Enact Holdings Inc (ACT) 2026 Q1 法說會逐字稿

Hello, and welcome to Enact's first quarter earnings call. Please be advised that today's call -- conference call is being recorded. I would now like to hand the conference over to your first speaker, David Kohl, Vice President of Finance. You may begin.

您好，歡迎參加 Enact 第一季財報電話會議。請注意，今天的電話會議——也就是本次會議——將會錄音。現在我想把會議交給我們的第一位講者，財務副總裁 David Kohl。您可以開始了。

Thank you, and good morning. Welcome to our first quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer; and Dean Mitchell, Chief Financial Officer and Treasurer. Rohit will provide an overview of our business performance and progress against our strategy. Dean will then discuss the details of our quarterly results before turning the call back to Rohit for closing remarks.

謝謝，大家早安。歡迎參加我們的第一季財報電話會議。今天與我一同出席的有：總裁兼執行長 Rohit Gupta，以及財務長兼財務主管（Treasurer）Dean Mitchell。Rohit 將概述我們的業務表現以及策略推進進展。接著 Dean 將說明本季業績細節，之後再把電話交回 Rohit 作結語。

We will then take your questions. The earnings materials we issued after market close yesterday contain our financial results for the quarter, along with a comprehensive set of financial and operational metrics. These are available on the Investor Relations section of our website.

之後我們將開放提問。我們在昨日收盤後發布的財報資料包含本季財務結果，以及一套完整的財務與營運指標。相關資料可於我們網站的投資人關係（Investor Relations）專區取得。

Today's call is being recorded and will include the use of forward-looking statements. These statements are based on current assumptions, estimates, expectations and projections as of today's date. Additionally, they are subject to risks and uncertainties, which may cause actual results to be materially different, and we undertake no obligation to update or revise such statements as a result of new information.

今天的電話會議將會錄音，並將包含前瞻性陳述。這些陳述係基於截至今日的現行假設、估計、預期與預測。此外，這些陳述亦受風險與不確定性影響，可能導致實際結果出現重大差異；對於因新資訊而更新或修訂此類陳述，我們不承擔任何義務。

For a discussion of these risks and uncertainties, please review the cautionary language regarding forward-looking statements in today's press release as well as in our filings with the SEC, which will be available on our website. Please keep in mind the earnings materials and management's prepared remarks today will include certain non-GAAP measures. Reconciliations of these measures to the most relevant GAAP metrics can be found in the press release, our earnings presentation and our upcoming SEC filings on our website. With that, I'll turn the call over to Rohit.

關於這些風險與不確定性的討論，請參閱今日新聞稿中有關前瞻性陳述的警示性文字，以及我們向 SEC 提交的文件；相關內容將可於我們網站取得。也請留意，今日的財報資料與管理層預先準備的發言將包含若干非 GAAP 指標。這些指標與最相關 GAAP 指標之間的調節表，可在新聞稿、我們的財報簡報，以及即將於網站公布的 SEC 申報文件中找到。接下來我把電話交給 Rohit。

Thank you, Daniel. Good morning, everyone. Enact delivered a strong start to 2026 amid a volatile rate environment. This performance was underpinned by the disciplined execution of our strategy, resilient credit performance and our clear focus on long-term value creation. For the first quarter, we reported adjusted operating income of $172 million or $1.21 per diluted share.

謝謝你，Daniel。各位早安。在利率環境波動之際，Enact 於 2026 年開局表現強勁。此一表現來自我們對策略的紀律性執行、具韌性的信用表現，以及我們對長期價值創造的明確聚焦。第一季我們報告調整後營運收益為 1.72 億美元，或稀釋後每股 1.21 美元。

Adjusted return on equity was 13%, and we generated strong new insurance written of $13 billion, resulting in total insurance in force of $272 billion. The housing market remained dynamic with mortgage rate volatility impacting mortgage activity in the quarter. Overall, purchase application volumes followed seasonal trends, while lower rates early in the quarter supported elevated refinance applications.

調整後股東權益報酬率為 13%，我們創造了強勁的新承保保險額（new insurance written）130 億美元，使在保保險總額（insurance in force）達到 2,720 億美元。房市仍然動態變化，按揭利率波動影響了本季的按揭活動。整體而言，購屋貸款申請量呈現季節性走勢，而本季初較低的利率支撐了較高的再融資申請量。

Additionally, recent loan vintages with lower embedded equity have contributed to increased mortgage insurance penetration in refinance activity. Conversely, as rates increased during March and April, the refinance trend slowed, but we have seen the impact of the spring selling season on purchase applications.

此外，近期貸款批次（vintages）所隱含的權益（equity）較低，也促使再融資活動中的按揭保險滲透率提高。相對地，隨著 3 月與 4 月利率上升，再融資趨勢放緩，但我們也看到春季銷售旺季對購屋申請的帶動效果。

Against this backdrop, persistency remained elevated at 80% in the first quarter. Additionally, across our portfolio, 58% of loans in our book have rates below 6%, providing continued support for elevated persistency. While the macro environment remains uncertain and inflationary pressures accelerated as gas prices have risen, the consumer continues to show resilience.

在此背景下，第一季保單持續率（persistency）仍維持在高檔的 80%。此外，在我們整體投資組合中，有 58% 的貸款利率低於 6%，持續支撐較高的持續率。儘管總體環境仍不確定，且隨著汽油價格上漲通膨壓力加速，但消費者仍展現韌性。

Overall, labor market conditions remain supportive and credit performance remains healthy. Importantly, we are not seeing any meaningful impact within our credit portfolio and overall credit trends remain in line with our expectations. We will continue to monitor these dynamics closely and believe that the underlying credit fundamentals of our business remain strong.

整體而言，勞動市場狀況仍具支撐力，信用表現也維持健康。重要的是，我們在信用投資組合中未看到任何顯著影響，整體信用趨勢仍符合我們的預期。我們將持續密切監測這些動態，並相信我們業務的基礎信用面仍然強勁。

In fact, our Insurance-in-Force portfolio remains resilient with a risk-weighted average FICO score of 746, risk-weighted average loan-to-value ratio of 93% and layered risk was 1.2% of risk in-force. Pricing remained constructive in the quarter, and our dynamic risk-adjusted pricing engine, Rate360, is enabling us to prudently target the right risk for the right price at a granular level with changing market conditions.

