OppFi Inc (OPFI) 2025 Q1 法說會逐字稿

Good morning and welcome to OppFi's first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions)

早安，歡迎參加 OppFi 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。（操作員指示）

I am pleased to introduce your host, Mike Galantine, Head of Investor Relations. You may begin.

我很高興向您介紹主持人、投資者關係主管 Mike Galantine。你可以開始了。

Thank you, and good morning, and welcome to OppFi's Fourth Quarter 2024 Earnings Call. Today, our Executive Chairman and CEO, Todd Schwartz; and CFO, Pam Johnson, will present our financial results followed by questions and answers. You can access our earnings presentation on our website at investors.OppFi.com.

謝謝，早安，歡迎參加 OppFi 2024 年第四季財報電話會議。今天，我們的執行主席兼執行長 Todd Schwartz；和財務長 Pam Johnson 將介紹我們的財務結果，然後進行問答。您可以在我們的網站 investors.OppFi.com 上存取我們的收益報告。

During this call, I may discuss certain forward-looking information. The company's filings with the SEC describe essential factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements.

在這次電話會議中，我可能會討論某些前瞻性資訊。該公司向美國證券交易委員會提交的文件描述了可能導致實際結果、發展和業務決策與前瞻性陳述有重大差異的重要因素。

Please refer to slide 2 of the earnings presentation and press release for our disclaimer statements covering forward-looking statements and references to information about non-gap financial measures which will be discussed throughout today's call. Reconciliation of those measures to GAAP measures can be found in the appendix to our earnings presentation and our press release.

請參閱收益報告和新聞稿的第 2 張投影片，以了解我們的免責聲明，其中涵蓋前瞻性陳述和有關非缺口財務指標的資訊引用，這些資訊將在今天的電話會議上討論。這些指標與 GAAP 指標的對帳可以在我們的收益報告和新聞稿的附錄中找到。

With that, I'd like to turn the call over to Todd.

說完這些，我想把電話轉給托德。

Thanks Mike and good morning everyone. Thank you for joining us today. After a strong finish to 2024, I am proud to report that the first quarter of 2025 was a record quarter for OppFi. The business achieved record quarterly revenue, adjusted net income, and operating margin.

謝謝麥克，大家早安。感謝您今天加入我們。在 2024 年強勁收官之後，我很自豪地報告，2025 年第一季是 OppFi 創紀錄的一個季度。該業務實現了創紀錄的季度收入、調整後淨收入和營業利潤率。

OppFi is now beginning to unlock its full growth potential, increasing profitability and strengthening our balance sheet. Given our Q1 outperformance, we are increasing full year 2025 adjusted net income and adjusted EPS guidance.

OppFi 現在開始釋放其全部成長潛力，提高獲利能力並加強我們的資產負債表。鑑於我們第一季的優異表現，我們將上調 2025 年全年調整後淨收入和調整後每股收益預期。

During the quarter, the company generated a strong 16% increase in originations and a 10% increase in revenue year over year. Our disciplined approach to growth and dynamic pricing led to this double digit growth, and we anticipate this year over year growth will continue throughout 2025.

本季度，該公司的貸款發放量年增 16%，營收年增 10%。我們嚴謹的成長方式和動態定價帶來了兩位數的成長，我們預計這種年成長將持續到 2025 年。

In addition, OppFi continues to explore and test exciting new direct response initiatives and expand its marketing channel partners. As we mentioned on our Q4 2024 earnings call, we paid off our corporate debt in the first quarter of 2025. Additionally, we expanded our blue out facility to accommodate increased capacity for future growth.

此外，OppFi 繼續探索和測試令人興奮的新直接回應計劃並擴大其行銷通路合作夥伴。正如我們在 2024 年第四季財報電話會議上所提到的，我們在 2025 年第一季償還了公司債務。此外，我們還擴大了藍色設施，以適應未來成長的容量。

In Q2 we also paid a special dividend of $21.7 million in total. We believe our strong balance sheet and cash position will allow us to continue to be opportunistic in determining how and when to deploy capital to reward shareholders and invest in high ROI initiatives and inorganic growth opportunities.

