Enova International Inc (ENVA) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Enova International second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Enova International 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Lindsay Savarese, Investor Relations for Enova. Please go ahead.

現在，我想將會議交給 Enova 投資者關係部門的 Lindsay Savarese。請繼續。

Thank you, operator, and good afternoon, everyone. Enova released results for the second quarter, 2025 ended June 30, 2025. This afternoon, aftermarket 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。Enova 發布了截至 2025 年 6 月 30 日的 2025 年第二季業績。今天下午，售後市場關閉。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.

今天與我一起參加電話會議的還有執行長 David Fisher 和財務長史蒂夫坎寧安 (Steve Cunningham)。本次電話會議將透過網路直播，並將存檔於我們網站的投資者關係部分。

Before I turn the call over to David, I'd like to know 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，我想知道今天的討論將包含前瞻性陳述，因此受到風險和不確定性的影響。由於各種重要風險因素，實際結果可能存在重大差異，包括我們的收益新聞稿和 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. 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. Reconciliations between these GAAP and non-GAAP measures are included in the tables found in today's press release.

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，我們不承擔因新資訊或未來事件而更新這些陳述的義務。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準則衡量指標能夠增強對我們績效的理解。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。

As noted in our earnings release, we have posted the 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述，我們已經在我們網站的 IR 部分發布了補充財務信息，現在我想將電話轉給 David。

Thanks and good afternoon, everyone. I appreciate you joining our call today. Before we jump into our quarterly earnings discussion, I want to take a moment to touch on the upcoming leadership changes that we announced this afternoon.

謝謝大家，下午好。感謝您今天參加我們的電話會議。在我們開始討論季度收益之前，我想花點時間談談我們今天下午宣布的即將發生的領導層變動。

After over 12 years serving as the Chairman and CEO of Enova, I've decided that now is the time to transition into the role of executive Chairman, effective January 1, 2026.

在擔任 Enova 董事長兼執行長 12 年多後，我決定現在是時候轉任執行董事長一職了，該職位將於 2026 年 1 月 1 日起生效。

With the full support of the Board, this move was thoroughly, thoughtfully, and deliberately planned as part of the company's disciplined and measured long-term leadership transition planning, and I'm confident that it's the right decision for the future of Enova. In my new role, I'll continue to lead the Board, providing strategic advice to the company, facilitating a seamless transition and ensuring that we continue our mission of helping hardworking people get access to fast and trustworthy credit.

在董事會的全力支持下，這項舉措是經過全面、深思熟慮和慎重策劃的，是公司嚴謹而慎重的長期領導層過渡計劃的一部分，我相信這對 Enova 的未來來說是正確的決定。在我的新職位上，我將繼續領導董事會，為公司提供策略建議，促進無縫過渡，並確保我們繼續履行幫助勤奮的人們獲得快速和可靠的信貸的使命。

I've committed to stay in this role for a minimum of two years. Steve Cunningham, our CFO, will replace me as CEO concurrent with my transition to Executive Chairman on January 1, and Scott Cornelis, our Treasurer, will succeed Steve as CFO.

我承諾至少擔任這個職位兩年。我們的財務長 Steve Cunningham 將於 1 月 1 日接替我擔任首席執行官，同時我將轉任執行董事長，而我們的財務主管 Scott Cornelis 將接替史蒂夫擔任財務長。

In addition, Steve is joining our Board of Directors as of today. Having worked closely with both Steve and Scott over many years, I'm confident that they are the right leaders to see Enova through its next phase of growth. These leadership and execution have been critical to our success and performance consistency. His deep understanding of the company's culture, processes, and strategy combined with his outstanding leadership acumen, operational excellence, and decades of financial services experience make him an ideal candidate to build on our momentum and position the company for continued success, and Scott has been instrumental in transforming Enova's financial profile. Leveraging his deep financial expertise to optimize capital structure, enhance liquidity, refine our ROE framework, and support the company's strategic growth initiatives.

此外，史蒂夫從今天起加入我們的董事會。多年來，我一直與史蒂夫和斯科特密切合作，我相信他們是帶領 Enova 進入下一階段發展的合適人選。這些領導力和執行力對於我們的成功和績效一致性至關重要。他對公司文化、流程和策略的深刻理解，加上他出色的領導才能、卓越的營運能力以及數十年的金融服務經驗，使他成為鞏固公司發展勢頭、帶領公司取得持續成功的理想人選，而 Scott 在轉變 Enova 的財務狀況方面發揮了重要作用。利用他深厚的金融專業知識來優化資本結構，增強流動性，完善我們的 ROE 框架，並支持公司的策略成長計畫。

I'd like to congratulate Steve and Scott on their new roles and thank the entire Enova team for their hard work over the years. I've never been more excited about a Nova's future. If I wasn't, we wouldn't be making this transition now. We have an incredibly deep team, a strong foundation, a time-tested playbook, and industry leading products. All clear signs that we have a lot of success ahead of us.

我要祝賀史蒂夫和斯科特擔任新職務，並感謝整個 Enova 團隊多年來的辛勤工作。我從未對 Nova 的未來如此興奮。如果我不是的話，我們現在就不會進行這種轉變。我們擁有一支非常強大的團隊、堅實的基礎、久經考驗的劇本和領先業界的產品。所有跡像都清楚地表明我們將會取得巨大的成功。

Now turning to our quarterly results.

現在來談談我們的季度業績。

In the second quarter, we once again leveraged the strength of our team, the breadth of our product offerings, our flexible online only business model, and the sophistication of our machine learning models to deliver solid revenue and profitable growth driven by strong demand and stable credit. For the fifth quarter in a row, we generated greater than 20% year over year growth and revenue originations and adjusted EPS.

在第二季度，我們再次利用團隊的力量、廣泛的產品範圍、靈活的線上業務模式以及先進的機器學習模型，在強勁的需求和穩定的信貸推動下實現了穩健的收入和盈利增長。連續第五個季度，我們的營收和調整後每股盈餘較去年同期成長超過 20%。

Second quarter originations increased 28% year over year and 4% sequentially to $1.8 billion. The strong origination growth produced a 20% year over year increase in her combined loan and finance receivables to a record $4.3 billion. Small business products represented 65% of this portfolio and consumer was 35%. Revenue increased 22% year over year and 2% sequentially to $764 million in the second quarter. F&B revenue increased 30% year over year and 7% sequentially to a record $326 million. And our consumer revenue increased $428 million, 17% higher than a year ago, basically flat sequentially, open unexpectedly strong Q1 as we discussed last quarter.

第二季貸款發放金額年增 28%，季增 4%，達到 18 億美元。強勁的貸款成長使其綜合貸款和融資應收款年增 20%，達到創紀錄的 43 億美元。小型企業產品佔該產品組合的 65%，消費者產品佔 35%。第二季營收年增 22%，季增 2%，達到 7.64 億美元。餐飲收入年增 30%，季增 7%，達到創紀錄的 3.26 億美元。我們的消費者收入增加了 4.28 億美元，比去年同期高出 17%，與上一季基本持平，正如我們上個季度所討論的那樣，第一季表現意外強勁。

Driven by the operating leverage inherent in our online only business, growth in EPS again outpaced origination and revenue growth. Adjusted EPS increased 48% year over year, primarily as a result of efficient marketing and the lower cost of funds combined with our growth. Marketing expense was 19% of our total revenue, slightly below our expectations, and compared to 19% in Q2 of 2024.

受我們線上業務固有的經營槓桿的推動，每股盈餘的成長再次超過了發起和收入的成長。調整後的每股盈餘年增 48%，這主要得益於高效的行銷、較低的資金成本以及我們的成長。行銷費用占我們總收入的 19%，略低於我們的預期，而 2024 年第二季這一比例為 19%。

Credit quality continues to be solid across the portfolio. The consolidated net charge off ratio for the quarter declined to 8.1% from 8.6% last quarter and 7.7% in Q2 of last year. Overall, our consumer customer base remains on solid footing, driven by healthy wage and job growth and low levels of unemployment. As you may have seen, the US economy added 147,000 jobs in June, well above the forecast, while the unemployment rate fell to 4.1%. And hourly wages continued to rise. These data points continue to highlight ongoing resilience in the labor market.

