OneMain Holdings Inc (OMF) 2025 Q3 法說會逐字稿

Welcome to the OneMain Financial third quarter 2025 earnings conference call and webcast. Hosting the call today from OneMain is Peter Poillon, Head of Investor Relations. Today's call is being recorded. (Operator Instructions) It is now my pleasure to turn the floor over to Peter Poillon. You may begin.

歡迎參加 OneMain Financial 2025 年第三季財報電話會議和網路直播。今天主持 OneMain 投資者關係主管 Peter Poillon 主持電話會議。今天的通話將會被錄音。（操作說明）現在我很高興把舞台交給彼得波伊隆。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us. Let me begin by directing you to page 2 of the third quarter 2025 investor presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP measures.

謝謝接線生。各位早安，感謝各位的參與。首先，請您參閱 2025 年第三季投資人簡報的第 2 頁，其中包含前瞻性陳述和非 GAAP 指標使用的重要揭露資訊。

The presentation can be found in the Investor Relations section of the OneMain website. Our discussion today will contain certain forward-looking statements reflecting management's current beliefs about the company's future financial performance and business prospects.

簡報可在 OneMain 網站的投資者關係部分找到。我們今天的討論將包含一些前瞻性陳述，反映管理層目前對公司未來財務表現和業務前景的看法。

And these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in our earnings press release. We caution you not to place undue reliance on forward-looking statements.

這些前瞻性陳述存在固有的風險和不確定性，並且僅代表截至目前為止的情況。可能導致實際結果與這些前瞻性聲明有重大差異的因素已在我們的獲利新聞稿中列出。我們提醒您不要過度依賴前瞻性陳述。

If you may be listening to this via replay at some point after today, we remind you that the remarks made herein are as of today, October 31, and have not been updated subsequent to this call. Our call this morning will include formal remarks from Doug Shulman, our Chairman and Chief Executive Officer; and Jenny Osterhout, our Chief Financial Officer.

如果您在今天之後某個時候透過重播收聽本次通話，我們提醒您，本文中的發言截至今天（10 月 31 日）為止，此後並未進行更新。今天早上的電話會議將包括董事長兼首席執行官道格·舒爾曼和首席財務官珍妮·奧斯特豪特的正式演講。

After the conclusion of our formal remarks, we will conduct a question-and-answer session. I'd like to now turn the call over to Doug.

正式發言結束後，我們將進行問答環節。現在我想把電話交給道格。

Thanks, Pete. Good morning, everyone. Thank you for joining us today. Let me start by saying we're really pleased with our results this quarter. We had very good revenue growth and continue to see very positive credit trends.

謝謝你，皮特。各位早安。感謝您今天蒞臨。首先我想說的是，我們對本季的業績非常滿意。我們實現了非常良好的營收成長，信貸趨勢持續向好。

This led to excellent growth in capital generation, the primary metric against which we manage our business. We also made meaningful progress in our new products and strategic initiatives, all of which sets us up for significant value creation in the near and long term.

這帶來了資本創造的卓越成長，而資本創造是我們管理業務的主要指標。我們在新產品和策略性舉措方面也取得了實質進展，所有這些都為我們在近期和長期內創造重大價值奠定了基礎。

Let me talk about a few of the highlights for the quarter. Capital generation was $272 million, up 29% year-over-year. C&I adjusted earnings were $1.90 per share, up 51%. Our total revenue grew 9% and receivables grew 6% year-over-year.

讓我來談談本季的一些亮點。資本收入為 2.72 億美元，年增 29%。工商業調整後每股收益為 1.90 美元，成長 51%。我們的總收入年增 9%，應收帳款年增 6%。

Originations increased 5%, driven by our expanded use of granular data and analytics, combined with continued innovation in our products and customer experience. We continue to see positive trends across our credit metrics. Our 30-plus delinquency was 5.41%, which is down 16 basis points year-over-year as compared to up 2 basis points in the third quarter of 2024.

貸款發放量增加了 5%，這得益於我們對細粒度數據和分析的更廣泛應用，以及我們在產品和客戶體驗方面的持續創新。我們的信貸指標持續呈現正向趨勢。我們的逾期 30 天以上的貸款率為 5.41%，與 2024 年第三季相比，年減 16 個基點，而 2024 年第三季則上升了 2 個基點。

C&I net charge-offs were 7% in the quarter, down 51 basis points compared to the third quarter of 2024. Consumer loan net charge-offs were 6.7%, down 66 basis points compared to last year. We're really pleased with the improvement in net charge-offs year-over-year, which reflects ongoing careful management of our portfolio and the strong performance of recent vintages.

本季工商業淨沖銷率為 7%，較 2024 年第三季下降 51 個基點。消費貸款淨沖銷率為 6.7%，比去年下降 66 個基點。我們對淨沖銷額比去年有所改善感到非常滿意，這反映了我們對投資組合的持續謹慎管理以及近期發行年份的強勁表現。

Despite some continued economic uncertainty, our customers are holding up well. Delinquencies are in line with expectations, losses continue to come down and we really like the credit profile of the customers we are booking today. Last quarter, I provided an update on some recent initiatives that are helping to drive originations in our core personal loan business, even as we maintain our conservative underwriting posture.

儘管經濟情勢仍存在一些不確定性，但我們的客戶狀況良好。違約率符合預期，損失持續下降，我們非常滿意目前預訂客戶的信用狀況。上個季度，我介紹了近期一些有助於推動我們核心個人貸款業務成長的舉措，同時我們也保持了保守的承保態度。

They include a simplified debt consolidation product, new data sources that automate customer information to reduce friction in the application process, streamlined loan renewal for certain customers and creating a loan origination channel through our credit card business.

其中包括簡化的債務整合產品、可自動取得客戶資訊的新資料來源（以減少申請流程中的摩擦）、簡化某些客戶的貸款續約流程，以及透過我們的信用卡業務建立貸款發起管道。

We are continually innovating across our company to expand reach, enhance offers and improve customer experience. For example, we've been expanding a strategy to increase customer eligibility by offering smaller initial loan amounts to some customers, then letting them grow with us as they exhibit positive credit behaviors.

我們公司不斷進行創新，以擴大業務範圍、增強產品和服務，並改善客戶體驗。例如，我們一直在擴大一項策略，透過向一些客戶提供較小的初始貸款額度來提高客戶的貸款資格，然後隨著他們表現出良好的信用行為，讓他們與我們一起逐步增加貸款額度。

This has allowed us to expand our customer base without taking on more risk and provide more customers responsible access to credit. We are constantly optimizing and using data and analytics to find additional pockets of growth by fine-tuning pricing, loan amounts and product offerings at a very granular level.

這使我們能夠在不承擔更多風險的情況下擴大客戶群，並為更多客戶提供負責任的信貸服務。我們不斷優化和利用數據和分析，透過在非常細緻的層面上調整定價、貸款金額和產品供應，來尋找額外的成長點。

Let me turn to the progress we are making in our Brightway credit cards and OneMain auto finance businesses. Across our multiproduct platform, we now provide access to credit to about 3.7 million customers. That's up 10% from a year ago. Much of the growth in our customer base is attributable to credit card and auto finance.

接下來，我想談談我們在 Brightway 信用卡和 OneMain 汽車金融業務方面的進展。透過我們的多產品平台，我們現在為約 370 萬客戶提供信貸服務。比一年前成長了10%。我們的客戶群成長主要歸功於信用卡和汽車金融業務。

In our credit card business, we ended the quarter with $834 million of receivables. And earlier this month, we passed the 1 million mark in credit card customers, a notable milestone for the business. Since 2021, when we launched our card business, I have said it is strategically valuable and complementary to our traditional personal loan franchise.

信用卡業務方面，本季末應收帳款為 8.34 億美元。本月初，我們的信用卡客戶數量突破了 100 萬大關，這對該公司來說是一個重要的里程碑。自 2021 年我們推出信用卡業務以來，我一直認為它具有戰略價值，是我們傳統個人貸款業務的補充。

It adds a daily transactional product to our more episodic personal loan product. And credit cards create meaningful, long-term deep relationships with customers. The average card customer has a credit card for about 10 years.

它在我們原本屬於階段性個人貸款產品的基礎上，增加了一個日常交易產品。信用卡能夠與顧客建立有意義的、長期的深厚關係。普通持卡人持有信用卡的時間約為10年。

Our customers often start with a $500 or $700 line of credit, which can grow over time. A card customer is more engaged than a typical borrower, checking their balance, making payments and selecting rewards. Our average customer logs into our app every week. And we have the ability to offer customers alone or other products over time with zero cost of acquisition since they are already on our platform. So with 1 million customers and growing, this business is very valuable to our franchise.

我們的客戶通常從 500 美元或 700 美元的信用額度開始，隨著時間的推移，信用額度可以增加。與普通借款人相比，信用卡客戶參與度更高，他們會查看餘額、付款和選擇獎勵。我們的用戶平均每週都會登入我們的應用程式。而且，由於客戶已經在我們的平台上，我們有能力隨著時間的推移，以零獲客成本向客戶提供單獨的產品或其他產品。因此，這家擁有100萬客戶且客戶數量還在不斷增長的企業對我們的加盟店來說非常有價值。

Additionally, I'm really pleased with what we're seeing in some important financial metrics of our card business. Revenue yield continues to increase, now over 32% and our credit card net charge-offs were down nearly 300 basis points from last quarter. While some of the improvement is due to typical seasonal patterns, the strong performance was also a result of continual efforts to refine underwriting, enhance servicing and the overall maturing of the business.

