OppFi Inc (OPFI) 2024 Q2 法說會逐字稿

Good morning, and welcome to OppFi second-quarter 2024 earnings conference call. (Operator Instructions)

早安，歡迎參加 OppFi 2024 年第二季財報電話會議。（操作員說明）

It is now my pleasure to introduce your host, Shaun Smolarz, Head of Investor Relations. You may begin.

現在我很高興向您介紹主持人，投資者關係主管肖恩·斯莫拉茲 (Shaun Smolarz)。你可以開始了。

Thank you, operator. Good morning. On today's call are Todd Schwartz, Chief Executive Officer and Executive Chairman; and Pam Johnson, Chief Financial Officer. Our second-quarter 2024 earnings press release and supplemental presentation can be found at investors.oppfi.com.

謝謝你，接線生。早安.執行長兼執行主席 Todd Schwartz 出席了今天的電話會議；和首席財務官帕姆·約翰遜。我們的 2024 年第二季財報和補充簡報可在 Investors.oppfi.com 上找到。

During this call, OppFi will discuss certain forward-looking information. These forward-looking statements are based on assumptions and assessments made by OppFi's management in light of their experience and assessment of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate.

在本次電話會議中，OppFi 將討論某些前瞻性資訊。這些前瞻性陳述是基於 OppFi 管理層根據他們的經驗和對歷史趨勢、當前狀況、預期未來發展以及他們認為適當的其他因素的評估而做出的假設和評估。

Any forward-looking statements made during this call are made as of today. And OppFi undertakes no duty to update or revise any such statements, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the company's filings with the United States Securities and Exchange Commission, including the section entitled Risk Factors.

本次電話會議中所做的任何前瞻性陳述均截至今天。OppFi 不承擔更新或修改任何此類聲明的義務，無論是由於新資訊、未來事件或其他原因。該公司向美國證券交易委員會提交的文件中描述了可能導致實際結果、發展和業務決策與前瞻性陳述存在重大差異的重要因素，包括標題為「風險因素」的部分。

In today's remarks by management, the company will discuss certain non-GAAP financial metrics. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the earnings press release issued earlier this morning. This call is being webcast live and will be available for replay on our website.

在管理階層今天的演講中，該公司將討論某些非公認會計準則財務指標。這些非公認會計原則財務指標與最具可比性的公認會計原則指標的調節可以在今天早上早些時候發布的收益新聞稿中找到。這次電話會議正在進行網路直播，並將在我們的網站上重播。

I would now like to turn the call over to Todd.

我現在想把電話轉給托德。

Thanks, Shaun, and good morning, everyone. We're excited to report record second-quarter profitability and revenue, which substantially exceeded our expectations and enabled us to raise full-year earnings guidance by more than 20%.

謝謝肖恩，大家早安。我們很高興報告第二季度盈利能力和收入創紀錄，這大大超出了我們的預期，並使我們能夠將全年盈利指導提高 20% 以上。

The strong profitability in the quarter was a result of operational and credit initiatives that drove strong loss payment and recovery performance, as well as improved operating achievement on key metrics and net profit margin. We're also proud that we have successfully executed many other strategic initiatives that we've previously outlined during the past several quarters.

本季強勁的獲利能力得益於營運和信貸舉措，這些舉措推動了強勁的賠付和追收業績，以及關鍵指標和淨利潤率營運業績的改善。我們也感到自豪的是，我們已經成功執行了我們之前在過去幾季中概述的許多其他策略舉措。

We realized more operational efficiencies that continue to strengthen the core business and increase profitability. We've also returned value to stockholders through a special dividend and share repurchases. In addition, we strengthened the balance sheet by paying down debt and generating solid free cash flow.

我們實現了更高的營運效率，從而繼續加強核心業務並提高獲利能力。我們也透過特別股利和股票回購向股東回報價值。此外，我們也透過償還債務和產生穩定的自由現金流來強化資產負債表。

And we've identified adjacent verticals to expand our reach in facilitating credit access, including closing our first investment in Bitty Advance last week. Pam will review our second-quarter results in detail, our earnings guidance increase for full-year 2024, and our earnings outlook for the third quarter.