整個投資組合的信用品質持續保持穩健。本季綜合淨沖銷率從上季的 8.6% 和去年第二季的 7.7% 下降至 8.1%。整體而言，在健康的薪資和就業成長以及低失業率的推動下，我們的消費者客戶群依然穩固。大家可能已經看到，6月美國經濟增加了14.7萬個就業崗位，遠高於預期，失業率降至4.1%。每小時工資持續上漲。這些數據點持續凸顯勞動市場的持續彈性。

While the labor market remains strong, it's important to note that we have carefully designed our business to operate and succeed in any environment. We served nine non-prime borrowers, many of whom regularly face income volatility and are experienced in managing variabilities in their finances. Because of this, recessions or market downturns tend to have less of an impact on our non-prime customers than on prime borrowers, and as we've discussed before, Our unit economics framework, combined with our sophisticated technology and analytics are designed to assess risk in real time with the short duration and payment frequency of our products providing rapid feedback. This has enabled us to consistently deliver strong growth in margins while driving shareholder value, whether facing significant macroeconomic shocks like the Great Recession, COVID, a rising inflation as we experienced in 2023 are these more typical seasonal and cyclical variations in demand and sentiment.

儘管勞動力市場仍然強勁，但值得注意的是，我們已經精心設計了我們的業務，以便在任何環境下運作並取得成功。我們為九位非優質借款人提供服務，其中許多人經常面臨收入波動，並且在管理財務波動方面經驗豐富。因此，經濟衰退或市場低迷對我們的非優質客戶的影響往往小於對優質借款人的影響，正如我們之前所討論的，我們的單位經濟框架結合我們先進的技術和分析，旨在實時評估風險，我們產品的短期和付款頻率可提供快速反饋。這使我們能夠持續實現利潤率的強勁成長，同時推動股東價值，無論是面臨大衰退、COVID 等重大宏觀經濟衝擊，還是我們在 2023 年經歷的通貨膨脹上升，這些都是需求和情緒更典型的季節性和週期性變化。

In Q2 of this year, while the overall economy remains solid, we did observe some of these minor cyclical fluctuations I just mentioned, particularly in our consumer book early in the quarter. This was likely a response to the uncertainty around the impacts of tariffs on the job market and inflation. This led to slightly elevated default metrics for new customers. In response, we quickly tighten our credit models to slow origination. With the combination of fast feedback we get from the design of our products, our sophisticated models, and our world-class team, we routinely make these types of adjustments to ensure our originations are meeting our credit and ROE targets.

今年第二季度，雖然整體經濟依然穩健，但我們確實觀察到了我剛才提到的一些小的周期性波動，特別是在本季度初的消費者帳簿中。這可能是對關稅對就業市場和通貨膨脹的影響的不確定性的回應。這導致新客戶的預設指標略有上升。作為回應，我們迅速收緊信貸模式以減緩信貸發放。結合我們從產品設計中獲得的快速回饋、我們先進的模型以及我們世界一流的團隊，我們定期進行此類調整，以確保我們的發起符合我們的信用和 ROE 目標。

For Q2, this meant consumer originations were slightly softer than we anticipated, but still reflected healthy growth, and combined with the benefits of our diversified business, we were able to generate almost 30% consolidated origination growth along with strong profitability. And looking forward, performance in our backbook remains strong, and because we adjust it so quickly, we do not anticipate any significant impact on consumer business in the upcoming quarters.

對於第二季度，這意味著消費者發起量略低於我們的預期，但仍反映出健康的成長，再加上我們多元化業務的優勢，我們能夠實現近 30% 的合併發起量成長以及強勁的獲利能力。展望未來，我們的帳簿表現依然強勁，由於我們調整得如此之快，我們預計未來幾季的消費者業務不會受到任何重大影響。

As we know from our years of experience, it is normal to see short term fluctuations in demand and credit in anyone's product or customer segment, highlighting the importance of the diversification in our business, which gives us the flexibility to shift resources between consumer and SMB as macro conditions dictate. This is unique in our industry, and we believe critical to delivering long-term consistent growth and stable results.

根據我們多年的經驗，任何人的產品或客戶群中的需求和信貸出現短期波動都是正常的，這凸顯了我們業務多元化的重要性，這使我們能夠根據宏觀條件靈活地在消費者和中小企業之間轉移資源。這在我們的行業中是獨一無二的，我們相信這對於實現長期持續成長和穩定的結果至關重要。

Our SMB business had another very strong quarter as we continue to benefit from from our leading brand presence, scale, and low levels of competition, resulting in solid demand and credit across the portfolio. Originations for SMB were a record $1.2 billion in Q2, marking the fourth quarter over $1 billion.

我們的中小企業業務又度過了一個非常強勁的季度，因為我們繼續受益於我們領先的品牌影響力、規模和低水平的競爭，從而為整個投資組合帶來了穩健的需求和信貸。第二季中小企業貸款發放額創下 12 億美元的新高，標誌著第四季貸款發放超過 10 億美元。

Insights from internal and external sources reflect solid underlying trends for small businesses. In conjunction with the (inaudible), we released the 6th iteration of our small business cash flow trend report in May.

來自內部和外部來源的見解反映了小型企業的堅實潛在趨勢。結合（聽不清楚），我們在 5 月發布了第六版小型企業現金流趨勢報告。

This offers key insights into the state of small businesses and highlights ongoing trends observed over the past year. 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 year. In addition, 76% of small businesses now prefer non-bank lenders for their speed and convenience, an all-time high according to the survey. These findings highlight continued optimism among small businesses, which is a key driver of economic growth and job creation.

這為了解小型企業狀況提供了重要見解，並強調了過去一年中觀察到的持續趨勢。與先前的調查結果一致，調查發現小企業對未來成長越來越樂觀。超過 90% 的小型企業主預計未來一年將實現中等至大幅成長。此外，調查顯示，目前有 76% 的小型企業更青睞非銀行貸款機構，因為其速度快、方便快捷，這一比例創歷史新高。這些發現凸顯了小企業持續的樂觀情緒，這是經濟成長和創造就業機會的關鍵驅動力。

Access to capital is crucial as they invest in growth opportunities, manage cash flow needs, and weather unexpected challenges. And we believe our differentiated solutions positioned us exceptionally well to continue to meet these demands. In addition, our SMB portfolio continues to be well diversified across a wide range of industries, geographies, loan sizes, product types and price levels. As I mentioned on our last call, we continue to expect that tariffs will not have a substantial impact to our portfolio, largely due to the diversity, size, and industries of our borrowers.

獲得資本對於他們投資成長機會、管理現金流需求和應對意外挑戰至關重要。我們相信，我們的差異化解決方案使我們能夠繼續滿足這些需求。此外，我們的中小企業投資組合繼續在各個行業、地區、貸款規模、產品類型和價格水平上保持多元化。正如我在上次電話會議上提到的那樣，我們仍然預計關稅不會對我們的投資組合產生重大影響，這主要是由於我們的借款人的多樣性、規模和行業。

Before I wrap up, I'd like to spend a few moments to discuss our strategy and outlook for the remainder of 2025 and beyond. Steve and I share a common vision that our focus growth strategy continues to be the right path forward for the company. We remain committed to prudently managing the business to produce sustainable and profitable growth, and we believe our diversified business, strong competitive position, world class team, advanced technology and analytics platform positioned us very well for the remainder of the year and beyond.

在結束之前，我想花一點時間討論我們對 2025 年剩餘時間及以後的戰略和展望。史蒂夫和我有一個共同的願景，那就是我們的重點成長策略仍然是公司前進的正確道路。我們將繼續致力於審慎管理業務，實現可持續的盈利增長，我們相信，多元化的業務、強大的競爭地位、世界一流的團隊、先進的技術和分析平台將使我們在今年剩餘時間及以後佔據有利地位。

With that, I'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 questions you may have. Steve.

