LendingClub Corp (LC) 2015 Q4 法說會逐字稿

Good morning. Welcome to LendingClub's fourth quarter of 2015 earnings conference call.

早安.歡迎參加 LendingClub 2015 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to James Samford, Head of Investor Relations. Please go ahead.

請注意此事件正在被記錄。我現在想將會議交給投資者關係主管詹姆斯桑福德 (James Samford)。請繼續。

Thank you and good morning. Welcome to LendingClub's fourth quarter of 2015 earnings conference call. Joining me today to talk about our results are Renaud Laplanche, Founder and CEO; and Carrie Dolan, CFO.

謝謝你，早安。歡迎參加 LendingClub 2015 年第四季財報電話會議。今天與我一起談論我們的成果的是創辦人兼執行長 Renaud Laplanche；和財務長凱莉·多蘭（Carrie Dolan）。

Before we get started I would like to remind everyone that our remarks today will reflect forward-looking statements and actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release, the related slide presentation at our Investor Relations website, and our Form 10-K filed with the SEC on February 27, 2015. And our form 10-Q filed on November 3, 2015. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想提醒大家，我們今天的言論將反映前瞻性陳述，實際結果可能與這些前瞻性陳述所設想的結果有重大差異。今天的新聞稿、我們投資者關係網站上的相關幻燈片演示以及我們於 2015 年 2 月 27 日向 SEC 提交的 10-K 表格中描述了可能導致這些結果出現重大差異的因素。月3 日。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and the accompanying investor presentation are available on our website at www.ir.lendingclub.com. Unless specifically stated, all references to this quarter relate to the fourth quarter of 2015. And all year-over-year comments are in comparison to the fourth quarter in the prior year.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。新聞稿和隨附的投資者簡報可在我們的網站 www.ir.lendingclub.com 上取得。 除非特別說明，所有提及本季的內容均指 2015 年第四季。

Now I'd like to turn the call over to Renaud.

現在我想把電話轉給雷諾。

Good morning. We had a amazing Company performance in 2015. We continue to deliver on our mission to [perform] the transfer on the banking system, and make credits more affordable and investing more rewarding.

早安. 2015 年，我們的公司業績令人驚嘆。

We reached 1.4 million customers, have continued to deliver record level of customer satisfaction. Saved customers hundreds of millions of dollars in the cost of their credit. And generated an average of 7.8% net return to [perform] investors. We enabled $8.4 billion in loans. Doubled revenue, and tripled our EBITDA

我們的客戶數量已達 140 萬，並持續創造創紀錄的客戶滿意度水準。為客戶節省了數億美元的信貸成本。並為[表現]投資者帶來平均 7.8% 的淨回報。我們發放了 84 億美元的貸款。 收入翻倍，EBITDA 增加兩倍

I would like to thank all of our employees, customers, investors, and partners for making 2015 such a milestone year. We're now looking ahead at 2016 with much confidence, in terms of our ability to continue to grow at a rapid pace. While maintaining high-credit standards, investor returns, profitability, customer satisfaction, and operational discipline.

我要感謝我們所有的員工、客戶、投資者和合作夥伴，讓 2015 年成為具有里程碑意義的一年。展望 2016 年，我們對持續快速成長的能力充滿信心。同時保持高信用標準、投資者回報、獲利能力、客戶滿意度和營運紀律。

We believe the markets for personal loans will continue to grow rapidly as more consumers discover the benefits of installment loan's. Either as a way to refinance their credit card balance or avoid charging their credit card altogether. A survey from Bank Rate.com last month found that an estimated 24 million Americans or 10% of the adult US population expect to take a personal loan in the next 12 months.

我們相信，隨著越來越多的消費者發現分期貸款的好處，個人貸款市場將繼續快速成長。 要麼作為信用卡餘額再融資的一種方式，要麼完全避免向信用卡收費。 Bank Rate.com 上個月的一項調查發現，估計有 2,400 萬美國人（占美國成年人口的 10%）預計在未來 12 個月內申請個人貸款。

In addition, as previously announced, we will be entering into a new major consumer credit category in the first half of this year. Carrie will be discussing the results of the fourth quarter and the details of our outlook.

此外，正如先前宣布的，我們將在今年上半年進入一個新的主要消費信貸類別。嘉莉將討論第四季的業績和我們展望的細節。

But today I would like to spend a bulk of my time discussing the breadth and depth of our investor base. Talking about credit performance, and highlighting some of the market [dynamics] that continue to play in our favor. And we believe we have become even more of a competitive advantage in changing economic conditions. I will then conclude with a marketing product and regulatory update.

但今天我想花大量時間討論我們投資者基礎的廣度和深度。談論信用表現，並強調一些繼續對我們有利的市場[動態]。我們相信，在不斷變化的經濟條件下，我們已經變得更具競爭優勢。然後我將以行銷產品和監管更新作為結束語。

Last year, we focused our earnings call is mostly on borrower dynamics and marketing efficiency. Today, I would like to spend more time on the investor side of the platform. In particular given recent market conditions, I would like to give you our views on how our market base would perform for investors in the event of economic downturn. And how we would expect credit performance to impact supply of capital in that scenario. Gary will later share more insight into what we would expect our own financial performance to be in that scenario.

去年，我們的財報電話會議主要關注借款人動態和行銷效率。今天，我想花更多的時間在平台的投資者方面。特別是考慮到最近的市場狀況，我想就我們的市場基礎在經濟衰退時如何為投資者表現提供我們的看法。以及在這種情況下我們預期信貸表現將如何影響資本供應。加里稍後將分享更多關於我們在這種情況下預期財務表現的見解。

Starting with supply of capital. We believe that one of our competitive advantages and benefits of the market-based model is the broad diversification of our funding sources. Including a strong retail investor base. In 2015, 54% of the $8.4 billion invested on our platform came from 115,000 individual investors. Who invested in a self-directed way, or through a dedicated fund or a managed account. Banks and finance companies provide 25% of the funding and other institutional investors, such as pension funds, insurance companies, and asset managers provided the remaining 21%.

從資金供給入手。我們相信，我們的競爭優勢和市場化模式的好處之一是我們的資金來源廣泛多元化。包括強大的散戶投資者基礎。 2015 年，我們平台上投資的 84 億美元中有 54% 來自 115,000 名個人投資者。以自我指導方式或透過專用基金或管理帳戶進行投資的人。銀行和金融公司提供 25% 的資金，退休基金、保險公司和資產管理公司等其他機構投資者提供剩餘的 21%。

We believe that retail investors will continue to be a dependable source of capital. Especially in the event of an economic downturn. Accordingly, we are investing more product, management, and marketing resources into our retail capabilities this year.

我們相信散戶將繼續成為可靠的資金來源。尤其是在經濟不景氣的情況下。因此，今年我們將在零售能力方面投入更多的產品、管理和行銷資源。

We have opened in15 new states over the last five months. And our platform is now available in 43 states and the District of Columbia.

在過去五個月裡，我們在 15 個新州開設了分店。 我們的平台現已在 43 個州和哥倫比亞特區推出。

Slide 13 of our earnings presentation shows the growth in average retail account value over time by [vintage] of account opening. And the extraordinary loyalty and predictability of retail investors. This is differentiated competitive advantage and a strategic (inaudible).

我們收益簡報的投影片 13 顯示了隨著時間的推移，以開戶[年份]計算的平均零售帳戶價值的成長。以及散戶投資者非凡的忠誠度和可預測性。這是差異化競爭優勢和策略（聽不清楚）。

Another dependable source of capital is the outstanding loan portfolio itself. We ended 2015 with a total servicing portfolio of $9 billion. Generating significant principal and interest payments that can be reinvested into new loans.

另一個可靠的資金來源是未償還貸款組合本身。截至 2015 年，我們的服務組合總額為 90 億美元。產生可再投資於新貸款的大量本金和利息。

In 2015, the loan portfolio generated over $4.1 billion of principal and interest payments. And we estimate that in 2016, we will deliver at least $7 billion of principal and interest payments to investors. Most of which will be available to fund new originations. That stream of payments from the existing portfolio is our most predictable source of capital, provided that we can continue to deliver attractive returns, predictability, and divestification benefits to investors relative to other investments.

2015 年，貸款組合產生了超過 41 億美元的本金和利息支付。我們預計，2016 年，我們將向投資者支付至少 70 億美元的本金和利息。其中大部分將可用於資助新的項目。 現有投資組合的支付流是我們最可預測的資本來源，前提是我們能夠繼續為投資者提供相對於其他投資有吸引力的回報、可預測性和資產剝離收益。

This leads me to credit performance. I am not currently seeing any signs of broad-based deterioration of credit quality or increase in delinquencies. Slide 18 and 19 of earnings presentation includes the latest loss curves by vintage of origination showing that recent credit performance remains in line with past performance.

這讓我想到了信用表現。我目前沒有看到任何信貸品質普遍惡化或拖欠率增加的跡象。收益簡報的幻燈片 18 和 19 包括按起源年份劃分的最新損失曲線，顯示近期的信貸表現與過去的表現一致。

We are being cautious, however, about the economic environment in particularly the pace of economic growth in the US. While many economic indicators and most credit performance metrics remain positive, we're watching all indicators closely. And have taken, and will continue to take in the next few months, a series of precautionary measures designed to prepare our platform and make sure investor returns continue to match expectations should the US economies start deteriorating.