我們已經確定了相鄰的垂直領域，以擴大我們在促進信貸取得方面的影響力，包括上週完成了對 Bitty Advance 的第一筆投資。Pam 將詳細審查我們第二季的業績、2024 年全年獲利指引的成長以及第三季的獲利前景。

Before she does, I will cover three primary topics: one, highlights from the second quarter of 2024; two, a discussion of the recently announced Bitty transaction; and three, a summary of recent capital allocation initiatives provided by our balance sheet.

在她發言之前，我將介紹三個主要主題：一是 2024 年第二季的亮點；二、關於最近宣布的Bitty交易的討論；第三，我們的資產負債表提供的近期資本配置措施的摘要。

Total revenue increased 3.1% to $126.3 million, a company record for our second quarter. GAAP net income grew 53.1% to $27.7 million, another OppFi record for a second quarter. And adjusted net income increased 56.2% year over year to $24.8 million, also a company record for a second quarter.

總營收成長 3.1% 至 1.263 億美元，創下公司第二季的紀錄。GAAP 淨利潤成長 53.1% 至 2,770 萬美元，再創 OppFi 第二季紀錄。調整後淨利年增 56.2%，達到 2,480 萬美元，也創公司第二季最高紀錄。

Our key highlights for the quarter compared to the prior year are a solid 6-percentage-point increase in revenue yield to 134.8%, a substantial 30% increase in recoveries, a 3.7-percentage-point improvement in the annualized net charge-off rate as a percentage of total revenue to 32.5%, a 90-basis-point improvement in total expenses as a percentage of total revenue to 45%.

與前一年相比，我們本季的主要亮點是營收收益率穩健成長 6 個百分點，達到 134.8%，回收率大幅成長 30%，年化淨沖銷率提高 3.7 個百分點佔總營收的百分比提高到32.5%，總支出佔總收入的百分比增加了90 個基點，達到45%。

Net income margin increased by 710 basis points to 21.9%, and adjusted net income margin expanded by 660 basis points to 19.6%. Moreover, strong free cash flow generation continued to bolster the balance sheet.

淨利率成長 710 個基點至 21.9%，調整後淨利率成長 660 個基點至 19.6%。此外，強勁的自由現金流產生繼續支撐資產負債表。

In Q2, we generated $18 million of free cash flow as defined by total cash provided by operating activities minus total cash used in financing activities. At the quarter-end, total cash, cash equivalents, and restricted cash was $80.8 million, including $46.6 million in unrestricted cash and an additional $223.2 million of available unused debt capacity on our financing facilities.

第二季度，我們產生了 1,800 萬美元的自由現金流，定義為經營活動提供的現金總額減去融資活動所使用的現金總額。截至季末，現金、現金等價物和限制性現金總額為 8,080 萬美元，其中包括 4,660 萬美元的非限制性現金以及我們融資設施中另外 2.232 億美元的可用未使用債務能力。

As we have mentioned on these earnings calls during the past several quarters, we have been evaluating strategic opportunities that fit our mission to facilitate credit access to everyday Americans and would help us diversify OppFi with additional products and customers.

正如我們在過去幾季的財報電話會議上所提到的，我們一直在評估策略機會，這些機會符合我們的使命，即為普通美國人提供信貸，並幫助我們透過更多產品和客戶實現OppFi 多元化。

We have focused on the small business financing market, as we believe there are supply and demand imbalances similar to the consumer market. Like the everyday consumer that we serve with OppLoans, there are many small businesses that are underserved by traditional banks and lack access to sufficient credit to meet their working capital needs.

我們專注於小型企業融資市場，因為我們認為存在類似消費市場的供需失衡。就像我們透過 OppLoans 服務的日常消費者一樣，許多小型企業無法獲得傳統銀行的服務，也無法獲得足夠的信貸來滿足其營運資金需求。

According to a recent study by the Federal Reserve, 71% of medium- to high-credit-risk small business applicants for a loan, line of credit, or merchant cash advance have applied to a nonbank financing company, online lender, or community development financial institution. 50% of small businesses that are discouraged non-applicant site lender requirements as being too strict and/or they were denied financing previously, as reasons for why they did not expect to be approved and therefore, did not apply for financing.

根據聯準會最近的一項研究，71% 的中高信用風險小型企業申請貸款、信用額度或商業現金墊款時，曾向非銀行融資公司、線上貸款機構或社區發展機構申請金融機構。 50% 的小型企業因非申請現場貸款機構的要求過於嚴格和/或先前被拒絕融資而望而卻步，這是他們預計不會獲得批准的原因，因此沒有申請融資。

We are excited by our equity investment in Bitty that includes options to acquire a majority stake and ultimately, the entire enterprise in the future. Craig Hecker, who has majority control of Bitty, is an industry veteran and leader particularly within the small business finance space.

