LendingClub Corp (LC) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's LendingClub first-quarter '25 earnings conference call.

午安.感謝您參加今天的 LendingClub 25 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I'll now hand the call over to Artem Nalivayko, Head of Investor Relations, to begin. You may proceed.

現在我將把電話交給投資者關係主管 Artem Nalivayko 開始發言。您可以繼續。

Thank you. Good afternoon. Welcome to LendingClub's first-quarter 2025 earnings conference call.

謝謝。午安.歡迎參加 LendingClub 2025 年第一季財報電話會議。

Joining me, today, to talk about our results are Scott Sanborn, CEO; and Drew LaBenne, CFO.

今天，與我一起討論我們業績的有執行長 Scott Sanborn；以及財務長 Drew LaBenne。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

您可以在我們網站的投資者關係部分找到隨收益報告發布的簡報。

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.

在電話會議上，除了分析師的問題外，我們還將回答一些透過電子郵件提交審議的問題。

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 and services, and future business and financial performance. Our actual results may differ, materially, from those contemplated by these forward-looking statements.

我們今天的評論將包括前瞻性陳述，包括有關我們的競爭優勢和策略、宏觀經濟條件、平台數量和定價、未來產品和服務以及未來業務和財務表現。我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results differ, materially, are described in today's press release and earnings presentation. Any forward-looking statements that we make on this call are based on current expectations and assumptions. We undertake no obligation to update these statements as a result of new information or future events.

今天的新聞稿和收益報告中描述了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於目前的預期和假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

Our remarks also include non-GAAP measures relating to our performance, including tangible book value for common share, pre-provision net revenue, and return on tangible common equity. 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.

我們的評論還包括與我們的績效相關的非公認會計準則指標，包括普通股有形帳面價值、撥備前淨收入和有形普通股權益回報率。您可以在今天的收益發布和演示中找到有關我們使用非 GAAP 指標的更多資訊以及與最直接可比較的 GAAP 指標的對帳資訊。

Now, I'd like to turn the call over to Scott.

現在，我想把電話轉給史考特。

Thank you, Artem. Welcome, everyone.

謝謝你，阿爾喬姆。歡迎大家。

We delivered a strong start to the year. We generated $2 billion in loan volume, a 21% increase over last year, reflecting continued demand from borrowers and loan buyers and positive initial results from our marketing channel expansion.

我們今年取得了良好的開端。我們的貸款額達到 20 億美元，比去年增長了 21%，這反映了借款人和貸款購買者的持續需求以及我們行銷管道擴展的初步積極成果。

We've now crossed $100 billion in lifetime loan originations, with over 40% of that realized in the past five years.

目前，我們的終身貸款發放量已超過 1,000 億美元，其中 40% 以上是在過去五年內實現的。

Total net revenue grew 20% to $218 million. Pre-provision net revenue grew 52% year over year to $74 million. This financial outperformance came from both parts of our business.

總淨收入成長 20% 至 2.18 億美元。預先配置淨收入年增52%至7400萬美元。這項優異的財務表現來自於我們業務的兩個部分。

In our marketplace, we further improved loan sales pricing, thanks to our consistent and continued credit outperformance, unique structures, and ongoing purchases by banks.

在我們的市場中，由於我們持續的信用表現優異、獨特的結構以及銀行的持續購買，我們進一步提高了貸款銷售定價。

In our own bank, we continue to grow our average interest-earning assets and are, now, benefiting from lower deposit costs, thanks to the success of our new LevelUp savings product, combined with the more favorable rate environment.

在我們自己的銀行，我們的平均生息資產繼續增長，並且由於我們新的 LevelUp 儲蓄產品的成功以及更有利的利率環境，我們現在受益於較低的存款成本。

Beyond the strength of these results, we also secured an investment grade rating from Fitch for our first-rated certificate deal, closing a $100 million-dollar transaction with a top insurance company.

除了這些強勁的業績之外，我們還獲得了惠譽對我們一級證書交易的投資級評級，並與一家頂級保險公司達成了 1 億美元的交易。

We acquired the intellectual property and select talent behind Cushion, an AI-powered spending intelligence app that will further enhance our mobile experience and feature set. And we took advantage of depressed San Francisco real estate prices and our bank balance sheet to invest in the new headquarters at a fraction of the pre-pandemic cost.

我們收購了 Cushion 背後的智慧財產權和精選人才，Cushion 是一款人工智慧消費智慧應用程序，它將進一步增強我們的行動體驗和功能集。我們利用舊金山房地產價格低迷和銀行資產負債表的優勢，以僅為疫情前成本的一小部分投資了新總部。

This was another strong quarter where we grew, executed well, and made meaningful progress against our vision.

這是又一個強勁的季度，我們實現了成長，執行良好，並在實現願景方面取得了有意義的進展。

Let's get into the details, starting with credit.

讓我們從信用開始，深入了解細節。

We saw outstanding performance in our portfolio, with year-over-year delinquency and charge-up rates significantly improving. We've remained disciplined on underwriting, with a credit box significantly tighter than pre-COVID and a continued focus on higher quality borrowers.

我們的投資組合表現優異，拖欠率和收費率較去年同期顯著改善。我們在核保方面始終保持紀律，信貸限制比新冠疫情之前嚴格得多，並且繼續關注更高品質的借款人。

We are, of course, carefully monitoring the macro environment. And we increased our qualitative provision this quarter to be prepared for a scenario where unemployment rates increase to 5.3%.

當然，我們正在密切關注宏觀環境。本季我們增加了定性準備金，以應對失業率上升至 5.3% 的情況。

Our track record on credit through multiple environments; our status as a profitable, nationally-regulated bank that is the largest holder of our own loans; along with our ability to deliver innovative loan investment structures all continue to drive investor demand.

我們在多種環境下的信用記錄；我們是一家盈利的、受國家監管的銀行，也是我們自有貸款的最大持有者；以及我們提供創新貸款投資結構的能力繼續推動投資者的需求。

This is translated to a fifth straight quarter of improved loan sales pricing, which were up over 200 basis points year over year.

這意味著貸款銷售價格連續第五個季度上漲，年比上漲超過 200 個基點。

Our structured certificates program, which has grossed $5 billion since launch, has clear benefits for private credit managers. These benefits help support higher loan sales pricing, while providing LendingClub with a risk-remote security without the need for CECL provisioning.

我們的結構化證書計劃自推出以來已累計獲得 50 億美元的收益，為私人信貸經理帶來了明顯的好處。這些優勢有助於支援更高的貸款銷售定價，同時為 LendingClub 提供風險隔離的安全性，而無需 CECL 撥備。

We closed multiple new certificate transactions in April at stable prices. And we maintained a pipeline of additional interest from new buyers.

我們在四月以穩定的價格完成了多筆新證書交易。我們也保留了新買家的額外興趣管道。

In Q1, we built on the success of the program by obtaining an investment grade rating from Fitch for our first-rated structured certificate deal. The rating supports higher loan sales prices, with LendingClub continuing to earn origination and servicing fees.

在第一季度，我們憑藉該計劃的成功，獲得了惠譽對我們一級結構化證書交易的投資等級評級。該評級支持更高的貸款銷售價格，LendingClub 將繼續賺取發起費和服務費。

This first transaction closed with a top insurance company, unlocking access to the industry's more than $8 trillion in assets.

