LendingClub Corp (LC) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's LendingClub Q2 2025 earnings conference call.

午安.感謝您參加今天的 LendingClub 2025 年第二季財報電話會議。

My name is [Tamia]. I will be your moderator for today's call.

我的名字是[塔米亞]。我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員指示）

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

現在，我想將會議交給主持人、投資者關係主管 Artem Nalivayko。您可以繼續。

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

謝謝。午安.歡迎參加 LendingClub 2025 年第二季財報電話會議。

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 和財務長 Drew LaBenne。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website. On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via e-mail.

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。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 to 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發生重大差異的因素。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 per common share, pre-provision net revenue, and return on tangible common equity. You can find more information on our use of the 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，包括每股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 had a fantastic quarter, delivering 32% year-on-year growth in originations and 33% growth in revenue. We more than doubled our earnings, generating $38 million in GAAP net income compared to $15 million last year. As a result, we achieved an ROTC of nearly 12%, well north of the 8% target we set at the beginning of the year and delivered well ahead of schedule.

我們度過了一個出色的季度，業務發起量年增 32%，營收成長 33%。我們的收益增加了一倍多，以 GAAP 計算的淨收入為 3,800 萬美元，而去年同期為 1,500 萬美元。結果，我們實現了近 12% 的 ROTC 目標，遠高於年初設定的 8% 的目標，並且提前完成了任務。

Beyond the strength of our financial performance, we continue to outperform on prime credit, sustaining our 40% improvement versus the competitive set. We extended our Forward Flow Agreement with Blue Owl for up to $3.4 billion of new originations. We closed our first transaction with BlackRock, enabled by our recently launched Fitch-rated Structured Certificates program. And we introduced LevelUp Checking, a first-of-its-kind checking product offering cashback rewards for on-time loan payments.

除了財務表現強勁之外，我們在優質信貸方面的表現也持續優於競爭對手，維持了 40% 的成長。我們與 Blue Owl 延長了遠期流動協議，新資金發放額度最高可達 34 億美元。我們與貝萊德完成了第一筆交易，這得益於我們最近推出的惠譽評級結構化證書計劃。我們還推出了 LevelUp Checking，這是首創的支票產品，為按時還款的客戶提供現金回饋獎勵。

Let me hit on a few of the highlights of our performance across the business. I'll start with originations volume. We said we were going to drive growth through marketing and product innovation. We did just that, generating meaningful originations growth, both sequentially and year on year, while realizing better-than-expected marketing efficiency as we returned to channels including direct mail and online advertising.

讓我來談談我們整個業務表現的幾個亮點。我將從發起量開始。我們說過我們將透過行銷和產品創新來推動成長。我們確實做到了這一點，無論是環比還是同比，都實現了有意義的增長，同時隨著我們重返直郵和在線廣告等渠道，實現了好於預期的營銷效率。

We also delivered strong credit performance thanks to our vast data sets, advanced models, and decades of experience. We're not only consistently beating our competition but we're also beating our own expectations. While we continue to closely monitor the macro environment, our data is demonstrating the effectiveness of our underwriting and the resilience of our borrower base.

憑藉龐大的數據集、先進的模型和數十年的經驗，我們也實現了強勁的信貸業績。我們不僅不斷擊敗競爭對手，而且超越了我們自己的預期。在我們繼續密切關注宏觀環境的同時，我們的數據也證明了我們承保的有效性和借款人群體的韌性。

Our consistent credit performance and status as a provider of choice continues to generate strong loan investor demand, which, over time, leads to higher loan sales prices and increased marketplace revenue.

我們始終如一的信貸表現和作為首選供應商的地位繼續吸引強勁的貸款投資者需求，隨著時間的推移，這將導致更高的貸款銷售價格和更高的市場收入。

We just announced the extension of our funding partnership with Blue Owl for up to $3.4 billion in Structured Certificates transactions over two years, with up to $600 million closing within the next several months. Last quarter, we launched our Fitch-rated Structured Certificates program to enable improved loan sales prices by attracting lower cost pools of capital, including insurance.

我們剛剛宣布延長與 Blue Owl 的融資合作關係，在兩年內完成高達 34 億美元的結構化證書交易，並在未來幾個月內完成高達 6 億美元的交易。上個季度，我們推出了惠譽評級的結構化證書計劃，透過吸引包括保險在內的低成本資本池來提高貸款銷售價格。

We successfully closed the first of these transactions with a top global insurance company in Q1. I'm happy to announce today that we recently completed an inaugural $100 million transaction with funds and accounts managed by BlackRock. We hope to partner with them on more transactions like this in the future.

我們在第一季成功與全球頂級保險公司完成了第一筆交易。今天我很高興地宣布，我們最近與貝萊德管理的基金和帳戶完成了首筆 1 億美元的交易。我們希望未來能與他們合作進行更多類似的交易。

Now, I want to spend some time talking about our innovation efforts built on our mobile first platform, each designed to more regularly engage our members and build multi-product relationships. That's because engaged multi-product members have better credit outcomes and higher lifetime value.

現在，我想花點時間談談我們在行動優先平台上所做的創新努力，每一項創新都旨在更規律地吸引我們的會員並建立多產品關係。這是因為參與多產品的會員擁有更好的信用結果和更高的終身價值。

We launched LevelUp Savings last year, offering a higher rate to depositors who make a regular habit of savings. To date, we've reached $2.7 billion in level up savings deposits, with almost 80% of those accounts meeting the threshold to earn the highest rate. It's also driving engagement, with these members logging in 30% more often than those with their prior savings product.

我們去年推出了 LevelUp Savings，為有定期儲蓄習慣的儲戶提供更高的利率。到目前為止，我們的升級儲蓄存款額已達到 27 億美元，其中近 80% 的帳戶達到了獲得最高利率的門檻。它還推動了參與度，這些會員的登入頻率比使用先前儲蓄產品的會員高出 30%。

Now, LevelUp Savings was designed specifically for savers who have cash to put to work. Even so, we're finding that over 10% of new accounts are being opened by our borrowers who are coming to us for loans, which is indicative of their desire to engage more deeply with us.

現在，LevelUp Savings 專為擁有現金的儲蓄者而設計。即便如此，我們發現超過 10% 的新帳戶是由向我們貸款的借款人開設的，這表明他們希望與我們進行更深入的合作。

Building on the success of LevelUp Savings, we recently launched LevelUp Checking, specifically for our borrowers. Along with paying 1% interest on qualifying balances, it has two key features. First is 1% unlimited cash back on everyday purchases like gas and groceries. Here, we're rewarding our members for using money that they have versus money that they borrow, thereby [incenting] good financial behavior. Second -- and this is unique to us -- we're offering 2% cash back for on-time personal loan payments from a LevelUp Checking account. We're rewarding borrowers for their financial discipline for allowing us to benefit from a stickier relationship.

在 LevelUp Savings 成功的基礎上，我們最近推出了 LevelUp Checking，專門針對我們的借款人。除了對合格餘額支付 1% 的利息外，它還有兩個主要特點。首先是汽油和雜貨等日常購物可獲得 1% 的無限現金回饋。在這裡，我們會獎勵會員使用他們擁有的錢而不是藉來的錢，從而[激勵]良好的金融行為。第二，這是我們獨有的，我們為使用 LevelUp 支票帳戶按時償還個人貸款的客戶提供 2% 的現金回饋。我們會獎勵遵守財務紀律的借款人，因為他們讓我們從更緊密的關係中受益。

While it's still early, the initial results are encouraging. We're now opening 6 times more checking accounts per day than prior to launch, with nearly 60% of these accounts being opened by borrowers.

雖然現在還為時過早，但初步結果令人鼓舞。我們現在每天開設的支票帳戶數量比推出之前增加了 6 倍，其中近 60% 的帳戶是由借款人開設的。

Next up on our product roadmap is an enhanced version of DebtIQ, which will move beyond credit monitoring to include card linking, in-app payments, and automated payment strategies. DebtIQ will give our members transparency and control over their debt in an easy to use command center. We're currently in beta testing in a limited fashion as we work towards a broader roll-out later this fall.

