Better Home & Finance Holding Co (BETR) 2026 Q1 法說會逐字稿

Good morning. My name is Aaron, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the Better Home & Finance Holding Company first quarter 2026 results conference call. (Operator Instructions) And with that, I'm pleased to turn the call over to Tarek Afifi, Senior Corporate Finance and Investor Relations Manager. Tarek, with that, you may begin.

早安。我叫 Aaron，今天將擔任本次會議的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Better Home & Finance Holding Company 2026 年第一季業績電話會議。（接線員指示）接下來，我很高興將電話會議交給 Better 資深企業財務與投資人關係經理 Tarek Afifi。Tarek，接下來請開始。

Welcome to Better Home & Finance Holding Company's first quarter 2026 earnings conference call. My name is Tarek Afifi I'm Better's Corporate Finance team. Joining me on today's call are Vishal Garg, Founder and Chief Executive Officer of Better; and Loveen Advani, Chief Financial Officer of Better.

歡迎參加 Better Home & Finance Holding Company 2026 年第一季財報電話會議。我叫 Tarek Afifi，隸屬於 Better 的企業財務團隊。今天與我一同出席的有 Better 創辦人兼執行長 Vishal Garg，以及 Better 財務長 Loveen Advani。

In addition to this conference call, please direct your attention to our first quarter earnings release, which is available on our Investor Relations website. Also available on our website is an investor presentation.

除本次電話會議外，亦請各位留意我們的第一季財報新聞稿，可於投資人關係網站取得。我們網站上也提供投資人簡報。

Certain statements we make today may constitute forward-looking statements within the meaning of federal securities laws that are based on current expectations and assumptions. These expectations and assumptions are subject to risks, uncertainties and other factors as discussed further in our SEC filings that could cause our actual results to differ materially from our historical results. We assume no responsibility to update forward-looking statements other than as required by law.

我們今天所作的某些陳述，可能構成聯邦證券法所定義之「前瞻性陳述」，其係基於目前的預期與假設。這些預期與假設受到風險、不確定性及其他因素影響，相關內容已於我們向 SEC 提交的文件中進一步說明，可能導致實際結果與歷史結果出現重大差異。除法律要求外，我們不承擔更新任何前瞻性陳述之責任。

During today's discussion, management will discuss certain non-GAAP financial measures, which we believe are relevant in assessing the company's financial performance. These non-GAAP financial measures should not be considered replacements for and should be read together with our GAAP results.

在今天的討論中，管理團隊將討論若干非 GAAP 財務衡量指標，我們認為其有助於評估公司的財務表現。這些非 GAAP 財務衡量指標不應被視為 GAAP 結果的替代，並應與我們的 GAAP 結果一併閱讀。

These non-GAAP financial measures are reconciled to GAAP financial measures in today's earnings release and investor presentation, both of which are available on the Investor Relations section of Better's website and when filed in our quarterly report on Form 10-Q with the SEC. More information as of and for the period ended March 31, 2026, will be provided upon filing our quarterly report on Form 10-Q with the SEC.

這些非 GAAP 財務衡量指標已於今日的財報新聞稿與投資人簡報中與 GAAP 財務衡量指標進行調節，兩者皆可於 Better 網站的投資人關係專區取得，並將於我們向 SEC 提交的 Form 10-Q 季度報告中呈列。截至 2026 年 3 月 31 日及該期間之更多資訊，將於我們向 SEC 提交 Form 10-Q 季度報告時提供。

I will now turn the call over to Vishal.

接下來我將把電話會議交給 Vishal。

Thank you, Tarek. Good morning, everyone. Q1 was a strong quarter for Better. We generated approximately $1.64 billion in funded loan volume, exceeding the high end of our prior guidance and growing funded loan volume approximately 89% year-over-year. Revenue from continuing operations grew approximately 52% year-over-year to $47.5 million, and our adjusted EBITDA loss was approximately $19 million, which was a 48% improvement year-over-year.

謝謝你，Tarek。各位早安。第一季對 Better 而言是強勁的一季。我們創造了約 16.4 億美元的放款撥付量（funded loan volume），高於先前指引區間上緣，且放款撥付量年增約 89%。持續營運收入年增約 52% 至 4,750 萬美元，而調整後 EBITDA 虧損約 1,900 萬美元，較去年同期改善 48%。

Just as importantly, we continued scaling the Tinman AI platform and expanding our partnership ecosystem, which remain the core drivers of our long-term strategy. Before discussing product innovation and partnerships, I want to address the macro environment directly and explain how we are thinking about the business in the current rate backdrop.

同樣重要的是，我們持續擴大 Tinman AI 平台規模並擴展合作夥伴生態系，這些仍是我們長期策略的核心驅動力。在討論產品創新與合作夥伴關係之前，我想先直接談談總體環境，並說明在目前利率背景下我們如何看待業務。

The company entered 2026 with strong momentum, generating funded loan volume of $450 million, $521 million and $673 million in January, February and March, respectively, a month-over-month growth of 16% and 29% in February and March. What's more in late April, pre-approval volume for our biggest Tinman AI platform partner went from approximately $100 million per day in preapproved customer volume to over $200 million per day in pre-approved customer volume.

公司以強勁動能進入 2026 年，1 月、2 月與 3 月的放款撥付量分別為 4.5 億美元、5.21 億美元與 6.73 億美元，2 月與 3 月的月增率分別為 16% 與 29%。此外，在 4 月下旬，我們最大 Tinman AI 平台合作夥伴的預核准量，從每日約 1 億美元的預核准客戶量提升至每日超過 2 億美元的預核准客戶量。

That being said, the prolonged conflict in the Middle East has started to show a market impact on interest rates across the mortgage industry with rates for consumers on our platform growing from 5.75% to well over 6.5% in the last few weeks. And this is causing consumers to get stuck in the middle of the funnel, hesitating to lock at a higher rate, particularly if they feel the rate increase is temporary due to the situation in the Middle East.

話雖如此，中東地區的長期衝突已開始對整個房貸產業的利率產生市場影響；在過去幾週，我們平台上消費者的利率已從 5.75% 上升至遠高於 6.5%。這使得消費者卡在漏斗中段，對於在較高利率下鎖定利率（lock）猶豫不決，特別是當他們認為利率上升可能只是因中東局勢而暫時性的。

With our partners' help, we are converting some of these customers who need cash now to HELOCs. But for those looking just for savings per month, we are in a waiting pattern where we will go back to them with a lock as soon as rates come back down.