此外，我對我們信用卡業務的一些重要財務指標的表現非常滿意。營收收益率持續成長，目前已超過 32%，信用卡淨註銷額較上季下降了近 300 個基點。雖然部分改善是由於典型的季節性模式，但強勁的業績也是不斷努力改善承保、提升服務以及業務整體成熟的結果。

In our auto finance business, we ended the quarter with over $2.7 billion of receivables, up about $100 million from the last quarter. Similar to our personal loan and credit card businesses, we have maintained a conservative underwriting posture and feel great about our auto portfolio, which continues to perform in line with expectations.

在我們的汽車金融業務中，本季末應收帳款超過 27 億美元，比上一季增加了約 1 億美元。與我們的個人貸款和信用卡業務類似，我們一直保持著保守的核保態度，並且對我們的汽車貸款業務組合感到非常滿意，該組合的表現繼續符合預期。

We believe that our experienced team, underwriting rigor backed by decades of serving the non-prime consumer and our ability to offer loans through both independent and franchise dealerships are all competitive advantages.

我們相信，我們經驗豐富的團隊、數十年來服務於非優質消費者的嚴格承保流程以及我們透過獨立經銷商和特許經銷商提供貸款的能力，都是我們的競爭優勢。

As we grow our credit card and auto finance businesses, we are focused on carefully managing credit, enhancing our product offerings and driving efficiencies to reduce unit costs as we scale. This quarter once again demonstrated the strength of our balance sheet.

隨著信用卡和汽車金融業務的成長，我們專注於謹慎管理信貸、增強產品供應和提高效率，以在擴大規模的同時降低單位成本。本季再次證明了我們資產負債表的穩健性。

We issued two unsecured bonds totaling $1.6 billion with tight spreads. We've now raised $4.9 billion in 2025 across four unsecured bonds and two ABS securities at attractive pricing, and we've also expanded our forward flow program.

我們發行了兩筆總額為 16 億美元的無擔保債券，利差很小。截至目前，我們已透過四隻無擔保債券和兩隻資產支持證券，以優惠的價格籌集了 49 億美元，並將在 2025 年發行。此外，我們也擴大了遠期資金計畫。

Our strong balance sheet and sustained access to diversified capital sources gives us a distinct competitive advantage. I want to highlight two things that exemplify who and what we are as a company. First, I've spoken before about Credit Worthy by OneMain, our free financial education program. Since its inception, Credit Worthy has reached almost 5,000 high schools or about 18% of all high schools nationwide.

我們穩健的資產負債表和持續獲得多元化資本來源的管道使我們擁有明顯的競爭優勢。我想重點強調兩件事，這兩件事反映了我們公司是怎樣的公司，以及我們公司的本質是什麼。首先，我之前已經介紹過 OneMain 的 Credit Worthy，這是我們的免費金融教育計畫。自成立以來，Credit Worthy 已涵蓋近 5,000 所高中，約佔全國所有高中的 18%。

As we deepen our impact across the US, recently, we surpassed the mark of teaching 500,000 students, the importance of building and maintaining good credit and how to do just that. With hundreds of employees volunteering as teachers and mentors in the program, we are dedicated to helping teams across America, build a strong financial foundation.

隨著我們在美國各地影響力的不斷擴大，最近，我們向 50 萬名學生傳授了建立和維護良好信用的重要性以及如何做到這一點。數百名員工自願擔任該計畫的教師和導師，我們致力於幫助全美各地的團隊建立強大的財務基礎。

Second, I'm also pleased that OneMain has been named as one of America's Top 100 Most Loved Workplaces for 2025 by the Best Practice Institute. This recognition is based on direct feedback from our team members who create tremendous value for our customers and our shareholders.

其次，我也很高興 OneMain 被最佳實踐研究所評為 2025 年美國最受歡迎的 100 個工作場所之一。這項榮譽源自於我們團隊成員的直接回饋，他們為我們的客戶和股東創造了巨大的價值。

It gets to the heart of our culture of teamwork, respect, growth, innovation and accountability. I truly believe that if you have team members working together and going the extra mile every day, it will drive outstanding results for the company.

它觸及了我們團隊合作、尊重、成長、創新和責任文化的核心。我深信，如果團隊成員齊心協力，每天付出額外努力，就能為公司帶來卓越的成果。

The expanded reach of Credit Worthy and our recognition for the fourth year running as the most loved workplace speak to our differentiated business model with deep ties in the community and a culture that rewards delivering results while providing outstanding service to our customers, both of which are critical to the long-term success and shareholder value of OneMain.

Credit Worthy 的影響力不斷擴大，並且我們連續第四年被評為最受歡迎的工作場所，這體現了我們獨特的商業模式，這種模式與社區有著深厚的聯繫，並鼓勵員工在為客戶提供卓越服務的同時，努力取得成果。這兩點對於 OneMain 的長期成功和股東價值都至關重要。

Let me end with capital allocation. As I've said before, our first use of capital is extending credit to customers who meet our risk-return thresholds. We then make strategic investments in the business that drive long-term shareholder value, like product innovation, our people, data science, technology and digital capabilities to name a few.

最後，我想談談資本配置。正如我之前所說，我們資金的首要用途是向符合我們風險回報門檻的客戶提供信貸。然後，我們對業務進行策略性投資，以推動股東的長期價值，例如產品創新、人才培養、數據科學、技術和數位化能力等等。

We are committed to our regular dividend and are increasing it by $0.01 quarterly or $0.04 on an annual basis. The annual dividend is now $4.20 per share, which translates to a 7% yield at our current share price. Excess capital beyond that will largely be used for either share repurchases or strategic purposes. This month, our Board approved a $1 billion share repurchase program from now through 2028.

我們承諾按期派發股息，並將每季增加 0.01 美元，或每年增加 0.04 美元。目前每股年股息為 4.20 美元，以當前股價計算，收益率為 7%。超出上述金額的剩餘資金將主要用於股票回購或策略用途。本月，我們的董事會批准了一項從現在到 2028 年的 10 億美元股票回購計畫。

All things being equal, we expect share repurchases to be a bigger part of our capital return strategy going forward as we drive more excess capital generation in future years. This quarter, we repurchased 540,000 shares for $32 million.

在其他條件不變的情況下，隨著未來幾年我們產生更多超額資本，我們預期股票回購將成為我們未來資本回報策略中更重要的一部分。本季度，我們以 3,200 萬美元的價格回購了 54 萬股股票。

Year-to-date, we've repurchased over 1.3 million shares already meaningfully exceeding our repurchases in 2024. Our dividend increase and new share repurchase authorization reflect our continued confidence in the strength of our business.

今年迄今，我們已經回購了超過 130 萬股股票，遠遠超過了我們 2024 年的回購計畫。我們提高股利和新增股票回購授權反映了我們對公司業務實力的持續信心。

In summary, we feel great about the quarter and the first nine months of the year. The strong performance is the result of our continued disciplined actions to optimize our credit box, deliver innovation to drive originations and expand our product offerings and distribution channels.

總而言之，我們對本季和今年前九個月的業績都非常滿意。強勁的業績是我們持續採取嚴謹措施優化信貸組合、透過創新推動貸款發放、擴大產品供應和分銷管道的結果。

With that, let me turn the call over to Jenny.

那麼，我把電話交給珍妮吧。

Thanks, Doug, and good morning, everyone. Let me begin by saying we had a great third quarter. The results reflect broad-based continued improvement across our key financial metrics, highlighted by continued strong revenue growth, good credit performance and capital generation that grew 29% year-over-year.

謝謝你，道格，大家早安。首先我想說的是，我們第三季表現出色。結果反映出我們各項關鍵財務指標的全面持續改善，其中收入持續強勁增長，信貸表現良好，資本產生年增 29%。

We also further demonstrated the strength of our funding program by raising $1.6 billion across two bonds in the quarter. Third quarter GAAP net income of $199 million or $1.67 per diluted share was up 27% from $1.31 per diluted share in the third quarter of 2024.

本季度，我們透過發行兩筆債券籌集了 16 億美元，進一步證明了我們融資計畫的實力。第三季 GAAP 淨利潤為 1.99 億美元，即每股攤薄收益 1.67 美元，比 2024 年第三季每股攤薄收益 1.31 美元增加了 27%。

C&I adjusted net income of $1.90 per diluted share was up 51% from $1.26 in the third quarter of 2024. Capital generation, the metric against which we manage and measure our business, totaled $272 million, up $61 million from $211 million in the third quarter of 2024, reflecting strong receivables growth across our products, higher portfolio yields and continued improvement in our credit performance.

經調整後的 C&I 每股攤薄淨收入為 1.90 美元，比 2024 年第三季的 1.26 美元增加了 51%。資本產生額（我們管理和衡量業務的指標）總計 2.72 億美元，比 2024 年第三季的 2.11 億美元增加了 6,100 萬美元，這反映了我們所有產品的應收帳款強勁成長、投資組合收益率提高以及信貸業績持續改善。

Capital generation per share of $2.28 was up 30% from $1.75 in the third quarter of last year. Managed receivables ended the quarter at $25.9 billion, up $1.6 billion or 6% from a year ago. Third quarter originations of $3.9 billion were up 5% year-over-year, consistent with our expectations.

