LendingClub Corp (LC) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to the LendingClub Fourth Quarter and Full Year 2020 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎來到 LendingClub 第四季度和 2020 年全年收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Sameer Gokhale, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係主管 Sameer Gokhale。請繼續。

Thank you, and good afternoon. Welcome to LendingClub's Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me today to talk about our results and recent events are Scott Sanborn, CEO; and Tom Casey, CFO. Please note that in addition to the presentation we usually provide with our quarterly results, we are also sharing a LendingClub bank presentation that provides information about our business, including our new banking capabilities. You can find both presentations accompanying our earnings release on the Investor Relations section of our website.

謝謝，下午好。歡迎來到 LendingClub 的第四季度和 2020 年全年收益電話會議。今天和我一起談論我們的結果和最近發生的事件的是首席執行官 Scott Sanborn；和首席財務官湯姆凱西。請注意，除了我們通常提供的季度業績報告外，我們還分享了 LendingClub 銀行報告，其中提供了有關我們業務的信息，包括我們新的銀行業務能力。您可以在我們網站的“投資者關係”部分找到我們的收益發布隨附的這兩個演示文稿。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts, and involve risks and uncertainties. These statements include, but are not limited to, future products and services, the effectiveness of certain strategy initiatives, anticipated financial results, and the impact and benefits of the Radius acquisition and resulting bank charter on our business. Our actual results may differ materially from those contemplated by these forward-looking statements.

我們今天的評論將包括基於我們當前預期和預測的前瞻性陳述，並涉及風險和不確定性。這些陳述包括但不限於未來的產品和服務、某些戰略舉措的有效性、預期的財務結果，以及收購 Radius 和由此產生的銀行章程對我們業務的影響和好處。我們的實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。

Factors that could cause these results to differ materially are described in today's press release in our most recent Forms 10-K and 10-Q, each is filed with the SEC as well as our subsequent filings made with the Securities and Exchange Commission, including our upcoming Form 10-K. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在今天的新聞稿中，我們最近的 10-K 和 10-Q 表格中描述了可能導致這些結果出現重大差異的因素，每個表格都已提交給美國證券交易委員會以及我們隨後向證券交易委員會提交的文件，包括我們的即將到來的 10-K 表格。我們在此次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

Also, during this call, we will present and discuss both GAAP and non-GAAP financial measures. A description of non-GAAP measures and reconciliation to GAAP measures are included in today's earnings release and related slide presentation.

此外，在本次電話會議期間，我們將介紹和討論 GAAP 和非 GAAP 財務指標。非 GAAP 措施的描述以及與 GAAP 措施的對賬包含在今天的收益發布和相關幻燈片演示中。

The press release and accompanying presentations are available through the Investor Relations section of our website at ir.lendingclub.com.

新聞稿和隨附的演示文稿可通過我們網站 ir.lendingclub.com 的投資者關係部分獲得。

And now I'd like to turn the call over to Scott.

現在我想把電話轉給斯科特。

Thank you, Sameer. Good afternoon, everybody, and thank you for joining us today. We are very excited to share the update on our business now that the acquisition of Radius is complete. We've worked long and hard to get to this point, and we are very bullish about how we're positioned to add value to our customers and deliver consistent and sustained multiyear earnings growth for our shareholders.

謝謝你，薩米爾。大家下午好，感謝您今天加入我們。 Radius 的收購已經完成，我們很高興能分享我們業務的最新進展。我們為達到這一點付出了長期而艱苦的努力，我們非常看好我們如何定位為我們的客戶增加價值並為我們的股東提供一致和持續的多年收益增長。

It's really hard to imagine a better time to be launching a digital bank. We have got a lot of information to share today, and the financial expression of our business will be changing considerably. So Tom and I are going to split this up. I will focus my time on how the addition of the bank enhances our business and enables us to deliver on our strategy, and I'll let Tom provide the details on last quarter's results and how the acquisition informs our financial outlook for the year.

真的很難想像現在是推出數字銀行的最佳時機。我們今天有很多信息要分享，我們業務的財務表現將發生巨大變化。所以湯姆和我打算把它分開。我將把時間集中在銀行的加入如何增強我們的業務並使我們能夠實現我們的戰略上，我將讓湯姆提供有關上一季度業績的詳細信息以及此次收購如何為我們今年的財務前景提供信息。

When we launched back in 2007, LendingClub's vision was to leverage technology, data and our marketplace model to transform the banking industry. We began by bringing a traditional credit product, the installment loan, into the digital age by moving it online, broadening access, lowering costs and delivering a fast and frictionless experience.

當我們在 2007 年推出時，LendingClub 的願景是利用技術、數據和我們的市場模型來改變銀行業。我們首先將傳統的信貸產品分期貸款帶入數字時代，方法是將其轉移到網上、擴大訪問範圍、降低成本並提供快速無摩擦的體驗。

We redefined the category. And by 2019, personal loans were the fastest-growing segment of consumer finance, and we became the largest personal loan company in America, generating more than $1 billion in loan volume per month and helping more than 3 million customers lower their cost of credit and get on the path to eliminating their credit card debt.

我們重新定義了類別。到 2019 年，個人貸款成為消費金融中增長最快的部分，我們成為美國最大的個人貸款公司，每月產生超過 10 億美元的貸款額，幫助超過 300 萬客戶降低信貸成本和踏上消除信用卡債務的道路。

Getting out of debt is, in fact, our members' #1 goal, and they love us for what we're doing for them. Our NPS score is approaching a truly outstanding 80, that's well above many leading brands and traditional banks. And the pandemic has demonstrated that they prioritize our loans above many of their other debt obligations, including even credit cards, and half of them returned to us again within 5 years, providing us a virtually free source of loan volume, which we reward with a further simplified process and even lower rates compared to their first loan.

事實上，擺脫債務是我們會員的第一目標，他們喜歡我們為他們所做的一切。我們的 NPS 得分接近真正出色的 80，遠高於許多領先品牌和傳統銀行。大流行表明，他們將我們的貸款優先於許多其他債務，甚至包括信用卡，並且其中一半在 5 年內再次歸還給我們，為我們提供了幾乎免費的貸款量來源，我們用與第一筆貸款相比，流程進一步簡化，利率甚至更低。

Easy access to responsible, low-cost unsecured credit is a primary pain point for our members, and it represents a huge immediately addressable market that's expected to grow at more than 20% annually over the coming years. But it's not the only pain point, and our mission to empower our members on their path to financial health doesn't end here. But note, our customers are not the underbanked or those shut out of the financial system. These are high-income, highly creditworthy individuals who are already fully utilizing bank services. In fact, they are some of retail banking's most profitable customers. It's just working out better for the banks than it is for them.

