OppFi Inc (OPFI) 2026 Q1 法說會逐字稿

Good morning and welcome to OppFi's first-quarter 2026 earnings conference call. (Operator Instructions)

早安，歡迎參加 OppFi 2026 年第一季財報電話會議。(接線員指示)

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

我很高興為各位介紹今天的主持人——投資人關係主管 Mike Galantine。您可以開始了。

Thank you, operator. Good morning and welcome to OppFi's first-quarter 2026 earnings call. Today, our Executive Chairman and CEO, Todd Schwartz; and CFO, Pam Johnson, will present our financial results, followed by a question-and-answer session.

謝謝，接線員。早安，歡迎參加 OppFi 2026 年第一季財報電話會議。今天，我們的執行董事長兼執行長 Todd Schwartz，以及財務長 Pam Johnson，將報告我們的財務結果，隨後進行問答環節。

You can access the earnings presentation on our website at investors.oopfi.com. During this call, OppFi 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.

您可至我們的網站 investors.oopfi.com 取得財報簡報。在本次電話會議中，OppFi 可能會討論某些前瞻性資訊。公司向美國證券交易委員會（SEC）提交的文件說明了可能導致實際結果、發展與業務決策與前瞻性陳述存在重大差異的重要因素。

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

請參閱財報簡報與新聞稿的第二頁，其中包含我們關於前瞻性陳述以及非 GAAP 財務衡量指標資訊之免責聲明；這些內容將在今天的電話會議中多次提及。上述指標與 GAAP 指標之對帳可在財報簡報與新聞稿的附錄中找到。

In addition, certain important information related to the BNCC transaction will be included in the registration statement on Form S-4 that will be filed by OppFi in conjunction with the transaction. Investors are encouraged to read the Form S-4 and other documents filed with the SEC in conjunction with the transaction.

此外，與 BNCC 交易相關的某些重要資訊將納入 OppFi 就該交易提交的 S-4 表格註冊聲明中。我們鼓勵投資人閱讀 S-4 表格以及與該交易相關、向 SEC 提交的其他文件。

Additionally, OppFi and BNCC and their directors and officers may be deemed to be participating in a solicitation of proxies in favor of the proposed merger. Please refer to the disclaimer information included in our earnings release.

另外，OppFi 與 BNCC 及其董事與高階主管，可能被視為參與就擬議合併進行、支持該合併之委託書徵求活動。請參閱我們財報新聞稿中所載的免責聲明資訊。

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

接下來，我想把電話交給 Todd。

Thanks, Mike, and good morning, everyone. Thank you for joining us today. Pam will review our strategic investments and our Q1 financial performance and metrics. But first, I'd like to share a little bit more about OppFi's recently announced plans to acquire BNC Corp and BNC National Bank in a cash and stock transaction valued at approximately $130 million.

謝謝你，Mike，各位早安。感謝各位今天加入我們。Pam 將回顧我們的策略性投資，以及第一季的財務表現與指標。但首先，我想進一步分享 OppFi 近期宣布的計畫：以現金加股票的方式收購 BNC Corp 與 BNC National Bank，交易價值約 1.3 億美元。

OppFi's goal has always been to be the leading digital finance platform, offering essential financial products and services to everyday Americans. This acquisition, in addition to our previous investment in Bitty, our LOLA lending system, and our new line of credit product, is a pivotal step toward fulfilling that promise.

OppFi 的目標一直是成為領先的數位金融平台，為一般美國民眾提供必要的金融產品與服務。這項收購，加上我們先前對 Bitty 的投資、我們的 LOLA 放款系統，以及我們新的信用額度產品線，都是實現該承諾的關鍵一步。

BNC National Bank is a community-focused institution with over $1 billion in total assets and a veteran management team with decades of banking experience. They serve individuals and small to medium businesses through a diversified set of financial products, including personal and commercial loans, SBA loans, and wealth management.

BNC National Bank 是一家以社區為核心的機構，總資產超過 10 億美元，並擁有具數十年銀行業經驗的資深管理團隊。他們透過多元化的金融產品服務個人與中小型企業，包括個人與商業貸款、SBA 貸款以及財富管理。

We believe the BMC transaction will not only provide OppFi with a larger geographic footprint to expand credit access but will also unlock significant synergies in operating efficiencies and capital. By uniting OppFi's technology with BNC's national charter and established deposit base, which totaled approximately $1 billion at the end of 2025, we will be positioned to provide broader access to financial products for underserved populations.

我們相信，BMC 交易不僅將為 OppFi 提供更大的地理版圖以擴大信貸可得性，也將在營運效率與資本方面釋放顯著的綜效。透過結合 OppFi 的科技能力與 BNC 的全國性特許執照及既有存款基礎（截至 2025 年底約為 10 億美元），我們將更有能力為金融服務不足族群提供更廣泛的金融產品可得性。

Financially, this acquisition is expected to be transformative. BNC brings a stable, low-cost funding profile with over 80% of BNC's deposits carrying a cost of less than 2%. We expect this to significantly enhance our balance sheet flexibility and lower our overall funding costs. We expect this combination to be at least 25% accreted to adjusted EPS in the first-year post-closing. 40% accretive in the second year, and 50% accretive in the third year.

