Pagaya Technologies Ltd (PGY) 2024 Q2 法說會逐字稿

Greetings, and welcome to Pagaya's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Pagaya 2024 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host Ms. Jency John, Head of Investor Relations. Thank you. Ms. John, you may begin.

現在我很高興向大家介紹主持人、投資者關係主管 Jency John 女士。謝謝。約翰女士，您可以開始。

Thank you, and welcome to Pagaya's second-quarter 2024 earnings conference call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Evangelos Perros, Chief Financial Officer.

謝謝，歡迎參加 Pagaya 2024 年第二季財報電話會議。今天與我一起討論我們的業務和業績的有 Pagaya 執行長 Gal Krubiner、總裁 Sanjiv Das 和財務長 Evangelos Perros。

You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com.

您可以在我們網站 investor.pagaya.com 的投資者關係部分找到我們準備好的發言稿隨附的資料以及今天網路廣播的重播。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve certain risks and uncertainties. These statements include, but are not limited to, our competitive advantages and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance, including our financial outlook for the second quarter and full year of 2024.

我們今天的評論將包括基於我們當前預期和預測的前瞻性陳述，涉及一定的風險和不確定性。這些聲明包括但不限於我們的競爭優勢和策略、宏觀經濟狀況和展望、未來產品和服務以及未來業務和財務業績，包括我們對2024年第二季和全年的財務展望。

Our actual results may differ from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and filings and in our Form 10-K filed on April 25, 2024 with the US Securities and Exchange Commission as well as our subsequent filings made with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們的實際結果可能與這些前瞻性陳述所預期的結果不同。今天的新聞稿和文件以及我們於 2024 年 4 月 25 日向美國證券交易委員會提交的 10-K 表格以及我們隨後向美國證券交易委員會提交的文件中描述了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

Additionally, non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, fee revenue less production costs or FRLPC, FRLPC percentage and core operating expenses will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available, to the extent available without unreasonable efforts in our earnings release and other materials, which are posted on our investor relations website. We encourage you to review the shareholder letter, which was furnished with the SEC on Form 8-K today, for detailed commentary on our business and performance in conjunction with the accompanying earnings supplement and press release.

此外，電話會議還將討論非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的淨收入、費用收入減去生產成本或 FRLPC、FRLPC 百分比和核心營運費用。在我們的收益報告和其他資料中，只要不付出不合理的努力，就可以提供與最直接可比較的 GAAP 財務指標的對賬，這些對賬已發佈在我們的投資者關係網站上。我們鼓勵您閱讀今天以 8-K 表格形式提交給美國證券交易委員會的股東信函，以便結合隨附的收益補充和新聞稿，詳細了解我們的業務和業績。

With that, let me turn the call over to Gal.

說完這些，讓我把電話轉給 Gal。

Thank you, Jency, and good morning, everyone. I hope you had the chance to read our shareholder letter.

謝謝你，珍妮，大家早安。我希望您有機會閱讀我們的股東信。

We delivered another very strong quarter. We beat our guidance on revenue and adjusted EBITDA with another record quarter on both metrics, and we're in line with our guidance on network volume. We're now at an annual run rate of approximately $1 billion in revenues, $400 million of FRLPC and $200 million of adjusted EBITDA. With the momentum we have delivered in the first half, we are raising our target range for FRPC percentage and our 2024 full-year outlook for revenues and EBITDA. EP will speak more to that in a moment.

我們又度過了一個非常強勁的季度。我們的營收和調整後 EBITDA 都超出預期，兩個指標均創下新高，網路容量也符合預期。我們現在的年收入約為 10 億美元，FRLPC 為 4 億美元，調整後 EBITDA 為 2 億美元。憑藉著上半年取得的良好勢頭，我們提高了 FRPC 百分比的目標範圍以及 2024 年全年收入和 EBITDA 的預期。EP 稍後會詳細談論這一點。

I want to spend a minute now on another critical financial milestone we have achieved in the Q3. With the progress we are making on increasing profitability and getting efficient with our balance sheet, incremental volume growth is now making a positive contribution to the total cash flow. With this very important step achieved, I'm now more confident than ever that very shortly, we can self-fund future growth.

現在我想花一點時間談談我們在第三季實現的另一個重要的財務里程碑。隨著我們在提高獲利能力和提高資產負債表效率方面取得的進展，增量成長現在對總現金流做出了積極的貢獻。隨著這非常重要的一步的實現，我現在比以往任何時候都更有信心，很快我們就能自籌資金實現未來的成長。

Let me turn now to our strategic priorities and how we execute on that. In short, everything we said we were going to deliver, we did. We are managing the business to deliver on our long-term ambition to be the extended credit platform for the US consumer lending industry, while being laser focused on getting cash flow and GAAP net income profitable in the near-term. We have three key priorities: number one, expanding the network to more top lenders; number two, adding additional funding capacity that limits the use of our balance sheet; and number three, improving unit economics.

現在讓我來談談我們的策略重點以及我們如何執行這些重點。簡而言之，我們說過要實現的一切，我們都做到了。我們正在管理業務，以實現我們的長期目標，即成為美國消費貸款行業的擴展信貸平台，同時專注於在短期內實現現金流和 GAAP 淨收入盈利。我們有三個主要優先事項：第一，將網路擴展到更多頂級貸方；第二，增加限制使用資產負債表的額外融資能力；第三，提高單位經濟效益。

Let me start with how we are growing our network with more of the largest lenders in the country. We met our target of adding two to four partners a year, five months ahead of schedule. We are building an enterprise relationship with OneMain Financial, the second largest personal loan originator in the country. The partnership is on track to go live in Q3. In addition, we have a top five bank in the onboarding process in point of sale. This will be the second top five bank partnering with Pagaya on point of sale. From my point of view, the main to join Pagaya network is accelerating compared to six months ago.

首先，我要介紹我們如何與國內更多的大型貸款機構建立合作關係來擴大我們的人脈。我們提前五個月實現了每年增加兩到四個合作夥伴的目標。我們正在與國內第二大個人貸款機構 OneMain Financial 建立企業關係。該合作關係預計將於第三季啟動。此外，我們在銷售點入職流程方面擁有排名前五的銀行。這將是第二家與 Pagaya 在銷售點上合作的前五名銀行。從我的角度來看，與六個月前相比，加入 Pagaya 網路的主要趨勢正在加速。

On point number two, improving capital efficiency, I'm very excited to share that we have signed our first forward flow agreement with Castlelake for $1 billion in personal loans. We are pleased to partner with one of the country's leading credit investor and expect this partnership to be a long-term and mutually beneficial one. We also got our first ever AAA rating on our personal loan ABS program. Both of these initiatives are reducing cost of capital and lowering the use of our capital to fund volume. In addition to that, last week we announced our upcoming acquisition of Theorem Capital, which will give Theorem investors access to new investment opportunities via the Pagaya network and diversify our funding sources.