說到這裡，我想把電話轉給史蒂夫，他將更詳細地討論我們的財務表現和前景，在史蒂夫講話之後，我們將很樂意回答您可能遇到的任何問題。史蒂夫。

Thank you, David, and good afternoon everyone.

謝謝你，大衛，大家下午好。

I'd like to start by thanking David Fisher for his exceptional leadership and guidance over the years. His vision and dedication have not only shaped the trajectory of our business, but also ENova's culture of excellence, collaboration, and innovation, and I'm thrilled to have the opportunity to become CEO in January and build upon the standard of excellence that David has established at our company. I know he'll continue to be a valuable resource to me and the rest of Enova as Executive Chairman of the Board on the strategic direction of the company, and I look forward to continue to work closely with them.

首先，我要感謝大衛費雪多年來的卓越領導和指導。他的遠見和奉獻精神不僅塑造了我們業務的發展軌跡，也塑造了 ENova 的卓越、協作和創新文化，我很高興有機會在一月份成為首席執行官，並在 David 為我們公司建立的卓越標準的基礎上再接再厲。我知道，身為董事會執行主席，他將繼續成為我和 Enova 公司其他成員在公司策略方向上的寶貴資源，我期待繼續與他們密切合作。

I'd also like to echo David's sentiment. I've never been more excited about what lies ahead. We have an incredible team, a diversified business, strong competitive position, and world-class risk management and technology. We'll continue to execute our focused growth strategy to produce sustainable and profitable growth while delivering on our commitment to driving long-term shareholder value and our mission of helping hardworking people get access to fast, trustworthy credit.

我也想附和大衛的觀點。我從未對未來感到如此興奮。我們擁有一支優秀的團隊、多元化的業務、強大的競爭地位以及世界一流的風險管理和技術。我們將繼續執行重點成長策略，實現可持續的獲利成長，同時履行推動長期股東價值的承諾和幫助勤奮的人們獲得快速、可信賴的信貸的使命。

I'm also pleased to have Scott assume the CFO role in January. Many of you have gotten to know Scott over the years, and as David noted, he's been an important part of transforming the financial profile of our business. I'm confident he will thrive in his new role while continuing to build on the momentum we've created together.

我也很高興史考特將於一月份擔任財務長一職。多年來，你們中的許多人都認識了斯科特，正如大衛所說，他是改變我們業務財務狀況的重要組成部分。我相信他將在新的崗位上表現出色，並繼續保持我們共同創造的勢頭。

Now turning to our second quarter results, total company revenue of $764 million increased 22% from the second quarter of 2024, exceeding our expectations and driven by 20% year over year growth in total company combined loan and finance receivables balances on an advertised basis. Total company originations during the second quarter rose 28% from the second quarter of 2024 to $1.8 billion. Revenue from small business lending increased 30% from the second quarter of 2024. to $326 million of small business receivables on an advertised basis ended the quarter at $2.8 billion or 22% higher than the end of the second quarter of 2024. Small business originations rose 35% year over year to $1.2 billion.

現在來看看我們的第二季度業績，公司總收入為 7.64 億美元，較 2024 年第二季度增長 22%，超出了我們的預期，這得益於公司合併貸款和財務應收款餘額同比增長 20%（按廣告計算）。第二季公司發起總額較 2024 年第二季成長 28%，達到 18 億美元。小型企業貸款收入較 2024 年第二季成長 30%。以廣告計算，小型企業應收帳款達到 3.26 億美元，本季末達到 28 億美元，比 2024 年第二季末高出 22%。小型企業發起額年增 35%，達到 12 億美元。

Revenue from our consumer businesses increased 17% from the second quarter of 2024 to $428 million as consumer receivables on an advertised basis ended the second quarter at $1.5 billion or 17% higher than the end of the second quarter of 2024. Consumer originations grew 15% from the second quarter of 2024, that's $564 million.

我們的消費者業務收入較 2024 年第二季成長 17%，達到 4.28 億美元，因為以廣告計算的消費者應收帳款在第二季末達到 15 億美元，比 2024 年第二季末高出 17%。消費者起源額較 2024 年第二季成長了 15%，達到 5.64 億美元。

For the 3rd quarter of 2025, we expect total company revenue to be more than 15% higher than the 3rd quarter of 2024. This expectation will depend upon the level, timing, and mix of originations growth during the quarter.

對於 2025 年第三季度，我們預計公司總收入將比 2024 年第三季高出 15% 以上。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 of fair value. Our consolidated credit performance continues to demonstrate that our diversified product offerings and discipline around our unit economics enables consistent results across different operating environments.

現在轉向信貸，它是淨收入和公允價值投資組合最重要的驅動力。我們的綜合信貸表現繼續表明，我們多樣化的產品供應和圍繞單位經濟的紀律使我們能夠在不同的營運環境中取得一致的結果。

Consolidating that revenue margin of 58% for the second quarter was in line with our expectations and reflects continued solid credit performance. The consolidated net charge off ratio for the second quarter was 8.1%, a 50 basis point improvement sequentially and slightly higher than the second quarter of 2024, primarily from the year over year trends and consumer net charge-offs, as David discussed. Sequential and year over year improvement in the consolidated 30-plus day delinquency rate as well as the stability in the consolidated portfolio fair value premium reflect expectations for stable future consolidated portfolio credit performance.

鞏固第二季 58% 的營收利潤率符合我們的預期，並反映出持續穩健的信貸表現。第二季度的綜合淨沖銷率為 8.1%，比上一季度提高了 50 個基點，略高於 2024 年第二季度，這主要得益於同比趨勢和消費者淨沖銷，正如 David 所討論的那樣。合併 30 天以上拖欠率的連續和逐年改善以及合併投資組合公允價值溢價的穩定反映了對未來合併投資組合信貸表現穩定的預期。

Small business credit performance remains strong. Sequentially and compared to the second quarter of 2024, and that charge-off ratio, that revenue margin fair value premium, and 30-plus delinquency rate all reflect continued and expected stable credit performance. Consumer credit also remains solid. Consumer net revenue margin for the second quarter was 50%. Last sequentially, and in the same range we've seen over the past two years.

小型企業信貸表現依然強勁。與 2024 年第二季相比，核銷率、營收利潤率公允價值溢價和 30 以上的拖欠率均反映出持續且預期穩定的信貸表現。消費信貸也保持穩健。第二季消費者淨收入利潤率為50%。最後按順序排列，與過去兩年看到的範圍相同。

The consumer net charge-off ratio declined sequentially 70 basis points to 14.5% following our typical seasonality. While higher than the year ago quarter, the second quarter consumer net charge-off ratio remained within our historical ranges, and as David noted, was influenced by some minor fluctuations in consumer new customer performance early in the quarter, along with our adjustments to originations as part of our normal credit risk management process. As we've discussed in the past, quarter to quarter net charge-off rates, delinquency rates, and net revenue margins for our portfolios are heavily influenced by the seasoning of origination vintages along their expected loss curves, sequential changes in the growth and mix of origination, as well as our balanced approach to growth across varying macro environments.

消費者淨沖銷率依照我們典型的季節性較上季下降 70 個基點至 14.5%。儘管第二季度消費者淨沖銷率高於去年同期，但仍處於歷史範圍內，正如戴維指出的那樣，這受到本季度初消費者新客戶表現的小幅波動以及我們作為正常信用風險管理流程的一部分對發起業務進行調整的影響。正如我們過去所討論過的，我們投資組合的季度淨沖銷率、拖欠率和淨收入利潤率在很大程度上受到預期損失曲線上的發起年份的變化、發起增長和組合的連續變化以及我們在不同宏觀環境下平衡增長的方法的影響。

This is why we have a range of expected credit metrics. You should anticipate that we will have results through these ranges over time. It's important to understand that with results anywhere in these ranges and even temporarily above or below, we're still able to produce solid returns as we did this quarter. Our unit economics decisioning framework considers the lifetime return on equity of our product managers and incorporates not just the level of credit risk, but the pricing for the risk being taken. The risk return profile is reflected in the level and trend of our fair value premiums.

