Ezcorp Inc Q4 FY2025 Earnings Call

Good morning, everyone. Welcome to the EZCORP Fiscal Fourth Quarter and Full Year 2025 Earnings Call. As a reminder, this call may be recorded. I will now hand it over to Sean Mansouri, the company's Investor Relations Adviser with Elevate IR. Please proceed, 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 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 today on the call 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.

Thank you, Sean, and good morning, everyone. Fiscal 2025 was a transformative year for EZCORP. Outstanding operating and financial results on the top and bottom line drove exceptional shareholder value creation. We materially grew the store base across the 5 countries in which we operate, while retaining a highly liquid and lowly geared balance sheet. We achieved record revenue of $1.3 billion for 2025, up 12% year-over-year and adjusted EBITDA of $191.2 million, up 26%. EBITDA margin also expanded to 14.7% from 13%. Net income surged 30% to $110.7 million. Turning to Slide 3. EZCORP is a leading provider of pawn transactions in the United States and Latin America. Founded in 1989, we operate 1,360 stores across 5 countries with approximately 8,500 team members. Our model expands access to financial services through neighborhood retail locations and promotes the circular economy by recycling preowned merchandise and jewelry. The fundamentals of our pawn product continue to resonate powerfully with customers who need immediate access to cash. Our loans are nonrecourse, meaning customers have no obligation to repay. They can simply walk away and forfeit their collateral with no further consequences. We don't check credit scores. We don't require bank accounts or employment verification. We never engage in collection activities, and we don't report to credit bureaus. These small short-term transactions serve millions of Americans and Latin Americans who are underserved by traditional financial institutions that need immediate cash solutions delivered in a highly respectful and efficient way. Moving to Slide 4. We added 24 stores in the quarter, opening 17 de novo stores in Latin America, 11 in Mexico, 4 in Guatemala and 2 in Honduras. We also completed the acquisition of 7 stores through our Monte Providencia and Tu Empeno Efectivo transaction in Mexico, plus acquired 1 store in the United States, offset by 1 consolidation. Our store count has grown from 1,148 stores in fiscal 2021 to 1,360 stores at fiscal 2025 year-end. Post fiscal year-end, we acquired 14 additional stores in Mexico and 3 in Texas and entered into a definitive agreement to acquire 12 more Texas locations. We ended the quarter with earning assets of $549.1 million, up 18%, comprised of record PLO of $303.9 million and inventory of $245.2 million. The PLO balance represents an 11% increase year-over-year, driven by strong consumer demand and increased average loan sizes. Our PLO to inventory ratio remains healthy at 1.2x, demonstrating disciplined lending and inventory management. Our cash position of $469.5 million increased materially from $170.5 million at fiscal end 2024, reflecting the $300 million senior notes offering completed in March 2025. We remain well positioned financially to unlock further scale and accelerate organic and inorganic growth. On Slide 5 and 6 highlight our strong financial performance during the fourth quarter. Tim will walk through those in detail shortly. On Slide 7, it provides an update on the strategic initiatives fueling our consistent growth across 4 of our fundamental operating metrics. Under the strength in the core, we delivered double-digit growth with record revenues and record high PLO, powered by our customer-centric approach and robust consumer demand. The team's ongoing commitment to operational excellence continues to support exceptional profitability. Adjusted EBITDA grew 33% to $47.9 million, while margins expanded 210 basis points to 14.3%. On team members, we implemented a targeted incentive compensation campaign in Q4 that successfully improved merchandise sales, results we plan to replicate periodically throughout fiscal 2026. We've also completed enterprise-wide talent and succession planning and launched structured retention programs that are already enhancing early engagement and reducing workforce attrition. Our customer focus initiatives are gaining significant traction. Our strategy is delivering measurable results. Digital transformation continues to accelerate omnichannel engagement and operational efficiency. EZ+ Rewards membership is up 26% to 6.9 million members, driving loyalty in local neighborhoods we serve and repeat transactions. We continue to broaden engagement across platforms, with our website traffic increasing 49% to 2.6 million visits this quarter. Importantly, Net Promoter Scores improved dramatically, rising to 61% in the U.S. and 62% in Mexico, while we maintained Google review ratings above 4.7 across all geographies. Finally, our innovate and grow initiatives delivered tangible expansion this quarter. In the U.S., we collected $34 million in online payments, up $10 million or 42% year-over-year growth, demonstrating strong customer adoption of digital platforms. We expanded our view-online purchase in-store capability to all U.S. stores as of October 2025, seamlessly connecting digital discovery with in-store transactions. Additionally, our instant quote tool, which provides real-time loan estimates for electronics is now operational in 66% of U.S. stores, driving both customer engagement and conversion. In Mexico, we're seeing rapid digital adoption with 22% of extensions and layaway payments now processed online, creating convenience for customers while improving store productivity. As we continue to scale these digital initiatives, we're unlocking meaningful operational leverage while enhancing the customer experience. This omnichannel approach positions us at the forefront of digital innovation in our industry, while digital engagement successfully translates into increased store transactions and reinforcing our market leadership position. I'll now turn it over to Tim to walk through our detailed financial results.

