(LC) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for attending the LendingClub Second Quarter 2022 Earnings Call. My name is Matt, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Sameer Gokhale, Head of Investor Relations for LendingClub. Sameer, please go ahead.

下午好。感謝您參加 LendingClub 2022 年第二季度財報電話會議。我的名字是馬特，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人，LendingClub 投資者關係主管 Sameer Gokhale。薩米爾，請繼續。

Thank you, and good afternoon. Welcome to LendingClub's Second Quarter 2022 Earnings Conference Call. Joining me today to talk about our results and recent events are Scott Sanborn, CEO; and Tom Casey, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝，下午好。歡迎來到 LendingClub 的 2022 年第二季度收益電話會議。今天和我一起談論我們的結果和最近的事件的是首席執行官 Scott Sanborn；和首席財務官湯姆凱西。您可以在我們網站的“投資者關係”部分找到伴隨我們收益發布的演示文稿。

On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via e-mail. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantages and strategy, macroeconomic conditions and outlook, platform volume, future products and services and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements.

在電話會議上，除了分析師提出的問題外，我們還將回答一些通過電子郵件提交以供考慮的問題。我們今天的評論將包括基於我們當前預期和預測並涉及風險和不確定性的前瞻性陳述。這些陳述包括但不限於我們的競爭優勢和戰略、宏觀經濟狀況和前景、平台數量、未來產品和服務以及未來業務和財務業績。我們的實際結果可能與這些前瞻性陳述所設想的結果大不相同。

Factors that could cause these results to differ materially are described in today's press release and our most recent Form 10-K as filed with the SEC as well as our subsequent filings made with the Securities and Exchange Commission, including our upcoming Form 10-Q. 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.

今天的新聞稿和我們最近向美國證券交易委員會提交的 10-K 表格以及我們隨後向美國證券交易委員會提交的文件（包括我們即將發布的 10-Q 表格）中描述了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

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

現在我想把電話轉給斯科特。

Thanks, Sameer. Good afternoon, everyone. I am pleased to report another quarter of record revenue, earnings and loan volume, all exceeding our guidance. Tom will give you the details shortly, but let me share a few highlights.

謝謝，薩米爾。大家下午好。我很高興地報告另一個季度的創紀錄收入、收益和貸款量，都超出了我們的指導。湯姆很快就會給你詳細信息，但讓我分享一些亮點。

Revenue grew 61% year-on-year, outpacing originations growth of 41% and demonstrating the power of our combined marketplace and portfolio revenue streams. And our net income, excluding a onetime tax benefit, quadrupled year-over-year. Our digital marketplace bank model is proving to be resilient, and we are reiterating our guidance for the full year.

收入同比增長 61%，超過了 41% 的原始增長，展示了我們綜合市場和投資組合收入流的力量。我們的淨收入（不包括一次性稅收優惠）同比翻了兩番。我們的數字市場銀行模式被證明具有彈性，我們重申全年的指導。

We're very pleased with our results in the first half, but as we noted last quarter, the macro environment is shifting. The Fed has become more hawkish in their battle with inflation, which has implications for our business and for the economy overall. In the face of these changes, we are confident that we have positioned the company well to capitalize when we see quality growth opportunities while remaining mindful and prudent with respect to risks.

我們對上半年的業績感到非常滿意，但正如我們上個季度所指出的，宏觀環境正在發生變化。美聯儲在與通脹的鬥爭中變得更加鷹派，這對我們的業務和整體經濟都有影響。面對這些變化，我們相信，當我們看到高質量的增長機會時，我們已經為公司做好了充分的準備，同時對風險保持謹慎和謹慎。

So let me talk about what we're seeing and what we expect across the marketplace in terms of borrower demand, credit performance and investor demand. Credit card balances are now back above pre-pandemic levels, and credit card rates are rising. This is driving strong borrower demand for personal loans. Accordingly, we grew loan volume by 19% quarter-over-quarter while simultaneously increasing our marketing efficiency. We expect borrower demand to remain strong in Q3 and come down in Q4 due to typical seasonality.

因此，讓我談談我們在藉款人需求、信貸表現和投資者需求方面看到的情況以及我們對整個市場的期望。信用卡餘額現在回到了大流行前的水平，信用卡利率也在上升。這推動了借款人對個人貸款的強勁需求。因此，我們的貸款量環比增長了 19%，同時提高了我們的營銷效率。由於典型的季節性，我們預計借款人需求在第三季度將保持強勁，並在第四季度下降。

Switching to credit, which we highlight in our presentation on Pages 16 and 17, our loans are currently performing very well on both an absolute and relative basis. In our most recent season vintages, including those from the back half of 2021, are continuing to perform above expectations with delinquencies below pre-pandemic levels and better than industry averages. As a reminder, we are primarily focused on prime borrowers who have proven to be more resilient through economic cycles. Our core consumer has an average income of $112,000 and a FICO score of 721.

轉向信貸，我們在第 16 頁和第 17 頁的介紹中強調，我們的貸款目前在絕對和相對基礎上都表現良好。在我們最近的幾個年份，包括 2021 年下半年的年份，繼續表現超出預期，拖欠率低於大流行前的水平，並且好於行業平均水平。提醒一下，我們主要關注那些已被證明在經濟周期中更具彈性的主要藉款人。我們的核心消費者平均收入為 112,000 美元，FICO 得分為 721。

We further believe there is an element of positive selection in our member base as they have made a conscious decision to strengthen their financial position by refinancing out of higher cost debt.

我們進一步認為，在我們的會員群中存在積極選擇的因素，因為他們已做出有意識的決定，通過再融資來擺脫更高成本的債務來加強其財務狀況。

Continued strong performance in credit is an important foundation as we move to talk about investor marketplace demand. Last quarter, we spent a lot of time discussing our loan allocation strategy and our decision to deliberately partner with loan investors who would be less exposed to rising rates. Our record high loan volume in Q2 is evidence of the success of our strategy in action. That said, the rapid pace of interest rate movements, with another increase announced just today, is putting pressure on the entire investment community as it drives up the cost of capital and corresponding yield requirements.

當我們開始談論投資者市場需求時，信貸的持續強勁表現是一個重要的基礎。上個季度，我們花了很多時間討論我們的貸款分配策略，以及我們有意與受利率上升影響較小的貸款投資者合作的決定。我們在第二季度創紀錄的高貸款量證明了我們的戰略在行動中取得了成功。也就是說，利率變動的快速步伐以及今天剛剛宣布的另一次加息，正在給整個投資界帶來壓力，因為它推高了資本成本和相應的收益率要求。

I'd like to remind everyone of the transition period that we need to go through as rates rise. For certain investors, their funding costs will move based on the forward curve, meaning, where the Fed is expected to go. These investors are seeking more yield to cover their increased costs. We will eventually be able to pass price increases on to the borrowers, who will see their cost of credit move as the prime rate moves. However, there is a lag between the timing of these price movements. So we need to bridge the gap, and we do have tools to do so.

我想提醒大家注意隨著利率上升我們需要經歷的過渡期。對於某些投資者來說，他們的融資成本將根據遠期曲線移動，這意味著美聯儲的預期走向。這些投資者正在尋求更高的收益來彌補他們增加的成本。我們最終將能夠將價格上漲轉嫁給借款人，他們將看到他們的信貸成本隨著最優惠利率的變動而變動。但是，這些價格變動的時間之間存在滯後。所以我們需要彌合差距，我們確實有這樣做的工具。

First are the coupons to borrowers. We are continuously testing and implementing increased price points to drive up yields to investors while making sure we maintain expected credit quality. We've made a series of price increases already, and we plan to continue to do so through the back half of the year.

首先是藉款人的優惠券。我們不斷測試和實施更高的價格點，以提高投資者的收益率，同時確保我們保持預期的信用質量。我們已經進行了一系列提價，我們計劃在今年下半年繼續這樣做。

A second tool to increase investor returns is credit adjustments, where we're leveraging the strong borrower demand to trim lower returning segments, especially in near prime to drive up asset returns. So as we make coupon changes and optimize credit, we'll be using our proprietary loan auction platform, LCX, to read the clearing price and moderate loan volume to match investor demand at the yields we can expect to consistently deliver. We have the most experience of any personal loan provider in delivering loan investor returns, and we're using that expertise in this environment.