事實上，我們的在保保險（Insurance-in-Force）投資組合仍具韌性：風險加權平均 FICO 分數為 746，風險加權平均貸款價值比（LTV）為 93%，分層風險（layered risk）占在保風險（risk in-force）的 1.2%。本季定價仍具建設性，而我們的動態風險調整定價引擎 Rate360，使我們能在市場條件變化下，以更細緻的層級審慎地以適當價格鎖定適當風險。

Turning to losses. Total delinquencies were down 1% sequentially, with new delinquencies down 1% and cures up 13%, both consistent with seasonal trends. Our strong cure performance was driven by favorable credit trends and our effective loss mitigation efforts. This drove a net reserve release of $39 million in the quarter, and our resulting loss ratio was 15%. Credit performance continues to be strong, and we are well reserved for a range of scenarios.

接著談損失。總逾期（delinquencies）較前一季下降 1%，其中新增逾期下降 1%，治癒（cures）上升 13%，兩者皆符合季節性趨勢。我們強勁的治癒表現來自有利的信用趨勢以及有效的損失緩解措施。這使本季淨準備金釋出（net reserve release）達 3,900 萬美元，對應的損失率為 15%。信用表現持續強勁，我們也已為多種情境做好充足提存。

Turning to expenses. We delivered another quarter of prudent expense management, putting us on track to achieve our 2026 expense guidance range of $215 million to $220 million, excluding reorganizational costs. We continue to execute against our capital allocation priorities, including maintaining a strong and resilient balance sheet to support existing policyholders, investing in our business to drive organic growth and operating efficiencies, funding attractive new business opportunities and returning excess capital to shareholders.

接著談費用。我們再度交出審慎的費用管理表現，使我們有望達成 2026 年費用指引區間 2.15 億至 2.20 億美元（不含重組成本）。我們持續依資本配置優先順序執行，包括維持強健且具韌性的資產負債表以支持既有保戶、投資於業務以推動內生成長與營運效率、資助具吸引力的新業務機會，以及將多餘資本回饋股東。

At the end of the quarter, our PMIERs sufficiency ratio was 162%, providing significant financial flexibility and our credit and investment portfolios are in excellent shape. Our strong capital position is further reinforced by our CRT program and the backing of our undrawn credit facility. We continue to execute on our growth and diversification efforts.

截至季末，我們的 PMIERs 充足率為 162%，提供顯著的財務彈性，且我們的信用與投資投資組合狀況極佳。我們強勁的資本部位亦因 CRT 計畫以及尚未動用的授信額度支持而進一步強化。我們持續推進成長與多元化的各項努力。

Our growth efforts in Enact Re continued to deliver consistent and strong performance in the first quarter, generating attractive risk-adjusted returns. Enact Re remains a long-term growth and diversification opportunity that is both capital and expense efficient. Our strong performance supported robust capital returns to our shareholders.

我們在 Enact Re 的成長布局於第一季持續交出一致且強勁的表現，創造具吸引力的風險調整後報酬。Enact Re 仍是長期的成長與多元化機會，且在資本與費用運用上皆具效率。我們的強勁表現也支持對股東進行穩健的資本回饋。

During the first quarter, we returned $123 million through share repurchases and dividends and are pleased to announce that our Board of Directors approved a 14% increase to our dividend from $0.21 to $0.24 per share, which also marks the fourth year that we have increased our quarterly dividend payment. We continue to expect to deliver capital returns in 2026 of approximately $500 million.

第一季期間，我們透過庫藏股回購與股利合計回饋 1.23 億美元；同時很高興宣布董事會核准將股利提高 14%，由每股 0.21 美元調升至每股 0.24 美元，這也標誌著我們已連續第四年提高季度股利。我們仍預期 2026 年的資本回饋約為 5 億美元。

Turning to recent housing policy announcements. We applaud the FHFA and the GSEs for their thoughtful approach to credit modernization through the announced limited rollout of VantageScore 4.0. Enact supports ongoing efforts to modernize credit evaluation in ways that responsibly expand access to sustainable homeownership.

接著談近期住房政策公告。我們讚許 FHFA 與 GSEs 透過宣布有限度推出 VantageScore 4.0，以審慎周延的方式推動信用現代化。Enact 支持持續推動信用評估現代化的努力，以負責任的方式擴大可持續住房自有（sustainable homeownership）的可及性。

We remain committed to supporting our customers and to staying operationally aligned as the GSEs advance this initiative and provide additional information. Overall, we have had a great start in 2026 that positions Enact for long-term success. I want to thank our entire team for their relentless commitment and outstanding performance. With that, I will now hand the call over to Dean.

隨著 GSEs 推進此項倡議並提供更多資訊，我們仍致力於支持客戶，並在營運上保持一致對齊。整體而言，我們在 2026 年有一個非常強勁的開局，使 Enact 具備長期成功的有利定位。我要感謝我們整個團隊不懈的投入與卓越的表現。接下來，我把電話交給 Dean。

Thanks, Rohit, and good morning, everyone. We began 2026 with another quarter of strong results. Adjusted operating income was $172 million or $1.21 per diluted share compared to $1.10 per diluted share in the same period last year and $1.23 per diluted share in the fourth quarter of 2025. Adjusted operating return on equity was 12.9%.

謝謝你，Rohit，各位早安。我們以又一個強勁表現的季度開啟了2026年。調整後營運收入為1.72億美元，或每股稀釋後1.21美元，相較去年同期每股稀釋後1.10美元，以及2025年第四季每股稀釋後1.23美元。調整後營運股東權益報酬率為12.9%。

A detailed reconciliation of GAAP net income to adjusted operating income can be found in our earnings release. Turning to revenue drivers. New insurance written was $13 billion in the first quarter, down 11% sequentially and up 30% year-over-year as rate trends and seasonal dynamics played out across the period. Persistency was 80% in the quarter, flat sequentially and down 4 points year-over-year on lower prevailing mortgage rates.

GAAP淨利與調整後營運收入之間的詳細調節表可見於我們的財報新聞稿。接著談收入驅動因素。第一季新承保保險金額為130億美元，較前一季下降11%，較去年同期上升30%，反映利率趨勢與季節性動態在本期間的影響。本季續保率為80%，較前一季持平，較去年同期下降4個百分點，原因是當前房貸利率較低。

While rates were volatile over the quarter, only 21% of mortgages in our portfolio have rates at least 50 basis points above March's average of 6.2%, providing support for continued elevated persistency. Primary Insurance-in-Force was $272 billion in the quarter, down $1 billion from the fourth quarter of 2025 and up $4 billion or approximately 2% year-over-year.