每股資本產生量為 2.28 美元，比去年第三季的 1.75 美元成長了 30%。截至本季末，應收帳款管理額為 259 億美元，比去年同期增加 16 億美元，增幅為 6%。第三季新增貸款金額為 39 億美元，年增 5%，符合我們的預期。

As discussed last quarter, we are now more than a year into the successful personal loan growth initiatives that we implemented in June of last year. We identified pockets of growth in high credit quality segments that met our capital return framework, while maintaining a tight credit posture, and we've been able to achieve strong growth without relaxing our underwriting standards.

正如上個季度所討論的，我們去年六月實施的個人貸款成長計畫已經成功實施一年多了。我們在符合我們資本回報框架的高信用品質領域中發現了成長點，同時保持了嚴格的信貸政策，並且在不放鬆承保標準的情況下實現了強勁增長。

We continue to execute new initiatives utilizing deep analytics to optimize pricing in low-risk segments of the business that will drive profitable growth in the quarters ahead. In fact, we expect originations growth to increase to high single digits in the fourth quarter. Third quarter consumer loan yield was 22.6%, flat from the second quarter, but up 49 basis points year-over-year.

我們將繼續執行新的舉措，利用深度分析來優化業務中低風險領域的定價，從而在未來幾季推動獲利成長。事實上，我們預計第四季度貸款發放量將成長至接近兩位數。第三季消費貸款收益率為 22.6%，與第二季持平，但較去年同期上升 49 個基點。

The improvement was driven by the sustained impact of our pricing actions taken since the second quarter of 2023. This tailwind was partially offset by an increasing mix of lower yield, lower loss auto finance receivables.

這項改善得益於我們自 2023 年第二季以來採取的定價措施的持續影響。這一利多因素被收益率較低、損失較小的汽車金融應收款組合的增加部分抵消。

We expect we can maintain yield at approximately this level for the near term. Also, as Doug mentioned, we saw a nice increase in our credit card revenue yield compared to the third quarter of 2024. It was up 151 basis points to 32.4%. The combination of these yield improvements across our businesses is a notable driver of our year-over-year revenue growth.

我們預期短期內收益率可以維持在這一水準附近。另外，正如 Doug 所提到的，與 2024 年第三季相比，我們的信用卡收入收益率有了顯著提高。上漲151個基點至32.4%。我們各項業務收益率的提升，是推動我們年度營收成長的重要因素。

Total revenue this quarter was $1.6 billion, up 9% compared to the third quarter of 2024. Interest income of $1.4 billion grew 9% from the prior year, driven by receivables growth and the yield improvements I just mentioned.

本季總營收為 16 億美元，比 2024 年第三季成長 9%。利息收入為 14 億美元，比上年增長 9%，這主要得益於應收帳款的增長和我剛才提到的收益率的提高。

Other revenue of $200 million grew 11% compared to the third quarter of 2024, primarily driven by higher gain on sale associated with our larger whole loan sale program and increased credit card revenue associated with the growing card portfolio.

其他收入為 2 億美元，比 2024 年第三季度增長了 11%，主要得益於我們規模更大的整體貸款銷售計劃帶來的銷售收益增加，以及信用卡組合不斷增長帶來的信用卡收入增加。

Interest expense for the quarter was $320 million, up 7% compared to the third quarter of 2024, driven by the increase in average debt to support our receivables growth. Interest expense as a percentage of average net receivables in the quarter was 5.2%, flat to the prior year, but down from 5.4% last quarter, reflecting the actions we took to proactively manage our debt stack, most notably the refinancing of our 9% bond due in 2029.

本季利息支出為 3.2 億美元，比 2024 年第三季增加 7%，主要原因是為支持應收帳款成長而增加的平均債務。本季利息支出占平均淨應收款的百分比為 5.2%，與上年持平，但低於上季的 5.4%，這反映了我們為積極管理債務結構而採取的行動，最值得注意的是對 2029 年到期的 9% 債券進行了再融資。

The strong execution of the funding we've done so far this year, combined with our liability management, enabled us to reduce our funding costs below our initial 2025 expectations. Third quarter provision expense was $488 million, comprising net charge-offs of $428 million and a $60 million increase to our reserves, driven by the increase in receivables during the third quarter. Our loan loss ratio remained flat quarter-over-quarter at 11.5%. I'll discuss credit in more detail momentarily.

今年迄今為止，我們有效地執行了融資計劃，再加上合理的負債管理，使我們能夠將融資成本降低到低於我們最初對 2025 年的預期。第三季撥備支出為 4.88 億美元，其中包括 4.28 億美元的淨沖銷和 6,000 萬美元的準備金增加，這是由於第三季應收帳款增加所致。我們的貸款損失率環比保持不變，為 11.5%。我稍後會更詳細地討論信用問題。

Policyholder benefits and claims expense for the quarter was $48 million, up from $43 million in the third quarter last year. As I've previously mentioned, we expect quarterly PB&C expense in the low $50 million range in the quarters ahead.

本季保單持有人福利和理賠支出 4,800 萬美元，高於去年第三季的 4,300 萬美元。正如我之前提到的，我們預計未來幾季的 PB&C 費用將在 5000 萬美元左右。

Let's turn to credit, where our performance continues to be very good. I'll begin by looking at consumer loan delinquency trends on slide 8. 30-plus delinquency on September 30, excluding Foursight, was 5.41%, down 16 basis points compared to a year ago as the back book continues to run off and the better performing front book grows. 30-plus delinquency increased by 34 basis points sequentially, which is consistent with pre-pandemic seasonal trends.

讓我們來看看信貸方面，我們在這一領域的表現依然非常出色。首先，我將從第8頁投影片中分析消費貸款逾期趨勢。截至9月30日，不包括Foursight在內，逾期30天以上的貸款比例為5.41%，較去年同期下降16個基點，原因是逾期貸款持續減少，而表現較好的逾期貸款則持續增長。逾期30天以上的貸款比例較上季上升34個基點，與疫情前的季節性趨勢一致。

On slide 9, you see our front book vintages comprised of consumer loans originated after our August 2022 credit tightening, now make up 92% of total receivables. The performance of the front book remains in line with our expectations and is driving the delinquency and loss improvements we are seeing.

在第 9 張投影片中，您可以看到我們的前端帳簿年份，即 2022 年 8 月信貸緊縮後發放的消費貸款，現在佔應收帳款總額的 92%。前台業務的表現符合我們的預期，並推動了我們所看到的違約率和損失率的改善。

While the back book continues to diminish, now making up 8% of the total portfolio, it still represents 19% of our 30-plus delinquency. Though relatively small, the back book continues to disproportionately weigh on credit results.

雖然逾期帳款持續減少，目前僅佔總投資組合的 8%，但仍占我們 30 多項逾期帳款的 19%。儘管規模相對較小，但未償債務仍對信貸表現造成不成比例的影響。

We expect it will contribute less each quarter ahead with our newer vintages increasing in share. And I should note that the pace of performance contribution will depend on the rate of growth of new originations as well as the back book's performance.

我們預計未來每季它的貢獻都會減少，而我們新推出的年份酒的份額將不斷增加。我應該指出，業績貢獻的速度將取決於新業務的成長速度以及現有業務的表現。

Let's now turn to charge-offs and reserves as shown on slide 10. C&I net charge-offs, which include credit cards, were 7.0% of average net receivables in the third quarter, down 51 basis points from a year ago. Consumer loan net charge-offs, which exclude credit cards, were 6.7% in the quarter, down 66 basis points year-over-year.

現在讓我們來看看投影片 10 中所示的沖銷和準備金。第三季度，包括信用卡在內的商業和工業淨沖銷額佔平均淨應收款的 7.0%，比去年同期下降了 51 個基點。本季消費貸款淨沖銷率（不含信用卡）為 6.7%，較去年同期下降 66 個基點。

This follows the trends we have seen in improving delinquencies along with better back-end roll rates and recoveries, and we are really pleased with the trajectory of losses. We continue to see strong performance from our newer vintages. While there will be typical seasonality, we expect to see continuing year-over-year loss improvement over the remainder of 2025 and into 2026.

這符合我們觀察到的不良貸款率下降、後端展期率提高和回收率上升的趨勢，我們對損失的走勢非常滿意。我們的新年份葡萄酒持續表現強勁。雖然會有典型的季節性因素，但我們預計在 2025 年剩餘時間和 2026 年，同比損失將持續改善。

Let me update you on the credit trends of our $834 million credit card portfolio. Net charge-offs in our card portfolio improved sequentially by 288 basis points to 16.7%. We anticipated a significant improvement in card losses based on prior quarter's delinquency trends, which were better than typical card portfolio seasonality.

讓我向您報告我們價值 8.34 億美元的信用卡組合的信貸趨勢。我們的信用卡組合淨沖銷率較上月改善 288 個基點至 16.7%。根據上一季的逾期趨勢，我們預期信用卡損失將大幅改善，而上一季的逾期趨勢比典型的信用卡組合季節性波動更好。

The strong performance was further aided by enhancements in our servicing and recovery capabilities in our card business. We remain pleased with the overall quality of the credit card portfolio and feel confident that we are building an enduring profitable business for the long term.

