Enova International Inc (ENVA) 2025 Q4 法說會逐字稿

Good day, and welcome to the Enova International fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Enova International 2025 年第四季及全年業績電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給 Enova 的投資者關係負責人 Lindsay Savarese。請繼續。

Thank you, operator, and good afternoon, everyone. Enova released results for the fourth-quarter and full-year 2025 ended December 31, 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於今天下午股市收盤後發布了截至2025年12月31日的2025年第四季和全年業績。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, Executive Chairman of the Board of Directors; Steve Cunningham, Chief Executive Officer; and Scott Cornelis, 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有：董事會執行主席大衛·費舍爾；首席執行官史蒂夫·坎寧安；以及首席財務官斯科特·科內利斯。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. 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 Form 10-Q, and current reports on Form 8-K. 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.

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。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-Q 表格）和目前報告（8-K 表格）中討論的風險因素。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. Reconciliations between these GAAP and non-GAAP measures are included in the tables found in today's press release.

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。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。

As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website.

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. Also with me today are Steve Cunningham and Scott Cornelis.

謝謝大家，下午好。感謝您今天參加我們的電話會議。今天和我一起的還有史蒂夫·坎寧安和史考特·科內利斯。

As I'm sure most of you know, effective January 1, Steve became CEO of Enova, and Scott became CFO as I transitioned to the Executive Chairman role, have committed to remain as an Executive Chair for at least two years. With the full support of the Board, this move was thoroughly, thoughtfully and deliberately planned over more than a year and having worked closely with both Steve and Scott for many years, I'm confident that they are the right leaders to see Enova through its next phase of growth, and the timing has worked out even better than we had hoped.

正如你們大多數人所知，自 1 月 1 日起，Steve 成為 Enova 的首席執行官，Scott 成為首席財務官，而我則轉任執行董事長一職，我承諾至少在未來兩年內繼續擔任執行董事長。在董事會的全力支持下，這項措施經過一年多的周密、深思熟慮和精心策劃。多年來，我與史蒂夫和斯科特密切合作，我相信他們是帶領 Enova 進入下一個成長階段的合適領導者，而且時機比我們預期的還要好。

As Steve and Scott will discuss in more detail, Q4 was another very strong quarter, wrapping up a record year for Enova. And as announced in December, with our pending acquisition of Grasshopper Bank, we believe we have found the perfect partner at the perfect time to take Enova to the next level by simplifying our regulatory structure, opening up additional markets for our consumer products adding additional low-cost funding sources, providing a platform for new product opportunities.

正如史蒂夫和斯科特將要詳細討論的那樣，第四季度又是一個非常強勁的季度，為 Enova 創紀錄的一年畫上了圓滿的句號。正如我們在 12 月宣布的那樣，隨著我們對 Grasshopper Bank 的收購即將完成，我們相信我們已經在最佳時機找到了完美的合作夥伴，透過簡化我們的監管結構、為我們的消費產品開拓更多市場、增加更多低成本資金來源、為新產品機會提供平台，將 Enova 提升到一個新的水平。

When I first joined Enova, I never anticipated staying for more than a few years. But this role unexpectedly grew into the longest, most challenging, and most rewarding of my career. I unequivocally attribute that to the extraordinary people and the culture at Enova, and due in large part to that team, the future of Enova is bright.

剛加入 Enova 時，從未想過會待上幾年以上。但出乎意料的是，這個職位發展成為我職業生涯中持續時間最長、最具挑戰性、也最有成就感的職位。毫無疑問，這要歸功於 Enova 的傑出人才和企業文化，也正是由於這個團隊，Enova 的未來一片光明。

Steve and I share a common vision that our focused growth strategy will steer our path forward. We will 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.

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指引我們前進的方向。我們將持續調整和創新，致力於實現可持續的獲利成長，同時滿足客戶需求並提升股東價值。

With that, I would like to turn the call over to Steve.

接下來，我想把電話交給史蒂夫。

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

謝謝你，大衛，大家下午好。感謝您今天參加我們的電話會議。

Our fourth-quarter results capped off another exceptional year for Enova. Strong originations growth and solid credit across our portfolio once again drove strong financial performance. For the full year 2025, originations grew 27%, leading to revenue growth of nearly 20% which when combined with stable credit and the significant operating leverage in our business model drove adjusted EPS growth of 42%.

Enova第四季的業績為公司又一個卓越的年份畫上了圓滿的句號。強勁的貸款發放成長和穩健的信貸狀況再次推動了我們投資組合的強勁財務表現。2025 年全年，貸款發放量成長了 27%，帶動收入成長近 20%，再加上穩定的信貸和我們業務模式中顯著的營運槓桿作用，推動調整後每股收益成長了 42%。

2025 was our second consecutive year of adjusted EPS growth in excess of 30%, demonstrating the resiliency of our balanced growth strategy, and the ability of our experienced team to deliver consistent and differentiated performance by leveraging our diversified product offerings, flexible online-only model, and world-class risk management and technology.

2025 年是我們連續第二年調整後每股收益成長超過 30%，這證明了我們均衡成長策略的韌性，以及我們經驗豐富的團隊透過利用我們多元化的產品、靈活的純線上模式以及世界一流的風險管理和技術，提供持續且差異化的績效的能力。

Turning to the quarter. We're pleased to deliver fourth-quarter results that were in line or better than our expectations. Fourth-quarter originations increased 32% year over year to $2.3 billion. As a result of the strong originations growth, our portfolio increased 23% year over year to a record $4.9 billion. Small Business products represented 68% of our portfolio at the end of the year, while consumer accounted for 32%.

轉向四分之一。我們很高興地宣布，第四季業績符合或超出預期。第四季新增貸款金額年增 32%，達到 23 億美元。由於貸款發放量強勁成長，我們的貸款組合年增 23%，達到創紀錄的 49 億美元。截至年底，小型企業產品占我們產品組合的 68%，而消費者產品佔 32%。

Strong demand and solid credit performance enabled us to be more aggressive with our marketing during the quarter as we leveraged our sophisticated technology and analytics to capture this demand at attractive unit economics. Marketing expense was 23% of our total revenue during the fourth quarter, driving record quarterly originations. We expect marketing spend to revert back to more typical levels, although we'll continue to opportunistically lean into marketing to meet demand with attractive unit economics.

強勁的需求和穩健的信貸表現使我們能夠在本季度採取更積極的行銷策略，利用我們先進的技術和分析來滿足這種需求，並實現具有吸引力的單位經濟效益。第四季行銷費用佔總收入的 23%，推動了季度貸款發放量創歷史新高。我們預計行銷支出將恢復到更正常的水平，儘管我們將繼續抓住機會加強行銷力度，以滿足具有吸引力的單位經濟效益的需求。

The strong quarterly portfolio growth revenue increased to the top of our expected range, growing 15% year over year to $839 million in the fourth quarter and profitability metrics grew even faster as adjusted EPS increased 33%, driven by strong credit and our significant operating leverage. SMB revenue accelerated to 34% year over year to $383 million and our consumer revenue increased 3% year over year to $446 million, both quarterly records.

強勁的季度投資組合成長使收入達到預期範圍的上限，第四季度同比增長 15% 至 8.39 億美元，盈利能力指標增長更快，調整後每股收益增長 33%，這得益於強勁的信貸和我們顯著的經營槓桿。中小企業營收年增 34% 至 3.83 億美元，消費者營收年增 3% 至 4.46 億美元，兩項季度營收均創歷史新高。

In addition to our strong growth this quarter, our fourth-quarter credit results also demonstrate that both our small business and consumer customers remain on solid footing. The consolidated net charge-off ratio for the fourth quarter of 8.3% was down both sequentially and compared to the fourth quarter of 2024.

除了本季強勁的成長外，我們第四季的信貸業績也表明，我們的小型企業客戶和個人客戶都保持著穩健的財務狀況。第四季綜合淨沖銷率為 8.3%，季減，與 2024 年第四季相比也有所下降。

External data highlighted that the US economy ended 2025 on a good note. The Federal Reserve's recent wage book pointed to economic gains across most of the country. In addition, the unemployment rate ticked down to 4.4% in December, with recent unemployment claims status underscoring that the labor market remains relatively stable and resilient.

