OppFi Inc (OPFI) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to OppFi's second-quarter 2026 earnings conference call. As a reminder, this conference is being recorded. I am pleased to introduce your host, [ Jared Pollack ]. You may begin.

下午好，歡迎參加 OppFi 2026 年第二季財報電話會議。提醒各位，本次會議將被錄音。我很高興為各位介紹本次會議主持人，[ Jared Pollack ]。您可以開始了。

Thank you, operator. Good afternoon, and welcome to OppFi's second-quarter 2026 earnings call. Today, our Executive Chairman and CEO, Todd Schwartz; and CFO, Pamela Johnson, will present our financial results, followed by a question-and-answer session. You can access the earnings presentation on our website at investors.oppfi.com. During this call, OppFi may discuss certain forward-looking information.

謝謝，接線員。下午好，歡迎參加 OppFi 2026 年第二季財報電話會議。今天，我們的執行董事長兼執行長 Todd Schwartz，以及財務長 Pamela Johnson，將報告我們的財務結果，隨後進行問答環節。您可於我們的網站 investors.oppfi.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。

The company's filings with the SEC describe factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements. Please refer to slide 2 of the earnings presentation and press release for our disclaimer statement covering forward-looking statements and references to information about non-GAAP financial measures, which will be discussed throughout today's call.

公司向美國證券交易委員會（SEC）提交的文件中，說明了可能導致實際結果、發展及業務決策與前瞻性陳述存在重大差異的因素。請參閱財報簡報與新聞稿的第 2 頁，其中包含我們關於前瞻性陳述的免責聲明，以及對非 GAAP 財務衡量指標資訊的引用；這些內容將在今天的電話會議中多次提及。

Reconciliations of those measures to GAAP measures can be found in the appendix to our earnings presentation and press release. In addition, certain important information related to the BNCC transaction is included in the registration statement on Form S-4 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.

上述指標與 GAAP 指標之間的調節表，可在我們財報簡報與新聞稿的附錄中找到。此外，與 BNCC 交易相關的某些重要資訊，已納入 OppFi 就該交易所提交的 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、支持該合併的委託書徵求活動。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，我想把電話會議交給 Todd。

Thanks, Jared, and good afternoon, everyone. Thank you for joining us today. I'll first share a business update, and then Pam will review our strategic investments and Q2 financial performance in detail. While Q2 fell short of our original financial expectations, we believe it was one of our most productive quarters from a strategic standpoint. We invested meaningfully in testing new products and improving existing products with the goal of strengthening our competitive positioning.

謝謝，Jared，大家下午好。感謝各位今天加入我們。我將先分享業務最新進展，接著 Pam 會詳細回顧我們的策略性投資與第二季財務表現。雖然第二季未達我們原先的財務預期，但從策略角度來看，我們認為這是最具生產力的季度之一。我們投入大量資源測試新產品並改善既有產品，目標是強化我們的競爭定位。

We also took the additional time needed to refine our LOLA system, laying what we believe to be a strong foundation for future growth and efficiency. That work pushed back rollout by a few months, but we're encouraged by the results and remain confident in our ability to hit our long-term financial targets. I will provide more detail on new product initiatives later in my remarks.

我們也投入額外時間精進我們的 LOLA 系統，為未來成長與效率奠定我們認為堅實的基礎。這項工作使上線時程延後了幾個月，但我們對結果感到鼓舞，並仍對達成長期財務目標充滿信心。我稍後會就新產品計畫提供更多細節。

First, I'd like to provide an update on our pending acquisition of BNC National Bank. We're pleased to announce that we've officially submitted our regulatory applications to the OCC and other governing agencies.

首先，我想就我們待完成的 BNC National Bank 收購案提供最新進展。我們很高興宣布，我們已正式向美國貨幣監理署（OCC）及其他主管機關提交監管申請文件。

We look forward to working with regulators throughout the approval process and aim to close the transaction in Q4 of this year. We're excited to work with the BNC team to integrate and build the strongest possible strategic footprint, expanding product offerings, consumer choice and credit access, while reducing costs for our customers and extending community banking access to more of them. We'll provide further updates on this throughout the year.