第二季我們也支付了總計 2,170 萬美元的特別股息。我們相信，我們強勁的資產負債表和現金狀況將使我們能夠繼續抓住機會，決定如何以及何時部署資本來回報股東，並投資於高投資回報率的計劃和無機增長機會。

Throughout the quarter, Model 6 continued to perform well. As a reminder, Model 6 was designed to more effectively identify the risks of long-term charge offs compared to earlier versions that focused on upfront shorter term repayment status.

整個季度，Model 6 繼續表現良好。提醒一下，與專注於前期短期還款狀況的早期版本相比，模型 6 旨在更有效地識別長期沖銷的風險。

Additionally, it is designed to facilitate risk separation, enable seasonal segmentation, and support optimized targeting for new approvals throughout the year. In the first quarter of 2025, OppFi's net charge-off rate improved to 35% as a percentage of revenue compared to 48% for the prior year. Our model gives us the confidence that we will be able to continue to grow and also weather different periods of economic volatility.

此外，它還旨在促進風險分離、實現季節性細分以及支援全年新批准的最佳化定位。2025 年第一季度，OppFi 的淨沖銷率佔營收的百分比從前一年的 48% 改善至 35%。我們的模型讓我們有信心，我們能夠繼續成長，並度過不同的經濟波動時期。

OppFi continues to invest in product and technology initiatives to improve customer experience and originations and servicing. The auto approval rate improved to 79% in Q1 2025, up from 73% in Q1 2024, which in turn improved funnel metrics and propelled our net revenue up 44% year over year.

OppFi 繼續投資於產品和技術計劃，以改善客戶體驗、發起和服務。自動批准率從 2024 年第一季的 73% 提高到 2025 年第一季的 79%，這反過來又改善了漏斗指標，並推動我們的淨收入同比增長 44%。

Op loans remains one of the highest rated products in the industry, boasting an 80 NPS score and a CAT score of over 90% throughout the quarter. Our investment in Biddy continued to perform well in the first quarter of 2025. The business continued to drive a creative profitability and cash flow to OppFi.

Op 貸款仍然是業界評價最高的產品之一，整個季度的 NPS 評分為 80，CAT 評分超過 90%。我們對 Biddy 的投資在 2025 年第一季繼續表現良好。該業務繼續為 OppFi 帶來創造性的盈利能力和現金流。

We continue to see significant imbalance between supply and demand for working capital among small businesses. We are excited to be part of Biddy's growth ahead.

我們繼續看到小企業營運資金的供需嚴重失衡。我們很高興能夠成為 Biddy 未來成長的一部分。

Overall, OppFi had an extremely strong quarter financially and operationally. We expect continued strong revenue momentum and profitable growth throughout the remainder of 2025 and into 2026. OppFi is well on its way to executing its vision of becoming the leading tech enabled digital finance platform that collaborates with banks to offer financial products and services to everyday Americans.

整體而言，OppFi 本季的財務和營運表現均十分強勁。我們預計，2025 年剩餘時間和 2026 年，公司營收和獲利成長動能將持續強勁。OppFi 正在順利實現其願景，即成為領先的技術支援的數位金融平台，與銀行合作，為普通美國人提供金融產品和服務。

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

說完這些，我就把電話轉給帕姆。

Thanks, Todd, and good morning, everyone. As Todd noted, we are off to a fantastic start to the year. These results build upon the improved results that OppFi has generated since 2023 and are also a result of the significant operating improvements made over that period. Notably, we expect the operating changes and investments that OppFi has made to continue generating strong results for the foreseeable future, as evidenced by your increased guidance, which I will discuss shortly.