關於第二點，提高資本效率，我很高興地告訴大家，我們已經與 Castlelake 簽署了第一份 10 億美元個人貸款遠期流動協議。我們很高興與國內領先的信貸投資者之一合作，並期望這種合作關係能夠長期互惠互利。我們的個人貸款 ABS 計劃也首次獲得了 AAA 評級。這兩項措施都降低了資本成本並減少了資本融資量的使用。除此之外，上週我們宣布即將收購 Theorem Capital，這將使 Theorem 投資者能夠透過 Pagaya 網路獲得新的投資機會，並使我們的資金來源多樣化。

Finally, on the third point, higher unit economics, our fee revenue-led production costs reached another record level with the increasing value we have delivered to our partners. And we took action to reduce operational expenses and streamline the business.

最後，關於第三點，更高的單位經濟效益，隨著我們為合作夥伴提供的價值不斷增加，我們以費用收入為主導的生產成本達到了另一個創紀錄的水平。我們採取了行動來降低營運費用並精簡業務。

In summary, all of these actions are putting us on track to fulfill our long-term growth plan and get us to catch the positive and GAAP net income profitability by next year. I'm pleased with our performance and proud of our team execution.

總而言之，所有這些行動都使我們走上實現長期成長計畫的軌道，並使我們明年實現正向和 GAAP 淨收入獲利。我對我們的表現感到滿意，並為我們團隊的執行力感到自豪。

With that, let me pass it to Sanjiv, who will speak on the longer term trajectory of our business, our operational priorities and our product program.

接下來，讓我將主題交給 Sanjiv，他將介紹我們業務的長期發展方向、營運重點和產品計劃。

Thanks, Gal, and good morning, everyone.

謝謝，加爾，大家早安。

I want to spend a few minutes on how we are executing on the strategic priorities Gal just spoke about. I'll start with providing some context on our growth strategy, how we are reorganizing our business for success and provide some color on the funding and the consumer environment we are operating in. I will close with our product roadmap as we keep our eye on our future long-term vision.

我想花幾分鐘時間談談我們如何執行 Gal 剛才談到的策略重點。我將首先介紹我們的成長策略、我們如何重組業務以取得成功，並提供一些有關我們營運的資金和消費者環境的資訊。最後，我將介紹我們的產品路線圖，同時我們將專注於未來的長期願景。

We are accelerating our growth strategy by targeting enterprise lenders, where we can expand the Pagaya solution across consumer credit businesses in a single organization. We have clearly started demonstrating this with some of the largest enterprise lenders in personal loans, auto and point of sale.

我們正在透過瞄準企業貸款機構來加速我們的成長策略，我們可以在單一組織內將 Pagaya 解決方案擴展到消費者信貸業務。我們已經開始向個人貸款、汽車貸款和銷售點領域的一些最大的企業貸款機構展示這一點。

For example, just this year, we expanded our enterprise relationship with U.S. Bank beyond their personal loans business to Elavon, which is their point of sale business, in literally one quarter. With LendingClub, we are now expanding our business from a secondary purchase program to our flagship personal loans program starting this quarter. And we just signed a new enterprise relationship with OneMain, which will begin with auto and move to personal loans in relatively short order.

例如，就在今年，我們僅用一個季度的時間就將與美國銀行的企業關係從個人貸款業務擴展到了 Elavon（即他們的銷售點業務）。借助 LendingClub，從本季開始我們將業務從二次購買計劃擴展到我們的旗艦個人貸款計劃。我們剛剛與 OneMain 簽署了新的企業合作關係，該合作關係將從汽車貸款開始，並在相對較短的時間內轉向個人貸款。

Once the hard work of onboarding an enterprise relationship is done, extending it to other businesses within that enterprise becomes significantly easier and faster. We expect to replicate this strategy with the top five bank currently being onboarded in POS and with all other enterprise partners we bring onboard.

一旦完成了建立企業關係的艱苦工作，將其擴展到該企業內的其他業務就會變得更容易、更快捷。我們希望將這項策略複製到目前已加入 POS 的前五大銀行以及我們引入的所有其他企業合作夥伴。

As we think about the key markets for future growth, point of sale is at the top of that list. Almost every conversation we've had with a big bank in the last 12 months has turned to POS and how Pagaya can help as a go-to-market enabler. We've already built the foundation of our point of sale product. As you know, we have a rapidly growing partnership with Klarna that we are in talks to expand.

當我們思考未來成長的關鍵市場時，銷售點就位居榜首。在過去 12 個月中，我們與大銀行的幾乎每一次對話都涉及 POS 以及 Pagaya 如何作為市場進入推動者提供幫助。我們已經建立了銷售點產品的基礎。如您所知，我們與 Klarna 的合作關係正在迅速發展，我們正在就擴大合作關係進行洽談。

We already mentioned Elavon, expected to go live by the Q4. We are onboarding yet another major bank in POS. And Pagaya has been selected to join Mastercard's Engage program as the only POS and credit partner. And we're already in initial conversations with bank and fintech lenders on the Mastercard network to partner on POS.

我們已經提到了 Elavon，預計將於第四季上線。我們正在為另一家大型銀行提供 POS 服務。Pagaya 已被選為萬事達卡 Engage 計劃的唯一 POS 和信貸合作夥伴。我們已經與萬事達卡網路上的銀行和金融科技貸款機構進行了初步洽談，希望在 POS 方面展開合作。

The growth potential in auto is also getting more apparent. The demand is strong, and our pipeline is growing. Auto market conditions are improving, and we are driving continued efficiency in our auto funding structures. The building blocks are in place to scale auto up more meaningfully over the next few quarters. We have signed several multi-year mutually beneficial exclusivity agreements with our partners, which extends and protects our fee arrangements.

汽車領域的成長潛力也日益顯現。需求強勁，我們的通路也不斷擴大。汽車市場狀況正在改善，我們正在不斷提高汽車融資結構的效率。我們已經做好了準備，以便在未來幾季更有意義地擴大汽車業務。我們與合作夥伴簽署了幾項多年期互惠互利的獨家協議，這擴展並保護了我們的費用安排。

At the same time, on the operational side, as you saw in June, we announced actions to streamline our organization. These actions are already delivering significant cost savings, and we are executing faster and creating more value for our partners.

