Enova International, Inc. (ENVA) 2026 Q1 法說會逐字稿

Good day, and welcome to the Enova International first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Lindsay Savarese, Investor Relations for Enova. Please go ahead.

各位好，歡迎參加 Enova International 2026 年第一季財報電話會議。(操作員指示) 請注意，本活動將被錄音。現在我想把會議交給 Enova 投資人關係的 Lindsay Savarese。請開始。

Thank you, operator, and good afternoon, everyone. Enova released results for the first quarter 2026 ended March 31, 2026, 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. With me on today's call are 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.

謝謝，操作員，各位下午好。Enova 已於今天收盤後公布截至 2026 年 3 月 31 日止之 2026 年第一季業績。若您尚未收到我們的財報新聞稿，可至我們網站 ir.enova.com 的投資人關係專區取得。今天與我一同出席的有執行長 Steve Cunningham，以及財務長 Scott Cornelis。本次電話會議將進行網路直播，並會在我們網站的投資人關係專區存檔。

Before I turn the call over to Steve, 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 Forms 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.

在我把電話交給 Steve 之前，我想先說明今天的討論將包含前瞻性陳述，因此可能受到風險與不確定性的影響。由於多項重要風險因素，實際結果可能與前述陳述有重大差異，包括我們財報新聞稿以及 Form 10-K 年報、Form 10-Q 季報與 Form 8-K 即時報告中所討論者。請注意，本次電話會議中所作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. As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website.

除依照美國一般公認會計原則（US GAAP）報導外，Enova 亦揭露若干不符合一般公認會計原則的財務衡量指標。我們相信這些非 GAAP 指標有助於加深對公司績效的理解。GAAP 與非 GAAP 指標之間的調節表已包含於今日新聞稿的表格中。如我們財報新聞稿所述，我們已在網站的投資人關係專區提供補充財務資訊。

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

接下來，我想把電話交給 Steve。

Thank you, Lindsay, and good afternoon, everyone. I appreciate you joining our call today. Our first quarter results marked a great start to the year. Strong originations growth and solid credit across our portfolio once again drove outstanding financial results that were in line or better than our expectations and highlight the power of our balanced growth strategy and our experienced team's ability to drive differentiated and consistent performance by leveraging our diversified product offerings, scalable operating model and advanced risk management capabilities. Our results also highlight the resiliency of our consumer and small business customers despite recent market volatility and concerns about potential impacts from geopolitical or domestic policy issues.

謝謝你，Lindsay，各位下午好。感謝各位今天參加我們的電話會議。我們第一季的表現為今年帶來了非常好的開局。放款發放（originations）強勁成長以及整體投資組合穩健的信用表現，再次帶動了亮眼的財務成果，結果符合或優於我們的預期，並凸顯我們均衡成長策略的威力，以及我們經驗豐富的團隊能透過多元化的產品組合、可擴展的營運模式與先進的風險管理能力，創造差異化且一致的表現。我們的結果也顯示，儘管近期市場波動以及對地緣政治或國內政策議題可能帶來影響的疑慮，我們的消費者與小型企業客戶仍展現韌性。

First quarter originations increased a healthy 33% year-over-year to nearly $2.3 billion. As a result of the strong originations growth, the portfolio increased 28% year-over-year to nearly $5.3 billion of small business products representing 70% of our portfolio at the end of the quarter and consumer products accounting for 30%.

第一季放款發放年增 33%，健康成長至接近 23 億美元。受強勁放款發放成長帶動，投資組合年增 28% 至接近 53 億美元；其中小型企業產品於季末占我們投資組合的 70%，消費者產品占 30%。

Strong demand and solid credit performance enabled us to be more aggressive with our marketing than we typically see in the first quarter of the year as we leveraged our sophisticated technology and analytics to meet this demand while maintaining attractive unit economics. Looking ahead, we'll continue to opportunistically lean into marketing to meet demand that delivers strong returns and meets our unit economics hurdles.

強勁需求與穩健的信用表現，使我們在第一季能比往年更積極投入行銷；我們運用成熟的技術與分析能力來滿足需求，同時維持具吸引力的單位經濟效益。展望未來，我們將持續把握機會加大行銷投入，以滿足能帶來強勁報酬並符合我們單位經濟效益門檻的需求。

With strong quarterly portfolio growth, revenue increased 17% year-over-year to a record $875 million in the first quarter. Profitability metrics grew even faster as adjusted EPS increased 30% from the first quarter of 2025 driven by strong credit and our significant operating leverage. SMB revenue increased 37% year-over-year to $418 million, and our consumer revenue increased 3% year-over-year to $446 million, both quarterly records.

在投資組合強勁的季度成長帶動下，第一季營收年增 17% 至創新高的 8.75 億美元。獲利指標成長更快，受惠於穩健信用表現與顯著的營運槓桿，調整後每股盈餘（adjusted EPS）較 2025 年第一季成長 30%。中小企業（SMB）營收年增 37% 至 4.18 億美元，消費者營收年增 3% 至 4.46 億美元，兩者皆創季度新高。

In addition to our strong growth this quarter, credit metrics across the portfolio reflects stable or improving performance with the consolidated net charge-off ratio for the first quarter falling both sequentially and year-over-year to 7.6%, our lowest consolidated quarterly net charge-off rate since the second quarter of 2023.

除本季強勁成長外，整體投資組合的信用指標亦反映表現穩定或改善；第一季合併淨沖銷率（net charge-off ratio）較前一季及去年同期皆下降至 7.6%，為自 2023 年第二季以來最低的合併季度淨沖銷率。

Looking at our consumer business, year-over-year growth in originations accelerated to 10% as we continue to lean into the strong demand and stable credit that we discussed last quarter. As expected, credit metrics for the consumer portfolio were stable or improved both sequentially and year-over-year.

就消費者業務而言，放款發放年增率加速至 10%，我們持續把握上季所提到的強勁需求與穩定信用表現。如預期，消費者投資組合的信用指標較前一季及去年同期皆維持穩定或有所改善。

Our SMB business continued to deliver remarkable growth and stable credit. As our leading brand presence, scale and strong competitive position drove 42% year-over-year growth in originations to a record $1.7 billion. Our SMB portfolio has grown 37% over the past year and remains intentionally well diversified across geographies and industries. In addition, the SMB net charge-off ratio remained in a tight range consistent with the past two years.

我們的中小企業（SMB）業務持續展現卓越成長與穩定信用表現。在領先的品牌能見度、規模與強勁競爭地位帶動下，放款發放年增 42% 至創新高的 17 億美元。我們的 SMB 投資組合在過去一年成長 37%，並持續有意識地在地理區域與產業間維持良好分散。此外，SMB 淨沖銷率仍維持在與過去兩年一致的狹窄區間內。

Our performance this quarter and external data reflect a stable and resilient macroeconomic environment despite recent concerns about rising energy costs as a result of the Iran War. The most recent Federal Reserve Beige Book released last week continued to highlight increases in economic activity across most districts.

本季表現與外部數據顯示，儘管近期因伊朗戰爭導致能源成本上升的疑慮升溫，整體總體經濟環境仍穩定且具韌性。聯準會上週發布的最新《褐皮書》（Beige Book）仍強調多數地區的經濟活動有所增加。

In addition, our most recent small business cash flow trend report released in conjunction with Ocrolus, found that 93% of small businesses expect moderate to significant growth over the next year, which is consistent with prior surveys. Similarly, the most recent NFIB Small Business Economic Trends report indicated that the number of small business owners rating the health of their business as excellent or good is mostly steady.

