LendingClub Corp (LC) 2024 Q3 法說會逐字稿

Attention Everyone. Please remain holding the call will begin momentarily again. Please remain holding the call will begin momentarily. Good afternoon. Thank you for attending today's Lending Club third quarter 2024 Earning conference call. My name is Janey Whiteside and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. And I would like to turn the conference over to our host Aum Nelly, that co head of Investor Relations auto. You may proceed.

大家注意了。請保持按住，通話稍後會再次開始。請保持按住，通話即將開始。午安.感謝您參加今天的 Lending Club 2024 年第三季獲利電話會議。我叫珍妮‧懷特塞德，我將擔任今天的主持人。在通話的演示部分，所有線路將被靜音，最後有機會提問和回答。我想把會議交給我們的主持人奧姆·內利，他是汽車投資者關係聯席主管。您可以繼續。

Thank you and good afternoon. Welcome to Lending Club's third quarter earnings conference call. Joining me and Scott Sanborn CEO and Drew LaBenne Chief Financial Officer today to talk about our results . 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 email. Our remarks today will include forward-looking statements including with respect to our competitive advantages and strategy, macroeconomic conditions, platform, volume and pricing future products, services and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to different material 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. Our remarks today also include non GAAP measures relating to our performance, including tangible book value for common share and pre provision net 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 will use in presentation. And now I would like to turn the call over to Scott Sanborn.

謝謝你，下午好。歡迎參加 Lending Club 第三季財報電話會議。今天我和 Scott Sanborn 執行長以及 Drew LaBenne 財務長一起談論我們的業績。您可以在電話會議上我們網站的投資者關係部分找到我們的收益發布隨附的簡報。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。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、未來產品、服務的數量和定價以及未來的業務和財務表現。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。今天的新聞稿和演示中描述了可能導致不同材料出現這些結果的因素。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。我們今天的言論還包括與我們績效相關的非公認會計準則衡量標準，包括普通股的有形帳面價值和預撥淨收入。您可以找到有關我們使用非 GAAP 衡量標準的更多信息，以及在今天的收益演示中使用的最直接可比較的 GAAP 衡量標準的調整。現在我想把電話轉給史考特桑伯恩。

All right. Thank you [Oren]. Welcome everybody. We had a terrific quarter with continued product innovation and credit out performance now supported by an improving rate environment. As a result, we delivered across all of our key operating metrics, originations grew 6%. Sequentially to 1.9 billion revenue grew 8% to over 200 million pre provision. Net revenue grew 19% to 65.5 million and we delivered 14.5 million of GAAP net income. beyond the numbers We welcome back The first of what we hope to be many more banks to our platform supporting improving marketplace revenue. We deployed significant excess capital into the balance sheet to drive future recurring revenue. And earlier this month We acquired the technology underlying Tally's award winning credit card management solution to accelerate our product road map and drive future revenue growth. We said last quarter that we had reached an inflection point and this quarter's results demonstrate how well we have positioned the company to benefit from improving market conditions and to capture the massive opportunity in front of us. I will begin with our balance sheet where in addition to continued retention of whole loans and structured certificates, we made an opportunistic acquisition of a $1.3 billion portfolio of previously sold lending club loans. This transaction is similar to the portfolio purchase we made back in December 2022. We are going to hold these loans at fair value and they will be immediately accretive to our earnings. Our balance sheet is now growing 25% since the beginning of this year to just over 11 billion in total assets that represents a quadrupling since we acquired the bank in 2021 which speaks to our commitment of building a resilient recurring revenue stream to deliver consistent shareholder value. Marketplace demand is also thanks to our strong track record on credit, the attractiveness of our asset class, our commitment to marketplace innovation, our status as a regulated bank and the improving interest rate environment. We have been focused on re engaging banks which have historically supported higher loan sales pricing. This quarter, we sold a $75 million pool of loans to a previous bank buyer that returned to the platform. And just last week, we completed a $400 million sale to a new bank partner. Importantly, we anticipate that these banks will together purchase more than a billion dollars worth of additional loan over the next 12 months. Pricing on these sales will support continued improvement in our average pricing across all loan sales, which will ultimately allow us to reopen dormant direct to consumer marketing channels that remain uneconomic at this point. Our structured certificates program and innovation tailored to asset managers looking for leverage returns also continues to perform well with 830 million flowing through the program this past quarter here too strong demand combined with the declining rate environment and our track record of credit out performance is supporting increases in loan sales pricing. As a reminder, the structure certificate program is a way for us to generate efficient returns for loan buyers while delivering in period revenue and forward interest income with remote credit risk for lending club. As I have mentioned, credit remains strong and we continue to consistently perform 40 to 50% better than our competitive set across the core consumer segments we served. Thanks to agility made possible by our advanced underwriting platform and proprietary machine learning models supported by data on over $90 billion of loan repayments and delivering the highest sustained returns in our history. These attractive returns are benefiting revenue from both our balance sheet and the marketplace. We will therefore remain prudent on underwriting, continuing to pursue quality over quantity to ensure we sustain leading credit performance, supportive of increased loan sales pricing. I will turn now to our member base which I am thrilled to say crossed the 5 million mark this past quarter. As we look to our next millions of members, our consumer strategy as outlined on slide 6 of our presentation is focused on three areas . First efficiently acquire satisfied customers by helping them lower the cost of their credit card debt. Second, once acquired, engage members through a mobile app and through products, tools and features that provide added value and encourage repeat visits and third offer additional products and product combinations in the right place at the right time to deliver new value and meet members credit needs as they evolve, thereby creating a powerful lifetime lending relationship. Let me drive into each of these areas. So first is efficiently acquiring customers by providing meaningful savings on the cost of their credit card debt. This opportunity has never been great. Credit card balances remain at record highs and they are priced at record high rates. The value of refinancing credit card debt through a personal loan is the most compelling. It has ever been according to the data analytics firm DB 01, the spread between credit card and personal loan rates is at a record high 750 basis points. What is more in addition to their savings on interest members also increase their credit score, an average of 48 points when they pay off credit card debt with a lending personal loan. This process is highly automated and seamless, which is why we have such high satisfaction scores and why 83% of our members say that they want to do more with us. Once acquired our mobile app serves as our primary engagement platform, meeting members where they are. We began marketing mobile app back in June and the user base has increased by about 20% each month and we are getting positive feedback. We've got app store ratings of 4.7 and 4.8 in the Apple and Google stores respectively. But what's really exciting is what we're seeing under the covers. Nearly half of new loan customers are downloading our app, those who are using the app are visiting us almost 20% more often than non app users and that increased engagement is translating to greater issues with app users demonstrating a higher propensity to take another product from Lending club. We are enhancing the app with features to support our members financial goals. We launched the first phase of debt IQ our debt monitoring and management solution earlier this year to drive engagement and to reinforce the value of debt consolidation. Even in this nation state app users enrolled in debt IQ are engaging with us nearly 20% more often than those not enrolled. We started the debt IQ journey in response to our members seeking better tools for understanding their debt, how to pay it down, how to pay less interest when doing so. And we found from our own surveys that the need is really clear. 47% of US cardholders don't know the interest rate they are paying on their credit cards. And even those who say they know it. A third of them didn't know that their rates have gone up over 500 basis points in tandem with the prime rate increase. So this lack of awareness, it is standing and it speaks to the education and transparency that is needed to help consumers understand the true cost of their debt and to motivate them to pay it off the award winning tally technology we acquired earlier this month will accelerate our progress on debt IQ with meaningful enhancements rolling out in phases starting in middle of 2025. Fully realized we expect that IQ to provide our members with a holistic view of their credit card, interest rates, outstanding balances, minimum payments due dates and more. It will provide payment strategies for paying down their credit card debt and the ability to set up automated transactions and alerts to ensure payments are not missed. And of course, it will provide seamless integration with lending clubs, banking and lending products. Ultimately, there are IQ will provide members with a powerful way to manage and optimize their high cost on secure debt. Finally, as we create deeper engagement with our members, we successfully broaden our lifetime lending relationship through products like top up, which allow borrowers to add funds to their existing loans while maintaining one monthly payment. And over time, we will be enhancing our application form and our data foundation to enable smart seamless cross selling of products beyond unsecured lending.In summary, we have got a clear focused high confidence strategy that will enable us to acquire customers, engage them in our product ecosystem and deliver lifetime value and revenue growth. But we are not just focused on lending. We are also focused on helping our members earn more on what they say. We recently launched level of savings to reward members for engaging in positive savings behavior. Members who contribute at least 250 per month to their level of savings account, earn the current level of rate of 5.15% versus the standard rate of 4.3%. We have had a very strong initial customer response to the program gathering over 500 million in deposits since launching just two months ago. Importantly, this product gives us another lever for managing deposit costs while delivering competitive value to our members. We are energized about the quarter we delivered and the trajectory we are on as we move through the next year and conditions further improve, we will be growing volumes on top of a larger balance sheet in a more efficient expense base and with a more robust and differentiated consumer experience. we are extremely well positioned and I look forward to continuing to innovate and execute with the talented lending club team. I am happy to say have voted us one of Newsweek's most loved workplaces for the third year in a row with that. I wll turn over to you Drew LaBenne.

