OppFi Inc (OPFI) 2025 Q3 法說會逐字稿

Good morning and welcome to OppFi Third quarter 2025 earnings conference call. I am pleased to introduce your host, Michael Gallentine, Head of Investor Relations.

早安，歡迎參加 OppFi 2025 年第三季財報電話會議。我很高興向大家介紹主持人，投資人關係主管麥可‧加倫廷。

Thank you, operator. Good morning and welcome to OppFi Third quarter 2025 earnings call.

謝謝接線生。早安，歡迎參加 OppFi 2025 年第三季財報電話會議。

Today our Executive Chairman and CEO Todd Schwartz and CFO Pamela Johnson will present our financial results followed by a question-and-answer session.

今天，我們的執行董事長兼執行長托德·施瓦茨和財務長帕梅拉·約翰遜將公佈我們的財務業績，隨後將進行問答環節。

You can access the earnings presentation on our website at investors.OppFi.com.

您可以在我們的網站 investors.OppFi.com 上查看收益報告。

During this call, OppFi may discuss certain forward-looking information.

在本次電話會議中，OppFi可能會討論某些前瞻性資訊。

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

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聲明之間存在重大差異的關鍵因素。請參閱收益簡報和新聞稿的第二頁，其中包含我們的免責聲明，涵蓋前瞻性陳述和有關非GAAP財務指標的信息，這些資訊將在今天的電話會議中討論。

Reconciliations of those measures to GAAP measures can be found in the appendix to our earnings presentation and press release.

這些指標與 GAAP 指標的調整表可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.

接下來，我想把電話交給托德。

Thanks, Mike, and good morning everyone.

謝謝你，麥克，大家早安。

Thank you for joining us today.

感謝您今天蒞臨。

OppFi achieved another record quarter of revenue, profitability originations, and ending receivables. In addition, we are happy to report that we have renewed our credit agreement with Castle Lake, improving operating leverage, pricing, and capacity.

OppFi 又創下了一個季度營收、獲利能力、貸款發放量和期末應收帳款的紀錄。此外，我們很高興地宣布，我們已與 Castle Lake 續簽了信貸協議，提高了營運槓桿、定價和產能。

Given our continued outperformance in Q3, we are raising earnings guidance for the third time this year.

鑑於我們在第三季持續取得優異業績，我們將今年第三次上調獲利預期。

I will discuss growth credit our loan origination lending application Lola migration.

我將討論成長信貸、我們的貸款發起貸款應用程式 Lola 的遷移。

And biddy our SMB investment on the call.

在電話會議上，我們談到了對中小企業的投資。

In the quarter we achieved a 12.5% growth in net originations and a 13.5% increase in revenue year over year, with almost 50% of originations coming from new customers. Auto approval rates increased to 79% year over year, and customers continue to be approved at higher rate than in prior quarters with no human interaction. We continue to see increased scale in our partnerships and direct response programs. We started testing connected TV in Q4 and believe that this could contribute to growth in 2026 and beyond.

本季度，我們的淨貸款發放量年增 12.5%，營收年增 13.5%，其中近 50% 的貸款發放量來自新客戶。自動審批通過率年增至 79%，且無需人工幹預，客戶的審批通過率也持續高於前幾季。我們的合作夥伴關係和直接響應計劃的規模持續擴大。我們從第四季開始測試連網電視，並相信這將有助於2026年及以後的成長。

This strong top-line growth combined with prudent expense management led out by to generate a record 41 million of adjusted net income for the quarter, representing 41% year over year growth.

強勁的營收成長加上審慎的費用管理，使得本季調整後淨收入創下 4,100 萬美元的紀錄，較去年同期成長 41%。

Regarding credit, Model 6 continues to perform well and better segment customers across risk segments. Throughout the quarter we saw higher charge-offs in new loan vintages. However, by tightening higher risk segments and applying a risk-based pricing approach, we maintained strong unit economics while sustaining growth.

在信貸方面，Model 6 持續表現良好，並能更好地按風險等級劃分客戶。本季新貸款的核銷率上升。然而，透過收緊高風險細分市場並採用基於風險的定價方法，我們在保持成長的同時，也維持了強勁的單位經濟效益。

The team leverage AI tools, customer attributes, and repayment data to refit Model 6 into what we believe is the most reliable model to date, Model 6.1.

團隊利用人工智慧工具、客戶屬性和還款數據，將 Model 6 改造為我們認為迄今為止最可靠的模型——Model 6.1。

This model 6.1 refit is designed to identify riskier borrower populations better while incrementally improving volume. The model is also designed to enhance risk pricing across segments, accounting for behavioral and seasonal volatility. In conjunction with our lending partners, we plan to roll out Model 6.1 refit in Q4 and fully implement it in Q1 2026.

此 6.1 版本改進旨在更好地識別風險較高的借款人群體，同時逐步提高交易量。該模型還旨在提高各細分市場的風險定價，並考慮行為波動性和季節性波動性。我們計劃與貸款合作夥伴一起，在第四季度推出 Model 6.1 改裝方案，並在 2026 年第一季全面實施。

With Lola, OppFi is building the origination system of the future. This will give us a clean architecture that is designed to take advantage of rapidly developing AI tools in originations, servicing, and corporate operations. The product and tech teams have been working hard and have officially begun the testing phase of our migration. We plan to continue testing Lola throughout the 4th quarter and migrate in Q1 2026.