同時，在營運方面，正如您在六月看到的，我們宣布了精簡組織的行動。這些措施已經帶來了顯著的成本節約，而且我們執行得更快，為合作夥伴創造了更多價值。

Now, turning to the funding environment, as Gal mentioned, we delivered some major wins in our funding strategy, including signing our first forward flow agreement and getting a AAA rating on our personal loan ABS program. We added 22 new funding partners this year with strengthening demand. Private credit, insurance and pension funds are increasing deployment in consumer assets.

現在，談到融資環境，正如 Gal 所提到的，我們在融資策略中取得了一些重大勝利，包括簽署了第一份遠期流動協議，並獲得了個人貸款 ABS 計劃的 AAA 評級。隨著需求的不斷增強，我們今年增加了 22 個新的融資合作夥伴。私人信貸、保險和退休基金正在增加對消費資產的配置。

Consumer loan performance continues to show stable to improving trends. Personal loans 30 day plus delinquencies in our second half of 2023 vintages are down 40% to 50% versus peak levels in 2021. The positive trend is accelerating with delinquencies for early 2024 vintages down nearly 60% from 2021 peak levels.

消費貸款業績持續呈現穩定向好趨勢。我們 2023 年下半年 30 天以上的個人貸款拖欠率與 2021 年的高峰水準相比下降了 40% 至 50%。這一正面趨勢正在加速，2024 年初的違約率較 2021 年的高峰下降了近 60%。

On the auto side, 60-day-plus delinquencies for the first half of 2023 vintages are down 40% from peak 2021 levels. We see further improvement in second half of 2023 auto vintages with delinquencies down nearly 50% from peak 2022 levels. Despite this improving performance, we continue to keep a close eye on consumer health.

在汽車方面，2023 年上半年 60 天以上的拖欠率較 2021 年的高峰下降了 40%。我們預計 2023 年下半年汽車貸款違約率將進一步改善，較 2022 年高峰下降近 50%。儘管業績有所改善，我們仍繼續密切關註消費者的健康狀況。

Finally, as we set the stage for future growth, we are building a product road map that will serve millions of our lending partner's customers. One example is our new pre-screen product. We are now in the process of testing pre-screen products with our partners that will provide firm offers of credit and deepen relationships on behalf of our partners with their existing consumers. Early results of these tests are extremely encouraging in terms of the high response rates. We expect new products we are developing to be a significant portion of our business in future quarters.

最後，在為未來發展奠定基礎的同時，我們正在製定產品路線圖，為數百萬貸款合作夥伴的客戶提供服務。我們的新預篩選產品就是一個例子。我們目前正在與合作夥伴一起測試預先篩選產品，這些產品將為我們的合作夥伴提供堅定的信貸承諾，並加深與現有消費者的關係。從高回應率來看，這些測試的早期結果非常令人鼓舞。我們預計，我們正在開發的新產品將成為未來幾季業務的重要組成部分。

To close, given the strength of our pipeline and the momentum in our business, Pagaya is in a very strong position to deliver great results. I'm excited for what the future holds.

最後，鑑於我們強大的產品線和業務發展勢頭，Pagaya 完全有能力取得優異的業績。我對未來充滿期待。

Let me now hand it over to EP to discuss our financial results.

現在，我把時間交給 EP，來討論我們的財務結果。

Thank you, Sanjiv, and good morning, everyone.

謝謝你，Sanjiv，大家早安。

We spoke about our key financial priorities at the start of the year. Increasing unit economics, enhancing operating leverage and improving capital efficiency. I'm pleased to say we delivered on every single one of them. We grew FRLPC and adjusted EBITDA to record levels, reduced core operating expenses, signed the forward flow agreement and got our first AAA rating on our personal loan ABS program. All of these actions get us closer to reaching cash flow positive in 2025.

我們在年初討論了我們的主要財務重點。提高單位經濟效益、增強經營槓桿並提高資本效率。我很高興地說，我們實現了每一個目標。我們將 FRLPC 成長並將 EBITDA 調整至創紀錄水平，降低了核心營運費用，簽署了遠期流量協議，並在我們的個人貸款 ABS 計劃中獲得了第一個 AAA 評級。所有這些行動使我們更接近在 2025 年實現現金流為正。

As Gal mentioned, we achieved a new milestone on this path. The most important step for Pagaya to become a cash generating business is to earn more fees on network volume than the capital we use to fund it. We reached that point in the third quarter. As we scale our volume the incremental cash we generate will offset operating costs to get us to total cash flow positive. And it's important to remember the capital we use for risk retention will come back as future cash flows as the security is mature.

正如 Gal 所說，我們在這條道路上取得了新的里程碑。對 Pagaya 來說，成為創收企業最重要的一步就是從網路流量中賺取的費用高於我們為其提供資金所需的資本。我們在第三季達到了這一點。隨著我們業務量的擴大，我們產生的增量現金將抵消營運成本，使我們的總現金流量為正。重要的是要記住，隨著證券到期，我們用於風險保留的資本將作為未來現金流回來。

Turning now to 2Q results, total revenue FRLPC and adjusted EBITDA hit record levels. FRLPC grew 49% far outpacing network volume growth of 19%. FRLPC as a percent of volume was above 4% for the first time in our history as a public company. We now expect FRLPC to be 3.5% to 4.5% of network volume for the remainder of 2024. While this number may fluctuate quarter to quarter with product, partner, and funding mix, this range is sustainable over time. FRLPC growth is translating directly to bottom line expansion as we stay focused on cost discipline to drive operating leverage.

現在來看看第二季的業績，總收入 FRLPC 和調整後的 EBITDA 創下了歷史新高。FRLPC 成長 49%，遠超過網路容量 19% 的成長。在我們作為上市公司的歷史上，FRLPC 的成交量百分比首次超過 4%。我們現在預計，在 2024 年剩餘時間內，FRLPC 將佔網路容量的 3.5% 至 4.5%。雖然這個數字可能會隨著產品、合作夥伴和資金組合而每季波動，但這個範圍是可持續的。由於我們專注於成本控制以推動營運槓桿，FRLPC 的成長直接轉化為底線擴張。

Core operating expenses were 22% of total revenue in the second quarter compared to 28% in the prior year. We also executed $25 million of cost savings initiatives with a full-year impact to be recognized in 2025. We see room to drive even further efficiencies, especially in third party vendor and consultant spend.

第二季核心營運費用佔總營收的 22%，去年同期為 28%。我們還實施了 2500 萬美元的成本節約計劃，其全年影響將在 2025 年顯現。我們看到了進一步提高效率的空間，特別是在第三方供應商和顧問支出方面。

Adjusted EBITDA is now run rating at $200 million on an annual basis with adjusted EBITDA margin above 20% for the first time since we went public. We reported operating income of $5 million. Net loss attributable to Pagaya was $75 million, impacted primarily by share-based comp and fair value adjustments.

