LendingClub Corp (LC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the LendingClub Q3 2025 earnings conference call.

女士們，先生們，謝謝你們的加入，歡迎參加 LendingClub 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

I will now hand the conference over to Artem Nalivayko, Head of Investor Relations. Please go ahead.

現在，我將會議交給投資者關係主管 Artem Nalivayko。請繼續。

Thank you, and good afternoon. Welcome to LendingClub's third quarter 2025 earnings conference call. Joining me today to talk about our results are Scott Sanborn, CEO; Andrew LaBenne, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝，下午好。歡迎參加 LendingClub 2025 年第三季財報電話會議。今天與我一起討論我們業績的有執行長 Scott Sanborn 和財務長 Andrew LaBenne。您可以在我們網站的投資者關係部分找到隨我們的收益報告一起發布的簡報。

On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via e-mail. Our remarks today will include forward-looking statements, including with respect to our competitive advantages, demand for our loans and marketplace products and future business and financial performance.

在電話會議上，除了分析師提出的問題外，我們還將回答一些透過電子郵件提交的問題。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、對我們的貸款和市場產品的需求以及未來的業務和財務表現。

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

我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異。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當前的預期和假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

Our remarks also include non-GAAP measures related 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 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。

Finally, please note all financial comparisons in today's prepared remarks are to the prior year-end period, unless otherwise noted.

最後，請注意，除非另有說明，今天準備好的評論中的所有財務比較都是與上一年末進行比較。

And 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, everybody. We delivered another outstanding quarter with 37% growth in originations, 32% growth in revenue and a near tripling of diluted earnings per share. Innovative products and experiences, compelling value propositions, a 5 million strong member base, consistent outperformance on credit and a resilient balance sheet are all coming together to deliver sustainable, profitable growth.

謝謝你，阿爾喬姆。歡迎大家。我們又一個季度表現出色，發行量成長 37%，營收成長 32%，每股攤薄收益成長近兩倍。創新的產品和體驗、引人注目的價值主張、500 萬強大的會員基礎、持續優異的信貸表現以及富有彈性的資產負債表，共同實現了可持續的盈利增長。

I'm excited to share more on our vision and our many competitive advantages at our upcoming Investor Day in 2 weeks. So I'll keep it brief today. Quarterly originations of $2.62 billion came in above the top end of our guidance, reflecting strong demand from both consumers and loan investors, our increased marketing efforts and the power of our winning value proposition and customer experiences.

我很高興在兩週後即將舉行的投資者日上分享更多我們的願景和眾多競爭優勢。所以今天我就長話短說。本季度貸款發放額為 26.2 億美元，高於我們預期的最高水準，這反映了消費者和貸款投資者的強勁需求、我們加大的營銷力度以及我們成功的價值主張和客戶體驗的力量。

With competitive loan rates enabled by our sophisticated credit models and a fast, frictionless process, we continue to be very successful at attracting our target customers. In fact, when our loan offers are made side-by-side in a leading loan comparison site, we closed 50% more customers on average than the competition.

憑藉我們先進的信用模型和快速、無摩擦的流程所帶來的有競爭力的貸款利率，我們繼續非常成功地吸引我們的目標客戶。事實上，當我們的貸款報價在領先的貸款比較網站上並排顯示時，我們比競爭對手平均多獲得 50% 的客戶。

We continue to be disciplined in our underwriting. Our asset yield remains strong and our borrower base continues to perform well. In fact, we're delivering our originations growth while also demonstrating roughly 40% outperformance on credit versus our competitor set.

我們在核保方面繼續保持紀律。我們的資產收益率依然強勁，借款人基礎持續表現良好。事實上，我們在實現貸款發放成長的同時，信貸表現也比競爭對手高出約 40%。

Consistent strong credit performance on a high-yielding asset class has allowed us to confidently build our balance sheet, which now stands at over $11 billion, delivering a durable, resilient revenue stream that nonbanks can't replicate. In fact, this quarter, we generated our highest ever net interest income of $158 million, enabled by a growing balance sheet and expanding net interest margin.

高收益資產類別的持續強勁信貸表現使我們能夠自信地建立我們的資產負債表，目前資產負債表已超過 110 億美元，提供了非銀行機構無法複製的持久、有彈性的收入來源。事實上，本季度，我們創造了有史以來最高的淨利息收入 1.58 億美元，這得益於資產負債表的成長和淨利差的擴大。

Our loan marketplace is also thriving with our reputation for strong credit performance and innovative solutions attracting marketplace investors at improving loan sales prices. We grew marketplace revenue by 75% to our highest level in three years and had our best quarter ever for structured certificate sales totaling over $1 billion.

我們的貸款市場也蓬勃發展，憑藉強大的信貸表現和創新的解決方案，我們提高了貸款銷售價格，吸引了市場投資者。我們的市場收入成長了 75%，達到三年來的最高水平，結構化證書銷售額創下了有史以來最好的季度，總額超過 10 億美元。

We also secured earlier in the quarter a memorandum of understanding by which funds and accounts managed by BlackRock would purchase up to $1 billion through LendingClub's marketplace programs through 2026.

我們也在本季稍早達成了一份諒解備忘錄，根據該備忘錄，貝萊德管理的基金和帳戶將在 2026 年前透過 LendingClub 的市場計畫購買高達 10 億美元的資金。

What's more, our new rated product, specifically designed to attract insurance capital is capturing strong interest, which should help us to continue to improve loan sales prices and further boost marketplace revenue.

此外，我們專門為吸引保險資本而設計的新評級產品正在引起強烈興趣，這將有助於我們繼續提高貸款銷售價格並進一步提高市場收入。

As excited as I am about our financial performance, I'm equally excited about what we're seeing in member engagement and behavior. Our mobile app, combined with high engagement products and experiences like LevelUp Checking and DebtIQ are successfully encouraging members to visit us more often and are driving new product adoption.

我對我們的財務表現感到興奮，同時我對會員參與和行為的表現也同樣感到興奮。我們的行動應用程式與 LevelUp Checking 和 DebtIQ 等高參與度產品和體驗相結合，成功地鼓勵會員更頻繁地訪問我們，並推動新產品的採用。

We launched LevelUp Checking in June of this year as the first-of-its-kind banking product, designed specifically for our borrowers. Members are responding positively with a 7 times increase in account openings over our prior checking product.

我們在今年 6 月推出了 LevelUp Checking，這是第一個專為我們的借款人設計的銀行產品。會員們的反應非常積極，與我們之前的支票產品相比，開戶數量增加了 7 倍。

In a recent survey, 84% of respondents said they were more likely to consider a LendingClub loan given the offer of 2% cash back for on-time payments through LevelUp Checking. And what's really encouraging is that nearly 60% of new accounts being opened are being opened by borrowers.

在最近的一項調查中，84% 的受訪者表示，由於透過 LevelUp Checking 準時付款可獲得 2% 的現金回饋，他們更有可能考慮 LendingClub 貸款。真正令人鼓舞的是，新開設的帳戶中近 60% 是由借款人開設的。

Our efforts are driving a nearly 50% increase in monthly app log-ins from our borrowers. And with that engagement, an increasing portion of our repeat loan issuance is now coming through the app. That's proof that these investments are enabling lower cost acquisition from repeat members, keeping pace with our new member growth as we continue to ramp our marketing efforts.

我們的努力使得借款人每月應用程式登入量增加了近 50%。透過這種合作，我們透過應用程式發放的重複貸款比例越來越大。這證明這些投資能夠以較低的成本吸引回頭客，並在我們繼續加強行銷的同時跟上新會員的成長步伐。

We'll share more examples at Investor Day of how our intentional product design, coupled with an engaging mobile experience are creating a flywheel to increase lifetime value. Before I turn it over to Drew, I want to thank all LendingClubers for their incredible execution and dedication to improving banking for our more than 5 million members. Their efforts are paying off, and I look forward to building on our momentum.