這就是我們制定一系列預期信用指標的原因。您應該預料到，隨著時間的推移，我們將獲得這些範圍內的結果。重要的是要明白，無論結果處於這些範圍內的任何地方，甚至暫時高於或低於這些範圍，我們仍然能夠像本季一樣產生可觀的回報。我們的單位經濟決策架構考慮了產品經理的終生股本回報率，不僅考慮了信用風險水平，還考慮了所承擔風險的定價。風險回報狀況反映在我們的公允價值溢價的水平和趨勢中。

At the end of the second quarter, the fair value premium on our consumer portfolio remained consistent with levels observed over the past two years, indicating a stable risk return profile and strong underlying unit economics for our consumer portfolio. Looking ahead, we expect the total company net revenue margin for the third quarter of 2025 to be in the range of 55% to 60%. Expectation will depend upon portfolio payment performance and the level timing and mix of originations growth during the quarter.

截至第二季末，我們消費投資組合的公允價值溢價與過去兩年的水平保持一致，顯示我們的消費投資組合具有穩定的風險回報狀況和強勁的潛在單位經濟效益。展望未來，我們預計 2025 年第三季公司總淨收入利潤率將在 55% 至 60% 之間。預期將取決於投資組合支付表現以及本季發起成長的水平、時間和組合。

Now turning to expenses, total operating expenses for the second quarter, including marketing, with 32% of revenue compared to 34% of revenue in the second quarter of 2024, as we continue to see the benefits of our efficient marketing activities, the leverage inherent in our online only model, and thoughtful expense management.

現在談談費用，第二季的總營運費用（包括行銷費用）佔收入的 32%，而 2024 年第二季佔收入的 34%，因為我們繼續看到高效行銷活動帶來的好處、我們僅在線模式固有的槓桿作用以及周到的費用管理。

Our marketing spin continues to be efficient, driving strong originations growth, and was in line with our guidance range for the quarter. Marketing costs as a percentage of revenue were 19% flat compared to the second quarter of 2024. We expect marketing expenses to be around 20% of revenue for the third quarter, but will depend upon the growth and mix of originations.

我們的行銷活動持續高效，推動了強勁的發起成長，並符合我們本季的指導範圍。與 2024 年第二季相比，行銷成本佔營收的百分比持平 19%。我們預計第三季的行銷費用將佔營收的 20% 左右，但將取決於業務的成長和組合。

Operations and technology expenses, which are driven by growth in receivables and originations, declined to 8% of revenue for the second quarter for $64 million compared to 9% of revenue or $55 million in the second quarter of 2024. Given the significant variable component of this expense category, sequential increases in ONT costs should be expected in an environment where originations and receivables are growing. It should be around 8.5% of total revenue.

受應收帳款和發起業務成長推動的營運和技術費用在第二季下降至營收的 8%，即 6,400 萬美元，而 2024 年第二季則為營收的 9%，即 5,500 萬美元。鑑於此費用類別的重大變數成分，在發起和應收帳款不斷增長的環境下，ONT 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 and administrative expenses for the second quarter increased to $41 million or 5% of revenue versus $40 million or 6% of revenue in the second quarter of 2024. While there may be slight variations from quarter to quarter. We expect GNA expenses in the near term should be around 5.5% of total revenue.

隨著我們注重營運效率和周到的費用管理，我們的固定成本持續擴大。第二季的一般及行政開支增至 4,100 萬美元，佔營收的 5%，而 2024 年第二季為 4,000 萬美元，佔營收的 6%。儘管每個季度之間可能會有細微的差異。我們預計近期 GNA 支出應佔總收入的 5.5% 左右。

We continue to deliver solid profitability and strong returns on equity this quarter. Compared to the second quarter of 2024, adjusted EPS, a non-GAAP measure, increased 46% to $3.23 per diluted share, delivering an annualized second quarter return on equity of 28%. We ended the second quarter with $1.1 billion of liquidity, including $388 million of cash and marketable securities, and $712 million of available capacity on debt facilities.

本季我們持續實現穩健的獲利能力和強勁的股本回報率。與 2024 年第二季相比，調整後每股盈餘（非 GAAP 指標）成長 46% 至每股 3.23 美元，第二季年化股本回報率為 28%。截至第二季末，我們擁有 11 億美元的流動資金，其中包括 3.88 億美元的現金和有價證券，以及 7.12 億美元的可用債務融資能力。

Our cost of funds declined to 8.8% or 15 basis points lower sequentially, primarily as a result of strong execution on recent financing transactions. Continuing our track record of strong capital markets execution and solid credit performance.

我們的資金成本較上季下降 8.8% 或 15 個基點，這主要得益於近期融資交易的強勁執行。延續我們在資本市場執行力強和信用表現穩健的良好記錄。

Last week, we closed a new secured warehouse to support growth in our net credit line of credit product. Solid credit performance has allowed us to expand our lender group and reduce our spreads on this new facility by 125 basis points compared to a similar facility that closed last year. Before wrapping up with our near term expectations, I'd like to discuss our progress with unlocking shareholder value.

上週，我們關閉了一個新的擔保倉庫，以支持我們的淨信用額度產品的成長。穩健的信貸表現使我們能夠擴大貸款人群體，並將這項新貸款的利差與去年關閉的類似貸款相比降低了 125 個基點。在總結我們的近期預期之前，我想討論一下我們在釋放股東價值方面取得的進展。

Consistent performance has distinguished us as a leader within the industry. But we've seen improvement in our P/E ratio over the past year that better reflects the strength of our business. Our PEG ratio on 2025 estimates was only 0.3 at the end of the second quarter. And we we remain well positioned to use our opportunistic share repurchase program to continue to close this valuation disconnect with our strong and consistent results, valid balance sheet, and business fundamentals.

持續的業績使我們成為業界的領導者。但過去一年我們的本益比有所改善，更能反映了我們業務的實力。截至第二季末，我們對 2025 年預測的 PEG 比率僅為 0.3。我們仍然處於有利地位，可以利用我們的機會性股票回購計劃，繼續透過強勁而一致的業績、有效的資產負債表和業務基本面來縮小這種估值脫節。

During the second quarter, we acquired 574,000 shares at a cost of $54 million using nearly all of our $57 million of capacity that was available under our senior no covenants. We started the 3rd quarter with share repurchase capacity of approximately $60 million available under our senior no covenants.

在第二季度，我們斥資 5,400 萬美元收購了 574,000 股股票，幾乎用盡了我們在優先無契約條款下可用的全部 5,700 萬美元產能。從第三季開始，我們根據優先無契約條款擁有約 6,000 萬美元的股票回購能力。

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，並為我們提供了財務靈活性，可以成功應對各種經營環境，同時履行我們的承諾，透過持續投資我們的業務和股票回購來推動長期股東價值。

To wrap up, let me summarize our near-term expectations. For the third quarter, we expect consolidated revenue to be more than 15% higher than the third quarter of 2024, with a net revenue margin in the range of 55% to 60%. Additionally, we expect marketing expenses to be around 20% of revenue. ONT cost to be around 8.5% of revenue and GNA cost to be around 5.5% of revenue.

最後，讓我總結一下我們的近期預期。對於第三季度，我們預計綜合收入將比 2024 年第三季高出 15% 以上，淨收入利潤率將在 55% 至 60% 之間。此外，我們預計行銷費用將佔收入的20%左右。ONT 成本約佔營收的 8.5%，GNA 成本約佔營收的 5.5%。

These expectations should lead to adjusted EPS for the third quarter of 2025, that is 20% to 25% higher than the third quarter of 2024. For the full year, we now expect revenue growth compared to the full year 2024 of around 20% and adjusted EPS growth of around 30%.

這些預期將導致 2025 年第三季的調整後每股收益比 2024 年第三季高出 20% 至 25%。就全年而言，我們目前預計與 2024 年全年相比，營收將成長約 20%，調整後每股盈餘將成長約 30%。

Our third quarter and full year 2025 expectations will depend upon the path of the macroeconomic environment and the resulting impact on demand, customer payment rates, and the level, timing, and mix of originations growth. Our second quarter results reflect the strength of our diversified product offerings and the ability of our team to consistently deliver strong growth, revenue, and profitability while maintaining solid credit, and we remain confident in our ability to generate meaningful financial results for the remainder of 2025 and beyond.