我們期待在核准流程中與監管機關合作，並以今年第四季完成交易為目標。我們很期待與 BNC 團隊合作進行整合，打造最強的策略版圖，擴大產品供給、消費者選擇與信貸可得性，同時為客戶降低成本，並讓更多客戶能取得社區銀行服務。我們將在今年持續提供更多相關更新。

Next, I'd like to highlight an important development at OppFi, the upcoming line of credit launch with one of our bank partners. During the second-quarter, we completed extensive testing around pricing, term structure, and customer behavior, and we are very encouraged with the results. The testing reinforced our belief that the line of credit product fills an important need for consumers, particularly during macro periods when affordability and monthly payment flexibility become increasingly important.

接下來，我想強調 OppFi 的一項重要進展：我們即將與其中一家銀行合作夥伴推出信用額度產品。在第二季期間，我們針對定價、期限結構與客戶行為完成了廣泛測試，結果令我們非常振奮。測試結果強化了我們的看法：信用額度產品能滿足消費者的重要需求，特別是在總體環境下，當可負擔性與每月還款彈性變得愈發重要之際。

Customers are increasingly gravitating towards products with lower monthly payments but longer repayment terms, as these options offer greater affordability and cash flow flexibility on a month-to-month basis. That preference was reflected in our testing results and reinforces why the line of credit product is such an important addition to our platform. The testing demonstrated meaningful opportunities to drive additional growth from both new and existing customers while diversifying our product offerings.

客戶愈來愈傾向選擇每月付款較低、但還款期限較長的產品，因為這些選項能在月與月之間提供更高的可負擔性與現金流彈性。這項偏好也反映在我們的測試結果中，並進一步說明為何信用額度產品是我們平台上一項如此重要的新增項目。測試顯示，無論是新客戶或既有客戶，我們都有顯著機會推動額外成長，同時使產品組合更多元。

We expect to launch the line of credit product next month. That timing was intentional and reflects a deliberate measure twice, cut once approach. Before its launch, we wanted to be fully confident in its pricing structure, customer experience, conversion dynamics and expected performance. With testing now complete, we feel good about its readiness. The technical aspects of this product will have been developed and brought to market in under six months, a relatively short period of time.

我們預期將於下個月推出信用額度產品。這個時點是刻意安排的，反映了「量兩次、切一次」的審慎做法。在推出之前，我們希望對其定價結構、客戶體驗、轉換動能與預期表現具備充分信心。目前測試已完成，我們對其就緒程度感到良好。本產品的技術面將在不到六個月內完成開發並推向市場，這是一段相對短的時間。

This is made possible by our new modular technology platform. Beyond enabling this launch, the modular platform creates a scalable foundation for future product innovation, allowing us to develop and introduce new offerings more efficiently. As a result of the slight timing shift in both the line of credit launch and LOLA migration completion, originations came in below our original expectations during the quarter. Accordingly, we are revising our 2026 guidance. Our expectations for 2027 and 2028 remain unchanged, and we continue to believe we are on a path towards achieving approximately $3 of earnings per share by the end of 2028.

這得益於我們新的模組化技術平台。除了促成本次上線之外，模組化平台也為未來產品創新建立可擴展的基礎，使我們能更有效率地開發並推出新產品。由於信用額度產品上線與 LOLA 遷移完成時點皆略有調整，本季的放款起始量（originations）低於我們原先預期。因此，我們正在修訂 2026 年的財測指引。我們對 2027 年與 2028 年的預期維持不變，並仍相信我們正走在於 2028 年底前達成每股盈餘約 3 美元的路徑上。

Taken together, this has been an important quarter of progress for OppFi in laying the foundation for growth. We are well underway in our effort to strategically transform the business, investing more than $150 million this year to enable continued growth on our path to achieve $500 million of adjusted net income in the next five years. We remain focused on executing our shared vision of becoming a leading technology-enabled bank platform that offers essential credit access and community banking services to everyday Americans and businesses.

綜合而言，這是 OppFi 在為成長奠定基礎方面取得重要進展的一季。我們正積極推進業務的策略性轉型，今年投資超過 1.5 億美元，以支持持續成長，並朝未來五年達成 5 億美元調整後淨利的目標邁進。我們仍專注於落實共同願景：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，我把電話會議交給 Pam。

Thanks, Todd, and good afternoon, everyone. I want to build on Todd's comments regarding the quarter and our updated outlook. While we continue to see some variability in consumer credit trends, we are prioritizing balance sheet strength, unit economics and margin stability over shorter-term volume growth. OppFi has demonstrated throughout its history that disciplined underwriting, strong credit performance and sustainable profitability create more long-term value than pursuing growth at any cost in the near term. Importantly, we continue to direct our focus toward building the foundation to unlock new long-term growth and our planned acquisition of BNC is expected to be financially transformative.