在合作夥伴的協助下，我們正將其中一部分需要立即取得現金的客戶轉換為 HELOC（房屋淨值信用額度）。但對於僅希望降低每月支出的客戶，我們目前採取等待策略，一旦利率回落，我們就會再與他們聯繫並進行鎖定利率。

So the bad news is that conversion rates are down from where they were in Q1 due to macro factors. The good news is that partner volume continues to increase dramatically as the partner opens us up to a broader section of their customer base and products.

因此，壞消息是，由於總體因素，轉換率較第一季時的水準有所下降。好消息是，隨著合作夥伴將我們觸及到其更廣泛的客群與產品，合作夥伴帶來的量仍在大幅增加。

Despite the macro noise, we are structurally better positioned than most mortgage platforms for three reasons. Our partnership model creates structurally lower customer acquisition costs and scalable distribution and doesn't require us to spend money upfront, which then can get hung up when conversion cycles blow during volatile market periods.

儘管總體雜音不斷，我們在結構上仍比多數房貸平台更具優勢，原因有三。我們的合作夥伴模式在結構上帶來更低的客戶取得成本與可擴展的分銷能力，且不需要我們先行投入資金；在市場波動期間，當轉換週期拉長時，這些前期投入往往會被卡住。

Tinman AI continues to improve conversion efficiency and operating leverage. Our diversified product mix spans across purchase refi and HELOC. And when refis become more difficult, we can convert a segment of those into HELOCs, which is a tool we didn't have in prior rate cycles. That positioning is reflected in our Q2 guidance. We expect funded loan volume of approximately $1.65 billion, representing approximately 37% year-over-year growth, slower than what we had originally anticipated going into Q2.

Tinman AI 持續提升轉換效率與營運槓桿。我們多元化的產品組合涵蓋購屋貸款、再融資（refi）與 HELOC。當再融資變得更困難時，我們可以將其中一部分轉換為 HELOC，這是我們在先前利率循環中所沒有的工具。這樣的定位也反映在我們對第二季的指引中。我們預期放款撥付量約 16.5 億美元，約為年增 37%，低於我們原先在進入第二季時的預期增速。

Importantly, while funded loan volumes are expected to remain approximately flat sequentially, revenue is still expected to grow meaningfully due to continued mix shift towards higher-margin HELOC products. We currently expect approximately 15% sequential revenue growth in Q2, which we believe is an important signal that the strategy works and the platform works despite the macro backdrop.

重要的是，雖然放款撥付量預期季比大致持平，但由於產品組合持續轉向毛利率較高的 HELOC 產品，營收仍預期將顯著成長。我們目前預期第二季營收季增約 15%；我們認為這是策略有效、平台有效的重要訊號，即使在目前的總體背景下亦然。

We also continue to believe the business is positioned for substantial operating leverage as volumes recover. At the same time, we want to be direct with investors. The timing on when we achieve our $1 billion monthly funded volume target will depend in part on the rate environment. It looked highly doable this time last month. And right now, sitting for this month, it looks like it's going to be deferred.

我們也持續相信，隨著量能回升，業務具備可觀的營運槓桿。同時，我們也希望對投資人坦率說明。我們何時能達成每月 10 億美元放款撥付量的目標，部分將取決於利率環境。在上個月的這個時點看來，這個目標非常可行。但就本月目前的情況來看，似乎將會延後。

The long-term trend remains intact, but near-term visibility continues to be impacted by macro volatility and what that does to consumer benefit on a refi. That said, if rates improve meaningfully, we believe the lead funnel is already in place and positions us to accelerate towards that target relatively quickly.

長期趨勢仍然完好，但短期能見度持續受到總體波動影響，以及這種波動對消費者再融資效益所造成的影響。即便如此，若利率明顯改善，我們相信潛在客戶漏斗已經到位，能讓我們相對快速地加速朝該目標前進。

Regardless of the environment, we continue to execute aggressively. In April, we announced a series of deliberate steps to strengthen operations and continue our progress towards profitability. These actions are on track and are even more important against the backdrop I just described.

不論環境如何，我們仍持續積極執行。在 4 月，我們宣布一系列審慎措施，以強化營運並持續推進邁向獲利。這些行動正按計畫推進，且在我剛才描述的背景下更顯重要。

First, we're removing at least $25 million of annualized costs from our operations beginning in Q2 2026. Second, we expanded our total warehouse capacity by 48% to $850 million since the start of Q1. And third, in early April, we raised $69 million in equity that further strengthened liquidity and operational flexibility.

第一，自 2026 年第二季起，我們將從營運中移除至少 2,500 萬美元的年化成本。第二，自第一季開始以來，我們將整體倉儲融資額度（warehouse capacity）擴大 48% 至 8.5 億美元。第三，在 4 月初，我們透過股權融資募集 6,900 萬美元，進一步強化流動性與營運彈性。

All of these actions, along with greater focus on AI efficiencies, deep cuts in corporate overhead and the adjusted revenue growth and the change in the mix to HELOC versus refis means we remain in sight of the target of adjusted EBITDA breakeven by the end of Q3 2026.

所有這些行動，加上更聚焦於 AI 效率、對公司間接費用的大幅削減，以及經調整後的營收成長與產品組合由再融資（refis）轉向 HELOC 的變化，意味著我們仍可望在 2026 年第三季末達成經調整 EBITDA 損益兩平的目標。

Turning to partnerships. Our Credit Karma Finance of America and top five non-bank originator partnerships are all live and ramping. These partnerships are especially important because they leverage existing customer ecosystems rather than paid acquisition channels. For example, an increasing portion of Credit Karma's 140 million members are exposed to Credit Karma Home Loans powered by Better at zero upfront CAC to us. We believe that structural CAC advantage will become increasingly important as the industry consolidates.

接著談合作夥伴關係。我們與 Credit Karma、Finance of America 以及前五大非銀行放款機構的合作夥伴關係皆已上線並正在加速成長。這些合作特別重要，因為它們利用既有的客戶生態系，而非付費獲客渠道。例如，Credit Karma 的 1.4 億名會員中，愈來愈多的人會接觸到由 Better 提供支援的 Credit Karma Home Loans，而我們的前期 CAC 為零。我們相信，隨著產業整併，這種結構性的 CAC 優勢將變得愈來愈重要。

In late January, we marked the one-year anniversary of our partnership with NEO. NEO grew from a $1.5 billion run rate at onboarding to $2.9 billion in March 2026. Our Tinman AI platform generated approximately $821 million in funded loan volume during Q1, accounting for approximately 50% of total funded loan volume, up from 44% in Q4.