我們的產品路線圖的下一步是 DebtIQ 的增強版本，它將超越信用監控，包括卡片連結、應用程式內支付和自動支付策略。DebtIQ 將透過一個易於使用的指揮中心為我們的會員提供對其債務的透明度和控制權。我們目前正在進行有限的 Beta 測試，計劃在今年秋季稍後進行更廣泛的推廣。

In closing, this quarter marks an inflection point in both our strategic and our financial trajectory, where the work we've been doing over the past several years is translating into tangible results for both our members and our shareholders. I'm energized by the momentum we have going into the back half of the year and the many opportunities in front of us.

最後，本季標誌著我們策略和財務軌蹟的一個轉折點，我們過去幾年所做的工作正在為我們的成員和股東轉化為實際的成果。我們下半年的發展動能和麵臨的眾多機會讓我充滿活力。

I want to close by thanking the LendingClub team for their continued outstanding work and focus.

最後，我要感謝 LendingClub 團隊持續出色的工作和專注。

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

說完這些，我就把它交給你了，德魯。

Thanks, Scott.

謝謝，斯科特。

This quarter marks my three-year anniversary at LendingClub. This has been the most exceptional quarter yet. Let's walk through the details of our results.

本季是我加入 LendingClub 三週年紀念日。這是迄今為止最特別的一個季度。讓我們詳細了解一下結果。

We originated $2.4 billion in loans in the quarter, which was a 32% increase year over year. The increase in originations was driven by the successful execution of our paid marketing initiatives and new product enhancements.

本季我們發放了 24 億美元的貸款，年增 32%。發起數量的增加得益於我們付費行銷計劃和新產品改進的成功實施。

If you turn to page 12 of our earnings presentation, you can see the originations broken down across the four funding channels. We increased the dollars retained in both our health for investment and extended seasoning portfolios. Given the demand for season loans, we expect to direct more volume into the extended seasoning portfolio as we move through the second half of the year.

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管道的細分。我們增加了健康投資和長期投資組合中保留的資金。考慮到季節性貸款的需求，我們預計在下半年將更多的貸款投入延長的季節性組合。

As shown on page 13, total revenue for the quarter was $248 million, up 33% from the same quarter of the prior year. As a reminder, our business has two primary revenue streams.

如第 13 頁所示，本季總營收為 2.48 億美元，比去年同期成長 33%。提醒一下，我們的業務有兩個主要收入來源。

First, we have the capital-light marketplace business that generates fee-based revenue through loan sales to funding partners. The marketplace business is highly scalable, capital efficient, and allows us to serve more borrowers across the credit spectrum while generating in period revenue. The marketplace business represents the vast majority of our non-interest income.

首先，我們擁有輕資本市場業務，透過向融資合作夥伴銷售貸款來產生費用收入。市場業務具有高度可擴展性和資本效率，使我們能夠為信用範圍內的更多藉款人提供服務，同時產生期間收入。市場業務占我們非利息收入的絕大部分。

Second, we have net interest income from loans held on the balance sheet. These loans generate a strong recurring revenue stream funded by customer deposits and our own capital. We generate approximately 3 times the earnings over the life of the loans for those held to maturity compared to selling through the marketplace.

其次，我們有資產負債表上貸款的淨利息收入。這些貸款產生了強勁的經常性收入流，資金來自客戶存款和我們自己的資本。與透過市場銷售相比，我們持有到期的貸款在整個貸款期間產生的收益約為貸款收益的 3 倍。

Since the bank acquisition in 2021, we have quadrupled the size of the balance sheet, which is now almost $11 billion in total assets. Taken together, these two revenue streams complement each other. The highly scalable nature of the marketplace enables rapid growth during periods of strong demand in the capital markets and the bank balance sheet provides a durable, recurring revenue stream to sustain the business through all economic cycles.

自 2021 年收購銀行以來，我們的資產負債表規模增加了四倍，目前總資產已接近 110 億美元。綜合起來，這兩條收入來源相輔相成。市場的高度可擴展性使其能夠在資本市場需求強勁的時期實現快速成長，而銀行資產負債表則提供了持久的、經常性的收入流，以在所有經濟週期中維持業務。

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

現在，讓我們深入研究一下收入的這兩個組成部分。

First, non-interest income was $94 million in the quarter, up 60% over the same quarter of the prior year. This increase was driven by more originations sold through the marketplace and improved loan sales pricing. Marketplace investors continued to value our best-in-class credit performance and the resulting attractive asset yields.

首先，本季非利息收入為 9,400 萬美元，比去年同期成長 60%。這一增長是由於透過市場銷售的貸款增加以及貸款銷售定價的提高所致。市場投資者持續重視我們一流的信用表現以及由此產生的誘人資產收益率。

As Scott discussed, our outlook on credit performance continues to improve. The mark on the held-for-sale portfolio improved by approximately $11 million.

正如史考特所討論的，我們對信貸表現的展望持續改善。持有待售投資組合的利潤提高了約 1,100 萬美元。

Looking ahead, we are very pleased with the trajectory of the marketplace business and look forward to building on the momentum as we move through the balance of the year.

展望未來，我們對市場業務的發展軌跡感到非常滿意，並期待在今年餘下的時間裡繼續保持這一勢頭。

Now, let's move on to net interest income, which was $154 million in the quarter, up 20% over the same quarter last year. This is another all-time high for us as we continue to grow and optimize our balance sheet.

現在，讓我們來看看淨利息收入，本季淨利息收入為 1.54 億美元，比去年同期成長 20%。隨著我們繼續發展並優化資產負債表，這對我們來說又是一個歷史新高。

In addition to the strong balance sheet and revenue growth, net interest margin improved again to 6.1%. Margin continues to expand as we are repricing our deposit portfolios in response to previous Fed cuts. To date, our repricing (inaudible) on deposits has been nearly 100%. We expect the balance sheet to continue growing and net interest margin to maintain around current levels until the Fed cuts' interests rates further.

除了強勁的資產負債表和收入成長外，淨利差再次提高至 6.1%。隨著我們根據聯準會之前的降息政策重新定價存款組合，保證金繼續擴大。到目前為止，我們的存款重新定價（聽不清楚）已接近 100%。我們預計，在聯準會進一步降息之前，資產負債表將繼續成長，淨利差將維持在當前水準左右。

Now, please turn to page 15 of our presentation, which covers non-interest expense. Non-interest expense was $155 million in the quarter, up 17% compared to the prior year. As we foreshadowed last quarter, the largest driver of expense growth was marketing spend, which was up 26% compared to the prior year, enabling a 32% growth in originations.

現在，請翻到我們簡報的第 15 頁，其中涵蓋了非利息支出。本季非利息支出為 1.55 億美元，較上年增長 17%。正如我們上個季度所預測的那樣，費用成長的最大驅動力是行銷支出，與上年相比成長了 26%，從而推動了發起量成長 32%。

We are harnessing the power of our marketplace bank model to deliver significant operating, leverage, with revenue growth of 33%, outpacing expense growth by nearly 2:1 over the past year.

我們正在利用市場銀行模式的力量來實現顯著的營運槓桿，過去一年的收入成長了 33%，比支出成長高出近 2 倍。

Taken together, pre-provision net revenue, or revenue less expenses, was $94 million for the quarter, up 70% from the same quarter last year and above our guidance range of $70 million to $80 million.

整體而言，本季撥備前淨收入（即收入減去支出）為 9,400 萬美元，比去年同期成長 70%，高於我們 7,000 萬至 8,000 萬美元的預期範圍。

To summarize the earlier comments, the large improvement over the high end of our range was driven by stronger-than-forecasted originations and an improvement in fair value marks of approximately $11 million related to credit on performance, which may not repeat in future quarters.

總結先前的評論，我們範圍高端的大幅改善是由於比預期更強勁的起源和與業績信用相關的約 1100 萬美元的公允價值標記的改善，這在未來幾個季度可能不會重複。

Now, let's turn to provision on page 60. In the quarter, we more than doubled retention of held-for-investment loans versus last year. Despite that, provision for credit losses was only up modestly to $40 million compared to $36 million in the same quarter of the prior year. The increase in provision from higher retention was largely offset by better-than-expected credit performance.

現在，讓我們翻到第 60 頁的規定。本季度，我們持有的投資貸款保留量比去年同期增加了一倍以上。儘管如此，信貸損失準備金僅小幅上漲至 4,000 萬美元，而去年同期為 3,600 萬美元。留存率提高帶來的撥備增加在很大程度上被好於預期的信貸表現所抵消。

Across all vintages, stronger credit performance resulted in a provision benefit to our pre-tax income for the quarter of approximately $9 million. You can see evidence of the credit improvement on slide 17, as a lifetime loss expectation for the 2024 vintage came down.