首筆交易是與一家頂級保險公司達成的，解鎖了該行業超過 8 兆美元的資產。

Bank purchases in the first quarter remain consistent. And we continue to develop a pipeline of new buyers in search of a return to historic bank participation levels.

第一季銀行購買量保持一致。我們將繼續開發新的買家管道，以尋求恢復到歷史水準的銀行參與度。

As we move through this period of broader economic uncertainty, we are uniquely positioned to leverage our many tools, along with our status as a preferred counterparty, to deliver profitable originations through a combination of marketplace sales and our own balance sheet capacity.

當我們經歷這個更廣泛的經濟不確定時期時，我們具有獨特的優勢，可以利用我們的眾多工具以及我們作為優先交易對手的地位，透過結合市場銷售和我們自己的資產負債表能力來實現盈利。

I'll now turn to how we're growing in this environment.

現在我將談談我們如何在這種環境中成長。

While a personal loan can be used for more than debt consolidation, there is a historically large credit card refinance opportunity that we are especially focused on penetrating. Through a combination of product and experience innovation and marketing, we're making great progress against our strategy, with compelling proof points that it's working.

雖然個人貸款的用途不僅限於債務合併，但歷史上信用卡再融資也存在巨大的機會，我們尤其專注於挖掘這個機會。透過產品和體驗創新與行銷的結合，我們的策略正在取得巨大進展，並有令人信服的證據表明我們的策略是有效的。

We've begun testing our way back into a number of marketing channels to accelerate our growth. Initial results are in line with our expectations. And we plan to continue to optimize and expand, over the coming quarters.

我們已經開始嘗試重返多個行銷管道，以加速我們的成長。初步結果符合我們的預期。我們計劃在未來幾季繼續優化和擴展。

New members we acquire have an amazing experience. We save them money, improve their credit score, and simplify their financial life through a seamless process that requires no human intervention, 86% of the time. It's no surprise that our MPS score for this experience is an extremely high 81 points and that 83% of our members say they want to do more with us.

我們招募的新成員擁有令人驚嘆的體驗。在 86% 的時間裡，我們透過無需人工幹預的無縫流程為他們節省資金、提高他們的信用評分並簡化他們的財務生活。毫不奇怪，我們這次體驗的 MPS 評分高達 81 分，並且 83% 的會員表示他們希望與我們做更多的事情。

That's where our mobile app comes into play, where we're not only reducing servicing costs but, also, increasing interaction and issuance.

這就是我們的行動應用程式發揮作用的地方，我們不僅可以降低服務成本，還可以增加互動和發行。

Our DebtIQ offering, still early in its evolution, is already driving nearly 60% higher logins for those enrolled. What's more? Enrolled members are driving a 30% increase in loan issuance.

我們的 DebtIQ 產品尚處於早期發展階段，但已為註冊用戶帶來了近 60% 的登入成長。還有什麼？註冊會員推動貸款發放量增加 30%。

We're currently working on new DebtIQ features to drive wider adoption, deeper engagement, and even more issuance. That includes incorporating the card tracking and payments technology we acquired with Tally at the end of last year.

我們目前正在開發新的 DebtIQ 功能，以推動更廣泛的採用、更深入的參與以及更多的發行。其中包括整合我們去年年底與 Tally 共同收購的信用卡追蹤和支付技術。

Next up will be to incorporate the AI-powered spending intelligence functionality we gained through the acquisition of the intellectual property behind Cushion, an app that helps members track bills, payments, and subscriptions.

接下來我們將整合透過收購 Cushion 背後的智慧財產權而獲得的人工智慧支出智慧功能，Cushion 是一款幫助會員追蹤帳單、付款和訂閱的應用程式。

We're also continuing to improve and differentiate our core personal loan offering and functionality. For example, we launched TopUp last year to allow our members to easily refinance their existing LendingClub loan and add an additional balance to it. We've now enhanced the product to allow members to top up their non-LendingClub loans, making it easy to refinance out from the competition.

我們也正在繼續改進和區分我們的核心個人貸款產品和功能。例如，我們去年推出了 TopUp，讓我們的會員可以輕鬆為其現有的 LendingClub 貸款進行再融資並增加額外的餘額。現在，我們已經增強了產品功能，允許會員補充其非 LendingClub 貸款，從而可以輕鬆地從競爭中獲得再融資。

So as you can hear, we have multiple tools to drive continued efficient growth.

正如您所聽到的，我們有多種工具來推動持續高效成長。

While we don't have a crystal ball and we acknowledge the uncertainty around the environment, we are confident that LendingClub is fundamentally strong and well positioned to deliver value to customers, loan investors, and shareholders alike, thanks to a historically large addressable market, a balance sheet at scale generating attractive returns, a strong capital and liquidity position, leading credit performance enabled by our distinct data advantage and technology platform, and a reputation as a partner of choice in our asset class, and an incredibly talented team dedicated to delivering real value to our more than 5 million members.

雖然我們沒有水晶球，也承認環境的不確定性，但我們相信，LendingClub 擁有強大的基礎，能夠為客戶、貸款投資者和股東創造價值，這得益於歷史上龐大的潛在市場、規模可觀的資產負債表，能夠產生誘人的回報、強大的資本和流動性狀況、由我們獨特的首選優勢和技術平台以及實現的 5005%萬會員創造真正價值的才華洋溢的團隊。

With that, I'll turn it over to you, Drew, for more details on the results and on our outlook.

有了這些，我將把話題交給你，德魯，來了解有關結果和我們展望的更多細節。

Thanks, Scott.

謝謝，斯科特。

As Scott mentioned, we were above our guidance on both key measures. Credit performed exceptionally well. Importantly, we added reserves, on a qualitative basis, to account for heightened macroeconomic uncertainty, which manifested at the end of the quarter.

正如斯科特所提到的，我們在這兩項關鍵指標上的表現都超出了預期。信貸表現異常優異。重要的是，我們在定性基礎上增加了儲備，以應對本季末出現的宏觀經濟不確定性加劇。

Specifically, we increased our provision by $8.5 million and decreased the fair value of our extended seasoning portfolio by $2.6 million, both pre-tax. Without these adjustments, the net result would have been nearly $20 million of net income, instead of the $11.7 million that we reported.

具體來說，我們將撥備增加了 850 萬美元，並將延長調味品組合的公允價值減少了 260 萬美元，均為稅前金額。如果沒有這些調整，淨結果將是近 2,000 萬美元的淨收入，而不是我們報告的 1,170 萬美元。

We believe it prudent to increase reserves in the face of macroeconomic uncertainty. But, having said that, the underlying momentum of the business is strong and expected to continue in the second quarter. So with that additional context, let's go into the detailed results.

我們認為，面對宏觀經濟的不確定性，增加儲備是明智之舉。但話雖如此，該業務的潛在勢頭依然強勁，預計第二季仍將持續下去。有了這個額外的背景信息，我們來看看詳細的結果。

We originated nearly $2 billion in the quarter, which was a 21% increase year over year. Originations were driven by the successful execution of our paid marketing initiatives, new product enhancements, and strong demand for our loans.