外部數據顯示，美國經濟在2025年底呈現良好態勢。聯準會最近發布的工資報告顯示，全國大部分地區的經濟都出現了成長。此外，12 月失業率小幅下降至 4.4%，近期失業救濟申請情況顯示勞動市場依然相對穩定且具韌性。

Further, real wage growth continues to be positive, with average hourly earnings rising 3.8% year over year in December after rising 3.6% during November. In early reads indicate December consumer spending grew moderately and continues to support economic activity.

此外，實質薪資成長持續向好，12 月平均時薪年增 3.8%，而 11 月的增幅為 3.6%。初步數據顯示，12月份消費者支出溫和成長，持續支撐經濟活動。

Looking at our consumer business. This constructive economic backdrop supported the reacceleration of growth and improvement in credit metrics that we discussed last quarter. With the strong early default performance we were seeing at that time, we leaned into boosting consumer originations, which accelerated as we moved through the fourth quarter. And as we expected, credit metrics for the consumer portfolio improved both sequentially and compared to the year ago quarter.

審視我們的消費者業務。這種積極的經濟環境支撐了我們上個季度討論過的成長加速和信貸指標的改善。鑑於當時我們看到的強勁的早期違約表現，我們加大了消費者貸款發放力度，而隨著我們進入第四季度，這一力度進一步加大。正如我們預期的那樣，消費者貸款組合的信貸指標環比和同比均有所改善。

Turning to small business. Our SMB business continues its stream of outstanding performance. Our leading brand presence, scale and competitive landscape again resulted in significant growth in remarkably stable credit performance. Fourth-quarter originations for SMB increased 20% sequentially and 48% year over year to $1.6 billion, marking the eighth-consecutive quarter of year-over-year originations growth of 20% or more.

轉向小型企業。我們的中小企業業務持續保持著卓越的業績表現。我們領先的品牌影響力、規模和競爭格局再次帶來了顯著成長，同時信貸業績也保持了極高的穩定性。第四季中小企業貸款發放金額季增 20%，年增 48%，達到 16 億美元，這是連續第八個季度年增 20% 或以上。

Credit metrics for the small business portfolio continue to be very stable as they have been for the past two years. Our internal and external data highlight that SMBs continue to express confidence in the economy and expect favorable operating conditions during 2026.

小型企業貸款組合的信貸指標與過去兩年一樣，持續保持非常穩定。我們的內部和外部數據顯示，中小企業持續對經濟充滿信心，並預期 2026 年的經營環境將較為有利。

In conjunction with Ocrolus, we released the non-federation of our small business cash flow trend report, which offers key insights into the state of small businesses and highlights ongoing trends observed over the past year.

我們與 Ocrolus 共同發布了小型企業現金流趨勢報告的非聯邦版本，該報告提供了有關小型企業狀況的重要見解，並重點介紹了過去一年中觀察到的持續趨勢。

Consistent with previous findings, the survey found that small business is still optimistic about future growth. Overall, growth expectations massed an all-time high with 94% of small businesses projecting growth over the next 12 months.

與先前的調查結果一致，該調查發現小型企業仍然對未來的成長持樂觀態度。總體而言，成長預期達到歷史最高水平，94% 的小型企業預計未來 12 個月將實現成長。

Nearly 75% of small business owners reported bypassing traditional banks in favor of alternative lenders like Enova. Of those that went to a traditional bank first, 46% of those reported being denied alone.

近 75% 的小型企業主表示，他們選擇繞過傳統銀行，轉而選擇像 Enova 這樣的替代貸款機構。在那些首先去傳統銀行的人中，46%的人表示自己被拒絕了。

External data also supports these findings as the NFIB Small Business Optimism Index rose to 99.5% in December and remained above its 52-year average of 98%. NFIB's chief economist pointed out that while Main Street business owners remain concerned about taxes, they anticipate favorable economic conditions in 2026 due to waning cost pressures, easing labor challenges, and an increase in capital investments.

外部數據也支持這些發現，因為 NFIB 小型企業樂觀指數在 12 月升至 99.5%，並保持在 52 年平均值 98% 以上。NFIB 的首席經濟學家指出，雖然小企業主仍擔心稅收問題，但由於成本壓力減弱、勞動力挑戰緩解以及資本投資增加，他們預計 2026 年的經濟狀況將較為有利。

While these surveys and external economic data provide useful context, our proprietary data offers more real-time and granular views into trends in the operating environment and the conditions of our customers. This data allows us to react quickly and nimbly as the operating environment is changing.

雖然這些調查和外部經濟數據提供了有用的背景信息，但我們的專有數據提供了對營運環境趨勢和客戶狀況的更即時、更細緻的了解。這些數據使我們能夠在營運環境變化時快速且靈活地做出反應。

Our deep experience serving non-prime consumers and small businesses, meaningful diversification, powerful technology and analytics, and our disciplined unit economics approach have been key to our ability to navigate varying operating environments while generating consistently strong financial results. And as we've demonstrated for many years, we believe our business is resilient across a wide range of macroeconomic environments.

我們在服務非優質消費者和小型企業方面擁有豐富的經驗，實現了有意義的多元化，擁有強大的技術和分析能力，並且採取了嚴謹的單位經濟效益方法，這些都使我們能夠在不斷變化的經營環境中持續取得強勁的財務業績。正如我們多年來所證明的那樣，我們相信我們的業務在各種宏觀經濟環境下都具有韌性。

Before I wrap up, I'd like to spend a few moments discussing our strategy and outlook for 2026. We've demonstrated a long track record of consistency between stated priorities and execution and we remain committed to this approach. Our balanced growth strategy works, and we expect to generate sustainable and profitable growth, while delivering on our commitment to driving long-term shareholder value and on our mission of helping hardworking people get access to fast, trustworthy credit.

在結束之前，我想花幾分鐘時間討論我們 2026 年的策略和展望。我們已證明，我們在既定優先事項和執行方面始終保持一致，我們將繼續堅持這一做法。我們均衡的成長策略行之有效，我們期望實現可持續的獲利成長，同時履行我們對推動長期股東價值的承諾，並實現我們幫助辛勤工作的人們獲得快速、可靠的信貸的使命。

Another key focus for 2026 will be closing the acquisition of Grasshopper Bank that we announced last month. We're excited about this powerful combination by uniting Enova's sophisticated online lending platform with Grasshopper's national charter and deposit gathering capabilities, we'll be able to expand access to more consumers and small businesses who've been traditionally underserved by banks.

2026 年的另一個重點是完成我們上個月宣布的對 Grasshopper Bank 的收購。我們很高興能將 Enova 先進的線上貸款平台與 Grasshopper 的全國特許經營權和存款能力相結合，從而實現這一強大的組合，使更多傳統上銀行服務不足的消費者和小型企業能夠獲得貸款服務。

In addition, this combination simplifies our product and operational model under a national bank charter, providing significant opportunities to accelerate the growth of our existing products with an enhanced ability to serve our customers in more states and an ability to expand into new complementary products.

此外，這種組合簡化了我們在國家銀行特許經營權下的產品和營運模式，為我們現有產品的成長提供了重大機遇，增強了我們在更多州為客戶服務的能力，並能夠擴展到新的互補產品。

Since our announcement of the energy and excitement from the teams for both companies have been tremendous. As together, we recognize the opportunities in our complementary capabilities, cultural alignment, and significant synergies. As a reminder, we expect net synergies related to the transaction to increase adjusted net income by $125 million to $220 million annually within the first two years post-closing. Driving adjusted EPS accretion of more than 25% once the synergies are fully realized.

自從我們宣布這一消息以來，兩家公司的團隊都表現出了極大的熱情和活力。我們共同體認到，我們互補的能力、文化契合度和顯著的協同效應蘊藏著巨大的機會。再次提醒，我們預計與該交易相關的淨協同效應將在交易完成後的頭兩年內每年增加調整後淨收入 1.25 億美元至 2.2 億美元。一旦綜效完全實現，調整後每股盈餘將成長超過 25%。

We filed our regulatory applications earlier this month, seeking approval from the Federal Reserve and the OCC, and we continue to make great progress on integration planning in anticipation of closing during the second half of 2026.