好的。謝謝[奧倫]。歡迎大家。我們度過了一個出色的季度，持續的產品創新和信貸業績現在得到了不斷改善的利率環境的支持。結果，我們實現了所有關鍵營運指標，發起量成長了 6%。隨後營收成長 8%至 19 億，預備超過 2 億。淨收入成長 19%，達到 6,550 萬美元，我們實現了 1,450 萬美元的 GAAP 淨利。超越數字 我們歡迎回到我們的第一家銀行，我們希望更多的銀行加入我們的平台，支持提高市場收入。我們在資產負債表中配置了大量過剩資本，以推動未來的經常性收入。本月早些時候，我們收購了 Tally 屢獲殊榮的信用卡管理解決方案的底層技術，以加快我們的產品路線圖並推動未來的營收成長。我們上個季度表示，我們已經達到了一個拐點，本季的業績表明，我們使公司能夠從改善的市場條件中受益，並抓住擺在我們面前的巨大機會。我將從我們的資產負債表開始，除了繼續保留全部貸款和結構性證書之外，我們還趁機收購了先前出售的貸款俱樂部貸款的 13 億美元投資組合。此交易與我們在 2022 年 12 月進行的投資組合購買類似。我們將以公允價值持有這些貸款，它們將立即增加我們的收入。自今年年初以來，我們的資產負債表現已成長25%，總資產略高於110 億美元，自2021 年收購該銀行以來翻了兩番，這反映了我們致力於建立有彈性的經常性收入流，以提供一致的股東價值的承諾。市場需求也得益於我們良好的信貸記錄、我們資產類別的吸引力、我們對市場創新的承諾、我們作為受監管銀行的地位以及不斷改善的利率環境。我們一直致力於重新吸引歷來支持較高貸款銷售定價的銀行。本季度，我們向返回該平台的前銀行買家出售了 7,500 萬美元的貸款池。就在上週，我們完成了向新銀行合作夥伴的 4 億美元出售。重要的是，我們預計這些銀行將在未來 12 個月內共同購買價值超過 10 億美元的額外貸款。這些銷售的定價將支持我們所有貸款銷售的平均定價的持續改善，這最終將使我們能夠重新開放目前仍不經濟的休眠直接面向消費者的行銷管道。我們為尋求槓桿回報的資產管理公司量身定制的結構化證書計劃和創新也繼續表現良好，上個季度該計劃的資金流入量為8.3 億美元，強勁的需求加上利率下降的環境以及我們的信貸表現記錄正在支持增長貸款銷售定價。提醒一下，結構證書計劃是我們為貸款買家創造有效回報的一種方式，同時為借貸俱樂部提供期間收入和遠期利息收入，並具有遠端信用風險。正如我所提到的，信用依然強勁，我們在所服務的核心消費群體中的表現始終比我們的競爭對手高出 40% 到 50%。由於我們先進的核保平台和專有的機器學習模型（由超過 900 億美元的貸款償還數據支援）帶來的敏捷性，並實現了我們歷史上最高的持續回報。這些有吸引力的回報使我們的資產負債表和市場收入受益。因此，我們將在核保方面保持謹慎，繼續追求品質而非數量，以確保我們維持領先的信貸表現，並支持提高貸款銷售定價。現在我要談談我們的會員基礎，我很高興地說，上個季度我們的會員數量已突破 500 萬大關。當我們展望未來數百萬會員時，我們的消費者策略（如簡報投影片 6 所述）專注於三個領域。首先，透過幫助客戶降低信用卡債務成本，有效地獲得滿意的客戶。其次，一旦獲得，透過行動應用程式以及提供附加價值並鼓勵重複存取的產品、工具和功能吸引會員，第三，在正確的時間、正確的地點提供額外的產品和產品組合，以提供新的價值並滿足會員信用需求隨著其發展而變化，從而建立強大的終身借貸關係。讓我開車走進這些區域。因此，首先是透過有效節省信用卡債務成本來有效地獲取客戶。這個機會從來沒有這麼好過。信用卡餘額維持在歷史新高，其定價也創下歷史新高。透過個人貸款為信用卡債務再融資的價值是最引人注目的。根據數據分析公司DB 01的數據，信用卡利率和個人貸款利率之間的利差創歷史新高，高達750個基點。更重要的是，除了儲蓄利息之外，會員的信用評分也提高了，當他們透過個人貸款償還信用卡債務時，平均信用評分為48分。這個過程是高度自動化和無縫的，這就是為什麼我們有如此高的滿意度分數以及為什麼我們 83% 的會員表示他們希望與我們一起做更多事情。一旦收購，我們的行動應用程式將作為我們的主要參與平台，在會員所在的地方與他們會面。我們早在 6 月就開始行銷行動應用程序，用戶群每月成長約 20%，並且我們得到了正面的回饋。我們在 Apple 和 Google 商店的應用程式商店評級分別為 4.7 和 4.8。但真正令人興奮的是我們在幕後看到的東西。近一半的新貸款客戶正在下載我們的應用程序，使用該應用程式的用戶訪問我們的頻率比非應用程式用戶高出近20%，而參與度的提高意味著應用程式用戶表現出更高的傾向從其他產品中獲取更多問題借貸俱樂部。我們正在增強該應用程式的功能，以支援我們會員的財務目標。今年早些時候，我們推出了債務監控和管理解決方案第一階段的債務 IQ，以推動參與並增強債務合併的價值。即使在這個國家的應用程式中，註冊了 Debt IQ 的用戶與我們互動的頻率也比未註冊的用戶高出近 20%。我們開始債務智商之旅是為了回應我們的會員尋求更好的工具來了解他們的債務、如何償還債務、如何在償還債務時支付更少的利息。我們從自己的調查中發現，這種需求非常明確。 47% 的美國持卡人不知道他們為信用卡支付的利率。甚至那些自稱知道的人也是如此。其中三分之一的人不知道他們的利率隨著最優惠利率的上漲而上漲了 500 個基點以上。因此，這種意識的缺乏是存在的，它說明了幫助消費者了解債務的真實成本並激勵他們還清債務所需的教育和透明度，我們本月早些時候獲得的獲獎理貨技術將加速我們在債務智商方面取得的進展以及從2025 年中期開始分階段推出的有意義的增強措施。我們完全意識到，我們希望 IQ 能夠為我們的會員提供有關其信用卡、利率、未償餘額、最低還款到期日等的全面視圖。它將提供償還信用卡債務的支付策略，以及設定自動交易和警報的能力，以確保不會錯過付款。當然，它將提供與貸款俱樂部、銀行和貸款產品的無縫整合。最終，There are IQ 將為會員提供一種強大的方式來管理和優化其高安全債務成本。最後，隨著我們與會員建立更深入的互動，我們透過充值等產品成功擴大了我們的終身貸款關係，這些產品允許借款人在維持每月還款額的同時為現有貸款添加資金。隨著時間的推移，我們將增強我們的申請表和數據基礎，以實現無擔保貸款以外的產品的智慧無縫交叉銷售。能夠獲取客戶，讓他們參與我們的產品生態系統並提供終身價值和收入成長。但我們不僅僅專注於貸款。我們也致力於幫助我們的會員透過他們的言論賺取更多收入。我們最近推出了儲蓄級別，以獎勵會員參與積極的儲蓄行為。每月向其儲蓄帳戶存入至少 250 美元的會員可獲得當前 5.15% 的利率水平，而標準利率為 4.3%。自兩個月前推出以來，我們收到了非常強烈的客戶反響，該計劃已吸引了超過 5 億的存款。重要的是，該產品為我們提供了另一個管理存款成本的槓桿，同時為我們的會員提供有競爭力的價值。我們對我們交付的季度以及我們在明年的發展軌跡感到充滿活力，並且情況進一步改善，我們將在更大的資產負債表上以更高效的費用基礎和更穩健的基礎上增加銷量。消費者體驗。我們處於非常有利的位置，我期待與才華橫溢的貸款俱樂部團隊一起繼續創新和執行。我很高興地說，我們連續第三年被《新聞周刊》評選為最受喜愛的工作場所之一。我將把任務交給你，德魯·拉本。

Thanks Scott Sanborn. I agree. We are well positioned for the future in the third quarter is starting to demonstrate our potential. Let's go through the details starting with originations. We originated over $1.9 billion in the quarter, which is above the high end of our guidance range and a $100 million increase over the prior quarter. The growth was driven by continued product innovation while maintaining tight underwriting standards and industry leading marketing efficiency. If you turn to page 12 of our earnings presentation, you can see the origination breakdown across the four funding programs. The issuance in the quarter was once again led by our very successful structured certificate program which accounted for $830 million of originations. We also sold $335 million of whole loans through the marketplace, accumulated $240 million of our help for sale, extended seasoning program loans to meet future marketplace investor demand for season loans. And we retained $510 million in our held for investment portfolio. This quarter, you again saw us increase the amount of whole loans retained on our balance sheet to 39% of total originations. Up from 36% in the prior quarter. As Scott Sanborn mentioned, we successfully won a competitive bidding process to purchase $1.3 billion portfolio of lending club personal loans that we previously originated and sold. On page 13 of the earnings presentation, we have provided some of the key highlights of the transaction. The purchase allows us to deploy access capital which will generate additional revenue and earnings over the next year. The portfolio is forecasted to yield approximately 10% and it is worth noting that yield is net of expected credit losses. As we have done with prior purchases we have elected to book this purchase as held for investment at fair value given the short remaining duration of approximately one year. It is also worth mentioning that we secured low cost short term financing for the 1st month of the purchase which will see reflected on our net interest margin table on page 15 of the earnings presentation. This transaction was the primary driver of 17% sequential growth of our home loan portfolio to $6 billion and the growth of total assets to $'11 billion at the end of the quarter. We are also making steady progress with returning bank buyers to the marketplace. In addition to the two transactions that Scott Sanborn mentioned, we continue to build a pipeline of additional bank buyers and are optimistic in making further progress in 2025. Now let's move on to pre provision net revenue or PP and R which is total net revenue less non interest expenses. PP and R was $65 million for the quarter of 19% sequentially and came in. Well above our guidance. These results were driven by strong execution and improved loan pricing as well as a few unique items that I will call out as I break down revenue and expenses.As shown on page 14 total revenue for the quarter was $201.9 million of from $187.2 million in the prior quarter. Let's go into the two components of revenue starting with non interest income was $62 million in the quarter of marginally from the prior quarter. The sequential improvement was driven by higher marketplace loan pricing partially offset by fewer loans sold as we made the decision to retain more loans on our balance sheet pricing. This quarter represents the third quarter in a row of improved sales prices. We also had two largely offsetting impacts in the quarter.

