Credit Acceptance Corp (CACC) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Credit Acceptance Corporation first quarter 2026 earnings conference call. A webcast recording and transcript of today's earnings call will be made available on Credit Acceptance website.

各位好，歡迎參加 Credit Acceptance Corporation 2026 年第一季財報電話會議。今日財報電話會議的網路直播錄影與逐字稿將於 Credit Acceptance 官網提供。

At this time, I would like to turn the call over to the Credit Acceptance Chief Financial Officer, Jay Martin. Jay, please go ahead.

此刻，我想把電話會議交給 Credit Acceptance 財務長 Jay Martin。Jay，請開始。

Thank you. Good afternoon, and welcome to the Credit Acceptance Corporation quarterly earnings call. As you read our news release posted on the Investor Relations section of our website at ir.creditacceptance.com, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of Federal Securities Law.

謝謝。各位下午好，歡迎參加 Credit Acceptance Corporation 季度財報電話會議。正如各位在我們網站投資人關係專區 ir.creditacceptance.com 所閱讀到的新聞稿，以及各位正在收聽的本次電話會議內容，請注意兩者皆包含符合《聯邦證券法》定義的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spilled out in the cautionary statement regarding forward-looking information included in the news release.

這些前瞻性陳述受到多項風險與不確定性影響，其中許多超出我們的控制範圍，且可能導致實際結果與該等陳述存在重大差異。這些風險與不確定性包括新聞稿中關於前瞻性資訊的警示性聲明所列示者。

Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, to comply with the SEC's Regulation G, please refer to the financial results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures.

請在上述及其他風險與不確定性背景下看待所有前瞻性陳述。此外，為遵循美國證券交易委員會（SEC）的 Regulation G，請參閱我們新聞稿的財務結果部分，其中提供表格說明非 GAAP 指標如何與 GAAP 指標調節（reconcile）。

At this time, I'd like to introduce our Chief Executive Officer, Vinayak Hegde.

此刻，我想介紹我們的執行長 Vinayak Hegde。

Good day, everyone, and thank you for joining us today. The first quarter of 2026 represented meaningful progress across the business. Before I get into the broader themes of the quarter, I want to start with the headline numbers. For the first quarter, we delivered GAAP net income of $12.40 per diluted share and adjusted net income of $10.71 per diluted share.

各位好，感謝今天加入我們。2026 年第一季在整體業務上取得了具意義的進展。在我談本季更廣泛的主題之前，我想先從重點數字開始。第一季我們的 GAAP 稀釋每股淨利為 12.40 美元，調整後稀釋每股淨利為 10.71 美元。

From a loan performance perspective, forecasted net cash flows from our loan portfolio declined modestly by $9.1 million or 0.1%, which was the smallest quarterly change we have seen in the past three years. On the origination side, you've seen a moderation in decline of consumer loan assignment volume from 9.1% to 4.3% year-over-year. Within that context, we continue to operate in an environment that remains challenging for non-prime consumers as we remain very intentional about how we deploy capital and take risk.

從放款表現角度來看，我們放款組合的預測淨現金流小幅下降 910 萬美元（或 0.1%），這是過去三年來我們所見最小的單季變動。在承作（origination）方面，各位也看到消費者貸款受讓量（assignment volume）的年減幅已由 9.1% 放緩至 4.3%。在此背景下，非優質（non-prime）消費者所處環境仍具挑戰，而我們在資本部署與風險承擔上仍保持高度審慎且有明確策略。

The data suggests that our pricing adjustments and segmentation work are helping bringing greater predictability back into the portfolio. While we remain vigilant about the macro environment, we are cautiously optimistic that our portfolio is becoming better aligned with current conditions. These trends do not change our posture as we remain disciplined. However, they do reinforce that the actions we have taken over the past several quarters are beginning to show up in the data.

數據顯示，我們的定價調整與分群（segmentation）工作正協助讓放款組合重新具備更高的可預測性。雖然我們仍密切關注總體環境，但我們審慎樂觀地認為，放款組合正與當前環境更為一致。這些趨勢不會改變我們的立場，我們仍將保持紀律；但它們確實強化了我們在過去數季採取的行動正開始反映在數據之中。

More importantly, they support our long-standing focus on managing the business to maximize long-term economic profit and intrinsic value. A critical part of our evolution is how we operate internally. Over the past quarter, we implemented a new company-wide operating system that defines how we plan, execute and review the business.