本月初，我們提交了監管申請，尋求聯準會和貨幣監理署的批准。我們繼續在整合規劃方面取得巨大進展，預計將於 2026 年下半年完成交易。

Overall, we're pleased to end the year with another strong quarter of solid revenue and profit growth. We have considerable momentum heading into 2026. And while it's still very early in the year, we're off to a great start with solid originations growth across our businesses. As Scott will discuss in more detail, and based on what we're seeing today, we expect 2026 to be another year of significant origination revenue and adjusted EPS growth.

總體而言，我們很高興以又一個強勁的季度營收和利潤增長為這一年畫上圓滿的句號。進入2026年，我們擁有相當大的發展動能。雖然現在還處於年初，但我們各項業務的貸款發放量都實現了穩健增長，取得了良好的開局。正如 Scott 將要詳細討論的那樣，根據我們今天所看到的，我們預計 2026 年將是貸款發放收入和調整後每股收益大幅增長的另一年。

Before turning the call over to Scott, I'd like to sincerely thank the entire Enova team for all their hard work and dedication. You all are the force behind our success. We're thrilled to celebrate our 13-year streak on Computerworld's 2026 Best Places to Work in IT list, reflecting the creativity, collaboration, and passion that fuel our technology teams. We're looking forward to another great year ahead. Thank you.

在將電話交給 Scott 之前，我衷心感謝 Enova 團隊全體成員的辛勤工作和奉獻精神。你們是我們成功的關鍵力量。我們非常興奮地慶祝我們連續 13 年榮登 Computerworld 2026 年 IT 行業最佳工作場所榜單，這反映了我們技術團隊的創造力、協作精神和熱情。我們期待著又一個精彩的年份到來。謝謝。

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

接下來，我想把電話交給我們的財務長史考特·科內利斯，他將更詳細地討論我們的財務表現和展望。在斯科特發言結束後，我們將樂意回答您可能提出的任何問題。史考特？

Thank you, Steve, and good afternoon, everyone. We're pleased to close 2025 with solid fourth-quarter financial results that once again met or exceeded our expectations. Our strong financial performance in the fourth-quarter and the full-year 2025 continues to demonstrate how the powerful combination of our diversified product offerings, scalable operating model, world-class risk management capabilities, and balance sheet flexibility allow us to consistently deliver strong top- and bottom-line results.

謝謝你，史蒂夫，大家下午好。我們很高興以穩健的第四季財務業績為 2025 年畫上圓滿的句號，這些業績再次達到或超過了我們的預期。我們在第四季度和 2025 年全年的強勁財務業績繼續表明，我們多元化的產品組合、可擴展的營運模式、世界一流的風險管理能力和資產負債表靈活性的強大組合，使我們能夠持續取得強勁的營收和利潤。

Turning to our fourth-quarter results. Total company revenue of $839 million increased 15% from the fourth quarter of 2024 at the top end of our expectations as total company combined loan and finance receivable balances on an amortized basis increased 23% from the end of the fourth quarter of 2024.

接下來來看看我們第四季的業績。公司總營收為 8.39 億美元，比 2024 年第四季成長 15%，達到我們預期的上限；公司合併貸款和融資應收款餘額（按攤銷基礎）比 2024 年第四季末成長 23%。

Total company originations during the fourth quarter rose 32% from the fourth quarter of 2024 to $2.3 billion. Revenue from small business lending increased 34% from the fourth quarter of 2024 to $383 million as small business receivables on an amortized basis ended the quarter at $3.3 billion or 34% higher than the end of the fourth quarter of 2024. Small business originations rose 48% year over year to $1.6 billion.

第四季公司貸款總額較 2024 年第四季成長 32%，達到 23 億美元。2024 年第四季度，小型企業貸款收入成長 34%，達到 3.83 億美元，原因是小型企業應收帳款（以攤銷基礎）在本季末達到 33 億美元，比 2024 年第四季末成長 34%。小型企業貸款發放金額年增 48%，達到 16 億美元。

Revenue from our consumer businesses increased approximately 3% from the fourth quarter of 2024 to $446 million as consumer receivables on an amortized basis ended the fourth quarter at $1.6 billion or approximately 6% higher than the end of the fourth quarter of 2024. Consumer originations grew 2% from the fourth quarter of 2024, to $613 million.

由於消費者應收帳款以攤銷基礎計算，截至第四季末達到 16 億美元，比 2024 年第四季末成長約 6%，因此，我們消費者業務的營收較 2024 年第四季末成長約 3%，達到 4.46 億美元。2024 年第四季消費者貸款發放金額成長 2%，達到 6.13 億美元。

As Steve mentioned earlier, we successfully reaccelerated our consumer originations as we move through the quarter, particularly in December, thanks to strong demand and credit.

正如史蒂夫之前提到的，隨著季度的推進，尤其是在 12 月份，由於強勁的需求和信貸，我們成功地重新加快了消費者貸款的發放速度。

For the first quarter of 2026, we expect total company revenue to be flat to slightly higher sequentially. This expectation will depend on the level, timing, and mix of originations growth during the quarter.

我們預計 2026 年第一季公司總營收將與上一季持平或略有成長。這項預期將取決於本季貸款發放成長的水平、時間和組合。

Now turning to credit, which is the most significant driver of net revenue and portfolio fair value. The consolidated net revenue margin of 60% for the fourth quarter was also at the higher end of our expected range and reflects continued strong credit performance across our portfolios. The consolidated net charge-off ratio in the fourth quarter declined 60 basis points from the fourth quarter a year ago to 8.3%.

現在來看信貸，它是淨收入和投資組合公允價值的最重要驅動因素。第四季綜合淨收入利潤率為 60%，也處於我們預期範圍的較高水平，反映出我們投資組合中持續強勁的信貸表現。第四季綜合淨沖銷率較上年同期下降 60 個基點至 8.3%。

As we expected, the consumer net charge-off ratio improved to 16%, which was flat sequentially and compared to the year-over-year quarter. The small business net charge-off ratio was 4.6% which was within our expected range. And as Steve noted, has been remarkably stable over the past two years. Expectations for our future credit performance remains solid. As reflected by sequential and year-over-year stability or improvement in the 30-plus day delinquency rates and fair value premiums for the consolidated consumer and small business portfolios.

正如我們預期的那樣，消費者淨沖銷率改善至 16%，與上一季和去年同期相比持平。小型企業淨沖銷率為 4.6%，在我們預期的範圍內。正如史蒂夫所指出的，過去兩年來一直非常穩定。我們對未來信貸表現的預期依然穩健。從合併後的消費者和小型企業貸款組合中逾期 30 天以上的貸款率和公允價值溢價的連續性和同比穩定性或改善情況可以看出這一點。

The consolidated 30-plus day delinquency ratio at the end of the fourth quarter declined 70 basis points from the end of the fourth quarter a year ago to 6.7%, and the consolidated fair value premium of 115% remains stable and consistent with levels we have reported over the past two years.

截至第四季末，合併後的逾期30天以上貸款比率較去年同期下降70個基點至6.7%，合併後的公允價值溢價為115%，保持穩定，與我們過去兩年報告的水平一致。

Looking ahead, we expect the total company net revenue margin for the first quarter of 2026 to be between 55% to 60% as the impact of lower consolidated originations from our typical consumer seasonality is offset by the sequential improvement in the consolidated net charge-off rate we typically see in the first quarter. This expectation will depend upon portfolio payment performance and the level, timing, and mix of originations growth during the first quarter.

展望未來，我們預計 2026 年第一季公司總淨收入利潤率將在 55% 至 60% 之間，因為受典型消費季節性因素影響，合併貸款發放量下降的影響將被我們通常在第一季度看到的合併淨沖銷率的環比改善所抵消。這項預期將取決於投資組合的支付表現以及第一季新增貸款的水平、時間和組合。

Now turning to expenses. Total operating expenses for the fourth quarter, including marketing, were 36% of revenue compared to 34% of revenue in the fourth quarter of 2024. As Steve noted, we leaned into our efficient marketing spend to meet demand with strong unit economics, resulting in record originations growth.