謝謝斯科特桑伯恩。我同意。我們為未來做好了準備，第三季開始展現我們的潛力。讓我們從起源開始詳細介紹。本季我們的初始資金超過 19 億美元，高於我們指引範圍的上限，並且比上一季增加了 1 億美元。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和行業領先的營銷效率。如果您翻到我們收益報告的第 12 頁，您可以看到四個資助計劃的起源細目。本季的發行再次由我們非常成功的結構化證書計劃引領，該計劃發行量達 8.3 億美元。我們還透過市場出售了 3.35 億美元的全部貸款，累積了 2.4 億美元的銷售協助，延長了季節計畫貸款，以滿足未來市場投資者對季節貸款的需求。我們在持有的投資組合中保留了 5.1 億美元。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增加到總貸款額的 39%。高於上一季的 36%。正如 Scott Sanborn 所提到的，我們成功贏得了競標，購買了我們之前發起和出售的價值 13 億美元的貸款俱樂部個人貸款組合。在財報第 13 頁上，我們提供了交易的一些主要亮點。此次購買使我們能夠部署獲取資本，這將在明年產生額外的收入和收益。該投資組合預計收益率約為 10%，值得注意的是，該收益率已扣除預期信貸損失。正如我們對先前的購買所做的那樣，鑑於剩餘期限較短，約為一年，我們選擇將此次購買登記為以公允價值持有的投資。另外值得一提的是，我們在購買的第一個月獲得了低成本短期融資，這將反映在收益報告第 15 頁的淨利差表中。這項交易是我們的房屋貸款組合連續成長 17% 至 60 億美元以及季末總資產成長至 110 億美元的主要推動力。我們在銀行買家重返市場方面也取得了穩定進展。除了 Scott Sanborn 提到的兩筆交易外，我們還繼續建立更多銀行買家管道，並對 2025 年取得進一步進展持樂觀態度。現在讓我們繼續計算預撥淨收入或 PP 和 R，即總淨收入減去非利息支出。PP 和 R 為 6500 萬美元，季度環比增長 19%，進入其中。遠高於我們的指導。這些結果是由強有力的執行力和改進的貸款定價以及我在細分收入和支出時提到的一些獨特項目推動的。上一季的總收入為1.872 億美元。讓我們從收入的兩個組成部分開始，本季的非利息收入為 6,200 萬美元，略高於上一季。連續改善是由於市場貸款定價較高，部分被銷售貸款減少所抵消，因為我們決定在資產負債表定價上保留更多貸款。本季是銷售價格連續第三個季度提高。本季我們也產生了兩個很大程度上抵消的影響。

First a $9 million mark up of our help for sale portfolio reflecting higher sales prices and therefore a lower discount rate. This benefit was largely offset by an $8 million servicing fee line during the period as a result of the portfolio purchase. Now that we own the loans that are collecting the interest income, there is no servicing revenue and hence the reversal. Now let's move on to net interest income, which was $140.2 million in the quarter. Up from $128.5 million in the prior quarter. The increase was primarily driven by growth in our interest earning assets. As a result of the portfolio purchase, we mentioned earlier on slide 15, you can see our net interest margin was down slightly this quarter at 5.63% as expected. The main driver was the growth in the senior securities from the structured certificates which have a lower year but are also risk remote and come with no provision for credit losses. We expect that interest margin to be slightly down again in the fourth quarter due to lower balances in the extended seasoning portfolio related to the $400 million bank sale in October. We will get a $6 million benefit to revenue on the sale of that portfolio. After the fourth quarter, net interest margin should begin expanding assuming the fed continues lowering interest rates and our deposit funding costs decrease as a result. Please turn to page 16 of our presentation which refers to the second component of PPNR non interest expense. As I had indicated last quarter, expenses increased by $4 million to $136 million as we position the company for 2025 and absorbed a legacy one time non cash item in the quarter. While we will continue to remain disciplined, we do expect another step up in expenses in the fourth quarter due to higher depreciation related to the completion of some of the initiatives you heard Scott Sanborn discussed earlier as well as the impact of the recent hiring we have done to accelerate our product road map and position the organization for a strong 2025. Now let's turn to provision on page 17, You will see provision for credit losses was $48 million during the quarter compared to $36 million in the prior quarter.

首先，我們的銷售幫助組合增加了 900 萬美元，反映了更高的銷售價格，因此折扣率更低。這一收益在很大程度上被該期間因投資組合購買而產生的 800 萬美元服務費額度所抵消。現在我們擁有收取利息收入的貸款，因此沒有服務收入，因此出現逆轉。現在讓我們來看看本季的淨利息收入，該收入為 1.402 億美元。高於上一季的 1.285 億美元。這一增長主要是由我們的生息資產的成長所推動的。正如我們之前在投影片 15 中提到的，由於投資組合購買，您可以看到本季我們的淨利差略有下降，為 5.63%，符合預期。主要推動力是結構性證書的高級證券的增長，這些證券的年份較低，但風險較小，並且沒有信用損失撥備。我們預計第四季度息差將再次小幅下降，因為與 10 月 4 億美元銀行出售相關的擴展調味投資組合餘額減少。在出售該投資組合後，我們將獲得 600 萬美元的收入收益。假設聯準會繼續降低利率，第四季之後，淨利差應該開始擴大，我們的存款融資成本也會因此下降。請參閱我們簡報的第 16 頁，其中提到了 PPNR 非利息費用的第二部分。正如我上季度所指出的，隨著我們對該公司 2025 年的定位並在本季度吸收了一項遺留的一次性非現金項目，費用增加了 400 萬美元，達到 1.36 億美元。雖然我們將繼續保持紀律，但我們確實預計第四季度的費用將再次增加，因為與完成您聽到斯科特桑伯恩之前討論過的一些舉措以及我們最近招聘的影響相關的折舊率更高。現在讓我們轉向第 17 頁的撥備，您將看到本季的信貸損失撥備為 4,800 萬美元，而上一季的信貸損失撥備為 3,600 萬美元。

The sequential increase was primarily driven by higher day one CECL on higher health or investment loans retained compared to the prior quarter. credit continues to perform as expected as evidenced by our net charge offs on our health or investment portfolio declining 16% sequentially down $'11 million to $56 million in the quarter. The net charge off ratio was 5.4% in the third quarter, down from 6.2% in the prior quarter. Dealing with on the consumer portfolio also continued to improve. On page 18 we have updated our personal loan lifetime loss expectation for the 2022 and 2023 held for investment vintages as we had indicated last quarter, the 2021 vintage has largely run its course with less than 10% of the original principal balance remaining. So we have removed that vintage from the disclosure. The 2023 vintage continues to season and we have maintained the lifetime loss expectations provided last quarter forecast for the 2022 vintage reflects an adjustment for lower expected recovery rates on previously charged off loans and modestly higher lifetime charge offs. We continue to expect strong marginal ROE S north of 20% across all vintages that brings us to net income. Net income for the quarter was $14.5 million or 13% per share. And our tangible book value per common share increased to $11 19% of 10% compared to last year. And it is worth noting it is up 72% since we acquired the bank in 2021. Now let's move on to guidance for the fourth quarter. We anticipate originations between 1.8 and $1.9 billion as we expect continued product innovation and modest increases in paid marketing to offset the negative seasonality we typically see in the fourth and the first quarters. We are very close to achieving sales price improvements that will allow us to open up additional marketing channels as we enter the seasonally favorable second and third quarters of next year. We are increasing our PPN our guidance range to 60 to $70 million reflecting growing revenue and improving operating leverage and expenses as well as the $6 million benefit from the $400 million portfolio sale I mentioned earlier. We plan to continue delivering positive net income in the fourth quarter with continued reinvestment in the balance sheet to provide stronger returns in 2025. Our goal is to roughly maintain the size of our four loan portfolio under CEC Luntil originations accelerate after Q1 of next year for the next couple of quarters, this will translate to retaining roughly 550 to $650 million of held for investment loans under CECL per quarter.

環比成長主要是由於與上一季相比，保留的醫療或投資貸款增加，第一天 CECL 增加。信貸持續按預期表現，本季我們的健康或投資組合淨沖銷下降 16%，季減 1,100 萬美元至 5,600 萬美元。第三季淨沖銷率為 5.4%，低於上一季的 6.2%。消費者組合的處理也持續改善。在第 18 頁，我們更新了為投資年份持有的 2022 年和 2023 年個人貸款終身損失預期，正如我們上季度所指出的那樣，2021 年年份已基本結束，剩餘原始本金餘額不足 10%。因此，我們從披露中刪除了該年份。2023 年的年份繼續旺盛，我們維持了上一季對 2022 年年份的預測所提供的終身損失預期，反映出對先前沖銷貸款的較低預期回收率和適度較高的終身沖銷的調整。我們繼續預計所有年份的邊際 ROE S 都將達到 20% 以上，這將為我們帶來淨利潤。該季度淨利潤為 1,450 萬美元，即每股收益 13%。與去年相比，我們每股普通股的有形帳面價值增加至 11 美元（19%）。值得注意的是，自 2021 年我們收購該銀行以來，該數字成長了 72%。現在讓我們繼續討論第四季的指導。我們預計起始金額將在 180 至 19 億美元之間，因為我們預計持續的產品創新和付費行銷的適度增長將抵消我們通常在第四季度和第一季看到的負面季節性因素。我們非常接近實現銷售價格的改善，這將使我們能夠在明年進入季節性有利的第二和第三季時開闢更多的行銷管道。我們將 PPN 指導範圍提高到 6,000 至 7,000 萬美元，反映了收入的成長、營運槓桿和支出的改善，以及我之前提到的 4 億美元投資組合銷售中的 600 萬美元收益。我們計劃在第四季度繼續實現正淨利潤，並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。我們的目標是大致維持CEC Luntil 下的四個貸款組合的規模，明年第一季後，接下來的幾個季度加速發放，這將意味著每季在CECL 下保留約550 至6.5 億美元的投資貸款。

All in all, it was a great quarter and we continue to set ourselves up to take advantage of this momentum in 2025.

總而言之，這是一個偉大的季度，我們將繼續做好準備，在 2025 年利用這一勢頭。

(Operator Instructions) Tim Switcher, KBW.

（操作員說明）Tim Switcher，KBW。

The pretty significant improvement in loan sale pricing. We saw this quarter going from a marketplace discount from 3.5% to 2.5%.

貸款銷售定價的顯著改善。我們看到本季市場折扣從 3.5% 降至 2.5%。

[I would imagine it is only $75 million of sales Not a lot of that was really driven by the bank purchaser] Can you provide some details on you know what is driving that? I am sure it's a lower cost of funding for asset managers and then what is your expectation going forward on continued improvement as rates keep moving lower and then potential further upside if more banks jump back in.