我們對 2025 年第三季和全年的預期將取決於宏觀經濟環境的走向及其對需求、客戶支付率以及發起成長的水平、時間和組合的影響。我們第二季的業績反映了我們多元化產品供應的優勢，以及我們的團隊在保持穩固信譽的同時持續實現強勁增長、收入和盈利的能力，我們仍然有信心在 2025 年剩餘時間及以後創造有意義的財務業績。

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

接線員，我們很樂意回答您的問題。

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作員指示） Moshe Orenbuch，TD Cowen。

Great, thanks and congrats, David, Steve, and Scott.

太好了，謝謝並祝賀大衛、史蒂夫和斯科特。

Maybe to kind of just start a little bit on the credit side of things, the comments that David both you David and Steve made about the consumer portfolio, could you maybe flesh that out a little bit more like what is it that you know now gives you the confidence that whatever issues you saw at the beginning of the quarter are not persistent and how does that reflect itself in the originations, kind of growth in the back half of 2025.

也許只是從信貸方面開始說起，大衛、大衛和史蒂夫對消費者投資組合的評論，您能否更詳細地闡述一下，例如您現在知道什麼讓您有信心相信您在本季度初看到的任何問題都不會持續存在，以及這如何反映在 2025 年下半年的起源和增長中。

Yeah, sure, absolutely. So first of all, What I think one thing to clarify is we, essentially have five consumer products. This was one of the five, so this wasn't even broad based across our consumer portfolio was in it was in one of our five products and not the biggest product. So, and that doesn't even count the small business side of the of the house so. Again, the advantage of having a diversified business and like, we probably would, we, like we probably spent more time on it in the script than we needed to. We knew somebody would ask the question because they would see the higher DQ rates on the consumer book, and so we did decide to take it head on.

是的，當然，絕對是。首先，我認為需要澄清的一點是，我們基本上有五種消費性產品。這是五大產品之一，因此它甚至沒有廣泛涵蓋我們的消費者產品組合，而是我們的五大產品之一，而不是最大的產品。所以，這甚至還不包括房子的小企業方面。再次，擁有多元化業務的優勢，我們可能會在腳本上花費比需要的更多的時間。我們知道有人會問這個問題，因為他們會看到消費者帳簿上更高的 DQ 率，所以我們決定正面解決這個問題。

But these were, slightly elevated defaults, still performing within our ROE targets, but, kind of at the very low end of the ROE, targets, means kind of defaults at the high end of tolerable defaults. And like we do all the time when we see places that need adjustments, we adjust. So we, tighten the credit models, cut back on originations, and credit came back in line just like we would expect. We do it hundreds of times a year. We do it the other way as well. Credit looks too good or CPF looks too low, and we expand to get more volume when we see the opportunity. So, it happens all of the time. Most of the time, it averages out with another product that, is doing better than expected and we don't need to talk about it.

但這些違約率略有上升，仍然在我們的 ROE 目標範圍內，但處於 ROE 目標的極低端，意味著違約率處於可容忍違約率的高端。就像我們一直以來所做的那樣，當我們看到需要調整的地方時，我們就會做出調整。因此，我們收緊信貸模式，減少信貸發放，信貸就如我們預期的那樣恢復正常。我們每年都會做數百次。我們也用另一種方式來做。信用看起來太好或 CPF 看起來太低，當我們看到機會時，我們就會擴大規模以獲取更多交易量。所以，這種事時常發生。大多數時候，它與另一種表現優於預期的產品相當，我們不需要談論它。

This quarter, most of the other consumer products were kind of right where they're supposed to be. This one was a little bit worse. We addressed it early in the quarter and now credit's back to normal. And even with, as we mentioned on the call, even with pulling back on that one product, we still generated upper (inaudible) origination growth year over year and obviously in consumer and obviously even stronger consolidated with the the great results from the the small business book, So, again, this is not a big thing for us. It happens all the time. We're just trying to get ahead of the question we knew we'd get from you or others about, slightly elevated DQ rates on the consumer side.

本季度，大多數其他消費品的銷售量都達到了應有的水平。這一次的情況稍微糟糕一些。我們在本季初解決了這個問題，現在信貸已恢復正常。而且即使如我們在電話中提到的那樣，即使撤回了那一款產品，我們仍然實現了同比較高的（聽不清）起源增長，顯然在消費者方面，並且顯然與小企業賬簿的出色業績相結合後更加強勁，所以，這對我們來說不是什麼大事。這種事常發生。我們只是想提前回答您或其他人提出的問題，即消費者方面的 DQ 率略有提高。

Got it. And maybe just to talk for a moment about the small business, normally you do have a seasonal, a lower level of originations, in the second quarter from the first and you talked about the strong environment maybe again, could you expand on what you saw in there that allowed you kind of to do that and how do you sort of think about the level of, certainty or uncertainty, I guess, in the minds of your customers.

知道了。也許只是談論一下小企業，通常情況下，第二季度與第一季度相比，你的業務確實有季節性，業務發起水平較低，你再次談到了強勁的環境，你能否進一步闡述一下你在其中看到的情況，是什麼讓你能夠做到這一點，以及你如何看待客戶心中的確定性或不確定性水平。

Yeah, You know, small business just had a couple rock solid quarters in a row. I'd say internally, it's not like we necessarily looked at the business and said this thing is just, doing great, let's lean in. It's just so solid. We're just, it's almost like running downhill. It's not like you're trying that hard. It just kind of happens. Credit has been incredibly stable and really since like that third quarter of 2023 where we have the little credit flip that kind of resolved itself almost immediately.

是的，你知道，小企業剛剛連續幾季表現堅挺。我想說，從內部來看，我們不一定要看著業務說這件事做得很好，讓我們傾力投入。它非常堅固。我們只是，這幾乎就像跑下坡一樣。你又沒那麼努力。事情就是這樣發生的。信貸一直非常穩定，實際上自 2023 年第三季以來，我們出現了小幅信貸轉變，這種轉變幾乎立即得到了解決。

We've had, probably 67 quarters of just rock solid credit and when you have rock solid credit and you're very strong competitive position, yeah, the origination, generating origination growth is like I said, it's kind of like running downhill. It's not like we're trying super hard to do it. We just let the business perform the way it was performing and looking forward, just like we said, we have confidence in the consumer side because we address the issues. I think we have really good, pretty really good confidence on the small business side just because things can continue to be very solid. This is just right down the middle of the fairway, day after day, week after week, month after month.

我們可能已經擁有了 67 個季度的穩固信用，當你擁有穩固的信用並且擁有非常強大的競爭地位時，是的，發起、產生發起增長就像我說的，有點像走下坡路。我們並沒有非常努力地去實現這一點。我們只是讓業務按照原來的方式運行，並展望未來，就像我們所說的那樣，我們對消費者方面有信心，因為我們解決了這些問題。我認為，我們對小型企業方面非常有信心，因為情況可以繼續保持穩固。日復一日，週復一周，月復一月，這一切都在球道的正中央。

Thank you so much.

太感謝了。

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

Great, thanks. Good afternoon. Thanks for taking my questions. I appreciate the proactive discussion on the delinquency of fluctuations. Hey, just curious, David, I think last quarter you may have specifically mentioned about taking more market share in the cash net product, which I believe is the highest APR is that the one of the five products that that you're referring to?

太好了，謝謝。午安.感謝您回答我的問題。我很欣賞對波動拖欠問題的積極討論。嘿，只是好奇，大衛，我想上個季度你可能特別提到在現金淨產品中佔據更多的市場份額，我相信這是最高的 APR，這是你所指的五種產品之一嗎？

Yeah, we basically have two subprime products LLC and installment, two near prime products, LLC and installment, and they're pretty different products at the end of the day. They're not just like different forms of the same thing, especially in the near prime side, and then we have Brazil, in a different market, so like I said, those products, again, this is one quarter, those products are all good products.