現在來說說費用。第四季總營運支出（包括行銷支出）佔收入的 36%，而 2024 年第四季則為 34%。正如史蒂夫所指出的，我們充分利用高效的行銷支出，以強勁的單位經濟效益滿足需求，從而實現了創紀錄的貸款發放成長。

Fourth-quarter marketing increased to $192 million or 23% of revenue compared to $151 million or 21% of revenue in the fourth quarter of 2024. With the seasonality we typically experienced during the first quarter of the year, we expect marketing expenses as a percentage of revenue to range in the upper-teens for the first quarter and will depend upon the growth and mix of originations.

第四季行銷費用增至 1.92 億美元，佔營收的 23%，而 2024 年第四季為 1.51 億美元，佔營收的 21%。考慮到每年第一季通常存在的季節性因素，我們預計第一季行銷費用佔收入的百分比將在十幾個百分點左右，具體百分比將取決於業務成長和業務組合。

Operations and technology expenses for the fourth quarter increased to $68 million or 8% of revenue compared to $58 million or 8% of revenue in the fourth quarter of 2024, driven by growth in receivables and originations over the past year. Given the significant variable component of this expense category, sequential increases in O&T costs should be expected in an environment where originations and receivables are growing and should be around 8% of total revenue.

受過去一年應收帳款和貸款發放量成長的推動，第四季營運和技術支出增至 6,800 萬美元，佔營收的 8%，而 2024 年第四季為 5,800 萬美元，佔營收的 8%。鑑於該費用類別中可變部分較大，在貸款發放和應收帳款不斷增長的環境下，營運和技術成本預計會逐年增加，並且應佔總收入的 8% 左右。

Our fixed costs continue to scale as we focus on operating efficiencies and thoughtful of expense management.

隨著我們專注於提高營運效率和認真管理費用，我們的固定成本持續成長。

General and administrative expenses for the fourth quarter were $47 million or 5.6% of revenue compared to $38 million or 5.2% of revenue in the fourth quarter of 2024. The current quarter included $6.7 million of one-time deal-related expenses associated with the pending Grasshopper acquisition. Excluding these items, G&A expenses were $41 million or 4.8% of revenue, reflecting continued operating leverage and disciplined expense management. While there may be slight variations from quarter to quarter, we expect G&A expenses in the near term will be between 5% and 5.5% of total revenue, excluding any one-time costs.

第四季一般及行政費用為 4,700 萬美元，佔營收的 5.6%，而 2024 年第四季為 3,800 萬美元，佔營收的 5.2%。本季包括與即將進行的 Grasshopper 收購相關的 670 萬美元一次性交易相關費用。剔除這些項目後，一般及行政費用為 4,100 萬美元，佔收入的 4.8%，反映了持續的營運槓桿和嚴格的費用管理。雖然每季可能會略有不同，但我們預計近期一般及行政費用將佔總收入的 5% 至 5.5%（不包括任何一次性成本）。

Our balance sheet and liquidity position remain strong and give us financial flexibility to successfully navigate a range of operating environments, while delivering on our commitment to drive long-term shareholder value through continued investment in our business and disciplined capital allocation.

我們的資產負債表和流動性狀況仍然強勁，使我們擁有財務靈活性，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嚴格的資本配置來推動股東長期價值的承諾。

During the fourth quarter, we acquired approximately 278,000 shares at a cost of $35 million. And we started 2026 with share repurchase capacity of approximately $106 million available under our senior note covenants.

第四季度，我們以 3500 萬美元的價格收購了約 278,000 股股票。2026 年初，根據我們的優先票據契約，我們有大約 1.06 億美元的股票回購額度。

We were pleased to see the improvement in our valuation during 2025. Though we believe there remains additional upside given our track record of consistent growth and earnings, our expectations for 2026 and the significant future opportunities associated with the Grasshopper acquisition. With that in mind, we will continue stock repurchases opportunistically while ensuring we are well prepared to close the Grasshopper Bank acquisition and transition to a bank holding company later this year.

我們很高興看到公司估值在 2025 年有所提升。儘管我們相信，鑑於我們持續成長和盈利的良好記錄、我們對 2026 年的預期以及與 Grasshopper 收購相關的重大未來機遇，仍有進一步上漲的空間。考慮到這一點，我們將繼續伺機回購股票，同時確保我們做好充分準備，在今年稍後完成對 Grasshopper Bank 的收購併過渡到銀行控股公司。

We ended the fourth quarter with approximately $1.1 billion of liquidity, including $422 million of cash and marketable securities and $649 million of available capacity on our debt facilities, providing us with flexibility to support our strategic objectives.

在第四季末，我們擁有約 11 億美元的流動資金，其中包括 4.22 億美元的現金和有價證券，以及 6.49 億美元的可用債務融資額度，這為我們提供了靈活性，以支持我們的戰略目標。

Our cost of funds for the fourth quarter was 8.3% down from 8.6% in the third quarter, reflecting lower SOFR rates and strong execution on recent financing transactions. Even with no additional rate cuts by the Fed, we expect some reduction in our cost of funds during 2026. But the level will depend upon credit spreads on new financing transactions, our funding mix, and the level of timing and mix of originations growth.

第四季資金成本為 8.3%，低於第三季的 8.6%，反映出 SOFR 利率下降以及近期融資交易的強勁執行。即使聯準會不再降息，我們預計 2026 年我們的資金成本也會下降。但具體水準將取決於新融資交易的信貸利差、我們的融資結構以及貸款成長的時機和組合水準。

Our effective tax rate for the fourth quarter was 20%. The sequential decline was driven by favorable state changes, a decrease in our uncertain tax position reserve and related interest and tax benefits resulting from share price increases on stock options exercised during the fourth quarter. While there may be variations from quarter to quarter, we expect our normalized annual effective tax rate to remain in the mid-20% range.

第四季實際稅率為 20%。環比下降的原因是有利的州情變化、不確定稅務狀況準備金的減少，以及第四季度行使股票選擇權帶來的股價上漲所產生的相關利息和稅收優惠。雖然每季可能會有所波動，但我們預計正常化的年度實際稅率將保持在 20% 左右。

Finally, we continue to deliver solid profitability this quarter. Compared to the fourth quarter of 2024, adjusted EPS, a non-GAAP measure, increased 33% to $3.46 per diluted share; and adjusted EBITDA, a non-GAAP measure, increased 21% to $211 million.

最後，本季我們持續保持穩健的獲利能力。與 2024 年第四季相比，調整後的每股盈餘（非 GAAP 指標）成長 33% 至每股稀釋收益 3.46 美元；調整後的 EBITDA（非 GAAP 指標）成長 21% 至 2.11 億美元。

To wrap up, let me summarize our first-quarter and full-year 2026 expectations. For the first quarter, we expect revenue to follow our typical seasonality and to be flat to slightly higher sequentially. We expect net revenue margin of 55% to 60% on a consolidated basis as seasonally lower originations are offset by an improvement in the net charge-off rate.

最後，讓我總結一下我們對 2026 年第一季和全年的預期。我們預計第一季營收將遵循典型的季節性規律，季持平或略有成長。我們預計合併後的淨收入利潤率將達到 55% 至 60%，因為季節性貸款發放量的下降將被淨沖銷率的改善所抵消。

In addition, we expect marketing expenses as a percentage of revenue to be in the upper-teens, O&T costs of around 8% of revenue, and G&A costs of between 5% and 5.5% of revenue. Interest expense as a percentage of revenue is expected to be around 10.5%.

此外，我們預期行銷費用佔收入的比例將達到十幾個百分點，營運和技術成本佔收入的比例約為 8%，一般及行政成本佔收入的比例將在 5% 到 5.5% 之間。預計利息支出佔收入的比例約為 10.5%。

With a more normalized tax rate, these expectations should lead to adjusted EPS for the first quarter of 2026, that is 20% to 25% higher than the first quarter of 2025. Our first-quarter expectations will depend upon customer payment rates and the level, timing, and mix of originations growth.