然而，我們對經濟環境，尤其是美國經濟成長速度持謹慎態度。儘管許多經濟指標和大多數信貸表現指標仍然樂觀，但我們正在密切關注所有指標。我們已經並將在未來幾個月內繼續採取一系列預防措施，旨在為我們的平台做好準備，並確保在美國經濟開始惡化時投資者的回報繼續符合預期。

In January, we raised platform interest rates by an average of 32 basis points, primarily to increase loss coverage for investors. We concentrated that increase in the higher risk grade, that will be the most impacted by a slowdown in the economy. That rate adjustment came on the heels of an across-the-board rate increase of 25 basis points following the fed rate hike in December. The combined effect of these two rate adjustments creates a buffer of 57 billion points for our investors.

1月份，我們將平台利率平均提高了32個基點，主要是為了增加投資人的損失保障。我們將成長集中在較高風險級別，這將是受經濟放緩影響最大的。這項利率調整是在聯準會 12 月升息後全面升息 25 個基點之後進行的。這兩次利率調整的綜合效應為我們的投資者創造了570億點的緩衝。

We constantly monitor performance indicators and use scenario analogies to model projected returns in a variety of economic conditions, particular downturns scenarios. It is [traded], on slide 20 and 21 of earnings presentation, the outcome simulation using the Moody's S3 scenario. Which models are quite severe down turn with the unemployment rates rising to 8% by the first quarter of 2017.

我們不斷監控績效指標，並使用情境類比來模擬各種經濟條件（特別是經濟衰退情境）下的預期報酬。它是[交易]，在收益簡報的幻燈片 20 和 21 上，使用穆迪 S3 情境進行的結果模擬。到2017年第一季，失業率升至8%，哪些模型出現了相當嚴重的下滑。

That scenario is similar to the stress test contemplated in the Fed CCAR 2016 adverse scenario, also shown on slide 20 for comparison. Slide 21 shows the expected platform performance in that environment would coming at a respectable 4.9% return, which we believe would enable us to attract a significant amount of capital in such a downturn scenario.

這種情景與聯準會 CCAR 2016 年不利情境中設想的壓力測試類似，也顯示在投影片 20 中以供比較。投影片 21 顯示，在這種環境下，預期平台績效將獲得可觀的 4.9% 回報率，我們相信這將使我們能夠在如此低迷的情況下吸引大量資本。

In addition, we believe we would benefit from other trends. In an economic slowdown, investors tend to flee the stock market and invest in fixed income. For example, slide 22 shows that fixed income funds received significant capital inflows in the last two recessions of 2001 and 2008.

此外，我們相信我們將從其他趨勢中受益。在經濟放緩的情況下，投資者往往會逃離股市並投資於固定收益。例如，投影片 22 顯示固定收益基金在 2001 年和 2008 年的最後兩次經濟衰退中獲得了大量資本流入。

[Especially] for the attractiveness of the platform in a downturn can be found in our experience is last crisis. While we recorded a worst vintage performance in 2008, the manner in which investors experienced portfolio returns is influenced by the age of the portfolio, and a [deep ore] increase in returns typically lags origination by a few quarters.

[特別是]對於平台在低迷時期的吸引力可以從我們上次危機的經歷中發現。雖然我們在 2008 年記錄了最糟糕的年份表現，但投資者體驗投資組合回報的方式受到投資組合期限的影響，而[深礦]回報的增長通常會滯後幾個季度。

So the worst overall portfolio return came in a year later into 2009, with a 2.4% average return to investors. On a relative basis, investors were very satisfied with these returns. And we saw it continued flow of capital to the platform, with 2009 net capital inflows jumping 200% from 2008.

因此，最差的整體投資組合報酬率出現在一年後的 2009 年，投資者的平均報酬率為 2.4%。相對而言，投資者對這些回報感到非常滿意。我們看到資本持續流入該平台，2009 年資本淨流入較 2008 年激增 200%。

Our current downturn simulation delivers even better return then was experienced by our investors in 2008 and 2009. Due to a less severe economic scenario, along with better risk management, underwriting models, and [collection capabilities] that we have developed since 2009. Importantly, included in the simulation are assumptions that we would make two successive interest-rate increases of 100 basis points each in 2016 and 2017.

我們目前的經濟低迷模擬提供了比2008 年和2009 年投資者所經歷的更好的回報。收款能力]。

It brings me to marketplace dynamics. Our ability to adjust interest rates based on economic conditions, credit performance, and investor appetite is a key benefit of the marketplace model. With billions of dollars of capital changing hands on our marketplace every quarter, we [believe] very sufficient volume of transactions to quickly discover a clearing price and rapidly implement pricing changes. Any such rate increase in the downturn would be passed on to borrowers as we gain more pricing power with the supply of credit likely drying up in that scenario.

它讓我了解了市場動態。我們根據經濟狀況、信貸表現和投資者偏好調整利率的能力是市場模型的關鍵優勢。每個季度都有數十億美元的資金在我們的市場上易手，我們相信有足夠的交易量來快速發現清算價格並快速實施定價變化。經濟低迷時期的任何此類加息都將轉嫁給借款人，因為我們獲得了更大的定價權，而在這種情況下信貸供應可能會枯竭。

In the downturn, banks often cut back existing lines of credit and slow down new originations under the combined effects of higher loan losses and liquidity ratio requirements being impacted by growing on those reserves. Specialty finance companies typically cut back even more, as they are often exposed to funding risk due to the high concentration of their funding sources often residing in a couple of large warehouse lines of credit. This is where our highly diversified base of (inaudible) investors and long-term forecast institutional sources of capital, such as pension funds and insurance companies we believe will make the most meaningful difference.

在經濟低迷時期，在貸款損失增加和準備金成長影響的流動性比率要求的綜合影響下，銀行經常削減現有信貸額度並放慢新信貸發放速度。專業金融公司通常會削減更多資金，因為它們的資金來源高度集中在幾個大型倉庫信貸額度中，因此經常面臨融資風險。我們認為，這就是我們高度多元化的（聽不清楚）投資者基礎和長期預測的機構資本來源（例如退休基金和保險公司）將產生最有意義的影響的地方。

To summarize these platform dynamics in the downturn, we believe that we will gain pricing power and face a [variable] competitive environment on the borrower side allowing us to quickly adjust interest rates up. The (inaudible) adjustment, combined with diversity and breadth of our investor base, together with the short-term nature of the loan portfolio will generate high monthly payments and make large amounts of capital available to investors, for investors to be deployed on the platform at a higher rate, will provide more of enough capital to continue growing originations in a responsible manner. And rapidly capture market share, particularly as other market participants come back.

總結經濟低迷時期的這些平台動態，我們相信我們將獲得定價權，並面臨借款人的[可變]競爭環境，使我們能夠快速上調利率。這次（聽不清楚）調整，加上我們投資者基礎的多樣性和廣度，以及貸款組合的短期性質，將產生高額每月付款，並為投資者提供大量資金，以便投資者在平台上部署以更高的速度，將提供更多足夠的資本，以負責任的方式繼續發展起源。並迅速佔領市場份額，特別是當其他市場參與者回歸時。

Let me switch gears for a marketing and product update. On the borrower side, we continue to efficiently drive growth. And in line with our plan, recorded only a minor increase in sales and marketing costs from 1.87% of originations in Q3, to 2.01% in Q4 despite the expected adverse seasonality. We believe some of the factors that offset that negative seasonality were record high customer satisfaction, increased trust in our brand, benefit of scale, a highly diversified set of marketing channels, and the continued accumulation of our product and user experience.

讓我切換一下行銷和產品更新的方式。在藉款人方面，我們繼續有效推動成長。根據我們的計劃，儘管預期存在不利的季節性因素，但銷售和行銷成本僅小幅增加，從第三季度佔原產地的 1.87% 增加到第四季度的 2.01%。我們認為，抵消負面季節性因素的一些因素包括創紀錄的高客戶滿意度、對我們品牌信任度的提高、規模效益、高度多元化的行銷管道以及我們產品和用戶體驗的持續累積。

As I indicated earlier, we also reallocated some marketing dollars to retail investor acquisitions, as we believe retail investors will provided dependable, stable source of funding in the next economic cycle. We also rapidly expanded a number of states open to retail investors, which makes our marketing spend on the investor side more efficient. Overall, we continue to see fairly muted and manageable impact of competition coming from smaller platforms and expect that impact to further decline, as venture capital funding starts going down.

正如我之前指出的，我們還重新分配了一些行銷資金用於散戶投資者收購，因為我們相信散戶投資者將在下一個經濟週期提供可靠、穩定的資金來源。我們也迅速擴大了一些對散戶投資者開放的州，這使得我們在投資者方面的行銷支出更有效率。總體而言，我們仍然看到來自較小平台的競爭的影響相當溫和且可控，並預計隨著創投資金開始下降，這種影響將進一步下降。

Compared to other platforms, we continued to benefit from larger scale and [network effects] and continued to widen the gap against [larger] competitors. Because we remain the undisputed market leader, and grew faster than the second-largest player again this quarter, as in four of the last five quarters, both in percentage and [all terms] with the second-largest player growing at a 7% quarterly rate compared to our 15% quarterly growth.

與其他平台相比，我們繼續受益於更大的規模和[網路效應]，並繼續拉大與[更大的]競爭對手的差距。因為我們仍然是無可爭議的市場領導者，本季的成長速度再次超過第二大參與者，就像過去五個季度中的四個季度一樣，無論是百分比還是[所有方面]，第二大參與者的季度成長率為7%與我們 15% 的季度成長率相比。

Let me give you a quick update on the newer products. Education and patient finance and small business.