本季我們的資金籌集金額接近 20 億美元，年增 21%。貸款發放的動力來自於我們付費行銷計畫的成功實施、新產品的改進以及貸款的強勁需求。

If you turn to page 12 of our earnings presentation, you can see the originations breakdown across the four funding programs.

如果您翻到我們的收益報告的第 12 頁，您可以看到四個融資計劃的發起細目。

Improving marketplace economics continued to enable us to reinvest and retain more of our high-yielding held-for-investment loans.

不斷改善的市場經濟使我們能夠再投資並保留更多高收益的投資貸款。

We also increased retention in our extended seasoning portfolio, given the success of that program, to date; and expect to direct more volume into this portfolio, as we move through the year.

鑑於該計劃迄今為止的成功，我們還增加了對擴展調味品組合的保留；並且預計隨著今年的推進，我們將向該投資組合注入更多資金。

In the second quarter, we expect to retain roughly 50% of our total originations, between the held-for-investment and extended seasoning programs.

在第二季度，我們預計在持有投資和延長調味計劃之間保留約 50% 的總發起額。

As shown on page 13, total revenue for the quarter was $218 million, up 20% from the same quarter of the prior year.

如第 13 頁所示，本季總營收為 2.18 億美元，比去年同期成長 20%。

Now, let's dig into the two components of revenue.

現在，讓我們深入研究收入的兩個組成部分。

First, non-interest income, with $68 million in the quarter, up 17% over the same quarter of the prior year. This increase was driven by better loan sales pricing, which has improved in each of the last five quarters. This improvement was partially offset by higher loan pre-payments impacting the servicing asset value and the previously mentioned impact of qualitative factors impacting the net fair value adjustments line.

首先，本季非利息收入為 6,800 萬美元，比去年同期成長 17%。這一增長是由更好的貸款銷售定價推動的，過去五個季度中貸款銷售定價都有所改善。這項改善被較高的貸款預付款對服務資產價值的影響以及前面提到的影響淨公允價值調整線的定性因素的影響部分抵消。

Now, let's move on to net interest income, which was $150 million in the quarter, which is an all-time high, and up 22% over the same quarter last year. The increase was primarily driven by continued growth in our balance sheet and further optimization of our funding costs, with the introduction of LevelUp savings and the removal of our highest cost legacy deposit relationship in the fourth quarter.

現在，讓我們來看看淨利息收入，本季淨利息收入為 1.5 億美元，創歷史新高，比去年同期成長 22%。這一成長主要得益於我們資產負債表的持續成長和融資成本的進一步優化，包括在第四季度引入 LevelUp 儲蓄並取消最高成本的遺留存款關係。

Growing the source of recurring revenue has been a primary focus. And we are pleased with the progress, thus far.

增加經常性收入來源一直是主要關注點。到目前為止，我們對進展感到滿意。

On slide 14, you can see our net interest margin moved up to 6%. As we indicated last quarter, the main driver of the incremental improvement was reduced deposit funding costs, as well as the lower mix of cash and interest-earning assets. We believe net interest margin will remain around this level, until the Fed takes further actions.

在投影片 14 上，您可以看到我們的淨利差上升至 6%。正如我們上個季度所指出的，增量改善的主要驅動力是存款融資成本的降低，以及現金和生息資產組合的降低。我們認為，淨利差將維持在這一水準附近，直到聯準會採取進一步行動。

I want to take a moment to provide additional perspective on how the impact of credit flows through the various parts of the income statement for loans held-for-investment under CECL and loans held-for-sale under fair value.

我想花點時間提供額外的觀點，說明信貸影響如何流經 CECL 下持有的投資貸款和公允價值下持有的待售貸款的損益表的各個部分。

In both cases, the average yield in the NIM table excludes credit losses. In the case of held-for-investment loans, these losses are captured in the provision using the CECL methodology. For held-for-sale loans, the losses come through net fair value adjustments, which reduced non-interest income.

在這兩種情況下，NIM 表中的平均收益率均不包括信貸損失。對於持有投資貸款，這些損失將使用 CECL 方法計入準備金中。對於持有待售貸款，損失來自淨公允價值調整，從而減少了非利息收入。

For this quarter, loans held-for-sale at fair value were yielding 12.05%, representing only the coupon on these loans, versus our discount rate of 7.4%, which is the current expected yield of this portfolio, net of credit losses.

本季度，以公允價值持有待售貸款的收益率為 12.05%，僅代表這些貸款的票面利率，而我們的折現率為 7.4%，這是該投資組合扣除信用損失後的當前預期收益率。

These credit losses and other adjustments appear as a reduction in the net fair value adjustments lying within non-interest income. As we grow our extended seasoning portfolio, this will become more impactful to our financials.

這些信用損失和其他調整表現為非利息收入中的淨公允價值調整的減少。隨著我們調味品組合的不斷擴大，這將對我們的財務狀況產生更大的影響。

Now, let's turn to page 15 of our presentation, which covers non-interest expense.

現在，讓我們翻到簡報的第 15 頁，其中涉及非利息支出。

Non-interest expense was $144 million in the quarter, up 9% compared to the prior year, almost half of which was driven by our investment in marketing.

本季非利息支出為 1.44 億美元，比上年增長 9%，其中近一半是由我們的行銷投資推動的。

Expenses came in approximately $4 million under our expectations, due to several items including slower hiring, higher deferred marketing expense, and other one-time items. For Q2, this spend will catch up and we expect to see another increase in marketing expense.

由於招聘速度放緩、遞延行銷費用增加以及其他一次性項目等原因，支出比我們的預期少了約 400 萬美元。對於第二季度，這筆支出將會趕上，我們預計行銷費用將再次增加。

We have created significant operating leverage, as demonstrated when comparing the 20% revenue growth to the 9% increase in expenses over the past year. Taken together, free provision net revenue or revenue less expenses was $74 million for the quarter, up 52% from the same quarter last year, and came in above our guidance range of $60 million to $70 million.

我們創造了顯著的經營槓桿，這一點從去年 20% 的收入成長與 9% 的支出成長的對比中可以看出。整體而言，本季免費提供的淨收入或收入減去支出為 7,400 萬美元，比去年同期成長 52%，高於我們 6,000 萬至 7,000 萬美元的指導範圍。

Now, let's turn to provision on page 16.

現在，讓我們翻到第 16 頁的規定。

Provision for credit losses was $58 million during the quarter, compared to $32 million in the same quarter of the prior year. The increase was primarily due to higher Day 1 CECL, as we more than doubled retention for held-for-investment loans to $675 million.

本季信貸損失準備金為 5,800 萬美元，而去年同期為 3,200 萬美元。成長的主要原因是第一天 CECL 增加，因為我們將持有的投資貸款保留增加了一倍多，達到 6.75 億美元。

As I mentioned earlier, the provision was also higher, as we increased our economic qualitative allowance for losses. We estimate our allowance corresponds to an assumed 5.3% peak unemployment rate, which gives us additional reserves, if the economy enters a down cycle.

正如我之前提到的，由於我們增加了經濟品質損失津貼，撥備也更高了。我們估計，我們的津貼相當於假設的 5.3% 的峰值失業率，如果經濟進入下行週期，這將為我們提供額外的儲備。

You can see this impact, clearly, on slide 17, as the 2024 vintage has the highest lifetime loss estimate, solely due to higher levels of qualitative reserves due to the longer remaining life of the vintage. You can also see that the earlier vintages have stable credit performance, relative to the estimates we provided last quarter.