OppFi正藉助Lola建構面向未來的貸款發起系統。這將為我們提供一個清晰的架構，旨在利用快速發展的 AI 工具來進行業務、服務和企業營運。產品和技術團隊一直在努力工作，目前已正式開始遷移的測試階段。我們計劃在整個第四季度繼續測試 Lola，並在 2026 年第一季進行遷移。

Early indicators give us confidence that Lolo will help continue to improve funnel metrics, increased automated approvals, enhance efficiency and servicing and recoveries, better integrate major systems, and deliver reduced cycle times and greater throughput for our product, tech, and risk teams.

早期跡象表明，Lolo 將有助於繼續改善銷售漏斗指標，提高自動化審批率，增強效率和服務以及回收能力，更好地整合主要係統，並為我們的產品、技術和風險團隊縮短週期時間，提高吞吐量。

Our investment in Bitty continues to perform well. In the third quarter of 2025, Bitty generated $1.4 million in equity income for OppFi. Bitty is a great partner that we have enjoyed working with and learning from in the SMB space. The company shares OppFi business principles and corporate values and consistently uses technology to enhance operations and the customer experience.

我們對Bitty的投資持續表現良好。2025 年第三季度，Bitty 為 OppFi 創造了 140 萬美元的股權收入。Bitty 是我們非常信任的合作夥伴，我們很高興能與他們合作，並在中小企業領域向他們學習。該公司秉承 OppFi 的商業原則和企業價值觀，並持續利用科技來提升營運效率和客戶體驗。

That he has identified significant additional growth opportunities and continues to capitalize on the ongoing supply demand imbalance in the small business revenue based finance space.

他已經發現了巨大的額外成長機會，並繼續利用小型企業收入融資領域持續存在的供需失衡。

Overall, OppFi Delivered another strong quarter both financially and operationally, outperforming expectations and allowing us to raise guidance for the third time this year. Looking ahead, we anticipate continued double-digit revenue and adjusted net income growth throughout the remainder of 2025 and into 2026. We believe OppFi is well on its way to executing its vision of becoming the leading tech enabled digital finance platform that partners with banks to offer essential financial products and services to everyday Americans. With that, I'll turn the call over to Pam.

整體而言，OppFi 在財務和營運方面又實現了強勁的季度業績，超乎預期，因此我們得以今年第三次調高業績預期。展望未來，我們預計在 2025 年剩餘時間和 2026 年，收入和調整後淨利潤將繼續保持兩位數成長。我們相信，OppFi 正朝著其願景穩步邁進，成為領先的科技賦能型數位金融平台，與銀行合作，為一般美國民眾提供必要的金融產品和服務。這樣，我就把電話交給帕姆了。

Thanks, Todd, and good morning everyone.

謝謝托德，大家早安。

As Todd noted, we achieved another record quarter, generating revenues of $155 million an impressive 14% increase over third quarter 2024. Model 6 has been a significant contributor to this growth, empowering opp 5 to expand its reach and grow its business effectively. Its enhanced predictive power has enabled us to better manage our loan economics through risk-based pricing and allow our bank partners to underwrite larger loan amounts for creditworthy individuals, helping fuel robust growth in originations and receivables balances.

正如托德所指出的，我們又取得了創紀錄的季度業績，營收達到 1.55 億美元，比 2024 年第三季度增長了 14%，令人矚目。Model 6 為這一成長做出了重大貢獻，使 opp 5 能夠有效地擴大其業務範圍並成長。其增強的預測能力使我們能夠透過基於風險的定價來更好地管理貸款經濟，並允許我們的銀行合作夥伴為信譽良好的個人承銷更大額的貸款，從而有助於推動貸款發放量和應收帳款餘額的強勁增長。

As Todd noted in the third quarter of 2025, we observed an increase in net chargeoffs as a percentage of revenue at 35%, up from 34% in third quarter 24.

正如 Todd 在 2025 年第三季指出的那樣，我們觀察到淨沖銷額佔收入的百分比上升至 35%，高於 2024 年第三季的 34%。

It's important to note that we believe this risk is appropriately priced into these loans.

值得注意的是，我們認為這種風險已適當地反映在這些貸款的價格中。

This strategy also contributed to our net revenue growth, reaching a quarterly record of 105 million, a 15% increase over third quarter 24, though the yield decreased slightly to 133% from 134% in third quarter 24.

這項策略也促進了我們的淨收入成長，季度淨收入達到創紀錄的 1.05 億，比 2024 年第三季成長了 15%，儘管收益率從 2024 年第三季的 134% 略微下降至 133%。

Our scale and focus on cost discipline also played a pivotal role in our strong performance.

我們的規模和對成本控制的重視也對我們取得優異的績效起到了關鍵作用。

Continued operational improvements contributed to notably lower total expenses before interest expense, which declined significantly to 30% of revenue in the third quarter, a substantial improvement compared to 33% in the same quarter last year.

