Enova International Inc (ENVA) 2024 Q3 法說會逐字稿

Good day and welcome to the Enova International third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Enova International 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Cassidy Fuller, Investor Relations. Please go ahead. Thank you

我現在想將會議交給投資者關係部門的卡西迪富勒 (Cassidy Fuller)。請繼續。謝謝

Thank you, operator, and good afternoon, everyone. Enova released results for the third-quarter 2024 ended September 30, 2024, this afternoon after the market closed. If you did not receive a copy of our earnings press release, you may obtain it from the Investor Relations section of our website at ir.enova.com.

謝謝接線員，大家下午好。今天下午收盤後，Enova 發布了截至 2024 年 9 月 30 日的 2024 年第三季業績。如果您沒有收到我們的收益新聞稿副本，您可以從我們網站 ir.enova.com 的投資者關係部分取得。

With me on today's call are David Fisher, Chief Executive Officer; and Steve Cunningham, Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website.

與我一起參加今天電話會議的是執行長 David Fisher；和財務長史蒂夫坎寧安。此次電話會議正在網路上直播，並將存檔在我們網站的投資者關係部分。

Before I turn the call over to David, I'd like to note that today's discussion will contain forward-looking statements and as such, is subject to risks and uncertainties. Actual results may differ materially as a result from various important risk factors, including those discussed in our earnings press release and in our annual report on Form 10-K, quarterly reports on Forms 10-Q, and current reports on Forms 8-K.

在我將電話轉給大衛之前，我想指出，今天的討論將包含前瞻性陳述，因此存在風險和不確定性。由於各種重要的風險因素，包括我們的收益新聞稿和 10-K 表格年度報告、10-Q 表格季度報告以及 8-K 表格當前報告中討論的風險因素，實際結果可能會存在重大差異。

Please note that any forward-looking statements that are made on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

請注意，本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

In addition to US GAAP reporting, Enova reports certain financial measures that do not conform to generally accepted accounting principles. We believe these non-GAAP measures enhance the understanding of our performance. Reconciliation between these GAAP and non-GAAP measures are included in the tables found in today's press release.

除了美國公認會計準則報告外，Enova 還報告了某些不符合公認會計原則的財務指標。我們相信這些非公認會計原則衡量標準可以增強對我們績效的了解。這些 GAAP 和非 GAAP 指標之間的調整包含在今天新聞稿中的表格中。

As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website. And with that, I'd like to turn the call over to David.

正如我們的收益報告中所指出的，我們已在網站的投資者關係部分發布了補充財務資訊。說到這裡，我想把電話轉給大衛。

Thanks, and good afternoon, everyone. I appreciate you joining our call today.

謝謝，大家下午好。感謝您今天加入我們的電話會議。

I'll begin with an overview of our third-quarter results, and then I'll discuss our outlook going forward. After that, I'll turn the call over to Steve Cunningham, our CFO, who will discuss our financial results and outlook in more detail.

我將首先概述我們第三季的業績，然後討論我們的未來展望。之後，我將電話轉給我們的財務長 Steve Cunningham，他將更詳細地討論我們的財務表現和前景。

We're pleased to have produced another strong quarter with record originations and revenue driven by stable credit and solid growth across the portfolio. Our experienced team, world-class machine learning algorithms and technology, and diversified product offerings have enabled us to maintain strong performance and swiftly adapt to changing macroeconomic conditions. As a result, we again generated annual growth above 25% in revenue, originations, adjusted EBITDA, and adjusted EPS in the quarter.

我們很高興在穩定的信貸和整個投資組合的穩健成長的推動下，又創造了一個強勁的季度，創紀錄的創收和收入。我們經驗豐富的團隊、世界一流的機器學習演算法和技術以及多元化的產品組合使我們能夠保持強勁的業績並迅速適應不斷變化的宏觀經濟條件。結果，本季我們的營收、起源、調整後 EBITDA 和調整後每股盈餘再次實現了 25% 以上的年增長率。

In Q3, originations increased 28% year over year and 15%, sequentially, to $1.6 billion. Notably, for the first time in our history, we originated over $1 billion in small business loans, up 33% year over year and 14%, sequentially. While consumer originations increased to a record $569 million, up 19% year over year and 16%, sequentially.

第三季度，發起金額年增 28%，季增 15%，達到 16 億美元。值得注意的是，我們歷史上首次發放了超過 10 億美元的小型企業貸款，較去年同期成長 33%，較上季成長 14%。消費者來源增加至創紀錄的 5.69 億美元，年增 19%，季增 16%。

As a result, our combined loan and finance receivables increased 23% year over year to a record $3.8 billion. Small business products represented 62% of the portfolio and consumer was 38%.

因此，我們的貸款和融資應收帳款總額年增 23%，達到創紀錄的 38 億美元。小型企業產品佔產品組合的 62%，消費者產品佔 38%。

We generated revenue of $690 million in the quarter, an increase of 25% year over year and 10%, sequentially. Our profitability metrics grew even faster, capitalizing on our strong operating leverage and diligent credit management and cost efficiency. Adjusted EBITDA increased 42% year over year and adjusted EPS increased 63%.

本季我們營收 6.9 億美元，年增 25%，季增 10%。由於我們強大的營運槓桿、勤奮的信貸管理和成本效率，我們的獲利指標成長得更快。調整後 EBITDA 年成長 42%，調整後 EPS 成長 63%。

Our growth continues to be driven by our diversified portfolio and efficient marketing. SMB revenue increased 38% year over year and 7%, sequentially, to a record $269 million. While our consumer revenue increased 18% year over year and 12%, sequentially, to a record $411 million. Marketing expense was 20% of our total revenue, in line with our expectations and down slightly compared to Q3 of last year.

我們的成長持續受到多元化產品組合和高效行銷的推動。中小企業營收年增 38%，季增 7%，達到創紀錄的 2.69 億美元。我們的消費者收入年增 18%，季增 12%，達到創紀錄的 4.11 億美元。行銷費用佔總收入的 20%，符合我們的預期，但與去年第三季相比略有下降。

As I mentioned, credit quality remains strong across our entire portfolio, and we are encouraged by the solid results we reported this year across the portfolio, combined with the stability and strength we have seen in the performance of our customers. Total company net charge-off as a percentage of average combined loan and finance receivables decreased to 8.4% in Q3 compared to 9.4% in the third quarter of last year.