[我想這只是 7500 萬美元的銷售額，其中大部分並不是真正由銀行購買者推動的] 您能否提供一些詳細信息，了解推動這一趨勢的因素是什麼？我確信這對資產管理公司來說融資成本會降低，然後隨著利率持續走低，您對未來持續改善的期望是什麼，如果更多銀行重新介入，則可能進一步上漲。

I know this is our third consecutive quarter with an increase in sales prices so that is certainly been helpful in terms of how it is flowing through our income statement. Obviously, that is coming from three factors. First, the performance we had on our loans has been, very steady and investors have are appreciating that and they are starting to pay better prices for the consistency and performance. second, the interest rate of last quarter was obviously very helpful to treasury end to end dropped 100 basis points that is obviously conducive to better pricing as well. And then that better pricing leads to a mark on the remaining help for sale portfolio that also benefits those fair value marks in the quarter so those were the biggest drivers that led to the decrease in the fair value marks or the increase in the observed price you are seeing there as well. Going forward, obviously, changing the mix of sales to more banks will be helpful to price. we expect to get that continued better pricing power prices better prices from all buyers consistency of performance and improvement of the of the loans that they're buying the right environment. we expect over time that will continue to be beneficial. But with any given quarter, there could be fluctuations depending on how the yield curve moves.

我知道這是我們連續第三個季度銷售價格上漲，因此這對我們的損益表的流動情況肯定有幫助。顯然，這是由三個因素造成的。首先，我們的貸款表現非常穩定，投資者對此表示讚賞，他們開始為一致性和表現支付更好的價格。其次，上季的利率顯然對國庫利率下降了100個基點非常有幫助，這顯然也有利於更好的定價。然後，更好的定價會導致剩餘的銷售幫助組合上的標記，這也有利於本季度的公允價值標記，因此這些是導致公允價值標記減少或觀察到的價格增加的最大驅動因素也在那裡看到。顯然，展望未來，改變向更多銀行的銷售組合將有助於定價。我們期望從所有買家那裡獲得持續更好的定價能力、更好的價格、一致的績效以及他們購買的貸款的改善，他們正在購買合適的環境。我們預計隨著時間的推移，這將繼續帶來好處。但在任何特定季度，根據殖利率曲線的走勢，都可能出現波動。

You mentioned that the $400 million loan sale to a new bank partner a week ago was all season loans. You can talk about what the banks are looking for and what products they want, what they want to be putting on their balance sheet and then how the pricing might differ with a season loan versus whole loan sale.

您提到一週前向新銀行合作夥伴出售的 4 億美元貸款是全季貸款。您可以談論銀行正在尋找什麼、他們想要什麼產品、他們希望在資產負債表上添加什麼，以及季節性貸款與整個貸款銷售的定價可能有何不同。

We started the extended seasoning program or the held for sale program in three quarters ago and that may be a little longer than that. The initial hypothesis or the initial belief was that as a loan season, we will be able to get tighter in terms of credit expectations with the buyer if there is any difference in how that is viewed, which is absolutely true. But the other benefit is that when a buyer wants to come in and buy bulk purchase such as this bank, we are discussing to get started on their journey of accumulating a larger portfolio, we have that available immediately. Which in this case and the bank that we sold to in Q3 allowed us to jump start the program. The programmatic buying of those banks and then as Scott Sanbor mentioned, enter into a billion dollar flow over the next 12 months with those banks. So it is been really beneficial. I say even these two banks, there is a little bit of difference in terms of the type of loans that they are trying to put on balance sheet and without getting into it too much, I think banks are just going to have different profiles of risk in return that they want to put on their balance sheet.

我們在三個季度前開始了延長調味計劃或保留銷售計劃，這可能比這個計劃要長一點。最初的假設或最初的信念是，在貸款季節，如果看法有任何不同，我們將能夠收緊對買方的信貸預期，這是絕對正確的。但另一個好處是，當買家想要進來購買像這家銀行這樣的大宗商品時，我們正在討論開始他們積累更大投資組合的旅程，我們可以立即提供。在這種情況下，我們在第三季出售給的銀行允許我們快速啟動該計劃。對這些銀行的程序化購買，然後正如 Scott Sanbor 所提到的，在未來 12 個月內將與這些銀行產生 10 億美元的資金流。所以這確實非常有益。我說，即使是這兩家銀行，他們試圖放在資產負債表上的貸款類型也有一點差異，而且無需過多考慮，我認為銀行的風險狀況也會有所不同作為回報，他們希望將其計入資產負債表。

Got it makes total sense. I will get back in the queue. Thank you.

明白了，這完全有道理。我會回到隊列中。謝謝。

Vincent KIC with the company BT LG, Vincent Airline.

Vincent KIC 與 BT LG、Vincent Airline 公司合作。

Good afternoon. Thanks for taking my questions. First I wanted to talk about all the great detail you provided on your applications and particularly that IQ and the Tally acquisition. I was just wondering if you could maybe put a finer point on it in terms of what you are expecting to roll out in the second and third quarter of next year in terms of capabilities. Any sense for what that might do in terms of being able to execute an opportunity, say in terms of higher volumes. If you could describe that and I guess somewhat relatedly, the CFP B open banking rule, that proposal was released. And I am sort of wondering what that might do in terms of your capabilities with that. I thank you.

午安.感謝您回答我的問題。首先，我想談談您在應用程式中提供的所有詳細信息，特別是 IQ 和 Tally 的獲取。我只是想知道您是否可以就您期望在明年第二季和第三季推出的功能提出更具體的觀點。對於能夠執行機會（例如更高的交易量）而言，這可能會產生什麼影響。如果你能描述這一點，我想這與 CFP B 開放銀行規則有些相關，那麼該提案已發布。我有點想知道這對你的能力會產生什麼影響。我謝謝你。

DebtIQ was the the product name of what we are building ourselves. When we got the tally opportunity, when that became available, we went after it because effectively it represents the debtIQ road map except fully manifested. So the acquisition of this code base and some of the talent to help stand it up in our environment will fairly materially, shortcut the time line for us to getting to the end state of our plan for DebtIQ and dramatically reduce the cost of of getting there. it is basically our customers are coming to us to pay down their credit card debt. For those we approved, we are successfully paying down their debt in some cases, not all of the debt, just some. And then what happens is post loan from us. I think we talked about this before. you would like to think consumer sales into the sunset and never racks up credit card debt again. Unfortunately, that t is not the case people would go in and out of the need, right? You saw over this last inflationary cycle balance is growing and people leaning more into their cards to make ends meet. And so what and what we know from our customers is some of them, some medical emergency happens, they temporarily lose a job, whatever, get a divorce, they are all kinds of drivers, life events that cause them to go back into credit card debt. So having an actual interface that helps provide them with this visibility and the capability to manage it keeps them connected to us and keeps in front of the customer. The opportunity to save off of that debt should it be required even when they don't have credit card debt, there is value here. so what we, what we know from our customers is they are, this is the only bill they pay manually. Everything else is on auto pay auto [ach] right? Because everything else is fixed, your mortgage, your core payment, your student loan is all fixed. This is a variable rate and it is off of a variable balance. And each card company calculates the minimum payment due differently. It is on different due dates. So if you have five cards, the process of knowing. Okay, well, when is it all due? What payment amount is it, is each one going to require a minimum? And what is the the total payoff balance? And then importantly, which one should I pay off first? Based on what rate am I paying at each of these? Like they are trying to manually keep track of that with spreadsheets and notebooks. This is basically going to give them the capability to do that. So you'll be able to see all your cards in one place, your total, balance, your statement, balance your payoff amount, your min pay amount, the rate you are paying. It is going to allow you to set a payment strategy. So, as an example, fully realized, I always want to have whatever five grand in my checking account, anything above that I want you to pay off highest price card first. But make sure you make all of my minimum payments for me. And this will allow you to kind of set that up. And, conduct that payment exercise from a lending club account and, and manage it. And if we see you are not paying off your credit card debt, we are going to be able to present an offer to you for a loan and help you understand how much money that is actually going to save you. So that is where you see things like top up and clean sweep or just a repeat person alone would really you know, really add value and could be integrated into that experience and, remember that these repeat customers, they come at low to no acquisition cost, they deliver better credit performance. So it kind of creates a bit of a flywheel in our member base and what does open banking do for all of that? This plays right? Into it. I mean, effectively, it just accelerates. I think all the trends that we have seen over the last decade, which, tend to be in our favor, which banks core business is relying on a lot of inertia and a lot of, let's call it a lack of transparency of information. So the ability for customers to be able to see what they are getting paid and their checking and savings accounts, what they are being charged on their credit cards and to compare that to what lending club is going to charge them on their loans and what we are going to pay them for their savings accounts. I just think it's, another way to show the value that we are able to deliver to acquire customers and, and keep them close to the brand.