Thanks, Lachie. As we transition into the detailed financial highlights section, I want to emphasize that fiscal 2025 represents not just a strong quarterly performance, but the culmination of multiple years of operational improvements, strategic investments and disciplined execution. The results demonstrate the significant earnings power of our platform and our ability to generate consistent profitable growth while maintaining strong financial discipline. Turning to Slide 9. PLO of $303.9 million increased 11% or 9% on a same-store basis, driven by an increase in average loan size, reflecting higher gold values and the increase in value of general merchandise. Inventory increased 28% to $245.2 million due to increase in PLO, layaways and purchases. Aged general merchandise increased 83 basis points to 2.6% of total general merchandise inventory, demonstrating disciplined inventory management. Merchandise sales of $176 million increased 9% with same-store sales up 7%. Merchandise margin remained steady at 35%. PSC of $125.6 million grew 9%, primarily driven by same-store PLO growth. EBITDA reached $47.9 million, up 33% year-over-year with margins expanding 210 basis points to 14.3%. General and administrative expenses of $23.4 million increased 13%, primarily due to higher incentive compensation. On Slide 10, total revenues increased $26.9 million or 13% to $238.9 million for the U.S. Pawn segment. Approximately half of this is attributable to scrap sales benefiting from higher gold prices and increased jewelry purchases. Earning assets increased $66.5 million to $419.4 million, driven by PLO growth of $19.5 million to $233.8 million and inventory growth of $47 million to $185.7 million. The 9% PLO growth on both a total and same-store basis reflects strong performance across our markets. On Slide 11, our 545 stores across 19 states are concentrated in large urban markets. Texas remains our largest market with 247 stores, followed by Florida with 95 stores. During the year, average loan increased 13% to $209, supported by higher gold prices and increased value of general merchandise. PLO composition continues to shift towards jewelry, now 68% of PLO, up 220 basis points. Jewelry inventory composition increased 310 basis points to 65%. This shift enhances our ability to capitalize on elevated gold prices through scrap sales, which contributed significantly to our 27% segment EBITDA growth. Slide 12 details U.S. pawn financial performance. Merchandise sales of $117.3 million increased 6% overall and 5% same-store. Merchandise margin remained steady at 37%. Segment EBITDA of $55.2 million increased 27% with margin expanding 250 basis points to 23%, driven by higher gross profit, including incremental scrap gross profit of $5.7 million and disciplined expense management with same-store expenses up just 3%. Turning to Latin America on Slide 13. Fourth quarter revenues were $96.9 million, up 17%. Earning assets of $129.7 million increased 15% with PLO up 17% to $70.1 million and inventory up 12% to $59.6 million. Slide 14 shows our 815-store footprint across 4 countries. Mexico remains our largest international market with 622 stores. We opened 17 de novo stores in the quarter and acquired 7 stores in Mexico. For the year, average loan size of $88 decreased 4% as reported, but increased 3% when adjusted for foreign exchange. Jewelry composition increased. PLO jewelry composition up 450 basis points to 41%, inventory jewelry composition up 850 basis points to 39%. Slide 15 provides detailed metrics. PLO grew 17% with same-store growth of 9%. Merchandise sales increased 16% with same-store up 10% and merchandise margin remained steady at 32%. Segment EBITDA of $14.2 million increased 18% with margins improving to 15%. Store expenses increased 19%, driven by new stores, while same-store expenses increased 11%. Slide 17 and 18 capture the exceptional transformation we have driven over the past 5 years. Since fiscal 2021, we fundamentally transformed EZCORP's earnings profile. Net income has increased more than 5x from $21 million to $110 million. EBITDA has grown nearly 3x from $68 million to $191 million. Revenue has grown from $729 million to $1.3 billion, while EBITDA margin expanded from 19% to 15%. On Slide 18, PLO has grown from a pandemic low of $176 million to today's record $304 million. The portfolio has shifted towards jewelry now represented 62% of PLO versus 54% in fiscal 2021, contributing to our high average loan size of $145 compared to $114 in fiscal 2021. Slide 19 illustrates our inventory management evolution. Inventory has grown to $245 million with aged general merchandise up slightly to 2.6% of inventory. Inventory turns are 2.5x, partially reflecting higher jewelry balances. While inventory as a percentage of PLO is growing, we remain comfortable with the metrics given our increase in purchasing and the impact of our 10-month layaway program. Slide 20 illustrates our merchandise sales evolution over the past 5 years. Merchandise sales grew 69% from $426 million in fiscal 2021 to a record $721 million in fiscal 2025. While merchandise margin normalized from 42% in fiscal 2021 to 35% in fiscal 2025, within our targeted range of 35% to 38%. Merchandise sales gross profit grew 36% from $185 million to $251 million. On Slide 21, our strategic investments continue delivering strong returns. Cash Converters International has returned $14.2 million in dividends over 5 years, of which we have used $10.7 million to increase our ownership to 43.7%. During quarter 1 FY '26, we committed to maintain our ownership percentage by investing an additional $5.7 million through a rights offering, while also receiving an additional $1.8 million dividend. Our investment in Simple Management Group through Founders is performing well. SMG generated $171 million in revenue for the 12 months ended September 30, 2025, up 23% with gross profit of $88 million, up 18%. Our preferred equity structure provides a 20% cumulative preferred return plus 50% participation in distributions above certain thresholds. Looking ahead to fiscal 2026, we remain focused on growing PLO, improving inventory efficiency and scaling operational best practices across all geographies. We are very pleased with expense management to date. However, we do expect a sequential increase in total expenses through the year. Based on the current gold prices remaining steady, we expect similar scrap sales gross profit as we have seen in the last 2 quarters to continue into quarter 1 and then for scrap margins to decline sequentially during FY '26 back to normal levels. Our M&A pipeline remains very active with multiple opportunities in various stages of due diligence. The fragmentation in our industry continues to create attractive acquisition opportunities where we can leverage our operational expertise and robust balance sheet. Each opportunity is evaluated through our rigorous framework focusing on strategic integration complexity and return on invested capital. Back to you, Lachie, for closing remarks.

