Happen, Inc. (HAPN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the LendingClub Q1 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 LendingClub 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Artem Nalivayko, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係主管 Artem Nalivayko。請開始。

Thank you and good afternoon. Welcome to Lightning Club's first quarter 2026 earnings conference call. Joining me today to talk about our results are Scott Sanborn, CEO; and Andrew LaBenne, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝，下午好。歡迎參加 Lightning Club 2026 年第一季財報電話會議。今天與我一同說明業績的有執行長 Scott Sanborn 以及財務長 Andrew LaBenne。您可在我們網站「投資人關係」專區找到與本次財報新聞稿一同發布的簡報。

On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via e-mail or through the SEI Technologies platform. Our remarks today will include forward-looking statements, including with respect to our competitive advantages, demand for our loans and marketplace products, for future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements.

在本次電話會議中，除回答分析師提問外，我們也將回覆部分透過電子郵件或 SEI Technologies 平台提交、供我們考量的問題。我們今天的發言將包含前瞻性陳述，包括關於我們的競爭優勢、對我們貸款與市集產品的需求，以及未來的業務與財務表現。我們的實際結果可能與這些前瞻性陳述所預期者有重大差異。

Factors that could cause these results to differ materially are described in today's press release and earnings presentation. Any forward-looking statements that we make on this call are based on current expectations and assumptions, and we undertake no obligation to update these statements as a result of new information or future events.

可能導致實際結果與預期有重大差異的因素，已在今日新聞稿與財報簡報中說明。我們在本次電話會議中所作的任何前瞻性陳述，均基於目前的預期與假設；因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

Our remarks also include non-GAAP measures relating to our performance, including tangible book value per common share and return on tangible common equity. You can find more information on our use of non-GAAP measures and a reconciliation to the most directly comparable GAAP measures in today's earnings release and presentation.

我們的發言亦包含與績效相關的非 GAAP 指標，包括每股普通股有形帳面價值以及有形普通股權益報酬率。關於我們使用非 GAAP 指標的更多資訊，以及與最直接可比 GAAP 指標之調節表，請參閱今日的財報新聞稿與簡報。

Finally, please note all financial comparisons in today's prepared remarks are to the prior-year period unless otherwise noted.

最後請注意，除非另有說明，今日預先準備的發言中所有財務比較均以去年同期為基準。

And now, I'd like to turn the call over to Scott.

現在，我想把電話交給 Scott。

All right. Thank you, Artem. Welcome, everyone.

好的。謝謝你，Artem。各位好，歡迎大家。

We had a great start to 2026, delivering 31% year-on-year growth in originations to $2.7 billion, while achieving record pre-tax earnings of $67 million and a return on tangible common equity of 14.5%. We're not just growing, we're growing profitably.

我們在 2026 年有個非常好的開局：放款（originations）年增 31% 至 27 億美元，同時創下稅前盈餘 6,700 萬美元的歷史新高，並達成 14.5% 的有形普通股權益報酬率。我們不只是成長，而是以獲利的方式成長。

In addition to the strong financial results. We're also delivering our key strategic priorities, including expanding into the new home improvement vertical, driving AI-enabled operating efficiency, and introducing the upcoming rebrand to Happen Bank.

除了強勁的財務表現之外，我們也在推進關鍵策略優先事項，包括拓展至全新的居家修繕垂直領域、推動 AI 賦能的營運效率，以及推出即將到來、改名為 Happen Bank 的品牌重塑。

Our new brand better reflects what we have become and why we exist, to clear the way for people going places. Happen Bank is centered around our members, who we call the motivated middle. Millions of high-FICO, high-income consumers who are digitally savvy, value-conscious, and focus on making progress.

我們的新品牌更能反映我們已成為什麼樣的公司，以及我們存在的原因：為正在前行的人們清除障礙、鋪平道路。Happen Bank 以我們的會員為核心，我們稱他們為「積極中堅」（motivated middle）——數以百萬計高 FICO、高收入的消費者，具備數位素養、重視性價比，並專注於持續進步。

They are active users of credit and are looking for products that deliver reliable value, are easy to understand, and are effortless to use. Products that clear the way for what's next and help them make it happen.

他們是信用產品的活躍使用者，正在尋找能提供穩定價值、易於理解且使用毫不費力的產品——能為下一步清除障礙，並幫助他們把事情做成。

That's exactly what we're designed to do, and it's why we've been successful in attracting and retaining this desirable audience. Feedback from members, prospects, partners, and employees has been enthusiastic because the brand speaks not only to our broad ambitions, but also to our promise.

這正是我們的設計初衷，也正因如此，我們成功吸引並留住這群理想客群。來自會員、潛在客戶、合作夥伴與員工的回饋都非常熱烈，因為這個品牌不僅傳達我們廣泛的企圖心，也傳達我們的承諾。

Beyond that, it also signals a clear visual and emotional differentiation from tired conventional banking norms. The motivated middle use credit intentionally as a strategic tool to achieve meaningful life goals, and they're just as intentional and disciplined in how they pay it back.

此外，它也在視覺與情感層面，清楚地與陳舊的傳統銀行規範做出區隔。「積極中堅」會有意識地把信用當作達成人生重要目標的策略工具，而在還款方式上同樣有意識且自律。

Our focus on this customer, supported by our advanced underwriting models and enormous data advantage, has allowed us to sustain more than 40% credit outperformance relative to our competition for more than five years. That translates to meaningful value for our members and compelling returns for our marketplace investors.

我們聚焦這類客戶，並以先進的承保模型與龐大的資料優勢作為支撐，使我們在超過五年的時間裡，相較競爭對手持續維持逾 40% 的信用品質優勢。這為會員帶來顯著價值，也為我們的市集投資人帶來具吸引力的報酬。

These strong returns are supporting growth in our marketplace with new buyers coming on board across all of our sales channels. Despite the noise in the environment, we remain oversubscribed with an ability to sell more loans than we are generating, and average loan sales prices improved further in the quarter as it has in eight of the last nine quarters.

這些強勁報酬正支持我們市集業務的成長，新的買方透過我們所有銷售通路持續加入。儘管外部環境雜音不斷，我們仍維持超額認購，具備賣出多於我們所產生貸款的能力；本季平均貸款銷售價格進一步改善，且在過去九季中有八季呈現改善。

Our strong funding and proven ability to underwrite loans through a seamless experience is extensible to other categories where the motivated middle is able to make responsible use of credit. Through our major purchase finance business, we're increasingly present with them at the point of decision, whether they're getting braces for their kids or trying to start a family with fertility treatments.

我們強大的資金來源，以及透過無縫體驗完成貸款承保的成熟能力，也可延伸至其他類別，讓「積極中堅」能負責任地使用信用。透過我們的大額消費分期（major purchase finance）業務，我們愈來愈常在他們做決策的當下出現——不論是為孩子做牙套，或是透過生殖療程嘗試組建家庭。

We provide seamless embedded financing supported by our proprietary underwriting to generate affordable payment options for the member and immediate funding to the provider. That model has proven successful in driving meaningful growth with strong credit outcomes. In fact, major purchase finance delivered its third consecutive quarter of record issuance.

我們提供無縫的嵌入式融資，並以自有承保能力支撐，為會員產生可負擔的付款選項，同時為服務提供者帶來即時資金。此模式已證明能在維持良好信用品質的同時，推動顯著成長。事實上，大額消費分期已連續第三季創下發放量（issuance）新高。

We're now bringing our powerful capabilities to bear in the half-trillion-dollar home improvement market, where we believe we have a clear right to win. As of this month, we started underwriting and issuing home improvement loans through our inaugural partnership with Wisetech, an embedded platform that reaches over 40,000 contractors.

我們現在正把強大的能力投入到規模達 5,000 億美元的居家修繕市場，我們相信自己具備明確的勝出條件。自本月起，我們已透過與 Wisetech 的首個合作夥伴關係開始進行居家修繕貸款的承保與發放；Wisetech 是一個嵌入式平台，可觸及超過 40,000 家承包商。

The benefits are clear. Homeowners get instant offers and real-time approvals that allow them to make their projects happen. And contractors. Get timely funding and better close rates, especially on larger projects. Home improvement represents a powerful new opportunity to attract, delight and engage the motivated middle in moments that matter and allows our members to use credit responsibly to add value to their home.

其效益非常明確：屋主可即時取得報價與即時核准，讓他們的工程得以成真；而承包商則可獲得及時資金與更高的成交率，尤其是在較大型的專案上。居家修繕代表一個強而有力的新機會，能在關鍵時刻吸引、取悅並深化「積極中堅」的互動，也讓會員能負責任地運用信用，為其住宅增值。

Beyond Wisetech, we're seeing strong interest from additional partners, which gives us confidence in the category's growth over time. As we add the new partners. The Mosaic code base we acquired last year will allow us to deliver our proprietary capabilities through rapid onboarding, integration and management of direct relationships with contractors and partners.

除了 Wisetech 之外，我們也看到其他合作夥伴的高度興趣，讓我們對該類別長期成長更具信心。隨著我們新增合作夥伴，我們去年收購的 Mosaic 程式碼基礎（code base）將使我們能透過快速導入、整合與管理，交付我們的自有能力，並建立與承包商及合作夥伴的直接關係。

Our lending business delivers meaningful value to the motivated middle, an average 700 basis point savings on credit card refinancing, an average $2,500 lifetime savings on auto refinancing. And affordable point-of-sale financing for life's major purchases.