讓我向您介紹一下新產品的快速更新。教育和病患金融以及小企業。

Education and patient financing growth continues to accelerate year-over-year. Allow investments in the field sales force and the redesign of some of the marketing funnels and improvements to customer experience continue to pay off. Q4 and Q1 are seasonally slower quarters. But despite of that, we saw a very strong results ahead of our expectations.

教育和患者融資成長繼續逐年加速。讓對現場銷售隊伍的投資、重新設計一些行銷管道、改善客戶體驗持續獲得回報。第四季和第一季是季節性放緩的季度。但儘管如此，我們還是看到了超出我們預期的非常強勁的結果。

As for our small business lending platform, in Q4 we rolled out a new line of credit product. We're very much encouraged by the early traction of this new product which gives small businesses convenient (inaudible) access to affordable credit with interest rates starting at just 5.9% and no fee on unused lines.

至於我們的小型企業貸款平台，我們在第四季度推出了新的信貸產品。我們對這款新產品的早期吸引力感到非常鼓舞，它使小型企業能夠方便（聽不清楚）獲得負擔得起的信貸，利率僅為 5.9%，未使用的額度不收取任何費用。

We launched this product in November. And in December in already represented over 20% of new small business originations. This new product, together with the ramp up of previously announced partnerships, made small business our fastest-growing product last quarter in percentage terms. Separately, we continued to be on track with our product development and testing plans for a major new consumer product launch in the first half of this year.

我們於 11 月推出了該產品。 12 月，新成立的小型企業已佔 20% 以上。這項新產品，加上先前宣布的合作夥伴關係的擴大，使小型企業成為我們上季度成長最快的產品（以百分比計算）。另外，我們繼續按照今年上半年推出的主要新消費產品的產品開發和測試計劃進行。

Let me finish with a quick update on regulatory trends. Focusing on three discrete matters, our loan origination framework, recent [FDSC] guidance on marketplace lending, and the California DBO survey.

最後，讓我快速介紹一下監管趨勢的最新情況。重點放在三個獨立的問題：我們的貸款發放框架、最近的 [FDSC] 市場借貸指南以及加州 DBO 調查。

First, in regards to our loan issuance framework. We continue to believe that the fact in the Madden versus Midland decision rendered by the Second Circuit Court of Appeals leisure were very different from the way we operate. Nonetheless, as an abundance of caution, we are holding out this quarter a number of operational contractual changes to our relationship with our issuing banks and give us a high level of confidence that our issuance framework would meet the test using the Madden case, if a similar actions was ever brought against us.

首先，關於我們的貸款發放框架。我們仍然認為，第二巡迴上訴法院休閒做出的 Madden v. Midland 判決中的事實與我們的運作方式有很大不同。儘管如此，出於謹慎的考慮，我們在本季度對我們與發行銀行的關係進行了一系列營運合約變更，這讓我們充滿信心，我們的發行框架將通過 Madden 案例的測試，如果我們曾經遭受過類似的行動。

In the meantime, loans made to residents of New York, Connecticut and Vermont continue to represent roughly 10% of total platform originations last quarter. And were funded by the same mix of individual [entity] to show our investors as in previous quarters.

同時，上季向紐約州、康乃狄克州和佛蒙特州居民發放的貸款繼續佔平台發放總額的約 10%。並且由相同的個人[實體]組合提供資金，以向我們的投資者展示與前幾季相同的資金。

The second update concerns the FDIC provocation two weeks ago, for a very helpful communication on marketplace lending. The latest supervisory insights reports provides another view of the market place lending model. (Inaudible). Highlights the importance of a pragmatic business strategy. And offers resources for banks to consider when engaging in marketplace lending activities.

第二個更新涉及兩週前 FDIC 的挑釁，其對市場借貸進行了非常有幫助的溝通。 最新的監管洞察報告提供了對市場借貸模式的另一種看法。 （聽不清楚）。強調務實的商業策略的重要性。並為銀行在參與市場借貸活動時提供考慮的資源。

This is significant, as we believe this is the first time that a federal banking regulator has provided guidance to member banks on partnerships, with market place lending platforms. Given our extensive relationship with banks, we welcome the FDIC's provision of the framework for its members. And believe our bank partners to already be in compliance with that framework.

這很重要，因為我們認為這是聯邦銀行監管機構首次就與市場借貸平台的合作關係向成員銀行提供指導。鑑於我們與銀行的廣泛關係，我們歡迎 FDIC 為其成員提供框架。並相信我們的銀行合作夥伴已經遵守該框架。

Third, the California Department of Business Oversight published an online survey in December and asked 14 companies ranging from PayPal to LendingClub, to complete the survey by March 9. The purpose of the survey is to assess the industry size in California, better understand the various loan and investor programs, and determine whether California State licensing regime is appropriate. We are a licensed lender in the State of California, and are not expecting any significant developments to follow the completion of the survey.

第三，加州商業監督部在12月發布了一項線上調查，要求從PayPal到LendingClub等14家公司在3月9日之前完成調查。各行業的情況。我們是加州的持牌貸款機構，預計調查完成後不會有任何重大進展。

Alternately, we continue to monitor [and experience] regulatory developments. We believe that many of the likely developments will play to our strengths, in terms of compliance, transparency, consumer friendliness, and responsible lending. We would expect any new regulation of supervision to impose greater transparency in non-terms and disclosures which are areas where we are already ahead of the market.

或者，我們繼續監控[並體驗]監管發展。我們相信，許多可能的發展將發揮我們在合規性、透明度、消費者友善性和負責任貸款方面的優勢。我們預計任何新的監管規定都會在非條款和資訊揭露方面提高透明度，而這些領域我們已經領先市場。

In conclusion, 2015 was an exceptional year in terms of our Company's performance and despite recent micro concerns and market volatility, I have the utmost confidence that we can continue to deliver rapid and responsible growth in 2016. Our 1.4 million highly satisfied customers, the depth and durability of our funding sources, consumer friendly products, proactive dialogue with regulators, and growing network effects make me believe that we are poised for another exciting year in 2016.

總之，就我們公司的業績而言，2015 年是非凡的一年，儘管最近出現了一些微觀問題和市場波動，但我對我們能夠在2016 年繼續實現快速和負責任的增長充滿信心。 140 萬客戶高度滿意，深度我們資金來源的持久性、消費者友好的產品、與監管機構的積極對話以及不斷增長的網絡效應，讓我相信我們將在2016 年迎來又一個激動人心的一年。

With that, let me turn the call over to Carrie to go into more detail about our financial results, our guidance for the next quarter, and full-year outlook.

接下來，讓我將電話轉給 Carrie，詳細介紹我們的財務表現、下一季的指導以及全年展望。

Thanks, Renaud. This has been a phenomenal year for LendingClub and given our continuing business momentum, consistency, and resiliency of our business model, it gives us confidence in our 2016 outlook for rapid and responsible growth along with continued margin expansion.

謝謝，雷諾。對於 LendingClub 來說，今年是非凡的一年，鑑於我們持續的業務勢頭、業務模式的一致性和彈性，這讓我們對 2016 年快速、負責任的增長以及持續利潤率擴張的前景充滿信心。

I would like to start today by walking you through our fourth-quarter results. Following up on Renaud's downturn scenario comments, I would then like to give you our thoughts on how we would expect our financial model to perform in an economic downturn. I will then wrap up our 2016 first-quarter and full-year guidance before opening up the call for questions.

我想從今天開始向您介紹我們的第四季業績。繼雷諾的低迷情境評論之後，我想向您提供我們對我們的財務模型在經濟低迷時期的表現的看法。然後，我將在開始提問之前總結 2016 年第一季和全年指引。

As reminder, all year-over-year comments are comparisons to the fourth quarter in the prior year. Before reviewing our fourth-quarter results, I wanted to highlight that we made a few adjustments between our operating expense lines.

提醒一下，所有同比評論都是與去年第四季的比較。在回顧我們第四季度的業績之前，我想強調我們在營運費用項目之間進行了一些調整。

During the quarter, we reviewed and refined the definitions we used to classify expenses. Our objective was to ensure that the expenses in our contribution margin directly relate to current revenue generation. As a result, some expenses were moved up into the contribution margin expense lines, while others were moved down into technology or G&A.

在本季度，我們審查並完善了用於對費用進行分類的定義。我們的目標是確保邊際貢獻中的費用與目前的收入產生直接相關。因此，一些費用被上移到邊際貢獻費用線中，而其他費用則被下移到技術或一般管理費用中。

The net change of these movements lowered our contribution margin expenses by roughly $1.8 million in the fourth quarter of 2015, which increased our contribution margin by 1.4 percentage points. To help facilitate comparability to prior quarters, we recasted our prior period financials to reflect these expense adjustments. It is important to note that this recasting did not change or impact revenue, total expenses, adjusted EBITDA, or our GAAP results.

這些變動的淨變動使我們的邊際貢獻費用在 2015 年第四季減少了約 180 萬美元，從而使我們的邊際貢獻增加了 1.4 個百分點。為了幫助促進與前幾季的可比較性，我們重新調整了上一期間的財務數據以反映這些費用調整。值得注意的是，這次重新調整併沒有改變或影響收入、總費用、調整後的 EBITDA 或我們的 GAAP 結果。

Page 41 in our earnings deck summarizes the impact within each expense line over the last eight quarters. In addition, as a one-time accommodation, we have posted an Excel file on our IR website with these changes. The 10-K will also reflect these adjustments and all my comments today will be comparisons to the recasted historical results.