如果稅率更加正常化，這些預期應該會使 2026 年第一季的調整後每股收益比 2025 年第一季高出 20% 至 25%。我們第一季的預期將取決於客戶的付款率以及貸款發放成長的水平、時間和組合。

Now, turning to our expectations for the full year of 2026. Assuming a stable macroeconomic environment with no material changes in the employment situation and a largely unchanged interest rate environment, we would expect growth in originations for the full year 2026 compared to the full year of 2025 to increase by around 15%. The resulting growth in receivables with stable credit, continued operating leverage, and a reduced cost of funds should result in full year 2026 revenue growth similar to originations growth and adjusted EPS growth of at least 20%.

現在，讓我們展望一下2026年全年的預期。假設宏觀經濟環境穩定，就業情勢沒有實質變化，利率環境基本上保持不變，我們預計 2026 年全年貸款發放量將比 2025 年全年增長約 15%。應收帳款的成長，加上穩定的信貸、持續的營運槓桿和降低的資金成本，應該能夠使 2026 年全年收入成長與貸款發放成長相似，調整後的每股盈餘成長至少達到 20%。

Our expectations for 2026 will depend on the macroeconomic environment and the resulting impact on demand; customer payment rates; and the level, timing, and mix of originations growth.

我們對 2026 年的預期將取決於宏觀經濟環境及其對需求的影響；客戶付款率；以及貸款發放成長的水平、時間和組合。

As a reminder, our 2026 financial expectations do not assume any contribution from the pending acquisition of Grasshopper Bank, which we expect to close in the second half of 2026.

再次提醒，我們對 2026 年的財務預期並未考慮即將完成的 Grasshopper Bank 收購帶來的任何貢獻，我們預計該收購將於 2026 年下半年完成。

Our results in 2025 reinforce the flexibility and scalability of our business model. As we move into 2026, we are well-positioned to drive meaningful financial results supported by a diversified product set, a continued focus on unit economics, favorable competitive positioning, and balance sheet flexibility.

我們在 2025 年的成果進一步證明了我們商業模式的靈活性和可擴展性。展望 2026 年，憑藉多元化的產品組合、對單位經濟效益的持續關注、有利的競爭地位和資產負債表的靈活性，我們已做好充分準備，推動取得有意義的財務表現。

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。操作員？

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作說明）Moshe Orenbuch，TD Cowen。

Great, thanks and congrats, David, Steve, and Scott on all of the management changes in promotions.

太好了，謝謝並祝賀David、Steve和Scott在管理層晉升方面取得的所有進步。

I'm hoping, Steve, if you could talk a little bit about the consumer business. You talked about the growth having slowed and then accelerated. How much faster kind of is the exit rate? How should we think about it? And are there impacts that we should be aware of given this upcoming tax season and new withholding types of patterns?

史蒂夫，我希望你能談談消費者業務方面的事情。你提到成長速度先是放緩，然後又加快。退出率究竟快多少？我們該如何看待這個問題？鑑於即將到來的報稅季和新的預扣稅模式，我們應該注意哪些影響？

Hey, Moshe, thanks for the question. So as I mentioned in my comments and as we expected after seeing really remarkably good credit last quarter, we did accelerate the growth in the consumer business, and that growth rate accelerated as we went through the quarter.

嘿，莫舍，謝謝你的提問。正如我在評論中提到的，也正如我們在上個季度看到非常好的信貸狀況後所預期的那樣，我們加快了消費者業務的成長，而且隨著季度的推進，這一增長率還在不斷加快。

Similar to last year, we saw December exceptionally strong. So sometimes, the seasonal pattern of consumer growth in the fourth quarter can vary depending on the timing of the holidays, but really for the second year in a row, we saw a significant amount of the growth coming in in December. So we were really pleased with that.

與去年類似，12月的業績表現異常強勁。因此，第四季消費者成長的季節性模式有時會因假日的到來而有所不同，但實際上，連續第二年，我們看到相當一部分成長都發生在 12 月。所以我們對這個結果非常滿意。

And as you can see, our nimble and efficient marketing allowed us to continue to kind of lean into that. I think we learned from last year, where we saw sort of a similar pattern and new -- if that demand sort of showed up the same way, we could take more of that down. So we're really pleased with that.

正如你所看到的，我們靈活且高效的行銷使我們能夠繼續朝著這個方向發展。我認為我們從去年吸取了教訓，當時我們看到了類似的模式和新的需求——如果這種需求以相同的方式出現，我們可以減少更多的供應。我們對此非常滿意。

When you look forward to the first quarter, similarly, we're seeing some of that strength continue into early January, similar to what we saw last year. And so we'll continue to meet that demand where it is. It tends to fall off fairly quickly once it does fall off as you move through later January and into the -- further into the first quarter.

展望第一季度，同樣地，我們看到這種強勁勢頭延續到了1月初，與去年同期的情況類似。因此，我們將繼續在現有市場環境中滿足這項需求。一旦開始下降，隨著一月份下旬進入第一季，它往往會很快下降。

With the tax refund season, I mean, I would -- based on what we know today, it sounds like there's potential for some larger refunds this year, which would be great for credit for us. And so a lot of the originations that we put on should perform very, very well.

就退稅季而言，我的意思是——根據我們目前所了解的情況來看，今年可能會有一些較大的退稅，這對我們來說將是極大的利好。因此，我們推出的許多原創項目應該都會表現得非常好。

And what we've tended to see over time is that can just shift around the demand curve a little bit in terms of when the demand timing restarts. But typically, it's just a matter of weeks. So we have a lot of experience with different tax refund seasons over our history, and our guidance reflects sort of our expectations, and we're feeling really good about how the fourth quarter wrapped up for consumer and how the 2026 consumer business is starting.

隨著時間的推移，我們往往會看到，需求曲線可能會在需求時間重新開始的時間上發生一些小的變化。但通常只需要幾週。因此，我們在過往的退稅季累積了豐富的經驗，我們的業績指引也反映了我們的預期，我們對第四季度消費者業務的收尾以及 2026 年消費者業務的開局都非常滿意。

Great. And good to hear that you're moving -- I'm sorry -- is it good to hear that you're moving forward with all the steps for Grasshopper? Are there things that you're going to do differently in your core portfolio prior to closing or maybe talk a little bit about what the early kind of earliest impacts that you might see starting in the second half of the year after closing?

偉大的。很高興聽到你正在推進——抱歉——聽到你正在推進 Grasshopper 的所有步驟，是不是感覺很好？在交易完成之前，您是否打算對核心投資組合進行一些不同的調整？或者，您能否談談在交易完成後的下半年可能會出現的最早影響？

I mean, until we close the transactions -- the transaction, both companies are business as usual. So the outlook that Scott gave you is our expectation of continuing that track record of strong growth in our business and being opportunistic as we see demand and following our balanced growth approach. So you should expect more of that.

我的意思是，在交易完成之前，兩家公司都將照常營業。因此，史考特向你們展示的前景，就是我們期望繼續保持業務強勁成長的良好記錄，並在看到需求時抓住機會，遵循我們均衡的成長方針。所以你應該預料到這種情況會更多。

And as we talked about on the Grasshopper call, I think once we're beyond the close of that transaction, step number 1 is really with the product set that we have today, expanding our footprint to continue to serve more customers. And that's really the basis for the revenue synergies that we laid out and that I discussed on the call as well.

正如我們在 Grasshopper 電話會議上討論的那樣，我認為一旦我們完成那筆交易，第一步實際上是利用我們目前的產品組合，擴大我們的業務範圍，繼續為更多客戶提供服務。而這正是我們提出的、也是我在電話會議上討論過的所得綜效的基礎。

Thanks very much.

非常感謝。

Bill Ryan, Seaport Research Partners.

比爾‧瑞安，海港研究夥伴公司。

Good afternoon and thanks for taking my questions. And Following Moshe, I'd like to say congratulations to everybody. A couple of questions. I mean you talked about mix of origination -- or the origination growth being about 15% in 2026. If you can maybe elaborate on kind of what you're expecting in terms of the mix between consumer and small business?