我們對 Bitty 的股權投資感到興奮，其中包括收購多數股權並最終收購未來整個企業的選擇權。擁有 Bitty 多數股權的克雷格·赫克 (Craig Hecker) 是一位行業資深人士和領導者，尤其是在小型企業金融領域。

I'm personally looking forward to collaborating with Craig and helping him and his team take Bitty to the next level of profitable growth by leveraging OppFi's expertise in data analytics, marketing, and automation. This acquisition is intended to serve as the foundational piece of our new small business financing vertical.

我個人期待與 Craig 合作，利用 OppFi 在數據分析、行銷和自動化方面的專業知識，幫助他和他的團隊將 Bitty 的獲利成長推向新的水平。此次收購旨在成為我們新的小型企業融資垂直領域的基礎。

Bitty is a credit access company that offers revenue-based financing and other working capital solutions. Bitty generates income through origination and service fee income and therefore, does not have balance sheet or credit risk.

Bitty 是一家信貸准入公司，提供基於收入的融資和其他營運資金解決方案。Bitty 透過發起和服務費收入產生收入，因此不存在資產負債表或信用風險。

As demonstrated by our strong profitable growth, solid free cash flow generation, and first acquisition, we are carefully managing OppFi for earnings growth. We believe earnings growth can be achieved given our disciplined expense management, better operational efficiency, and stronger credit performance despite low- to mid-single-digit revenue growth.

正如我們強勁的獲利成長、穩定的自由現金流產生和首次收購所證明的那樣，我們正在謹慎管理 OppFi 以實現獲利成長。我們相信，儘管收入成長為中低個位數，但鑑於我們嚴格的費用管理、更好的營運效率和更強的信貸表現，獲利成長是可以實現的。

As I discussed earlier, our solid balance sheet has provided us with optionality to allocate capital. In Q2, we returned cash to stockholders through a dividend and share repurchases. We announced and paid a $0.12 per share special dividend to our public class A stockholders, as well as a $0.12 per unit special distribution to members of Opportunity Financial LLC.

正如我之前討論的，我們穩健的資產負債表為我們提供了分配資本的選擇。第二季度，我們透過股利和股票回購向股東返還現金。我們宣布並向公開 A 類股東支付每股 0.12 美元的特別股息，並向 Opportunity Financial LLC 成員支付每單位 0.12 美元的特別股息。

After announcing a new $20 million share repurchase program, we purchased approximately $2.5 million of class A common stock during the quarter at an average price of $3.27. And we have continued to repurchase shares in the third quarter.

在宣布新的 2000 萬美元股票回購計劃後，我們在本季以平均價格 3.27 美元購買了約 250 萬美元的 A 類普通股。第三季我們持續回購股票。

In addition to returning capital to stockholders, we also paid down $10 million of debt on our corporate term loan. We're continuing to evaluate additional strategic opportunities in new and existing verticals that we believe would enhance our goal of further facilitating credit access.

除了向股東返還資本外，我們還償還了 1000 萬美元的公司定期貸款債務。我們正在繼續評估新的和現有的垂直領域的其他策略機會，我們相信這些機會將增強我們進一步促進信貸准入的目標。

I believe OppFi has made tremendous progress during the past 2.5 years. We have more work to do, and we look forward to building upon the foundation that we have set.

我相信OppFi在過去的2.5年裡取得了巨大的進步。我們還有更多的工作要做，我們期待在我們已經奠定的基礎上再接再厲。

In closing, we believe OppFi has the ingredients needed to build a leading credit access and financial services business, with a suite of best-in-class digital financial service products for everyday Americans, where there are large addressable markets and a supply-demand imbalance in credit access. Our first step in executing on this vision was taken with our equity investment in Bitty to enter a small- and medium-business financing market.

最後，我們相信 OppFi 具備建立領先的信貸准入和金融服務業務所需的要素，為擁有龐大潛在市場和供需失衡的普通美國人提供一套一流的數位金融服務產品在信貸准入方面。我們實現這一願景的第一步是對 Bitty 進行股權投資，以進入中小型企業融資市場。

With that, I'll turn the call over to Pam.

