Enova International Inc (ENVA) 2025 Q3 法說會逐字稿

Good day and welcome to the Enova International third quarter 2025 earnings conference call.

大家好，歡迎參加 Enova International 2025 年第三季財報電話會議。

[Operator Instructions] I would now like to turn the conference over to Lindsay Savarese, Investor relations for Enova. Please go ahead.

[操作員指示] 現在我將會議交給 Enova 的投資人關係負責人 Lindsay Savarese。請繼續。

Thank you, operator, and good afternoon, everyone. Enova released results for the third quarter 2025 ended September 30, 2025. This afternoon after market close. 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 9 月 30 日的 2025 年第三季業績。今天下午收盤後。如果您沒有收到我們的獲利新聞稿，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.

今天和我一起參加電話會議的有執行長大衛費雪和財務長史蒂夫坎寧安。本次電話會議將進行網路直播，並將存檔於我們網站的投資者關係版塊。

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.

在將電話交給大衛之前，我想指出，今天的討論將包含前瞻性陳述，因此存在風險和不確定性。

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 10K, quarterly reports on Forms 10, and current reports on Forms 8-K.

實際結果可能因各種重要風險因素而與預期有重大差異，這些風險因素包括我們在獲利新聞稿、年度報告（10-K 表格）、季度報告（10 表格）和當前報告（8-K 表格）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.

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

In addition to US GAAP reporting, Enova reports certain financial measures that do not conform to generally accepted accounting principles. We believe these non-GAAP measures enhance the understanding of our performance.

除了按照美國通用會計準則進行報告外，Enova 還報告了一些不符合公認會計原則的財務指標。我們認為這些非GAAP指標有助於更了解我們的績效。

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 on the IR portion of our website.

今天發布的新聞稿中的表格包含了這些 GAAP 指標和非 GAAP 指標之間的調整表。正如我們在獲利報告中所述，我們已在網站的投資者關係部分發布了補充財務資訊。

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

接下來，我想把電話交給大衛。

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 report another great quarter highlighted by sound loan growth and strong credit metrics across our portfolios, driven by our nimble online only business model and well diversified portfolio.

我們很高興地報告，本季業績又取得了顯著成就，貸款成長穩健，各投資組合的信貸指標強勁，這得益於我們靈活的純線上業務模式和多元化的投資組合。

Before we dive into the quarter, as a reminder, last quarter, we announced that Steve Cunningham, our CFO, will take over as CEO on January 1, at which time I will transition to the executive Chairman role.

在我們深入探討本季之前，提醒一下，上個季度我們宣布，我們的財務長史蒂夫·坎寧安將於 1 月 1 日接任執行長一職，屆時我將轉任執行董事長一職。

I've committed to remain as exec chair for at least two years. That Cornelius, our treasurer, will succeed Steve as CFO.

我承諾至少繼續擔任執行主席兩年。我們的財務主管科尼利厄斯將接替史蒂夫擔任財務長。

Steve and Scott are preparing well for their new roles, and we expect a seamless transition with a continuation of our focus growth strategy and consistent performance.

史蒂夫和史考特正在為他們的新角色做好充分準備，我們期待過渡順利，並繼續執行我們專注成長的策略，以取得持續穩定的績效。

Now turning to the quarter. In Q3, we once again generated strong growth supported by stable credit and significant operating leverage.

現在來看季度部分。第三季度，在穩定的信貸和顯著的營運槓桿作用下，我們再次實現了強勁成長。

Thanks to our diversified product offerings, the sophistication of our machine learning models, and outstanding team, we've been able to consistently deliver significant portfolio growth while maintaining stable credit, resulting in strong financial results.

憑藉我們多元化的產品組合、先進的機器學習模型和傑出的團隊，我們得以在保持信貸穩定的同時，持續實現顯著的投資組合成長，從而取得了強勁的財務業績。

Third quarter originations increased 22% year over year and 9% sequentially to almost USD2 billion. The strong origination growth produced a 20% year over year increase in our combined loan and finance receivables to a record 4.5 billion.

第三季貸款發放金額年增 22%，季增 9%，達到近 20 億美元。強勁的貸款發放成長使我們的貸款和融資應收款總額年增 20%，達到創紀錄的 45 億美元。

Small business products represented 66% of the total portfolio and consumer 34%.

小型企業產品佔總產品組合的 66%，消費者產品佔 34%。

Revenue increased 16% year over year and 5% sequentially to USD803 million in the third quarter. F&B revenue increased an impressive 29% year over year and 7% sequentially to a record USD348 million, and our consumer revenue increased 8% year over year and 4% sequentially to USD443 million.

第三季營收年增 16%，季增 5%，達到 8.03 億美元。餐飲收入年增 29%，季增 7%，達到創紀錄的 3.48 億美元；消費者收入年增 8%，季增 4%，達到 4.43 億美元。

Overall, the stability of our customer base continues to underpin our growth as credit quality is solid across the portfolio. The consolidated net charge off ratio for the quarter was 8.5% compared to 8.1% last quarter and 8.4% in Q3 of last year.

總體而言，我們穩定的客戶群繼續支撐著我們的成長，因為整個投資組合的信貸品質都很穩健。本季綜合淨沖銷率為 8.5%，上一季為 8.1%，去年第三季為 8.4%。

Despite some noise in the macro environment, the underlying trends for our customers continues to be positive. The job market remains healthy with the unemployment rate staying historically low at 4.3% as of August.

儘管宏觀環境存在一些波動，但我們客戶的基本趨勢仍然是正面的。就業市場依然健康，截至8月份，失業率仍處於歷史低點，為4.3%。

And wage growth continues to outpace inflation for our target customers. In addition, August consumer spending data showed a meaningful uptick reinforcing steady household demand.

而且，我們目標客戶的薪資成長速度持續超過通貨膨脹率。此外，8 月的消費者支出數據顯示顯著成長，進一步鞏固了家庭需求的穩定。

When looking at external data, it's helpful to keep a couple of key factors in mind. First, our consumer customers in some ways are always in a recession.

在查看外部資料時，牢記以下幾個關鍵因素會很有幫助。首先，我們的消費者客戶在某種程度上總是處於經濟衰退之中。

As a result, they are adept at managing variabilities in their finances. Second, these customers tend to have jobs with more fungibility in terms of being able to move between companies. This can lead to less volatility in their earnings over time.

因此，他們善於應對財務上的波動。其次，這些客戶的工作往往具有更高的可互換性，能夠在不同公司之間流動。隨著時間的推移，這可以降低他們收益的波動性。

Looking back to our Q2 earnings call, we discussed how early in the spring we've seen some minor elevated default metrics in one of our consumer products. As we mentioned, in response, we tightened our credit models for that product, particularly for new customers.

回顧我們第二季財報電話會議，我們討論了今年春天早些時候，我們的一款消費產品出現了一些輕微的違約指標上升的情況。正如我們之前提到的，作為回應，我們收緊了該產品的信貸模式，特別是針對新客戶的信貸模式。

Because we're able to adjust so quickly, we avoided any significant impact to our consumer business. Taking swift action like this to adjust our models is routine for us.

由於我們能夠迅速做出調整，因此避免了對消費者業務造成任何重大影響。迅速採取此類措施調整我們的模型對我們來說是例行公事。

We're able to do this because of the rapid performance feedback we get as a result of the design of our products and the sophistication of our credit models.

我們之所以能夠做到這一點，是因為我們能夠快速獲得效能回饋，而這得益於我們產品的設計和我們信用模型的複雜性。

It's something we do all the time, hundreds of times per year. And this goes both ways, whether we're making adjustments to tighten credit or to expand it.