Thanks, Tim. Fiscal 2025 was a defining year for EZCORP. We delivered record financial performance, improved our scale, continued our relentless focus on operational discipline by focusing on our people and our customers and enhanced our balance sheet with the largest financing in our history. Thank you to our 8,500 team members, their dedication to serving our customers with respect has driven these exceptional results. We are very well positioned with a highly resilient, exciting growth platform to capitalize on organic and inorganic opportunities to drive further superior returns for our shareholders. With that, we'll open the call to questions.

Our first question or comment comes from Brian McNamara from Canaccord Genuity.

Congratulations on another strong year. We receive a lot of inquiries about gold prices, and I'm sure you do as well. What is your message to current and potential investors, considering that some of the benefits might be temporary? While no one can accurately forecast gold prices, from a business management perspective, should investors be concerned about a possible decline in gold prices? Can you provide some context on that?

Yes. Look, I think, Tim, you can comment as well. But I think we run this business over, obviously, many, many years in very different gold environments. I think a rising gold price is clearly helpful. I think we had some real tailwind in this year's numbers clearly from scrap gross profit. But ignoring gold, we still had a phenomenal year. I think the core business across all that we're doing, whether it's lending, sales, the business is doing extremely well. And I think the rising gold price just added to that performance. I think we've spoken to you a lot in the past about the fact that these are short-term loans that we offer, and so we're able to adjust very quickly no matter what gold does. So I think when we speak to investors, we obviously say that a large part of our PLO and inventory is gold, and a rising gold price is helpful. But that said, a change in that, clearly, a very significant change quickly, you would have some short-term issues. But I think in the long term here, no matter what gold is doing, we have a very resilient business model that we can adapt very quickly to a change in price in gold. Tim, I don't know if you'd add any more to that.