我們信用卡業務的服務和催收能力的提升，進一步促進了業績的強勁成長。我們對信用卡產品組合的整體品質感到滿意，並有信心我們正在打造一個長期可持續盈利的業務。

Recoveries remained strong this quarter, amounting to $88 million, up 12% year-over-year and 1.5% of receivables as we continue to optimize our recovery strategy. Loan loss reserves ended the quarter at $2.8 billion. Our loan loss reserve ratio, which remained flat to prior quarter and prior year at 11.5% at quarter end, includes a 40 basis point impact from our higher yield, higher loss credit card portfolio.

本季回收情況依然強勁，達到 8,800 萬美元，年成長 12%，佔應收帳款的 1.5%，我們持續優化回收策略。貸款損失準備金在本季末為28億美元。截至季末，我們的貸款損失準備率與上一季及去年同期持平，為 11.5%，其中包括我們高收益、高損失信用卡組合帶來的 40 個基點的影響。

Now let's turn to slide 11. Operating expenses were $427 million, up 8% compared to a year ago. The 6.6% OpEx ratio this quarter is modestly better than last quarter and in line with our full year expectations as we continue to invest in technology, data analytics and new products.

現在我們來看第11張投影片。營運支出為 4.27 億美元，比上年同期成長 8%。本季營運支出比率為 6.6%，比上一季略有改善，符合我們全年的預期，因為我們將繼續投資於技術、數據分析和新產品。

We feel great about the inherent operating leverage of our business, which has been consistently demonstrated over the past several years as our OpEx ratio has declined from 7.5% in 2019 to its current level. We remain disciplined in our spending, balancing responsible investments with our focus on driving long-term growth and efficiency to deliver operating leverage for the future.

我們對公司固有的經營槓桿作用感到非常滿意，過去幾年裡，我們的營運支出比率從 2019 年的 7.5% 下降到目前的水平，這充分證明了這一點。我們在支出方面保持嚴謹，在註重長期成長和效率提升的同時，兼顧負責任的投資，從而為未來帶來營運槓桿效應。

Now let's turn to funding and our balance sheet on slide 12. During the quarter, we continued to optimize our balance sheet. We believe our focus on balance sheet strength is a clear competitive advantage and enhances the stability of our business.

現在讓我們來看第 12 頁投影片中的資金和資產負債表。本季度，我們繼續優化資產負債表。我們相信，注重資產負債表的穩健性是一項明顯的競爭優勢，能夠增強我們業務的穩定性。

As a leading issuer over the years, we've consistently invested in our capital markets program. We focused on maintaining best-in-class execution and controls and as a result, have built a loyal and diversified investor base.

作為一家領先的發行機構，多年來我們一直持續投資於我們的資本市場計劃。我們專注於維持一流的執行力和管控水平，因此建立了一個忠誠且多元化的投資者群體。

In August, we issued a $750 million unsecured bond at 6.13%, maturing in May 2030. The proceeds of that issuance were used to redeem the remaining balance of our most expensive security. The 9% coupon bond scheduled to mature in January 2029.

8 月，我們發行了 7.5 億美元的無擔保債券，票面利率為 6.13%，將於 2030 年 5 月到期。此次發行所得款項用於贖回我們最昂貴證券的剩餘餘額。該債券票面利率為 9%，將於 2029 年 1 月到期。

In September, we issued an $800 million bond at 6.5%, maturing in March 2033. Both bonds had strong demand from new and returning investors and were issued at near record tight credit spreads. Including these two bond issuances, we now have issued 7 times the last six quarters in the unsecured market, lowering our issuance costs, derisking our balance sheet and reducing our secured funding mix to 54%. This creates a lot of flexibility for us going forward.

9 月份，我們發行了 8 億美元的債券，票面利率為 6.5%，將於 2033 年 3 月到期。這兩隻債券都受到了新舊投資者的強勁需求，並以接近歷史最低水平的低信用利差發行。包括這兩筆債券發行在內，我們在過去六個季度中已在無擔保市場發行了 7 倍的債券，降低了發行成本，降低了資產負債表的風險，並將有擔保融資比例降低至 54%。這為我們未來的發展創造了很大的靈活性。

We also recently signed a $2.4 billion whole loan sale forward flow agreement with a long-term partner. The agreement substantially increases and extends a current loan sale commitment that provides further capital and funding optionality for the future.

我們最近也與一家長期合作夥伴簽署了一項價值 24 億美元的整筆貸款銷售遠期協議。該協議大幅增加並延長了當前的貸款出售承諾，為未來提供了更多的資本和融資選擇。

The current agreement that calls for $75 million of loan sale commitments per month will continue through the end of this year and then increase to $100 million per month starting in January. We're very pleased with the terms and the economics of the agreement and believe this further demonstrates the attractiveness of our loans and great confidence in the performance of our portfolio.

目前的協議規定每月貸款銷售承諾額為 7,500 萬美元，該協議將持續到今年年底，然後從 1 月開始增加到每月 1 億美元。我們對協議的條款和經濟效益感到非常滿意，並相信這進一步證明了我們貸款的吸引力以及我們對投資組合表現的極大信心。

Overall, from a balance sheet perspective, given the strong issuance year-to-date and the larger forward flow whole loan sale program, we feel great about our ability to continue to opportunistically issue when markets are most attractive in the quarters ahead.

總體而言，從資產負債表的角度來看，鑑於今年迄今為止強勁的發行量和更大的遠期整筆貸款銷售計劃，我們對未來幾個季度在市場最具吸引力時繼續抓住機會發行債券的能力感到非常滿意。

Additionally, our overall liquidity profile is as strong as ever with bank facilities totaling $7.5 billion, unchanged from last quarter end and unencumbered receivables of $10.9 billion. Our net leverage at the end of the third quarter was 5.5 times, flat to last quarter.

此外，我們的整體流動性狀況依然強勁，銀行授信額度總額為 75 億美元，與上季末持平，未受限制的應收帳款為 109 億美元。第三季末，我們的淨槓桿率為 5.5 倍，與上季持平。

Turning to slide 14, our full year 2025 guidance. First, we're narrowing our full year managed receivables growth guidance to the higher end of the range. We now expect managed receivables to grow in the range of 6% to 8% compared to our prior 5% to 8% guidance held previously. And given our growth in receivables, along with our improving asset yields, we now expect full year total revenue growth of approximately 9%. This is above our guidance range of 6% to 8%.

接下來請看第 14 頁，我們的 2025 年全年業績指引。首先，我們將全年應收帳款管理成長預期範圍縮小至該範圍的上限。我們現在預計應收帳款管理額將成長 6% 至 8%，而我們先前的預期為 5% 至 8%。鑑於應收帳款的成長以及資產收益率的提高，我們現在預計全年總收入將增長約 9%。這高於我們先前預測的 6% 至 8% 的範圍。

We continue to expect C&I net charge-offs to come in between 7.5% and 7.8%, at the lower end of the range we gave at the beginning of the year. And our expected operating expense ratio remains unchanged at approximately 6.6% for the year.

我們仍然預期工商業淨沖銷率將在 7.5% 至 7.8% 之間，處於年初我們給出的範圍的下限。我們預計全年營運費用率將保持不變，約為 6.6%。

As all our key financial metrics move in the right direction, we expect capital generation in 2025 will significantly exceed 2024, reflecting strong momentum in our business. We have another excellent quarter in the books, as we approach the end of the year and look ahead to 2026. We see opportunity to continue to deliver outstanding shareholder value in the quarters and years ahead.

隨著我們所有關鍵財務指標朝著正確的方向發展，我們預計 2025 年的資本創造將顯著超過 2024 年，這反映出我們業務的強勁發展勢頭。又一個季度業績斐然，我們即將迎來年底，展望2026年。我們看到未來幾季和幾年內有機會繼續為股東創造卓越價值。

And with that, let me turn the call over to Doug.

那麼，現在讓我把電話交給道格。

Thanks, Jenny. Let me close by saying we really like our competitive positioning. We built our business for the long run with best-in-class credit management and a fortress balance sheet. We are driving growth by innovating across products, digital experience and data science.

謝謝你，珍妮。最後我想說，我們非常滿意目前的競爭地位。我們憑藉著一流的信貸管理和穩固的資產負債表，為企業的長期發展奠定了基礎。我們透過在產品、數位體驗和數據科學方面的創新來推動成長。

We are deeply committed to the communities where our customers live and work and have a great team delivering for our customers every day. The strong results of this quarter are a reflection of all of this, and we look forward to continuing to drive value for our customers and our shareholders going forward.

我們深深紮根於客戶生活和工作的社區，並擁有一支優秀的團隊，每天都在為客戶提供服務。本季強勁的業績反映了這一切，我們期待在未來繼續為我們的客戶和股東創造價值。

With that, let me open it up for questions.

接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Terry Ma, Barclays.

Terry Ma，巴克萊銀行。

Hey, thank you. Good morning. So there's been a lot of chatter about the health of the nonprime consumer. Maybe some cracks showing up in auto, both of which you have exposure to. So maybe just talk about what you guys are seeing more recently. Maybe help us tie that to your commentary about higher origination growth in the fourth quarter.