持續的營運改善顯著降低了利息支出前的總支出，第三季總支出佔收入的比例大幅下降至 30%，與去年同期的 33% 相比有了顯著改善。

As we noted previously earlier this year, we proactively paid down our corporate debt and successfully upsized one of our main credit facilities at more attractive interest rates. These strategic moves helped reduce interest expense to 6% of total revenue, down from 8% in the prior year. Additionally, in early October, we announced the signing of another $150 million credit facility with lower interest rates than the previous one, positioning us to realize even lower interest expenses as a percentage of revenue in the future.

正如我們今年稍早所指出的那樣，我們積極償還了公司債務，並以更具吸引力的利率成功擴大了我們的主要信貸額度之一。這些策略措施有助於將利息支出佔總收入的比例降低至 6%，低於前一年的 8%。此外，10月初，我們宣布簽署了另一項1.5億美元的信貸協議，利率比先前的協議更低，這將使我們能夠在未來實現更低的利息支出佔收入的比例。

As a direct result of increased revenue and strategic reductions in expenses, adjusted net income surged 41% to a quarterly record of $41 million marking a significant increase from $29 million last year. Concurrently, adjusted earnings per share grew to $0.46 from $0.33 last year.

由於收入增加和策略性削減開支，調整後淨收入飆升 41%，達到季度創紀錄的 4,100 萬美元，較去年的 2,900 萬美元大幅增長。同時，調整後每股收益從去年的 0.33 美元增長至 0.46 美元。

On a GAAP basis, net income increased by 137% to $76 million reflecting our higher revenues, lower expenses, and a $32 million non-cash gain related to the change in the fair value of our outstanding warrants. Because our Class A common stock price decreased during the quarter, the estimated value of the warrants issued when we went public decreased, driving this non-cash income. However, as we have consistently stated, this is a non-cash item and does not impact the underlying profitability of the company.

以美國通用會計準則 (GAAP) 計算，淨收入成長 137% 至 7,600 萬美元，這反映了我們更高的收入、更低的支出以及與我們未行使認股權證的公允價值變動相關的 3,200 萬美元非現金收益。由於本季我們的 A 類普通股價格下跌，我們上市時發行的認股權證的估計價值也隨之下降，產生了這筆非現金收入。然而，正如我們一直強調的，這是一項非現金項目，不會影響公司的基本獲利能力。

Looking at the balance sheet, we continue to maintain a robust financial position, ending the quarter with $75 million in cash equivalents, and restricted cash alongside $321 million in total debt and $277 million in total stockholders equity. Our total funding capacity stood at a strong $600 million at quarter's end, including $204 million in unused debt capacity.

從資產負債表來看，我們繼續保持穩健的財務狀況，本季末擁有 7,500 萬美元現金等價物和受限現金，同時總債務為 3.21 億美元，股東權益總額為 2.77 億美元。截至季末，我們的總融資能力高達 6 億美元，其中包括 2.04 億美元的未動用債務融資能力。

During the third quarter, Op by strategically repurchased 710,000 shares of Class A common stock for $7.4 million.

第三季度，Op 透過策略性地回購了 71 萬股 A​​ 類普通股，耗資 740 萬美元。

Additionally, since the third quarter, Opfi has repurchased 317,000 shares of Class A common stock for $3.2 million as management continues to believe the share price does not reflect our underlying cash generation or our return on capital opportunity.

此外，自第三季以來，Opfi 已斥資 320 萬美元回購了 317,000 股 A 類普通股，因為管理層仍然認為股價沒有反映出我們潛在的現金流或資本回報機會。

Given our strong operating performance driven by growth and net originations, revenues, and adjusted net income, we are pleased to provide the following updated full year guidance. We are once again increasing our guidance for total revenues, we are raising the bottom of the range to $590 million while leaving the top of the range at $605 million up from the prior guidance of $578 million to $605 million.

鑑於我們強勁的經營業績，以及淨貸款發放量、收入和調整後淨利潤的成長，我們很高興提供以下更新後的全年業績指引。我們再次上調了總收入預期，將預期範圍的下限上調至 5.9 億美元，上限維持在 6.05 億美元，高於先前預期的 5.78 億美元至 6.05 億美元。

Adjusted net income is expected to be $137 million to $142 million up from our prior guidance of $125 million to $130 million. Based on an anticipated diluted weighted average share count of 89 million shares, adjusted earnings per share are expected to be $1.54 to $1.60 up from our prior guidance of $1.39 to $1.44 per share.

調整後淨收入預計為 1.37 億美元至 1.42 億美元，高於我們先前預期的 1.25 億美元至 1.3 億美元。根據預計稀釋後加權平均股數為 8,900 萬股，調整後每股收益預計將為 1.54 美元至 1.60 美元，高於我們先前預測的每股 1.39 美元至 1.44 美元。

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

接下來，我將把電話轉交給問答接線生。

(Operator Instruction) David Scharf, Citizens Capital Market.

（操作員指示）David Scharf，Citizens Capital Market。

Hi good morning and thanks for taking my questions.

您好，早安，感謝您回答我的問題。

Maybe I'll, start off with credit since it's been so topical this reporting season, just curious, obviously you spoke to.