增加投資者回報的第二個工具是信貸調整，我們正在利用強勁的借款人需求來削減回報率較低的部分，特別是在接近黃金的情況下，以提高資產回報率。因此，當我們更改優惠券並優化信用時，我們將使用我們專有的貸款拍賣平台 LCX 來讀取清算價格和適度的貸款量，以在我們可以預期持續交付的收益率上滿足投資者的需求。在提供貸款投資者回報方面，我們在任何個人貸款提供商中擁有最豐富的經驗，並且我們正在這種環境中使用這些專業知識。

So this should give you a sense of how we're managing our marketplace. Let me talk a little bit about how we're managing our business. As a reminder, roughly 50% of our total expenses are variable in nature, with marketing being the largest one. Our marketing spend is strongly correlated to origination volumes, allowing us to adjust expense levels based on market condition. Furthermore, we have the advantage of a large and loyal member base of more than 4 million members who deliver stronger credit performance to new customers and come at a lower acquisition cost. As we evaluate marketplace demand in the back half of the year, we will calibrate total marketing spend and the percentage of our volume coming from our existing networks.

因此，這應該讓您了解我們如何管理我們的市場。讓我談談我們如何管理我們的業務。提醒一下，我們總支出的大約 50% 本質上是可變的，其中營銷是最大的。我們的營銷支出與發起量密切相關，使我們能夠根據市場狀況調整費用水平。此外，我們擁有超過 400 萬會員的龐大而忠誠的會員群的優勢，他們為新客戶提供更強的信用表現，並以更低的獲取成本獲得。當我們評估下半年的市場需求時，我們將校準總營銷支出和來自現有網絡的銷量百分比。

In terms of fixed expenses, we are moderating our rate of hiring until we have a better view of the long-term environment. We remain committed to delivering our strategic road map, but believe it's prudent to adjust the pace at which we get there.

在固定費用方面，我們正在降低招聘率，直到我們更好地了解長期環境。我們仍然致力於提供我們的戰略路線圖，但相信調整我們實現目標的步伐是謹慎的。

One area where we will continue to invest is in growing our balance sheet. This is important as we want to continue to increase the amount of recurring revenue generated from our HFI portfolio. While we understand that this impacts our in-quarter revenue and earnings, it is the right decision for the business long term. We've been talking about the best of both worlds and the self-reinforcing flywheel of our transformed business model for a few quarters. And while we cannot control or predict the macro economy, we are leveraging our enhanced set of tools to control what we can control.

我們將繼續投資的一個領域是擴大我們的資產負債表。這一點很重要，因為我們希望繼續增加我們的 HFI 投資組合產生的經常性收入。雖然我們知道這會影響我們的季度收入和收益，但從長遠來看，這是一個正確的決定。幾個季度以來，我們一直在談論兩全其美和我們轉型商業模式的自我強化飛輪。雖然我們無法控製或預測宏觀經濟，但我們正在利用我們增強的工具集來控制我們可以控制的東西。

In a bull market, we can leverage the capital-light advantages of our -- of a pure fintech to seize market share. And in a bear market, we can lean on the funding stability and advantages of a bank to drive resiliency and profitability. In today's environment, we're leaning more towards the bank model, being conservative on credit and using our low-cost deposit funding to hold more loans for investment and drive recurring revenue. As the economy improves, we'll be ready to lean into our fintech advantages, dialing up the marketplace to drive scale and capture market share.

在牛市中，我們可以利用我們純金融科技的輕資本優勢來搶占市場份額。在熊市中，我們可以依靠銀行的資金穩定性和優勢來提高彈性和盈利能力。在當今的環境下，我們更傾向於銀行模式，在信貸方面保持保守，並利用我們的低成本存款資金持有更多的投資貸款並增加經常性收入。隨著經濟的好轉，我們將準備好利用我們的金融科技優勢，開拓市場以擴大規模並佔領市場份額。

To use an analogy, we are reducing our speed heading into the corner, but we're planning on retaining momentum and accelerating as we come out of it to carry out our bold ambitions to create a next-generation multiproduct digital-first bank that will deliver a new banking experience for our members and strong multiyear revenue and earnings growth for our shareholders.

打個比方，我們正在降低進入彎道的速度，但我們正計劃保持勢頭並在走出彎道時加速，以實現我們創建下一代多產品數字優先銀行的雄心壯志，該銀行將為我們的會員提供全新的銀行體驗，並為我們的股東帶來強勁的多年收入和盈利增長。

I'd like to thank the team of LendingClubers for their continued dedication and for helping us deliver these great results. Now let me turn it over to Tom for his comments.

我要感謝 LendingClubers 團隊的持續奉獻和幫助我們取得這些出色的成果。現在讓我把它交給湯姆徵求他的意見。

Thanks, Scott, and good afternoon, everyone. Now that Scott took you through our thinking about the second half of the year, I'll be reviewing our financial results for the second quarter and then turn to our outlook for the rest of the year. I'll be referencing some slides in our earnings presentation, so please have them handy.

謝謝，斯科特，大家下午好。既然斯科特帶您了解了我們對下半年的看法，我將回顧我們第二季度的財務業績，然後轉向我們對今年剩餘時間的展望。我將在我們的收益報告中引用一些幻燈片，所以請把它們放在手邊。

As Scott mentioned, we reported record revenue of $330 million, which was up 61% year-over-year on origination growth of 41%. And if you please turn to Page 15 of our earnings presentation, you'll see our reported net income of $182 million included a $135 million benefit from the release of our valuation allowance on deferred tax assets. Excluding the tax benefit, net income reached another record of $47 million in the quarter, which was 4x greater than a year ago. Our strong earnings reflected growth in both marketplace revenue and increase in net interest income revenue as we retain more loans and drove a substantial improvement in our operating efficiency.

正如斯科特所提到的，我們報告了創紀錄的 3.3 億美元收入，同比增長 61%，而原始收入增長了 41%。如果您請翻到我們收益報告的第 15 頁，您會看到我們報告的 1.82 億美元的淨收入，其中包括 1.35 億美元的收益，該收益來自我們釋放遞延所得稅資產的估值津貼。不計稅收優惠，本季度淨收入再創紀錄，達到 4700 萬美元，是一年前的 4 倍。我們強勁的收益反映了市場收入的增長和淨利息收入的增長，因為我們保留了更多的貸款並推動了我們運營效率的大幅提高。

Now let's turn to Page 11, and let's talk about our marketplace business. Marketplace revenue grew 36% year-over-year, driven by 29% growth in the volume of loans sold through the marketplace. On the next page, you can see our recurring revenue stream of interest income from our portfolio increased 179% year-over-year as average balances grew 64% or up 116% when excluding PPP levels. During the quarter, we retained nearly 27% of consumer loan originations, which was above our targeted range of 20% to 25%. Similar to Q1, we again deliberately chose to reinvest earnings to excess capital due to retaining more originations as these loans generate significantly more earnings over time compared to loans sold through the marketplace.

現在讓我們轉到第 11 頁，讓我們談談我們的市場業務。市場收入同比增長 36%，這得益於通過市場銷售的貸款量增長 29%。在下一頁，您可以看到我們投資組合的經常性利息收入流同比增長 179%，平均餘額增長 64%，如果不包括 PPP 水平，則增長 116%。在本季度，我們保留了近 27% 的消費貸款發放，高於我們 20% 至 25% 的目標範圍。與第一季度類似，我們再次有意選擇將收益再投資於超額資本，因為與通過市場出售的貸款相比，隨著時間的推移，這些貸款產生的收益要多得多。

On Page 13, you'll see that the net interest margin decreased to 8.7% from 5.5% a year earlier. For the quarter, net interest margin increased 9 basis points, reflecting a higher mix of unsecured consumer loans, offset by growth in high-yield savings. Average deposits increased 79% year-over-year, helping support strong growth in our held for investment portfolio. The cost of interest-bearing deposits increased to 61 basis points from 29 basis points a year earlier, reflecting both a broader increase in market rates as well as our growth in high-yield savings balances.