I think we have to remember that this business is driven from a PLO perspective. And you're saying, well, the customer is in need for cash. And so that need for cash ignores gold price. So just because the gold price is up or down, doesn't change the customer's need for cash. It just changes what they're bringing in. And so I think that's just an important part of the business to remember that just because gold price has doubled, it doesn't mean our average loan size has doubled in the past year. And so the average loan size is where the demand is for the product. It's not in the gold price.

Got it. That's really helpful. Secondly, on LatAm, obviously, a really significantly improved performance there over the last couple of years. Like what inning are we in there in terms of improving that business? It seems like a lot has been done over the last couple of years.

I'm a cricketer, not a baseball player, so I'll do my best to address that. I believe we have built impressive momentum, particularly in Mexico over the last 1.5 years, but it's still early in that market. Every time Blair enters a store, there's a new opportunity. In Latin America, we are still in the early stages. There is a lot to be done in gold and jewelry overall. Historically, we've focused more on general merchandise in Mexico, and our teams are improving their approach to jewelry lending, which presents significant upside potential. Digital adoption is still in its infancy, but we are witnessing real progress in online payments and service extensions, and I believe we can achieve more in this area. It's important to highlight the momentum we are experiencing, as we continue to deliver excellent results each quarter. It’s not just about the key metrics; what matters is that we’re observing a truly balanced business. For instance, our pledged loan outstanding is growing faster than inventory, the aging of inventory looks good, and turnover is positive. All these indicators show that our growth is balanced and sustainable. There remains a lot of work to do. We have great potential for mergers and acquisitions in the region, and we are well positioned to leverage that opportunity. Additionally, we opened 40 stores last year and aim to grow our de novo business at a similar pace, depending on developments in M&A. Overall, we have a lot more to accomplish in Latin America, and I am very pleased with our current momentum.

Got it. Finally, can you provide an update on the M&A pipeline? Last quarter, you mentioned a strong pipeline and that you acquired some stores in Q4. It seems you have also acquired some stores since the end of the quarter. What does that situation look like? How should investors view M&A in relation to 2026?

Thank you, Brian. It was very satisfying to see the momentum there. As everyone knows, mergers and acquisitions are inherently opportunistic, so it's difficult to predict when opportunities will align. However, in Latin America, we made a strong acquisition during the quarter and have followed it up with some exciting developments in Texas this October. While these efforts are promising, there's still much work ahead. Our pipeline remains very strong. As we mention each quarter, we approach this process with discipline. Although we have ample cash available, we evaluate opportunities based on their potential return on invested capital and their benefits for our shareholders. Therefore, while our pipeline is solid, you can expect more of the same disciplined approach from us. We’re excited about what we have achieved in the past few months.

Our next question or comment comes from the line of David Scharf from Citizens Capital Markets.

Just a couple here. First, focusing on LatAm. I know there's always a lot of questions about just minimum wage inflation, other dynamics within Mexico. I'm kind of wondering if you're seeing any impact on the ground in terms of pawn loan demand based on what's going on in the U.S. remittance industry. I mean we've seen a clear slowdown in money transfer volume based on immigration enforcement actions here. Are you able to ascertain whether or not that's actually increasing demand in store in Mexico and throughout LatAm?

Well, I think it's a good question. We get asked this quite a bit. And our evidence is more anecdotal because we're not doing any money transfer. But you're seeing very robust lending in our Latin America business. And whether that's as a result of the money transfer business or other factors, I think the good news for us is that lending across all regions in that part of the world are very strong. Tim, I don't know if you'd add any more to that.

Some of this is temporary. When financial conditions change, the figures can vary from month to month. There are fluctuations between different countries as well. So just because Mexico shows slightly lower figures, it doesn't imply that other Latin American countries are experiencing the same trend. We monitor this closely, but there's not a direct relationship. However, we have observed strong demand for our loan products in Latin America, especially over the past 18 months, which is largely attributed to operational changes we have implemented.