嘿，謝謝。早安.因此，關於非優質消費者的健康狀況有許多討論。或許汽車上出現了一些裂縫，而你剛好接觸過這兩種情況。所以，不如大家聊聊最近都看到了什麼。或許您可以幫我們把這一點與您之前關於第四季度貸款發放量增長更高的評論聯繫起來。

Sure. I guess regarding auto, we're not seeing anything negative in our auto credit. All of our auto continues to perform in line with expectations. I think zooming out on the consumer, I think you got to keep in mind that we see plenty of opportunity, and we lend to individual consumers. And the customers we have on our books and the customers we're seeing come through our channels are holding up very well, and we underwrite net disposable income.

當然。我想說的是，就汽車貸款而言，我們的汽車信用記錄沒有任何負面資訊。我們所有的汽車性能都符合預期。我認為，從消費者的角度來看，你必須記住，我們看到了很多機會，我們向個人消費者提供貸款。我們帳面上的客戶以及透過我們管道接觸到的客戶都表現得非常好，我們能夠保障他們的淨可支配收入。

So after somebody is paid, pays their taxes, covers all of their other credit, pays all their expenses, how much is left over. We're seeing net disposable income for the consumers who come in, continue to be strong. And as you know, we have a lot of different cuts that we use for our underwriting, whether it be risk, the collateral, the type of product, the geography. And so we're seeing lots of opportunity, and we're not seeing issues with the customers that we have on our books.

所以，在某人拿到薪水、繳稅、償還所有其他債務、支付所有開支之後，還剩下多少錢？我們看到，進店消費者的淨可支配收入持續保持強勁。如您所知，我們在核保過程中會使用許多不同的切入點，例如風險、抵押品、產品類型、地理位置等等。因此，我們看到了許多機會，而且我們現有的客戶也沒有出現任何問題。

I think the consumer generally and the non-prime consumer generally has been stable for the last 18 months. I mean if you look at the macro data, while unemployment has ticked up some, it's still at a -- in a good place.

我認為過去 18 個月裡，消費者整體以及非主要消費者的整體狀況都比較穩定。我的意思是，如果你看一下宏觀數據，雖然失業率有所上升，但仍然處於一個良好的水平。

Wages cumulatively have increased. They don't seem to be increasing as much anymore. Inflation is much more in check than it was, and savings remained pretty stable for the last 18 months. We also do a qualitative survey of our branch managers on a regular basis who are out talking to our customers, seeing new customers.

工資累計增長。它們似乎不再像以前那樣快速成長了。通貨膨脹比以前得到了更好的控制，過去18個月儲蓄也保持了相當穩定。我們也會定期對分行經理進行定性調查，因為他們經常外出與客戶交談，接觸新客戶。

And we look at how's the customer doing, are you seeing signs of stress, et cetera. That is stable. We just did one. The results are very similar this year now as they were a year ago. We also have unemployment insurance for a subset of our customers, and we've not seen increase in unemployment insurance claims.

我們會觀察客戶的情況，看看他們是否有壓力跡像等等。那很穩定。我們剛做了一個。今年的結果與去年非常相似。我們也為部分客戶提供失業保險，但我們沒有看到失業保險申請數量增加。

And so we are always on the lookout, and I do think there still remains very broadly for the US economy, some macro uncertainty, whether it's around tariffs or what's going to happen with interest rates, et cetera. But we feel good about the health of the consumer.

因此，我們始終保持警惕，而且我認為美國經濟總體上仍然存在一些宏觀不確定性，無論是關稅問題還是利率走勢等等。但我們對消費者的健康狀況感到滿意。

Great. Thank you. That's super helpful. Maybe just a follow-up question on credit for Jenny. Like net charge-offs continue to improve year-over-year, delinquencies are also improving year-over-year just ex Foursight. But as I look at the magnitude of delinquency improvement ex Foursight, it's kind of moderated. So maybe like just any color on kind of what's going on there and help us think about maybe just the direction of travel kind of going forward for delinquencies. Thank you.

偉大的。謝謝。這太有幫助了。或許可以再問一下關於珍妮的學分問題。與淨沖銷額逐年改善一樣，剔除 Foursight 的影響後，拖欠率也逐年改善。但當我查看 Foursight 帶來的青少年犯罪率改善幅度時，發現這種改善幅度有所放緩。所以，或許可以用任何顏色來表示那裡正在發生的事情，並幫助我們思考未來青少年犯罪的發展方向。謝謝。

I think most importantly, to your point about the direction of travel, we feel like the direction of travel is good. These delinquencies are in line with our expectations. And we expect the delinquency improvement year-on-year to vary some. So we're really focused on where the book is going and our expected losses. And we mentioned earlier, but we consistently have seen better roll rates and recoveries.

我認為最重要的是，關於你提到的發展方向，我們覺得發展方向是正確的。這些違規行為符合我們的預期。我們預計每年的違約率改善情況會有所不同。所以我們非常關注這本書的走勢以及我們預期的損失。正如我們之前提到的，我們一直看到滾動率和回收率都有所提高。

And we expect continued year-on-year improvement in our consumer loan net charge-offs, which you saw dropping this quarter by 66 basis points. And so I think as we look at the consumer loan net charge-offs, we expect for them to get back within our historical range of below 7% over time.

我們預計消費貸款淨沖銷額將繼續同比改善，正如您在本季度所看到的，該指標下降了 66 個基點。因此，我認為，當我們審視消費貸款淨沖銷額時，我們預計隨著時間的推移，它們將回到我們以往設定的低於 7% 的範圍內。

Thank you.

謝謝。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Yeah. Thanks. Doug, given some of your comments about the macro uncertainty and the kind of the stable consumer, where do you think you sit right now in kind of the spectrum of underwriting between tightening and loosening? And given that some of the factors, what's your kind of bias going forward in terms of which direction you'd be moving?

是的。謝謝。道格，鑑於你對宏觀經濟不確定性和穩定型消費者的一些評論，你認為你目前在承保政策的緊縮和放鬆之間處於什麼位置？考慮到這些因素，你未來在發展方向上有什麼偏好？

We -- really for the last several years, have had quite a conservative underwriting posture. Specifically, what we've done is our models will tell us and all of our data science will tell us, depending on the customer, what do we think the losses will be over their lifetime. And we put a 30% stress overlay on top of that for our credit box, which basically translates into -- even if that customer's peak losses during their lifetime were 30% more than we think they're going to be, we would still meet our 20% return on equity threshold.

近幾年來，我們一直採取相當保守的核保策略。具體來說，我們所做的就是，我們的模型和所有數據科學都會告訴我們，根據客戶的不同，我們認為他們在生命週期內會遭受多少損失。此外，我們還為信用額度增加了 30% 的壓力附加價值，這意味著——即使該客戶在其生命週期內的最大損失比我們認為的要多 30%，我們仍然可以達到 20% 的股本回報率門檻。

And so across our personal loans, our credit card and our auto, we've chosen not to loosen that up. I think there just remains macro uncertainty. We're not seeing it on our book, and we're getting plenty of customers to book that meet our return threshold.

因此，在個人貸款、信用卡和汽車貸款方面，我們選擇不放寬限制。我認為目前仍存在宏觀層面的不確定性。我們的預訂記錄上沒有出現這種情況，而且我們有很多客戶預訂，他們的預訂金額都達到了我們的返還門檻。

I think to open that up some, we do weather vane testing. So we're always booking a set of loans across product, customer type, geography that are in the 15% to 20% ROE, and we need to see those pop above. Our current vintages are performing in line with our expectations, but they're not outperforming. And so we need to see outperformance. And I think we need to see a little more clarity in the macro.

我認為為了更全面地了解情況，我們可以進行風向標測試。因此，我們一直在各個產品、客戶類型和地理範圍內記錄一系列 ROE 在 15% 到 20% 之間的貸款，我們需要看到這些貸款的 ROE 超過這個水平。我們目前的年份酒表現符合預期，但並未超出預期。因此，我們需要看到優異的表現。我認為我們需要對宏觀形勢有更清晰的認識。

Our basic bent is always to err on the side of having really good customers who can pay us back, who meet our risk-adjusted return thresholds. We don't see a lot of advantage in taking extra risk. Our originations year-on-year for the first three quarters of the year are up 10%. So we're finding plenty of pockets of growth.

我們的基本原則始終是寧願選擇能夠償還我們款項、符合我們風險調整後報酬標準的優質客戶。我們認為承擔額外風險並沒有太大好處。今年前三個季度，我們的貸款發放量年增了 10%。所以我們發現了很多成長點。

And we'd rather innovate around the kinds of things I talked about earlier: product, customer experience, channel because this is how we built a really strong, stable company that through the cycle is going to have good returns. So our bent is not to reach for growth, but instead to stick with our discipline and keep finding growth by innovating and serving our customers well.

我們更願意圍繞我之前提到的那些方面進行創新：產品、客戶體驗、管道，因為這樣我們才能打造一家真正強大、穩定的公司，並在整個週期中獲得良好的回報。因此，我們的目標不是追求成長，而是堅持我們的原則，透過創新和更好地服務客戶來不斷尋求成長。

Okay. Makes sense. Just a follow-up for Jenny on funding. I think you mentioned in your prepared comments that funding costs came in lower than you expected for the year. Is this more of a product of term or spreads coming in better than you expected?