謝謝，Todd，大家下午好。我想延續 Todd 對本季表現與我們更新後展望的評論。雖然我們仍看到消費者信貸趨勢存在一定波動，但相較於較短期的量能成長，我們更優先考量資產負債表強度、單位經濟效益與利潤率穩定性。OppFi 在其歷史中已證明，嚴謹的承保、強勁的信用品質表現與可持續的獲利能力，較之於短期內不計代價追求成長，能創造更長期的價值。重要的是，我們仍持續將重點放在建立基礎以釋放新的長期成長動能，而我們規劃中的 BNC 收購預期將在財務上帶來轉型性的影響。

We anticipate significant revenue synergies beginning in 2027 as we expand our ability to deliver a broader suite of financial products across the larger geographic footprint.

我們預期自 2027 年起將出現顯著的營收協同效益，因為我們將擴大在更廣泛的地理版圖上提供更完整金融產品組合的能力。

These synergies are expected to be driven primarily by geographic expansion and cross-selling opportunities. In addition, we believe OppFi will be able to leverage BNC's capabilities and relationships to further grow our existing business lines.

這些協同效益預期主要由地理擴張與交叉銷售機會所驅動。此外，我們相信 OppFi 將能夠運用 BNC 的能力與關係，進一步擴大我們既有的業務線。

The combination of OppFi and BNC is expected to create a banking organization with capital levels well in excess of regulatory and market standards. Looking ahead to 2028, we expect the combined company to generate return on assets at least 10% and returns on equity of at least 35%. Turning to our financial performance for the second-quarter, we generated revenue of $145 million, a 1.9% increase over Q2 2025, and a company record for any second-quarter.

OppFi 與 BNC 的結合預期將打造一家資本水準遠高於監管與市場標準的銀行組織。展望 2028 年，我們預期合併後公司資產報酬率（ROA）至少達 10%，股東權益報酬率（ROE）至少達 35%。接著談第二季的財務表現，我們創造營收 1.45 億美元，較 2025 年第二季成長 1.9%，並創下公司歷來任何第二季的最高紀錄。

Originations for the quarter decreased by 9% to $212 million compared to the prior year quarter, as we tightened underwriting in segments where we believe risk-adjusted returns were less attractive. These actions were designed to help preserve portfolio quality and support long-term profitability. Net charge-offs as a percentage of revenue during the quarter increased to approximately 40% from 32% in the prior year period. And net charge-offs as a percentage of receivables increased to 52% from 43% in the prior year period. Given the denominator effect, these charge-off metrics appear inflated in times of slower growth.

本季放款承作金額（originations）較去年同期下降 9% 至 2.12 億美元，因為我們在認為風險調整後報酬較不具吸引力的區隔收緊了授信審核。這些措施旨在協助維持投資組合品質並支持長期獲利能力。本季淨沖銷（net charge-offs）占營收比重由去年同期的 32% 上升至約 40%。而淨沖銷占應收款項比重由去年同期的 43% 上升至 52%。由於分母效應，在成長較慢的時期，這些沖銷指標看起來會被放大。

Importantly, these charge-offs are partially offset by a meaningful improvement in recoveries, an area where we believe we maintain a distinct competitive advantage. Recoveries increased to approximately $15 million from $11 million in the prior year period. We continue to closely monitor consumer payment behavior and adjust our underwriting posture with agility as conditions evolve. And we remain confident that the actions we have taken position the portfolio for stronger performance over time. Operating expenses remained well controlled as we continue to balance investment and strategic initiatives with disciplined expense management.

重要的是，這些沖銷部分被回收款（recoveries）的顯著改善所抵銷，而我們相信在此領域我們維持明顯的競爭優勢。回收款由去年同期約 1,100 萬美元增加至約 1,500 萬美元。我們持續密切監控消費者付款行為，並隨著環境演變靈活調整我們的授信審核立場。我們仍有信心，我們採取的行動將使投資組合隨時間推移展現更強勁的表現。營運費用仍維持良好控管，我們在持續平衡投資與策略性計畫的同時，也以嚴謹的費用管理紀律執行。

Total adjusted operating expenses were approximately $49 million or 34% of revenue, down slightly from 35% in the prior year period. On an unadjusted basis, given one-time expenses related to the BNC transaction and corporate simplification, expenses were 43% of revenue compared with 39% of revenue in the prior year period. While we continued investing in strategic initiatives, particularly those related to the BNC transaction and platform development, we maintained disciplined expense management across the rest of the organization. Taken together, adjusted net income decreased by 27% in the second-quarter to approximately $29 million compared to the prior year period. And adjusted earnings per share decreased to $0.33 from $0.45 in the prior year period.