正如我所提到的，我們整個投資組合的信用品質仍然強勁，今年我們報告的整個投資組合的穩健業績以及我們在客戶業績中看到的穩定性和實力令我們感到鼓舞。第三季公司淨沖銷總額占平均貸款和應收融資總額的百分比下降至 8.4%，而去年第三季為 9.4%。

We've built a long track record of generating strong growth with consistent credit across the varying economic conditions. And we believe the current macroeconomic environment is conducive for us to continue generating these results.

我們已經建立了在不同的經濟條件下透過一致的信貸實現強勁成長的長期記錄。我們相信當前的宏觀經濟環境有利於我們繼續取得這些成果。

While commentators continue to offer differing opinions on the health of the macroeconomic environment, our data demonstrates that both our consumer and small business customers are performing well. From a monetary policy perspective, the Fed now seems committed to lowering rates over the next couple of years, and as Steve will discuss, this creates a significant tailwind for further net income and EPS growth.

儘管評論員繼續對宏觀經濟環境的健康狀況提出不同意見，但我們的數據表明，我們的消費者和小型企業客戶都表現良好。從貨幣政策的角度來看，聯準會現在似乎致力於在未來幾年內降低利率，正如史蒂夫將討論的那樣，這為淨利潤和每股收益的進一步增長創造了巨大的推動力。

As we've discussed previously, demand and credit in our consumer business are driven largely by jobs and wage growth. The latest jobs report once again demonstrated that the labor market remains strong, driven by the largest monthly increase in employment in 12 months, combined with increasing wages. Further, the strength in the labor market is concentrated in the same demographic as our target customers.

正如我們之前討論的，我們消費業務的需求和信貸主要是由就業和薪資成長所推動的。最新的就業報告再次表明，在 12 個月來最大的月度就業增幅以及薪資上漲的推動下，勞動力市場仍然強勁。此外，勞動力市場的優勢集中在與我們的目標客戶相同的人群中。

As you know, we focus on customers who are underserved by mainstream financial institutions that view them as too risky and too difficult to underrate, while our experience and superior analytics have enabled us to excel in this segment of the market. And we have demonstrated that these customers can be very predictable with higher yields relative to prime customers, providing more margin for fluctuations in credit performance.

如您所知，我們專注於主流金融機構服務不足的客戶，這些金融機構認為這些客戶風險太大且難以低估，而我們的經驗和卓越的分析使我們能夠在這一市場領域脫穎而出。我們已經證明，這些客戶的可預測性非常高，相對於主要客戶而言，其收益率更高，從而為信貸表現的波動提供了更多的保證金。

On the SMB side, as I mentioned, we had a first quarter of over $1 billion in originations. The main drivers of this growth are consumer spending and confidence from small business owners in this current economy. In conjunction with Ocrolus, we recently released the third iteration of our Small Business Cash Flow Trend Report, which offers key insights into small business cash flow trends, inflation challenges, and growth opportunities.

在中小型企業方面，正如我所提到的，我們第一季的發起額超過 10 億美元。這種成長的主要驅動力是消費者支出和小企業主對當前經濟的信心。我們最近與 Ocrolus 合作發布了第三版小型企業現金流趨勢報告，其中提供了小型企業現金流趨勢、通膨挑戰和成長機會的重要見解。

In line with previous findings, our research shows that small businesses feel increasingly optimistic over the next 12 months as they successfully navigate challenges like inflation and cash flow management. The survey also found that small businesses are becoming less reliant on traditional financial services such as banks as nearly 75% of small businesses thought out alternative lenders as their primary funding option.

與先前的研究結果一致，我們的研究表明，隨著小型企業成功應對通膨和現金流管理等挑戰，它們在未來 12 個月內變得越來越樂觀。調查還發現，小型企業對銀行等傳統金融服務的依賴程度越來越低，近 75% 的小型企業將替代貸款機構作為主要融資選擇。

And supporting our own research, the National Federation of Independent Businesses announced that its Small Business Optimism Index climbed 1 point to 91.5 in September, the highest level in almost a year.

為了支持我們自己的研究，全國獨立企業聯合會宣布其小型企業樂觀指數 9 月攀升 1 個百分點，達到 91.5，為近一年來的最高水平。

Before closing, I would like to take a moment to discuss our progress in unlocking shareholder value. For the past couple of years, we have emphasized the disconnect between our valuation and our strong and consistent results, solid balance sheet, and business fundamentals. Reflecting our continued strong results, we are pleased to have seen our valuation increase this year, better reflecting the strengths of our business.

在結束之前，我想花點時間討論一下我們在釋放股東價值方面取得的進展。在過去的幾年裡，我們一直強調我們的估值與我們強勁且一致的業績、穩健的資產負債表和業務基本面之間的脫節。我們很高興看到今年我們的估值有所上升，這反映了我們持續強勁的業績，更好地反映了我們業務的優勢。

That being said, we are producing over 25% year-over-year growth across all key financial metrics. Yet our PE ratio on 2025 estimates is only 8.2 times, resulting in a PEG ratio of only 0.4 as of the end of Q3.

話雖如此，我們的所有關鍵財務指標均實現了 25% 以上的同比增長。然而，我們對 2025 年本益比的預測僅為 8.2 倍，導致截至第三季末的 PEG 比率僅為 0.4。

As Steve will discuss, in the fourth quarter, which we're almost a third of the way through, we expect to again generate year-over-year growth in originations, revenue, and EPS in excess of 20%. Given this disconnect, we remain committed to opportunistic stock buybacks as our primary vehicle to unlock shareholder value, and we are very well positioned to do so.

正如史蒂夫將討論的那樣，第四季度已經過去了將近三分之一，我們預計創始量、收入和每股收益將再次實現超過 20% 的同比增長。鑑於這種脫節，我們仍然致力於機會性股票回購，作為釋放股東價值的主要工具，我們完全有能力這樣做。

We've built a solid balance sheet as evidenced by the nearly $1.2 billion in liquidity at the end of Q3. Additionally, we extended the maturities on our senior debt from 2025 to 2029 through our recent issuance of $500 million of senior unsecured notes. These actions easily support the new $300 million share of repurchase program we announced in August, while also providing ample capital for growth and origination.