我們損益表中的第 41 頁總結了過去八個季度每個費用項目的影響。此外，作為一次性調整，我們已在 IR 網站上發布了包含這些變更的 Excel 檔案。 10-K 也將反映這些調整，我今天的所有評論都將與重鑄的歷史結果進行比較。

With that, let's turn to the results. The fourth quarter with another solid quarter for us, with our financial results again topping our expectations. Total originations in the fourth quarter were $2.6 billion, an increase of 82% compared to last year. Operating revenue in the fourth quarter was $134.5 million, up 93% year-over-year. We are pleased to report that our revenue growth continued to outpace origination growth as revenue yields continued to expand this quarter.

接下來，讓我們看看結果。第四季是我們又一個穩健的季度，我們的財務表現再次超出了我們的預期。第四季的總發起額為 26 億美元，比去年增長 82%。第四季營業收入為 1.345 億美元，較去年同期成長 93%。我們很高興地報告，隨著本季營收收益率持續擴大，我們的營收成長持續超過原始成長。

Our revenue yield, which is operating revenue at the percent of origination, was 5.21%, up 6 basis points sequentially and 29 basis points year over year. 4 basis points of the sequential yields increase was due to a one-time adjustment, driven by the collection fee changes may last quarter. On a go-forward basis, we expect revenue yield to trend closer to 5.15%.

我們的營收收益率（即營業收入佔原始收入的百分比）為 5.21%，較上一季成長 6 個基點，比去年同期成長 29 個基點。收益率連續成長 4 個基點是由於上一季託收費用變化可能導致的一次性調整。展望未來，我們預期營收收益率將接近 5.15%。

Transaction fees, which are earned immediately after a loan is originated, represented roughly 85% of operating revenues and totaled $115 million, up 82% year-over-year. Transaction fees as a percent of originations were down 3 basis points sequentially to 4.46% and were lower by 2 basis points from last year primarily driven by slight mix changes within our three product divisions.

貸款發放後立即賺取的交易費用約佔營業收入的 85%，總計 1.15 億美元，較去年同期成長 82%。交易費用佔發起人的百分比連續下降 3 個基點至 4.46%，比去年下降 2 個基點，這主要是由於我們三個產品部門的輕微組合變化所致。

Servicing and management fees, which are earned over the life of an investment, totaled $15.3 million in the fourth quarter, up 117% from last year. Servicing and management fees, as a percent of originations increased 9 basis points year-over-year to 59 basis points.

第四季在投資週期內賺取的服務和管理費總計 1,530 萬美元，比去年增長 117%。服務和管理費佔發起費用的百分比較去年同期增加 9 個基點，達到 59 個基點。

As we have previously discussed, in the fourth quarter of 2014, we started charging investors collection fees, which accounted for the majority of the 9 basis point year-over-year increase. On a quarter-over-quarter basis, servicing and management fees increased another 6 basis points, of which, 4 basis points was due to a one-time adjustment. The remaining improvement is from favorable investor mix trends with demand coming from investors who pay marginally higher servicing fees.

正如我們之前討論的，2014年第四季度，我們開始向投資者收取催收費，這佔了同比增長9個基點的大部分。服務及管理費較上月上漲6個基點，其中一次調整4個基點。剩下的改善來自有利的投資者組合趨勢，以及支付略高服務費的投資者的需求。

In the fourth quarter our servicing portfolio, which is comprised of all the loans we serviced, and include loans that we sold, but continue to service, reached $9 billion, up $4.3 billion or 90% from last year. Servicing and management fees as a percent of our average servicing portfolio, increased 5 basis points year-over-year to 18 basis points and were 2 basis points higher than the third quarter. As noted, favorable investor mix trends and collection fees drove the annual improvement. Details showing these trends are noted on page 37 in our earnings presentation.

第四季度，我們的服務組合（由我們服務的所有貸款組成，包括我們出售但繼續提供服務的貸款）達到 90 億美元，比去年增加 43 億美元，即 90%。服務和管理費占我們平均服務組合的百分比，較去年同期增加 5 個基點至 18 個基點，比第三季高 2 個基點。如前所述，有利的投資者組合趨勢和收款費用推動了年度改善。我們的收益報告第 37 頁詳細說明了這些趨勢。

Other revenue, which grew $5 million from the prior-year, grew as a result of higher gains associated with selling whole loans at more favorable rates and added 22 basis points to the year-over-year revenue yield expansion.

其他收入比上年增長了 500 萬美元，增長的原因是以更優惠的利率出售全部貸款帶來了更高的收益，並使收入收益率同比增長了 22 個基點。

Now, turning to expenses. Sales and marketing expenses in the fourth quarter were $51.8 million, up from $25.2 million a year ago. As a percent of originations, sales and marketing expenses were 2.01% this quarter, which was 23 basis points higher than a year ago, and 14 basis points higher sequentially. As expected, costs were higher in the fourth quarter due to seasonal headwinds.

現在，轉向支出。第四季的銷售和行銷費用為 5,180 萬美元，高於去年同期的 2,520 萬美元。本季銷售和行銷費用佔起始百分比為 2.01%，比去年同期高 23 個基點，比上一季高 14 個基點。正如預期的那樣，由於季節性不利因素，第四季度的成本較高。

Given the seasonality that also exists in Q1, we expect costs to stay at elevated levels. Origination and servicing expenses in the fourth quarter were $16.9 million, up from $11.1 million last year. As a percent of originations, origination and servicing expenses were 13 basis points lower than last year and quarter-over-quarter were down 6 basis points to 66 basis points.

鑑於第一季也存在季節性，我們預計成本將保持在較高水準。第四季的發起和服務費用為 1,690 萬美元，高於去年的 1,110 萬美元。作為發起的百分比，發起和服務費用比去年低 13 個基點，環比下降 6 個基點，達到 66 個基點。

Our technology investments in automation and scale continue to provide significant margin leverage. Both sales and marketing and origination and servicing expenses are netted against our operating revenue to derive contribution income and a contribution margin which focuses on the efficiency of how we drive our revenue. On a dollar basis, our contribution income in the fourth quarter was $65.7 million, up 98% year-over-year.

我們在自動化和規模方面的技術投資繼續提供顯著的利潤槓桿。銷售和行銷以及發起和服務費用均從我們的營業收入中扣除，以獲得貢獻收入和貢獻邊際，重點關注我們推動收入的效率。以美元計算，我們第四季的捐款收入為 6,570 萬美元，年增 98%。

As a percent of operating revenues, our contribution margin remained strong at 48.9% in the seasonally weaker fourth-quarter, up from 47.8% in the prior year. As a percent of operating revenues, our core personal loan contribution margin continued to exceed our long-term 50% margin target, while our two less mature products, education and patient financing and small business remained a bit less efficient.

在季節性疲弱的第四季度，我們的貢獻利潤率在營業收入中所佔的百分比仍維持在 48.9% 的強勁水平，高於去年同期的 47.8%。作為營業收入的百分比，我們的核心個人貸款貢獻率繼續超過我們50% 的長期利潤率目標，而我們的兩個不太成熟的產品——教育和患者融資以及小型企業——效率仍然稍低。

The second set of expenses that are outside our contribution margin, but are included in our adjusted EBITDA margin, are engineering, product development, and other G&A costs. In Q4, we increased engineering and product development expenses $2.3 million sequentially, to $16.4 million, which grew in line with revenue quarter-over-quarter and remained relatively constant as a percent of operating revenues at 12.2%.

第二組費用超出了我們的邊際貢獻，但包含在我們調整後的 EBITDA 利潤中，包括工程、產品開發和其他一般管理費用。第四季度，我們的工程和產品開發費用環比增加了 230 萬美元，達到 1,640 萬美元，該費用與季度環比收入增長一致，並且佔營業收入的百分比保持相對穩定，為 12.2%。

We remain focused on hiring top talent to support our product development pipeline and continue to build up automation, scale, and security as key competitive advantages. Other G&A expenses were $24.7 million in the fourth quarter, up 50% year-over-year. Operating leverage this quarter drove G&A expenses as a percent of operating revenues to 18.4%, down 5.3 percentage points from 23.7% in the prior year.

我們仍然專注於聘請頂尖人才來支援我們的產品開發管道，並繼續將自動化、規模和安全性作為關鍵競爭優勢。第四季其他一般管理費用為 2,470 萬美元，較去年同期成長 50%。本季的營運槓桿使一般管理費用佔營運收入的百分比達到 18.4%，比前一年的 23.7% 下降 5.3 個百分點。

To derive our adjusted EBITDA, we subtract engineering, product development, and other G&A expenses from our contribution income. Fourth quarter adjusted EBITDA was a record $24.6 million, up 210% from the fourth quarter last year and exceeding our total adjusted EBITDA for all of 2014. Our adjusted EBITDA margin was 18.3%, up 6.9 percentage points from the prior year.

為了得出調整後的 EBITDA，我們從貢獻收入中減去工程、產品開發和其他一般管理費用。第四季調整後 EBITDA 達到創紀錄的 2,460 萬美元，比去年第四季成長 210%，超過 2014 年全年調整後 EBITDA 總額。

Our stronger than planned revenue growth and continued G&A leverage during the fourth quarter, drove the majority of our higher than planned adjusted EBITDA margin. Adjusted net income, which is GAAP net-income excluding stock-based compensation and acquisition related expenses, was $20.8 million or $0.05 per diluted share during the fourth quarter, versus $4.2 million or $0.01 per diluted share in the same period last year.