這樣，我就把電話轉給帕姆。

Thanks, Todd, and good morning, everyone. For the second quarter, total revenue increased 3.1% year over year to $126.3 million, with a 2.4% increase in total net originations to $205.5 million and a 600-basis-point improvement and total revenue yield to 134.8%.

謝謝托德，大家早安。第二季度，總營收年增 3.1%，達到 1.263 億美元，總淨收入成長 2.4%，達到 2.055 億美元，提高 600 個基點，總收入收益率達到 134.8%。

Total retained net originations decreased 3.1% to $189.3 million, since one of our bank partners now retains a larger portion of loans originated in some states. From a mix perspective, 55.6% of originations were to existing customers and 44.4% were to new customers. During the quarter, along with our bank partners, we continued to amplify loans to existing customers since those loans are generally less risky than to new customers.

保留的淨發放總額下降了 3.1%，至 1.893 億美元，因為我們的銀行合作夥伴之一現在保留了大部分源自某些州的貸款。從組合角度來看，55.6% 的發起對像是現有客戶，44.4% 是新客戶。本季度，我們與銀行合作夥伴一起繼續增加對現有客戶的貸款，因為這些貸款的風險通常低於新客戶。

Credit performance during the second quarter supported the strategy, as refinance loans to existing customers have lower delinquencies and loans to new customers. On an absolute basis, new customer originations for the quarter increased by 4.4% year over year, while existing customer originations increased by 0.9%. The year-over-year increase in new customer originations were the result of strategic credit and marketing initiatives intended to drive lower-risk new originations.

第二季的信貸表現支持了該策略，因為向現有客戶提供的再融資貸款的拖欠率較低，而向新客戶提供的貸款的拖欠率較低。從絕對值來看，本季新客戶數量年增 4.4%，而現有客戶數量成長 0.9%。新客戶數量的同比增長是旨在推動低風險新客戶的策略性信貸和行銷舉措的結果。

The annualized net charge-off rate as a percentage of average receivables decreased by 280 basis points to 43.8% for the second quarter, compared to 46.6% for the prior-year quarter. And the annualized net charge-off rate as a percentage of total revenue decreased by 370 basis points to 32.5% compared to 36.2% last year.

第二季年化淨沖銷率佔平均應收帳款的百分比下降了 280 個基點，至 43.8%，而去年同期為 46.6%。年化淨沖銷率佔總收入的百分比下降370個基點至32.5%，而去年為36.2%。

Turning to expenses. Total expenses were $56.8 million or 45% of total revenue compared to $56.2 million or 45.9% of total revenue in the second quarter last year. Interest expense totaled $11 million or 8.7% of total revenue compared to $11.2 million or 9.2% of total revenue in the same period a year ago.

轉向開支。總支出為 5,680 萬美元，佔總收入的 45%，而去年第二季的總支出為 5,620 萬美元，佔總收入的 45.9%。利息支出總計 1,100 萬美元，佔總收入的 8.7%，而去年同期為 1,120 萬美元，佔總收入的 9.2%。

Adjusted net income was $24.8 million compared to $15.9 million for the comparable period last year. Adjusted earnings were $0.29 per share compared to $0.19 in the second quarter last year. For the three months ended June 30, 2024, OppFi had 86.3 million weighted average diluted shares outstanding for the calculation of adjusted earnings per share.

調整後淨利為 2,480 萬美元，去年同期為 1,590 萬美元。調整後每股收益為 0.29 美元，去年第二季為 0.19 美元。截至2024年6月30日的三個月，用於計算調整後每股盈餘的加權平均稀釋後流通股數為8,630萬股。

We believe our balance sheet remains healthy with cash, cash equivalents, and restricted cash of $80.8 million, total debt of $301.8 million, and total stockholders' equity of $201.7 million as of the end of the second quarter. We ended the period with $605.8 million in funding capacity, including $223.2 million of unused debt capacity under financing facilities.

我們相信，截至第二季末，我們的資產負債表保持健康，現金、現金等價物和限制性現金為 8,080 萬美元，債務總額為 3.018 億美元，股東權益總額為 2.017 億美元。截至本期末，我們的融資能力為 6.058 億美元，其中融資便利下未使用的債務能力為 2.232 億美元。

Now turning to our outlook. For the full-year 2024, we are reiterating guidance for total revenue of $510 million to $530 million. We are currently pacing toward the midpoint of this range, $520 million. We are raising earnings guidance by more than 20% for adjusted net income and adjusted earnings per share. We now expect adjusted net income of $63 million to $65 million compared to our prior range of $50 million to $54 million.

