Jefferson Capital Inc (JCAP) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Jefferson Capital's fourth quarter and full-year 2025 conference call. With us today are David Burton, Founder and Chief Executive Officer, and Christo Realov, Chief Financial Officer.

下午好，歡迎參加 Jefferson Capital 2025 年第四季暨全年財報電話會議。今天與會者包括創辦人兼執行長 David Burton，以及財務長 Christo Realov。

As a reminder, this conference call is being recorded. This call may contain forward-looking statements regarding the company's plans, initiatives, and strategies, and the anticipated financial performance of the company, including, but not limited to, sales and profitability, expected benefits of the Bluestem acquisition, expectations on the market and macroeconomic factors, and expected collections and growth in certain collections.

提醒各位，本次電話會議將被錄音。本次電話會議可能包含前瞻性陳述，涉及公司之計畫、倡議與策略，以及公司預期的財務表現，包括但不限於銷售與獲利能力、Bluestem 收購案的預期效益、對市場與總體經濟因素的預期，以及特定催收項目的預期回收與成長。

Such statements are based upon management's current expectations, projections, estimates, and assumptions. Words such as expect, believe, anticipate, think, outlook, hope, and variations of such words and similar expressions identify such forward-looking statements.

此等陳述係基於管理階層目前的預期、預測、估計與假設。例如「預期」、「相信」、「預料」、「認為」、「展望」、「希望」等字眼及其變化形式與類似表述，均用以辨識此類前瞻性陳述。

Forward-looking statements involve known risks and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. Such risks and uncertainties are further disclosed in the company's most recent filings with the Securities and Exchange Commission.

前瞻性陳述涉及已知風險與未知風險及不確定性，可能導致未來結果與前瞻性陳述所暗示者出現重大差異。此等風險與不確定性已於公司最近向美國證券交易委員會（SEC）提交之文件中進一步揭露。

Shareholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements.

敦促股東、潛在投資人及其他讀者在評估本文所作之前瞻性陳述時，審慎考量上述因素，並提醒勿對此類前瞻性陳述過度依賴。

The company does not undertake to update the forward-looking statements, except as required by law. Also, during this conference call, the company will be presenting certain non-GAAP financial measures. Reconciliations of the company's historical non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's earnings press release.

除法律要求外，公司不承擔更新前瞻性陳述之義務。此外，在本次電話會議中，公司將呈現若干非 GAAP 財務衡量指標。公司歷史非 GAAP 財務衡量指標與其最直接可比之 GAAP 財務衡量指標的調節表，載於今日的盈餘新聞稿中。

And now, I'll turn the call over to David Burton. Please go ahead.

接下來，我將把電話交給 David Burton。請開始。

Thank you, operator, and thanks, everyone, for joining our investor call.

謝謝主持人，也謝謝各位參加我們的投資人電話會議。

Let's dive into our first quarter financial performance highlights. We again generated strong results for shareholders. We delivered record collections of $310 million, up 19% versus the prior-year period, and we continued to perform well versus our underwriting expectations. Our estimated remaining collections grew 18% to $3.4 billion, driven by our continued deployment performance and attractive anticipated returns.

讓我們先來看第一季財務表現重點。我們再次為股東創造了強勁成果。我們創下 3.10 億美元的回收金額新高，較去年同期成長 19%，且我們持續優於承銷預期。我們的估計剩餘可回收金額成長 18% 至 34 億美元，主要受惠於我們持續的投放表現與具吸引力的預期報酬。

Revenue for the quarter was a record $176 million, up 14% versus the prior-year period. We delivered a sector-leading cash efficiency ratio of 73%, driven in part by strong collections from the Bluestem and Conns portfolio purchases. We generated strong cash flow in the quarter, which improved our leverage to 1.79 times, a level which positions us well for future growth and creates significant strategic optionality. Adjusted EPS for the quarter was $0.73.

本季營收創新高達 1.76 億美元，較去年同期成長 14%。我們交出同業領先的現金效率比率 73%，部分受惠於 Bluestem 與 Conn's 投資組合收購帶來的強勁回收。本季我們產生強勁現金流，使槓桿倍數改善至 1.79 倍，此一水準讓我們在未來成長上具備良好定位，並創造顯著的策略彈性。本季調整後每股盈餘（Adjusted EPS）為 0.73 美元。

Turning to the next slide, I'd like to offer a brief market update and cover some of the macroeconomic indicators to provide better context for why we remain confident in the investment opportunity for our business. Delinquency trends remain elevated across all non-mortgage consumer asset classes and create favorable portfolio supply trends.

接著看下一張投影片，我想簡要提供市場更新，並說明一些總體經濟指標，以更好地說明我們為何仍對本業的投資機會充滿信心。在所有非房貸的消費者資產類別中，逾期趨勢仍維持在高檔，並帶來有利的投資組合供給趨勢。

An asset class we continue to watch closely is auto finance. Receivables have grown steadily to a record of $1.68 trillion with an average monthly new vehicle loan payment of $806, up 52% compared to pre-pandemic, as a result of higher vehicle prices and elevated interest rates.

我們持續密切關注的一個資產類別是汽車金融。應收帳款穩步成長至 1.68 兆美元的歷史新高；平均每月新車貸款付款額為 806 美元，較疫情前上升 52%，主要因車價上漲與利率維持高檔所致。

In March of 2026, nearly one-third of used vehicle trade-ins carried negative equity. In addition, 72-month loans accounted for 40.5% of all financed vehicle sales and 84-month loans accounted for 12.8%.