我們已經建立了穩健的資產負債表，第三季末的流動性接近 12 億美元就證明了這一點。此外，我們最近發行了 5 億美元的優先無擔保票據，將優先債務的期限從 2025 年延長至 2029 年。這些行動輕鬆支持我們在 8 月宣布的新的 3 億美元回購計劃，同時也為成長和發起提供了充足的資本。

Overall, we are pleased to have delivered another strong quarter with solid results across our business. We are confident in our ability to continue to generate meaningful growth, supported by stable credit and significant operating leverage both this year and beyond.

總體而言，我們很高興再次實現強勁的季度業績，並在整個業務領域取得了穩健的業績。在今年及以後穩定的信貸和顯著的營運槓桿的支持下，我們有能力繼續實現有意義的成長。

Our diversified product offerings, world-class machine learning risk management algorithms, and nimble online-only model continue to meet our customers' needs. And both internal and external data demonstrate that our customers remain on solid footing. That being said, we are mindful that the macroeconomic environment can change, and so we're staying committed to a balanced approach to growing our business while managing risk.

我們多元化的產品、世界級的機器學習風險管理演算法和靈活的純線上模式持續滿足客戶的需求。內部和外部數據都表明我們的客戶仍然站穩腳跟。話雖這麼說，我們注意到宏觀經濟環境可能會發生變化，因此我們將繼續致力於在管理風險的同時採取平衡的方法來發展我們的業務。

As we have discussed, this balanced approach is grounded in our extremely sophisticated unit economics framework. And so while we could certainly be growing faster given our strong competitive position and stable credit, we believe we are positioned well for long-term success.

正如我們所討論的，這種平衡方法植根於我們極其複雜的單位經濟框架。因此，儘管鑑於我們強大的競爭地位和穩定的信用，我們肯定可以更快地成長，但我們相信我們已經做好了長期成功的準備。

With that, we'd like to turn the call over to Steve, who will discuss our financial results and outlook in more detail. And following Steve's remarks, we'll be happy to answer any question you may have. Steve?

因此，我們想將電話轉給史蒂夫，他將更詳細地討論我們的財務表現和前景。在史蒂夫的演講之後，我們將很樂意回答您可能提出的任何問題。史蒂夫？

Thank you, David, and good afternoon, everyone. Our financial performance this quarter reflects the solid footing of our consumer and small business customers and the powerful combination of our diversified product offerings, scalable operating model, world-class risk management capabilities, and balance sheet flexibility. The result is our continued ability to deliver strong top and bottom-line results that are in line or better than our expectations.

謝謝大衛，大家下午好。我們本季的財務表現反映了我們的消費者和小型企業客戶的堅實基礎，以及我們多元化產品、可擴展營運模式、世界一流的風險管理能力和資產負債表靈活性的強大組合。結果是我們持續有能力提供符合或優於我們預期的強勁頂線和底線業績。

Turning to our third-quarter results. Total company revenue of $690 million increased 25% from the third quarter of 2023. As total company combined loan and finance receivables on an amortized basis increased 23% from the end of the third quarter of last year to $3.8 billion at September 30. Total company originations during the third quarter rose 28% from the third quarter of 2023 to just over $1.6 billion.

轉向我們的第三季業績。公司總營收為 6.9 億美元，較 2023 年第三季成長 25%。截至 9 月 30 日，該公司以攤銷基礎計算的貸款和金融應收帳款總額比去年第三季末增加了 23%，達到 38 億美元。第三季公司發起總額較 2023 年第三季成長 28%，達到略高於 16 億美元。

Revenue from small business lending increased 38% from the third quarter of 2023 to $269 million as small business receivables on an amortized basis ended the quarter at $2.4 billion, or 27% higher than the end of the third quarter of last year. Small business originations rose 33% year over year, and as David noted, exceeded $1 billion in a quarter for the first time in the company history.

小型企業貸款收入較 2023 年第三季成長 38%，達到 2.69 億美元，本季末小型企業應收帳款攤銷額為 24 億美元，比去年第三季末成長 27%。小型企業的創始規模年增 33%，正如 David 指出的那樣，小型企業創始規模在公司歷史上首次在一個季度內超過 10 億美元。

Revenue from our consumer businesses increased 18% from the third quarter of 2023 to $411 million as consumer receivables on an amortized basis ended the third quarter at $1.4 billion, or 18% higher than the end of the third quarter of 2023. Consumer originations grew 19% from the third quarter of 2023 to $569 million.

我們的消費者業務收入較 2023 年第三季成長 18%，達到 4.11 億美元，第三季末消費者應收帳款攤銷額為 14 億美元，比 2023 年第三季末成長 18%。消費者起源較 2023 年第三季成長 19%，達到 5.69 億美元。

For the fourth quarter, we expect total company revenue to increase around 5%, sequentially, resulting in year-over-year growth in fourth-quarter consolidated revenue in excess of 20%. This expectation will depend upon the level, timing, and mix of originations growth during the quarter.

對於第四季度，我們預計公司總收入將環比增長 5% 左右，從而導致第四季度合併收入年增超過 20%。這一預期將取決於本季發起成長的水平、時間和組合。

Now turning to credit, which is the most significant driver of net revenue and portfolio fair value. As a reminder, consumer credit losses typically follow the sequential pattern of portfolio growth through the year, peaking in the fourth quarter and reaching their lowest point during the second quarter.

現在轉向信貸，這是淨收入和投資組合公允價值的最重要驅動因素。需要提醒的是，消費者信貸損失通常遵循全年投資組合成長的連續模式，在第四季度達到頂峰，在第二季度達到最低點。

The consolidated net revenue margin of 58% for the third quarter was at the upper end of our expectations and reflects strong credit trends. Credit metrics in the third quarter reflected our typical consumer seasonality and solid small business performance while improving from a year ago.

第三季綜合淨收入率為 58%，處於我們預期的上限，反映了強勁的信貸趨勢。第三季的信貸指標反映了我們典型的消費者季節性和穩健的小型企業業績，同時比一年前有所改善。

The total company ratio of net charge-offs as a percentage of average combined loan and finance receivables increased sequentially to 8.4% from 7.7% last quarter, but declined from 9.4% during the third quarter of 2023 as the third quarter net charge-off ratios for both for small business and consumer portfolios were lower compared to a year ago.

