LendingClub Corp (LC) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's LendingClub 2Q '24 earnings conference call. My name is Sheila, and I will be your moderator for today. (Operator Instructions)

午安.感謝您參加今天的 LendingClub 2024 年第二季財報電話會議。我叫希拉，我將擔任今天的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Artem Nalivayko, Head of Investor Relations. Artem, you may proceed.

現在我想將會議交給我們的東道主投資者關係主管 Artem Nalivayko。阿喬姆，你可以繼續了。

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

謝謝大家，下午好，歡迎參加 LendingClub 第二季財報電話會議。今天與我一起談論我們的業績的是執行長 Scott Sanborn；德魯·拉本尼，財務長。您可以在我們網站的投資者關係部分找到我們收益發布隨附的簡報。在電話會議上，除了分析師提出的問題外，我們還將回答一些透過電子郵件提交供考慮的問題。

Our remarks today will include forward-looking statements, including with respect to our competitive advantages and strategy, macroeconomic conditions, platform volume, future products and services and future business and financial performance.

我們今天的言論將包括前瞻性陳述，包括我們的競爭優勢和策略、宏觀經濟狀況、平台數量、未來產品和服務以及未來業務和財務表現。

Our 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 and presentation. Any forward-looking statements that we make on this call are based on current expectations and assumptions, and we undertake no obligation to update these statements as a result of new information or future events.

我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。今天的新聞稿和簡報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中所做的任何前瞻性陳述均基於當前的預期和假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

Our remarks also included non-GAAP measures relating to our performance, including tangible book value per common share, pre-provision net revenue and risk-adjusted revenue. You can find more information on our use of non-GAAP measures and a reconciliation to the most directly comparable GAAP measures in today's earnings release and presentation. And now I'd like to turn the call over to Scott.

我們的評論還包括與我們績效相關的非公認會計準則衡量標準，包括每股普通股有形帳面價值、撥備前淨收入和風險調整後收入。您可以在今天的收益發布和演示中找到有關我們使用非公認會計準則衡量標準的更多信息，以及與最直接可比的公認會計準則衡量標準的調節。現在我想把電話轉給史考特。

All right. Thank you, Artem, and welcome, everyone. I'm pleased to report that we had a strong quarter of growth with originations climbing 10% sequentially to $1.8 billion, pre-provision net revenue growing 13% to $55 million, and GAAP net income growing 21% to nearly $15 million all while sustaining our industry outperformance on credit, growing our balance sheet by nearly 9% year to date and continuing to innovate on a truly differentiated experience for our growing member base.

好的。謝謝你，阿爾喬姆，歡迎大家。我很高興地向大家報告，我們的季度成長強勁，初始營收季增10%，達到18 億美元，撥備前淨收入成長13%，達到5,500 萬美元，GAAP 淨收入成長21%，達到近1,500萬美元，同時保持我們的信貸表現優於行業，今年迄今我們的資產負債表增長了近 9%，並繼續創新，為我們不斷增長的會員群提供真正差異化的體驗。

We have calibrated the business to the current operating environment and have achieved a solid foundation from which to efficiently grow. Strong credit performance is key to that growth, supporting higher marketplace loan sales prices and maximizing risk-adjusted revenue from the balance sheet. Accordingly, it's worth highlighting that we continue to consistently outperform our competitive set with 40% better delinquency rates across all core segments we serve.

我們已經根據當前的營運環境調整了業務，並為高效成長奠定了堅實的基礎。強勁的信貸表現是這一成長的關鍵，支持更高的市場貸款銷售價格，並最大限度地提高資產負債表的風險調整收入。因此，值得強調的是，我們所服務的所有核心細分市場的拖欠率提高了 40%，繼續持續超越我們的競爭對手。

Our outperformance is due to several proprietary advantages, including dozens of custom models, visibility into millions of repayment events across varying economic environments. A team that brings decades of human experience and intelligence to interpreting signals and trends and an asset class and underwriting technology platform that allows us to rapidly respond to changing macro conditions.

我們的優異表現歸功於多項專有優勢，包括數十種客製化模型、對不同經濟環境中數百萬還款事件的可見性。一個團隊將數十年的人類經驗和智慧用於解釋訊號和趨勢，以及一個資產類別和承保技術平台，使我們能夠快速回應不斷變化的宏觀條件。

We're seeing strong returns with stable or improving credit losses across all vintages and within our held-for-investment portfolio, delinquencies and charge-offs are trending lower as expected as our portfolio ages. For marketplace investors, our strong credit stewardship combined with our bank enabled innovation is reinforcing our reputation as a partner of choice.

我們看到所有年份的強勁回報和穩定或改善的信用損失，並且在我們持有的投資組合中，隨著我們的投資組合的老化，拖欠和沖銷正呈下降趨勢。對於市場投資者來說，我們強大的信用管理與銀行支持的創新相結合，正在鞏固我們作為首選合作夥伴的聲譽。

That's driving heightened demand, which is supporting an increase in originations and incremental improvements in loan sales pricing. Our structured certificate program continues to provide buyers with an attractive alternative to warehouse lines or securitization. By holding the A-note, we generate fee revenue and capital efficient risk remote interest income without an upfront CECL charge.

這推動了需求的增加，從而支持了貸款發放量的增加和貸款銷售定價的逐步改善。我們的結構化證書計劃繼續為買家提供除倉庫線或證券化之外有吸引力的替代方案。透過持有 A 票據，我們可以產生費用收入和資本效率風險遠端利息收入，而無需預先支付 CECL 費用。

This past quarter, we crossed $3 billion in lifetime originations through the program with a solid pipeline of forward interest. We're also meeting investor demand through our extended seasoning program, which provides us with interest income until we sell the loans. We executed over $80 million in seasoned loan sales this past quarter with prices above our carrying value.

上個季度，我們透過該計劃實現了 30 億美元的終身發起，並擁有穩定的遠期利息管道。我們還透過延長期限計劃來滿足投資者的需求，該計劃為我們提供利息收入，直到我們出售貸款。上個季度我們執行了超過 8000 萬美元的成熟貸款銷售，價格高於我們的帳面價值。

Going forward, we plan to continue driving loan prices up by maintaining strong credit performance, continuing to innovate on products and structures that meet evolving investor needs and reengaging banks where we continue to have productive discussions in anticipation of sales beginning in the back half of this year.

展望未來，我們計劃透過保持強勁的信貸表現、繼續創新滿足不斷變化的投資者需求的產品和結構以及重新與銀行合作，繼續推動貸款價格上漲，預計今年下半年開始銷售。

Obviously, we also stand to benefit from improvements in loan sales pricing and deposit costs should the rate environment turn in our favor in line with current expectations. With strong credit performance and growing marketplace investor demand, we're well positioned to resume growth and help more customers pay off their credit card balances, which stand at historically high levels priced at historically high rates.

顯然，如果利率環境朝著有利於我們的方向發展，符合當前的預期，我們也將從貸款銷售定價和存款成本的改善中受益。憑藉強勁的信用表現和不斷增長的市場投資者需求，我們處於有利地位，可以恢復成長並幫助更多客戶還清信用卡餘額，這些餘額處於歷史高點且利率處於歷史高點。

We've already delivered real value for our 5 million members. These are highly sought-after customers who tend to be high FICO and high income, but also high users of debt. They are digitally savvy and eager to take steps to improve their financial outcomes and our personal loans are a tool they turn to for the tangible value we provide with over 80% saying our products help them keep more of what they earn in nearly 90% saying that LendingClub is help them successfully manage their overall debt burden.

我們已經為 500 萬會員提供了真正的價值。這些是備受追捧的客戶，他們往往具有高 FICO 和高收入，但也是高債務使用者。他們精通數位技術，渴望採取措施改善財務狀況，而我們的個人貸款是他們尋求我們提供的有形價值的工具，超過80% 的人表示我們的產品可以幫助他們保留更多收入，近90% 的人表示LendingClub 正在幫助他們成功管理整體債務負擔。

Strategically, we plan to use our industry-leading capabilities to efficiently acquire more of these customers, use our mobile app to engage them and keep them coming back and leverage our product innovation engine to build a lifetime lending relationship that serves their needs.

從策略上講，我們計劃利用我們行業領先的能力來有效地獲取更多此類客戶，使用我們的行動應用程式吸引他們並讓他們回來，並利用我們的產品創新引擎建立滿足他們需求的終身貸款關係。

Our Q2 results illustrate the promise of this strategy, we grew originations 10% this past quarter while maintaining flat unit acquisition costs, which are already at industry-leading levels. When loan sales pricing improves more materially, we'll be able to restart our inactive marketing channels to drive incremental originations growth. We're also benefiting from investments in efficiency elsewhere in the organization.

我們第二季的業績證明了這項策略的前景，上個季度我們的發起量成長了 10%，同時保持單位採購成本不變，這已經處於行業領先水平。當貸款銷售定價大幅改善時，我們將能夠重新啟動不活躍的行銷管道，以推動增量發放成長。我們也受惠於組織其他方面的效率投資。

Within servicing operations, for example, we've upgraded our systems increased automation and implemented digital servicing tools. As a result, we've lowered the operational cost to originate a personal loan by one-third in the past year. Our mobile app provides a powerful platform for engaging members after acquisition. Following a limited release earlier in the year, we began marketing the app for personal loan customers more broadly this quarter, leading to a doubling of first time downloads at the end of the quarter and a roughly 20% month-over-month increase in app users in June.