DebtIQ 是我們自己建立的產品名稱。當我們獲得統計機會時，當它變得可用時，我們就去追求它，因為它實際上代表了債務智商路線圖，除非完全體現出來。因此，收購這個程式碼庫以及一些幫助其在我們的環境中站穩腳跟的人才將相當實質性地縮短我們達到 DebtIQ 計劃最終狀態的時間，並大大降低實現這一目標的成本。基本上我們的客戶來找我們是為了償還他們的信用卡債務。對於我們批准的人，我們在某些​​情況下成功償還了他們的債務，不是全部債務，只是部分債務。然後發生的事情就是我們的貸款後。我想我們之前討論過這個。您希望消費者銷售進入日落狀態，並且不再增加信用卡債務。不幸的是，情況並非如此，人們會因為需要而進進出出，對嗎？你可以看到，在上一個通膨週期中，餘額正在成長，人們更傾向於使用信用卡來維持收支平衡。因此，我們從客戶那裡了解到的是其中一些人，發生了一些醫療緊急情況，他們暫時失業，無論如何，離婚，他們是各種各樣的司機，生活事件導致他們重新使用信用卡債務。因此，擁有一個實際的介面可以幫助他們提供這種可見性和管理能力，使他們與我們保持聯繫並保持在客戶面前。如果需要的話，即使他們沒有信用卡債務，也有機會節省債務，這很有價值。所以我們從客戶那裡了解到的是，這是他們手動支付的唯一帳單。其他一切都是自動付款自動[ach]，對吧？因為其他一切都是固定的，你的房貸、你的核心付款、你的學生貸款都是固定的。這是可變利率，且不處於可變平衡狀態。每家信用卡公司計算最低還款額的方式都不同。它的截止日期不同。所以如果你有五張牌，就是要了解的過程。好吧，什麼時候到期？付款金額是多少，每筆都需要最低金額嗎？總支付餘額是多少？然後重要的是，我應該先還清哪一個？我為這些項目支付的費率是多少？就像他們試圖用電子表格和筆記本手動追蹤這一點一樣。這基本上將使他們有能力做到這一點。因此，您將能夠在一處查看您的所有卡片、您的總額、餘額、您的對帳單、餘額、您的支付金額、您的最低支付金額、您支付的費率。它將允許您設定付款策略。因此，舉個例子，我完全意識到，我總是希望在我的支票帳戶中存入五英鎊，高於此金額的任何金額，我希望您首先還清最高價格的卡。但請確保您為我支付了所有最低付款額。這將允許您進行某種設定。並且，從貸款俱樂部帳戶進行付款活動並進行管理。如果我們發現您沒有還清信用卡債務，我們將能夠向您提供貸款並幫助您了解這實際上可以為您節省多少錢。因此，這就是您看到諸如充值和一網打盡之類的事情的地方，或者只是一個回頭客，您真的知道，真正增加了價值，並且可以融入到這種體驗中，並且請記住，這些回頭客的獲取成本很低甚至沒有，他們提供更好的信用表現。因此，它在我們的會員群中創造了一些飛輪，開放銀行為這一切做了什麼？這玩得對嗎？進入其中。我的意思是，實際上，它只是加速了。我認為過去十年我們看到的所有趨勢往往對我們有利，銀行的核心業務依賴於很大的慣性和很多，我們稱之為缺乏資訊透明度。因此，客戶能夠看到他們收到的付款以及他們的支票和儲蓄帳戶，他們的信用卡被收取的費用，並將其與貸款俱樂部將向他們收取的貸款費用以及我們的費用進行比較。支付他們的儲蓄帳戶費用。我只是認為這是展示我們能夠提供的價值的另一種方式來獲取客戶並讓他們與品牌保持密切聯繫。

That is really exciting. Looking forward to seeing that next year. I guess the second question and kind of a follow up on pricing. So it was nice to see the, pricing increase this quarter. I am just sort of wondering at what price, would you feel comfortable or what do you think that, meaningful volume can be generated and if you could perhaps give,

這真的很令人興奮。期待明年看到這一點。我想第二個問題是定價的後續問題。因此很高興看到本季價格上漲。我只是想知道以什麼價格，你會感到舒服或你認為什麼，可以產生有意義的數量，如果你可以給予，

You know,

你知道，

The sensitivity to your improving credit trends and to the expected paid paid rate cuts on pricing that would be helpful. .

對您不斷改善的信用趨勢的敏感度以及對定價的預期付費降息的敏感度將會有所幫助。。

So I just starting with the first one, agree. We are really pleased to see that. we aregetting the recovery in prices. That is what we had anticipated based on our ability to deliver these, strong and consistent returns. We are still below average rate we have sold that for, call it 16 out of the last 17 or 18 years. And we have said before, kind of mid to high 98 is what gives us enough margin to open up,, paid digital, more paid search direct mail. ,all of these other channels, which we have been dormant in since the rate environment shifted. but we are clearly on that trajectory and we have got a lot of confidence that we will be getting there sometime in quater1, which is really perfect timing for us given that our positive seasonality starts to really kick in in quater 2 and quater 3. So, we would anticipate that we can start doing some testing of those channels in Quarter1 get our response models and everything going so that we are able to take advantage of it next year.

所以我只是從第一個開始，同意。我們很高興看到這一點。我們正在經歷價格的復甦。這是我們根據我們提供這些強勁且一致的回報的能力所預期的。我們仍然低於我們出售該產品的平均價格，稱其為過去 17 或 18 年中的第 16 年。我們之前說過，98 的中高價給了我們足夠的利潤來開闢付費數字、更多付費搜尋直郵。 ，所有這些其他管道，自從利率環境改變以來我們一直處於休眠狀態。但我們顯然正處於這條軌道上，而且我們非常有信心，我們將在第一季的某個時候實現這一目標，這對我們來說確實是完美的時機，因為我們的積極季節性在第第二季和第三季開始真正發揮作用。因此，我們預計我們可以在第一季開始對這些管道進行一些測試，讓我們的回應模型和一切順利進行，以便我們明年能夠利用它。

Hi, David I didn't hear the introduction. Thanks. For taking the questions? So how should we think about balance sheet growth from here now that you just acquired this 1.3 billion of loans? Does that kind of set you back in terms of balance sheet growth going forward or how much capacity can you talk about that?

嗨，大衛，我沒有聽到介紹。謝謝。為了接受提問？那麼既然你們剛剛獲得了這 13 億美元的貸款，我們該如何看待資產負債表的成長呢？這是否會阻礙您未來資產負債表的成長，或者您能談論多少產能？

Absolutely. I mean, we have said before, our goal over the longer [arc] here is that we want to continue growing the balance sheet and, and in doing so, create a higher stream of recurring revenue and recurring earnings, you know, that, that the company and investors can rely upon. So obviously, this, this portfolio acquisition, gave us a gave us a jolt and put us to to '11 billion fairly quickly, which, which is great. as we look forward to next quarter, we are going to have a few things happen that will probably cause us. come down a little bit before we start to grow again as we get into to 2025. So you could probably expect one quarter of, a little bit of a decline in the balance sheet. And from there in 2025 we should be back to the balance sheet again

絕對地。我的意思是，我們之前說過，我們的長期目標是我們希望繼續擴大資產負債表，並在此過程中創造更高的經常性收入和經常性收益，你知道，公司和投資者可以信賴的。顯然，這次投資組合收購給我們帶來了震動，讓我們很快就達到了 110 億美元，這非常棒。當我們期待下個季度時，我們將會發生一些可能會對我們造成影響的事情。在進入 2025 年時，我們會先回落一點，然後再開始成長。因此，您可能會預期資產負債表將出現四分之一的下降。從那時起，2025 年我們應該再次回到資產負債表

And out of curiosity, when during the quarter, did you close on that 1.3 billion

出於好奇，您在本季什麼時候完成了這 13 億美元？

That was in beginning of August.

那是在八月初。

And then in terms of, can you comment on credit buyer demand, whether you are seeing it increase, decrease about the same? It sounds as if the environment is clearly improving and that demand could be on, on the up and up. But can you provide some commentary there?

然後，您能否評論一下信貸買家的需求，無論您是否看到信貸買家需求增加或減少？聽起來環境正在明顯改善，需求可能會不斷增加。但你能提供一些評論嗎？

Yeah, o obviously, I think we, we just spoke about the banks, right? And, and the banks are, are starting to come back as, as we predicted it, we don't expect to be at, a 5,050 mix of banks and asset managers in the near future. But we are seeing, we we just make great progresses quarter and highlighted what's coming next quarter. So we are excited that that is coming back as, as a growth channel. I had say the private credit asset managers have been very active in the space, obviously, as evidenced by the structured certificate program and probably the best proxy is just to look at the the A BS market, especially for unsecured consumer. They have been very active, spreads have come in. And so I'd say the markets feel very healthy for those, those loan buyers. And you know, the fed continuing, the lower rate should be just a further catalyst to activity in that space. As long as you know, as we always say, as long as the fed cutting rates is, is for a soft landing and not a hard landing.

是的，顯然，我想我們剛剛談到了銀行，對吧？而且，正如我們預測的那樣，銀行正在開始回歸，但我們預計在不久的將來不會出現 5,050 家銀行和資產管理公司的混合體。但我們看到，我們本季取得了巨大進展，並強調了下個季度的發展。因此，我們很高興這將作為成長管道回歸。我曾說過，私人信貸資產管理公司在該領域一直非常活躍，顯然，正如結構化證書計劃所證明的那樣，最好的代理可能就是看看A BS 市場，特別是對於無擔保消費者而言。他們非常活躍，利差已經出現。所以我想說，對於那些貸款購買者來說，市場感覺非常健康。你知道，聯準會繼續降低利率應該只是該領域活動的進一步催化劑。只要你知道，正如我們常說的，只要聯準會降息，就是軟著陸而不是硬著陸。

And the last one for me is more of a industry question in, in terms of the consumer loan market overall, are you expecting that to grow meaningfully over over the next '12 months or so or remain about the same? And I guess a follow up to that is, can you comment on the level of competition that you're seeing? And if you're seeing any, any competitors with irrational pricing out there to gain share.

對我來說，最後一個問題更多的是一個行業問題，就整個消費貸款市場而言，您是否預計該市場在未來 12 個月左右的時間內會出現有意義的增長，還是保持不變？我想接下來的問題是，你能評論一下你所看到的競爭程度嗎？如果你看到任何競爭對手以不合理的定價來獲取份額。

So we, we do expect it to grow as we've talked about the, the TAM that's available is very, very significant and the savings opportunity for consumers is, is quite significant. You know what, what has been constricting, it has really been the, you know, kind of the the availability at the right price of capital in the fintech space for sure. And you know, that is 40 to 50% of the total market. So that matters for total volume in the personal loan market. Again, banks, credit unions, they have continued to, to operate and really didn't see the same kind of pull back there. So as the fintech players come back in, we expect the market to, to to be growing in terms of competition. We, you know, we almost always have an irrational player at any given time. And you know, we've, we've seen many, many waves of competition, many waves of new entrants over over our history we monitor this stuff extremely closely across all channels. I think we've mentioned before, we're constantly conducting price point tests across channels across segments across use cases so that we can monitor what's happening. And, you know, make sure that we're, we're positioned the right way. Nothing really noteworthy to point out. I think we said on the last call, we would, would anticipate the pricing pressure to manifest first in high prime. Because that's where everybody shifted to generate the volume. And you know, we, we expect the market will be competitive. It's never not been competitive. So I'd say as we resume growth, we'd anticipate competition. We feel like we're well prepared to co to compete there.