就財務面而言，這項收購預期將帶來變革性影響。BNC 帶來穩定、低成本的資金來源結構，BNC 超過 80% 的存款成本低於 2%。我們預期這將顯著提升我們資產負債表的彈性，並降低整體資金成本。我們預期此一組合在交割後第一年，對調整後每股盈餘（adjusted EPS）至少有 25% 的增益；第二年增益 40%，第三年增益 50%。

We are very excited to work alongside the BNC team to expand and digitize their core business. We believe that vertically integrating with BNC will provide our platform with the strongest possible strategic footprint, allowing us to expand our products and consumer choices and credit access while reducing costs for our customers.

我們非常期待與 BNC 團隊攜手合作，擴大並數位化其核心業務。我們相信，與 BNC 進行垂直整合將為我們的平台提供最強的策略性版圖，使我們能在降低客戶成本的同時，擴充產品與消費者選擇、提升信貸可得性。

We believe this will also benefit our investment in Bitty by enabling us to further expand our small business platform, offering multiple products and serving additional customer segments. We expect to close in the fourth quarter of 2026, subject to regulatory approval and other closing conditions, and look forward to providing further updates throughout the year.

我們也相信，這將使我們對 Bitty 的投資受益，因為我們能進一步擴展小型企業平台，提供多元產品並服務更多客群。在取得監管核准及滿足其他交割條件的前提下，我們預期於 2026 年第四季完成交割，並期待在今年持續提供更多更新資訊。

In addition to the acquisition of BNC. We have simplified our corporate structure by transitioning from an Up-C structure to a traditional C Corp legal structure. This change is intended to provide tax optimization and remove operational complexity of the Up-C structure. As a result of this simplification, all OppFi stockholders now hold Class A common stock with identical economic and voting interests.

除了收購 BNC 之外。我們也透過從 Up-C 架構轉換為傳統 C Corp 法律架構，簡化了公司架構。此變更旨在進行稅務最佳化，並移除 Up-C 架構的營運複雜性。在此簡化之後，所有 OppFi 股東目前皆持有 A 類普通股，且具有相同的經濟權益與表決權。

We believe this enhances our acquisition currency as our stock is more straightforward and attractive vehicle for future growth and M&A activity, ensuring our capital structure is as agile as our technology platform. For the remainder of my remarks, I will be discussing product and credit initiatives and LOLA migration.

我們相信，這將提升我們的併購「交易貨幣」能力，因為我們的股票更為直接且更具吸引力，可作為未來成長與併購活動的工具，確保我們的資本結構如同我們的科技平台一樣靈活。在接下來的談話中，我將討論產品與授信計畫，以及 LOLA 的遷移進度。

OppFi fully deployed the Model 6.1 refit in Q1. The refit is designed to increase volume while improving overall delinquencies. As discussed last quarter, our current goal is to launch a model refit every six months and a new model every year. This will allow us to have the most current data to build our models and keep up with the ever-changing macro environment and customer sentiment.

OppFi 已於第一季全面部署 Model 6.1 的改版。此改版旨在提升放款量，同時改善整體逾期情況。如同上季所述，我們目前的目標是每六個月推出一次模型改版、每年推出一個新模型。這將使我們能以最新資料建立模型，並跟上不斷變化的總體環境與客戶情緒。

The team is hard at work building our most powerful model, Model 7. We expect to launch Model 7 in the fall of this year.

團隊正全力打造我們最強大的模型——Model 7。我們預期將在今年秋季推出 Model 7。

OppFi continues to make great progress on building LOLA, the origination and servicing system of the future. LOLA provides a clean architecture designed to leverage rapidly evolving AI tools across origination, servicing, and corporate operations. The building phase and test phase is complete, and we are actively finalizing the quality assurance phase of the project.

OppFi 在打造 LOLA（未來的放款發起與貸後服務系統）方面持續取得重大進展。LOLA 提供乾淨的系統架構，旨在於放款發起、貸後服務與公司營運中，運用快速演進的 AI 工具。建置階段與測試階段已完成，我們正積極完成本專案的品質保證階段。

Initial migration is planned for this month, with substantial completion to our new software system expected in the third quarter of 2026.

初始遷移計畫於本月進行，預期於 2026 年第三季大致完成向新軟體系統的轉換。

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

早期指標讓我們更有信心，相信 LOLA 將有助於持續改善漏斗指標、提高自動核准率、提升貸後服務與催收回收的效率、更好地整合主要系統、縮短週期時間，並為我們的產品、技術與風險團隊帶來更高的處理量。

With the initial launch of LOLA in Q2 2026, OppFi is excited to announce a new line of credit product. We expect this product to launch with our bank partners in the summer of 2026. This exciting product will not only serve as another high-quality credit access option for customers in our current states but also enable us to serve new geographies.