好的。有道理。關於資金方面的問題，我想跟Jenny提個後續。我認為您在事先準備好的評論中提到過，今年的資金成本低於您的預期。這更多是因為期限或利差好於預期造成的嗎？

And you also alluded to enhanced mature -- I mean, the flexibility, right? I think you have very low maturities anytime soon and a lot of liquidity. How are you thinking about taking advantage of that added flexibility in the funding markets?

你也提到了增強成熟度——我的意思是，靈活性，對吧？我認為你們近期幾乎沒有到期債務，流動性非常充足。您打算如何利用融資市場這種更大的彈性？

Yeah. Thanks. Obviously, funding is critical to any lending business. And I think for us, we really see it as a differentiating strength and a competitive advantage. So we're always looking at the opportunities as they come.

是的。謝謝。顯然，資金對任何貸款業務都至關重要。我認為對我們來說，這確實是一項差異化優勢和競爭優勢。所以我們始終都在關注出現的各種機會。

And I think what we saw this quarter was we were able to go out for that first $750 million unsecured bond at 6.13% due in 2030. And what we were able to do with that was use the proceeds to redeem the remainder of our 9% 2029 unsecured bonds. So that really allowed us to take in sort of that higher pricing that we had and bring that in. So our interest expense went from an expectation of closer to 5.4% to come in to closer to 5.2%, like you saw this quarter. So that was really what drove that.

我認為我們本季看到的是，我們成功發行了第一筆 7.5 億美元的無擔保債券，利率為 6.13%，將於 2030 年到期。我們利用這筆資金贖回了剩餘的 2029 年到期的 9% 無擔保債券。所以這確實讓我們能夠接受更高的定價，並將其融入產品中。因此，我們的利息支出從預期的接近 5.4% 降至接近 5.2%，就像您在本季看到的那樣。這就是真正促使他們這麼做的原因。

I mean I'd say then we were also able to go out and do another issuance at 6.5% and go all the way out to 2033. So I think we were very happy with the spreads and with the performance of what we were able to do this quarter.

我的意思是，那樣的話我們也可以再發行一次利率為 6.5% 的債券，一直持續到 2033 年。所以我覺得我們對價差以及本季取得的業績都非常滿意。

I mean I would also say, I mean, we've gone out now 7 times in the past six quarters. So I think we've really been able to go out there, and I think that's a testament to the team and to what they've built over time. And the flexibility that I mentioned is really about -- if I look forward, our next unsecured maturity is about $425 million in March of '26.

我的意思是，我也想說，在過去的六個季度裡，我們已經出門了7次。所以我覺得我們真的能夠走出去，我認為這證明了團隊的實力以及他們多年來所取得的成就。我提到的靈活性實際上是指——如果我展望未來，我們下一筆無擔保到期債務約為 4.25 億美元，將於 2026 年 3 月到期。

And then we don't have anything maturing until January of 2027 when we have about $750 million maturing. So we can continue to look for opportunities of where we can, pay down some of our price bonds that are callable in later needs and we can also look at our needs for growth.

然後，直到 2027 年 1 月，我們才有大約 7.5 億美元的債務到期。因此，我們可以繼續尋找機會，償還一些未來需要時可以贖回的價格債券，我們也可以考慮我們的成長需求。

We also obviously are looking at our unsecured and secured mix, and this has allowed us a little bit more flexibility there to determine which market we want to go into. So we really like that flexibility because it just allows us to continue to focus on maintaining a really conservative balance sheet.

我們顯然也在審視我們的無擔保和有擔保資產組合，這讓我們在決定要進入哪個市場方面有了更大的靈活性。所以我們非常喜歡這種靈活性，因為它使我們能夠繼續專注於保持非常保守的資產負債表。

Great. Thank you.

偉大的。謝謝。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi. Good morning. Thanks for taking my question. Maybe to start just staying on the topic of buybacks or capital, I guess, you obviously upsized the buyback this quarter. Should we be -- any markers you can give us on like what kind of sizing we should be thinking about every quarter? Like what are you trying to solve for? Is there a capital -- like what can we look at? Is it just distributing net income? Is it capital? What payout ratio? What is the target internally that we should be thinking about?

你好。早安.謝謝您回答我的問題。或許我們應該繼續討論股票回購或資本方面的議題，顯然，你們本季加大了股票回購規模。我們應該－您能否給我們一些參考指標，例如每季我們應該考慮什麼樣的尺寸？你究竟想解決什麼問題？是否存在資本－例如我們可以關注哪些方面？僅僅是分配淨收入嗎？這是資本嗎？賠付率是多少？我們內部應該考慮的目標是什麼？

Yeah. Look, we've had a pretty consistent capital allocation strategy, which includes -- I'll go through it again, that is, first, we're going to make every loan that meets our risk-return thresholds, and we put about 15% of any loan is equity we put into it. So some of it will depend what kind of opportunities and what kind of growth we have. Then we're going to invest in the business for long-term franchise value. Then we're going to have the dividend.

是的。你看，我們一直奉行相當一致的資本配置策略，其中包括——我再解釋一遍——首先，我們會發放每一筆符合我們風險回報閾值的貸款，並且我們會將任何貸款的約 15% 作為我們投入的股權。所以，部分原因將取決於我們擁有什麼樣的機會和發展方向。然後我們將對這項業務進行投資，以獲得長期的特許經營價值。然後我們就會收到股息。

And after that, we're either going to allocate it to other strategic purposes or buybacks. As I mentioned, we anticipate more buybacks now that we're going to have more excess capital at the bottom of that waterfall. I think you've seen us ticking up our buyback. I think you can anticipate it ticking up into next year. I think the best I can give you is we've looked at it and we've allocated $1 billion through 2028. I don't think it's necessarily going to be linear. And we don't have specific guidance about what's going to happen quarterly.

之後，我們要嘛將資金用於其他策略用途，要嘛用於股票回購。正如我之前提到的，由於我們將在資金流向的底部擁有更多剩餘資金，我們預計會有更多股票回購。我想你已經注意到我們不斷增加回購數量了。我認為明年它可能會繼續上漲。我能給出的最好答覆是，我們已經研究過這個問題，並已撥款 10 億美元，直至 2028 年。我認為這未必會是線性的發展過程。我們沒有關於每個季度具體情況的指導意見。

Fair enough. Maybe switching a little bit just on gain on sale. You've had a nice step-up this year. I think you in your prepared remarks, you talked about further increasing the forward flow. Should we expect another step-up in '26 as that forward flow comes in?

很公平。或許可以稍微調整一下，就等促銷活動了。你今年取得了不錯的進步。我認為你在事先準備好的發言稿中談到了進一步增加正向流量。隨著前期資金的流入，我們是否應該預期 2026 年會出現另一次成長？

And maybe also just take the opportunity to talk about private credit. How does that compare with your traditional channels today? Any desire to expand forward flows further and leverage the demand from private capital? Like give us a peek under the hood in terms of the hold versus distribute equation. Thank you.

或許還可以藉此機會談談私人信貸。與您目前的傳統管道相比，這有何不同？是否有意願進一步擴大遠期資金流動並利用私人資本的需求？例如，給我們詳細解釋一下持有與分配策略的原理。謝謝。

I'm going to start with your second question first, and then I'll come back again on sale. Just in terms of private credit, I mean, I think what I'd just say there is we're always looking to evaluate opportunities. We've got -- I just talked about, we've got great access to capital in the public markets. And so we're really looking at opportunities really to provide either funding flexibility. And then we're also quite focused on the economics and the terms of those deals.

我先回答你的第二個問題，然後再回來討論促銷活動。就私人信貸而言，我的意思是，我想說的是，我們一直在尋找評估機會的方法。我們——正如我剛才所說——我們在公開市場擁有非常便利的融資管道。因此，我們正在積極尋找機會，為資金提供更大的靈活性。此外，我們也非常關注這些交易的經濟效益和條款。

So I did mention we increased that and extended that whole loan sale program. It's forward flow with attractive pricing. And I think we're happy with the diversification that gives us and we'll evaluate those opportunities as they come. And I wouldn't -- I think of this as additive to our current strategy. So I just think of this as one more way that we go access funding.

所以我確實提到過，我們增加了這筆資金，並延長了整筆貸款出售計畫。它價格誘人，而且流通順暢。我認為我們對這種多元化發展感到滿意，我們會根據實際情況評估這些機會。我不認為——我認為這是對我們現有策略的補充。所以我認為這只是我們獲得資金的另一種方式。

If I go back to gain on sale, gain on sale was about $17 million this quarter. That increased from last year, about $10 million from that whole loan sale program. If I think going forward, I'd say I'd look more at total revenue because this will both benefit, I'd say, a little bit gain on sale, but also think of servicing fee revenue. So I'd focus on the total revenue line, and it should help some.

若以出售收益計算，本季出售收益約為 1,700 萬美元。這一數字比去年有所增加，透過整筆貸款出售計劃增加了約 1000 萬美元。如果展望未來，我會更專注於總收入，因為這既有利於銷售，也有利於服務費收入。所以我建議專注於總收入這一項，這應該會有所幫助。

Thank you.