在所有年份中，更強勁的信貸表現導致我們本季的稅前收入產生了約 900 萬美元的撥備收益。您可以在第 17 張投影片上看到信用改善的證據，因為 2024 年份的終身損失預期下降了。

As a reminder, the 2024 vintage carries higher qualitative reserves compared to the previous vintages, given its longer remaining life. Excluding those qualitative reserves, the 2024 vintage is expected to have lower losses than the previous vintages. It is also worth noting we did not make any material adjustments to our qualitative reserves in our allowance this quarter.

需要提醒的是，由於 2024 年份葡萄酒的剩餘壽命更長，因此其品質儲量比之前的年份更高。除去這些定性儲備，預計 2024 年份的損失將低於前幾年份。另外值得注意的是，本季我們沒有對配額中的定性儲備進行任何重大調整。

The net charge-off ratio for our held-for-investment loan portfolio improved further to 3% in the quarter, down from 6.2% in the same quarter last year.

本季度，我們持有的投資貸款組合的淨沖銷率進一步改善至 3%，低於去年同期的 6.2%。

The net charge-off rate for the quarter is unusually low as it benefited not only from improving credit performance but also from dynamics around the timing of recoveries and the age of the portfolio. We therefore expect net charge-off rates to move modestly upward from these low levels as the more recent vintages season.

本季的淨沖銷率異常低，因為它不僅受益於信貸績效的改善，還受益於回收時機和投資組合年限的動態。因此，我們預計，隨著最近幾季葡萄酒的到來，淨沖銷率將從這些低水平小幅上升。

All of these dynamics have already been provisioned for on a discounted basis and are reflected in our allowance.

所有這些動態均已按折扣方式撥備，並反映在我們的撥備中。

Now, let's move to taxes. Taxes in the quarter were $15.8 million or 29% of pre-tax income. A higher effective tax rate this quarter was due to a change in California tax law, which will lead to a lower statutory rate in the future but had the impact of reducing our deferred tax assets by $2.3 million.

現在，讓我們來討論稅收。本季稅收為 1,580 萬美元，佔稅前收入的 29%。本季有效稅率較高是由於加州稅法的變化，這將導致未來法定稅率降低，但也導致我們的遞延稅務資產減少 230 萬美元。

The good news is, while we will have some variability in our effective tax rate from quarter to quarter, our long-term statutory tax rate expectation is now reduced to 25.5% from 27%.

好消息是，雖然我們的有效稅率每季都會有所變化，但我們的長期法定稅率預期現已從 27% 降至 25.5%。

The combination of originations growth, credit outperformance, strong marketplace demand, and margin expansion drove an exceptional quarter. Net income came in at $38 million, up 156% compared to the same quarter last year. This translated to diluted EPS of $0.33 per share and tangible book value per share of $11.53.

貸款發放成長、信貸表現優異、市場需求強勁以及利潤率擴大等因素共同推動了本季的優異表現。淨收入達 3,800 萬美元，比去年同期成長 156%。這意味著每股稀釋每股收益 0.33 美元，每股有形帳面價值 11.53 美元。

This quarter represents a step-function improvement in our financial performance that we expect to continue. We are executing well and are coming into the second half of the year with significant momentum.

本季我們的財務表現取得了顯著改善，我們預計這種狀況將持續下去。我們的執行情況良好，並以強勁的勢頭進入下半年。

For the third quarter, we anticipate growing originations to $2.5 billion to $2.6 billion up 31% to 36% compared to the same period last year. We are continuing our push in the paid marketing acquisition. We've seen early success and will look to build further on the growth coming out of the second quarter.

我們預計第三季貸款發放將成長至 25 億美元至 26 億美元，較去年同期成長 31% 至 36%。我們正在繼續推動付費行銷收購。我們已經看到了早期的成功，並期待在第二季的基礎上進一步成長。

We expect PP&R in the range of $90 million to $100 million, up 37% to 53% compared to the same period last year. The growth is driven by higher marketplace volumes, stable loan pricing, and growing net interest income.

我們預計 PP&R 的銷售額將在 9,000 萬至 1 億美元之間，較去年同期成長 37% 至 53%。成長的動力來自於更高的市場交易量、穩定的貸款定價以及不斷增長的淨利息收入。

This also factors in expenses arising from investments in our product roadmap and marketing channel expansion to support continued growth.

這也包括為支持持續成長而投資產品路線圖和行銷管道擴展所產生的費用。

We are pleased to have already exceeded the $2.3 billion origination target and the 8% ROTCE Q4 exit rate target we set at the beginning of the year.

我們很高興已經超額完成了年初設定的 23 億美元發起目標和 8% ROTCE Q4 退出率目標。

To that point, we are increasing our ROTCE target to a range of 10% to 11.5% for the third quarter, reflecting top-line momentum translating to bottom-line earnings for our shareholders.

為此，我們將第三季的 ROTCE 目標提高至 10% 至 11.5% 的範圍，以反映營收成長動能轉化為股東的獲利。

In the fourth quarter, we typically have some seasonal headwinds to origination volumes. Despite that, we expect overall results to be similar to our third-quarter guidance.

在第四季度，我們的發起量通常會遇到一些季節性的阻力。儘管如此，我們預計整體業績將與第三季預期相似。

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。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(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。

I normally obviously don't say congratulations but you guys have really held the line on credit for the last couple of years and (inaudible) you're paying dividends, right now.

我通常顯然不會說祝賀，但你們在過去幾年裡確實堅持了信貸，並且（聽不清楚）現在你們正在獲得回報。

First question I have is about competition coming up a little bit more frequently, given you've seen very high volumes come out of the private or the personal lenders. A lot of capital being allocated to the sector. There are some new products being introduced.

我的第一個問題是，鑑於您已經看到私人或個人貸款機構的貸款量非常大，競爭是否會變得更加頻繁。大量資本被分配到該行業。有一些新產品正在推出。

One of your competitors talked about an interest-only product, at least for a few months, when they take out the loan. Personally, I've gotten offers from [Bread Financial] for a personal loan; and more recently, OneMain, which I have to say, I picked that one a little bit personal.

您的一位競爭對手談到了只需支付利息的產品，至少在幾個月內，當他們貸款時。就我個人而言，我曾經收到 [Bread Financial] 的個人貸款申請；最近，我又收到了 OneMain 的貸款申請，我必須說，我選擇那家銀行有點出於個人原因。

But if you could maybe give us some idea of what you're seeing on the competitive front, any obstacles into the future, any risk that you're seeing out there?

但是，您能否告訴我們，在競爭方面，您看到了什麼？未來會面臨哪些障礙？您認為有哪些風險？

Yeah. First, thanks, Bill, for the shout-out on credit. That's something that you don't really get credit for, short term. It plays out over the long term. I think we're seeing that in the results now, both coming off the balance sheet but also, the partners that we're bringing on board and the price that we are selling at.

是的。首先，感謝比爾 (Bill) 對榮譽的讚揚。從短期來看，這是你不會真正獲得讚譽的事情。它的作用是長期的。我認為我們現在可以從結果中看到這一點，這不僅體現在資產負債表上，還體現在我們引入的合作夥伴以及我們的銷售價格上。

On the competitive front, I think, again, you can see in our results, we grew volume 32% year on year, 20% quarter on quarter. We actually maintained marketing efficiency, even though we were going back into channels for which we do not have optimized efforts, response models, creative, anything else.

在競爭方面，我想，您可以再次從我們的業績中看到，我們的銷量同比增長了 32%，環比增長了 20%。儘管我們回到了沒有優化努力、回應模型、創意等的管道，但我們實際上保持了行銷效率。

So I would say we feel -- that was a long-winded way of saying, we feel very good about our ability to compete. We know how to compete in this space. We have all of the variety of product and experience constructs and, let's call it, funnel conversion mechanisms that we think pull through the customers that we want. We've got an infrastructure that allows us to make sure we're getting who we want.

所以我想說，我們感覺——這是一種冗長的說法，我們對自己的競爭能力感到非常滿意。我們知道如何在這個領域競爭。我們擁有各種各樣的產品和體驗結構，我們稱之為漏斗轉換機制，我們認為這些機制可以吸引我們想要的客戶。我們擁有的基礎設施可以確保我們能夠得到我們想要的東西。

We had anticipated -- I think we signaled that we were expecting a competitive environment. This space has always been competitive. There are always new entrants coming in on a very regular basis. They routinely come in strong and then, end up pulling back over time as they see that it's very hard to build a bureau inference model and step into the space and get the returns you were expecting. There's a lot going on under the cover.