隨著 LOLA 於 2026 年第二季的初始上線，OppFi 很高興宣布推出新的信用額度產品線。我們預期該產品將於 2026 年夏季與我們的銀行合作夥伴一同推出。這項令人振奮的產品不僅將為我們現有州別的客戶提供另一個高品質的信貸可得性選項，也將使我們能服務新的地理區域。

This product have the same fair and transparent features that Opploan's installment product has provided to millions of customers. Our LOLA system and architecture enable us to deploy and develop new products in response to customer needs and market dynamics.

此產品將具備與 Opploan 分期產品相同的公平且透明特性，該分期產品已服務數百萬名客戶。我們的 LOLA 系統與架構使我們能因應客戶需求與市場動態，部署並開發新產品。

Finally, the Board of Directors has approved a new $40 million share repurchase program, which replaces our prior repurchase program, reflecting our firm conviction that OppFi stock is currently trading below its intrinsic value. This decision underscores our Board and management's confidence in the robust long-term cash generation capabilities of the business we have built.

最後，董事會已核准一項新的4,000萬美元庫藏股回購計畫，以取代我們先前的回購計畫，反映出我們堅定相信 OppFi 股票目前的交易價格低於其內在價值。此一決策凸顯董事會與管理團隊對我們所打造之業務具備強勁長期現金創造能力的信心。

By allocating capital toward our own shares, we are reaffirming our commitment to enhancing stockholder value, signaling our optimistic outlook on the company's financial health and growth potential.

透過將資本配置於回購自家股票，我們再次確認提升股東價值的承諾，並傳達我們對公司財務體質與成長潛力的樂觀展望。

Our recent announcement to acquire BNC marks another major milestone in the evolution of OppFi. OppFi is strategically retooling and investing more than $150 million in 2026 to prepare our business for sustainable long-term growth.

我們近期宣布收購 BNC，標誌著 OppFi 演進歷程中的另一個重大里程碑。OppFi 正在策略性調整並計畫於2026年投資超過1.5億美元，以使我們的業務為可持續的長期成長做好準備。

We are excited to get to work with the BNC team and execute on our shared vision of being the leading technology-enabled bank platform that offers essential credit access and community banking services to everyday Americans and businesses.

我們很期待與 BNC 團隊展開合作，並落實我們共同的願景：成為領先的科技賦能銀行平台，為一般美國民眾與企業提供必要的信貸可得性與社區銀行服務。

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

接下來，我把電話交給 Pam。

Thanks, Todd, and good morning, everyone. I want to reiterate Todd's remarks. 2026 is a strategic and transformational year for OppFi as we direct our focus toward investing for the long-term. While we remain confident in our ability to navigate the normal cycles of our business, we are not managing the company solely maximizing returns for the next quarter. Instead, we are executing against a clear long-term strategy. Investing in our platform, capabilities, and customer experience with the goal of driving sustainable returns in the future.

謝謝你，Todd，各位早安。我想重申 Todd 的談話。2026年對 OppFi 而言是策略性且具轉型意義的一年，我們將重心放在為長期投資。雖然我們仍有信心能因應業務的正常循環，但我們並非只為了最大化下一季的報酬而經營公司。相反地，我們正依循清晰的長期策略執行。投資於我們的平台、能力與客戶體驗，目標是在未來帶來可持續的報酬。

This commitment to future growth is reflected in our investment of more than $150 million this year. This includes LOLA, the acquisition of BNC and its planned integration with OppFi, and the strategic dissolution of our Up-C structure.

我們對未來成長的承諾，反映在今年超過1.5億美元的投資上。其中包括 LOLA、收購 BNC 及其與 OppFi 的整合計畫，以及策略性解散我們的 Up-C 架構。

Even as management navigates a challenging current environment, characterized by historically low consumer sentiment, inflationary pressures, and higher average tax refunds that have temporary limited loan demand, these investments are designed to ensure we are building a superior technology-enabled banking organization, ready to lead the digital finance platform space for years to come.

即使管理團隊正面對充滿挑戰的當前環境（包括歷史低位的消費者信心、通膨壓力，以及較高的平均退稅金額暫時抑制了貸款需求），這些投資旨在確保我們打造出更卓越的科技賦能銀行組織，並在未來多年引領數位金融平台領域。

The announced acquisition of BNC is expected to be financially transformative. We expect significant revenue synergies in 2027 and beyond by expanding our ability to deliver a comprehensive suite of financial products in more states.

已宣布的 BNC 收購案預期將在財務上帶來轉型。我們預期自2027年起及其後，透過擴大我們在更多州提供完整金融產品組合的能力，將產生顯著的營收協同效益。

OppFi expects to generate adjusted EPS accretion from synergies of at least $60 million in the first-year post-closing, $90 million in the second-year post-closing, and over $115 million in the third-year post-closing.