公司淨沖銷占平均貸款和融資應收帳款總額的百分比從上季度的 7.7% 連續上升至 8.4%，但由於第三季淨沖銷比率從 2023 年第三季的 9.4% 下降小型企業和消費者投資組合均低於一年前。

As discussed on our first-quarter call, we identified opportunities within our SMB business that we believe would support continued strong growth with improved unit economics. Continue to see the benefits of this strategy in the third quarter, as small business originations grows with strong, small business revenue yield continue to move higher sequentially, and the small business quarterly net charge-off ratio remain on the low end of our expected range. Expectations for our future credit performance remain stable as the consolidated consumer and small business fair value premiums were all largely unchanged from last quarter.

正如我們在第一季電話會議上討論的那樣，我們在中小企業業務中發現了機會，我們相信這些機會將透過改善單位經濟效益來支持持續強勁成長。第三季繼續看到這項策略的好處，因為小型企業起源強勁成長，小型企業收入收益率持續走高，小型企業季度淨沖銷率仍處於我們預期範圍的低端。由於綜合消費者和小型企業公允價值溢價與上季相比基本沒有變化，因此對我們未來信貸表現的預期保持穩定。

Looking ahead, the aforementioned typical consumer credit seasonality and stable small business credit performance during the fourth quarter would result in a total company net revenue margin for the fourth quarter of 2024 in the range of 55% to 58%. This expectation will depend upon portfolio payment performance and the level of timing and mix of originations growth during the fourth quarter.

展望未來，上述典型的消費信貸季節性和第四季度穩定的小型企業信貸表現將導致 2024 年第四季公司總淨利潤率在 55% 至 58% 之間。這一預期將取決於投資組合支付績效以及第四季度發起成長的時間和組合水準。

Now turning to expenses. Total operating expenses for the third quarter, including marketing, were 34% of revenue compared to 37% of revenue in the third quarter of 2023, as we continue to see the benefits of our efficient marketing activities, the leverage inherent in our online-only model, and thoughtful expense management.

現在轉向開支。第三季的總營運費用（包括行銷費用）佔收入的 34%，而 2023 年第三季這一比例為 37%，因為我們繼續看到高效行銷活動的好處、我們純線上業務固有的槓桿作用模型和周到的費用管理。

Third-quarter marketing spend remained efficient and was in line with our expectations. Marketing costs increased to $141 million, or 20% of revenue, compared to $117 million, or 21% of revenue, in the third quarter of 2023. We expect marketing expenses will continue to be around 20% of revenue for the fourth quarter but will depend upon the growth and mix of originations.

第三季行銷支出仍然高效，符合我們的預期。行銷成本增加至 1.41 億美元，佔營收的 20%，而 2023 年第三季行銷成本為 1.17 億美元，佔營收的 21%。我們預計第四季度行銷費用將繼續佔收入的 20% 左右，但這將取決於成長和來源組合。

Operations and technology expenses for the third quarter increased to $57 million, or 8% of revenue, compared to $52 million, or 9% of revenue, in the third quarter of 2023, driven by growth in receivables and originations over the past year. Given the significant variable component of this expense category, sequential increases in O&T costs should be expected in an environment where originations and receivables are growing should range between 8% and 9% of total revenue.

受去年應收帳款和起源成長的推動，第三季的營運和技術支出增加至5,700 萬美元，佔營收的8%，而2023 年第三季的營運和技術支出為5,200 萬美元，佔收入的9%。考慮到此費用類別的顯著可變成分，在起源和應收帳款成長應佔總收入 8% 至 9% 的環境下，預計 O&T 成本將連續增加。

Our fixed costs continue to reflect our focus on operating efficiency and thoughtful expense management. General and administrative expenses for the third quarter increased to $39 million, or 6% of revenue, and $38 million, or 7% of revenue, in the third quarter of 2023. While there may be slight variations from quarter to quarter, we expect G&A expenses in the near term will be around 6% of total revenue.

我們的固定成本繼續反映了我們對營運效率和周到的費用管理的關注。2023 年第三季的一般及管理費用增至 3,900 萬美元，佔營收的 6%；2023 年第三季的一般及管理費用增至 3,800 萬美元，佔營收的 7%。雖然每季可能略有差異，但我們預計短期內的一般管理費用將佔總收入的 6% 左右。

Our balance sheet and liquidity position remains strong and give us the financial flexibility to successfully navigate a range of operating environments, while delivering on our commitment to drive long-term shareholder value through both continued investments in our business and share repurchases.

我們的資產負債表和流動性狀況仍然強勁，為我們提供了財務靈活性，能夠成功應對各種營運環境，同時履行我們透過持續投資業務和股票回購來推動長期股東價值的承諾。

We ended the quarter with $1.2 billion of liquidity, including $262 million of cash and marketable securities and $925 million of available capacity on debt facilities. Our stable financial and credit performance has allowed us to consistently access funding from a diversified group of lenders and fixed income investors.

本季結束時，我們擁有 12 億美元的流動資金，其中包括 2.62 億美元的現金和有價證券以及 9.25 億美元的可用債務融資能力。我們穩定的財務和信貸表現使我們能夠持續從多元化的貸方和固定收益投資者那裡獲得資金。

Since our last earnings call, we completed five financing transactions totaling $2.1 billion, including $1.2 billion of new proceeds, with efficient and cost-effective terms. Issuances included an unsecured senior note, small business term securitization, the renewal and upsides of a warehouse secured by small business receivables, the renewal and upsides of a warehouse secured by consumer installment receivables, and the upsides of our secured corporate revolver.

自上次財報電話會議以來，我們以高效且具成本效益的條款完成了五筆融資交易，總金額達 21 億美元，其中包括 12 億美元的新收益。發行包括無擔保優先票據、小型企業定期證券化、小型企業應收帳款擔保倉庫的更新和增值、消費者分期付款應收帳款擔保倉庫的更新和增值，以及我們擔保的企業左輪手槍的增值。

During the third quarter, we acquired 309,000 shares at a cost of $23 million. We started the fourth quarter with share repurchase capacity of approximately $68 million available under our senior note covenant.

第三季度，我們以 2,300 萬美元的價格收購了 309,000 股股票。根據我們的優先票據契約，我們在第四季開始時擁有約 6,800 萬美元的股票回購能力。

Our cost of funds for the third quarter was 9.6%, or 24 basis points higher than the second quarter. With the Federal Reserve's recent 50-basis-point reduction in the Fed funds rate and expectations for continued reductions over the near term, we expect that our quarterly cost of funds is likely peaked.