調整後營運費用總額約 4,900 萬美元，占營收 34%，較去年同期的 35% 略降。以未調整基礎計算，因包含與 BNC 交易及公司架構簡化相關的一次性費用，費用占營收 43%，高於去年同期的 39%。在我們持續投資策略性計畫（尤其是與 BNC 交易及平台開發相關）之際，我們在組織其餘部分仍維持嚴謹的費用管理。綜合而言，第二季調整後淨利較去年同期下降 27% 至約 2,900 萬美元。調整後每股盈餘（EPS）由去年同期的 0.45 美元降至 0.33 美元。

Despite that, our adjusted net income margin remained strong at 19.8%. Looking at the balance sheet, we continue to maintain a robust financial position, ending the quarter with $92 million in cash, cash equivalents, and restricted cash, alongside $277 million in total debt and $414 million in total stockholders' equity. Our total funding capacity was $541.8 million at quarter end, including $173.5 million of unused debt capacity.

儘管如此，我們的調整後淨利率仍維持強勁，達 19.8%。就資產負債表而言，我們持續維持穩健的財務狀況，季末現金、約當現金與受限制現金合計 9,200 萬美元，同時總負債為 2.77 億美元、股東權益總額為 4.14 億美元。季末我們的總融資額度為 5.418 億美元，其中包含 1.735 億美元的未動用債務額度。

With strong liquidity position and balance sheet flexibility, it continues to provide a solid foundation for our capital allocation strategy and long-term growth objectives. On capital allocation, our balance sheet remains a significant source of strength. Our business continues to generate meaningful free cash flow, allowing us to invest in growth initiatives while simultaneously returning capital to shareholders.

憑藉強勁的流動性部位與資產負債表彈性，這持續為我們的資本配置策略與長期成長目標提供堅實基礎。在資本配置方面，我們的資產負債表仍是重要的優勢來源。我們的業務持續產生可觀的自由現金流，使我們得以在投資成長計畫的同時，也能向股東回饋資本。

During the quarter, we began repurchasing shares under the Board-authorized $40 million repurchase program, reflecting our belief that the current valuation does not appropriately reflect the long-term earnings potential of the company.

本季我們開始依董事會核准的 4,000 萬美元庫藏股回購計畫回購股份，反映我們認為目前估值未能恰當反映公司長期獲利潛力。

Given the timing shift in our launch of the line of credit product and completion of LOLA system migration, we are revising our full 2026 guidance to total revenue of $600 million to $625 million, adjusted net income of $115 million to $130 million and adjusted EPS of $1.34 to $1.51. While we are reducing our near-term outlook, our confidence in the long-term earnings potential of the company remains unchanged.

鑑於我們信用額度產品（line of credit）的推出時程調整，以及 LOLA 系統遷移完成時間的變動，我們將 2026 年全年指引修正為：總營收 6.00 億至 6.25 億美元、調整後淨利 1.15 億至 1.30 億美元，以及調整後每股盈餘 1.34 至 1.51 美元。雖然我們下調了短期展望，但我們對公司長期獲利潛力的信心仍不變。

Our expectations for 2027 and 2028 remain intact, but we continue to believe OppFi is building a stronger, more diversified and more valuable platform. We remain confident in our path toward achieving our long-term objective of approximately $3 of earnings per share by the end of 2028.

我們對 2027 年與 2028 年的預期維持不變，但我們仍相信 OppFi 正在打造一個更強大、更多元且更具價值的平台。我們仍有信心，將在 2028 年底前朝著達成長期目標——每股盈餘約 3 美元——的路徑前進。

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

接下來，我將把電話會議交給主持人進行問答。主持人？

(Operator Instructions)

（主持人指示）

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Todd, wondering if you can provide just a little more color on sort of your assessment of what you're seeing from your consumers vis-a-vis credit and what led to the tightening. Obviously, it's been another earnings season where there's been some pretty broad-based constructive commentary from most lenders about consumer resiliency in the face of inflation and whatnot. And maybe if you can just share a little more on what led to some of the tightening that you enacted in the quarter?