更重要的是，這些趨勢支持我們長期以來的核心重點：以最大化長期經濟利潤與內在價值的方式來經營公司。我們演進的一個關鍵部分在於內部運作方式。過去一季，我們導入一套全公司新的營運系統，用以界定我們如何規劃、執行並檢視業務。

This system introduces consistent operating rhythms weekly and quarterly where leaders review performance surface issues early and make data-driven decisions. We call this reinforcing a founder's mentality, which is simple but demanding expectation, stay obsessively focused on the customer, operate with ownership and never drift away from the front line.

這套系統建立一致的每週與每季營運節奏，讓領導團隊檢視績效、及早揭露問題，並以數據驅動做出決策。我們稱之為強化「創辦人心態」（founder’s mentality）：這是一種簡單但要求嚴格的期待——對客戶保持近乎執著的專注、以主人翁精神運作，並且永遠不偏離第一線。

What's changing tangibly is not just cadence but clarity. Teams are aligned around fewer, more explicit priorities, accountability is clearer across functions. Decisions are made faster with better visibility into trade-offs. This operating rigor allows us to run credit acceptance as a more cohesive system rather than a collection of functional silos. Over time, we believe this discipline will improve execution quality and allow us to scale without adding unnecessary complexity with the ultimate goal being how we best serve our customers.

具體改變的不只是節奏，而是清晰度。團隊圍繞更少且更明確的優先事項對齊，各職能間的責任歸屬也更清楚。決策更快，且對取捨有更好的可視性。這種營運嚴謹度使我們能將 Credit Acceptance 作為一個更一致的系統來運作，而非一組功能性孤島的集合。長期而言，我們相信這份紀律將提升執行品質，並讓我們在不增加不必要複雜度的情況下擴張；最終目標是以最佳方式服務我們的客戶。

Against that backdrop, we have taken a hard look at our cost structure. Our approach to cost discipline is broader than any single action. We are constantly evaluating capital allocation holistically across the organization, how resources, talent and time are deployed against our highest priority objectives.

在此背景下，我們也嚴格檢視了成本結構。我們的成本紀律做法不僅限於單一措施；我們持續以整體角度評估全組織的資本配置——資源、人才與時間如何投入到最高優先的目標上。

In April, following a thorough review of how resources are allocated, we made a difficult decision to part ways with approximately 6% of our workforce. These decisions are never easy, and we approach them thoughtfully and with respect for the individuals impacted, responsibility as stewards of this business is to ensure our long-term viability and continue to change lives.

4 月，在徹底檢視資源配置方式後，我們做出艱難決定，與約 6% 的員工分道揚鑣。這些決定從不容易，我們以審慎與尊重的態度對待受影響的個人；作為本公司業務的管理者（stewards），我們的責任是確保長期可持續性，並持續改變人們的生活。

And part of our responsibility is making sure our cost base reflects where we are today and where we need to be tomorrow. Head count changes were one outcome of this review. But the broader goal is to build a more focused and efficient operating model that supports sustainable value creation over time. This means simplifying how work gets done narrowing our focus to the highest impact initiatives and directing investment towards areas that deliver the strongest long-term returns.

而我們責任的一部分，是確保成本基礎能反映我們今天所處的位置，以及明天需要達到的狀態。人力編制的調整是本次檢視的一項結果，但更廣泛的目標是建立更聚焦且更有效率的營運模式，以支持長期、可持續的價值創造。這意味著簡化工作完成方式、將焦點收斂到影響力最高的計畫，並把投資導向能帶來最強長期報酬的領域。

We'll continue to look for opportunities to operate more efficiently and drive operating leverage over time. While protecting investment in areas that strengthen risk management, scalability and dealer and consumer experience. As a part of our continued focus on disciplined execution, we made two strategic senior leadership additions in areas that are critical to strengthening our operating model and long-term performance. We appointed Stefan Shuman as Chief Business Officer to help integrate our pricing, performance and analytics efforts around a more data-driven and coordinated operating approach.