第三季的資金成本為 9.6%，比第二季高出 24 個基點。隨著聯準會最近將聯邦基金利率下調 50 個基點以及近期持續降息的預期，我們預計季度資金成本可能會見頂。

Additionally, the impact of expected lower market rates in the future could create longer-term tailwinds for Enova's profitability. Given the mix of our fixed inflating rate debt, we expect every 25-basis-point reduction in SOFR to result in a benefit to adjusted EPS of approximately $0.10 over the 12 months following a rate reduction.

此外，預計未來市場利率下降的影響可能會為 Enova 的獲利能力創造長期利好。考慮到我們的固定通貨膨脹率債務的組合，我們預計 SOFR 每降低 25 個基點，就會在利率降低後的 12 個月內為調整後每股收益帶來約 0.10 美元的收益。

During the quarter, we recorded a one-time non-cash and non-operational impairment charge of $17 million related to the write-off of our interest in a company to which, during 2021, we contributed the net assets of OnDeck's legacy platform as a service business, formerly known as ODX.

在本季度，我們記錄了1700 萬美元的一次性非現金和非營運減損費用，該費用與沖銷我們在一家公司的權益有關，2021 年期間，我們向該公司貢獻了OnDeck 遺留平台的淨資產：服務企業，以前稱為 ODX。

Finally, we continue to deliver solid profitability this quarter. Adjusted EBITDA, a non-GAAP measure, increased 42% from a year ago to $172 million. And adjusted EPS, a non-GAAP measure, increased 63% from a year ago to $2.45 per diluted share.

最後，我們本季持續實現穩健的獲利能力。調整後 EBITDA（非 GAAP 衡量標準）較上年同期成長 42%，達到 1.72 億美元。調整後每股盈餘（非 GAAP 衡量標準）較上年同期成長 63%，達到稀釋後每股 2.45 美元。

To wrap up, let me summarize our near-term expectations. For the fourth quarter of 2024, we would expect consolidated revenue to increase around 5% sequentially, or more than 20% compared to the fourth quarter of 2023, with a net revenue margin between 55% and 58%.

最後，讓我總結一下我們的近期預期。對於 2024 年第四季度，我們預計合併收入將環比增長 5% 左右，或與 2023 年第四季度相比增長 20% 以上，淨收入利潤率在 55% 至 58% 之間。

Additionally, we expect marketing and G&A expenses to be around 20% and 6% of revenue, respectively, with O&T cost of 8% to 9% of revenue. These expectations should result in an increase in adjusted EPS of 25% or more compared to the fourth quarter of 2023.

此外，我們預計行銷和 G&A 費用將分別佔收入的 20% 和 6% 左右，O&T 成本佔收入的 8% 至 9%。與 2023 年第四季相比，這些預期應導致調整後每股收益成長 25% 或更多。

Our expectations for the remainder of this year will depend upon the macroeconomic environment and the resulting impact on demand, customer payment rates, and the level timing, and mix of originations growth.

我們對今年剩餘時間的預期將取決於宏觀經濟環境以及由此產生的對需求、客戶支付率、水平時間和起源成長組合的影響。

We remain confident in our ability to generate meaningful financial results for the remainder of 2024 and beyond as we leverage our diversified product offerings, world-class machine learning risk management algorithms, and nimble online-only models to continue to meet customer needs while creating significant value for our shareholders.

我們仍然對在2024 年剩餘時間及以後產生有意義的財務業績的能力充滿信心，因為我們利用多元化的產品、世界一流的機器學習風險管理演算法和靈活的純在線模型，繼續滿足客戶需求，同時創造顯著的業績為我們的股東創造價值。

In addition, our solid balance sheet should provide tailwinds to our future profitability in a falling rate environment while enabling our ability to efficiently fund growth and supporting our ability to return significant capital to shareholders through share repurchases.

此外，我們穩健的資產負債表應該在利率下降的環境下為我們未來的獲利能力提供動力，同時使我們能夠有效地為成長提供資金，並支持我們透過股票回購向股東返還大量資本的能力。

And with that, we'd be happy to take your questions. Operator?

因此，我們很樂意回答您的問題。操作員？

(Operator Instructions) Moshe Orenbuch.

（操作員說明）Moshe Orenbuch。

I guess, Steve, can you talk a little bit about how you're thinking about -- you mentioned that you can see this as kind of continuing into 2025, like this strong environment for originations on both sides of the business. How do you think about -- like what makes it change for either better or worse? Are there any competitive changes or can you just talk about that a little bit?

我想，史蒂夫，你能談談你的想法嗎？你如何看待——例如是什麼讓事情變得更好或更壞？有什麼競爭變化嗎？

Yeah, sure. We didn't really address 2025 specifically in our commentary, but I think our view is we have some momentum as we're -- obviously with our Q4 guide. We expect some of that momentum to continue. And barring a change in the operating environment, as you mentioned, or something materially changing, we should be able to continue our momentum into 2025. But we'll obviously talk a bit more about that on our next call.

是的，當然。我們並沒有在評論中具體提及 2025 年，但我認為我們的觀點是，我們有一些動力，就像我們的第四季指南一樣。我們預計這種勢頭將繼續下去。正如您所提到的，除非營運環境發生變化，或發生重大變化，否則我們應該能夠將這一勢頭延續到 2025 年。但我們顯然會在下次電話會議上更多地討論這一點。

But we will be watching for -- as David has mentioned in the past, we're not growing as quickly as we could. We're being very thoughtful. That gives us a lot of flexibility to be able to navigate changes to either a macro environment or a more competitive environment. But we also feel very good about our competitive position as we've talked about now for many quarters given our diversified product set, online only scale, and our balance sheet. So we feel -- today, we definitely have some momentum, but we'll give more color here in a few months.

但我們將密切關注——正如大衛過去提到的那樣，我們的成長速度並沒有達到我們應有的速度。我們想得很周到。這為我們提供了極大的靈活性，能夠應對宏觀環境或更競爭性環境的變化。但我們也對自己的競爭地位感到非常滿意，正如我們在多個季度所討論的那樣，考慮到我們多元化的產品組合、純線上規模以及我們的資產負債表。所以我們覺得——今天，我們肯定有一些動力，但幾個月後我們會在這裡提供更多的色彩。

Just a follow-up on the consumer credit front. The charge-offs in the quarter, you noted, were kind of down on a year-on-year basis, but delinquencies were up. And the charge-offs being down, obviously, kind of a good sign, as many other lenders are seeing. It's tough for consumers to get out of delinquency once they're in it.