也許我會先談功勞，因為這在本報道季一直是個熱門話題，只是好奇，顯然你跟我談過了。

The strong performance, just curious, are there any early indicators or metrics such as first payment defaults or or the like? I mean, anything that gives you a sense that households that you're catering to are becoming a little more stressed than 3 months ago or pretty much the loss rates you reported speak for themselves.

業績表現強勁，只是好奇，是否有任何早期指標或衡量標準，例如首次付款違約率之類的？我的意思是，任何能讓你感覺到你所服務的家庭比三個月前壓力更大的跡象，或者說，你報告的損失率本身就說明了一切。

Yeah, hey, David, good question, thank you, we constantly are surveying, looking at different data points not only from the data that we receive from customers' bank accounts and the macroeconomic data. I mean, the backdrop from a macroeconomic standpoint still still remains largely, unchanged. We are hearing about, different products like auto loan delinquencies and all this, but we really focus on how it affects our customers in our bank data we're not seeing anything that would, cause alarm. However, we did see some higher early early, payment.

是的，嘿，大衛，問得好，謝謝。我們一直在進行調查，查看不同的數據點，不僅包括我們從客戶銀行帳戶收到的數據和宏觀經濟數據。我的意思是，從宏觀經濟角度來看，背景仍然基本上保持不變。我們聽到了一些關於汽車貸款違約等不同產品的消息，但我們真正關注的是它對我們客戶的影響，從我們的銀行數據來看，我們沒有發現任何令人擔憂的事情。然而，我們確實看到一些較早的付款金額較高。

Stats in the quarter that caused us to tighten slightly. I will remind you though that, back in 22, without risk based pricing, not being able to price risk properly in these environments, is something that we were not able to do. Also our recovery lines, we feel really good about keeping unit economics strong with pricing and and and strong recoveries in this environment and feel like we can operate in any environment with Model 6. And it's kind of a dynamic modeling environment. It's not set it forget it anymore. We're really of the mind that mindset that, we just, we're going to meet the customer where they are and we're going to price it properly and, have a product for them. So yeah, we may incur some higher charge-offs, coming through.

本季度的一些統計數據導致我們略微收緊了預算。不過我要提醒各位，在 22 年前，由於沒有基於風險的定價，在這些環境下無法對風險進行適當的定價，這是我們當時無法做到的。此外，我們的回收線也讓我們感到非常滿意，我們能夠透過定價和強勁的回收率在當前環境下保持良好的單位經濟效益，並且感覺我們可以憑藉 Model 6 在任何環境下運作。它是一種動態建模環境。它不再是設定好就不用管了。我們秉持著這樣的理念：我們要了解客戶的需求，合理定價，並提供適合他們的產品。是的，接下來我們可能會面臨一些更高的壞帳。

In the 4th, but let's not lose sight of, as a percentage of revenue year over year, we expect our charge-offs as a percentage of revenue to to go down year over year. So, that's just kind of how the environment is now. You gotta, you can't set it, forget it, you have to be constantly watching it and constantly updating your pricing per segments and your pricing for risk.

第四點，但我們不要忘記，我們預期沖銷額佔收入的百分比將逐年下降。所以，現在的環境大概就是這樣。你不能設定好就置之不理，你必須時時關注，不斷更新每個細分市場的定價和風險定價。

Got it. No, that, that's helpful. You kind of delved into maybe my follow-up with, which was maybe to get a little better context for risk-based pricing, the Model 6 is going to enable more of, you know.

知道了。不，那樣才有用。你似乎深入探討了我接下來要問的問題，那就是為了更好地理解基於風險的定價，Model 6 將實現更多……你知道的。

I guess at a high level, should we think about More risk based pricing as you're currently leaving yield on the table, or is it, you're leaving volume on the table that there maybe Consumers that are applying not accepting the loan, you know.

我想從宏觀層面來說，我們是否應該考慮採用更多基於風險的定價方式，因為你目前放棄了收益，或者說，你放棄了銷量，因為可能有一些申請貸款的消費者最終沒有接受貸款，你知道的。

It's both, I think in times of volatility and economic environments, it allows us to properly price risk so that gives us that lever, but it also allows us to target with with potentially lower prices for our lowest risk customers. It allows us to better target them. And so we use it for both, we use it for credit and losses. We all start using it for targeting and growth, and it's you, it's a switch that you can toggle depending on the environment, and that's kind of why I spoke a little bit before about the dynamic nature of it. It's something that we're reading, in real time on a weekly basis and kind of assessing, especially in a, in an environment, like this where you know there's a lot of news and a lot going on. We do, we're, the Fed's meeting soon, we're waiting and seeing on that, from a union economic standpoint if we do get some relief on on interest rate, but, right now we're just in an environment like that where we're just going to continue to watch credit, but we still think we can grow in this environment, with strong unit economics.