Todd，想請你再多補充一些你對消費者在信用面向上的觀察，以及是什麼促使你們收緊授信。顯然，這又是一個財報季，多數放款機構對消費者在通膨等因素下仍具韌性，普遍給出相當正面的評論。也許你可以再分享一下，本季你們採取部分收緊措施的原因是什麼？

Yes, I mean, we actually -- it actually started last summer when we saw some consumer sentiment. Listen, I think if you look at the average in the last four years, the charge-offs are -- we had a really strong two-year window there and we're still seeing some reversion on that back to -- but with our risk-based pricing and with some of the term testing we're doing, one of the things I mentioned in my remarks is that the affordability is becoming very, very important for the consumer.

是的，我的意思是，我們其實——其實是從去年夏天開始，當時我們看到一些消費者情緒的變化。聽著，我認為如果你看過去四年的平均，沖銷——我們曾有一段非常強勁的兩年窗口期，而我們仍在看到一些回歸到——但透過我們的風險定價，以及我們正在做的一些期限測試（term testing），我在談話中提到的一點是：對消費者而言，可負擔性正變得非常、非常重要。

So consumers are opting for more total costs to keep their monthly payments affordable. And we need to be responsive to competition and to what others are providing in the marketplace. And I think that's why we're so excited about the line of credit product.

因此，消費者會選擇承擔更高的總成本，以維持每月付款金額在可負擔範圍內。我們需要對競爭以及市場上其他業者提供的方案做出回應。我想這也是我們對信用額度產品感到如此興奮的原因。

There's also things we can be doing on installment better to better serve our customers. I think if you're getting the payment-to-income wrong with customers, that is the fundamental rule of underwriting. You're going to cause more customer delinquency or less repayments overall. I think with our risk-based pricing and some of our term and some of our new marketing initiatives, we feel like really, really good for the second half that we're going to start to grow again and start to get that back on track. There were some head fakes with the war and everything going on, but we feel, like, from our business standpoint, we can operate in any environment.

另外，在分期產品（installment）方面，我們也還有一些可以做得更好、以更好服務客戶的事情。我認為，如果你把客戶的「付款占收入比」（payment-to-income）算錯了，那就是授信審核的基本規則。你將會造成更多客戶逾期，或整體回收款（repayments）變少。我認為，憑藉我們的風險定價、部分期限設計，以及一些新的行銷計畫，我們對下半年非常、非常有信心，將會重新開始成長並把進度拉回正軌。戰爭以及各種正在發生的事情曾帶來一些假訊號（head fakes），但我們覺得，就我們的業務角度而言，我們可以在任何環境下運作。

And I think that if you look at our margin and our balance sheet, that was prioritized with everything going on with the transformation and the bank acquisition, it was prioritized, but we're getting back to growth now. And we think that there's a lot of opportunity. We're seeing some competitors provide some more affordability on the payments to allow for more growth. And so we think we can be very competitive and bring something to market that customers are going to be successful with.

我認為，如果你看看我們的利潤率和資產負債表，在轉型以及收購銀行等各項事情同時進行的情況下，這一直是優先事項；但我們現在正回到成長軌道。而且我們認為有很多機會。我們看到一些競爭對手在付款條件上提供更高的可負擔性，以支持更多成長。因此我們認為我們可以非常有競爭力，並把一個能讓客戶用得成功的產品推向市場。

Got it. Understood. And maybe as a follow-up, as we think about the second half outlook, and the guidance reduction, is there a way to give us a sense for how much of that is related to the sort of a lower starting point in balances that you're exiting Q2 with and the delayed -- and maybe 1 month delay in rolling out kind of LOLA and line of credit.

了解。明白。另外可能追問一下，當我們思考下半年展望以及指引下修時，能否讓我們理解其中有多少是因為你們在第二季結束時的餘額起點較低，以及推出 LOLA 和信用額度（line of credit）有所延後——可能延後 1 個月。

That being sort of one bucket and maybe the other could just be everything else, whether it be changes in loss rate assumptions, fair value, how much of it's just kind of the Q2 tightening and lower jumping off point versus are there any other factors that we should be aware of that's behind the guidance?

這算是一個面向；另一個面向可能就是其他所有因素，無論是損失率假設的變動、公允價值等。有多少只是第二季收緊與較低的起跳點所致？或者在指引背後，是否還有其他我們需要留意的因素？

Yes, I mean, we've been operating in this credit environment now for over a year, so we're comfortable with where we're at there and see stability. It's really geared towards the late onset of some of the growth initiatives that we've had. In the second-quarter, we're making great progress. I mean from a financial growth perspective, the way it reports out to you guys and the Street in this small three-month window, it shows that we're growing. But when I think about what we're doing on a daily basis with the teams and the product initiatives, the migration, everything's going very well.