這是我們經常做的事情，每年數百次。無論是收緊信貸還是擴大信貸，情況都是如此。

So as expected, following the adjustments to this one product, credit performance has quickly returned to normal. In fact, credit in that product now exceeds our expectations with some of the lowest early default metrics we have witnessed.

正如預期的那樣，在對這項產品進行調整後，信貸表現迅速恢復正常。事實上，該產品的信貸表現目前超出了我們的預期，其早期違約指標是我們所見過的最低水準之一。

As a result, we've begun rapidly re-accelerating its growth. So looking forward to Q4, we expect to see consumer origination growth rates accelerate sequentially and credit metrics continue to improve.

因此，我們已經開始迅速重新加速其成長。展望第四季度，我們預期消費者貸款發放成長率將較上季加快，信貸指標將持續改善。

Also contributing to our stable financial performance through market fluctuations are the benefits of having a diversified portfolio. Having operated in the non-prime space for decades, it's common to see short-term fluctuations in demand and credit in any one product or customer segment.

多元化的投資組合也為我們在市場波動中保持穩定的財務表現做出了貢獻。在非優質貸款領域經營數十年，任何單一產品或客戶群的需求和信貸出現短期波動都是很常見的。

In addition to being well diversified across our SMB and consumer businesses, within each of those, we offer a wide variety of products, adding multiple layers of diversification across our portfolio.

除了在中小企業和消費者業務方面實現了良好的多元化之外，我們還在每個業務領域內提供各種各樣的產品，從而為我們的產品組合增加了多層次的多元化。

This structure gives us the flexibility to allocate resources towards the strongest opportunities and have the confidence to moderate exposure where risks are elevated.

這種結構使我們能夠靈活地將資源分配給最有潛力的機會，並有信心在風險較高的地方控制風險敞口。

With this in mind, we continue to see compelling opportunities within our SMB business which had another fantastic quarter in Q3. Our leading brand presence, scale, solid credit, and low levels of competition again resulted in solid demand and credit performance.

考慮到這一點，我們繼續看到中小企業業務中存在著令人振奮的機會，該業務在第三季度又取得了非常出色的成績。我們領先的品牌影響力、規模、穩健的信用以及較低的競爭水平再次帶來了強勁的需求和信貸表現。

Originations for SMB increased 11% sequentially and 31% year over year to nearly USD1.4 billion in Q3. Insights from internal and external sources reflect solid underlying trends for small businesses.

第三季度，中小企業貸款發放額較上季成長 11%，年增 31%，達到近 14 億美元。來自內部和外部管道的洞察反映了小型企業穩健的潛在發展趨勢。

In conjunction with Acrylus, we released the 8th iteration of our small business cash flow trend report earlier this week. This offers key insights into the state of small businesses and highlights ongoing trends observed over the past year.

本週早些時候，我們與 Acrylus 聯合發布了第八版小型企業現金流趨勢報告。這為了解小型企業的現狀提供了重要見解，並突出了過去一年中觀察到的持續趨勢。

Small business confidence is high, as tariffs remain manageable and the economy and in particular consumer spending remains strong. Small business growth expectations stayed strong in Q3, with 93% of owners anticipating moderate to significant growth over the next year.

由於關稅仍處於可控範圍內，且經濟，尤其是消費者支出依然強勁，小企業信心高漲。第三季小型企業成長預期依然強勁，93% 的企業主預計未來一年將實現中等至顯著成長。

And approximately [3/4] of small businesses for non-bank lenders with nearly 40% of those in business reporting being denied by traditional banks.

約有 3/4 的小型企業向非銀行貸款機構尋求貸款，其中近 40% 的企業表示曾被傳統銀行拒絕。

Further, external data aligns with these observations. Small business sentiment reached a new high in the third quarter with the MetLife and US Chamber of Commerce Small Business Index climbing to 72, its highest reading ever, and up from 65. To last quarter, signaling strong optimism across the sector.

此外，外部數據也與這些觀察結果相符。第三季小型企業信心指數達到新高，MetLife 和美國商會小型企業指數攀升至 72，創歷史新高，高於先前的 65。與上季相比，整個行業都表現出強烈的樂觀情緒。

Driven by the operating leverage inherent in our online only business, growth in EPS again outpace both origination and revenue growth in Q3. Adjusted EPS increased 37% year over year, primarily as a result of our strong growth, efficient marketing, and a lower cost of funds.

由於我們純線上業務固有的營運槓桿效應，第三季每股收益成長再次超過了業務拓展和收入成長。調整後的每股盈餘年增 37%，主要得益於我們強勁的成長、高效的行銷和較低的資金成本。

Before I wrap up, I'd like to spend a few moments discussing our strategy and outlook for the remainder of 2025 and beyond. We've carefully designed our business with a thoughtful unit economics approach that has enabled us to operate profitably for more than 2 decades.

在結束之前，我想花幾分鐘時間討論我們對 2025 年剩餘時間及以後的策略和展望。我們精心設計了業務模式，採用周全的單位經濟效益方法，使我們能夠獲利營運超過 20 年。

This is through many different environments, including downturns in consumer spending, interest rate hikes, surges in inflation, not to mention the Great Recession and a global pandemic. During this time frame, we successfully navigated periods where the unemployment rate was more than double where it is today.

這經歷了許多不同的環境，包括消費支出下降、利率上升、通貨膨脹飆升，更不用說大衰退和全球疫情了。在此期間，我們成功度過了失業率比現在高出一倍以上的時期。

Our business is better prepared than ever to withstand changes in the macro environment as our technology and analytics continue to be more sophisticated and our balance sheet is stronger than ever while our portfolio has become more diversified.

我們的業務比以往任何時候都更能抵禦宏觀環境的變化，因為我們的技術和分析能力不斷提高，資產負債表也比以往任何時候都更加穩健，同時我們的投資組合也變得更加多元化。

I said this last quarter, but I've never been more excited about Enova's future. In an incredibly experienced team, a strong foundation, a time-tested playbook, and industry leading products, all clear signs of the opportunity ahead of us. Steve and I share a common vision that our focused growth strategy will continue to steer our path forward.

我上個季度就說過，但我從未像現在這樣對 Enova 的未來感到如此興奮。我們擁有一支經驗豐富的團隊、堅實的基礎、久經考驗的策略和領先業界的產品，所有這些都清楚地表明我們面前充滿機會。史蒂夫和我有著共同的願景，那就是我們專注的成長策略將繼續引領我們前進。

We continue to adapt and innovate and remain committed to producing sustainable and profitable growth while meeting the needs of our customers and driving shareholder value.

我們將持續調整和創新，並致力於實現可持續的獲利成長，同時滿足客戶的需求並提升股東價值。

With that, I would like to turn the call over to Steve Cunningham, our CFO. We'll 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.

接下來，我想把電話交給我們的財務長史蒂夫‧坎寧安。我們將更詳細地討論我們的財務表現和展望。史蒂夫發言結束後，我們很樂意回答您可能提出的任何問題。

Steve.

史蒂夫。

Thank you, David, and good afternoon, everyone.

謝謝你，大衛，大家下午好。

As David noted in his remarks, we're pleased to deliver another solid quarter of top and bottom line results that were in line or better than our expectations. The strong growth in originations, receivables, and revenue, along with solid credit, operating efficiency, and balance sheet flexibility.

正如大衛在演講中提到的那樣，我們很高興地宣布，本季營收和利潤均表現穩健，達到或超過了我們的預期。貸款發放量、應收帳款和收入的強勁成長，以及穩健的信貸、營運效率和資產負債表靈活性。

Turning to our third quarter results, consistent with our expectations, total company revenue of USD803 million increased 16% from the third quarter of 2024, driven by 20% year over year growth in total company combined loan and finance receivables balances on an advertised basis.