我認為，在經濟環境動盪時期，它既能讓我們正確地對風險進行定價，從而賦予我們這種槓桿作用，又能讓我們以可能更低的價格瞄準風險最低的客戶。這使我們能夠更精準地鎖定目標群體。因此，我們將其用於信用和損失兩個方面。我們都開始用它來進行目標定位和成長，而它就像一個開關，你可以根據環境進行切換，這也是我之前稍微談到它的動態特性的原因。這是我們每週都會即時關注並進行評估的事情，尤其是在像現在這樣新聞很多、事情很多的環境下。我們正在關注聯準會即將召開的會議，從聯邦經濟的角度來看，我們正在等待並觀察利率是否會下降。但目前我們正處於這樣的環境下，我們將繼續關注信貸狀況，但我們仍然認為，憑藉強勁的單位經濟效益，我們能夠在這種環境下實現成長。

Got it. Great. Hey, apologize. Maybe just 11 quick follow-up on credit because obviously you had mentioned auto it's been sort of dominating the headlines, a lot of company specific events out there, but auto subprime delinquencies have gone up. I'm curious, since you're capturing bank data.

知道了。偉大的。嘿，道歉。或許可以快速跟進信貸問題，因為很明顯你提到了汽車貸款，它一直佔據著新聞頭條，有很多公司相關的事件，但汽車次級貸款違約率上升了。我很好奇，因為你們在收集銀行資料。

Are you, do you monitor what percentage of household budgets are being attributed to auto payments since affordability is still sort of plaguing.

您是否會關注家庭預算中用於汽車付款的比例，因為汽車購買力問題仍然困擾著許多人？

The the auto sector for both new and used.

汽車業，包括新車和二手車。

Yeah, I mean something you know we're we're very ability to repay is very prevalent in our modeling, not specifically necessarily, auto, but it is factored into the equation of ability to repay. The customers have to have the discretionary income to make the monthly payments and so it's something that we is top of mind in our model we have not seen, in our bank data, significant reductions in income or balances or anything that would, cause alarm here, and so that's why we can, we tightened where it made a lot of sense and then also, use the model to better target lower risk customers in this environment. But you know we're watching it just like everybody else right now. I'm not going to, not say that, credit isn't worse. It is worse than it was last year in the new segments, especially the new, but, something that we can operate in now, with our current pricing structure and and and how we operate.

是的，我的意思是，你知道，我們的模型中非常重視償還能力，雖然不一定特別指汽車貸款，但它確實是償還能力等式中的一個因素。客戶必須有足夠的可支配收入來支付每月還款，因此這是我們模型中首要考慮的因素。在我們的銀行數據中，我們還沒有看到收入或餘額大幅下降，或者任何會引起警覺的情況，所以這就是為什麼我們可以在合理的情況下收緊政策，並利用該模型更好地鎖定當前環境下的低風險客戶。但你知道，我們現在也和其他人一樣在關注著它。我不會說信用狀況沒有變差。新興市場的情況比去年更糟，尤其是新興市場，但是，憑藉我們目前的定價結構和營運方式，我們現在可以應對這種情況。

Great.

偉大的。

Thank you very much, Dad.

爸爸，非常感謝您。

(Operator Instruction) Mike Grondahl, Northland Securities.

（操作員指示）Mike Grondahl，Northland Securities。

Hey thanks guys and congratulations.

嘿，謝謝大家，也恭喜你們。

On the origination side, could you talk a little bit about direct mail and then some of your thoughts on connected TV that you mentioned?

在內容創作方面，您能否談談直郵，以及您之前提到的連網電視的一些看法？

Yeah, thanks Mike. How you doing? .

謝謝你，麥克。你好嗎？。

Listen, I think, I think direct mail is a highly scalable lever for us that we're just starting, we're just in the early innings of it was, it was 4.2% of our originations, that can easily be in the double-digits if if we wanted. We're going slow and being pretty methodical and strategic. We're making sure we have the creative right, excuse me, and making sure that the modeling is right, it's something that. You know it's a it's a powerful funnel, top of funnel, if you can if you can get a lot of apps that's consistent, it's something that you know we're prioritizing and focusing on. And the connected TV, yeah, so we're the really early innings of that but but you know it's something that we think it's controllable scalable and it's also reaching a lot of our customers in a targeted fashion so we're excited about it it also allows us to get our brand out there and our creative so you know our marketing team has been working hard on that and you know we're going to be testing that throughout the quarter. But we'll we'll have more to report on that in our, Q4 earnings, but, we think it's promising and it's something that can, help us scale and continue to grow, next year.

聽著，我認為，我認為直郵對我們來說是一個可擴展性很強的槓桿，我們才剛起步，還處於早期階段，它占我們業務總量的 4.2%，如果我們願意，這個比例很容易達到兩位數。我們進展緩慢，做事相當有條不紊，也很有策略。我們正在確保創意正確，抱歉，也要確保建模正確，這是非常重要的事情。你知道這是一個強大的行銷漏斗，漏斗頂端，如果你能獲得大量持續不斷的應用程序，這是我們正在優先考慮和關注的事情。至於連網電視，是的，我們目前還處於起步階段，但我們認為它是可控的、可擴展的，而且能夠以精準的方式觸達我們的大量客戶，所以我們對此感到興奮。它還能幫助我們推廣品牌和創意，我們的行銷團隊一直在為此努力，我們將在本季進行測試。不過，我們會在第四季財報中對此進行更多匯報，但我們認為這很有前景，而且可以幫助我們擴大規模，並在明年繼續成長。

Got it, and then.