輕鬆獲得負責任的、低成本的無擔保信貸是我們會員的主要痛點，它代表了一個巨大的可立即尋址的市場，預計在未來幾年每年增長超過 20%。但這不是唯一的痛點，我們幫助會員走上財務健康之路的使命並沒有就此結束。但請注意，我們的客戶不是銀行服務不足或被金融系統拒之門外的人。這些是高收入、高信譽的個人，他們已經充分利用了銀行服務。事實上，他們是零售銀行業務最賺錢的客戶之一。這對銀行來說比對他們來說更好。

That's because together with their higher-than-average income, they also have higher-than-average debt, including credit card, auto and student loans. They want to put this debt behind them, and they are highly motivated and willing to take action to get there. And as a digital marketplace bank, we can now do so much more to help. And our members tell us they are ready and eager for us to do so. In a recent survey, 83% said they're interested in more products and services from LendingClub.

這是因為除了他們高於平均水平的收入外，他們的債務也高於平均水平，包括信用卡、汽車和學生貸款。他們想把這筆債務拋在身後，他們非常積極並願意採取行動實現目標。作為一家數字市場銀行，我們現在可以提供更多幫助。我們的成員告訴我們，他們已經準備好並渴望我們這樣做。在最近的一項調查中，83% 的人表示他們對 LendingClub 的更多產品和服務感興趣。

With the digital bank acquisition closed, we can take the next step. First up, we'll be building on Radius' multi-award-winning online and mobile deposit offering to make it very easy for our customers to manage their lending, spending and savings in a holistic fashion. Because we're vertically integrated, we can capture more value, both from lending and from spending, and can use this, together with the behavioral data we'll be collecting, to offer powerful benefits and value to our customers. This sets LendingClub apart from the neobank and fintech competition.

隨著數字銀行收購的結束，我們可以採取下一步行動。首先，我們將以 Radius 屢獲殊榮的在線和移動存款產品為基礎，使我們的客戶能夠非常輕鬆地以整體方式管理他們的貸款、支出和儲蓄。因為我們是垂直整合的，所以我們可以從貸款和支出中獲取更多價值，並可以使用它，連同我們將收集的行為數據，為我們的客戶提供強大的利益和價值。這讓 LendingClub 在新銀行和金融科技競爭中脫穎而出。

What's even more exciting is that the bank is being added to an already formidable platform with 2 sizable benefits. First, as you can see on Slide 9 of the LendingClub bank presentation, we have incredible data superiority. We have 14 years of history on $60 billion in loans to millions of customers, informed by rigorous testing, resulting in 140 billion data cells added to our proprietary database. Access to this vast amount of data gives us a significant competitive advantage. Our team of more than 130 data analysts and scientists mind this historical data with leading-edge machine learning and AI analytic techniques to continuously refine our dozens of proprietary models to optimize fraud risk, repayment risk, loan exposure and loan pricing. And it's working. Our experience shows that our proprietary scoring system is 20x more effective than traditional credit scores, such as FICO, at predicting defaults.

更令人興奮的是，該銀行被添加到一個已經很強大的平台中，該平台具有 2 個可觀的優勢。首先，正如您在 LendingClub 銀行演示文稿的幻燈片 9 中看到的那樣，我們擁有令人難以置信的數據優勢。我們有 14 年的歷史，向數百萬客戶提供 600 億美元的貸款，通過嚴格的測試，將 1400 億個數據單元添加到我們的專有數據庫中。訪問這些海量數據為我們帶來了顯著的競爭優勢。我們由 130 多名數據分析師和科學家組成的團隊使用領先的機器學習和人工智能分析技術處理這些歷史數據，不斷完善我們的數十種專有模型，以優化欺詐風險、還款風險、貸款風險和貸款定價。它正在工作。我們的經驗表明，我們的專有評分系統在預測違約方面比傳統信用評分（例如 FICO）有效 20 倍。

As a result, we can approve more borrowers, offer significantly lower interest rates and price competitively for attractive risk-adjusted returns across the credit spectrum.

因此，我們可以批准更多的借款人，提供顯著更低的利率和具有競爭力的價格，從而在整個信用範圍內獲得有吸引力的風險調整後回報。

Benchmarking data from one of the leading online aggregators shows that our loan offers are priced very competitively and are very likely to be ranked as best-in-class. And several independent studies, including those conducted by the Philadelphia Federal Reserve researchers, confirm our ability to make credit more affordable than traditional alternatives.

來自領先在線聚合商之一的基準數據顯示，我們的貸款報價極具競爭力，很可能被評為同類最佳。幾項獨立研究，包括費城聯儲研究人員進行的研究，證實了我們有能力使信貸比傳統替代品更實惠。

Coming out of the pandemic, the strength of our underwriting has now also been cycle-tested. Losses on loans issued pre-COVID are in line with our pre-pandemic expectations, and loan issued since the pandemic are some of our best-performing loans in recent years. So we haven't just collected a wealth of data. We're leveraging it, and it's clearly giving us an edge.

從大流行中走出來，我們的承保實力現在也經過了周期測試。 COVID 前發放的貸款損失符合我們大流行前的預期，大流行以來發放的貸款是我們近年來表現最好的一些貸款。所以我們不僅收集了大量數據。我們正在利用它，它顯然給了我們優勢。

Another key differentiator is our technology infrastructure. Our tech team encompasses nearly 400 LendingClubers. We built proprietary software and systems that enable us to deliver seamless, highly automated access to credit and deliver a fantastic customer experience. We've issued 13 patents and have 27 pending. It would take others many years and a significant capital outlay to try and replicate the competitive mode that we've created.

另一個關鍵的區別是我們的技術基礎設施。我們的技術團隊包括近 400 名 LendingClubers。我們構建了專有軟件和系統，使我們能夠提供無縫、高度自動化的信貸訪問並提供出色的客戶體驗。我們已經頒發了 13 項專利，還有 27 項正在申請中。其他人需要很多年和大量的資本支出才能嘗試和復制我們創造的競爭模式。

With the acquisition of Radius, we're adding to our competitive advantages by evolving to a unique and powerful new business model, a marketplace bank. As you can see on Slide 10, this model wins against both traditional banks and against fintech marketplaces. Versus banks, we expect to grow more rapidly, fueled by the combination of interest income from our high-earning assets together with significant fee-based income from our capital-light marketplace. We'll be even more efficient at customer acquisition supported by our national footprint and our ecosystem of funding partners that allow us to serve a broader range of customers than a typical bank. And we'll be highly adaptable at a lower operating cost as a digital-first entity unencumbered by legacy tech infrastructure or high cost branches.