您可以在第 17 張幻燈片上清楚地看到這種影響，因為 2024 年份葡萄酒的終生損失估計最高，這完全是由於該年份葡萄酒的剩餘壽命較長，導致定性儲量水平較高。您也可以看到，相對於我們上個季度提供的估計值，較早年份的信用表現穩定。

For the entire portfolio, credit continues to perform well, as evidenced by the net charge-off ratio for our held-for-investment loan portfolio of 4.8% in the quarter, down from 6.9% in the same quarter last year. For the consumer portion of the portfolio, the net charge-off ratio was 4.7%, down from 8.1% in the same quarter last year.

對於整個投資組合而言，信貸持續表現良好，這體現在我們持有的投資貸款組合的淨沖銷率為本季 4.8%，低於去年同期的 6.9%。對於投資組合中的消費者部分，淨沖銷率為 4.7%，低於去年同期的 8.1%。

For the quarter, EPS was $0.10 per share; intangible book value per share was $11.22.

本季每股收益為 0.10 美元；每股無形資產帳面價值為11.22美元。

Now, let's move on to guidance.

現在，讓我們繼續指導。

We are executing well and are coming into the quarter with a lot of momentum.

我們的執行情況良好，並帶著強勁的勢頭進入本季。

For the second quarter, we anticipate originations of $2.1 billion to $2.3 billion, up 16% to 27% year on year. We are continuing our push in the paid marketing channels, as we enter the seasonally-favorable second and third quarters.

我們預計第二季貸款發放將達到 21 億美元至 23 億美元，年增 16% 至 27%。隨著我們進入季節性有利的第二季和第三季度，我們將繼續推動付費行銷管道的發展。

We expect PPNR in the range of $70 million to $80 million in the second quarter, up 27% to 46% year over year.

我們預計第二季 PPNR 在 7,000 萬美元至 8,000 萬美元之間，年增 27% 至 46%。

We are expecting revenue growth from higher volumes and stronger net interest income, with expenses rising from investments in our product roadmap, marketing channel expansion, and our people to support continued growth.

我們預計，銷售額的增加和淨利息收入的增加將帶來收入的成長，而對產品路線圖、行銷通路擴張和人員的投資將增加，以支持持續成長。

Looking ahead to the fourth quarter and excluding any deterioration in macroeconomic conditions, the underlying business momentum, also, has us on track to achieve our fourth-quarter originations and our ROTCE targets.

展望第四季度，排除宏觀經濟條件的任何惡化，潛在的業務勢頭也使我們有望實現第四季度的發起和 ROTCE 目標。

With that, we'd like to open it up for Q&A.

有了這些，我們想開始問答環節。

Absolutely.

絕對地。

(Operator Instructions)

（操作員指示）

Bill Ryan, Seaport Research Partners.

比爾·瑞安（Bill Ryan），海港研究合作夥伴。

Thank you. Good afternoon. I'll start off with a high-level question. And then, one little bit more on a micro basis.

謝謝。午安.我將從一個高層次的問題開始。然後，再從微觀角度再談一點。

If you could, maybe, give us an update; obviously, a lot's changed over the course of the quarter and into early April. Could you give us an update on what investor demand looks like and what the pricing in the marketplace looks like, today?

如果你可以的話，請向我們提供最新消息；顯然，本季以及 4 月初發生了很多變化。您能否向我們介紹一下當今投資者需求的情況以及市場定價的情況​​？

Yeah. Hey, Bill. I'll start. Drew, feel free to come over the top.

是的。嘿，比爾。我先開始。德魯，請隨意過來。

As much noise as there is in the broader environment, which we certainly acknowledge, coming into April. I would say we feel good in our -- currently, our outlook is we're holding tight on pricing, we're staying disciplined on our structure, staying disciplined on credit.

我們當然承認，進入四月份，大環境中存在著許多噪音。我想說我們感覺很好——目前，我們的前景是，我們嚴格控制價格，嚴格控制結構，嚴格控制信貸。

So as we mentioned in the call, the transactions that we had planned for April went off according to plan and went off at the right price. Our credit's continuing to look very good, as you can see in some of the data that we released.

因此，正如我們在電話中提到的那樣，我們計劃在 4 月進行的交易按照計劃進行，並以合適的價格完成。我們的信用狀況持續保持良好，正如您在我們發布的一些數據中所看到的那樣。

And we are continuing to have a pipeline of new buyers that we're adding to the list. We've got interest in the rated product that we released; as well as additional banks are coming into the pipeline.

我們正在繼續將新買家添加到名單中。我們對發布的評級產品很感興趣；以及其他銀行也正在加入其中。

Certainly -- reminder: the securitization markets, we've seen some volatility. We have set ourselves up to not be exposed to that kind of whipsawing, with the types of arrangements we have and the structures we've got in place.

當然－提醒一下：證券化市場，我們已經看到了一些波動。我們已經做好了準備，透過現有的安排和結構，避免遭受這種衝擊。

I certainly think the sentiments to the extent that it stays durable will eventually be a reflection of investors' outlook. But, right now, it changes day to day.

我當然認為，這種情緒的持久性最終將反映投資者的前景。但現在，情況每天都在改變。

And the way we're set up, we're not feeling that, as of this moment. So we feel good about our ability to hit that increased origination number and to maintain prices.

而就我們目前的狀況來看，我們還沒有感受到這一點。因此，我們對自己能夠增加發起數量並維持價格的能力感到滿意。

And then, I'll give the caveat that, yeah, unless some giant headline comes out that really changes everybody's view of the trajectory -- but, so far, so good.

然後，我要提出警告，是的，除非出現一些巨大的標題，真正改變每個人對軌蹟的看法——但到目前為止，一切都很好。

Okay. Thanks for that color.

好的。謝謝你這個顏色。

And just second question on the PPNR guide for Q2. It was $70 million to $80 million, a little bit below the consensus of $83 million. And if I'm reading between the lines of what you said during the call, it sounds like that's stepping up the investment in marketing, in preparation of building up your volume.

這是關於 Q2 PPNR 指南的第二個問題。該金額為 7,000 萬美元至 8,000 萬美元，略低於普遍預期的 8,300 萬美元。如果我理解您在通話中所說的話，這聽起來就像是在增加行銷投資，為擴大銷量做準備。

But it also sounds like there could be an offset on the provision line, as far as EPS goes.

但就每股收益而言，這聽起來也像是撥備線上可能會出現偏移。

Yeah. I think you have it mostly right on the PPNR guide.

是的。我認為您對 PPNR 指南的理解基本上已經正確。

We're expecting revenue to increase. We're also, on the expense side, going to invest in continuing to grow marketing channels. We'll have some of that higher tech spend that we've been waiting for. And people investment come through, as well, in Q2 that we've been talking about.

我們預計收入會增加。在支出方面，我們也將投資繼續拓展行銷管道。我們將獲得一些我們一直在等待的更高技術支出。我們一直在談論的第二季度，人力投資也得到了實現。

So those are all factored into the guide.

這些都已納入指南之中。

The provision line -- credit, right now, looks great. I think we're expecting that to continue at least in the near term. And unless the environment really shifts, what we'll be looking at is qualitative factors at the end of Q2. But we made a big adjustment at the end of the Q1 to incorporate that.