此外，我們與 Ocrolus 共同發布的最新小型企業現金流趨勢報告發現，93% 的小型企業預期未來一年將出現中度至顯著成長，與先前調查結果一致。同樣地，最新 NFIB 小型企業經濟趨勢報告指出，認為自身企業健康狀況「極佳」或「良好」的小企業主比例大致持平。

In the April ADP National Employment Report noted that small businesses have been the engine for hiring across the country for the second consecutive month. Supported by a stable labor market and growth in real wages, consumers continue to spend and participate in the economy. March unemployment rate ticked down to 4.3%. New and continuing weekly unemployment claims remains relatively low and manageable and March hourly earnings increased 3.5% compared to a year ago.

此外，4 月 ADP 全國就業報告指出，小型企業已連續第二個月成為全國招聘的引擎。在穩定的勞動市場與實質薪資成長的支撐下，消費者持續支出並參與經濟活動。3 月失業率小幅下降至 4.3%。每週初領與續領失業救濟金申請數仍相對偏低且可控，且 3 月時薪較一年前增加 3.5%。

While market consumer confidence remains stable, consumer sentiment as well as small businesses express concerns about the future impact of the recent spike in gasoline prices. During our more than 20-year operating history, we have successfully managed our business during several energy price spikes, including as recently as 2022. During that energy shock, we observed that significant gas price spikes don't necessarily translate into higher spending as today's consumers have more methods to manage gas price spikes than in the past with the advent of more fuel-efficient autos, electric vehicles, ridesharing services and on-demand delivery. A review of the electronic bank statement data we collect across our consumer businesses support this.

儘管市場消費者信心仍保持穩定，消費者情緒以及小型企業對近期汽油價格飆升未來可能造成的影響表達擔憂。在我們超過 20 年的營運歷史中，我們已成功在多次能源價格飆升期間管理業務，包括最近的 2022 年。在那次能源衝擊期間，我們觀察到汽油價格大幅上漲未必會轉化為更高的支出，因為相較過去，現今消費者有更多方式因應油價飆升，例如更省油的車款、電動車、共乘服務以及隨叫隨送的外送服務。我們在消費者業務中蒐集的電子銀行對帳單數據回顧亦支持此一觀察。

Prior to the start of the Iran War, our consumer borrowers were spending roughly 2% of income on gas. Since then, even with a meaningful increase in gas prices, we've seen only a small increase in spending on gas relative to income as consumers adapt their behavior to higher cost at the pump. This trend is similar to what we observed during 2022 when geopolitical issues sparked an even sharper rise in gas prices that persisted for many months during a period of much higher overall inflation.

在伊朗戰爭爆發前，我們的消費者借款人約將收入的 2% 用於汽油支出。此後，即使油價明顯上升，我們僅看到汽油支出相對於收入小幅增加，顯示消費者會調整行為以因應加油站的較高成本。此趨勢與我們在 2022 年觀察到的情況相似；當時地緣政治議題引發油價更急遽上升，並在整體通膨更高的期間持續了數個月。

Importantly, during that period in 2022, we didn't observe material impacts to our consumer or SMB originations or credit performance as a direct result of the energy price spikes. Notably, historically, we have seen that demand for our products typically increase as customers look to bridge temporary cash flow gaps that could arise from spending due to transitory higher prices.

重要的是，在 2022 年的那段期間，我們並未觀察到能源價格飆升對我們的消費者或中小企業（SMB）放款承作量或信用表現造成直接且重大的影響。值得注意的是，從歷史經驗來看，當客戶希望彌補因短期價格上漲所導致的暫時性現金流缺口時，對我們產品的需求通常會增加。

Before I wrap up, I'd like to spend a few moments discussing our strategy and key focus areas for the remainder of 2026. We've demonstrated a long track record of consistent and profitable lending while navigating a wide range of economic environments. We thoughtfully diversified and built our operating model to be resilient in any economic environment and are confident in our ability to continue our success by following our focused growth strategy and by leveraging our diversified product offerings, advanced technology and analytics and disciplined unit economics approach.

在我結束之前，我想花幾分鐘談談我們在 2026 年剩餘期間的策略與關鍵聚焦領域。我們在各種經濟環境中航行，已展現長期且一貫的獲利放款紀錄。我們審慎地進行多元化並建立可在任何經濟環境下保持韌性的營運模式，並有信心透過聚焦的成長策略、運用多元化的產品組合、先進的科技與分析能力，以及嚴謹的單位經濟（unit economics）方法，持續延續成功。

One key to our success for many years has been the extensive application of machine learning models, automation and other advanced technologies, including applied and generative AI across our company to remain nimble, improve the customer experience, manage risk and increase efficiency.

多年來我們成功的關鍵之一，是在全公司廣泛運用機器學習模型、自動化與其他先進技術，包括應用型與生成式 AI，以保持敏捷、提升客戶體驗、管理風險並提高效率。

This tech forward and innovation mentality is ingrained in our culture and it's how we've approached our work every day for many, many years. While we've taken a more understated approach to highlighting our innovation compared to others, preferring to let the results speak for themselves, make no mistake that we've embraced the opportunities to apply generative AI across our organization to defend and extend our competitive advantages and enable our teams to move faster with powerful insights while working smarter and more efficiently.

這種科技導向與創新思維已深植於我們的文化之中，多年來我們每天都是以此方式推進工作。雖然相較於其他公司，我們在凸顯創新方面採取較為低調的方式，偏好讓成果自己說話，但請不要誤會：我們已把握在全組織導入生成式 AI 的機會，以捍衛並擴大我們的競爭優勢，並讓團隊在更聰明、更有效率的工作方式下，透過強大的洞察更快速地行動。

Finally, we are excited about our combination with Grasshopper Bank later this year. Since our last update, we continue to make great progress and remain engaged in a constructive dialogue with both the OCC and Federal Reserve as we progress through the typical application process. Internally, our teams are deep into integration planning, and we are highly encouraged by the readiness we are building to ensure we hit the ground running on day one to deliver on the significant synergies for geographic expansion of our existing products and lower funding costs from Grasshopper's deposit businesses.

最後，我們對於今年稍晚與 Grasshopper Bank 的合併感到振奮。自上次更新以來，我們持續取得重大進展，並在推進一般申請流程的同時，持續與美國貨幣監理署（OCC）及聯邦準備理事會（Federal Reserve）保持建設性的對話。在內部方面，我們的團隊正深入進行整合規劃；我們也對目前建立的就緒度深受鼓舞，以確保在第一天即可迅速展開，實現顯著的綜效，包括既有產品的地理擴張，以及透過 Grasshopper 的存款業務降低資金成本。

As a reminder, we expect net synergies related to the transaction to drive adjusted EPS accretion of more than 25% once the synergies are fully realized in the first two years post-closing. We continue to anticipate closing the transaction during the second half of this year. To wrap up, we're pleased with the strong start to the year. And based on what we're seeing today, we're raising our outlook for the year, which Scott will describe in more detail.