儘管本季利率波動，但我們投資組合中僅有21%的房貸利率至少比3月平均利率6.2%高出50個基點，這為續保率維持在較高水準提供支撐。本季主要在保保險金額（Primary Insurance-in-Force）為2,720億美元，較2025年第四季減少10億美元，較去年同期增加40億美元，約增2%。

Total net premiums earned were $243 million, down $3 million sequentially and down $2 million year-over-year, primarily driven by higher ceded premiums. Our base premium rate of 39.4 basis points was down 0.2 basis points sequentially, in line with our expectations.

已賺取的淨保費總額為2.43億美元，較前一季減少300萬美元，較去年同期減少200萬美元，主要受分出保費增加所致。我們的基礎保費率為39.4個基點，較前一季下降0.2個基點，符合我們的預期。

As a reminder, our base premium rate is impacted by several factors and tends to modestly fluctuate from quarter-to-quarter. Our net earned premium rate was 34.3 basis points, down 0.5 basis points sequentially, driven by higher ceded premiums. Investment income in the first quarter was $71 million, up $2 million or 3% sequentially and up $8 million or 12% year-over-year.

提醒一下，我們的基礎保費率會受到多項因素影響，通常會在季度之間小幅波動。我們的淨已賺取保費率為34.3個基點，較前一季下降0.5個基點，係由分出保費增加所致。第一季投資收益為7,100萬美元，較前一季增加200萬美元或3%，較去年同期增加800萬美元或12%。

Our new money investment yield of 5% contributed to an increase in the average portfolio book yield of 4.5% for the quarter. While we typically hold investments to maturity, we may selectively pursue income enhancement opportunities. During the quarter, we sold certain assets that will allow us to recoup realized losses through future higher net investment income.

新投入資金投資殖利率為5%，帶動本季投資組合平均帳面殖利率提升至4.5%。雖然我們通常持有投資至到期，但也可能選擇性地尋求提升收益的機會。本季我們出售了部分資產，使我們得以透過未來更高的淨投資收益來回收已實現損失。

Turning to credit. We continue to see strong loss performance across our overall portfolio. New delinquencies decreased sequentially to 13,600 in the quarter from 13,700 in the fourth quarter of 2025, in line with expected seasonal trends. Our new delinquency rate for the quarter remained consistent with pre-pandemic levels at 1.5%, flat from the fourth quarter of 2025 and an increase of 20 basis points from the first quarter of 2025.

接著談信用表現。我們整體投資組合的損失表現仍然強勁。本季新增逾期件數較前一季下降至13,600件，低於2025年第四季的13,700件，符合預期的季節性趨勢。本季新增逾期率維持在1.5%，與疫情前水準一致，較2025年第四季持平，較2025年第一季上升20個基點。

Additionally, our cure rate increased sequentially 3 percentage points to 54% and remains well above pre-pandemic levels. We maintained our claim rate on new delinquencies at 8%. Total delinquencies in the first quarter decreased sequentially to 24,700 from 24,900 and the delinquency rate was flat sequentially at 2.6%.

此外，我們的治癒率（cure rate）較前一季提高3個百分點至54%，且仍顯著高於疫情前水準。我們將新增逾期的理賠率維持在8%。第一季總逾期件數較前一季下降至24,700件，低於24,900件；逾期率較前一季持平為2.6%。

Losses in the first quarter of 2026 were $37 million, and the loss ratio was 15% compared to $18 million and 7%, respectively, in the fourth quarter of 2025 and $31 million and 12% in the first quarter of 2025. The current quarter reserve release of $39 million from favorable cure performance and loss mitigation activities compares to a net reserve release of $60 million, inclusive of our claim rate reduction from 9% to 8% in the fourth quarter of 2025 and $47 million in the first quarter of 2025.

2026年第一季損失為3,700萬美元，損失率為15%；相較之下，2025年第四季分別為1,800萬美元與7%，2025年第一季分別為3,100萬美元與12%。本季因治癒表現優於預期及損失緩解活動而釋放準備金3,900萬美元；相較之下，2025年第四季淨釋放準備金6,000萬美元（包含我們將理賠率由9%下調至8%），2025年第一季則釋放4,700萬美元。

Operating expenses in the first quarter of 2026 were $49 million and the expense ratio was 20% compared to $59 million and 24%, respectively, in the fourth quarter of 2025 and $53 million and 21% in the first quarter of 2025. As a reminder, our expenses are typically higher in the back half of the year. For full year 2026, we continue to anticipate operating expenses in the range of $215 million to $220 million, excluding any reorganization costs as we prudently manage our expense base balancing our ongoing focus on driving further efficiencies across the business with continuing to invest in our growth initiatives.

2026年第一季營運費用為4,900萬美元，費用率為20%；相較之下，2025年第四季分別為5,900萬美元與24%，2025年第一季分別為5,300萬美元與21%。提醒一下，我們的費用通常在下半年較高。對於2026年全年，我們仍預期營運費用介於2.15億至2.20億美元之間（不含任何重整成本）；我們將審慎管理費用基礎，在持續推動全公司效率提升的同時，亦持續投資於成長計畫。

We continue to operate from a strong capital and liquidity position, underpinned by our robust PMIERs sufficiency and the successful execution of our diversified CRT program. Our PMIERs sufficiency was 162% or $1.9 billion above PMIERs requirements, and our third-party CRT program provides $1.9 billion of PMIERs capital credit at the end of the first quarter.

我們仍維持強勁的資本與流動性部位，並以穩健的PMIERs充足度以及多元化CRT計畫的成功執行作為支撐。我們的PMIERs充足度為162%，即高於PMIERs要求19億美元；截至第一季末，我們的第三方CRT計畫提供19億美元的PMIERs資本抵減額度。

Turning now to capital allocation. During the quarter, we paid out $30 million or $0.21 per share through our quarterly dividend and bought back 2.3 million shares at an average price of $40.66 for $93 million. Through April 30, we have repurchased an additional 0.7 million shares for $30 million as well. Yesterday, we announced a 14% increase to our quarterly dividend from $0.21 per share to $0.24 per share payable June 18, 2026.

