Enova International Inc (ENVA) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Enova International Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions].

下午好，歡迎參加 Enova International 2024 年第四季財報電話會議。[操作說明]。

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

現在，我想將會議交給投資者關係部門的卡西迪·帕特森 (Cassidy Patterson)。請繼續。

Thank you, operator, and good afternoon, everyone. Enova released results for the fourth quarter and full year 2024 ended December 31, 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 Iir.enova.com.

謝謝接線員，大家下午好。今天下午市場收盤後，Enova 公佈了截至 2024 年 12 月 31 日的 2024 年第四季和全年業績。如果您沒有收到我們的收益新聞稿的副本，您可以從我們網站 Iir.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 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.

今天與我一起參加電話會議的還有執行長戴維費雪 (David Fisher)；以及首席財務官史蒂夫坎寧安（Steve Cunningham）。本次電話會議正在進行網路直播，在我將電話轉給戴維之前，我們將把該會議記錄存檔在我們網站的投資者關係部分。我想指出的是，今天的討論將包含前瞻性陳述，因此存在風險和不確定性。

Actual results may differ materially as a result from these various important risk factors, including those discussed in our earnings press release and in our annual report on Form 10-K, quarterly reports on Form 10-Q and current report on Form 8-K.

實際結果可能由於這些各種重要風險因素而存在重大差異，包括我們在收益新聞稿和 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告中所討論的風險因素。

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今天的假設，我們不承擔根據新資訊或未來事件更新這些陳述的義務。

In addition to U.S. GAAP reporting, Enova reports, certain financial measures that do not conform to generally accepted accounting principles.

除了美國 GAAP 報告外，Enova 還報告某些不符合公認會計原則的財務指標。

We believe these non-GAAP measures enhance the understanding of our performance. Reconciliations between these GAAP and non-GAAP measures are included in the tables found in today's press release. As noted in our earnings release. We have posted supplemental financial information the IR portion of our website.

我們相信這些非公認會計準則指標能夠增進對我們績效的了解。今天的新聞稿中的表格中包含了這些 GAAP 和非 GAAP 指標之間的對帳。正如我們的收益報告中所述。我們已在網站的 IR 部分發布了補充財務資訊。

And with that, I'd like to turn the call over to David.

說完這些，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。感謝您今天參加我們的電話會議。

We are pleased to end a strong year with another solid quarter for total results were in line or better than our expectations with over 20% growth in revenue, originations, adjusted EBITDA and adjusted EPS as compared to 2023, all driven by solid growth of profit portfolio and stable credit.

我們很高興以又一個穩健的季度結束強勁的一年，整體業績符合或好於我們的預期，與 2023 年相比，收入、發起、調整後的 EBITDA 和調整後的 EPS 增長超過 20%，所有這些都得益於利潤組合的穩健增長和穩定的信貸。

2024 was Enova's best year yet, resulting in record levels of revenue originations and EPS. Our skill team, World class technology, proprietary machine learning algorithms and diversified product offerings have enabled us to achieve a 20-year history of profitably lending through a variety of credit cycles.

2024 年是 Enova 迄今為止最好的一年，收入來源和每股盈餘都創下歷史新高。我們的技術團隊、世界一流的技術、專有的機器學習演算法和多樣化的產品使我們在 20 年的時間裡透過各種信貸週期實現了盈利貸款。

Fourth quarter, originations increased 20% year over year and 6% sequentially to $1.7 billion. As a result of the strong origination growth, our combined loan and finance receivables increased 21% year-over-year to a record $4 billion.

第四季度，貸款發放額年增 20%，季增 6%，達到 17 億美元。由於貸款發放量強勁成長，我們的綜合貸款和融資應收款年增 21%，達到創紀錄的 40 億美元。

Consistent with recent quarters, small business products represented 62% of the total portfolio and consumer was 38%.

與最近幾季的情況一致，小型企業產品佔總投資組合的 62%，消費者產品佔 38%。

As we expected origination growth moderated from the 25% plus growth we generated in the first nine months of the year due to our continued focus on balancing risk and growth as well as a typical year-over-year. Comparison from very strong originations growth in the fourth quarter of 2023.

正如我們預期的那樣，由於我們持續注重平衡風險和成長，以及與去年同期相比的典型成長，發起量成長從今年前九個月的 25% 以上的成長有所放緩。與 2023 年第四季非常強勁的發起量成長相比。

As we discussed last quarter, we are disciplined in this balanced approach that is grounded in our extremely sophisticated unit economics framework. And so, while we could certainly be growing origination faster given our strong competitive position and stable credit, we believe our current approach positions the business well, for long term success.

正如我們上個季度所討論的那樣，我們嚴格遵循這種平衡的方法，這種方法以我們極其複雜的單位經濟框架為基礎。因此，儘管憑藉我們強大的競爭地位和穩定的信譽，我們肯定可以更快地實現業務成長，但我們相信，我們目前的方法可以為業務的長期成功奠定良好的基礎。

It is also important to remember that our online only business model generates significant operating leverage and combined with our commitment to repurchasing our stock, we continue to expect EPS growth to outpace origination growth.

同樣重要的是要記住，我們僅在線的業務模式產生了顯著的經營槓桿，再加上我們回購股票的承諾，我們繼續預計每股收益增長將超過發起增長。

As Steve will discuss in more detail, we generated revenue of $730 million in the quarter, an increase of 25% year-over-year and 6% sequentially. Profitability metrics grew even faster, driven by our strong operating leverage and diligent credit management adjusted EBITDA increased 34% year-over-year and adjusted EPS increased 43%.

正如史蒂夫將更詳細地討論的那樣，本季度我們創造了 7.3 億美元的收入，年增 25%，環比增長 6%。獲利能力指標成長更快，得益於我們強大的經營槓桿和勤勉的信用管理，調整後的 EBITDA 年成長 34%，調整後的 EPS 成長 43%。

Once again, our diversified portfolio and efficient marketing were the underpinnings of this growth. SMB revenue increased 36% year-over-year and 6% sequentially to a record $286 million. While consumer revenue increased 19% year-over-year and 6% sequentially to a record $434 million.

再次，我們的多元化產品組合和高效的行銷是這一成長的基礎。中小企業營收年增 36%，季增 6%，達到創紀錄的 2.86 億美元。消費者營收年增 19%，季增 6%，達到創紀錄的 4.34 億美元。

Marketing was 21% of our total revenue in line with our expectations. And with Q4 of 2023. As I mentioned, credit quality remains good across the portfolio due to the stability and strength we have seen in the performance of our customers.

行銷收入占我們總收入的 21%，符合我們的預期。預計到 2023 年第四季。正如我所提到的，由於我們看到客戶績效的穩定性和強勁性，整個投資組合的信用品質仍然良好。

The consolidated net charge off ratio for the quarter declined slightly from the fourth quarter of 2023, as we saw improvements in that ratio in both our consumer and small businesses despite significant growth in both of those portfolios. Demand and credit in our consumer business continues to be driven by jobs and wage growth.