調整後的 EBITDA 目前按年計算為 2 億美元，調整後的 EBITDA 利潤率自上市以來首次超過 20%。我們報告的營業收入為 500 萬美元。歸屬於 Pagaya 的淨虧損為 7,500 萬美元，主要受到基於股票的補償和公允價值調整的影響。

Adjusted net income, which excludes the impact of these items was $7 million in the quarter. Share-based compensation expense amounted to $18 million. Interest expense of $22 million reflects both higher secured borrowings and the addition of our term loan facility in the first quarter. We see opportunities to lower interest expense in the coming quarters.

扣除這些項目的影響後，本季調整後的淨收入為 700 萬美元。股權激勵費用為 1800 萬美元。2,200 萬美元的利息支出反映了第一季更高的擔保借款和增加的定期貸款額度。我們看到未來幾季降低利息支出的機會。

Net credit impairments of $58 million reflect two drivers: fair value adjustment on our risk retention assets and losses on whole loans from past deals. Both were related to older advantages in our portfolio. Operating cash flow was $15 million in the quarter, our fourth consecutive quarter of positive operating cash flow. Excluding the impact of whole loan losses, recognized in our G&A, operating cash flow would have been approximately $29 million.

5,800 萬美元的淨信用減損反映了兩個驅動因素：風險保留資產的公允價值調整和過去交易中全部貸款的損失。兩者都與我們投資組合中的舊優勢有關。本季經營現金流為 1,500 萬美元，這是我們連續第四個季度實現正經營現金流。不計入我們的一般及行政費用中確認的全部貸款損失的影響，經營現金流約為 2900 萬美元。

I'm especially proud of our accomplishments to improve capital efficiency. Our new $1 billion forward flow agreement is expected to fund over 15% of our annual personal loan volumes. We expect to scale programs like forward flow and structured pass throughs to account for a more meaningful portion of our total funding over time. In our flagship ABS program, we've been delivering strong consistent performance, optimizing deal structures and increasing scale that led to our first AAA rating on our personal loan ABS program, which lowers both the cost of capital for investors as well as our risk retention requirements.

我對我們提高資本效率所取得的成就感到特別自豪。我們新的 10 億美元遠期流動協議預計將為我們年度個人貸款金額的 15% 以上提供資金。我們期望擴大正向流動和結構化傳遞等計劃，以便隨著時間的推移，它們在我們的總資金中佔據更有意義的份額。在我們的旗艦 ABS 計劃中，我們一直提供強勁一致的表現，優化交易結構並擴大規模，這使我們的個人貸款 ABS 計劃首次獲得 AAA 評級，這降低了投資者的資本成本以及我們的風險保留要求。

Now, let me close with our third-quarter and full-year financial outlook. Our outlook reflects a few key assumptions. We expect to remain prudent with our conversion rate, while continuing to expand our SFR platform. We will continue to manage our portfolio to direct capital to our most profitable lending channels. FRLPC is expected to range between 3.5% and 4.5% of network volume in the second half of the year. Our recent cost savings actions will continue to drive operating leverage with lower expected core operating expenses in the second half of the year. Finally, our outlook assumes no material change in the macroeconomic environment from where we stand today.

現在，讓我來結束我們對第三季和全年財務的展望。我們的展望反映了一些關鍵假設。我們希望在繼續擴展我們的 SFR 平台的同時，保持對轉換率的謹慎。我們將繼續管理我們的投資組合，將資金引導至我們最賺錢的貸款管道。預計下半年FRLPC將佔網路容量的3.5%至4.5%。我們最近採取的成本節約措施將繼續推動營運槓桿，預計下半年核心營運費用將降低。最後，我們的展望假設宏觀經濟環境與目前相比不會發生重大變化。

In the third quarter of 2024, we expect network volume to range between $2.3 billion and $2.5 billion. Total revenue and other income is expected to range between $250 million and $260 million and adjusted EBITDA to range between $50 million and $60 million. For full year 2024, we are narrowing our network volume outlook to range between $9.25 billion and $10.25 billion. We are raising the low end of our total revenue and other income range by $50 million to range between $975 million and $1.05 billion. After raising our adjusted EBITDA outlook range in June, we are raising the range by another $20 million on the low end to $180 million and by $10 million on the high end to $210 million to close.

到 2024 年第三季度，我們預計網路交易量將在 23 億美元至 25 億美元之間。總收入及其他收入在 2.5 億美元至 2.6 億美元之間，調整後的 EBITDA 在 5,000 萬美元至 6,000 萬美元之間。對於 2024 年全年，我們將網路容量預期縮小至 92.5 億美元至 102.5 億美元之間。我們將總收入和其他收入的低端範圍提高 5,000 萬美元，至 9.75 億美元至 10.5 億美元之間。在 6 月上調了調整後的 EBITDA 預期範圍後，我們將該範圍的低端再上調 2000 萬美元至 1.8 億美元，高端再上調 1000 萬美元至 2.1 億美元。

We are proud of our performance in the second quarter as we deliver on our financial strategy, putting us in a strong position to achieve positive net cash flow and GAAP net income in 2025.

我們對第二季的業績感到自豪，因為我們實現了財務策略，這使我們能夠在 2025 年實現正淨現金流和 GAAP 淨收入。

With that, let me turn it back to the operator for Q&A.

說完這些，讓我把話題交還給接線員問答。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員指示）Sanjay Sakhrani，KBW。

So congratulations on getting to this important milestone of being able to self-fund your growth. Can you just elaborate a little bit more in terms of how you expect to utilize that? Do you feel like it takes care of all the opportunities in front of you? Or do you feel like you might still need to tap the markets from time to time?

因此，恭喜您達到了這項重要的里程碑，能夠自行資助您的成長。您能否更詳細地說明一下您期望如何利用這一點？您是否覺得它能照顧到您面前的所有機會？或者您覺得您可能仍需要不時開拓市場？

This is EP. Yes, we're very excited about the milestone we just hit where basically all our incremental volume is currently contributing positively to cash flow. In very simple terms, what that means is that the fees that we earn right now are higher than the capital that we're putting to work. So all what we need to do from now on is effectively cover operating expenses to get us to total cash flow positive.

這是EP。是的，我們對剛剛達到的里程碑感到非常興奮，基本上我們所有的增量量目前都對現金流做出了積極的貢獻。簡單來說，這意味著我們現在賺取的費用高於我們投入的資本。因此，從現在開始我們需要做的就是有效地支付營運費用，以使我們的總現金流為正。

And we have demonstrated that basically cost discipline is a core convenience of ours. We will continue to maintain very reasonable focus on expense discipline. And as volume grows from here on, that's the path to get us to total cash flow positive. Once we get to that point, everything all the growth going forward is going to be self-funded.