我們已經預料到——我想我們已經表明我們預計會出現一個競爭環境。這個領域一直競爭激烈。總是有新人定期加入。他們經常強勢進入，然後隨著時間的推移而退出，因為他們發現建立一個局推理模型並進入該領域並獲得預期的回報非常困難。掩護下發生了很多事。

So I'd say we are not seeing, at this point, anything that has us concerned about our ability to compete and our ability to maintain the growth that we're demonstrating.

因此我想說，目前我們還沒有看到任何讓我們擔心我們的競爭力和保持成長的能力的事情。

Okay. Just a follow-up question, on the marketing efficiency. Obviously, everybody has been building higher marketing costs into their models, came in a bit better than I think what a lot of people had expected this quarter when you measure marketing as a percentage of marketplace originations and even, total originations.

好的。我只是想問一個關於行銷效率的後續問題。顯然，每個人都將更高的行銷成本納入他們的模型中，當你將行銷作為市場發起甚至總發起的百分比來衡量時，我認為本季的結果比許多人預期的要好一些。

But could you give us some sense of what -- how we should think about modeling that going forward from current levels?

但是您能否讓我們了解一下—我們應該如何從目前的水平考慮如何進行建模？

Yeah. You should expect it still to go up as we've been signaling it. Obviously, it did go up a bit this quarter.

是的。正如我們一直暗示的那樣，你應該預期它還會繼續上漲。顯然，本季確實有所上漲。

What else you should expect to go up our originations? I think our marketing efficiency probably won't be quite at these levels as we go forward and grow volumes. But I think we've had a good initial start to our expansion here and looking forward to doing more of it. .

您還應該期待什麼來提升我們的起源？我認為，隨著我們不斷前進和擴大銷量，我們的行銷效率可能不會達到這些水平。但我認為我們在這裡的擴張已經有了良好的開端，並期待著做更多的擴張。。

Yeah. A little color is we leaned more heavily into reaching current members through some of the new channels and got really strong response there as we ramped up the prospecting efforts.

是的。有一點值得注意，我們更傾向於透過一些新管道接觸現有會員，並且隨著我們加強勘探力度，獲得了非常強烈的反響。

We are maintaining our roughly 50-50 new versus repeat. So about half of our business comes from prior customers. We're maintaining that as we lean into the new channels. But we're seeing strong response from those new channels from our prior customers.

我們的新業務與重複業務的比例約為 50-50。因此，我們大約一半的業務來自先前的客戶。當我們轉向新管道時，我們會保持這種狀態。但我們看到，我們之前的客戶對這些新管道反應強烈。

Okay. Thanks, again, for taking my questions.

好的。再次感謝您回答我的問題。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

First, on credit quality, definitely a very strong quarter, improving metrics, a lower provision following the qualitative adjustment last quarter. So can you share your thoughts as you sit today? Are you seeing similar trends versus three months ago on the last call but just a better macro environment compared to that volatility early in the quarter?

首先，就信貸品質而言，這無疑是一個非常強勁的季度，指標不斷改善，繼上個季度的定性調整之後，撥備有所降低。那麼，可以分享一下今天坐下來的想法嗎？與上次電話會議中三個月前相比，您是否看到了類似的趨勢，但與本季初的波動相比，宏觀環境有所改善？

And then, secondly and relatedly, would you expect any impacts from the end of the student loan moratorium?

其次，與此相關的是，您預計學生貸款延期償還期結束會產生什麼影響嗎？

Yeah. Thanks for the question, Cris.

是的。謝謝你的提問，克里斯。

I'd say, one -- at the end of last quarter, we were seeing strong credit performance from consumers there, as, well, in terms of the quantitative measures. That has just continued to improve as we've gone through Q2.

我想說的是，第一，在上個季度末，從量化指標來看，我們看到消費者的信貸表現強勁。隨著我們進入第二季度，這種情況一直在持續改善。

Really, the increase in provision at the end of Q1 was what we call the qualitative provision, which was really just looking forward at the economic signals in Liberation Day and reserving more for that. So it really didn't have anything to do with the core performance we are seeing in the consumer portfolio.

實際上，第一季末的撥備增加就是我們所說的定性撥備，這實際上只是期待解放日的經濟訊號並為此預留更多資金。所以它實際上與我們在消費者投資組合中看到的核心表現沒有任何關係。

Obviously, as we've ended this quarter, it feels like things have settled down quite a bit. We didn't materially change the qualitative reserves. But what we did do is take through the benefits of stronger consumer performance. And then, the other question (multiple speakers) --

顯然，隨著本季的結束，感覺事情已經平靜下來了。我們並沒有實質地改變質量儲備。但我們所做的是透過更強大的消費者表現所帶來的好處。然後，另一個問題（多位發言者）——

Yeah. On the student loan side, I think we've talked about this before, Crispin. We proactively reduced our exposure to the student loan population. I think more than a year in advance of student loan repayments resuming and also put a bunch of programs in place to both monitor it and also be able to service the needs of those customers.

是的。關於學生貸款方面，我想我們之前已經討論過這個問題，克里斯平。我們主動減少了對學生貸款人群的接觸。我認為提前一年多恢復學生貸款償還，並實施一系列計劃，既可以監控償還情況，又可以滿足這些客戶的需求。

We're actually not -- we have seen really no change since the resumption of payments. I think the next step will be the potential for wage garnishment. But we're -- the percent of our population that is paying our loans -- that is obligated to pay student loans but that isn't paying student loans -- you're talking, like, 1%.

事實上，自從恢復付款以來，我們並沒有看到任何變化。我認為下一步可能會出現扣押工資的情況。但是，我們——正在償還貸款的人口比例——即有義務償還學生貸款但沒有償還學生貸款的人——你說的是 1%。

We're not seeing any difference in performance from that population, right now, at all. So we feel pretty good about that.

目前，我們根本沒有看到該族群的表現有任何差異。所以我們對此感覺很好。

Perfect. That definitely makes sense on the credit side.

完美的。從信用角度來說這絕對是有道理的。

And then, just on guidance in the ROTCE targets guiding to double-digit ROTCE in the third quarter. And then, as you said on the call, you were previously expecting the greater than 8% in 4Q. But I don't believe you have any 4Q targets out there.

然後，僅就 ROTCE 的指導而言，目標是在第三季將 ROTCE 引導至兩位數。然後，正如您在電話中所說，您之前預計第四季度的成長率將超過 8%。但我不相信你們有任何第四季目標。

As we look forward, would you expect to maintain that double-digit ROTCE target in -- from 4Q and beyond? Or are there any other puts-and-takes as you look out a couple of quarters?

展望未來，您是否預計從第四季開始及以後將 ROTCE 目標維持在兩位數？或者，展望未來幾季，是否有其他優缺點？

Yeah. No, that's our expectation. I softly said it in my remarks.

是的。不，這是我們的期望。我在發言中輕輕地說了這句話。

So we expect -- and I said the financial momentum to continue -- we'd expect to be at similar levels as Q3 in terms of ROTCE in Q4. We'll obviously give a more official guidance as we're entering the fourth quarter.

因此，我們預計——我說過財務勢頭將繼續——我們預計第四季度的 ROTCE 將與第三季度處於相似的水平。進入第四季度，我們顯然會給出更官方的指導。

Great. Thank you. Appreciate you taking my questions. Great quarter.

偉大的。謝謝。感謝您回答我的問題。很棒的一個季度。

Vincent Caintic, BTIG

Vincent Caintic，BTIG

First question, the philosophy around your guidance. You've had really good performance over the past couple of quarters, handily beating your guidance for those past couple of quarters. To your point, for instance, beating the fourth-quarter guidance for volumes already in the second quarter, I'm wondering maybe first, what's changed where you were able to beat that so handily?

第一個問題，您指導的理念是什麼。過去幾個季度，你們的表現確實非常出色，輕鬆超越了過去幾季的預期。例如，就您提到的第二季度的銷量已經超過了第四季度的預期，我首先想問的是，發生了什麼變化，使得你們能夠如此輕鬆地超越這一預期？

And then, when you think about your third-quarter volume origination volume guidance, are you assuming, say, a worse macro environment? Just trying to understand if there's any conservatism you can do to that.