在 2026 年 3 月，近三分之一的二手車換購（trade-in）帶有負資產（negative equity）。此外，72 個月期貸款占所有融資車輛銷售的 40.5%，84 個月期貸款占 12.8%。

Continued strain on the consumer and deteriorating credit quality for originators, in some instances, coupled with financing headwinds, all set the stage for increasing portfolio supply. We remain uniquely positioned to offer solutions across the spectrum of performing, charged-off, and insolvency auto finance portfolios for both secured and unsecured accounts.

消費者持續承壓，加上放款機構的信用品質惡化（在某些情況下）並伴隨融資逆風，皆為投資組合供給增加奠定基礎。我們仍具獨特優勢，能針對有正常履約、已核銷（charged-off）及破產／無力清償（insolvency）的汽車金融投資組合，為擔保與無擔保帳戶提供全方位解決方案。

The next important component to better understand the state of the consumer is the current level of personal savings. During the pandemic, consumers accumulated abnormally high savings as a result of the unprecedented levels of government stimulus, which served as a financial cushion against life's unexpected events.

另一個有助於更了解消費者狀況的重要面向，是目前個人儲蓄水準。疫情期間，由於前所未有的政府刺激措施，消費者累積了異常高的儲蓄，成為面對生活突發事件的財務緩衝。

By the end of 2022, the excess savings had been depleted and, in fact, the current level of personal savings at $857 billion is substantially lower than the long-term pre-pandemic average from 2013 through 2019 of $1.1 trillion, a dynamic which is even more pronounced when adjusted for inflation.

到 2022 年底，超額儲蓄已被消耗殆盡；事實上，目前個人儲蓄水準為 8,570 億美元，明顯低於 2013 至 2019 年疫情前長期平均的 1.1 兆美元；若考量通膨調整，這一差異更為顯著。

This suggests that consumers have a more limited ability to absorb unanticipated temporary financial hardships, which is an important driver for delinquency and charge-off volumes.

這顯示消費者吸收突發且短期財務困難的能力更為有限，而這是逾期與核銷量的重要驅動因素。

Regarding the insolvency market, we have seen a well-pronounced increase in the number of insolvencies both in the United States and in Canada from the pandemic trough in 2021, which in turn has fueled the resurgence in supply of insolvency portfolios.

就破產／無力清償市場而言，我們看到自 2021 年疫情低點以來，美國與加拿大的無力清償案件數量明顯上升，進而推動無力清償投資組合供給回升。

Insolvency valuation and servicing requires highly specialized expertise. A robust data set to develop accurate forecasts, and a technologically advanced servicing platform, and we remain one of the very few debt buyers in the US and by far the largest debt buyer in Canada, that can capitalize on this market opportunity.

無力清償資產的估值與服務需要高度專業能力、用以建立精準預測的強大資料集，以及技術先進的服務平台；我們仍是美國極少數、且在加拿大規模遠為最大的債權收購商（debt buyer），能夠把握此一市場機會。

Finally this backdrop is also underpinned by a low level of unemployment, which supports the expected liquidation rates on our existing portfolio and gives us confidence in underwriting new purchases. Our portfolio performance is less sensitive to changes in unemployment compared to an originator, and despite the recent labor market headwinds, the overall employment level is still favorable for our business.

最後，這樣的背景也受到低失業率支撐，有助於支持我們既有投資組合的預期清算回收率，並讓我們對新收購案的承銷更具信心。相較於放款機構，我們的投資組合表現對失業率變動的敏感度較低；儘管近期勞動市場面臨逆風，整體就業水準仍對我們的業務有利。

All of these trends point in one direction, elevated levels of consumer delinquencies and charge-offs, which we're seeing across all consumer asset classes and which we believe create a long runway for a robust portfolio supply over the coming quarters, coupled with continued strong collection performance on our existing book and on any future portfolio purchases.

所有這些趨勢都指向同一方向：消費者逾期與核銷水準維持高檔。我們在各類消費者資產類別中皆觀察到此現象，並相信這將在未來數季帶來長期且強勁的投資組合供給，同時也將伴隨我們既有資產以及任何未來收購投資組合的持續強勁回收表現。

Moving on, I'd like to review in more detail some of the key performance trends for the quarter. Our collections, as I mentioned, were $310 million, up 19% year-over-year, driven by strong deployments in 2024 and 2025.

接下來，我想更詳細檢視本季一些關鍵績效趨勢。如我所提，我們的回收金額為 3.10 億美元，年增 19%，主要由 2024 與 2025 年的強勁投放所帶動。

$54.5 million of collections for the quarter were attributable to the Bluestem portfolio purchase, and $31 million were attributable to the Conn's portfolio purchase. More broadly, our. Election performance on the overall portfolio continues to reflect the accuracy of our underwriting models, and we did see the typical seasonal impact of tax refunds on consumer liquidity in the United States.

本季回收金額中，有 5,450 萬美元歸因於 Bluestem 投資組合收購，另有 3,100 萬美元歸因於 Conn's 投資組合收購。更廣泛而言，我們的。整體投資組合的回收表現持續反映我們承銷模型的準確性；同時，我們也看到美國退稅季對消費者流動性帶來的典型季節性影響。

A key trend in collection performance has been the increase in legal channel collections. Jefferson Capital utilizes legal channel as a means of last resort in instances where we believe the account holder has the ability but not the willingness to engage or pay.

回收表現的一個關鍵趨勢，是法律管道回收的增加。Jefferson Capital 將法律管道作為最後手段，用於我們認為帳戶持有人有能力但不願意互動或付款的情況。

We have achieved a number of important process improvements, specifically in the United States, which have significantly compressed the timing from placement of the account to filing of the lawsuit, which in turn has accelerated suit volumes. This inventory of suit-eligible accounts has increased given the significant growth in deployments over the past three years, so over time, we expect to see continued growth in legal collections.