提醒一下，我們預期與本交易相關的淨綜效，在交割後前兩年內於綜效完全實現時，將帶動調整後每股盈餘（adjusted EPS）增厚超過 25%。我們仍預期在今年下半年完成交易交割。總結來說，我們對今年強勁的開局感到滿意。並且根據我們目前所見，我們正在上調今年的展望，Scott 將會更詳細說明。

We believe our diversified product offerings, nimble machine learning powered credit risk management capabilities, talented team and solid balance sheet position us well to continue to drive sustainable and profitable growth this year and beyond.

我們相信，多元化的產品組合、由機器學習驅動且敏捷的信用風險管理能力、優秀的團隊以及穩健的資產負債表，使我們具備良好條件在今年及未來持續推動可持續且具獲利性的成長。

With that, I'd like to turn the call over to Scott Cornelis, our CFO, 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，我想把電話會議交給我們的財務長（CFO）Scott Cornelis，他將更詳細說明我們的財務結果與展望。在 Scott 發言之後，我們也很樂意回答各位可能有的任何問題。Scott？

Thank you, Steve, and good afternoon, everyone. As Steve noted in his remarks, we're pleased to deliver another solid quarter of top and bottom line financial performance. We started 2026 with strong growth in originations, receivables and revenue along with solid credit, operating efficiency and balance sheet flexibility.

謝謝你，Steve，各位下午好。如 Steve 在發言中所提到的，我們很高興再次交出一季穩健的營收與獲利表現。我們以放款承作量、應收款與營收的強勁成長開啟 2026 年，同時維持穩健的信用表現、營運效率與資產負債表的彈性。

Turning to our first quarter results. Total company revenue of $875 million increased 17% from the first quarter of 2025, exceeding our expectations driven by 28% year-over-year growth in total company combined loan and finance receivable balances on an amortized basis. Total company originations during the first quarter rose 33% from the first quarter of 2025 to $2.3 billion.

接著看第一季的業績。全公司營收為 8.75 億美元，較 2025 年第一季成長 17%，在以攤銷基礎計算的全公司合併貸款與融資應收款餘額年增 28% 的帶動下，超出我們的預期。第一季全公司放款承作量較 2025 年第一季成長 33%，達 23 億美元。

Revenue from small business lending increased 37% from the first quarter of 2025 to $418 million as small business receivables on an amortized basis ended the quarter at $3.7 billion or 39% higher than the end of the first quarter of 2025. Small business originations rose 42% year-over-year to $1.7 billion.

小型企業放款的營收較 2025 年第一季成長 37%，至 4.18 億美元；以攤銷基礎計算的小型企業應收款在季末為 37 億美元，較 2025 年第一季季末高出 39%。小型企業放款承作量年增 42%，至 17 億美元。

Revenue from our consumer businesses increased 3% from the first quarter of 2025 to $446 million as consumer receivables on an amortized basis ended the first quarter at $1.6 billion or approximately 8% higher than the end of the first quarter of 2025. Consumer originations grew 10% from the first quarter of 2025 to $559 million. For the second quarter of 2026, we expect total company revenue to be 15% to 20% higher year-over-year. This expectation will depend on the level, timing and mix of originations growth during the quarter.

我們消費者業務的營收較 2025 年第一季成長 3%，至 4.46 億美元；以攤銷基礎計算的消費者應收款在第一季季末為 16 億美元，較 2025 年第一季季末約高出 8%。消費者放款承作量較 2025 年第一季成長 10%，至 5.59 億美元。對於 2026 年第二季，我們預期全公司營收將較去年同期高出 15% 至 20%。此一預期將取決於該季放款承作量成長的水準、時點與組合。

Now turning to credit, which is the most significant driver of net revenue and portfolio fair value. Consolidated credit performance for the first quarter was solid with year-over-year improvement in the net charge-off rate, the 30-plus day delinquency rate and a stable fair value premium. The consolidated net revenue margin of 60% for the first quarter was at the higher end of our expected range and reflects continued solid credit performance across our portfolios.

接著談信用表現，這是淨營收與投資組合公允價值最重要的驅動因素。第一季合併信用表現穩健，淨沖銷率（net charge-off rate）、逾期 30 天以上比率（30-plus day delinquency rate）皆較去年同期改善，且公允價值溢價（fair value premium）維持穩定。第一季合併淨營收利潤率為 60%，位於我們預期區間的高端，反映各投資組合持續穩健的信用表現。

The consolidated net charge-off ratio for the first quarter of 7.6% declined 100 basis points from the first quarter a year ago as the consumer net charge-off ratio decreased to 14.3%, 90 basis points lower than the first quarter last year, while the small business net charge-off ratio remained stable at 4.6%. These results underscore the strength and consistency of our credit risk management and the quality of our originations.

第一季合併淨沖銷率為 7.6%，較去年同期下降 100 個基點；其中，消費者淨沖銷率降至 14.3%，較去年第一季低 90 個基點，而小型企業淨沖銷率則維持穩定在 4.6%。這些結果凸顯我們信用風險管理的強度與一致性，以及放款承作的品質。

Importantly, we expect future credit performance to remain stable as demonstrated by the year-over-year stability in the consolidated 30-plus day delinquency rate and the consolidated fair value premium, which at 115% remained at levels we have seen over the past two years, indicating a stable risk return profile and strong unit economics.

重要的是，我們預期未來信用表現將維持穩定；這可由合併逾期 30 天以上比率與合併公允價值溢價的年對年穩定性看出。合併公允價值溢價維持在 115%，仍處於過去兩年所見的水準，顯示風險報酬輪廓穩定且單位經濟表現強勁。

Looking ahead, we expect the total company net revenue margin for the second quarter of 2026 to be in the 55% to 60% range. This expectation will depend upon portfolio payment performance and the level, timing and mix of originations growth during the second quarter.

展望未來，我們預期 2026 年第二季全公司淨營收利潤率將落在 55% 至 60% 的區間。此一預期將取決於投資組合的還款表現，以及第二季放款承作量成長的水準、時點與組合。

Now turning to expenses. Total operating expenses for the first quarter, including marketing, were 36% of revenue compared to 33% of revenue in the first quarter of 2025. As Steve noted, our marketing spend continues to be efficient, driving strong originations growth. Marketing costs increased to 22% of revenue or $189 million compared to 19% of revenue or $139 million in the first quarter of 2025. We expect marketing expenses to be around 20% of revenue for the second quarter, which will depend upon the growth and mix of originations.

接著談費用。第一季總營運費用（含行銷）占營收比重為 36%，相較於 2025 年第一季的 33%。如 Steve 所提到的，我們的行銷支出持續維持效率，帶動放款承作量強勁成長。行銷成本上升至占營收 22%（或 1.89 億美元），相較於 2025 年第一季占營收 19%（或 1.39 億美元）。我們預期第二季行銷費用約占營收 20%，但仍將取決於放款承作量的成長與組合。

Operations and technology expenses for the first quarter increased to 8.7% of revenue or $76 million compared to 8.4% of revenue or $62 million in the first quarter of 2025, 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% to 8.5% of total revenue going forward.

第一季營運與科技（O&T）費用上升至營收的8.7%（7,600萬美元），相較於2025年第一季營收的8.4%（6,200萬美元），主要受過去一年應收款與放款發放（originations）成長所帶動。鑑於此費用類別具有顯著的變動性組成，在放款發放與應收款成長的環境下，O&T成本的季增屬可預期；展望未來，預計將約占總營收的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 first quarter were $48 million or 5.5% of revenue compared to $42 million or 5.7% of revenue in the first quarter of 2025. The current quarter includes $2.7 million of onetime deal-related expenses associated with the pending Grasshopper acquisition.