在一月下旬，我們迎來與 NEO 合作滿一週年。NEO 從導入時每年約 15 億美元的運行率成長到 2026 年 3 月的 29 億美元。我們的 Tinman AI 平台在第一季產生約 8.21 億美元的已撥款貸款量，約占已撥款貸款總量的 50%，高於第四季的 44%。

That progression is important. Tinman represented 0% of funded loan volume in 2024, approximately 36% in full year 2025 and now approximately half of total funded loan volume. We expect that percentage to continue increasing in the coming quarters ahead.

這樣的進展很重要。Tinman 在 2024 年占已撥款貸款量為 0%，2025 全年約為 36%，而現在約占已撥款貸款總量的一半。我們預期該比例在接下來幾季仍將持續上升。

Now to product innovation. We had two recent launches I want to highlight, both of which serve buyers in this environment. Last week, we announced the launch of the Better Home Equity card in partnership with Stripe. The card is a Mastercard linked to a Better HELOC, letting customers spend funds drawn from their line with a single flight.

接著談產品創新。我想強調近期兩項上線產品，兩者都能在此環境下服務購屋者。上週，我們宣布與 Stripe 合作推出 Better Home Equity 卡。該卡為一張與 Better HELOC 連結的 Mastercard，讓客戶可用一次刷卡就能花用從額度中提領的資金。

Even more, customers get 1% cash back on all spend, which further lowers their total cost of financing and extends their stickiness in the Better ecosystem from a one-time transaction to a 30-year relationship. We believe HELOC demand remains durable across rate environments, and this product materially simplifies homeowner access to instant long-term liquidity against the value of their home.

此外，客戶所有消費可獲得 1% 現金回饋，進一步降低其整體融資成本，並將其在 Better 生態系中的黏著度從一次性交易延伸為長達 30 年的關係。我們認為 HELOC 需求在各種利率環境下仍具韌性，而此產品能大幅簡化屋主以房屋價值作為擔保、即時取得長期流動性的途徑。

In March, we also launched the first Fannie Mae eligible token-backed mortgage in partnership with Coinbase. Qualified customers of Coinbase can pledge Bitcoin or USDC as collateral to fund their down payment without liquidating their holdings, triggering a taxable event. We have a large pipeline of Coinbase customers who are signed up on waitlist for the official commercial release of the product in Q2.

在 3 月，我們也與 Coinbase 合作推出首個符合房利美（Fannie Mae）資格的代幣擔保房貸。Coinbase 的合格客戶可將比特幣或 USDC 作為抵押品，用以籌措頭期款，而無需出售其持有部位並觸發課稅事件。我們有大量 Coinbase 客戶已在候補名單上登記，等待該產品於第二季正式商業化推出。

We see digital assets increasingly becoming part of mainstream consumer finance infrastructure, and we intend for Better to lead that transition inside mortgage origination to leverage refi technology to fundamentally lower the interest rates on home finance products for consumers.

我們看到數位資產正日益成為主流消費金融基礎設施的一部分，而我們希望 Better 能在房貸發放領域引領這項轉變，運用再融資技術，從根本上降低消費者住宅金融產品的利率。

We believe the foundation is now in place for Better across our tech platform. Our distribution partnerships, our product expansion and our cost structure and the proof points are becoming visible in revenue growth and path to profitability in sight despite a choppy macro environment.

我們相信，Better 在整體技術平台上的基礎如今已到位。我們的分銷合作夥伴關係、產品擴張與成本結構，以及各項佐證，正逐步反映在營收成長上；即使宏觀環境波動，我們也已看見通往獲利的路徑。

With that, I'll turn it over to Loveen.

接下來我把時間交給 Loveen。

Thank you, Vishal. The Q1 financials reflect continued progress and growing operating leverage from our platform and improving efficiency in our business model. Funded loan volume grew approximately 89% year-over-year to $1.64 billion, while revenue from continuing operations increased approximately 52% year-over-year to $47.5 million.

謝謝你，Vishal。第一季財務數據反映我們持續進展，平台帶來的營運槓桿持續提升，商業模式效率也在改善。已撥款貸款量年增約 89% 至 16.4 億美元；持續營運的營收年增約 52% 至 4,750 萬美元。

Importantly, total expenses grew approximately 27% year-over-year. That spread between revenue growth and expense growth reflects the operating leverage embedded within the Tinman AI platform. As Tinman AI volumes scale, revenue growth outpaces headcount and infrastructure growth. In Q1 2026, our adjusted EBITDA loss was approximately $19 million. That's a 48% improvement year-over-year and a 16% improvement quarter-over-quarter.

重要的是，總費用年增約 27%。營收成長與費用成長之間的差距，反映 Tinman AI 平台內含的營運槓桿。隨著 Tinman AI 的量能擴大，營收成長將快於人力與基礎設施的成長。在 2026 年第一季，我們的經調整 EBITDA 虧損約為 1,900 萬美元。這較去年同期改善 48%，較上一季改善 16%。

Looking at product trends in Q1, refinance grew 542% year-over-year. Home equity grew 30% year-over-year, and purchase grew 2% year-over-year. By product mix, 50% of funded loan volume in Q1 was refinance, 36% was purchase and 12% was home equity. By channel, approximately half of funded loan volume in Q1 came through the Tinman AI platform and the other half through direct-to-consumer.

從第一季的產品趨勢來看，再融資年增 542%。房屋淨值產品年增 30%，購屋貸款年增 2%。以產品組合而言，第一季已撥款貸款量中 50% 為再融資、36% 為購屋、12% 為房屋淨值。以渠道而言，第一季約一半的已撥款貸款量來自 Tinman AI 平台，另一半來自直面消費者（direct-to-consumer）。

As Vishal discussed, we're starting to see the impact of the prolonged conflict in the Middle East on rates. However, one of the most important dynamics in our model today is mix shift. HELOC products carry materially higher gain on sale economics, which allows revenue growth to outperform funded volume growth, which is reflected in our Q2 guidance.

如 Vishal 所提，我們開始看到中東長期衝突對利率的影響。然而，我們目前模型中最重要的動態之一是組合轉移。HELOC 產品的出售收益（gain on sale）經濟性顯著更高，使得營收成長能優於已撥款量成長，這也反映在我們對第二季的指引中。

In Q2, we expect funded loan volume of $1.575 billion to $1.725 billion, of which the midpoint represents 37% growth year-over-year. We expect total net revenues of $53 million to $56 million, of which the midpoint represents 28% growth year-over-year. We also expect an adjusted EBITDA loss in the range of $12.5 million to $14 million, of which the midpoint represents 42% improvement year-over-year.