目前，信貸準備金線看起來很棒。我認為我們預計這種情況至少在短期內會持續下去。除非環境真的發生變化，否則我們將關注第二季末的定性因素。但我們在第一季末做出了重大調整以納入這一點。

So we'll have to see how the end of Q2 plays out on that dimension.

因此，我們必須觀察第二季末在這方面的表現。

But the quantitative factors of our provision -- meaning, our own credit -- look really good.

但我們提供的量化因素——也就是我們自己的信用——看起來確實很好。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Yeah. Good afternoon. Congrats on another successful quarter.

是的。午安.恭喜您又一個季度取得成功。

One thing I'd be curious about (multiple speakers) into and getting your perspective on is: if we look at the guidance for 2Q on origination volume, it's arguably increasing faster than I predicted, based on where things were last quarter. And it's already been pretty close to what you're applying for the 4Q run rate or at least the 4Q threshold, in terms of $2.3 billion-plus.

有一件事我很好奇（多位發言者），我想聽聽你們的看法：如果我們看一下第二季度的發起量指引，根據上個季度的情況，可以說它的增長速度比我預測的要快。就 23 億美元以上而言，它已經非常接近您申請的第四季度運行率或至少第四季度門檻。

So I'm curious, when you when you look at that. And the, how should we think about the trajectory, as you're continuing to ramp up marketing spend? It seems like it's putting you on a very good trajectory, relative to the 4Q guide and outlook.

所以我很好奇，當你看到它的時候。那麼，當您繼續增加行銷支出時，我們應該如何看待這一軌跡？相對於第四季的指南和展望，這似乎讓你走上了一條非常好的軌跡。

And I'm curious about (inaudible) puts-and-takes; and, obviously, considerations for the macro uncertainty.

我對（聽不清楚）投入和產出感到很好奇；顯然，還要考慮宏觀的不確定性。

Yeah. I think that's right, Giuliano.

是的。我認為這是沒錯的，朱利亞諾。

What we said when we were kicking off the year is we know these channels work. But we haven't been in them.

我們在年初就說過，我們知道這些管道是有效的。但我們還沒去過那裡。

We got to rebuild our full data set. And that means, for several quarters, they will not be efficient because we are really, by design, casting a broad net to rebuild the response models.

我們必須重建我們的完整資料集。這意味著，在幾個季度內，它們不會有效，因為我們實際上是在設計上廣泛撒網來重建反應模型。

We're off to a good start. We know the markets there. We know the needs there.

我們已經有了一個好的開始。我們了解那裡的市場。我們知道那裡的需求。

As you indicated -- if you look at our Q1 results, if we hadn't taken that qualitative, we would have been over a 6% ROTCE at $2 billion in originations.

正如您所指出的 - 如果您查看我們的第一季業績，如果我們沒有採取這種定性措施，我們的 ROTCE 就會超過 6%，發起金額為 20 億美元。

And the top end of our guide, for Q2, we are getting to the bottom end of Q4. So we certainly feel good about that trajectory.

我們的指南的最高端是第二季度，而最低端是第四季度。所以我們當然對這軌跡感到滿意。

I think the question is: What does the environment look like?

我認為問題是：環境是什麼樣的？

When we get to that place, we feel like we're set up pretty well, given buyer demand, balance sheet capacity, [TAM], early performance of the marketing vehicles, product roadmap. I could go on.

當我們到達那個地方時，我們覺得我們已經做好了充分的準備，考慮到買家需求、資產負債表容量、[TAM]、行銷工具的早期表現、產品路線圖。我還可以繼續。

In a good environment, I would say we feel like we'd really be set up to crush it. In a tougher environment, I think we're still poised to deliver.

我想說，在良好的環境下，我們感覺我們真的有能力粉碎它。在更艱難的環境中，我認為我們仍然有能力實現目標。

That very helpful. When I was running the numbers, here, I was getting (inaudible) quarter. 6.3% ROCE, adjusted for those other items this quarter. And that's obviously moving much closer to your 8%-plus goal for 4Q.

這非常有幫助。當我計算這些數字時，我得到了（聽不清楚）四分之一。已根據本季度的其他項目進行了調整，資本回報率為 6.3%。這顯然更接近您第四季 8% 以上的目標。

(inaudible), when you think about like the marketing spend, is there a rough sense of, like, how much you pull-forward that marketing growth or the spending growth in any given period? Or is it a little bit more market-driven, in terms of how fast you'd ramp up the marketing [spends]?

（聽不清楚），當您考慮行銷支出時，您是否大致知道，在特定時期內，行銷成長或支出成長會提前多少？或者說，就行銷速度而言，它是否更受市場驅動[花費]？

Well, I think if you just look at this quarter, most of the increase in marketing spend happened at the end of the quarter. And so, as Scott said, that incremental marketing spend is less efficient than where we'll target it being, longer term, as we're learning and improving the models.

嗯，我認為如果你只看這個季度，大部分行銷支出的成長都發生在季度末。因此，正如斯科特所說，隨著我們學習和改進模型，增量行銷支出的效率低於我們長期目標。

The same dynamic will happen again in Q2, which is in our guide -- that originations will go up, we'll spend more marketing still developing the channels. And then, I think somewhere between Q3 and Q4, we're getting closer to optimize or much more optimized on that spend and that origination volume.

同樣的動態將在第二季再次發生，這也在我們的指南中——發起量將會增加，我們將投入更多的行銷資金來開發管道。然後，我認為在第三季和第四季之間，我們將越來越接近優化或更優化支出和發起量。

Even if it's less efficient, Giuliano, we're obviously looking, taking a longer arc. We're coming off of historically low acquisition costs because we've been optimized to that over the more recent time period.

即使效率較低，朱利亞諾，我們顯然在尋找更長的弧線。我們的收購成本正處於歷史低位，因為我們在最近的一段時間內已經針對這種情況進行了優化。

Even these new channels, less efficient, I'd say we still feel good about the overall -- the unit economics are still acceptable, to us, in the current environment.

即使這些新通路效率較低，我想我們仍然對整體感到滿意——在當前環境下，單位經濟效益對我們來說仍然是可以接受的。

So I think we see -- we're pleased with the initial results. And we see upside from here.

所以我認為我們看到了——我們對初步結果感到滿意。我們看到了這裡的上升空間。

That's very helpful, for sure.

這確實非常有幫助。

And, maybe, one question. Hopefully, not duplicating anything. But I'm curious on the bank side, if you're seeing continued interest from banks; and then, in terms of, like, growth potential from bank buyers; and then, how that weighs against the significant demand from a lot of your non-bank buyers out there (technical difficulty) of balances, those priorities from a growth perspective.

也許還有一個問題。希望沒有重複任何內容。但我對銀行方面的情況很好奇，你是否看到銀行對此持續感興趣？然後，就銀行買家的成長潛力而言；然後，從成長的角度來看，這與許多非銀行買家對餘額的巨大需求（技術難度）相比如何，這些是優先事項。

Yeah. The bank buyers, who we had, in place, in Q4 remain in Q1. And we're expecting them to continue buying through the rest of the year, unabated.