是的，我們基本上有兩種次級產品：有限責任公司和分期付款，兩種近乎優質產品：有限責任公司和分期付款，從本質上講，它們是完全不同的產品。它們不僅僅是同一種東西的不同形式，特別是在接近黃金階段，然後我們有巴西，在不同的市場，所以就像我說的，那些產品，再說一次，這是一個季度，那些產品都是好產品。

The long term, we're optimistic about all of them. We know how to manage credit across all of them. We have good competitive positions in all of them, but there's going to be fluctuations over time. They don't act exactly the same. They have slightly different market segments. They have different credit models, they have different marketing strategies, obviously they're not siloed, they're all, we work together and make sure we're bringing best practices to all of them, but they don't all end up in the same place and, again, that's what we saw a little of this quarter.

從長遠來看，我們對所有這些都持樂觀態度。我們知道如何管理所有這些機構的信用。我們在所有這些領域都擁有良好的競爭地位，但隨著時間的推移，情況會出現波動。他們的行為並不完全相同。他們的細分市場略有不同。他們有不同的信用模式，有不同的行銷策略，顯然他們不是孤立的，他們都是，我們共同努力，確保為他們所有人帶來最佳實踐，但他們最終並不都處於同一個地方，再說一次，這就是我們在本季度看到的一點。

Got it, understood. And then, I'll echo motions, comments in terms of congratulating everyone on the leadership transition. It's almost compulsory on these calls to kind of ask if there's anything, David, you want to add just about maybe why this was the right time in your mind in terms of stepping aside.

明白了，了解了。然後，我將附和動議並發表評論，祝賀大家領導層的過渡。在這些電話中，幾乎必然會問，大衛，你是否想補充一點，為什麼在你看來，現在是辭職的正確時機。

Yeah, well, look, I think the business is on super stable footing, and if it wasn't, I wouldn't be making this change now. I have more riding on the future of Enova than pretty much any other, if not pretty much than any other human being on the planet.

是的，嗯，看，我認為業務基礎非常穩定，如果不是，我現在就不會做出這個改變。我對 Enova 未來的期望比幾乎任何其他人都高，甚至比地球上任何其他人都高。

So, I wouldn't be making this change if I didn't think it was the right time and if I didn't think it was the right time and Steve was the right person to take over for me. We've worked together for 9 years. We have an incredibly strong relationship. We see eye to eye 99% of the time and so, great opportunity to make sure Enova's future is handed over to somebody who deserves to have that opportunity.

所以，如果我認為現在不是合適的時機，如果我認為現在不是合適的時機，而史蒂夫不是接替我的合適人選，我就不會做出這個改變。我們已經合作9年了。我們的關係非常牢固。我們 99% 的時間都意見一致，因此，這是一個絕佳的機會，可以確保 Enova 的未來交給值得擁有這個機會的人。

Great. Thanks.

偉大的。謝謝。

Bill Ryan, Seaport Research Partners.

比爾·瑞安（Bill Ryan），海港研究合作夥伴。

Good afternoon. I'd also like to express my congratulations to everyone.

午安.我也向大家表示祝賀。

A couple of questions. First, on the marketing, it obviously came in a bit better than expectations as a percentage of revenues as you discussed. Also, look good as a percentage of originations. Could you maybe give us some idea? Was that related to channels, repeat customers, is it the small business just being more efficient if you can maybe provide some insight on that.

有幾個問題。首先，就行銷而言，正如您所討論的，其收入佔比顯然比預期要好一些。此外，從起源百分比來看也不錯。您能給我們一些想法嗎？這是否與通路、回頭客有關，小型企業是否效率更高，您能否就此提供一些見解。

Yeah, hey Bill, this is Steve. It was largely, driven by a little bit, as David mentioned, a little bit lower origination expectation or a little bit lower originations in consumer than we expected, which would lead to, less marketing in that channel. Some of that though was definitely offset by the (inaudible) and small business so you saw it be a little bit better maybe than what we that ratio being a little bit better than what we would have thought but still pretty close to the range that we would have expected because of the small business growth as well.

是的，嘿比爾，我是史蒂夫。正如大衛所提到的那樣，這主要是因為發起預期略低，或者消費者發起量比我們預期的要低，這會導致該管道的營銷減少。不過，其中一些肯定被（聽不清楚）和小企業所抵消，所以你會看到它可能比我們想像的要好一點，這個比例比我們想像的要好一點，但仍然非常接近我們預期的範圍，因為小企業也在增長。

Okay, and just a quick follow up on the consumer portfolio.

好的，讓我們來快速跟進一下消費者投資組合。

The yield was down a little bit quarter to quarter. I think it's about 250 basis points. Was that related to some of the credit adjustments that were made at the beginning of the quarter? And do you kind of expect that maybe to bump back up over the next couple quarters to trend line?

收益率季比略有下降。我認為大約是250個基點。這是否與本季初進行的一些信貸調整有關？您是否預計這一數字可能會在接下來的幾季內回升至趨勢線？

No, I mean that was really more of you'll see that ratio can move around a little bit as we're opportunistic across those products that David mentioned because they all play in slightly different APR ranges, so I think you're probably going to see it probably hang around the 115 to 120 APR as you look out the rest of the year is what I would expect to see there.

不，我的意思是，實際上更多的是，你會看到這個比率可能會有一點波動，因為我們對 David 提到的那些產品持機會主義態度，因為它們都在略微不同的 APR 範圍內發揮作用，所以我認為你可能會看到它徘徊在 115 到 120 APR 左右，正如你在今年剩餘時間裡所看到的，這就是我期望的。

Okay, thank you.

好的，謝謝。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Hey. Hi guys. Thanks very much and congratulations to all of you guys. This is exciting for the company and wish you all the best in the new roles and look forward to working with you Scott. Just a couple questions, most of mine, actually just were recently asked and answered, but thinking about marketing channels that you've been using, any change of that I know you've been more active on the small business stuff within, on TV, but anything to think about productivity on marketing channels and anything you're learning over time, especially as AI is being developed?

嘿。嗨，大家好。非常感謝並祝賀你們所有人。這對公司來說是令人興奮的，祝您在新的職位上一切順利，並期待與您合作，斯科特。就幾個問題，實際上大多數都是最近才被問到並得到解答的，但考慮到您一直在使用的行銷管道，有什麼變化嗎？我知道您在電視上對小型企業的事情更加活躍，但有沒有考慮過行銷管道的生產力以及您隨著時間的推移學到的東西，特別是在人工智慧正在開發的情況下？

No, look, it continues to evolve. I mean, at a high level and the exact same marketing channels we're in, 10 years ago, but if we think about how we actually operate in those channels and access them, it's, incredibly different and I think it all comes down to technology, and the ability to be more and more targeted. So, 10 years ago we're running a lot of national TV. Now, it's almost all digital TV where you can, almost target city by city and certainly state by state and even different types of groups within those markets.

不，看，它還在繼續進化。我的意思是，從高層次來看，我們所處的行銷管道與 10 年前完全相同，但如果我們思考如何在這些管道中實際運作並訪問它們，情況就會截然不同，我認為這一切都歸結於技術和越來越有針對性的能力。十年前我們在全國播放了很多節目。現在，幾乎所有的數位電視都可以針對各個城市、各州甚至各個市場中的不同類型的群體進行定位。

So, that all plays into what we do super well, right? Cause we develop models that more data focused that we're looking at, easier it is for us on national TV was never our favorite thing, but if we can target specific states, specific groups, specific times of days, figuring out which types of programming works that work the best, that's really amazing for us and be able to plug that all into our algorithms and become more and more efficient with marketing, so that's the big change, and it's incremental, but it happens every single quarter we find new opportunities to use technology to our advantage through in our marketing channels.

那麼，這一切都與我們的出色表現有關，對嗎？因為我們開發的模型更注重數據，這對我們來說更容易，在國家電視台播出從來都不是我們的愛好，但如果我們可以針對特定的州、特定的群體、特定的時間，找出哪種類型的節目效果最好，這對我們來說真的很棒，能夠將所有這些都納入我們的算法

Okay, and then, I mean thinking, I mean this is sort of a mishmash of questions, but like you've got private credits influencing the capital markets or funding, ability within consumer finance, spreads are at all time lows, so obviously the liquidity and the funding component of the market is very constructive. And interest rates have come down a little bit more. So Steve, just thinking about, that set of opportunities for you and your balance sheet positioning, how does that change or does that impact kind of the way you think about, the next several quarters in terms of funding and balance sheet management?