我們持續聚焦營運效率與審慎的費用管理，使固定成本得以持續擴大規模效益。第一季一般及行政（G&A）費用為4,800萬美元，約占營收5.5%，相較於2025年第一季的4,200萬美元（約占營收5.7%）。本季包含與待完成的Grasshopper收購案相關的一次性交易費用270萬美元。

Excluding these items, G&A expenses were $45 million or 5.2% 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 around 5% of total revenue, excluding any onetime costs.

排除上述項目後，G&A費用為4,500萬美元，約占營收5.2%，反映持續的營運槓桿與嚴謹的費用管理。雖然各季之間可能略有波動，我們預期短期內（排除任何一次性成本）G&A費用約占總營收的5%。

Our balance sheet and liquidity position remains strong, giving 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 opportunistic share repurchases. We ended the first quarter with approximately $1.1 billion of liquidity, including $436 million of cash and marketable securities and $654 million of available capacity on our debt facilities.

我們的資產負債表與流動性部位仍然強勁，賦予我們在各種營運環境中成功因應的財務彈性；同時，我們也將透過持續投資本業與機會性股票回購，履行推動長期股東價值的承諾。第一季末我們的流動性約為11億美元，其中包括4.36億美元的現金與可出售證券，以及債務融資額度中6.54億美元的可用額度。

Continuing our track record of strong capital markets execution, during the first quarter, we upsized four of our secured consumer and small business warehouse facilities by $377 million at existing terms, providing additional capacity to support our growth. Our cost of funds for the first quarter was 8.2%, down from 8.3% in the fourth quarter, reflecting strong execution in recent financing transactions.

延續我們在資本市場執行上的優異紀錄，第一季我們在既有條件不變下，將四項以消費者與小型企業為擔保的倉儲融資（warehouse）額度合計提高3.77億美元，提供額外容量以支持成長。第一季資金成本為8.2%，較第四季的8.3%下降，反映近期融資交易的強勁執行成果。

During the first quarter, we acquired approximately 110,000 shares at a cost of approximately $16 million. We continue to believe there remains additional upside in our valuation given our track record of consistent growth and earnings, our expectations for 2026 and the significant future opportunities associated with the Grasshopper acquisition.

第一季期間，我們以約1,600萬美元的成本回購約11萬股股票。基於我們一貫的成長與獲利表現、對2026年的展望，以及Grasshopper收購案所帶來的重大未來機會，我們仍相信目前估值仍有進一步上行空間。

With that in mind, we will continue stock repurchases opportunistically while ensuring we are prepared to close the Grasshopper Bank acquisition and transition to a bank holding company later this year. Finally, we continue to deliver solid profitability this quarter. Compared to the first quarter of 2025, adjusted EPS, a non-GAAP measure, increased 30% to $3.87 per diluted share.

基於此，我們將在確保已準備好於今年稍晚完成Grasshopper Bank收購並轉型為銀行控股公司（bank holding company）的同時，持續把握機會性地進行股票回購。最後，我們本季仍交出穩健的獲利表現。相較於2025年第一季，調整後每股盈餘（Adjusted EPS，非GAAP指標）成長30%，至每股稀釋後3.87美元。

To wrap up, let me summarize our near-term expectations. For the second quarter, we expect consolidated revenue to be 15% to 20% higher year-over-year with a net revenue margin in the 55% to 60% range. Additionally, we expect marketing expenses to be around 20% of revenue, O&T costs of around 8% to 8.5% of revenue and G&A costs around 5% of revenue. With a more normalized tax rate, these expectations should lead to adjusted EPS for the second quarter of 2026, that is 20% to 25% higher than the second quarter of 2025.

最後，讓我總結我們的短期展望。針對第二季，我們預期合併營收年增15%至20%，淨營收利潤率（net revenue margin）落在55%至60%區間。此外，我們預期行銷費用約占營收20%，O&T成本約占營收8%至8.5%，G&A成本約占營收5%。在較為正常化的稅率下，以上預期應可帶動2026年第二季調整後EPS較2025年第二季提高20%至25%。

For the full year, we expect growth in originations compared to the full year of 2025 of around 20%. We expect that the resulting growth in receivables with stable credit and continued operating leverage should result in full year 2026 revenue growth similar to originations growth and adjusted EPS growth of at least 25%.

就全年而言，我們預期放款發放（originations）相較2025年全年成長約20%。我們預期在信用維持穩定且營運槓桿持續提升的情況下，由此帶動的應收款成長，將使2026年全年營收成長與放款發放成長幅度相近，且調整後EPS成長至少25%。

Our second quarter and full year 2026 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. As a reminder, our 2026 financial expectations do not assume any contribution from the pending acquisition of Grasshopper Bank, which, as Steve noted, we continue to expect to close in the second half of 2026.

我們對2026年第二季與全年展望，將取決於總體經濟環境的走勢，以及其對需求、客戶付款率、以及放款發放成長的水準、時點與組合所造成的影響。提醒一下，我們的2026年財務預期未假設待完成的Grasshopper Bank收購案帶來任何貢獻；如Steve所述，我們仍預期將於2026年下半年完成交割。

We are confident that the demonstrated ability of our talented team, combined with our world-class technology and analytics have us well positioned to adapt to an evolving macro environment, and continue to generate meaningful and consistent financial results. Our resilient online-only business model, diversified product offerings, nimble machine learning-powered credit risk management capabilities and solid balance sheet support our ability to continue to drive profitable growth while also effectively managing risk.

我們有信心，憑藉優秀團隊已展現的能力，加上世界級的科技與分析能力，使我們具備良好定位以因應不斷演變的總體環境，並持續創造具意義且一致的財務成果。我們具韌性的純線上商業模式、多元化的產品組合、靈活的機器學習驅動信用風險管理能力，以及穩健的資產負債表，支撐我們在有效管理風險的同時，持續推動獲利性成長。

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

以上，我們很樂意回答各位的提問。主持人？

(Operator Instructions)

（主持人指示）

Moshe Orenbuch, TD Cowen.

TD Cowen的Moshe Orenbuch。

I guess for starters, you've got very strong results overall but has kind of tilted a little bit certainly from an asset growth standpoint towards small business. Could you talk a little bit about your originations in both consumer and small business and related to the respective marketing costs, like where were those higher marketing costs incurred and how it drove the originations and whether there's an outlook for that consumer or any reversal, if you will, of that kind of disparate growth between the two businesses?

我想先從這裡開始：你們整體結果非常強勁，但從資產成長的角度來看，似乎有點偏向小型企業。能否談談你們在消費者與小型企業兩端的放款發放（originations）情況，以及與各自行銷成本的關聯——例如較高的行銷成本主要發生在哪裡、如何帶動放款發放；另外，對消費者端是否有展望，或是否可能出現某種「反轉」，也就是兩個業務之間這種差異化成長是否會改變？

Moshe, thanks for the question. So I think let me make a couple of comments. Number one, I think our SMB business has been growing plus 20% now for every quarter over the past two years. Sometimes it's more than that, like we've seen over the past couple of quarters or sometimes a little bit closer to that. So pretty consistent, pretty steady.