我們將在投資者日分享更多案例，說明我們的精心產品設計如何與引人入勝的行動體驗相結合，打造飛輪，從而提高終身價值。在將麥克風交給德魯之前，我想感謝所有 LendingClubers 員工的出色執行力以及為改善我們 500 多萬會員的銀行服務所做出的貢獻。他們的努力正在獲得回報，我期待繼續保持這股勢頭。

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

有了這個，我就把它交給你了，德魯。

Thanks, Scott, and good afternoon, everyone. We delivered another outstanding quarter, extending the momentum we built throughout the first half of the year.

謝謝，斯科特，大家下午好。我們又一個季度表現出色，延續了上半年的良好勢頭。

For the third quarter, we generated improved results across all key measures, including originations, revenue, profitability and returns. Total originations grew 37% year-over-year to over $2.6 billion, reflecting the impact of our growth initiatives scaling of our paid marketing channels and continued expansion of loan investors on our marketplace platform.

第三季度，我們的所有關鍵指標均取得了改善，包括發起量、收入、獲利能力和回報。總發放金額年增 37%，達到 26 億美元以上，反映了我們的成長計劃、付費行銷管道的擴大以及市場平台上貸款投資者的持續擴張的影響。

Revenue grew 32% to $266 million, driven by higher marketplace volume, improved loan sales prices and expanding net interest income. Pre-provision net revenue or revenue less expenses grew 58% to $104 million, reflecting the scalability of our model.

受市場交易量增加、貸款銷售價格提高和淨利息收入增加的推動，營收成長 32% 至 2.66 億美元。撥備前淨收入或收入減去支出成長 58%，達到 1.04 億美元，反映了我們模型的可擴展性。

The net impact of all these items is that we nearly tripled both diluted earnings per share and return on tangible common equity to $0.37 per share and 13.2%, respectively. The business is firing on all cylinders, demonstrating the earnings power of our digital marketplace bank model.

所有這些項目的淨影響是，我們的每股稀釋收益和有形普通股權益回報率幾乎增加了兩倍，分別達到每股 0.37 美元和 13.2%。業務正在全速發展，展現了我們的數位市場銀行模式的獲利能力。

Now let's turn to Page 12 of our earnings presentation, where we will go further into originations growth. We delivered our highest level of originations in three years. Borrower demand remains strong as the value we are providing in the core use case of refinancing credit card debt continues to be compelling.

現在讓我們翻到收益報告的第 12 頁，我們將進一步探討發起業務的成長。我們實現了三年來最高水準的發起。由於我們在再融資信用卡債務的核心用例中提供的價值仍然引人注目，借款人的需求仍然強勁。

Loan investor demand also remains strong with marketplace buyers looking to increase orders and prices steadily improving. Demand for our structured certificate program continues to grow as we added the rated product, attracting new insurance capital. In addition to $1.4 billion of new issuance sold, we also sold $250 million of seasoned loans out of the extended seasoning portfolio, which included a rated transaction supported by insurance capital.

貸款投資者的需求也保持強勁，市場買家希望增加訂單，價格穩定上漲。隨著我們增加評級產品，對我們的結構化證書計劃的需求持續增長，吸引了新的保險資本。除了出售 14 億美元的新發行債券外，我們還從長期成熟貸款組合中出售了 2.5 億美元的成熟貸款，其中包括一筆由保險資本支持的評級交易。

Our consistently strong credit performance sets us apart from the competition and is one of the reasons we have been able to sell all of these loans without any need to provide credit enhancements.

我們始終如一的強勁信用表現使我們在競爭中脫穎而出，這也是我們能夠出售所有這些貸款而無需提供任何信用增進的原因之一。

Leveraging one of the benefits of being a bank, we grew our held-for-sale extended seasoning portfolio to over $1.2 billion, consistent with our strategy to grow our balance sheet while maintaining an inventory of seasoned loans for our marketplace buyers. Finally, we retained nearly $600 million on our balance sheet in Q3 in our held-for-investment portfolio.

利用作為銀行的優勢之一，我們將持有待售的長期成熟貸款組合增至 12 億美元以上，這符合我們擴大資產負債表的策略，同時為市場買家保留成熟貸款庫存。最後，我們在第三季的資產負債表上保留了近 6 億美元的投資組合。

Now let's turn to the two components of revenue on Page 13. Noninterest income grew 75% to $108 million, benefiting from higher marketplace sales volumes, improved loan sales prices, continued strong credit performance and lower benchmark rates.

現在讓我們來看看第 13 頁的收入的兩個組成部分。非利息收入成長 75%，達到 1.08 億美元，受益於市場銷售量的增加、貸款銷售價格的提高、信貸業績持續強勁以及基準利率的降低。

The fair value adjustment of our held-for-sale portfolio benefited by approximately $5 million in the quarter from lower benchmark rates. Net interest income increased to $158 million, another all-time high, supported by a larger portfolio of interest-earning assets and continued funding cost optimization.

本季度，由於基準利率降低，我們持有待售投資組合的公允價值調整受益約 500 萬美元。淨利息收入增加至 1.58 億美元，再創歷史新高，這得益於生息資產組合的擴大和融資成本的持續優化。

The growth in this important recurring revenue stream is expected to continue into the future as we leverage our available capital and liquidity to further grow the balance sheet.

隨著我們利用可用資本和流動性進一步擴大資產負債表，這一重要經常性收入流的成長預計將持續到未來。

If you turn to Page 14, you will see our net interest margin improved to 6.2%. We continue to see healthy deposit trends and total deposits ended the quarter at $9.4 billion, a slight decrease from last year. The change was primarily attributable to a $600 million decrease in broker deposits, which was mostly offset by an increase in relationship deposits.

如果您翻到第 14 頁，您會看到我們的淨利差提高到了 6.2%。我們繼續看到健康的存款趨勢，本季末存款總額為 94 億美元，較去年略有下降。這項變更主要歸因於經紀人存款減少了 6 億美元，但大部分都被關係存款的增加所抵消。

LevelUp Savings remains a powerful franchise driver, approaching $3 billion in balances and representing the majority of our deposit growth this year. We are maintaining a disciplined approach to deposit pricing while providing meaningful value for our customers.

LevelUp Savings 仍然是一個強大的特許經營驅動力，其餘額接近 30 億美元，占我們今年存款成長的大部分。我們在為客戶提供有意義的價值的同時，也保持嚴謹的存款定價方法。

Turning to expenses on Page 15. Noninterest expense was $163 million, up 19% year-over-year. As we signaled last quarter, the majority of the sequential increase was driven by marketing spend as we continue to scale, test and optimize our origination channels to support continued growth in 2026.

轉到第 15 頁的費用。非利息支出為 1.63 億美元，年增 19%。正如我們上個季度所暗示的那樣，連續成長的大部分是由行銷支出推動的，因為我們將繼續擴大、測試和優化我們的發起管道，以支持 2026 年的持續成長。

We continue to generate strong operating leverage on our growing revenue and our efficiency ratio approached all-time best in the quarter. Let's move on to credit, where performance remains excellent. We continue to outperform the industry with delinquency and charge-off metrics in line with or better than our expectations. Provision for credit losses was $46 million, reflecting disciplined underwriting, stable consumer credit performance and portfolio mix.

我們繼續利用不斷增長的收入創造強大的營運槓桿，並且我們的效率比率在本季度接近歷史最高水平。讓我們繼續討論信貸，其表現依然出色。我們的拖欠率和沖銷指標持續優於產業，符合或優於我們的預期。信貸損失準備金為 4,600 萬美元，反映了嚴格的承保、穩定的消費者信貸表現和投資組合。

Our net charge-off ratio improved modestly again this quarter to 2.9%, and we continue to see strong performance across our vintages. I would highlight that the net charge-off ratio also continues to benefit from the more recent vintages we've added to the balance sheet. We expect the charge-off ratio to revert upwards to more normalized levels as these vintages mature. These anticipated dynamics are already factored into our provision.