謝謝。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Thanks. And it's very encouraging to see the increase in your guidance for originations and loan growth. And can you just talk a little bit about the competitive environment, the pricing environment? And if it's not too much to also say that if -- how would those -- how would your efforts be enhanced if your ILC charter is approved?

偉大的。謝謝。看到您對貸款發放和貸款成長的指導意見增加，這非常令人鼓舞。能否簡單談談競爭環境和定價環境？如果不太過分的話，再問一下，如果——如果你的ILC章程獲得批准，你的努力將如何加強？

Sure. Look, it's -- there's plenty of competition out there, but we think it's quite constructive for us. I think our results show that year-to-date originations, as I mentioned, are up 10% from last year, even with our tight credit box. We expect fourth quarter, we'll see some uptick in originations from this quarter. We're really focused on originating to good customers that meet our risk-adjusted returns and meet all of -- have the right credit profile for us.

當然。你看，外面競爭很激烈，但我們認為這對我們來說是很有建設性的。我認為我們的結果表明，正如我之前提到的，即使我們採取了嚴格的信貸政策，今年迄今的貸款發放量也比去年增加了 10%。我們預計第四季度，貸款發放量將比本季有所回升。我們真正關注的是那些符合我們風險調整後收益標準，並且擁有適合我們所有條件的優質客戶——即擁有合適的信用記錄的客戶。

Over 60% of the customers that we're booking today remain in our top two risk grades, which is where it's more competitive and there's more people playing. And so -- and that's remained steady. So we're still getting plenty of pickup in really competitive spaces. Our pricing has held. We've not needed to bring down pricing as you see with our yield, and that's been -- has ticked up.

在我們今天預訂的客戶中，超過 60% 仍然處於我們風險等級最高的兩個級別，這兩個級別競爭更加激烈，參與者也更多。所以——而且這種情況一直保持穩定。所以即使在競爭非常激烈的市場，我們仍然可以獲得大量的訂單。我們的定價策略保持不變。正如你所看到的，我們的收益率一直在上升，所以我們不需要降低價格。

And as Jenny said, we expect it to be pretty steady going forward. I think there's always opportunity to drop price and pick up more. We're always fine-tuning pricing, loan size, the type of product, the collateral, the data sources that we use to book loans. So I think the key for us is to continue to innovate. But we like the competitive environment.

正如珍妮所說，我們預計未來一段時間情況會相當穩定。我認為總有機會降價，從而獲得更多庫存。我們一直在不斷調整定價、貸款規模、產品類型、抵押品以及我們用於記錄貸款的資料來源。所以我認為對我們來說，關鍵在於繼續創新。但我們喜歡競爭的環境。

We like our positioning, and I think we're really comfortable. I've said it before, we just don't chase growth. We book really good loans that are going to have good returns that are going to be accretive to the franchise and to our shareholders, and we're seeing plenty of opportunity there.

我們很滿意目前的定位，我覺得我們現在的狀態非常舒適。我之前就說過，我們不追求成長。我們獲得了非常優質的貸款，這些貸款將帶來良好的回報，從而增加特許經營權和股東的收益，我們看到了許多機會。

Look, I think the ILC, I've said before, is if we get it is accretive to our strategy. It's going to allow us to serve more customers. It's going to allow us to have some deposit funding. It'll allow us through the deposit funding potentially to do some more lower end of prime kind of customers. It'll allow us to book our credit card through our own ILC rather than through a partner. And so I think it is good for long-term franchise value. We'll start to compete in the market, but I think it would be a net positive.

我認為，正如我之前所說，如果我們能獲得ILC，這對我們的策略是有益的。這將使我們能夠服務更多客戶。這將使我們能夠獲得一些存款資金。這將使我們能夠透過存款資金，有可能吸引更多低端優質客戶。這將使我們能夠透過我們自己的ILC而不是透過合作夥伴預訂我們的信用卡。所以我認為這有利於特許經營的長期價值。我們將開始在市場上競爭，但我認為這總體上會帶來正面影響。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Hi, Doug. I was curious to get your perspective. I mean there's been a lot of volatility in ABS markets. And I just want to get your thoughts on how you think those markets are going to hold up in terms of access and if you think there'll be tiering for kind of seasoned issuers such as OneMain?

嗨，道格。我很想聽聽你的看法。我的意思是，資產支持證券（ABS）市場波動性很大。我想聽聽您對這些市場在進入方面會如何發展的看法，以及您是否認為像 OneMain 這樣經驗豐富的發行商會實行分級制度？

Yeah. I mean, look, I'll let Jenny say. What I'd say is through lots of volatility for many years, we've always been able to access the ABS market because people trust us as steady hands who know how to underwrite and the collateral we put into our trust are ones that we understand well. So I think for us, there's going to be plenty of access. I'll let Jenny talk more broadly.

是的。我的意思是，你看，我讓珍妮來說吧。我想說的是，儘管多年來市場波動很大，但我們始終能夠進入 ABS 市場，因為人們信任我們，認為我們是穩健的承銷商，而且我們投入信託的抵押品也是我們非常了解的。所以我覺得對我們來說，將會有很多機會。我讓珍妮更廣泛地談談吧。

Yeah, I'd just say the team is obviously constantly talking to folks in the market, and I feel like we've built a pretty strong reputation and have a pretty developed program that's been out there for a long time. And so I think we're quite confident in our ability to go out into the ABS market. And obviously, we'll see what unfolds there. But I think we're pretty disciplined operators and our partners feel pretty good about the way we run our program. So I think we're feeling pretty good about being able to go back into ABS.

是的，我想說的是，團隊顯然一直在與市場上的人士溝通，我覺得我們已經建立了相當強大的聲譽，並且擁有一個相當成熟的項目，這個項目已經開展了很長時間。因此，我認為我們對進軍ABS市場的能力相當有信心。很顯然，我們將拭​​目以待，看看那裡會發生什麼。但我認為我們是一家非常自律的營運公司，我們的合作夥伴也對我們的專案運作方式感到非常滿意。所以我覺得我們對能夠重返ABS領域感到非常樂觀。

Thank you.

謝謝。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Hey, good morning. Thanks for taking my questions. Just wondering if you're seeing any impacts from the government shutdown and if this had any impact on the outlook for this year?

嘿，早安。謝謝您回答我的問題。想問您是否感受到政府停擺的影響，以及這是否對今年的前景產生了任何影響？

We're not. We've been through a number of government shutdowns. It's a very small part of our book, folks who work for the government. So we don't see any material impact and definitely no impact on our outlook.

我們不是這樣。我們經歷過多次政府停擺。在我們的書中，政府工作人員只佔很小一部分。因此，我們認為不會產生任何實質影響，也肯定不會對我們的前景產生任何影響。

Got it. And then just one follow-up for me. Yeah, given all the volatility in auto, I know you guys highlighted that you're seeing stability in your portfolio. So is that something -- are you seeing kind of a competitive advantage in that? Is that an opportunity? Are you getting more aggressive in terms of deploying capital there? Or is it one of those things where there is a lot of volatility and you're shying away or just kind of unchanged overall?

知道了。然後我還有一個後續問題。是的，考慮到汽車產業的波動性，我知道你們強調你們的投資組合目前保持穩定。所以，你認為這能帶來某種競爭優勢嗎？那是一個機會嗎？你是否會加大在該地區的資本投入？或者，這是那種波動性很大，所以你選擇迴避，還是整體上保持不變的情況？

I'd say unchanged. We're still a very small player in auto. We have a lot of room to grow, but we're very disciplined operators. So we're pacing it. We're developing more dealer relationships. We're continuing to mature the business. We're continuing to mature the models.

我認為沒有改變。我們在汽車產業仍然只是個很小的參與者。我們還有很大的發展空間，但我們是非常自律的經營者。所以我們正在控制節奏。我們正在拓展與經銷商的合作關係。我們正在不斷推動業務發展。我們正在不斷改進這些模型。

And so we like what we're booking. We like the pace we're doing it at. There's obviously been a lot of noise, not necessarily around our customer base in auto, but there's been lots of different divergent noise about things with the title auto, but it really hasn't affected. We're going at pace carefully, but we're going to continue to grow the business.

所以我們對預訂的內容很滿意。我們很滿意目前的進度。顯然有很多噪音，不一定是圍繞我們汽車行業的客戶群，而是圍繞汽車這個主題有很多不同的、不同的噪音，但這實際上並沒有造成影響。我們正在穩步推進，但我們會繼續發展業務。

Great. Thanks for taking my questions.

偉大的。謝謝您回答我的問題。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

Good morning. On the -- back to the origination front on your high single-digit expectation for the fourth quarter, I know you indicated that you're not necessarily unwinding or loosening standards here and your -- it sounds like you're not yet taking a more active pricing posture or anything. So can you maybe give us a little bit more of a detail around what changed here in terms of your expectation for originations to leg up a bit in terms of the pace of growth for the fourth quarter as you look at it?

早安.關於您在第四季度對貸款發放量高個位數的預期，我知道您表示您並不一定會放鬆或放寬標準，而且——聽起來您還沒有採取更積極的定價策略或其他措施。那麼，您能否更詳細地說明一下，您認為第四季度貸款發放量成長速度有所加快的原因是什麼？

Look, I think the biggest thing is we are always fine-tuning where we're seeing some credit outperformance in a very small pocket, opportunities to increase the loan size a little bit, do things on pricing. We're also always adding channels.