第二季，我們預期已撥款貸款量為 15.75 億至 17.25 億美元，其中中位數代表年增 37%。我們預期總淨營收為 5,300 萬至 5,600 萬美元，其中中位數代表年增 28%。我們也預期經調整 EBITDA 虧損介於 1,250 萬至 1,400 萬美元，其中中位數代表年增改善 42%。

Importantly, we continue making progress on our path towards breakeven while simultaneously strengthening the balance sheet and improving liquidity. We previously announced at least $25 million of annualized cost reductions beginning in Q2. These reductions are underway and include lower corporate overhead, vendor rationalization and the planned divestiture of our UK bank.

重要的是，我們在朝向損益兩平的道路上持續取得進展，同時也在強化資產負債表並改善流動性。我們先前宣布自第二季起，至少可達成年化 2,500 萬美元的成本削減。這些削減已在進行中，包括降低公司間接費用、供應商精簡，以及按計畫處分我們的英國銀行。

On the balance sheet, we ended Q1 2026 with approximately $136 million of liquidity, which includes cash and cash equivalents, restricted cash and net assets held for sale. This does not reflect our recent capital raise of $69 million, which closed after quarter end. We believe the balance sheet today is materially stronger and appropriately positioned to support our path towards profitability.

在資產負債表方面，我們於 2026 年第一季末的流動性約為 1.36 億美元，包含現金及約當現金、受限制現金，以及持有待售的淨資產。此數字尚未反映我們近期 6,900 萬美元的募資，該交易於季後完成。我們認為目前的資產負債表已顯著更強健，且配置得當，可支持我們邁向獲利的路徑。

In addition, we expanded warehouse capacity from approximately $575 million at year-end to approximately $850 million today, representing a 48% increase. That expansion reflects both lender confidence in our platform and the infrastructure required to support future partnership growth.

此外，我們將倉儲融資額度（warehouse capacity）從年末約 5.75 億美元擴大至目前約 8.5 億美元，增幅為 48%。此擴張反映放款機構對我們平台的信心，以及支援未來合作夥伴成長所需的基礎設施。

As Vishal discussed earlier, based on our current operating structure and ongoing cost initiatives, we remain focused on adjusted EBITDA breakeven by the end of Q3. The timing for reaching that level will depend in part on the macro environment and the pace of rate normalization, but the operating model continues to move in the right direction. We believe Better today is materially more efficient, more diversified and more scalable than it was even 12 months ago.

如 Vishal 先前所述，基於我們目前的營運架構與持續的成本措施，我們仍聚焦於在第三季末達成經調整 EBITDA 損益兩平。達到該水準的時間點，部分取決於宏觀環境與利率正常化的速度，但營運模式仍持續朝正確方向前進。我們相信，今日的 Better 相較於即使 12 個月前，也已顯著更有效率、更多元化且更具可擴展性。

With that, I'll turn back to the operator for Q&A.

接下來我把時間交回主持人進行問答。

(Operator Instructions)

(主持人指示)

Kyle Peterson, Needham.

Kyle Peterson，Needham。

Great. Good morning, guys. Thank you for taking the questions. I guess I just wanted to first start off and clarify a couple of the moving pieces in the guide. I guess, one, have you guys assumed that the macro and kind of this frozen pipeline due to some of the Middle East tensions, have you assumed any improvement or resolution in the back half of the quarter or more of a status quo?

好的。各位早安。謝謝讓我提問。我想先從指引中幾個變動因素做個釐清。第一，你們是否假設宏觀環境以及因中東緊張局勢導致的管線凍結，在本季後半段會有任何改善或解決？還是更偏向維持現狀的假設？

And then I guess also, could you guys just give us a quick reminder on some of the relative gain on sale rates, specifically on the HELOC side. Obviously, it seems like that's really offsetting some of the volume difference, but I think a reminder there would be helpful for everyone on the call.

然後我想也想請你們再快速提醒一下幾個相對的出售收益率（gain on sale rates），特別是在 HELOC 這一側。顯然，看起來這確實在很大程度上抵消了一些量的差異，但我覺得在這裡幫大家複習一下，對電話會議上的所有人都會很有幫助。

Sure. I mean we are assuming no resolution. And so I think we've been very conservative with respect to what we're guiding towards because going into April, we knew that volume top of funnel was about to almost double. And going into April, we were very confident in the number that we were quoting, which was $1 billion of volume.

當然。我的意思是，我們假設不會有任何解決方案。所以我認為我們在指引上一直非常保守，因為進入 4 月時，我們知道漏斗頂端的量幾乎要翻倍。而在進入 4 月時，我們對我們所報的數字非常有信心，也就是 10 億美元的量。

And then the rate spike, the escalation in the Middle East, basically, all that new volume came top of funnel. I think we shared that it went from about $100 million a day top of funnel for pre-approval volume to $200 million a day in the back half of April.

然後利率飆升、中東局勢升級，基本上，所有那些新增量都湧入漏斗頂端。我想我們分享過，預核准（pre-approval）量的漏斗頂端從每天大約 1 億美元，在 4 月下半月升到每天 2 億美元。

But those customers are not converting at nearly the same rate. We're converting a bunch of them to HELOCs, but a bunch of them that come in just to do a rate term refi or do a debt consolidation to bring down all the rates. They're going to save more if they wait it out than they would getting into it right now. And so we have to give them the right advice for them, and that's what we've always done, prioritize the long term over the short term. So that's what we're doing.

但這些客戶的轉換率遠沒有那麼高。我們把其中一部分轉成 HELOC，但也有不少人進來只是想做利率/期限再融資（rate-term refi）或做債務整合來把所有利率降下來。對他們而言，如果等一等，省下來的會比現在進場更多。所以我們必須給他們對他們最合適的建議，而這也是我們一直以來的做法：長期優先於短期。所以我們就是這麼做的。

And we think that, that's a coiled spring for when things die down in the Middle East, you're going to see some bumper months as we convert all those customers who are effectively on a wait list to lock when rates come back down.

我們認為，這就像一個蓄勢待發的彈簧；當中東局勢緩和後，你會看到幾個特別強勁的月份，因為我們會把那些實際上在「等候名單」上、等利率回落再鎖定的客戶轉換過來。

On the gain on sale, HELOCs are averaging between six to seven points total gain on sale in combination of origination fees and gain on sale premium, whereas traditionally, mortgage on D2C has averaged 2.5 points and on NEO has averaged 3.5 points.