謝謝，托德，大家早安。正如托德所說，我們今年有了一個非常好的開始。這些結果建立在 OppFi 自 2023 年以來取得的改進業績的基礎上，也是該期間營運取得重大改進的結果。值得注意的是，我們預計 OppFi 所做的營運變革和投資將在可預見的未來繼續產生強勁業績，正如您增加的指導所證明的那樣，我將很快討論這一點。

For this discussion, all results are based on the first quarter of 2025 compared to the first quarter of 2024. Driven by strong loan demand and good credit performance, total revenue increased to a record $140 million, up 10%. Net originations grew 16% to $189 million, with retained net originations increasing 11% to $169 million. The increase resulted from growth in total net originations partially offset by an increase in the percentage of loans retained by our bank partners.

本次討論的所有結果均基於 2025 年第一季與 2024 年第一季的比較。在強勁的貸款需求和良好的信貸表現的推動下，總收入增至創紀錄的 1.4 億美元，成長 10%。淨發起額成長 16% 至 1.89 億美元，保留淨發起額成長 11% 至 1.69 億美元。這一增長是由於淨發放總額的增長，但被我們銀行合作夥伴保留的貸款百分比的增加部分抵消。

Contributing to this increase in originations was an increase in average loan size driven by Model 6, which identified areas where there could be an increase in loan sizes for current and past customers. Our strategy of seeking profitable growth led to a substantial improvement in the credit quality of the customer base, resulting in a 15% decrease in gross charge-offs to $59 million and a 25% increase in recoveries to $11 million. This droves a significant improvement in the annualized net charge-off rate as a percentage of total revenue, decreasing to 35% from 48%, as noted by Todd. It also improved annualized net charge-offs as a percentage of average receivables from 62% to 47%.

貸款發放量增加的原因是模型 6 推動的平均貸款規模增加，該模型確定了可以增加現有和過去客戶貸款規模的領域。我們追求獲利性成長的策略使得客戶群的信用品質大幅提高，總沖銷額下降 15% 至 5,900 萬美元，回收額增加 25% 至 1,100 萬美元。托德指出，這使得年度淨沖銷率佔總收入的百分比顯著改善，從 48% 降至 35%。它還將年度淨沖銷額佔平均應收帳款的百分比從 62% 提高到 47%。

The revenue growth coupled with the improved credit quality discussed by Todd earlier resulted in a higher yield and an improved charge-off rate, driving a significant 44% increase in net revenue to $91 million. The net result of these positive effects was an impressive 630 basis point improvement in the average yield to a record 136%.

收入成長加上托德先前討論的信貸品質提高，帶來了更高的收益率和更好的沖銷率，推動淨收入大幅成長 44%，達到 9,100 萬美元。這些正面影響的最終結果是平均收益率顯著提高了 630 個基點，達到創紀錄的 136%。

Our focus on cost discipline also played a key role in our strong performance. Continued improvements to the automated loan approval process contributed to effective cost control. For the first quarter, 79% of loans were approved in seconds with no human intervention, of 5.2%. The higher auto approvals, along with continued operational improvements, contributed to lower total expenses before interest expense, which declined to $38 million and 18% decrease.

我們對成本控制的重視也對我們強勁的業績發揮了關鍵作用。自動化貸款審批流程的持續改善有助於有效控製成本。第一季度，79% 的貸款在幾秒鐘內獲得批准，無需人工幹預，佔 5.2%。汽車審批的增加以及持續的營運改善導致利息支出前的總支出下降至 3,800 萬美元，降幅為 18%。

As Todd indicated during the quarter, we proactively paid down our higher interest corporate debt, which reduced interest expense to 7% of total revenue, down from 9% in the prior year. As a result of the increases in revenue and reductions in expenses, adjusted net income increased 285% to a record $34 million up from $9 million.

正如托德在本季所指出的，我們主動償還了高利息的公司債務，從而將利息支出從上年的 9% 降至總收入的 7%。由於收入增加和支出減少，調整後的淨收入從 900 萬美元增加 285%，達到創紀錄的 3,400 萬美元。

At the same time, adjusted earnings per share grew significantly to $0.38 from $0.10 last year. We maintained a strong balance sheet, ending the quarter with $91 million in cash equivalents, and restricted cash alongside $288 million in total debt and $238 million in total stockholders' equity. Our total funding capacity was $616 million including $237 million in unused debt capacity.