在第 13 頁，您會看到淨息差從一年前的 5.5% 下降到 8.7%。本季度，淨息差增加了 9 個基點，反映出無抵押消費貸款組合增加，但被高收益儲蓄的增長所抵消。平均存款同比增長 79%，有助於支持我們持有的投資組合的強勁增長。有息存款成本從一年前的 29 個基點上升至 61 個基點，這既反映了市場利率的更廣泛增長，也反映了我們高收益儲蓄餘額的增長。

The advantage of having access to stable deposit funding has become even more apparent as interest rates have risen rapidly in a short period of time. We believe that our access to deposit funding is a significant competitive advantage that has enabled us to become more resilient, more profitable and positions us to continue helping our members improve their financial health.

隨著利率在短時間內迅速上升，獲得穩定存款資金的優勢變得更加明顯。我們相信，我們獲得存款資金是一項重要的競爭優勢，使我們能夠變得更有彈性、更有利可圖，並使我們能夠繼續幫助我們的會員改善他們的財務狀況。

Credit quality remained good. We can see that on Page 16 30-plus day delinquency rates on our entire servicing portfolio remain below pre-COVID levels. As we look at loans held for investment, we're also seeing better-than-expected performance. The weighted average FICO score for retained personal loans was 730, reflecting the continued focus on prime credit profile of our borrowers. As you can see on the chart, the portfolio reflects the maturation and seasoning of the portfolio, combined with expected normalization of delinquencies.

信用質量保持良好。我們可以看到，在第 16 頁，我們整個服務組合的 30 天以上拖欠率仍低於 COVID 之前的水平。當我們查看為投資而持有的貸款時，我們也看到了好於預期的表現。保留的個人貸款的加權平均 FICO 得分為 730，反映了我們對借款人優質信用狀況的持續關注。正如您在圖表中看到的那樣，投資組合反映了投資組合的成熟和成熟，以及預期的拖欠正常化。

As you turn to the next page, we've highlighted the performance of our Q3 2021 vintage to demonstrate the exceptional performance compared to the industry. Turning to credit cost for the quarter. The provision for credit losses increased to $71 million from $35 million in the second quarter of 2021. This primarily reflects the CECL provision on $1 billion of retained loans, up 89% year-over-year and the accretion on retained loans from prior quarters.

當您翻到下一頁時，我們重點介紹了 2021 年第三季度葡萄酒的表現，以展示與行業相比的卓越表現。轉向本季度的信貸成本。信貸損失準備金從 2021 年第二季度的 3500 萬美元增加到 7100 萬美元。這主要反映了 CECL 對 10 億美元留存貸款的準備金，同比增長 89% 以及前幾個季度留存貸款的增加。

Now let's move on to expenses. We saw continued positive operating leverage sequentially with revenue up 14% and expenses up only 10%. I would point out on Slide 14 that highlights the continued improvement in our efficiency ratio. This quarter, we came in at 63%, driving another 3 points of improvement, reflecting revenue growth, increased marketing efficiency and slower growth in fixed expenses. So when you combine our strong revenue growth with our improved operating efficiency, we delivered $47 million in net income even after excluding the tax benefits in the quarter.

現在讓我們繼續討論開支。我們看到持續的積極經營槓桿，收入增長 14%，支出僅增長 10%。我會在幻燈片 14 中指出，它強調了我們的效率比的持續提高。本季度，我們達到了 63%，又推動了 3 個點的改善，反映了收入增長、營銷效率提高和固定費用增長放緩。因此，當您將我們強勁的收入增長與我們提高的運營效率結合起來時，即使不包括本季度的稅收優惠，我們也實現了 4700 萬美元的淨收入。

Now turning to the balance sheet. Our capital position at 16.7% CET1 at the bank remained strong, and we grew consolidated tangible book value by over $300 million year-over-year, primarily reflecting earnings over the period and the release of the deferred tax asset valuation allowance this quarter. The effect of the tax benefit increased our tangible book value by $152 million and regulatory capital by approximately $85 million. The timing of the recognition of the deferred tax asset was due to our strong financial performance and forecast for continued profitability with our marketplace model.

現在轉向資產負債表。我們在銀行的 16.7% CET1 的資本狀況保持強勁，我們的綜合有形賬面價值同比增長超過 3 億美元，主要反映了該期間的收益和本季度遞延所得稅資產估值津貼的釋放。稅收優惠的影響使我們的有形賬面價值增加了 1.52 億美元，監管資本增加了約 8500 萬美元。確認遞延稅項資產的時間是由於我們強勁的財務業績和我們的市場模型對持續盈利的預測。

The additional capital generated by the release of the DTA allowance provides opportunities for us to strategically deploy capital in the second half of the year. And I want to remind everyone that our effective rate for the remainder of the year is expected to be in the 10% range. And starting in January 2023, our effective rate will be normalized to approximately 28%.

DTA免稅額釋放產生的額外資金為我們在下半年戰略性部署資金提供了機會。我想提醒大家，我們今年剩餘時間的有效率預計將在 10% 的範圍內。從 2023 年 1 月開始，我們的有效利率將正常化到大約 28%。

Now let's turn to our outlook for the year. We are maintaining our guidance of revenues of $1.15 billion to $1.25 billion and earnings of $145 million to $165 million, excluding the tax benefit in the second quarter. And we're also maintaining our originations guidance for the year of $13 billion to $13.5 billion. In the first half of 2022, we earned $620 million of revenue and $88 million of net income, excluding the tax benefit. We feel great about our outperformance in the first half and are positioned well to navigate the back half.

現在讓我們轉向今年的展望。我們維持 11.5 億美元至 12.5 億美元的收入指引和 1.45 億美元至 1.65 億美元的收益指引，不包括第二季度的稅收優惠。我們還將維持 130 億美元至 135 億美元的年度指導。 2022 年上半年，我們獲得了 6.2 億美元的收入和 8800 萬美元的淨收入，不包括稅收優惠。我們對我們在上半場的出色表現感到非常滿意，並且能夠很好地駕馭後半場。

Before I get into the third quarter guide, I want to call out that the second half will be impacted by three things. One, the transition period Scott referenced where marketplace volume will be temporarily moderated to match investor demand during this time of rapid change in interest rates. We've already begun to increase borrower coupons, and we're doing it in a thoughtful and deliberate fashion to ensure we tightly manage credit performance. Two, you'll see us continue to prioritize growth in our held for investment portfolio and deploy some of the additional capital from the tax benefit into our high-quality prime held for investment portfolio. Our in-period revenue and earnings will reflect this investment. However, this investment sets us up for next year and the years ahead. And three, we will continue to actively manage our expense base.

在進入第三季度指南之前，我想指出下半年將受到三件事的影響。一，Scott 提到的過渡期，在利率快速變化的這段時間裡，市場交易量將暫時緩和以匹配投資者的需求。我們已經開始增加借款人的優惠券，並且我們正在以深思熟慮的方式進行，以確保我們嚴格管理信貸表現。第二，你會看到我們繼續優先考慮我們持有的投資組合的增長，並將稅收優惠中的一些額外資本投入到我們持有的高質量投資組合中。我們的期內收入和收益將反映這項投資。然而，這項投資讓我們為明年和未來幾年做好了準備。第三，我們將繼續積極管理我們的費用基礎。

With that as a backdrop, we expect year-over-year revenue growth of 14% to 22% in 3Q or $280 million to $300 million, and we expect net income to be between $30 million and $40 million.

在此背景下，我們預計第三季度收入同比增長 14% 至 22% 或 2.8 億美元至 3 億美元，我們預計淨收入將在 3000 萬美元至 4000 萬美元之間。

So as you can see, today, we're leaning more towards the bank-light part of our model, being more conservative on credit and using our low-cost deposit funding to grow our net interest income. Because we're already at scale, our model has a high percentage of variable costs, giving us operational leverage in multiple environments.

正如你所看到的，今天，我們更傾向於我們模型中的輕銀行部分，在信貸方面更加保守，並使用我們的低成本存款資金來增加我們的淨利息收入。因為我們已經達到規模，我們的模型具有很高比例的可變成本，從而使我們能夠在多種環境中發揮運營槓桿作用。

And in closing, we are managing this business for the long term and have a strong business model that will help us navigate through this uncertain environment.

最後，我們正在長期管理這項業務，並擁有強大的商業模式，這將幫助我們度過這個不確定的環境。

All right. Thanks, Tom. Before we turn it over to questions, I did want to share some bittersweet news. As you may have seen, together with our earnings announcement today, we shared that our CFO, Tom Casey, is planning to retire. Tom has had a long and distinguished career in finance, capped by his journey here at LendingClub, overseeing our transformation into the profitable marketplace bank that you have in front of you today. And in fact, it's partly because of the great financial footing we're on that Tom is comfortable that now is the right time for him to retire.