在出售收益（gain on sale）方面，HELOC 的平均總出售收益約為 6 到 7 個點（points），包含開辦費（origination fees）與出售溢價（gain on sale premium）的合計；而傳統上，D2C 的房貸平均約 2.5 個點，NEO 平均約 3.5 個點。

Okay. That's really helpful. And then I guess a follow-up on the HELOC card initiative that you guys have launched. That seems like a really interesting product, I guess. How are you guys thinking about when that goes live later this year, ways whether that increases engagement gives you a competitor edge or monetization opportunities?

好的。這非常有幫助。然後我想追問一下你們推出的 HELOC 卡計畫。我覺得那看起來是一個很有意思的產品。你們怎麼看待它在今年稍晚上線後，是否會提升互動、帶來競爭優勢或變現機會？

Just any more color there on how you think that fits in and could potentially help you guys kind of continue to accelerate growth in HELOCs would be great.

如果能再多分享一些你們如何看待它的定位，以及它可能如何幫助你們持續加速 HELOC 成長，會很棒。

Yes. So I think there are many utility functions of the home card. The first utility function is it tracks all your home spend. So it helps you effectively monitor that, and it provides discounts on things that you use for your home. Two, you get 1% cash back.

是的。所以我認為 home card 有很多實用功能。第一個功能是它會追蹤你所有的居家支出。因此它能幫你有效監控，並且對你用在家裡的項目提供折扣。第二，你可以拿到 1% 現金回饋。

So for a customer, they're effectively getting their rate or fees bought down as a result of that 1% cash back.

所以對客戶而言，透過這 1% 現金回饋，他們等於把利率或費用「買低」了一些。

Three, it creates a 30-year relationship with the consumer for us versus having a onetime transaction, which means that recurring refis for that consumer, cash out refis will be nearly instant and super creates a super engaged customer base for which then we can market other products like what we've done with homeowners insurance, which typically comes up for renewal every year, life insurance, any of these other products that we've traditionally had, we can then have an always-on relationship with the consumer versus a once every three-, five-, seven-year relationship with the consumer.

第三，它讓我們與消費者建立 30 年的關係，而不是一次性的交易；這意味著該消費者未來反覆的再融資（refis）、現金提領再融資（cash-out refis）幾乎可以即時完成，並且能打造一個高度互動的客戶基礎，接著我們就能行銷其他產品，例如我們在屋主保險上所做的——屋主保險通常每年續保一次——以及人壽保險、以及其他這些我們傳統上提供的產品；如此一來，我們就能與消費者維持「隨時在線」的關係，而不是每三年、五年、七年才互動一次。

I think it moves into basically Better being a home finance home operating system for the consumer rather than just a onetime home transaction system. And we think that our partners have already started asking for it. It's just another really good way for a partner to service their customer and maintain that. So a number of our partners are already asking us to replicate what we're doing internally for our D2C business for that. So it gives us another feather in our cap when we go and pitch HELOCs or home equity as a service to other companies or mortgage as a service to other companies.

我認為這基本上讓 Better 變成消費者的「居家金融／居家營運系統」，而不只是一次性的居家交易系統。而我們也認為合作夥伴已經開始向我們詢問這個產品。這只是合作夥伴服務其客戶並維持關係的另一個非常好的方式。所以我們有不少合作夥伴已經在要求我們，把我們在 D2C 業務內部所做的這套模式複製給他們。因此，當我們去推銷 HELOC 或「房屋淨值即服務」（home equity as a service）給其他公司，或把「房貸即服務」（mortgage as a service）提供給其他公司時，這又讓我們多了一項優勢。

That's very helpful. Thank you for all the color.

這非常有幫助。謝謝你提供這麼多細節。

Ramsey El-Assal, Cantor Fitzgerald.

Ramsey El-Assal，Cantor Fitzgerald。

Hi, good morning, and thanks for taking my questions. Has the more challenging macro backdrop caused any slowdown in your partnership discussions or partnership pipeline conversion?

嗨，早安，謝謝讓我提問。更具挑戰性的總體環境，是否讓你們的合作夥伴洽談或合作夥伴管線（pipeline）的轉換出現任何放緩？

I think it's accelerated, especially within the traditional mortgage broker and retail mortgage lender channel. A lot of people were hoping '26 was the year that they were going to thrive in. And it's looking like with the Middle East conflict, things are tougher. So more and more banks are still looking to get into the business.

我認為反而加速了，特別是在傳統房貸經紀與零售房貸放款機構這個通路裡。很多人原本希望 2026 年會是他們大展身手的一年。但看起來隨著中東衝突，情勢更艱難。所以越來越多銀行仍在尋求進入這個業務。

Of course, the Middle East conflict and higher elevated rates and oil prices has an impact on the number of customers eligible for refi, but it has an even bigger impact on unsecured consumer credit. And so we're starting to see a lot of inbound from other fintechs, other large consumer credit companies to pivot from their traditional unsecured offerings into a secured offering like a HELOC.

當然，中東衝突、更高且維持在高檔的利率與油價，會影響符合再融資資格的客戶數量，但它對無擔保消費信貸的影響更大。因此我們開始看到很多來自其他金融科技公司、其他大型消費信貸公司的主動接洽（inbound），希望從他們傳統的無擔保產品轉向像 HELOC 這樣的有擔保產品。

Okay. And could you also comment on the loan mix between Tinman and direct and kind of how the changing environment might play out in terms of your target there. I think it was 60% Tinman by the end of the year. I was just curious if the changing backdrop here has any impact on that target.

了解。另外你們能否也談談 Tinman 與直客（direct）之間的放款組合（loan mix），以及環境變化可能如何影響你們的目標？我記得你們的目標是年底 Tinman 佔比 60%。我只是好奇，這裡的環境變化是否會對該目標造成任何影響。

I think we're well on our way to achieving that target.

我認為我們正穩步朝達成該目標前進。

Yes. I think, Ramsey, you're hitting on a great point. Had we been a traditional D2C play, we would have spent money on these leads upfront and not have them convert. Because we're now relying on our partnership volumes, right, we're somehow derisking ourselves from that eventuality.

是的。我想，Ramsey，你提到了一個很好的點。如果我們是傳統的 D2C 模式，我們會在前端先花錢買這些線索（leads），結果它們卻不轉換。但因為我們現在依賴合作夥伴的量，對吧，我們在某種程度上把這種結果的風險降低了。

Interesting. Thank you very much.

有意思。非常感謝。

Rohit Kulkarni, ROTH Capital Partners.

Rohit Kulkarni，ROTH Capital Partners。

Hey, thanks guys. One kind of just comparison of unit economics to the extent you can, can you just flag what's the difference between Tinman platform generated volume versus D2C specifically, like relative kind of CAC profile gain on sale? And longer term, do you see a scenario where the contribution margin for the platform volume would actually be structurally higher than your traditional D2C business?