例如，在服務營運中，我們升級了系統，提高了自動化程度，並實施了數位服務工具。因此，我們在過去一年中將發放個人貸款的營運成本降低了三分之一。我們的行動應用程式為收購後吸引會員提供了一個強大的平台。繼今年稍早有限發布後，我們本季開始更廣泛地向個人貸款客戶行銷該應用程序，導致季度末首次下載量翻倍，應用程式月環比增長約 20%六月份的用戶。

With self-service functionality and the first phase of our comprehensive debt monitoring and management solution embedded in the app, mobile users are finding more reasons to engage with us. In fact, they're logging in about 20% to 25% more often than web-only users, providing a growing active and engaged audience for communicating new offers and services.

憑藉自助服務功能以及應用程式中嵌入的全面債務監控和管理解決方案的第一階段，行動用戶找到了更多與我們互動的理由。事實上，他們的登入頻率比純網路用戶高出約 20% 到 25%，從而為傳播新優惠和服務提供了越來越多的活躍和參與的受眾。

We're also seeing early signs of success in the app's ability to drive positive payment outcomes and to reengage in active members. As members engage with us more frequently, we can do more for them and build what we call a lifetime lending relationship. Today, about half of our members return for a second loan through an expedited process and this repeat behavior is important for several reasons.

我們也看到該應用程式在推動積極的支付結果和重新吸引活躍會員方面取得成功的早期跡象。隨著會員與我們的互動更加頻繁，我們可以為他們做更多的事情，並建立我們所謂的終身借貸關係。如今，我們大約一半的會員透過加急流程返回第二筆貸款，這種重複行為很重要，原因有幾個。

First, they returned to us at near-zero acquisition costs. Second, their credit performance is up to 20% better than new borrowers with a similar profile. Third, they have high satisfaction rates. In fact, our NPS score for repeat members grows after their second loan and keeps climbing as their relationship built. And fourth, their growing satisfaction leads 83% of our members to want to do more with us, which we're happy to accommodate.

首先，他們以接近零的採購成本回到我們身邊。其次，他們的信用表現比具有相似資格的新借款人高出 20%。三是滿意度高。事實上，我們對重複會員的 NPS 評分在第二次貸款後會不斷增加，並隨著他們的關係的建立而不斷攀升。第四，他們日益增長的滿意度導致我們 83% 的會員希望與我們一起做更多事情，我們很樂意滿足。

Doing more starts with meeting more of their lending needs through innovations like top-up, which allow existing members to obtain additional funds while maintaining one monthly payment. Early results are promising with strong response and take rates and a 93% satisfaction rate, which exceeds that of our flagship personal loan products.

做更多的事情首先要透過充值等創新來滿足更多的貸款需求，這允許現有會員在維持每月還款的同時獲得額外的資金。早期結果令人鼓舞，反應強烈，採用率高，滿意度高達 93%，超過了我們的旗艦個人貸款產品。

Clean Sweep, our new line of credit product that allows members to easily refinance newly accumulated debt and pay it back in installment plans is equally promising with early results above expectations and satisfaction at 90%. Products like these, which are uniquely enabled by our bank not only meet new use cases, but they form the basis of a lifetime lending relationship that can keep our members coming back.

Clean Sweep 是我們的新信貸產品，它允許會員輕鬆地為新累積的債務進行再融資並以分期付款計劃償還，它同樣有希望，早期結果超出預期，滿意度達到 90%。我們銀行獨家支援的此類產品不僅滿足新的用例，而且構成了終身貸款關係的基礎，可以讓我們的會員回頭客。

To enable us to offer these products to the right customer at the right time. And we recently launched a preapproval platform. We're already seeing benefits from the platform with higher offer in response rates and improved credit profiles. This preapproval infrastructure can be extended outside of LendingClub, and we see it as another potential opportunity for originations growth over the longer term.

使我們能夠在正確的時間向正確的客戶提供這些產品。我們最近推出了一個預審批平台。我們已經看到了該平台帶來的好處，包括更高的回應率和改善的信用狀況。這種預先批准的基礎設施可以擴展到 LendingClub 之外，我們認為這是長期內啟動成長的另一個潛在機會。

To test this thesis, we're currently piloting the solution with a partner. Before I turn it over to Drew, I'll conclude by saying that the company is well positioned for continued success. The historically rapid increase in rates and the resulting downstream impacts on the financial services sector has made for an extremely difficult operating environment these past two years.

為了測試這篇論文，我們目前正在與合作夥伴一起試用解決方案。在將其交給德魯之前，我最後要說的是，該公司已經做好了持續成功的準備。歷史上利率的快速上漲以及由此對金融服務業產生的下游影響，導致過去兩年的營運環境極為困難。

I'm incredibly proud of how the LendingClub team has risen to the challenge. As this quarter's results show, we have calibrated the business to this new environment and further streamlined and focused our operations, all of which will deliver outsized benefits as conditions improve. With a historic opportunity in front of us, I look forward to building on our momentum in the quarters ahead.

我對 LendingClub 團隊如何迎接挑戰感到無比自豪。正如本季度的業績所示，我們已經根據新環境調整了業務，並進一步簡化和集中了我們的運營，所有這些都將隨著情況的改善而帶來巨大的效益。歷史性的機會擺在我們面前，我期待在未來幾季繼續鞏固我們的勢頭。

With that, I'll turn it over to you, Drew.

這樣，我就把它交給你了，德魯。

Thanks, Scott. And I'll add that for the two years I've been here, I've been extremely impressed with how the LendingClub team has transformed the business and prepared for the future. With that, let me walk through the details of our second quarter results, starting with originations. As Scott mentioned, we originated over $1.8 billion, which is a 10% increase over the prior quarter and above the high end of our guidance range. The growth was driven by continued product innovation while maintaining tight underwriting standards.

謝謝，斯科特。我還要補充一點，我在這裡的兩年裡，LendingClub 團隊如何轉變業務並為未來做好準備，這給我留下了極其深刻的印象。接下來，讓我從起源開始詳細介紹我們第二季的業績。正如 Scott 所提到的，我們的初始資金超過 18 億美元，比上一季成長 10%，高於我們指引範圍的上限。這一增長得益於持續的產品創新，同時保持嚴格的承保標準。

On page 10, you can see the origination volumes of the four funding programs, which we described in detail on the prior page. The issuance in the quarter was once again led by our very successful structured certificate program, which accounted for $885 million of originations. We also sold $270 million of whole loans through the marketplace, accumulated $320 million for our held-for-sale extended seasoning program to meet future marketplace investor demand for seasoned loans, and we retained $335 million in our held-for-investment portfolio.

在第 10 頁，您可以看到四個資助計劃的原始金額，我們在上一頁詳細描述了這些計劃。本季的發行再次由我們非常成功的結構化證書計劃引領，該計劃的發行量達到 8.85 億美元。我們還透過市場出售了2.7 億美元的全部貸款，為我們的持有待售延長期限計劃積累了3.2 億美元，以滿足未來市場投資者對期限貸款的需求，並在持有投資組合中保留了3.35 億美元。

This quarter, you again saw us increase the amount of whole loans retained on our balance sheet to 36% of total originations, up from 32% in the prior quarter. This was comprised of the held for investment and extended seasoning program. This level of attention will allow us to keep hold loans on the balance sheet roughly flat through the remainder of the year, while maintaining the option to sell loans out of our extended seasoning portfolio at higher prices.

本季度，您再次看到我們將資產負債表上保留的全部貸款金額從上一季的 32% 增加到總貸款額的 36%。這包括投資目的和延長調味計劃。這種程度的關注將使我們能夠在今年剩餘時間內保持資產負債表上的持有貸款大致持平，同時保留以更高的價格從我們的擴展調味品組合中出售貸款的選擇。

Now let's move on to pre-provision net revenue or PPNR, which is total net revenue, less noninterest expense. PPNR was $55 million for the quarter and came in above our guidance. These results were driven by strong execution as well as a few unique items that I'll call out as they break down revenue and expense. Total revenue for the quarter was $187 million, up from $181 million in the prior quarter.

現在讓我們繼續討論預撥淨收入或 PPNR，它是總淨收入減去非利息費用。本季 PPNR 為 5500 萬美元，高於我們的指導。這些結果是由強大的執行力以及一些獨特的項目推動的，我將在它們細分收入和支出時指出這些項目。本季總營收為 1.87 億美元，高於上一季的 1.81 億美元。

Let's go into the two components of revenue, starting with noninterest income. Noninterest income was $59 million in the quarter, up marginally from the prior quarter. As I mentioned earlier, the improvement was primarily driven by higher marketplace loan originations and improved average loan sales pricing throughout the quarter, partially offset by fair value adjustments on loans held for sale.

讓我們從非利息收入開始討論收入的兩個組成部分。本季非利息收入為 5,900 萬美元，較上一季略有成長。正如我之前提到的，這項改善主要是由於市場貸款發放量的增加和整個季度平均貸款銷售定價的提高所推動的，但部分被持有待售貸款的公允價值調整所抵消。

I'd like to pause here to call out an important dynamic on how the yield on held-for-sale loans will flow through our income statement. These loans will generate a constant yield over the life of the loan. Assuming no change in cash flow assumptions. The revenue impact from held for sale loans will be reflected in both net interest income and noninterest income in the following way.

我想在這裡暫停一下，指出一個重要的動態，即持有待售貸款的收益率將如何流經我們的損益表。這些貸款將在貸款期限內產生恆定的收益率。假設現金流量假設沒有變動。持有待售貸款對收入的影響將透過以下方式反映在淨利息收入和非利息收入中。

The coupon will come through interest income, while the credit losses and changes in fair value, including any upfront discount, will come through the net fair value adjustments line within noninterest income. As the portfolio grows, this will result in higher net interest income, partially offset by incremental fair value adjustments. So going forward, the driver of net fair value adjustments will include the bulk of the above impacts in addition to the day one sales pricing on marketplace loans.