我們將持續尋找提升效率的機會，並隨時間推動營運槓桿。同時，會保護在強化風險管理、可擴展性，以及經銷商與消費者體驗等領域的投資。作為我們持續聚焦於有紀律執行的一部分，我們在對強化營運模式與長期表現至關重要的領域，新增兩位策略性的高階主管。我們任命 Stefan Shuman 擔任首席業務長（Chief Business Officer），協助整合我們在定價、績效與分析方面的工作，以更數據驅動且更協同的營運方式推進。

Prior to joining Credit Acceptance, Stefan spent more than two decades at Deutsche Telekom and T-Mobile, most recently serving as a Senior Vice President at T-Mobile where he focused on driving commercial growth, marketing and increasing customer lifetime value. His experience operating at scale and translating data into commercial outcomes strengthens our ability to make more precise disciplined decisions across the business.

在加入 Credit Acceptance 之前，Stefan 在德國電信（Deutsche Telekom）與 T-Mobile 任職超過二十年，最近在 T-Mobile 擔任資深副總裁（Senior Vice President），專注於推動商業成長、行銷，以及提升客戶終身價值（customer lifetime value）。他在規模化營運以及將數據轉化為商業成果方面的經驗，將強化我們在全公司做出更精準且更有紀律決策的能力。

We also appointed Robert Borie as Chief Sales Officer to lead our sales organization with a sharper focus on dealer segmentation frontline execution and reducing friction in how dealers engage with us. Robert brings more than two decades of experience in aviation, more recently, holding senior leadership roles at Delta Airlines and Wheel South.

我們也任命 Robert Borie 擔任首席銷售長（Chief Sales Officer），以更聚焦於經銷商分群、第一線執行，以及降低經銷商與我們互動方式中的摩擦，來領導銷售組織。Robert 擁有超過二十年的航空業經驗，近期曾在達美航空（Delta Airlines）與 Wheel South 擔任高階領導職務。

He has led sales organization serving a wide range of customers from small and midsized businesses to large enterprises, which aligns well with our diversity and scale of our dealer network. Together, these leadership additions reinforce our commitment to investing in talent that strengthens execution, improves decision quality and support sustainable long-term value creation.

他曾領導銷售組織，服務從小型與中型企業到大型企業的廣泛客群，這與我們經銷商網路的多樣性與規模高度契合。綜合而言，這些領導團隊的增補，強化了我們投資於人才的承諾，以提升執行力、改善決策品質，並支持可持續的長期價值創造。

On the dealer front, we are seeing encouraging signs particularly with franchise and large independent dealers. They are making deliberate changes to how we support their business, including simplifying workflows, integrating more deeply into the systems they already use reducing time and friction in origination and funding. At the same time, we are becoming more targeted in how we deploy pricing and advanced strategies. We are actively testing scenarios, analyzing sensitivities and applying more granular segmentation to ensure that we partner most deeply with dealers where the long-term economics are the strongest.

在經銷商端，我們看到令人鼓舞的跡象，特別是在品牌加盟（franchise）與大型獨立經銷商方面。我們正有意識地改變支持其業務的方式，包括簡化工作流程、更深度整合到他們既有使用的系統中，並在承作與撥款（funding）上降低時間成本與摩擦。同時，我們在定價與進階策略的部署上也更具針對性。我們正積極測試各種情境、分析敏感度，並採用更細緻的分群，以確保我們與長期經濟效益最強的經銷商建立最深度的合作。

This is because our success is aligned with the success of our partners and their customers. We have the strongest returns when the consumers meet their obligations and our dealers build healthier businesses. And I believe it's important to note, our goal is not to regain volume at any cost.

這是因為我們的成功與合作夥伴及其客戶的成功是一致的。當消費者履行其義務、而我們的經銷商建立更健康的業務時，我們能獲得最強的報酬。我也認為有必要指出，我們的目標不是不計代價地把量拉回來。

Technology and artificial intelligence, in particular, continues to be one of the most important levers for improving how we operate. Our focus is on practical application of AI to make our operations more seamless and more efficient. We are embedding AI into daily workflows, but it meaningfully improves speed, consistency and decision quality by automating high-volume analytical work to free our teams to focus on insight, nuance and customer understanding.

科技，尤其是人工智慧，仍是改善我們營運方式最重要的槓桿之一。我們的重點在於 AI 的務實應用，讓營運更順暢、更有效率。我們正把 AI 嵌入日常工作流程；透過自動化高量的分析工作，它能實質提升速度、一致性與決策品質，並釋放團隊把精力放在洞察、細節判斷與客戶理解上。

For example, during the first quarter, our AI-enabled call center agent handled approximately 5x more inbound calls than the prior quarter. This allows us to scale servicing capacity without a proportional increase in cost, while still enabling consumers to access information and complete payments efficiently. We are also using AI to automate and analyze dealer interaction data, combining performance data with dealer interaction dialogue to build a more intelligent CRM system.