通過收購 Radius，我們通過發展成為一種獨特而強大的新商業模式，即市場銀行，增加了我們的競爭優勢。正如您在幻燈片 10 中看到的那樣，該模型在傳統銀行和金融科技市場中均勝出。與銀行相比，在我們高收入資產的利息收入與我們輕資本市場的大量收費收入的共同推動下，我們預計增長更快。在我們的全國足跡和我們的融資合作夥伴生態系統的支持下，我們將更有效地獲取客戶，這使我們能夠為比典型銀行更廣泛的客戶提供服務。作為數字優先的實體，我們將以較低的運營成本具有高度的適應性，不受遺留技術基礎設施或高成本分支機構的阻礙。

We also have advantages over pure fintech marketplaces. The limitations of which we understand better than anybody, and that's why we've evolved our business model. Versus fintech marketplaces, our marketplace bank will be more resilient with access to stable funding, a recurring and sustained revenue stream, and a clear and established regulatory framework. And we'll be able to reach higher profitability given our lower funding costs and higher earnings per loan. All of these advantages position us well to capitalize on a clear trend that has been accelerated due to COVID, the move to digital banking.

與純金融科技市場相比，我們也有優勢。我們比任何人都更了解其中的局限性，這就是我們發展我們的商業模式的原因。與金融科技市場相比，我們的市場銀行將更具彈性，可以獲得穩定的資金、經常性和持續的收入流以及明確和既定的監管框架。鑑於我們較低的融資成本和較高的每筆貸款收益，我們能夠實現更高的盈利能力。所有這些優勢使我們能夠很好地利用由於 COVID 而加速的明顯趨勢，即向數字銀行業務的轉變。

Bank is no longer a place you go. It's a thing you do, increasingly from your mobile phone, and consumers are now more than ever weighing the importance of that experience versus proximity to a bank branch. With one of the best mobile experiences in the industry, we're starting from a good place here.

銀行不再是你去的地方。這是你做的事情，越來越多地通過你的手機，消費者現在比以往任何時候都更加權衡這種體驗與靠近銀行分行的重要性。憑藉業內最佳的移動體驗之一，我們從這裡開始。

I've been with LendingClub for more than 10 years, and I have never been more excited about the combination of capabilities and market conditions for us to achieve our ambitions and transform the industry. Our marketplace bank begins today with an industry-leading loan and deposit products, a strong brand and loyal customer base, considerable technology and data advantages, and a differentiated offering that allows us to better serve an expanded total addressable market, which will allow us to drive sustained earnings growth.

我在 LendingClub 工作了 10 多年，我對能力和市場條件的結合讓我們實現我們的雄心壯志和改變行業感到非常興奮。我們的市場銀行今天開始提供行業領先的貸款和存款產品、強大的品牌和忠實的客戶群、可觀的技術和數據優勢，以及差異化的產品，使我們能夠更好地服務於擴大的總目標市場，這將使我們能夠推動盈利持續增長。

Near term, personal loans will be our primary economic driver, and we plan to grow originations by 45% and revenue by 55% this year. As Tom will lay out for you in a minute, the growth in earnings power of LendingClub will become quite clear after we absorb the costs and accounting implications of operational integration.

短期內，個人貸款將成為我們的主要經濟驅動力，我們計劃今年將貸款增長 45%，收入增長 55%。正如 Tom 將在一分鐘內為您展示的那樣，在我們吸收運營整合的成本和會計影響後，LendingClub 的盈利能力的增長將變得非常明顯。

As a team, we are very committed to executing on our strategy and building long-term value for our shareholders. Together with our core unsecured lending capabilities, our digital bank gives us a highly differentiated offering that positions us well to compete while providing cost-effective financial solutions for our customers. It is our intention to stay disciplined, execute and deliver in the near term while investing for the future to achieve our broader ambition and redefine banking for our customers.

作為一個團隊，我們非常致力於執行我們的戰略並為我們的股東創造長期價值。連同我們的核心無抵押貸款能力，我們的數字銀行為我們提供了高度差異化的產品，使我們在競爭中處於有利地位，同時為我們的客戶提供具有成本效益的金融解決方案。我們打算在短期內保持紀律、執行和交付，同時為未來投資，以實現我們更廣泛的目標，並為我們的客戶重新定義銀行業務。

Okay. With that, I will pass it over to you, Tom.

好的。有了這個，我會把它傳遞給你，湯姆。

Thank you, Scott. As you just heard, we are tremendously excited about the future with the addition of our new banking capabilities. After my time going deeper into some of the areas that Scott touched on, but we'll start off covering highlights from Q4 earnings.

謝謝你，斯科特。正如您剛才所聽到的，我們對未來新增的新銀行功能感到非常興奮。在我深入探討 Scott 觸及的一些領域之後，我們將開始介紹第四季度收益的亮點。

We're very encouraged by our positive business trajectory in Q4. We increased originations to $912 million, exceeding the high end of our guidance range and reflecting growth of 56% from the third quarter. We ended the year with $525 million of cash, reflecting the sale of $470 million in loans in the second half of 2020 as we prepare to capitalize the bank with cash to support strong growth. By maintaining such a high level of cash than our loans, we experienced a temporary and anticipated reduction in net interest income.

我們對第四季度積極的業務軌跡感到非常鼓舞。我們將發起業務增加到 9.12 億美元，超過了我們指導範圍的上限，反映出比第三季度增長了 56%。我們以 5.25 億美元的現金結束了這一年，這反映了我們在 2020 年下半年出售了 4.7 億美元的貸款，因為我們準備用現金為銀行注資以支持強勁增長。通過維持比我們的貸款高的現金水平，我們經歷了暫時的和預期的淨利息收入減少。

For the fourth quarter, the impact was about $20 million in revenue compared to 4Q 2019 and $8 million compared to the third quarter of 2020. Our results for the quarter also did not include onetime benefits related to loan sales and loan and asset revaluations that occurred in the third quarter.