好的。謝謝，湯姆。在我們將其轉為問題之前，我確實想分享一些苦樂參半的消息。您可能已經看到，連同我們今天的收益公告，我們分享了我們的首席財務官 Tom Casey 計劃退休。湯姆在金融領域有著悠久而傑出的職業生涯，他在 LendingClub 的旅程結束了他的旅程，監督我們轉變為今天擺在您面前的有利可圖的市場銀行。事實上，部分原因是我們擁有良好的財務基礎，湯姆對現在是他退休的最佳時機感到滿意。

I'd add that during the 6 years we've been together, Tom has done so much for the company, overseeing our return to scale, built an incredible team, helped oversee our transformation into a marketplace bank with the acquisition of Radius, modernized our systems and reporting and helped shape and deliver on the company's strategy. So he's been an exceptional leader, partner, strategist and cheerleader. So his impact on me and the company can't be overstated.

我要補充一點，在我們在一起的 6 年裡，Tom 為公司做了很多工作，監督我們的規模恢復，建立了一支令人難以置信的團隊，通過收購 Radius 幫助監督我們向市場銀行的轉型，現代化我們的系統和報告，並幫助制定和實施公司的戰略。因此，他一直是傑出的領導者、合作夥伴、戰略家和啦啦隊長。所以他對我和公司的影響怎麼強調都不為過。

The great news is we found a fantastic hire in Drew LaBenne, Hopefully, you've all seen his background in the press release. Suffice to say, he comes extremely highly recommended with a fantastic experience of many well-respected organizations, and we think he's got the right combination of experience to lead us in our next chapter. And he's also a great guy. Looking forward to introducing all of you to him once he officially takes over on September 1. I further note that we plan an extended transition. I'll have the benefit of two CFOs, at least Tom in support capacity as we exit the year.

好消息是我們在 Drew LaBenne 找到了一位出色的員工，希望你們都在新聞稿中看到了他的背景。可以說，他在許多受人尊敬的組織中擁有豐富的經驗，受到高度推薦，我們認為他擁有正確的經驗組合，可以帶領我們進入下一章。而且他也是一個很棒的人。期待在他於 9 月 1 日正式接任後向大家介紹他。我進一步注意到，我們計劃延長交接時間。我將受益於兩名首席財務官，至少湯姆在我們今年退出時具有支持能力。

Anything to add, Tom?

湯姆，有什麼要補充的嗎？

Thanks, Scott. It has truly been a honor to be part of this incredible journey these last 6 years. I was drawn to the LendingClub by both its mission and its potential. It's really been one of the highlights of my career to help a company with so much potential truly coming to its own. We're better set than ever to help our 4 million and growing member base fees. We've also transformed this business financially.

謝謝，斯科特。在過去的 6 年裡，能夠參與這一令人難以置信的旅程真的很榮幸。我被 LendingClub 的使命和潛力所吸引。幫助一家具有如此巨大潛力的公司真正實現自己的目標確實是我職業生涯中的一大亮點。我們比以往任何時候都更好地幫助我們的 400 萬和不斷增長的會員基本費用。我們還在財務上改變了這項業務。

LendingClub is 15 years old, but we're just at the beginning of our most exciting chapter. I truly believe that LC is positioned to win as an advocate for consumers looking to find savings and pay less on their debt and also deliver strong returns to our shareholders for many, many years to come. With that, let's open it up for questions.

LendingClub 成立 15 年，但我們才剛剛開始我們最激動人心的篇章。我真的相信 LC 能夠成為消費者的倡導者，他們希望節省開支並減少債務支付，並在未來許多年為我們的股東帶來豐厚的回報。有了這個，讓我們打開它來提問。

(Operator Instructions) The first question is from the line of Bill Ryan with Seaport Research.

（操作員說明）第一個問題來自 Seaport Research 的 Bill Ryan。

And I wanted to extend a congrats, Tom, for your retirement. So I wanted to go -- I wanted to talk a little bit about this transition period. You talked about it on the Q1 call. When we spoke in June, you kind of brought it up. How should we expect that to play out? You discussed it in terms of its impact on volume in the second half of the year. But what are some of the aspects -- other aspects in the P&L that we might expect? Is it kind of the take rate, maybe a little bit less than the margin on your retained loans?

我想祝賀你，湯姆，你退休了。所以我想去——我想談談這個過渡期。你在第一季度電話會議上談到了它。當我們在 6 月份談話時，你提出來了。我們應該如何期望它發揮作用？您討論了它對下半年銷量的影響。但是，我們可能期望損益表中的某些方面 - 其他方面？它是一種收取率，可能比您保留貸款的保證金低一點嗎？

And then secondly, related to that, what is kind of the benchmark that we're looking at in terms of peak rates that investors use as their benchmark for their pricing and the loan rates that they're looking for?

其次，與此相關的是，我們正在尋找什麼樣的基準，即投資者將其用作定價基準的峰值利率和他們正在尋找的貸款利率？

So a couple of things in there, Bill. Let me kind of break them down. You're right. We've been talking about this for a while and basically even looking more than we thought even just last time we chatted about it. So the Fed's moving quickly. And then basically, what we're saying is, as Scott mentioned in his prepared remarks, that the forward curve is moving faster than what we think is prudent to move a coupon. So we're being very, very deliberate. We're moving the speed, but we're being very deliberate to make sure that we don't make credit mistakes along the way.

所以里面有幾件事，比爾。讓我把它們分解一下。你是對的。我們已經討論了一段時間，基本上甚至比我們上次討論它時所想的還要多。所以美聯儲行動迅速。然後基本上，正如斯科特在他準備好的評論中提到的那樣，我們所說的是，遠期曲線的移動速度比我們認為謹慎移動優惠券的速度更快。所以我們非常非常慎重。我們正在加快速度，但我們非常謹慎，以確保我們不會在此過程中犯下信用錯誤。

Having said that, as far as the impact on the rest of the income statement, what you're starting to see is the balance sheet and income statement working together. This quarter, we're very encouraged to see our marketing expense go down because there is a lot of demand, and we're able to select among the best borrowers and therefore, deliver the best credit we can in this environment. So you can see that our efficiency is improving, and we would expect that to continue in this type of transitional period.

話雖如此，就對損益表其餘部分的影響而言，您開始看到的是資產負債表和損益表協同工作。本季度，我們很高興看到我們的營銷費用下降，因為需求量很大，我們能夠在最好的借款人中進行選擇，因此在這種環境下提供我們所能提供的最好的信貸。所以你可以看到我們的效率正在提高，我們預計這種情況會在這種過渡時期繼續下去。

Obviously, we mentioned also, we're working on other fixed expenses. We already have delayed some hiring to be reflective of the current environment. As far as the details, keep in mind that all investors are not the same. We have a number of banks on our platform that are not subject to the same level of market rate changes. Deposit rates have not moved very much at all. And so they are continuing to buy at similar levels that they were there before. In fact, some have actually increased their order book as coupons are moving and their ability to get higher risk-adjusted returns.

顯然，我們還提到，我們正在處理其他固定費用。我們已經推遲了一些招聘以反映當前的環境。至於細節，請記住，所有投資者都不相同。我們平台上有許多銀行不受相同水平的市場利率變化的影響。存款利率根本沒有太大變化。因此，他們繼續以與以前相似的水平進行購買。事實上，隨著優惠券的流動以及他們獲得更高風險調整回報的能力，一些人實際上已經增加了他們的訂單。

We don't have a lot of folks that use the ABS market at all, and so they're not dealing with a high cost of liquidity risk that you're seeing others have been to deal with. And so overall, though, there is a higher cost of funding as the Fed is moving. The forward curve has moved in sympathy of that, ahead of the Fed moving. And so each investor has got a slightly different set of circumstances that they're dealing with, and we're working closely with them to manage through this transition, but we think it's transitory.