我們已經證明，成本控制基本上是我們的核心優勢。我們將繼續非常合理地關注費用紀律。隨著銷售量的成長，這就是讓我們的總現金流達到正值的途徑。一旦我們達到這一點，未來的所有成長都將由自籌資金。

And Sanjiv, it's Gal here. Just one point to add. And yes, this is taking into the consideration of all the things that we think we need to invest in, so new markets that we are building or other places that we are -- we'll need to lay more heavily. So this is a total number that you see on the full company level, if that makes sense.

Sanjiv，我是 Gal。只需補充一點。是的，這是考慮到我們認為需要投資的所有事物，因此我們正在建造的新市場或我們正在投資的其他地方——我們需要投入更多資金。所以這是您在整個公司層面看到的總數，如果這有意義的話。

Yes, it does. And then I wanted to just get more color on the Castlelake relationship. I think it's a good strategic partner. Maybe you could talk about the pipeline and how this specific funding commitment sort of factors into your expectations. I mean, is this incremental to what you were thinking or is it supplemental? Just trying to get a sense of that and sort of what the pipeline for additional partnerships are.

是的。然後我只是想進一步了解 Castlelake 的關係。我認為這是一個很好的策略夥伴。也許您可以談論一下管道以及這種具體的資金承諾如何影響您的預期。我的意思是，這是您的想法的增量還是補充？只是想了解這一點以及進一步建立合作關係的管道。

Yes, sure. So this is obviously we're very excited about this agreement. And as we have said out, if we step back, one of the key pillars of our financial strategy is to drive capital efficiency. And by successfully executing transactions like this, we're on track to get to our capital needs to 2% or 3% over time that we have committed to.

是的，當然。顯然我們對這項協議感到非常興奮。正如我們所說的，退一步來說，我們財務策略的關鍵支柱之一就是提高資本效率。透過成功執行此類交易，我們有望實現我們承諾的 2% 或 3% 的資本需求。

And as we have said, I think deals like this forward flow or other structural pastures, which basically require minimal or no capital upfront is the path to get us to cash flow positive, which is significant demand from other parties as well to get into agreements like that and effectively gives us the ability to scale this program. And we also have the opportunity to expand this relationship going forward.

正如我們所說的，我認為像這種遠期流動或其他結構性牧場這樣的交易基本上不需要或只需要很少的前期資本，這是讓我們獲得正現金流的途徑，這也是其他各方達成此類協議的重要需求，並有效地使我們有能力擴大該計劃。我們也有機會在未來擴大這種關係。

Let me ask one more question. I'm so sorry. Just we're hearing a lot about the choppiness in the macro backdrop and the state of the consumer. I'm just curious to get your views on what you're seeing.

我再問一個問題。我很抱歉。我們聽到了很多關於宏觀背景和消費者狀況的波動的消息。我只是好奇想知道您對所見事物的看法。

This is Sanjiv Das. So I would say that our experience in terms of the consumer performance has been -- that it's been quite stable. I think it's quite consistent with what we are seeing across the fintech closed loan environment. It all seems to be very consistent. We are, obviously, quite pleased with the performance of our own recent fintechs. They've done quite well -- in fact, improved in the case of auto quite significantly and stabilized in the case of personal loans.

這是 Sanjiv Das。因此我想說，我們在消費者表現方面的經驗是──它一直相當穩定。我認為這與我們在金融科技封閉式貸款環境中看到的情況非常一致。一切看起來都很一致。顯然，我們對我們自己近期金融科技的表現非常滿意。他們做得相當好——事實上，汽車貸款方面有了顯著改善，個人貸款方面也趨於穩定。

Our broad thesis which has been validated is that while there is some softening in the consumer spend, their ability to repay seems to be relatively strong. And as we saw in the last quarter, as I said, our credit performance both in PL and auto is pretty much back on track. In fact, our delinquencies on auto in the recent fintechs has come down to its lowest level since 2022. We believe that rates or reducing rates will be a tailwind.

我們的廣泛論點已得到證實：儘管消費者支出有所放緩，但他們的償還能力似乎相對較強。正如我在上個季度看到的那樣，我們在 PL 和汽車領域的信貸表現基本上已經回到正軌。事實上，我們近期金融科技領域的汽車貸款拖欠率已降至 2022 年以來的最低水準。我們相信升息或降息將帶來利多。

Having said that just broadly watching the consumer firmament, we are watching it very carefully and all the macro trends. And I know that we will adapt very quickly based on the depth of data that we get across all our asset classes, across our 30 partners. So we have a pretty good read on the consumer and can act pretty quickly.

話雖如此，但只要廣泛觀察消費領域，我們就會非常仔細地觀察它和所有的宏觀趨勢。我知道，我們將根據從所有資產類別、從 30 個合作夥伴那裡獲得的深度數據，快速做出調整。因此，我們對消費者有相當好的了解，並且能迅速採取行動。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Great progress in the business here this quarter. Congratulations. Just wanted to maybe drill down a little on your forward flow agreement announcement. Just trying to get an idea first, maybe differences positives or negatives in FRLPC margin coming from funding via ABS versus forward flow? And then, just trying to figure out how you kind of orchestrate, which funding vehicles are funding, which loan volumes, how you kind a traffic cop all of that now that you've got different agreements in place? And I have a quick follow-up.

本季度這裡的業務取得了巨大進展。恭喜。只是想稍微深入了解一下您的遠期流量協定公告。只是想先了解一下，也許透過 ABS 融資與正向流動融資對 FRLPC 保證金有正面或負面的影響？然後，只是想弄清楚你如何協調，哪些融資工具在融資，哪些貸款額度，以及既然你已經有了不同的協議，你如何對所有這些進行交通警察管理？我有一個快速的後續行動。

So obviously, we're excited about this new agreement because it's aligned very much with our goal to drive capital efficiency, we have said that before there are two ways to achieve that one diversified our funding, as well as optimize our currents ABS program. When you think about this forward flow agreement and other funding mechanisms that we have, we basically that would cover call it, 20% or so of our current volume.

因此，顯然，我們對這項新協議感到非常興奮，因為它與我們提高資本效率的目標非常一致，我們之前說過，有兩種方法可以實現這一目標，一種是分散我們的資金，另一種是優化我們當前的 ABS 計劃。當您考慮我們擁有的這項遠期流動協議和其他融資機制時，我們基本上可以涵蓋我們目前交易量的 20％ 左右。

And this is in the form of funding that requires basically minimum or no capital requirements. And we expect to scale that program going forward to increasingly become more capital efficient. And that's basically the way we can also take the path to get to cash flow positive.