我們的放貸業務為「積極中堅」帶來實質價值：信用卡再融資平均可節省 700 個基點；汽車再融資平均可帶來 2,500 美元的終身節省；並為人生重大消費提供可負擔的銷售點融資。

Our deposit offerings deliver similar value. Our award-winning Level Up Checking and savings accounts are designed to align positive financial outcomes for members with positive financial outcomes for LendingClub, a win-win dynamic that's all too uncommon in traditional banking.

我們的存款產品也提供類似價值。我們屢獲獎項的 Level Up 支票帳戶與儲蓄帳戶，旨在讓會員的正向財務成果與 LendingClub 的正向財務成果相互一致，形成雙贏動態——而這在傳統銀行業中並不常見。

For example, Level Up Checking rewards borrowers with 2% cash back for on-time loan payments. Encouraging good financial behavior and benefiting credit performance. We've seen a 6x increase in checking account openings over our prior product, with 60% of those accounts coming from borrowers.

例如，Level Up 支票帳戶對按時還款的借款人提供 2% 現金回饋，鼓勵良好的財務行為並有助於信用品質表現。相較於我們先前的產品，支票帳戶開戶數成長 6 倍，其中 60% 的帳戶來自借款人。

We're also seeing a 10x year-over-year growth in the number of loan payments coming from a LendingClub checking account. Our Level Up savings account rewards ongoing savings behavior with a higher rate. It might surprise you to know that nearly one in four of these accounts are being opened by borrowers.

我們也看到，來自 LendingClub 支票帳戶的貸款還款筆數年增 10 倍。我們的 Level Up 儲蓄帳戶則以更高利率獎勵持續儲蓄行為。你可能會驚訝地發現，這些帳戶中將近四分之一是由借款人開立。

Furthermore, for borrowers who have paid off their loan, they've built an average savings of about $19,000, which represents tremendous financial progress for members who originally came to us with roughly that same amount in credit card debt.

此外，對於已還清貸款的借款人而言，他們平均累積了約 19,000 美元的存款，這代表會員取得了巨大的財務進展——因為他們最初來找我們時，信用卡債務大約也是同樣的金額。

You can see how our lending and banking products work together in a system aligned by design to deliver more value for both members and our business. Now let me turn to how we're leveraging AI for improvements in both efficiency and customer experience and the tangible benefits we're already seeing.

你可以看到，我們的放貸與銀行產品如何在一個「設計即對齊」的系統中相互配合，為會員與我們的業務同時創造更多價值。接下來我將談談我們如何運用 AI 改善效率與客戶體驗，以及我們已經看到的具體效益。

Over 90% of loan issuance is now fully automated, requiring no human intervention. We have reduced the time needed to submit a debt consolidation application by nearly 60%, and we delivered record low production cost per issued personal loan in the first quarter.

目前超過 90% 的放款發放已完全自動化，無需人工介入。我們已將提交債務整合申請所需時間縮短近 60%，並在第一季創下每筆已發放個人貸款的生產成本新低。

We have numerous AI initiatives underway across the organization, and our pace of AI-enabled change is accelerating. And we expect that to result in continuing improvements in both experience and operating efficiency.

我們在全公司推動多項 AI 計畫，AI 賦能變革的速度正在加快。我們預期這將帶來客戶體驗與營運效率的持續改善。

In close, our year is off to an outstanding start. We're delivering strong growth and profitability, continuing to outperform on credit, expanding into new markets and preparing to launch a brand that reflects the true scale of our ambition.

最後，我們今年的開局非常出色。我們實現強勁成長與獲利能力，持續在信用品質上領先，拓展至新市場，並準備推出一個能反映我們真正企圖規模的品牌。

At the same time, we remain mindful of the broader environment. Our emphasis on disciplined underwriting, responsible growth, and focused and efficient execution positions us well to navigate uncertainty while continuing to deliver for our members and shareholders.

同時，我們也持續關注更廣泛的外部環境。我們強調嚴謹的承保、負責任的成長，以及聚焦且高效率的執行，使我們能在不確定性中穩健前行，並持續為會員與股東創造價值。

Before turning it over to Drew, I want to thank The Lending Club team for making it happen. It's an exciting time to be at the company with a new brand on the way, an incredible new headquarters building in San Francisco, and lots of momentum in the business. Employees are buzzing, and we're seeing that excitement reflected in our results.

在交棒給 Drew 之前，我想感謝 Lending Club 團隊讓這一切成真。公司正處於令人振奮的時刻：全新品牌即將推出、在舊金山有一棟令人驚豔的新總部大樓，且業務動能強勁。員工士氣高昂，而我們也看到這份興奮反映在業績成果上。

Okay, over to you, Drew.

好，接下來交給你，Drew。

Thanks, Scott, and good afternoon, everyone. 2026 is certainly off to a dynamic start. Let's get into the details of our first quarter. Turning to Page 11 of our earnings presentation, loan originations grew by 31% to $2.7 billion, above the high end of our guidance range.

謝謝你，Scott，各位下午好。2026 年確實有個充滿動能的開局。讓我們深入第一季的細節。請翻到我們財報簡報的第 11 頁，貸款發放量成長 31% 至 27 億美元，高於我們指引區間的上緣。

All of our consumer businesses showed strong growth, supported by the compelling experience and value we deliver. Our industry-leading credit performance remains a key differentiator where we have continued our outperformance across five years of quarterly vintages.

我們所有消費者業務都展現強勁成長，這得益於我們所提供具吸引力的體驗與價值。我們業界領先的信用表現仍是關鍵差異化優勢，且在連續五年的季度批次（vintages）中持續維持優於同業的表現。

This is a key reason we were able to sell loans without any need to provide credit enhancements or loss protection. Now let's turn to revenue on page 12. Net interest income increased 18% to $176 million, another all-time high, supported by a larger portfolio of interest-earning assets and continued funding cost optimization.

這也是我們能在無需提供信用增強或損失保障的情況下出售貸款的關鍵原因。接著看第 12 頁的營收。淨利息收入成長 18% 至 1.76 億美元，再創歷史新高，主要受惠於生息資產組合擴大，以及持續優化資金成本。

Turning to non-interest income, as a reminder, with our move to fair value option for all newly originated held-for-investment loans, non-interest income now includes the loan origination fees, which were previously deferred under CECL. And have a positive benefit to revenue.

再看非利息收入。提醒一下，隨著我們對所有新發放、持有至投資（held-for-investment）的貸款採用公允價值選擇權（fair value option），非利息收入現在包含貸款發放手續費；這些費用先前在 CECL 下會遞延，且對營收帶來正向效益。

Conversely, the impact of loan sales prices and credit now reduces non-interest income in the fair value adjustments line. Impacts from credit previously would have been captured as provision expense under CECL.

相對地，貸款出售價格與信用的影響，現在會在「公允價值調整」項下反映，從而降低非利息收入。過去在 CECL 下，信用影響原本會以提存費用（provision expense）呈現。

As we previewed last quarter, total fair value adjustments were approximately double fourth quarter 2025 levels, driven by four factors. First. More volume receiving a day one fair value adjustment as we transition 100% of all newly held for investment originations to fair value option at the start of the year.

如同我們在上季所預告，公允價值調整總額約為 2025 年第四季水準的兩倍，主要由四項因素驅動。第一，隨著我們在年初將所有新發放且持有至投資的貸款 100% 轉為採用公允價值選擇權，更多的放款量在第一天就會認列公允價值調整。

Second, a greater mix of longer duration major purchase finance loans, which carry a higher discount rate and therefore a higher day one fair value adjustment. Third. Larger day two fair value adjustments driven by a higher average balance of loans carried under fair value during the quarter.

第二，期限較長的主要購買融資貸款（major purchase finance loans）占比提高，這類貸款折現率較高，因此第一天的公允價值調整也較高。第三，由於本季以公允價值入帳的貸款平均餘額較高，帶動第二天的公允價值調整增加。

And lastly, the higher benchmark rates observed later in the quarter also increased fair value adjustments, which were not expected when we provided our outlook in January. These higher benchmark rates increased the discount rate on our held-for-sale portfolio to 7.3% from 7.1% at year-end.

最後，本季後段觀察到的基準利率上升，也推升了公允價值調整；這在我們 1 月提供展望時並未預期。較高的基準利率使我們持有待售（held-for-sale）投資組合的折現率由年末的 7.1% 升至 7.3%。

For the held for investment portfolio, the discount rate was 7%, reflecting the specific product composition of that portfolio. With all this in mind, non-interest income was $76 million, up 12% year-over-year and down sequentially due to the move to fair value option. Despite marketplace sales prices improving and solid credit performance, this sequential reduction was more than offset by lower provision, which I will cover later.