Moshe，謝謝你的問題。我想我先做幾點說明。第一，我們的SMB業務在過去兩年中，每一季都維持20%以上的成長。有時會更高，例如過去幾季所見；有時則更接近這個水準。因此相當一致、也相當穩定。

I don't think there's anything remarkable to talk about as it relates to marketing. Our marketing remains very efficient. And again, we lean into that marketing where we see opportunities to drive really good growth with strong unit economics.

我認為就行銷而言，沒有什麼特別值得大書特書的。我們的行銷依然非常有效率。而且我們會在看到能以強勁單位經濟（unit economics）推動非常好的成長機會時，加大行銷投入。

On the consumer portfolio, if you just take a look at the year-over-year trends in the consumer book, we've been reaccelerating growth, as we've talked about now over the past couple of quarters. If you recall back, middle of last year, we were making sure that we had credit where we wanted it. There was a product that we slowed -- that slowed our overall consumer growth down a bit, but that's been picking up. The pace has picked up.

至於消費者投資組合，如果你看消費者業務的年對年趨勢，正如我們在過去幾季所談到的，我們的成長正在重新加速。如果你還記得，去年年中我們確保信用表現符合我們的目標。當時有一項產品我們放慢了步調——這使得整體消費者成長略為放緩，但現在已經回升。成長速度已經加快。

And in particular, if you look at our consumer products, you can see that our consumer installment growth has been very healthy now for quite some time on a year-over-year basis. And the LOC product year-over-year growth has been accelerating over the past several quarters as we expected.

特別是，如果你看我們的消費者產品，你會看到我們的消費者分期（installment）年對年成長已經維持相當健康一段時間。而信用額度（LOC）產品的年對年成長，也如我們預期在過去幾季持續加速。

I think you should expect to continue to see the consumer year-over-year growth to accelerate. As we look back into some of the quarters last year where we had purposely slowed down. So I think I expect we'll continue to see healthy SMB growth, but I also think we'll continue to see that acceleration in consumer. So the disparity, I think we should -- all things being equal and with the strong operating backdrop, I think you'll see that disparity diminish.

我認為你應該會持續看到消費者端的年對年成長加速。因為回頭看去年某些季度，我們是刻意放慢的。所以我預期我們會持續看到健康的SMB成長，但同時也會持續看到消費者端的加速。因此，在其他條件相同且營運環境強勁的情況下，我認為你會看到兩者之間的差距縮小。

And similar to what I mentioned on the marketing for SMB, the marketing on our consumer side, our teams do a great job of identifying the channels that deliver the best marketing value for the growth that we can achieve against that unit economic framework. So I feel very good about the quarter, the growth that we were able to bring. And as Scott highlighted, our outlook, we nudged up a bit what we think we will be able to do with what we see today with our growth.

而且類似於我在 SMB 行銷上提到的，我們在消費者端的行銷也是一樣；我們的團隊在辨識哪些渠道能在我們可在該單位經濟框架下達成的成長中，帶來最佳行銷價值方面做得非常出色。所以我對本季、以及我們能帶來的成長感到非常滿意。另外如 Scott 所強調的，我們對展望也做了小幅上調，基於我們今天所看到的成長情況，我們認為自己能做到的會略多一些。

Got it. And clearly, you have one of the better lenses into kind of repayment given the shorter term that you've got. Just talk a little bit about what you're seeing both on the consumer and small business side. And if you can talk about -- obviously, we see the delinquency rates at the end of March, but if you can kind of talk about whether that's continued into April and just talk about the repayment side of things.

了解。而且很明顯，鑑於你們的期限較短，你們在還款情況上應該有更好的觀察視角。能否稍微談談你們在消費者端與小型企業端各自看到的情況？另外，如果可以的話——顯然我們看到 3 月底的逾期率，但你能否談談這是否延續到 4 月，以及整體還款面的狀況？

Yes. I mean, I think the results speak for themselves. At the end of the quarter, as you mentioned, credit looks really, really strong. I mean SMB has been operating in a tight range for charge-offs for quite some time. Our consumer charge-offs are operating, what I would say, towards the lower end of the range that we typically would see for first quarter.

是的。我的意思是，我認為結果已經不言自明。如你所提到的，在季末，信用表現非常、非常強勁。SMB 的核銷率在相當長一段時間內一直維持在一個狹窄區間內運行。我們的消費者核銷率則處於我所說的、通常第一季會看到的區間偏低端。

And so a few weeks into the second quarter, we're pleased with what we're seeing as it relates to the portfolio performance. And the demand regardless of the volatility that -- and the headlines that are out there, sometimes the -- what people are actually doing versus the backdrop and the headlines is very different. And we're pretty encouraged with what we're seeing as we move into the second quarter.

因此進入第二季幾週後，就投資組合表現而言，我們對目前看到的情況感到滿意。而需求方面，不論外界波動——以及媒體標題——有時候人們實際在做的事情，與背景與標題所呈現的氛圍是非常不同的。隨著我們進入第二季，我們對目前看到的情況相當受到鼓舞。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Steve, maybe just kind of following up on Moshe's comment about kind of the mix of originations. Can you just remind us, as we think about the unit economics between consumer and SMB? Obviously, they're approaching sort of 50-50 revenue at this point. But are you still -- should we be indifferent as an investor outside looking in, should there basically be an indifference as it relates to the asset mix? Are the unit level returns risk-adjusted pretty much the same? Are you underwriting to kind of similar economics still?

Steve，或許接續 Moshe 關於放款來源組合的評論。你能否提醒我們，在消費者與 SMB 之間的單位經濟效益該如何看？顯然目前兩者的營收占比正接近 50-50。但作為外部投資人，我們是否仍應對資產組合基本上保持中性、無差別看待？兩者在風險調整後的單位層級報酬是否大致相同？你們是否仍以類似的經濟性來進行承作與核貸？

Yes. I mean, listen, we are -- the way our unit economics and our ROE frameworks work is that we're pretty agnostic to the mix. We go where the demand is and where we think we can efficiently underwrite and market to drive volume. And we've talked about this a lot over the years, and you've seen us do that.

是的。我的意思是，聽著，我們——我們的單位經濟與 ROE 架構運作方式，使得我們對組合比例相當不偏好、相當中性。我們會去需求所在之處，以及我們認為能有效率地承作核貸與行銷、以推動量能的地方。多年來我們談過很多次，你也看到我們確實是這麼做的。

There are some slight differences between the two. Obviously, the yields between the two portfolios are different. The charge-off rates are different, which means the net revenue margins are a bit different. And you can kind of work your way down all the way through, including financing intensity across the two. But ultimately, you get back to a pretty similar ROA across the two portfolios.

兩者之間確實有一些些微差異。顯然，兩個投資組合的收益率不同。核銷率也不同，這意味著淨營收利差會有些差異。你可以一路往下拆解，包括兩者在資金/融資強度上的差異。但最終回到的結果是，兩個投資組合的 ROA 相當接近。

And so we feel really good that the unit economics and our approach to how we go about meeting that demand is going to work really well for us. Whether we see sometimes where SMB grows a bit faster like we've seen over the past year or so. But we've also seen times where consumers are going to grow faster than SMB. So you should expect that those types of opportunities will continue.