只是消費信貸方面的後續行動。您指出，本季的沖銷年減率有所下降，但拖欠率有所上升。正如許多其他貸方所看到的那樣，沖銷額下降顯然是一個好兆頭。消費者一旦陷入違法行為，就很難擺脫困境。

Can you talk a little bit about how this quarter's delinquency rate is going to be reflected as you go forward and what it says about the portfolio performance?

您能否談談本季的拖欠率將如何反映在您的未來以及它對投資組合績效的影響？

Yeah, sure. So the consumer delinquency rate typically increases sequentially. If you go back and look over time between Q2 and Q3, which it did this quarter as well, year over year, the comparison is a little different because we have had slight mix shift.

是的，當然。因此，消費者拖欠率通常會依次增加。如果你回顧第二季和第三季的時間（本季也是如此），年比情況會有所不同，因為我們有輕微的混合變化。

We had some strong demand from our cash net business with great unit economics that over the past couple of quarters we met that demand, which allowed that business to grow a little bit faster than net credit. And that mix shift we'll create a little bit of a dynamic in the delinquency ratio.

我們的現金淨業務有一些強勁的需求，單位經濟效益很好，在過去幾季我們滿足了這一需求，這使得該業務的成長速度比淨信貸快一點。這種混合轉變將在拖欠率方面產生一些動態。

But I will tell you, even though we don't disclose our 1-plus delinquency rate, the 1-plus rate for consumer actually was down year over year. So it's really reflecting that mix shift. And additional context, the fair value premium is also reflecting the fact that the unit economics framework for us, the risk adjusted cash flows are incorporating that additional risk from the mix shift that I just mentioned with the flat fair value premium quarter over quarter.

但我會告訴你，即使我們沒有透露我們的 1+ 拖欠率，消費者的 1+ 拖欠率實際上是逐年下降的。所以它確實反映了這種混合轉變。另外，公允價值溢價也反映了這樣一個事實，即我們的單位經濟框架、風險調整後的現金流正在納入我剛才提到的混合轉變帶來的額外風險，以及季度與季度持平的公允價值溢價。

David Scharf, Citizens JMP.

David Scharf，公民 JMP。

I wanted to dig in a little more just in terms of the product mix. And specifically, I think Steve and Dave, you both had commented you're not growing as fast as you could. And not to diminish the impressive growth in consumer, SMB is growing materially faster recently.

我想在產品組合方面更深入一些。具體來說，我認為史蒂夫和戴夫，你們都曾評論過你們的成長速度沒有達到應有的速度。為了不削弱消費者的驚人成長，中小企業最近的成長速度明顯加快。

And I'm wondering, A, if you could just provide a little more color on maybe what differences you're seeing that is driving such a stronger growth in origination volumes among small businesses versus consumer. And B, circling back to your comment about not growing as fast as you could, is that applicable to both products or is that mostly a commentary about the consumer?

我想知道，A，您是否可以提供更多信息，說明您所看到的哪些差異正在推動小型企業與消費者之間的原創量增長如此強勁。B，回到你關於成長速度不夠快的評論，這是否適用於這兩種產品，或者這主要是關於消費者的評論？

Yeah, David, good question. I think it's mostly a factor of -- it's just a less mature product. Like in the consumer space, we have some very, very mature products that aren't growing as fast. We have some less mature products that are among our fastest-growing products on the consumer side. But that's balanced out with some products have been around for a very, very long time. And so that kind of levels off the growth rate a little bit on the consumer side.

是的，大衛，好問題。我認為這主要是一個因素——它只是一個不太成熟的產品。就像在消費領域一樣，我們有一些非常非常成熟的產品，但成長速度沒有那麼快。我們有一些不太成熟的產品，但它們是我們在消費者方面成長最快的產品之一。但這與一些已經存在了很長時間的產品相平衡。因此，這會稍微降低消費者方面的成長率。

We're a small business. It's just much newer space overall and certainly much newer for us. And we've really only been aggressive in that space since kind of 2021. So I think that explains a little bit of the difference in growth rates.

我們是一家小企業。整體來說，這是一個更新的空間，對我們來說當然也更新了。自 2021 年以來，我們實際上只是在該領域積極進取。所以我認為這可以解釋成長率的一些差異。

We're not seeing anything materially different like in the overall markets. And I think in competitive environment is pretty weak on both sides.

我們沒有看到任何與整體市場有實質不同的情況。我認為在競爭環境中雙方都相當弱。

In terms of could be growing faster, that's definitely applicable to both consumer and small business. And as you know from our conversations in the past, what that means is we just increase our internal unit economic targets, which are focused on ROEs, and just make our businesses try to achieve higher targets than maybe is necessary from a purely academic standpoint in terms of the balance sheet of the business so. But we just think that's the right risk-reward balance today, given that we are growing very quickly and balance sheet-intensive business.

就成長速度而言，這絕對適用於消費者和小型企業。正如您從我們過去的談話中知道的那樣，這意味著我們只是增加我們的內部單位經濟目標，這些目標側重於股本回報率，並且只是讓我們的企業努力實現比純粹學術角度可能需要的更高的目標。但我們認為，鑑於我們的業務成長非常迅速且資產負債表密集型，這是當今正確的風險回報平衡。

And as we said, we don't think higher growth rates are priced into the stock in any way. So we're comfortable taking a little bit more cushion in those union economic targets and growing kind of slower than we could have otherwise, albeit still at very, very attractive growth rates.

正如我們所說，我們認為較高的成長率不會以任何方式反映在該股的價格中。因此，我們願意在這些工會經濟目標中採取更多的緩衝措施，並且成長速度比我們原本可以達到的速度要慢一些，儘管成長率仍然非常非常有吸引力。

No, that's great color, and to the extent you only get rewarded for growing so fast, there's no need to push the envelope, I guess.