我們已達成多項重要流程改善，特別是在美國，顯著縮短了從帳戶委外到提起訴訟的時間，進而加速了起訴量。由於過去三年投放大幅成長，符合起訴條件的帳戶庫存也隨之增加，因此隨時間推移，我們預期法律回收將持續成長。

Our portfolio purchases for the quarter were $150 million compared to $175 million in the first quarter of 2025. Returns remain attractive, and we remain confident in the deployment landscape. I will note that our deployments in the year-ago first quarter benefited from a $28.5 million insolvency back-book purchase in Canada.

本季投資組合收購金額為 1.50 億美元，較 2025 年第一季的 1.75 億美元下降。報酬仍具吸引力，我們對投放環境仍充滿信心。我也要指出，去年同期第一季的投放受惠於在加拿大進行的一筆 2,850 萬美元無力清償舊帳（back-book）收購。

More broadly, our business is subject to pronounced seasonality. The fourth quarter is typically the largest quarter for deployments as credit originators aim to dispose of non-performing portfolios ahead of year-end. Deployments then tend to decelerate in the first quarter as portfolio sales activity declines as originators want to take advantage of consumer liquidity related to tax refunds in the US.

更廣泛而言，我們的業務具有明顯的季節性。第四季通常是部署規模最大的季度，因為信貸資產出讓方會在年底前處置不良資產組合。隨後第一季部署往往放緩，因為資產組合出售活動下降，出讓方希望利用美國與退稅相關的消費者流動性。

As of March 31, we had $353 million of deployments locked in through forward flows, which is an important building block of our deployment strategy for the coming quarters.

截至3月31日，我們透過遠期流（forward flows）已鎖定3.53億美元的部署額，這是我們未來幾季部署策略的重要基石。

Our estimated remaining collections as of March 31. Were $3.4 billion, up 18% year-over-year, with ERC related to Bluestem and Cons, comprising $238 million and $105 million of US distressed, respectively. Our ERC is relatively short in duration due in part to the lower average balance accounts in our portfolio, with 52% of our ERC expected to be collected through 2027.

截至3月31日，我們估計的剩餘回收款（ERC）。為34億美元，年增18%；其中與Bluestem及Conn’s相關的ERC分別包含2.38億美元與1.05億美元的美國困境資產。由於我們投資組合中帳戶平均餘額較低等因素，我們的ERC存續期間相對較短，預期有52%的ERC將於2027年前回收。

We expect to collect $1.1 billion of our March 31 ERC balance during the next 12 months. Based on the average purchase price multiples recorded in the first quarter, we'd need to deploy approximately $563 million globally over the same time frame to replace this runoff and maintain current ERC levels. I would note that as of March 31, we had $216 million of deployments contracted via forward flows for the next 12 months.

我們預期在未來12個月內回收截至3月31日ERC餘額中的11億美元。以第一季記錄的平均收購價格倍數為基礎，為了補足這部分自然流失並維持目前ERC水準，我們在同一期間需要在全球部署約5.63億美元。我也要指出，截至3月31日，我們已透過遠期流為未來12個月簽約2.16億美元的部署額。

Lastly, I'd like to review in more detail another core pillar of our business model and a critical building block for our differentiated return profile, our best-in-class operating efficiency. We seek to own the high value-added aspects of the purchasing and collection process, including portfolio and consumer payment performance data, extensive analytical and modeling capabilities, certain proprietary technological capabilities, and the collection processes and techniques that we believe create both a competitive advantage for the company as well as a significant barrier to entry.

最後，我想更詳細回顧我們商業模式的另一個核心支柱，也是支撐我們差異化報酬特徵的關鍵基石：同級最佳的營運效率。我們致力於掌握收購與催收流程中高附加價值的環節，包括資產組合與消費者付款表現數據、廣泛的分析與建模能力、部分專有技術能力，以及我們認為能同時為公司創造競爭優勢並形成顯著進入門檻的催收流程與技巧。

Conversely, we seek to outsource the aspects of the collections value chain that we view as commoditized or operationally intensive and do not produce a competitive advantage, such as running large domestic call centers. We utilize Champion Challenger performance measures to allocate portfolio segments to the best servicers, and our internal collection platform competes for market share against external collection service providers.

相對地，我們會將催收價值鏈中我們認為已商品化或營運密集、且無法帶來競爭優勢的環節外包，例如營運大型國內呼叫中心。我們運用「冠軍—挑戰者」（Champion Challenger）績效衡量來將資產組合分段分配給表現最佳的服務商，而我們的內部催收平台也會與外部催收服務供應商競爭市占。

Our mostly variable cost structure provides flexibility to scale deployments depending on market conditions.

我們以可變成本為主的成本結構，使我們能依市場狀況彈性調整部署規模。

The benefits of our relentless pursuit of operating efficiency are evident in our efficiency metrics relative to the rest of the sector. As I mentioned, our cash efficiency ratio for the quarter was 73%. It was aided by collections on the Bluestem and Conn’s portfolios, which carry a lower cost to collect given the significant portion of paying accounts.

我們對營運效率的持續追求所帶來的效益，從我們相較於同業的效率指標中可見一斑。如我所提及，本季我們的現金效率比率為73%。這受惠於Bluestem與Conn’s資產組合的回收；由於其中有相當比例為仍在付款的帳戶，其催收成本較低。

Excluding Bluestem and Conn's portfolio collections and expenses, the cash efficiency ratio would have been 68.1%, which is also materially higher than other public companies in the sector. Our leading operating efficiency is a powerful competitive advantage and coupled with the strong returns of our differentiated investment strategy, supports consistent attractive shareholder returns.