因此，我們確實預計它會成長，正如我們所討論的那樣，可用的 TAM 非常非常重要，而且消費者的儲蓄機會非常重要。你知道，是什麼一直在限制你，你知道，金融科技領域確實存在以合適的價格提供資本的情況。你知道，這佔整個市場的 40% 到 50%。因此，這對於個人貸款市場的總量很重要。再說一遍，銀行、信用合作社繼續運營，而且確實沒有看到同樣的衰退。因此，隨著金融科技參與者的回歸，我們預期市場的競爭將會加劇。你知道，我們在任何特定時間幾乎總是有一個非理性的玩家。你知道，在我們的歷史上，我們已經看到了很多很多的競爭浪潮，很多新進入者的浪潮，我們在所有管道上都非常密切地監控這些東西。我想我們之前已經提到過，我們不斷地跨通路、跨細分市場、跨用例進行價格點測試，以便我們可以監控正在發生的情況。而且，你知道，確保我們處於正確的位置。沒有什麼真正值得指出的。我想我們在上次電話會議上說過，我們會預期價格壓力會先在高端市場顯現出來。因為那是每個人都轉向產生銷售的地方。你知道，我們預期市場將具有競爭力。從來都沒有競爭過。所以我想說，當我們恢復成長時，我們會預見競爭。我們覺得我們已經做好了共同競爭的準備。

Our next question comes from Giuliano Bologna with the Compass Point Research & Trading LLC, Giuliano, your line is now open.

我們的下一個問題來自 Compass Point Research & Trading LLC 的 Giuliano Bologna，朱利亞諾，您的線路現已開通。

Congratulations on the continued great performance.

恭喜您繼續出色的表現。

One thing I'd be curious about is you know, it seems like you did a small sale to returning bank, you're doing 400 million to a new bank. What when you were talking about the additional billion dollars or the or the billion dollar number? Is that inclusive of the 400 or is that all incremental to the 400 million And then kind of related to that. I'm curious where discussions are about, you know, potential other bank fires, you know, coming back to the platform.

我很好奇的一件事是，你知道，好像你向回歸銀行做了一筆小額銷售，但你卻向一家新銀行做了 4 億美元。當您談論額外的十億美元或十億美元的數字時該怎麼辦？是包含 400 人還是全部增加到 4 億然後與此相關。我很好奇在哪裡討論，你知道，潛在的其他銀行火災，你知道，回到平台上。

Yeah. Yeah, the bill is all incremental. Think of just both transactions, think of it as a bulk purchase up front to get their portfolio started and then ongoing, monthly, quarterly purchases can continue building the portfolio.

是的。是的，帳單都是增量的。只考慮這兩筆交易，將其視為預先進行的批量購買，以啟動他們的投資組合，然後持續、每月、每季的購買可以繼續建立投資組合。

And then as far as other conversations, I mean, there is, a healthy pipeline of different sized banks. I would say most of them are probably new to the platform so they take a little longer to ramp that up. But I would say we are excited that there's more opportunities in front of us

至於其他對話，我的意思是，不同規模的銀行都有一個健康的管道。我想說他們中的大多數人可能是這個平台的新手，所以他們需要更長的時間來提升它。但我想說，我們很高興有更多的機會擺在我們面前

And just to, to make sure I am thinking about this correctly, the I am assuming that $400 million loan sale is coming out of the HFS portfolio at fair value with the additional loan sales, you know, on, on kind of the extra billion dollars. Would that all flow through the HFS book or would that flow through the marketplace

為了確保我正確地思考這一點，我假設 4 億美元的貸款銷售將以公允價值從 HFS 投資組合中出來，還有額外的貸款銷售，你知道，大約是額外的 10 億美元美元。是全部透過 HFS 帳本流通還是透過市場流通

For the marketplace? You know, as whole loan says,

為了市場？你知道，正如整個貸款所說，

That is very helpful and then, you have some, very helpful guidance around you know, the 5,550.00 650 of HF I retention.

這非常有幫助，然後，您周圍有一些非常有幫助的指導，即 HF I 保留率 5,550.00 650。

And, you know, I am curious where you are seeing loan pricing, you know, since the the 50% rate cut and if you are seeing, and how you are seeing that trend versus deposits, because I'm assuming you were probably a little late to cutting your cutting your deposit rate versus some other peers out there because you were obviously building up, you know, balances for the the the portfolio acquisition on the security book growing in the quarter. Is that a good way to think of it where you are now?

而且，你知道，我很好奇你在哪裡看到貸款定價，你知道，自從降息 50% 以來，如果你看到了，以及你如何看待這種趨勢與存款的比較，因為我假設你可能是與其他一些同業相比，削減存款利率並不晚，因為你知道，你顯然在為本季度不斷增長的證券賬簿上的投資組合收購積累餘額。想想你現在的位置，這是個好方法嗎？

Yeah, I mean there's I think in Q4 there, there will be a lot of things happening with the deposit portfolio that are all positive. So, you know, it is that, as we noted, we launched level of savings, which gives us two liquid deposit products that you know, allow us to, to think about trade offs between rate paid and volume growth at the same time. So that will be, that will be a, that's a great tool to have in the kit. We do have CD pricing from a year ago, you know, starting to roll off at at pretty high rates which will be a tailwind on pricing as well. And then we're actually about to exit one of our legacy commercial customers. That's probably about the highest rate paid, which we've been waiting for that to actually end that they, that will exit in Q4 as well, which will be helpful to our overall deposit pricing going forward. So, but net net net, we're, you know, growing the portfolio as expected, pretty, pretty excited about what the progress that we've made in terms of product and, and pricing of deposit side.

是的，我的意思是，我認為在第四季度，存款組合將會發生很多積極的事情。所以，正如我們所指出的，我們推出了儲蓄水平，這為我們提供了兩種流動性存款產品，讓我們能夠同時考慮支付利率和交易量增長之間的權衡。所以這將是套件中的一個很棒的工具。你知道，我們確實從一年前就有了 CD 定價，開始以相當高的價格下滑，這也將成為定價的推動力。然後我們實際上即將退出我們的一位傳統商業客戶。這可能是最高的利率，我們一直在等待它真正結束，這也將在第四季度退出，這將有助於我們未來的整體存款定價。所以，但是淨淨淨，你知道，我們正在按預期擴大投資組合，我們對我們在產品和存款方面取得的進展感到非常非常興奮。

That's what I want. And hopefully I wanted to There must be, by the way on what I was going to ask you about was obviously cut, it's a fairly new program. The level up program looks like you cut the level up by '15 basis points on the standard rate by 50. I am curious if there is any sense of like what the mix looks like on the deposit base there between, the percentage of level up versus standard rate. And I realized the program is fairly new. So if the data is probably not, that's probably impropriate to this point.

這就是我想要的。希望我想一定有，順便說一句，我要問你的內容顯然被削減了，這是一個相當新的程序。升級計劃看起來像是在標準利率的基礎上將等級提高了 15 個基點 50。我很好奇兩者之間的存款基礎的組合是否有任何感覺，即水平上升與標準利率的百分比。我意識到這個程式相當新。因此，如果數據可能不是這樣，那麼此時此刻可能不合適。

So, if you are talking about between our, you know, kind of plain vanilla high yield savings versus level up or you're talking, I am assuming you're talking within level up who's engaging in the ongoing savings behavior. It's a little early since we just launched it in August. So not that many people have rolled through the kind of promo period, but we're at roughly 70% of the people are engaging in the positive ongoing behavior. So, you know, we'll see if that sticks, but that's, that's where we are

因此，如果您正在談論我們的普通高收益儲蓄與升級之間的關係，或者您正在談論，我假設您正在談論升級中誰參與了持續的儲蓄行為。自從我們八月才推出以來，現在還有些早。因此，經歷過這種促銷期的人並不多，但大約 70% 的人正在參與積極的持續行為。所以，你知道，我們會看看這是否會持續下去，但這就是我們現在的處境

Our next question comes from John Hecht with the company jeffries', John Yla. Is that open

我們的下一個問題來自約翰·赫克特（John Hecht）和傑弗里斯公司的約翰·伊拉（John Yla）。是開放的嗎

Afternoon guys, thanks for taking my questions and congratulations on a good quarter. The first question is, you know, I know there's a lot of factors that are dynamic when you guys kind of decide where to, where to place the loan during a quarter, meaning that, whether you want to sell it or retain it or put it in the seasoning portfolio, and so forth. I'm wondering, you know, what can you describe kind of the framework you go through? I'm sure it is tied to,a return of capital of some type, but there's also some consequences to near and intermediate term earnings depending on that kind of where you place it. Maybe can you give us like the decision tree that you think about, or what kind of prioritizations you have in mind when you think about the mix? Yes, certainly. I mean it's probably important to note first as we enter any quarter. We have, you know, obviously an estimation of what we think we're going to originate over the quarter in terms of volume and, and the mix of products that we're going to originate and we have an order book which is maybe not totally complete but call it but largely complete. So we're always balancing filling orders with, you know, the amount of production that we have at the correct at the, you know, at the right profile of borrower as well So what we're, what we're always working against is making sure we fill as many orders as we can. But also setting aside some of that volume for balance sheet growth, that's, you know, important for all the reasons that we were talking about before. And within that is a, you know, a price optimization exercise that happens on how we fill the orders, what product we fill them through. And then also determining how much, for example, HF I we want to take on balance sheet given how the earnings profile is evolving as we go through the quarter. So some of the decisions are made before we even get into the quarter. And then other decisions are made as we go through through the quarter to end up as best we can with a certain earnings profile coming out of the quarter.