同時，調整後每股收益從去年的 0.10 美元大幅成長至 0.38 美元。我們維持了強勁的資產負債表，本季末現金等價物為 9,100 萬美元，限制性現金為 2.88 億美元，總負債為 2.38 億美元，股東權益總額為 2.38 億美元。我們的總融資能力為 6.16 億美元，其中包括 2.37 億美元的未使用負債能力。

We expect our strong momentum to continue into the 2nd quarter, driven by robust revenue growth and adjusted net income. Given our strong start to 2025 and our operating performance driven by our growth initiatives, improved credit model, and focus on operating efficiencies, we are providing the following updated guidance.

我們預計，在強勁的營收成長和調整後的淨收入的推動下，我們的強勁勢頭將持續到第二季​​。鑑於我們在 2025 年的強勁開局以及由成長計畫、改進的信貸模式和對營運效率的關注所推動的營運業績，我們提供以下更新的指導。

For the full year 2025, we expect total revenues of $563 million to $594 million representing a 7% to 13% increase compared to 2024. This is unchanged from our previously issued guidance.

我們預計 2025 年全年總營收將達到 5.63 億美元至 5.94 億美元，較 2024 年成長 7% 至 13%。這與我們之前發布的指南相同。

We are increasing our adjusted net income guidance to $106 million to $113 million up from the prior guidance of $95 million to $97 million representing a 28% to 37% increase from 2024 based on an anticipated diluted weighted average share count of $90 million. Adjusted earnings per share are expected to be between $1.18 and $1.26 up from the prior guidance of $1.06 to $1.07.

我們將調整後的淨收入預期從先前的 9,500 萬美元至 9,700 萬美元上調至 1.06 億美元至 1.13 億美元，基於預期稀釋加權平均股數 9,000 萬美元，較 2024 年增長 28% 至 37%。調整後每股收益預計在 1.18 美元至 1.26 美元之間，高於先前預期的 1.06 美元至 1.07 美元。

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

說完這些，我現在想將電話轉給接線生進行問答。

(Operator instruction)

（操作員指令）

And we'll take our first question from Scott Buck of H.C. Wainwright.

我們的第一個問題來自 H.C. 的 Scott Buck。溫賴特。

Guys, thanks for taking my questions. I guess the first one is on, the adjusted net income beat. I'm curious what changed from the beginning of March when you reported 4Q results and gave the guidance from where you ended up at the end of the month?

夥計們，謝謝你們回答我的問題。我想第一個是調整後的淨收入超出預期。我很好奇，從 3 月初您報告第四季度業績並給出指導以來，情況發生了哪些變化？月底的業績指導如何？

Yeah thanks I I think I mean we were able to you know usually in that time of year in in repayment season you see a little bit of a decline in receivables and we also don't have a readout on the repayments due to tax refunds. And we, have some seasonal modeling going on in the 4th quarter, so there was some conservatism also with some of the, choppiness and the macro, so we raised it if you remember we raised it pretty considerably, when we reported, but, let's, things just were better than expected, just better expected all around. Some of the operational efficiencies took effect from last year. The credit performed while the repayment season came in very strong, and the growth was there, which is something, and then also yield, continue to be strong so that was, it was just a really, overall, really strong, March and just a strong quarter for us.