若排除Bluestem與Conn’s資產組合的回收與費用，現金效率比率將為68.1%，仍顯著高於本產業其他上市公司。我們領先的營運效率是一項強大的競爭優勢，並結合我們差異化投資策略的強勁報酬，支持股東持續獲得具吸引力的回報。

With that, I'd now like to hand it over to Christo for a more detailed look at our financial results.

接下來，我想把時間交給Christo，請他更詳細說明我們的財務結果。

Thank you, David. Taking a closer look at the financial details for the first quarter, revenue was $176 million, up 14% year-over-year, driven by continued strong deployments and higher net yields. Changes in recoveries were $7 million for the quarter, reflecting collection of performance in the US related to the seasonal impact of tax refunds.

謝謝你，David。更深入檢視第一季的財務細節，營收為1.76億美元，年增14%，主要由持續強勁的部署與較高的淨收益率所帶動。本季回收變動（changes in recoveries）為700萬美元，反映美國因退稅季節性影響而帶來的催收表現。

Operating expenses were $96 million, up 47% year-over-year, with the increase due to the significant growth in collections. Expenses remain well-controlled relative to the growth in collections, with our cash efficiency ratio at 73% for the floor. Court costs increased to $17.3 million, or 86% year-over-year, as a result of the trends in increased legal channel volumes that David reviewed in his comments.

營運費用為9,600萬美元，年增47%，增幅主要來自回收規模的大幅成長。相較於回收成長，費用仍維持良好控管，本季現金效率比率為73%。由於David在評論中提到法律渠道案件量增加的趨勢，法院成本上升至1,730萬美元，年增86%。

This is an upfront expense to support future collections to the legal channel and the accelerated time to suit put forward these expenses. We expect court costs to remain at approximately least level given the increased inventory of suit-eligible accounts, resulting from a significant overall portfolio growth over the past several years.

這是一項前期費用，用以支持未來透過法律渠道的回收；而加速提起訴訟的時程也使這些費用提前發生。由於符合起訴條件的帳戶庫存增加（源自過去數年整體資產組合的顯著成長），我們預期法院成本將大致維持在目前水準。

Adjusted pre-tax income was $58 million for the quarter, resulting in an adjusted pre-tax IOE of 50.8%. We realized the material level of collections on portfolios purchased in '24 and '25, including the Bluestem and cost portfolio purchases, which in turn drove adjusted cash EBITDA to $235 million for the quarter, up 12% year-over-year.

本季調整後稅前盈餘為5,800萬美元，對應調整後稅前IOE為50.8%。我們在2024年與2025年購入的資產組合上實現了可觀的回收水準，包括Bluestem與Conn’s資產組合的收購，進而帶動本季調整後現金EBITDA達2.35億美元，年增12%。

Finally, for the first quarter, Jefferson Capital recognized portfolio revenue of $15.3 million and net operating income of $7.9 million related to the Bluestem portfolio purchase. Separately, we recognize portfolio revenue of $11.2 million, servicing revenue of $1.2 million, and net operating income of $7.7 million related to the cost portfolio purchase.

最後，在第一季，Jefferson Capital就Bluestem資產組合收購案認列資產組合收入1,530萬美元，以及淨營業收入790萬美元。另外，就Conn’s資產組合收購案，我們認列資產組合收入1,120萬美元、服務收入120萬美元，以及淨營業收入770萬美元。

Our credit profile remains strong and positions us well for future opportunities. As of March 31, our net debt to adjusted cash EBITDA improved to 1.79 times, a level which is significantly lower than our public trade peers.

我們的信用狀況仍然強勁，使我們能為未來機會做好準備。截至3月31日，我們的淨負債對調整後現金EBITDA比率改善至1.79倍，顯著低於同業上市公司。

Over the long-term, our target leverage ratio is in the range of 2 times to 2.5 times on a sustained basis. Our balance sheet is solid with ample liquidity to support growth, create strategic optionality, and pay our quarterly dividend.

長期而言，我們的目標槓桿比率是在可持續基礎上維持於2倍至2.5倍區間。我們的資產負債表穩健，具備充足流動性以支持成長、創造策略彈性，並支付季度股利。

On April 22, we completed an amendment of our senior secured revolving trade facility, increasing aggregate commuted capital by $150 million to $1.15 billion. We added two new partners to the bank group, each committing seventy-five million. There were no material changes to terms.

4月22日，我們完成對高級擔保循環信貸融資（revolving credit facility）的修訂，將總承諾額增加1.5億美元至11.5億美元。我們在銀行團新增兩家合作夥伴，各自承諾7,500萬美元。條款並無重大變更。

The facility had [$254] million gone at March 31, and with a earmarked 300 million of capacity to repay our 2026 bonds. Given the maturity was fully pre-funded with the $500 million unsecured additions in 2025, and at this point, we are not taking on any market risk, we plan to keep the bonds outstanding as long as possible to take advantage of the attractive 6% coupon.

該融資工具於3月31日已動用2.54億美元，並預留3億美元額度用於償還我們2026年到期的債券。鑑於該到期償付已在2025年透過新增5億美元無擔保融資完全預先籌資，且目前我們不承擔任何市場風險，我們計畫盡可能長時間維持債券在外流通，以享有具吸引力的6%票息。

This strong liquidity profile is a critical component of our value proposition to sellers who value certainty of closing periods when portfolio activity increases, but the funding markets could be constrained or unavailable. With regard to our capital allocation priorities, our primary focus remains on deploying capital to purchase portfolios of attractive risk-attrusted returns.