我們根本沒有很多人使用 ABS 市場，因此他們沒有處理您看到其他人一直在處理的高流動性風險成本。但總的來說，隨著美聯儲的行動，融資成本會更高。在美聯儲采取行動之前，遠期曲線已經與此相呼應。因此，每個投資者面臨的情況略有不同，我們正在與他們密切合作以應對這一過渡，但我們認為這是暫時的。

We know that this does -- that it will eventually either slow down or stop, and they even someday maybe have to go back down. So there is a strength in the model to be able to work our way through it.

我們知道確實如此——它最終會放慢速度或停止，甚至有一天他們可能不得不倒退。因此，該模型有一種優勢，可以通過我們的方式進行工作。

And then finally, I want to highlight what I said in my prepared remarks, we also want to continue to grow the balance sheet. So with slightly lower volumes, you may see our percentage of retention go up. But we want to continue to deploy our capital to grow the future earnings of the business and then continue to increase the recurring revenue stream. We had 41% this quarter. We'd like to see that number continue to grow.

最後，我想強調我在準備好的講話中所說的話，我們還希望繼續擴大資產負債表。因此，在銷量略低的情況下，您可能會看到我們的留存百分比上升。但我們希望繼續部署我們的資本來增加業務的未來收益，然後繼續增加經常性收入流。本季度我們有 41%。我們希望看到這個數字繼續增長。

And just kind of related to that, when interest rates do kind of hit their peak, what's kind of a lag? Is it 2 months, 3 months that you kind of anticipate before it fully catches up? A little bit longer than that, just based on your history?

與此有關，當利率確實達到頂峰時，滯後是什麼？在它完全趕上之前，您預計會是 2 個月、3 個月嗎？比這長一點，只是根據你的歷史？

Well, I don't think we've had history where we're moving at 75 basis for the Fed move. But I think that, clearly, there's a period of time where we will catch up. I think we're -- it's a little premature to think about exactly when that would happen, but we're prepared for that. It's not something that will be a shock to us.

好吧，我不認為我們有過以 75 個基點移動美聯儲行動的歷史。但我認為，很明顯，我們會在一段時間內趕上。我認為我們現在考慮確切的時間還為時過早，但我們已經為此做好了準備。這不會讓我們感到震驚。

And we can talk a little bit about, Bill, where we are today, right? Before today, the prime rate had moved about 150 basis points. Credit cards have already moved 130. So if you look at the average credit card rates, they've already absorbed most of that up through today's Fed move. And so as credit cards move, we can move and still provide the exact same value to our consumer that we were providing before. So that...

我們可以談談，比爾，我們今天在哪裡，對吧？在今天之前，最優惠利率已經移動了大約 150 個基點。信用卡已經上漲了 130 美元。因此，如果您查看信用卡的平均利率，他們已經通過今天的美聯儲行動吸收了大部分利率。因此，隨著信用卡的移動，我們可以移動並仍然為我們的消費者提供與我們之前提供的完全相同的價值。以便...

And in a fixed rate.

並以固定費率。

Yes, into a lower fixed rate environment. So that gives you a sense of kind of pretty much all of the major issuers had moved as of today to adjust to the prior Fed move.

是的，進入較低的固定利率環境。所以這讓你有一種感覺，幾乎所有的主要發行人都已經採取行動，以適應美聯儲之前的舉措。

The next question is from the line of David Chiaverini with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 David Chiaverini。

Starting off with the valuation allowance, the reversal of it and how that adds to your capital base. How much more capacity does this give you to retain loans? Over the past few quarters, you've retained 25%, 27%. Could we see 30% to 35% retained with this additional capital?

從估值津貼開始，它的逆轉以及如何增加您的資本基礎。這讓您保留貸款的能力有多大？在過去幾個季度中，您保留了 25%、27%。我們能看到 30% 到 35% 的資金被這些額外的資本保留下來嗎？

So I think a couple of things. What's happened inside the reserve release is that when we came into the acquisition of Radius, we had a very large net operating loss. Since that time, we've been generating quite a bit of taxable income. And so the net operating loss has actually come down, and we've actually created more deferred tax timing differences, but still a deferred tax asset. So with this release, we're releasing the reserve on the deferred tax assets in total. The deferred tax asset had two pieces, the NOL and the timing.

所以我想了幾件事。儲備釋放中發生的事情是，當我們開始收購 Radius 時，我們有非常大的淨經營虧損。從那時起，我們一直在產生相當多的應稅收入。所以淨營業虧損實際上已經下降，我們實際上創造了更多的遞延稅時間差異，但仍然是遞延稅資產。因此，在此版本中，我們將總共釋放遞延所得稅資產的準備金。遞延所得稅資產有兩個部分，NOL 和時間。

And so we do get capital benefit of about $85 million in the quarter, and that will continue to increase as the NOL continues to burn off and translate into a timing difference. So we feel like we've got additional capital available for us.

因此，我們在本季度確實獲得了約 8500 萬美元的資本收益，隨著 NOL 繼續消耗並轉化為時間差異，這將繼續增加。所以我們覺得我們有額外的資金可供我們使用。

As far as increasing the percentages, we've given a guide of 20% to 25%. We think that we've been able to go above that. But I'll be really clear. It's about capital deployment, if we have the capital, we will deploy it. We also, though, are balancing against the profitability. We want to be both a growth company as well as a profitable company. And you can see that we're very happy with the first half, and we're looking forward to the second half still being profitable.

至於增加百分比，我們給出了 20% 到 25% 的指導。我們認為我們已經能夠超越這一點。但我會很清楚。這是關於資本部署，如果我們有資本，我們就會部署它。不過，我們也在權衡盈利能力。我們既想成為一家成長型公司，又想成為一家盈利公司。你可以看到我們對上半年非常滿意，我們期待下半年仍然可以盈利。

Now we need them both. We need the earnings, and we need the capital to be able to deploy. But make no mistake, we want to continue to increase the percentage of retention that we can in order to increase the amount of recurring revenue we have off balance sheet. We think that's a competitive advantage and the faster we can increase that, the better. And it's about trade-offs and managing both the revenue growth, the earnings growth and the balance sheet growth, all those together.

現在我們兩個都需要。我們需要收益，我們需要能夠部署的資金。但請不要誤會，我們希望繼續增加保留的百分比，以增加我們在資產負債表外的經常性收入。我們認為這是一種競爭優勢，我們越快增加它就越好。這是關於權衡和管理收入增長、收益增長和資產負債表增長，所有這些。

Got it. That makes sense. And then shifting to the implied lower originations in the third quarter. It sounds like it's more of a marketplace demand issue versus a consumer loan demand issue. And if that's the case of consumer loan demand is still strong, I'm assuming that will enable you to be more selective with your underwriting and that credit quality could maintain this really strong clip, even if we do head into a recession next year.

知道了。那講得通。然後轉向第三季度隱含的較低來源。這聽起來更像是市場需求問題而不是消費者貸款需求問題。如果消費貸款需求仍然強勁，我認為這將使您在承保方面更有選擇性，並且即使我們明年確實陷入衰退，信用質量也可以保持這種非常強勁的水平。

Yes, that's right. We are seeing -- and you see it in the results, very strong borrower response rates, very strong borrower take rates. And as I talked about in my prepared remarks, we are leveraging that. In addition to moving on coupons, as credit card rates move, we're also being selective with our credit to get more yield to investors by really kind of top grading the overall base we're pulling through. And we're able to do that while still seeing improvements in our efficiency in the marketing. So that is working in our favor.

是的，這是正確的。我們正在看到——你在結果中看到了，非常高的借款人反應率，非常高的借款人接受率。正如我在準備好的發言中所說，我們正在利用這一點。除了使用優惠券，隨著信用卡利率的變化，我們還通過對我們正在拉動的整體基礎進行真正的頂級評級來選擇我們的信用，以便為投資者獲得更多收益。我們能夠做到這一點，同時仍然看到我們的營銷效率有所提高。所以這對我們有利。

And then the last one for me is just on the deposit growth, which was very strong in the quarter once again, and you mentioned about the high-yield savings product being a key driver there. Can you talk about the outlook and the competitiveness of your rate versus others? And if we can expect to continue to see strong deposit growth here?

然後對我來說最後一個是存款增長，這在本季度再次非常強勁，您提到高收益儲蓄產品是那裡的主要驅動力。您能談談您的費率與其他人相比的前景和競爭力嗎？如果我們可以期待在這裡繼續看到強勁的存款增長？

Yes. Thanks. So we did have another good quarter. Deposits were up about $500 million, $600 million. We've been running with quite a bit of cash in the first half of the year, over $1 billion. Highlight a couple of things.