是的，謝謝，我想我的意思是我們能夠知道，通常在每年的那個時候，在還款季節，你會看到應收帳款略有下降，而且我們也沒有關於因退稅而還款的數據。而且，我們在第四季度進行了一些季節性建模，因此也存在一些保守主義，包括一些波動性和宏觀性，因此，如果您還記得的話，我們在報告時將其提高了相當多，但是，事情比預期的要好，各方面都比預期的要好。部分營運效率措施從去年開始生效。在還款季節到來之際，信貸表現非常強勁，並且有所增長，這是有原因的，而且收益率也繼續保持強勁，因此，對於我們來說，三月份總體而言非常強勁，這是一個強勁的季度。

Great, I appreciate that added call time. And now I'm curious, On the small business side with Biddy, are you guys seeing any hesitation or, desire to wait, to make these kinds of investments given, kind of a higher level of macro uncertainty, or we all systems go there as well?

太好了，我很感激增加了通話時間。現在我很好奇，在 Biddy 的小型企業方面，你們是否看到任何猶豫或等待的意願，考慮到更高層次的宏觀不確定性，進行此類投資，或者我們所有的系統也都會去那裡？

Yeah, I mean, I think it's a good question, it's top of mind for sure, and in our, conversations with Craig and the biddy team, we are, actively looking at the underwriting and where we think tariffs will impact, businesses the most, just to give you a transportation retail, some of those sectors and what can be done about it.

是的，我的意思是，我認為這是一個很好的問題，這肯定是最重要的問題，在我們與 Craig 和 biddy 團隊的對話中，我們正在積極研究承保以及我們認為關稅將對企業產生最大影響的地方，只是為了給你提供運輸零售等一些行業以及可以採取哪些措施。

The good news is, Bitty, their revenue-based finance product is short duration, and it gives the ability to course correct. I think when you go out on term right now, you provide there's a lot more risk there's duration risk, especially with, some of the uncertainty, but I think well positioned right now to continue to grow and weather, some of the choppiness from tariffs.

好消息是，Bitty，他們的基於收入的金融產品期限較短，並且具有糾正路線的能力。我認為，當你現在按期限外出時，你會面臨更多的風險，即期限風險，尤其是一些不確定性，但我認為現在我們處於有利地位，可以繼續增長並抵禦關稅帶來的一些波動。

Right. And I'm curious, you guys did the announced a special dividend, at the end of March. This is, clearly not the first special dividend that you guys have done in the last few years. is there a, what's the thought process around moving towards a more regular quarterly dividend versus, the occasional special?

正確的。我很好奇，你們在三月底宣布了特別股息。這顯然不是你們過去幾年第一次派發特別股息。有沒有一個想法，是朝著更定期的季度股息而不是偶爾的特殊股息的方向發展？

Yeah, I mean we doubled it from the prior year so we're glad to do that and show the financial strength. I mean we also paid down debt, so you know obviously the business is generating, strong returns and cash flow and wanted to reward shareholders, but you know I think we're going to preserve the flexibility.

是的，我的意思是我們的收入比去年翻了一番，所以我們很高興做到這一點並展示了我們的財務實力。我的意思是我們也償還了債務，所以你知道顯然業務正在產生強勁的回報和現金流並希望獎勵股東，但你知道我認為我們將保持靈活性。

So that we have, capital at our discretion to kind of choose from the menu of items, that are out there, we're, actively, looking at inorganic opportunities we're actively looking at growth opportunities. And you know there's we think there's some high ROI options out there that we're, exploring and want to you know make sure we have the capital, so that it's, we anything we do is as non-dilutive as possible to shareholders and a creative to the business.

因此，我們可以自行決定從現有項目選單中選擇資本，我們正在積極尋找無機機會，我們正在積極尋找成長機會。你知道，我們認為我們正在探索一些高投資回報率的選擇，並希望確保我們擁有資本，這樣，我們所做的任何事情都盡可能地不稀釋股東的利益，並為企業創造價值。

Great and then last one if I can squeeze it in on those in organic opportunities, could you give a little bit of color on the criteria of what you're looking for maybe what you know what space or what you're looking to add? It sounds like growth is kind of top of mind but.