本季我們的淨沖銷率再次小幅改善至 2.9%，我們在各個季度繼續保持強勁表現。我想強調的是，淨沖銷率也繼續受益於我們添加到資產負債表中的較近期年份。我們預計，隨著這些年份的成熟，沖銷率將恢復到更正常的水平。這些預期的動態已經考慮到我們的規定。

On Page 16, you will see that our expectation for lifetime losses are also stable to improving across all vintages.

在第 16 頁，您將看到我們對終生損失的預期在所有年份中也保持穩定並在改善。

Turning to the balance sheet. Total assets grew to $11.1 billion, up 3% compared to the prior quarter. Our balance sheet remains a competitive strength, allowing us to generate recurring revenue through retained loans while maintaining the flexibility to scale marketplace volume as loan investor demand grows.

轉向資產負債表。總資產成長至 111 億美元，較上一季成長 3%。我們的資產負債表仍然具有競爭優勢，使我們能夠透過保留貸款產生經常性收入，同時隨著貸款投資者需求的成長保持擴大市場規模的靈活性。

We ended the quarter well capitalized with strong liquidity and positioned to fund future growth without raising additional capital.

本季結束時，我們資本充足，流動性強勁，無需籌集額外資本即可為未來成長提供資金。

Moving to Page 17. You can see that pretax income of $57 million more than tripled compared to a year ago and hit a record high for the company. Taxes for the quarter were $13 million, reflecting an effective tax rate of 22.6%. We continue to expect a normalized effective tax rate of 25.5%, but we may have some variability in this line due to the timing of stock grants and other factors.

移至第 17 頁。您可以看到，5700 萬美元的稅前收入比一年前增長了兩倍多，創下了公司的歷史新高。本季稅額為 1,300 萬美元，有效稅率為 22.6%。我們繼續預期正常化有效稅率為 25.5%，但由於股票授予的時間和其他因素，這一數字可能會出現一些波動。

Putting it all together, net income came in at $44 million and diluted earnings per share were $0.37, which nearly tripled compared to a year ago. Importantly, our return on tangible common equity of 13.2% showed continued improvement and came in above the high end of our guidance range, and our tangible book value per share now sits at $11.95.

綜合起來，淨收入達到 4,400 萬美元，每股攤薄收益為 0.37 美元，幾乎是去年同期的三倍。重要的是，我們的有形普通股權益回報率為 13.2%，持續改善，高於我們的指導範圍的高端，目前每股有形帳面價值為 11.95 美元。

As we look ahead, the business enters the fourth quarter with significant momentum. Loan investor demand remains strong. Loan sales pricing continues to trend higher, and our product and marketing initiatives are driving high-quality volume growth.

展望未來，業務將以強勁勢頭進入第四季。貸款投資者的需求依然強勁。貸款銷售價格持續呈上升趨勢，我們的產品和行銷舉措正在推動高品質的銷售成長。

As a reminder, in Q4, we typically see negative seasonality on originations due to the holiday season. With that in mind, we expect to deliver originations of $2.5 billion to $2.6 billion, up 35% to 41% year-over-year, respectively.

提醒一下，在第四季度，由於假期的影響，我們通常會看到交易發起出現季節性的負面變化。考慮到這一點，我們預計貸款額將達到 25 億美元至 26 億美元，年增 35% 至 41%。

Our outlook for pre-provision net revenue is $90 million to $100 million, up 21% to 35%, respectively. Our outlook assumes two interest rate cuts in Q4 and includes increased investment in marketing to test channel expansion, which will support originations growth in future quarters.

我們預計撥備前淨收入為 9,000 萬美元至 1 億美元，分別成長 21% 至 35%。我們的展望假設第四季度將有兩次降息，並增加行銷投資以測試管道擴張，這將支持未來幾季的貸款成長。

We expect to deliver an ROTCE in the range of 10% to 11.5%, more than triple year-over-year. We will provide additional details on our strategic and financial framework at our Investor Day on November 5, where we hope you will join us.

我們預計 ROTCE 將在 10% 至 11.5% 之間，年增兩倍以上。我們將在 11 月 5 日的投資者日上提供有關我們的戰略和財務框架的更多詳細信息，希望您能加入我們。

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

接下來，我們將開始問答環節。

(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。

Oh, I think you're on mute.

哦，我想你靜音了。

Got it. Thanks. So first question, I just want to ask about the disposition plans looking into the future between your various channels, structured certificate, whole loans and extended seasoning and what your plans are to continue to grow to be held for investment portfolio on the balance sheet. It looks like there's a little bit of mix shift the last couple of quarters, dialing back on the whole loan sales, focusing on the other two. And if you could also kind of maybe talk about the economics of what you're seeing between the various disposition channels.

知道了。謝謝。所以第一個問題，我只想問一下你們在各個管道、結構化證書、全額貸款和延長期限之間的未來處置計劃，以及你們計劃繼續增加資產負債表上的投資組合。看起來，過去幾季的業務組合發生了一些變化，整體貸款銷售有所減少，而專注於其他兩項業務。您是否可以談談您所看到的各種處置管道之間的經濟狀況。

Yeah, Great. Bill, thanks for the question. So for HFI for Q4, it's kind of steady as she goes in terms of what we plan each quarter. So we're targeting roughly $500 million in HFI, and that sort of just depends on how the quarter evolves, sometimes that's a little higher or a little lower. I'd say generally, it's been a little higher in the past couple of quarters.

是的，太好了。比爾，謝謝你的提問。因此，對於 HFI 第四季而言，就我們每季的計劃而言，情況比較穩定。因此，我們的目標是 HFI 達到約 5 億美元，這取決於本季的發展情況，有時會高一點，有時會低一點。我想說，總體而言，過去幾季這個數字略有上升。

The other programs are roughly in line with where we've been for the past couple of quarters. We see demand for structured certificates being constant. We're seeing good pickup in the rated product as well. And we -- as I mentioned, we sold one of those out of extended seasoning this quarter, a rated deal that is. So demand is strong and still there. And with issuance being targeted to be roughly the same kind of the mix and disposition should also be roughly the same.

其他項目與過去幾季的情況大致一致。我們看到對結構化證書的需求一直持續。我們也看到評級產品表現良好。正如我所提到的，我們本季售出了其中一款經過延長銷售的產品，這是一筆評級交易。因此需求強勁且仍然存在。由於發行目標大致相同，因此組合和配置也應該大致相同。

I guess just, Bill, to make sure you're tracking, you probably are that not all of these sales are equal. And historically, whole loan sales to banks would come at a different price than, say, whole loan sales to an asset manager.

比爾，我想只是為了確保你能夠跟踪，你可能知道並非所有這些銷售都是平等的。從歷史上看，向銀行出售全部貸款的價格與向資產管理公司出售全部貸款的價格不同。

As the insurance-rated transactions have been coming in, those prices, as we mentioned in the script, are really approaching bank prices now. And in those cases, we're generally not retaining the A notes. So effectively, it is a whole loan sale, and it's coming at a higher price. So it's really the mix is based on where we're getting best execution and we are looking to develop certain channels. So that's a channel we're developing, and it's going in the direction we like, which is building demand and higher prices there.

隨著保險評級交易的出現，正如我們在腳本中提到的那樣，這些價格現在實際上已經接近銀行價格。在這些情況下，我們通常不會保留 A 音符。因此實際上，這是一筆整體貸款出售，而且價格更高。因此，真正的組合是基於我們在哪裡獲得最佳執行，並且我們正在尋求開發某些管道。這是我們正在開發的管道，而且它正朝著我們希望的方向發展，在那裡建立需求並提高價格。

Okay, thanks, Scott. And just one big picture follow-up. If you can maybe kind of touch on the competitive state of the market. I mean, origination volumes have increased quite a bit across the board. You've heard about some companies maybe have opened up their credit boxes a little bit, some with product structure, if you will, fixed income investors allocating more capital to the sector. I mean, if you can kind of give us an overview of have you seen any pressure on your underwriting standards at all?