至於持有至投資（held-for-investment）投資組合，折現率為 7%，反映該投資組合的特定產品組成。綜合以上因素，非利息收入為 7,600 萬美元，年增 12%，但因改採公允價值選擇權而較前一季下降。儘管市集（marketplace）出售價格改善且信用表現穩健，這項季減仍被較低的提存所抵銷，我稍後會說明。

A useful way to evaluate revenue performance under this accounting transition is risk-adjusted revenue or revenue less provision for credit losses, which grew 58% to $252 million due to the revenue growth I just described and the materially lower provision for credit losses under fair value option.

在此會計轉換下，評估營收表現的一個實用方式是風險調整後營收（risk-adjusted revenue），亦即「營收扣除信用損失提存」。該指標成長 58% 至 2.52 億美元，主要來自我剛才描述的營收成長，以及在公允價值選擇權下信用損失提存顯著降低。

For net interest margin on page 14, I will refer to the sequential changes, which provide better context on the quarter. The net interest margin expanded to 6.3%, up 30 basis points over the prior quarter, primarily driven by two factors. First, lower interest expense contributed approximately 20 basis points, reflecting a 13 basis points benefit from lower deposit costs, plus an additional 7 basis points from a lower day count this quarter.

關於第 14 頁的淨利息收益率（net interest margin），我將聚焦於季比變化，這能更好地呈現本季脈絡。淨利息收益率擴大至 6.3%，較前一季增加 30 個基點，主要由兩項因素驅動。第一，利息費用下降貢獻約 20 個基點，反映存款成本下降帶來 13 個基點的效益，另加上本季天數較少帶來額外 7 個基點。

Second, we aligned our interest income recognition on the previously purchased health-for-investment fair value portfolio to the same methodology as the newly originated loans under fair value. Previously, credit impact was coming through the average yield and will now come through fair value adjustments. This benefit was approximately 14 basis points of net interest margin and explains the sequential yield increase in our loans health-for-investment at fair value.

第二，我們將先前購入的持有至投資公允價值投資組合（health-for-investment fair value portfolio）的利息收入認列方式，調整為與新發放且採公允價值的貸款一致。過去信用影響會透過平均收益率反映，現在則會透過公允價值調整反映。此項效益約為淨利息收益率的 14 個基點，也解釋了我們以公允價值入帳之持有至投資貸款收益率的季比上升。

With the market now predicting no additional Fed rate cuts this year, we expect our net interest margin on a go-forward basis to return to around 6% as we progress through 2026. Now let's move on to credit, where performance remains excellent. As Scott mentioned, we continue to outperform the industry with delinquency rates well below our competitive set.

隨著市場目前預期今年聯準會不會再降息，我們預期在 2026 年推進過程中，未來的淨利息收益率將回到約 6% 左右。接著談信用，表現仍然非常出色。如 Scott 所提，我們持續優於同業，逾期率明顯低於競爭同業。

Provision for credit losses was less than $1 million. Reflecting the impact of our move to fair value option accounting for newly originated Help for Investment loans, combined with strong credit performance on the remaining legacy portfolio under CECL accounting.

信用損失提存（provision for credit losses）低於 100 萬美元，反映我們對新發放的持有至投資（Help for Investment）貸款改採公允價值選擇權會計處理的影響，並結合在 CECL 會計下其餘既有（legacy）投資組合的強勁信用表現。

Our net charge-off ratio for the total help for investment portfolio improved meaningfully to 3.5%, down from 6.1%, driven by continued strong performance as well as portfolio aging dynamics, which will normalize overtime.

我們整體持有至投資（help for investment）投資組合的淨沖銷率（net charge-off ratio）顯著改善至 3.5%，由 6.1% 下降，主要受惠於持續強勁的表現以及投資組合隨時間成熟的動態；該動態將隨時間回歸常態。

It is important to note that these charge-off and delinquency metrics now include all held for investment loans on the balance sheet, inclusive of both fair value and CECL portfolios for all reported periods. We're continuing to improve the profitability of the company that is allowing us to invest in critical initiatives to drive future growth.

需要特別注意的是，這些沖銷與逾期指標現在涵蓋資產負債表上所有持有至投資貸款，並在所有揭露期間同時包含公允價值與 CECL 兩類投資組合。我們持續提升公司的獲利能力，使我們得以投資於推動未來成長的關鍵計畫。

These include developing new marketing channels, supporting the rebrand and building out home improvement. Overall, expenses on page 15, were $185 million, up 28% year-over-year. The majority of the increase was due to higher marketing spend, reflecting both our continued investment and paid acquisition channels to drive originations growth, as well as the impact of fair value option, under which marketing expense for held for investment loans is now fully recognized at origination rather than deferred and amortized.

這些計畫包括開發新的行銷通路、支持品牌重塑，以及擴展居家修繕（home improvement）業務。整體而言，第 15 頁的費用為 1.85 億美元，年增 28%。增幅主要來自行銷支出提高，反映我們持續投資與付費獲客通路以推動放款成長，以及公允價值選擇權的影響：在該會計處理下，持有至投資貸款的行銷費用現在於放款時全額認列，而非遞延並攤銷。

Of the $10 million sequential increase in marketing spend, the impact of the accounting change was approximately $7 million. Compensation and benefits expense was up 12% year-over-year, reflecting headcount growth to support new business verticals, including home improvement and continued expansion in our core businesses.

在行銷支出季增 1,000 萬美元中，會計變更的影響約為 700 萬美元。薪酬與福利費用年增 12%，反映為支持新的業務垂直領域（包括居家修繕）以及核心業務持續擴張而增加的人力。

Other non-interest expense also increased 13% year-over-year. Our pre-tax profit margin reached a new high of 27%, reflecting a strong pull-through of revenue growth to the bottom line. We're excited about our step-up in profitability and our capacity to reinvest in the future growth initiatives while growing profit margin.

其他非利息費用亦年增 13%。我們的稅前利潤率創新高達 27%，反映營收成長強勁地轉化為最終獲利。我們對獲利能力的提升感到振奮，也對在提升利潤率的同時，仍能再投資於未來成長計畫的能力充滿信心。

Overall, pre-tax net income was $67 million, which more than quadrupled compared to a year ago and reflects a new high watermark for the company. Diluted earnings per share was $0.44, above the high end of our guidance range and more than quadrupled from the prior year. Our return on tangible common equity was 14.5%, and our tangible book value per share increased to $12.49.

整體而言，稅前淨利為 6,700 萬美元，較一年前增加逾四倍，並創下公司新的高水位。稀釋後每股盈餘為 0.44 美元，高於我們指引區間的上緣，且較前一年增加逾四倍。有形普通股權益報酬率（return on tangible common equity）為 14.5%，每股有形帳面價值提升至 12.49 美元。

Turning to the balance sheet, total assets grew to $11.9 billion, up 14% year-over-year. We ended the quarter at $10.2 billion in deposits. Which was also an increase of 14% compared to the prior year, and we continue to see healthy deposit trends across our product offerings.

再看資產負債表，總資產成長至 119 億美元，年增 14%。本季末存款為 102 億美元，也較前一年增加 14%，且我們持續在各項產品中看到健康的存款趨勢。

Our balance sheet remains a competitive strength, allowing us to generate recurring revenue through retained loans while maintaining the flexibility to scale marketplace volume as a loan investor demand groups. We ended the quarter well capitalized with strong liquidity and position to fund future growth.

我們的資產負債表仍是競爭優勢，使我們能透過保留貸款創造經常性收入，同時保有彈性，得以隨著貸款投資人需求成長而擴大市集（marketplace）規模。本季末我們資本充足、流動性強，並具備支持未來成長的資金條件。

I'd also like to provide a brief update on the $100 million share repurchase and acquisition program we announced at our Investor Day in November. Since inception and through the first quarter, we have utilized $38 million and reduced our average diluted share count by 1.5 million shares compared to the previous quarter.

我也想簡要更新我們在 11 月投資人日宣布的 1 億美元庫藏股回購與收購計畫。自計畫啟動至第一季末，我們已動用 3,800 萬美元，且相較前一季，我們的平均稀釋後流通股數減少了 150 萬股。

Now let's turn to our outlook. We entered 2026 with a tremendous amount of momentum. Even considering the new rate outlook, our outperformance today gives us confidence to maintain our full-year guidance with the assumption of a stable consumer and rent environment.

現在讓我們談談我們的展望。我們以強勁的動能進入 2026 年。即使考量新的利率展望，我們目前的超預期表現讓我們有信心在假設消費者與租金環境穩定的前提下，維持全年指引。

As a reminder, we were assuming 75 basis points in cuts when we entered the year, which was a tailwind for both loan sales prices and net interest margin, which we no longer expect to benefit from. For the full year, we continue to expect originations of $11.6 billion to $12.6 billion and diluted EPS of $1.65 to $1.80, consistent with the 13% to 15% near-term return on tangible common equity target we shared at Investor Day.

提醒一下，我們在年初時假設會降息 75 個基點，這對貸款出售價格與淨利息利差（NIM）都是順風，但我們現在不再預期能從中受益。就全年而言，我們仍預期放款起始金額為 116 億至 126 億美元，稀釋後每股盈餘（EPS）為 1.65 至 1.80 美元，與我們在投資人日分享的 13% 至 15% 近期有形普通股權報酬率目標一致。

For Q2 2026, we expect to deliver loan originations of $3.0 billion to $3.1 billion. Representing 23% to 27% year-over-year growth. On earnings for Q2 2026, we expect to deliver diluted earnings per share of $0.40 to $0.45. We're pleased with our execution, our strategy is working, and we remain encouraged by the underlying fundamentals of the business.