是的。我們在第四季擁有的銀行買家仍留在第一季。我們預計他們在今年剩餘時間將繼續有增無減地購買。

So that's, I think, very positive. We had a couple new bank buyers enter into the pipelines for potential future acquisition. We're still talking to other banks to come in, as well.

所以我認為這是非常積極的。我們有幾家新的銀行買家進入未來潛在收購的管道。我們仍在與其他銀行洽談加入事宜。

I'd say, certainly, probably, the tariff announcement gave everyone some pause to rethink things. But we think the bank buyers will continue to come in, as we go through the year and go forward.

我想說，關稅公告肯定會讓每個人都停下來重新思考一些事情。但我們認為，隨著時間的推移以及未來的發展，銀行買家將繼續湧入。

I'd say those buyers, as we said in the past, Giuliano -- just repeat what we said in the past -- the good thing about those buyers is once they're in, they're pretty solid, barring a sale of the institution or a regional banking crisis.

我想說的是，正如我們過去所說的那樣，朱利亞諾——只是重複我們過去說過的話——這些買家的好處是，一旦他們加入，他們的實力就會相當穩固，除非該機構被出售或發生地區性銀行業危機。

Getting them in takes time. And it's very hard to predict, exactly, when. So we feel good about the pipeline.

讓他們進來需要時間。但很難準確預測具體時間。因此我們對該管道感到滿意。

The content of the conversations? It's harder for us to predict the timing.

談話的內容？我們很難預測時間。

I think we've shared the banks that have rejoined the platform. Some took significantly longer than expected and some happened a lot faster than expected. So it's just a little hard to [club] it, based on their internal processes.

我想我們已經分享了重新加入該平台的銀行。有些事情發生的時間比預期的要長得多，而有些事情發生的速度則比預期的要快得多。因此，根據他們的內部流程，將其合併起來有點困難。

No. That's great. I appreciate it. I'll jump back into queue.

不。那太棒了。我很感激。我會重新回到隊列中。

Vincent Caintic, BTIG.

文森特凱恩蒂克（Vincent Caintic），BTIG。

Hey. Good afternoon. Thanks for taking my questions.

嘿。午安.感謝您回答我的問題。

First one is actually a follow-up on the guidance, on both the PPNR and the origination volume. You've been consistently beating your loan origination volume and your PNR guidance like with the first quarter. And it seems like your discussions have been more positive. And we're going to roll out some of the marketing spend and incremental growth for the second quarter, which would benefit the rest of the year.

第一個實際上是對指導的跟進，包括 PPNR 和起源量。與第一季一樣，您的貸款發放量和 PNR 指引一直都超乎預期。看起來你們的討論更加正面。我們將在第二季推出部分行銷支出和增量成長，這將有利於今年剩餘時間的業績。

Just when I look at the origination guidance, it does seem pretty conservative. And so, I'm wondering so what you're building, in terms of the conservatism, whether macro or other things. And if we were to have the same trends that we have now -- say, a, benign environment -- where could those numbers be?

當我查看起源指南時，它確實顯得相當保守。所以，我想知道您在保守主義方面正在建構什麼，無論是宏觀的還是其他的。如果我們擁有與現在相同的趨勢 - 比如說，良性環境 - 這些數字會在哪裡？

Wanting to understand what the conservatism that is in your origination guidance. Thank you.

想要了解您的發起指導中的保守主義是什麼。謝謝。

Yeah. I guess I wouldn't call our originations guidance for Q2 conservative. Q1, yeah, we beat. But, on an overall percentage basis versus the total, I wouldn't call it out of bounds.

是的。我想我不會稱我們第二季的發起指引是保守的。Q1，是的，我們贏了。但是，從總體百分比與總數相比，我不會稱之為超出範圍。

So I think we gave a broader range in Q2 than we gave in Q1, given that some of these vehicles are newer and -- really, knowing what the response rate will be, take rate, offer rate, or loan size, all of that is a bit more in question.

因此，我認為我們在第二季度給出的範圍比在第一季度給出的範圍更廣，因為其中一些工具較新，而且——實際上，了解回應率、接受率、報價率或貸款規模是多少，所有這些都比較成問題。

We gave a bit of a broader range. But I wouldn't call the overall growth rate too conservative.

我們給出了更廣泛的範圍。但我並不認為整體成長率過於保守。

On PPNR -- maybe, Drew, you can just talk about what drives us to the top of the range versus the bottom of the range in the quarter?

關於 PPNR——也許，德魯，您可以談談是什麼促使我們在本季度達到最高水平而不是最低水平？

Yeah. On PPNR, at least in the revenue side, top end of the range is really going to be driven by hitting the high end of the origination guidance and pricing continuing to come in, stable, which we expect to happen.

是的。在 PPNR 方面，至少在收入方面，範圍的高端實際上將受到發起指導的高端和定價持續穩定的影響，我們預計這種情況會發生。

I think some of the factors that could put it to the lower end of the range would be, obviously, originations come in a bit lower in the range; and, also, if there was some reason to take qualitative factors, again, into consideration at the end of Q2.

我認為，可能導致其處於範圍較低端的一些因素顯然是，起源在範圍內較低一點；並且，如果有理由在第二季度末再次考慮定性因素。

Not what we're expecting, right now. But, certainly, there's still uncertainty in the environment, as we go through Q2.

這不是我們現在所期望的。但是，隨著我們進入第二季度，環境肯定仍然存在不確定性。

Okay. Understood.

好的。明白了。

And then, on the pricing. You spoke about your first-rated structure security sale to an insurance company. Could you give a flavor for how much better the pricing is and how much demand there is for that?

然後，關於定價。您談到了向保險公司出售一流的建築安全產品。您能否說明一下定價有多優惠以及需求有多大？

Yeah. We definitely had a price improvement, as we went through -- as we did that transaction thing, it was about 30 basis points on the first transaction.

是的。當我們進行交易時，我們的價格確實有所改善，第一次交易的價格提高了約 30 個基點。

And there's definitely demand for the product, from insurance. We're working on getting another transaction out there, right now.

保險業對該產品肯定有需求。我們現在正在努力完成另一筆交易。

I think the capital markets settling down a little bit would also be helpful to completing another one of those transactions. But, I think, as we look to end of this quarter or into Q3, I think we'll have some success on getting more of those transactions out the door.

我認為資本市場的稍微穩定下來也有助於完成另一筆交易。但是，我認為，當我們展望本季末或第三季時，我們將在完成更多此類交易方面取得一些成功。

I think 30 basis points to 50 basis points price above the standard slick is probably about right to expect.

我認為，高於標準油價 30 個基點至 50 個基點的價格可能是正確的預期。

Okay.

好的。

And then, last one for me. If you could talk about your capital levels; and if you can remind us where you'd like your capital levels to be; and your appetite for share repurchases, particularly with the stock trading below your book value.

然後，對我來說是最後一個。如果您可以談談您的資本水平；並且您是否可以提醒我們您希望您的資本水平處於什麼水平；以及您對股票回購的興趣，特別是在股票交易價格低於您的賬面價值的情況下。

Thank you.

謝謝。

Yeah. The capital levels continue to remain strong. We haven't put out target capital levels. But, certainly, we have room within our existing capital and liquidity to keep growing the balance sheet well above the levels we're at, today.