票面將透過利息收入產生，而信用損失和公允價值變動（包括任何前期折扣）將透過非利息收入中的淨公允價值調整線產生。隨著投資組合的成長，這將導致更高的淨利息收入，部分被增量公允價值調整所抵銷。因此，展望未來，除了市場貸款的第一天銷售定價之外，淨公允價值調整的驅動因素還將包括上述大部分影響。

Now let's move on to net interest income, which was $129 million in the quarter, up from $123 million in the prior quarter. The increase was primarily driven by growth in our interest-earning assets due to the growth in securities related to the structured certificates program as well as growth in the extended seasoning portfolio.

現在讓我們來看看淨利息收入，本季淨利息收入為 1.29 億美元，高於上一季的 1.23 億美元。這一增長主要是由於與結構性證書計劃相關的證券增長以及擴展調味品投資組合的增長而導致我們生息資產的增長。

Net interest income also benefited from one large structured certificate transaction that was accumulated over the quarter, it generated approximately $2 million of incremental revenue from the sale. Risk adjusted revenue, which is net revenue less provision for credit losses, increased to $152 million this quarter from $149 million in the prior quarter. We introduced this metric two quarters back as we believe it illustrates the lower risk nature of the assets we have been using to grow the balance sheet.

淨利息收入也受益於本季累積的一項大型結構性證書交易，該交易產生了約 200 萬美元的增量收入。風險調整後收入（即淨收入減去信貸損失撥備）從上一季的 1.49 億美元增至本季的 1.52 億美元。我們在兩個季度前引入了這個指標，因為我們相信它說明了我們一直用來擴大資產負債表的資產的風險較低。

On slide 12, you can see our net interest margin was flat this quarter at 5.75%, which is a result of improving yields on our interest-earning assets, offsetting the slowing pace of increase in our funding costs. We expect the net interest margin to be flat to slightly down in the third quarter and then begin to improve on a lag when the Fed lowers interest rates.

在投影片 12 上，您可以看到本季我們的淨利差持平，為 5.75%，這是由於生息資產收益率提高，抵消了融資成本成長放緩的影響。我們預計第三季淨利差將持平或小幅下降，然後在聯準會降息後開始改善。

Now please turn to page 13 of our presentation, which refers to the second component of PPNR noninterest expense. Noninterest expense was flat to the prior quarter at $132 million, while we did expect expenses to increase when we had our Q1 earnings call, we had some delays in those expense increases and some one-time benefits, most notably in compensation expense, which resulted in approximately $5 million of benefit during the quarter.

現在請翻到我們簡報的第 13 頁，其中涉及 PPNR 非利息費用的第二個組成部分。非利息費用與上一季持平，為1.32 億美元，雖然我們在第一季度財報電話會議時確實預計費用會增加，但這些費用增加有一些延遲，並且有一些一次性福利，尤其是補償費用，這導致本季的收益約為 500 萬美元。

We were also able to deliver stronger than expected marketing efficiency despite the growth in origination volumes. While we continue to remain disciplined on expenses, we do expect a step-up in expenses in the third quarter related to continued volume growth as well as higher depreciation related to the completion, some of the initiatives you heard Scott discussed earlier.

儘管發起量有所成長，但我們也能夠提供比預期更強的行銷效率。雖然我們繼續保持對費用的嚴格控制，但我們確實預計第三季的費用將會增加，這與銷量的持續增長以及與竣工相關的折舊增加有關，這是你聽到斯科特之前討論過的一些舉措。

Now let's turn to provision. On page 14, you will see provision for credit losses was $36 million during the quarter compared to $32 million in the prior quarter. The sequential increase is primarily driven by higher day one CECL provision from higher held-for-investment loans retained in the period and the impact of higher provision in our CRE portfolio due to one office loan.

現在讓我們轉向供應。在第 14 頁，您將看到本季的信貸損失準備金為 3,600 萬美元，而上一季的信貸損失準備金為 3,200 萬美元。環比成長主要是由於本期間保留的投資貸款增加而導致第一天CECL撥備增加，以及一筆辦公室貸款導致我們的CRE投資組合撥備增加的影響。

As a reminder, we discontinued CRE originations at the end of 2022. We still have a legacy portfolio of office loans with under $50 million in balances, which were predominantly originated before we acquired Radius Bank. These office assets are less than 1% of our whole loan portfolio.

提醒一下，我們在 2022 年底停止了 CRE 發放。這些辦公資產不到我們整個貸款組合的 1%。

One office loan has been downgraded and we took a $5.3 million reserve on the loan. The remaining balance represents an adjusted loan to value of approximately 25% compared to the sales price of the property in 2018. The remaining loans in the portfolio have less than $40 million of balances and are paying according to plan.

一筆辦公室貸款已被降級，我們為該貸款提取了 530 萬美元的準備金。與 2018 年該房產的銷售價格相比，剩餘餘額相當於調整後的貸款價值約 25%。

On page 15, we have updated our personal loan lifetime loss expectations for each of our annual vintages. We are seeing some modest improvement compared to the expectations we provided last quarter and the marginal ROE has remain very strong. We have used the range for 2023 loss performance where we have seen improvement in early stage results.

在第 15 頁，我們更新了每個年度年份的個人貸款終身損失預期。與我們上季度提供的預期相比，我們看到了一些適度的改善，邊際淨資產收益率仍然非常強勁。我們使用了 2023 年虧損業績的範圍，我們發現早期業績有所改善。

However, outcomes may vary due to the longer remaining life of the vintage. The 2021 vintage has largely run its course with approximately 10% remaining of the original principal balance, which will rapidly amortize over the next few quarters. We plan to remove this vintage from the disclosure going forward.

然而，由於該年份的剩餘壽命較長，結果可能會有所不同。 2021 年的年份已基本結束，原始本金餘額還剩約 10%，將在未來幾季迅速攤提。我們計劃從未來的披露中刪除該年份。

The last thing I'll note on credit is net charge-offs were down $14 million or 17% sequentially. Delinquencies on the consumer portfolio have also improved from the previous quarter and are down minus $9 million sequentially. Now let's move to taxes. Taxes in the quarter were $4.5 million or 23% of pretax income.

關於信貸，我要指出的最後一件事是淨沖銷額環比下降了 1,400 萬美元，即 17%。消費者投資組合的拖欠率也比上一季有所改善，環比下降了負 900 萬美元。現在讓我們轉向稅收。該季度的稅金為 450 萬美元，佔稅前收入的 23%。

As I've mentioned before, we will have some variability in the effective tax rate from quarter to quarter, but our long-term tax rate expectation is 27%. That brings us to net income. Net income for the quarter was $15 million or $0.13 per share, and our tangible book value per common share increase $10.75.

正如我之前提到的，我們每季的有效稅率都會有一些變化，但我們的長期稅率預期是 27%。這給我們帶來了淨利潤。本季淨利為 1,500 萬美元，即每股 0.13 美元，每股普通股有形帳面價值增加 10.75 美元。

Now let's move on to guidance. For the third quarter. We anticipate originations growing to a range of $1.8 billion to $1.9 billion given the success we're seeing from our recent initiatives that are driving efficient credit worthy borrower acquisition supported by improving marketplace demand.

現在讓我們繼續指導。對於第三季。鑑於我們最近的舉措取得了成功，這些舉措正在改善市場需求的支持下推動有效的信用良好的借款人收購，因此我們預計貸款金額將增長至 18 億至 19 億美元。

We are also increasing our PPNR guidance range to $40 million to $50 million, reflecting stable revenue and modest increases in expenses, which I mentioned earlier. And we plan to continue to deliver positive net income in the third quarter, but not at the level seen in the first half of 2024 as we continue to reinvest in the balance sheet to provide stronger returns in 2025.

我們還將 PPNR 指導範圍提高到 4000 萬美元至 5000 萬美元，這反映了我之前提到的穩定的收入和適度的支出成長。我們計劃在第三季度繼續實現正淨利潤，但不會達到 2024 年上半年的水平，因為我們將繼續對資產負債表進行再投資，以在 2025 年提供更強勁的回報。

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

這樣，我們將開放它進行問答。

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

我們現在將開始問答環節。 （操作員說明）

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Well, so congratulations on a great quarter. It's great to see the progress finally starting to accelerate and improve here (multiple speakers)

好吧，恭喜您度過了一個出色的季度。很高興看到這裡的進展終於開始加速和改進（多個發言者）

Thank you, Giuliano.

謝謝你，朱利亞諾。

The first thing I was curious about asking you about was in terms of some of the loan sales, I'm sure -- and kind of roughly where your marketing of that with marketing the loan book at the moment and kind of post-sale, I'm curious where both of those stand at the moment.

我想問你的第一件事是關於一些貸款銷售的問題，我確信——以及你的營銷方式，包括目前的貸款簿營銷和售後，我很好奇這兩個人目前處於什麼位置。

Yeah. So as far as the mark, we were we were up about 20 basis points in terms of price on a quarter over quarter. So some improvement in price which we felt very good and down.

是的。就價格而言，我們的價格環比上漲了約 20 個基點。因此，價格有所改善，我們感覺非常好，而且價格也有所下降。

As far as the loan sales, if you look at the marketplace sales in the disclosure, you can just see we were up about $110 million in loans that were sold through the marketplace. In terms of the amount that actually were sold quarter over quarter versus put into the held-for-sale portfolio, it was probably it was about $50 million, I think down quarter-over-quarter.