OppFi 預期協同效益將帶來調整後每股盈餘（Adjusted EPS）增厚：交割後第一年至少6,000萬美元、第二年至少9,000萬美元、第三年超過1.15億美元。

Synergies are based on our views of achievable geographic expansion, marketing opportunities, and funding optimization. The combination of OppFi and BNC will create a banking organization that will be well capitalized with significant liquidity and is expected to generate returns on assets on an equity of plus 10% and plus 35%, respectively, by 2028. We expect to maintain capital ratios well in excess of market standards.

協同效益係基於我們對可達成之地理擴張、行銷機會與資金來源最佳化的判斷。OppFi 與 BNC 的結合將打造一家資本充足且具顯著流動性的銀行組織，並預期至2028年分別可達到資產報酬率（ROA）超過10%與股東權益報酬率（ROE）超過35%。我們預期將維持遠高於市場標準的資本比率。

OppFi has also taken proactive steps to simplify our corporate structure. With our announced reorganization moving from an Up-C structure to a traditional C-Corp, OppFi terminated the tax receivable agreement. OppFi reported tax amortizable goodwill of approximately $466 million.

OppFi 亦已採取主動措施以簡化公司架構。隨著我們宣布的重組，從 Up-C 架構轉為傳統 C 公司（C-Corp），OppFi 已終止稅收應收協議（tax receivable agreement）。OppFi 報告可供稅務攤銷之商譽約為4.66億美元。

This tax amortizable goodwill is expected to result in approximately $111 million in future cash tax savings for OppFi, subject to tax changes and other conditions, with no associated ongoing tax receivable agreement liability.

該可供稅務攤銷之商譽預期將為 OppFi 帶來約1.11億美元的未來現金稅負節省（視稅制變動及其他條件而定），且不再伴隨任何持續性的稅收應收協議負債。

Transitioning to the existing business, we started 2026 on a positive note, generating revenue of $152 million, an 8% increase over Q1 '25. Revenue growth was fueled largely by higher receivables, which ended the quarter 9% higher at $445 million. First-quarter 2026 originations decreased 7% to $176 million compared to the prior-year quarter.

回到既有業務，我們在2026年開局表現正面，營收達1.52億美元，較2025年第一季成長8%。營收成長主要由應收款增加所帶動，季末應收款為4.45億美元，較去年同期增加9%。2026年第一季放款發放額（originations）較去年同期下降7%至1.76億美元。

The year-over-year decrease in originations primarily reflects a tightening of credit for certain consumer segments as we began rationalizing new loan issuance to specific segments beginning in Q2 2025. Furthermore, the first quarter of 2026 had reduced demand due to higher average tax refunds, which naturally reduced the immediate need for loans.

放款發放額年減主要反映我們自2025年第二季起開始針對特定消費者族群收緊授信，並逐步合理化對特定族群的新貸款發放。此外，2026年第一季因平均退稅金額較高而使需求降低，這也自然降低了短期內對貸款的需求。

We have previously discussed that one of the benefits of OppFi shorter duration loans is that the loans move through the system relatively quickly. So the loans originated last summer had higher expected delinquencies, as we had discussed, but this was partially offset by our recoveries, which were up 38% from the prior year quarter, helping mitigate the impact of higher default rates.

我們先前曾討論，OppFi 較短天期貸款的優點之一，是貸款在系統中周轉相對快速。因此，如我們所述，去年夏天發放的貸款預期逾期率較高，但部分影響被我們的回收款所抵銷；回收款較去年同期增加38%，有助於緩解較高違約率的影響。

Overall, net charge-offs as a percentage of revenue increased to 42% for the quarter, up from 35% in the prior year quarter. And net charge-offs as a percentage of receivables increased to 55%, up from 47% in the prior year quarter. Due to higher defaults, the revenue yield decreased to 131%, down from 136% in Q1 2025.

整體而言，本季淨沖銷（net charge-offs）占營收比重上升至42%，高於去年同期的35%。而淨沖銷占應收款比重上升至55%，高於去年同期的47%。由於違約增加，營收收益率（revenue yield）降至131%，低於2025年第一季的136%。

OppFi continues to maintain tight control over operating expenses. Total expenses as a percentage of total revenue were 34% in the first quarter, flat with the prior year. As a result of our revenue growth, offset by higher net charge-offs, adjusted net income decreased 11% in the first quarter to $30 million, and adjusted earnings per share decreased to $0.35 from $0.38 last year.

OppFi 持續嚴格控管營運費用。第一季總費用占總營收比重為34%，與去年同期持平。在營收成長但被較高淨沖銷所抵銷的情況下，第一季調整後淨利下降11%至3,000萬美元，調整後每股盈餘由去年的0.38美元降至0.35美元。

Looking at the balance sheet, we continue to maintain a robust financial position, ending the quarter with approximately $100 million in cash equivalents, and restricted cash, alongside $284 million in total debt and $343 million in total stockholders' equity.