就 2026 年第二季而言，我們預期可達成 30 億至 31 億美元的貸款起始金額，代表年增 23% 至 27%。在 2026 年第二季獲利方面，我們預期稀釋後每股盈餘為 0.40 至 0.45 美元。我們對執行成果感到滿意，我們的策略正在奏效，且我們對業務的基本面仍感到鼓舞。

With that, we'll open it up for Q&A.

接下來，我們開放問答。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Tim Switzer, KBW.

Tim Switzer，KBW。

Hey, good afternoon. Thanks for taking my questions.

嗨，午安。謝謝讓我提問。

Hey, Jim.

嗨，Jim。

So the first one I have is on the announcement you guys had along with Earnings about launching the home improvement loans and your comment in there. I know you guys just started in April, but your comment about there's, additional interest from other potential partners, a significant amount. Could you maybe talk about, like how large these partners are relative to Wisetech and. Like how quickly do you think these opportunities could be realized?

我第一個問題是關於你們在財報同時宣布推出居家修繕貸款，以及你們在其中的評論。我知道你們是 4 月才剛開始，但你們提到還有來自其他潛在合作夥伴的額外興趣，而且數量相當可觀。你們能否談談，這些合作夥伴相對於 Wisetech 的規模大概如何？以及你們認為這些機會可能多快能夠實現？

Yeah, so as we mentioned, post our announcement, we have gotten quite a bit of inbound interest. I'd say there is. A desire in the market for a combination of a stable bank balance sheet because there were certainly some experiences by some partners during the rate and inflation cycle that they lost funding partners.

是的，正如我們提到的，在我們公告之後，我們確實收到相當多的主動洽詢。我想市場上確實希望結合穩健的銀行資產負債表，因為在利率與通膨循環期間，一些合作夥伴確實有過失去資金合作方的經驗。

So stable bank balance sheet combined with the flexibility of a fintech to pursue deeper integrations as well as. Maybe customize the product for the specific use cases and delivery channels. So we've been pleased with that. The getting the first deal live is obviously the biggest tech build.

因此，穩健的銀行資產負債表，再加上金融科技公司的彈性，能夠推動更深度的整合，並且可能針對特定使用情境與交付通路客製化產品。我們對此感到滿意。第一筆合作上線顯然是最大的技術建置。

And now that those kind of pipes are laid, I'd say implementing additional partnerships, we're anticipating with. Will be roughly less than half the work of what we had to do to get here. I think in terms of on sizing, we haven't given any guide outside of the broader guide we gave at Investor Day of how much we think major purchase finance will contribute over the medium term. Well, I'd say it's a pretty seasonal business. So we're in Q2 and Q3 are the big seasons. So it's our.

而現在這些管線已經鋪好，我會說導入我們預期的其他合作夥伴，所需工作量大約會不到我們走到這一步的一半。至於規模方面，除了我們在投資人日所提供的更廣泛指引（我們認為主要購買融資在中期會貢獻多少）之外，我們沒有提供其他指引。我會說這是一個相當具季節性的業務，所以第二季與第三季是旺季。因此這是我們內部的推動重點，至少希望在進入第三季前讓其中幾個上線，這樣我們才能真正學習，對吧？我們目前的產品是把我們的模型應用到這個類別，但隨著時間推進，我們不僅需要通路，也需要……

It's our push internally to at least try to get a couple of these live going into Q3, so we can really learn, right? Does the product we're starting with is our applying our models to the category, but over time, we need not only the distribution, but also the.

同時也需要產品功能與架構，才能真正全面滲透這個市場，例如能夠在一段時間內進行多次撥款，或撥款給多個收款方；能夠提供促銷型產品等等。我會說更大的貢獻會在明年真正顯現。今年會比較像是在鋪設管線、把它們打通，並確保我們有正確的……

Also, the product features and constructs to really fully penetrate this market, things like the ability to make multiple disbursements over time or to multiple parties, the ability to have a promotional product, all of that. So I'd say the bigger contribution will really be next year. This year will be kind of laying the pipes, getting them opened up and making sure we have the right.

產品與體驗，讓這些合作夥伴能夠真正為明年的關鍵期間做好準備。

Product and experience for those partners to really be ready for the key period next year.

了解。

Got it. Okay. Yeah, that was interesting. Thanks, Scott. And then switching subjects here a little bit, looking at the marketing expense outlook, how should we think about that as you go over the course of the year? I know it's a little seasonal, but, how should we think about it, I guess, is the percent of originations?

明白了。好的。是的，這很有意思。謝謝，Scott。接著稍微換個話題，關於行銷費用展望，隨著今年進行，你們認為應該如何看待？我知道有些季節性，但我想問的是，我們應該如何看待它占放款起始金額的百分比？

Year over year, how does that change? And then are you able to put it or quantify at all expectations in terms of how much the rebrand and the investments associated with that and the marketing and all that will cost this year, maybe to help us just get an idea of how some of that could fall off in '27?

年對年來看，這會如何變化？另外，你們是否能提供或量化一下今年品牌重塑以及相關投資、行銷等預計會花多少，或至少讓我們對其中一些成本在 2027 年可能回落多少有個概念？

Yeah, so I'll start with the rebrand. We haven't. Broken it out separately, but what we did say and is in our outlook is there are several investments we're making this year to really lay the foundation for future growth. Obviously, the engineering and business team we're carrying on home improvement is one, which.

好的，我先談品牌重塑。我們沒有把它單獨拆分出來，但我們確實說過，而且也反映在我們的展望中：今年我們正在進行幾項投資，以真正為未來成長奠定基礎。顯然，我們在居家修繕業務上配置的工程與業務團隊是一項，我們需要讓量進來以抵消這部分成本；第二項就是品牌重塑。

We've got to get the volume coming in to offset that, and the second is the rebrand. This year, the costs around the rebrand come primarily sort of operational in nature. We've got thousands of emails and call center scripts and web pages and mobile app and all of that needs to be. Repurposed together with some communication to the consumer.

今年品牌重塑相關成本主要偏向營運性質。我們有成千上萬封電子郵件、客服中心話術、網頁、行動 App 等等都需要重新調整，並搭配一些對消費者的溝通。

Drew, you want to take kind of the broader question on marketing efficiency for the year?

Drew，你要不要回答一下今年整體行銷效率的問題？

Yeah, outside of the rebrand spend, marketing should ramp roughly with volume as we go up. And as a reminder, Q2 and Q3, at least in our core personal loan business, are the strongest. Quarters, seasonally speaking. So as you saw in our guide, we expect volume to increase and marketing to increase at similar ratio to what we're spending today.

好的，撇除品牌重塑支出之外，行銷費用應該會隨著我們的量成長而大致同步上升。提醒一下，至少在我們核心的個人貸款業務中，第二季與第三季在季節性上是最強的季度。所以如同你在我們指引中看到的，我們預期量會增加，而行銷也會以與目前支出相近的比例增加。

Great. Okay. All right. That's good to hear. And then the last one for me, in terms of like the credit outlook, I know it's a little early, but have you guys seen any change in customer behavior since Iran war started and started to see oil prices creep up?

很好。好的。這樣聽起來不錯。最後一個問題，關於信用展望，我知道現在可能還早，但自從伊朗戰爭開始、油價開始上升以來，你們是否看到客戶行為有任何變化？

No, we haven't seen anything in leading indicators with the customer, again, that we're underwriting reminder, we moved up credit back in '22 and are maintaining that discipline right now.

沒有，我們在客戶的領先指標上沒有看到任何變化。再次提醒，我們在 2022 年就提高了信用門檻，並且目前仍維持這樣的紀律。

That's not to say it doesn't require active management, meaning we're not static. We're always evolving and optimizing, but no broad-based kind of leading indicators we're seeing, as you can see in all the. All the data that we're putting out there today, the consumer underwriting is continuing to look great.

但這不代表不需要主動管理，也就是說我們不是靜態不變的；我們一直在演進與最佳化。不過我們沒有看到任何廣泛性的領先指標變化；如同你今天看到我們公布的所有數據，消費者授信審核的表現仍然非常好。

But acknowledge your point, which is we're still early, how long does this persist and what's the kind of blast radius outside of oil prices and how might that affect the broader inflationary cycle and impact on consumers is something that we'll be carefully watching.

但我也認同你的觀點：我們仍處於早期階段，這會持續多久、除了油價之外的影響範圍有多大，以及這可能如何影響更廣泛的通膨循環並衝擊消費者，都是我們會密切關注的。

Thank you. Bill Ryan, Seaport Research Partners.

謝謝。Bill Ryan，Seaport Research Partners。

There we go. Thank you.

好了。謝謝。

Thanks for taking my questions and good afternoon. First question, I want to go back to some comments. You talked about loan sales pricing improving. In the first quarter. And obviously, there was a lot of action in the private credit markets during the quarter.