是的，我的意思是，我們在這樣的信用環境中運作已經超過一年了，所以我們對目前的狀況感到放心，也看到穩定性。這主要是因為我們一些成長計畫的啟動時間較晚。在第二季，我們取得了很大的進展。從財務成長的角度來看，以你們以及市場在這個短短三個月窗口所看到的呈現方式，顯示我們正在成長。但當我想到我們每天與團隊、產品計畫、遷移等所做的事情，一切都進展得非常順利。

And we think that we're just -- the business is going to -- we're trying to retool business to set this thing up for a much larger scale multi-product platform. And so it is definitely kind of more of a late onset situation where we're not getting the line of credit in market as soon as we thought we would.

而且我們認為——這個業務將會——我們正在嘗試重新調整業務，讓它能支撐一個規模更大、具多產品的平臺。因此這確實比較像是啟動較晚的情況，因為我們沒能像原先預期那麼快把信用額度推向市場。

And then also some of the migration things with data that we're working through to make sure that we're taking -- I think I said it in my commentary, measure twice, cut once approach and making sure -- and while keeping the balance sheet strong.

另外，我們也在處理一些與資料相關的遷移事項，以確保我們採取——我想我在評論中提過——「量兩次再下刀（measure twice, cut once）」的方法，並確保——同時維持資產負債表的穩健。

Dave Storms, Stonegate Capital Partners.

Dave Storms，Stonegate Capital Partners。

This is Maximus. I'll be asking questions for Dave Storms today. Just wanted to start off on LOLA. As the platform gets further rolled out in the second half of the year, kind of just wondering where you think the biggest benefit will be first. Is it more -- better conversion, servicing efficiencies, recoveries? Or if you have any other color, that would be great.

我是 Maximus。我今天會代替 Dave Storms 提問。想先從 LOLA 開始。隨著該平臺在今年下半年進一步推廣上線，我想了解你們認為最先會在哪些方面帶來最大效益。是更高的轉換率、服務效率、回收（recoveries）？或是你們還有其他補充說明也很好。

Yes, we think it -- I think one of the benefits you're going to be seeing here is we have a new product coming to market in less than six months. And that's because it was completely built on the new system, which took advantage of our modular architecture and all the benefits of it. We didn't have to go into the legacy system at all to be able to develop it as a new product. And so that's one of the biggest things. I'm excited about is cycle time for development and bringing things to market. And from a product standpoint, being able to work on things in a much faster clip.

是的，我們認為——我想你們會看到的其中一個效益是：我們在不到六個月內就會有一個新產品上市。這是因為它完全建立在新系統上，充分利用了我們的模組化架構及其所有優勢。我們完全不需要進入舊有系統，就能把它作為新產品開發出來。所以這是最大的重點之一。我很期待的是開發週期時間以及把產品推向市場的速度。從產品角度來看，能以更快的節奏推進各項工作。

Our goal is to reduce our cycle times by 70% over the next year. And so that is -- also, it will allow us to push on some of these automated -- we actually made progress in the quarter. Our automated approval rate was up into the 80s first time the company has achieved that.

我們的目標是在未來一年把週期時間縮短 70%。因此——另外，它也會讓我們能推進一些自動化——其實我們在本季已經取得進展。我們的自動核准率提升到 80% 多，這是公司首次達到這個水準。

So we're continuing to make progress even on the legacy system, but this will unlock us to our ability to start to move those metrics higher and better service our customer. We think that the cycle time from app-to-fund for some of the more manual applications is going to go down significantly. So that's another benefit of the new system.

所以即使在舊系統上我們也持續在進步，但新系統將釋放我們的能力，讓我們能把這些指標推得更高，並更好地服務客戶。我們認為，對於一些較需要人工處理的申請，從申請到撥款（app-to-fund）的週期時間將大幅縮短。因此這也是新系統的另一項效益。

I appreciate that. And then lastly, wanted to get a little bit more color on the line of credit as well. You had mentioned the testing that happened this past quarter. And I just wanted to see if you could dive in deeper into more of the findings or the discoveries that you guys have found out? And also wanted to see if the LOC, the line of credit, is more -- going to be more specifically for new customers or as well, current customers as well?