本季的綜合淨沖銷率較 2023 年第四季略有下降，因為儘管這兩個投資組合都實現了顯著增長，但我們的消費者和小型企業的該比率都有所改善。我們的消費業務的需求和信貸繼續受到就業和工資成長的推動。

Our target customers are those who traditional lenders view as too risky and too difficult to underwrite, leading them to be underserved by mainstream financial institutions due to our highly experienced team and proprietary improvement technology and analytics. We've been very successful serving this large segment of the market, and the macroeconomic environment continues to be favourable for this group.

我們的目標客戶是那些傳統貸款人認為風險太大、承保難度太大的客戶，由於我們經驗豐富的團隊和專有的改進技術和分析，導致主流金融機構無法為他們提供足夠的服務。我們非常成功地服務了這個龐大的市場群體，宏觀經濟環境也持續對這群人有利。

The latest jobs report showed a strong finish to the year with unemployment ticking down slightly from 4.2% in November to 4.1% in December. Highlighting the economy's resilience.

最新的就業報告顯示，今年就業情況強勁，失業率從 11 月的 4.2% 小幅下降至 12 月的 4.1%。凸顯經濟的韌性。

December also recorded the largest monthly jobs gain of the year indicating that the U.S. economy remains strong. Further, the strength in the labour market is concentrated in our target customers demographic as wage gains on average have exceeded inflation.

12月份也創下了今年以來單月就業成長最多的紀錄，顯示美國經濟依然強勁。此外，勞動市場的強勁勢頭集中在我們的目標客戶群中，因為平均薪資漲幅超過了通膨率。

Turning to our SMB business. We had our second quarter in a row of over $1 billion in originations driven by continued consumer spending and optimism about the current economy from small businesses.

轉向我們的中小企業業務。我們的貸款發放額連續第二季超過 10 億美元，這得益於持續的消費者支出和小型企業對當前經濟的樂觀情緒。

In conjunction with Ocrolus, in November, we released the fourth iteration of our small business cash flow trend report which offers key insights into small business cash flow trends, inflation challenges and growth opportunities.

11 月，我們與 Ocrolus 合作發布了第四版小型企業現金流趨勢報告，該報告對小型企業現金流趨勢、通膨挑戰和成長機會提供了重要見解。

Consistent with previous findings, the survey found that small businesses feel increasingly optimistic about future growth as over 90% of small business owners are expecting moderate to significant growth over the next six months.

與先前的研究結果一致，調查發現小型企業對未來成長越來越樂觀，超過 90% 的小企業主預計未來六個月將實現中等到顯著的成長。

This latest report also shows a meaningful shift in where small businesses are first seeking capital as nearly 75% of small business owners reported bypassing traditional banks in favour of alternative lenders like Enova. Supporting our own findings, the National Federation of Independent Business announced that its small business optimism index increased 3.4 points to 105.1 in December. Marking the 2nd month in a row above the 51-year average of 98 and the highest rating since October of 2018.

最新報告還顯示，小型企業首先尋求資金的管道發生了重大轉變，近 75% 的小企業主表示，他們繞過傳統銀行，選擇 Enova 等替代貸款機構。全國獨立企業聯合會宣布，其小型企業樂觀指數 12 月上升 3.4 點，至 105.1，這支持了我們的調查結果。這是連續第二個月高於 51 年平均值 98，也是自 2018 年 10 月以來的最高收視率。

Before I wrap up, I'd like to take a few moments to discuss our strategy and outlook for 2025 and beyond. We're encouraged by the strong momentum and good credit performance across our portfolio.

在結束之前，我想花點時間討論一下我們 2025 年及以後的策略和展望。我們整個投資組合的強勁發展動能和良好的信用表現令我們感到鼓舞。

As I just mentioned, based on internal and external data, both our consumer and small business customers are on solid footing as they continue to benefit from job growth, low unemployment rates, easing inflation and rising real wages.

正如我剛才提到的，根據內部和外部數據，我們的消費者和小型企業客戶都基礎穩固，因為他們繼續受益於就業成長、低失業率、通膨緩解和實際工資上漲。

And while still very early in the year, we're off to a great start with strong origination volumes across all of our products. Over our 20-year company history, we've demonstrated a track record of consistent profitable lending through cycles with proven unit economics.

雖然今年還處於初期階段，但我們已經有了一個很好的開端，所有產品的發行量都很強勁。在我們 20 年的公司歷史中，我們透過成熟的單位經濟模式，在各個週期內持續保持盈利的貸款記錄。

We are pleased to have delivered a strong end to a strong year in 2024 supported by a constructive macroeconomic and operating backdrop, which provides sound momentum and positions us well for 2025 that said we remain mindful of the potential for changes in the macro environment, but we believe our business is resilient across a wide range of economic conditions. We are committed to a balanced strategy of generating meaningful growth while carefully managing risk.

我們很高興在 2024 年強勁結束，這得益於良好的宏觀經濟和營運背景，這為我們提供了良好的發展勢頭，並為 2025 年做好了準備，儘管我們仍然留意宏觀環境變化的可能性，但我們相信我們的業務在各種經濟條件下都具有韌性。我們致力於實施平衡策略，在審慎管理風險的同時實現有意義的成長。

Finally, I want to extend a big thanks for the amazing team we have built at Enova.

最後，我要向 Enova 組成的優秀團隊表示衷心的感謝。

Our performance in 2024 was made possible by the hard work and determination of this world class team leading us to be ranked among computer world's best places to work in it for the 12th year in a row.

我們在 2024 年的成績得益於這支世界一流團隊的辛勤工作和決心，並使我們連續 12 年躋身電腦全球最佳工作場所之列。

With that, I would like to turn the call over to Steve Cunningham, our CFO who discuss our financial results and not look in more detail and following Steve's remarks, we'll be happy to answer any questions you may have.

說到這裡，我想把電話轉給我們的財務長史蒂夫坎寧安 (Steve Cunningham)，他將討論我們的財務業績，但不會詳細介紹，根據史蒂夫的講話，我們很樂意回答您可能遇到的任何問題。

Thank you, David. And good afternoon, everyone. We're pleased to close 2024 with financial results that once again met or exceeded our expectations.

謝謝你，大衛。大家下午好。我們很高興 2024 年的財務表現再次達到或超越了我們的預期。

Our strong financial performance in the fourth quarter and the full year 2024 continues to demonstrate how the powerful combination of our diversified product offerings, scalable operating model, world class risk management capabilities and balance sheet flexibility allow us to consistently deliver strong top and bottom-line results.

我們在第四季度和 2024 年全年的強勁財務業績繼續證明，我們多元化的產品供應、可擴展的營運模式、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使我們能夠持續提供強勁的頂線和底線業績。

Turning to our fourth quarter results, total company revenue of $730 million increased 25% from the fourth quarter of 2023, slightly exceeding our expectations as total company combined loan and finance receivables balances on an amortized basis increased 20% from the end of the fourth quarter of 2023. Total company originations during the fourth quarter rose 20% from the fourth quarter of 2023. So just over $1.7 billion.