對於第四季度，與 2019 年第四季度相比，影響約為 2000 萬美元的收入，與 2020 年第三季度相比，影響約為 800 萬美元。我們本季度的業績也不包括與發生的貸款銷售和貸款及資產重估相關的一次性收益在第三季度。

So the story for the quarter was pretty straightforward. Transaction fees up 77% from Q3 on the back of 56% origination growth, offset by lower net interest income, reflecting prior loan sales and nonrecurring asset revaluation benefits in Q3.

所以這個季度的故事非常簡單。由於發起業務增長 56%，交易費用較第三季度增長 77%，但被較低的淨利息收入所抵消，這反映了第三季度之前的貸款銷售和非經常性資產重估收益。

With that, let's get into some of the financial benefits of our marketplace bank that Scott referenced and how this sets us up for 2021 and beyond. As seen on Slide 11 in the LC bank presentation, the economics of owning a bank are truly compelling with substantial and really achievable benefits. With a vertically integrated digital platform, we capture the best of the marketplace and the bank, creating a self-sustaining high growth and highly profitable business with structural advantages.

有了這個，讓我們了解 Scott 提到的我們的市場銀行的一些經濟利益，以及這如何為 2021 年及以後做好準備。正如 LC 銀行演示文稿中的幻燈片 11 所示，擁有一家銀行的經濟效益確實令人信服，而且具有實質性且真正可實現的收益。憑藉垂直整合的數字平台，我們抓住了市場和銀行的優勢，創造了具有結構優勢的自我維持的高增長和高利潤業務。

Let me outline some of these benefits. First, with access to banking capabilities, we have significantly enhanced the resiliency of our business, enabling us to better serve our members. Deposits are much more stable compared to warehouse funding used by other fintech marketplaces. Second, access to low-cost deposits also reduces our borrowing cost dramatically, allowing us to generate a new and growing stream of recurring earnings. This will help drive strong and sustainable profitability. Third, as a bank, we become vertically integrated, reducing our dependency on others and eliminating the fees we paid to third-party issuing banks for originating the loans on our behalf.

讓我概述其中的一些好處。首先，借助銀行能力，我們顯著增強了業務的彈性，使我們能夠更好地為會員服務。與其他金融科技市場使用的倉庫資金相比，存款要穩定得多。其次，獲得低成本存款也大大降低了我們的借貸成本，使我們能夠產生新的和不斷增長的經常性收入流。這將有助於推動強勁且可持續的盈利能力。第三，作為一家銀行，我們實現了垂直整合，減少了對他人的依賴，並取消了我們向第三方發卡行支付的代表我們發放貸款的費用。

To put this into some perspective, over the last 2 years, our partner banks received approximately $20 million per year for originating our loans. Fourth, we intend to hold prime loans comprising 15% to 25% of our total originations while selling the rest through the marketplace. This leverages the unique capabilities of our platform and aligns our interest with investors. Together, we can balance the recurring and durable bank revenue stream with the capital-light marketplace fee-based revenue stream. And fifth, our marketplace is fueled by a diverse investor base that allows us to continue serving borrowers across the credit spectrum. This has enabled us to create a hugely efficient marketing engine while building a more inclusive brand that aligns with our mission to empower members on their path to financial health.

從某種角度來看，在過去的 2 年裡，我們的合作銀行每年收到大約 2000 萬美元的貸款。第四，我們打算持有占我們總貸款 15% 至 25% 的優質貸款，同時通過市場出售其餘貸款。這利用了我們平台的獨特功能，並使我們與投資者的利益保持一致。我們可以共同平衡經常性和持久的銀行收入流與輕資本市場收費收入流。第五，我們的市場由多元化的投資者基礎推動，這使我們能夠繼續為信貸範圍內的借款人提供服務。這使我們能夠創建一個非常高效的營銷引擎，同時建立一個更具包容性的品牌，這與我們賦予會員權力以實現財務健康的使命相一致。

Now let's talk about how some of these benefits translate into enhanced financial performance. I'll start with deposits. As you can see on Slide 12, the benefits of deposit funding are very clear. Compared to pre-pandemic levels, our borrowing costs should decline by approximately 90%. Yes, 90%. In 2020, the average cost of warehouse lines was 3.3% compared to our bank's deposit cost today of about 35 basis points. To put this into perspective, for every $1 billion in assets we hold, we will now save approximately $30 million per year in interest expenses.

現在讓我們談談其中一些好處如何轉化為增強的財務績效。我將從存款開始。正如您在幻燈片 12 中看到的，存款融資的好處非常明顯。與大流行前的水平相比，我們的借貸成本應下降約 90%。是的，90%。 2020 年，倉庫線的平均成本為 3.3%，而我們銀行今天的存款成本約為 35 個基點。從這個角度來看，對於我們持有的每 10 億美元資產，我們現在每年將節省大約 3000 萬美元的利息支出。

As I mentioned earlier, deposit funding is more stable than warehouse funding, which can dry up when market volatility increases. So there is less funding availability when you need it. Any deposits, replacing these other funding vehicles is transformative to both the economics and the resiliency of our company and will enable us to drive a new stream of recurring revenue.

正如我之前提到的，存款資金比倉庫資金更穩定，當市場波動加劇時，倉庫資金可能會枯竭。因此，當您需要時可用資金較少。取代這些其他融資工具的任何存款都會對我們公司的經濟和彈性產生變革，並將使我們能夠推動新的經常性收入流。

Our bank also has an award-winning platform that brings $2 billion in deposits, which will help support our future growth.

我們的銀行還有一個屢獲殊榮的平台，可以帶來 20 億美元的存款，這將有助於支持我們未來的增長。

In addition to lowering our funding cost of deposits, our new marketplace bank will capture significant financial benefits from being a bank and having a marketplace. As you can see on the right-hand side of Slide 14, for every $100 million of loans we originate, we generate about $4 million through an origination and servicing fee when we sell the loans in the marketplace. The vast majority of this fee-based revenue is realized immediately and without requiring a significant amount of capital. However, it is highly dependent on origination volume.

除了降低我們的存款融資成本外，我們新的市場銀行還將從銀行和市場中獲得巨大的經濟利益。正如您在幻燈片 14 的右側看到的那樣，對於我們發起的每 1 億美元貸款，當我們在市場上出售貸款時，我們通過發起和服務費產生大約 400 萬美元。這種收費收入的絕大部分是立即實現的，不需要大量資金。但是，它高度依賴於原始量。

We can now bolster this revenue stream with bank revenue generated by loans held for investment on our balance sheet. As you can see on the left side of the page, every $100 million of loans we hold on the balance sheet should generate additional marginal profitability of approximately $12 million. And when you compare that to the $4 million in the marketplace, that's 3x more. And this recurring revenue is not dependent on originations in any given quarter.