謝謝說明。最後，也想就信用額度再多了解一些細節。你提到本季進行了測試。我想看看你是否能更深入談談你們的發現或觀察到的結果？另外也想確認，LOC（line of credit，信用額度）會更偏向提供給新客戶，還是也會提供給現有客戶？

Yes, good question. Well, first of all, I think the way customers can draw on their lines and the flexibility of when they draw, as opposed to kind of the installment right now is done at a refinance or if someone's paid in full, they would reloan out. So that ability to draw smaller increments over time and give the customer the flexibility of when they choose to do that, also coupled with the payment stream being a little bit longer dated to allow for more affordability of monthly payment.

是的，好問題。首先，我認為客戶如何動用其額度、以及何時動用的彈性，與我們目前的分期產品不同；目前分期通常是在再融資（refinance）時進行，或是有人全額還清後再重新放款。因此，能夠隨時間以較小的金額分次動用，並讓客戶自行選擇動用時點的彈性，再加上付款期程拉得更長一些，以提高每月付款的可負擔性。

So we feel like those two aspects of this are really going to do a great job to respond to kind of some of the market dynamics we're seeing. We're -- one of the things we will be testing is what customers select in a market where we're going to offer both.

所以我們覺得這兩個面向將能很好地回應我們所看到的一些市場動態。我們——其中一項會測試的是：在我們同時提供兩種產品的市場中，客戶會選擇哪一種。

That isn't in the original launch plan. The original launch plan will allow for three new geographies for us to offer a line of credit to customers, so net new customers. But soon after, we will be in market with -- where customers can choose which product they desire and what best fits their financial needs. And so we'll -- as we run those tests, we'll be updating everyone with the results and kind of see where we think that the market -- the new product fits best in the market.

這不在原始的上市計畫中。原始上市計畫是讓我們在三個新的地理區域向客戶提供信用額度，因此主要是新增客戶（net new customers）。但不久之後，我們也會在市場上推出——讓客戶可以選擇他們想要的產品，以及最符合其財務需求的方案。因此，隨著我們進行這些測試，我們會向大家更新結果，並觀察我們認為這個新產品在市場上最適合的定位。

Mike Grondahl, Northland Securities.

Mike Grondahl，Northland Securities。

With the reduced outlook, just trying to understand between the line of credit product and the LOLA migration. Are those both about a month delayed? Trying to understand that a little bit better. And then revenue outlook down probably $40 million to $50 million, adjusted EPS about $0.40 at the midpoint. Is that more LOC versus LOLA? Just trying to understand the breakdown there because it's kind of big numbers for these two delays.

在下修展望之後，我想釐清一下信用額度（line of credit）產品與 LOLA 遷移之間的情況。這兩項是否都大約延遲了一個月？想更好地理解一下。另外，營收展望下調可能約 4,000 萬到 5,000 萬美元，調整後 EPS 以中位數來看約 0.40 美元。這部分比較是 LOC 還是 LOLA 的影響？想了解其中的拆分，因為就這兩項延遲而言，數字看起來有點大。

Yes, I mean, we -- the line of credit, like I said, opens up to three new geographies. And we think there's meaningful volume to come out of it. So every month that it gets delayed, it obviously impacts our origination targets. I do think though that on the LOLA side, less, it's less about that. It has delayed some of our product initiatives.

是的，我的意思是，我們——如我所說，信用額度會擴展到三個新的地理區域。我們認為會帶來相當可觀的量。所以每延遲一個月，顯然都會影響我們的放款（origination）目標。不過我確實認為，在 LOLA 方面，影響較小，並不完全是這個原因。它確實延後了我們的一些產品計畫。

So the way it would hurt originations for the LOLA is we are originating new loans into the LOLA system. It's the legacy products and it's the product initiatives that we have scheduled, but we're not able to enact because of the delay in the system. And so those are high ROI initiatives that we know will result in -- boost in origination growth. So when you couple that with the LOC and the delays, that is the reason for bringing down some of the origination targets.

因此，LOLA 對放款的影響方式是：我們正在把新貸款放到 LOLA 系統中進行放款。受影響的是既有（legacy）產品以及我們已排程的產品計畫，但因系統延遲而無法推行。而這些都是高投資報酬（ROI）的計畫，我們知道會帶來——推升放款成長。所以把這點與 LOC 及其延遲加在一起，就是我們下調部分放款目標的原因。

I do, however, feel though that we are hitting on some things now and I do feel like, we're going to be able to return to growth in the second half with some of the things we've been working on throughout the quarter and the testing with our customer intelligence.