嘿，謝謝各位。在你們方便分享的範圍內，想請你們比較一下單位經濟（unit economics）：Tinman 平台帶來的量與 D2C 相比，像是相對的獲客成本（CAC）輪廓、出售收益（gain on sale）等，有哪些差異？以及長期來看，你們是否認為平台量的貢獻毛利（contribution margin）有可能在結構上高於你們傳統的 D2C 業務？

That's a great question. Right now, we try to price our platform partnerships. So, we make the same amount of contribution margin. Revenue can change, right, because different partners are asking us to do different services for them. But we try to make the same contribution margin that we do on D2C in our platform business.

這是個很好的問題。目前我們會嘗試為平台合作夥伴進行定價。因此，我們取得的貢獻毛利是相同的。營收可能會變動，對吧，因為不同合作夥伴要求我們提供不同的服務。但我們會努力讓平台業務的貢獻毛利與 D2C 相同。

And so as we scale, we're hoping to make sort of around $2,000 per loan contribution margin on mortgage and slightly less than that on HELOCs in our Tinman AI platform business.

因此，隨著我們擴張，我們希望在房貸業務上每筆貸款約能創造 2,000 美元的貢獻毛利，而在我們的 Tinman AI 平台業務中的 HELOC（房屋淨值信貸額度）則略低於此。

Over time, as it becomes the sale becomes more and more software, like margin profile is much better on Tinman AI platform. But in the right now, the gains from AI are captured first in D2C, which is why you saw our continued improvement in our unit economics on the D2C business. And then we port those things that work in D2C into the Tinman AI platform business.

隨著時間推進，當銷售越來越偏向軟體時，Tinman AI 平台的毛利結構會好得多。但就目前而言，AI 帶來的收益會先在 D2C 中被捕捉到，這也是為什麼你看到我們 D2C 業務的單位經濟持續改善。接著我們會把在 D2C 中有效的方法移植到 Tinman AI 平台業務。

Okay. Got you. And regarding the current macro environment and rate kind of changes in the last 45 days. Historically, what is the typical lag in consumer behavior and how that impacts your business, assuming there's a pathway towards more stable macro in the next 60, 90 days. How does that how do you anticipate that to impact your business?

好的。了解。那關於目前的總體環境，以及過去 45 天利率的變動。歷史上，消費者行為通常會有多長的滯後期，並且會如何影響你們的業務？假設未來 60、90 天總體環境有機會走向更穩定。你預期這會如何影響你們的業務？

And over what duration and sorry for a multi-quarter here and that, are you assuming any improvement in macro in your 2Q guide?

以及在多個季度的時間跨度上（抱歉這問題跨了好幾季），你們在 2Q 指引中是否假設總體環境會有任何改善？

We're assuming no improvement in the macro in our 2Q guide. And so, we're being conservative there. And we are the typical cycle is you can start to see on refis in particular, on rates on refi, in particular, you can see immediately within a week, if a consumer comes in as a pre-approval, if they're going to lock or not or if they're hesitant.

我們在 2Q 指引中假設總體環境不會改善。因此我們在這方面採取保守假設。而典型的週期是：你可以開始看到，特別是在再融資（refi）方面、尤其是再融資利率上，幾乎可以立刻在一週內看出來——如果消費者以預先核准（pre-approval）進來，他們會不會鎖利率，或是是否猶豫。

And usually, when they are hesitant, we register in our data, the price point at which they would transact and then we hold them until they come back, kind of like think of it like a limit order in stock trading. And then so we see that behavior manifest itself out in refis.

通常當他們猶豫時，我們會在數據中記錄他們願意成交的價格點，然後我們會把他們保留到他們回來為止，有點像股票交易中的限價單。因此我們會看到這種行為在再融資中呈現出來。

Purchase, as you know, is like a six-month cycle. And HELOC, depending on the use case, if it's for debt consol, it can take the consumer a month to decide on what debt to pay off or not and what things that they care about or not. If it's more for home improvement or tuition or other things like that, they typically have a need that needs to be satisfied within a week, two weeks, three weeks.

購屋貸款（purchase）如你所知，大約是六個月的週期。而 HELOC 取決於使用情境：如果是用於債務整合（debt consol），消費者可能需要一個月來決定要償還哪些債務、或不償還哪些，以及他們在意哪些條件或不在意哪些。如果更多是用於居家裝修、學費或其他類似用途，他們通常有一個需要在一週、兩週、三週內被滿足的需求。

Yes. Rohit, I think to go with this is, as we think about beyond the second quarter, if the environment stays where it is, we'll have increased indexation towards HELOCs and less so towards refi. And if the macro changes, then that equation will flip.

是的。Rohit，我想補充的是，當我們思考第二季之後，如果環境維持現狀，我們會提高對 HELOC 的比重、相對降低對再融資的比重。如果總體環境改變，那這個組合就會反過來。

I see. I got you. And then I know you reaffirmed breakeven EBITDA by end of Q3. Q2 is still close to negative $13 million in EBITDA. Can you help us kind of what specifically bridges that Q2 to Q3?

我明白。了解。另外我知道你們重申在 Q3 結束前達到 EBITDA 損益兩平。Q2 的 EBITDA 仍接近負 1,300 萬美元。你能否協助我們理解，具體是哪些因素把 Q2 連接到 Q3？

What are the factors under your control? And maybe just layer in the $25 million cost reduction program, how much of that is in Q2? And what other levers do you have in Q3?

哪些因素是在你們可控範圍內？另外也請把 2,500 萬美元的成本削減計畫納入說明，其中有多少反映在 Q2？以及你們在 Q3 還有哪些槓桿可以運用？

Absolutely. Yes, that's a great question. So today, our current financials exclude the UK business, which is we're considering that as discontinued ops, right? As we think about getting to our breakeven targets, our current cash OpEx is about $68 million.

當然。是的，這是個很好的問題。所以目前我們的財務數字不包含英國業務，我們將其視為終止營運（discontinued ops），對吧？當我們思考如何達到損益兩平目標時，我們目前的現金營運費用（cash OpEx）約為 6,800 萬美元。

That's the guidance that we're giving, right? So for us to get to profitability by the end of Q3, we'll have to get to a revenue mix or a revenue component of around low to mid-70s for us to breakeven at the end of Q3.

這就是我們給出的指引，對吧？因此，若要在 Q3 結束前達到獲利，我們需要把營收組合或營收水準提升到大約 7,000 萬美元出頭到 7,000 萬美元中段，才能在 Q3 結束時損益兩平。

Okay, got you. Okay, I'll go back in the queue. Thank you, guys.