我們現在可以通過資產負債表上持有的投資貸款產生的銀行收入來支持這一收入流。正如您在頁面左側看到的那樣，我們在資產負債表上持有的每 1 億美元貸款應該產生大約 1200 萬美元的額外邊際利潤。當您將其與市場上的 400 萬美元進行比較時，價格要高出 3 倍。而且這種經常性收入不依賴於任何給定季度的起源。

However, from the standpoint of GAAP profitability, loans held for investment have accounting requirements, such as CECL allowance for credit losses and the deferral of origination fees, which results in a loss at the time of origination. CECL provisions are less of an issue when loan balances are flat or growing at a low level. In contrast, we expect to grow loans at a relatively rapid pace. Therefore, the cumulative layering of expected credit losses upfront will pressure short-term GAAP income. But as we continue to grow this portfolio, we'll establish an ongoing annuity of future earnings.

然而，從 GAAP 盈利能力的角度來看，為投資而持有的貸款有會計要求，例如 CECL 信貸損失備抵和遞延發起費用，這導致在發起時發生損失。當貸款餘額持平或低水平增長時，CECL 條款就不是什麼問題。相比之下，我們預計貸款將以相對較快的速度增長。因此，前期預期信用損失的累積分層將對短期 GAAP 收入構成壓力。但隨著我們繼續擴大這個投資組合，我們將建立一個持續的未來收益年金。

So I want to underscore that even though GAAP accounting results in a front loading of expenses as well as to revenue, the cash economics of retaining loans are very attractive. As growth normalizes and the impact of upfront expenses, recognition becomes less pronounced, GAAP and economic profitability of loans held on the balance sheet will converge. The combination of revenue streams for the bank and the marketplace should enable us to grow faster and better navigate through challenging periods.

因此，我想強調的是，即使 GAAP 會計導致費用和收入提前負擔，但保留貸款的現金經濟學非常有吸引力。隨著增長正常化和前期費用的影響，確認變得不那麼明顯，GAAP 和資產負債表上持有的貸款的經濟盈利能力將趨於一致。銀行和市場收入流的結合應該使我們能夠更快地成長，更好地度過充滿挑戰的時期。

In addition to the power of the marketplace bank model, we benefit from being a leader in a very attractive asset class. Slide 15 shows that even after adjusting for credit losses, LendingClub's direct-to-consumer personal loans generate risk-adjusted margins of approximately 7.5%, representing more than 2x the margin for traditional banks. So as we increase the proportion of consumer loans over time, we'll generate a highly profitable earnings stream at industry-leading margins.

除了市場銀行模式的力量之外，我們還受益於成為極具吸引力的資產類別的領導者。幻燈片 15 顯示，即使在調整信貸損失後，LendingClub 的直接面向消費者的個人貸款產生的風險調整後利潤率約為 7.5%，是傳統銀行利潤率的 2 倍多。因此，隨著我們隨著時間的推移增加消費貸款的比例，我們將以行業領先的利潤率產生高利潤的收入流。

With that overview of the financial drivers of our new business model, let me provide some context and details behind our near-term outlook. I'd note, our guidance excludes any potential impact from the FTC, which we hope to get resolved by the end of the year.

通過對我們新商業模式的財務驅動因素的概述，讓我提供一些我們近期展望背後的背景和細節。我要指出，我們的指導排除了 FTC 的任何潛在影響，我們希望在今年年底前解決這個問題。

2020 was a year of repositioning as we navigated the pandemic, reduced our fixed cost by 30% and prepare for the acquisition of Radius. 2021 will be the year in which we prime the pump as we begin to build our consumer loan portfolio, integrate the bank and accelerate our origination growth. All this will set the company up to generate strong multiyear earnings growth.

2020 年是重新定位的一年，我們在應對大流行病的過程中將固定成本降低了 30%，並為收購 Radius 做準備。 2021 年將是我們開始建立消費貸款組合、整合銀行並加速我們的原始增長的一年。所有這些都將使公司產生強勁的多年收益增長。

A reminder, with our new model, there's no longer an immediate one-to-one connection between origination volumes and revenue. That's because the loans we hold, both origination fees and net interest income, will be recognized over time rather than at origination.

提醒一下，在我們的新模型中，發起量和收入之間不再存在直接的一對一聯繫。這是因為我們持有的貸款，包括發起費和淨利息收入，將隨著時間的推移而不是在發起時得到確認。

And you can see this dynamic play out as follows: for Q1, we expect originations to grow faster than revenues because of the deferral of origination fees. We expect originations to grow 30% to 40% versus last quarter, while revenues will be growing at 15% to 25%. However, when you look at the full year, you see the opposite where revenues outpace originations driven by growth of interest income. For the year, we expect origination growth of about 45% and revenue growth at 55%. You can see a similar dynamic of timing differences play out in our net income, which is impacted not only by the deferral of revenue and origination, but also by the upfront CECL-driven recording of charge-offs that occur over the life of the loans.

您可以看到這種動態表現如下：對於第一季度，由於發起費用的遞延，我們預計發起的增長速度將快於收入的增長。我們預計發起人數將比上一季度增長 30% 至 40%，而收入將增長 15% 至 25%。但是，當您查看全年時，您會看到相反的情況，即收入超過利息收入增長推動的起源。今年，我們預計原始業務增長約 45%，收入增長 55%。您可以在我們的淨收入中看到類似的時間差異動態，這不僅受到收入和起源的推遲的影響，而且還受到 CECL 驅動的在貸款期限內發生的沖銷記錄的影響.

Accordingly, we expect to report a GAAP net loss in 1Q ranging between $75 million and $85 million. And for the year, we expect a net loss of $175 million to $200 million. Now note, this loss is almost entirely due to the change in accounting convention for loans held at the bank due to adopting CECL accounting and origination fee deferrals. I want to note that we also included roughly $20 million of onetime costs related to the acquisition of Radius.