就貸款銷售而言，如果您查看揭露中的市場銷售情況，您可以看到我們透過市場銷售的貸款增加了約 1.1 億美元。就實際出售的季度環比金額與投入持有待售投資組合的金額而言，可能約為 5000 萬美元，我認為環比下降。

Sounds good. That's very helpful. Then last quarter and this quarter, you kind of highlighted some conversations that you're having with banks potentially returning to purchasing loans in the marketplace. I'm curious, it seems like the commentary is fairly similar about hoping to see banks return to buying loans in the marketplace at some point in the second half. I'm curious where things stand or if there's been any progress with those discussions, and is that potentially something that could be a 3Q event or is it more likely a 4Q event?

聽起來不錯。這非常有幫助。然後上個季度和本季度，您強調了您與可能重新在市場上購買貸款的銀行進行的一些對話。我很好奇，似乎評論非常相似，希望看到銀行在下半年的某個時候重新在市場上購買貸款。我很好奇事情的進展如何，或者這些討論是否取得了任何進展，這是否可能是第三季的事件，還是更有可能是第四季的事件？

Hi, Giuliano, it's Scott. Yeah. Look, what I'd say is that a pipeline there continues to be a pretty strong. As we said last time, just repeating, we don't expect banks barring a more meaningful move downward in rates, 25 basis points, 50 basis points is going to get there. We don't expect them to get back to the same levels as they were prior to the rate increase going anytime soon but we do have a good pipeline of idiosyncratic banks.

嗨，朱利亞諾，我是史考特。是的。看，我想說的是，那裡的管道仍然非常強大。正如我們上次所說，重複一遍，我們預期銀行除非採取更有意義的降息措施（25 個基點或 50 個基點），否則不會實現這一目標。我們預計它們不會很快恢復到升息之前的水平，但我們確實擁有良好的特殊銀行管道。

I'd say the timing is of bank diligence takes a while. So it's hard to kind of places specifically. As I said, I think back half of the year, more likely to be a Q4 event, is it possible some of them that we get something in Q3 as possible, but it's kind of time lines that are driven by a lot of internal processes. So hard to say specifically, but I'd say we continue to feel good about the level of interest there.

我想說銀行盡職調查的時機需要一段時間。所以很難具體地說是說出地方。正如我所說，我認為今年下半年，更有可能是第四季度的事件，我們是否有可能在第三季度得到一些東西，但這是由許多內部流程驅動的時間線。很難具體地說，但我想說我們仍然對那裡的興趣程度感到滿意。

That sounds very good. And I's be curious, you're obviously working on some of your new programs and rolling them out. You've got kind of reference on being running ahead of schedule and performing better than expected. When you think about those new programs, I'm curious, are they driving kind of any measurable amount of volume at this point, or do you expect them to drive [equal amount] of volume over the next few quarters, or is that more of a '25 or later event?

聽起來不錯。我很好奇，您顯然正在開發一些新計劃並推出它們。你已經獲得了一些關於提前完成計劃並且表現比預期更好的參考。當您考慮這些新計劃時，我很好奇，它們目前是否會推動任何可測量的數量，或者您是否期望它們在接下來的幾個季度中推動[等量]的數量，或者是更多'25或以後的活動？

Yeah, I would say if you look at our ability to kind of both deliver top end of the range in Q1 and in Q2 and the fact that we're taking guidance up again, that is really largely a result of the new initiatives. We are able to do that, by the way while keeping acquisition cost flat, right, which is effectively coming from a selection of these new initiatives.

是的，我想說，如果你看看我們在第一季和第二季提供高端產品的能力，以及我們再次接受指導的事實，這在很大程度上是新舉措的結果。順便說一句，我們能夠做到這一點，同時保持購買成本不變，對吧，這實際上來自於這些新措施的選擇。

So in the scheme of our total, I'd say they're relatively small. But in terms of what's driving the growth at these efficient acquisition costs there, they're more meaningful. As we said, I'd say on the top-up program on both programs are running ahead of expectations in terms of customer response rates and take rates to the offer, I'd say, Clean Sweep, we want to let that run for quite a bit before we really lean into it because it is a different thing and it's a revolving line.

因此，在我們的總體計劃中，我想說它們相對較小。但就推動這些有效收購成本成長的因素而言，它們更有意義。正如我們所說，我想說的是，這兩個計劃的充值計劃在客戶響應率和優惠率方面都超出了預期，我想說，一網打盡，我們希望讓它繼續運行在我們真正投入它之前很久，因為它是不同的東西，而且是一條旋轉線。

That's a different credit program. Top-up is pretty much in line with the underwriting for repeat loans. So we've got a lot of confidence there. And then the other big piece we think that is really encouraging to see is that the satisfaction rates, they're really high, right that people -- we're solving slightly different needs with how these products are distributed or let me say the use case is more perfectly tuned to the consumer needs. So we're really excited to see those results come in.

這是一個不同的信貸計劃。儲值與重複貸款的承保基本一致。所以我們對此充滿信心。然後，我們認為真正令人鼓舞的另一件大事是滿意度，它們非常高，對吧，人們 - 我們正在解決這些產品的分發方式略有不同的需求，或者讓我說使用案例更加完美地滿足消費者的需求。所以我們很高興看到這些結果的出現。

And I'd say as well as I touched on the call, we're starting to see that even people who who've downloaded the app who are not maybe marketing to through e-mail because they've opted out of marketing e-mails are seeing these offers, and we're seeing uptick there. So it's a way to reengage people to come back to us. So it's evolved all positive early results.

我想說的是，正如我談到的那樣，我們開始看到，即使是下載了該應用程式的人也可能不會透過電子郵件進行行銷，因為他們選擇了不接受電子郵件行銷郵件中看到了這些優惠，而且我們看到那裡的數量增加。因此，這是重新吸引人們回到我們身邊的一種方式。所以它已經發展了所有積極的早期結果。

And Julianna, this is Drew again. I just wanted to clarify what I said before. We were $50 million lower on whole loan sales. But we're actually $100 million higher on structured certificate sales, so $50 million up net.

朱莉安娜，這又是德魯。我只是想澄清我之前所說的話。整個貸款銷售量減少了 5000 萬美元。但實際上我們的結構化證書銷售額增加了 1 億美元，因此淨額增加了 5000 萬美元。

The one thing I didn't mention, which I think is also worth mentioning is we also agreed to sell another $80 million out of our extended seasoning held for sale portfolio that closed in July. So you have that all up. We're actually up $130 million quarter-over-quarter on loans sold out the door, including early July sale.

我沒有提到的一件事，我認為也值得一提的是，我們還同意從 7 月關閉的待售擴展調味料組合中再出售 8000 萬美元。所以你已經準備好了。事實上，我們的貸款銷售量較上季增加了 1.3 億美元，其中包括 7 月初的銷售。

So welcome -- Drew you might want to talk, we also had a sale of our small A-note sales that --

歡迎——德魯，你可能想談談，我們還進行了小額 A-note 銷售——

That's true. We actually well, it'll close here shortly, but we agreed to sell a small amount of our A-notes for the first time to someone who was buying from the structured certificate program as well. And while I don't know that that will be an ongoing program for us, it was good just to test the market and ensure that these securities are as liquid as we believe they are. And we sold that just above our current carry, so also encouraging.

這是真的。事實上，我們很快就會關閉，但我們同意首次向也從結構化證書計劃購買的人出售少量 A 票據。雖然我不知道這對我們來說會是一個持續的計劃，但測試市場並確保這些證券像我們認為的那樣具有流動性是很好的。我們賣出的價格略高於我們目前的價格，所以也令人鼓舞。

That's extremely helpful. And it's very helpful color on A-note. One thing I was curious about was you obviously have a fair amount of capital with your CET1 ratio of 17.9%. Your Tier 1 leverage ratio is coming down a little bit, obviously from a balance sheet perspective. But I'd be curious how much room you have to kind of keep pushing in the near term and what the [governor] will be and along those lines, would it make sense to pursue some sales day notes to clear up some capacity on the balance sheet to push more whole loan sale or sort of loan retention or anything like that over the next few quarters?

這非常有幫助。它在 A-note 上的顏色非常有用。我很好奇的一件事是，您顯然擁有相當數量的資本，您的 CET1 比率為 17.9%。從資產負債表的角度來看，你的一級槓桿率明顯下降了一點。但我很好奇，在短期內你需要繼續推動多少空間，以及[州長]將是什麼，沿著這些思路，追求一些銷售日筆記以清理一些能力是否有意義？幾季推動更多的整體貸款銷售或某種貸款保留或類似的事情？

Yeah. I mean, as of right now, we still have capital for growth at the bank level from our existing balance sheet and we have $120 million or so of cash sitting at the holdco that we can deploy down to the bank to further expand the balance sheet. So there's maybe in the distant future selling the notes would make sense to make room on the balance sheet.

是的。我的意思是，截至目前，我們現有的資產負債表中仍然擁有銀行層面的成長資本，並且我們在控股公司中擁有約1.2 億美元的現金，我們可以將其部署到銀行以進一步擴大資產負債表。因此，在遙遠的將來，出售這些票據可能會為資產負債表騰出空間。

But for now -- and we may there's also structures where at origination we may just sell the A-note and the residual at the same time through the structured certificate program. But as of right now, we like the asset on our balance sheet. We like the 20% risk weighting is providing good returns. And so we still plan to originate and keep that on balance sheet and grow the balance sheet.