接著談資本配置。本季我們透過季度股利支付3,000萬美元（每股0.21美元），並以平均價格40.66美元回購230萬股，金額9,300萬美元。截至4月30日，我們亦額外回購70萬股，金額3,000萬美元。昨日我們宣布將季度股利上調14%，由每股0.21美元提高至每股0.24美元，將於2026年6月18日支付。

The increased dividend is consistent with our commitment to returning capital to shareholders and reflects the continued strength of our financial position and confidence in our business. As Rohit mentioned earlier, our 2026 total capital return guidance remains unchanged at approximately $500 million.

股利提高符合我們回饋股東的承諾，並反映我們財務狀況持續強勁以及對業務的信心。如Rohit先前提到，我們2026年全年資本回饋指引維持不變，約為5億美元。

As in the past, the final amount and form of capital returned to shareholders will ultimately depend on business performance, market conditions and regulatory approvals. Overall, we are pleased with our start to 2026 and believe we remain well positioned to prudently manage risk, maintain a strong balance sheet and deliver solid returns for our shareholders. With that, let me turn the call back to Rohit.

一如以往，最終回饋股東的金額與形式將取決於營運表現、市場狀況及監管核准。整體而言，我們對2026年的開局感到滿意，並相信我們仍具備良好定位，可審慎管理風險、維持強健的資產負債表，並為股東帶來穩健回報。接下來我把電話交回給Rohit。

Thanks, Dean. Our mission to responsibly help more people achieve the dream of homeownership guides everything we do. Looking ahead, we remain encouraged by the long-term fundamentals in the housing market and are confident that Enact's strategy and durable business model position us to generate compelling performance and attractive returns while continuing to navigate a dynamic operating environment. We appreciate your interest in Enact and your continued support. Operator, we are now ready for Q&A.

謝謝你，Dean。我們的使命是以負責任的方式協助更多人實現擁有住房的夢想，這指引著我們所做的一切。展望未來，我們仍對房市的長期基本面感到鼓舞，並有信心Enact的策略與具韌性的商業模式，使我們能在持續因應動態營運環境的同時，創造具吸引力的表現與回報。感謝各位對Enact的關注與持續支持。接線員，我們現在準備進入問答。

(Operator Instructions)

（接線員指示）

Bose George, KBW.

Bose George，KBW。

So just wanted to start on credit. Credit looks solid. I'm just curious if there are markets where you're keeping an eye on in terms of home prices and have you had to adjust anything in terms of pricing or your exposures based on home price expectations?

我想先從信用面開始。信用看起來很穩健。我只是好奇，在房價方面是否有一些你們特別關注的市場？以及基於對房價的預期，你們是否需要在定價或曝險方面做任何調整？

Yes, Bose, this is Dean. Thanks for the question. I'd agree with your general assessment at the macro level, we think overall credit performance remains very strong, both in terms of delinquency development and cure activity. And as you would expect, we continue to assess performance across borrower loan attributes.

是的，Bose，我是Dean。謝謝你的提問。我同意你在總體宏觀層面的整體評估；我們認為整體信用表現仍然非常強勁，無論是就逾期發展還是治癒（恢復正常還款）活動而言。而且如你所預期的，我們持續針對借款人貸款屬性來評估表現。

We really haven't seen any material deviation from our pricing expectations when we set price and ultimately onboard risk. That doesn't mean that there aren't differentiations across different attributes. And certainly, your question about geographies is on point. In terms of geography, there are areas where housing supply has increased and home prices have moderated or even declined in some parts of the country.

我們確實尚未看到在我們定價並最終承接風險時，與定價預期相比有任何重大偏離。這並不表示不同屬性之間沒有差異。而且你關於地理區域的問題切中要點。就地理區域而言，有些地區住房供給增加，房價已趨於溫和，甚至在全國某些地方出現下跌。

We've called out the Sunbelt and particularly markets like Florida and Texas as areas where this dynamic is going on. There's other geographies, obviously, where housing supply remains low and home prices continue to appreciate. The Northeast corridor is a good example of that. I think in terms of how we handle that, just as a reminder, inside our proprietary pricing engine, Rate360, we have the ability to price across over 300 metropolitan statistical areas, and we price based on our view of the market's future home prices.

我們曾點名日照帶（Sunbelt），尤其是佛羅里達與德州等市場，正出現這種動態。當然也有其他地區，住房供給仍然偏低，房價持續上漲。美國東北走廊就是一個很好的例子。至於我們如何應對，提醒一下，在我們自有的定價引擎 Rate360 中，我們能夠針對超過300個都會統計區（MSA）進行定價，並且依據我們對該市場未來房價的看法來定價。

So what that means is we charge incremental premium when we feel markets are more likely to pull back for the higher risk of the potential for claim, and that's really aligned with our principle of the right risk at the right price. So the bottom line, from my perspective, Bose, is while there are differences in home prices across geographies and they do affect performance.

這代表當我們認為某些市場更可能回檔、潛在理賠風險較高時，我們會收取額外的風險溢價；這也與我們「以正確價格承擔正確風險」的原則一致。所以總結來說，Bose，以我的觀點，雖然不同地區的房價存在差異，且確實會影響表現。

We really haven't seen performance differ from our pricing expectations in any material market. And again, we still believe we've onboarded the right risk at the right price across geographies based on performance to date.

但我們確實尚未在任何重大市場看到表現相對於我們定價預期有實質差異。而且再次強調，依據目前為止的表現，我們仍相信在各地理區域都以正確價格承接了正確風險。

Okay. Great. And then actually switching over to the VantageScore rollout. Actually, a couple of things there. One, since PMIERs incorporates FICO into setting your capital standards, does PMIERs have to be revisited as part of this whole process as well? And then how do you -- when you're sort of providing mortgage insurance, make the adjustments since, I guess, FICO is kind of the key driver for you guys as well, I would think.

好的。很好。接著其實想切換到 VantageScore 的推行。這裡有幾點。第一，既然 PMIERs 在設定你們的資本標準時納入 FICO，那麼在整個流程中，PMIERs 是否也需要一併重新檢視？另外，當你們提供房貸保險時，會如何做調整？因為我想 FICO 對你們而言也是關鍵驅動因素。

This is Rohit. So thank you for the question. Absolutely, as you mentioned, that PMIERs on classic FICO is the foundation of how we think about one of the pricing regimes that governs our returns. So just given that fact, as we think about Vantage, I first want to say that, as I said in my prepared remarks, we are fully supportive of initiatives that qualify more home-ready consumers to prudently get into homes.