第四季我們強於計畫的營收成長和持續的一般管理費用槓桿推動了我們調整後 EBITDA 利潤率高於計畫的大部分。第四季調整後淨利（即不包括股票薪酬及收購相關費用的GAAP 淨利）為2,080 萬美元，即稀釋後每股收益0.05 美元，而去年同期為420 萬美元，即稀釋後每股收益0.01 美元。

Our GAAP net income was again positive at $4.6 million or $0.01 per diluted share, compared to a loss of $9 million a year ago. The difference between GAAP and adjusted net income is primarily due to stock-based compensation which increased $2.4 million year-over-year to $13.7 million. Stock-based compensation as a percent of operating revenues declined from 16.2% last year to 10.2% this quarter.

我們的 GAAP 淨利潤再次達到正值，達到 460 萬美元，即稀釋後每股收益 0.01 美元，而一年前則虧損 900 萬美元。 GAAP 與調整後淨利潤之間的差異主要是由於股票薪酬年增 240 萬美元至 1,370 萬美元。股票薪酬佔營業收入的百分比從去年的 16.2% 下降至本季的 10.2%。

Now turning to the balance sheet. As reminder, in contrast to traditional banks and other balance sheet lenders, in our model capital to invest in loans is provided from loan sales and securities issued to investors rather than from equity, deposits, or borrowed funds. As a result, we do not assume credit risks and the loan sales and securities issued to investors match the balances, interest rates, and maturities of the loans issued to borrowers.

現在轉向資產負債表。提醒一下，與傳統銀行和其他資產負債表貸款機構相比，在我們的模型中，投資貸款的資本是透過貸款銷售和向投資者發行的證券提供的，而不是透過股權、存款或借入資金提供的。因此，我們不承擔信用風險，並且向投資者發放的貸款銷售和證券與向借款人發放的貸款的餘額、利率和期限相符。

When reviewing our balance sheet, you will see both the loans as an asset, and the corresponding notes or certificates as the offsetting liability. The changes in values of these loans, notes, and certificates generally offset one another and do not impact our equity. As of December 31, total balance sheet assets reached $5.8 billion, of this $4.6 billion is in loans, $921 million is in cash and securities available for sale, and the remaining $317 million is in other assets.

在查看我們的資產負債表時，您會看到貸款作為資產，而相應的票據或證書作為抵銷負債。這些貸款、票據和證書的價值變化通常會相互抵消，不會影響我們的權益。截至12月31日，資產負債表總資產達58億美元，其中46億美元為貸款，9.21億美元為現金及可供出售的證券，其餘3.17億美元為其他資產。

We think about our cash reserves in terms of two buckets. First, we want to keep a robust operating reserve for any unexpected challenges. And second, we want to have sufficient reserves for strategic opportunities, including potential acquisitions that could help accelerate our product road map or give us access to new distribution channels.

我們從兩個方面來考慮我們的現金儲備。首先，我們希望保持強勁的營運儲備，以應對任何意外的挑戰。其次，我們希望為策略機會做好充足的儲備，包括可能有助於加快我們的產品路線圖或讓我們獲得新的分銷管道的潛在收購。

We believe we have sufficient reserves in these two buckets and can allocate additional unused liquidity including free cash flows from operations to a share buyback program that we believe is accretive to shareholder value at current prices. We believe our growth prospects and ability to effectively manage risk to growth are not fully reflected in our valuation at the present time.

我們相信，我們在這兩個方面擁有足夠的儲備，並且可以將額外的未使用流動性（包括來自運營的自由現金流）分配給股票回購計劃，我們認為，按當前價格計算，該計劃可以增加股東價值。我們認為，我們目前的估值並未充分反映我們的成長前景和有效管理成長風險的能力。

Looking at investment options from a [pure] financial standpoint, we have not come across any potential acquisition target offering this kind of value, particularly in light of our growth rate and our level of visibility into future growth and margin expansion. Accordingly, our Board has authorized a share buyback program of up to $150 million over the next 12 months which is roughly equivalent to our adjusted EBITDA guidance over that same period. With $921 million in current cash and securities, we believe the buyback program could create long-term shareholder value by retiring at the current stock price level over 20 million shares, while leaving a robust operating cushion and sufficient reserves for strategic investments and acquisitions.

從[純粹]財務的角度來看投資選擇，我們還沒有遇到任何提供這種價值的潛在收購目標，特別是考慮到我們的成長率以及我們對未來成長和利潤擴張的可見性程度。因此，我們的董事會已授權在未來 12 個月內實施高達 1.5 億美元的股票回購計劃，這大致相當於我們同期調整後的 EBITDA 指引。憑藉 9.21 億美元的當前現金和證券，我們相信回購計劃可以透過以當前股價水準回購超過 2,000 萬股來創造長期股東價值，同時為策略投資和收購留下強勁的營運緩衝和充足的儲備。

Before sharing our guidance thoughts, I wanted to spend a few minutes talking about how we believe our financial model might perform in an economic slowdown. As we have discussed, we are different from traditional balance sheet lenders, in that we do not earn net interest income and do not reserve for loan losses. As a result, our revenues and margins would not be directly impacted by higher funding costs or credit losses as these changes flow through equally to each side of our marketplace. While for balance sheet lenders, revenue and profitability would compress as loan returns fall and cost of funds rise.

在分享我們的指導思想之前，我想花幾分鐘討論一下我們認為我們的財務模型在經濟放緩時的表現。正如我們所討論的，我們與傳統的資產負債表貸款人不同，我們不賺取淨利息收入，也不為貸款損失準備金。因此，我們的收入和利潤不會受到更高的融資成本或信貸損失的直接影響，因為這些變化平等地流向我們市場的每一方。而對於資產負債表貸款人來說，隨著貸款回報下降和資金成本上升，收入和獲利能力將會被壓縮。

On our marketplace, changes in demand for loans and supply of capital would impact origination volume, which could impact our profitability. As Renaud shared, we believe we can minimize potential volume impacts by rebalancing supply and demand through pricing adjustments and continue to grow originations even in periods of slower economic growth. However, in a scenario where we do experience a slow down in origination growth, we believe our revenue yield and contribution margin would remain relatively consistent with today's level.

在我們的市場上，貸款需求和資本供應的變化會影響發起量，這可能會影響我們的獲利能力。正如雷諾所說，我們相信，即使在經濟成長放緩時期，我們也可以透過定價調整來重新平衡供需，並繼續增加產量，從而最大限度地減少潛在的產量影響。然而，在我們確實經歷了原創成長放緩的情況下，我們相信我們的收入收益率和貢獻利潤率將與今天的水平保持相對一致。

Our contribution margin expenses directly derive revenue and are roughly 75% variable. These variable costs are driven by originations and include borrower and investor acquisition costs issuing bank fees and credit data costs. Given this level of variable costs, we believe we would be able to maintain our contribution margin in the mid-to high 40% area even if our volumes were significantly lower.

我們的邊際貢獻費用直接產生收入，大約有 75% 是可變的。這些變動成本由起源驅動，包括借款人和投資者的獲取成本、發行銀行費用和信用數據成本。鑑於這種變動成本水平，我們相信即使我們的銷售量大幅下降，我們也能夠將貢獻率維持在中高 40% 的水平。

Our historical performance supports this estimate. In the fourth quarter of 2013, we facilitated approximately $700 million in loan origination which is about one-quarter of our current run rate and posted a contribution margin of 47.5%.

我們的歷史表現支持了這個估計。 2013 年第四季度，我們發放了約 7 億美元的貸款，約為目前運行率的四分之一，貢獻率為 47.5%。

We also has significant leverage in error adjusted EBITDA margins. As we have shared, our technology and G&A spending have not been a function of current growth or revenue. This spend is highly discretionary.

我們在誤差調整後的 EBITDA 利潤率方面也擁有巨大的槓桿作用。正如我們所分享的，我們的技術和一般管理支出並不是當前成長或收入的函數。這筆支出是高度可自由支配的。

The pace of our investments have been forward-looking as we develop new products and reinforce our infrastructure for future growth. As a result, we believe we could slow our planned spending in technology, product development and G&A today and still support our 72% growth in 2016. Under this scenario, we again believe we would show solid margin expansion.

隨著我們開發新產品並加強基礎設施以實現未來成長，我們的投資步伐具有前瞻性。因此，我們相信我們今天可以放慢在技術、產品開發和一般管理費用方面的計劃支出，但仍能支持2016 年72% 的增長。率擴張。

While slowing our technology and G&A investments could increase margins in free cash flow in the short-term, the trade off would give us less support from maintaining rapid growth in late 2017 and beyond. With that, let me give you are thoughts about 2016 and first-quarter guidance.

雖然放慢我們的技術和一般行政費用投資可能會在短期內增加自由現金流的利潤率，但這種權衡將減少我們在 2017 年底及以後保持快速增長的支持。接下來，讓我向您介紹 2016 年和第一季指導的想法。

Given our large addressable market, positive growth trends, resiliency of our online marketplace, the strength of the LendingClub brand and the depth and diversity of our investor base, we are raising our full-year growth target midpoint from 70% to 72% year-over-year and also increasing our targeted adjusted EBITDA margin midpoint from 18% to 19%. Our full-year operating revenue range increases to $730 million to $740 million, up from our previous range of $714 million to $717 million based on prior growth expectation of 70% and stronger 2015 results.