因此我們對單位經濟，以及我們滿足需求的方式很有信心，這會對我們非常奏效。有時候我們會看到 SMB 成長稍快，就像過去一年左右所見。但我們也看過消費者端成長會比 SMB 更快的時期。所以你應該預期這類機會仍會持續出現。

Obviously, most recently, it's been more impacted by just the reacceleration as we get consumer rolling again after the middle of last year. So we feel really good about where we're headed, and we feel really good about the economics across both portfolios.

顯然，最近更多是受到影響：在去年年中之後，隨著我們讓消費者端重新加速、重新轉動起來。所以我們對前進方向感到非常有信心，也對兩個投資組合的經濟性都感到非常有信心。

Got it. That's helpful. And switching to credit. I think you read my mind, I literally have written down to ask about sort of gas prices and spending based on the bank data that you started purchasing several years ago. I just wanted to make sure I heard what you said that basically as a percentage of income, so far, you're really not seeing any kind of noticeable change and where your borrowers how much they're allocating to gas or energy-related expenditures?

了解。這很有幫助。接著轉到信用面。我想你讀到我的想法了，我真的在紙上寫下來要問：關於你們幾年前開始購買的銀行數據所反映的油價與支出情況。我只是想確認我聽到你說的是：以收入占比來看，到目前為止，你們其實沒有看到任何明顯變化——也就是你們的借款人把多少收入分配到汽油或能源相關支出上？

And are they spending more in total when you look at bank account information and debit charges? Or is the gas spending pulling from other categories of spend?

另外，當你們看銀行帳戶資訊與簽帳金融卡扣款時，他們的總支出是否增加？還是汽油支出是從其他支出類別挪過來的？

So I think overall, spending compared to income is about where it has been. So on average, it's about the same. I mean the proportion spending on gas is pretty small. I mentioned it's around 2%, and we saw a slight increase. So it's not materially crowding out like other categories of spending. And that's kind of what we saw, again, as I mentioned, in the last shock we saw in 2022.

所以我認為整體而言，支出相對於收入大致維持在原本的水準。因此平均來看差不多。我的意思是，汽油支出的占比其實很小。我提到大約是 2%，而且我們看到小幅上升。所以它並沒有實質性地擠壓其他支出類別。而這也就是我們在 2022 年上一次衝擊時所看到的情況，如我剛才提到的。

It really reflects, I think this isn't sort of a static environment, right? These consumers and small businesses as well are going to adapt to the environment, change their behaviors if it's becoming a pressure for them. But I think it should encourage you that we've got a bit of a track record. We have a handle on what we expect to see. We're going to keep an eye on it. And like we always do, we'll adapt if we see something different. But right now, we think we're not really seeing anything that would cause us concern about the recent gas price increases on our consumers.

我認為這其實反映出：這不是一個靜態的環境，對吧？這些消費者以及小型企業也會去適應環境；如果壓力變大，他們會改變行為。但我認為這應該能讓你感到鼓舞，因為我們有一些過往紀錄可循。我們對預期會看到什麼是有掌握的。我們會持續關注。而且就像我們一貫做的，如果看到不同的情況，我們也會調整。但就目前而言，我們認為近期油價上漲並沒有讓我們對消費者端產生任何需要擔憂的跡象。

Okay. Got it, which is consistent with what pretty much all lenders have been saying thus far. If I can squeeze just one more in, a lot of calls this reporting season have had questions focusing on agentic commerce and particularly for sort of any kind of point-of-sale lender. There's more talk about kind of having to integrate with some AI platforms ultimately.

好的。了解，這也與目前幾乎所有放款機構到目前為止所說的一致。如果我可以再塞一個問題：這個財報季很多電話會議都在問代理式商務（agentic commerce），特別是對任何類型的 POS 放款機構而言。大家也更多在談，最終可能需要與某些 AI 平台進行整合。

Could you talk about how you best guess how you see your digital marketing evolving as traditional search kind of transforms into some other platforms, perhaps directing consumers to various financial services providers? Are certain integration kind of planning underway. How should we be thinking about how the customer acquisition model might change over the next few years?

你能否談談你們如何推測：當傳統搜尋逐步轉變到其他平台、可能把消費者導向各種金融服務提供者時，你們的數位行銷會如何演進？是否已在進行某些整合規劃？我們應該如何思考未來幾年客戶獲取（customer acquisition）模式可能的變化？

Yes. I mean, our marketing teams are -- have been very active in this for quite some time, looking at shifts. You talk about search to the extent that people are using the AI models to do more search versus the traditional browsers, all over the tools that allow you to understand where you stack up very similar to how you would look at how you stack up in a search. So we're well underway on that.

是的。我的意思是，我們的行銷團隊——在這方面已經非常積極一段時間了，一直在觀察這些轉變。你提到搜尋；在某種程度上，人們使用 AI 模型來做更多搜尋、而不是傳統瀏覽器；我們也在使用各種工具來了解你在其中的排名/表現，這非常類似於你會如何看待自己在搜尋中的排名。所以我們在這方面已經在積極推進中。

It's not so dissimilar from when you think about traditional TV a few years ago and how things have quickly migrated into social media and a lot more targeted marketing versus a little bit more scattershot. So I think our teams are very good at understanding where our customers are trending towards in terms of where they look to find products that we would offer. And we're making great progress on making sure that we're migrating and being a leader in marketing in those channels so that we can maintain our competitive advantage and continue to meet our customers where they want to be met.

這和你回想幾年前的傳統電視其實沒有那麼不同，當時各種事物如何迅速轉移到社群媒體，以及相較於較為「撒網式」的方式，行銷變得更精準、更具目標性。所以我認為，我們的團隊非常擅長理解客戶在「他們會去哪裡尋找我們所提供的產品」這件事上，趨勢正往哪裡走。而我們也在確保自己能夠遷移並在那些渠道中成為行銷領導者方面取得很大進展，讓我們得以維持競爭優勢，並持續在客戶希望被觸及的地方與他們相遇。

Bill Ryan, Seaport Research Partners.

Bill Ryan，Seaport Research Partners。

First question, just kind of following up on the consumer loan origination side, specifically on the line of credit. It looks like it was up about 3%, 4% year-over-year on what was arguably a very difficult comp a year ago of 22%. And so the comps are getting quite a bit easier as the year progresses. But just overall, what's kind of -- what changes have you made that gives you a lot more confidence about stepping back into that market.

第一個問題，想延續一下消費者貸款承作（origination）這一塊，特別是信用額度（line of credit）。看起來年增大約3%到4%，而去年同期的比較基期（comp）其實非常困難，當時年增有22%。所以隨著今年進行，基期會變得容易不少。但整體來看，你們做了哪些改變，讓你們對重新回到那個市場更有信心？

Yes. So we talked about this a bit over the past couple of quarters. In particular, the line of credit was that particular segment that you were talking about with those growth rates was impacted by our purposeful look at credit back in the middle of last year, slow growth, make sure we were calibrated correctly, meeting our unit economics. And then we started reaccelerating, right?

是的。我們在過去幾個季度有稍微談到這點。特別是你提到的信用額度那個分項，當時那些成長率受到我們在去年年中有意識地重新檢視信用（風險）的影響：放慢成長、確保校準正確、符合我們的單位經濟（unit economics）。然後我們就開始重新加速，對吧？

And so we've reopened. We're back to business the way we historically had been. And I feel pretty confident with what we're seeing and what we've seen thus far into the second quarter as well that we're making good progress in getting back to business that's very different than where we were say, in the second or third quarter of last year. So I think a lot of it has to do with the demand we're seeing, the credit metrics that we monitor on a regular basis every week, and the results that we've been able to generate, not just this quarter but so far into the second quarter.