我是Rohit。謝謝你的提問。沒錯，如你所提到的，以傳統 FICO 為基礎的 PMIERs，是我們思考影響報酬的一套定價制度（pricing regime）的基礎之一。因此，當我們思考 Vantage 時，我首先想說，正如我在事先準備的發言中提到的，我們完全支持能讓更多具備購屋條件的消費者，以審慎方式進入住房市場的倡議。

And from an implementation perspective, we have been working very constructively with the FHFA and the GSEs to be operationally ready and we stand ready today to operationally implement VantageScore 4.0. As we think about the next step, I think it's items like PMIERs where we just need further guidance, and we are waiting for GSEs to provide that guidance and look forward to actually serving the market as that becomes available.

在落地執行層面，我們一直與 FHFA 及 GSEs 進行非常具建設性的合作，以確保營運上準備就緒；而我們今天也已準備好在營運上導入 VantageScore 4.0。至於下一步，我認為像 PMIERs 這類事項仍需要更進一步的指引；我們正在等待 GSEs 提供該指引，並期待在相關資訊到位後，實際為市場提供服務。

And our broader mindset, as we have talked about our risk appetite and the way we price is to always have this principle of charging the right price for the right risk at a very granular level. So aligned with that intent, as we get PMIERs for VantageScore 4.0, we would basically take that PMIERs guidance and incorporate that into our return calculation for loan cohorts across our Rate360 engine, and that would generate pricing for a VantageScore loan versus a classic FICO loan.

而我們更廣泛的思維方式——正如我們談到風險偏好與定價方式時所說——是在非常細緻的層級上，始終遵循「以正確價格承擔正確風險」的原則。因此，與此意圖一致，當我們取得針對 VantageScore 4.0 的 PMIERs 規範後，我們基本上會將該 PMIERs 指引納入 Rate360 引擎中、針對各貸款分群（cohorts）的報酬計算，並據此產生 VantageScore 貸款相對於傳統 FICO 貸款的定價。

And down the road, as FICO 10 gets rolled out, our mindset would be the same. So essentially, the intent here is to support these initiatives, but at the same time, charge the right price for the right risk across any score that is coming to us from lenders.

未來當 FICO 10 推出時，我們的思維也會相同。也就是說，我們的目標是支持這些倡議，但同時，對於放款機構提供給我們的任何評分體系，我們都要做到以正確價格承擔正確風險。

Mihir Bhatia, Bank of America.

美國銀行（Bank of America）的 Mihir Bhatia。

I wanted to start with just on credit and the delinquency rate expectations going forward. Just any comments on that, just how you expect delinquency rate to trend? Is there upward pressure from portfolio seasoning, et cetera? So just things we should be keeping in mind as we build our models and think about the credit outlook?

我想先從信用與未來逾期率的預期談起。你們對逾期率走勢有什麼看法？是否會因投組逐步成熟（seasoning）等因素而有上行壓力？也就是說，在我們建立模型並思考信用展望時，有哪些重點需要留意？

Yes. Mihir, it's Dean again. Thanks for the question. Very good question. I think in terms of delinquency rate, it's a little bit hard to project as there's a lot that goes into that. It's going to be dependent upon, of course, the macroeconomic environment and changes in its potential trajectory would have a meaningful impact on delq rate. But it also is impacted by things like NIW levels.

是的。Mihir，我是Dean。謝謝你的提問。這是個非常好的問題。我認為就逾期率而言，因為影響因素很多，所以有點難以預測。它當然取決於宏觀經濟環境；其潛在路徑的變化會對逾期率產生顯著影響。但它也會受到例如 NIW 水準等因素影響。

So to the extent we write more new insurance written, that could suppress what would otherwise be the delq rate. And then, of course, it's impacted by claim timing. And as we've seen this quarter and we've seen in prior quarters, that's been de minimis to date. I think that makes it difficult to predict with precision. At the same time and trying to be responsive to your question, I think given some of the aging that we're seeing in the newer purchase heavy books, those books having slightly higher risk attributes, LTV, DTI and a little bit lower FICO.

因此，在我們承作更多新承保保險（NIW）的情況下，可能會壓低原本會呈現的逾期率。當然，它也會受到理賠時點的影響。而如同我們本季以及前幾季所見，到目前為止那部分影響都微乎其微（de minimis）。我認為這使得要精準預測變得困難。同時，為了回應你的問題，我認為考量到我們在較新的、以購屋貸款為主的承保組合中看到的帳齡增加，而這些組合的風險屬性略高——LTV、DTI 較高且 FICO 略低。

I think it's reasonable to expect the delinquency rate could tick up from the Q1 levels. Again, got to be caveated with all things being equal, macroeconomic, NIW claims and et cetera. But I think it could tick up from the 2.6% that you see in the first quarter.

我認為合理的預期是，逾期率可能會較第一季水準小幅上升。再次強調，前提是其他條件不變，包括宏觀環境、NIW、理賠等。但我認為它可能會從你在第一季看到的 2.6% 略為上升。

Got it. And then just if you talk about the premium yield expectations for the rest of the year? Just any call-outs we should keep in mind even quarter-over-quarter. And then maybe just also use the opportunity to talk about competitive intensity that you're seeing.

了解。另外，你們能否談談今年剩餘期間的保費收益率（premium yield）預期？即使是逐季比較，有沒有什麼需要特別留意的重點？也想請你們順便談談你們看到的競爭強度。

Yes. So I'll start that off, Mihir, on base premium rate and turn it over to Rohit on the competitive environment. So as we've talked about in prior quarters, base premium rate is affected by a lot of different variables NIW levels, NIW price. This quarter, very importantly, the mix of purchase and refi, which obviously impacts NIW price and other things such as lapse, where that lapse is coming from and things that you might not even consider in the calculation of base premium rate like delinquency premium accruals.

好的。Mihir，我先就基本保費率（base premium rate）開頭，然後把競爭環境的部分交給 Rohit。如同我們在前幾季談到的，基本保費率會受到許多不同變數影響：NIW 水準、NIW 價格。本季非常重要的一點是購屋與再融資（refi）的組合占比，這顯然會影響 NIW 價格；另外還有像是失效率（lapse）、失效來源，以及一些你在計算基本保費率時可能甚至不會納入的項目，例如逾期保費應計（delinquency premium accruals）。

I think at the end of the day, we've guided towards a flattish base premium rate over the quarter, acknowledging that -- over the full year, rather, acknowledging that quarter-to-quarter, you could see some volatility. Some of the volatility that you saw on the sequential quarter basis is what I mentioned, the refi purchase mix. We had an increase in refi mix this quarter.