然後，當您考慮第三季的交易量發起量指引時，您是否假設宏觀環境會變得更糟？只是想了解您是否可以對此採取任何保守措施。

And then, for your PPNR side of the guidance, guidance is basically flat for PPNR in the third quarter versus second quarter. You've highlighted something. You had the 11 million fair value marks and provision benefit of $9 million. You also talked about in the press release as the marketing expense increase, not sure if you can provide what that number would be in terms of PPR and impact.

然後，對於 PPNR 方面的指導，第三季與第二季相比 PPNR 的指導基本持平。您已強調了某些內容。您獲得了 1,100 萬的公允價值標記和 900 萬美元的撥備收益。您還在新聞稿中談到了行銷費用的增加，不確定您是否可以提供 PPR 和影響力方面的數字。

But I also wanted to understand any conservatism baked into that.

但我也想了解其中蘊含的保守主義。

Drew, I'll let you take that. But just a comment up front, Vincent -- just a refresher -- when we came into the year, what we had telegraphed was that we expected to resume, let's call it, more ambitious growth starting in Q2, because that's when seasonality turns in our favor. That's when we expected our loan sales prices to afford the unit economics that would allow us to invest in those growth channels.

德魯，我讓你拿著它。但是，文森特，我先來評論一下——只是複習一下——當我們進入今年的時候，我們傳達的信息是，我們預計將從第二季度開始恢復更雄心勃勃的增長，因為那時季節性對我們有利。那時，我們預期我們的貸款銷售價格能夠提供單位經濟效益，使我們能夠投資於這些成長管道。

And so when we gave Q1 guidance, which was more or less in line with Q4, the reason we gave a Q4 number was basically to just say, hey, we expect the trajectory to be up from here; while Q4 to Q1 is more in line, we expect throughout the course of the year to be growing volumes and importantly, profitable growth, expanding bottom-line ROTCE.

因此，當我們給出第一季度的指引時，該指引與第四季度基本一致，我們給出第四季度數字的原因基本上只是想說，嘿，我們預計軌跡將從現在開始上升；雖然第四季度與第一季度更加一致，但我們預計全年銷量將會增長，更重要的是，盈利增長，底線 ROTCE 將會擴大。

That's why we put a number out there. The number out there that we did -- and then, the only other piece was, obviously, while it's been great to see things settle down, there's a lot of very dynamic forecasts in the beginning of the year, both around the rate environment, inflation, unemployment.

這就是我們在這裡給出數字的原因。我們得到的數字——然後，唯一的另一點是，顯然，雖然看到情況穩定下來是件好事，但年初有很多非常動態的預測，包括利率環境、通貨膨脹和失業率。

And so consuming all of those changes, which were fairly dramatic swings quarter to quarter, which, as you know, in our space, we're the only ones that sort of the impact of that in real time. And so we were making sure we could absorb that volatility and the outlook we gave.

因此，我們要消化所有這些變化，這些變化每個季度都會有相當大的波動，正如你所知，在我們的領域，我們是唯一能夠即時感受到這種影響的公司。因此，我們要確保能夠吸收這種波動並做出我們所給予的展望。

Yeah. Just to add to that, I think if you put yourself back at the end of Q1 when we were giving the Q2 guide, Liberation Day just happened. I think all of us speaking broadly were sure more unsure what the future was going to look like. It obviously resolved itself midway through the quarter, I'll call it. That certainly helped results come in on the upper side. But even if you take the one-timers there, we were a little bit ahead of the PPNR guide.

是的。補充一點，我認為如果你回到第一季末，當我們給出第二季度指南時，解放日剛剛到來。我想，從廣義上講，我們所有人都不確定未來會是什麼樣子。顯然，這個問題在本季中期已經解決，我會這麼認為。這無疑有助於取得更好的結果。但即使你只去一次，我們也比 PPNR 指南領先了一點。

So there's probably always going to be some level of one-timers that we're going to need to adjust for, given the nature of the business. But this is the first quarter we've actually given a next-quarter ROTCE guide. So obviously, I think we're feeling that the visibility into the next quarter is improving versus where we've been over the past one-and-a-half years.

因此，考慮到業務性質，我們可能總是需要對某種程度的一次性事件進行調整。但這是我們第一次真正給出下一季的 ROTCE 指南。因此，顯然，我認為我們感覺到下一季的可見度與過去一年半相比有所提高。

And so we hope to provide more of that visibility in the future.

因此我們希望將來能夠提供更多的可見性。

And then, you would have had a question on the marketing -- yes and I think marketing dollars probably, without totally guiding to the number, probably the increase next quarter, similar to slightly higher than the increase you saw this quarter.

然後，您可能會對行銷產生疑問 - 是的，我認為行銷費用可能（雖然沒有完全指導數字）下個季度可能會有所增加，類似於或略高於您在本季度看到的增幅。

Okay. Great. That is super helpful. Thank you. Thank you for that context. I really appreciate it.

好的。偉大的。這非常有幫助。謝謝。感謝您提供的資訊。我真的很感激。

Related to the ROTCE comments, that's super helpful. It's nice to see that guide up. Within the context of your CET1 ratio being at 17.5%, it's a pretty high number. I imagine if you were to normalize that CET1 ratio, your ROTCE guide would be even higher.

與 ROTCE 評論相關，這非常有幫助。很高興看到該指南。考慮到您的 CET1 比率為 17.5%，這個數字相當高。我想，如果您要將 CET1 比率標準化，您的 ROTCE 指南會更高。

So I'm just wondering how you're thinking about that 17.5%. If you were to deploy that capital towards anything like what would you think -- what's your priorities and what the timeframe around that?

所以我只是想知道你是如何看待那 17.5% 的。如果您要將這些資金用於諸如什麼方面，您會想到什麼——您的優先事項是什麼以及時間表是什麼？

Yeah. If you reflect on the time since we've been a bank, we're about a little over four years in, we've (technical difficulty) the balance sheet over that four years. So it's been pretty substantial growth over that time. We're looking to continue a high level of growth with the balance sheet and with the business. And we want the capital to be able to do that.

是的。如果你回顧我們作為銀行成立以來的時間，我們大約已經成立四年多了，我們在這四年裡（技術難度）完成了資產負債表。因此，這段時間內的成長相當可觀。我們希望資產負債表和業務繼續保持高水準的成長。我們希望首都能夠做到這一點。

We're very conscious of the dilution that we create for shareholders. We've been able to not raise common at all over those four years. I think we're very proud of how we've grown tangible book value for shareholders. We're going to look to continue to do that and use the capital we have for that growth versus having to go back out and raise more capital in that dilutive fashion.

我們非常清楚我們對股東造成的股權稀釋。在這四年裡，我們根本沒有提升任何共同點。我認為我們對於如何為股東增加有形帳面價值感到非常自豪。我們將繼續這樣做，並利用我們現有的資本來實現成長，而不是不得不以稀釋的方式重新籌集更多資本。

Okay. Okay. Maybe let me sneak in one more. To that point, when you think about the incremental loan that you're putting on and the returns on that -- you do have a slide on that but that's a high teens or 20% ROTCE for every incremental loan you're putting on? .

好的。好的。也許讓我再偷偷溜進去一次。到那時，當您考慮您所發放的增量貸款及其回報時 - 您確實有一個幻燈片，但對於您所發放的每筆增量貸款，ROTCE 都是高達 15% 或 20% 嗎？。

The marginal ROTCEs on our personal loans have been f 25% to 30% range for several quarters. And our other businesses perform at similar levels. So we think the marginal returns that we're putting on the balance sheet are very attractive for shareholders. .

我們個人貸款的邊際 ROTCE 幾個季度以來一直在 25% 至 30% 的範圍內。我們的其他業務表現也處於類似的水平。因此我們認為，資產負債表上的邊際回報對股東來說非常有吸引力。。

Perfect. Very helpful clarification. Thank you.

完美的。非常有用的澄清。謝謝。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Congrats on a good quarter. I just want to get your thoughts on the competitive environment and how you envision that influencing your mix of originations, whether HFI or vice versa. Obviously, there's a lot of capital out there and that makes the marketplace loans attractive.