明白了，然後。

You've been really disciplined on op X.

你在執行 X 行動時非常自律。

I would call OpEx sort of, basically flattish to up a tad.

我會說營運支出基本上持平，略有成長。

How much can you grow originations in the book without having a step function list in OpEx? Like, you've kind of done this now for 2+ years if not longer, bolted on more revenue and more loans on your existing platform and and then really efficient and the throughput's been great, but how long can you continue to do that?

如果沒有營運支出 (OpEx) 中的階梯函數列表，你能在書中實現多少業務成長？例如，你已經這樣做了兩年多，甚至更久，在現有平台上增加了收入和貸款，效率很高，吞吐量也很大，但是你能繼續這樣做多久呢？

Yeah, good question, we feel really confident in our ability to scale I mean this is where, things get, highly incremental, at this scale, as far as originations and growth go. We don't anticipate, I mean, Lola is that that's why I keep talking kind of about Lola, on these calls and introduced it last quarter, we've made significant, R&D and software, development, initiatives in the company over the last year to allow us to. Continue to scale and then also allow us to, essentially, as I said, building the lending origination system of the future, but it really allows us to, install and integrate, some of these new age AI tools that are coming, some of them are more developed than others and some of them are more ready to use today versus, in a year from now. But it was all about having a clean architecture on your tech stack and not have a lot of technical debt built up so that we can take advantage of some of these tools and also better, integrates our corporate system so we really don't anticipate, having to add much fixed overhead, it's more going to just be variable cost for the growth, and think that you know this can continue, and definitely into next year.

是的，問得好。我們對自身的擴展能力非常有信心。我的意思是，就業務拓展和成長而言，在這個規模下，事情會變得非常漸進。我們並不預期，我的意思是，Lola 就是我一直在這些電話會議上談論 Lola 的原因，也是上個季度我們介紹它的原因。在過去一年裡，公司在研發和軟體開發方面做出了重大舉措，使我們能夠做到這一點。繼續擴大規模，然後，正如我所說，這實際上也使我們能夠建立未來的貸款發起系統，但它確實使我們能夠安裝和整合一些即將到來的新時代人工智慧工具，其中一些比其他工具更成熟，一些工具現在比一年後更容易使用。但關鍵在於技術堆疊的架構要清晰，不要累積太多技術債務，這樣我們才能利用這些工具，並且更好地整合我們的企業系統，所以我們預計不需要增加太多固定開支，更多的是成長帶來的可變成本，而且我們認為這種情況可以持續下去，肯定會持續到明年。

Got it. And then one last question. I think in your prepared remarks you said, double-digit revenue and adjusted net income growth for the rest of 2025, obviously implied by your guidance, but I think you also said and into 2026, is there anything you want to say about 2026? Are you sort of. Striving for double-digit top-line, anything there would be helpful.

知道了。最後一個問題。我認為您在準備好的發言稿中提到，2025 年剩餘時間的收入和調整後淨利潤將實現兩位數增長，這顯然也體現在您的業績指引中。但我認為您也提到了 2026 年，關於 2026 年，您有什麼想說的嗎？你算是吧？為了實現兩位數的營收成長，任何成長都將有所幫助。

Yeah, I mean, listen, it's something that you know it it is credit dependent. I'll caveat that my but you know I will say that we have the levers and I'm pretty confident, within our walls we have the levers to grow in double-digits, and so confident we can do that. The only thing you know that would prevent us from doing that is we're not going to chase growth. If if credit is not there it's just not something we're going to do you know us now we're very disciplined, so we won't chase growth, to take on higher losses, but we do have the levers if that's what you're asking for next year for double-digit growth absolutely.

是的，我的意思是，聽著，你知道，這取決於信用。我要補充一點，但是你知道，我要說的是，我們擁有實現兩位數增長的槓桿，我很有信心，在我們公司內部，我們擁有實現兩位數增長的槓桿，我非常有信心我們能夠做到這一點。唯一能阻止我們這麼做的，就是我們不會追求成長。如果信貸不足，我們就不會這麼做。你知道我們一向非常自律，所以我們不會為了追求成長而承擔更大的損失，但如果你們要求我們明年實現兩位數的成長，我們絕對有能力做到。

Got it. Hey, thanks a lot.

知道了。嘿，非常感謝。

Thank you.

謝謝。

(Operator Instruction) Kyle Joseph, Stephen.

（操作員說明）Kyle Joseph，Stephen。

Hey, good morning. Thanks so much for taking my questions. Just given everything going on with the portfolio in terms of new customer mix, the risk based pricing, just wanted to get your kind of your thoughts in terms of, yield trends we should expect going forward.

嘿，早安。非常感謝您回答我的問題。鑑於投資組合在新客戶組合、基於風險的定價等方面發生的一切，我想聽聽您對未來收益趨勢的看法。

Yeah, we feel, we feel good, that our yields stable, it came down a little bit in 3 that's, it's due to, that that is typical this time of year. Q3, you're going to see, some of your lower yields as you start to see some losses kind of come into the past dues to drop out of accrual. We do, hope that, we'll see a nice rebound in Q4 and it's and it's also been stable throughout the year, but. We anticipate stability and an elevated yield, coming through the book, and that's, and that is part of the risk based pricing right? We're better pricing risks, across the segments, so we feel good about where you know where we are with that.