不過我確實覺得，我們現在在一些事情上已經有進展；我也覺得，憑藉我們整個季度一直在做的工作，以及運用客戶洞察（customer intelligence）所做的測試，我們將能在下半年回到成長軌道。

Got it. And is it -- are you characterizing it as a one-month delay, or how would you describe the LOC delay in terms of time?

了解。那你們是把它描述為延遲一個月，還是你會如何描述 LOC 在時間上的延遲？

Yes, our goal is to get this in market in September. So that would effectively be a two-month delay from where we originally planned. But we feel pretty confident now that we're getting a lot closer and feel that there's a high likelihood that we can get this thing launched in September, which is exciting.

是的，我們的目標是在 9 月把它推向市場。因此，這相當於比我們原先規劃有效延遲了兩個月。但我們現在相當有信心，覺得已經更接近了，而且很有可能在 9 月把它上線，這令人振奮。

Got it. And then lastly net charge-offs on average receivables, 52% from 43%. On revenue, 40% versus 32%, I mean, despite that, I think you're kind of saying the credit environment is pretty stable. It's nothing that you're worried about. But those increases seem kind of significant. Could you just reconcile that for us?

了解。最後，平均應收款項的淨沖銷（net charge-offs）為 52%，高於 43%。以營收計則是 40% 對 32%；我的意思是，儘管如此，我想你們大致是在說信貸環境相當穩定。沒有什麼是你們擔心的。但這些上升看起來相當顯著。你能幫我們把這點對起來解釋一下嗎？

Yes, I mean, listen, I think, first of all, our recoveries are doing from a percentage -- not only on a dollar basis collecting more, but as a percentage as well. So the net number, those are real, the recoveries. But what I will say is if we were growing at 9%, 10%, those numbers come down to about 500 basis points, right? So the 40% comes down to 35%. So there is some elevation.

是的，我的意思是，聽著，我想首先，我們的回收（recoveries）在比例上表現不錯——不僅以金額計回收更多，以比例來看也是如此。所以淨數字，那些回收都是真實的。但我要說的是，如果我們的成長是 9%、10%，那些數字會降到大約 500 個基點，對吧？所以 40% 會降到 35%。因此確實有一些上升。

We acknowledge that, and we have talked about that over the last two quarters from the lows of early '25. But I do think it's a little bit exacerbated because of our -- on the origination side, a little bit of slower growth. So it exacerbates those numbers a little bit from our standpoint. But we are very happy to see this strong performance and recoveries, which always is welcome when looking at the total picture.

我們承認這點，而且在過去兩個季度我們也談過，從 2025 年初的低點以來。但我確實認為，因為我們——在放款端成長稍微放慢，這情況被稍微放大了。所以從我們的角度看，這會讓那些數字看起來被放大一些。但我們非常樂見這樣強勁的表現與回收，從整體來看，這總是令人欣慰的。

Lastly, I guess any update on the bank merger?

最後，我想問一下，銀行併購案有任何更新嗎？

Yes, I mean, all I can say, we're in the middle of our comments here. So all I can really say is we've submitted our application and are working with the regulatory agencies at this time. As soon as we have updates to provide, we will in the coming quarters. But as of now that's -- we can't really comment on it more to say than we've submitted our business application and are working with the regulatory agencies.

是的，我的意思是，我能說的就是，我們目前正處於意見回覆（comments）的階段。所以我能說的是，我們已提交申請，並正在與監管機構合作。一旦有可提供的更新，我們會在接下來幾個季度對外說明。但截至目前——我們無法再多做評論，只能說我們已提交業務申請並正與監管機構合作。

Got it. Is it reasonable to still think by year end? Has that timeline changed in your guys' view at all?

了解。仍然可以合理地認為會在年底前完成嗎？在你們看來，這個時間表有任何改變嗎？

Yes, I mean, I would like to think so. We're ready to fulfill on that timeline. Obviously, it's a little bit out of our control, but that would be our plan as of now is Q4.

是的，我的意思是，我希望仍然可以這麼認為。我們已準備好依照那個時間表來完成。顯然這有點不在我們的控制之內，但我們目前的計畫仍是第四季（Q4）。

Thank you. This concludes our question-and-answer session and brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。這結束了我們的問答環節，也代表今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以斷線。