這種融資形式基本上只需要最低限度的資本要求，甚至不需要資本要求。我們希望擴大該計劃的規模，以提高資本效率。這基本上也是我們實現正現金流的途徑。

Overall, the forward flow agreement that we put in place is basically sort of based on market standards. The pricing will be reflected in FRLPC and our current direction of 3.5% to 4.5% of FRLPC going forward, already reflects those arrangements going forward.

整體而言，我們制定的遠期流量協定基本上是基於市場標準的。定價將反映在 FRLPC 中，我們目前對 FRLPC 未來 3.5% 至 4.5% 的方向已經反映了未來的安排。

And then just, I mean, I guess it's the forward flow agreement is still relatively small compared to your ABS vehicles. Is there -- is it focused on funding specific loan categories or specific lending partners or is it just kind of broad based across your lending volume?

然後，我的意思是，我猜想與 ABS 車輛相比，正向流量協議仍然相對較小。它是否專注於為特定貸款類別或特定貸款合作夥伴提供資金，還是只是基於您的貸款量？

Yes. This current agreement is across all our personal loan portfolio, but we do expect to grow as I said this program within the personal loan and also chase opportunities for some of the other asset classes as well.

是的。目前的協議涵蓋了我們所有的個人貸款組合，但正如我所說，我們確實希望在個人貸款範圍內發展這項計劃，同時也尋求其他一些資產類別的機會。

Maybe a word from the market. We do see a lot of demand for that type of assets. So it can be in a forward flow format or it can be in a pass through, as E.P. mentioned. But the reality is that the major credit shops post 2021 2022, while seeing the performance very much stabilizing and going to the right direction and actually very stabilized for over a year is bringing a lot of demand for that discussions.

也許是來自市場的一句話。我們確實看到對此類資產的需求很大。因此，它可以是正向流動格式，也可以是直通格式，正如 E.P. 所提到的。但現實情況是，2021年到2022年，各大信貸機構的業績雖然非常穩定，並朝著正確的方向發展，而且實際上已經穩定了一年多，這為此類討論帶來了很大的需求。

We had conversations with many. Obviously, you want to land the right partners and the right programs that suit for that. But we see the same amount of interest from personal loan, on auto loans and on point of sale that this is a market that obviously we are growing a lot. So think about it as another way to fund the business with much lower upfront capital need that gives us flexibility in between the world of ABS, forward flow and few others.

我們與很多人進行了交談。顯然，您希望找到合適的合作夥伴並找到適合的合適計劃。但我們看到個人貸款、汽車貸款和銷售點的利息是相同的，顯然這是我們正在快速成長的市場。因此，可以將其視為另一種為企業提供資金的方式，這種方式的前期資本需求要低得多，使我們在 ABS、遠期流動和其他一些領域之間具有靈活性。

Peter Christiansen, Citi.

花旗銀行的 Peter Christiansen。

Glad to be the part of the roster here. Nice stuff on the partner expansion. One of the things that caught my attention was the pre-screening tool. Just curious if you could dig into that a little bit and if you can give us a sense you see that use case potentially expanding to other partners.

很高興能成為這裡名冊的一部分。關於合作夥伴擴充的好東西。引起我注意的其中一件事是預先篩選工具。我只是好奇您是否可以深入研究這個問題，並讓我們知道您是否認為該用例有可能擴展到其他合作夥伴。

This is Sanjiv. I'll take it. The way the pre-screen product works is it's essentially a firm offer of credit that we offer to our partners, existing customers on a programmatic basis. So today, if you really think about Pagaya's flagship product, we offer it to new consumers that come into our partners. Pre-screen is to the massive existing customer base that our partners have. And basically, what we do is effectively provide the Pagaya model for them to be able to expand that and offer that to their existing customers. So that distinction between new and existing is extremely important.

這是 Sanjiv。我要買它。預篩選產品的工作方式本質上是我們以程序化的方式向我們的合作夥伴和現有客戶提供的信用擔保。所以今天，如果你真的考慮 Pagaya 的旗艦產品，我們會將它提供給我們的合作夥伴的新消費者。預先篩選針對的是我們的合作夥伴所擁有的龐大的現有客戶群。基本上，我們所做的就是有效地為他們提供 Pagaya 模型，以便他們能夠擴展模型並將其提供給現有客戶。因此，新的和現有的之間的區別極為重要。

As you know, existing customers form the large part of our partners' portfolios. That has demonstrated huge results in some of the early work that we've done in terms of very strong response rates and very low acquisition cost. That allows us to basically offer an extended product to all of our partners. And so I would say pretty much the next phase of how Pagaya grows.

如您所知，現有客戶構成了我們合作夥伴投資組合的很大一部分。這表明，我們早期所做的一些工作取得了巨大的成果，包括非常高的回應率和非常低的採購成本。這使我們能夠向所有合作夥伴提供擴展產品。所以我想說的是 Pagaya 發展接下來的階段。

With all our 30 partner relationships, we will deepen these relationships in a very significant and programmatic basis. We have now been testing this with about three partners. Our ability to take it across the board to all of our partners is relatively straightforward and is turning out to be one of the most promising things in our businesses as we look forward to it.

憑藉我們所有的 30 個合作夥伴關係，我們將在非常重要和有計劃的基礎上深化這些關係。我們現在已經與大約三個合作夥伴一起測試這一點。我們將其推廣給所有合作夥伴的能力相對簡單，正如我們所期望的那樣，將成為我們業務中最有前景的事情之一。

Then on the ABS issuance that you had where you achieved the AAA rating, how should we think about risk retention when you're trying to get issuance at this level of quality and the co-investment that's required?

那麼，對於您發行並獲得 AAA 評級的 ABS，當您試圖以這種品質等級發行並進行所需的共同投資時，我們應該如何考慮風險保留？

We're very pleased, obviously, with that outcome as we continue to optimize our ABS structure. Again, as a path for us to get to cash flow positive, I think what the AAA rating does very simply, it lowers the cost of capital for our investors and as a result, lowers the risk retention requirements that we have to put into these deals.

顯然，我們對這一結果感到非常滿意，因為我們將繼續優化我們的 ABS 結構。再次，作為我們實現正現金流的途徑，我認為 AAA 評級的作用很簡單，它降低了投資者的資本成本，從而降低了我們在這些交易中必須承擔的風險保留要求。

Now the way to think about it is on one side, you have an optimized ABS structure that calls for 5% or less risk retention combined with other structures on the floor and other pass-throughs. That's the path to get to a very low capital requirement 2% to 3% over time.