這樣強勁的流動性狀況，是我們對賣方價值主張的關鍵組成；當資產組合交易活動增加、但資金市場可能受限或無法取得時，賣方重視我們能確保如期完成交割。就資本配置優先順序而言，我們的首要重點仍是部署資本以收購具吸引力、風險調整後報酬的資產組合。

Our Board has declared a regular quarterly dividend of $0.24 per share, which represents a 4.6% annualized yield as of April month end. The dividend offers an attractive component of shareholder return, which is not available from other public companies in the sector and also reinforces long-term discipline around investment returns.

董事會已宣告每股0.24美元的例行季度股利；以4月底股價計算，年化殖利率為4.6%。股利提供股東報酬中具吸引力的一環，這在本產業其他上市公司並不常見，同時也強化我們對投資報酬的長期紀律。

In conjunction with the form of equity offering in January, we also repurchased 3 million shares, or approximately 5% of the total legally issued shares, for $59 million. This was a tactical share repurchase where the company used its capital to support the offering and to further reduce the sponsor overhang.

配合1月的股權發行，我們亦回購300萬股，約占已合法發行在外股份總數的5%，金額為5,900萬美元。這是一項戰術性庫藏股回購，公司運用資本來支持該次發行，並進一步降低主要股東（sponsor）的持股壓力（overhang）。

We will evaluate open market share purchases at the appropriate time, while also aiming to maintain trading liquidity in the stock.

我們將在適當時點評估於公開市場買回股份，同時也會致力維持股票的交易流動性。

Finally, we have a long history of successful M&A, but we intend to remain disciplined and opportunistic.

最後，我們在併購（M&A）方面有長期成功的歷史，但我們將保持紀律並把握機會。

Now, we will be happy to answer any questions that you may have. Operator, please open up the lines.

現在，我們很樂意回答各位可能有的任何問題。接線員，請開放電話線。

(Operator Instructions)

(接線員指示)

David Scharf, Citizen Capital Markets. Please go ahead.

David Scharf，Citizen Capital Markets。請開始。

Good afternoon. Congrats on a strong start to the year. Thanks for taking my questions.

下午好。恭喜今年開局強勁。謝謝讓我提問。

David, appreciate the kind of the macro commentary. It's clearly kind of consistent with what we've heard from lenders during this reporting season. I'm wondering, though, as we think about the visibility of future forward flow arrangements.

David，感謝你對總體環境評論的肯定。這顯然與我們在本次財報季從放款機構那裡聽到的情況相當一致。不過我想請教的是，當我們思考未來遠期流量安排的可見度時。

Can you provide any commentary on, I guess, a -- in addition to just how much is under contract, whether you're seeing an expansion of the number of sellers that are entering into flow deals? And secondly, just based on your history and experience.

除了目前有多少是在合約之下之外，你能否也評論一下——我想——你們是否看到進入流量交易的賣方數量在擴大？第二點，基於你過去的歷史與經驗。

If there is some increased macro pressure, whether through higher unemployment or whatnot, do you tend to see sellers enter into more flow deals or fewer? If you can just provide some context, maybe.

如果總體環境壓力增加，不論是因為失業率上升或其他因素，你通常會看到賣方進入更多的流量交易，還是更少？如果你能提供一些背景脈絡，或許會有幫助。

Thanks for the question, David. I'll first start by commenting that our forward flow, our committed forward flows were up about 28% between [$12.31] and [$3.31]. And I think that reflects a number of factors, including deepening our client relationships.

謝謝你的問題，David。我先說明，我們的遠期流量、已承諾的遠期流量約增加了28%，介於[$12.31]與[$3.31]之間。我認為這反映了多項因素，包括我們與客戶關係的深化。

And in some markets that are historically have been spot sale oriented, working with clients to convince them to be a more programmatic seller and the advantages associated with that.

此外，在一些歷來偏向即期出售（spot sale）的市場，我們也與客戶合作，說服他們成為更具計畫性的賣方，並理解其中相關的優勢。

To your point about the dynamic that might occur with sellers going more toward a forward flow orientation versus spot sale as it relates to things like unemployment, my own experience has been that in an environment of rising prices, you tend to see sellers more interested in shorter-term forward flows and in an environment where prices.

針對你提到的動態，也就是賣方在失業率等因素影響下，可能更偏向遠期流量而非即期出售：以我個人的經驗，在價格上升的環境中，你通常會看到賣方對較短期的遠期流量更感興趣；而在價格。

Decrease, especially when that's connected to rising unemployment, that's when you see sellers try to de-risk future recoveries by locking in longer-term forward flows. So I suppose that's probably a dynamic that you would imagine would happen.

下跌時，尤其當這與失業率上升相關聯時，你會看到賣方試圖透過鎖定較長期的遠期流量，來降低未來回收的不確定性（de-risk future recoveries）。所以我想，這大概就是你所想像會發生的動態。

At this moment, I don't think we're seeing any. Significant changes in sellers' appetite to really modify the percentage of their debt sales that are subject to a foreflow agreement versus spot sales. So I don't know that there's been a market change that at least I can discern.

就目前而言，我不認為我們看到任何。賣方在意願上有顯著變化，去大幅調整其債權出售中，受遠期流量協議約束的比例相對於即期出售的比例。因此我不確定市場是否出現了至少我能辨識到的變化。

Got it. No, that's helpful context. And I think the close to 30% increase in flow dollars year over year kind of speaks for itself. Maybe just one follow-up question.