我認為歸根結底，我們的指引是本季基礎保費率大致持平——更準確地說，是就全年而言——同時也承認按季之間可能會出現一些波動。你在連續季度基礎上看到的部分波動，正如我提到的，來自再融資與購屋的組合變化。本季我們的再融資占比有所上升。

I think if we had normalized that to the prior period, you would have seen that two-tenth of a basis point decline be something closer to one-tenth of a basis point decline. So there is going to be quarter-to-quarter volatility, but I think we're still very comfortable with the guidance of flattish base premium rate over the course of the full year 2026.

我認為如果我們把它正規化到前一期，你會看到那0.2個基點的下降更接近0.1個基點的下降。因此按季之間會有波動，但我們仍然非常有信心維持對2026全年基礎保費率大致持平的指引。

Yes, Mihir. The second part of your question in terms of market dynamics, I would say, as I said in my prepared remarks, we found pricing to be attractive in the quarter. We believe the market remains constructive. And we like the NIW we wrote almost $13 billion of NIW we wrote in the first quarter and the returns we are getting on that NIW.

是的，Mihir。你問題的第二部分關於市場動態，我會說，正如我在事先準備的發言中提到的，我們認為本季的定價具有吸引力。我們相信市場仍然是建設性的。而且我們喜歡我們所承作的NIW——第一季我們承作了將近130億美元的NIW——以及我們從這些NIW上獲得的回報。

I would say that we continue to price for some uncertainty, economic uncertainty in the market in our pricing. As Dean said in his previous response, when it comes to geographical markets or some risk attributes, we continue to make sure that we are getting adequately paid for the conditional view that we have down to each geographical area. So I hope that provides you some kind of construct and color on the market.

我會說，我們在定價中仍然會為市場中的一些不確定性、經濟不確定性進行定價。正如Dean在他先前的回應中所說，當涉及地理市場或某些風險屬性時，我們仍然確保，針對我們對各個地理區域所持的條件性觀點，我們能獲得足夠的報酬。希望這能為你提供一些框架與對市場的補充說明。

No, that's helpful. And then just the last question, just I wanted to touch on Washington, specifically on the GSEs. Are you seeing any shifts in GSE behavior? I know you talked about Vantage a little bit, but just in general, any shifts in the housing credit GSE behavior that could affect MI eligibility or volumes? Just anything we should be keeping an eye on?

不，這很有幫助。然後最後一個問題，我想談一下華盛頓方面，特別是GSE。你們是否看到GSE行為有任何轉變？我知道你們稍微談到Vantage，但更一般地說，住房信貸方面GSE的行為是否有任何變化，可能影響MI的資格或承作量？有沒有什麼是我們應該留意的？

There, I would say at a macro level, nothing that would actually think of us changing the MI volume or MI penetration. I would say, while the market size numbers are still not finalized, we actually believe that there was a little bit of an uptick in MI penetration in Q1 -- in the Q1 NIW, so asserted loans, and that was driven by the GSE execution in Q1 being better than FHA execution and that benefiting the MI industry also.

在這方面，我會說從宏觀層面來看，沒有任何事情會讓我們認為需要改變MI承作量或MI滲透率。我會說，雖然市場規模的數字仍未最終確定，但我們其實認為第一季——在第一季NIW，也就是核准貸款中——MI滲透率略有上升；這是因為第一季GSE的執行表現優於FHA的執行表現，這也讓MI產業受益。

But I would say, outside of that, from a policy perspective, GSE risk appetite continues to stay relatively stable. GSEs continue to look at loan performance, credit characteristics and continue to make kind of minor adjustments to their appetite as they always do, but nothing beyond that in terms of any meaningful changes to report.

但我會說，除此之外，從政策角度來看，GSE的風險偏好仍相對穩定。GSE仍持續關注貸款表現與信用特徵，並像以往一樣對其偏好做一些小幅調整，但除此之外沒有任何值得報告的重大變化。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Look, we've had, in the past couple of quarters, a few windows of lower rates. And obviously, at some point, we all expect rates to fall, though that seems to be getting pushed out. I'm curious what insights you can gather from those windows in terms of what we should anticipate for activity.

你看，過去幾個季度我們有過幾個利率較低的窗口期。而且顯然，在某個時間點，我們都預期利率會下降，儘管看起來這個時間點一直被往後推。我很好奇，你們能從那些窗口期中得到哪些洞見，讓我們預期未來的活動會是什麼樣子。

Obviously, we see refis pick up. But I'm curious how that impacts the risk within the portfolio? Are there certain cohorts either that are riskier or less risky that are refinancing at faster rates during those windows? And what types of purchase loans are you seeing? Are they in sort of your risk spectrum? I'm curious to think about what we might see going forward when we get into a real lower rate environment.

顯然，我們看到再融資回升。但我好奇這如何影響投資組合中的風險？在那些窗口期中，是否有某些族群再融資速度更快，而這些族群的風險更高或更低？你們看到的是哪些類型的購屋貸款？它們是否落在你們的風險光譜之內？我想了解，當我們進入真正的低利率環境時，未來可能會看到什麼。

Sure, Rick. This is Rohit. I'll get started and then Dean will chime in, in terms of adding color. So I would say a very good point in terms of we have had a few refi windows, as you called it, in the market and those refi windows, although they were short, they've given us insights into how borrower behavior and lender behavior has worked in the last six, seven months.

當然，Rick。我是Rohit。我先開始，然後Dean會補充一些說明。我會說，你提到的點非常好：市場上確實出現了幾個你所稱的再融資窗口期；這些窗口期雖然短暫，但讓我們洞察過去六、七個月借款人行為與放款機構行為的運作方式。

I would say these windows have primarily been in time frames when the purchase market just seasonally is not expected to be super large because that's not when people are planning to buy homes. So we have seen, obviously, more reaction from the refinance part of the market. And what I would kind of share with you is the activity has been very much in line with expectations that the books that were more in the money during those windows, so you would expect post 2022 midyear books to be more in the money when rates fall because July 2022 onwards, we've had higher rates.