現在思考的方式是，一方面，你有一個優化的 ABS 結構，要求 5% 或更低的風險保留，並結合場內其他結構和其他直通結構。這是隨著時間的推移達到 2% 至 3% 的極低資本要求的途徑。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Congratulations on all the positive developments. I guess a quick follow-up on the AAA rating question, I guess, how much of the stack does the AAA account for and what's the cost of capital or spread difference in AAA versus the prior rating?

祝賀所有積極的進展。我想快速跟進 AAA 評級問題，我想，AAA 佔了多少堆棧，以及 AAA 與之前的評級相比的資本成本或利差是多少？

It's Gal here. I will take it. So in reality, basically 40% of the cap stack is now has moved from what we used to have as a AA to a AAA. You can think about it from a perspective of 50 basis points to 70 basis points of additional saving, because usually spreads around the AAA are hovering around 75 basis points, could be 120 basis points, 140 basis points depending on the structure and the situation.

我是 Gal。我會接受的。因此實際上，基本上 40% 的資本堆疊現在已經從我們以前的 AA 轉移到 AAA。您可以從額外節省 50 個基點到 70 個基點的角度來考慮，因為通常 AAA 周圍的利差徘徊在 75 個基點左右，可能是 120 個基點，也可能是 140 個基點，具體取決於結構和情況。

So from that perspective, at least 75 basis points to 100 basis points above 40% is very meaningful from a cost of capital, et cetera. The more interesting piece, I think, is the fact that we now in the category of people that could do that. There are not that many originators in the US that will originate assets of our kind with the 680 FICO, et cetera, that will have a AAA. So we should think about cost of capital in the context of the asset, and that making us a very strong, large leading producer of the personal loan that will have.

因此從這個角度來看，從資本成本等方面來看，高於 40% 至少 75 個基點到 100 個基點是非常有意義的。我認為更有趣的是，我們現在屬於可以做到這一點的人。在美國，像我們這樣擁有 680 FICO 等 AAA 評級的資產的發起人並不多。因此，我們應該在資產的背景下考慮資本成本，這使我們成為一個非常強大的、領先的個人貸款生產商。

Now, on the funding side, additional benefit, competitive benefit of reduced capital cost to be able to price borrow better, and therefore, obviously to expand what we can originate. The last point I will make into that is that percentage could grow over time. As you know, it's based on the multipliers of that. So we started with 30%, 40%, but we do expect over time, around 50%, 55% of the capital stack to become AAA. And therefore these are the next milestones from us on the page shelf as such.

現在，在融資方面，額外的好處、降低資本成本的競爭優勢使我們能夠以更好的價格借貸，因此顯然可以擴大我們的融資能力。我要強調的最後一點是，這個百分比可能會隨著時間的推移而增長。如您所知，它是基於乘數的。因此，我們從 30%、40% 開始，但我們確實預計隨著時間的推移，大約 50%、55% 的資本堆疊將變成 AAA。因此，這些是我們在頁面架上的下一個里程碑。

And second question is, you've hit your target partner ad much earlier in the year than we expected. So maybe talk about partner pipeline and any kind of changes to the characteristics of what you're looking for at this point in time.

第二個問題是，您在今年稍早就達到了目標合作夥伴廣告，這比我們預期的要早得多。因此，也許可以談論合作夥伴管道以及您目前正在尋找的特徵的任何變化。

Sanjiv, I'll take this. So you're right. We have announced our partner pipeline to be pretty strong, pretty early on. I would say that across the board in PL, auto and POS that pipeline has been extremely strong. But I will emphasize that POS has in fact been completely off the charts in terms of the demand that we are seeing there.

Sanjiv，我接受這個。所以你是對的。我們很早就宣布我們的合作夥伴管道非常強大。我想說的是，在 PL、汽車和 POS 領域，這個管道一直非常強大。但我要強調的是，就我們所看到的需求而言，POS 實際上已經完全超出了預期。

As I mentioned in my script earlier, almost every discussion we start with the bank, starts with point of sale. People are seeing that the BNPL business, which now has essentially evolved into a form of retail lending. So high ticket size, large ticket size, longer duration, purpose driven, generally around home improvement or medical or education, which is very consistent with our personal loans business is the one that's really, really, really taking on traction and in fact, is a large part of our entry strategy now with banks.

正如我之前在腳本中提到的，我們與銀行開始的幾乎每一次討論都是從銷售點開始的。人們看到，BNPL 業務現在基本上已經演變成一種零售貸款形式。因此，高額度、大額度、較長期限、目的驅動，通常圍繞著家居裝修、醫療或教育，這與我們的個人貸款業務非常一致，這是真正具有吸引力的業務，事實上，這是我們現在與銀行合作的進入策略的重要組成部分。

The second thing I'll mention is that our business has become very enterprise driven and it's intentional. So what we do is we enter either into the PL side and then expand into POS and then into auto, or we enter in through POS and then expand into PL or into auto. So that enterprise piece is very important.

我要提到的第二件事是，我們的業務已經變得非常以企業為導向，而且這是有意為之。因此，我們要做的是，要么進入 PL 端，然後擴展到 POS，然後進入自動，要么通過 POS 進入，然後擴展到 PL 或自動。因此，企業部分非常重要。

As you know, onboarding some of these enterprises can take some time. It can take about in the case of us, 18 months. But once you were in, moving into Elavon, literally happened in one quarter. Once you get in, it's almost like a moat. So you've gotten in. The technology integration takes a long time, but once you're integrated, you're part of the system of the enterprise.

如你所知，讓這些企業加入進來可能需要一些時間。就我們而言，這可能需要 18 個月。但一旦你進入，遷入 Elavon 實際上是在一個季度內完成的。一旦你進入，它幾乎就像一條護城河。所以你已經進來了。技術整合需要很長時間，但一旦集成，您就成為企業系統的一部分。

And that's very important. We saw that in U.S. Bank, we announced LendingClub. We'll see this with the top five bank we just announced and so on and so forth. And one main, it's absolutely heading in that direction as well. So we started with auto, now we expect to onboard PL by the end of the year, launch it by the middle of next year. So it's all moving in a very systematic way across asset classes through these enterprises.

這非常重要。我們在美國銀行看到了這一點，我們宣布了LendingClub。我們將在剛剛宣布的前五名銀行等等中看到這一點。而其中一個主要面向絕對也朝著這個方向發展。因此，我們從汽車開始，現在我們預計在今年年底之前加入 PL，並在明年年中推出它。因此，所有這些都透過這些企業以非常系統化的方式跨資產類別流動。

And then just quick follow-up on that. I assume the -- is there anything to note on the FRLPC margin on POS versus the consumer loans?