不，那是很棒的顏色，而且我想，如果你只因為成長得如此快而獲得獎勵，那就沒有必要挑戰極限。

Maybe just one quick follow-up on funding. Steve, I appreciate the sensitivity analysis on the 25-bp change in SOFR. You had also, I believe, the last quarter or so, provided some outlook about how to think about funding costs in the context of percent of revenue. I think last time it was 10.5% to 11%. Is that changing much in your mind? What should be kind of the base case we look at?

也許只是對資金的快速跟進。Steve，我很欣賞 SOFR 25 bp 變化的敏感度分析。我相信，您在上個季度左右也提供了一些關於如何在收入百分比的背景下考慮融資成本的前景。我想上次是10.5%到11%。你的想法有很大改變嗎？我們應該考慮什麼樣的基本情況？

Yeah, I mean, I think for the fourth quarter, that range is probably still applicable, but you'll start to see us move again depending on how much we grow. But we should be moving towards the lower end of that range as you move through the quarter. And as we get through the rest of the year, I'll provide a more wholesome view on next year, depending on where we are with the outlook for rates at that time.

是的，我的意思是，我認為第四季度，這個範圍可能仍然適用，但你會開始看到我們再次採取行動，這取決於我們的成長程度。但隨著本季的進展，我們應該朝著該範圍的下限移動。當我們度過今年剩下的時間時，我將對明年提供更全面的看法，這取決於我們當時的利率前景。

John Hecht, Jefferies.

約翰‧赫克特，傑弗里斯。

Congratulations on another great quarter. I think, most of my questions have been asked and answered.

恭喜又一個偉大的季度。我想，我的大部分問題都已被提出並得到解答。

I mean, I guess, one of them is that, David, you did cite, generally speaking, just weaker competition. And I think you've been in that environment where you, guys, your strengths have allowed you to have describe it as a weaker market, but maybe it's just a market that you're stronger in.

我的意思是，我想其中之一是，大衛，你確實提到了，一般來說，只是競爭較弱。我認為你們一直處於這樣的環境中，夥計們，你們的優勢讓你們能夠將其描述為一個較弱的市場，但也許這只是一個你們更強大的市場。

But I'm wondering like, what would your outlook be for that? Is there an environment where you think competition would come back? If it would, which product or segment would it be in? Or do you feel more that you just -- you're building more sustainable advantages over time?

但我想知道，你對此有何看法？您認為競爭會捲土重來嗎？如果會，它會屬於哪個產品或細分市場？或者你感覺更多的是——隨著時間的推移，你正在建立更永續的優勢？

Yeah, I think that is a good clarification. It's not like we have a lot of competitors and we're just not seeing them being particularly aggressive. We don't have a lot of strong competitors, period. And this isn't an industry where they can just kind of come -- pop out of the woodwork, just kind of start a new business today and be a strong competitor three or six months down the road.

是的，我認為這是一個很好的澄清。我們並不是有很多競爭對手，我們只是沒有看到他們特別有侵略性。我們沒有很多強大的競爭對手，就這樣。這不是一個他們可以突然出現的行業，只是今天開始一項新業務，並在三到六個月後成為強大的競爭對手。

These are businesses that obviously have tremendous startup costs, takes lots of time to build underwriting models and get them dialed in, businesses generate tremendous losses in their first 5 to 10 years in business in this space. So you get a long runway of seeing new competitors trying to come into the space, and there's just not a lot right now in either small business or the consumer side.

這些企業顯然擁有巨大的啟動成本，需要大量時間來建立承保模型並使其投入使用，企業在該領域開展業務的前 5 到 10 年會產生巨大損失。因此，你會看到新的競爭對手試圖進入這個領域，但目前無論是小型企業還是消費者方面都沒有太多。

That doesn't mean there aren't any. We're not delusional by any fact. We have a huge program to track what's going on in terms of competition on both sides of both businesses. But we're not seeing anything new. And we have very good market share relative to the competitors that are out there, and certainly no sign of any meaningful changes on the competitive front.

這並不意味著沒有。任何事實我們都不是妄想。我們有一個龐大的計劃來追蹤兩家公司的競爭情況。但我們沒有看到任何新的東西。相對於現有的競爭對手，我們擁有非常好的市場份額，而且在競爭方面當然沒有任何有意義的變化的跡象。

And then I guess as a related follow-up, just given that backdrop, with respect to the characteristics of the originations, obviously, we know the mix of SMB versus consumer, but is there anything that is worth calling out with respect to new versus recurring mixed changes or the characteristics of the small -- SMB categories? Or is it pretty consistent?

然後我想作為一個相關的後續行動，考慮到這一背景，就起源的特徵而言，顯然，我們知道中小企業與消費者的混合，但在新與消費者方面有什麼值得指出的嗎？出現的混合變化還是小型－SMB類別的特徵？或者它非常一致？

No, John, it's been pretty consistent. We haven't seen a material change in our new versus returning customers across either of the portfolios.

不，約翰，情況非常穩定。我們在這兩個投資組合中都沒有看到新客戶與回頭客發生重大變化。

John Rowan, Janney.

約翰羅文、珍妮.

Sorry if this was asked already, but was there a reason why CSO loan balances went up so sharply sequentially?

抱歉，如果已經有人問過這個問題，那麼 CSO 貸款餘額連續大幅上升是否有原因？

I mean, those tend to be very specific to geographic regions, so you'll time to time see where we might have demand or opportunities that line up with that unit economics framework that you'll see that occur, but it usually is not something that persists for a long period of time. It's usually pretty level.

我的意思是，這些往往是特定於地理區域的，所以你會不時地看到我們可能在哪裡有與單位經濟框架一致的需求或機會，你會看到這種情況發生，但通常不是這樣的。一般情況下都是相當有水準的。

Okay, and then I just want to make sure I'm hearing you guys correctly. We're talking about obviously -- we're talking about stable credit, but obviously the charge-off rate for the consumer was up at 8.7% versus 7.8% last year.

好的，然後我只是想確保我沒有聽錯你們的話。顯然，我們談論的是穩定的信貸，但消費者的沖銷率顯然上升至 8.7%，而去年為 7.8%。

Can you just talk to that and whether or not that has anything to do with the increase in the CSO loan balances? Just kind of talk me through that increase in the charge-off specifically in the consumer book.

您能否談談這個問題，這是否與 CSO 貸款餘額的增加有關？請告訴我特別是在消費者手冊中沖銷的增加。

Yeah, I think that number you're referencing, John, is 30-plus delinquency, not charge-off.