是的。謝謝。所以我們確實有另一個好季度。存款增加了約5億美元，6億美元。今年上半年，我們一直在用相當多的現金運營，超過 10 億美元。突出幾件事。

We did start participating in the high-yield savings market. We're continuing to do that. Even with that higher cost of funding growth, we're still seeing very, very attractive NIM. This quarter, actually the NIM expanded to 8.7%. And that's really benefiting from the remix of our consumer loans.

我們確實開始參與高收益儲蓄市場。我們將繼續這樣做。即使資金增長成本更高，我們仍然看到非常非常有吸引力的 NIM。本季度，實際淨息差擴大至 8.7%。這確實受益於我們的消費貸款的重新組合。

As far as going forward, I don't think we'll see the same level of deposit growth in 3Q. We did prefund some of our deposit expectations for the year in the first half. We also are deemphasizing some of the banking as a service deposits that we announced last year, so some of that will be coming off in the third quarter. And we had some unique situations with one of our union pension plans that had a large deposit. So I wouldn't expect the same level of growth in 3Q as we saw in 2Q. We continue to see great opportunity to fund, and we'll continue to see a remix of our deposits going forward, but feel very, very good about our position.

就未來而言，我認為我們不會在第三季度看到相同水平的存款增長。我們確實為上半年的一些存款預期提供了預付款。我們也正在淡化我們去年宣布的一些銀行即服務存款，因此其中一些將在第三季度取消。我們的一個工會養老金計劃有一些獨特的情況，該計劃有大量存款。因此，我預計第三季度不會出現與第二季度相同的增長水平。我們繼續看到巨大的融資機會，我們將繼續看到我們存款的重新組合，但我們對我們的位置感覺非常非常好。

Next question is from the line of Michael Perito with KBW.

下一個問題來自 Michael Perito 與 KBW 的對話。

I wanted to start on the -- just on the credit outlook. We kind of have this interesting dynamic going on currently. And I'm sure you guys are seeing something similar, where you have many of the banks and credit card companies commenting on kind of the good health of the consumer. But you have some of the other like retailers like Walmart commenting about seeing some cracks.

我想從信用前景開始。我們目前正在發生這種有趣的動態。而且我相信你們也看到了類似的情況，許多銀行和信用卡公司都在評論消費者的健康狀況。但是你有一些像沃爾瑪這樣的其他零售商評論說看到了一些裂縫。

And just kind of a two-part question. I guess, one, what's your view kind of, of the health of your customer today? And then secondly, you guys have been at this for quite a while with this unsecured personal lending product. I was wondering if you could maybe just remind us of some of your historical perspective in terms of where your customers kind of rank this credit relative to maybe other costs they might have, such as housing or cars or things of that nature. What your experience has been in terms of like credit priority with your customer base, I know many of which are repeat customers. Some color on those items would be great.

只是一個兩部分的問題。我想，第一，您對今天客戶的健康狀況有何看法？其次，你們使用這種無擔保的個人借貸產品已經有很長一段時間了。我想知道您是否可以提醒我們您的一些歷史觀點，即您的客戶相對於他們可能擁有的其他成本（例如住房或汽車或類似性質的東西）對該信用的排名。您在客戶群中的信用優先級方面的經驗，我知道其中許多是回頭客。這些物品上的一些顏色會很棒。

Yes. I'll start. So core consumer, we're continuing to see as very strong, both the leading and the lagging indicators. Overall delinquency levels, as I mentioned, are well below pre-pandemic and our expectations and other aspects such as prepayment levels remain elevated, which indicates they still have some cushion. -- their bank balances are stable. So we feel quite good about the health of our core customer. Again, higher income customers, so they're able to handle a little bit more of the overall inflationary pressure in the market.

是的。我會開始的。所以核心消費者，我們繼續看到非常強勁的領先指標和落後指標。正如我所提到的，總體拖欠水平遠低於大流行前，我們的預期和其他方面（如預付款水平）仍然較高，這表明它們仍有一些緩衝。 ——他們的銀行餘額穩定。因此，我們對核心客戶的健康狀況感到非常滿意。同樣，收入較高的客戶，因此他們能夠應對市場上更多的整體通脹壓力。

Now we do have the benefit of seeing a broad range of customers, right? And then so while that's our core customer and represents all that we're holding on the balance sheet, as we've indicated before, about 15% of our issuance is to near prime. And there, overall, we feel good about the performance. But if you pick up the magnifying glass and look, where you can see signs of payment stress would be where you would expect, lower income, higher risk customers who are feeling it at the gas pump, they're feeling it at the grocery store. And so that's why our ability to really make changes to who we're offering loans to right now to kind of select the right part of the base is how we're managing that to drive the returns for investors.

現在我們確實有看到廣泛的客戶的好處，對吧？然後，雖然這是我們的核心客戶，代表了我們在資產負債表上持有的所有東西，正如我們之前所指出的，但我們發行的大約 15% 接近黃金。總的來說，我們對性能感覺良好。但是如果你拿起放大鏡看，你可以看到支付壓力的跡象，這就是你所期望的，低收入，高風險的客戶在加油站感受到它，他們在雜貨店感受到它.這就是為什麼我們能夠真正改變我們現在向誰提供貸款以選擇基礎的正確部分的能力是我們如何管理它以推動投資者回報的原因。

In terms of your question on payment hierarchy. Both our data and independent data to you did a study within the last couple of years, puts personal loan in the payment hierarchy right around or slightly above actually credit card. And so we do believe we've got a positive select with our customer base in that they are -- they come to us because they're looking to improve their financial condition. And as we've shared in the past, this is something they view -- they call themselves members in the club. They do come back over time, and so they do value their relationship. And so that's where it falls.

就您關於付款層次結構的問題而言。我們的數據和您的獨立數據都在過去幾年中進行了一項研究，將個人貸款置於實際信用卡附近或略高於實際信用卡的支付層次中。因此，我們確實相信我們已經從我們的客戶群中得到了積極的選擇，因為他們來找我們是因為他們希望改善他們的財務狀況。正如我們過去分享的那樣，這是他們的看法——他們稱自己為俱樂部的成員。他們確實會隨著時間的推移回來，所以他們確實重視他們的關係。這就是它的落腳點。

But the way -- I'll just call out. For those of you on the call who are familiar with how cards work, it's hard to compare cards and PL apples-to-apples just because there's different dynamics of portfolio. Just as an example, cards, about half of the balance [is a factor], right? So when you look at overall portfolio delinquency levels, they look artificially lower because half of the people pay them off every month. But when you actually look at delinquencies on people carrying a balance are actually higher than personal loan. So we can go into that offline if that's interesting for you.

但順便說一句——我會叫出來的。對於那些熟悉卡片如何運作的電話會議的人來說，很難僅僅因為投資組合的動態不同而比較卡片和 PL 蘋果對蘋果。舉個例子，卡，大約一半的餘額[是一個因素]，對吧？因此，當您查看整體投資組合拖欠水平時，它們看起來人為地降低了，因為有一半的人每月還清它們。但是，當您實際查看持有餘額的人的拖欠率實際上高於個人貸款時。因此，如果您對此感興趣，我們可以離線進行。

No, that's helpful perspective. Certainly, it's an interesting time for the consumer. Secondly, I wanted to ask just on the variable marketing cost. I think historically, at one time or another, you guys have talked about that being in the 1.9% to 2% range of originations over a period of time. It seems like there's been a few quarters now where you guys have been running below that. Just curious, is there anything to read into that? Or are you guys seeing better kind of word of mouth referral and just less need for marketing to drive origination growth? Or is that something that just can jump around and more just in a period year where it's been a little bit lower on a relative basis?

不，這是有用的觀點。當然，這對消費者來說是一個有趣的時期。其次，我想問一下可變營銷成本。我認為從歷史上看，你們曾經說過，在一段時間內，這一比例在 1.9% 到 2% 的範圍內。似乎有幾個季度你們一直低於這個水平。只是好奇，有什麼要讀的嗎？或者你們是否看到了更好的口碑推薦，並且更少需要營銷來推動原創增長？還是只是在一個相對較低的時期內，它可以跳來跳去，甚至更多？

Yes, I think we've been running pretty efficiently really just for quite some time, but really starts to show itself with the bank. I'd say that when we came into the year, we told you we were going to invest in three things, right? Told you we were going to invest in new members, growing the balance sheet and our tech road map. And while we continue to be very, very pleased with our new member growth, what Scott said earlier, the demand and the fact that we're being very selective is driving efficiency in the marketing. It's just that's the model. So we are benefiting from that.