但就目前而言，我們可能還存在一些結構，在這種結構中，我們可以在開始時透過結構化證書計劃同時出售 A 票據和剩餘部分。但截至目前，我們喜歡資產負債表上的資產。我們認為 20% 的風險權重可以提供良好的回報。因此，我們仍然計劃將其保留在資產負債表上並擴大資產負債表。

That's very helpful. I think I monopolize more of a measure of the Q&A, so I appreciate the time and I will jump back in the queue.

這非常有幫助。我認為我在一定程度上壟斷了問答環節，所以我很感激時間，我會跳回到隊列中。

Vincent Caintic, BTIG.

文森特·凱恩蒂克，BTIG。

Hey, good afternoon. Thanks for taking my question. And I apologize in advance for background noise. I wanted to talk about the change in the environment. So, two points. First, you kind of highlighted this in your slide deck about how your product compares against credit cards. And so, I'm wondering if you could talk about your consumer engagement and how loan demand has changed?

嘿，下午好。感謝您提出我的問題。對於背景噪音，我提前表示歉意。我想談談環境的變化。所以，有兩點。首先，您在幻燈片中強調了這一點，以了解您的產品與信用卡的比較。因此，我想知道您是否可以談談您的消費者參與度以及貸款需求如何變化？

As credit card rates have been continue to increase, if you're able to add more price to consumers? So that's point one. And then second question kind of on the environment as well, but if you could talk about how your investor partner conversations have changed? You highlighted the banks. I was just wondering if there's kind of any change, any additional appetite broadly and what might be driving that. I appreciate it. Thank you.

隨著信用卡利率不斷提高，是否能夠為消費者增加更多的價格？這就是第一點。第二個問題也與環境有關，但您是否可以談談您的投資人合作夥伴對話發生了怎樣的變化？你強調了銀行。我只是想知道是否有任何變化，是否有任何額外的需求，以及是什麼推動了這種變化。我很感激。謝謝。

Yeah. So I guess maybe start on the investor side. As we indicated, as you're seeing in the sales prices, right, it's incremental. But I'd say steadily quarter by quarter as we've shown the consistency of the credit performance and the results and we've built the pipeline for demand and structured certificates. And in whole loans where we're definitely seeing upward pressure in a good way on the order book, meaning we got more people talking to us about purchases including overall a longer time horizon.

是的。所以我想也許可以從投資人方面開始。正如我們所指出的，正如您在銷售價格中看到的那樣，它是增量的。但我想說的是，每個季度都會穩定地進行，因為我們已經展示了信貸表現和結果的一致性，我們已經建立了需求和結構化證書的管道。在整個貸款中，我們肯定會在訂單簿上看到良好​​的上行壓力，這意味著我們有更多的人與我們談論購買，包括整體較長的時間範圍。

And it's one of the reasons we got the confidence in building the held for sale portfolio is certainly a couple of the new potential buyers we're talking to are looking to make bulk purchases out of that portfolio.

這也是我們對建立持有待售投資組合充滿信心的原因之一，這肯定是我們正在交談的一些新的潛在買家正在尋求從該投資組合中進行批量購買。

On the consumer side, the interesting thing there is we will do some research that will be something we'll release probably later in the year, but we did some of our own research with consumers and half of all consumers are roughly are carrying a credit card balance. And interestingly, it's the same percentage of consumers. They don't know the interest rates on their cards and then of the 50% who say they do know the interest rate on their cards they actually don't they're wrong because they don't know that card rates have gone up by 500 basis points since the Fed started moving.

在消費者方面，有趣的是我們將做一些研究，我們可能會在今年稍後發布，但我們自己對消費者進行了一些研究，大約一半的消費者都持有信用卡餘額。有趣的是，消費者的比例相同。他們不知道卡上的利率，而 50% 的人說他們知道卡上的利率，但實際上他們不知道，他們錯了，因為他們不知道卡上的利率已經上漲了自聯準會開始行動以來已上漲500 個基點。

And for those of you on the call, most of you probably don't carry a balance, but I challenge you go to find your credit card interest rates and look how difficult it is. So they don't make it easy to find for a reason. So what we see is that for higher credit quality consumers there's still price sensitivity at the top of the range. So the highest spike -- where we're playing with the majority of our portfolio right now, higher credit quality consumers that we have passed on, call it, I don't know, 280 basis points-ish or so to the consumer, but they really don't know that their cards have moved.

對於那些參加電話會議的人來說，你們中的大多數人可能沒有餘額，但我挑戰你們去檢查一下你們的信用卡利率，看看它有多困難。所以他們不容易找到原因。因此，我們看到，對於信用品質較高的消費者來說，價格敏感度仍然處於最高水準。因此，最高的高峰——我們現在正在利用我們的大部分投資組合，我們已經向消費者傳遞了更高信用品質的消費者，我不知道，稱之為280個基點左右，給消費者，但他們真的不知道他們的牌已經動了。

So said another way, the savings spread that we are currently providing is amongst the largest we've ever delivered in our history. It's just if they don't know it if they don't know that their cards have moved to, but it's an average of 21%. But you know, I looked in my own card portfolio and I have a card in my rewards card that's a 34% interest rate, right?

換句話說，我們目前提供的儲蓄利差是我們史上最大的。只是如果他們不知道自己的卡片已經轉移到的話，他們就不知道了，但平均是21%。但你知道，我查看了自己的卡投資組合，我的獎勵卡中有一張利率為 34% 的卡，對吧？

So I didn't know that myself. So people just don't know it. So we're seeing strong demand just because the balances are strong. I'd say we think we have an opportunity through education to get take rate up by saying, hey -- you're not only carrying a balance, you're paying a lot more than you currently think. So if we're offering you a loan at, call it, 15%. It's actually well below what you're paying on your card. So that's a future opportunity. But overall, I'd say, the constraint right now is not really consumer demand because the balances are large that are out there.

所以我自己也不知道。所以人們只是不知道而已。因此，我們看到強勁的需求只是因為餘額強勁。我想說，我們認為我們有機會透過教育來提高使用率，方法是說，嘿——你不僅有餘額，你支付的費用比你目前想像的要多得多。因此，如果我們向您提供貸款，利率為 15%。它實際上遠低於您用卡支付的費用。所以這是未來的機會。但總的來說，我想說，現在的限制並不是真正的消費者需求，因為那裡的餘額很大。

Okay. That's really helpful. And maybe to tie in your discussion about the apps -- how do you educate the customer about that major customer know how much savings they can? You talk about the appetite for higher marketing? Is curious if there's anything, but taking vacation, it does seem like a huge opportunity with this savings there.

好的。這真的很有幫助。也許結合您對應用程式的討論 - 您如何向客戶介紹主要客戶知道他們可以節省多少費用？您談到對更高行銷的胃口嗎？很好奇是否有什麼，但是度假，這似乎是一個巨大的機會，可以節省開支。

Yeah. As we said, the big thing we're trying to do is really kind of push up loan sales pricing, because as we push up loan sales pricing, it allows us to unlock more marketing channels. We've got a number of inactive channels because they're on the higher side, and when we're selling at a discount, it's just not economical, which is why we're leaning into our efficiency initiatives both on our operations side, but also marketing and product.

是的。正如我們所說，我們正在努力做的大事實際上是推高貸款銷售定價，因為當我們推高貸款銷售定價時，它使我們能夠解鎖更多行銷管道。我們有許多不活躍的管道，因為它們價格較高，當我們打折銷售時，這並不經濟，這就是為什麼我們在營運方面傾向於提高效率的舉措，還有行銷和產品。

But as our performance continues to reinforce investors confidence as the rate environment moves in our favor, as we get more buyers and have a bit more scarcity and the availability of the asset, we expect prices to continue to move up. And as prices move up, we'll open up more marketing channels. And then, within the marketing we're doing, part of what our plan is for [debt IQ] is to just make visible -- I mean, it's a bit of a tragedy that the lack of consumer education goes beyond the APR.

但隨著利率環境向有利於我們的方向發展，我們的表現繼續增強投資者的信心，隨著我們獲得更多買家，並且資產的稀缺性和可用性有所增加，我們預計價格將繼續上漲。隨著價格的上漲，我們將開啟更多的行銷管道。然後，在我們正在進行的行銷中，我們的[債務智商]計劃的一部分是讓人們可見——我的意思是，消費者教育的缺乏超出了年利率，這有點悲劇。

I mean, people also not everybody even understands that when they're making the minimum payment, they're going to be paying their credit card debt for 20 years, right, that's going to be a long-standing payment in their life. So, part of our goal with that IQ is to really get this information in front of consumers, so that they're aware of what they're paying, they're aware of the size of their balances, and they're able to easily take action through things like Clean Sweep to take care of it.

我的意思是，人們甚至不是每個人都明白，當他們支付最低還款額時，他們將償還信用卡債務 20 年，對吧，這將是他們一生中的長期付款。因此，我們的 IQ 目標的一部分是真正將這些資訊呈現在消費者面前，以便他們知道自己支付了什麼，了解自己的餘額大小，並且能夠透過「一網打盡」等方式輕鬆採取行動來解決問題。

And then last question, just wanted to clarify for Drew. So we see in our guide for the third quarter of $40 million to $50 million. I guess versus the second quarter, $54 million. So you would subtract $5 million for the second quarter to get to a run rate for the third quarters and then -- is that right? Is a good run rate to look at going forward when you're thinking about sort of the third quarter (technical difficulty) building off point?