好的，謝謝，斯科特。並且只跟進一個大局。您能否談談市場的競爭狀況？我的意思是，整體的發起量已經大幅增加。您可能聽說過一些公司可能已經稍微開放了他們的信貸範圍，一些公司的產品結構，如果你願意的話，固定收益投資者會向該行業分配更多的資本。我的意思是，您能否向我們概述一下，您是否發現承保標準面臨任何壓力？

No, we haven't. I'd say -- as we say every quarter, this has always been a competitive space. In our case, our growth is coming off of a low, and it's coming off of a low that's been informed not just by tighter credit underwriting, which we're maintaining the discipline there, but also because we just pulled back on marketing.

沒有。我想說——正如我們每個季度所說的那樣，這一直是一個競爭激烈的領域。就我們而言，我們的成長正從低谷中走出來，而這不僅是因為信貸承保更加嚴格（我們一直在維持這方面的紀律），還因為我們剛剛撤回了行銷。

So our ability to grow is -- if you still look at where you can see volume levels, you'll see we're still running below historical levels of spend and volume in a TAM that's larger than it ever was. So we're not seeing -- the space is competitive. It's no more competitive than it was last quarter or the quarter before.

因此，我們的成長能力是——如果您仍然關注交易量水平，您會發現我們的支出和交易量仍然低於歷史水平，而 TAM 比以往任何時候都要大。因此，我們看不到這個領域存在競爭。它的競爭力並不比上一季或上一季更強。

As usual, we see a mix in who we're competing with in different environments. So when the interest rate environment shifted, we were competing more with banks and less with fintechs. I'd say now we're competing a bit more with fintechs and a little bit less with some of the banks. But it doesn't -- it's not changing, certainly not affecting our underwriting standards.

像往常一樣，我們看到在不同的環境中與我們有各種各樣的競爭對手。因此，當利率環境改變時，我們與銀行的競爭增加，而與金融科技公司的競爭則減少。我想說，現在我們與金融科技公司的競爭更加激烈，與一些銀行的競爭則相對較少。但事實並非如此——它沒有改變，當然也不會影響我們的核保標準。

And we are absolutely in this for the long game. And as you know, we're eating our own cooking here. So we are looking to make sure we are delivering the returns for ourselves as well as for our loan buyers. And we don't view the way we get rewarded long term is by posting a temporary jump in growth through short-term decision-making on credit.

我們絕對會長期堅持下去。正如你們所知，我們在這裡吃的是自己做的菜。因此，我們希望確保我們自己和貸款買家都能獲得回報。我們不認為透過短期信貸決策實現暫時的成長躍升能讓我們獲得長期回報。

Okay, thanks for taking my questions.

好的，感謝您回答我的問題。

Tim Switzer, KBW.

提姆‧斯威策，KBW。

Hey, good afternoon. Thanks for taking my questions. My first one is, can you explain what drove the higher loss on the net fair value adjustment? And I think you mentioned earlier on the call that pricing seems to be holding up on loan sales. So just curious what drove that adjustment line.

嘿，下午好。感謝您回答我的問題。我的第一個問題是，您能解釋一下導致淨公允價值調整損失增加的原因嗎？我想您之前在電話中提到過，定價似乎阻礙了貸款銷售。所以我很好奇是什麼推動了這條調整線。

Yeah, So keep in mind, we had a positive fair value adjustment in Q2 that I believe was about $9 million in the quarter, and we had $5 million this quarter. So positive adjustments in both quarters, but it was larger in Q2 than it was in Q3. And so that's a big part of the delta right there.

是的，請記住，我們在第二季度進行了正的公允價值調整，我認為該季度約為 900 萬美元，而本季為 500 萬美元。因此兩季都有正向調整，但第二季的調整幅度大於第三季。這就是三角洲的很大一部分。

As we said, prices moved up a little bit. So it's not price that's driving that. The other piece is as we have a larger extended seasoning portfolio, there is natural roll down that happens, and that comes through that net fair value adjustment line. So that's also a little bit of the change that we're seeing quarter-over-quarter. It's just a larger portfolio.

正如我們所說，價格略有上漲。所以，這並不是價格造成的。另一部分是，由於我們擁有更大的擴展調味產品組合，因此會發生自然的下滑，這是透過淨公允價值調整線實現的。這也是我們每季看到的一點變化。這只是一個更大的投資組合。

Got you. Is there a good way for us to be able to model the impact of the extended seasoning portfolio?

明白了。是否有一個好的方法可以讓我們模擬擴展調味品組合的影響？

There is. It's probably a little complicated to get into the details on this call, but we can follow up with you afterwards and...

有。了解這次通話的細節可能有點複雜，但我們可以在通話結束後與您跟進...

Yeah, I would appreciate that. We can do it offline. And then can you also walk us through the loan reserve dynamics a bit this quarter because it went up quite a bit. But if we look at your Slide 16, that indicates lower loss expectations for those legacy vintages. And you obviously didn't grow the HFI book a whole lot. So just curious on what was that reserve going up for, I guess?

是的，我會很感激。我們可以離線進行。然後您能否向我們介紹本季的貸款儲備動態，因為它上升了不少。但如果我們看一下您的第 16 張投影片，就會發現這些傳統年份的損失預期較低。而且您顯然沒有對 HFI 書籍進行太多擴充。所以我只是好奇那筆儲備金是為了什麼而增加的？

Yeah. So two factors. Again, last quarter, there was a one-timer that we called out in the provision line because we had a re-estimation of the lifetime losses, and that caused a positive benefit in the provision line. And so I think that's about $11 million, right? Yes. $11 million last quarter that credit was great again this quarter, but we didn't do a step change in the reserve on the previous vintages. So that's one factor.

是的。所以有兩個因素。再次，上個季度，我們在撥備線中調用了一個一次性計時器，因為我們重新估計了終身損失，這給撥備線帶來了正收益。所以我認為大約是 1100 萬美元，對嗎？是的。上個季度的信用額度為 1,100 萬美元，本季的信用額度再次很高，但我們並沒有對前幾年的儲備做出重大改變。這是一個因素。

The other is just as we're growing some of our businesses, like, for example, our purchase finance business into HFI, the duration is a little longer, so it has a little higher upfront CECL charge, but also fantastic economics on balance sheet. And so those are the two main drivers.

另一個原因是，當我們擴大某些業務時，例如，將採購融資業務拓展到 HFI，持續時間會更長一些，因此前期 CECL 費用會更高一些，但資產負債表上的經濟效益也非常好。這就是兩個主要驅動因素。

Got you. And one last one real quick. Can you explain what drove the increase in diluted shares in the period went up a little bit, but not nearly as much as the diluted share count. And sorry if you said this earlier on the call.

明白了。最後再說一句。您能否解釋一下導致該期間稀釋股份數量增加的原因？雖然增加了一點，但遠不及稀釋股份數量的增加。如果您之前在通話中說過這個，我很抱歉。

Yeah, I think share price is probably the biggest factor, right? If you just do the treasury -- if you just think of the treasury stock method on the diluted shares, the higher the share price, the more dilution you effectively get on the outstanding grants that have been issued. So there was no step change in terms of kind of the vehicles that cause diluted share count.

是的，我認為股價可能是最大的因素，對嗎？如果您只是做財務——如果您只是考慮稀釋股份的庫存股方法，那麼股價越高，您對已發行的未償還贈款的有效稀釋就越多。因此，就導致股份數量稀釋的工具類型而言，沒有重大變化。

Got you. All right, thank you.

明白了。好的，謝謝。

Giuliano Bologna.

朱利亞諾·博洛尼亞。

Giuliano, I think you're on mute, too.