因此，我們預計第一季度的 GAAP 淨虧損將在 7500 萬美元至 8500 萬美元之間。今年，我們預計淨虧損為 1.75 億至 2 億美元。現在請注意，這一損失幾乎完全是由於採用 CECL 會計和啟動費遞延而導致銀行持有的貸款會計慣例發生變化。我想指出的是，我們還包括了大約 2000 萬美元的與收購 Radius 相關的一次性成本。

Now these investments will prime the pump for recurring high-margin earnings for years to come, and we expect to earn more than 2x the amount of the CECL provision over the life of the loan.

現在，這些投資將為未來幾年的經常性高利潤率收益提供動力，我們預計在貸款期限內將獲得超過 CECL 準備金金額的 2 倍。

Our outlook is consistent with the financial plan we submitted to the regulators for the bank acquisition. Over time, we anticipate that our GAAP earnings will drive industry-leading ROEs and catch up to a high-growth cash earnings.

我們的展望與我們提交給監管機構的銀行收購財務計劃一致。隨著時間的推移，我們預計我們的 GAAP 收益將推動行業領先的 ROE 並趕上高增長的現金收益。

I also wanted to provide you with 2 additional details. We used approximately $140 million of our $525 million cash position for the purchase of Radius. We also capitalized the bank with an additional $250 million of cash, bringing the LC bank equity to approximately $440 million.

我還想為您提供 2 個額外的詳細信息。我們用 5.25 億美元現金頭寸中的大約 1.4 億美元購買了 Radius。我們還向銀行增資 2.5 億美元現金，使 LC 銀行的股本達到約 4.4 億美元。

Staying on the theme of capital. At the end of 2020, we had a valuation allowance of $211 million against our entire deferred tax asset. Over time, as we generate GAAP earnings, we expect to reverse this valuation allowance, which will substantially increase our tangible book value and generate substantial savings on cash taxes.

停留在資本的主題上。到 2020 年底，我們的全部遞延稅資產的估值準備金為 2.11 億美元。隨著時間的推移，隨著我們產生 GAAP 收益，我們預計會扭轉這種估值津貼，這將大大增加我們的有形賬面價值並產生大量現金稅節省。

I know we went through a lot of information today, and I appreciate your interest in the company. Before we get into questions, let me leave you with 3 key takeaways. First, we have a cycle-tested and differentiated business model with data and technology advantages. Second, our unique business model allows us to leverage the benefits of both our capital-light marketplace, and our bank enables us to further disrupt the banking industry. And third, we are a leader in a large and growing market with substantial growth ahead.

我知道我們今天瀏覽了很多信息，感謝您對公司的關注。在我們開始提問之前，讓我給你留下 3 個要點。首先，我們擁有經過週期檢驗的差異化商業模式，具有數據和技術優勢。其次，我們獨特的商業模式使我們能夠利用輕資本市場的優勢，而我們的銀行使我們能夠進一步顛覆銀行業。第三，我們是一個巨大且不斷增長的市場的領導者，未來將實現大幅增長。

With about $440 million of capital and a business that will generate earnings to support future growth, we are very excited about the road ahead and how well positioned we are to create significant shareholder value.

憑藉約 4.4 億美元的資本和將產生收益以支持未來增長的業務，我們對未來的道路以及我們在創造重要股東價值方面的優勢感到非常興奮。

Now let me open it up for questions.

現在讓我打開它來提問。

(Operator Instructions) Our first question today will come from Steven Kwok with KBW.

（操作員說明）我們今天的第一個問題將來自 Steven Kwok 和 KBW。

Great, and congratulations on the closing of the Radius acquisition. I guess the first question I have was just around pro forma tangible book value post the Radius acquisition, if you could provide an update of that. And then you guys have given us highlights around the impact of the acquisition. Are those terms still the same around the beneficiaries and stuff as we think about it?

太好了，祝賀 Radius 的收購結束。我想我的第一個問題是關於收購 Radius 後的備考有形賬面價值，如果你能提供更新的話。然後你們給了我們關於收購影響的亮點。這些術語與我們所想的受益人和其他東西是否仍然相同？

Steven, this is Tom. Yes, let me answer your first question and then clarify your second one. So on the tangible book value at the bank, as I mentioned in my comments, it's about $440 million. So we ended the year -- excuse me, at the end of the year, we were at -- total equity was about $750 million. So we still do have additional capital at the parent. But in the side of the bank, we've got about $440 million of tangible book value.

史蒂文，這是湯姆。是的，讓我回答你的第一個問題，然後澄清你的第二個問題。因此，正如我在評論中提到的那樣，銀行的有形賬面價值約為 4.4 億美元。所以我們結束了這一年 - 對不起，在年底，我們處於 - 總股本約為 7.5 億美元。所以我們在母公司仍然有額外的資本。但在銀行方面，我們有大約 4.4 億美元的有形賬面價值。

The second question you had, Steven, just if you could clarify that you mentioned something about the benefits?

你的第二個問題，史蒂文，你能否澄清一下你提到了一些關於好處的事情？

Yes. At the time of the Radius acquisition, you had given us -- in terms of what the benefits were from the Radius Bank. Are those still largely impact on our funding investments and bank economics?

是的。在收購 Radius 時，您已經給了我們——關於 Radius 銀行的好處。這些是否仍然對我們的融資投資和銀行經濟產生很大影響？

Yes. They are, Steve. Overall, we continue to feel very good about the acquisition. Things have changed a little bit, obviously. Rates are much, much lower than they were. And Radius has delivered a lot more deposits than we originally modeled. So clearly, that's a much bigger benefit. But we still get all the benefits that we talked about as far as the issuing bank fees and, obviously, the lower cost of funding that I mentioned in my prepared remarks are very significant. So -- and then, obviously, the interest income is quite larger than we expected again because of where deposit costs are right now. So feel very good about the acquisition and the profile that Radius has as we get started integrating them this quarter.

是的。他們是，史蒂夫。總的來說，我們繼續對此次收購感到非常滿意。顯然，情況發生了一些變化。利率比以前低得多。 Radius 交付的存款比我們最初建模的要多得多。很明顯，這是一個更大的好處。但是，就發行銀行費用而言，我們仍然可以獲得我們談到的所有好處，而且顯然，我在準備好的發言中提到的較低的融資成本非常重要。所以——然後，很明顯，由於現在的存款成本，利息收入比我們預期的要大得多。因此，當我們在本季度開始整合 Radius 時，對 Radius 的收購和形象感到非常滿意。

Got it. And if I could just speak one last one in. Just around the GAAP consolidated net income. Understanding that this year, you have the onetime acquisition cost, along with the CECL impact and stuff, but when should we expect it on a GAAP basis for you guys to become profitable as we continue this acquisition, along with the loan growth?