了解。不，這些背景很有幫助。而且遠期流量金額年增接近30%本身也很能說明問題。也許再追問一個問題。

Maybe it's more for Christo. As we think about sort of forecasting the efficiency ratio sort of near-term, if we could kind of exclude cons and Bluestem and think about that. 68, low 68 is sort of the benchmark today.

可能更適合問Christo。當我們思考短期內如何預測效率比率（efficiency ratio）時，如果我們先排除cons和Bluestem的影響來看，目前的基準大約是68、低68的水準。

Does the increasing mix of legal collections, does the outsized growth of the legal channel inherently put a little downward pressure on the cost to collect, or I'm sorry, actually maybe downward pressure on that cash efficiency margin? I mean, as long as legal is growing as quickly as it should. Should we be thinking about that 68.1% going up near term, or is it best to sort of keep it flat?

法律催收占比提高、法律渠道的超常成長，是否會在本質上對收款成本帶來一些下行壓力——抱歉，我是說，是否會對現金效率利潤率（cash efficiency margin）帶來一些下行壓力？也就是說，只要法律渠道如預期般快速成長。我們是否應該預期短期內那個68.1%會上升，還是最好把它視為大致持平？

I'll think of this in two ways. Number one, the company has had a history of constantly improving that underlying cost to collect and, in turn, the cash efficiency ratio through a very. Sort of broad range of cost savings and efficiency initiatives, and we continue to do that day in and day out.

我會從兩個角度來看。第一，公司過去一直透過非常。廣泛的成本節省與效率提升措施，持續改善底層的收款成本，進而改善現金效率比率，而我們每天都在持續推進這些工作。

The mix of legal channel collections would not have a material impact. Keep in mind that the 68% -- [68.1%] kind of adjusted cash efficiency ratio to exclude calls and boost them already includes the current level of core costs. And we believe, as I said in the prepared remarks, that those will remain relatively stable over the course of the year.

法律渠道催收的組合變化不會造成重大影響。請記住，68%——也就是[68.1%]這個經調整的現金效率比率（排除calls和boost them）已經包含目前水準的核心成本。而且我們相信，正如我在事先準備的發言中所說，這些成本在今年期間將維持相對穩定。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys, and congrats on the quarter.

嗨，各位，恭喜這一季的表現。

First, following up on kind of the legal thing to your point, Christo, I mean, you already indicated you expect the legal expenses to stay at kind of this level through the course of this year. I mean, just not asking about 2028, but when we think about how much portfolio has been acquired or ERC has been acquired.

首先，延續你剛才提到的法律相關議題，Christo，我的意思是，你已經指出你預期法律費用在今年期間會維持在目前這個水準。我不是在問2028年，只是當我們思考已收購了多少投資組合或已收購了多少ERC時。

The increased amount of legal eligible accounts, etc., all the things you've outlined. I mean, is this year the elevated court costs enough to kind of run through the increase. Of the number of eligible councillors, is there still, do you think, going to be a kind of a lack of a better word of backlog even when you get to the end of the year and these elevated expenses could stay there for some extended period of time beyond just the next, call it, nine months?

法律可訴（legal eligible）帳戶數量增加等等，你提到的所有因素。我的意思是，今年這些較高的法院成本是否足以把可訴帳戶數量增加的部分大致消化完？還是你認為，恕我用詞不精確，即使到年底仍會存在某種「積壓」（backlog），使得這些較高的費用可能在未來一段更長時間內維持在高檔，而不只是接下來大約九個月？

Good question, Robert. I do -- it's a complicated question because what we don't know is what we're going to buy for the rest of this year and how much of that will be expected to be legal, eligible, legal profitable where the timing would be optimized by having that litigated next year.

好問題，Robert。我確實——這是一個複雜的問題，因為我們不知道今年剩下的時間會買到什麼，以及其中有多少會被預期為法律可訴、且在法律渠道具獲利性（legal profitable），其時點會透過明年進行訴訟而達到最佳化。

So I think we're careful to not comment. On things that are beyond the horizon, which is harder for us to anticipate. I do want to flag though that when we underwrite portfolios, we anticipate the volume and timing of accounts that are to be litigated and that cost is embedded in our pricing and the net IRRs.

因此我想我們會謹慎，不去評論。超出可見範圍之外的事情，因為那對我們而言更難預期。不過我想提醒的是，當我們對投資組合進行承作評估（underwrite）時，我們會預估需要進入訴訟的帳戶量與時點，而相關成本已反映在我們的定價與淨IRR之中。

And so. We're deploying capital obviously at attractive returns and the timing for the incurrence of court costs matters on our P&L. What matters most to us, of course, is that we generate attractive cash on cash returns and those are determined at the time of the purchase.

因此。我們顯然是在以具吸引力的報酬率部署資本，而法院成本發生的時點會影響我們的損益表（P&L）。當然，對我們最重要的是產生具吸引力的現金對現金報酬（cash-on-cash returns），而這些是在購買當下就決定的。

Thank you. And then just on the purchase volume, I mean, obviously, Q1, I mean, you mentioned, obviously, Canada had a tough comp because you got a lot of purchase volume last year. The US.

謝謝。接著關於購買量（purchase volume），很明顯第一季——你提到加拿大因為去年有大量購買量，所以比較基期很高。美國。

Didn't have a tough comp to say, yes, it's seasonal, I understood right, Q4 to Q1 isn't necessarily right comp, but Q1 to Q1 last year. Was there anything unusual about the volumes of the sellers. This quarter? I mean, did people -- is there any slippage, I guess, as I'm kind of asking? Like, did things spill over into Q2 without asking for a number? But I mean, just it did look a little, in the US., a little softer than I expected. One quarter is not a trend, but I'm just trying to get a feel on how that shook out.