謝謝讓我提問，午安。第一個問題我想回到你的一些評論。你提到第一季貸款出售定價有所改善。而且很明顯地，該季度私募信貸市場有很多動態。

So if you can maybe talk about that over the course of the quarter, what was the trend? Did it end a little bit better than it began the quarter at? How did it vary at all? And then what did the mix of buyers, did that change at all during the course of the quarter?

所以如果可以的話，請你談談在整個季度期間的趨勢如何？季度結束時是否比開始時更好一些？中間有任何變化嗎？另外，買方組合是否在季度期間有任何改變？

Yeah. So, Bill, what I'd say just overall is that.

好的。Bill，我想整體來說……

There's been a lot of noise out there, but loan buyers have been very steady as we've gone through time. So private credit, insurance ramping up, we've definitely seen stability there and we expect to see stability as we go into Q2 as well in terms of the amount of loans and the demand.

外界雜音很多，但隨著時間推進，貸款買方一直非常穩定。私募信貸、保險資金的投入增加，我們確實看到那邊的穩定性，而且我們也預期進入第二季後，在貸款供給量與需求方面都會維持穩定。

The one point I'd make on price is that all the deals that we priced in Q1. Were priced before the Iran war. And so since benchmarks have moved up since then, if no change to rates from here, we would expect prices to come down solely because of the changes in benchmarks into the 1.5-year, two-year point on Treasury. And that's factored into our guidance for Q2 and for the full year as well.

關於價格我想補充一點：我們在第一季定價的所有交易，都是在伊朗戰爭之前完成定價的。因此，自那之後基準利率已上升；如果從現在起利率不再變動，我們預期價格會下滑，純粹是因為基準變動反映到 1.5 年、2 年期的美國公債利率點位。這也已納入我們對第二季以及全年的指引之中。

Okay. And following up on that, the retain versus sell mix.

好的。接著追問一下，關於保留與出售的組合。

How should we be thinking about it going forward, I think, obviously, you retained a bit more of this quarter relative to, I think, what consensus expectations were, is that something you're going to kind of manage with the earnings outlook that you provided?

往後我們應該如何看待這件事？我想很明顯地，相較於我認為市場共識預期，你們這一季保留的比例稍微高一些；這是否是你們會依照所提供的獲利展望來加以調整管理的事情？

Yeah, I think when you're looking at retained, you're just talking about HFI retention versus the extended seasoning portfolio, right? Yeah, correct. So we will put more into HFI, similar to the amounts and probably a little bit increasing to what we did this quarter.

是的，我想當你在看「保留」時，你指的是 HFI 的保留相對於延長熟成（extended seasoning）投資組合，對吧？對，沒錯。所以我們會放更多到 HFI，規模會類似，且可能會比本季做得略為增加。

Pure marketplace sales, excluding extended seasoning, also increased by. A small amount from Q4 to Q1. And so as we're growing issuance, we're going to look to increase both of those buckets going forward.

純粹的市場銷售（不含延長熟成）也從 Q4 到 Q1 小幅增加。因此，隨著我們發放量成長，未來我們會同時提高這兩個桶（類別）的規模。

Thank you.

謝謝。

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

Hey, thanks for taking my questions. Good afternoon. Going back to maybe the questions about guidance. So if I look at guidance for the second quarter and the full year, it kind of implies that earnings power remains relatively flat each quarter for the rest of this year.

嗨，謝謝回答我的問題。下午好。回到可能關於財測的問題。如果我看第二季與全年指引，似乎暗示今年剩餘期間每一季的獲利能力大致維持相對持平。

I was wondering if you could help us out maybe talking about that in more detail, maybe about the components of earnings growth. Like should we -- is that primarily the expense ramp-up that we should be expecting kind of with the rebrand and everything? Or is -- or if you could maybe talk about revenues or so forth as that's rolling through?

我想請你們協助更詳細談談這點，可能就獲利成長的組成來說。例如我們是否應該預期主要是費用的加速上升（expense ramp-up），因為品牌重塑等各項投入？或者——或者你們也可以談談營收等在推進過程中的表現？

Thank you.

謝謝。

Yeah. Great. Well, listen, I think, obviously, Q1, we had some really strong results out of the gate. Some of that was aided by very solid consumer credit on the back book as well. As we go into the rest of the year, what we're looking at right now is we had come into the year assuming we were going to have three Fed cuts. We now assume we are going to have 0 for the remainder of the year.

好的。很棒。聽著，我想很明顯地，Q1 我們一開始就交出非常強勁的成果。其中一部分也受惠於存量帳簿（back book）消費者信用表現非常穩健。進入今年剩餘期間，我們目前看到的是：年初我們原本假設聯準會會降息三次；現在我們假設今年剩餘時間將是 0 次。

And obviously, that can change based on world events based on the new Fed chair, a lot of other things, but our assumption going forward is no Fed cuts. And so that's a headwind to revenue that we have to fight through. And we're -- on the flip side, we're seeing very solid unit economics in terms of what we're originating going forward, which is helping to offset that headwind.

當然，這可能會因世界事件、新任聯準會主席以及許多其他因素而改變，但我們往後的假設是不降息。因此，這對營收是逆風，我們必須設法克服。另一方面，我們看到未來承作（originate）的單位經濟性非常穩健，這有助於抵銷該逆風。

Having said all that, we're going to continue making investments in all the things we talked about in the prepared remarks. And we're only one quarter in. We still feel pretty good about the range we put out there for EPS for the full year.

話雖如此，我們會持續在準備稿（prepared remarks）中提到的各項事項上進行投資。而且我們才走過第一季。我們對於全年 EPS 所給出的區間仍然感覺相當不錯。

Okay. Got it. Thank you for that. And then switching gears, maybe you could talk about your share repurchase and the right capital level. So it's nice to see the share repurchase to start this quarter. if you could talk about, is this the sort of pace we should be expecting and remind us what your target levels for capital are.

好的，了解。謝謝說明。接著換個話題，想請你們談談庫藏股回購與適當的資本水準。很高興看到你們在本季一開始就進行回購。如果可以的話，請談談這是否是我們應該預期的回購節奏，並提醒我們你們的資本目標水準為何。

Thank you.

謝謝。

Yeah. Great. No, I think -- well, this is actually our second quarter of repurchasing now -- I guess it was our first full quarter of repurchasing, but we've been in it since after Investor Day in November. And so listen, we love picking up shares at an attractive price, and we'll evaluate that going forward with the Board each quarter in terms of how we deploy capital.

好的。很棒。不，我想——其實這已經是我們進行回購的第二個季度了——我想這是我們第一個完整季度的回購，但自從 11 月投資人日之後我們就開始了。所以聽著，我們很喜歡在具吸引力的價格回購股票；未來我們會每季與董事會一起評估資本配置方式。

As far as target capital levels, we haven't put anything out there. But obviously, we've said the amount of share buyback, sort of the amount of capacity we have for the share buyback, which we view as excess capital. So we still have room in the ratios from where they're at today. The other thing I'd note is that there's some new capital rules under discussion and an NPR with the regulators that we'll see if they're passed as is. And if they are, we probably don't assume they really go into effect until 2027.

至於目標資本水準，我們尚未對外提出任何數字。但很明顯地，我們已經談過回購金額——也就是我們認為可用於回購的容量，我們將其視為超額資本。因此，以目前的比率水準來看，我們仍有空間。另一點要注意的是，監管機關正在討論一些新的資本規則，並有一份 NPR（擬議規則通知）在進行中；我們會看看是否會照原案通過。若照提案通過，我們大概不會假設它們在 2027 年之前真正生效。

But two of those rule changes, one, the risk weighting on consumer assets and two the risk weighting on senior securities are both very beneficial to our capital levels going forward. And if passed as proposed, those would free up $100 million plus of rent cap in the future, which is nothing to sneeze at.

但其中兩項規則變更：第一，消費者資產的風險權數；第二，優先級證券（senior securities）的風險權數；兩者對我們未來的資本水準都非常有利。若按提案通過，未來可釋放超過 1 億美元的監管資本（reg cap）空間，這可不是小事。

Kyle Joseph, Stephens.

Kyle Joseph，Stephens。

Hey, good afternoon, guys. Thanks for taking my questions. Just wanted to follow up on the originations, as we think about some of the new products, I know you mentioned that there's an impact on the fair value mark because of some of the larger loans.

嗨，下午好，各位。謝謝回答我的問題。我想追問一下放款承作量（originations）。在思考一些新產品時，我知道你們提到因為部分較大額貸款，會對公允價值評價（fair value mark）造成影響。

But just thinking about any other impacts as the product shift primarily focused on gain on sale margins? Like what are the margins on HELOC. How do those compare to kind of the personal loan side? And how should we think about that impacting the model?

但我在想，隨著產品組合轉移，是否還有其他影響主要會反映在出售利得（gain on sale）利差上？例如 HELOC 的利差是多少？與個人貸款那一端相比如何？我們應該如何看待這對模型的影響？

Yeah. Yes. So duration is a factor, right? If you're having an upfront mark or upfront discount on a 1-year duration versus a 3-year duration, you're roughly going to be 3 times as much in terms of the mark that you're taking on that loan. So duration matters.