例如，在第一季，我們的 AI 賦能客服中心代理處理的來電量約為前一季的 5 倍。這使我們能在不按比例增加成本的情況下擴大服務能力，同時仍讓消費者能有效率地取得資訊並完成付款。我們也運用 AI 來自動化並分析經銷商互動資料，將績效數據與經銷商互動對話結合，以打造更智慧的 CRM 系統。

This gives our sales and support teams real-time insight into dealer needs, emerging friction points and opportunities to respond more proactively. Over time, these capabilities are designed to lower the marginal cost of high-quality decision-making across the business. We are still in early stages of this journey, and we'll continue to make disciplined investments focused on high-impact use cases that drive efficiency and create long-term value.

這讓我們的銷售與支援團隊能即時洞察經銷商需求、新出現的摩擦點，以及更主動回應的機會。隨著時間推進，這些能力旨在降低全公司高品質決策的邊際成本。我們仍處於這段旅程的早期階段，並將持續以審慎的方式投資於高影響力的使用情境，以提升效率並創造長期價值。

We continue to focus intensely on improving our pricing and decision-making models through deeper use of data and more granular analysis. Over the past quarter, we took a critical look at where we are losing market share and work to diagonize the underlying drivers rather than simply reacting to outcomes. This included deeper analysis of performance vector segmentation by dealer segment, credit brand, geography and vehicle characteristics.

我們持續高度聚焦於透過更深入運用資料與更細緻的分析，來改善我們的定價與決策模型。過去一季，我們嚴肅檢視我們在哪些地方流失市占，並致力於診斷其根本驅動因素，而非僅對結果做出反應。這包括針對不同經銷商區隔、信用品牌、地理區域與車輛特性，對績效向量分群進行更深入的分析。

It is critical to understand where our economics are strongest and where refinement is needed. We're actively fine-tuning our advanced models and testing targeted opportunities to improve conversion while maintaining appropriate margins of safety. At the same time, we are evaluating scorecard enhancements to ensure our underwriting and pricing models remain aligned with current market conditions.

關鍵在於理解我們的經濟效益在哪些方面最強、以及哪些地方需要精進。我們正積極微調先進模型，並測試具針對性的機會，以在維持適當安全邊際的同時提升轉換率。與此同時，我們也在評估評分卡的強化，以確保我們的核貸與定價模型仍與當前市場狀況保持一致。

This disciplined data-driven approach is designed to sharpen decision quality, improve consistency and support sustainable risk-adjusted growth over the long term. To close, I want to reiterate the purpose that drives us. Our mission is to change lives by providing access to credit that enables people to obtain reliable transportation and create opportunities for financial progress.

這種嚴謹、以數據驅動的方法旨在提升決策品質、改善一致性，並在長期支持可持續的風險調整後成長。最後，我想重申驅動我們的使命。我們的使命是透過提供信貸可得性來改變人生，使人們能取得可靠的交通工具並創造財務進步的機會。

We believe all consumers deserve respect and that dignity should never depend on a credit score. This principle is the foundation upon which we are building Credit Acceptance with the goal of compounding intrinsic value over time. This will require discipline, transparency and a willingness to make difficult decisions when needed.

我們相信所有消費者都應受到尊重，且尊嚴不應取決於信用分數。這項原則是我們打造 Credit Acceptance 的基礎，目標是在時間推移中複利累積內在價值。這將需要紀律、透明度，以及在必要時做出艱難決策的意願。

It also requires continuous improvement in how we operate, how we serve our dealers and consumers and how we allocate resources. Progress will not always be linear, but the operational changes we are making today across credit, cost structure, operating discipline, customer experience and technology are designed to make credit acceptance more durable, more agile and better position for the future.

這也需要我們在營運方式、服務經銷商與消費者的方式，以及資源配置方式上持續改進。進展不一定總是線性，但我們今天在信貸、成本結構、營運紀律、客戶體驗與科技等面向所做的營運變革，旨在讓 Credit Acceptance 更具韌性、更敏捷，並為未來做好更佳準備。

With that, I'll turn it over to Jay to walk through the financial results in more detail.