回顧我們第四季度的業績，公司總收入為 7.3 億美元，較 2023 年第四季度增長 25%，略微超出我們的預期，因為公司合併貸款和融資應收款餘額按攤銷計算較 2023 年第四季度末增長了 20%。第四季的公司發起總數比 2023 年第四季成長了 20%。所以略高於17億美元。

Revenue from small business lending increased 36% from the fourth quarter of 2023 to $286 million. As small business receivables on an amortized basis ended the quarter at $2.5 billion or 21% higher than the end of the fourth quarter of 2023.

小型企業貸款收入較 2023 年第四季成長 36%，達到 2.86 億美元。以攤銷基礎計算的小型企業應收帳款本季末為 25 億美元，比 2023 年第四季末高出 21%。

Small business originations rose 20% year-over-year to $1.1 billion revenue from our consumer businesses increased 19% from the fourth quarter of 2023 to $434 million as consumer receivables on an advertised basis ended the fourth quarter at $1.5 billion or 19% higher than the end of the fourth quarter of 2023. Consumer originations grew 21% from the fourth quarter of 2023 to $602 million.

小型企業發起額年增 20%，達到 11 億美元，來自我們消費者業務的收入較 2023 年第四季增長 19%，達到 4.34 億美元，因為按廣告計算的消費者應收帳款在第四季末達到 15 億美元，比 2023 年第四季末高出 19%。消費者發起額較 2023 年第四季成長 21%，達到 6.02 億美元。

For the first quarter of 2025. We expect total company revenue to be flat to slightly higher sequentially resulting in year-over-year revenue growth of around 20%. This expectation will depend upon the level timing and mix of originations growth during the quarter.

2025 年第一季。我們預計公司總收入將與上一季持平或略有成長，年增約 20%。這一預期將取決於本季發起量成長的水平、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 a seasonal pattern, peaking in the fourth quarter and reaching their lowest point during the second quarter.

現在談談信貸，它是淨收入和投資組合公允價值最重要的驅動因素。提醒一下，消費信貸損失通常遵循季節性模式，在第四季度達到峰值，在第二季度達到最低點。

The consolidated net revenue margin of 57% for the fourth quarter was in line with our expectations and reflects continued strong credit performance. The consolidated net charge off ratio for the fourth quarter declined 80 basis points from the fourth quarter of 2023 to 8.9%.

第四季綜合淨收入利潤率為 57%，符合我們的預期，反映出持續強勁的信貸表現。第四季的合併淨沖銷率較 2023 年第四季下降 80 個基點至 8.9%。

With the net charge off ratios for the consumer and small business portfolios both experiencing meaningful year-over-year decreases expectations for our future credit performance remain stable as reflected by the sequential and year-over-year improvement in the consolidated 30 plus day delinquency rate as well as the stability and the consolidated portfolio for value premium.

由於消費者和小型企業投資組合的淨沖銷率同比均出現大幅下降，對我們未來信貸表現的預期保持穩定，這反映在合併 30 天以上拖欠率的連續和同比改善以及合併投資組合的穩定性和價值溢價上。

Looking ahead, we expect the total company net revenue margin for the first quarter of 2025 to be flat sequentially as the impact of lower sequential consolidated originations from the aforementioned expected consumer seasonality is offset by sequential improvement in the consolidated net charge off rate we typically see in the first quarter.

展望未來，我們預計 2025 年第一季的公司總淨收入利潤率將與上一季持平，因為上述預期的消費者季節性導致的連續合併起源較低的影響被我們通常在第一季度看到的合併淨沖銷率的連續改善所抵消。

This expectation will depend upon portfolio payment performance in the level timing and mix of originations growth during the first quarter.

這一預期將取決於第一季的投資組合支付表現、時間和發起成長的組合。

Now turning to expenses total operating expenses for the fourth quarter including marketing with 34% of revenue compared to 37% of revenue in the fourth quarter of 2023. As we continue to see the benefits of our efficient marketing activities to leverage inherent in our online only model and thoughtful expense management.

現在談談費用，第四季的總營運費用（包括行銷）佔收入的 34%，而 2023 年第四季為 37%。我們不斷看到高效率的行銷活動帶來的好處，充分利用了我們在線上模式和周到的費用管理。

Fourth quarter, marketing spend continue to efficiently drive growth and was in line with our expectations, marketing costs increased to $151 million or 21% of revenue compared to $122 million or 21% of revenue in the fourth quarter of 2023.

第四季度，行銷支出繼續有效推動成長並符合我們的預期，行銷成本從 2023 年第四季的 1.22 億美元或營收的 21% 增至 1.51 億美元或營收的 21%。

With the seasonality we typically experience during the first quarter of the year. We expect marketing expenses as a percentage of revenue to range in the upper teens for the first quarter and will depend upon the growth and mix of originations, operations and technology expenses for the fourth quarter increased to $58 million or 8% of revenue compared to $47 million or 8% of revenue in the fourth quarter of 2023 driven by growth in receivables and originations over the past year.

我們通常在每年第一季經歷季節性變化。我們預計第一季行銷費用佔收入的百分比將在十幾個百分點左右，並將取決於第四季度的發起、營運和技術費用的成長和組合，從 2023 年第四季的 4,700 萬美元或 8% 增加到 5,800 萬美元或 8%，這主要得益於過去一年應收帳款和發起額的成長。

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. It should be around 8.5% of total revenue.

鑑於此費用類別的巨大可變成分，在發起和應收帳款不斷增長的環境下，O&T 成本應該會連續增加。它應該佔總收入的8.5%左右。

Our fixed costs continue to scale as we focus on operating efficiency and thoughtful expense management, general administrative expenses for the fourth quarter increased to $38 million or 5% of revenue excluding onetime items G&A expenses in the fourth quarter of 2023 total, $34 million or 6% of total revenue.

隨著我們注重營運效率和周到的費用管理，我們的固定成本繼續擴大，第四季度的一般行政費用增加至 3800 萬美元，佔收入的 5%（不包括一次性項目的 G&A 費用），2023 年第四季度總額為 3400 萬美元，佔總收入的 6%。

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.

雖然各季度之間可能會略有差異，但我們預計短期內的一般及行政開支將佔總收入的 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，使我們能夠成功應對各種營運環境，同時履行我們的承諾，透過持續投資我們的業務和回購來推動長期股東價值。

During the fourth quarter, we acquired 525,000 shares at a cost of $51 million and we started 2025 with share repurchase capacity of approximately $65 million available under our senior no covenants.

在第四季度，我們以 5,100 萬美元的成本收購了 525,000 股股票，並且從 2025 年開始，根據我們的優先無契約，我們可以回購的股票數量約為 6,500 萬美元。

We're pleased by the increase in our valuation during 2024 which better recognizes the ability of our differentiated business model to deliver consistently strong financial results.