沒有那麼高的比較基期；我理解你說這有季節性，第四季對第一季不一定是合適的比較，但若以去年第一季對今年第一季來看。這一季賣方的量有沒有什麼不尋常？這一季？我的意思是——我想問的是，有沒有任何延後（slippage）？例如有些交易延到第二季才完成——不需要給數字。但我的意思是，美國看起來比我預期稍微疲弱一些。單一季度不代表趨勢，但我只是想了解實際情況如何。

Yes, thanks for the question.

是的，謝謝你的問題。

I will highlight that we've had good growth in deployments in a number of areas, including LATAM and the UK.

我想強調的是，我們在多個領域的資金部署都有良好成長，包括拉丁美洲（LATAM）與英國。

But I also want to make sure that you don't derive any level of concern regarding the robustness of deployment opportunities in the US I would not discern from the first quarter. And any kind of year-over-year comparison that we feel anything but confidence in the deployment opportunities in the US.

但我也想確保你不要因此對美國部署機會的強勁程度產生任何擔憂；我不會從第一季看出這樣的訊號。就任何年對年比較而言，我們對美國的部署機會仍然充滿信心。

And so we've not been in a better position with more clients and more asset classes and more capabilities across performing. Charge-off and insolvency portfolios that we feel and the backdrop of the consumers being under increasing levels of pressure, that certainly provides a favorable backdrop as we think about deployments in the US this year.

因此，我們從未像現在這樣處於更有利的位置——擁有更多客戶、更多資產類別，以及在各類表現中資產方面更全面的能力。對於核銷與破產投資組合而言，結合消費者承受壓力日益加大的大環境，我們認為這確實為我們今年在美國的資金部署提供了有利的背景。

Randy Benner, Texas Capital.

Randy Benner，Texas Capital。

Hey, I just have this super helpful disclosure. Appreciate it. On the revolver, was it $250,000 that was drawn overall, Christo? I just didn't catch that part of your commentary.

嗨，我這邊有個非常有幫助的揭露事項。感謝。關於循環信貸額度（revolver），Christo，整體提用的是 250,000 美元嗎？我剛剛沒聽清楚你評論的那一段。

$254 million was drawn, yeah.

提用了 2.54 億美元，對。

$54,000? Okay, cool. And then, yeah, I guess I'll kind of like try to ask the --

54,000？好，了解。然後，嗯，我想我會試著問一下——--

So looking into the future question a little bit like higher level is just with larger, like larger, bulkier opportunities, is that, are there more, are there, with your commentary of the market and particularly with auto and opportunities that are coming in, can you, is it possible to just take a little bit more look or commentary into kind of larger potential deals that could be out there?

所以稍微從更高層次、展望未來的角度來看，關於更大型、規模更龐大的機會：依你對市場的評論，特別是汽車相關以及正在出現的機會，你能否再多談一點，市場上可能存在的較大型潛在交易？

Let's see how to answer that without making a forward-looking statement. I would say that I guess I'll go back to the comments that I provided earlier about just the level of indebtedness in auto in particular.

我想想要怎麼回答，才不會構成前瞻性陳述。我會說，我想我會回到我先前提到的評論，也就是特別在汽車領域的負債水準。

The delinquency trends, which are more pronouncedly higher in auto than they are in other asset classes, but they're also elevated in other asset classes. So the backdrop is favorable. Whether that results in large, medium or small opportunities, I think all indicators point to all of the above.

逾期趨勢在汽車領域比其他資產類別更為明顯地偏高，但其他資產類別也同樣處於較高水準。因此，整體背景是有利的。至於這是否會帶來大型、中型或小型機會，我認為各項指標都指向三者皆有可能。

But any specific transactions and sizes, they're done sort of one at a time. Our goal, obviously, is building client relationships so that we're in a position to add that value. But as the dynamic is such that it's hard to know the timing and the size.

但任何特定交易及其規模，基本上都是一次一筆地完成。我們的目標顯然是建立客戶關係，讓我們能夠在適當時機提供價值。但由於市場動態如此，很難預先掌握時點與規模。

Very far in advance of those opportunities being presented to us or as we cultivate them. So i do realize that we do large transactions and frankly, we like all transactions, whether the large, medium or small, as we cultivate stronger relationships with our clients and make ourselves and capital available whenever their needs arise or as they seek to optimize their profitability.

在這些機會呈現在我們面前之前，或在我們培育這些機會的過程中，很難提前很久就知道。所以我確實理解我們會做大型交易；坦白說，無論大型、中型或小型交易我們都喜歡，因為這能讓我們與客戶建立更強的關係，並在其需求出現時，或在其尋求最佳化獲利能力時，隨時提供我們自身與資本。

So I realize this is not really what you were hoping for. But I think it paints hopefully at least the perspective that we take in kind of continually expanding our pipeline of opportunities and deepening our client relationships so that as large opportunities or small opportunities become available that we're in the right position to execute and be aware of them.

我知道這可能不是你原本希望聽到的答案。但我希望這至少能描繪出我們的觀點：我們會持續擴大機會管線、深化客戶關係，讓我們在大型或小型機會出現時，都能處於正確的位置去執行並掌握。

I appreciate the response, and there's one other one, I guess, on the just your regular wave business, the smaller accounts that come in is there, do you all disclose like a transaction count per quarter? If I missed that, I apologize, but is it, are you getting like a higher volume of--

感謝回覆。我還有一個問題：就你們常態的波段式業務而言，那些進來的小型帳戶，你們是否會揭露例如每季的交易筆數？如果我漏聽了先說抱歉，但你們現在的量是更高的——

Like smaller deals or is it a lower volume of somewhat just kind of like the data, the kind of the regular week-in,-out transactions that you see?