從資產負債表來看，我們持續維持穩健的財務狀況，季末約有1億美元的約當現金與受限制現金，並有2.84億美元的總負債及3.43億美元的股東權益總額。

Our total funding capacity is strong at $625 million at quarter's end, including $241 million in unused debt capacity. This robust balance sheet serves as the foundation for our capital allocation strategy. OppFi has built a very strong cash generation engine with its existing business.

季末我們的總融資額度維持強勁，達6.25億美元，其中包含2.41億美元的未動用債務額度。這個強健的資產負債表是我們資本配置策略的基礎。OppFi 透過既有業務已建立非常強勁的現金創造引擎。

In the first quarter of 2026, the company generated $69 million in free cash flow. We plan to put this cash to work through a combination of buybacks, dividends, and strategic M&A. During the first quarter, the company repurchased 1 million shares of Class A common stock for $9.9 million.

2026年第一季，公司產生6,900萬美元的自由現金流。我們計畫透過回購、股利與策略性併購的組合來運用這些現金。第一季公司以990萬美元回購100萬股 A 類普通股。

Additionally, as Todd mentioned, the Board has authorized $40 million for a new share repurchase program because at current share prices, the Board and management believe this is an attractive use of cash to generate positive returns for stockholders. Also, we will continue to explore strategic M&A opportunities in addition to our plan to acquire BNC.

此外，如 Todd 所提，董事會已核准新的4,000萬美元股票回購計畫，因在目前股價水準下，董事會與管理團隊認為這是運用現金、為股東創造正向報酬的具吸引力方式。同時，除收購 BNC 的計畫外，我們也將持續探索策略性併購機會。

Given our solid start to the year, current economic uncertainties, and ongoing op by investments and restructuring, we are maintaining our 2026 guidance.

鑑於我們今年良好的開局、當前經濟不確定性，以及持續進行的 OppFi 投資與重組，我們維持2026年財測指引不變。

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

接下來，我想把電話交給接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Hey, good morning. This is Zach, in for David. Thanks for taking our question. I wanted to dig in a little bit on the SMB side, especially with the acquisition of BNC and kind of see if we can get some more details on how the average Bitty customer compares to the average SBA customer in the legacy BNC business and yeah, what kind of any more details on what that combined SMB customer base might look like?

嗨，早安。我是 Zach，今天代替 David。謝謝讓我們提問。我想更深入了解一下 SMB 這一塊，特別是收購 BNC 之後，想看看能否提供更多細節：Bitty 的平均客戶與 BNC 既有業務中平均 SBA 客戶相比有何不同？以及合併後的 SMB 客戶基礎大概會是什麼樣貌？

Yeah. Hey. Thanks. Good morning. Thanks for the question. So BNC has a well-established SBA and commercial lending program, and that will continue through their community bank. The area that OppFi is specifically focused on is working capital SMB originations in the neighborhood of below $150,000.

好的。嗨。謝謝。早安。謝謝你的問題。BNC 有一個相當成熟的 SBA 與商業放款計畫，並且會透過他們的社區銀行持續進行。OppFi 特別聚焦的領域，是 15 萬美元以下區間的 SMB 營運資金放款（起案）。

We think there's a real supply-demand imbalance, and that's something through different products like revenue-based finance, installment, line of credit, we plan to have a full suite of products across the risk segments. And that's something that we've been working with Bitty on to develop and are excited about the potential one, especially becoming a bank.

我們認為這裡存在明顯的供需失衡；透過不同產品，例如營收分成融資（revenue-based finance）、分期貸款、信用額度（line of credit），我們計畫在各風險區間提供完整的產品組合。這也是我們一直與 Bitty 合作開發的方向，並且對其潛力感到興奮，尤其是在成為銀行之後。

Understood. Thank you.

了解。謝謝。

Dave Storms, Stonegate Capital Markets.

Dave Storms，Stonegate Capital Markets。

Hey, good morning. This is Maximus. I'll be asking questions for Dave today. I just wanted to start off with the recent acquisition, opening up the opportunity for new states. We were just curious about if you guys can just apply the current playbook that you guys have prior to the acquisition, if it's like copy and paste, specifically like any changes to your risk-based pricing model or customer acquisition strategy? Thank you.

嗨，早安。我是 Maximus。我今天代替 Dave 提問。我想先從最近的收購談起，這讓你們有機會進入新的州。我們想了解的是：你們是否可以直接套用收購前既有的作法（playbook），像是「複製貼上」那樣？特別是你們的風險定價模型或客戶獲取策略是否會有任何調整？謝謝。

Yeah. Thanks for the question. We think that there's a geographical expansion that will happen to allow us to operate in more states. We will continue to offer our core product, which is our installment product. And we already are risk-based pricing. We've introduced lower prices, higher prices across the risk spectrum and seen a lot of success there, so that will continue.