我們很高興看到 2024 年估值有所提升，這更能證明了我們差異化業務模式能夠持續提供強勁財務業績的能力。

With that said, we still believe there's more value inherent in our business given our expectations for 2025 adjusted EPS growth, which I'll discuss in a moment and the PEG ratio based on current analyst estimates for 2025 and 2026.

話雖如此，考慮到我們對 2025 年調整後每股收益成長的預期（我稍後將討論），以及基於當前分析師對 2025 年和 2026 年的估計的 PEG 比率，我們仍然相信我們的業務具有更大的內在價值。

Given this opportunity, we remain committed to opportunistic stock buybacks as our primary vehicle to unlock shareholder value. And we are very well positioned to do so as we ended the fourth quarter with $1.3 billion of liquidity including $326 million of cash and marketable securities and $944 million of available capacity on debt facilities.

鑑於此機會，我們將繼續致力於機會性股票回購，並將其作為釋放股東價值的主要手段。我們完全有能力做到這一點，因為截至第四季末，我們擁有 13 億美元的流動資金，其中包括 3.26 億美元的現金和有價證券，以及 9.44 億美元的可用債務融資能力。

Our cost of funds for the fourth quarter was 9.1% or 43 basis points lower than the third quarter. Primarily as a result of the Federal Reserve's 100 basis point reduction in the fed funds rate over the past several months. As well as strong execution recent financing transactions.

我們第四季的資金成本比第三季低 9.1%，即 43 個基點。主要是由於聯準會過去幾個月將聯邦基金利率下調了100個基點。以及近期融資交易的強勁執行。

We expect some continued reduction in our cost of funds during 2025, but the level will depend upon the pace of additional rate cuts by the Fed. If any credit spreads on new financing transactions, our funding mix and the level timing and mix of originations growth even with no additional rate cuts by the Fed. We expect our cost of funds for the full year 2025 to decline approximately 50 basis points from the full year 2024 rate of 9.3% which would result in interest expense as a percentage of revenue for the full year 2025 of around 10% to 10.25%.

我們預計 2025 年資金成本將繼續下降，但下降幅度將取決於聯準會進一步降息的步伐。如果新的融資交易出現任何信用利差，那麼即使聯準會沒有進一步降息，我們的融資組合以及發起的水平、時機和組合也會成長。我們預計 2025 年全年資金成本將比 2024 年全年 9.3% 下降約 50 個基點，這將導致 2025 年全年利息支出佔收入的百分比約為 10% 至 10.25%。

Our effective tax rate in the fourth quarter was 18%. The sequential decline was driven by a decrease in our uncertain tax position, reserve and related interest tax benefits resulting from share price increases on stock options exercised during the fourth quarter in favourable state rate changes.

我們第四季的有效稅率為18%。環比下降是由於我們的不確定稅收狀況、儲備金和相關利息稅收優惠減少，而這些優惠是由於第四季度在有利的州利率變化下行使的股票選擇權導致股價上漲。

While there may be variations from quarter to quarter, we expect our normalized annual effective tax rate to remain the mid 20% range.

儘管各季度之間可能會有所不同，但我們預計標準化年度有效稅率將保持在 20% 的中間範圍內。

Finally, we continue to deliver solid profitability this quarter compared to the fourth quarter of 2023 adjusted EBITDA, a non-GAAP measure increased 34% to $174 million and adjusted EPS, a non-GAAP measure increased 43% to $2.61 per diluted share.

最後，與 2023 年第四季相比，本季我們繼續實現穩健的獲利能力，調整後的 EBITDA（非 GAAP 指標）成長 34% 至 1.74 億美元，調整後的 EPS（非 GAAP 指標）成長 43% 至每股稀釋收益 2.61 美元。

To wrap up, let me summarize our first quarter and full year 2025 expectations. For the first quarter, we expect revenue to follow our typical seasonality and to be flat to slightly higher sequentially. Seasonally lower originations are expected to offset improvement in the net charge off rate resulting in little change to the net revenue margins sequentially.

最後，讓我總結一下我們對 2025 年第一季和全年的預期。對於第一季度，我們預計收入將遵循典型的季節性，並與上一季持平或略有成長。預計季節性較低的發起量將抵銷淨核銷率的改善，導致淨收入利潤率較上季變動不大。

In addition, we expect marketing expenses as a percentage of revenue to be in the upper teens, O&T costs of around 8.5% of revenue and G&A costs around 6% of revenue interest expense as a percentage of revenue is expected to be around 10.5%. With a more normalized tax rate, these expectations should lead to adjusted EPS for the first quarter of 2025 that is about 5% higher sequentially.

此外，我們預計行銷費用佔收入的百分比將達到 10% 左右，O&T 成本佔收入的 8.5% 左右，G&A 成本佔收入的 6% 左右，利息費用佔收入的百分比預計在 10.5% 左右。隨著稅率更加正常化，這些預期將導致 2025 年第一季的調整後每股盈餘環比成長約 5%。

Our first quarter expectations will depend upon customer payment rates and the level, timing and mix of originations growth.

我們對第一季的預期將取決於客戶支付率以及發起成長的水平、時間和組合。

Now turning to our expectations for the full year of 2025 assuming a stable macroeconomic environment with no material changes in the unemployment situation in a largely unchanged interest rate environment, we would expect growth in originations for the full year 2025 compared to the full year of 2024 to increase by around 15%.

現在談談我們對 2025 年全年的預期，假設宏觀經濟環境穩定，失業情況沒有重大變化，利率環境基本不變，我們預計 2025 年全年的貸款發放量將比 2024 年全年增長約 15%。

The resulting growth in receivables with stable credit continued operating leverage and a reduced cost of funds should result in full year 2025 growth for revenue that is slightly faster than originations and adjusted EPS growth of around 25%.

應收帳款的成長、穩定的信貸、持續的經營槓桿以及資金成本的降低，將導致 2025 年全年收入成長略快於發起速度，調整後的每股盈餘成長率約為 25%。

Our expectations for 2025 will depend upon the macroeconomic environment and the resulting impact on demand, customer payment rates and the level timing and mix of originations growth. In closing, we're proud of what we achieved during 2024 and have started 2025 on solid financial footing with a constructive macroeconomic environment.

我們對 2025 年的預期將取決於宏觀經濟環境及其對需求、客戶支付率以及發起成長的程度、時間和組合的影響。最後，我們為 2024 年所取得的成就感到自豪，並在良好的宏觀經濟環境下以穩固的財務基礎開啟了 2025 年。

We remain confident in our ability to generate meaningful financial results by leveraging our differentiated business model and balance sheet strength to meet customer needs while creating significant value for our shareholders.

我們堅信，我們有能力利用差異化的商業模式和資產負債表實力來滿足客戶需求，同時為股東創造重大價值，從而創造有意義的財務表現。

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

接下來，我們很樂意回答您的問題，接線生。

(Operator Instructions).

（操作員指令）。

The first question is from Moshe Orenbuch with TD Cowen. Please go ahead.