下午好，感謝您回答我的問題。接下來，我想在摩西之後，向大家表示祝賀。幾個問題。我的意思是，你談到了貸款發放的組合——或者說到 2026 年貸款發放增長率約為 15%。您能否詳細說明一下您對消費者和小型企業之間比例的預期？

Yeah. Hi, Bill. So yeah, we feel like we're in a pretty good position with what we know today to grow around 15% for the year. With the resumption of the consumer growth that we just talked about, we think we'll settle in at more typical levels than maybe what we saw for some quarters in 2025. We think we'll continue a pattern that you've seen with SMB.

是的。你好，比爾。所以，是的，根據我們目前掌握的信息，我們感覺我們處於一個相當有利的位置，今年有望實現約 15% 的增長。隨著我們剛才談到的消費成長的恢復，我們認為我們將穩定在比 2025 年某些季度所看到的更正常的水平。我們認為我們將延續您在中小企業領域看到的模式。

Obviously, some of the growth rates that we've seen have been really, really strong, but we've had a track record of growing that business now at 20%-plus now for quite a while. So you may see what we've seen over the past couple of years, which is a slow tilt in our portfolio towards SMB, just in terms of where the demand has been, but we'll continue to be opportunistic.

顯然，我們看到的一些成長率確實非常強勁，但我們已經有相當長一段時間保持著20%以上的業務成長率。所以您可能會看到，在過去的幾年裡，我們的投資組合正在緩慢地向中小企業傾斜，這主要是因為市場需求的變化，但我們將繼續抓住機會。

And then in prior years, we've seen sometimes where there's more opportunity in the consumer business, and it's grown faster. And we've seen in recent times, the SMB portfolio is growing a bit faster. We'll continue to follow that approach that we follow with the balanced growth approach to make sure that we're meeting the demand in both that makes sense to follow our unit economics and so that's what we expect from where we sit today.

而在前幾年，我們看到消費品產業有時機會更多，成長速度也更快。近來我們看到，中小企業投資組合的成長速度略快一些。我們將繼續採取平衡成長的方式，確保滿足市場需求，這符合我們的單位經濟效益，這也是我們目前所期望的。

Okay, thanks for that. And just one follow-up. I know you guys can continue to make adjustments on your underwriting. If you can maybe talk about that, any changes that you made on the consumer side in the fourth quarter?

好的，謝謝。還有一個後續問題。我知道你們可以繼續調整核保。如果您可以談談這方面的話，您在第四季度在消費者方面做了哪些改變？

And specific to small businesses, was there any change in industry focus? Anything you dialed back on, anything you kind of opened back up a little bit?

具體到小型企業，產業關注點是否有任何變化？你有沒有減少一些什麼，或是有沒有稍微增加一些什麼？

Yeah. As you know, Bill, we are making credit adjustments all the time. We talked an awful lot about that in 2025, so we continue to follow that same approach continue to be very nimble. So as we see -- sometimes, there's always adjustments that we're going to make in both of the portfolios.

是的。比爾，你也知道，我們一直在進行信用調整。我們在 2025 年對此進行了很多討論，所以我們將繼續採取同樣的做法，保持靈活。所以我們看到——有時候，我們總是會對這兩個投資組合做一些調整。

In consumer, in particular, after we saw sort of the exceptionally strong credit in the third quarter we did try to move back to more typical levels of credit. You can see that the consumer net charge-off ratio settled in as sort of the middle of the expected range we would have had that we would have expected for the fourth quarter so we're really pleased about how that landed. And so I feel like we are sort of back to that making adjustments as we need sometimes opportunistic, sometimes pulling it back where we see things we don't like.

尤其是在消費領域，在第三季度我們看到了異常強勁的信貸狀況之後，我們確實嘗試將信貸水準恢復到更正常的水平。你可以看到，消費者淨沖銷率穩定在了我們預期的第四季預期範圍的中間位置，所以我們對最終結果非常滿意。所以我覺得我們又回到了那種根據需要進行調整的狀態，有時是抓住機會，有時是在看到我們不喜歡的事情時及時調整。

I think on the small business side, it's been remarkably stable. I think our industry focus, we've talked about over time. We continue to keep a close eye on things like construction and transportation as well as some of those industries that we had felt could be most impacted by tariff and the trade policies. But we've been pleased to see that those have fell in really well. And it's business as usual in our credit space there, similar to consumer. We're always making adjustments to make sure that we're serving as many customers as we can while generating the returns that our shareholders expect.

我認為就小型企業而言，情況一直非常穩定。我認為，我們一直以來都在討論我們關注的產業重點。我們將繼續密切關注建築業和交通運輸業等領域，以及我們認為最可能受到關稅和貿易政策影響的一些行業。但我們很高興地看到，這些合作都非常成功。在那裡，我們的信貸業務一切照常，與消費者業務類似。我們一直在做出調整，以確保在服務盡可能多的客戶的同時，也能為股東創造他們期望的回報。

Thank you.

謝謝。

(Operator Instructions) David Scharf, Citizens Capital Markets.

（操作說明）David Scharf，Citizens Capital Markets。

Great, thank you. Good afternoon. I'll echo the congrats to the new team or new positions, actually.

太好了，謝謝。午安.我謹向新團隊或新職位表示祝賀。

Steve, I wanted to switch just to sort of the post-Grasshopper operations, and you may have discussed this when you first announced the transaction. But can you remind us post close, how we ought to think about regulatory capital ratios, you're going to adhere to and whether or not existing levels of buybacks are likely to continue under the new structure?

史蒂夫，我當時只想切換到 Grasshopper 之後的營運模式，你可能在首次宣布這筆交易時討論過這個問題。但是，您能否在交易結束後提醒我們，我們應該如何看待監管資本比率，您將遵守哪些規定，以及在新結構下，現有的股票回購水準是否有可能繼續？

Yeah. Hi, David. Thanks for the question. So we did talk about regulatory capital a bit on that call. I think where we sit today, we're sitting at around 17%, 18% tangible capital ratio, which feels that's sort of analogous to the Tier 1 leverage ratio. We would expect to sort of be in that same ZIP code, so I would not expect us to be changing our leverage position dramatically one way or the other.

是的。你好，大衛。謝謝你的提問。所以，我們在那通電話會議上也稍微談到了監理資本的問題。我認為我們目前的有形資本比率大約在 17% 到 18% 之間，這感覺有點像一級資本槓桿率。我們預計業務範圍會大致相同，因此我不認為我們的槓桿水平會發生顯著變化。

And as we've done, with that said, then we get back to as we get post-close, there should be opportunities with the strong ROEs that we expect to generate versus the strong asset growth to have some opportunity to return capital.

正如我們之前所做的那樣，話雖如此，當我們回到交易完成後的階段時，我們預期將產生強勁的 ROE，配合強勁的資產成長，應該會有一些機會來回報資本。

But I think our focus early on will be investing in the opportunities that the new structure will present to us and the combination in making sure, as you know, our rank ordering on our capital allocation is organic opportunities that generate really strong returns in our unit economic model, share buybacks, and then inorganic is sort of down the list at third. We have the capital to do all of those things. But I think we will be most focused on all the opportunities that are in front of us with the new structure after we get past the close.

但我認為，我們早期的重點將是投資於新結構將帶給我們的機會，並確保，正如您所知，我們在資本配置方面的優先順序是：首先是能夠在我們的單位經濟模型中產生真正強勁回報的有機機會，其次是股票回購，然後是無機增長，排在第三位。我們有足夠的資金去做所有這些事情。但我認為，交易完成後，我們將把最關注的重點放在新架構下擺在我們面前的所有機會上。

Got it. No, that's helpful. And maybe just to follow-up, on the consumer products, it's been quite a while. I mean, as we look at sort of the quarterly disclosures that you provide in sort of the company schedules, it's been quite a while since line of credit volumes have materially eclipsed, installment.