下午好，夥計們，感謝您回答我的問題，並祝賀本季表現良好。第一個問題是，我知道，當你們決定在一個季度內向何處發放貸款時，有很多動態因素，這意味著，你們是否想出售或保留或放置貸款它在調味品組合中，等等。我想知道，您能描述一下您所經歷的框架類型嗎？我確信它與某種類型的資本回報有關，但根據您放置的位置，也會對近期和中期收益產生一些影響。也許您能為我們提供您所考慮的決策樹，或者當您考慮混合時您想到的優先順序是什麼？是的，當然。我的意思是，當我們進入任何季度時，首先要注意的可能很重要。你知道，我們顯然對本季度的產量和產品組合進行了估計，我們的訂單簿可能不是這樣的。因此，我們總是在滿足訂單與借款人的正確情況下的正確生產量之間取得平衡，所以我們是什麼，我們一直在努力反對什麼確保我們盡可能多地完成訂單。但也要留出一些用於資產負債表成長，這很重要，因為我們之前討論過的所有原因。其中，你知道，這是一項價格優化活動，涉及我們如何填寫訂單、透過什麼產品填寫訂單。然後，考慮到本季獲利狀況的變化，我們還要確定資產負債表上的金額，例如 HF I。因此，有些決定是在我們進入本季之前就做出的。然後，我們在整個季度中做出其他決定，以盡可能地在本季得出一定的獲利狀況。

But I think some other, some other things to think through we have in our deck in our materials and it's slide 11, we've got a page that kind of gives a view into what economics do we recognize immediately for the different disposition channels versus what is the lifetime value look like? You know, held for investment at amortized cost is three times better, three times higher earnings than selling the loan. However, you know, as you know, we take a big upfront provision. So it's a big drag on earnings and then you know, the other channels are somewhere in between those two let's say when we think about whole loans versus structured certificates at the same price, we do the structures and with capital available, we do the structured certificate because we get the upfront in period value and we get, you know, an ongoing income stream from the senior security. What we're starting to get with the return of banks is they're not at the same price. So for an asset manager, we're getting a higher price for the structured certificates. That's why you've seen us really pivot to do more of those as banks come back, they're going to be buyers of whole loans. They are coming in typically at a premium to asset manager pricing. So you'll see us do more whole loan sales because it's a stronger sales price stronger in period earnings and we will utilize some of those earnings to do more HF I.

但我認為我們在材料中還有其他一些需要思考的事情，幻燈片 11，我們有一個頁面可以讓我們了解我們立即認識到不同處置渠道與終生價值是什麼樣的？要知道，以攤餘成本持有投資的效果比出售貸款好三倍，收益也高出三倍。然而，正如您所知，我們收取了大量的預付款。因此，這對收益有很大的拖累，然後你知道，其他管道介於這兩者之間，比方說，當我們以相同的價格考慮整體貸款與結構性證書時，我們進行結構，並利用可用資本，我們進行結構性貸款證書，因為我們獲得了期間價值的預付款，並且您知道，我們從高級證券中獲得了持續的收入流。我們開始從銀行的回報中得到的是，它們的價格並不相同。因此，對於資產管理公司來說，我們的結構性證書價格更高。這就是為什麼隨著銀行的回歸，我們真正轉向做更多的事情，他們將成為全部貸款的買家。它們的定價通常高於資產管理公司的定價。因此，您會看到我們進行更多的整體貸款銷售，因為銷售價格在期間收益中更強，我們將利用其中一些收益來進行更多的 HF I。

That, that all makes great sense. Appreciate that color. And the second question, you know, I just, we observed just a lot of capital raising in the private credit markets and a lot of which is being allocated to consumer pools of loans, you know, with the forward flow agreements and so forth that we're seeing structured in the market. I'm wondering in your guys' opinion, how does that affect things? I mean, if you've got a lot more money coming into the system, I assume it can affect pricing, it can affect liquidity, it can affect competition. How do you see that manifesting itself and does that affect you guys in the way you think about strategy as well? I think there's, it's obvious to us that there's more capital coming into, you know, private credit, the asset managers and it's looking to be deployed and, and maybe with a bit more urgency than it has in the past, given that rates appear to be coming down for the foreseeable future and locking in yield is, is important where you can do it. I do think that gives all players in our space. I think a little more pricing power in terms of you know how we're negotiating sales prices and structures and things of that nature. You know, we've been very happy with the structured certificate program. We've been able to move prices up, maybe some of that is due to you know, more capital. But I think it's also a testament to the consistent performance and returns we've delivered since we launched the program. And I, I dare say we're probably getting some of the higher prices in the industry right now that are coming from, you know, private credit and asset manager,

這一切都很有道理。欣賞那個顏色。第二個問題，你知道，我只是，我們觀察到私人信貸市場上有大量資金籌集，其中很多資金被分配給消費者貸款池，你知道，透過遠期流動協議等，我們看到市場已經結構化。我想知道你們的看法，這對事情有何影響？我的意思是，如果你有更多的錢進入系統，我認為它會影響定價，它會影響流動性，它會影響競爭。您如何看待這一點？我認為，對我們來說很明顯的是，有更多的資本進入私人信貸、資產管理公司，並且正在尋求部署，而且考慮到利率出現，可能比過去更加緊迫在可預見的未來下降並鎖定收益率對於您可以做到的地方非常重要。我確實認為這給了我們這個領域的所有玩家。我認為，就你知道我們如何談判銷售價格、結構以及類似性質的事情而言，定價權更大一些。您知道，我們對結構化證書計劃非常滿意。我們已經能夠提高價格，也許其中一部分是由於更多的資本。但我認為這也證明了自啟動該計劃以來我們所提供的一致績效和回報。我敢說，我們現在可能會得到行業中一些更高的價格，這些價格來自私人信貸和資產管理公司，

Higher prices. And I think also fairly simple, you know, a lot of these deals that are being announced, you don't see exactly what all the structures are around it, loss protection and discounts and all the rest. What I what it says there's more capital coming in, but certainly some of the names we're hearing about the price, you know, the yield requirements for some of that capital versus the yield requirements. For example, for banks are pretty different. So when it comes to, how does that translate into borrower pricing? We're glad we're announcing the bank partnerships.

價格更高。我認為這也相當簡單，你知道，很多正在宣布的交易，你看不到圍繞它的所有結構、損失保護和折扣以及所有其他內容。我所說的是有更多的資本進入，但當然我們聽到的一些關於價格的名字，你知道，一些資本的收益率要求與收益率要求。例如，對於銀行來說就非常不同。那麼，這如何轉化為借款人定價呢？我們很高興宣布與銀行建立合作關係。

Our next question comes from Brad Capuzzi with the company Piper Sandler Bread. Your line is now open.

我們的下一個問題來自 Piper Sandler Bread 公司的 Brad Capuzzi。您的線路現已開通。

Thanks for taking my questions. Appreciate it. Most of them have been answered, but I just wanted to, can you talk about the loan performance between different cohorts consumers between prime near prime and some of the lower end consumers? Thanks.

感謝您回答我的問題。欣賞它。大多數問題已經得到解答，但我只是想，您能談談不同群體的消費者之間的貸款表現嗎？謝謝。

I mean, we're seeing stability across the board across all segments we serve. I'd say we're seeing actual out performance in the higher yielding stuff right now. The returns there have been very, very strong. I mean, in general and I think I mentioned this on the call. These are the highest, you know, our post COVID vintages or whatever our COVID vintages were extreme, you know, extremely strong, but they were an anomaly what we're seeing now is we're delivering very strong sustained returns quarter after quarter after quarter. I think we mentioned last call, you know, we are now a more than a year into the structured certificates program. So, you know, those buyers have been able to see, you know, several quarters of consistent strong returns. You know, you can see in the, in the earnings materials that are delinquencies by cohort are stable to declining on a vintage basis. And the higher yielding stuff is actually performing even better. That's somewhat of a factor of, you know, we're, we, we really tightened the credit box there quite substantially early on. But we're focused on that because we do believe that over time, we're going to need to shift back to call it a more normal mix of who's buying. What asset where we've been over the last two years is people with higher yield requirements, buying lower yielding paper and they're meeting their return hurdles through our discount. And over time, what we'd like to see is those, you know, that let's call it higher yield seeking buyer getting it from the, the consumer base that naturally delivers that and banks and credit unions, you know, being back at the top end. So I think it's important we're showing a really strong track record down there. So people are comfortable moving, you know, a little bit down the credit spectrum.

我的意思是，我們所服務的所有細分市場都呈現出全面的穩定性。我想說的是，我們現在看到了高收益產品的實際表現。那裡的回報非常非常強勁。我的意思是，總的來說，我想我在電話中提到了這一點。These are the highest, you know, our post COVID vintages or whatever our COVID vintages were extreme, you know, extremely strong, but they were an anomaly what we're seeing now is we're delivering very strong sustained returns quarter after quarter after四分之一.我想我們在上次電話會議中提到過，您知道，我們現在已經進入結構化證書計劃一年多了。所以，你知道，這些買家已經能夠看到幾季持續強勁的回報。您知道，您可以在收益資料中看到，按群體劃分的拖欠率逐年穩定下降。產量更高的東西實際上表現得更好。這在某種程度上是一個因素，你知道，我們很早就大幅收緊了信貸框。但我們之所以關注這一點，是因為我們確實相信，隨著時間的推移，我們將需要重新稱之為更正常的購買者組合。過去兩年我們的資產是那些收益率要求較高的人，購買收益率較低的票據，他們透過我們的折扣來滿足回報障礙。隨著時間的推移，我們希望看到的是，你知道，讓我們稱之為尋求更高收益的買家從自然提供這種收益的消費者基礎以及銀行和信用合作社，你知道，回到了頂端。所以我認為我們在這方面展現出非常強勁的業績記錄非常重要。所以人們很樂意在信用範圍內稍微降低一點。

Awesome. I appreciate it. And then just last one quickly. I know you aren't giving guidance on expenses further out, but just high level. Where do you view expenses trending as we had in the 2025?

驚人的。我很感激。然後很快就只剩下最後一個了。我知道您並沒有提供進一步的支出指導，而只是提供高水準的指導。您如何看待 2025 年的支出趨勢？

I think, you know, the amount of increase we saw this quarter versus Q2 probably see a similar amount maybe a little more as we go from of that level of increase as we go from Q3 to Q4. And that will, you know, again, that's going to be some of the amortization from the text from the tech projects that we've been implementing. Starting to roll through the P&L will be the largest driver at all.

我認為，你知道，我們本季度看到的增長量與第二季度相比可能會看到類似的數量，而且隨著我們從第三季度到第四季度的增長水平，可能會多一些。你知道，這將是我們一直在實施的技術專案文本中的一些攤銷。開始滾動盈虧將是最大的驅動力。

Great. I appreciate you taking my questions.

偉大的。感謝您回答我的問題。

Next question comes from Reggie Smith was the company JP Morgan Reggie. Your line is now open.

雷吉史密斯提出的下一個問題是摩根大通雷吉公司。您的線路現已開通。

Hey, thank you. Progress on the quarter. I was hoping to get I guess some additional color on the the purchase during the quarter was curious like how much visibility do you guys have into when those opportunities come up just curious like how quickly this this came together. And I'm not sure if you disclosed the price paid relative to par. And whether or not, you know, taking on those loans influence your three Q and four Q origination, anything you can share along those lines would be would be great. I got a few follow ups. Thank you.