接下來，我把時間交給 Jay，請他更詳細說明財務結果。

Thank you. We reported year-over-year growth in earnings for the first quarter with GAAP net income of $135.8 million or $12.40 per diluted share and adjusted net income of $117.3 million or $10.71 per diluted share. From a loan performance standpoint, forecasted net cash flows from our loan portfolio declined $9.1 million or 0.1% during the quarter versus a decline of $34.2 million or 0.3% last quarter, reflecting reduced volatility and forecast changes.

謝謝。我們第一季的獲利較去年同期成長，GAAP 淨利為 1.358 億美元，或每股稀釋後盈餘 12.40 美元；調整後淨利為 1.173 億美元，或每股稀釋後盈餘 10.71 美元。就貸款表現而言，我們貸款組合的預測淨現金流在本季下降 910 萬美元（0.1%），相較於上一季下降 3,420 萬美元（0.3%），反映波動性降低以及預測變動減少。

As Vinayak mentioned, this was the lowest quarterly decline we've seen in the past three years. Loan volume declines continued to moderate this quarter with unit volume declining 4.3% this quarter versus a decline of 9.1% last quarter.

如 Vinayak 所提到，這是我們過去三年所見最低的單季下降幅度。本季貸款量下滑持續趨緩，單位量本季下降 4.3%，相較上一季下降 9.1%。

Likewise, loan dollar volume declined 4% this quarter versus a decline of 11.3% in Q4. We financed nearly 96,000 contracts for our dealers and consumers, collected nearly $1.5 billion overall and paid $47 million and dealer holdback and accelerated dealer holdback.

同樣地，貸款金額本季下降 4%，相較於第四季下降 11.3%。我們為經銷商與消費者融資近 96,000 份合約，整體收款近 15 億美元，並支付 4,700 萬美元的經銷商回扣（dealer holdback）及加速經銷商回扣。

Additionally, we enrolled over 1,500 new dealers and had a record 10,977 active dealers during the quarter, reflecting continued engagement across our dealer network. Our market share in our core segment of used vehicles financed by subprime consumers for the first two months of the quarter, the period for which data is currently available was 4.5% down from 5.2% for the same period in 2025.

此外，我們新增超過 1,500 家新經銷商，且本季活躍經銷商達到創紀錄的 10,977 家，反映我們的經銷商網路持續保持高度參與。我們在核心市場區隔（由次級信用消費者融資的二手車）於本季前兩個月（目前可取得資料的期間）的市占率為 4.5%，低於 2025 年同期的 5.2%。

The average unit volume per active dealer declined 6.5% year-over-year, while our average loan portfolio remains steady at $8.9 billion on an adjusted basis year-over-year. From a capital standpoint, we closed our first ABS transaction in the year earlier today, raising $450 million of capital. The all-in cost was 5.2% compared to 5.1% on our most recent securitization in Q4 with the modest increase driven by higher treasury rates.

每家活躍經銷商的平均單位量年減 6.5%，而我們的平均貸款組合在調整後口徑下仍維持在 89 億美元，與去年同期大致持平。就資本面而言，我們今天稍早完成本年度第一筆 ABS 交易，募集 4.5 億美元資金。整體成本為 5.2%，相較於我們第四季最近一次證券化的 5.1% 略為上升，主要由較高的美國公債利率所帶動。

Despite a volatile macroeconomic backdrop, the transaction was supported by a broad and diversified investor base and achieved our lowest credit spread since late 2021.

儘管總體經濟環境波動，該交易仍獲得廣泛且多元的投資人基礎支持，並達成自 2021 年底以來最低的信用利差。

At this time, Vinayak and I will take your questions along with Jay Brinkley, our Senior Vice President and Treasurer; and Jeff Sutor, our Vice President and Assistant Treasurer.

此時，Vinayak 和我將與我們的資深副總裁兼財務主管（Treasurer）Jay Brinkley，以及副總裁兼助理財務主管（Assistant Treasurer）Jeff Sutor，一同回答各位的提問。

(Operator Instructions)

（接線員指示）

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. The data that you show for collections shows some improvement in performance in prior vintages. But some deterioration in 2026 and in the footnote, it attributes it to canceled loans. I mean I know you've -- could you just maybe explain what that is and whether that's something that either will continue or was onetime in nature?