知道了。不，這很有幫助。最後再補充一點，關於消費品方面，已經有一段時間沒有更新了。我的意思是，當我們查看你們在公司附表中提供的季度披露資訊時，信貸額度已經很久沒有實質地超過分期付款額度了。

And can you just speak to, maybe not just today where we sit, but as you think about the risk adjusted returns of those two products going forward, is there anything on the installment side that would lead us to believe that that's going to kind of regain maybe its position as half the consumer sort of product suite or is there just something about either the credit profile or anything else structurally that is going to continue to kind of lead you to lean into a line of credit, because it seems like there's less competition in line of credit certainly?

您能否談談，也許不只是今天我們討論的內容，而是從您未來對這兩種產品風險調整後收益的思考來看，分期付款方面有什麼跡象表明它會重新佔據消費者產品組合的一半地位？或者說，信用狀況或其他結構性因素是否會繼續促使您傾向於信用額度，因為信用額度領域的競爭似乎較小？

Well, as you know, David, we're pretty agnostic across our products in terms of the growth. What we try to do is meet the demand that meets our unit economic hurdle rates. And so I think if you look back in our supplement, I think you can probably see that LOC sometimes is leading the way.

如你所知，大衛，我們對旗下所有產品的成長都持相當中立的態度。我們努力的目標是滿足達到我們單位經濟效益最低收益率的需求。所以我覺得，如果你回顧我們的補充資料，你可能會發現 LOC 有時是引領潮流的。

We've had some opportunities in 2025 with our consumer installment products, particularly as it relates to refinance, which I spoke about last quarter. And so I don't think we're sitting back thinking we're going to grow one faster necessarily than the other.

2025 年，我們的消費分期付款產品迎來了一些機遇，尤其是在再融資方面，我上個季度已經談到這一點。所以，我不認為我們會坐等其中一個發展得比另一個更快。

We let the demand kind of push us there, and we follow our unit economic approach and our ROEs to take down, we think the demand that's going to, again, meet as many customers as we can while generating really strong returns.

我們讓需求推動我們前進，並遵循我們的單位經濟效益方法和淨資產收益率來降低成本，我們認為這將再次滿足盡可能多的客戶，同時產生非常強勁的回報。

So I think from time to time, you're going to see variations just like you have over time where you might see one quarter or two, one product might be growing more strongly than the other and not just with consumer but across SMB and consumer as well.

所以我認為，就像過去一段時間以來發生的那樣，你會看到一些變化，例如在一個季度或兩個季度裡，某個產品的成長速度可能比另一個產品更快，而且這種現像不僅發生在消費者身上，也發生在中小企業和消費者身上。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

You bet.

當然。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Afternoon, guys. Again, congratulations on all the movement at the executive level. You definitely a testament to the long success of the company. I guess most of my questions have been asked. I guess, when it comes to Grasshopper. Are there -- and forgive me if you mentioned this, are there certain geographies that you know you can go into that are not approachable by you or limited access at this point in time that would be somewhat meaningful?

下午好，各位。再次恭喜高層領導的所有進展。你無疑是公司長期成功的有力證明。我想我的問題大部分都已經被問過了。我想，說到 Grasshopper 的話。——如果您已經提到過這一點，請原諒我——您知道有哪些地區您目前無法到達或難以進入，但這些地區對您來說可能具有一定的意義？

Hi, John. Thanks. So when we talked about some of that expansion last month on the call, -- there definitely are some states with our NetCredit brand that we would like to take on that perhaps we could with our current licensing and partnerships today, but we just haven't chosen to do so that a national bank charter will make it easier for us to do that.

嗨，約翰。謝謝。所以，上個月我們在電話會議上談到一些擴張計劃時，——我們確實想用我們的 NetCredit 品牌進軍一些州，也許憑藉我們目前的許可和合作夥伴關係就能做到，但我們還沒有選擇這樣做，因為獲得國家銀行牌照會讓我們更容易做到這一點。

So there definitely are specific states that we have in mind when you think about states like California, Pennsylvania, Ohio, which we're in, but not to the extent that we might otherwise if we were a bank, just to kind of give you some flavor. So we definitely have a hit list and a plan for where we want to go first.

所以，當我們想到加州、賓州、俄亥俄州等州時，我們肯定會想到一些特定的州，我們目前就在這些州開展業務，但我們並沒有像銀行那樣投入那麼多資金，只是想讓您了解一下情況。所以我們肯定有一份目標清單，並且制定了首先要去的地方的計劃。

Okay. And then I know this gives you some benefits from a regulatory perspective, just because you'll be able to centralize some of that that's within the bank. But then you'll have some stuff still outside the bank, and the CFPB has really become less active.

好的。我知道從監管角度來看，這會為你帶來一些好處，因為你可以將銀行內部的一些事務集中起來。但這樣一來，你仍然會有一些資產不在銀行監管範圍內，而消費者金融保護局（CFPB）的監管力道也確實有所減弱。

So question is, can you just give me the quick description of how the regulatory framework and reporting mechanisms will look? And then are you observing any activity at the state level at this point in time that's worth pointing out?

所以問題是，您能否簡要描述一下監管框架和報告機制的具體情況？那麼，您目前是否觀察到州一級有任何值得指出的活動？

So starting with that last question, it's relatively quiet at the state level. There's not really any -- outside of some of the noise that you've heard in the political arena, we haven't really heard any real policy or regulatory changes at the state level that we're particularly concerned about.

所以，從最後一個問題開始，州級的情況相對平靜。除了你在政治領域聽到的一些噪音之外，我們並沒有真正聽到任何州一級的政策或監管變化讓我們特別擔憂。

As it relates to post-close structure, we will -- we expect to have CashNet in Brazil sitting outside of the National Bank as part of our non-bank affiliates under the holding company. The Federal Reserve will have some oversight of that. And obviously, we've talked to them for many years about that plan.

至於交易完成後的結構，我們預期 CashNet 在巴西將獨立於國家銀行之外，成為我們控股公司旗下非銀行附屬公司的一部分。聯準會將對此進行一定程度的監督。顯然，多年來我們一直與他們討論這個計劃。

In terms of reporting, I mean, I think we'll continue there'll be some transparency, obviously, continue with our SEC filings, that we call reports at the National Bank and then the Federal Reserve suite of filings for holding companies as well.

就報告而言，我的意思是，我認為我們會繼續保持一定的透明度，顯然，我們會繼續向美國證券交易委員會提交文件，我們在國家銀行稱之為報告，然後向美聯儲提交一系列控股公司文件。

So that's our plan that we're working against today, and we hope to get that done here later this year.

這就是我們今天努力的方向，我們希望今年晚些時候能在這裡完成這項工作。

Thanks very much. Appreciate the call.

非常感謝。感謝您的來電。

You bet.

當然。

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

Hey, good afternoon, and thanks for taking my questions. Actually, another regulatory question, and it's kind of a broader topic, but when I was getting a lot from investors earlier in January about kind of broader consumer finance, and it was specifically, when the government started contemplating rate caps, and that was specifically on credit cards.

嗨，下午好，謝謝你回答我的問題。實際上，還有一個監管問題，而且這個問題比較廣泛。今年一月初，我從投資者那裡了解到很多關於更廣泛的消費金融方面的問題，特別是政府開始考慮利率上限的時候，而這尤其針對信用卡。

But I wanted to get your thoughts, if you had any on this push for affordability and maybe how rate caps might have a potential positive or negative benefits to Enova and the industry beyond just the credit cards? Thanks.

但我很想聽聽你的想法，你對這種提高可負擔性的舉措有什麼看法，以及利率上限可能會對 Enova 和整個行業（不僅僅是信用卡行業）產生哪些潛在的積極或消極影響？謝謝。

Yeah. So I think the cap that's been discussed very specific to credit cards for one year. I think there's been a lot of commentary from the card banks on that and not just from them but from a lot of others. I think if that was to happen, that actually would probably be a positive for us, particularly for -- I think that there's a lot of studies that have shown rate caps tend to reduce availability for the very folks who need it the most, which tend to be those that are less served and so to the extent that some of those credit card customers are not able to access credit, we would be an alternative for them. So we would view that positively.