我認為最重要的是，我們一直在微調那些在一小部分市場中表現優異的信貸產品，尋找機會稍微增加貸款規模，並在定價方面進行一些調整。我們一直在增加頻道。

And then I've given you the list before. We've been really leaning into product origination -- or I'm sorry, product innovation and investing in it for the last 18 months, and I think you're just seeing the results of that. We have an enhanced debt consolidation product. We've reduced friction for certain really good credit customers in the renewal process, which increases book rates. We have added new data sources, whether it's bank data, DMV data, other kind of data like that.

而且我之前已經把清單給你了。在過去的 18 個月裡，我們一直非常重視產品研發——或者更準確地說，是產品創新，並對此進行了大量投資，我認為你們現在看到的正是這些投資的成果。我們有升級版的債務整合產品。我們減少了某些信用良好的客戶在續約過程中遇到的阻力，從而提高了預訂價格。我們新增了各種資料來源，包括銀行資料、車輛管理部門資料以及其他類似類型的資料。

We've allowed people to split their paychecks and pay us directly from their paycheck, which is better credit performance, which has allowed us to book people who choose to do that. And so a lot of it is just grinding away every day, finding pockets, pushing on it, making sure we offer a great product to customers and we're refining the business all along. So I think that's mostly what you're seeing.

我們允許員工拆分薪資單，並直接從薪資中支付給我們，這樣可以提高信用評分，也讓我們能夠預訂選擇這樣做的員工。因此，很多時候就是每天埋頭苦幹，尋找商機，不斷推進，確保我們為客戶提供優質的產品，並且我們一直在不斷改進業務。所以我覺得這大概就是你看到的情況。

I can just add one piece of context for that. Just on originations, we were at about 5% year-on-year growth, and I mentioned this earlier, but we expect to be in the high single digits for the fourth quarter. So I just want to put some context around it. I mean, I think Doug mentioned, it's through a lot of constant sort of looking and refining, but I just want to give that context.

我只想補充一點背景資訊。僅就貸款發放量而言，我們同比增長了約 5%，我之前也提到過這一點，但我們預計第四季度將達到接近兩位數的增長。所以我想補充一些背景資訊。我的意思是，我想道格也提到過，這是透過不斷地觀察和改進才實現的，但我只是想提供這個背景。

Yeah. Got it. Thanks, Jenny. And then separately, just given the very favorable capital generation that you cited and your expectation for buybacks to leg up a bit, how do you -- any change in how you're looking at M&A opportunities, specifically as you look at still growing the card business? And then on the auto side, is there -- or even outside of that, are there opportunities you see out there that could present from an inorganic point of view? Thanks.

是的。知道了。謝謝你，珍妮。另外，鑑於您提到的非常有利的資本產生情況，以及您預期股票回購會略有增加，您在看待併購機會方面有什麼變化嗎？尤其是在您繼續發展信用卡業務的情況下？那麼在汽車領域，或者更廣泛地說，從非有機成長的角度來看，您是否看到任何機會？謝謝。

Anything that is in the market or we might want to be in the market that we think could accelerate our strategy around personal loans, card or auto or underlying things that we continue to develop, whether it'd be data science, digital capabilities, et cetera, we look at. And so we look at lots of opportunities every year. We've looked at well over 100 opportunities in the last five years. And we've acted on two of them, which were two small tuck-in acquisitions.

任何市場上存在或我們可能想要進入的市場，只要我們認為可以加速我們在個人貸款、信用卡或汽車貸款方面的策略，或者我們正在不斷開發的基礎性產品，無論是數據科學、數位能力等等，我們都會關注。因此，我們每年都會尋找很多機會。在過去五年裡，我們考察了超過 100 個機會。我們已經完成了其中兩項收購，都是規模較小的補充收購。

And so what I'd say is, if there's an opportunity that strategically makes sense, accelerates our strategy, financially makes sense, we think we can execute on it. It is in our kind of risk and profile of the kind of company we want to be in the reputation.

所以我想說的是，如果出現一個在策略上有意義、能夠加速我們策略實施、在財務上也有意義的機會，我們認為我們可以抓住它。這符合我們這類公司的風險承受能力，也符合我們希望成為的那種公司在聲譽上的樣子。

We want to be as the responsible lender who actually helps customers move to a better financial future. We'll look at it. It would have to be accretive to shareholders, and it has to be something that we wanted. So we're very selective, as you've seen over time, but we're always looking at opportunities.

我們希望成為一家負責任的貸款機構，真正幫助客戶邁向更美好的財務未來。我們會調查一下。它必須能為股東帶來收益，而且必須是我們想要的東西。所以，正如你所看到的，我們挑選物件非常挑剔，但我們始終在尋找機會。

Got it. Alright. Thanks so much, Doug.

知道了。好吧。非常感謝，道格。

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

Hey, good morning. Thanks for taking my questions. First question, just kind of a follow-up on the 2025 net charge-off guidance. You've had really good credit results this year, both delinquencies and losses. The 2025 guide being unchanged, it kind of does imply a very wide fourth quarter range. So I'm just wondering if you're seeing anything that maybe gives you uncertainty for fourth quarter? And if you could describe that would get you to the low end and the high end of the range? Thank you.

嘿，早安。謝謝您回答我的問題。第一個問題，只是想跟進一下關於 2025 年淨沖銷額指引的問題。今年你的信用記錄非常好，無論是逾期還款還是損失情況都控制得很好。2025 年的指導方針沒有改變，這實際上意味著第四季度的波動範圍會非常大。所以我想知道，您是否看到任何可能讓您對第四季感到不確定的因素？如果你能描述一下，就能大致了解這個範圍的低端和高端了嗎？謝謝。

Hi, Vincent, it's Jenny. Last quarter, we updated our guide from 7.5% to 8% to 7.5% to 7.8%. So I think we really thought that we already brought that in a bit. I think as we look -- we'll be looking at those roles to loss and we've mentioned a little bit about the drivers of those, but I mean, we've been very happy with what we've been able to do in terms of using digital tools to both be in contact with more customers who go delinquent and then also our recoveries and being able to do more with recovery. So I think we just -- I think we're happy with having brought down the guide last quarter, and we'll be looking at those at those roles each month as we go forward.

嗨，文森特，我是珍妮。上個季度，我們將預期成長率從 7.5% 至 8% 更新為 7.5% 至 7.8%。所以我覺得我們當時真的以為我們已經稍微引入了這一點。我認為，當我們審視這些角色時——我們會關注這些角色導致的損失，我們也稍微提到了一些造成損失的因素，但我的意思是，我們對我們能夠利用數位工具與更多拖欠款項的客戶取得的成果感到非常滿意，同時也對我們的催收工作以及在催收方面取得的成就感到非常滿意。所以我覺得我們對上個季度降低指導方針感到滿意，接下來每個月我們都會關注這些職位的情況。

Okay. Great. That makes sense. Thank you. And then if you could update us on your kind of long-term thoughts on capital generation. It was nice to see the share repurchases, which, to your point, indicates your confidence in OneMain's capital generation.

好的。偉大的。這很有道理。謝謝。然後，如果您能向我們介紹一下您對資本累積的長期想法，那就太好了。很高興看到你們回購股票，正如你所說，這表明你們對 OneMain 的資本創造能力充滿信心。

So just wanted to update, is $12.50 a share of capital generation is still a good bogey for 2028? And what are the factors that get you there? And does that $12.50, if that's still the right bogey, does that rely on the bank charter? Thank you.

所以想更新一下情況，每股12.50美元的資本產生目標在2028年仍然是合理的預期目標嗎？那麼，促成這一切的因素是什麼呢？如果 12.50 美元仍然是正確的目標金額，那麼這是否取決於銀行特許經營權？謝謝。

So we feel really good about capital generation. I said before, our goal is to generate more capital each year going forward. our North Star remains $12.50. We haven't put a date on it. We definitely don't need the bank charter to get to $12.50.

所以我們對資本累積情況非常有信心。我之前說過，我們的目標是逐年增加資本。我們的目標價位仍然是12.50美元。我們還沒有設定具體的目標日期。我們絕對不需要銀行牌照就能達到 12.50 美元。

It would be accretive. I've said before, a bank charter would be something we think we're well qualified for, meet the requirements, would be additive to the business, but not necessary. But as you said, this is a business that really generates a lot of capital for our shareholders. We're really happy that we have now moving into a place where we have more excess capital, and we can use it for strategic purposes.

這將產生累積效應。我之前說過，我們認為我們完全有資格獲得銀行牌照，符合相關要求，這對業務會有好處，但並非必要。但正如你所說，這項業務確實能為我們的股東創造大量資本。我們很高興現在搬到了一個擁有更多剩餘資金的地方，我們可以將其用於戰略目的。

I think we're at the top of the hour. So I want to thank everyone for joining. As always, feel free to reach out to us with follow-up and we'll look forward to seeing you during the quarter and on the next call.

我想我們現在應該到了整點。所以，我要感謝大家的參與。和以往一樣，歡迎隨時與我們聯繫進行後續溝通，我們期待在本季以及下次電話會議上見到您。

Thank you. This does conclude today's OneMain Financial third quarter 2025 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。本次 OneMain Financial 2025 年第三季財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。