很好。你們展示的收款數據顯示，較早期的批次（vintages）表現有所改善，但 2026 年則有些惡化；而在註腳中，將其歸因於取消的貸款。我知道你們——你們能否解釋一下那是什麼，以及那是否會持續發生，或是一次性的情況？

Yeah. So it's something we see just about every quarter when we originate loans, we don't have enough loan performance experience yet with the loan performance impact the collection rate, but our numerator when a loan cancels our collection rate drops to 0 on that loan, but our denominator still has the original contract amount in that. So in the quarter, something as originated. Generally, the change you see there is driven by these cancellations.

是的。這幾乎每一季都會看到：當我們承作新貸款時，因為尚未累積足夠的貸款表現經驗，貸款表現對收款率的影響還不充分；但在分子端，當一筆貸款被取消時，該筆貸款的收款率會降為 0；然而在分母端，仍包含原始合約金額。因此在當季、就「當期承作」而言，你看到的變動通常是由這些取消所驅動。

So if you go back to first quarter last year, you'd see the 25 loans were down 20 basis points in Q1, and that's driven by these cancellations. And there's nothing that's onetime. It's something that impacts all our origination years. It's just more -- you see it more in Q1 because those are the loans you originated you don't have multiple quarters of originations in the year where loan procurements are offsetting that calculation.

所以如果你回看去年第一季，你會看到 2025 年的貸款在第一季下降了 20 個基點，而那就是由這些取消所造成。這並不是一次性的情況；它會影響我們所有的承作年度。只是——你在第一季會更明顯看到，因為那一年你剛承作的貸款還沒有多個季度的承作量，無法用後續承作來在計算上抵消這個影響。

Great. And I did notice an increase in the percentage of originations on the purchase loans. And sort of when you look at the spread on the portfolio loans versus the purchase loans, the spread was roughly flat on the portfolio loans, but down on the purchased loans. Is that like what it is taking -- that's what it takes to get that volume? Like maybe could you just describe what's going on from your perspective in terms of those 2 pieces of the portfolio?

很好。另外我確實注意到，購入貸款（purchase loans）在承作中所占比例上升。當你比較投資組合貸款（portfolio loans）與購入貸款的利差時，投資組合貸款的利差大致持平，但購入貸款的利差下降。這是否就是——為了取得那樣的量所必須付出的代價？你能否從你們的角度描述一下，這兩塊業務在投資組合中各自發生了什麼？

Sure. I'll start I mean I think in '25, we expanded the dealer access to the purchase program to include all contracts from consumers with higher credit ratings. So the dealers have the option to use both portfolio and purchase. We kind of still price them with the same economic profit. .

當然。我先說——我認為在 2025 年，我們擴大了經銷商對購入計畫的可用範圍，將所有來自信用評等較高消費者的合約都納入。因此經銷商可以選擇同時使用投資組合與購入。我們基本上仍以相同的經濟利潤來為它們定價。.

For perspective, the loan mix is purchase is 28% and ended as well within the historical range of 20% to 40% over the last 6 years. On the spread, you can comment on that.

作為參考，貸款組合中購車貸款占比為 28%，也落在過去 6 年 20% 至 40% 的歷史區間內。至於利差部分，你可以評論一下。

So part of that, when you're looking at the spread table in the earnings release, you're looking at what the spread is now based on the current forecast. So if you look at the table above that, if you look at purchase loans, the 25 loans have outperformed our initial forecast by 20 basis points, the 26 loans have underperformed -- so that leads to a little bit of that difference in the spread, just the impact of the loan performance there where the deal allowance in '25 have been generally consistent with our initial expectation.

所以其中一部分，當你看財報新聞稿中的利差表時，你看到的是基於目前預測的當前利差。因此如果你看上面那張表、看購車貸款，'25 年批次的貸款表現比我們最初預測好 20 個基點，'26 年批次的貸款表現則不如預期——這就造成利差出現一些差異，主要是貸款表現對利差的影響；而 '25 年交易的備抵（deal allowance）整體上與我們最初的預期大致一致。

Got it. Thanks. I'll get back in the queue.

了解。謝謝。我回到排隊等候。

Rob Wildhack of Autonomous Research.

Autonomous Research 的 Rob Wildhack。

Hi guys I wanted to ask about the revision to forecasted collection and how that flows through to the provision in the income statement. -- you've got the negative $9 million this quarter, but a provision expense of $54 million for forecast changes -- and I contrast that with last quarter, you revised collections down by a lot more, $34 million, but the provision for forecast changes was close, it was $57 million.