是的。沒錯。所以存續期間（duration）是一個因素，對吧？如果你在 1 年期的存續期間上做一個期初評價（upfront mark）或期初折價（upfront discount），相較於 3 年期的存續期間，你在該筆貸款上承擔的評價幅度大約會是 3 倍。因此，存續期間很重要。

I'd say also product structure matters as well in terms of the marks, right? If I have a product that has a larger MDR, but a lower coupon such as we could potentially see in home improvement, you're going to see that MDR come through the origination fee.

我也會說，產品結構在評價上也很重要，對吧？如果我有一個產品具有較高的 MDR，但票息（coupon）較低，例如我們在居家改善（home improvement）可能會看到的情況，你會看到 MDR 透過開辦費（origination fee）反映出來。

But you're going to see the mark on that coupon -- on that loan with the coupon come through a fair value. So there's different dynamics for the different products and mix will certainly play a factor as well in terms of how those marks evolve in the portfolio over time.

但你會看到該票息——也就是該筆帶票息的貸款——其評價會透過公允價值反映出來。因此，不同產品有不同的動態，而產品組合也必然會影響這些評價在投資組合中隨時間如何演變。

Got it. Very helpful. And then just a quick follow-up on the NIM. I know you guys talked about some tailwinds this quarter from the transition to fair value, but kind of hovering back towards that 6%. But do you still get the uplift if we're looking at it on a year-over-year basis, just trying to kind of triangulate where you're telling us NIM should be trending over the next few quarters?

了解，非常有幫助。接著快速追問一下 NIM。我知道你們談到本季因轉換至公允價值而有一些順風，但大致回到約 6% 附近。但如果我們用年對年來看，是否仍會有提升？我只是想大概推算一下，你們所說未來幾季 NIM 應該如何走勢。

Yeah. Well, the first thing top line to take away from the comments is if the Fed is on pause for -- rates going forward, we will trend down towards 6% throughout the year based on what we know today. What's happening year-over-year is, first of all, a very positive benefit in terms of deposit funding cost.

是的。嗯，從這些評論中要抓的第一個重點是：如果聯準會暫停——未來利率維持不變——那麼根據我們今天所知，我們全年會一路往 6% 下降。年對年的變化方面，首先是存款資金成本帶來非常正面的效益。

How we responded to fed cuts and how that's flown through the total interest-bearing deposits and liability line, 31 basis point improvement year-over-year on that. And then the one-timer on the loans HFI at fair value, that 12.62% yield, we will -- that effect will continue, but that portfolio with the legacy portfolio is shrinking. So that benefit will come down over time. That's all factored into the move back down to 6%, all else being equal.

我們對降息的反應，以及它如何反映到整體計息存款與負債項目上，年對年改善了 31 個基點。再來，關於以公允價值計量的 HFI 貸款那個一次性因素（one-timer），12.62% 的收益率，我們——那個效果會持續，但該投資組合連同舊有投資組合正在縮小。因此，這項效益會隨時間下降。這些都已納入回落至 6% 的走勢中，在其他條件不變下。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Good afternoon. Thanks for taking my questions. Just a couple more to add here. First off, I just want to make sure on the fair value mark, going forward, obviously, you highlighted higher benchmarks is going to be a little bit of a headwind versus the three rate cut assumption prior.

下午好。謝謝回答我的問題。我再補問兩個。首先，我想確認一下，關於公允價值評價，往後你們顯然指出較高的基準利率相較於先前假設的三次降息，會形成一些逆風。

But on the flip side, is there any -- was there any change to the actual credit related fair value mark? Obviously, the amortized cost portfolio outperformed on provision notably. And just trying to get a sense how we should think about potential positive marks just on credit going forward within the net change in fair value line?

但另一方面，實際上與信用相關的公允價值評價是否有任何變化？很明顯地，攤銷成本投資組合在提存（provision）方面顯著優於預期。我想了解我們應該如何看待未來在「公允價值淨變動」項目中，僅就信用面可能出現的正向評價？

Yeah. I'd sum it up as all credit is looking good. The back book which is really the legacy CECL portfolio is where we saw the most outperformance, the newer vintages, which are a little bit of CECL portfolio, but mostly the fair value portfolio.

是的。我會總結為：所有信用表現看起來都很好。存量帳簿（back book），也就是主要的舊有 CECL 投資組合，是我們看到超預期表現最多的地方；較新的批次（vintages），其中一部分屬於 CECL 投資組合，但大多數屬於公允價值投資組合。

It's still early days on those and credit looks good, but it -- it takes about 6- to 7-months on book before we get more firm read on the vintage in total. But in the quarter, yes, there was no substantial moves.

目前這些還在早期階段，信用品質看起來不錯，但通常需要在帳上放大約 6 到 7 個月，我們才能對整體同批次（vintage）的表現有更明確的判讀。不過就本季而言，是的，沒有出現任何實質性的變動。

Got it. No, no, that's helpful color. And then just lastly, on marketing and marketing channels, you've talked about expanding investment in more channels. You highlighted it back in the Investor Day. I hate to toss around the buzz phrase of the week of the month of the quarter. But could you talk a little bit about how you're thinking about agenetic either commerce or lending and specifically, whether the company how it's approaching investments with AI-type search versus traditional?

了解。不，不，這些補充說明很有幫助。最後一個問題，關於行銷與行銷渠道，你們談到要在更多渠道擴大投資，你們在投資人日也特別強調過。我不太想一直丟出本週／本月／本季的流行語，但你能否談談你們如何看待代理式（agentic）的商務或放貸？更具體地說，公司在 AI 類型搜尋的投資取向，相較於傳統方式，是如何布局的？

And specifically, I was just typing in how do I get a $10,000 personal loan and it just gives you the typical Google paid search listing of whoever shows up, then I said what's the best $10,000 loan for me and it did the typical [NERDWallet] shows up. But going forward, when somebody types in, a year from now, what's the best $15,000 personal loan for me into either Chat or

更具體地說，我剛才在打字輸入「我怎麼取得一筆 10,000 美元的個人貸款」，它就給你典型的 Google 付費搜尋清單，誰出價或誰出現就列出來；接著我又問「最適合我的 10,000 美元貸款是什麼」，它就出現典型的 [NERDWallet]。但往後，當有人在一年後在 Chat 或

Claude, can you talk us through either some of the risks or opportunities you see in terms of these AI engines making more qualitative assessments and not just traditional search assessments?

Claude 裡輸入「最適合我的 15,000 美元個人貸款是什麼」，你能否帶我們了解一下，這些 AI 引擎做出更偏質化的判斷、而不只是傳統搜尋式評估時，你看到的風險或機會有哪些？

Yeah. So it's a great question. And while it is a buzzword, it is also -- that does not take away from the fact that the changes underway are very real, and we are pursuing them, as I mentioned in the prepared remarks, across really all departments and all aspects of the company. Specific to marketing, I would say we feel, on balance, pretty well positioned there because if you think about our value proposition, our big obstacle is inertia, right?

是的。這是個很好的問題。雖然這確實是個流行詞，但這並不會改變一個事實：正在發生的變化非常真實，而我們也正在積極推進；正如我在事先準備的發言中提到的，我們幾乎在所有部門、公司各個面向都在推動。就行銷而言，我會說整體來看我們的定位相當不錯，因為如果你想想我們的價值主張，我們最大的障礙其實是惰性（inertia），對吧？

It is not the direct people we're competing with, it's all the consumers who aren't taking action. Like why would you leave your money in a money center bank account when we're going to pay you 400 times more? And why would you carry a balance on a credit card when we're going to save you 500 basis points or 700 basis points, right? So inertia is really the thing we're trying to overcome. So if the agents evolve not only to replace Google search, but potentially to act on behalf of consumers, we think we're a net beneficiary.

我們競爭的不是那些直接對手，而是所有沒有採取行動的消費者。比如說，為什麼要把錢放在大型商業銀行的帳戶裡，當我們可以付你高出 400 倍的利息？又為什麼要在信用卡上結轉餘額，當我們可以幫你省下 500 個基點或 700 個基點，對吧？所以我們真正要克服的是惰性。因此，如果這些代理（agents）不僅演進到取代 Google 搜尋，甚至可能代表消費者採取行動，我們認為我們將是淨受益者。

But you're right, it is as a percentage of web traffic right now, it is quite small. That said, it is high intent. And so as that percentage grows, we need to be there for it. All of the protocols are not established exactly what the -- as I'm sure you know, there are many, many, many firms that are engineering themselves around how to optimize for Google's ever-changing algorithm that same thing will be true for agentic search, and we are going to be going after that the same way we will sort of core organic search and think we're set to benefit.

但你說得對，就目前占網路流量的比例而言，這還相當小。不過，它的意圖（intent）很高。因此，隨著這個比例成長，我們必須在那裡佈局。各種協議目前也還沒有完全建立，究竟會怎麼發展——我相信你也知道，有非常非常多公司都在圍繞 Google 不斷變動的演算法來做最佳化；同樣的事情也會發生在代理式搜尋上，而我們也會用同樣方式去做，就像我們對核心自然搜尋（organic search）所做的一樣，並且我們認為我們會從中受益。

Right now, that means likely increasing the amount of content we produce to get out there. We're already in the site. We're obviously in the places you mentioned. We're in NerdWallet Best Of, I think, on both sides of our balance sheet. So we're already there. But we need to be getting some of our content out on our own to help with that. So we'll be -- we're pushing behind that throughout this year. That's definitely on our plan.