嘿，謝謝你。本季的進展。我希望能在本季的購買中獲得一些額外的色彩，我很好奇，當這些機會出現時，你們有多少可見度，只是好奇這件事發生的速度有多快。我不確定您是否披露了相對於面值支付的價格。你知道，無論接受這些貸款是否會影響你的三問和四問起源，你能分享的任何內容都會很棒。我得到了一些跟進。謝謝。

Yeah, so, so this was the, you know, this is obviously given the size of the portfolio. This is a previous buyer who we've worked with pretty extensively in the past. And you know, so it had visibility that there was going to be a sale, but it's probably important to note this sale was part of a cap capital optimization exercise, you know, in involving the entire corporation. So it wasn't just this one portfolio that was contemplated to, to be sold, but it was a competitive bidding situation. We weren't just handed this portfolio to, to buy. You know, we, we can't disclose the price, but it's a season portfolio and those, those always trade at a bit of a discount compared to a bit of a further discount compared to Parks, they're further in their seasoning process. But yeah, no, very excited. We got it. I didn't, I didn't understand your question. Your last part of your question, Reggie on originations.

是的，所以，這就是，你知道，這顯然是考慮到投資組合的規模。這是一位以前的買家，我們過去曾與他進行過廣泛的合作。你知道，所以它可以預見到將會有一筆出售，但重要的是要注意這次出售是資本上限優化活動的一部分，你知道，涉及整個公司。因此，考慮出售的不僅僅是這一投資組合，而且這是一種競爭性的投標情況。我們不只是將這個投資組合交給我們購買。你知道，我們，我們不能透露價格，但這是一個季節組合，那些總是以一點折扣進行交易，與帕克斯相比，它們的交易價格進一步折扣，他們正在進一步調味過程中。但是，是的，不，非常興奮。我們明白了。我沒有，我不明白你的問題。雷吉，你問題的最後一部分是關於起源的。

Yeah, so I guess, you know, taking down that $1.3 billion portfolio, I was curious where that influenced, I guess your origination during three Q and maybe even what you're willing to do for you given the amount that you've grown your balance sheet. Already you follow me.

是的，所以我想，你知道，拿掉那個13 億美元的投資組合，我很好奇這會產生什麼影響，我猜你在第三季度的起源，甚至考慮到你已經增長的金額，你願意為你做些什麼你的資產負債表。你已經跟著我了。

Yeah. The unrelated. I mean, as we have said before, we have that excess capital at the whole code for growth. You know, we had well over 100 million at the end of last quarter, we have 90 million in cash sitting at the [wholeco] at the end of this quarter. So that's, you know, available, most of that is available for use for continued growth in in the balance sheet.

是的。無關的。我的意思是，正如我們之前所說，我們在整個成長代碼方面擁有過剩的資本。你知道，上季末我們的現金遠遠超過 1 億，本季末我們的 [wholeco] 裡有 9,000 萬現金。所以，你知道，這是可用的，其中大部分可用於資產負債表的持續成長。

Got it if I could sneak two more in there, I think you guys gave a a soft range of like something in the 98% range. Kind of allows you to open up your your marketing aperture. I was just curious if you could, you kind of frame where that's kind of the bounds of that. So obviously, 98 is where you'd love to be like where we pricing, where was pricing during the pandemic when, when rates were zero versus probably the worst point when inflation was, was was kind of running away if you could provide some bounds around that. Just so I can contextualize where 98 sits relative to the best days and the, and the kind of the worst days.

明白了，如果我能再偷偷放兩個進去的話，我想你們給了一個像 98% 範圍內的軟範圍。有點讓你打開你的行銷縫隙。我只是好奇你是否可以，你的框架就是這樣的界線。很明顯，98 是你希望我們定價的地方，在大流行期間，利率為零時的定價，而通貨膨脹可能是最糟糕的點，如果你能提供一些界限，那就有點逃跑了圍繞那個。這樣我就可以了解 98 相對於最好的日子和最糟糕的日子的位置。

Yeah, I would say 99 to 101 is sort of steady state. And you know, par if you just had to pick, you were modeling out over a much longer time period, you know, that's where you'd aim to settle and there's certain things drive you slightly above or slightly below at any given time. So we'll still be skinnier than historical average run rate. But you know, it, it's enough there to allow us to begin to push up that marginal price. And importantly as our, as you know, our repeat rate goes up and the value of a newly acquired customer goes up, you know, our capacity to invest in marketing will, will also increase.

是的，我想說 99 比 101 是穩定狀態。你知道，如果你必須選擇的話，你會在更長的時間內進行建模，你知道，這就是你想要解決的地方，並且在任何給定時間都有某些事情會驅使你略高於或略低於。因此，我們的運行速度仍將低於歷史平均運行速度。但你知道，它足以讓我們開始推高邊際價格。重要的是，如您所知，隨著我們的重複率上升，新獲得的客戶的價值上升，您知道，我們投資於行銷的能力也會增加。

Got it. That makes sense. If I could sneak one last one in on the bank channel might be hard to, to answer. But curious what you think is driving the renewed interest and if you were kind of allocate points to interest rates, their own consumer credit outlook and then balance your capacity, like what, how those factors and a hard question to answer. But like how are those factors you think impacting their decision to come back to the the loan buying market maybe rank them?

知道了。這是有道理的。如果我能透過銀行管道偷偷溜進最後一張，可能很難回答。但好奇你認為是什麼推動了新的興趣，以及你是否將點數分配給利率、他們自己的消費者信用前景，然後平衡你的能力，例如什麼、如何這些因素，這是一個很難回答的問題。但是，您認為影響他們回到貸款購買市場的決定的因素可能如何排列？

Yeah. Well, I would start by saying, yeah, I'd start by saying [if you think of, if you think of what you know] caused has caused issues for banks in you know, this this most recent cycle, it's been, it's been law underestimating the duration of the assets they had on their balance sheet. It's been concentration in certain areas like consumer, I'm sorry, commercial real estate, you know, our asset class provides a lot of advantages to banks that don't have it available on the balance sheet. I yield short duration. Yes, it comes with more credit risk but it, but it also we have a history and track record of being able to manage that, that credit risk. And so some of these banks that have come back and some that are in the pipeline they, they want the asset class on the balance sheet. They like the short duration, they're now finding the capital and or liquidity available to deploy and I think if the fact continues lowering rates and or more time passes, you know, we believe there will be more banks that that come to the table once they once capacity allows it from a balance sheet standpoint.

是的。好吧，我首先會說，是的，我首先會說[如果你想到，如果你想到你所知道的]造成了你知道的銀行問題，這最近的周期，一直是，一直是法律低估了他們資產負債表上資產的期限。它一直集中在某些領域，例如消費者，對不起，商業房地產，你知道，我們的資產類別為資產負債表上沒有該資產類別的銀行提供了許多優勢。我產生的持續時間很短。是的，它帶來了更多的信用風險，但我們也有能夠管理信用風險的歷史和記錄。因此，一些已經回歸的銀行和一些正在籌備中的銀行，他們希望資產負債表上的資產類別。他們喜歡短期，他們現在正在尋找可部署的資本和/或流動性，我認為如果事實繼續降低利率和/或更多的時間過去，你知道，我們相信會有更多的銀行參與談判一旦他們從資產負債表的角度來看能力允許的話。

Alright, great. Thank you. So, we do have a couple questions here that were submitted via retail. The first question is what is lending club pay for the acquisition of tally technologies?

好吧，太棒了。謝謝。因此，我們確實有幾個透過零售提交的問題。第一個問題是貸款俱樂部為收購理貨技術所支付的費用是多少？

Yeah, we didn't disclose the number. It is I think the important thing here is it will be capitalized will come in over time. And what I did say is that we are very pleased at the acquisition cost for this vis a vis the development cost and it won't really be noticeable in our financials. And as I mentioned, very excited the degree to which this accelerates the the road map. Got a very high degree of conviction that our customers are going to really value this tool.

是的，我們沒有透露這個數字。我認為這裡重要的是它會隨著時間的推移而資本化。我所說的是，我們對收購成本與開發成本感到非常滿意，而且這在我們的財務中不會真正引人注目。正如我所提到的，這對路線圖的加速程度非常令人興奮。我們非常確信我們的客戶會真正重視這個工具。

Alright, great. We also received a lot of questions around banks coming back to the marketplace. Some questions around the product road map and shareholder value which I think most of which we've we've addressed in the prepared remarks. So Scott Sanborn and Drew Labenne turn it back to you anything you'd like to say as we wrap up.

好吧，太棒了。我們也收到了很多有關銀行重返市場的問題。關於產品路線圖和股東價值的一些問題，我認為我們已經在準備好的評論中解決了其中大部分問題。因此，斯科特桑伯恩 (Scott Sanborn) 和德魯拉本 (Drew Labenne) 在我們結束時會將您想說的任何內容轉回給您。

No, I, I think, importantly, hopefully what's visible in these numbers is, you know, we're seeing inflection and all the key operating metrics, the outlook in front of us. I think we're, we're making traction on our own. We're executing without help from the fed. But as the fed moves to become more supportive, it is definitely supporting an acceleration and, you know, getting us back to our kind of target operating state. We're very excited about next year and have got a really clear strategy we're executing against, let's say the early indications we have that I shared some of which on the call is really supporting that. This is the right strategy that it will work and it's going to deliver strong returns

不，我，我認為，重要的是，希望這些數字中可以看到的是，我們正在看到轉折點和所有關鍵營運指標，以及我們面前的前景。我認為我們正在靠自己的力量取得進展。我們在沒有聯準會幫助的情況下執行任務。但隨著聯準會變得更加支持，它肯定會支持加速，並讓我們回到我們的目標運行狀態。我們對明年感到非常興奮，我們正在執行一個非常明確的策略，比方說，我在電話會議上分享的一些早期跡象確實支持了這一點。這是正確的策略，它將發揮作用，並將帶來豐厚的回報

For, shareholders. So we are excited

對於股東。所以我們很興奮

To deliver against that next year.

明年將實現這一目標。

Thank you. So with that, we will wrap up our third quarter earnings conference call. Thank you for joining us today. And if you have any questions, please email us at IR at [llo dotcom]. Thank you.

謝謝。因此，我們將結束第三季的收益電話會議。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：[llo dotcom]。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。