最後一個問題，只是想向德魯澄清一下。因此，我們在第三季的指南中看到 4,000 萬至 5,000 萬美元。我猜與第二季度相比，為 5400 萬美元。因此，您需要減去第二季的 500 萬美元才能獲得第三季的運行率，然後——對嗎？當您考慮第三季（技術難度）的突破點時，是否可以考慮未來的良好運行率？

You're breaking up a bit there, but I think so let me sort of say what I think you asked would you guide for Q3 $40 million to $50 million of PPNR. Obviously, I think were most all of us now are anticipating rate cuts in the future. Those aren't going to have a substantial benefit given the timing and Q3 may be more benefit in Q4 at which point, we'll update our guidance based on kind of where the market's evolving and what we're seeing happening.

你在那裡有點分裂，但我想讓我說一下我認為你問的問題，你會指導第三季 4000 萬到 5000 萬美元的 PPNR 嗎？顯然，我認為我們現在大多數人都預計未來會降息。考慮到時機，這些不會帶來實質的好處，而第三季可能會在第四季帶來更多好處，屆時我們將根據市場的發展和我們所看到的情況來更新我們的指導。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Bill Ryan, Seaport Research Partners.

比爾·瑞安，海港研究合作夥伴。

Good afternoon, Scott and Drew. Couple of questions. First kind of like on a high level but -- I think you kind of hit on that a little bit earlier. But in the sense of your volume, we got a little bit the bump in origination expectations from Q2 to Q3. But as you're looking at your business, what can you kind of highlight as the binding constraints for more meaningful increases in volume?

下午好，史考特和德魯。有幾個問題。首先有點像高水平，但是——我認為你有點早一點想到了這一點。但從數量來看，我們的起始預期從第二季到第三季略有上升。但是，當您審視自己的業務時，您可以強調哪些因素可以作為更有意義的銷售成長的限制條件？

I think you kind of alluded to moving into higher cost marketing channels, and that would be reflective of improvements in the fair value of what you're receiving. But if you can kind of talk about if that's the key impediment to higher volume and if there's any others?

我認為您有點暗示要進入成本更高的行銷管道，這將反映您所收到的公允價值的提高。但您能否談談這是否是提高銷量的主要障礙以及是否還有其他障礙？

Yes, I mean, Bill, I'd say the simple -- that's it, you got it. The fact that we got prices up, call it roughly 20 basis points this quarter on the sold volume, that's great news but versus where we were three years ago, it's still down more than 300 basis points. And that's margin is effectively what fuels the -- some of these -- our ability to kind of open up some of these other these other marketing channels

是的，我的意思是，比爾，我想說的是簡單的——就是這樣，你明白了。事實上，本季我們的價格上漲了，按銷量計算大約上漲了 20 個基點，這是個好消息，但與三年前相比，價格仍然下降了 300 多個基點。這個利潤實際上推動了我們開拓其他行銷管道的能力

So that's really why we've been focusing on these key levers around driving up returns to investors by keeping our delinquencies low so that they're willing to pay more and then working to bring in a broader set of buyers so those are ways we can get the price up without the benefit of the Fed. And when the Fed moves in our favor, which is looking increasingly likely that'll kind of accelerate some of those efforts over time. So -- but you got the big picture.

因此，這就是為什麼我們一直專注於這些關鍵槓桿，透過降低拖欠率來提高投資者的回報，以便他們願意支付更多費用，然後努力吸引更廣泛的買家，這樣我們就可以在沒有美聯儲幫助的情況下提高價格。當聯準會採取對我們有利的行動時（這種可能性看起來越來越大），隨著時間的推移，這將加速其中一些努力。所以——但你已經了解大局了。

Okay. And as a follow up --

好的。作為後續行動—

The way we see it in our numbers, Bill, is if you look at what we're running out for marketing efficiency on the face of the P&L, right. we're call it 25%, 30% below where we were running at full volume from all channels open.

比爾，我們從數字中看到的方式是，如果你看看我們在損益表上為行銷效率所消耗的資源，對吧。我們稱其比我們在所有打開的通道中以最大音量運行時低 25%、30%。

Okay. And then I know you may not want to answer the next question, but it kind of relates to the bank buyers that may be reentering or entering the market in the fourth quarter. But as far as loan pricing, obviously banks have historically been the higher bidders given their lower cost of funds from how material and could that be to the fair value marks that you're experiencing today?

好的。然後我知道您可能不想回答下一個問題，但這與可能在第四季度重新進入或進入市場的銀行買家有關。但就貸款定價而言，顯然，銀行歷來都是較高的出價者，因為它們的資金成本較低，這對您今天所經歷的公允價值標記有多大影響？

I mean, obviously, you noted there was a little bit of improvement quarter over quarter. But if they actually enter the market, what kind of change in the fair value marks might you see and as a percentage of your marketplace originations? How material might these become?

我的意思是，顯然，您注意到季度環比有所改善。但如果它們真正進入市場，您可能會看到公允價值標記發生什麼樣的變化以及佔市場起源的百分比？這些會變得多麼重要？

Yeah, I mean, I think for if they come back in Q4 as we're hoping, starting to anticipate, we do expect we'll get some price lift out of that. As far as the fair value marks are concerned, there's a number of dynamics that go into that, but certainly them, bank buyers coming into the mix that is driving price and, therefore, the fair value marks will create some upward pressure, but we don't take the highest price that we're getting to mark the book.

是的，我的意思是，我認為如果他們像我們希望的那樣在第四季度回歸，開始預期，我們確實預計我們會從中得到一些價格提升。就公允價值標記而言，存在許多動態因素，但當然，銀行買家的加入推動了價格，因此，公允價值標記將產生一些上行壓力，但我們不要接受我們為這本書標記的最高價格。

We actually take closer to the lowest price we're getting to mark the book. And so, you're not going to see a large I wouldn't expect you to see a large movement up in the fair value marks, but in the effective price that we're getting and revenue, that should definitely be constructive.

實際上，我們更接近為這本書標記的最低價格。因此，你不會看到公允價值標記大幅上漲，但就我們獲得的有效價格和收入而言，這絕對應該是建設性的。

Okay. And then just part of that question was how material might they become as a part of your marketplace or your sales?

好的。然後，這個問題的一部分是，作為您的市場或銷售的一部分，它們可能會變得多麼重要？

I mean, I think in Q4, we're talking about hopefully bringing in the first few banks into the first couple of banks into the mix, which will be constructive. But I think 2025 is probably where we would see if all goes well, where we see more lift coming from the banks.

我的意思是，我認為在第四季度，我們正在討論希望將首批幾家銀行納入首批幾家銀行的組合中，這將是建設性的。但我認為，如果一切順利，我們可能會在 2025 年看到銀行帶來更多提振。

Okay. Thank you for taking my questions.

好的。感謝您回答我的問題。

David Chiaverini, Wedbush Securities.

大衛‧基亞維里尼 (David Chiaverini)，韋德布希證券公司 (Wedbush Securities)。

Thanks. The first question, I wanted to ask about bigger picture trends in loan performance of prime borrowers or the upper end of your borrowers versus near prime or the lower end of your borrowers. Any difference in the performance of credit performance of these cohorts?

謝謝。第一個問題，我想詢問優質借款人或高端借款人與近優質借款人或低端借款人的貸款表現的總體趨勢。這些群體的信用表現有什麼差異嗎？

Let's say, you can see in our disclosures that we're seeing some stable to improving performance across all segments. The lower, the higher yielding lower FICO band segments, experience the most deterioration and therefore also experiencing the most recovery.

比方說，您可以在我們的揭露中看到，我們看到所有細分市場的業績都在穩步提高。 FICO 頻段越低、收益率越高的部分，經歷的惡化最嚴重，因此也經歷了最多的恢復。

We're seeing returns there be it really, really strong. But I'd say we're -- across the board. We're seeing kind of what I've mentioned that we feel like we've really calibrated environment. We're seeing pretty consistent, stable behavior across the board now.

我們看到回報非常非常強勁。但我想說，我們是——全面的。我們看到了我所提到的，我們感覺我們已經真正校準了環境。我們現在看到全面一致、穩定的行為。

Great. And then a follow up kind of --

偉大的。然後是後續的——

I was going to say just more broadly outside of us, the broader signals on the consumer, there's a lot to point out to feel good about, right? Wage growth outpacing inflation and fairly manageable debt service burdens and all the rest, but no, we still have a very tight underwriting box given the cost of funds environment and given our desire to deliver outsized yields, we're still underwriting at a pretty meaningful reduction versus where we were before.

我想說的是，在我們之外更廣泛的範圍內，向消費者發出更廣泛的信號，有很多值得指出的東西，讓我們感覺良好，對吧？薪資成長超過通貨膨脹和相當可控的償債負擔以及其他所有因素，但不，考慮到資金成本環境以及考慮到我們提供超額收益率的願望，我們仍然有一個非常緊張的承銷箱，我們仍然以相當有意義的承銷價格與之前相比有所減少。

And is it fair to say we've hit a point in the macro environment, kind of an inflection where you're able to convert borrowers due to the improving macro backdrop is that fair to say based on kind of the origination trends that we're seeing?

可以公平地說，我們在宏觀環境中已經達到了一個轉折點，由於宏觀背景的改善，你能夠轉換借款人，這是公平的說法，基於我們的起源趨勢。

I don't know that I would say that the macro is driving a big change beyond the fact that consumers have been accumulating balances in cards, right? And I think you're seeing that outside of us again. I think the pace of that is slowing, which I think is a good sign for consumers.

我不知道我會說宏觀正在推動一個巨大的變化，而不僅僅是消費者一直在卡中累積餘額的事實，對吧？我想你又在我們之外看到了這一點。我認為這一速度正在放緩，這對消費者來說是一個好兆頭。

And we're seeing more in general, we're feeling like consumers have adjusted as well. Consumers have calibrated themselves to the environment, and we're seeing less of the, let's call it, more caught-off guard by how their cost of living has been growing, and consumers feel like they've adjusted to the environment.