鑑於我們龐大的潛在市場、積極的成長趨勢、線上市場的彈性、LendingClub 品牌的實力以及投資者基礎的深度和多樣性，我們將全年成長目標中點從 70% 提高到 72%。相比，我們的目標調整後EBITDA 利潤率中點也從18% 提高到19%。我們的全年營業收入範圍從先前的 7.14 億美元至 7.17 億美元增至 7.3 億美元至 7.4 億美元，這是基於先前 70% 的成長預期和更強勁的 2015 年業績。

Full-year adjusted EBITDA is now expected to increase from roughly $129 million to a range of $130 million to $145 million implying a midpoint margin of approximately 19% or 240 basis points of margin expansion compared to 2015 annual margin of 16.3%. For the first quarter, we are providing operating revenue outlook in the range of $147 million to $149 million and expect first-quarter adjusted EBITDA to be in the range of $25 million to $27 million representing an adjusted EBITDA margin of 17.6%. As reminder and similar to last year's pattern, we expect negative seasonal pressures in the first and fourth quarters and stronger quarterly growth in both the second and third quarters.

目前，全年調整後EBITDA 預計將從約1.29 億美元增至1.30 億至1.45 億美元，這意味著中點利潤率約為19%，即與2015 年16.3% 的年度利潤率相比，利潤率擴大了240 個基點。對於第一季，我們預計營業收入將在 1.47 億美元至 1.49 億美元之間，預計第一季調整後 EBITDA 將在 2,500 萬美元至 2,700 萬美元之間，調整後 EBITDA 利潤率為 17.6%。提醒一下，與去年的模式類似，我們預計第一季和第四季將出現季節性負壓力，而第二季和第三季將出現強勁的季度成長。

With that, let's open up the call for questions.

接下來，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Vasu Govile, Morgan Stanley.

瓦蘇‧戈維爾，摩根士丹利。

Thank you for taking my question and congratulations on a great quarter. I will start with guidance. It appears you are continuing to see pretty healthy growth despite increasing fears about a potential downturn. At this point are you baking in any conservatism in your review based on potential for economic stress? Or is it more of a business as usual report?

感謝您提出我的問題，並祝賀您度過了一個美好的季度。 我將從指導開始。儘管人們越來越擔心潛在的經濟衰退，但您似乎仍在繼續看到相當健康的成長。此時此刻，您是否基於潛在的經濟壓力而在評論中加入了保守主義？還是它更像是一份照常的報告？

We obviously are watching the environment, with as much caution as of investors out there. We're not currently seeing any sign of deterioration, either in credit quality, or in consumer demand for credit, or in investors' appetite for credit investments.

顯然，我們正在關注環境，與投資者一樣謹慎。目前，無論是信貸品質、消費者對信貸的需求或投資者對信貸投資的興趣，我們都沒有看到任何惡化的跡象。

What we have done is essentially raised a yield on the platform quite a bit over the last couple of months with two interest rates hikes of 25 basis points, and then another 32 basis points on average. That really gives investors additional loss coverage in case the economy does start slowing down later this year. So with that in mind, we are essentially confident to raise our guidance from where we were just a few months ago and continue to have a high level of confidence in our ability to deliver that growth.

我們所做的基本上是在過去幾個月大幅提高了平台的殖利率，兩次升息25個基點，然後平均升息32個基點。如果今年稍後經濟確實開始放緩，這確實為投資者提供了額外的損失保障。因此，考慮到這一點，我們基本上有信心在幾個月前提高我們的指導，並繼續對我們實現這一增長的能力充滿信心。

That's very helpful. Just a quick follow-up. There's been some recent [rest] articles floating around that suggests that LendingClub may be open to securitizing its own loans for the first time? I just wanted to check if there is appetite to do that? And if there is, what sort of balance sheet risk would that expose you guys to?

這非常有幫助。只是快速跟進。最近流傳的一些[其餘]文章表明，LendingClub 可能首次對自己的貸款證券化持開放態度？我只是想看看大家有沒有興趣這麼做？如果存在，你們會面臨什麼樣的資產負債表風險？

We are very attached to the marketplace model. We think it's a superior model than any other models. We have no intentions as a matter of business model, to start investing our own balance sheet and take balance sheet risks in our loans.

我們非常重視市場模式。我們認為這是一個比任何其他模型都優越的模型。從商業模式的角度來看，我們無意開始投資我們自己的資產負債表並在貸款中承擔資產負債表風險。

As we said in the past, we can always use our balance sheet on a temporary basis for test programs, but this would always be a very small. Again, no change in the business model. What's going to continue to happen, is some of our investors on the platform can turn around and refinance themselves on the securitization [lockout] and we want to support them and do what's right for them.

正如我們過去所說，我們總是可以暫時使用我們的資產負債表來進行測試計劃，但這總是很小。同樣，商業模式沒有改變。將會繼續發生的事情是，我們平台上的一些投資者可以轉身並透過證券化[鎖定]進行再融資，我們希望支持他們並做對他們正確的事情。

Ralph Schackart, William Blair.

拉爾夫·沙卡特，威廉·布萊爾。

Renaud, on the call today you talked about the change in the investor mix and potentially more of a shift to retail investors, that may be potentially a little bit stickier in a softening economy. Can you talk about the marketing programs you have in place there?

雷諾，在今天的電話會議上，您談到了投資者組合的變化，以及可能更多地轉向散戶投資者，這在經濟疲軟的情況下可能會更加棘手。您能談談您在那裡實施的行銷計劃嗎？

And as a follow-up, as the VC funding environment is seemingly drying up, could you talk about some more of the rationalness you're seeing in the marketing channels? And have some of your competitors started to pull back on some of that irrational spend?

作為後續，由於創投環境似乎正在枯竭，您能談談您在行銷管道中看到的更多理性嗎？您的一些競爭對手是否開始縮減一些不合理的支出？

We continue to like the retail base. We started as a pure retail platform. I think over time we got into a really healthy mix of institutional and individual capital.

我們繼續看好零售基地。我們最初是一個純粹的零售平台。我認為隨著時間的推移，我們已經實現了機構資本和個人資本的真正健康組合。

At the current level in the last quarter the standard program we had 45% of the funding coming from individual investors investing in a managed account or fund and then the other 17% investing in on a self-directed basis. So essentially, the very vast majority, so 62% of the funding already comes from individual investors and we want to preserve and potentially grow that share of retail investors. So this year we are allocating more resources to that side of the marketplace, and ramping up, not just marketing programs, but also product development and management resources.

依照上季標準計畫的當前水平，我們 45% 的資金來自投資於管理帳戶或基金的個人投資者，另外 17% 則進行自主投資。因此，從本質上講，絕大多數（即 62%）的資金已經來自個人投資者，我們希望保留並有可能增加散戶投資者的比例。因此，今年我們將向市場的這一側分配更多資源，不僅增加行銷計劃，還增加產品開發和管理資源。

So we are growing the retail team faster than we have in previous years. You are going to see more focus on retail coming from us this year.

因此，我們零售團隊的發展速度比前幾年更快。今年您將看到我們更加關注零售業。

By the way, bleeding into your second question around competition. We really think that retail is a core competency and a core competitive advantage of LendingClub and pretty much no other platform has any scale in retail distribution. So we think that's going to be a nice differentiator, particularly if and when the economy starts going down because to your point, we believe retail is more sticky than any other source of capital.

順便說一下，關於競爭的第二個問題。我們確實認為零售是LendingClub的核心競爭力和核心競爭優勢，幾乎沒有其他平台在零售分銷方面具有規模。因此，我們認為這將是一個很好的差異化因素，特別是當經濟開始下滑時，因為就您而言，我們認為零售業比其他資本來源更具黏性。

About the competitive environment in general. I think you're absolutely right to point out that venture capital investments in general, and in particularly in [Syntec] has reached its peak last year. So we anticipate it is going to continue to slow down this year. So presumably, providing less capital to smaller players and we expect, as a result, to start seeing less competition from the smaller platforms.

關於整體競爭環境。我認為您完全正確地指出，創投總體而言，特別是 [Syntec] 的投資去年已達到頂峰。因此，我們預計今年增速將繼續放緩。因此，據推測，向較小的參與者提供的資本較少，我們預計，來自較小平台的競爭將開始減少。

That being said, we said last year that we did not feel much of an impact from the increased competition. So in part, we're not anticipating a huge boost from a lower spend from the smaller platforms. But it still going to be marginally helpful.

話雖如此，我們去年表示，我們並沒有感受到競爭加劇帶來的太大影響。因此，在某種程度上，我們預計較小平台的較低支出不會帶來巨大的推動。但它仍然會有一點幫助。

Stephen Ju, Credit Suisse.

史蒂芬居，瑞士信貸。

Renaud, your SMB focused business is relatively [macent] versus your consumer business. Can you give us perspective on the similarities and differences there in terms of data you collect? How your scoring works differently? How many SMB you have cumulatively reached and how many you think can be addressable?

Renaud，與您的消費者業務相比，您專注於中小企業的業務相對[macent]。您能否向我們介紹一下您收集的資料的異同？您的評分有何不同？您已累積接觸了多少個中小型企業以及您認為可以解決多少個中小型企業？

And Carrie, I think this is consistent with your prior quarter disclosure and your contribution margin for the core consumer lending product is now above 50% and your newer categories are below that. So what needs to happen from a product perspective with the other categories to someday approach the levels of consumer?