現在轉向我們的展望。對於 2024 年全年，我們重申總收入為 5.1 億至 5.3 億美元的指引。我們目前正朝著這個範圍的中點邁進，即 5.2 億美元。我們將調整後淨利和調整後每股盈餘的獲利指引提高了 20% 以上。我們現在預計調整後淨利潤為 6300 萬美元至 6500 萬美元，而之前的範圍為 5000 萬美元至 5400 萬美元。

In addition, we now anticipate adjusted earnings per share of $0.73 to $0.75 compared to the previous range of $0.58 to $0.62. For the third quarter, we are introducing guidance of adjusted net income of $17 million to $19 million and adjusted earnings per share of $0.20 to $0.22.

此外，我們目前預計調整後每股收益為 0.73 美元至 0.75 美元，而先前的區間為 0.58 美元至 0.62 美元。對於第三季度，我們提出的調整後淨利潤為 1700 萬美元至 1900 萬美元，調整後每股收益為 0.20 美元至 0.22 美元的指引。

Based on seasonal differences, we also expect total revenue in Q4 to be slightly higher than in Q3, while the annualized net charge-off rate as a percentage of total revenue is anticipated to be substantially lower in Q3 than in Q4. Nonetheless, we anticipate year-over-year improvement in this annualized net charge-off rate in both of those quarters. As a reminder, this rate is typically the lowest in the second and third quarters, while highest in the first and fourth quarters.

基於季節性差異，我們也預期第四季的總營收將略高於第三季度，而年化淨沖銷率佔總營收的百分比預計將大幅低於第四季。儘管如此，我們預計這兩個季度的年化淨沖銷率將比去年同期有所改善。提醒一下，該比率通常在第二和第三季最低，而在第一和第四季最高。

I'll close my prepared remarks by announcing our participation at next week's Sidoti Micro-Cap Virtual Conference. Shaun and I plan to meet with investors on both days, August 14 to 15. And our presentation will be on the second day at 1:45 PM Eastern Time. The webcast of our presentation can be accessed with the link on our Investor Relations website.

在結束我準備好的演講時，我將宣布我們參加下週的 Sidoti Micro-Cap 虛擬會議。肖恩和我計劃在 8 月 14 日至 15 日這兩天與投資者會面。我們的演講將於第二天東部時間下午 1:45 進行。您可以透過我們的投資者關係網站上的連結存取我們簡報的網路廣播。

With that, I would now like to turn the call over to the operator for Q&A. Operator?

現在，我想將電話轉給接線員進行問答。操作員？

(Operator Instructions) Mike Grondahl, Northland.

（操作員說明）Mike Grondahl，Northland。

Hi, guys. This is Luke, on for Mike. Congrats on the nice quarter. Just want to start here with yields being up about 6% year over year. I was just wondering how much of this was due to mix versus pricing.

嗨，大家好。我是盧克，替麥克發言。恭喜這個美好的季度。只是想從這裡開始，收益率年增約 6%。我只是想知道這其中有多少是由於組合與定價造成的。

Yeah, good question. I mean, a lot of it has to do with credit performance, right? We're getting less dropping out of accrual and more yield from paying customers. We had a very, very strong payments and recoveries in the second quarter.

是的，好問題。我的意思是，這很大程度上與信用表現有關，對嗎？我們的應計收益減少了，付費客戶的收益也增加了。第二季我們的付款和回收情況非常非常強勁。

A lot of the initiatives that we launched in the second half of '22 are now in full operation. We also had sunsetted some of the pricing testing we were doing last year, which also increased yield. But we were happy to see strong repayment rates and strong recoveries that yielded higher yield for the quarter.

我們在 22 年下半年推出的許多措施現已全面實施。我們也取消了去年進行的一些定價測試，也提高了產量。但我們很高興看到強勁的還款率和強勁的復甦，為本季帶來了更高的收益率。

Got it. And then for the low-end consumer payment and borrowing trends, does the lower credit losses kind of mean that you guys can step on the growth pedal?