所以我們已經重新開放。我們回到過去一貫的營運方式。而且就我們目前看到的情況、以及到第二季目前為止的表現，我相當有信心：我們在回到正常軌道方面進展良好，這和例如去年第二或第三季時的狀況非常不同。所以我認為很大一部分來自於我們看到的需求、我們每週定期監控的信用指標，以及我們不僅在本季、也包括第二季迄今所能產生的成果。

Okay. And just one follow-up on the consumer loan yield, not overly material, but it looked like a little bit of a dip in the yield. I think it's about 300 basis points quarter-over-quarter. Any specific call-outs on that?

了解。另外追問一下消費者貸款收益率（yield），雖然不是特別重大，但看起來收益率有小幅下滑。我想大約是季減300個基點。這背後有什麼特別需要點出的原因嗎？

Bill, it's Scott. Yes, I think Steve mentioned it earlier some of the mix on the consumer side, more installment that has a little lower yield than the line of credit. So that's most of that. But we expect that, as Steve mentioned, again, flip back a little bit to the norm.

Bill，我是Scott。是的，我想Steve先前有提到，消費端的組合（mix）有些變化：分期貸款（installment）的占比提高，而它的收益率比信用額度略低。所以主要就是這個因素。不過我們預期，如同Steve提到的，之後會再稍微回到較正常的水準。

(Operator Instructions)

（接線員指示）

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

First, I wanted to go back to the origination volume and marketing discussion. So really strong origination grew at 33%. The marketing expense as a percent of revenues, that was a bit -- a little bit higher than your guidance, which is just fine with the origination growth you're able to get.

首先，我想回到承作量與行銷的討論。承作表現非常強勁，成長了33%。行銷費用占營收比重，確實比你們的指引略高一些，但在你們能取得這樣的承作成長下，這也完全可以理解。

But I was just curious if in the quarter after you gave the guidance last call, what did you see that was -- that drove that incremental originations? And is the originations you're seeing kind of a better margin business than what you kind of typically plan for, kind of is that originations from maybe less competition? Or I don't know where the outsized growth we come from? I'm just curious about that.

但我好奇的是，在你們上次電話會議給出指引之後的這一季，你們看到了什麼因素推動了這些額外的承作量？以及你們目前看到的承作，是否屬於毛利更好的業務、優於你們通常的規劃假設？這些承作是否可能來自競爭較少？或者我不確定這種超預期成長是從哪裡來的。我只是想了解一下。

Yes. I mean sometimes it's hard to tell. I mean, I think, what the demand that we saw, I think, again, as I mentioned in my comments, is a reflection of our consumer and small business customers have been resilient as they navigated some of the market volatility and really the concerns about the future because if you look at the macro environment right now, it's actually in pretty good shape and really good for driving our customer demand to us.

是的。我的意思是，有時候確實很難判斷。我認為我們看到的需求，如同我在發言中提到的，反映出我們的消費者與小型企業客戶在面對一些市場波動、以及對未來的擔憂時仍具韌性；因為如果你看現在的總體環境，其實狀況相當不錯，也很有利於把客戶需求帶到我們這邊。

And so I don't think anything really changed other than we saw a lot of healthy demand from those customer bases. And we were able to underwrite that with our unit economics approach. So I think that's -- at the end of the day, that's really what it's reflecting is that regardless of the headlines and regardless sometimes of what customers say about the future, which, by the way, can snap back pretty quickly when things stabilize, I mean their behaviors have been relatively stable over the past several quarters.

所以我不覺得有什麼真正改變，除了我們從這些客群看到大量健康的需求。而我們也能用我們的單位經濟方法去承作與核貸（underwrite）這些需求。所以我想，歸根結底，這反映的是：不論新聞標題如何、不論客戶有時對未來怎麼說（順帶一提，一旦情勢穩定，信心也可能很快回升），他們的行為在過去幾個季度其實相對穩定。

Okay. Great. That's helpful. And then second question on the funding side. I don't know once you have Grasshopper, this will be less of a concern. But if you could talk about kind of the funding appetite right now from your partners for whether it's small business loans or subprime consumer loans, given that there's been -- there have been some concerns in the quarter about private credit and just the funding appetite out there, if you could talk about how your spreads are doing and your funding partners are.

了解。很好。這很有幫助。第二個問題是資金端（funding）。我不知道在你們併入Grasshopper之後，這會不會就不那麼令人擔心。但能否談談目前你們合作夥伴對於小型企業貸款或次級（subprime）消費者貸款的資金意願？因為本季市場對私募信貸（private credit）有一些疑慮，也有人擔心外部資金意願；如果你能談談你們的利差（spreads）表現以及資金合作夥伴的狀況就太好了。

Yes. Vincent. So you saw us talk about the access we had on increasing four different warehouses across both consumer and SMB. So I think that's a testament to the performance and the track record that we have in those portfolios. So we're able to upsize those warehouses, about $377 million in total to give us room to grow.

好的。Vincent。所以你看到我們提到，我們在消費與SMB兩邊的四個不同倉儲融資（warehouse）額度都有增加。我認為這證明了我們在那些投組的表現與歷史紀錄。因此我們能把那些warehouse擴大，合計約3.77億美元，讓我們有空間成長。

So that's been our latest touch point and spreads held firm, and we did that at the existing terms with no widening like you've seen maybe in some of the other funding markets. So we feel good about where we're at.

所以這是我們最近一次的市場接觸點；利差維持穩定，而且我們是在既有條款下完成，沒有像你可能在其他資金市場看到的那種利差擴大。所以我們對目前的狀況感覺良好。

Okay, great. And maybe just sneaking one more in. I don't know if you could talk about anything in terms of the process of where you are with the Grasshopper Bank acquisition. I know we're still planning for the second quarter close, but if there's any update on the regulatory or close process, that would be great.

好的，很好。另外我再偷問一個。不知道你能否談談Grasshopper Bank收購案目前進度大概到哪個階段。我知道你們仍規劃在第二季完成交割，但如果能更新一下監管（regulatory）或交割流程的進展就太好了。

Yes. It's actually the second half of 2026, not the second quarter, Vincent. So just so you're clear, I think we were clear in our remarks on that. But no, I don't -- I think we said it all. I mean, I think, there's a process you go through when you file a formal application with the regulators.

好的。Vincent，其實是2026年下半年，不是第二季。所以先讓你釐清一下，我想我們在發言中已經說得很清楚。不過除此之外，我想我們也都說完了。我的意思是，當你向監管機關正式遞交申請後，就會有一套流程要走。

We're going through that process now. It's pretty typical for anybody who's applying for a bank charter or to become a bank holding company. So as I mentioned in my remarks, I think we're making progress, and we remain engaged on that, what I would call, a pretty typical application process.