是的，我認為我們已經相當有效地運行了一段時間，但真正開始在銀行中展示自己。我想說的是，當我們進入這一年時，我們告訴過你我們將投資三件事，對吧？告訴過你我們將投資新成員，擴大資產負債表和我們的技術路線圖。雖然我們繼續對我們的新成員增長感到非常非常滿意，但正如斯科特之前所說，需求和我們非常有選擇性的事實正在推動營銷效率。這只是模型。所以我們從中受益。

But it gives us a competitive advantage if we wanted to reach for additional growth. But we've been now sitting at 1.6%, 1.7% for the last 4 quarters. We gave the guide of about 1.9% to 2%. We knew that we would have some additional deposit marketing, for example. But obviously, we're pleased. We're always trying to drive better results. But we think that right now, this just feels like the right level. Maybe we'll see a little more. But in other parts of the cycle, maybe we'll see us investing more. But this is best-in-class by far. And so if we want to dial up marketing, dial down marketing, depending on the environment, that we think that's a real competitive advantage for us.

但如果我們想實現額外增長，它會給我們帶來競爭優勢。但我們現在一直處於 1.6%，過去 4 個季度為 1.7%。我們給出了大約 1.9% 到 2% 的指導。例如，我們知道我們會有一些額外的存款營銷。但顯然，我們很高興。我們一直在努力取得更好的結果。但我們認為，現在，這感覺就像是正確的水平。也許我們會看到更多。但在周期的其他部分，也許我們會看到我們投資更多。但這是迄今為止同類產品中最好的。因此，如果我們想增加營銷，減少營銷，取決於環境，我們認為這對我們來說是一個真正的競爭優勢。

Got it. Helpful. And then just lastly for me, just on -- to follow up on the deposit question. And I apologize if I missed this, but do you guys have any kind of new or updated thoughts or stats around kind of customers that are utilizing your deposits? Are you seeing a lot of overlap between many of your lending customers at this time? Or is it still bringing in new faces to the club? How are you guys kind of viewing some of the successes you've had there as that portfolio has grown?

知道了。有幫助。最後對我來說，就在- 跟進存款問題。如果我錯過了這一點，我深表歉意，但是你們對使用您存款的客戶有什麼新的或更新的想法或統計數據嗎？您目前是否看到許多貸款客戶之間有很多重疊？還是它仍在為俱樂部帶來新面孔？隨著投資組合的增長，你們如何看待在那裡取得的一些成功？

Yes. Not much to report there yet. I think we've shared with you that this is one of the areas that we want to focus on, which is connecting folks that are borrowing from us with their primary checking account. We have been industrializing the acquisition of Radius and getting their pipes to be able to handle the scale. And that's something that we look forward to talking about in the future. But it is something that we think is an opportunity for us to further engage with our members as they all have checking accounts and savings accounts. And we think we can provide them with very attractive services and give them a fair rate on their money. And I think that's where we're going.

是的。還沒有太多要報告的地方。我想我們已經與您分享了這是我們想要關注的領域之一，即將向我們藉款的人們與他們的主要支票賬戶聯繫起來。我們一直在對 Radius 的收購進行工業化，並讓他們的管道能夠處理規模。這是我們期待在未來談論的事情。但我們認為這是我們與會員進一步接觸的機會，因為他們都有支票賬戶和儲蓄賬戶。我們認為我們可以為他們提供非常有吸引力的服務，並給他們一個公平的價格。我認為這就是我們要去的地方。

But the high-yield savings we're getting right now, that's really open market. Our core customer, we are enthusiastic and have a clear sense of what banking services would be value-add to guests specifically from LendingClub. But they're not going to be a big source of deposits, right? They're individual checking and savings balances are in the single-digit thousands. So where we're going right now for funding is the open market.

但是我們現在得到的高收益儲蓄，真的是開放的市場。我們的核心客戶，我們充滿熱情，並且清楚了解哪些銀行服務可以為 LendingClub 的客人增值。但它們不會成為存款的主要來源，對吧？它們是個人支票，儲蓄餘額為數千。所以我們現在要去的地方是公開市場。

Tom, I know we haven't [overlapped long], but good luck in your career and congratulations on your retirement.

湯姆，我知道我們沒有[重疊太久]，但祝你職業生涯好運，並祝賀你退休。

Thank you.

謝謝你。

The next question is from the line of Giuliano Bologna.

下一個問題來自 Giuliano Bologna。

I guess my first question (inaudible). I'm curious if you're seeing any changes in buyer demand on the marketplace and if that's shifted your buybacks in a sense of what you're taking on your balance sheet? And if that's -- or if that's impacted what happened this quarter where you kind of dialed up retention.

我想我的第一個問題（聽不清）。我很好奇你是否看到市場上買家需求的任何變化，以及這是否改變了你的回購在你資產負債表上的某種意義上？如果那是 - 或者這是否影響了本季度發生的事情，你有點提高了保留率。

And then along the same lines, similar topic. I'm curious if -- the change in yield that will get from a balance sheet perspective came down into the, call it 14.2%, which is, say, down almost 100 basis points on the -- from an unsecured personal loan yield. If I look at the presentation, the coupons down 50 basis points for the portfolio. I'm curious what's driving that move or if there was anything impacted that in the quarter.

然後沿著同樣的路線，類似的話題。我很好奇——從資產負債表的角度來看，收益率的變化是否會下降到 14.2%，也就是說，從無抵押個人貸款收益率下降近 100 個基點。如果我看一下演示文稿，投資組合的優惠券下降了 50 個基點。我很好奇是什麼推動了這一舉措，或者本季度是否有任何影響。

Yes, a couple of things. Clearly, the buyer demand is modulating. Like I said, folks that are not subject to changes in funding have different points of view than others that are more, more significant.

是的，有幾件事。顯然，買家需求正在調整。就像我說的那樣，不受資金變化影響的人的觀點與其他更重要的人不同。

Sorry to interrupt, Tom. And that plays out -- Giuliano, that plays out kind of on the credit spectrum. Meaning, banks, credit unions are less sensitive to the rate funding environment than, call it, an asset manager. And so therefore, where, as we indicated, kind of that bank -- the bank paper demand is relatively strong because it's less influenced by the current environment.

抱歉打擾了，湯姆。這發揮了作用——朱利亞諾，在信用範圍內發揮了作用。這意味著，銀行、信用合作社對利率融資環境的敏感度不如資產管理公司。因此，正如我們所指出的那樣，銀行票據需求相對強勁，因為它受當前環境的影響較小。

Yes, that's right. And I think the other thing that we're also seeing is that with our ability to generate our own deposits allows us to go to higher quality credit as well. And so you're seeing that with lower yields in our consumer portfolio. I mentioned that last quarter. You're seeing it again this quarter. You're going to see it again next quarter because our ability to put on high-quality loans in this environment are very attractive risk-adjusted returns. So that's what you're seeing.

是的，這是正確的。而且我認為我們還看到的另一件事是，憑藉我們產生自己存款的能力，我們也能夠獲得更高質量的信貸。因此，您會在我們的消費組合中看到較低的收益率。我在上個季度提到過。本季度您將再次看到它。您將在下個季度再次看到它，因為我們在這種環境下提供高質量貸款的能力是非常有吸引力的風險調整後回報。這就是你所看到的。

Our ability to support our members, our ability to actually go up in the quality spectrum in this environment is really the result of all the work we've done to become the marketplace bank we are today. And that's a real competitive advantage for us. So our ability to create mix of product for investors that have different field thresholds, that's part of the real benefit of the marketplace and our full spectrum offering. And we're working very hard to meet the risk-adjusted returns that our investors are seeking.