是的，約翰，我認為你提到的數字是超過 30 項的拖欠，而不是沖銷。

Sorry. Yes, you're right.

對不起。是的，你說得對。

Charge-off right from year over year. So as I mentioned just a few minutes ago, that's largely related to mix. I had mentioned that we had seen some opportunities over the past couple of quarters with cash net versus net credit. And given the credit profile of that business, you would see delinquencies at a higher rate.

逐年沖銷。正如我幾分鐘前提到的，這很大程度上與混合有關。我曾提到，在過去的幾個季度中，我們在現金淨額與淨信貸額方面看到了一些機會。考慮到該企業的信用狀況，您會發現拖欠率較高。

So there's a little bit of mix shift going on there. CSO is largely in cash net, so yeah, that could contribute to it. But as I mentioned, the fair value premiums are relatively flat quarter over quarter, which again is the view of discounted risk-adjusted cash flow in consumers. So it's tracking with our unit economics, and our 1-plus delinquency for consumer was actually down year-over-year.

所以那裡正在進行一些混合轉變。CSO 大部分是現金淨額，所以是的，這可能會有所貢獻。但正如我所提到的，公允價值溢價環比相對持平，這也是消費者折現風險調整現金流的觀點。因此，它與我們的單位經濟效益保持一致，我們的消費者逾期拖欠率實際上逐年下降。

Vincent Caintic, BTIG.

文森特·凱恩蒂克，BTIG。

First for David, and it's kind of a follow-up on David Scharf's question about the originations. The growth rate, especially sequentially, is pretty impressive after what was also a strong second quarter. I'm just trying to maybe parse out maybe what could be driving this because it seems like maybe the macro is okay, the SMB consumer is feeling a bit more confident, and then conversely, your underwriting still seems pretty tight.

首先是大衛，這是大衛沙夫關於起源問題的後續。在經歷了強勁的第二季之後，成長率（尤其是連續成長率）相當令人印象深刻。我只是想分析一下可能是什麼推動了這一趨勢，因為宏觀經濟似乎還不錯，中小型企業消費者感覺更有信心了，而相反，您的承保似乎仍然相當緊張。

So just wondering if maybe as we're thinking about fourth quarter and beyond, do you expect this kind of strong growth and acceleration to continue? And does anything need to change, or say, particularly positive in order to achieve that level of growth? Thank you.

因此，我想知道，當我們考慮第四季度及以後的情況時，您是否預計這種強勁的成長和加速會持續下去？為了實現這種成長水平，是否需要做出任何改變，或者說，特別積極的改變？謝謝。

Yeah. So if you look at sequentially, certainly, I think, it's a combination of two factors. One is seasonality. We always see good growth in Q3 versus Q2.

是的。因此，如果你按順序來看，我認為，當然，這是兩個因素的結合。一是季節性。我們總是看到第三季與第二季相比有良好的成長。

But the second is that conducive macroeconomic environment. I think it's an environment where customers -- consumers and small businesses are comfortable borrowing money if they need to but have good enough finances that they can pay it back, which makes it easy for us to lend to them. So I think it's really a combination of those two factors.

但第二是有利的宏觀經濟環境。我認為，在這樣的環境下，客戶——消費者和小型企業在需要時可以輕鬆借錢，但他們的財務狀況足夠好，可以償還貸款，這使我們可以輕鬆地向他們提供貸款。所以我認為這實際上是這兩個因素的結合。

And as we look at Q4, I think Steve guided to slightly lower year-over-year origination growth rates in Q4, but still north of 20%. So still very, very strong. And as we're sitting here almost a third away through the quarter, we feel very good about continuing those 20%-plus growth rate.

當我們看第四季時，我認為史蒂夫指導第四季的同比成長率略有下降，但仍高於 20%。所以仍然非常非常強大。由於距離本季已經過去近三分之一，我們對繼續保持 20% 以上的成長率感到非常滿意。

And then for Steve, always appreciate the detailed fourth-quarter guidance. I guess as we're thinking medium term and with the growth rates you're achieving and the originations and revenue, I'm just wondering as you're thinking about the expenses, how operationally efficient can the business be? So I'm sort of thinking that as you're growing your fixed expenses, the EPS should be growing even faster.

對於史蒂夫來說，始終欣賞詳細的第四季度指導。我想，當我們考慮中期以及您所實現的成長率以及起源和收入時，我只是想知道當您考慮費用時，業務的營運效率如何？所以我認為，當你增加固定支出時，每股盈餘應該會成長得更快。

Is there anything you can do to maybe help us understand how much operating leverage you have in the business? Thank you.

您可以做些什麼來幫助我們了解您在業務中擁有多少營運槓桿？謝謝。

Yeah, well, I think if you look over the past couple of years, you've seen that operating leverage in action. Obviously, marketing is entirely variable. Our O&T costs, about 70% of those costs are variable. So there is some operating leverage as you continue to grow, but it's much more slow compared to our general and administrative expenses, which are all fixed. So you've seen the G&A expenses as a percent of revenue come down a fair amount over the past couple of years.

是的，我想如果你回顧過去幾年，你會看到營運槓桿正在發揮作用。顯然，行銷是完全可變的。在我們的 O&T 成本中，大約 70% 是可變的。因此，隨著您的不斷增長，會有一些營運槓桿，但與我們的一般和管理費用相比要慢得多，這些費用都是固定的。因此，您可以看到在過去幾年中，一般管理費用佔收入的百分比下降了相當多的水平。

There's no reason to think that we wouldn't continue to see some operating leverage in those expense categories as we move through time and continue to grow. That's really just how our expense philosophy works.

沒有理由認為，隨著時間的推移和持續成長，我們不會繼續在這些費用類別中看到一些營運槓桿。這確實是我們的開支理念的運作方式。

We do spend money. Those expenses do grow year over year, but they grow at a much slower rate relative to revenue, and that's how we run the business. So you should expect there could be some opportunities as we move through time from here as well.

我們確實花錢。這些費用確實逐年增長，但相對於收入而言，它們的增長速度要慢得多，這就是我們經營業務的方式。所以你應該預料到，隨著時間的推移，我們也可能會遇到一些機會。

Thank you. That does conclude our question-and-answer session and our conference for today. Thank you for attending today's presentation. You may now disconnect.

謝謝。我們的問答環節和今天的會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。