朱利亞諾，我認為你也沉默了。

We can come back to Giuliano. We'll move on to Vincent Caintic of BTIG.

我們可以回到朱利亞諾。我們接下來將討論 BTIG 的 Vincent Caintic。

Hi, great. Can you hear me?

嗨，太好了。你聽得到我嗎？

Yeah, having some technical issues. I have a feeling, maybe others are as well. But yes, first question, kind of a follow-up on that funding side. And I want to ask it kind of the demand for your marketplace loans, the certificates and the seasoned portfolio. It's great to see that there's so much demand.

是的，遇到了一些技術問題。我有一種感覺，也許其他人也這麼認為。但是的，第一個問題，是關於資金方面的後續問題。我想問一下你們對市場貸款、證書和成熟投資組合的需求。很高興看到有這麼大的需求。

And I think a lot of there's been a lot of investor questions over the past month where we've seen some other companies have some issues, some bankruptcies and so forth. And so there's been some concerns broadly about institutional investor appetite for fintech-originated loans.

我認為過去一個月投資者提出了很多問題，我們看到一些其他公司出現了一些問題，一些公司破產了等等。因此，人們普遍擔心機構投資者對金融科技貸款的興趣。

So it looks like your demand is great. And I was wondering if you can maybe talk about kind of the broad industry and if you're seeing any differentiation and if maybe that's a competitive advantage of your funding vehicles and mechanisms versus the rest of the industry? Thank you.

看起來您的需求很大。我想知道您是否可以談談整個行業的情況，以及您是否看到了任何差異，以及這是否是您的融資工具和機制相對於其他行業的競爭優勢？謝謝。

Yeah, So thanks for the question, Vincent. A lot there. So I'd say, first of all, the comments I'm going to make are really just focused on our asset class and our industry, so not auto securitizations or any of the other things that are going on. But we just actually our team was just at a conference yesterday talking to current investors and potential investors.

是的，謝謝你的提問，文森。那裡有很多。所以我想說，首先，我要發表的評論實際上只關注我們的資產類別和我們的行業，而不是汽車證券化或正在發生的任何其他事情。但實際上，我們的團隊昨天剛剛在一次會議上與現有投資者和潛在投資者進行了交談。

And I'd say the appetite is still very strong. I don't think there's any fade on the appetite at all for the various vehicles that are out there, whether it's a structured product, the rated product or whole loans out of extended seasoning. So demand is definitely there. I think track record matters. So the demand is there for us.

我想說人們的胃口仍然很強烈。我認為，人們對各種投資工具的興趣絲毫沒有減弱，無論是結構性產品、評級產品或長期貸款。所以需求肯定存在。我認為過往記錄很重要。所以，我們有需求。

I think it's certainly there for other issuers as well. But I'd say on the margin that issuers are also being maybe slightly more cautious on who they're partnering with, and we're hearing that. And we've been the partner of choice for years and I think continue to be.

我認為其他發行人也一定也會有同樣的情況。但我想說的是，發行人在選擇合作夥伴時可能也更加謹慎，我們也聽到了這種說法。多年來，我們一直是您的首選合作夥伴，我認為未來仍將如此。

So I think that plays to our advantage. Obviously, we're always watching the ABS markets to see if there's any major disruption there and haven't seen much. Certainly, there's been a little noise, as you indicated over the past couple of weeks. But summary, demand remains good. Prices are strong. So we're feeling good going into the fourth quarter.

所以我認為這對我們有利。顯然，我們一直在關注 ABS 市場，看看那裡是否有重大混亂，但我們並沒有發現太多情況。當然，正如您指出的，過去幾週確實出現了一些噪音。但總而言之，需求仍然良好。價格堅挺。因此，我們對進入第四季度感到很滿意。

Okay, great. Thank you. That's very helpful.

好的，太好了。謝謝。這非常有幫助。

And I guess this. One thing, just a little added color is we're certainly hearing that some capital providers are further narrowing their selection of who they're working with, but hard for us to kind of we remain in the wallet and remain a really primary and important partner there, but certainly hearing some chatter of that.

我猜是這樣的。有一件事，只是稍微補充一下，我們確實聽說一些資本提供者正在進一步縮小他們的合作夥伴的選擇範圍，但對於我們來說，我們很難繼續留在錢包裡，繼續成為那裡真正主要和重要的合作夥伴，但肯定聽到了一些關於這方面的閒聊。

Okay, great. That's super helpful. And actually kind of related to the volatility we've been hearing over the past month, just in broader consumer credit. Just wondering if you could talk about your credit performance and what you're seeing. So it was great to see charge-offs 2.9% this quarter, that's great.

好的，太好了。這非常有幫助。實際上，這與我們過去一個月聽到的更廣泛的消費者信貸波動有關。只是想知道您是否可以談談您的信用表現以及您所看到的情況。因此，很高興看到本季的沖銷額為 2.9%，這很棒。

I'm just wondering if you're noticing maybe not in the loans that you -- that are on your balance sheet already, but as you get applications, maybe has the quality of that changed? Are you noticing maybe any themes in terms of delinquency evolution like maybe with lower credit tiers? Or anything -- any comments you might be seeing with that relative to past trend?

我只是想知道您是否注意到，也許不是在您的資產負債表上的貸款，而是在您收到申請時，其品質是否發生了變化？您是否注意到拖欠情況演變方面的任何主題，例如信用等級較低？或任何內容——相對於過去的趨勢，您可能看到任何評論？

Yeah, No, I mean, I'd say for us, a reminder, we remain very, very restrictive compared to pre-COVID, and that is even more so the case in sort of the lower credit area.

是的，不，我的意思是，我想提醒一下，對我們來說，與新冠疫情之前相比，我們的限制仍然非常非常嚴格，在信貸較低的領域更是如此。

So I acknowledge there's definitely been a decent amount of press about the bifurcated economy and where certain subsets of consumers could be struggling. But in our portfolio, given how we're underwriting today, I mean, just for example, there's talk about consumers, who are in less than $50,000 a year. I think that represents 5% of our originations right now.

因此，我承認，媒體對經濟分化以及某些消費者群體可能陷入困境的報導確實很多。但在我們的投資組合中，考慮到我們今天的核保情況，我的意思是，舉個例子，我們談論的是年收入不到 5 萬美元的消費者。我認為這占我們目前發起業務的 5%。

So very, very small. Same thing with student loans. As you know, we've restricted underwriting to that group. So the percent of people that are delinquent on a student loan and current on us is now measured in basis points and is shrinking. So we, on our book, aren't seeing anything more than the normal kind of variability that you adapt and continue to manage to, which we our platform is set up and our team is set up to do that quite well.

非常非常小。學生貸款也是一樣。如您所知，我們已限制對該群體的承保。因此，拖欠學生貸款的人數比例和目前拖欠我們貸款的人數比例現在以基點來衡量，而且正在下降。因此，在我們的書中，我們並沒有看到任何超出正常範圍的變化，您可以適應並繼續管理，我們的平台已經建立，我們的團隊也已經準備好了。

So no kind of broad themes despite, again, we're reading the same thing you are, but we're not seeing it in our book. And I think that's based on how we're underwriting.

因此，儘管我們讀到的內容與您相同，但我們在書中沒有看到任何廣泛的主題。我認為這取決於我們的承保方式。

Great. And maybe I'll sneak one more in, and this might end up having to be for the investor meeting. I want to leave some meat on there. But your CET1 of 18% is very healthy. I'm just wondering how much is too much. Thank you.

偉大的。也許我會再偷偷地再說一次，這可能最終是為了投資者會議。我想在那裡留一些肉。但您的 CET1 為 18%，非常健康。我只是想知道多少才算太多。謝謝。

We'll see you in November. In all seriousness, I think a little bit on that is, again, we're -- we do have what we would say is some excess capital and our plan is to use that for growing the balance sheet as we ramp up originations. And if we have enough capital to satisfy that primary goal and more than enough after that, then I think we'll consider other options.