再來看我們第三季的業績，與我們的預期一致，公司總收入為 8.03 億美元，比 2024 年第三季度增長了 16%，這主要得益於公司合併貸款和融資應收款餘額（按廣告基礎計算）同比增長了 20%。

Total company originations during the third quarter rose 22% from the third quarter of 2024 to nearly USD2 billion.

第三季公司貸款總額較 2024 年第三季成長 22%，達到近 20 億美元。

Revenue from small business lending increased 29% from the third quarter of 2024 to USD348 million as small business receivables on an advertised basis ended the quarter at USD3 billion or 26% higher than the end of the third quarter of 2024.

2024 年第三季度，小型企業貸款收入成長 29%，達到 3.48 億美元，而以廣告基礎計算的小型企業應收帳款在本季末達到 30 億美元，比 2024 年第三季末成長 26%。

Small business originations rose 31% year over year to USD1.4 billion. Revenue from our consumer businesses increased 8% in the third quarter of 2024 to USD443 million as consumer receivables on an advertised basis ended the third quarter at USD1.5 billion or 9% higher than the end of the third quarter of 2024.

小型企業貸款發放金額年增 31%，達到 14 億美元。2024 年第三季度，我們消費者業務的營收成長了 8%，達到 4.43 億美元，其中以廣告基礎計算的消費者應收帳款在第三季末達到 15 億美元，比 2024 年第三季末成長了 9%。

Consumer originations grew 4% year over year to USD590 million. As David mentioned, the slower consumer growth this quarter was intentional to ensure we were maintaining solid credit quality across the portfolio.

消費者貸款發放金額年增 4%，達到 5.9 億美元。正如大衛所提到的，本季消費者成長放緩是有意為之，目的是確保我們在整個投資組合中保持良好的信貸品質。

For the fourth quarter of 2025, we expect total company revenue to be 10% to 15% higher than the fourth quarter of 2024 as a result of strong SMB growth and a re-acceleration of growth in our consumer portfolios.

由於中小企業業務強勁成長以及消費者業務組合成長再次加速，我們預計 2025 年第四季公司總營收將比 2024 年第四季成長 10% 至 15%。

This expectation will depend upon the level, timing, and mix of originations growth during the quarter. Now turning to credit, which is the most significant driver of net revenue and portfolio of fair value.

這項預期將取決於本季貸款發放成長的水平、時間和組合。現在來看信貸，它是淨收入和公平價值投資組合的最重要驅動因素。

Our consolidated credit performance continues to demonstrate that our diversified product offerings and discipline around our unit economics enable consistent results across different operating environments.

我們的綜合信貸表現持續表明，我們多元化的產品供應和對單位經濟效益的嚴格把控，使我們能夠在不同的經營環境下取得一致的業績。

The third quarter consolidated net revenue margin of 57.4% is in line with our expectations. It reflects continued solid credit performance.

第三季綜合淨收入利潤率為 57.4%，符合我們的預期。這反映了信貸業績持續穩健成長。

The consolidated net charge off ratio for the third quarter was 8.5% flat in the third quarter of 2024 and reflects our typical consumer seasonality and continued strong small business credit performance.

2024 年第三季綜合淨沖銷率為 8.5%，與去年同期持平，反映了我們典型的消費季節性波動以及小型企業信貸持續強勁的表現。

Sequential stability and year over year improvement in the consolidated 30 plus day delinquency rate and a stable consolidated portfolio for value premium reflect our expectation of stable future consolidated portfolio credit performance.

合併後的逾期 30 天以上貸款率的連續性和逐年改善，以及價值溢價的穩定合併投資組合，反映了我們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 third quarter of 2024. The net charge off ratio, the net revenue margin, fair value premium, and 30 plus delinquency rate for our small business portfolio all improved and reflect continued and expected stable credit performance.

與 2024 年第三季相比，小型企業信貸表現依然強勁。我們的小型企業貸款組合的淨沖銷率、淨收入利潤率、公允價值溢價和 30 歲以上逾期率均有所改善，反映出持續穩定的信貸表現。

Consumer credit also remains solid. Following our typical seasonality, the consumer net charge off ratio rose sequentially to 16.1% for the third quarter, and while higher than the year ago quarter, remained in our expected range.

消費信貸依然穩健。根據我們典型的季節性規律，第三季消費者淨沖銷率較上季上升至 16.1%，雖然高於去年同期，但仍在我們預期的範圍內。

The consumer net revenue margin and credit metrics for the third quarter were influenced primarily by mixed shifts and the rate of originations growth on the heels of consumer portfolio adjustments that we discussed last quarter.

第三季消費者淨收入利潤率和信貸指標主要受到各種變化以及我們在上個季度討論過的消費者組合調整後貸款發放速度的影響。

Those adjustments and our overall balanced approach to growth meaningfully reduced the year over year change in the consumer 30 plus delinquency rate compared to last quarter.

這些調整以及我們整體均衡的成長策略，顯著降低了 30 歲以上消費者違約率同比變化，與上一季相比有所下降。

And as David noted, we exited the third quarter with the lowest ever initial defaults on weekly vintages on the consumer product we adjusted, allowing us to accelerate subsequential growth opportunities into the fourth quarter.

正如大衛指出的那樣，我們第三季末的每週消費品初始違約率創歷史新低，這使我們能夠加速第四季的後續成長機會。

Additionally, during the quarter, year over year, consumer installment originations grew at the fastest rate that we've seen in several years as we saw higher demand from existing customers for refinancing and debt consolidation.

此外，本季消費者分期付款貸款發放量年增率達到了近幾年來的最高水平，因為我們看到現有客戶對再融資和債務整合的需求更高。

This is another example of how the breadth of our consumer products and credit segments combined with our disciplined approach to unit economics enables us to navigate varying operating environments and generate consistent consolidated results.

這再次證明，我們廣泛的消費品和信貸業務，加上我們嚴謹的單位經濟效益管理方法，使我們能夠應對不同的經營環境，並取得持續的合併業績。

The fair value premium on our consumer portfolio at the end of the third quarter was flat the last quarter and remained consistent with levels observed over the past two years, indicating a stable risk return profile and strong underlying unit economics for our portfolio.

第三季末，我們消費品投資組合的公允價值溢價與上一季持平，並與過去兩年觀察到的水平保持一致，顯示我們投資組合的風險回報狀況穩定，且基本單位經濟效益強勁。

Looking ahead, we expect the total company net revenue margin for the fourth quarter of 2025 to be in the range of 55% to 60%. This expectation will depend upon portfolio payment performance and the level timing and mix of originations growth during the quarter.

展望未來，我們預計公司 2025 年第四季的總淨收入利潤率將在 55% 至 60% 之間。這項預期將取決於投資組合的支付表現以及本季新增貸款成長的水平、時間和組合。

Now turning to expenses, total operating expenses for the third quarter, including marketing, were 31% of revenue compared to 34% of revenue in the third 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.

現在來看支出，第三季的總營運支出（包括行銷支出）佔收入的 31%，而 2024 年第三季這一比例為 34%。我們持續受益於高效率的行銷活動、純線上模式固有的優勢以及周全的費用管理。

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 18% compared to 20% for the third quarter of 2024.

我們的行銷策略持續保持高效，推動了貸款發放量的強勁成長，符合我們對本季的預期範圍。行銷成本佔收入的百分比為 18%，而 2024 年第三季為 20%。

We expect marketing expenses to be around 20% of revenue for the fourth quarter, but will depend upon the growth index of originations. Operations and technology expenses which were driven by growth in receivables and originations. For 8% of revenue for the third quarter, similar to the third quarter of 2024.

我們預計第四季度行銷費用將佔營收的 20% 左右，但具體金額將取決於貸款發放量的成長指數。營運和技術費用由應收帳款和貸款發放量的成長所驅動。第三季營收的 8%，與 2024 年第三季的情況類似。

Given the significant variable component of this expense category, sequential expenses and ONT costs should be expected in an environment where originations and receivables are growing. It should be between 8% to 8.5% of total revenue.