第一個問題來自 TD Cowen 的 Moshe Orenbuch。請繼續。

Great. Thanks, David Steve, could you talk a little bit about kind of the competitive environment in both consumer and small business and how you're seeing it any changes? It Feels like some lenders are coming back on the consumer side. I'm not sure if that's in your market or around it. If you could just give us a little bit there.

偉大的。謝謝，大衛史蒂夫，您能否談談消費者和小型企業的競爭環境以及您如何看待它的變化？感覺有些放貸者正在回歸到消費者方面。我不確定這是否在你的市場或其周邊。如果您能給我們一點資訊的話。

Yeah, sure. Yes, I think as you can see from the very strong origination growth in Q4 that there certainly hasn't been any negative impacts from competition. And as I mentioned in my prepared remarks, we've also had a very strong start to Q1 with January originations.

是的，當然。是的，我認為，正如您從第四季度非常強勁的起源成長所看到的那樣，競爭肯定沒有帶來任何負面影響。正如我在準備好的發言中提到的那樣，我們第一季的開局非常強勁，1 月份的發行量很大。

You do see people kind of poking in and out, both on the consumer side and small business side, but they tend to be smaller, the impacts tend to be small and they tend, they tend to be fleeting. We've not seen kind of a sustained competitive push on either the consumer small business side and in a very, very long time. And again, I think evidence, by your ability to take, really significant volume in Q4, kind of shows that to be the case.

你確實會看到人們在消費者和小型企業方面進行進出，但這種行為往往規模較小，影響也較小，而且往往是短暫的。我們已經很久沒有看到消費者小型企業方面出現持續的競爭力了。而且，我認為，從你在第四季度取得的非常可觀的銷售量來看，有證據表明情況確實如此。

Okay, thanks. And maybe a Couple of the other lenders in non-prime most of I think they're probably more credit card, but still have talked about a little less seasonality in the business. Is that something that you've seen or because it sounded like you're, looking for typical seasonal patterns from the standpoint of originations, repayments and credit. Anything that's changed since in the last year or two?

好的，謝謝。也許還有其他幾家非優質貸款機構，我認為他們可能更傾向於信用卡，但仍然談到業務的季節性較少。這是您所看到的嗎？過去一兩年以來有什麼變化嗎？

Hey, Moshe, this is Steve. I think as I said in my remarks, I think we expect to see the typical seasonality as we move through Q1. You can see the, particularly in Q4 on the consumer side, you can see that the timing of that move around month to month, but depending on the timing of certain holidays, but you have tended to see that happen pretty consistently and with Q1 coming online, some of that could carry over a little bit into, into January, but you typically see it fall off fairly quickly as you move into the post-holiday and tax refund season. So, I think from our point of view, the seasonality that we've, seen over time it still holds.

嘿，Moshe，我是史蒂夫。我想正如我在評論中所說的那樣，我們預計在第一季會看到典型的季節性。您可以看到，特別是在第四季度的消費者方面，您可以看到這種變化的時間每個月都在變化，但取決於某些假期的時間，但您往往會看到這種情況相當一致地發生，並且隨著第一季度的到來，其中一些可能會延續到 1 月份，但您通常會看到，隨著進入節後和退稅季節，它會很快下降。因此，我認為從我們的角度來看，隨著時間的推移，我們所看到的季節性仍然存在。

Great. Thanks so much.

偉大的。非常感謝。

The next question is from David Scharf with JMP. Please go ahead.

下一個問題來自 JMP 的 David Scharf。請繼續。

Thanks. Thanks for taking my questions. David, maybe just following up on some of the sort of top-down sentiment commentary you provided. Regarding, the sort of consistent comment that, you could grow faster, but it's not in the best interest. As you think about the consumer, are you seeing any signs of what you would call a healthier consumer versus a year ago or rather are you sitting on a loan book that has better consumers because you tighten credit?

謝謝。感謝您回答我的問題。大衛，也許只是跟進你提供的一些自上而下的情緒評論。關於這種一致的評論，你可以成長得更快，但這不是最好的利益。當您想到消費者時，您是否看到任何跡象表明您的消費者狀況與一年前相比更加健康，或者更確切地說，由於您收緊了信貸，您的貸款帳簿上的消費者狀況是否變得更好？

Just trying to get a sense as you kind of gauge the macro environment whether it's just sort of stable and reflecting the credit actions you've taken over the last couple of years or if in fact there are any indicators out there that are some green flags that say what maybe we will loosen the credit box a little?

只是想了解一下，當您衡量宏觀環境時，它是否比較穩定，是否反映了您過去幾年採取的信貸行動，或者是否實際上存在一些指標，這些指標是一些綠燈，表明我們可能會稍微放鬆信貸限制？

Yeah, let me answer that two different ways. Because it's kind of kind of top down and bottoms up way of viewing it? I think on the consumer side of our business, we see the consumers that we target globe, kind of more globally being very strong. We think that segment of the population continues to benefit from a very strong labour market and rising wages and in that environment, that's a very conducive environment for us.

是的，讓我用兩種不同的方式來回答這個問題。因為這是一種自上而下、自下而上的觀察方式？我認為，在我們業務的消費者方面，我們看到我們針對的全球消費者更加全球化，而且實力更加強大。我們認為，這部分人口將繼續受益於非常強勁的勞動市場和不斷上漲的工資，在這種環境下，這對我們來說是一個非常有利的環境。

In terms of the overall portfolio, I think we were actually a little light on risk a year ago and we added a bit of risk during the year, not a ton, and most of it actually in the first half of the year and then kind of maintained in the second half of the year. So, if you kind of play that forward through 2025, I would not expect kind of major changes in the performance of the portfolio because as you know, our consumer book is very short term in nature.

就整體投資組合而言，我認為我們一年前的風險實際上比較小，而今年我們增加了一些風險，但不是很多，而且實際上大部分風險都發生在上半年，然後在下半年保持了這種狀態。因此，如果您將這一目標定在 2025 年，我預計投資組合的表現不會發生重大變化，因為您知道，我們的消費者帳簿本質上是非常短期的。

So, most of that additional risk you would have seen by the end of 2020 by the end of 2024. So overall, we feel really good about the book that we've already originated, but also the continued health of the kind of non-prime consumer, which makes us feel good about the performance of the book going forward, but also ability to originate additional loans.

因此，到 2020 年底到 2024 年底，您將會看到大部分額外風險。因此，總體而言，我們對已發放的貸款感到非常滿意，同時也對非優質消費者的持續健康發展感到滿意，這不僅讓我們對貸款未來表現感到滿意，也讓我們對發放額外貸款的能力感到滿意。

On the small business side, I would say if anything we feel better about the health of small businesses across the country. I think they've had one more year to build strength, kind of following the pandemic and following the high inflationary years of 2022, early 2023. And so, we we're feeling also very good about kind of the general health of small businesses.