好的，然後，我的意思是思考，我的意思是這有點像是一堆混雜的問題，但是就像私人信貸影響資本市場或融資、消費金融的能力一樣，利差處於歷史最低水平，因此顯然市場的流動性和融資成分非常具有建設性。利率也進一步下降了。那麼史蒂夫，想想你和你的資產負債表定位的這些機會，這些機會將如何改變或影響你對未來幾季的融資和資產負債表管理的看法？

Yeah, I mean, the credit markets have been pretty favorable, and you saw, last week we actually had a second generation facility against our net credit line of credit business which saw some pretty significant decrease in spreads. So, I think as we always do, Scott and his team will continue to be opportunistic on making sure we are raising the right level of liquidity at the right time, and balancing that with with what we need. So, I think right now the the markets are pretty favorable. We're not counting on rate cuts. Our outlook doesn't assume that there's going to be any rate cuts the rest of this year. So, I think we're pretty well positioned on the balance sheet and the performance of the portfolios have us in a really good spot to execute when we need to across the the different channels we play in.

是的，我的意思是，信貸市場一直非常有利，而且您看到，上週我們實際上對我們的淨信貸額度信貸業務進行了第二代融資，其利差顯著下降。因此，我認為，正如我們一貫的做法一樣，史考特和他的團隊將繼續抓住機會，確保我們在正確的時間提高正確的流動性水平，並與我們的需要保持平衡。所以，我認為現在市場相當有利。我們不指望降息。我們的展望並不認為今年剩餘時間內會出現任何降息。因此，我認為我們在資產負債表上處於相當有利的位置，當我們需要跨越我們所參與的不同管道執行時，投資組合的表現使我們處於非常有利的位置。

Great, thank you guys very much.

太好了，非常感謝你們。

Thanks.

謝謝。

(Operator Instructions) Vincent Caintic, BTIG.

（操作員指示）Vincent Caintic，BTIG。

Hey, good afternoon. Thanks for taking my questions and also want to put my congratulations, David. It's been a pleasure working with you and then, for Steve and Scott, look forward to continuing another relationship.

嘿，下午好。感謝您回答我的問題，同時也想向您表示祝賀，大衛。很高興與您合作，史蒂夫和斯科特期待繼續合作。

So, first question just you spoke very favorably about the macro trends in SMB and then also, talking positively about consumer other than the little blip you had in the second quarter. And I guess with all that, macro positivity, just wondering how you think that translates directly, into the originations growth or revenue growth, because it seems like regardless of the environment, you do tend to do well, so I'm wondering if I should, we should be reading into anything in terms of the macro trends kind of turbocharging any of the growth, and then maybe alternatively, are there any macro trends that you're watching and worry about. Thank you.

所以，第一個問題是，您對中小企業的宏觀趨勢給予了非常正面的評價，除了第二季出現的小波動之外，您對消費者市場也給予了正面的評價。我想，有了這些宏觀積極因素，我只是想知道您認為這如何直接轉化為起源增長或收入增長，因為似乎無論環境如何，您都會做得很好，所以我想知道我是否應該，我們應該從宏觀趨勢的角度來解讀任何事物，以推動任何增長，然後也許換句話說，您是否正在關注和擔心任何宏觀趨勢。謝謝。

Yeah, sure, and it's a really good question. Look, as we've been talking about for probably coming on a year now, we think even with the solid macro trends, it's a good time to be balanced between origination, growth, and risk, and I guess that's easy to say when you're generating the kind of growth that we're generating while being balanced, not like, we're a single digit, grower north of 20% grower even being balanced and I think just the inherent risk in any economy and certainly with a bit more of uncertainty we've seen over the last, couple of years, almost five years actually since COVID, but there's no reason to be, overly aggressive when we can grow as much as we're growing while being balanced and, certainly, and we don't have to get into a long valuation.

是的，當然，這是一個非常好的問題。你看，正如我們可能已經談論了一年那樣，我們認為即使宏觀趨勢穩固，現在也是在起源、增長和風險之間取得平衡的好時機，我想，當你在保持平衡的同時創造我們所創造的那種增長時，這很容易說出來，而不是像我們是一位數，甚至在保持平衡的情況下增長率，我認為任何經濟體在以來的近五年裡，我們看到了更多的不確定性，但當我們可以在保持平衡的同時實現盡可能多地增長時，沒有理由過於激進，當然，我們也不必進行長期估值。

A discussion right now, when you look at, our PEG ratio, well below 0.5 and then closer to 0.3 and forward earnings, it's, there's a little bit of a disincentive there to grow faster as well. Again, that doesn't mean we're going to retrench. And you'll be growing it, it's single digits or low teams that, that's not our intent at all. But it does kind of reinforce our belief that being balanced is a smart place to be and we don't need to be flooring it at the moment.

現在討論的是，當你看到我們的 PEG 比率遠低於 0.5，然後接近 0.3 和預期收益時，這也會有點阻礙我們實現更快的成長。再說一遍，這並不意味著我們要削減開支。而且你會讓它不斷壯大，它只是一個數或低水準的團隊，這根本不是我們的本意。但它確實強化了我們的信念，即保持平衡是一種明智的做法，我們現在不需要把它壓垮。

Okay, that's very helpful, thank you. And then a follow up kind of on the line of some of the questions earlier just about the blip, in the second quarter, I think the reason people are asking is just, if there's something that we should be watching and maybe it was just, I don't know, if there's just a macro trend like earlier in the quarter we had tariffs so I don't know if that drove anything or if there's any kind of you mentioned one product but if there's any kind of particular customer set that we should be watching for just in the future that may be like you know with the blip it kind of takes out a little bit of the addressable market or something that we should be watching so just yeah if there's anything you could help in terms of of categorizing that that'd be helpful.

好的，這非常有幫助，謝謝。然後，關於之前關於第二季度波動的一些問題，我想人們問這個問題的原因只是，看看是否有我們應該關注的事情，也許只是，我不知道，如果只是像本季度早些時候那樣的宏觀趨勢，我們有關稅，所以我不知道這是否推動了什麼，或者是否有任何你提到的產品，但如果有任何特定的客戶群，我們應該在未來關注，這可能就像你知道的，波動會帶走一點可尋址市場或我們應該關注的東西，所以，是的，如果您能幫忙分類一下，那將會很有幫助。

Yeah, no, really good clarification question actually. I would say no and almost like categorically no, it just, like it can happen, right? I mean, it's a confluence of events that we market differently, the products are positioned slightly differently. The competitive dynamics can be different and like, all the things can move against you for a short period of time and then you adjust and recalibrate and get back on track. And if we saw kind of broad-based issues across consumer, we'd be talking about it very differently and if we weren't able to address the credit issues we had, quickly and early in the quarter, we'd be talking about it very differently as well.

是的，不，這實際上是一個很好的澄清問題。我會說“不”，而且幾乎是絕對“不”，它只是，就像它可能發生一樣，對吧？我的意思是，這是一系列事件的綜合作用，我們的行銷方式不同，產品定位也略有不同。競爭態勢可能有所不同，所有事情都可能在短時間內對你不利，然後你進行調整、重新校準並回到正軌。如果我們發現消費者普遍存在問題，我們就會以非常不同的方式談論它；如果我們不能在本季度初迅速解決信貸問題，我們也會以非常不同的方式談論它。

But being isolated to one product, us being able to bring it back in line extremely quickly again internally, operationally, this was a non-event. And again as I mentioned, the only reason we spent, the time on it and in our prepared remarks because we know we'd get, questions once you guys dug into the numbers about the kind of the slightly higher DQ rates and then the consumer book. So, no, I think we're feeling really good, really about all of our consumer products, headed into the back half of the year.