鑑於該費用類別中存在大量可變部分，在貸款發放量和應收帳款不斷增長的環境下，預計會出現連續性費用和 ONT 成本。應佔總收入的 8% 至 8.5%。

Our fixed costs continue to scale as we focus on operating efficiency and thoughtful expense management. General and administrative expenses for the third quarter increased to USD40 million or 5% of revenue, versus USD39 million or 6% of revenue in the third quarter of 2024.

隨著我們專注於提高營運效率和進行周密的費用管理，我們的固定成本持續成長。第三季一般及行政費用增至 4,000 萬美元，佔營收的 5%，而 2024 年第三季為 3,900 萬美元，佔營收的 6%。

There may be slight variations from quarter to quarter, we expect G&A expenses in the near term should be between 5% and 5.5% of total revenue.

各季度之間可能會略有波動，我們預計近期一般及行政費用應佔總收入的 5% 至 5.5%。

We continued to deliver solid profitability and strong returns on equity this quarter. Compared to the third quarter of 2024, adjusted EPS and non-GAAP measure, increased 37% to USD3.36 per diluted share, delivering an annualized third quarter return on equity of 28%.

本季我們持續保持了穩健的獲利能力和強勁的股本回報率。與 2024 年第三季相比，調整後的每股盈餘和非 GAAP 指標成長 37% 至每股稀釋收益 3.36 美元，第三季年化股本回報率為 28%。

We ended the third quarter with USD1.2 billion of liquidity, including USD366 million of cash and marketable securities, and USD816 million of available capacity on debt facilities.

第三季末，我們擁有 12 億美元的流動資金，其中包括 3.66 億美元的現金和有價證券，以及 8.16 億美元的可用債務融資額度。

The cost of funds declined to 8.6% or 15 basis points lower sequentially, and nearly 100 basis points lower than the third quarter of 2024 as a result of lower short-term interest rates and strong execution on recent financing transactions.

由於短期利率下降以及近期融資交易的強勁執行，資金成本下降至 8.6%，環比下降 15 個基點，比 2024 年第三季下降近 100 個基點。

Continuing our track record of strong capital markets execution that reflects our solid credit performance during the third quarter, we have sized our corporate revolver by USD160 million to USD825 million. Extending the final maturity to 2029, reduced the cost by 25 basis points, and expanded our bank lender group.

延續我們在資本市場強勁的執行力，反映了我們第三季穩健的信貸表現，我們將企業循環信貸額度增加了 1.6 億美元，達到 8.25 億美元。將最終到期日延長至 2029 年，降低了 25 個基點的成本，並擴大了我們的銀行貸款機構集團。

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，使我們擁有足夠的財務靈活性，能夠成功應對各種經營環境，同時履行我們透過持續投資業務和股票回購來推動股東長期價值的承諾。

During the third quarter, we acquired 339,000 shares at a cost of USD38 million and we started the fourth quarter with share repurchase capacity of approximately USD80 million.

第三季度，我們以 3,800 萬美元的價格收購了 339,000 股股票，在第四季度開始時，我們的股票回購能力約為 8,000 萬美元。

Before wrapping up with our fourth quarter expectations, I'd like to touch on our valuation. Enova has delivered strong and consistent results over many years and operates a highly scalable online only model with more diversification than any non-bank specialty finance company.

在總結我們對第四季的預期之前，我想談談我們的估值。多年來，Enova 取得了強勁而穩定的業績，並採用高度可擴展的純線上模式，其業務多元化程度高於任何非銀行專業金融公司。

Since our acquisition of OnDeck five years ago, we've not only maintained our strong profit margins, we've done so while cutting our consolidated net charge-off rate in half.

自從五年前收購 OnDeck 以來，我們不僅保持了強勁的利潤率，而且還將合併淨沖銷率降低了一半。

Our demonstrated world-class risk management capabilities and approach to unit economic decisioning has driven our differentiated financial performance and return on equity, as well as our ability to finance the business that market leading spreads.

我們展現的世界級的風險管理能力和單位經濟決策方法，推動了我們差異化的財務表現和股本回報率，以及我們為業務融資的能力，使我們擁有了市場領先的利差。

To put this in perspective, Enova has never reported a quarter of negative adjusted EPS, and over the past 10 years has delivered USD1.8 billion of adjusted net income and grown annual adjusted EPS at a compound average annual growth rate of approximately 20%.

換個角度來看，Enova 從未出現過季度調整後每股收益為負的情況，並且在過去 10 年中實現了 18 億美元的調整後淨收入，年度調整後每股收益的複合年均增長率約為 20%。

Over that same time, we reduced our financing costs by hundreds of basis points from lower credit spreads that are a direct result of our portfolio credit performance and predictability.

同時，由於我們的投資組合信貸表現和可預測性，信貸利差降低，我們的融資成本也因此降低了數百個基點。

Despite our demonstrated operating model advantages and unmatched financial performance as a public company, we remain frustrated by a persistent valuation GAAP.

儘管我們已證明自身在營運模式上的優勢以及作為上市公司的無可匹敵的財務業績，但我們仍然對持續存在的估值 GAAP 感到沮喪。

We continue to trade at discounts to the S&P 600 and Russell 2000, the financial components of each of those indexes, and to other specialty financial lenders that have less consistent performance and profitability.

我們的股價繼續低於標普 600 指數和羅素 2000 指數、這兩個指數的金融成分股，以及其他業績和盈利能力不太穩定的專業金融貸款機構的股價。

In fact, at the end of the third quarter, and Nova traded at a similar price multiple on 2026 consensus adjusted EPS estimates. It's similar to 2016 and 2017 for P/E ratios, when we were a much smaller consumer-centric company.

事實上，在第三季末，Nova 的交易價格與 2026 年一致調整後每股盈餘預期值相近。這與 2016 年和 2017 年的本益比情況類似，當時我們是一家規模小得多的以消費者為中心的公司。

We continue to believe there is meaningful upside to our current share price, and continuing to unlock the value our company creates remains a top focus of Enova's leadership.

我們仍然相信公司目前的股價還有很大的上漲空間，而持續釋放公司創造的價值仍然是 Enova 管理階層的首要任務。

You should expect that we will continue our focus on growth with financial consistency and we will continue to lean into our capital returns through opportunistic share repurchases.

你們可以期待我們將繼續專注於財務穩健的成長，並繼續透過擇機回購股票來提高資本回報。

To wrap up, let me summarize our fourth quarter expectations. For the fourth quarter, we expect consolidated revenue to be 10% to 15% higher than the fourth quarter of 2024, with a net revenue margin in the range of 55% to 60%.

最後，讓我總結一下我們對第四季的預期。我們預計第四季合併收入將比 2024 年第四季成長 10% 至 15%，淨收入利潤率將在 55% 至 60% 之間。

Additionally, we expect marketing expenses to be around 20% of revenue, but the cost to be between 8% to 8.5% of revenue and G&A cost to be between 5% and 5.5% of revenue.

此外，我們預計行銷費用將佔收入的 20% 左右，但成本將佔收入的 8% 至 8.5%，一般及行政費用將佔收入的 5% 至 5.5%。

These expectations should lead to adjusted EPS for the fourth quarter of 2025, that it's 20% to 25% higher than the fourth quarter of 2024.

這些預期應該會使 2025 年第四季的調整後每股收益比 2024 年第四季成長 20% 至 25%。

Our fourth quarter 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.

我們對第四季度的預期將取決於宏觀經濟環境的走向及其對需求、客戶付款率以及貸款發放成長的水平、時間和組合的影響。

Our third 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.