我們支持我們的成員的能力，我們在這種環境中實際提高質量範圍的能力，實際上是我們為成為今天的市場銀行所做的所有工作的結果。這對我們來說是一個真正的競爭優勢。因此，我們有能力為具有不同領域門檻的投資者創造產品組合，這是市場和我們全方位產品的真正好處的一部分。我們正在努力滿足我們的投資者正在尋求的風險調整後的回報。

Very (inaudible). Very helpful. And on a bit of a different topic. Obviously enough, you have a decent balance sheet. There will be some changes, and I want to make sure I heard you correctly during the prepared remarks. It sounds like what you were saying was the tax rate to remain roughly stable where it's been recently until the end of the year. I know it can move higher in 2023. I think you had some room like (inaudible) this room, 10% to 12% or somewhere in that ZIP code for the balance of the year and then jumping up higher. Is that the right way to think about it or if you could...

非常（聽不清）。非常有幫助。還有一點不同的話題。顯然，你有一個不錯的資產負債表。會有一些變化，我想確保我在準備好的評論中正確地聽到了你的聲音。聽起來你說的是稅率在最近的水平上保持大致穩定，直到今年年底。我知道它可以在 2023 年走得更高。我認為你有一些空間，比如（聽不清）這個房間，10% 到 12% 或者在今年餘下的那個郵政編碼中的某個地方，然後跳得更高。這是正確的思考方式嗎，或者您是否可以...

Yes, I want to be crystal clear for everybody. The effective rate in the second half of 2022 will be approximately 10%. And the result of that deferred tax asset reserve being released will result in the effective rate for 2023, January 1, of 28%. So that is obviously a big, big increase in our tangible book value, but it does decrease our effective rate. Now I don't believe we'll be paying taxes for quite some time, but the accounting convention will increase our effective rate.

是的，我想對每個人都一清二楚。 2022年下半年有效率約為10%。釋放遞延所得稅資產儲備的結果將導致 2023 年 1 月 1 日的有效稅率為 28%。因此，這顯然是我們有形賬面價值的巨大增長，但它確實降低了我們的有效利率。現在我不相信我們會在相當長的一段時間內納稅，但會計慣例會提高我們的有效稅率。

That's perfect. That's very helpful. And I want to make sure I got that right because subject to move numbers around for now to get the tax a little different here.

那很完美。這很有幫助。而且我想確保我做對了，因為現在要移動數字以使這裡的稅收有所不同。

Then I was curious on the -- when you think about retention, is there an upper boundary in the near term around the percentage of originations that you'd be willing to retain from a percentage perspective? Or is there any kind of -- do you have any kind of like how high you'd be willing to go if volumes came down a bit or it's really more capital-driven (inaudible) how much you're willing to retain?

然後我很好奇 - 當您考慮保留時，從百分比的角度來看，您願意保留的原始百分比在短期內是否存在上限？或者是否有任何類型的 - 如果交易量下降一點，或者它真的更多是資本驅動（聽不清）你願意保留多少，你有沒有任何一種喜歡？

Yes. I think you got to look at the notional dollars. The percentage itself is interesting, but it does vary based upon the seasonality of the individual quarter. This quarter, we did $1 billion of $3.6 billion, so just around 26%, 27%. So we feel like that was obviously just a coincidence of the same number percentage last quarter, but we grew 20%. So I really would focus on the notional.

是的。我認為你必須看看名義上的美元。百分比本身很有趣，但它確實會根據各個季度的季節性而有所不同。本季度，我們做了 36 億美元中的 10 億美元，所以只有 26%、27% 左右。所以我們覺得這顯然只是上個季度相同百分比的巧合，但我們增長了 20%。所以我真的會專注於概念。

And now from a notional dollar perspective, that's going to be driven by the amount of capital, the earnings to be able to handle the provision for CECL, funding levels as well. And so all those things have to be considered. And we've been giving you, I think, consistently, we are motivated to hold more loans because they earn more -- they earn 3x as much money. So we see this as a great opportunity in this market to continue to build the balance sheet. Our ability to go into higher quality loans, they'll get risk-adjusted returns that are very attractive to support our member base and position us for predictable, resilient earnings in 2023. We think that's a pretty good profile for the back half of the year. You'll see us continue to do that.

現在從名義美元的角度來看，這將受到資本數量、能夠處理 CECL 撥備的收益以及資金水平的驅動。所以所有這些事情都必須考慮。我們一直在給你，我認為，我們一直有動力持有更多的貸款，因為他們賺得更多——他們賺的錢是他們的 3 倍。因此，我們認為這是該市場繼續建立資產負債表的絕佳機會。我們有能力提供更高質量的貸款，他們將獲得風險調整後的回報，這些回報對支持我們的會員基礎非常有吸引力，並使我們在 2023 年獲得可預測的、有彈性的收益。我們認為這對於後半部分來說是一個相當不錯的情況年。你會看到我們繼續這樣做。

Congratulations on your retirement.

祝賀你退休。

Thanks.

謝謝。

Thank you for your question. There are currently no further questions registered. (Operator Instructions)

謝謝你的問題。目前沒有登記其他問題。 （操作員說明）

Okay. So while we wait for any additional questions on the queue, we just have a question, one question from a retail investor, who is asking about sort of the competitive environment with companies such as Upstart, the preannounced negative results and then contrasting it with LendingClub's results in the second quarter and why it looks like that the divergence between negative results from some companies and positive results from LendingClub. So what's driving that? And can you talk about what's going on in the environment competitively?

好的。因此，當我們等待隊列中的任何其他問題時，我們只有一個問題，一個來自散戶投資者的問題，他詢問與 Upstart 等公司的競爭環境，預先宣布的負面結果，然後將其與 LendingClub 的第二季度的結果以及為什麼看起來一些公司的負面結果與 LendingClub 的正面結果之間存在差異。那麼是什麼驅動了它呢？你能談談競爭環境中正在發生的事情嗎？

I guess, I'll just highlight a couple of unique aspects of our business. One is obviously the bank charter, which is both a vertical integration of the model and gives us a whole different income stream and interest income. That's a big contributor to the results. The second is our focus is on a prime base. And within the prime base on the marketplace side, as we talked about last quarter, we've quite deliberately built up an investor base that we believe will be less sensitive to the rising rate environment. And so you kind of see that in our Q2 results, the ability to deliver the loan growth. Those are -- then the third thing is that we're continuing to see right now very strong credit performance. And so that builds investor confidence, especially at a time where there's some increasing anxiety about the direction of the economy. So...

我想，我只會強調我們業務的幾個獨特方面。一個顯然是銀行章程，它既是模型的垂直整合，又為我們提供了完全不同的收入流和利息收入。這對結果有很大貢獻。第二個是我們的重點是一個主要的基地。正如我們上個季度所談到的，在市場方面的主要基礎上，我們非常有意識地建立了一個投資者基礎，我們認為該基礎對利率上升的環境不那麼敏感。因此，您可以在我們的第二季度業績中看到實現貸款增長的能力。這些是 - 然後第三件事是我們現在繼續看到非常強勁的信貸表現。因此，這建立了投資者的信心，尤其是在對經濟方向越來越焦慮的時候。所以...

I think those are right. The only thing I would add is the scale. With our 4 million members, that drives a lot of flywheel on the marketing. More members, [base core] members and allows us to really differentiate on the marketing side. And frankly, our members perform better. So -- on the credit side as well. So we -- building up that member base has really been 15 years in the making and one that we continue to prioritize and focus on that relationship we have with them every quarter.

我認為這些是對的。我唯一要補充的是規模。憑藉我們的 400 萬會員，這在營銷上推動了很多飛輪。更多成員，[基本核心]成員，讓我們在營銷方面真正與眾不同。坦率地說，我們的成員表現更好。所以 - 在信用方面也是如此。因此，我們 - 建立會員基礎確實已經有 15 年的時間了，我們將繼續優先考慮並關注我們每個季度與他們建立的關係。

Very terrific. Well, it seems like we don't have any more questions in the queue. So thank you all for joining us on today's earnings call. If you have any more questions, feel free to reach out to the Investor Relations team. Thank you.

非常棒。好吧，我們的隊列中似乎沒有更多問題了。因此，感謝大家加入我們今天的財報電話會議。如果您還有任何問題，請隨時聯繫投資者關係團隊。謝謝你。

That concludes the LendingClub Second Quarter 2022 Earnings Call. Thank you for your participation. You may now disconnect your line.

LendingClub 2022 年第二季度財報電話會議到此結束。感謝您的參與。您現在可以斷開您的線路。