小型交易量更高，還是更低？也就是你們每週、日常看到的那種例行性交易的數據。

Yeah, look, we do not disclose any sort of transaction count. We have commented previously that we purchased 50 to 70 portfolios a month.

是的，你看，我們不會揭露任何形式的交易筆數。我們先前曾評論過，我們每月會購買 50 到 70 個投資組合。

And then that the average transaction size tends to be kind of in the less than a million sort of area, right, if that's helpful. And the other thing we have commented on is that, historically.

另外，平均交易規模通常落在低於 100 萬美元左右的區間，對，如果這樣有幫助的話。還有一點我們也提過的是，歷史上——

Over about approximately 50% of our deployments are coming in through fourth purchases, right? So at least 50 to 70 portfolios, about half of them are coming into fourth loss and the rest is spot purchases. And that excludes the sort of the large episodic transactions that we did in '24 and '25.

大約有約 50% 的資金部署是透過 forward purchases（遠期購買）進來的，對。所以在每月 50 到 70 個投資組合中，大約一半是透過 forward flow（遠期流量）進來，其餘則是現貨購買（spot purchases）。而這不包含我們在 2024 年與 2025 年所做的那種大型、偶發性交易。

[Eunice John] Jefferies.

[Eunice John] Jefferies。

Hello. Thanks for taking my question. So we see from earlier competitors' earnings announcement that there's some positive momentum in the overall space.

你好。謝謝讓我提問。我們從先前同業的財報公告看到，整體產業似乎有一些正向動能。

I wanted to hear what you have seen about any interest from the competitors. Any changes in dynamic and especially when it comes to changes in interest in non-credit card space receivable?

我想聽聽你們觀察到競爭對手方面是否有任何興趣。競爭動態是否有變化，特別是在非信用卡領域的應收帳款方面，競爭對手的興趣是否有變化？

Yeah, thanks for the question. I think I'll start off that answer by speaking about what we're seeing in terms of sort of the level of competition. And I would say that pricing has continued to be stable.

好的，謝謝你的問題。我想我會先從我們看到的競爭程度來回答。我會說，定價仍然維持穩定。

Andattractive and that's really true across all asset classes and also insolvency and charge-offs. And then with respect to the various sectors that we play in, I think it's.

而且具吸引力，這在所有資產類別以及破產與核銷資產上都確實如此。至於我們所參與的各個領域，我認為——

I think if there is a trend and it's that there are more sellers today than there were a year or two ago, and that includes auto and telecom and installment loan and even, I would say, credit card as well. So, I think there's a broad trend of there being more comfort and understanding for the profit optimizing option that debt sales offer credit grantors.

我認為如果有一個趨勢，那就是現在的賣方比一、兩年前更多，這包括汽車、電信、分期貸款，甚至我也會說信用卡也是如此。所以，我認為有一個廣泛趨勢：授信機構對於透過債權出售來最佳化獲利的選項，變得更有信心、也更理解。

And just going back to the investment in the legal channels, so with the upfront investments that you're making, would it make sense for you to expand your market to be looking into higher balance receivables down the line, would that be kind of a consideration for you?

再回到你們在法律渠道的投資：就你們正在進行的前期投入而言，未來你們是否會考慮擴大市場範圍，去看更高餘額的應收帳款？這會是你們的考量之一嗎？

Yes, thanks for that question. And you're right, it is an important capability to have both an effective voluntary channel as well as a legal channel to support. Really all balance ranges, but particularly higher balance ranges, which often require greater percentage of a portfolio to result in the legal channel.

是的，謝謝你的問題。你說得對，同時具備有效的自願（voluntary）渠道以及法律渠道來支援，確實是一項重要能力。這基本上能支援所有餘額區間，但特別是較高餘額區間，因為這類投資組合往往需要更高比例的帳戶進入法律渠道。

We feel like we have that capability today. Oftentimes, the higher balance prime originated credit card portfolios. Don't meet our return thresholds.

我們認為我們今天就具備這項能力。但很多時候，較高餘額、由優質客群（prime）發卡所產生的信用卡投資組合，並不符合我們的報酬門檻。

So that is much less a function of like a capacity or capability and more a function of really market pricing mechanism. But we're completely capable and certainly interested in higher balanced portfolios as well.

因此，這與其說是容量或能力的問題，不如說更多是市場定價機制的問題。但我們完全有能力，而且也確實對較高餘額的投資組合同樣感興趣。

I do suspect that overtime, it is possible that a higher percentage of our deployments in the future could be from higher balanced portfolios as that dynamic potentially changes.

我確實懷疑，隨著時間推移，如果這種動態可能發生變化，未來我們的資金部署中，來自較高餘額投資組合的比例有可能會提高。

This concludes our question-and-answer session. I would like to turn the conference back over to David Burton for any closing remarks.

問答環節到此結束。我想把電話會議交回給 David Burton，請他做結語。

Thank you very much. Looking forward, we're excited about the growth prospects of our business for the remainder of this year and beyond. We've built an outstanding platform over the past 23 years, and we're in a great position to capitalize on opportunities as the market continues to evolve.

非常感謝。展望未來，我們對今年剩餘時間以及更長遠的業務成長前景感到振奮。過去 23 年來，我們建立了一個卓越的平台，並且在市場持續演進之際，處於能夠把握機會的絕佳位置。

Thank you all for joining us today, and we look forward to providing another update on our second-quarter earnings call.

感謝各位今天與會，我們也期待在第二季財報電話會議上再向各位提供最新進展。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。