我們第三季的業績反映了我們多元化產品組合的優勢，以及我們團隊在保持穩健信貸的同時，持續實現強勁成長、收入和獲利能力的能力。

Our operating model has now delivered 6 consecutive quarters of year over year adjusted EPS growth of at least 25% or more, and we remain confident in our ability to generate meaningful financial results for the remainder of 2025 and beyond.

我們的營運模式已經連續 6 個季度實現了同比調整後每股收益至少 25% 的增長，我們仍然有信心在 2025 年剩餘時間及以後取得有意義的財務業績。

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

那麼，我們很樂意回答您的問題，接線員。

We will now begin the question-and-answer session.

現在開始問答環節。

[Operator Instructions]

[操作說明]

The first question today comes from David Sharp with Citizens Capital Market. Please go ahead.

今天第一個問題來自 Citizens Capital Market 的 David Sharp。請繼續。

Thanks. Good afternoon, and congratulations again. .

謝謝。下午好，再次祝賀。。

Dave and Steve, you, you're the latest in the, what's becoming a long line of lenders that have reported, very stable, positive, and constructive, credit commentary this earnings season. So I'm going to leave the credit questions to To some others, to ask about. I was curious, maybe two more granular things.

Dave 和 Steve，你們是最新加入本財報季以來發表非常穩定、積極和建設性信貸評論的貸款機構行列的。所以，關於信用方面的問題，我就留給其他人去問吧。我好奇的是，或許還有兩件更具體的事。

One is just on kind of capital actions, this is, I think similar commentary, on how you perceive the stocks valuation as you provided in the last couple of calls.

一方面是關於資本運作方面的問題，我認為這與您在最近幾次電話會議中對股票估值的看法類似。

Is there any kind of update you can provide us on. Whether you would ever consider seeking additional covenant relief to return potentially even more capital, in terms of buybacks or whether a dividend is potentially something the board would consider.

您能否提供任何最新進展？您是否會考慮尋求額外的契約豁免，以期返還更多資本（例如股票回購），或者董事會是否會考慮派發股息。

Yeah, I think everything's on the table, certainly both of those, over time, as well as, other ways of utilizing excess cash with plenty of excess capital, other ways of using excess capital to, maybe further diversify the businesses and increase our evaluation.

是的，我認為一切皆有可能，當然，隨著時間的推移，這兩種方案都會實施，此外，我們還會考慮利用剩餘現金和大量剩餘資本的其他方式，以及利用剩餘資本進一步實現業務多元化並提高公司估值的其他方式。

I think as Steve said very well in his prepared remarks, given the incredibly strong track record of our performance, the performance of our business, how much it's evolved over the last seven or eight years just in terms of stability, diversification, a balance sheet strength to be trading at the same pieces we were back then is, obviously not what we think the value of the businesses.

我認為正如史蒂夫在事先準備好的發言稿中所說，鑑於我們公司過去七八年來的出色業績，以及我們在穩定性、多元化和資產負債表實力方面取得的巨大進步，以當時的價格進行交易顯然不是我們認為公司應有的價值。

So, yes, opportunities to increase the buyback. The returns on our buybacks over time has been very strong, certainly a dividend that at at the right time, although that's, I think usually a better tool when the stock is more fully valued, and then, are there places other places in the market where we could utilize our capital.

所以，是的，有機會增加回購。隨著時間的推移，我們的股票回購回報非常強勁，當然，在適當的時機派發股息也是一個不錯的選擇。不過，我認為，當股票估值更合理時，派發股息通常是更好的工具。此外，我們也可以考慮在市場上的其他地方投資我們的資本。

Understood. Maybe as a follow-up.

明白了。或許可以作為後續報道。

On the marketing side, There have been quite a number of quarters now, where at least there's a percentage of revenue, marketing dollars have come in below, your guidance and I think he got it to 20% last quarter.

在行銷方面，已經有好幾個季度，至少有一部分收入，也就是行銷費用，低於您的預期，但我認為他上個季度達到了 20%。

It came in at 18% again and it at some point trying to figure out if you know what what's a feature versus a bug and are you, are you seeing anything about the composition of Either by channel or just percentage of repeat borrowers or just maybe it's the makeshift, towards more more SMB but is there anything that would kind of lead you to tell us structurally, the operating model is potentially more profitable than we've been sort of modeling and that 20% is maybe too high a ceiling.

它再次達到了 18%，我們一直在努力弄清楚你是否知道什麼是特性什麼是缺陷，你是否注意到任何關於構成方面的問題，無論是按渠道劃分，還是僅僅按重複借款人的百分比劃分，或者這只是向更多中小企業過渡的權宜之計，但有沒有什麼跡象表明，從結構上看，這種運營模式可能比我們之前建模的盈利潛力，而 20%？

Yeah, I mean, look, the model continues to get more profitable, and I'll give a lot of credit to our marketing and business teams who are continuing to get more efficient, on the marketing and acquisition and conversion side, those all those all tie together, but some of it's also just a confluence of events, if you kind of go back to Q4 of last year, volume came really late in the quarter, and so we probably underspent because we didn't see the volume earlier in the quarter.

是的，我的意思是，你看，這個模式的盈利能力持續增強，這很大程度上要歸功於我們的營銷和業務團隊，他們在營銷、獲客和轉化方面不斷提高效率，這些方面都是相互關聯的，但其中一些也是多種因素共同作用的結果。如果你回顧去年第四季度，銷量成長得非常晚，所以我們可能投入不足，因為我們在季度初沒有看到銷量成長。

Q1, there was just a tremendous amount of volume that we never would expect to see in Q1, so we're probably underspending again and then we had a lot of excess revenue from the strong Q4 and Q1, kind of increasing the denominator for Q2.

第一季銷售非常驚人，這是我們之前從未預料到的，所以我們可能又一次支出不足。此外，由於第四季和第一季的強勁表現，我們獲得了大量的超額收入，這在一定程度上增加了第二季的分母。

Where the, where actually the spend was actually kind of pretty near where we would have thought it was going to be. And then as we talked about in Q3, we pulled back a bit on the consumer side just while we were letting the credit settle in the that one consumer product.

實際上，實際支出與我們預想的差不多。正如我們在第三季度討論的那樣，我們在消費者方面有所縮減，當時我們正在讓信貸在該消費品領域穩定下來。

So so we look for Q4 as we're now accelerating growth, especially in the consumer side. Now the credit, as I mentioned on my prepared remarks, credit looks incredibly good right now, not just solid. I mean, it looks.

因此，我們期待第四季能夠加速成長，尤其是在消費者方面。正如我在準備好的發言稿中提到的，目前的信貸狀況非常好，不僅僅是穩健。我的意思是，看起來是這樣。

Like incredibly good at the moment we're going to lean into that accelerate growth and look, a lot can change between now and the end of the year, and it's hard to predict the holiday season, but we would, we're certainly expecting higher levels of spend and in Q4.

目前情況非常好，我們將利用這一優勢加速成長。當然，從現在到年底之間可能會發生很多變化，而且很難預測假期季節的情況，但我們肯定會預期第四季的消費水準會更高。

Got it. Great. Thank you very much.

知道了。偉大的。非常感謝。

The next question comes from Bill Ryan with Seaport Research Partners. Please go ahead.

下一個問題來自 Seaport Research Partners 的 Bill Ryan。請繼續。

Thanks. Good afternoon, David Steve.

謝謝。下午好，大衛史蒂夫。

Question on the, growth outlook. I mean, you obviously seem very optimistic, on the consumer, originations going into Q4. A looking at Q3, consumer installment, as you noted, was very strong, a little bit of decline in consumer line of credit originations.