總的來說，我們看到更多，我們感覺消費者也已經做出了調整。消費者已經根據環境調整了自己，我們越來越少看到，我們可以這麼說，他們對生活成本的成長感到更加措手不及，消費者感覺自己已經適應了環境。

Our box has adjusted to this environment, and that's giving us a lot of confidence in what we're booking. And as you can see, our lifetime loss expectations are either stable or actually coming down since the last time we talked.

我們的包廂已經適應了這種環境，這讓我們對預訂的內容充滿信心。正如您所看到的，自上次談話以來，我們的終生損失預期要么穩定，要么實際上有所下降。

Great. Thanks for that. And then, last one for me is, as it relates to potential Fed rate cuts, all else being equal, are you able to opine on how much of a benefit to loan pricing or gain on sale margins could occur for each 25 basis points rate cut?

偉大的。感謝那。然後，我的最後一個問題是，因為它與聯準會可能降息有關，在其他條件相同的情況下，您是否能夠對每 25 個基點利率可能對貸款定價或銷售利潤率帶來多少好處發表意見切？

Yes. I mean, there's two ways that benefits us right? First is going to be deposit costs, which you saw this quarter. You know, our pace of increase has slowed. And so we would expect depending on our growth aspirations, right? If we're growing the balance sheet faster, we're going to want more deposits. But over time, as rates come down know, applying 25 basis points across our entire deposit base. That's going to be a pretty meaningful, good guy when we are able to move.

是的。我的意思是，有兩種方法對我們有利，對嗎？首先是存款成本，您在本季看到了這一點。你知道，我們的成長速度已經放緩。因此，我們的預期取決於我們的成長願望，對吧？如果我們的資產負債表成長得更快，我們就會需要更多的存款。但隨著時間的推移，隨著利率下降，我們的整個存款基礎將採用 25 個基點。當我們能夠搬家時，這將是一個非常有意義的好人。

And then on the investor side of the house, there are some for the asset managers purchasing. These are kind of fairly formulaic deals based on the forward curve. So as rate expectations solidify and come down, we're going to again on a lag because these are multi-quarter deals, but we'll start to see that come through in pricing there.

然後在投資人方面，有些是供資產管理公司購買的。這些是基於遠期曲線的相當公式化的交易。因此，隨著利率預期的鞏固和下降，我們將再次出現滯後，因為這些是多個季度的交易，但我們將開始看到這一點在定價中得到體現。

Yeah I agree.

是的，我同意。

And pretty directly.

而且非常直接。

Yeah. Great. Thanks very much.

是的。偉大的。非常感謝。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Thank you. I appreciate all the disclosure. The slide where you show, I think, the four different funding options, obviously, the pros and cons in each. I'm curious, longer term, how do you think about the optimal mix of funding? And then also kind of thinking about your leverage ratio, where do you think that kind of settles out longer term?

謝謝。我感謝所有的披露。我認為您展示的投影片展示了四種不同的融資方案，顯然每種方案都有其優缺點。我很好奇，從長遠來看，您如何看待最佳的資金組合？然後還要考慮你的槓桿率，你認為長期來看這種情況會如何解決？

Yeah. Listen, I think, they all have different characteristics and how they hit the balance sheet. And if they hit the balance sheet and the income statement. And obviously in this environment, we've leaned into the structured certificates where we're getting the lower risk weighting. We're getting the upfront gain that's been very valuable to us at a time where maybe the rest of the marketplace have been pulling back.

是的。聽著，我認為它們都有不同的特徵以及它們如何影響資產負債表。如果他們達到資產負債表和損益表。顯然，在這種環境下，我們傾向於採用結構化證書，從而獲得較低的風險權重。在市場其他公司可能都在撤退的時候，我們獲得了對我們來說非常有價值的前期收益。

Ideally over time, we would like to get more loans into held for investment where we're going to earn, but longest the longest returns for the business, three times where we sell it. But at the same time, we want to keep capacity for the marketplace and make sure we're keeping our partners and selling effectively through that.

理想情況下，隨著時間的推移，我們希望獲得更多貸款用於投資，我們將在其中賺取收益，但最長的業務回報是我們出售的三倍。但同時，我們希望保持市場容量，並確保我們保留我們的合作夥伴並透過它有效地進行銷售。

The one place where that is relatively new for us is the extended seasoning and the held for sale. And I think that's where you will see the most optionality in terms of how we use the balance sheet. Because while prices are low right now, we're seasoning those loans we're getting and we're not taking the upfront CECL and we're getting an effective return.

對我們來說相對較新的一個地方是延長調味和出售。我認為這就是我們如何使用資產負債表方面最具選擇性的地方。因為雖然現在價格很低，但我們正在對我們獲得的貸款進行調味，並且我們沒有採取預付 CECL，因此我們獲得了有效的回報。

But as prices improve, we're going to have optionality to sell that and take the gain and then create room on the balance sheet for more loans and a notes to put on in the future. So I think it will read you think it will depend a bit on the environment and where we see it going. But we're going to be optimizing across the four mechanisms for the economics at that point in time and long term.

但隨著價格上漲，我們將可以選擇出售該資產並獲取收益，然後在資產負債表上為未來提供更多貸款和票據創造空間。所以我認為它會告訴你，這將在一定程度上取決於環境以及我們看到它的方向。但我們將在當時和長期內優化四種經濟機制。

As far as the leverage rate (multiple speakers)

就槓桿率而言（多個發言者）

Go ahead. I'll follow up on.

前進。我會跟進。

Yeah. I wasn't going to tell you anything. No, I'm just kidding. Listen, we still have room to expand the balance sheet, and you can see that as our leverage ratio is coming down. We haven't disclosed a target, because we're going to continue to use our stress testing capabilities and the target mix of the balance sheet longer term to have that leverage target evolve.

是的。我本來不想告訴你任何事情的。不，我只是開玩笑。聽著，我們仍然有擴大資產負債表的空間，你可以看到，隨著我們的槓桿率正在下降。我們尚未揭露目標，因為我們將繼續利用我們的壓力測試能力和長期資產負債表的目標組合來實現槓桿目標的發展。

But just know right now between room on the bank balance sheet and the cash at the holdco, we have room to continue expanding the balance sheet and putting more assets on the balance sheet.

但現在要知道，在銀行資產負債表上的空間和控股公司的現金之間，我們有空間繼續擴大資產負債表並將更多資產放入資產負債表上。

And then just kind of following up on the extended seasoning, just so we understand those the -- I think if you're buying those? How would those have been the same entities that would have bought whole loans previously? And if so, like, what do you think it will take to kind of get them back into that bucket. I guess an extension of that is to your knowledge, like how are these portfolios performing relative to your investors benchmarks? My guess is that they're probably doing a little bit better than some investors were expecting. Maybe I'm off with that.

然後只是跟進延長的調味料，這樣我們就可以理解這些——我想你是否會購買這些？這些實體以前會購買全部貸款嗎？如果是這樣，你認為怎麼能讓他們回到那個桶子裡。我想您也知道這一點的延伸，例如這些投資組合相對於您的投資人基準的表現如何？我的猜測是，他們的表現可能比一些投資者的預期要好一些。也許我已經不喜歡這個了。

Yeah. No, I might answer your question a little bit differently, just so first of all, let's talk about how investors are doing with the loans they've been purchasing recently. Keep in mind, most of our purchases this year have actually been through the structured certificate program, and I think it's been very successful.

是的。不，我可能會稍微不同地回答你的問題，首先，讓我們談談投資者如何處理他們最近購買的貸款。請記住，我們今年的大部分採購實際上都是透過結構化證書計劃進行的，我認為它非常成功。

I think the residuals are performing very well, meeting and exceeding expectations, and that's why we're seeing demand come through that program. And we expect that to continue. On the extended seasoning, these are essentially the same loans we put on balance sheet. Sometimes the mix in the grades that we're putting on are a little bit different based on where we think investor demand is going to be and the returns we're seeing.

我認為殘差表現非常好，達到並超越了預期，這就是為什麼我們看到需求透過該計劃出現。我們預計這種情況會持續下去。在延長的期限內，這些貸款基本上與我們在資產負債表上的貸款相同。有時，根據我們認為投資者需求的情況和我們看到的回報，我們給出的評級組合會略有不同。

We've done sales to whole loan buyers that have bought from us previously. We've done a sale to a new buyer, and we've actually done a sale using extended seasoning loans through the structured certificate program as well. So, it's really just on balance sheet loan inventory where we can have more control of when the sale happens and we can provide more scale in one sell than we can if we're accumulating from origination for the deal.

我們已經向之前從我們這裡購買過的整筆貸款買家進行了銷售。我們已經向新買家進行了銷售，並且實際上我們還通過結構化證書計劃使用延長的調味貸款進行了銷售。因此，這實際上只是在資產負債表貸款庫存上，我們可以更好地控制銷售何時發生，並且我們可以在一次銷售中提供比我們從交易發起時積累的規模更大的規模。

So if someone comes to us and says, hey, I want to buy $300 million because all the sudden, I have investor capital and need to put it for use, we'd say great. The price on that's going to be this versus the price. If you want us to accumulate as this, and we can have a different conversation on the dynamics around price and size, given it's already available on the balance sheet for sale. So more flexibility for us, more flexibility for buyers.