是的。所以我認為，目前討論的上限是專門針對信用卡的，為期一年。我認為信用卡銀行對此已經發表了很多評論，不僅是他們，還有很多其他機構也發表了評論。我認為如果這種情況發生，這實際上可能對我們來說是件好事，尤其是對於——我認為有很多研究表明利率上限往往會減少最需要信貸的人獲得信貸的機會，這些人往往是服務較少的人，因此，如果一些信用卡客戶無法獲得信貸，我們將成為他們的替代方案。所以我們會對此持正面態度。

And Vincent, you know over the years, I think 17, 18 years in a row that Congress or a member of Congress has introduced a federal rate cap. It tends to revolve around election time. It's a very popular topic around affordability, but hasn't really had any meat to it. And I think -- if anything, this ongoing conversation is probably highlighted how irrational rate caps can be as it tends to hurt, again, the very people that you're trying to help.

文森特，你知道，這些年來，我想連續 17、18 年，國會或國會議員都提出了聯邦利率上限。這往往與選舉時期有關。這是一個關於價格承受能力的熱門話題，但一直缺乏實質的探討。而且我認為——如果有什麼意義的話，那就是這場持續不斷的討論可能凸顯了利率上限是多麼不合理，因為它往往會再次傷害你想要幫助的人。

So while the probability is likely not exactly zero, it's very, very low. And obviously, from a policy point of view, we're not supportive of any actions that reduce the ability to provide credit to those who need it the most.

所以雖然這種可能性可能不完全為零，但非常非常低。顯然，從政策角度來看，我們不支持任何會減少向最需要信貸的人提供信貸能力的行動。

Okay, great. That's super helpful and clear. Thank you. And then switching over to small business. So you gave helpful color earlier about the kind of the improvement to consumer loan growth. But consumer loan growth that accelerated quite a bit beyond your run rate, so it was up 34% year over year. And you highlighted some of the surveys in your prepared remarks, but maybe you could talk about what you're seeing on the ground, how the environment is for small business, and kind of what you think is sustainable for 2026 and the health of that's a small business customer. Thank you.

好的，太好了。這非常有幫助，也很清晰。謝謝。然後轉而從事小型企業。所以你之前對消費貸款成長的改善做了很有幫助的描述。但消費貸款的成長速度遠超預期，年增了 34%。您在準備好的發言稿中重點提到了一些調查，但也許您可以談談您在實地看到的實際情況，小型企業的經營環境如何，以及您認為到 2026 年哪些方面是可持續的，以及小型企業客戶的健康狀況如何。謝謝。

Yeah, you bet. So I mean, clearly, the numbers kind of speak for themselves. SMB is a -- now has a long track record of successful growth. And the credit profile has been remarkably stable in sort of a very narrow range that we've expected. So I think that reflects the strength of our ability to underwrite those customers, but it also reflects the stability of the customer base that we're serving.

當然。所以我的意思是，很明顯，數字本身就能說明問題。SMB 是一家－如今已擁有長期成功成長的機構。信用狀況一直非常穩定，處於我們預期的非常狹窄的範圍內。所以我認為這不僅反映了我們為這些客戶提供承保的強大能力，也反映了我們所服務的客戶群的穩定性。

So there's been a lot of noise over the year of 2025 around the impacts of tariffs and the macroeconomy and where we are. But I think what I wanted to highlight in my commentary is that it's not quite as gloomy. It seems on the ground. It seems that small businesses are looking forward positively. And I think it's reflecting in the demand that we're seeing. And clearly, our brands and our scale are allowing us to win competitively and grow very quickly.

因此，在 2025 年這一年裡，圍繞關稅和宏觀經濟的影響以及我們所處的位置，有很多討論。但我認為我想在評論中強調的是，情況並沒有那麼糟。它似乎在地面上。看來小企業對未來持樂觀態度。我認為這反映在了我們目前看到的需求上。顯然，我們的品牌和規模使我們能夠在競爭中取勝並快速發展。

Sustaining 30%, 40% growth rates is not something that I would just be planning on that would be fantastic. But I think we're expecting to continue a strong growth rate with the guide that Scott gave and continue to have a successful credit profile for 2026.

維持 30%、40% 的成長率並不是我能輕易實現的，雖然這已經很棒了。但我認為，按照斯科特給予的指導方針，我們有望繼續保持強勁的成長速度，並在 2026 年繼續保持良好的信貸狀況。

Okay, great. Very helpful. Thank you.

好的，太好了。很有幫助。謝謝。

You bet.

當然。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good afternoon, guys. Congrats on a solid year and reiterate all the congratulations on promotions, et cetera.

嘿，各位下午好。恭喜你度過了充實的一年，並再次恭喜你獲得晉升等等。

Yeah, most of my questions have been taken, but just kind of wanted to get your perspective. We talked a bit about the expected changes in tax refunds on the consumer side of things. Anything we should be thinking about on the SMB side from changes to the -- as a result of the BBB and any sort of implications for seasonality on that business for '26?

是的，我的大部分問題都已經被問過了，但我只是想聽聽你的看法。我們稍微討論了一下消費者方面退稅的預期變化。鑑於 BBB 的變化，中小企業方面有哪些需要考慮的因素，以及這些變化對 2026 年該行業季節性業務的任何影響？

No, I don't anticipate any big changes in seasonality for 2026. And I think to the extent that customers, again, have a larger refund. It's good for our credit profile, but it also probably means they're going to spend it, which is going to be good for the economy, and that tends to be very good for our small business customers as well. So I think we're not expecting any disruption for our small business customers in 2026. If anything, it should be a positive.

不，我預計2026年的季節性不會有任何重大變化。而且我認為，如果顧客再次獲得更高的退款，情況就會有所不同。這有利於我們的信用記錄，而且可能意味著他們會把錢花掉，這對經濟有好處，這對我們的小型企業客戶來說也往往是件好事。所以我認為，我們預計 2026 年我們的小型企業客戶不會受到任何影響。如果說有什麼影響的話，那也應該是好事。

Great, thanks. And then on the expense side, I appreciate the guidance you gave for the first quarter. And then obviously, we know what your EPS expectations are for the year, but kind of just walk us through maybe a little bit more color in terms of how you're thinking about the scalability of the business in '26, obviously, because first quarter has some seasonal impacts on marketing and whatnot.

太好了，謝謝。至於支出方面，我很感謝您對第一季的指導。顯然，我們知道您對今年的每股盈餘預期，但能否再詳細解釋一下您對 2026 年業務可擴展性的看法，因為第一季在行銷等方面會受到一些季節性影響。

Yeah. Well, we think we're going to continue to generate that operating leverage and scale that you've seen. I mean, listen, the marketing, I think last quarter, we were remarking that we hadn't been quite at our 20% level of marketing spend. I think this quarter, we showed that when the market presents itself, we will lean into it to drive profitable growth.

是的。我們認為我們將繼續保持你們所看到的營運槓桿效應和規模優勢。我的意思是，聽著，關於行銷，我認為上個季度我們曾提到，我們的行銷支出還沒有達到 20% 的目標水準。我認為本季我們已經證明，當市場出現機會時，我們會抓住機會，實現獲利成長。

And I think you should continue to expect, as Scott laid out some of those numbers, you're going to continue to see a grind lower in some of those expense categories as we continue to grow overall. So you should continue to expect us to scale the OpEx and invest in marketing, where we see the demand, and we know we can generate the unit economics that we need.

正如史考特列出的一些數字所示，我認為你們應該繼續預期，隨著我們整體的持續成長，某些支出類別將繼續逐步下降。因此，你們應該繼續期待我們擴大營運支出規模，並在我們看到需求的地方投資行銷，並且我們知道我們可以產生所需的單位經濟效益。

Great. That's it for me. Thanks for taking my questions.

偉大的。就這些了。謝謝您回答我的問題。

This concludes our question-and-answer session. I would like to turn the conference back over to Steve Cunningham for any closing remarks. Please go ahead.

我們的問答環節到此結束。我謹將會議交還給史蒂夫‧坎寧安，請他作總結發言。請繼續。

We thank you all for joining our call today, and we look forward to updating you next quarter. Have a good night.

感謝各位今天參加我們的電話會議，我們期待下個季度向大家報告最新情況。祝你晚安。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。