恭喜本季取得良好業績。我只是想了解您對競爭環境的看法，以及您認為這將如何影響您的發起組合，無論是 HFI 還是反之亦然。顯然，市場上有大量的資本，這使得市場貸款具有吸引力。

But I think one of the big competitive advantages for you guys is your bank and ability to balance sheet those. So just how you're thinking about the world, how you're thinking about the mix in terms of originations going forward? .

但我認為你們的一大競爭優勢是你們的銀行及其資產負債能力。那麼您如何看待這個世界，如何看待未來起源的混合？。

Yeah. Listen, we look to be -- the world we are trying to get to is where our originations are growing at a level that we are growing the balance sheet with pace and we are fulfilling the demand in the marketplace where we're getting in-period economics as well.

是的。聽著，我們期望──我們試圖達到的世界是，我們的起源不斷成長，我們的資產負債表也在快速成長，我們正在滿足市場的需求，我們也正在獲得期內的經濟效益。

We think the combination of those two together is going to generate a very attractive return for investors off the base balance sheet, the banking business, and the marketplace business is going to be what takes those returns to higher levels from an industry comparison standpoint.

我們認為，這兩者結合將為基礎資產負債表以外的投資者帶來非常有吸引力的回報，從行業比較的角度來看，銀行業務和市場業務將使這些回報達到更高的水平。

So we obviously need to keep growing originations to be able to do both. And I'd say, investor demand is very high right now. And so we're going to look to both feed the balance sheet for growth and feed the investor community that is asking for more loans.

因此，我們顯然需要不斷增加發起數量，以便能夠同時實現這兩項目標。我想說，目前投資人的需求非常高。因此，我們既要滿足資產負債表的成長需求，也要滿足需要更多貸款的投資者群體的需求。

Got it. Thanks very much for taking my question.

知道了。非常感謝您回答我的問題。

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

A question on just the demand side of marketplace in terms of the consumer. Obviously, originations were outstanding. It sounds like marketing efficiencies as well.

就消費者而言，這是一個關於市場需求的問題。顯然，起源非常出色。這聽起來也像是行銷效率。

I'm wondering, do you have any sense in -- maybe some historical context as well -- do you have any sense of whether the prime card borrowers are becoming more willing to engage with you or respond to marketing the more that there are headlines around rate cuts that are muddled.

我想知道，您是否了解——也許還有一些歷史背景——您是否知道，隨著有關降息的頭條新聞越來越混亂，優質信用卡借款人是否越來越願意與您合作或對行銷做出反應。

I'm just curious historically, if those prime borrowers do not feel like there's any daylight towards getting more conviction on rate cuts and they're definitely more willing to pull the trigger on refinancing?

我只是好奇，從歷史上看，那些優質借款人是否不覺得有任何希望獲得降息的動力，並且他們是否更願意採取再融資行動？

Yeah. (inaudible) hard to connect the direct driver. What I would say most broadly is the need and the TAM is the largest it's ever been. The obstacle to that has generally been awareness, not only awareness of refi as an option but most importantly, awareness of what their actual credit card bills are. Meaning, right, we've released research that says half of all consumers don't know the APR on their cards and other half say they do and half were wrong.

是的。 （聽不清楚）很難連接直接驅動器。我想說的是，最廣泛的需求和 TAM 是有史以來最大的。實現這一目標的障礙通常在於意識，不僅在於對再融資作為一種選擇的認識，最重要的是，在於對實際信用卡帳單的認識。意思是，對的，我們發布的研究顯示，一半的消費者不知道他們卡上的 APR，而另一半的消費者說他們知道，一半的消費者是錯的。

And so people really -- and so what we routinely see is when we present an offer of, say, 14% when we reach out to the customer who didn't take it and say, why didn't you take it, and say that was too high; and then, we'll say, well, what do you think your credit card interest rate is? And they're like, I don't know, 8% or 9%. And then, you walk them through how to go find it and they find out it's 21% and you can hear their jaw hitting the desk, right?

所以人們真的——所以我們經常看到的是，當我們聯繫那些沒有接受貸款的客戶時，我們會提出 14% 的優惠，並問他們為什麼沒有接受，並說利率太高了；然後，我們會說，那麼，您認為您的信用卡利率是多少？他們的回答是，我不知道，8% 還是 9%。然後，你指導他們如何找到它，他們發現它是 21%，你能聽到他們的下巴掉到桌子上的聲音，對嗎？

So the real obstacle is letting people -- having people really understand -- and if any of you on the call haven't done this, go try to find your credit card APR, right now, and see how easy that is for you. So the obstacles that getting a -- and you've got to see which page on your 14-page statement it's on. Hint, it's not at the top or the bottom, it's somewhere in the middle.

因此，真正的障礙是讓人們——讓人們真正理解——如果你們中有人還沒有這樣做，現在就嘗試找到你們的信用卡 APR，看看這對你們來說有多容易。因此，獲得的障礙是——你必須查看它在你的 14 頁聲明中的哪一頁。提示，它不在頂部或底部，而是在中間某處。

And so that's -- for us -- once we get that first breakthrough with consumers, that's why we see this strong repeat behavior and the fact that we make it much, much easier the second time around and you get a better product contract, you get a better rate.

所以對我們來說，一旦我們在消費者方面取得第一次突破，我們就會看到這種強烈的重複行為，而且事實上，我們讓第二次合作變得更容易，你就能得到更好的產品合同，得到更好的價格。

But that's the driver behind DebtIQ, which is the ability for us to show people, you're holding a grand on this card. You are paying 21%. This is how much that's going to cost you an interest. If you do this instead, you're going to get a much better deal.

但這就是 DebtIQ 背後的驅動力，我們能夠向人們展示您在這張卡上擁有一千美元。您支付 21%。這就是您需要支付的利息金額。如果你這樣做，你將會得到更好的交易。

So we think overcoming that awareness obstacle is probably the biggest opportunity we've got. That's the driver behind DebtIQ.

因此我們認為克服這一認識障礙可能是我們面臨的最大機會。這就是 DebtIQ 背後的驅動力。

Got it. No, that's helpful, clearly top of the funnel is very strong.

知道了。不，這很有幫助，顯然漏斗頂部非常強大。

One quick follow-up: on the charge-off rate, I didn't quite catch it. I thought you had mentioned one or two factors that may have artificially depressed at this quarter. I'm not sure if it was the timing of recoveries or the sale of charge-offs. Can you just repeat the factors?

一個快速的後續問題：關於沖銷率，我不太明白。我以為您提到了一兩個可能導致本季人為下滑的因素。我不確定這是否是回收的時間或註銷的銷售。你能重複一下這些因素嗎？

Yeah. It really has to do with the timing of the vintages, both the old ones and the new ones. So right now, we're having a higher level of recoveries coming through from the older vintages that had previously had charge-offs come through. So the recovery line this quarter is -- and I think for the past couple of quarters has been higher than we might expect going forward.

是的。這確實與葡萄酒的年份有關，無論是舊的還是新的。因此，目前，我們從之前沖銷過的舊年份葡萄酒中回收了更高水準的葡萄酒。因此，本季的復甦線——我認為過去幾季的復甦線都高於我們預期的未來復甦線。

But on top of that, we've been putting more loans in HFI, which means our HFI portfolio is a bit younger and the younger your portfolio in total, the lower your charge-off rate is going to be. And as it ages, it will go back up.

但除此之外，我們一直在向 HFI 投入更多貸款，這意味著我們的 HFI 投資組合更年輕一些，而您的投資組合總體越年輕，您的沖銷率就會越低。隨著年齡的增長，它又會恢復原狀。

So it's the natural dynamics of the personal loan portfolio. Something very important to look at as you're comparing charge-off rates across the industry.

所以這是個人貸款組合的自然動態。當您比較整個行業的沖銷率時，您需要注意一些非常重要的事情。

Yeah. I think the other piece there -- those are the artificial things. Obviously, the organic trend is positive -- so those are on top of it. That's one of the reasons we put those annual vintage disclosures out there: so you can see what have we reserved for and what has happened, right?

是的。我認為另一部分是人造的東西。顯然，有機趨勢是正面的——所以這些都是最重要的。這就是我們公佈這些年度年份資訊的原因之一：這樣您就可以看到我們保留了什麼以及發生了什麼，對嗎？

And so you'll see most notably, our most recent 2024 vintage, you'll see our reserve coming down, because of the observed performance.