嗨，各位。我想問一下對預測回收款的修正，以及這如何反映到損益表中的提存（provision）。——你們本季是負的 900 萬美元，但因預測變更而產生的提存費用是 5,400 萬美元——我把這和上季對比，上季你們把回收款下修更多、達 3,400 萬美元，但因預測變更的提存接近，為 5,700 萬美元。

So I guess the question is, why doesn't the lower forecast changed this quarter, the $9 million flow through to a lower provision expense in the income statement.

所以我的問題是，為什麼本季較小的預測變更（900 萬美元）沒有反映為損益表中較低的提存費用？

So I'll take that. First, I'd point out the provision for forecast changes in December was actually $73 million. So some of that difference is due to the change in forecasted net cash flows being down $9 million this year versus $34 million last quarter. But when you look at -- when you think about our provision for credit losses on forecast changes, is driven by a change in the net present value of future cash flows.

我來回答。首先我想指出，12 月因預測變更的提存其實是 7,300 萬美元。所以部分差異來自於預測淨現金流的變動：本季下修 900 萬美元，而上季下修 3,400 萬美元。但當你看——當你思考我們針對預測變更所提列的信用損失準備（provision for credit losses）時，它是由未來現金流淨現值（NPV）的變動所驅動。

So that considers both the decreases in undiscounted cash flows that we referenced there and then also the overall cash flow timing of approximately $12 billion in future net cash flows that we're considering. So most of -- in both of those periods, a large contributor of the provision for credit losses was the overall slowing of forecasted cash flows, and that's primarily related to prepayments.

因此，這同時考量我們提到的未折現現金流的下降，以及我們正在評估的大約 120 億美元未來淨現金流的整體現金流時點。兩個期間中，信用損失準備的一個主要貢獻因素都是預測現金流整體放緩，而這主要與提前清償（prepayments）有關。

We're seeing a lower level of prepayments than what our forecast would expect. Historically, when the environment is competitive, we've seen more consumers prepay their loans. We're not seeing that in this current cycle. Difficult to say exactly what's driving that. We think probably a couple of things.

我們看到的提前清償水準低於我們預測所預期的。歷史上，當環境競爭激烈時，我們會看到更多消費者提前清償貸款。但在目前這個循環中我們沒有看到。很難確切說是什麼在驅動。我們認為可能有幾個因素。

Consumers are holding on their cars longer. It could be related to the prices of new cars could also be consumers having more negative equity and making them hard to refinance. So our forecast assume that prepayments are going to normalize at some point in the future. They haven't yet we'll continue to evaluate our forecast and make the revisions as we find opportunities to do so.

消費者把車留得更久。也可能與新車價格有關，或是消費者的負資產（negative equity）較多，使得再融資更困難。因此，我們的預測假設提前清償在未來某個時間點會回歸正常，但目前尚未發生；我們會持續評估預測，並在發現有機會時進行修正。

Thanks. And all told that the negative $9 million is still quite a bit better. I'm curious if there's anything that you'd want to highlight as a main driver there. Do you think there's something specific to the consumer tax refunds or lower tax withholdings this year? Or do you think it's more natural like vintage remixing away from 22 and towards some better vintages?

謝謝。整體而言，負的 900 萬美元仍然好很多。我想知道你們是否有什麼想強調的主要驅動因素。你們認為是否與消費者退稅或今年較低的預扣稅有關？還是更自然的因素，例如批次（vintage）組合從 22 年移出、轉向一些較好的批次？

Yeah, Thank you. Yes, it's both the fact that vintage remix of the 22, 23 core shrinking and in the real performance of the new take the '24 and '25 vintages right? The '24 vintage is performing. I talk about the level of '25 is definitely tracking ahead.

是的，謝謝。是的，兩者都有：一方面是 22、23 年核心批次的占比在縮小；另一方面是新承作的 '24 與 '25 批次的實際表現，對吧？'24 批次表現不錯。我提到過，'25 的水準確實是超前追蹤（tracking ahead）。

And what happens is every every quarter goes by the relative mix of 22-23 becomes lesser as compared to the '24 and that confidence from the portfolio improving helps us kind of improve that on an ongoing period,

而且每過一季，22–23 的相對占比就會相較於 '24 更低；投資組合改善帶來的信心，幫助我們在持續期間中逐步改善這一點。

(Operator Instructions)

（接線員指示）

[Jordan Hymowitz], Philadelphia Financial.