太好了，最後一個問題，如果我可以把它擠在那些有機機會中，你能否稍微說明一下你正在尋找的標準，也許你知道什麼空間或你想添加什麼？聽起來成長似乎是人們最關心的問題，但是。

Yeah, I mean we still think that there's more there's more opportunities in the in the SMB space you know there's different there's different flavors and different credit bands that that that are you know there's some interest. In the consumer POS space, we're doing a lot of, look looking there, we think that, it plays really nicely with our current core offering, and there's a lot of synergies, and cross all opportunities, so you know those are kind of the areas that we're we're we're focused on for now, but yeah, we're we're continuing to to explore.

是的，我的意思是我們仍然認為 SMB 領域有更多機會，你知道有不同的風格和不同的信用等級，你知道這會引起一些興趣。在消費者 POS 領域，我們做了很多工作，看看那裡，我們認為，它與我們當前的核心產品配合得很好，並且有很多協同效應，並且跨越了所有的機會，所以你知道這些是我們目前關注的領域，但是是的，我們會繼續探索。

Great well I appreciate the time guys and congrats on the results.

非常好，我很感謝大家的時間，並祝賀你們所取得的成果。

Thank you, thanks for the questions.

謝謝，感謝您的提問。

And we'll take our next question from David Scharf of Citizens Capital Markets.

我們將回答公民資本市場 (Citizens Capital Markets) 的 David Scharf 提出的下一個問題。

Hi, good morning. This is Zach. I'm for David, congrats on the strong first quarter. I want to dig in a little bit on the yield and just the credit box, obviously the yield was a little bit above our expectations, so wanted to see if we can kind of get a little bit more insight into just how the credit box is kind of today and, what the kind of potential is for credit loosening, particularly given, macro trends?

嗨，早安。這是札克。我支持大衛，恭喜他第一季表現強勁。我想深入研究收益率和信貸框，顯然收益率略高於我們的預期，所以想看看我們是否可以更深入地了解今天的信貸框情況，以及信貸放鬆的可能性有多大，特別是考慮到宏觀趨勢？

Yeah, I mean, I think you know we're not, we've held pretty firm on not loosening the credit box we've been very disciplined on our growth approach, the increase in yield you're seeing is obviously just better repayment rates, in the accrual and loans are in accrual status and then also you're seeing, our risk-based pricing, that we deployed last year along with Model 6, which is essentially better pricing risk. For new customers on the front end, and flowing through, so, you're starting to see, some increased yields coming from that.

是的，我的意思是，我想你知道我們不會，我們一直堅定地堅持不放鬆信貸限制，我們對我們的增長方式非常嚴格，你所看到的收益率的增長顯然只是更好的還款率，在應計和貸款處於應計狀態，然後你還看到，我們去年與模型 6 一起部署的基於風險的定價，本質上是更好的定價。對於前端的新客戶和流動的客戶，您會開始看到由此帶來的收益增加。

Got it. Understood, and then one more question just to kind of hop on on the capital action side, any kind of thought process behind, potential share repurchas is, kind of picking back up with that?

知道了。明白了，然後還有一個問題，只是為了進入資本行動方面，背後有什麼思考過程嗎，潛在的股票回購是否會隨之恢復？

Yeah, it's something for sure. I mean, we have to, the timing of it with open windows and potentially 10501s we have to make sure that we're ready to go, but I think, we are definitely looking that, we, when we think the share price is disconnected from reality I mean I think if you just look at our business.

是的，這是肯定的。我的意思是，我們必須在開放窗口和潛在 10501 的情況下把握時機，我們必須確保我們已做好準備，但我認為，我們肯定會看到，當我們認為股價與現實脫節時，我的意思是，如果你只看看我們的業務。

With our current earnings potential and also the improvement of the metrics on the revenue side on the op on the operational efficiency side, we do think that we're undervalued, but you know we also have a lot of other you know attractive options out there so we're always kind of weighing what the highest and best use of capital is for the business and where we can think it could be most accreted for shareholders and for and for the business in general.