知道了。那麼，對於低端消費者支付和借貸趨勢，較低的信貸損失是否意味著你們可以踩下成長踏板？

Yeah. I think -- I mean, that certainly in the second half, we're starting our confidence level and the stability of our credit with the launch of our new underwriting model. We feel confident that growth is out there, and we're starting to roll out our initiatives for growth in the second half.

是的。我認為，我的意思是，在下半年，隨著新核保模式的推出，我們的信心水準和信用穩定性將會開始提升。我們對成長充滿信心，並開始推出下半年的成長措施。

We're also feeling more comfortable with credit. Seasonally, the second half of the year, the credit performs better than kind of some of the vintages in the first half. And so we -- our confidence level and our growth initiatives are -- we're starting to deploy. So we think that there's some growth out there.

我們也對信貸感到更加放心。從季節性來看，下半年的信用表現比上半年的某些年份好。因此，我們——我們的信心水平和我們的成長計劃——我們開始部署。所以我們認為那裡有一些增長。

Got it. And then just last one here. Any updates on the competitive environment or anything that's changed since last quarter?

知道了。然後就是這裡的最後一個。有關競爭環境的任何更新或自上季度以來發生的任何變化嗎？

Yeah. I mean, I think there's a lot of noise going on with the credit card late fees with -- the buy now pay later with earned wage access. We're just focused on our core customer. We're focused on driving value to our customer and providing the best available service at the highest NPS.

是的。我的意思是，我認為信用卡滯納金存在著許多爭議——先買後付，獲得薪水。我們只專注於我們的核心客戶。我們專注於為客戶創造價值，並以最高的 NPS 提供最佳的服務。

I mean, I think we continue to watch some of the other options in the market and some of the competition. But I feel really good about where we're operating -- our operating metrics and our prospects for growth.

我的意思是，我認為我們將繼續關注市場上的其他一些選擇和一些競爭。但我對我們的營運狀況——我們的營運指標和成長前景——感覺非常好。

Yeah, that's helpful. Thank you, guys, for taking the questions, and congrats again on the quarter.

是的，這很有幫助。謝謝你們提出問題，並再次恭喜本季。

Thank you.

謝謝。

Dave Storms, Stonegate.

戴夫·斯托姆斯，石門。

Good morning, and thank you for taking my questions. Just hoping we could start with the Bitty transaction, just high level, if that -- if you see any synergies in the near short term that you're especially excited to take advantage of?

早上好，感謝您回答我的問題。只是希望我們可以從 Bitty 交易開始，只是高水準的交易，如果這樣的話——如果您在短期內看到任何您特別興奮地利用的協同效應？

Yeah. I mean, we're -- we just closed it last week, but I've gotten to know Craig pretty well. I think Craig is a talented operator and, obviously, someone who has a lot of experience in the small business space. We think the collaboration between our two companies is going to yield great results.

是的。我的意思是，我們上週剛剛關閉了它，但我已經非常了解克雷格了。我認為克雷格是一位才華橫溢的經營者，顯然，他在小型企業領域擁有豐富的經驗。我們認為我們兩家公司之間的合作將會產生巨大的成果。

To remind everybody, Craig has a business that currently is in origination. So he's earning his income from origination and servicing. We think that has a lot of optionality also, has a really good digital platform. We believe in this digitization of small business and think there's a lot of growth there.

提醒大家，克雷格有一項目前正在啟動的業務。所以他的收入來自於設計和服務。我們認為也有很多選擇，有一個非常好的數位平台。我們相信小型企業的數位化，並認為那裡有很大的成長。

I think when you take a lot of the things that we do well and the things that Craig is doing well, there's a lot of complementary skill sets. And I think it's going to yield great results. I think -- we've done a lot of research on the SMB market.

我認為，當你了解我們做得很好的事情以及克雷格做得很好的事情時，你會發現有很多互補的技能。我認為這將會產生巨大的成果。我認為——我們已經對中小企業市場進行了大量研究。

And we feel that there is supply/demand imbalance. And we feel that there's ability to not only take market share, but as the addressable market continues to go online to search for working capital options, that there is potentially even growth in the total addressable market.

我們認為有供需失衡。我們認為，不僅有能力佔據市場份額，而且隨著潛在市場繼續在網路上尋找營運資金選擇，整個潛在市場甚至有可能成長。

So we're excited. We're going to be -- we think there's some accretion to earnings that we mentioned in this year and then for the future. But we feel really good about taking our time there. We've kind of started to talk about it for over 1.5 years.