Got it. No, I appreciate the color. Just quickly shifting to the U.S. I appreciate the previous comments about gold prices and ultimately the impact on borrowing demand. But given that half the U.S. revenue growth is obviously, as you noted, related to scrap sales this past quarter, is there any kind of benchmark for U.S. top line growth you'd be willing to offer up for fiscal '26, just given the kind of the scrap and underlying gold assumption...

We don't guide. All I can tell you is that our intention and our objective is to continue with robust revenue growth. I think your point is well made that scrap gross profit was a significant part of particularly the last couple of quarters. But we still see real opportunity in our business outside of just that. So I'd say to you, we're not going to guide specifically, but our objective is to continue this relatively robust revenue growth and particularly profit growth.

Our next question or comment comes from the line of Kyle Joseph from Stephens.

Congratulations on a strong quarter and year. I just wanted to ask if you could walk us through the loyalty program and some of the marketing efforts, and also discuss the results you're seeing in terms of increased foot traffic or increased transactions per consumer.

Thank you, Kyle. I believe 2026 will be a significant year for our marketing efforts, representing the culmination of a couple of years of focused work, especially in the digital space. As mentioned earlier, we are now offering our entire inventory online across all stores, allowing consumers to browse and then purchase in-store. We are leading the industry in this respect. Additionally, we now provide instant quotes online for electronic goods, whether for loans or purchases, positioning us ahead in this area. We are actively engaging on social media platforms including YouTube, Facebook, TikTok, and Instagram, and we plan to enhance our presence with focused spending, particularly on video content. Our digital marketing approaches, such as SEO and SEM, are also yielding positive results. Entering this year, we are poised to maximize our marketing efforts based on the initiatives we've implemented over the past years, and we're eager to measure their impact. Regarding the rewards program, it continues to grow, nearing 7 million members. We are now implementing targeted marketing campaigns that allow us to learn more about our members and utilize data to enhance our sales, turnover, and margins. This aspect of our business is exciting for us this year, as the industry has traditionally overlooked it. Customers, especially younger ones, are more discerning now, and we have committed to focusing on this area by building a strong team. I anticipate seeing impressive results from these efforts this year.

Got it. Really helpful. And then just one follow-up for me. Going back to the M&A pipeline. You guys recently made an acquisition in the auto pond space. Just want to get a sense for how that's performing and if you have more appetite there? And then in terms of geographies, should we think about your M&A pipeline kind of in existing geographies or willing to expand beyond those?

Both good questions. Thank you, Kyle. So let me start with the second one on the M&A side. Look, there's a lot to do in our existing markets. So I think we're certainly focused there. That said, we are always open to new markets, new geographies. But with that, obviously, comes risk. And we've got great existing teams in our existing markets. So my own bias is to those markets. I just think it's less risk. We've got a better chance of strong execution. So I think our bias is definitely to our existing markets, and we've got plenty to do there. But that said, I think there are some new exciting markets that we can open up, but we're going to do that in a disciplined, not a casual way. So I think really the answer to your question is, first, the existing markets and then maybe some new ones. And then on the car lending business in Mexico, it started well. So we are really firming up our processes around that product, whether it's underwriting, whether it's collections, in the pawn lending business down in Mexico. I think we are now assessing how we're going to roll that out into our existing stores. I think it's becoming quite a large pawn product in the Mexican market around our competition. So I think we bought a really good solid business to start with that's performing well. And now our team is assessing how quickly we roll that out in which stores, in which markets in Mexico. So I think 2026 should be a really interesting year for that business.

Our next question or comment comes from the line of Raj Sharma from Texas Capital.

Solid results. Congratulations. My question is regarding the digital initiatives you have implemented in the business. What changes are you observing as a result of these initiatives? Are they catering to a younger demographic that might be under more stress? Additionally, have you noticed an increase in layaway options due to these initiatives? I am also curious if you need to monitor economic indicators such as delinquencies and credit card balances, or if you can see the impact directly through your store traffic and online flow. I have some follow-up questions as well.