在小型企業方面，我想說，我們對全國小型企業的健康狀況感到更加滿意。我認為，在經歷了疫情和 2022 年、2023 年初的高通膨時期之後，他們還有一年的時間來增強實力。因此，我們對小型企業的整體健康狀況也感到非常滿意。

Got it. That's so helpful color. And on the SMB side, boy, this may be really but based on either just maybe informal chatter or surveys and/or the vertical, the industry mix of who you lend to. Do you anticipate any impact from just all of the noise around tariffs impacting the demand for your credit?

知道了。這顏色太有用了。而在中小企業方面，這可能確實是真的，但可能只是基於非正式的閒聊或調查和/或垂直行業，也就是你借貸對象的行業組合。您是否預期有關關稅的所有噪音將會影響您的信貸需求？

I mean, yeah, it certainly could. It depends how large the kind of macro impacts are. But there's businesses that will benefit from the tariffs and businesses that will, you know, that get hurt from the tariffs. And we have extremely diversified small business loan book as we discussed before.

我的意思是，是的，這當然可以。這取決於宏觀影響有多大。但有些企業會因關稅而受益，有些企業則會受到損害。正如我們之前討論過的，我們擁有極其多樣化的小型企業貸款。

And so, we largely think that will balance out and we don't, there's not any concentrations in our loan book say, from wholesalers, for example, that would be maybe more nervous about. So yeah, too early to know for sure. Obviously, no one knows, how big or impactful tariffs will be. But we certainly spent plenty of time thinking about it and don't have any particular areas of concern.

因此，我們基本上認為這將達到平衡，而且我們的貸款帳簿中不存在來自批發商等機構的集中貸款，我們對此可能更加擔心。是的，現在還不能確定。顯然，沒有人知道關稅的規模有多大、影響有多大。但我們確實花了很多時間思考這個問題，並且沒有任何特別需要擔心的地方。

Got it. And then just lastly, I'm going to re ask maybe Moshe's question on competition just to make sure I'm clear. Obviously, there's been a lot of private credit flowing into the personal loan market in the last eighteen months, but that's more the near prime sort of high-teens APR up into main 30% range. Has there been any new private capital flowing into kind of your tier of lines of credit personal loans, your credit tiers?

知道了。最後，我將重新詢問 Moshe 關於競爭的問題，以確保我表達清楚。顯然，在過去的 18 個月中，有大量私人信貸流入個人貸款市場，但這些信貸更多的是接近優質的高利率，即年利率達到 30% 左右。有沒有新的私人資本流入你們的信用額度、個人貸款和信用等級？

I mean, we have the same competitors we had five years ago. And I think our growth rate's just been much higher than theirs. And so, we're kind of as relative to their size, we're much bigger than we were five years ago when we were already bigger than them. So, we haven't seen it. I think it's the debt markets have been good lately. So, I think maybe some of our competitors have had a little easier time accessing them, but we have two. And that's certainly what helped fuel our growth over the last couple of years.

我的意思是，我們面臨的競爭對手和五年前是一樣的。我認為我們的成長率遠高於他們。因此，相對於他們的規模，我們比五年前要大得多，而當時我們已經比他們大了。所以，我們沒有看到它。我認為債務市場最近表現良好。因此，我認為也許我們的一些競爭對手可以更容易地訪問它們，但我們有兩個。這無疑也是過去幾年我們成長的動力。

Got it. Great. Thanks so much.

知道了。偉大的。非常感謝。

Yep.

是的。

(Operator Instructions).

（操作員指令）。

The next question comes from John Hecht with Jefferies. Please go ahead.

下一個問題來自 Jefferies 的 John Hecht。請繼續。

Afternoon guys. Thanks for taking the questions. Congratulations on another strong year of growth. First question is just, because maybe we haven't talked about this as much as kind of recently is the mix of new and recurring customers in both portfolios, the small, small business portfolio and the consumer portfolio.

大家下午好。感謝您回答這些問題。恭喜您又一個強勁成長的一年。第一個問題是，因為也許我們最近沒有談論過這個問題，即兩個投資組合、小型企業投資組合和消費者投資組合中的新客戶和回頭客的組合。

And I know sometimes you've given updates and sometimes you don't, but I'm wondering has that generally over the past year, has that shifted and as you look to 2025 where do you see the better opportunity to contribute to growth? Is it lean into new customers or to harvest the call it the recurring customer?

我知道有時您會提供更新，有時則不會，但我想知道，在過去的一年裡，情況是否發生了變化？ 展望 2025 年，您認為哪裡有更好的機會來促進成長？是傾向新客戶還是收穫所謂的回頭客？

Hey, John. So, one reason we don't talk much about the new customer mix anymore is because it's just been remarkably stable for such a long period of time. And it's been plus or minus around 40% of originations for both portfolios, both consumer and small business for quite some time.

嘿，約翰。因此，我們不再談論新客戶組合的一個原因是，它在很長一段時間內一直非常穩定。相當長一段時間內，兩個投資組合（包括消費者和小型企業）的發起量一直在 40% 左右的上下波動。

So there's really not much to say about it like when we were growing back pre-COVID, it was a little different story. When you think about going forward, I think we'll continue our focus on attracting new customers into our franchise with our unit economics approach and our efficient marketing approach that we've always taken.

因此，關於這一點，真的沒有什麼可說的，就像我們在疫情之前恢復成長時的情況略有不同。當你考慮未來時，我認為我們將繼續專注於透過我們一直採取的單位經濟方法和高效的行銷方法來吸引新客戶進入我們的特許經營。

And obviously, we've built a lot of new customers over the years, and we'll be focused on continuing to serve those returning customers. So, I don't see a big shift in the new returning customer mix as you look out over time plus or minus around 40 is probably what it will be for some time.

顯然，多年來我們已經累積了大量新客戶，我們將致力於繼續服務這些回頭客。因此，從時間角度來看，我認為新回頭客結構不會發生重大的變化，一段時間內大概會保持在 40 左右。

Okay. And then second question is, Steve, you mentioned some cost of capital savings this year and I think that's in spite of I guess assuming is it no rate cuts or just one rate cut? And then beyond that maybe remind us of the sensitivity around rates maybe so for each extra 25 basis point rate reduction, what would that present to potential EPS upside as it's settled in?

好的。第二個問題是，史蒂夫，你提到今年有一些資本成本節省，我認為這是儘管我猜假設沒有降息或只降息一次？除此之外，也許還應該提醒我們利率的敏感性，因此，每次額外降低 25 個基點的利率，在穩定下來後，會為每股收益帶來什麼樣的潛在上升空間？

Yeah. Well, it's just giving you an example of my commentary that if the Fed did not cut again, 2025's cost of funds would come down about 50 basis points. In our guidance, we've assumed that there's one cut. So, I think we're below where the market would think it would be, but we think there's a cut at some point later in 2025.