所以我們很興奮。我們認為，我們今年和未來提到的收入都會增加。但我們在那裡度過的時光真的感覺很好。我們已經開始談論它超過 1.5 年了。

And so I think we're just happy that we fulfilled on our -- and delivered on our promise that we're going to create -- OppFi is going to create a brand that has a suite of best-in-class digital financial service products that address supply-demand imbalance and credit access. And we feel like we're on our way. We have all the ingredients to be able to do that and will yield great results for us.

因此，我認為我們很高興我們履行了我們將要創建的承諾，OppFi 將創建一個擁有一套一流數位金融服務的品牌解決供需失衡和信貸准入問題的產品。我們感覺我們正在路上。我們擁有實現這一目標的所有要素，並將為我們帶來巨大的成果。

That's very helpful. Thank you. And then just around -- it sounds like you were pretty aggressive with acquiring new customers. Just curious as to what form that took? Were there any concessions? Did acquisition costs go up? And kind of what does that look like with that new vintage of new customers?

這非常有幫助。謝謝。然後，聽起來您在獲取新客戶方面非常積極。只是好奇它採取了什麼形式？有什麼讓步嗎？購置成本漲了嗎？新一批新客戶的情況是什麼樣的？

Yeah. It's actually no. Our acquisition cost year over year is down 3%. So we're being very disciplined. And to remind everyone, the second-quarter vintage, typically, has had some of the highest charge-offs in the year on the other side of tax refund and payment season.

是的。其實是沒有的。我們的採購成本較去年同期下降了 3%。所以我們非常自律。提醒大家的是，第二季的年份通常會在退稅和付款季節的另一邊出現一年中最高的沖銷額。

But we are liking what we're seeing. Our funnel is robust, and we think that we can still maintain our CPF and find growth here in the second half. We think that there's -- the market is starting to come in our favor, and we think that we're well positioned to take advantage of it.

但我們喜歡我們所看到的。我們的管道很穩健，我們認為我們仍然可以維持我們的公積金並在下半年找到成長。我們認為市場開始對我們有利，我們認為我們已經做好充分利用它的準備。

That's perfect. Thank you. And then just one more, if I could, from a macro level. We're seeing unemployment tick-up slightly. There is almost certainty that the Federal cut rates, at least, once this year. How do you factor that into underwriting, going forward through the back half of the year?

那很完美。謝謝。如果可以的話，從宏觀層面再講一個。我們看到失業率略有上升。幾乎可以肯定的是，聯準會今年至少會降息一次。您如何將此因素納入今年下半年的承保中？

Yeah. I mean, I think it's a good question. I think for us, inflation is probably the most painful for our customer. We experienced that in 2022 and had to handle it. I think that -- unemployment is another concern. But I think there's also a benefit when the Fed lowers rates, right? We'll be paying less interest cost, which is obviously a benefit to our P&L.

是的。我的意思是，我認為這是一個很好的問題。我認為對我們來說，通貨膨脹可能是我們客戶最痛苦的。我們在 2022 年經歷過這種情況，並且必須處理它。我認為失業是另一個令人擔憂的問題。但我認為聯準會降息也有好處，對嗎？我們將支付較少的利息成本，這顯然對我們的損益有好處。

But it's something we're going to watch and obviously, making sure that people are employed. That's something that, in our underwriting, we will be kind of watching weekly and making sure that we're not seeing large spikes in unemployed effective cost blips in our delinquency rates or credit.

但這是我們要關注的事情，顯然，要確保人們就業。在我們的承保中，我們將每週關注這一點，並確保我們不會看到拖欠率或信貸中失業有效成本的大幅上升。

Understood. That's very helpful. Thank you for taking my questions, and good luck in the third quarter.

明白了。這非常有幫助。感謝您回答我的問題，祝第三季好運。

Thank you.

謝謝。

(Operator Instructions) And there are no further questions on the line at this time. So I'll turn the program to Todd Schwartz, Chief Executive Officer, for any additional or closing remarks.

（操作員說明） 此時線路上沒有其他問題。因此，我將把該節目轉交給執行長 Todd Schwartz，讓其發表補充或結束語。

Thanks, everyone, for joining us today. And we look forward to reporting our Q3 results in November. Have a great day.

謝謝大家今天加入我們。我們期待在 11 月報告第三季的業績。祝你有美好的一天。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。