因此，最明顯的是，您會看到，我們最近的 2024 年份葡萄酒，由於觀察到的表現，我們的儲備量正在下降。

Perfect. Thanks so much.

完美的。非常感謝。

Reginald Smith, J.P. Morgan.

雷金納德史密斯，J.P. 摩根。

Just curious, I know you mentioned last quarter that you were going to lay into direct mail and online ads. I was curious if you can frame how your mix of applicants have changed? Like, what proportion of your incoming applications are coming from these new channels now? It sounds like you haven't optimized it fully. But where can that go?

只是好奇，我知道您上個季度提到您將投入直郵和在線廣告。我很好奇，您能否概括一下申請人的組成是如何改變的？例如，現在您收到的申請中有多少比例來自這些新管道？聽起來你還沒有完全優化它。但這能去哪裡呢？

And then, how should we think about those channels changing your conversion, your quality of borrower, APRs. Any way to frame out or directionally point us in the direction of how that will play out on the income statement in a year -- approval?

然後，我們應該如何看待這些管道改變你的轉換率、借款人品質和 APR。有什麼方法可以框架化或指明方向，讓我們知道一年後損益表將如何體現這一點——批准嗎？

Yeah. Starting with the -- it was a significant driver of the quarter-on-quarter growth, in addition to just continued product experience, innovation. We are still early innings because we'll be optimizing response models, targeting, creative pricing -- all of that -- in the channel.

是的。首先——除了持續的產品體驗和創新之外，它是季度環比成長的重要推動力。我們仍處於早期階段，因為我們將優化通路中的回應模型、目標定位、創意定價——所有這些。

Our growth there is deliberate for the reasons you just indicated. We have an understanding of the performance differentials by channel and how to price and underwrite for that. But that data is always evolving. So we're deliberate as we book.

我們在那裡的成長是經過深思熟慮的，原因正如您剛才指出的那樣。我們了解不同管道的績效差異以及如何定價和承保。但這些數據總是在不斷發展。因此我們在預訂時非常慎重。

In terms of the impact to the P&L, the way to think about it is we run, on average, 50-50 new versus repeat. As we ramp up new will tend to ramp up repeat. I think we had a slightly higher percentage of new this quarter, right, given some of the new channels we were picking up.

就對損益表的影響而言，我們可以這樣想：平均而言，我們經營的新業務和重複業務各佔一半。當我們增加新的內容時，重複的內容也會增加。考慮到我們正在選擇的一些新管道，我認為本季我們的新管道比例略高一些。

But the bigger driver on the P&L is the relative efficiency of the new channels, which will be less as we get started and then, we'll converge as we get better at them. And then, the other piece will be how much of it we hold, of course, which allows us to change how we recognize the acquisition cost.

但損益表的更大驅動力是新管道的相對效率，當我們剛開始時，這種效率會較低，然後，隨著我們越來越熟練地使用這些管道，我們就會趨於一致。然後，另一部分當然是我們持有多少，這使我們能夠改變確認收購成本的方式。

So that will be another driver on the efficiency side, not the total dollars.

因此，這將成為效率方面的另一個驅動因素，而不是總金額。

Got it. That makes sense. And then, what you shared about demand, interest appetite from whole loan buyers and -- sound like possibly a shift to this new channel -- may make whole loan buyers more interested in buying loans? Am I thinking about that correctly? Or how can you frame that potential there?

知道了。這很有道理。然後，您分享的有關需求、全額貸款買家的利息偏好以及——聽起來可能轉向這個新管道——可能會讓全額貸款買家對購買貸款更感興趣？我這樣想對嗎？或者你如何在那裡建構這種潛力？

I'd say the demand for the asset is pretty strong, right? We've had several years of really strong performance and really outperformance as we come into this year. That's what you're seeing reflected in some of the announcements we made.

我想說對該資產的需求相當強勁，對嗎？我們已經連續幾年表現強勁，今年的表現更超乎預期。這就是您在我們發布的一些公告中看到的反映。

As Drew talked about, what we're balancing is delivering the in-period returns, which we get to book and recognize that right away versus what do we got a 10-point swing or so versus when we put it on the balance sheet, the other way, right?

正如德魯所說的，我們要平衡的是提供期內回報，我們可以立即記帳並確認這一點，而當我們將其放在資產負債表上時，我們會得到 10 點左右的波動，反之亦然，對吧？

So we're balancing the higher lifetime earnings of holding the loan and the more resilient income of holding the loan against the hey, let's make hay while the sun is shining or whatever that whatever you got, right? And tap the market.

因此，我們要平衡持有貸款的更高終身收入和持有貸款的更有彈性的收入，以及「趁著陽光明媚，趕緊曬乾草」或無論你得到什麼，對嗎？並開拓市場。

So we're balancing that and would like to continue to grow both because what we're aware of is the balance sheet, as we've seen over the last few years, our ability to stay profitable through times and the capital markets were a bit more volatile as a key differentiator.

因此，我們正在平衡這一點，並希望繼續成長，因為我們知道資產負債表，正如我們在過去幾年中看到的那樣，我們有能力在一段時間內保持盈利，而資本市場的波動性有點大，這是一個關鍵的區別因素。

Sure. Good. Sounds good. Congratulations on the quarter, guys.

當然。好的。聽起來不錯。大家，恭喜本季取得佳績。

Tim Switzer, KBW

斯威策（KBW）

I wanted to follow up on some of your guys' comments about the new deposit programs you guys have put in place the new deposit accounts. So what's the, like, incremental funding improvement that gives you 100 basis points basis there.

我想跟進一下你們對新存款計劃以及你們實施的新存款帳戶的一些評論。那麼，什麼樣的增量資金改善能為你帶來 100 個基點的基礎呢？

And then, as the Fed begins to cut rates, does that spread widen?

那麼，隨著聯準會開始降息，利差會擴大嗎？

So in terms of that, one, the -- making sure the strategic driver of this product is actually less funding than it is engagement with the borrowers. We know we're already very good at -- once someone has -- they come to LendingClub because we offer a compelling savings opportunity. They stay because we make it so easy to do business with us and it gets easier over time.

因此，就這一點而言，首先要確保該產品的策略驅動力實際上是資金投入少於與借款人的互動。我們知道我們已經非常擅長——一旦有人——他們就會來到 LendingClub，因為我們提供了極具吸引力的儲蓄機會。他們留下來是因為我們讓與我們做生意變得如此簡單，而且隨著時間的推移變得越來越容易。

We're already pretty good at that. What we believe, and industry data with support, is having the checking relationship is just going to increase that reengagement with us, increase that lifetime value, because instead of getting a loan, paying it off and then a few years later, having a baby or moving or whatever, getting married and needing a loan again, you're interacting with us the whole time.

我們在這方面已經做得相當好了。我們相信，而行業數據也支持這一觀點，建立支票帳戶關係只會增加與我們之間的重新互動，提高終身價值，因為您不需要先貸款，還清貸款，然後幾年後，生孩子、搬家或諸如此類的事情，結婚後再次需要貸款，而是可以一直與我們互動。

We can see what's happening in your financial life and with LevelUp Checking and DebtIQ, we can actually see what's happening both on your income as well as on your debt and provide that opportunity for you.

我們可以看到您的財務狀況，透過 LevelUp Checking 和 DebtIQ，我們可以實際了解您的收入和債務狀況，並為您提供機會。

So the driver is really what we think will be higher lifetime value, higher cross-sell of additional products, less on funding. That said, the blended cost of this product will be fairly materially below right, what we're paying on the high-yield savings accounts, even though the rewards compared to the rest of the market are pretty compelling.

因此，我們認為真正的驅動因素是更高的終身價值、更高的附加產品交叉銷售以及更少的資金投入。也就是說，該產品的混合成本將明顯低於我們在高收益儲蓄帳戶上支付的成本，儘管與市場上其他產品相比，其回報相當誘人。

There will be a higher cost for active PL borrowers who are getting the cash back reward on their PL account. But I think roughly a third of the borrowers who signed up for the account are prior LendingClub borrowers. So they don't even have an active loan. It's a bit of an indication of how much they like the brand and the experience that they're signing up just to have the banking experience with us.