是的。謝謝你的問題。我們認為地理版圖會擴張，讓我們能在更多州營運。我們會持續提供核心產品，也就是分期產品。而且我們本來就採用風險定價。我們已在不同風險區間導入較低與較高的價格，並且看到很大的成效，所以這會持續下去。

But we think that there's a lot more geographical expansion and it's also potential to even further lower prices for consumers and our commitment to credit access with the operational and revenue synergies that we're going to receive from becoming a bank.

但我們認為地理擴張的空間更大；同時，隨著我們成為銀行、取得營運與營收協同效益，也有機會進一步降低消費者的價格，並落實我們對信貸可得性的承諾。

Awesome. Thank you. And if you guys were able to walk through the main puts and takes and the outlook for the rest of 2026, particularly round originations, receivables and revenue. Thank you.

太好了。謝謝。另外，如果你們可以說明一下 2026 年剩餘期間的主要增減因素與展望，尤其是放款起案（originations）、應收帳款（receivables）與營收。謝謝。

Yeah. I mean, I think like, you read the news, the consumer, the sentiment, because of some of the inflationary pressures with the war. We're being thoughtful about it. I mean, it's not to say, though, our origination -- new originations were up 8%, receivables were up 9.4% year over year. We're continuing to find ways to grow. We're also being thoughtful. We're about long-term sustainable growth. And we want customers to be successful.

好的。我的意思是，你看新聞就知道，消費者情緒因為戰爭帶來的一些通膨壓力而受到影響。我們正在審慎因應。但這並不是說我們的起案沒有成長——新起案年增 8%，應收帳款年增 9.4%。我們持續在找方法成長。同時我們也很謹慎。我們追求的是長期、可持續的成長。我們希望客戶能夠成功。

We're not just going to do short-term originations to show revenue spikes or growth. That really doesn't do a lot for us long-term. So we're really focused on long-term value creation and being careful. Our Model 6.1 launched in the quarter, which we're really excited about. It's our refit. And we're actively building our most powerful model, every Model 7, which will factor in, a new way of building models where we're using more AI. So we're very excited about that. That should launch in fall, which will allow us to propel us to grow with lower losses.

我們不會只為了短期起案去製造營收或成長的尖峰。那對我們的長期其實幫助不大。所以我們非常專注於長期價值創造並保持謹慎。我們在本季推出了 Model 6.1，我們對此非常興奮。這是我們的改版（refit）。我們也正在積極打造我們最強的模型，也就是 Model 7；它會納入一種新的建模方式，使用更多 AI。所以我們對此非常期待。預計在秋季上線，這將讓我們在較低損失下推動成長。

So I think we're positioned really well with our pricing, our balance sheet strong, and we're just going to we're waiting and seeing a little bit on some of the inflation and macro events, but we feel really confident we can continue to grow profitably in this environment.

因此我認為我們在定價上處於很好的位置、資產負債表也很強健；我們會對通膨與宏觀事件再觀察一下，但我們非常有信心在這樣的環境下仍能持續獲利成長。

Thank you. And good luck next quarter.

謝謝。也祝你們下季順利。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Mike Grondahl, Northland Securities.

Mike Grondahl，Northland Securities。

Hey guys. Thank you. A couple of questions here, but first, are you guys able to drill down a little bit into those revenue synergies? $60 million is a lot, and I know the three I think I wrote down was one, more states, two, some marketing benefits, and three, some funding efficiency. Could you kind of just go through each one and talk through those like more states? Is that a couple states? What kind of list do you expect to get there? I don't know if you could just help on those three revenue synergies, that would be great.

各位好。謝謝。我有幾個問題；首先，你們能否更深入拆解一下那些營收協同效益？6,000 萬美元很多；我記得你們提到的三項大概是：第一，更多州；第二，一些行銷效益；第三，一些資金效率。你能否逐一說明？例如「更多州」——是多幾個州？是兩個州嗎？你們預期會擴張到哪些州的清單？如果能就這三項營收協同效益多提供一些說明就太好了。

Yeah. Good question. So we believe that with the national banking platform, we're currently in 40 states, it opens up the full 50. Obviously, we have to -- we're going to work with our regulatory council to make sure that we're doing everything federally and state applicable laws.

好的。問題很好。我們相信透過全國性銀行平台，我們目前在 40 個州，將可擴展到完整的 50 州。當然，我們必須——我們會與法遵／監管顧問合作，確保在聯邦與各州適用法律下都完全合規。

But we do think there's definitely more than, I think you said two states, we think there's more expansion. We also have the line of credit product, which we'll be expanding as well through that national bank charter, which we're excited about.