目前這可能意味著要增加我們產出的內容量，讓內容能被更多地方引用。我們已經在網站上了，當然也在你提到的那些地方。我想在我們資產負債表兩端，我們都已經出現在 NerdWallet Best Of 裡了。所以我們已經在那裡。但我們需要把部分內容以我們自己的方式發佈出去，以利於這件事。因此今年我們會在這方面加大推進力道，這絕對在我們的計畫之中。

Giuliano Bologna, Compass Point. (Operator Instructions)

Giuliano Bologna，Compass Point。（接線員指示）

Thank you for that. Congratulations on the great results. I think I'd be curious about, and I realize you've touched on marketing, but I'm curious when you think about reopening the marketing channels that were previously dormant and seeing the yield kind of improve over time in those channels, I'm curious where you think you are in that kind of evolution of reopening dormant channels? And how much more room there is to continue pushing those channels and to continue expanding into those channels and getting -- improving your marketing efficiency?

謝謝你的說明，也恭喜你們有很好的成果。我想我會好奇——我知道你們已經談到行銷——但我想問的是，當你們重新啟動先前處於休眠狀態的行銷渠道，並看到這些渠道的產出（yield）隨時間改善時，我很好奇你們認為目前在「重啟休眠渠道」這個演進過程中處於什麼階段？以及未來還有多少空間可以持續加碼、持續擴展到這些渠道，並進一步提升行銷效率？

Yeah. Thanks, Giuliano. So I would say we are exactly on track. We've completely rebuilt the team. We have overhauled the technology infrastructure, the data, tracking attribution. And as I think I shared before, kind of marching in order of fastest path to revenue based on how quickly out of the gate will get to success. So for something like direct mail, we're on the X version of the response models creative. That's like a core part of the program.

好的，謝謝你，Giuliano。我會說我們完全按計畫進行。我們已經徹底重建了團隊，也全面翻新了技術基礎設施，包括資料、追蹤與歸因（attribution）。而且如我之前分享的，我們是依照「最快帶來營收的路徑」來推進，也就是看哪些項目能最快起步並取得成效。以直郵（direct mail）為例，我們已經做到第 X 版的回應模型與創意素材，這是整個計畫的核心部分。

Paid search is, I'd say, up and humming and we're still in the development mode for things like digital and connected TV and testing our way into those. But I'd say that we still feel like there's a decent amount of upside in front of us in all of those channels. What I'd also say is we're feeling good about our product initiatives and product road map. I touched on the call that we're seeing strong conversion rate and great customer feedback and how we're continuing to evolve the product experience to really streamline it, make it much, much easier.

付費搜尋（paid search）我會說已經上軌道、運作順暢；而像數位媒體與聯網電視（connected TV）這類，我們仍在開發模式中，透過測試逐步切入。但我會說，我們仍然認為在所有這些渠道上，前方還有相當可觀的上行空間。另外我也想說，我們對產品端的推進與產品路線圖感到樂觀。我在電話會議中提到，我們看到很強的轉換率與很好的客戶回饋，並且我們持續演進產品體驗，讓流程更精簡、變得容易得多。

The lower friction process is just pulling more people through the door, and the people we want to have, we're continuing to optimize in this environment, especially with some concerns about inflation for having control over the use of proceeds of the loan, not opting for cash, but paying off cards, paying a contractor, paying a dentist, paying a fertility doctor as opposed to just depositing money into the accounts. So our ability to make those experiences faster and easier, I think, is benefiting us as well.

更低摩擦的流程就是能讓更多人走進來，而我們也在這個環境下持續最佳化我們想要的客群。特別是在對通膨有所擔憂的情況下，大家更希望能掌控貸款資金用途：不是選擇拿現金，而是用來還卡債、付承包商費用、付牙醫費、付生殖醫療費，而不是把錢直接存進帳戶。因此，我們讓這些體驗更快、更容易的能力，我認為也正在讓我們受益。

That's very helpful. And as a slightly different question, you've obviously pushed some growth in the held-for-sale or Extended Seasoning book. Is there any expectation around starting to sell down that book or keeping it flat versus growing going forward? And along the same lines, I'm curious how you think about balance sheet growth in '26?

這非常有幫助。再換個角度問一個稍微不同的問題：你們顯然在 held-for-sale 或 Extended Seasoning 的帳簿上推動了一些成長。未來是否有任何預期會開始出售（sell down）那本帳簿，或是維持持平、抑或繼續成長？同樣地，我也想了解你們如何看待 2026 年的資產負債表成長？

Yeah. So definitely expect to sell out of that portfolio. And in fact, we sold $200 million out in early April to a bank that took advantage of the CECL accounting change that we had been discussing for a while. So that was a good win to -- we thought that would be a lever for banks. That was our first and hopefully more to come down the road, although I'll remind everyone, it's a process to get the banks in.

是的。我們確實預期會把那個投資組合賣出。事實上，我們在 4 月初賣出了 2 億美元給一家銀行，該銀行利用了我們討論了一段時間的 CECL 會計變更。所以那是一個很好的成果——我們原本就認為這會是銀行端的一個槓桿。那是我們的第一筆，希望未來還會有更多，雖然我也要提醒大家，把銀行拉進來是一個需要時間的流程。

So in summary, yes, Giuliano, we plan to sell out of that portfolio. I think we'll try to keep it roughly around a similar size to make sure we have inventory going forward, but it won't be -- most of the production that we keep on balance sheet will either go into HFI or it will come back on as A notes from the structured certificate sales.

總結來說，是的，Giuliano，我們計畫把那個投資組合賣出。我想我們會盡量把規模維持在大致相近的水準，以確保未來有庫存（inventory），但它不會是——我們留在資產負債表上的大部分產出，要嘛會進到 HFI（持有至投資），要嘛會以結構化證券（structured certificate）出售後回流成為 A notes。

Now in terms of balance sheet growth, I think we're -- Correct, we're tracking right now to where we expected to be. We obviously put some growth goals out for the medium term at Investor Day and I don't see any reason why we're off track from those medium-term goals.

至於資產負債表成長，我認為我們——沒錯，我們目前的進度符合原先預期。我們在投資人日也提出了中期的成長目標，而我看不出有任何理由認為我們偏離了那些中期目標。

That's very helpful. And then maybe just one quick final one. I'm curious, obviously, with the transition to fair value. Is there much thought or kind of desire to increase interest rate hedging? And I'm just curious what your objective is there and how you're thinking about that?

這非常有幫助。最後也許再快速問一個：顯然你們正在轉向公允價值（fair value）。在這樣的轉換下，是否有更多考量或意願去增加利率避險？我想了解你們的目標是什麼，以及你們如何思考這件事？

Yes. We actually did some moves on hedging this quarter and in fact, we did all -- almost all of them before rates went up with the Iran War. So that was good timing. A few of -- we now have $2 billion out in notional split between caps and swaps. And we also de-designated our swaps, so we are under hedge accounting treatment to be mark-to-market as well.

有的。我們本季其實做了一些避險調整，而且事實上幾乎全部都在伊朗戰爭導致利率上升之前就做完了，所以時點掌握得不錯。其中一部分是——我們現在有名目本金（notional）合計 20 億美元的部位，分布在利率上限（caps）與利率交換（swaps）之間。我們也將交換合約取消指定（de-designated），因此在避險會計處理下也會以市價計量（mark-to-market）。

So that helps with the quarterly volatility, but really that's not what we're solving for, what we're solving for is to hedge our economic risk on the balance sheet, meaning we're hedging to keep our NIM as constant as we can at different rate environments

因此，這有助於降低季度波動性，但其實那並不是我們要解決的核心問題；我們要解決的是對資產負債表上的經濟風險進行避險，也就是說，我們避險是為了在不同利率環境下，盡可能讓我們的 NIM（淨利差）保持穩定。

Crispin Love, Piper Sandler

Crispin Love，Piper Sandler

Thank you. I appreciate you taking the questions. Just on credit, net charge-offs improved in the quarter and your credit commentary seems positive and it has been for some time. But can you just discuss some of your expectations here and just recent performance -- recent quarters has been outperforming our expectations. And then I believe you've discussed in the past that net charge-offs may normalize to the 5% or so range. So curious on the current outlook and if that's changed at all in the current environment.

謝謝。我很感謝你們接受提問。先談信用方面，本季淨核銷（net charge-offs）有所改善，你們對信用的評論看起來也很正面，而且已經正面一段時間了。不過能否談談你們在這裡的一些預期，以及近期表現——最近幾季的表現一直優於我們的預期。另外，我記得你們過去曾提到淨核銷可能會回歸到約 5% 左右的區間。所以想了解目前的展望，以及在當前環境下是否有任何改變。

Yeah. What I'd say, generally speaking, as you saw it in the back -- the CECL back book, our charge-offs are coming in better than we expected. I note we're seasonally in the best part of the year as well in Q1 and then Q2 with tax season. So that certainly helps the metrics.