關於成長前景的問題。我的意思是，你顯然對第四季的消費者貸款發放非常樂觀。回顧第三季度，正如您所指出的，消費者分期付款非常強勁，而消費者信貸額度發放量略有下降。

I presume that might be reflective of the tightening and kind of the wait and see approach that you took from Q2 to Q3, just, was that the case? And do you expect kind of a mix? of growth between the two products going into Q4 like a re-acceleration and line of credit.

我猜想這可能反映了您從第二季到第三季採取的收緊政策和觀望態度，對這樣嗎？你預期會是某種混合型嗎？進入第四季度，兩款產品之間的成長勢頭將像重新加速成長和信貸額度一樣強勁。

Yeah, I mean, very observant of you, Bill, so I'll give you credit for sure. Steve guessed that that someone's going to pick that up and he was right. So yes, that was the product, and yes, that is where we're expecting the most acceleration going in Q4. Again, we're filling demand here, so we don't always, we don't always know for sure.

是的，我的意思是，比爾，你觀察力真敏銳，所以我一定會稱讚你。史蒂夫猜到會有人撿到那東西，他的猜測是對的。所以，是的，那就是我們的產品；是的，我們預計第四季度該產品將實現最大的成長。再說一遍，我們在這裡是為了滿足需求，所以我們並不總是，我們並不總是能確定。

But that is certainly our expectation on the consumer side that we'll see a re-acceleration of that that line of credit and a mixed shift in favor of line of credit, not that there's any issue with installment right now there, there's not, but I just there's just more rele there's more acceleration opportunities in line of credit given the, yeah, the slight pullback we had intentionally in Q3.

但就消費者而言，我們當然預期信貸額度的使用將會再次加速成長，並且會出現有利於信貸額度的混合轉變。並不是說目前分期付款有什麼問題，確實沒有，但考慮到我們在第三季度有意進行的輕微回調，信貸額度方面會有更多加速增長的機會。

Okay, and I assume this might relate to that as well, but the change in fair value on the consumer loan portfolio, a little bit of an uptick in Q3 as well I assume was that related to some of the adjustments that were made.

好的，我猜這可能也與此有關，消費貸款組合的公允價值變化，第三季略有上升，我猜這與一些調整有關。

Yeah, I mean if you think about the change in fair value line item in terms of dollars there's two components. One of them is, the back book sort of running its course, which, the fair value premium is very stable, so all of that wasn't as expected as we just sort of continue to mature the back book.

是的，我的意思是，如果你從美元的角度來考慮公允價值項目的變化，你會發現它包含兩個部分。其中之一是，待售債券的發行週期正在推進，其公允價值溢價非常穩定，因此，所有這些都不像我們預期的那樣，因為我們只是繼續讓待售債券的發行週期趨於成熟。

The bigger difference would have been the slower originations growth overall on the consumer portfolio, which would have been a negative in the in the change of fair value line items for the quarter.

更大的差異在於消費貸款組合的整體新增貸款成長速度放緩，這將對本季公允價值項目的變化產生負面影響。

Okay, got it. Thanks for the answers.

好的，明白了。謝謝大家的解答。

The next question comes from Vincent Kaintick with BTIG. Please go ahead.

下一個問題來自 BTIG 的 Vincent Kaintick。請繼續。

Good afternoon. Thanks for taking my questions. I guess, I'll ask the credit question.

午安.謝謝您回答我的問題。我想，我還是問問信用方面的問題吧。

But, so your credit trends have been strong both in S&P and in consumer, and was just wondering, I guess with the applications you're getting it or maybe just kind of a broad industry outlook if you have any of where you might be seeing or where there might be any sort of deterioration that might be out there like Perhaps are you getting more applications in certain areas where you might be declining more or anything where you might be seeing that.

但是，你們的信貸趨勢在標普和消費者信貸方面都表現強勁，我只是想問一下，就你們收到的申請而言，或者從整體行業前景來看，你們是否觀察到任何可能出現惡化的跡象，比如某些地區的申請是否增多，而你們的拒保率是否更高等等。

Thank you.

謝謝。

I mean, look, we're, we adjust credit, hundreds of times a quarter, so there's always something here, something there, but there's no significant pockets at all.

我的意思是，你看，我們每季都要調整信貸數百次，所以總是會有一些波動，但根本不存在什麼重大的資金缺口。

Our subprime business has some of the best credit metrics we've seen in a long time and so our near prime, both the business has like some of the best credit metrics we've seen in a long time.

我們的次級貸款業務擁有近年來最好的信用指標，我們的準優質貸款業務也擁有近年來最好的信用指標。

So, it's broad-based. I know, there's been a lot of questions about it because of subprime Auto and, maybe one or two vintages and some of Upstart's older securitizations, but I mean those, that one they kind of want one vintage it doesn't doesn't mean much of anything and subprime Auto we've seen many times.

所以，它的基礎很廣泛。我知道，因為次貸汽車貸款，以及可能一兩個年份的舊款汽車貸款和Upstart公司一些較早的證券化項目，所以有很多關於這方面的問題，但我的意思是，他們想要的那種年份的舊款汽車貸款，其實意義不大，而且我們已經見過很多次次貸汽車貸款了。

Over Nova's history is just not correlated to what we do. It's so much it's so much based on asset prices and supply and demand, so no, we are seeing top to bottom consumer and small business, incredibly good credit, and it's not surprising the economy remains strong, the job market remains strong.

Nova 的歷史與我們所做的事情毫無關聯。這很大程度上取決於資產價格和供需關係，所以，我們看到從上到下，消費者和小型企業信貸狀況都非常好，經濟保持強勁、就業市場保持強勁也就不足為奇了。

Inflation is moderated. There, there's no reason to expect that it wouldn't be. So, yeah, no areas that we're really concerned about at all right now.

通貨膨脹得到控制。在那裡，沒有理由認為它不會發生。所以，是的，目前我們沒有任何真正擔心的領域。

Okay, great. Thank you for that.

好的，太好了。謝謝。

I guess relatedly, on the competitive front, So, I know maybe banks aren't your direct competitors, but some of the failings that maybe have happened amongst other lenders, particularly in commercial side, there's, maybe some of those, lenders are now relooking at their portfolios and so forth, and maybe tightening up a bit.

我想，就競爭方面而言，我知道銀行可能不是你的直接競爭對手，但其他貸款機構，特別是商業貸款機構，可能出現了一些失誤，導致其中一些貸款機構現在正在重新審視他們的投資組合等等，並可能採取一些收緊措施。

So I'm kind of wondering if you're seeing that and if in turn that allows you to take more share or maybe that's part of the marketing opportunities that you're seeing. We could talk about that.

所以我想知道你是否看到了這一點，以及這是否能讓你獲得更多市場份額，或者這是否是你看到的行銷機會的一部分。我們可以談談這個。

Thanks. Yeah, I mean yeah sure on the small business side we continue to see banks being extremely conservative and that's created an enormous opportunity for us over the years and we don't, we haven't seen that change at all. I mean if anything we've seen more conservatism.

謝謝。是的，我的意思是，當然，在小型企業方面，我們仍然看到銀行非常保守，這多年來為我們創造了巨大的機會，而且我們根本沒有看到這種情況發生任何改變。我的意思是，我們看到的恰恰是更保守的一面。

From banks, which is, obviously been a huge positive for us there and then on the consumer side.

從銀行業來看，這顯然對我們來說是一個巨大的利好，從消費者方面來看也是如此。

There haven't been any new entrants into that space in a long, a long time, and when we see kind of people on the fringes, more prime lenders try to dip their toes into near prime, we see them pull back very quickly.

這個領域已經很久很久沒有新進者了，當我們看到一些邊緣人物，也就是一些優質貸款機構試圖涉足次優質貸款領域時，我們看到他們很快就會撤回。

It's just that they're just different businesses, and, they're not good at lending above 36%, no different than we would not be good at lending at 12% or 18%. It's just not what we do. We're not compete with Capital One and I think they've been pretty smart about not trying to com compete with us.