鑑於我們目前的獲利潛力以及收入、營運和營運效率指標的改善，我們確實認為我們被低估了，但你知道我們還有很多其他有吸引力的選擇，所以我們總是在權衡什麼是企業最高和最佳的資本用途，以及我們認為在哪裡可以為股東和整個企業帶來最大的收益。

Got it thanks.

明白了，謝謝。

Our next question is coming from Dave Storms of Stonegate.

下一個問題來自 Stonegate 的 Dave Storms。

Morning, thank you for taking my questions. Just wanted to start with, what you're seeing as far as customer patterns. Are you seeing any. Pull forward of their buying patterns, borrowing activities, for some of these forecasted macro events or anything like that?

早上好，感謝您回答我的問題。首先，我想了解您所看到的客戶模式。你看到什麼了嗎？提前預測他們的購買模式、借貸活動，以應對一些預測的宏觀事件或類似事件？

Yeah, no, I talked about SMB earlier. I mean, I think there's more, direct impact there. I don't think we have any direct, impact on our consumers as far as tariffs are related. We have not seen, much change. We've seen a very stable customer if you actually look at the the macro metrics of, inflation was at a 4 year low? I think last week it was reported.

是的，不，我之前談過 SMB。我的意思是，我認為那裡有更直接的影響。就關稅而言，我認為我們對消費者沒有任何直接影響。我們還沒有看到太多變化。如果您實際看一下宏觀指標，您會發現，我們看到了一位非常穩定的客戶，通貨膨脹率是否處於 4 年來的最低水平？我認為上週就有報道了。

You know interest rates have come down from their highs I think, prices for major things like oil, and food have come down so like the under and people are employed, right? You know employment numbers were good so right now if you take, the moment in time. Things are things are solid and stable and we're not seeing anything obviously it's something we're watching extremely closely this is also. What happened in 22 that was more of a shock inflation, but those learnings is really what developed Model 6. Which we've been, deployed last year and is designed to help smooth out some of the volatility and some of these, macro things, but you know right now you know we're seeing mostly stability in in the consumer.

你知道，我認為利率已經從高點回落，石油和食品等主要商品的價格也下降了，所以人們有就業，對嗎？您知道，就業數據很好，所以現在，如果您抓住這個時機。事情是堅實而穩定的，我們沒有看到任何明顯的事情，這也是我們正在密切關注的事情。22 年發生的事情更像是衝擊性通貨膨脹，但這些經驗教訓才是模型 6 真正發展的原因。我們去年就已部署這些措施，旨在幫助消除一些波動和一些宏觀因素，但您知道，目前我們看到的消費者狀況基本上已經穩定。

Understood very helpful. Thank you. And then just on the cost discipline front, how many more levers do you think you have to pull here and are there any examples you give us?

明白了很有幫助。謝謝。那麼，僅在成本控制方面，您認為還需要採取多少措施？您能給我們舉一些例子嗎？

I'm sorry I missed the first part of the question that you said how many more levers on on on the growth cost.

很抱歉，我錯過了問題的第一部分，您說的是成長成本上還有多少槓桿。

Cost discipline.

成本紀律。

Oh, on the cost, listen, I think, it's something that is just ingrained in our culture, continuous improvement operating efficiency, we're continuously looking for ways to get more efficient. I mean if you look at our auto approval rate. Year over year went from 73.4% to 78.6%, and that's really, that's not just one silver bullet that's really just the business operating more efficiently getting more customers through without human interaction it's something we strive to continuously incrementally improve on a quarter-by-quarter basis and then also, find operating efficiencies.

哦，關於成本，聽著，我認為，這是我們文化中根深蒂固的東西，不斷提高營運效率，我們一直在尋找提高效率的方法。我的意思是如果你看看我們的自動批准率。同比成長從 73.4% 上升到 78.6%，這實際上不僅僅是一個靈丹妙藥，它實際上只是讓業務更有效率地運營，在無需人工互動的情況下吸引更多客戶，這是我們努力逐季度持續逐步改進的事情，然後同時提高營運效率。

With the AI revolution coming, there, there's definitely going to be opportunities to continue to improve operational efficiencies, but we want to do it the right way and we're not looking to just replace all humans, we're looking to do it to provide a better customer experience and higher customer satisfaction to our customers. We already lead the industry with our 80 NPS and our 90% or 90% CSAT. So we view it as a way to help with the origination process, make it smoother for our consumers and then also service them better on the back end.