是的。資本水準持續保持強勁。我們尚未公佈目標資本水準。但是，當然，我們現有的資本和流動性有足夠的空間來維持資產負債表的成長，遠高於目前的水準。

And we're holding that capital to be able to do that, going forward, in the future.

我們持有這些資本是為了在未來能夠做到這一點。

For share repurchase, it's certainly an option that is available to us. We have not obviously done it to this point. We would like to keep the capital for growth. But it will continue to remain in the consideration.

對於股票回購，這當然是我們可用的選擇。到目前為止我們顯然還沒有做到這一點。我們希望保留資本以實現成長。但它仍將繼續被考慮。

Okay. Got it. Helpful. Thank you very much.

好的。知道了。很有幫助。非常感謝。

Tim Switzer, KBW.

提姆‧斯威策，KBW。

Hey. Good afternoon. Thank you for taking my questions.

嘿。午安.感謝您回答我的問題。

I was looking for, just, a quick clarification on the increase in the loan reserve. I know a lot of it was qualitative and you, guys, took up the unemployment rate in your scenario.

我只是想快速澄清一下貸款準備金增加的原因。我知道其中很多都是定性的，你們在自己的場景中考慮了失業率。

Is it fair for us to assume -- I think so, given your comments -- this captures the macro (inaudible) that we've seen, post March 31; and assuming trends don't worsen from today, there shouldn't be another catch -up on the reserve or anything like that?

我們是否可以公平地假設——考慮到您的評論，我認為是的——這捕捉到了我們在 3 月 31 日之後看到的宏觀（聽不清）；假設從今天起趨勢不會惡化，那麼儲備量就不應該再被補足或發生類似的事情了？

Yes. So it does -- it was very end of the quarter when we made this decision, based -- actually, right as the Liberation Day announcements were happening, made the decision that we needed to up the qualitative factors.

是的。確實如此——我們在本季結束時做出了這個決定——實際上，就在解放日公告發布的時候，我們決定我們需要提高定性因素。

So it does include the -- for lack of a better term, I'll call it the uncertainty created by Liberation Day.

因此它確實包括——由於缺乏更好的術語，我稱之為解放日造成的不確定性。

If all stayed very stable at the end of Q2, we would look to the external forecast that we leverage (inaudible) like many other banks. We'd look to their scenarios. And then, we'd make a judgment on do we need to incorporate more uncertainty or do we have it captured already.

如果第二季末一切保持穩定，我們就會像許多其他銀行一樣，關注我們利用的外部預測（聽不清楚）。我們會考慮他們的情景。然後，我們會判斷是否需要納入更多的不確定性，或者我們是否已經捕捉了它。

So I think if things remain stable, it's hard for me to 100% say we wouldn't incorporate more. But we would look at the scenarios. And if they're stable, maybe not.

因此我認為，如果情況保持穩定，我很難 100% 地說我們不會吸收更多。但我們會考慮這些情景。如果它們穩定的話，也許就不會。

Okay. Got you.

好的。明白了。

And sorry if I missed this earlier in the call but your servicing fees were a bit lower this quarter. Was that primarily due to the prepayments you, guys, mentioned? Or are there other one-timers in there? And should we expected to get back to that $18 million to $20 million-dollar run rate?

很抱歉，如果我在早些時候的通話中沒有註意到這一點，但本季度您的服務費略低一些。這主要是因為你們提到的預付款嗎？或者那裡還有其他一次性的東西嗎？我們是否應該期望回到 1800 萬至 2000 萬美元的運行率？

Yeah. Prepayments were the biggest factor there so you should see some rebound in those levels, as we get back into Q2.

是的。預付款是其中最大的因素，因此當我們進入第二季度時，你應該會看到這些水平反彈。

Okay. Great.

好的。偉大的。

And the last question I have is your outlook for lower deposit costs. Obviously, pretty good trends in Q1. But, I believe, partially driven by the exit of that larger customer you, guys, have.

我的最後一個問題是您對降低存款成本的展望。顯然，第一季的趨勢相當不錯。但我相信，部分原因是你們的大客戶退出了。

But what are the expectations, going forward?

但未來的期望是什麼？

Yeah. I think that was -- what you saw from Q4 to Q1 was the big-step improvement that we were expecting to see, which drove the NIM up to 6%, which we were very happy with.

是的。我認為那是——您從第四季度到第一季看到的是我們預期看到的大幅改善，這使 NIM 上升到 6%，我們對此感到非常滿意。

I think without the Fed making any more moves, we probably won't see as dramatic of a change in our funding costs, going forward. Any improvement would be a bit incremental in the near term.

我認為，如果聯準會不採取任何進一步的舉措，我們未來的融資成本可能不會發生如此劇烈的變化。短期內的任何改善都將是漸進的。

But we do think net interest margin, probably, remains around these levels; maybe a little bit better, as we go through the next several quarters.

但我們確實認為淨利差可能仍將保持在這些水平附近；隨著我們進入接下來的幾個季度，情況可能會好一點。

Yeah. There's a couple things happening, right?

是的。有幾件事正在發生，對吧？

We exited a higher cost deposit relationship. We also, with the launch of LevelUp, had the ability to reprice on our side. So we have a pretty good lever that allowed us to both grow balances, while also reducing the cost.

我們終止了較高成本的存款關係。隨著 LevelUp 的推出，我們也具備了重新定價的能力。因此，我們擁有一個非常好的槓桿，讓我們既增加餘額，又降低成本。

But I agree with Drew that, at this point, given that we're planning to continue to grow the balance sheet further down, movement is more likely dependent on the macro environment and what the Fed does.

但我同意德魯的觀點，鑑於我們目前計劃繼續擴大資產負債表，因此變動更有可能取決於宏觀環境和聯準會的行動。

Got it. Very helpful. Thank you, guys.

知道了。非常有幫助。謝謝你們。

(Operator Instructions)

（操作員指示）

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you. Good afternoon. I appreciate you taking my questions.

謝謝。午安.感謝您回答我的問題。

First, on loan demand. Can you just discuss how loan demand has been from consumers, so far, in the second quarter, amid the recent volatility? Have you noticed any different types of behavior? Or has it been pretty similar to what you've seen, recently?

第一，關於貸款需求。您能否討論一下在近期波動的情況下，第二季度到目前為止消費者的貸款需求如何？您是否注意到任何不同類型的行為？或者它與您最近看到的非常相似？

Well, Q1 is generally a slower season. Q4 and Q1 are generally slower seasons.

嗯，第一季通常是較為淡季。Q4 和 Q1 通常是淡季。

Q2, we typically have a pick-up in seasonality. So you would have expected changing nothing. You would expected us to modestly tick-up in originations quarter over quarter. The larger tick-up is more due to the product and marketing initiatives.

Q2，我們通常會出現季節性回升。所以你會期望什麼都不會改變。您可能會預期我們的交易量會逐季小幅上升。更大的增長更多是由於產品和行銷舉措。

I would say I think -- when we think about how our consumer and how our product will respond in various economic environments, I'd say the use case is pretty solid and intact, regardless. Meaning, in general, people -- when you get in front of them and say, you're doing this; you should do this other thing instead; it takes 2 minutes; it saves you money; it improves your FICO score -- people respond when they are getting nervous about the outlook that can actually drive more response because people say, hey, right.