是的，我們感覺很好，我們的產量穩定，3月份略有下降，這是因為，這是每年這個時候的典型情況。第三季度，你會看到一些收益率下降，因為一些損失開始計入過去的應收帳款，從而退出應計項目。我們希望第四季度能夠出現良好的反彈，而且全年情況也一直比較穩定，但是。我們預計帳面收益率將保持穩定並有所提高，而這正是基於風險定價的一部分，對吧？我們在各個細分市場都更能控制了定價風險，所以我們對目前的狀況感到滿意，您也知道我們在這方面所處的位置。

Got it helpful and then, moving to the balance sheet and capital, obviously you guys have done a lot of work on the balance sheet, year-to-date, and it's in a really good place and then you guys are still generating strong cash flows despite portfolio growth, but just, give us a sense for kind of your your capital allo allocation priorities, now that you have the balance sheet in a really good position.

明白了，很有幫助。接下來，我們來談談資產負債表和資本。顯然，你們今年以來在資產負債表方面做了很多工作，目前狀況非常好。儘管投資組合不斷成長，你們仍然能夠產生強勁的現金流。既然你們的資產負債表狀況良好，能否請你們介紹一下資本配置的優先事項？

Yeah, well, Pam, I think Pam, talked about it. We've been, but we've been buying back stock, and open windows and with, predetermined programs we'll continue to, defend our share price when we think it's, undervalued, it's something that, we were, we feel like we're not trading, hopefully the third time is the charm here, Kyle, with us, raising guidance again. But listen, it's, that's top of mind right now is obviously defending our share price and, making sure that we're properly valued in the marketplace. Well, we're continually actively, looking, at M&A opportunities, looking at, we're using, it for growth, the menu of options is open, so we are, we're we're actively, looking at those, different, scenarios and best and highest use of our cash.

是的，帕姆，我想帕姆談到這件事。我們一直在回購股票，並打開窗口，透過預先制定的計劃，我們將繼續捍衛我們的股價，當我們認為它被低估時，我們感覺我們沒有進行交易，希望第三次能成功，凱爾，和我們一起再次提高業績預期。但是，聽著，我們現在最關心的顯然是捍衛我們的股價，確保我們在市場上得到合理的估值。我們一直在積極尋找併購機會，並利用這些機會成長。我們有很多選擇，所以我們正在積極研究不同的方案，以求以最佳和最高的方式利用我們的現金。

Got it and just one last one for me apologies if I missed it but just in terms of the marketing spend we we saw return to growth this year I think you mentioned that was, maybe TV in direct mail, but yeah if you could walk us through what you're seeing in terms of customer acquisition costs and and how you expect marketing expenses to. To go going forward and how that versus portfolio growth obviously they go hand in hand.

明白了，最後一個問題，如果我錯過了請見諒。關於行銷支出，我們今年看到了成長，我想您提到過，可能是電視廣告和直郵廣告，但是，如果您能詳細介紹一下您觀察到的客戶獲取成本以及您對行銷費用的預期，那就太好了。展望未來，以及這與投資組合成長之間的關係，顯然是相輔相成的。

Yeah, I think I stated back in Q2, you should expect the acquisition cost to kind of creep up here as we go into growth mode here in the second half, and that's, it's consistent with, what's happened, we're probably up $20 to $30 per we feel very comfortable there, and think there's even probably some more room, especially for lower risk segment customers to be able to pay. The CPFs and feel really strong about the unit economics and the incremental growth it provides.

是的，我想我在第二季度就說過，隨著我們下半年進入增長階段，獲客成本預計會逐漸上升，這與目前的情況一致，我們每增加一個用戶，獲客成本可能就會增加 20 到 30 美元，我們對此感到非常滿意，並且認為可能還有一些增長空間，特別是對於風險較低的客戶群體來說，他們有能力支付更高的價格。CPF 們對單位經濟效益及其帶來的增量成長感到非常滿意。

Great.

偉大的。

Thanks so much for taking all my questions.

非常感謝您耐心解答我的所有問題。

Thanks, Kyle.

謝謝你，凱爾。

(Operator Instruction) Robert Lynch,Stonegate Capital Partners.

（操作員說明）羅伯特·林奇，Stonegate Capital Partners。

Hey, good morning, Pam and Todd. Really appreciate you taking the questions today. Just have a few here, with net charge off as a percentage revenue, saw a slight increase in Q3, is this typical seasonality or mix and, could you get this back up to the 45% in Q4 that we saw last year, seasonality and early indications for the holiday season coming up.

嗨，帕姆和托德，早安。非常感謝您今天回答問題。這裡有一些數據，淨沖銷佔收入的百分比，第三季略有上升，這是典型的季節性因素還是其他因素造成的？能否在第四季將其恢復到去年的 45%？這與季節性因素以及即將到來的假期季節的早期跡像有關。

Yeah, I mean, the the there is seasonality to the business, and you know you're going to see your lowest charge-offs as a percentage of revenue kind of in Q2, and Q3, and then it, elevates year over year it is slightly elevated, I, we do anticipate though for, annualized, a reduction in in as a percentage of revenue overall.