但我們確實認為不只像你說的兩個州，我們認為擴張幅度會更大。我們也有信用額度（line of credit）產品，將透過這個全國性銀行特許（national bank charter）一併擴張，我們對此很興奮。

I think when it comes to some of the revenue synergies, it's the structure of the bank partnership program. Doing it directly yields a lot of synergies that accrue to us and is favorable in the funding structure. And we're doing a lot of volumes. So if you look at it over a year, it's pretty significant.

至於部分營收協同效益，我認為在於銀行合作計畫（bank partnership program）的架構。改為直接操作會帶來許多由我們承接的協同效益，且在資金結構上更有利。而且我們的量很大。所以如果以一年來看，影響相當顯著。

Got it. And then. Secondly, the LOC product, can you kind of describe like, will the customer apply for a loan from you guys and then it'll just automatically offer that if it's the best fit? Like, I guess what will the customer see and how will they apply for that product and then what are your kind of goals for it? Is that going to be 5%, 10% of the mix in a year? A little bit of color on the LLC.

了解。第二個問題，關於 LOC 產品，你能否描述一下：客戶會先向你們申請貸款，然後系統若判斷那是最適合的方案就自動提供 LOC 嗎？也就是說，客戶端會看到什麼、會如何申請這個產品？另外你們對它的目標是什麼？一年後它會占產品組合的 5%、10% 嗎？希望能多給一些關於 LOC 的細節。

Yes, so it's going to be done through the OppLoans brand. We're going to be offering two products under the OppLoans brand, an installment and a line of credit product. What's being contemplated for the summer launch is we're going to be picking up three new geographies with the line of credit product.

是的，所以將透過 OppLoans 品牌來推出。我們將在 OppLoans 品牌下提供兩項產品：分期貸款以及信用額度產品。目前規劃於夏季上線的是，我們將透過信用額度產品新增三個地理區域。

So originally, it's going to be offered in certain states, and installment will be offered another soon after launch, and once we get the early data reads, we will provide customers with optionality to select between the two products, what best suits them and fits them. And so we're excited to have another product option for our customers.

因此一開始會先在特定州提供，分期產品則會在上線後不久於其他州推出；在取得初期數據回饋後，我們會讓客戶有選擇權，可在兩項產品之間選擇最適合、最符合其需求的方案。因此我們很期待能為客戶提供另一個產品選項。

And some customers prefer line of credit over installment if they feel that it provides them a little bit more control. It changes a little bit of how refinances happen versus the line of credit. There's no refinances. So we're excited to provide another high-quality option. It'll have all the same features as our installment. There's going to be no draw fee on the original origination. There's going to be no late fees, no prepayment.

而且有些客戶若覺得信用額度能讓他們有更多掌控感，會更偏好信用額度而非分期。相較於信用額度，分期再融資的運作方式會有些不同。信用額度沒有再融資。因此我們很期待能提供另一個高品質選項。它將具備與我們分期產品相同的所有功能。首次核貸不會收取動用費。不會有逾期費，也不會有提前清償費用。

So we're excited to offer a largely similar product, but just another option for customers. It also allows us to better compete. We know that a lot of our competition uses line of credit in various ways to serve their customers. So we think it's merited, and it will be a good high-quality option for our customers.

所以我們很期待提供一個大致相似的產品，但讓客戶多一個選擇。這也讓我們能更好地競爭。我們知道許多競爭對手會以各種方式使用信用額度來服務其客戶。因此我們認為這是有其必要性，並且會是提供給客戶的一個高品質選項。

Got it. And then just lastly, I wanted to ask about credit quality. I think there was a little cleanup in 4Q. Would you guys say there was also a little bit cleanup in 1Q? And do you see that continuing or just where are we in credit quality, how you guys are viewing it and thinking about it?

了解。最後我想問一下信用品質。我認為第四季有一些改善。你們會說第一季也有一些改善嗎？你們認為這會持續嗎？或者目前信用品質處於什麼位置，你們是如何看待與思考的？

Yeah. I mean, just to point out, our charge off as receivables was elevated from last year. Last year was an exceptional year. We were kind of in a growth. We were extending term a little bit, so we had a really strong Q1 last year.

是的。我的意思是，先指出一點：我們的核銷（charge-off）占應收款的比例較去年上升。去年是非常特殊的一年。我們當時處於成長階段。我們稍微拉長了期限，所以去年第一季表現非常強勁。

This year is more of a normalization. If you go back to 2024 and 2023, it's still better than those months. We were able to grow receivables, like I said, 9.4% in new originations. It's elevated. They're elevated. I think, customers are being a little cautious here on the demand side, and then also on the on-road payments, you've got to be a little cautious when there's inflationary pressures that we're seeing. We're hopeful that this Iran conflict and gas prices will get resolved quickly.