只不過他們是不同的企業，而且他們不擅長放款超過 36% 的利率，就像我們不擅長放款 12% 或 18% 的利率一樣。我們根本不會這麼做。我們和 Capital One 不是競爭對手，我認為他們明智地沒有試圖與我們競爭。

So, yeah, I think that, we've talked about the competitive dynamic, is good for us and we continue to not see many changes there.

是的，我認為，我們已經討論過競爭格局，這對我們來說是好事，而且我們預計這方面不會有太大變化。

Great, very helpful.

太好了，很有幫助。

[Operator Instructions]

[操作說明]

The next question comes from Kyle Joseph with Stevens. Please go ahead.

下一個問題來自史蒂文斯的凱爾約瑟夫。請繼續。

Hey, good afternoon guys, thanks for taking my questions.

嘿，各位下午好，感謝你們回答我的問題。

Just in terms of growth, obviously it's been weighted towards the small business side of things and kind of you guys mentioned kind of the credit blip you saw in the spring,

就成長而言，顯然主要集中在小型企業方面，而且你們也提到了春季出現的信貸波動。

but yeah, and touching on competitive dynamics and then I think you mentioned that you expect consumer to re-accelerate just give us a sense for kind of the competitive dynamics between the two.

是的，談到競爭動態，我想你也提到你預期消費者會重新加速成長，請你跟我們介紹兩者之間的競爭動態。

Yeah, so look, we don't purposefully, push growth in one versus the other. You've heard us talk about it's all based on our unit economics framework.

是的，所以你看，我們不會刻意推動其中一方的成長而忽略另一方。你們都聽我們說過，這一切都是基於我們的單位經濟框架。

We have excess capital, so when we can originate loans above our ROE targets, we will, and we let the market dynamics, play out and I would say. The variances in the growth rates between the two businesses over the last few years have been, almost all, market, marketing and credit driven.

我們有多餘的資本，所以當我們能夠發放高於我們 ROE 目標的貸款時，我們會這樣做，我們會讓市場動態發揮作用，我想說的是。過去幾年裡，兩家企業成長率的差異幾乎完全是由市場、行銷和信貸因素造成的。

So in 2023, for example, consumer outgrew small business by a fair amount, this year, small businesses, outgrowing consumer. That's fine, but that's great, this quarter you might see that that revert especially with our re-acceleration on the consumer side, and next year we don't know. What we do know is we have a lot of good products, across a pretty wide spectrum of the non-prime, credit base.

例如，2023 年消費者的成長速度遠遠超過了小型企業；而今年，小型企業的成長速度超過了消費者。這很好，但這很棒，本季你可能會看到這種情況逆轉，尤其是在我們消費者方面重新加速成長的情況下，至於明年，我們還不知道。我們知道的是，我們有許多優質產品，涵蓋了相當廣泛的非優質信用基礎。

And so one market's stronger than the other we'll lean into it and you know take advantage of that that diversification but you know that so that that's kind of a longer-term and and shorter term, like I said we are pushing pretty hard on the consumer side right now, pushing hard relative for Aova obviously I mean we're always very balanced between growth and credit you've never seen us get out ahead of our skis and we're certainly not.

因此，如果一個市場比另一個市場更強，我們會加大投入，並利用這種多元化優勢。但你知道，這既是長期的，也是短期的。就像我說的，我們現在正大力發展消費領域，相對於Aova來說，我們顯然是在大力發展。我的意思是，我們始終在成長和信貸之間保持平衡，你從未見過我們操之過急，當然也不會。

Going to going to do that now, but we just credit looks so good on the consumer side that we're certainly leaning in.

我們現在就打算這麼做，但消費者方面的信用狀況看起來非常好，所以我們肯定會全力以赴。

Great, that's it for me. Thanks for taking my questions.

太好了，我的情況就是這樣。謝謝您回答我的問題。

Okay.

好的。

The next question comes from Alexander Villalobo with Jeffrey. Please go ahead.

下一個問題來自 Alexander Villalobo 和 Jeffrey。請繼續。

Hey guys, congrats on the results and thank you for taking my question. My question was more on the cap market side and just interest expense.

各位，恭喜你們取得好成績，謝謝你們回答我的問題。我的問題更多是關於資本市場方面以及利息支出。

I know you guys generate a ton of cash, and is there anything on the bond side or just, cap market side where you guys can, in the future kind of lower the interest expense a little bit more, and kind of get, a little more push on the EPS side from there. Thank you.

我知道你們賺了很多錢，那麼在債券方面或資本市場方面，你們未來是否可以進一步降低利息支出，從而在每股收益方面獲得更大的推動力呢？謝謝。

Yeah, for sure, so we've talked about, the expectation that we're going to see lower benchmark rates in the short end of the curve, which is where we tend to fund so that, we expect over the near term over, the next year or two that's going to be a tailwind for us but more importantly just the performance of the portfolio has allowed us to continue to bring our spreads down.

是的，當然。我們已經討論過，我們預期短期利率曲線的基準利率將會下降，而這正是我們通常進行融資的領域。因此，我們預計在未來一兩年內，這將對我們有利。但更重要的是，投資組合的良好表現使我們能夠繼續降低利差。

You saw that I mentioned it in my commentary, every transaction here over the last year or so we've talked about the decline in the credit spreads over the benchmark, because of that performance.

正如我在評論中提到的，過去一年左右的每一筆交易，我們都談到了由於這種表現，信用利差相對於基準的下降。

So I think there's clearly some opportunity between those two things to capture some of the tailwinds in the capital markets to help support growth and and EPS.

所以我認為，這兩者之間顯然存在一些機會，可以利用資本市場的一些利多因素來幫助支持成長和每股盈餘。

Perfect. Thank you.

完美的。謝謝。

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

下一個問題來自約翰·赫克特和傑弗裡。請繼續。

[inaudible] So I'll only ask one question, but it's kind of, I guess a broad question.

[聽不清楚] 所以我只會問一個問題，但我想這個問題比較寬泛。

I mean, you've got, rates declining, it sounds like very good consistent current trends, I think that the competitive environment continue to be favorable for you, but then, we're eyeing high pre-payment activity which in some cases looks like it's tied to just excessive amounts of liquidity in the system.

我的意思是，利率下降，這聽起來是一個非常好的、持續的當前趨勢，我認為競爭環境對你們仍然有利，但是，我們注意到提前還款活動很高，在某些情況下，這似乎與系統中過多的流動性有關。

Yeah, so the point is, like, things seem good, but they're on the margin kind of moving targets. How do those things, affect your, kind of the way you think about near term and intermediate term strategy?

是啊，所以關鍵是，事情看起來不錯，但它們就像是處於邊緣地帶，隨時可能發生變化。這些因素會如何影響你對近期和中期策略的思考方式？

Yeah, it was a little hard to hear some of that with the background noise. I think you're competitively we talked about there's not much new. I think you said you asked about pre-pays, like elevated prepays.

是的，背景噪音有點大，所以有些內容不太容易聽清楚。我認為你們很有競爭力，我們之前也討論過，沒有什麼新內容。我想你說過你問的是預付款，例如高額預付款。

It look in the subprime and your prime space that just doesn't move the needle much. I mean, it's just there these, our customers need the cash, and so we don't tend to see that a lot. So again, it look, it, we don't get overly confident in an Nova. It's it's just something we don't do.

看看次貸和優質貸款領域，這並不會造成太大影響。我的意思是，情況就是這樣，我們的客戶需要現金，所以我們通常不會經常看到這種情況。所以再說一遍，我們還是不要對Nova抱有過高的信心。我們就是不做這種事。

But the model, the products are looking really strong and stable right now. We're not seeing many cracks, we're not seeing many changes, other than improving credit, our customer bases look very solid, kind of across any metric.