因此，如果有人來找我們說，嘿，我想購買 3 億美元，因為突然之間，我有了投資者資金並且需要將其投入使用，我們會說很好。其價格將是這個與價格。如果你希望我們像這樣積累，我們可以就價格和規模的動態進行不同的對話，因為它已經在資產負債表上可供出售。因此，我們擁有更大的靈活性，買家也擁有更多的靈活性。

And if I could sneak one last question and you kind of alluded to this, but I was just curious with some of the agreement, are there any that you've agreed to with the pricing is expiring up for renegotiation. So for point instance, maybe you had agreed for a year-type relationship at a certain pricing that may be rolling off in a few months. Is that that happening with any of your structures?

如果我可以偷偷地問最後一個問題，你也提到了這一點，但我只是對一些協議感到好奇，是否有任何你同意的價格即將到期重新談判的協議。例如，也許您已同意以某種價格建立一年型關係，該價格可能會在幾個月內滾動。您的任何結構中是否發生過這種情況？

Yeah. Normally when we --

是的。通常當我們——

Or you still might independently?

或者你仍然可以獨立？

Yeah, when we've set up these structured certificate programs with buyers. We have some buyers. We're going one quarter in advance, meaning you're going to do three purchases with us. And we said a formula on the spread at which those will price. So the prices are locked in, but the pricing formula is locked in for the next quarter. That's pretty typical.

是的，當我們與買家建立這些結構化證書計劃時。我們有一些買家。我們會提前四分之一，這意味著您將在我們這裡購買三件商品。我們提出了一個關於這些定價價差的公式。因此，價格是鎖定的，但下一季的定價公式是鎖定的。這很典型。

We have some arrangements, which I would call the minority of the sales we've been making that have been extended out for a couple of quarters on a more complex formula that gives us incentives to raise prices and depends on where market rates are. So there are different programs out there. But as we said before, we're not looking to lock in all our deals for the next year because the pricing isn't yet still not ideal from our perspective where we're at and we think there's opportunity to raise price as we go forward.

我們有一些安排，我將其稱為我們一直在進行的銷售中的一小部分，這些安排已根據更複雜的公式延長了幾個季度，該公式激勵我們提高價格並取決於市場價格。所以有不同的程序。但正如我們之前所說，我們不打算鎖定明年的所有交易，因為從我們目前的角度來看，定價還不夠理想，我們認為有機會提高價格向前。

Understood. Thank you.

明白了。謝謝。

Brad Capuzzi, Piper Sandler.

布拉德·卡普齊，派珀·桑德勒。

Good afternoon. Congrats on a great quarter. And most of my questions have been answered, but just wanted to ask a quick one. I know you mentioned a lot of the origination growth is driven by loan pricing and the capacity to keep originating. And how are you feeling about the consumer. I know credit metrics are improving, but what factors does macro uncertainty in the health of the consumer has to do with the willingness to increase originations?

午安.恭喜您度過了一個出色的季度。我的大部分問題都已得到解答，但只是想快速問一個問題。我知道您提到很多發起成長是由貸款定價和繼續發起的能力所推動的。您對消費者的感覺如何？我知道信用指標正在改善，但消費者健康狀況的宏觀不確定性與增加來源的意願有何關係？

Yeah. I mean, as we mentioned we're keeping a -- I think we said last call we feel good. This hasn't been a quarter or two. We've had multiple quarters in a row of consumer performance coming in at or kind of ahead of expectations. So we feel quite good about what we're booking. We are still optimizing for returns for investors, right, and still trying to drive we're delivering just in terms of straight IRRs on the asset, we're delivering the highest returns we've ever delivered, really outside of abnormal periods like the post-COVID period but on a consistent basis.

是的。我的意思是，正如我們所提到的，我們正在保持——我想我們在最後一次通話中說過我們感覺很好。這還不到一兩個季度。我們已經連續多個季度的消費者表現達到或略高於預期。所以我們對我們的預訂感覺非常好。我們仍在優化投資者的回報，對吧，並且仍在努力推動我們僅在資產的直接 IRR 方面提供回報，我們正在提供有史以來最高的回報，實際上是在非正常時期（例如新冠疫情后時期，但始終如一。

And so we're keeping that conservative box, not because we've got a lot of concerns about the outlook so much as we just want to make sure that we're driving returns up to investors so that we can get it back in terms of pricing.

因此，我們保留這個保守的框，並不是因為我們對前景有很多擔憂，而是因為我們只是想確保我們正在為投資者帶來回報，以便我們能夠以適當的方式收回回報的定價。

Thank you (multiple speakers) Just the last one for me. On a just from a competitive standpoint, have you seen competitors pull back or push for growth? And where do you see APRs trending in this space? Thanks.

謝謝（多位發言者） 這只是我的最後一位。僅從競爭的角度來看，您是否看到競爭對手撤退或推動成長？您認為該領域的年利率趨勢如何？謝謝。

Yes. I mean, the space remains pretty competitive and dynamic like always, over the 15 years-plus, we've been doing this. We've seen new entrants come in and out. We see some irrational behavior. We've seen people dropping coupons going out in terms of changing where they operate on the spectrum. I'd say as usual, we kind of maintain the course and are chasing any of that and because now overtime, it comes home to roost.

是的。我的意思是，這個領域仍然像往常一樣充滿競爭和活力，在 15 年多的時間裡，我們一直在這樣做。我們看到新的進入者進進出出。我們看到一些非理性的行為。我們已經看到人們為了改變他們在光譜上的操作位置而放棄優惠券。我會像往常一樣說，我們會保持路線並追逐其中的任何一個，因為現在加時賽，它會得到回報。

So I would say, yes, we're seeing change, but it's the normal change we see in this space, which is new entrants coming in and or people who are trying to achieve their own objectives, changing their behaviors, not necessarily in response to macro or consumer.

所以我想說，是的，我們正在看到變化，但這是我們在這個領域看到的正常變化，即新進入者和/或試圖實現自己目標的人，改變他們的行為，而不一定是回應宏觀或消費者。

Thank you, that's it for me.

謝謝你，對我來說就是這樣。

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Good afternoon. Thanks for taking my questions. One of the things I wanted to ask about you've touched on the credit a few times here, but I believe I remember your guys' guidance last quarter was for net charge-off dollars to decline, but the rate to continue increasing and the net charge-off rate improved fairly meaningfully this quarter. Returns is that much better than you expected, or what was happening there?

午安.感謝您回答我的問題。我想問的一件事是，你們在這裡多次談到了信貸問題，但我相信我記得你們上個季度的指導是淨沖銷美元下降，但利率繼續上升，並且本季度淨沖銷率顯著改善。回報比您預期的要好得多，或者那裡發生了什麼？

What are your expectations, I guess going forward, is that still net dollar -- net charge-offs to decline?

我想未來你的預期是什麼，淨美元－淨沖銷是否仍會下降？

Yeah, I would say it improved in better more than we expected. And you saw that also in the vintage disclosures that we put out there. So I think we've seen pretty rapid improvement. I think dollar charge-offs will continue to improve, might be a bit more modest. The charge-off rate probably could go a bit in either direction at this point. But I think we should continue to see dollar charge-off improvements as we go into the next quarter on the held-for-investment portfolio.

是的，我想說它的改進比我們預期的要好。您在我們發布的老式披露中也看到了這一點。所以我認為我們已經看到了相當快的進步。我認為美元沖銷將繼續改善，可能會更加溫和一些。此時，沖銷率可能會朝任一方向變化。但我認為，隨著我們進入下一季的投資組合，我們應該會繼續看到美元沖銷的改善。

Great. Okay. And if I can have one more quick one, I know we're getting to the end here, but you guys mentioned a step up in expenses and I think your comment was along the lines of a $5 million benefit this quarter relative to your expectations. So should we expect a $5 million increase quarter-over-quarter? And is all that on the depreciation line or there's some other areas too?

偉大的。好的。如果我能再快一點的話，我知道我們即將結束，但你們提到了支出的增加，我認為你們的評論是相對於你們的預期，本季度將帶來 500 萬美元的福利。那麼我們是否應該預期季度將季增 500 萬美元？是所有這些都在折舊線上還是還有其他一些區域？

Not all on the depreciation line, although that will be some of it. Keep in mind if originations go up marketing will spend will go up. So you're going to that's included in the expenses going up guidance that we're giving there. Without giving you a number. I mean, you're probably not in the wrong ballpark there in terms of where the numbers are going. But as I predicted, expense increases this quarter and was wrong. So there is some volatility in the line in terms of how it's going to come through.

並非全部都在折舊線上，儘管這只是其中的一部分。請記住，如果發起人數增加，行銷支出就會增加。因此，您將把它包含在我們在那裡提供的費用上漲指南中。不給你號碼。我的意思是，就數字的走向而言，你可能沒有搞錯方向。但正如我預測的那樣，本季的費用增加了，這是錯誤的。因此，就其實施方式而言，存在一些波動。

Okay. Yeah, totally understandable. That's all for me. Thank you.

好的。是的，完全可以理解。這就是我的全部。謝謝。

And now I'd like to turn the call back over to Artem Nalivayko for additional questions.

現在我想將電話轉回 Artem Nalivayko，詢問其他問題。

Thank you, Jayla. So we had some additional questions that were submitted via e-mail. But actually, I think we cover off on all the questions and the analyst Q&A. So with that, we'll wrap up our second quarter earnings conference call. Thank you for joining us today. And if you have any questions please e-mail us at ir@lendingclub.com.

謝謝你，杰拉。因此，我們還有一些透過電子郵件提交的其他問題。但實際上，我認為我們涵蓋了所有問題和分析師問答。至此，我們將結束第二季的收益電話會議。感謝您今天加入我們。如果您有任何疑問，請發送電子郵件至 ir@lendingclub.com。

All right. Thank you.

好的。謝謝。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。