知道了。如果我能說最後一個的話。就在 GAAP 綜合淨收入附近。了解今年，你有一次性收購成本，以及 CECL 的影響和其他東西，但我們應該在 GAAP 的基礎上期望它什麼時候可以讓你們隨著我們繼續這次收購以及貸款增長而盈利？

Yes. So we haven't given long-term guidance. Obviously, lots of things to work through this year. We obviously just closed the transaction. We gave you a quite a bit of information on the new model and some of the key drivers of our profits and revenue.

是的。所以我們沒有給出長期指導。顯然，今年有很多事情要做。我們顯然剛剛結束了交易。我們為您提供了有關新模型的大量信息以及我們利潤和收入的一些關鍵驅動因素。

Just to highlight a couple of things to help you navigate. As we tried to show you that the deferral of the origination fee and the provision obviously put pressure on our reported results, but I'm referring you back to Page 14 to show how fast the earnings recover. You can see that pretty significantly. The -- those 2 deferrals come back pretty quickly within the first 9 months or so. So we're not saying when we're going to be GAAP profitable, but I did say in my prepared remarks that most of the -- with all of the GAAP loss this year is really the CECL accounting provisions that require losses to be recognized upfront and the deferral of fees, just some quick math for you, if you were to take those 2 items, that's about $165 million of the loss right there, just those 2 items alone. And then you add the additional $20 million of integration-related expenses that appreciates about the midpoint of our guide.

只是為了突出一些可以幫助您導航的事情。正如我們試圖向您展示的那樣，發起費和條款的遞延顯然給我們報告的結果帶來了壓力，但我建議您回到第 14 頁，以顯示收益恢復的速度。你可以很明顯地看到這一點。這 2 次延期在前 9 個月左右很快恢復。所以我們並不是說我們什麼時候會實現 GAAP 盈利，但我在準備好的發言中確實說過，今年大部分 GAAP 虧損實際上是 CECL 會計規定，要求確認虧損前期費用和延期費用，只是一些快速的數學計算，如果你要拿這兩個項目，那就是那裡的損失大約 1.65 億美元，僅這兩個項目。然後你添加額外的 2000 萬美元的集成相關費用，該費用約為我們指南的中點。

Yes. I'll just add, Tom -- I mean, Steven. We're -- our goal here is to build a high-growth, high-profit machine that is driving really sustainable growth over a multiyear period. Getting to GAAP profitability soon would actually be pretty straightforward based on the numbers, as Tom said. But we're making a conscious decision to add the loans to our portfolio because they're going to drive -- as you can see in the numbers, overall, as an enterprise, for every given dollar of loan origination, we can drive 30% to 40% more in earnings than our historical model. And this is really just a timing difference. So part of the timing of GAAP profitability is going to be based on our growth rate, and our plan is to continue growing.

是的。我只想補充一點，湯姆——我的意思是，史蒂文。我們——我們的目標是建立一個高增長、高利潤的機器，在多年內推動真正可持續的增長。正如湯姆所說，根據這些數字，很快實現 GAAP 盈利能力實際上非常簡單。但我們正在有意識地決定將貸款添加到我們的投資組合中，因為它們會推動——正如你在數字中看到的那樣，總體而言，作為一家企業，對於每一美元的貸款發放，我們可以推動 30收益比我們的歷史模型高 % 到 40%。而這實際上只是時間上的差異。因此，部分 GAAP 盈利時間將取決於我們的增長率，我們的計劃是繼續增長。

Our next question will come from John Rowan with Janney.

我們的下一個問題將來自 John Rowan 和 Janney。

Just to be clear -- I know there's a lot of talk about CECL. Is Radius -- Radius has already adopted CECL, correct? So there's not a 1-day catch up on the allowance as you adjusted for higher lifetime losses. Is that correct?

澄清一下——我知道有很多關於 CECL 的討論。 Radius —— Radius 是否已經採用了 CECL，對嗎？因此，當您針對更高的終生損失進行調整時，津貼不會有 1 天的補足。那是對的嗎？

Yes. John, no, they were not subject to CECL. So they've -- we've adopted CECL as part of the acquisition. I did leave that complexity out of my narrative. But yes, they will have a conversion amount. We're working through the purchase accounting now, but there will be a conversion amount to establish a new provision. We'll recognize that in the first quarter. That's included in my guidance.

是的。約翰，不，他們不受 CECL 的約束。所以他們 - 我們已經採用 CECL 作為收購的一部分。我確實將這種複雜性排除在我的敘述之外。但是，是的，他們會有一個轉換金額。我們現在正在處理採購會計，但會有一個轉換金額來建立新的準備金。我們將在第一季度認識到這一點。這包含在我的指導中。

Okay. So the day 1 CECL adjustment to the allowance for Radius Bank is included in the GAAP loss figure for 1Q and for 2021, correct? Just to make sure I have this right.

好的。因此，第 1 天 CECL 對 Radius 銀行津貼的調整包含在 1Q 和 2021 年的 GAAP 虧損數字中，對嗎？只是為了確保我有這個權利。

That's correct, and that's one of the reasons why you see that loss so large in the first quarter. That's part of it.

這是正確的，這也是你看到第一季度虧損如此之大的原因之一。那是其中的一部分。

How much -- I mean how much you bringing up their allowance? And why is the day 1 CECL adjustment here not just a charge to equity as it was on day 1 2020?

多少——我的意思是你提出了多少他們的津貼？為什麼這裡的第 1 天 CECL 調整不像 2020 年第 1 天那樣只是對權益的收費？

Yes. So we didn't own them on day 1, 2020, and they did not adopt CECL. So as part of the acquisition, since we had already adopted CECL in our own books, we adopt CECL for them through purchase accounting. And that's the piece I was just referring to. So there is a day 1 charge as part of our purchase accounting. I'll break that out for you in 1Q. It is in our guidance, though. We've finalized the number, and we're in the process of finalizing that number, but it's all in my guide right now.