是的。嗯，這只是舉一個例子來解釋我的評論：如果聯準會不再降息，2025 年的資金成本將下降約 50 個基點。在我們的指導中，我們假設存在一次削減。因此，我認為我們目前的水平低於市場預期，但我們認為在 2025 年晚些時候的某個時候會出現削減。

And the rule of thumb, just giving our floating rate mix, which is just under 50% of our total interest-bearing liabilities, so just on the floating rate piece alone, every 25 basis points of SOFR reduction would lead to $0.10 of EPS accretion 12 months after that cut happens. So, it's an annualized figure. So, every quarter point is about $0.10 of EPS over a year.

根據經驗法則，僅給出我們的浮動利率組合，該組合占我們總計息負債的 50% 以下，因此僅就浮動利率部分而言，SOFR 每降低 25 個基點，將導致在降息發生後的 12 個月內 EPS 增加 0.10 美元。所以，這是一個年化數字。因此，一年內每季的每股收益約為 0.10 美元。

Okay. Super helpful. Thanks very much.

好的。超有幫助。非常感謝。

The next question is from Vincent Caintic with BTIG. Please go ahead.

下一個問題來自 BTIG 的 Vincent Caintic。請繼續。

Hey, good afternoon. Thanks for taking my questions and great results. First, I wanted to go back to the small business and consumer discussion. So, you sound very optimistic on both SMB and consumer. And so I just wanted to dig into that a little bit and talk about the relative strength between the two businesses when you're thinking about 2025.

嘿，下午好。感謝您回答我的問題並取得了很好的成果。首先，我想回顧小企業和消費者的討論。因此，您對中小企業和消費者都非常樂觀。因此，我想深入探討這個問題，並談談 2025 年這兩家企業的相對實力。

So, for example, when you gave that 15% year-over-year origination growth guidance for 2025, are both businesses similar growth or is one more so than the other? And then specifically on SMB, you talked about a lot of optimism there and the business feeling optimistic. Maybe you could give us some color on what they're borrowing to invest for and in particular your comment about they're bypassing traditional banks. So just wondering what you're seeing there. Thank you.

那麼，例如，當您給出 2025 年同比增長 15% 的預期時，兩家企業的成長情況是否相似，還是一家比另一家更快？然後具體到中小企業，您談到了很多樂觀情緒，並且企業感覺很樂觀。也許您可以向我們詳細說明他們借錢投資的用途，特別是您關於他們繞過傳統銀行的評論。只是想知道你在那裡看到了什麼。謝謝。

Yes. So let me take in terms of like what we see out through time. So, I don't expect that we're going to see a big shift in the mix between consumer and in our 15% guide between consumer and small business. We'll continue to see SMB at around 60% of the portfolio a little bit over, but maybe a slow grind towards that.

是的。所以讓我從我們隨著時間推移所看到的情況來考慮一下。因此，我預計我們不會看到消費者之間的結構以及消費者與小型企業之間 15% 指南之間的結構發生重大轉變。我們將繼續看到中小企業在投資組合中所佔比例略高於 60% 左右，但或許會緩慢地朝著這個方向發展。

But as you know, we're kind of indifferent to that with the way our unit economics and our decisioning work. We go where we can generate acceptable returns and serve as many customers as we can. So that's kind of what you should expect when you think about that growth for 2025.

但如你所知，由於我們的單位經濟和決策運作方式，我們對此並無興趣。我們盡我們所能創造可接受的回報並服務盡可能多的客戶。所以當你想到 2025 年的成長時，你應該預期到這種情況。

And I think then the second question you're asking is about the use cases. Is that right, Vincent?

我認為您問的第二個問題是關於用例的。是嗎，文森？

Yes, that's exactly it.

是的，確實如此。

Yes, I mean, I don't I think the use cases across the consumer are not going to change. They haven't changed for a very long time. And I think for our small businesses when they come to us, anything that they need as it relates to being able to cover cash flow needs.

是的，我的意思是，我不認為消費者的用例會改變。他們已經很久沒有改變過了。我認為對於我們的小型企業來說，當他們來找我們時，他們需要的任何東西都可以滿足現金流需求。

And there's a we've got a lot of those listed in our investor deck, but it can be any number of depending on the industries that we're serving, could be any number of things. But we don't think that use cases across the portfolios is going to change in 2025.

我們的投資者平台上列出了許多此類項目，但具體數量取決於我們所服務的行業，可以是任意數量。但我們認為，到 2025 年，整個投資組合的用例不會改變。

Okay, that's great. Thank you. And then switching gears to expenses going forward, especially that it just seems like you have very good efficiency going forward. And I know you gave the revenue guidance for 2025 and then the EPS guide, so we can back into expenses. But it does seem like your marketing efficiency was really good for the growth you had in originations.

好的，太好了。謝謝。然後轉到未來的費用問題，特別是看起來你未來的效率非常好。我知道您給了 2025 年的收入指引，然後是每股收益指引，因此我們可以回到支出問題。但看起來你們的行銷效率對於你們的業務成長確實有很大幫助。

And then actually the O&T and G&A expenses were better than guidance for the fourth quarter 2024. So, I'm just wondering as you're achieving this growth rate maybe exiting 2025, should we be expecting like better and better efficiency through the course of the year and then basically entering into 2026? Thank you.

實際上，O&T 和 G&A 費用比 2024 年第四季的預期好。所以，我只是想知道，當你在 2025 年實現這一增長率時，我們是否應該期待在這一年中效率會越來越高，然後基本上進入 2026 年？謝謝。

Yes, it's a great question. So, I think when you think about our fixed costs, our G&A costs, you will continue to see us bring as a percent of revenue that will continue to scale and come down. You typically see in the first quarter of the year, you'll see it be a little more flat to how we exited the year just because of the timing of merit increases on our workforce and that will show up in both O&T and G&A.

是的，這是一個很好的問題。因此，我認為當您考慮我們的固定成本、我們的一般及行政費用時，您將繼續看到我們帶來的收入百分比將繼續擴大並下降。您通常會在今年第一季看到，它與年底相比略有持平，這是因為我們員工的績效加薪時機，而這將體現在加班費和一般及行政費用中。

But as you move through the year and exit 2025, you would expect O&T and G&A costs as a percent of revenue to be lower than where they were in Q4 of 2024, just because of the growth and scale of the business.

但隨著時間的推移並進入 2025 年，您會預計 O&T 和 G&A 成本佔收入的百分比將低於 2024 年第四季度的水平，這僅僅是由於業務的成長和規模。

In marketing, we tend to talk about marketing as a percent of revenue, but it's really originations that drive the marketing costs. So, we would still expect it over a year to be around plus or minus 20% of revenue and there could be a slow grind over time to a little bit lower, but again we lean in and out of that as we see opportunity. So that's why we tend to say around 20%, a little lower in the first quarter, a little higher in the fourth quarter and then sort of ranging in between during the year.

在行銷中，我們傾向於將行銷視為收入的百分比，但實際上是行銷成本的來源。因此，我們仍然預計一年內的收入將在正負 20% 左右，並且隨著時間的推移可能會緩慢下降，但我們會根據機會來決定是否降價。這就是為什麼我們傾向於說 20% 左右，第一季略低，第四季度略高，然後在全年中保持這個水平。

Okay, great. That's very helpful. Thank you.