對於在其 PL 帳戶上獲得現金返還獎勵的活躍 PL 借款人來說，成本將會更高。但我認為，大約三分之一的註冊該帳戶的借款人是先前的 LendingClub 借款人。所以他們甚至沒有有效貸款。這在一定程度上表明了他們有多喜歡這個品牌和體驗，他們註冊只是為了獲得我們的銀行服務體驗。

Yes. Tim, to summarize the financial aspects of that. We don't see it in the near term at least being a major driver of lowering interest expense or funding costs on the balance sheet. But it has all the other benefits, Scott was talking about in longer term. There is probably potential there.

是的。提姆，總結一下財務方面的情況。我們認為，至少在短期內，它不會成為降低資產負債表上利息支出或融資成本的主要驅動力。但從長遠來看，它還具有其他所有好處，斯科特說。那裡可能有潛力。

Okay. That's helpful. As for your guidance for a more flat NIM, assuming no rate cuts, what benefit do you think we would see if we do get one or two rate cuts in the back half of the year.

好的。這很有幫助。至於您對較平坦的淨利差的指導，假設不降息，您認為如果我們在下半年確實降息一兩次，我們會看到什麼好處。

With these new products you're bringing in, like is 100% beta sustainable for a few more quarters. Just curious your thoughts on that.

有了您推出的這些新產品，100% 的測試版還能維持幾個季度嗎？只是好奇你對此的想法。

Well, if the Fed doesn't move, then 100% beta is really easy. We got that. We're ready there, right? I think the incremental moves that the Fed may do, we still have a growth posture for our deposit franchise. And so we're going to be thoughtful in terms of lowering rates and making sure we're getting the deposit growth that we need to get to grow the balance sheet.

好吧，如果聯準會不採取行動，那麼 100% 的貝塔值真的很容易。我們明白了。我們已經準備好了，對吧？我認為，聯準會可能會採取漸進式舉措，但我們的存款特許經營權仍保持成長態勢。因此，我們將認真考慮降低利率並確保獲得擴大資產負債表所需的存款成長。

So that may mean that the next 25 bps, we're not going down 25 basis points. But we're going to manage it more -- it should move down with the Fed but probably not 100% beta.

所以這可能意味著接下來的 25 個基點，我們不會下降 25 個基點。但我們會對其進行更多管理——它應該會隨著聯準會的政策而下降，但可能不會達到 100%。

Keep in mind, the other benefit we will get will be depending on the reason the Fed moves down and how that changes the outlook but if we see movements in the two-year curve, which is an important metric for loan buyers, we should get that in through sales price improvements.

請記住，我們將獲得的其他好處將取決於聯準會降息的原因以及這如何改變前景，但如果我們看到兩年期曲線的變動（這是貸款買家的一個重要指標），我們應該透過銷售價格的改善來實現這一點。

Okay. Got it. That was a great color. Thank you, guys.

好的。知道了。那顏色真棒。謝謝你們。

Thank you.

謝謝。

I now want to turn it back to the LendingClub team to answer a few questions submitted by retail investors.

現在我想把話題轉回給 LendingClub 團隊來回答散戶投資者提出的幾個問題。

All right. Thanks, Tamia.

好的。謝謝，塔米亞。

Scott, Drew, we do have a couple of questions here that were submitted by some of our retail investors.

史考特、德魯，我們確實有一些散戶提出的問題。

The first question, given all the innovation over the last couple of years in some of your acquisitions, you've talked about a rebrand in the past, any updates for us there?

第一個問題，考慮到過去幾年您在一些收購中所做的所有創新，您過去曾談到過品牌重塑，有什麼最新消息可以告訴我們嗎？

Yeah. We agree that as we put more products into the market like DebtIQ and LevelUp checking, a name that gives us broader permission than LendingClub -- since lending is in the name -- would be very helpful. We are actually doing that work this year. We've brought in agency on board or doing the research and the development of that this year.

是的。我們同意，隨著我們向市場推出更多產品（如 DebtIQ 和 LevelUp 支票），比 LendingClub 給予我們更廣泛許可的名稱（因為名稱包含借貸）將會非常有幫助。我們今年實際上正在做這項工作。今年我們已經引進代理商來進行這方面的研究和發展。

And in terms of timing, that will be -- it will likely be next year coinciding with our opening up of LevelUp checking.

就時間而言，很可能是明年，與我們開放 LevelUp 檢查的時間一致。

Right now, LevelUp Checking is only available to our existing members. DebtIQ is only going to be available to our existing members, while we stand it up and optimize the experience.

目前，LevelUp Checking 僅對我們現有的會員開放。DebtIQ 僅供我們現有的會員使用，同時我們會對其進行維護並優化體驗。

As we enter next year, that will be -- those will be open market products. And we think having a new brand umbrella over the top could be very beneficial over the medium term to take advantage of that. So stay tuned.

進入明年，這些將是開放市場產品。我們認為，從中期來看，擁有新的品牌保護傘將非常有利於利用這一點。敬請關注。

You answered the second question, which is an update on the mobile-first multi-platform offering but any additional insights there?

您回答了第二個問題，這是關於行動優先多平台產品的更新，但還有其他見解嗎？

I think you answered the second question, which is an update on the mobile first multi-platform offering, but any additional insights there?

我認為您已經回答了第二個問題，即關於行動優先多平台產品的更新，但還有其他見解嗎？

Yeah. We've talked about the fact that for an institution in our size, what's very unique is we completely control our mobile stack. We are now -- this is not a white-label service where we file tickets to make changes. We can completely customize this for our customers and our product set and our use case and -- what that means is we can create more seamless experiences.

是的。我們已經討論過這樣一個事實：對於我們這種規模的機構來說，非常獨特的是我們完全控制我們的移動堆疊。我們現在——這不是一個白標服務，我們不需要提交票據來進行更改。我們可以完全根據我們的客戶、我們的產品系列和我們的用例進行客製化——這意味著我們可以創造更無縫的體驗。

So we're live on that platform. It's what Checking was introduced on. It's what LevelUp Savings was introduced on.

所以我們在該平台上直播。這就是引入 Checking 的原因。這就是 LevelUp Savings 的推出。

What we haven't talked about -- but those of you on the call who are using the products would experience -- if your CD expires at a traditional bank and you would like to roll that over into a savings account, what that requires at a traditional institution is paperwork, opening a new account, sometimes mailing something in.

我們還沒有談到——但是那些在電話中使用這些產品的人會遇到——如果你的 CD 在傳統銀行到期，並且你想把它轉入儲蓄帳戶，那麼在傳統機構你需要做的就是填寫文書，開設一個新帳戶，有時還需要郵寄一些東西。

At LendingClub, that's a few clicks. So we're -- that multi-product experience is already on, let's call it, the deposit side already very much in play. We're benefiting from that in terms of our balanced retention rate CD rollover rates and all of that.

在 LendingClub，只需點擊幾下即可。因此，我們—多產品體驗已經開始，我們稱之為存款方面已經發揮了很大作用。就平衡的保留率、CD 展期率等而言，我們從中受益匪淺。

With LevelUp Checking, you're starting to see us cross that divide where there's interplay between checking and lending. And so you're going to get an extra reward if you have a loan with us, right? And what that will enable is you'll be able to deposit your loan in your LendingClub checking account, get instant access to your funds.

透過 LevelUp Checking，您開始看到我們跨越了支票和貸款之間相互作用的鴻溝。因此，如果您向我們貸款，您將獲得額外的獎勵，對嗎？這樣，您就可以將貸款存入您的 LendingClub 支票帳戶，並立即獲得資金。

And so yeah -- so it's live, it's working. We're just now starting to click the products in place and -- our first goal was to make the core products that drive our business work, that's happening now. And the next goal is to add this engagement layer on it that keeps people coming back. And then, the third step will be to introduce new products into that ecosystem and make them work seamlessly with the products I just talked about.

是的，它是即時的，它正在運行。我們現在才剛開始將產品到位——我們的第一個目標是製造推動我們業務運作的核心產品，現在正在進行中。下一個目標是增加參與度，讓人們不斷回來。然後，第三步是將新產品引入該生態系統，並使它們與我剛才談到的產品無縫協作。

All right, perfect. That's all the questions we had. So thank you.

好的，完美。這就是我們的全部問題。所以謝謝你。

With that, we'll wrap up our second-quarter earnings conference call. Thanks for joining us today.

至此，我們將結束第二季財報電話會議。感謝您今天加入我們。

If you have any questions, please email us at ir@lendingclub.com.

如果您有任何疑問，請發送電子郵件至ir@lendingclub.com。

This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。