然後對此進行快速跟進。我認為——POS 和消費貸款的 FRLPC 保證金有什麼需要注意的嗎？

Yes, so on that one, obviously, POS continues to be an investment area for us and asset class that we expect to grow ultimately. Obviously, as you know, personal loan is a more mature asset class with the highest FRLPC. Our goal is to continue to grow the asset, asset classes like auto and POS and drive higher margin consistent with what we have done with personal loans, and we have the roadmap to get there over time.

是的，從這一點來看，顯然，POS 仍然是我們的投資領域，也是我們預期最終會成長的資產類別。顯然，如您所知，個人貸款是一種更成熟的資產類別，具有最高的 FRLPC。我們的目標是繼續增加資產、汽車和 POS 等資產類別，並提高利潤率，這與我們在個人貸款方面所做的一致，並且我們制定了逐步實現這一目標的路線圖。

Timothy D'Agostino, B. Riley.

提摩西·達戈斯蒂諾、B·萊利。

At a high level, what assets and resources does Theorem bring to Pagaya? Also, could you share your perspective with the problems you solve for OneMain?

從高層次來看，Theorem 為 Pagaya 帶來了哪些資產和資源？另外，您能否分享一下您對為 OneMain 解決的問題的看法？

It's Gal. I will take it. So we are very, very excited about the combination and the purchase of Theorem. Theorem for us is a little bit of an asset management that is focusing on consumer credit. We've been in touch with them for the last few years on and off, and just recently we managed to come to a conclusion that forcing hands and the Theorem team joining the Pagaya team is actually the right way to do it, and to bring value for everyone.

是加爾。我會接受的。因此，我們對 Theorem 的合併和收購感到非常興奮。對我們來說，Theorem 有點像是專注於消費信貸的資產管理。過去幾年我們斷斷續續地與他們保持聯繫，最近我們終於得出結論，強制 Theorem 團隊加入 Pagaya 團隊實際上是正確的做法，並且可以為每個人帶來價值。

In a very short way of describing it, the main rationale for the transaction is that now that Theorem is part of Pagaya. While they are going to work completely independent, both on their investment committee and their research fees, they will have a very big access to the Pagaya network, if you will. So you should expect going forward that their LP's will have now the ability to actually select assets from a much bigger and wider possibilities and opportunities. Hence, utilizing the network that we are building with the major partners that Sanjiv just spoke about across the US.

簡而言之，這筆交易的主要理由是，Theorem 現在是 Pagaya 的一部分。雖然他們將完全獨立地開展工作，包括投資委員會和研究費用，但如果你願意的話，他們將能夠廣泛地訪問 Pagaya 網路。因此，你應該期望他們的 LP 現在能夠從更大、更廣泛的可能性和機會中實際選擇資產。因此，我們利用 Sanjiv 剛才提到的與美國各地主要合作夥伴共同建構的網路。

And on the other side, from a Pagaya perspective, it's obviously very interesting to us to have additional funding diversification that could see some interest in the assets that we are producing on a go forward basis. I would just make the last point that the team is going to stay here and going to take the lead on building Theorem and the asset management business in Pagaya. And we have very high expectations and hopes that could get to the billions of dollars of LP capital too.

另一方面，從 Pagaya 的角度來看，我們顯然對額外的資金多元化非常感興趣，因為這可能會引起人們對我們未來生產的資產的興趣。我只想說最後一點，團隊將留在這裡，並將帶頭建立 Theorem 和 Pagaya 的資產管理業務。我們對此抱有很高的期望，希望能獲得數十億美元的 LP 資本。

From the OneMain perspective, so OneMain is a new partner on our network. As Sanjiv said, we have the enterprise concept and approach to this. We started with them on the auto loan, which they are trying to build and ramp up even bigger part of their auto loan platform, and we are part of that already right now. And as we're thinking about what the future holds with them, we are starting to work on getting on the PL side too, and the integration that is needed from that, in order to be able to help them approve more customers on that side too.

從 OneMain 的角度來看，OneMain 是我們網路上的新合作夥伴。正如 Sanjiv 所說，我們對此有企業理念和方法。我們與他們合作開展汽車貸款業務，他們正在嘗試建立並擴大其汽車貸款平台的更大份額，而我們現在已經參與其中。當我們思考他們的未來時，我們也開始致力於進入 PL 方面，並進行所需的整合，以便能夠幫助他們在那方面批准更多的客戶。

I'd just like to supplement what Gal rightly pointed out in terms of the customers that OneMain has. I think it's well known that their customer segment is very consistent with Pagaya's. And so, the one big thing that we'll solve for OneMain, obviously, given their acquisition of foresight, which pretty much doubles their volume with a segment that's consistent with ours is that we allow enable them to scale even more. So OneMain is this is a very serious acquisition for OneMain, and they see us as a very integral partner in helping them scale.

我只是想補充一下 Gal 就 OneMain 的客戶所正確指出的內容。我認為眾所周知他們的客戶群與 Pagaya 非常一致。因此，顯然，考慮到 OneMain 收購了 Foresight，我們將為 OneMain 解決的一個重要問題是，這幾乎使他們的業務量翻了一番，並且與我們的業務量一致，我們允許他們進一步擴大規模。因此，對於 OneMain 來說，這是一次非常重大的收購，他們將我們視為幫助他們擴大規模的重要合作夥伴。

The second thing I would add is that when you scale at that level, more than scaling your business, the ability to get more approvals at the dealer with Pagaya's extended credit box is extremely powerful. And so we've very, very significantly enhanced the value proposition for OneMain, just as we do with Ally and with many of our auto partners. The approval at the dealer point of sale is extremely important. And I would say those are the principal things that we solve for them on auto today and eventually the same thing on BL.

我想補充的第二件事是，當你擴大規模到這個水平時，不僅僅是擴大業務，使用 Pagaya 的擴展信用箱從經銷商處獲得更多批准的能力也非常強大。因此，我們非常顯著地增強了 OneMain 的價值主張，就像我們對待 Ally 以及我們的許多汽車合作夥伴一樣。經銷商銷售點的批准極為重要。我想說這些是我們今天在汽車上為他們解決的主要問題，最終也會在 BL 上解決相同的問題。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Gal Krubiner for closing comments.

謝謝。女士們、先生們，問答環節已經結束。現在我想請 Gal Krubiner 發表最後評論。

To close, I want to say that I'm very proud of the team execution this quarter. Everything we set out we're going to do at the start of the year we have accomplished. Our network and value proposition to the US lending ecosystem is stronger than ever.

最後，我想說，我對本季的團隊表現感到非常自豪。我們在年初制定的所有計劃都已完成。我們對美國借貸生態系統的網絡和價值主張比以往任何時候都更加強大。

Thank you all for joining us today, and I look forward to our continued partnership.

感謝大家今天的到來，我期待我們繼續合作。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。