我們將在十一月見到您。嚴肅地說，我認為，我們確實有一些過剩資本，我們的計劃是利用這些資本來擴大資產負債表，同時增加發起業務。如果我們有足夠的資金來實現這一主要目標，而且之後還有剩餘，那麼我認為我們會考慮其他選擇。

Great. See you on November 5.

偉大的。11月5日見。

Okay, thank you.

好的，謝謝。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Sounds good. Hopefully you guys can hear me now. I have the notification this time. Congratulations on a great quarter. It's great to see continued great results. When I look forward, I mean, there's obviously a tremendous amount of demand through the marketplace, whether it's structured certificates or whole loan sales. I'm curious in a sense, how much more do you think you'd want to grow that versus grow the kind of overall HFI pie because the outlook is, call it, 45% between HFI and extended seasoning, which is a pretty healthy amount, and it looks like that could keep growing balances.

聽起來不錯。希望你們現在能聽到我的聲音。這次我收到了通知。恭喜您本季取得優異成績。很高興看到持續的出色成果。當我展望未來時，我的意思是，市場上顯然存在著巨大的需求，無論是結構化證書還是整體貸款銷售。從某種意義上說，我很好奇，您認為您希望將其增長多少，而不是將整體 HFI 份額增長多少，因為前景是，HFI 和延長調味料之間的比例為 45%，這是一個相當健康的數額，而且看起來這可以保持平衡的增長。

But just trying to think about how you think about the balance going forward because you have a lot of dry powder, a lot of liquidity and a lot of capital to kind of keep pushing. So I'm curious how you think about how much you'd be willing to push both sides there.

但只是試著思考你如何看待未來的平衡，因為你有大量的乾粉、大量的流動性和大量的資本來繼續推動。所以我很好奇您認為您願意在多大程度上推動雙方的合作。

Yeah, and we'll get into this more in investor day. So, but to give you an answer now for Q4, the or or even longer-term, I mean, the end goal.

是的，我們將在投資者日進一步討論這個問題。所以，現在我要給你一個關於第四季度，甚至更長期的答案，我的意思是最終目標。

Is to grow originations enough that we can feed our all of our desires to grow the balance sheet, and we can feed all the investors in the marketplace that, are playing paying the appropriate price for the loans we're originating. So our goal is to be able to do both, and then, if we're not quite there on total originations, then it's a bit of a balancing act, right? We still want to see healthy growth on the balance sheet.

是否能夠充分增加貸款發放量，以便我們能夠滿足擴大資產負債表的所有願望，並且能夠滿足市場上所有為我們發放的貸款支付適當價格的投資者的需求。因此，我們的目標是能夠同時做到這兩點，然後，如果我們在總體發起方面沒有達到目標，那麼這就需要採取一些平衡措施，對嗎？我們仍然希望看到資產負債表的健康成長。

But we originate loans that are better off in the marketplace on the balance sheet, and we're going to sell those. And we have long-term investors that we want to keep our relationship with, and so we're going to make sure we're able to allocate to them as well. So, always a bit of a balancing act while we're still ramping originations, and goal is we have enough originations to feed both sides.

但我們所發放的貸款在資產負債表上反映在市場上更有利，我們將出售這些貸款。我們擁有長期投資者，我們希望與他們保持關係，因此我們將確保我們也能夠為他們分配資金。因此，在我們仍在增加發起量的同時，總是需要採取一些平衡措施，我們的目標是擁有足夠的發起量來滿足雙方的需求。

That's very helpful. One thing I'm curious about, when I look at your marketing spend as a percentage of volume, it came up a little bit, but it's still much lower than I would have expected, given that you're pushing some new marketing channels. I mean I'm calculating at. You obviously highlighted that you're going to push a little bit more harder on the marketing side in 4Q in anticipation of growth in '26.

這非常有幫助。我很好奇的一件事是，當我查看你們的行銷支出佔銷量的百分比時，它略有上升，但仍然比我預期的要低得多，因為你們正在推廣一些新的行銷管道。我的意思是我正在計算。您顯然強調過，為了實現 26 年的成長，您將在第四季加強行銷。

It looks like -- I mean, HFI was down, so there should be a little bit less of a benefit from more capitalization or amortization of that through -- on HFI. But it seems like that's continued to be very efficient from a percentage of volume perspective. I'm just curious how I should think about that going forward over the next few quarters.

看起來 — — 我的意思是，HFI 下降了，因此透過 HFI 進行更多資本化或攤銷所帶來的收益應該會少一些。但從體積百分比的角度來看，這似乎仍然非常有效。我只是好奇在接下來的幾季裡我應該如何考慮這個問題。

Yeah, So as I mentioned, I think we excitedly, I'd say, we still see a lot of opportunity there, right? We are coming from a place of reasonably low activity into a market that I think is pretty attractive in terms of the value proposition to the consumer and the experience we've got. Our efforts are working well. We are still -- I mean, we're only two quarters into restarting direct mail as an example. We're on the third version of our response model.

是的，正如我所提到的，我認為我們很興奮，我想說，我們仍然看到很多機會，對吧？我們從一個活動較少的市場進入到一個我認為就消費者價值主張和我們所獲得的經驗而言相當有吸引力的市場。我們的努力正在取得良好效果。我們仍然——我的意思是，我們才剛開始兩個季度的直郵業務。我們的響應模型目前處於第三版。

We will be on our fourth as we exit the year, building the creative optimization library, optimizing the experience and then take that across some of the other channels like digital and all the rest. So we still have a lot of opportunity in front of us.

今年即將結束時，我們將進入第四個階段，建立創意優化庫，優化體驗，然後將其推廣到其他一些管道，例如數位管道和其他所有管道。所以我們面前仍有許多機會。

I think what you're also seeing in Q3 is not just the performance of those channels being positive, but also some of our other efforts. I touched on it in my prepared remarks, that our other -- we are growing -- we delivered 37% growth year-on-year. That was both in new and in repeat. Marketing over-indexes to driving new, but repeat is coming at a much lower much lower cost.

我認為您在第三季度看到的不僅僅是這些管道的積極表現，還有我們的一些其他努力。我在準備好的發言中提到過，我們的其他業務——我們正在成長——我們實現了同比增長 37%。這既是新的，也是重複的。行銷過度強調推動新產品，但重複的成本卻低得多。

So our ability to scale that at an equivalent pace, we're still at 50-50 despite the big jump in year-on-year marketing spend. We're still roughly 50-50 with new versus repeat. So both of those efforts are working, the external marketing efforts and then the efforts to drive repeat and lifetime value from our customers.

因此，儘管行銷支出同比大幅增加，但我們以同等速度擴大規模的能力仍保持在 50-50。新客戶和重複客戶的比例仍大致為 50-50。因此，這兩項努力都是有效的，外部行銷努力以及推動客戶重複購買和終身價值的努力。

That's very helpful. I appreciate it and congrats on the performance and looking forward to seeing you guys in a couple of weeks.

這非常有幫助。我很感激並祝賀你們的表演，並期待幾週後見到你們。

Great, thanks.

太好了，謝謝。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

I wanted to follow up on the last question. So kind of thinking about marketing, obviously, it costs less to reengage a previous customer. I guess thinking about that expense ratio, the 1.5% that we see on the income statement, my sense is that it's not evenly distributed and that maybe your incremental or your marginal loan is a little bit more.

我想繼續回答最後一個問題。因此，從行銷角度考慮，顯然重新吸引老客戶的成本更低。我想考慮到費用率，我們在損益表上看到的 1.5%，我的感覺是它分佈不均勻，也許你的增量貸款或邊際貸款會多一點。

Help me understand, I guess, how inefficient that is? Or where is the marginal cost to underwrite a loan and then maybe frame that against what you could sell one for? Like my sense and my gut is that despite the fact that your marketing channels are not optimized, that is still -- there's still room there to kind of go almost as though you're leaving money on the table, possibly, not in a bad way, but just thinking about the opportunity there.