但是，目前來看，該模式和產品都非常強勁穩定。除了信用狀況改善之外，我們沒有看到太多裂痕，也沒有看到太多變化，我們的客戶基礎看起來非常穩固，從任何指標來看都是如此。

That we can look at, I mean when we think about your payment rates haven't changed, average average loan sizes are staying steady, we're not seeing customers being more or less price sensitive, it's just, it's a very stable, environment right now again we're fully cognizant that that can change and we, we're we're watching all the metrics every day, but you know right now things are looking very stable.

我們可以看看，我的意思是，當我們考慮到您的還款率沒有變化，平均貸款規模保持穩定，我們沒有看到客戶對價格更加敏感或不那麼敏感，目前這是一個非常穩定的環境。當然，我們也完全意識到這種情況可能會發生變化，我們每天都在關注所有指標，但你知道，目前情況看起來非常穩定。

Great, thank you very much.

太好了，非常感謝。

The next question comes from John Rowan with Jenny. Please go ahead.

下一個問題來自約翰·羅文和珍妮。請繼續。

Good from you guys obviously you spent a lot of time talking about current credit, given obviously what's going on in the news but maybe just touch on quickly what you think about 2026 in particular, think about, what's going on with tax laws and, tips and overtime and changes to, childcare tax credit and you know and and.

你們做得很好，顯然你們花了很多時間討論當前的信貸問題，考慮到新聞中發生的事情，但也許可以快速地談談你們對 2026 年的看法，特別是稅法、小費、加班費、兒童保育稅收抵免的變化等等。

Some of those other programs just give us an idea of maybe how much of your con your consumers are impacted by some of those large changes in in tax policy.

其他一些項目可以讓我們大致了解，您的消費者在多大程度上會受到稅收政策重大變化的影響。

Thank you.

謝謝。

Yeah, well, I think. The the estimates are for higher tax refunds next year, which should help with credit.

嗯，我想是這樣的。預計明年的退稅額將會增加，這應該有助於提高稅收抵免。

And then look, I think this year we saw what we thought was going to be one of the bigger impacts which was the resumption of payments on student loans and the resumption of collections on on student loans, and you know we've been able to navigate with that with no problem at all and I think you know some of the tax, some of the tax changes next year kind of pale in comparison to that in terms of magnitude and if anything are likely to be helpful.

然後你看，我認為今年我們看到了我們認為影響最大的事件之一，那就是學生貸款還款和催收的恢復。你知道，我們已經能夠毫無問題地應對這些事件。我認為，明年的一些稅收變化，就其規模而言，與此相比就顯得微不足道了，而且如果有什麼影響的話，可能還會有所幫助。

So, again, we'll we'll. You don't know until it actually plays out, but it doesn't seem like it's going to be an issue for us at all.

所以，再說一遍，我們會的。不到事情真正發生，誰也說不準，但看起來這對我們來說根本不會是個問題。

Okay, all right, thank you.

好的，謝謝。

[Operator Instructions]

[操作說明]

The next question comes from Moshe Orinbuch with TD Cowen. Please go ahead.

下一個問題來自 TD Cowen 的 Moshe Orinbuch。請繼續。

Great thanks most of my questions have actually been asked and answered, but I was sort of hoping that, to kind of just and, maybe the idea of, you talked about leaning in kind of on the line of credit side of the consumer and the consumer being significantly stronger in Q4 than Q3.

非常感謝，我的大部分問題實際上都已經提出並得到了解答，但我還是希望，也許可以這樣理解，您談到要重視消費者的信貸額度，以及消費者在第四季度比第三季度明顯更強勁。

I guess given that, your approach, does that mean that that you will have less origination on the small business side or does it mean that we should just think about you kind of, investing just incrementally heavily, in Q4?

我想，鑑於你的做法，這是否意味著你在小企業方面的貸款發放量會減少，或者是否意味著我們應該考慮在第四季度逐步加大對你的投資？

It's completely incremental, as we have plenty of excess capital. I think we had about a billion dollars of excess liquidity at the end of Q3, so, we have plenty of capital to to invest in both.

這是完全漸進式的，因為我們有大量的剩餘資金。我認為我們在第三季末有大約10億美元的過剩流動資金，因此，我們有足夠的資金同時投資這兩個領域。

In Q4 and, SMB looks really good as well. I mean they had a just killer Q3, and that momentum has continued into to Q4. So, the only reason we've talked, haven't talked more about SMB is because it's just doing well and it's continuing to do well and we'll.

第四季度，中小企業的表現也相當不錯。我的意思是，他們第三季的業績非常出色，而且這種勢頭延續到了第四季。所以，我們之所以沒有更多地談論中小企業，唯一的原因是它發展得很好，而且還會繼續發展得很好，我們會繼續談論它。

Yeah, we have plenty of capital to keep that business going, full speed, and then so it's really just that the change is really just on the consumer side where you now that [we'reating] growth again, should see stronger growth and and and the consumer book.

是的，我們有足夠的資金來維持這項業務的正常運轉，全速發展，所以真正的變化僅僅在於消費者方面，現在我們再次實現了增長，應該會看到更強勁的增長，以及消費者業務的增長。

Got you. Okay, and the, and this may be just, our forecast, but, you bought back a little less stock in Q3, than we had in in our model.

抓到你了。好的，而且，這可能只是我們的預測，但是，你們在第三季回購的股票數量比我們模型中的要少一些。

Given that you've got you know that you've got this kind of extra kind of, faster growth, expected in Q4 should we think that, buybacks would be similar to Q3 or, more like prior quarters.

鑑於您已經知道第四季會有這種額外的、更快的成長，我們是否應該認為股票回購會與第三季類似，或者更像之前的幾季。

Moshe, so as we talked about, we have the the capital and liquidity to do all of it organic growth as well as buybacks, and our buyback is we run an opportunistic program so we still bought 60% of the capacity this quarter, but you also remember we touched all-time highs for a couple of weeks.

莫舍，正如我們剛才討論的，我們有足夠的資金和流動性來進行有機增長以及股票回購。我們的股票回購是一個機會主義的計劃，所以我們本季仍然回購了 60% 的產能，但你也記得，我們​​曾經連續幾週創下歷史新高。

Which at those levels we would still be buying but at a lower level than we would say for example right now and in those quarters where we were buying nearly all of the capacity you know we were trading off of where we are today so you should expect us to follow that approach we have about 80 million available in Q4, which is, we kept some of that powder dry in case there's volatility as we go forward from here and we'll continue to be opportunistic.

在這些價位上，我們仍然會買入，但會比現在的價位低一些。在那些季度裡，我們幾乎買了所有產能，你知道，我們當時的交易價格與今天的價位相當。所以你應該預料到我們會繼續採取這種策略。我們在第四季還有大約 8000 萬美元的可用產能，也就是說，我們保留了一些資金，以應對未來可能出現的波動，我們將繼續抓住機會。

And by as much as we can against that program and continue to to grow the business as fast as we can against our our focus growth balanced growth approach.

並且我們將盡最大努力遵守該計劃，並繼續按照我們以均衡成長為重點的成長方式，盡可能快速地發展業務。

Got it thanks Steven and David.

明白了，謝謝 Steven 和 David。

Yeah thank you.

是啊，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。我謹將會議交還給大衛·費雪，請他作總結發言。

Thanks everyone for joining our call today. We certainly appreciate it and look forward to speaking with you again next quarter. Have a good evening.

感謝各位今天參加我們的電話會議。我們非常感謝您的回复，並期待下個季度再次與您交流。祝你晚上愉快。