是的。一般來說，我會說，正如你在後面看到的——在 CECL 的存量（back book）部分，我們的核銷表現比我們預期的更好。我也要指出，我們在季節性上正處於一年中最好的時段，也就是第一季，以及第二季的報稅季。因此這確實有助於相關指標。

And as I said in the commentary, as we've been adding to the portfolio, there is some timing on the age of the portfolio that's beneficial. So I do think, over time, we will move back up towards 5%. It will take probably through the rest of this year. And it also just depends on how we -- how and what pace we add to the balance sheet.

而且如我在評論中所說，隨著我們持續擴充投資組合，投資組合的帳齡在時間點上有一些有利因素。因此我確實認為，隨著時間推移，我們會回升到接近 5%。這可能需要到今年剩餘時間逐步發生。同時也取決於我們如何、以及以什麼速度擴張資產負債表。

Great. Thank you. I appreciate that. And then just on AI and AI-powered automation. You were definitely early here, but I'm curious on how you're hiring and hiring needs have changed or shifted due to AI? What skill sets are you looking for most to drive the -- drive the AI at the company forward, types of people, kind of certain skill sets that you're adding or able to pull back from.

很好，謝謝。我很感謝這些說明。接著談 AI 與 AI 驅動的自動化。你們在這方面確實很早就開始了，但我想了解，因為 AI 的關係，你們的招募方式與人力需求是否有所改變或轉移？你們最希望招募哪些技能組合來推動公司內的 AI 發展——例如什麼類型的人才、哪些特定技能是你們正在增加的，或是哪些職能你們反而能夠縮減。

I'm just curious on your philosophy here and if anything has changed, then just on the broader efficiencies you can gain?

我也想了解你們在這方面的理念，以及是否有任何改變；另外就更廣泛的效率提升而言，你們能獲得哪些效益？

Yeah. I mean there's -- definitely, there are certain roles that are evolving quite materially. I mean, just giving a simple one because it's easy to wrap your head around would be the old way you did QA in a call center was you sampled a few calls against the checklist. The new way you do QA is AI listens to every single call, scores every single call. You know exactly why everybody called.

是的。我的意思是——確實有一些職務正在相當顯著地演變。我舉一個簡單、比較容易理解的例子：過去在客服中心做 QA（品質稽核）的方式，是抽樣幾通電話，對照檢核表來評分。新的做法是，AI 會聆聽每一通電話、為每一通電話打分。你會非常清楚每個人打來的原因。

And so the job becomes much more analytical and also much more incumbent on them not to give individual coaching, but to actually identify real customer bottlenecks and friction points. So we're actually -- there are places where near term, it creates more work in order to create less work down the road. I'd say, within places like engineering and in some of our other key areas like compliance or audit, what we're finding is it isn't so much the new talent.

因此，這份工作會變得更偏分析性，也更要求他們不要只做個別的教練式回饋，而是要真正找出客戶的瓶頸與摩擦點。所以我們其實——有些地方在短期內會增加工作量，為的是在未來減少工作量。我會說，在工程（engineering）以及其他一些關鍵領域，例如法遵或稽核，我們發現重點不在於新的人才。

I mean things are changing so quickly. Assuming you're going to hire somebody who is great at applying AI to function X, but they don't know the company, they don't know our systems, they don't know our tools. What we're finding is it's more effective to identify the internal champion and kind of create capacity for them. So backfill them, if you will, so that they've got the ability to focus more on how to apply it in our environment. So we're certainly doing more of that across the company.

因為變化太快了。你假設要去招募一個很擅長把 AI 應用到某個職能 X 的人，但他不了解公司、不熟悉我們的系統、不知道我們的工具。我們發現更有效的方式，是找出內部的推動者（internal champion），並為他們創造產能。也就是說，替他們補人（backfill），讓他們能把更多精力放在如何在我們的環境中落地應用。因此我們確實正在全公司更廣泛地做這件事。

There are no further questions at this time. I will now turn the call back to Artem Nalivayko, for a few additional questions.

目前沒有其他問題。我現在把電話交回給 Artem Nalivayko，進行幾個額外的問題。

All right. Thank you, Kevin. So Scott and Drew, we have a few additional questions here that were submitted by retail investors via the SEG technologies and email. The first question is on originations. So the question is, when do you plan to get back to your historical peak originations levels?

好的，謝謝你，Kevin。Scott 和 Drew，我們這裡還有幾個額外問題，是散戶投資人透過 SEG technologies 和電子郵件提交的。第一個問題是關於放款承作量（originations）。問題是：你們計畫何時回到歷史高峰的承作量水準？

Yeah. Well, we expect to get beyond our historical -- I would point you, if you haven't had a chance to see it to our IR website to look at the Investor Day materials, where we lay out a medium-term target of getting to $20 billion in annual originations, together with kind of a waterfall byproduct and initiative of how we expect to get there. So I'd say we're on our way, and we're on our way while really maintaining this credit outperformance, which we think is critical both for us and our balance sheet, but also for the marketplace buyers.

是的。我們預期不僅會回到歷史水準之上——如果你還沒看過，我會建議你到我們的 IR 網站查看投資人日（Investor Day）資料，我們在那裡提出一個中期目標：年度承作量達到 200 億美元，並搭配一個類似瀑布圖的拆解，說明我們預期如何透過各項產品與計畫達成。因此我會說我們正在路上，而且是在維持這種信用表現超預期的情況下前進；我們認為這對我們與我們的資產負債表很關鍵，對市場上的買方也同樣重要。

Okay. Great. Second one, you've touched on a little bit already, which is the product road map. Any additional insights beyond home improvement that you wanted to share.

好的，很好。第二個問題，你們剛才已經稍微提到，就是產品路線圖（product road map）。除了居家修繕（home improvement）之外，還有沒有其他想分享的洞見？

Yeah. So as I mentioned on the call, we're live in home improvement. We're not done. I mean we'll never be done anywhere. We're always innovating and optimizing and exploring new ideas. But there's still quite a bit to do even on the product front there to get the right set of products to meet the individual needs.

是的。如我在電話會議中提到的，我們已經在居家修繕上線了。但我們還沒完成——其實我們在任何地方都不會「完成」。我們會持續創新、優化並探索新想法。不過即使在那個產品面向上，仍然還有不少工作要做，才能形成一套合適的產品組合，以滿足個別需求。

So that will really tie up a good part of our energy this year. Beyond that, you can imagine we are -- this line of business will attract a certain type of motivated middle and that's homeowners. Right now slightly less than half of our customers are homeowners coming through home improvement, there will be more given that we'll be increasing the percentage of homeowners having products that speak to homeowners, things like mortgage and HELOC will make sense for us.

因此，這會在今年占用我們相當一部分的精力。除此之外，你可以想像我們——這條業務線會吸引一群特定、動機明確的客群，也就是屋主。現在透過居家修繕進來的客戶中，略低於一半是屋主；隨著我們提高屋主占比、推出更貼近屋主需求的產品，像是房貸（mortgage）與 HELOC（房屋淨值信用額度）對我們而言就會很合理。

We plan over time to be a credit-centric bank that offers consumer lending, consumer credit products across the spectrum. That one is the logical next step. We've already started doing some testing there and have been very, very pleased with the consumer response but we're staging our investments. So that will be something we'll likely talk about once we get home improvement really up and humming.

我們的長期規劃是成為一家以信用為核心（credit-centric）的銀行，提供涵蓋全光譜的消費者放款與消費者信用產品。那會是合乎邏輯的下一步。我們已經開始做一些測試，且對消費者回饋非常、非常滿意，但我們會分階段投入資源。因此，等我們把居家修繕真正做起來、運轉順暢之後，這會是我們很可能會再進一步對外分享的方向。

And the last question, any appetite for acquisitions this year or next?

最後一個問題，今年或明年對併購有沒有意願？

So we are always looking and connecting with the market on ways to accelerate our road map and better serve the customer that we serve. We've looked at really quite a bit over the last 12 months. We are staying disciplined on price. It's got to -- the economics have to make sense for shareholders and for the company.

我們一直都在觀察市場並與市場保持連結，尋找能加速我們路線圖、並更好服務我們客戶的方法。過去 12 個月我們看了相當多的機會。我們在價格上會保持紀律——經濟效益必須對股東與公司都說得通。

You've seen the transactions that we have executed Mosaic, Cushion AI , Tally, have all been companies that we talked to prior to -- not all many cases prior to them achieving difficulty in us being able to acquire them, I think, at favorable prices. So I'd say we're always looking. We're open to accelerating the road map, but it's got to make financial sense.

你們也看到我們已經完成的交易：Mosaic、Cushion AI、Tally，這些公司都是我們在——很多情況下是在他們遇到困難之前——就已經接觸過的公司，因而我們能以有利的價格收購它們。我會說我們一直都在看。我們願意透過併購加速路線圖，但前提是必須在財務上合理。

Great. Thank you. So with that, we'll wrap up our first quarter 2026 earnings conference call.

很好，謝謝。因此，以上就是我們 2026 年第一季財報電話會議的全部內容。

Thank you for joining us today. And if you have any questions, please e-mail us at ir.lendingclub.com.

感謝各位今天加入。如果你有任何問題，請寄電子郵件至 ir.lendingclub.com。

This concludes today's call. Thank you for attending. You may now disconnect

今天的電話會議到此結束。感謝各位出席。你現在可以掛線。