk through the financial details. Tim? Thanks, Lachie. Turning to slide five for the consolidated financial highlights. We delivered an exceptional quarter of earnings performance. Adjusted EBITDA rose 76% to $76.9 million, with margin expanding 340 basis points to 18%. Diluted EPS improved 76% to 58%. These results reflect the operating leverage of our platform at scale. Total revenues reached a record $434.9 million, up 42%. Improvement was broad-based, with meaningful contribution from PSC, merchandise sales, and a significant increase in scrap gross profit, resulting from elevated gold prices. PLO increased 31% to $342.1 million, an all-time high fueled by sustained consumer demand high average loan sizes across all drug fees and the addition of SMG. PSE revenues rose 27% to $147.3 million, supported by PLO growth and new stores. On the retail ...