我會說，這些窗口期主要出現在一些時間段，而在那些時間段，購屋市場按季節性通常不會特別大，因為那不是人們計畫買房的時候。因此我們當然看到市場對再融資端的反應更大。我想跟你分享的是，相關活動非常符合預期：在那些窗口期中「更在價內」（in the money）的那些帳簿會更活躍；因此你會預期2022年年中之後的帳簿在利率下降時會更在價內，因為自2022年7月起利率一直較高。

So consumers who originated their loans in that high rate environment are more likely to refinance when the rates come down to closer to that 6% level. So that's exactly what we have seen both in Q4 and in Q1 that when rates come to that level, we basically see consumers -- lenders and consumers take advantage of those short refi opportunities to get into a better economic condition.

因此，在那個高利率環境中發放貸款的消費者，在利率回落到接近6%的水準時，更可能進行再融資。這正是我們在第四季與第一季所看到的：當利率回到那個水準時，我們基本上看到消費者——以及放款機構與消費者——把握那些短暫的再融資機會，以改善其經濟狀況。

And I would say the impact on lapse has been on those books. So '23 book, 2024 book have been the ones that actually see more lapse. From a risk attribute perspective, as Dean mentioned earlier, those books do have more purchase activity originally with slightly higher LTVs, slightly moderate FICOs and slightly higher debt to income. So as refi activity happens, obviously, that composition changes.

我會說，對失效率（lapse）的影響主要出現在那些帳簿上。因此，2023年帳簿、2024年帳簿是實際上看到更多失效的部分。從風險屬性角度來看，正如Dean先前提到的，那些帳簿在最初有較多的購屋活動，且LTV略高、FICO略為中等、負債收入比略高。因此當再融資活動發生時，這些組成結構顯然會改變。

One upside that we see in this business cycle is normally, our refinance penetration in the market is about 4% of every 100 loans that go in the market. Given the fact that some of these books have lower embedded equity, when consumers are refinancing, a good number of times, those consumers are not below 80 LTV.

在這個商業循環中，我們看到的一個正面因素是：通常市場上的再融資滲透率約為每100筆貸款中有4筆。鑑於其中一些帳簿的內含權益較低，當消費者再融資時，很多情況下這些消費者的LTV並不會低於80。

So as a result, they end up refinancing back into MI. So we have seen MI penetration go from that 4% number closer to 6% to 7%, and we see a boost in MI market even coming through the refinance portion of the market. So that's basically a little bit of color on the refinance side, and I'll quickly pivot to the purchase side.

因此，他們最終會在再融資時重新回到需要MI的狀態。所以我們看到MI滲透率從約4%上升到接近6%到7%，而且我們看到MI市場甚至在再融資端也獲得提振。以上是再融資端的一些補充說明，我會快速轉到購屋端。

I would simply say that when rates drop during kind of not purchasing season, we see less activity because it's not that consumers can suddenly go and buy a home because rates drop for a 15-day window. So refinance loans can take advantage of that, purchase loans can't.

我會簡單說，當利率在非購屋旺季期間下降時，我們看到的活動較少，因為消費者不可能因為利率在15天的窗口期內下降，就突然去買房。再融資貸款可以把握這點，但購屋貸款不行。

If rates were to drop in the purchase selling season, we do believe that there is a significant amount of pent-up demand on the side lines that you could see those consumers come to market and that would benefit homeownership rates and that would benefit MI market. But let me pause there and just ask Dean to chime in on anything I left out.

如果利率在購屋銷售旺季下降，我們確實相信市場上有相當可觀的被壓抑需求在觀望，一旦利率下降，這些消費者可能會進入市場，這將有利於自有住宅率，也將有利於MI市場。我先說到這裡，請Dean補充我是否有遺漏之處。

Yes. Rohit, that was -- I agree with everything you said. That was really comprehensive. I don't have much to add to that.

是的。Rohit，那個——我同意你說的每一點。內容真的很全面。我沒有太多可以補充的。

Rohit, it was a great answer. I really do appreciate it. If I can ask a quick follow-up. When you think about that refi activity that we've seen in those windows, do you think it over indexes, under indexes or sort of pari-passu indexes to the layered risk within the portfolio?

Rohit，這個回答很棒。我真的很感謝。如果我可以再追問一個簡短的問題。當你回頭看我們在那些時間窗口看到的再融資活動時，你認為它相對於投資組合內分層風險的分布，是偏高、偏低，還是大致同步（pari-passu）？

Yes. So just naturally, what I would expect, I don't have any specific numbers from the last six months, and I can get that to you off-line. But my general take would be, Rick, consumers who are in better credit position when rates are lower are more likely to refinance than consumers who are not. I think that's just kind of how the market is structured.

是的。就很自然地說，我的預期是這樣：我手上沒有過去六個月的具體數字，我可以會後再提供給你。但我的整體看法是，Rick，在利率較低時，信用狀況較好的消費者比信用狀況較差的消費者更可能去再融資。我認為市場結構大致就是如此。

So if you started off as a consumer who was at 720 FICO, but over the last six months or over the last two years, your FICO has risen to 780 because you manage your credit well, then you are just going to get a better execution when you come to refinance in the market versus if you started with 720 and you drifted down to 640 because when you come back to market, you're going to see an impact of loan level price adjustments in your North rate, so you're less likely to refinance. So I would say it over indexes on lower risk attributes in terms of possibility of refinancing a loan.

所以如果你一開始是FICO 720的消費者，但在過去六個月或過去兩年，你因為良好管理信用而把FICO提升到780，那麼你在市場上辦理再融資時，成交條件自然會比另一種情況更好：如果你一開始是720但後來下滑到640，當你回到市場時，你的票面利率會受到貸款層級價格調整（loan level price adjustments）的影響，因此你再融資的可能性就較低。所以我會說，就再融資的可能性而言，它會更偏向（over index）於較低風險的屬性。

Brian Meredith, UBS.

Brian Meredith，瑞銀（UBS）。

It's actually Marissa Lobo on for Brian today. With tariffs creating some uncertainty in the labor market, what assumptions are embedded in your reserves around unemployment, HPA and cure rates? And have any of those assumptions changed since the Q4 call?