請幫我理解一下，這有多低效？或者承銷貸款的邊際成本在哪裡，然後可能將其與貸款的售價進行比較？我的感覺和直覺是，儘管你的行銷管道尚未優化，但仍然有提升的空間，就好像你把錢留在了桌子上，可能不是以一種壞的方式，而只是考慮那裡的機會。

So maybe talk a little bit about what the marginal cost to acquire a new loan is and then maybe frame that against what you can sell these loans for. It looks like origination of your marketplace ratio is about 5%. So there seems to be a lot of room there. But anything you could share there would be great. Thank you.

因此，也許可以稍微討論一下獲得一筆新貸款的邊際成本是多少，然後將其與你可以出售這些貸款的價格進行比較。看起來您的市場起源率約為 5%。所以那裡似乎有很多空間。但如果您能分享任何內容那就太好了。謝謝。

Yeah, So you're certainly thinking about it the right way. We're underwriting to a marginal cost of acquisition that reflects the lifetime value of the customer and part of this -- and what we are very, very focused on is profitable, sustainable growth, right?

是的，所以你的想法肯定是正確的。我們承保的邊際收購成本反映了客戶的終身價值，其中一部分是──我們非常非常關注的是獲利、可持續的成長，對嗎？

We're not looking to just post inefficient volume that we can't rinse and repeat and drive further. So as we push into these new channels, we'll find that efficient frontier and then we work to basically bring it in, right, by improving our targeting models, improving our creative and response rates, improving our pull-through on the experience and the conversion rate on the experience, so that we can then go deeper and push harder in those channels.

我們不希望僅僅發布無法沖洗、重複和進一步推動的低效率數量。因此，當我們進入這些新管道時，我們會找到那個有效的前沿，然後我們努力將其引入，對吧，透過改進我們的目標模型，提高我們的創造力和回應率，提高我們的體驗和體驗的轉換率，這樣我們就可以更深入、更努力地推進這些管道。

So I think you're right that we have more room to go, but it is very mathematically and/or scientifically backed, right? It's we've got a very good handle on what we can expect to get from our customers. Now that that number is going up, right? As we and we'll share a little bit more information on this.

所以我認為你是對的，我們還有更多的發展空間，但這在數學和/或科學上是有依據的，對嗎？我們非常清楚我們能從客戶那裡得到什麼。現在這個數字正在上升，對嗎？正如我們所說，我們將分享更多有關此的資訊。

But as we get better and better, these repeat customers are not only lower cost to acquire, they're also lower credit loss. And by the way, if we get you back once, it's likely we're going to get you back 3 times or 4 times. So there really is a real long-term benefit here that will drive up the lifetime value, which will drive up our ability to pay up at acquisition, but we're building towards it, and we're building towards it incrementally every quarter.

但隨著我們變得越來越好，這些回頭客不僅獲取成本更低，而且信用損失也更低。順便說一句，如果我們讓你回來一次，我們很可能會再讓你回來三次或四次。因此，這確實是一個真正的長期利益，它將提高終身價值，這將提高我們在收購時的支付能力，但我們正在朝著這個方向努力，而且我們每個季度都在逐步實現這一目標。

That makes sense. And if I could sneak one more in. I'd love to hear more about the BlackRock program and the insurance sales channel. If I'm thinking about that right, I guess, this is a way for kind of civilians to get exposure to these types of notes. Like how is the liquidity there for the consumer?

這很有道理。如果我能再偷偷溜進去一個。我很想了解更多有關貝萊德計劃和保險銷售管道的資訊。如果我沒想錯的話，我想，這是一種讓平民接觸這類筆記的方式。例如，消費者的流動性如何？

Are they able to sell that stuff back? Like how does that kind of work? And then on the insurance side, like do you think we'll get to a point where you're announcing a committed number from the insurance channel like you do for kind of private credit today? Thank you.

他們能把那些東西賣回去嗎？那是怎樣一種工作？然後在保險方面，您是否認為我們會達到這樣一個程度：您會宣布保險管道的承諾數字，就像您今天對私人信貸所做的那樣？謝謝。

Yeah, So a couple of things there. One, this is not direct-to-consumer sales that's happening. This is really in the BlackRock example, I think they have many different ways that they may represent other clients where they're managing money to purchase this program. So I wouldn't want to box it into just one use case for them. But it's not a direct or indirect-to-consumer investors that's happening in any way. I think the insurance pool is extremely deep.

是的，那裡有幾件事。首先，這不是直接面向消費者的銷售。這確實是貝萊德的一個例子，我認為他們有很多不同的方式來代表其他客戶管理資金來購買這個計劃。所以我不想把它僅僅限制在一種用例中。但無論如何，這並不是直接或間接面向消費者的投資者。我認為保險池非常深。

And so these are insurance companies who are taking premiums for various insurance policies and investing that money. And so it's a massive pool. It is -- as Scott was saying, usually, the price is not quite as good as banks, but generally, it's still a very low cost of capital. And so we think we can make progress in terms of growing that channel and helping our overall average price that we're selling loans at as well.

這些保險公司負責收取各種保險費，並將這些錢進行投資。所以這是一個巨大的游泳池。正如斯科特所說，通常情況下，價格不如銀行那麼好，但總體而言，資本成本仍然很低。因此，我們認為我們可以在擴大該管道和提高我們出售貸款的整體平均價格方面取得進展。

And I guess on the direct-to-consumer point, is that possible? I could -- maybe not with BlackRock, but is that like a channel that one day be a thing? Or are there things that prevent that regulatory-wise that would prevent that or make that difficult?

我想從直接面向消費者的角度來看，這可能嗎？我可以——也許不是與貝萊德合作，但這是否像是一個有一天會成為現實的管道？或者從監管角度來看，是否存在一些因素可以阻止這種情況發生或使這種情況變得困難？

So there are -- there is capital in our loan book today that is provided by individuals. It's usually coming through funds that are managed by RIAs at some of the wealth managers and hedge funds and all the rest.

所以，我們今天的貸款帳簿上有一些由個人提供的資本。它通常來自一些財富管理公司、對沖基金和其他機構的 RIA 管理的基金。

So there is private individual investor capital coming in to purchase the asset, so that's one. Going direct-to-consumer retail would be going back to our original model. And if you recall, it is doable, but then the loans become securities, which comes with a lot of overhead and disclosure requirements.

因此，有私人投資者資本進入購買資產，這是其中之一。直接面向消費者的零售將回歸我們最初的模式。如果你還記得的話，這是可行的，但貸款會變成證券，這會帶來很多管理費用和揭露要求。

And we have been able to operate a much better business without that because we're -- what I mean by that is we are required to announce when we make pricing changes. We're required to announce when we make credit changes. We had all of our competition downloading our publicly available data and using it to compete against us because we had to tell them what we were doing.

即使沒有這些，我們的業務也能經營得更好，因為我們——我的意思是，我們必須在價格變動時進行公告。當我們做出信用變更時，我們必須進行公告。我們所有的競爭對手都下載了我們的公開數據並利用它與我們競爭，因為我們必須告訴他們我們在做什麼。

So it's not something I would gladly go back to in that old structure. But certainly, high net worth individual through funds is a source of capital today.

所以我不願意回到那個舊結構。但可以肯定的是，高淨值人士透過基金是當今的資本來源之一。

I was thinking about how I would love to pick up some yield versus when I get in my savings account. So I think it's something there, I don't know.

我在想當我把錢存入我的儲蓄帳戶時，我多麼希望獲得一些好處。所以我認為那裡有東西，但我不知道。

(Operator Instructions)

（操作員指示）

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good afternoon. Thanks for taking my questions. You guys have touched on this a bit, but just looking at slide 10 and kind of the delinquency trends amongst FICO bands. Obviously, at least amongst the competitor set, you saw a pretty big increase on the lower band there. Just give us a sense for how that impacts your originations and investor demand and where you're seeing kind of the best bang for your buck across the FICO band score?