但由於僅限於一種產品，我們能夠在內部和營運上非常迅速地使其恢復正常，這並不是什麼新鮮事。正如我再次提到的，我們花時間在這件事上並準備好發言稿的唯一原因是，我們知道，一旦你們深入研究關於略高的 DQ 率和消費者賬簿的數字，我們就會得到問題。所以，不，我認為我們對所有消費產品都感到非常滿意，因為我們正處於下半年的銷售狀況。

Okay, great. Very helpful, thank you.

好的，太好了。非常有幫助，謝謝。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good afternoon guys. Let me echo congratulations on the transition, and just to follow up on Johnny's question earlier, it sounds like from a macro perspective demand is really strong for both SMB and consumer but kind of piggybacking on this question, can you kind of give us a sense for kind of the competitive environment and how that differs between consumer and and SMB just David earlier you referenced kind of that SMB is almost easier like sliding downhill at this point and I, I don't doubt that from your perspective. It's a hard business but once you are where you are I'm sure it's relatively easy, but just kind of want to get a sense for the competitive dynamics there.

嘿，大家下午好。讓我再次祝賀這一轉變，並繼續回答 Johnny 之前的問題，從宏觀角度來看，中小企業和消費者的需求都非常強勁，但有點搭上這個問題，您能否讓我們了解一下競爭環境以及消費者和中小企業之間的區別，就像 David 之前提到的那樣，中小企業現在幾乎更容易走下坡路，從您的角度來看，我對此深信不疑。這是一項艱難的事業，但一旦你達到了你所在的位置，我相信它會相對容易，但我只是想了解那裡的競爭動態。

Yeah, I mean, look, it some of this is cyclical and some of it, like, the competitive dynamics ebb and flow a bit a year and a half ago we would not have been saying the same thing. Consumer was, rocking and rolling, and, the SMB we're kind of recovering from that little credit blip in 2023.

是的，我的意思是，你看，其中一些是週期性的，而其中一些，例如競爭動態有點起伏，一年半前我們不會說同樣的話。消費者正在搖擺不定，而中小企業正在從 2023 年的信貸小危機中復甦。

So now you see a little bit of the opposite dynamic, and that's the great thing about having a diversified business. They can play off each other. I would say that the competitive dynamics on the small business side are more stable. There's fewer players, we know who they are, brand matters more, and so that super strong position we have in SMB I think helps with the stability that.

所以現在你看到了一點相反的動態，這就是多元化業務的好處。他們可以互相比賽。我想說小企業方面的競爭態勢更加穩定。參與者較少，我們知道他們是誰，品牌更重要，因此我認為我們在 SMB 中的超強地位有助於保持穩定。

On the consumer side, there's many more players. It's much more fragmented and so you know if a couple of them get aggressive for a quarter or two, that can be a little bit of a headwind, but as we've seen, over time, that tends to result in issues for our competitors over time and you know they end up pulling back and ends up being a tailwind in future quarters. So, we still feel great about our competitive position on both products and you know they'll ebb and flow over time and, again as we look into the back half of the year we look at our consumer business looks as good as it is has ever looked. It's bigger, it's stronger, the technology is better, the models are more predictive and, kind of nothing new on the competitive front that would that would concern us.

在消費者方面，還有更多的參與者。它更加分散，所以你知道，如果其中幾個公司在一兩個季度內表現得咄咄逼人，這可能會帶來一點阻力，但正如我們所見，隨著時間的推移，這往往會給我們的競爭對手帶來問題，你知道他們最終會退縮，並在未來幾個季度成為順風。因此，我們仍然對這兩款產品的競爭地位感到滿意，而且您知道它們會隨著時間的推移而起伏不定，而且當我們展望下半年時，我們會發現我們的消費者業務看起來和以往一樣好。它更大、更強、技術更好、模型更具預測性，而且在競爭方面沒有什麼新東西讓我們擔心。

Got it. That's it for me thanks for taking my question.

知道了。就這些了，感謝您回答我的問題。

Yes, thanks.

是的，謝謝。

(Operator Instructions) John Rowan, Janney.

（操作員指示）約翰·羅文，詹尼。

Good afternoon guys I'll also add my congratulations as well. I guess it's two really quick questions. Can you see, should we talk about whether or not the heightened DQs affected the fair value marks at all?

大家下午好，我也要祝賀你們。我想問兩個很快的問題。您是否明白，我們是否應該討論提高 DQ 是否對公允價值標記產生影響？

They've been very, the fair value marks have been very stable, right? So I think, sometimes the metrics that we report, the 30-plus DQs and then the NCOs can be impacted by numerator denominator type issues and mix changes, all the things that I mentioned in my commentary, whereas the fair value is really looking at a lot more like at the unit economic decisions that we make, right? Lifetime expectations and so.

它們的公允價值標記一直非常穩定，對嗎？所以我認為，有時我們報告的指標，30 多個 DQ 以及 NCO 可能會受到分子分母類型問題和混合變化的影響，所有這些都是我在評論中提到的，而公允價值實際上更像是我們做出的單位經濟決策，對嗎？一生的期望等等。

If they, both portfolios reflect a lot of stability and have for now, over the past two years, so those are all incorporated into the fair value, for sure, and you can see that we continue to expect there to be a lot of stability, in the credit outlook.

如果它們，這兩個投資組合都反映出很大的穩定性，並且在過去兩年中一直如此，那麼這些肯定都被納入了公允價值中，你可以看到，我們繼續預計信貸前景將非常穩定。

I would just add, on the consumer side and on the small business side, we've talked historically about ranges that we expect every quarter. SMB, we typically would expect net charge offs every quarter to be in the 4.5% to 5% range. We've been there for a long time. Consumers are a bit more seasonal. I would expect the second quarter ratio, which tends to be a bit more of the trough seasonally, to be in the 13% to 15% range in Q4, I would expect it to be 15% to 17%. You can go back and look historically and the first and third quarters tend to be somewhere in between.

我想補充一點，在消費者方面和小型企業方面，我們過去曾討論過每季預期的範圍。對於中小企業，我們通常預期每季的淨沖銷額在 4.5% 到 5% 的範圍內。我們已經在那裡待了很長時間了。消費者的消費習慣更具季節性。我預計第二季的比例（通常更接近季節性低潮）將在 13% 至 15% 之間，而第四季的比例將在 15% 至 17% 之間。你可以回顧歷史，第一季和第三季往往處於兩者之間。

Those are all perfectly acceptable and sometimes we've been below, sometimes we've been a little bit above, and I think you can see, it doesn't impact moving through those ranges, does not impact the overall ability to drive, strong results. So, just a little reminder on how to think about the quarterly metrics within the context of the way we think about making decisions and the way the fair value calculations work.

這些都是完全可以接受的，有時我們低於這個水平，有時我們高於這個水平一點點，我想你可以看到，它不會影響在這些範圍內移動，不會影響整體的駕駛能力，不會影響強勁的結果。因此，稍微提醒一下，如何在我們思考決策的方式和公允價值計算的方式的背景下思考季度指標。

Okay, fair enough. And just last question for me, can you remind us how much of your debt is floating rate and what the rate sensitivity is? I know your guidance doesn't have any rate cuts in it, but, obviously there's still a possibility of that.

好吧，夠公平。最後一個問題，您能否提醒我們一下，您的債務中有多少是浮動利率，以及利率敏感度是多少？我知道您的指導中沒有提到任何降息，但顯然仍然存在這種可能性。

Yeah, it's been about 50% floating for a while and it's really most sensitive to SOFR.

是的，它已經浮動了大約 50% 一段時間，而且對 SOFR 最為敏感。

All right, thank you.

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雪 (David Fisher) 做最後發言。

Thanks everybody for joining our call today. We really appreciate your congratulatory remarks. You'll have me on this call for the next couple of quarters. I'm not going away anytime soon, before Steve takes over next year. So, thanks again and have a good rest of your day.

感謝大家今天參加我們的電話會議。我們非常感謝您的祝賀。在接下來的幾個季度裡，我會繼續參加這次電話會議。在史蒂夫明年接任之前，我不會很快離開。所以，再次感謝，祝您今天過得愉快。

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

會議到此結束。感謝大家參加今天的演講。您現在可以斷開連線。