今年比較像是回歸常態。如果回頭看 2024 年與 2023 年，仍然比那些月份更好。如我所說，我們能夠成長應收款，新承作放款成長 9.4%。確實偏高。它們是偏高的。我認為在需求端，客戶現在比較謹慎；另外在還款表現上，當我們看到通膨壓力時，也必須更謹慎。我們希望伊朗衝突與油價能夠盡快獲得解決。

And we feel like in the second half, we have a lot of growth levers. Our pricing, our Model 6 are already in market. They're doing really well. And then this line of credit product's going to add new geography expansion, which will add a lot of growth. So we're able now with our risk-based pricing to be able to operate in different credit environments and cycles. It's much different kind of than in 2022, we had a single price product. And so we feel like we're much better prepared to be able to operate with a little bit of a higher past dues coming in.

我們認為下半年有很多成長槓桿。我們的定價、我們的 Model 6 已經在市場上了。表現非常好。此外，這個信用額度產品將帶來新的地理區域擴張，會帶動很多成長。因此，透過風險基礎定價，我們現在能在不同的信用環境與景氣循環中運作。這與 2022 年非常不同，當時我們只有單一定價的產品。所以我們覺得自己已更充分準備好，在逾期率稍高的情況下仍能運作。

Fair. That's helpful. Best of luck the rest of 2026 and with the acquisition.

合理。這很有幫助。祝你們 2026 年接下來一切順利，也祝收購案順利。

I'm sorry, Mike. Could you just repeat the question?

不好意思，Mike。你可以再重複一次問題嗎？

Oh, no. I just said best of luck in 2026 and with the acquisition.

喔，不。我只是說祝你們 2026 年一切順利，也祝收購案順利。

Thank you. Thanks, Mike, I appreciate that.

謝謝。謝謝你，Mike，我很感謝。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Hey. Guys, I just wanted to squeeze one more question in here. So obviously, seeing good things from the LOLA platform, I wanted to see if we can possibly get some KPIs or quantitative metrics around that to kind of show kind of the upside that it's providing.

嗨。各位，我想再塞進來一個問題。很明顯我們看到 LOLA 平台帶來一些正面成果，我想看看是否能提供一些 KPI 或量化指標，來呈現它所帶來的上行空間。

Yeah. I mean, we're starting the migration literally this month, which we're very excited about. It's going to reduce cycle times. We're already really doing well. Like our auto approval rate went from 78.6 last year in Q1 to 79.2. So we're still even on our old system making progress on auto approvals, but this is structurally going to allow us to reduce processing times and to approval for customers.

是的。我們其實就在這個月開始遷移，對此我們非常興奮。這將縮短作業週期時間。我們目前已經做得很好。例如，我們的自動核准率從去年第一季的 78.6 提升到 79.2。所以即使在舊系統上，我們在自動核准方面仍持續進步；但從結構上來看，這將讓我們能縮短處理時間，並加快客戶獲核准的速度。

So customers are going to get approved faster. We're going to continue to push up the auto approval rates. This allows us to launch products. So we started talking about a line of credit product in the beginning of the year, and we're going to be able to launch it four months later, not even.

因此客戶會更快獲得核准。我們也會持續推升自動核准率。這也讓我們能推出新產品。我們在年初開始談信用額度產品，而我們將能在四個月後、甚至不到四個月就把它推出。

That's all due to having a clean architecture and a modular infrastructure from our loan servicing system that will allow us to launch. So we're excited. I think from a corporate standpoint, better corporate integrations into our accounting systems. Our data was all re-tagged and cleaned up, so we're going to be able to deploy AI tools to better read out data and have better information faster.

這一切都歸功於我們放款服務系統具備乾淨的架構與模組化的基礎設施，讓我們能夠快速上線。所以我們很期待。我認為從公司層面來看，能更好地與我們的會計系統做整合。我們的資料已重新標記並清理，因此我們將能部署 AI 工具，更好地讀取資料，並更快取得更好的資訊。

And I think from like product enhancements, from a risk perspective, from a credit perspective, because of the clean architecture, we think cycle time, so meaning we have an idea to enhance our installment product, for us to get that to market will be a 50% reduction in cycle time to get something to market by having that architecture.

我認為在產品強化方面，從風險角度、信用角度來看，因為架構乾淨，我們認為週期時間——也就是說，當我們有一個想法要強化分期產品時，透過這套架構，將其推向市場的週期時間可縮短 50%。

So there's tremendous benefits, and we'll continue to report out on those benefits in our quarterly earnings call and how the company is using it to its benefit going forward.

所以效益非常可觀，我們也會在未來的季度財報電話會議中持續回報這些效益，以及公司如何運用它來帶來後續的好處。

I understand. Thank you very much, and congratulations on the strong quarter again.

了解。非常感謝，也再次恭喜本季表現強勁。

Thank you.

謝謝。

It appears we have no further questions, and this concludes today's program. Thank you for your participation, and you may disconnect your line at any time.

看起來我們沒有其他問題了，今天的會議到此結束。感謝各位的參與，您可隨時掛斷電話。