Carrie，我認為這與您上一季的揭露一致，您的核心消費貸款產品的邊際貢獻率現在高於 50%，而您的新類別則低於該水平。 那麼，從產品的角度來看，其他類別需要發生什麼才能有一天接近消費者的水平呢？

We are very happy with the fourth quarter in small business. As I mentioned earlier, we just launched a news of line of credit product that has got some instant traction. And so we launched that in product in November, by December it was already 20% of our origination through volume, due to small businesses.

我們對小企業第四季感到非常滿意。 正如我之前提到的，我們剛剛推出了信用額度產品的消息，該產品立即引起了一些關注。因此，我們在 11 月推出了該產品，到 12 月，由於小型企業的推動，該產品的銷量已占我們原始銷量的 20%。

And it's a great product, it's very low cost and convenient access to capital for small business owners with temporary cash flow needs. So you asked about differences and similarities with consumers.

這是一個很棒的產品，成本非常低，並且對於有臨時現金流需求的小企業主來說可以輕鬆獲得資金。所以你問了與消費者的差異和相似之處。

There are a lot of similarities in terms of the process we have in place. In terms of the marketing, the acquisition funneled. In terms of the sources of capital to fund these loans.

我們現有的流程有許多相似之處。在行銷方面，收購是漏斗式的。就這些貸款的資金來源而言。

Now there are a lot of differences in terms of specific marketing channels, that work with small business owners. And also a lot of differences in the data available to us. The data used on the consumer side, is really mostly [treated] enhanced with financial and a bit of transactional data, and some macro data.

現在，與小型企業主合作的具體行銷管道存在著許多差異。我們可用的數據也存在著許多差異。消費者方面使用的數據實際上主要是透過金融和一些交易數據以及一些宏觀數據來增強的。

With small business, we have little bit more freedom, in terms of being more innovative in terms of the data sources. Because I think there is less of a privacy concern from small business owners. I think they are more willing share information about the business than a consumer would be willing to share about themselves.

對於小型企業，我們在資料來源方面更具創新性方面擁有更多的自由。因為我認為小企業主對隱私的擔憂較少。我認為他們比消費者更願意分享有關企業的信息，而不是消費者願意分享自己的信息。

And more data available online that can be used to underwrite businesses. So, we are using this additional data sources to the full exteny. But back to the small business [competitive] consumers. I think the big news in the quarter was that the small business platform was the fastest growing segment of the portfolio and it doesn't have the same level of efficiency as consumer side yet. But it's also a matter of scale. I think it's just not as mature, not as predictable, and not as efficient as the consumer business that has been up and running for eight years. We only launched small business 18 months ago.

以及更多可用於承保業務的線上數據。因此，我們正在充分利用這些額外的資料來源。但回到小企業[有競爭力的]消費者。我認為本季的重大新聞是小型企業平台是投資組合中成長最快的部分，但它的效率水平尚未與消費者端相同。但這也是一個規模問題。我認為它只是不像已經建立並運作了八年的消費者業務那麼成熟，不像那麼可預測，也不像消費者業務那麼有效率。我們 18 個月前才推出小型企業。

Just to add to Renaud's comments, Stephen. I would also say, in addition to the efficiency, we are still testing new channels and really investing in building be businesses. And that will continue to keep those margins less efficient over time. And as we continue to grow beyond what we're doing today over the next couple of years, the efficiencies will just come based on the track record and the diversity of how we acquire new borrowers.

只是為了補充雷諾的評論，史蒂芬。我還想說，除了效率之外，我們仍在測試新管道並真正投資建立業務。隨著時間的推移，這將繼續降低這些利潤的效率。隨著我們在未來幾年繼續超越今天所做的事情，效率將取決於我們的業績記錄和我們獲取新借款人方式的多樣性。

Heath Terry, Goldman Sachs

希斯·特里，高盛

The guidance for Q1 obviously implies some acceleration in given how far we already are in the quarter. I would assume it's largely because of what you're seeing in the market.

考慮到我們在本季度已經取得的進展，第一季的指導顯然意味著一些加速。我認為這主要是因為你在市場上看到的情況。

Can you give us a sense, to the extent that you are seeing acceleration, how much of that you feel like it's coming from share gains that are the result of your improving competitive position? Or some of your competitors being in a relatively weaker position given some of the changes in the market? Versus an overall acceleration for demand, as the space becomes more mature. Or consumers start to focus a little bit more on what they are actually paying for credit.

您能否給我們一種感覺，就您所看到的加速而言，您認為其中有多少來自於您提高競爭地位所帶來的份額收益？或者考慮到市場的一些變化，您的一些競爭對手處於相對弱勢的地位？隨著空間變得更加成熟，需求整體加速。或者消費者開始更專注於他們實際支付的信用費用。

We continue to see interest or a lot of appetite on both sides. I think with awareness coming up on the consumer side and even the general level of interest rates coming up. You see more need for refinancing and you see more consumers being aware personal loans as an alternative to credit cards.

我們繼續看到雙方都有興趣或有很大的胃口。我認為隨著消費者意識的提高，甚至整體利率水準的提高。您會看到更多的再融資需求，越來越多的消費者意識到個人貸款可以作為信用卡的替代品。

And there is this bank rate survey out there showing that 10% of the US adult population was considering taking a personal loan some time in the next 12 months. So that's a very big increase in terms of awareness and likelihood to transact compared to previous years. So a lot of tailwind on the consumer side.

一項銀行利率調查顯示，10% 的美國成年人正在考慮在未來 12 個月的某個時間申請個人貸款。因此，與前幾年相比，人們的意識和交易可能性有了很大的提高。因此，消費者方面有許多順風車。

And on the investor side, the [market is] turbulent. So we see sometimes divergent behavior from different pockets of capital. But that's where the diversification of funding sources really shows the power of the model, and in any type of environment, any type of interest rate or economic environment, we can decrease the focus on different sources of capital, whether it's retail or institutional. And with institutional, they are a very different behavior from asset managers, pension funds, and insurance companies that have different risk appetite and different investment objectives. I think what you are seeing reflected in our confidence is again the diversity under the breadth of the platform participants on both sides, borrowers and investors.

在投資者方面，[市場]動盪。因此，我們有時會看到不同資本的不同行為。但這就是資金來源多元化真正顯示出該模式力量的地方，在任何類型的環境、任何類型的利率或經濟環境下，我們都可以減少對不同資本來源的關注，無論是零售還是機構。對於機構來說，它們的行為與具有不同風險偏好和不同投資目標的資產管理公司、退休基金和保險公司有很大不同。我認為您在我們的信心中看到的再次是平台參與者、借款人和投資者的廣泛性的多樣性。

Josh Beck, Pacific Crest.

喬希·貝克，太平洋頂峰。

I had a regulatory question for Renaud. It sounds like the operational and contractual changes that you are putting in place with your issuing bank partners is under the assumption that the current Madden decision is upheld and does not go to the Supreme Court where it could maybe get overturned. Are those changes already in place? And do you foresee any other changes in who you use as your primary issuing bank partner?

我有一個關於雷諾的監管問題。聽起來您與發卡銀行合作夥伴進行的營運和合約變更是假設當前的 Madden 判決得到維持，並且不會提交最高法院，因為最高法院可能會推翻該判決。這些改變已經到位了嗎？作為主要發卡銀行合作夥伴，您預計會發生其他變化嗎？

We do not foresee any other change. Changes are being made as we speak, and will be completed by the end of this quarter. I wouldn't put too much focus on these particular changes.

我們預計不會有任何其他變化。正如我們所說，變革正在進行中，並將在本季末完成。我不會過度關注這些特定的變化。

I think the main message regarding Madden is we strongly believe we are in a very different position than the parties were in that case and particularly our choice of flow situation is very different. The changes we are making really are made as a balance of caution and desire to be prudent. If you look at what's happening on the platform, we haven't seen any change in the volume of origination coming from or going into Connecticut, New York and Vermont. Or any change in the mix of institutional and individual investors investing in these loans. So, really no change from that standpoint.

我認為關於《Madden》的主要訊息是，我們堅信我們的立場與案件中雙方的立場非常不同，特別是我們對流程情況的選擇非常不同。我們正在做出的改變實際上是為了在謹慎和謹慎的願望之間取得平衡。如果您查看該平台上發生的情況，您會發現來自或進入康乃狄克州、紐約州和佛蒙特州的起始量沒有任何變化。或投資這些貸款的機構和個人投資者的組合發生任何變化。所以，從這個角度來看，確實沒有改變。

And when you think about any changes that would prompt you to move a series of state licenses, how are you thinking about that? And is that a possibility at some point?

當您考慮任何會促使您移動一系列州許可證的變化時，您是如何考慮的？這在某個時候有可能嗎？

I think that's a possibility, but it's an unlikely possibility. So certainly we have a large number of state licenses. We started operating under state licenses when we launched in 2007, that's the way we operated.

我認為有這種可能性，但這種可能性不大。所以我們當然擁有大量的國家授權。我們在 2007 年成立時就開始在國家許可下運營，這就是我們的運作方式。

And what we found is that a bank [insurance] framework is more efficient. It's more cost efficient. It's a better experience for consumers who all get the same terms irrespective of their state of residence. Is more fair from that standpoint.