是的。所以我們在 2020 年第一天沒有擁有它們，它們也沒有採用 CECL。因此，作為收購的一部分，由於我們已經在自己的賬簿中採用了 CECL，因此我們通過採購會計為他們採用 CECL。這就是我剛才提到的那篇文章。因此，作為我們採購會計的一部分，有第 1 天的費用。我會在第一季度為您解決這個問題。不過，這是我們的指導方針。我們已經確定了這個數字，我們正在確定這個數字，但現在所有這些都在我的指南中。

Okay. And then just last question. You guided us to how loans held through the bank are 3x more profitable versus the traditional marketplace model. Has there been any change in the guidance that you provided that about 10% of the loans are going to be funded -- 10% of the LendingClub loans are going to be funded through Radius? Or is that -- is there an update to that guidance figure?

好的。然後是最後一個問題。您向我們介紹了通過銀行持有的貸款如何比傳統市場模式的利潤高出 3 倍。您提供的大約 10% 的貸款將由 Radius 提供資金的 10% LendingClub 貸款的指導意見是否有任何變化？或者是 - 該指導數字是否有更新？

Yes. I gave in my prepared remarks that we're targeting about 15% to 25% depending on the final volumes for the year. So we think that's a good range to again build a new recurring revenue stream that accelerates our earnings growth, but at the same time, maintains a -- plenty of volume for our partners on the investor side to buy our loans. So...

是的。我在準備好的評論中表示，我們的目標是 15% 到 25%，具體取決於今年的最終數量。因此，我們認為這是一個很好的範圍，可以再次建立一個新的經常性收入流，加速我們的收益增長，但與此同時，為我們的投資者方合作夥伴購買我們的貸款保持大量的數量。所以...

I just want to make sure everybody is tracking when we say funding through Radius. What we're referring to, to make sure that's the answer to your question is what percent of loans are we holding, that's 15% to 25%. What percent of loans are being sold through the marketplace, that's 75% to 85%. That's it.

當我們說通過 Radius 籌資時，我只是想確保每個人都在跟踪。我們指的是，為了確保您的問題的答案是我們持有的貸款百分比，即 15% 到 25%。通過市場出售的貸款百分比是 75% 到 85%。就是這樣。

And our next question comes from Henry Coffey with Wedbush.

我們的下一個問題來自 Henry Coffey 和 Wedbush。

Henry, I think you might be on mute.

亨利，我想你可能靜音了。

We'll go ahead and go to our next question from Bill Ryan with Compass Point.

我們將繼續與 Compass Point 一起討論 Bill Ryan 的下一個問題。

A couple of questions. First off, in the discussions with regulators, and I know it's probably baked into your guidance, but did they put limitations on, if you will, sort of the retention of loans going forward? Because I know a lot of -- thinking back to some of the companies I followed that converted to banks, they were limited in the amount of growth on balance sheet that they could have, whether it was deposits or loans. So if you could talk about any possible restrictions.

幾個問題。首先，在與監管機構的討論中，我知道這可能已納入您的指導方針，但如果您願意的話，他們是否對未來的貸款保留進行了限制？因為我知道很多 - 回想一下我關注的一些轉型為銀行的公司，他們在資產負債表上可以擁有的增長量有限，無論是存款還是貸款。所以，如果你能談談任何可能的限制。

And then the second thing, on the CECL side of the equation, I had in my note sort of a 6% to 7% loss reserve upfront established on new originations. Is that still the right number? And when will kind of charge-offs follow behind it, over what kind of time period?

然後第二件事，在等式的 CECL 方面，我在我的筆記中對新的起源建立了 6% 到 7% 的損失準備金。那還是正確的數字嗎？什麼時候會在什麼樣的時間段內隨之而來？

Yes. So the first one on the restrictions, all the information we provided to you is what we've used for our regulatory approval. So these are -- the guidance we gave you reflects that. And obviously, with any approval process, there are business plans that we lay out. And so our profile that we're showing you today is consistent with that. We don't see any of the agreements we made with regulators causing any concern on any of the things we laid out for you today. So we feel that this is a very, very good profile. And the accelerated growth that I had talked about is consistent with that.

是的。因此，第一個關於限制的信息，我們提供給您的所有信息都是我們用於監管批准的信息。所以這些是 - 我們給你的指導反映了這一點。顯然，在任何審批流程中，我們都會制定商業計劃。因此，我們今天向您展示的概況與此一致。我們沒有看到我們與監管機構達成的任何協議引起對我們今天為您列出的任何事情的任何擔憂。所以我們覺得這是一個非常非常好的配置文件。我所說的加速增長與此一致。

With regard to CECL, year 6 to 7 is what I would call on a nominal basis. So the 5 I showed you was on a discounted basis. And so the recognition of the actual charge-offs, these have a duration typically on our 3-year loans, about 1.5 years. So your peak losses are going to come in maybe in the 12-month time frame, but they'll come in over the life of the loan as opposed to, as you know, the CECL charges upfront. So...

關於 CECL，6 至 7 年級是我名義上的稱呼。所以我給你看的 5 是打折的。因此，對實際沖銷的認可，這些沖銷通常在我們的 3 年期貸款中持續約 1.5 年。因此，您的峰值損失可能會在 12 個月的時間範圍內出現，但它們會在貸款期限內出現，而不是如您所知，CECL 預先收取費用。所以...

All Right. And then...

好的。進而...

Go ahead.

前進。

Just a question, you said the discount. So you approach -- or you're taking the discounted valuation approach to CECL?

只是一個問題，你說的折扣。所以你接近 - 或者你正在對 CECL 採取貼現估值方法？

That's right. So it takes about a point off of it, Bill. So I showed you 5 on day 1. And then the numbers I showed you on Page 14 are net of any additional CECL increases over time, if any.

這是正確的。所以它需要大約一點，比爾。所以我在第 1 天向您展示了 5 個。然後我在第 14 頁上向您展示的數字扣除了隨時間推移而增加的任何 CECL（如果有的話）。

(Operator Instructions) Seeing no further questions, I'd like to turn the call back over to Scott Sanborn for any closing remarks.

（操作員說明）沒有進一步的問題，我想將電話轉回給 Scott Sanborn 以聽取任何結束語。

All right. Well, as I hope you could hear in our prepared remarks, myself and the rest of the team are very excited to take this combined business forward, and we thank everybody for their patience. We know we were a little delayed in getting this out to you, and we look forward to talking to many of you off-line.

好的。好吧，正如我希望您能在我們準備好的發言中聽到的那樣，我本人和團隊的其他成員都非常高興能夠推動合併後的業務向前發展，我們感謝大家的耐心等待。我們知道我們在向您傳達這個信息時有點延遲，我們期待與您中的許多人離線交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。