我們現在正在走那個流程。對任何申請銀行特許（bank charter）或要成為銀行控股公司（bank holding company）的人來說，這都相當典型。所以如同我在發言中提到的，我認為我們正在取得進展，也持續投入在我所稱的、相當典型的申請流程上。

And more importantly, just our ability to work with the Grasshopper team, we've been really pleased with the progress that we're making to be ready to go when we do have the approvals to close the deal and hit the ground running to deliver on some of these really significant opportunities that we expect from the combination of the two companies. So I think that sums it up, and second half of the year is still our expectation.

更重要的是，我們與 Grasshopper 團隊合作的能力；我們對目前取得的進展感到非常滿意，確保在獲得批准、完成交易並能立即展開執行時，已準備就緒，以把握我們預期兩家公司合併後將帶來的一些非常重大的機會並加以落實。所以我想這就總結了，我們仍然預期會在今年下半年發生。

John Hecht, Jefferies.

John Hecht，Jefferies。

Congrats on another good quarter. I wondered that maybe the first one would be was the origination, call it, flow pretty consistent during the quarter? Or did it -- was it -- is it back-weighted from a seasonal perspective? Or did anything like geopolitical events accelerate or decelerate during the quarter?

恭喜再度交出一個不錯的季度。我想問的是，這一季的承作（姑且稱之為）流量是否相當一致？還是——它——是否——從季節性角度看是偏向後段？或者是否有任何像地緣政治事件之類的因素在本季加速或減緩？

No. John, I would describe our origination pattern pretty consistent with what we've seen in prior first quarters. As you know, SMB really doesn't have the same type of quarterly seasonality that we see on the consumer side. There tends to be some month-to-month variations. But in the quarter, we didn't see anything that was unusual as it relates to that typical month-to-month change that we would see from January to March.

沒有。John，我會形容我們的承作節奏與過去第一季所見相當一致。如你所知，中小企業（SMB）並不像消費端那樣有同類型的季度季節性。確實會有一些月與月之間的波動。但在本季度，我們沒有看到任何不尋常之處；就我們從一月到三月通常會看到的那種月度變化而言，並無異常。

I think on the consumer side, as we mentioned on the last call, we saw some of the post-holiday strength into January, but that fades pretty quickly as you move into the later parts of January into the tax refund season, and then you start to see some of that come back a little bit later in Q1 and a little bit more in earnest as you move into the second quarter. So I would say pretty typical originations patterns. I wouldn't say that there's any influence that we could see related to any type of the macro or geopolitical type issues that are out there.

我想在消費端，如同我們在上次電話會議提到的，我們在一月看到一些假期後的強勁表現，但隨著進入一月後段並進入退稅季，那股力道很快就會消退；接著在第一季稍晚會看到部分回升，而進入第二季時回升會更為明顯。所以我會說承作模式相當典型。我不會說我們看到任何可歸因於宏觀或地緣政治議題的影響。

And then I guess, I mean, on a similar topic, do you -- well, it's a similar topic in the sense that are you seeing any fluctuations in spend or payment patterns? But higher fuel prices and maybe they don't stay high for long, maybe they do, but do you -- in your mind, does that impact small businesses in any way like it does the consumer?

那接著我想，算是類似的主題，你們——嗯，類似之處在於：你們是否看到支出或付款模式有任何波動？但燃油價格上升，也許不會維持高位太久，也許會；不過在你看來，這是否會像影響消費者那樣，以某種方式影響小型企業？

I mean as I mentioned in the comments, if you look back at the last time we went through something like this in 2022 the fuel spike was actually much greater than where we are today, and it lasted for quite a while during 2022. And listen, I think just like I mentioned on the consumer side, I think small businesses, they will adapt to those cost pressures if they have them. But again, I think very similar to the consumer -- it's not a static environment. So to the extent that there's these transitory pressures, they figure out ways to manage that either through reduced spending or bridging or whatever it may be.

我的意思是，如我在評論中提到的，如果回顧上一次我們經歷類似情況的 2022 年，當時燃油飆升其實比我們今天所處的水準高得多，而且在 2022 年持續了相當一段時間。而且，聽著，我認為就像我在消費端提到的，小型企業如果面臨這些成本壓力，也會去適應。但同樣地，我認為這與消費端非常相似——環境不是靜態的。因此，在存在這些短暫性壓力的情況下，他們會想辦法管理，例如透過減少支出、以短期資金銜接（bridging）或其他方式。

More broadly, to the extent it impacts to specific industries. We've talked before about industries like trucking, which we are very careful with. Those are probably the industries that have the most direct impact because of the input costs are such a large part of their business. So those are the industries we've been watching for quite some time, and we know our exposures. They're manageable, and we choose operators that are -- that we think are high quality and that we'll be able to manage the credit that we extend to them.

更廣泛地說，若影響到特定產業。我們之前談過像卡車運輸這類產業，我們對此非常謹慎。這些可能是受影響最直接的產業，因為投入成本在其業務中占比很大。所以這些產業我們已觀察相當一段時間，也了解我們的曝險。這些曝險是可控的，而我們也會選擇我們認為高品質、並且能夠管理我們對其所提供授信風險的經營者。

Kyle Joseph, Stephens.

Kyle Joseph，Stephens。

Thanks for taking my questions. Most have been answered, but just kind of looking for an update on the SMB side in terms of kind of competitive environment, where you guys have been taking share, from whom you've been taking share and kind of just where you are now given the growth, kind of the overall share you guys retain in that market?

謝謝回答我的問題。大多數都已經被回答了，但我想就中小企業（SMB）端再請你們更新一下：就競爭環境而言，你們目前在哪些地方取得市占？是從哪些對手那裡取得市占？以及考量到成長，你們目前在該市場中所保有的整體市占大概處於什麼位置？

Yes, sure. So I mean, listen, this -- the SMB market is large to begin with. And we've talked about in the past, new business formation over the past five or six years has been really, really strong if you look at new business applications. And so those companies that are formed and they are a couple of years into their life and have shown staying ability, they're going to become our potential customers or a part of that market.

好的，當然。所以我的意思是，聽著，SMB 市場本來就很大。而且我們過去也談過，若看新企業申請數，過去五、六年新企業成立非常、非常強勁。因此，那些成立後、經營了幾年並展現存續能力的公司，將會成為我們的潛在客戶，或成為該市場的一部分。

So the market is actually growing. It's probably growing a little bit faster than the overall consumer market. And then when you look at our -- just our presence in that market, our brand, our scale and our capabilities, most of our -- most -- our set of competitors hasn't really changed much over time. And we feel like we have a lot of advantages on them.

所以市場其實正在成長。它的成長速度可能比整體消費市場還快一些。再看我們——我們在該市場的能見度、品牌、規模與能力，我們的大多數——大多數——競爭對手組合隨時間並沒有太大改變。而我們覺得自己相較他們有很多優勢。

So it's kind of a great setup. We've got a large market. It seems to be growing quite nicely, and we've got competitive -- some competitive advantages that allow us to be very successful, to be very selective and generate the growth that we think is going to create really strong returns for us and our shareholders.

所以這算是一個很好的局面。我們有一個龐大的市場。它看起來成長得相當不錯，而我們也具備競爭——一些競爭優勢，使我們能非常成功、能非常有選擇性，並產生我們認為將為我們與股東創造非常強勁報酬的成長。

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

問答環節到此結束。我想把電話會議交回給執行長 Steve Cunningham，請他做任何結語。

We thank everyone for joining our call today and have a good night. Thank you.

感謝各位今天加入我們的電話會議，祝各位晚安。謝謝。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。