我們發現銀行[保險]框架效率更高。它更具成本效益。對於無論居住州如何都獲得相同條款的消費者來說，這是一種更好的體驗。從這個角度來說更公平。

And it's also a framework that provides more oversight. Because when you have a federally regulated entity, so essentially receiving in the case of [Red Banque] from the FDIC and providing a lot of oversight into the program. So we think it's better for consumers. It's a safer model. It's a more efficient model.

它也是一個提供更多監督的框架。因為當你擁有一個受聯邦監管的實體時，就[紅色銀行]而言，本質上是從 FDIC 接收訊息，並對該計劃提供大量監督。所以我們認為這對消費者來說更好。這是一個更安全的模型。這是一個更有效的模型。

Carrie, I had a question for you on the sales and marketing efficiency. I know there's a little bit of a reclassification in the last two quarters that healthcare SMB and education was 12 to 15 basis point headwind on a year-over-year basis. Restated, does that change much? And is there any further color you can give us on the Q4 impact from those channels?

Carrie，我有一個關於銷售和行銷效率的問題想問你。我知道過去兩個季度進行了一些重新分類，醫療保健中小企業和教育行業同比出現 12 至 15 個基點的逆風。重述一下，變動很大嗎？您能否進一步介紹這些管道對第四季的影響？

Previous comments around the mix between personal loans and the other business that I've shared hasn't changed. This quarter, the driver year-over-year and quarter-over-quarter it was all due to personal loans. Both education, and patient finance, and small business were relatively flat, relatively stable.

之前關於個人貸款和我分享的其他業務之間的混合的評論沒有改變。本季度，年比和季比的推動因素全部來自個人貸款。教育、病患財務和小型企業都相對平穩、相對穩定。

Bob Ramsey, FBR.

鮑伯·拉姆齊，FBR。

You mentioned the increase in rates in January provide investors with a higher degree to loss coverage. Whether you guys are not seen any signs of higher delinquencies or softness anywhere in the book. I'm just kind of curious what prompted that change?

您提到一月份利率的上漲為投資人提供了更高程度的損失保障。你們是否在書中的任何地方都沒有看到任何更高程度的拖欠或軟弱的跡象。我只是有點好奇是什麼促使了這個改變？

The global environment has changed quite a bit over the last just [30 to 40 days]. There are more concerns about global growth in the economy and concerns about how that's going to impact US economy.

全球環境在過去短短 [30 到 40 天] 中發生了很大變化。人們越來越擔心全球經濟成長以及這將如何影響美國經濟。

We don't pretend to know more than anybody else as to where we are going. But I think in times of uncertainty, it pays to be prudent. That's why essentially, we preempted any need for a rate increase and provided that additional loss coverage to investors.

我們不會假裝比任何人都更了解我們要去哪裡。但我認為在不確定的時期，保持謹慎是值得的。這就是為什麼從本質上講，我們搶佔了加息的需要，並向投資者提供了額外的損失保障。

And rates are very dynamic on the platform. So depending on how the economy evolves, and we're watching any sign of potential slow down very carefully both in terms of the economy in general, but also in terms of our own portfolio. And if we see any other sign of degradation, we will act on it by raising interest rates. And vice versa, if the economic outlook improves, we might take interest rates down again.

而且平台上的費率非常動態。因此，這取決於經濟的發展方式，我們正在非常仔細地觀察任何潛在放緩的跡象，無論是在整體經濟方面，還是在我們自己的投資組合方面。如果我們看到任何其他惡化跡象，我們將透過提高利率來採取行動。反之亦然，如果經濟前景改善，我們可能會再次降低利率。

So it's a very dynamic process. It's really a benefit of the marketplace model to be able to discover pricing equilibrium in a very nimble and quick way. And adjust quickly. So we plan on taking advantage of that and to continue to adjust rates on the platform, as the environment continues to change and as we gain more visibility in getting into this year.

所以這是一個非常動態的過程。能夠以非常靈活和快速的方式發現定價均衡確實是市場模型的一個好處。並迅速調整。因此，隨著環境的不斷變化以及我們今年獲得更多的知名度，我們計劃利用這一點並繼續調整平台上的費率。

Did the change come, following discussions with some of your larger institutional buyers of your loans? Or did it reflect any shifts you have seen in demand to invest in a loan product or is this something that was more initiated purely from you also?

在與貸款的一些較大機構買家討論後，變化是否發生了？或者它是否反映了您所看到的貸款產品投資需求的任何變化，或者這是否也是純粹由您發起的？

Every interest-rate decision is informed by what we see on the platform and that's what I mean by online marketplace and discovery process. There is now other volume going through the platform, there are billions of dollars of capital changing hands on any given quarter. And, we have a large number of touch points and discussions and [traditional] investors.

每一個利率決定都是根據我們在平台上看到的情況來決定的，這就是我所說的線上市場和發現過程。現在該平台上還有其他交易量，每季都有數十億美元的資金易手。而且，我們有大量的接觸點和討論以及[傳統]投資者。

As I said, it's a market, many investors had different views in this market. So there was no need to increase interest rate. As a matter of driving capital inflows. But there are definitely investors on the platform, and in general in the market, who have more bearish views on the economy and we incorporate that includes into our own views. And again decided to be prudent.

正如我所說，這是一個市場，許多投資者對這個市場有不同的看法。所以沒有必要提高利率。作為推動資本流入的問題。但平台上以及整個市場上肯定有投資者對經濟持更悲觀的看法，我們將其納入我們自己的觀點中。再次決定謹慎行事。

Last question on the subject. In terms of rate sensitivity on the part of the borrowers. In the categories where you did change rates, have you seen any real change in the demand for the product? Or have you seen other competitors in the place make other adjustments in rates as well?

關於該主題的最後一個問題。就借款人的利率敏感度而言。在您更改費率的類別中，您是否看到產品需求發生任何真正的變化？或者您看到該地區的其他競爭對手也對費率進行了其他調整？

I think in general, our customers are fairly rate sensitive. The rate increase was concentrated in the higher risk grades, but also list price-sensitive.

我認為總的來說，我們的客戶對費率相當敏感。利率上調主要集中在較高風險等級，但也對標價敏感。

If you look at the rates of A, B, and C grades. [Attire] credit quality, very price-sensitive customers with a lot of options, no particular need for additional credit, and are making very rational decisions of optimizing the cost of their credit. As you move down the grade, there's less price sensitivity, but also greater variability in different economic environments. So, that's what's also let us to concentrate as a rate increase in that segment.

如果你看A、B、C等級的比率。 [服裝]信用質量，對價格非常敏感的客戶，有很多選擇，沒有特別需要額外的信用，並且正在做出非常理性的決策來優化信用成本。隨著等級的降低，價格敏感度降低，但不同經濟環境的變動性也更大。因此，這也是讓我們集中精力提高該細分市場的速度的原因。

Shifting gears, I just wanted to touch base on the buyback. I think that obviously shows --

換個話題，我只是想談回購。我認為這顯然表明——

We will have to shift to the next question.

我們將不得不轉向下一個問題。

Michael Graham, Canaccord.

邁克爾·格雷厄姆，Canaccord。

I wanted to ask a couple of questions about your different products. First of all, on the education and patient products, is there any significant overlap there with your credit card debt consolidators? I'm wondering also, if you could comment on repeat borrowing in the quarter? And any trends you're seeing there?

我想問幾個關於你們不同產品的問題。首先，在教育和病患產品方面，與您的信用卡債務整合商是否有重大重疊？我還想知道您能否對本季的重複借款發表評論？您在那裡看到了什麼趨勢？

And then just lastly, quickly to have any update on -- you've got a big new product coming later this year. Is your goal to become a broad-based platform for consumers financial needs? Or is it more modest than that?

最後，請盡快獲得任何更新 - 今年稍後將推出大型新產品。您的目標是成為滿足消費者金融需求的廣泛基礎的平台嗎？或比這更謙虛？

The stated goal is quite ambitious and we believe we can transform profoundly transform the way consumers access credit. And the value we deliver to consumers, and make credit, in general more affordable. Also, on the other side, make investing more rewarding. And we can achieve both goals by operating efficiently at a low-cost and passing on the cost savings to both sides, borrows and investors.

既定目標非常雄心勃勃，我們相信我們可以深刻改變消費者獲得信貸的方式。我們為消費者提供的價值，使信貸整體上更實惠。另一方面，讓投資更有價值。我們可以透過低成本高效營運並將節省的成本轉嫁給借款人和投資者雙方來實現這兩個目標。

More specifically, in terms of consumer credit products, our goal is eventually to cover the entire range of credit products, including auto, mortgages, student loans. It will be essentially helpful to our customers at every stage of their life, when credit can be useful to them.

更具體地說，在消費信貸產品方面，我們的目標最終是涵蓋整個信貸產品範圍，包括汽車、抵押貸款、學生貸款。當信用對我們的客戶人生的每個階段都有用時，這將從本質上對他們有所幫助。

We said previously, and just confirmed on this call, that we are now gearing up for a major consumer credit product launch in the first half of this year. And that will be really (inaudible) the first major extension to our product suite, but it is not going to be the last. The plan is to cover all credit needs over time.

我們之前說過，並且剛剛在這次電話會議上確認，我們現在正在為今年上半年推出主要的消費信貸產品做準備。這將確實（聽不清楚）是我們產品套件的第一個主要擴展，但它不會是最後一個。 該計劃旨在隨著時間的推移滿足所有信貸需求。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。