Brian McNamara: Got it. And then perhaps one for Tim. Costs are a little bit higher than we expected. What’s driving that and how should we think about costs in Q3 and the back half of the year?
Tim Jugmans: Yes, we continue to invest in our teams, driving some of the costs obviously in Latin America. There’s also the costs that the government is instituting with increased minimum wages, a little bit on rent renewals as well, causing some of that cost to come through. We, obviously, the successful advertising rewards program is also being successful, so the cost is also increasing. So there’s a couple of those things driving those costs. We do expect the costs to sequentially rise through the quarter, through Q3 and Q4. These inflationary effects are still in play. As we’ve seen U.S. Government is still keeping rates steady with inflation still out there.
Brian McNamara: Got it. And then finally, thanks for taking all the questions. Probably our most important question relating to capital allocation, what drove the decision to pay the principal amount of your 2024 convertible notes in cash? And would you expect to do the same for the 2025? And what other options would you consider absent kind of repeating that, would you consider straight debt or something like that? Thanks.
Lachlan Given: No, thank you, Matt. Look, I think we’ve been really consistent in the way we think about capital. I think as a board, as a team, we’re always looking at all alternatives. We look at equity, debt, equity linked in the capital stack. So, look, I think it’s a really consistent message. We are conservative in the way we think about the balance sheet. We like to be very liquid because we’re growing quickly. We’ve got lots of potential acquisitions that we can do at the right price. We’re buying back shares. So we’re trying to balance all of those competing or initiatives and we’ve been very clear with our investors and our shareholders that all alternatives are always on the table. But look, I think our financing strategy has been an excellent one.
I think we are very liquid. We’re very conservative, and we’ve got plenty of capital to go after what we think is a truly global big opportunity and all alternatives are on the table. And I think this quarter has been a really strong one. I think you’re continuing to see strong growth in the U.S., but I think really pleasingly, we’re seeing fantastic results in Latin America and I think that’s been a real highlight for this quarter, where we’re seeing great loan growth, sales growth, and the team who are driving, particularly Mexico and Guatemala obviously are having some really sustained now strong growth. So I think it’s been a really great quarter for both businesses, the U.S. and Latin America. And I think on your question on the balance sheet, the strategy is showing that we’ve got the right amount of capital to grow the business both organically and inorganically.
So we’re really happy with the quarter. And one of the big highlights is Latin America. So we’re really pleased with what the team has been able to achieve down there and we’re looking at driving even stronger growth in the coming quarters.
Brian McNamara: All right, thanks very much, guys. Best of luck.
Lachlan Given: Thanks, Brian.
Operator: Thank you. I would now like to turn the conference back to Lachlan Given for closing remarks. Sir?
Lachlan Given: Thank you everyone for joining and to our team at EZCORP, thank you very much for delivering a really strong quarter, particularly down in Latin America. Thank you all for joining the call and we look forward to our one on ones for the rest of the day. Thanks guys.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