好的，了解。好的，我回到隊列後面。謝謝各位。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

Hi guys, thanks for taking my questions here. Could you talk a bit more about how some of those newer partnerships are ramping today? Are you seeing encouraging trends in engagement and conversion rates so far? And how have those partnerships trended on a monthly basis throughout the quarter?

嗨，各位，謝謝回答我的問題。能否再多談一些目前那些較新的合作夥伴關係是如何爬坡成長的？到目前為止，你們是否看到在互動與轉換率方面令人鼓舞的趨勢？而這些合作夥伴在本季期間按月的走勢如何？

The newest partnership are ramping extremely well. I mean we literally in the month of April, went from $100 million a day top of funnel to $200 million a day top of funnel. $200 million a day top of funnel just multiplied by 250 business days is $50 billion of pre-approval volume.

最新的合作夥伴關係爬坡得非常好。我的意思是，我們在 4 月份，漏斗頂端（top of funnel）的量真的從每天 1 億美元提升到每天 2 億美元。每天 2 億美元的漏斗頂端量，乘以 250 個工作日，就是 500 億美元的預先核准量。

And we're still just scratching the surface. Our biggest partner, Credit Karma, we are exposed in many of the products to less than 1% of their customer base. for the top five retail lender, we're just ramping up their salespeople on the HELOC product, and they have hundreds of billions of dollars of MSR on their books that we're going to be targeting, which has a very, very high conversion rate. Our top three fintech, they're scaling. They're becoming a reasonably decent size of our HELOC volume.

而我們其實還只是觸及表面。我們最大的合作夥伴 Credit Karma，我們在他們許多產品中的曝光，還不到其客戶基礎的 1%。對於前五大零售放款機構，我們正在讓他們的銷售人員在 HELOC 產品上加速上手，而他們資產負債表上有數千億美元的 MSR（抵押貸款服務權）我們將鎖定，這類客群的轉換率非常、非常高。我們前三大的金融科技（fintech）合作夥伴也在擴張。他們正成為我們 HELOC 量中相當可觀的一部分。

And so you've seen like monthly HELOC volumes start to continue to trend up. A little bit of that has been. And then we've got a couple of banks in the queue off of our ChatGPT announcement that we did, I think, about two months ago, and we're hoping to get them closed and operational and live shortly.

因此你會看到每月 HELOC 量持續呈上升趨勢。其中一部分是……另外，在我們大約兩個月前做了 ChatGPT 公告之後，目前有幾家銀行在排隊洽談，我們希望能在短期內完成簽約、上線並開始運作。

Got it. And then on the technology side, where are you seeing the biggest operational or customer-facing benefits from tools like Betsy, Tinman AI and the broader machine learning initiatives?

了解。那在技術面上，像 Betsy、Tinman AI 以及更廣泛的機器學習計畫，你們在哪些地方看到最大的營運效益或面向客戶的效益？

The biggest benefit is in customer contact capability where consumers are now able to transact with Betsy 24/7, 365. And we're increasing the exposure of Betsy branded for our partners in their funnels. So I think the biggest uplift is going to actually be when we are able to fully deploy Betsy in our partner funnels, not just in our D2C funnel.

最大的效益在於客戶聯繫能力：消費者現在可以透過 Betsy 24/7、全年 365 天完成交易。而且我們正在提高在合作夥伴漏斗中、以 Betsy 品牌呈現的曝光度。所以我認為最大的提升其實會出現在：當我們能在合作夥伴的漏斗中全面部署 Betsy，而不只是部署在我們的 D2C 漏斗中。

(Operator Instructions)

(接線員指示)

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Hey, good morning, Vishal, one thing you've talked about are partnerships and your partnerships are growing. If in the interim, the mortgage market stays soft, but all of a sudden, we get a big bump up, the war is over and all of a sudden, you get a lot of activity. How do you manage the infrastructure if demand spikes?

嗨，早安，Vishal。有一點你談到的是合作夥伴關係，而且你們的合作夥伴正在成長。如果在此期間房貸市場仍然疲弱，但突然之間出現大幅回升，例如戰爭結束、活動量突然大增。如果需求激增，你們要如何管理基礎設施？

We are already getting geared up for something like that. The best thing that we can do is in the old days, we have to rely on humans to staff up and pick up the phone, work late shifts, work weekends. And now we are able to simply leverage Betsy. Betsy loan officer, Betsy loan processor, Betsy loan underwriter.

我們已經在為這種情況做準備。我們能做的最好的事情是：過去我們必須依賴人力來擴編、接電話、上晚班、週末加班。而現在我們可以直接運用 Betsy。Betsy 貸款專員、Betsy 貸款處理員、Betsy 貸款核保員。

And in preparation for some of that, we're actually taking off some of the gloves where Betsy was recommending a particular task or a particular path to both a consumer or an internal person and then the internal person was sending it out. We're now just having Betsy be on autopilot after close to over 1.5 years of learning data. And so I think that, that's just going to crush the operating cost framework and allow us to capture all the volume as it comes in.

而為了替其中一些事情做準備，我們其實正在放寬一些限制；過去 Betsy 會向消費者或內部人員推薦特定任務或特定路徑，然後再由內部人員把它送出去。現在，在累積了將近超過 1.5 年的學習資料之後，我們讓 Betsy 在成交後直接以自動駕駛模式運作。所以我認為，這將大幅壓低營運成本架構，並讓我們在量能湧入時把所有量都承接下來。

And Vishal, on a couple of partnerships, you're not the only mortgage provider, but it seems as though you have a competitive advantage because of your technology. Have you seen your partners or talk to your partners about comparing your ability to serve their customers versus others that might be on the platform? And if so, what type of advantage is that giving you?

Vishal，關於幾個合作夥伴關係，你們並不是唯一的房貸提供者，但看起來你們因為技術而具備競爭優勢。你是否看過或與合作夥伴討論過，把你們服務其客戶的能力與平台上其他可能的供應商做比較？如果有的話，這帶給你們什麼樣的優勢？

Our partners typically see an improvement of 2 times relative to the incumbent in terms of both productivity and customers served. So that's really the promise that we make to them is we're going to help you double revenue, and we're going to help you cut your cost structure by 30% to 50%, and you'll make 4 times, 5 times, 6 times more money.

我們的合作夥伴通常會看到相較於既有供應商，在生產力與服務客戶數兩方面都有 2 倍的提升。所以我們對他們的承諾就是：我們會幫你把營收翻倍，並幫你把成本結構降低 30% 到 50%，而你將能賺到 4 倍、5 倍、6 倍更多的錢。

And that's how it's playing out for our existing partners. That's why there's a waitlist of people to get on the Tinman AI platform, the ChatGPT Enterprise Edition. We just are we're continuing to work through that and the value prop to the partners is high.