今天其實是我，Marissa Lobo，代替Brian提問。在關稅為勞動市場帶來一些不確定性的情況下，你們在失業率、房價增值（HPA）以及治癒率（cure rates）方面，準備金中內含了哪些假設？而且這些假設自第四季電話會議以來有任何變化嗎？

Marissa, it's Dean. I think our actuarial methods really aren't econometrically driven. So I can't give you expressed macroeconomic assumptions embedded in our reserving, more traditional reserving techniques, chain ladder, things along those lines looking at performance trends through time. What I can say is from a claim rate perspective, we maintained our claim rate at 8%.

Marissa，我是Dean。我想我們的精算方法其實不是以計量經濟模型為驅動。所以我無法向你提供我們提存準備金中所內含的明確宏觀經濟假設；我們採用的是較傳統的提存技術，例如chain ladder等，沿著時間觀察績效趨勢。我能說的是，就理賠率（claim rate）而言，我們維持在8%。

So we still continue to believe that credit performance is holding up well and that a consistent number eight out of every 100 new delinquencies will roll to claim. Obviously, commensurate with the reserve release that we took, $39 million this quarter, we continue to see on prior period reserves cure performance above our expectations.

所以我們仍然相信信用表現維持得很好，也就是每100筆新的逾期中，會有穩定的8筆會滾動到理賠（roll to claim）。當然，配合我們本季做的準備金釋放——本季為3,900萬美元——我們持續看到前期準備金的治癒表現高於我們的預期。

And as a result, we're -- we have in the past and we did this quarter released a certain portion of reserves on prior period delinquencies given that elevated cure activity. But really, as it relates to the assumptions of booking reserves on new delinquencies, we didn't make any changes this quarter.

因此，我們過去一直如此，本季也一樣：鑑於治癒活動偏高，我們針對前期逾期釋放了一部分準備金。但就新發生逾期的準備金提列假設而言，我們本季沒有做任何調整。

Yes. And Marissa, just to add a little bit of color to Dean's point, when it comes to a loan already being delinquent, unemployment level at a macro level or at a geographical level has less impact on that loan. So the assumptions that you did mention are incorporated in our conditional pricing view.

是的。Marissa，再補充一點Dean的說法：當一筆貸款已經逾期時，宏觀層面或地理區域層面的失業率水準，對那筆貸款的影響相對較小。所以你提到的那些假設，是納入在我們的條件式定價觀點（conditional pricing view）之中。

So we are incorporating an assumption on unemployment rate, home price appreciation into our pricing that we are charging on net new loans for that month, for that week. And that's how we think about implementing a conditional view into our business.

因此，我們會把對失業率、房價增值的假設，納入我們對當月、當週淨新增貸款所收取的定價之中。這就是我們在業務中落實條件式觀點的方式。

Got it. That's very helpful. And on Rate360, it's clearly been a differentiator. Can you give us a sense of how it's influencing your NIW mix, pricing outcomes and what you plan to invest in for the next generation?

了解。這非常有幫助。另外，Rate360顯然一直是你們的差異化優勢。你能否讓我們了解它如何影響你們的NIW組合、定價結果，以及你們計畫為下一代產品投資哪些方向？

Yes. Very good question, Marissa. So as I've said in the past, Rate360 continues to iterate in terms of our innovation, our level of analytics and always kind of this desire to find the next new attribute that can actually give us more predictive power. So we've been investing in that tool for possibly last seven years or so. And we've gone through four or five versions of the pricing engine by this time.

是的。問題很好，Marissa。如我過去所說，Rate360持續迭代，體現在我們的創新、分析能力水準，以及我們一直希望找到下一個能真正提升預測能力的新屬性。我們大概已經投資這個工具七年左右。到目前為止，我們已經歷了四到五個版本的定價引擎。

I think in terms of talking about the capabilities and what it is capable of delivering in the market, just given the commercial nature of our pricing and the fact that we operate in an opaque market, I wouldn't want to talk about any specifics, but I would say that we continue to invest in that tool, continue to invest in the modeling and the research that it takes to derive what basically causes a consumer or loan to go delinquent versus another loan not to go delinquent.

至於談它的能力以及它在市場上能帶來什麼，考量到我們定價的商業性質，以及我們所處的是一個不透明的市場，我不想談任何具體細節；但我可以說，我們會持續投資這個工具，持續投資建模與研究，以找出究竟是什麼因素導致某位消費者或某筆貸款會逾期，而另一筆貸款不會逾期。

So all of those kind of drivers and outcomes are where we continue to invest, and we are very happy with where our journey has been and where it's going. Moving forward, we continue to incorporate all kinds of technologies, including machine learning and artificial intelligence to make sure that those are guiding the pricing we deploy in the market every single day.

因此，所有這些驅動因素與結果，都是我們持續投入的重點；我們對目前走過的歷程以及未來方向都非常滿意。展望未來，我們也會持續導入各種技術，包括機器學習與人工智慧，確保它們能引導我們每天在市場上部署的定價。

And I think from a risk principle perspective, only two things I'll mention is the right price for the right risk. That is always our intent that down to the granularity of every single loan, we can charge the right price and then making sure that when it comes to layered risk, we are willing to take single attribute risk.

我想從風險原則的角度，我只提兩點：第一，對的風險收取對的價格。我們的目標一直是細緻到每一筆貸款的粒度，都能收取正確的價格；第二，當談到分層風險（layered risk）時，我們願意承擔單一屬性的風險。

But when it comes to layered risk, we try to make sure that we are pricing in the loans where we can expect the stress scenario, but not the loans where basically the multiple levels of risk could be -- make the loan performance unpredictable.

但當涉及分層風險時，我們會確保：我們會在可預期壓力情境的貸款上反映定價；但對於多重風險層疊、可能使貸款表現變得不可預測的貸款，我們則盡量避免。

I'm showing no further questions at this time. I would now like to turn the call back to Rohit Gupta for closing remarks.

目前顯示沒有其他問題。我現在想把電話會議交回給Rohit Gupta做結語。

Thank you, Rory, and thank you, everyone. We appreciate your interest in Enact, and we look forward to seeing many of you in New York at BTIG's Housing Ecosystem Conference on May 7 or virtually at KBW's Real Estate Finance and Technology Conference on May 19. Thank you.

謝謝你，Rory，也謝謝各位。感謝大家對Enact的關注；我們期待在5月7日於紐約舉行的BTIG住房生態系會議上，或在5月19日以線上方式參加KBW不動產金融與科技會議時，與各位中的許多人見面。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本節目到此結束。您現在可以斷線。