Thanks, Raj. Regarding the second question on tracking metrics, Tim definitely looks at macro metrics, but our main focus is on our operational initiatives in the stores. While we occasionally consider macro trends when prompted, we believe that what we can control is our service to customers in the stores. This is where our attention lies. As for our digital initiatives, we are witnessing meaningful changes. The growth in extensions and online loan payments is remarkable, reflecting our customers' preferences. This not only demonstrates exceptional customer service but also enhances efficiency in our stores, allowing our staff to focus more on customer care in lending and sales instead of just processing loan extensions. You can see significant growth in the metrics related to online payment and extension options. This digital initiative has evolved considerably over the last few years. Additionally, our loyalty program is proving to be instrumental in helping us grow our market share. Our core website, social marketing, and paid search marketing are also helping us attract more customers across our operating regions. In the past, marketing a pawn shop involved just a large sign and good customer service. Now, it requires a more diverse approach to reach customers—whether through social media, paid search, or SEO. These elements are essential for expanding our customer base. Overall, we expect customer growth as a clear result of these digital initiatives, which also improve store efficiency, giving staff more time for customer interactions rather than handling loan extensions or payments. Furthermore, customer loyalty and retention through our rewards program is another significant benefit of focusing on these digital initiatives.

Got it. That's very helpful and descriptive. I have one other question regarding the U.S. Pawn side. The PLOs were up 9%, but the inventory increased even more, and inventory turnover decreased. Can you explain why the inventory grew more than the PLO growth? Is that related to layaways?

Yes, it's a good question, that one. I would say to you that we're still happy with these metrics. And what's driving that is partly doing more purchases. It's partly doing more longer-term layaways. But I would say it's an opportunity for us is to increase turn. So we've got various operating initiatives in place, which we started towards the end of the year and going into the new year where we are designing bigger, better incentive programs for our store staff to sell more. We are putting more talent into this function, which is the selling function. I think EZ has always been a fantastic lender first. And I think our current team has taken a more balanced approach to that. It always starts with the loan clearly, but you have to flush that inventory and flush it quickly. So look, I think you point out, it is a metric that is an opportunity for us. I think there's good reason for inventory growing the way it's been growing. But I think we have got initiatives in place for 2026 where we want to improve those turns.

I want to highlight that the increase in inventory is mainly due to jewelry. If we decided to scrap a lot of it to improve turnover, we could do so. However, we believe that selling gold in our stores is crucial for their long-term growth because it helps us serve the community. Our priority is on long-term objectives rather than short-term profits. Thus, the inventory will continue to grow as we have more jewelry and the price of gold has notably risen. Yes.

Got it. So it's not necessarily a concern for you, more of an opportunity. It reflects more of a gold price rise and increased gold jewelry being taken in.

Jewelry tends to sell at a slower pace, which is why the inventory turnover is down. With the rising price of gold, many people are selling their gold at a higher rate than usual, influencing our inventory levels. Additionally, we have introduced a 10-month layaway program that, for the first time, overlaps from the fourth quarter of last year. So, the comparisons aren't completely straightforward yet. However, over time, we will see more comparable metrics.

Our next question or comment comes from the line of Andrew Scutt from ROTH Capital Markets.

Strong results. Most of my questions have been answered. So just one quick one for me. In recent months and weeks, we've heard that the U.S. consumer has been a little bit constrained. We're also going through a long government shutdown. Have your store managers in the U.S. seen any change in consumer behavior or maybe a different profile of customer coming in store?

Thank you, Andrew. We are definitely observing strong demand for our products in U.S. stores, as reflected in the results. I cannot comment on whether this is due to the government shutdown or challenges in securing loans from alternative providers. However, customers appear to be under pressure, which is evident in our strong lending profile in the U.S. We are also performing well on the sales side, indicating that the business is operating effectively. Regarding your question about the government shutdown, our lending results are robust, which may be indicative of the situation.

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Lachie Given for any closing remarks.

Thank you, everyone, for joining. It was obviously a phenomenal year for us. We're very proud of the results. We're very grateful to our 8,500 staff members for delivering these results, and we're also very grateful for everyone's support here on the call. So look forward to talking to you all more through the course of the next day and week. Thanks for joining.

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.