我想說的是——當我們考慮我們的消費者和我們的產品將如何應對各種經濟環境時，我會說無論如何，用例都是非常可靠和完整的。意思是，一般來說，當你站在人們面前並說，你在做這件事時；你應該做另一件事；需要2分鐘；它可以為你省錢；它可以提高你的 FICO 分數——當人們對前景感到緊張時，他們會做出回應，這實際上可以引發更多的回應，因為人們會說，嘿，對的。

Just like we're seeing, if you look at some of the broader external data outside us, you see people pulling back, a little bit, from discretionary spend. You see people savings rates starting to tick up.

正如我們所看到的，如果你看看我們之外的一些更廣泛的外部數據，你會發現人們在自由支配的支出上有所減少。您會看到人們的儲蓄率開始上升。

I'd say we're certainly seeing some, as I mentioned, stronger response to some of these new outreaches and what we thought for an out-of-the-gate attempt. So I'd say, on balance, the signs are pretty positive there.

我想說，正如我所提到的那樣，我們確實看到了一些針對這些新推廣活動以及我們認為的首次嘗試的更強烈的反應。所以我想說，總的來說，那裡的跡象相當積極。

Great. I think that's all really helpful.

偉大的。我認為這些都非常有幫助。

Last question from me. You called out the structured certificate transaction with a major insurance company. Can you discuss the insurance opportunity, broadly, as being a buyer of loans over time; what that could look like, over the intermediate long term; and how big you think that opportunity could, be, over the next few quarters or even years.

我的最後一個問題。您與一家大型保險公司進行了結構化證書交易。您能否廣泛地討論一下作為長期貸款購買者的保險機會？從中長期來看，情況會是如何？以及您認為未來幾季甚至幾年內這個機會有多大。

I think the opportunity is massive in the insurance market. And if you think about a lot of the transactions that we're doing, today, with asset managers, private credit, a big pool of the money that they're managing is insurance money.

我認為保險市場蘊藏著巨大的機會。如果你想想我們今天進行的許多交易，你會發現，與資產管理者、私人信貸相關的大部分資金都是保險金。

And so, while we continue to plan to work with those partners, there's also an opportunity to go direct to insurance with this product, as well.

因此，在我們繼續計劃與這些合作夥伴合作的同時，我們也有機會利用該產品直接進入保險領域。

And having the rated product -- different insurance companies are looking for different ways to put capital to use. But, generally, they need that rating. They need that rate of product to get the most efficient capital treatment for a substantial part of the funds that they're looking to invest.

有了評級產品，不同的保險公司就會尋找不同的方法來利用資本。但一般來說，他們需要那個評級。他們需要這種產品利率來為他們想要投資的大部分資金獲得最有效的資本處理。

So having this product unlocks that market for us, which is a great potential.

因此，擁有這款產品就為​​我們開啟了這個市場，這是一個巨大的潛力。

I'd say the one thing that we need to consider when we're doing these transactions is with the unrated structured certificate, we have really enjoyed taking that senior security on balance sheet. It's due to the risk weighting, the yield, and how it enhances our balance sheet.

我想說，我們在進行這些交易時需要考慮的一件事是，對於未評級的結構化證書，我們非常樂意將這種高級證券納入資產負債表。這是由於風險權重、收益率以及它如何增強我們的資產負債表。

If we sell the rated product, we are not getting that senior security. So there's going to be a balance between those two structures, whole loans, and all the other methods that we have to sell loans into the market.

如果我們出售評級產品，我們就無法獲得優先擔保。因此，這兩種結構、整體貸款以及我們向市場出售貸款的所有其他方法之間需要保持平衡。

I think another way to think about it is: we can sell whole loans to banks because that's the form they prefer it in. And we're typically getting the best price.

我認為另一種思考方式是：我們可以將全部貸款出售給銀行，因為這是他們喜歡的形式。而且我們通常都能獲得最優惠的價格。

We can sell certificates to the private credit guys where we keep the senior note, that's a price below that.

我們可以將證書出售給私人信貸機構，並在其中保留優先票據，其價格低於該價格。

The insurance sales price, the rated deal, is in between the two. But you are selling the whole loan and not taking the certificate.

保險銷售價格，即額定交易，介於兩者之間。但您出售的是全部貸款，而不是拿走證書。

It' sort of you're getting a better price but you're not holding the [A note]. So it's basically another tool to have in the toolkit.

就像你得到了更好的價格，但你卻沒有[註釋]。所以它基本上是工具包中的另一個工具。

I'd say if we see more success with banks, we may do, on balance, slightly less of this. If we see less success with banks, we might do slightly more of it.

我想說，如果我們看到銀行取得更多成功，那麼總體而言，我們可能會稍微減少這種做法。如果我們發現與銀行合作的成功率較低，我們可能會採取更多行動。

Great. Thank you. I appreciate the details (inaudible).

偉大的。謝謝。我很欣賞細節（聽不清楚）。

Thank you. There are no further questions in queue.

謝謝。隊列中沒有其他問題。

(Operator Instructions)

（操作員指示）

There are no further questions.

沒有其他問題了。

I'd now like to turn it back to the LendingClub team for some questions submitted via email.

現在我想將透過電子郵件提交的一些問題交還給 LendingClub 團隊。

All right. Thanks, Joel.

好的。謝謝，喬爾。

Scott and Drew, we do have a couple a question, here, that was submitted by one of our retail investors. The question is: In the decision to buy a building, how did you think about using that capital versus using it for something else like a share buyback, for example?

斯科特和德魯，我們確實有幾個問題，是由我們的一位散戶投資者提出的。問題是：在決定購買一棟建築物時，您是如何考慮使用這些資金，還是將其用於其他用途（例如股票回購）？

Yeah. Sure. I'll take that one.

是的。當然。我要那個。

For us, this decision to buy a building in San Francisco made all the sense in the world.

對我們來說，在舊金山購買大樓的決定是極其明智的。

The amount of capital we used or we would use to renew our current lease is about the same as the amount of capital we would use to buy the building on the balance sheet. So you can think about that as about less than $10 million of leveraged capital on the balance sheet to purchase the building for $74.5 million.

我們用於或將用於續約目前租約的資本金額與我們在資產負債表上購買建築物所需的資本金額大致相同。因此，你可以將其想像為資產負債表上不到 1000 萬美元的槓桿資本，以 7,450 萬美元購買該建築。

So a pretty efficient use of capital. And even under conservative assumptions, the impact on net income of us to own versus lease is about the same. And we have upside, in terms of rental income and appreciation on the asset over time.

因此，這是對資本的相當有效的利用。即使在保守的假設下，自有和租賃對我們淨收入的影響也大致相同。就租金收入和資產隨時間推移的增值而言，我們還有上升空間。

So, for us, we think it makes a lot of financial sense. And we're very excited to be owners.

因此，對我們來說，我們認為這在財務上非常合理。我們非常高興能夠成為業主。

All right. Great. Thank you. I think we've covered all of the questions.

好的。偉大的。謝謝。我想我們已經討論過所有問題了。

So with that, we'll wrap up our first-quarter earnings conference call.

至此，我們將結束第一季財報電話會議。

Thanks for joining us, today. If you have any questions, please email us at ir@lendingclub.com.

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。

Thank you.

謝謝。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。