好的，太好了。這非常有幫助。謝謝。

The next question is from Kyle Joseph with Stephens. Please go ahead.

下一個問題來自史蒂芬斯的凱爾·約瑟夫。請繼續。

Hey, good afternoon. Thanks for taking my questions. Appreciate all the color you gave on first quarter and 2025 guide. But as we enter the first quarter, just walk us through, I know it's early, but what you're seeing on tax refunds and remind us of any sort of differences in terms of tax refund impacts on consumer versus small business and potential implications for guidance? Thanks.

嘿，下午好。感謝您回答我的問題。感謝您對第一季和 2025 年指南給出的所有詳盡解釋。但是當我們進入第一季時，請您帶我們了解一下，我知道現在還為時過早，但是您在退稅方面看到了什麼，並提醒我們退稅對消費者和小企業的影響方面是否存在任何差異，以及對指導的潛在影響？謝謝。

Yeah, I think it's a little early for the refund season. I mean, we would expect there hasn't probably been like a typical refund season in a long time. It happens over a period of time, typically in Q1 and we would expect that to happen again. It's considered in our guide and the seasonality for the consumer business.

是的，我認為退款季節有點早。我的意思是，我們預計很長一段時間內可能不會出現典型的退款季節。這種情況會在一段時間內發生，通常是在第一季，我們預計這種情況會再次發生。我們的指南和消費者業務的季節性都考慮到了這一點。

And we don't expect there to be any difference on our SMB business as well from this year's tax season. So that's all sort of incorporated in our first quarter guide. We don't expect any surprises as it relates to tax refunds.

我們預計今年的納稅季對我們的中小企業業務也不會有任何影響。這些都已納入我們第一季的指南中。我們並不期待在退稅方面出現任何意外。

Understood. That's it for me. Congrats on a good quarter, good year. Thanks guys.

明白了。對我來說就是這樣了。恭喜本季取得良好業績，今年取得良好業績。謝謝大家。

Thanks.

謝謝。

The next question is from John Rowan with Janney. Please go ahead.

下一個問題來自 Janney 的 John Rowan。請繼續。

Good evening, guys. So, David, you mentioned being more pleased with the valuation of the stock. Just curious, what do you have left under the repurchase authorization? Any change? I mean, obviously, you said you're committed to opportunistic repurchases. I think I mean; I assume we're still kind of episodic with repurchases throughout 2025. Is that correct?

大家晚上好。所以，大衛，你提到對股票估值更滿意。只是好奇，回購授權下還剩下什麼？有變嗎？我的意思是，很明顯，你說過你致力於機會性回購。我想我的意思是；我估計整個 2025 年我們的回購仍會呈間歇性進行。那正確嗎？

Yeah, I mean, I'll let Steve give you the specific number on the repurchase authorization. I think we're happy directionally. We're not satisfied with where it is. And we still think the stock is undervalued. If you just look at our growth rate over the years relative to our PE ratio, the PEG ratio is well under one, closer to 0.5.

是的，我的意思是，我會讓史蒂夫給你回購授權上的具體數字。我認為我們對方向很滿意。我們對現狀並不滿意。我們仍然認為該股被低估了。如果你只看我們多年來的成長率與本益比的關係，PEG 比率遠低於 1，接近 0.5。

So, we think there's still lots of opportunity in the stock price, which is why we continue to buy back stock. We talk about buying it back opportunistically. That doesn't mean we're only buying it back when there's big drops. It means we buy more back when there's drops in the stock price. But we are regularly buying back stock because we do think that there's significant long-term value still there.

因此，我們認為股價仍有許多機會，這就是我們繼續回購股票的原因。我們談論的是趁機將其買回來。這並不意味著我們只有在價格大幅下跌時才會買回來。這意味著當股價下跌時，我們會買回更多。但我們會定期回購股票，因為我們確實認為這些股票仍具有巨大的長期價值。

Okay. Steve, do you have the repurchase authorization left?

好的。史蒂夫，你還有回購授權嗎？

Yeah, we have plenty. We have around $200 million left of the $300 million for the rest of the year. So, I mean the authorization, if we were again, we are limited for the most part to 75% of GAAP net income each quarter. If we felt like there was a real opportunity and we had the earnings capacity, our Board, I'm sure would listen to our suggestions for reauthorization. So, as they've done really since 2017.

是的，我們有很多。在這 3 億美元中，我們還剩下大約 2 億美元可以用於今年剩餘的時間。所以，我的意思是，如果我們再次授權，我們每個季度的 GAAP 淨收入大部分被限制在 75％ 以內。如果我們覺得確實有機會，而且我們有盈利能力，我相信我們的董事會會聽取我們的重新授權建議。正如他們自 2017 年以來所做的那樣。

Okay. And then just last question, obviously there was a shift in posture from the CFPB with a new acting director and pausing all new rules. I don't think there's any major rules that are directly impacting your business right now. But is there anything that you're watching that if it doesn't get passed or gets delayed could have any impact on your business down the line?

好的。最後一個問題，很明顯，消費者金融保護局的態度發生了變化，更換了代理局長並暫停了所有新規則。我認為目前還沒有任何重大規則直接影響您的業務。但是，您是否關注到某些法案如果沒有通過或被推遲，是否會對您未來的業務產生影響？

Yeah, I mean, there's two. One is 1071, the small business disclosure rule. It's not a big deal for us. We don't kind of care one way or the other. It's just a little bit of work that we'd rather not have to keep doing. And then there's the payment provisions of the small dollar rule that were to go in effect in March.

是的，我的意思是有兩個。一是1071，小型企業揭露規則。對我們來說這不是什麼大問題。我們不太在意這一點。這只是一些我們不想繼續做的小工作。然後還有將於三月生效的小額美元規則的支付條款。

Again, it kind of limits you to two debits without a reauthorization. It's not that different than our current practices today. So wasn't we do not anticipate a significant impact from that at all, but certainly some work to implement and some work to tweak our algorithms to deal with the new provisions.

再次強調，這種做法在某種程度上限制了您在未經重新授權的情況下只能進行兩次扣款。這與我們今天的做法並沒有什麼不同。因此，我們並不是完全沒有預料到這會產生重大影響，但肯定需要進行一些工作來實施，並調整我們的演算法以應對新的規定。

So, if those don't happen, not necessarily a major positive benefit, but just gives our teams more opportunity to focus on kind of growth in other areas.

因此，如果這些沒有發生，不一定會帶來重大的正面好處，而只是為我們的團隊提供了更多機會來專注於其他領域的成長。

Okay. All right. Thank you.

好的。好的。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to David Fisher for any closing remarks.

我們的問答環節到此結束。我想將會議交還給戴維·費舍爾 (David Fisher) 來做結束語。

I appreciate everyone joining our call today and we look forward to speaking with you again next quarter. Thanks, and have a good evening.

我感謝今天參加我們電話會議的各位，我們期待下個季度再次與您交談。謝謝，祝您晚上愉快。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。