隨著人工智慧革命的到來，肯定會有機會繼續提高營運效率，但我們希望以正確的方式去做，我們並不希望僅僅取代所有人類，我們希望透過這種方式為客戶提供更好的客戶體驗和更高的客戶滿意度。我們的 NPS 已達 80，CSAT 達 90% 或以上，已在行業中處於領先地位。因此，我們將其視為一種幫助發起流程的方法，使我們的消費者能夠更順暢地完成流程，並在後端為他們提供更好的服務。

Understood thank you for taking my questions and good luck in the future too.

我明白了，感謝您回答我的問題，祝您未來好運。

Thanks. We'll take our final question from Mike Grondahl with Northland Securities.

謝謝。我們將回答 Northland Securities 的 Mike Grondahl 提出的最後一個問題。

Yeah, hey guys, this is Luke on from Mike. Congrats on the great quarter. I just wanted to touch on how 2 has been tracking so far, kind of specifically the month of April, and how your kind of outlook on the year has changed, or if that at all with the sort of macro uncertainty?

是的，嘿夥計們，我是麥克的盧克。恭喜本季取得如此出色的成績。我只是想談談 2 到目前為止的走勢情況，特別是 4 月份的走勢，以及您對今年的展望發生了怎樣的變化，或者這是否與宏觀不確定性有關？

Yeah I mean I think it's it's consistent with my comments, in the in the transcript that you know we we see we see positive momentum for growth, we think we still have a lot of levers to unlock, in our marketing channels we're continuing to target you know lower risk segments, effectively.

是的，我的意思是我認為這與我的評論一致，在記錄中，我們看到了積極的成長勢頭，我們認為我們仍有許多槓桿需要解鎖，在我們的行銷管道中，我們將繼續有效地瞄準風險較低的細分市場。

And we you know we continue to think that you know we we're going to you know be able to grow significantly this year so we're excited and you know where things are looking good.

我們仍然認為，我們今年將能夠實現顯著增長，因此我們感到興奮，而且情況看起來不錯。

Awesome, yeah, and then last one here just what one or two things are you kind of most excited about for the remainder of the year?

太棒了，是的，最後一個問題是，今年剩下的時間裡，你最興奮的一兩件事是什麼？

I think you know we're executing on a larger vision right to be to be the digital financial platform of the future for alternative financial service credit products and you know we're, we, like I said in the last earnings call that was phase one we're now into you know the throes of phase two where we're going to really unlock the earnings potential and growth of the business but also you know be a multi-product platform for the future and I'm excited to execute on that vision. And continue to incrementally improve our models, improve our auto approval rates for our consumers and continue to be the leader in the space.

我想你知道我們正在執行一個更大的願景，那就是成為未來替代金融服務信貸產品的數位金融平台，你知道我們，就像我在上次財報電話會議上說的那樣，這是第一階段，我們現在進入了第二階段，我們將真正釋放業務的盈利潛力和增長，同時也成為未來的多產品平台，我很高興能夠實現這一願景。並繼續逐步改進我們的模型，提高消費者的汽車批准率，並繼續成為該領域的領導者。

Awesome. Well, that's it from me guys. Thanks for taking the questions and congrats on the quarter.

驚人的。好了，夥計們，我說的就這些。感謝您回答問題並祝賀本季取得的成績。

Thank you. This does conclude our question-and-answer session as well as our conference for today. You may now disconnect your lines and everyone, have a great day.

謝謝。我們的問答環節以及今天的會議到此結束。現在您可以斷開線路了，祝大家有個愉快的一天。