這也正是我們現有合作夥伴的實際成果。這也是為什麼想加入 Tinman AI 平台（ChatGPT Enterprise 版本）的人有候補名單。我們會持續推進這件事，而對合作夥伴而言，價值主張很高。

But as you know, like the mortgage industry is an industry that the Internet basically forgot. And so we have lots and lots and lots of mortgage people who are still operating on really old antiquated systems. And what we're also finding is that their staff are used to just those systems.

但如你所知，房貸產業基本上是網際網路遺忘的一個產業。因此有非常非常多的房貸從業人員仍在使用非常老舊、過時的系統運作。而我們也發現，他們的員工早已習慣那些系統。

So frequently, we go in and they tell us that, hey, we'll keep this staff and then the rest of them, why don't you like adapt them to the new system? And what they find eventually is that we have to do it all for them. So I think that is also upside in the margin profile that we land with a particular product or a particular implementation and then we expand from there.

所以我們常常進去之後，他們會跟我們說：嘿，我們會保留這些員工，其他的人你們為什麼不把他們調整到新系統上？但他們最後發現，我們必須替他們把所有事情都做完。所以我認為，這也會反映在我們以某個產品或某個導入案落地時的毛利結構上，之後再從那裡擴張。

Perfect. Thank you very much. Appreciate it.

完美。非常感謝。感激不盡。

Brendan McCarthy, Sidoti.

Brendan McCarthy，Sidoti。

Great. Good morning, everyone. Appreciate you taking my questions here. Just wanted to ask a quick question on Birmingham Bank, the UK-based bank. I know you classified it as discontinued operations held for sale. Can you give us any detail on when we might expect a sale regarding timing? Can you give us any color on potential capital release from that sale or perhaps sale proceeds?

很好。各位早安。感謝讓我在這裡提問。我想快速問一個關於伯明翰銀行（Birmingham Bank）這家英國的銀行。我知道你們把它分類為已終止營運並列為待售。你們能否提供一些細節，關於我們可能何時會看到出售、時間點大概如何？也能否談談這筆出售可能釋放的資本，或可能的出售所得？

Yes. So Brendan, this is Loveen. We're in an active sale process. We had an investment bank to lead that. We're in active discussions with potential buyers, right?

是的。Brendan，我是 Loveen。我們正在進行積極的出售流程。我們聘請了一家投資銀行來主導。我們正與潛在買家進行積極討論，對吧？

That's all I want to disclose at this time, given that we're in active discussions. Even if we do sign, there's a regulatory approval process in the UK, which is going to take about two to four months. So think of the impact in Q4.

鑑於我們正處於積極討論中，我目前就只披露到這裡。即使我們簽約了，在英國仍有監管核准流程，大約需要兩到四個月。所以請把影響視為在第四季（Q4）。

Understood. Looking at the Coinbase partnership with the crypto-backed mortgage product, can you kind of walk us through the economics of that, the revenue profile there and perhaps the launch time line of when we might see an impact in the P&L?

了解。再看 Coinbase 的合作夥伴關係與加密資產擔保的房貸產品，你能否帶我們走一遍其經濟模型、營收輪廓，以及大概的上線時間表，讓我們知道何時可能在損益表（P&L）看到影響？

The currently publicly stated launch time line is sometime in late Q2. The revenue profile from that product is starting to manifest itself. Obviously, we have more pricing power in that product than we do in your traditional direct-to-consumer product. And so you should start to see like NEO-like margins on that product.

目前公開宣示的上線時間表是在第二季末（Q2 late）的某個時間點。該產品的營收輪廓已開始逐步顯現。很明顯地，這個產品相較於傳統的直面消費者（direct-to-consumer）產品，我們有更高的定價能力。因此你應該會開始在這個產品上看到類似 NEO 的利潤率。

Got it. That's helpful. Last question, just back to the Q3 breakeven guide for adjusted EBITDA. Just to clarify, I know you mentioned you're assuming a pretty stable environment as it relates to the macro. But is there any risk to achieving that breakeven if rates move meaningfully higher or maybe the Middle East conflict is more prolonged than expected?

了解。這很有幫助。最後一題，回到你們對第三季（Q3）調整後 EBITDA 損益兩平的指引。我想確認一下，我知道你們提到假設宏觀環境相對穩定。但如果利率明顯走高，或中東衝突比預期更持久，達成損益兩平是否有任何風險？

We're going to have to cut costs deeper. I think we're pretty committed to that number.

我們就必須更深度地削減成本。我想我們對那個數字相當堅定。

Understood. Thanks, everybody. That's all for me.

了解。謝謝各位。我就到這裡。

Thank you for your questions. And ladies and gentlemen, that will conclude our Q&A session for today. Vishal, I'd like to turn it back over to you for any closing comments. Thank you.

感謝你的提問。各位女士先生，今天的問答環節到此結束。Vishal，我想把時間交還給你做任何結語。謝謝。

Thanks, everyone. Q1 was a really good quarter for us. We signed a bunch of really big deals, and we executed on our plan and we beat guidance.

謝謝各位。第一季（Q1）對我們來說是非常好的一季。我們簽下了一堆非常大的案子，並且按計畫執行，且優於指引。

I know it's disappointing for the Q2 guidance for us to not get to the $1 billion mark of loan originations that we had planned to in May, but we're going to make up for that in the context of cost cutting, deeper cost change to a HELOC product, which doesn't have a $350,000 balance, has a $100,000 balance, but makes basically the same amount of revenue and using that to continue to drive revenue growth and a path towards profitability, which is what we are expecting in our Q2 guidance, and we're confirming again that we will achieve by the end of Q3 2026.

我知道，第二季（Q2）的指引沒有達到我們原本在 5 月規劃的貸款承作量 10 億美元門檻，這令人失望；但我們會在成本削減的脈絡下補回來，並對 HELOC 產品做更深度的成本調整。HELOC 產品的餘額不是 35 萬美元，而是 10 萬美元，但基本上能帶來差不多的營收；我們會利用這點持續推動營收成長與邁向獲利的路徑，這也是我們在 Q2 指引中所預期的。我們也再次確認，我們將在 2026 年第三季（Q3）底前達成。

So, thank you all for continuing to have an interest in believing in Better, and we appreciate you all.

所以，感謝各位持續關注並相信 Better，我們也非常感謝大家。

Thank you, everybody. Have a great day.

謝謝各位。祝大家有美好的一天。