[Jordan Hymowitz]，Philadelphia Financial。

Hi, everybody. This is Dan for Jordon. I just tried to recall my question because Rob from Autonomous just asked it. Thank you very much.

各位好。我是 Dan，代替 Jordon。我剛想回想我的問題，因為 Autonomous 的 Rob 剛剛已經問了。非常感謝。

Moshe Orenbuch, TD Cowen.

TD Cowen 的 Moshe Orenbuch。

Great. Thanks for taking the follow-up. Maybe just to understand how you're thinking about the market share. I know it's just the first two months of the quarter. But is there are there specific things that you're doing to regain that market share or things that you're -- that you think are factors in it? And what would cause those to change to your benefit?

很好。謝謝讓我追問。也許想了解你們如何看待市占率。我知道本季才剛過前兩個月。但你們是否有在做一些特定的事情來重新取得市占，或你們認為有哪些因素在影響？以及什麼情況會讓這些因素朝對你們有利的方向改變？

Yeah, Moshe, thanks for the question. Yes. I mean the latest data obviously shows February stable from Q4 at 4.5%. I mean, we are not trying to gain share at any cost, right? We have been very deliberate about the trade-offs.

是的，Moshe，謝謝你的問題。是的。我的意思是，最新數據顯示 2 月相較 Q4 穩定在 4.5%。我們並不是不計代價去搶市占，對吧？我們一直非常審慎地權衡取捨。

We didn't price aggressively to get to the previous thresholds. Our focus is continuing to be having good economics. And -- but what we are trying to do is to understand it by segment, by price point, by credit band, by geography and see if we can get sharper in pricing without compromising return on investment.

我們沒有用激進定價去回到先前的門檻。我們的重點仍是維持良好的經濟性（economics）。而——我們正在做的是按客群、按價格點、按信用區間、按地理區域去理解，看看能否在不犧牲投資報酬率的前提下，把定價做得更精準。

And it's but that's what we're starting to do, so that we can actually understand whether it's over advance or pricing how do we understand this at a more segmented level? What is the competition in those particular areas, be it be independent of franchise and selectively go after pockets of opportunity. So that's what we are trying to do. We don't want to get share just for the sake of getting share.

而這正是我們開始在做的事情，讓我們能實際理解：到底是超額墊款（over advance）還是定價的問題？我們如何在更細分的層級理解？在那些特定區域的競爭狀況如何——不論是獨立經銷商或加盟體系——並有選擇性地去抓住一些機會口袋。因此這就是我們正在嘗試做的。我們不想只是為了市占而市占。

Got it. And maybe just a housekeeping question. I noticed the claims expense was down pretty sharply, which is a good thing. Is that the new level? Or is there something onetime in there.

了解。再問一個例行問題。我注意到理賠費用（claims expense）大幅下降，這是好事。這是新的水準嗎？還是裡面有一次性因素？

This is related to the provision for claims. Yeah, I would say the profitability of these contracts there has been fairly consistent. You do see some volatility quarter-to-quarter. So I wouldn't read too much into just the impact this quarter. So nothing unusual there or a new trend.

這與理賠準備（provision for claims）有關。是的，我會說這些合約的獲利性一直相當一致。你確實會看到季度之間有些波動。所以我不會過度解讀本季的影響。沒有什麼不尋常或新的趨勢。

Okay, thanks.

好的，謝謝。

Thank you. With no further questions in the queue, I would now like to turn the conference back over to Mr. Martin for any additional or closing remarks.

謝謝。由於隊列中沒有其他問題，我現在把電話會議交回給 Martin 先生，請他做任何補充或結語。

We would like to thank everyone for their support and for joining us on our conference call today. If you have any additional follow-up questions, please direct them to our Investor Relations mailbox at ir@creditacceptance.com. We look forward to talking to you again next quarter. Thank you.

我們要感謝各位的支持，以及今天參加我們的電話會議。如果你有任何後續問題，請寄到我們的投資人關係信箱 ir@creditacceptance.com。我們期待在下個季度再次與各位交流。謝謝。

Once again, this does conclude today's conference. We thank you for your participation. You may now disconnect.

再次提醒，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。