嘿，下午好。感謝您回答我的問題。你們已經稍微談到了這一點，但只看一下幻燈片 10 和 FICO 範圍內的拖欠趨勢。顯然，至少在競爭對手中，你會看到較低頻段有相當大的成長。請讓我們了解這對您的發起和投資者需求有何影響，以及您認為在整個 FICO 評分範圍內，您的投資回報如何？

Yeah, So that doesn't directly affect us. As I touched on before, we're certainly hearing some chatter about maybe people consolidating with a smaller handful of originators that have shown themselves to have more stable and predictable performance.

是的，所以這不會直接影響我們。正如我之前提到的，我們確實聽到了一些關於人們可能與少數表現更穩定、更可預測的發起人進行合併的討論。

What we're always looking at is what does the application profile look like coming at us? Is it shifting? Is it shifting in a way we like or we don't like. So when you see an uptick like that, it's generally going to result in somebody else pulling back. We don't know is that 1 platform, 2, 3, like hard for us to say.

我們始終關注的是，應用程式的概況是什麼樣的？它在轉變嗎？它是否以我們喜歡或不喜歡的方式改變。因此，當你看到這樣的上漲時，通常會導致其他人撤退。我們不知道的是，1號平台、2號平台、3號平台，我們很難說。

But what we'll be monitoring and adapting to is making sure we continue to get a consistent through-the-door population and that we want because that may provide some opportunity, it might provide some risk, and that's part of what our day job is.

但我們將監控和適應的是確保我們繼續獲得穩定的進門人群，這是我們想要的，因為這可能提供一些機會，也可能帶來一些風險，而這正是我們日常工作的一部分。

Helpful. And then just one follow-up for me. You talked a lot about marketing expenses today, but just -- and I imagine you'll cover this at the Investor Day as well. But just a sense for the operating leverage you have on the remaining expense items?

很有幫助。然後我只需要跟進一次。您今天談了很多關於行銷費用的問題，但我想您也會在投資者日討論這個問題。但您是否對剩餘費用項目的經營槓桿有所了解？

Yeah, Listen, we think it's pretty significant. We will get into it more in Investor Day. I think you can already see it happening right now in terms of the revenue growth we've produced year-over-year compared to expenses. And it's certainly not to say that other expenses won't go up as we grow the company. But I think marketing is where you'll see the most variable costs as we scale up.

是的，聽著，我們認為這非常重要。我們將在投資者日上對此進行更深入的探討。我想，從我們收入與支出的逐年成長來看，你已經可以看到這一點了。當然，這並不是說隨著公司的發展，其他費用不會增加。但我認為，隨著我們規模的擴大，行銷成本是變動最大的部分。

Got it. That's it for me. Thanks very much for taking my questions.

知道了。對我來說就是這樣。非常感謝您回答我的問題。

Right. Thank you for your questions. I will now turn the call to Ardom for some questions via email.

正確的。謝謝您的提問。我現在將把電話轉給 Ardom，透過電子郵件詢問一些問題。

All right. Thanks, Kevin. So Scott and Drew, we've got a couple of questions here that were submitted by our retail investors. First question is, we noticed a difference in origination growth rate across issuers and originators. To what do you attribute the differences in growth?

好的。謝謝，凱文。史考特和德魯，我們這裡有幾個散戶提出的問題。第一個問題是，我們注意到發行人和發起人的發起成長率有差異。您認為成長差異的原因是什麼？

Yeah, So first, thanks to all the retail investors for submitting. I understand from Artem that we got quite a few this quarter, so that's great. As we talked about on the call, not all originations are created equal. Our focus is on profitable, sustainable originations growth.

是的，首先感謝所有散戶投資者的提交。我從 Artem 那裡了解到，本季我們得到了不少，所以這很好。正如我們在電話中談到的，並非所有起源都是平等的。我們的重點是獲利且可持續的起源成長。

And I think 37% growth in originations to a level that's really getting close to our highest over the last several years is also coming with record high pretax net income and also coming with outperformance on credit by roughly 40%.

我認為，貸款發放量成長 37% 已經接近過去幾年的最高水平，同時稅前淨收入也創歷史新高，信貸表現也超出預期約 40%。

So we're not just looking at one number, which is dollars originated year-on-year. We're looking at a combined balance of what we think makes for a sustainable, profitable business.

因此，我們不僅僅關註一個數字，即逐年增加的美元數。我們正在尋找我們認為可以實現可持續、獲利業務的綜合平衡。

Perfect. Second question, you talked a little bit about potential rebrand coming up. Any updates on the status?

完美的。第二個問題，您談到了即將進行的品牌重塑。有任何狀態更新嗎？

Yeah. I'm only talking about it because you all keep asking. But I would say, yes, we are -- we've done quite a bit of work this year, and we're in the final stages of, let's call it, the research and development phase and landing on where we want to take it, very excited about it.

是的。我之所以談論這個，只是因為你們一直在問。但我想說，是的，我們——今年我們已經做了相當多的工作，我們正處於最後階段，我們稱之為研發階段，並確定了我們想要實現的目標，對此我們感到非常興奮。

We're now entering the planning and execution phase, which we're going to be pretty deliberate about as it won't surprise anyone on this call. We built up equity in this brand after almost 20 years. We think a new brand will give us a broader permission set with our customer base and kind of create new opportunities for us, but we got to make sure we don't lose the tens of thousands of positive reviews and awards and our conversion rate that we finally honed across all these channels.

我們現在正進入規劃和執行階段，我們將非常謹慎地進行，因為這不會讓任何人感到驚訝。我們經過近20年的時間才建立起這個品牌的價值。我們認為新品牌將為我們的客戶群提供更廣泛的許可，並為我們創造新的機會，但我們必須確保我們不會失去數以萬計的正面評價和獎項以及我們最終在所有這些管道上磨練出的轉換率。

And so lots of work to do. So when will it be out in the ether will be probably middle-ish of next year. Don't hold me to that date exactly, but we're doing the planning phase to make sure we know exactly what we're going to get and can support it with the marketing that it's going to need to be successful.

還有很多工作要做。那麼它什麼時候會在乙太網路上出現，可能是明年年中。不要把我逼到那個確切的日期，但我們正在進行規劃階段，以確保我們確切地知道我們將得到什麼，並能透過成功所需的行銷來支持它。

All right. Perfect. And last question, any updates on the product road map or launching any new products?

好的。完美的。最後一個問題，產品路線圖有任何更新或推出任何新產品嗎？

Yeah. So obviously, this year, as we've been getting back to growth, we've also been expanding our ambitions on the product mix. We talked about LevelUp Checking on the call today. LevelUp Savings has been a big driver, which I think Drew talked about DebtIQ this year.

是的。因此顯然，今年，隨著我們恢復成長，我們也在擴大產品組合的目標。我們在今天的電話會議上討論了 LevelUp Checking。LevelUp Savings 一直是重要的推動力，我認為 Drew 今年談到了 DebtIQ。

So there is absolutely more to come. That's part of the reason we're going to be investing in a new brand. What I'd say is stay tuned for Investor Day, where we'll talk a little bit more about some opportunities we're going to be pursuing in the years to come.

因此，未來肯定還會有更多。這就是我們要投資新品牌的部分原因。我想說的是，請繼續關注投資者日，屆時我們將進一步討論未來幾年我們將要追求的一些機會。

All right. Perfect. Thanks, Scott. All right. So thank you, everyone. With that, we'll wrap up our third quarter earnings conference call. Thanks again for joining us today. And if you have any questions, please e-mail us at ir@lendingclub.com.

好的。完美的。謝謝，斯科特。好的。謝謝大家。至此，我們將結束第三季財報電話會議。再次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。