是的，我的意思是，業務是有季節性的，你知道，在第二季度和第三季度，沖銷額佔收入的比例會最低，然後逐年上升，略有上升。不過，我們預計，整體而言，年度沖銷額佔收入的比例會下降。

We didn't, tighten, we were very conservative in 24, even, tightening probably a little too conservative maybe in Q2, which caused, really, strong revenue as a percentage of charge off numbers. I mean we didn't, we don't need to be we we're at a level now where we feel really comfortable that the unit economics are strong, so it's going to, it's going to.

我們沒有收緊，我們在 2024 年非常保守，甚至在第二季度可能收緊得有點過頭了，這導致收入佔沖銷金額的比例非常強勁。我的意思是，我們不需要，我們現在所處的水平讓我們感到非常有信心，單位經濟效益非常強勁，所以它會，它會。

Flatten out here and you know incrementally every quarter could be a little bit less, could be a little bit more, but we feel really good at these numbers where we're at and think that you know we can we can generate really strong returns within this band.

這裡趨於平穩，你知道，每個季度可能會略有減少，也可能略有增加，但我們對目前的這些數字感到非常滿意，並認為我們可以在這個範圍內產生非常強勁的回報。

Okay, great, really appreciate the color there.

好的，太棒了，真的很喜歡這個顏色。

I got maybe two more here, but you know you highlighted stronger recoveries from operational changes. Is the second half recovery run right now above plan and you know how confident are you that this level is sustainable into 2026?

我這裡可能還有兩個，但你知道，你強調了營運變革帶來的更強勁的復甦。下半年的復甦勢頭目前是否超出預期？您有多大信心認為這種水準能夠持續到 2026 年？

Yeah, I mean, we, we've now, achieved, a strong as a percentage of gross charge-offs, a really strong recovery right now for two years. We think it's very sustainable, it's performing at or above plan every quarter. We have a great, process team and strategy. Find it, so we feel sustainable, and at first, the 1st year when we were achieving those results, it was something that was hard to bake into the unit economics, because, we weren't sure if the stability of it was going to last, but it has, and we feel really good that, we're going to continue to achieve. The, that percentage of recovery and charge off, and it obviously helps our unit economic model, and how we price and how we target on the front end and so, it's been a great story for us.

是的，我的意思是，我們現在已經實現了強勁的復甦，佔總沖銷額的百分比非常高，這是兩年來最強勁的復甦。我們認為它非常可持續，每個季度都達到或超過計劃目標。我們擁有優秀的團隊、流程優化的團隊和策略。找到它，讓我們感到永續發展。最初，在我們取得這些成果的第一年，很難將其納入單位經濟效益中，因為我們不確定它的穩定性是否會持續下去，但它確實持續了，我們感到非常高興，我們將繼續取得成就。這個回收率和核銷率顯然有助於我們的單位經濟模型，以及我們如何定價和如何進行前期目標定位，所以，這對我們來說是一個很好的故事。

Awesome thank you for the call there and you know I've got just one more kind of unique question here but on the recent shutdown you know what impact did it have on you know any of the data you see coming in as well as your models, with customer behavior.

非常感謝您的來電。我還有一個比較特別的問題，關於最近的停工，它對您收到的資料以及您的模型（包括客戶行為）產生了什麼影響？

More for them and yourself as well and how are you monitoring the situation and mitigating any of the effects, going forward in real time.

這對他們和你自己都有好處，你如何即時監控情況並減輕任何影響？

Yeah, I thought we were prepared for this question because, I thought I was going to get it sooner, but, no, it's something that, we're active we have a, we have a very, fair, hardship program, for customers that have been impacted by the federal government shutdown. We do have some exposure. It's something we're currently watching. It's pretty demandless at this point. On the number of hardships, this time of year because of weather events, it is our, largest, hardship, program offering for this quarter because of the Q3 and the weather events that happen usually typically in in this time of year, but you know they're incrementally there are some more coming from the federal government shutdown, nothing that. We've caused alarm or cause us to, really change, how we operate at this point or credit from a credit perspective, but, definitely something we're watching very closely as it unfolds and we'll continue to.

是的，我以為我們已經準備好回答這個問題了，因為我以為我會更早得到答案，但是，不，我們正在積極開展一項非常公平的困難援助計劃，以幫助那些受到聯邦政府停擺影響的客戶。我們確實有一些曝光機會。這是我們目前正在關注的事情。目前來看，這方面的需求並不高。就困難數量而言，由於每年這個時候的天氣事件，這是我們本季度最大的困難援助項目，因為第三季度和通常每年這個時候發生的天氣事件，但你知道，由於聯邦政府停擺，情況會逐漸好轉，沒什麼大不了的。我們已經引起了警惕，或者說，這確實改變了我們目前的運作方式，或者從信貸角度來看，這絕對是我們正在密切關注的事情，我們將繼續關注。

Great, really appreciate it, Todd, Pam, Mike, congratulations on the quarter and I'll get back in the queue.

太好了，非常感謝，Todd、Pam、Mike，恭喜你們本季業績出色，我會重新排隊的。

(Operator Instruction).

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