Pagaya Technologies Ltd (PGY) 2025 Q1 法說會逐字稿

Greetings and welcome to Pagaya Technologies Q1 2025 earnings conference call.

問候並歡迎參加 Pagaya Technologies 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Josh Fagen, Head of Investor Relations. Thank you, Mr. Fagen. You may begin.

現在我很高興介紹您的主持人、投資者關係主管 Josh Fagen 先生。謝謝你，費根先生。你可以開始了。

Thank you and welcome to Pagaya's first-quarter 2025 earnings conference call.

感謝您並歡迎參加 Pagaya 2025 年第一季財報電話會議。

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.

今天與我一起討論我們的業務和業績的是 Pagaya 首席執行官 Gal Krubiner； Sanjiv Das，總裁；埃萬傑洛斯·佩羅斯 (Evangelos Perros)，首席財務官。

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 with respect to, among other things, our operations and financial performance, including our financial outlook for the second quarter and full year of 2025. Our actual results may differ materially from those contemplated by these forward-looking statements.

我們今天的評論將包括前瞻性陳述，這些陳述基於我們目前的預期和預測，其中包括我們的營運和財務業績，包括我們對 2025 年第二季和全年的財務展望。我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially from our expectations include but are not limited to those risks described in today's press release and our filings with the US Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements as a result of new information or future events. Please refer to the documents we file from time to time with the SEC, including our 10-K, 10-Q, and other reports for more detailed discussion of these factors.

可能導致這些結果與我們的預期有重大差異的因素包括但不限於今天的新聞稿和我們向美國證券交易委員會提交的文件中所述的風險。我們不承擔因新資訊或未來事件而更新任何前瞻性陳述的義務。請參閱我們不時向美國證券交易委員會提交的文件，包括我們的 10-K、10-Q 和其他報告，以獲取有關這些因素的更詳細討論。

Additionally, non-GAAP financial measures including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, fee revenue less production costs or FRLPC, percentage of network volume, and core operating expenses will be discussed on the call. Reconciliation 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、網路容量百分比和核心營運費用。我們在投資者關係網站上發布的收益報告和其他資料中，盡可能地提供了與最直接可比較的 GAAP 財務指標的對賬，而無需付出過多努力。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，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 for joining us today for a discussion of our first quarter, 2025 results as well as an update on our business.

感謝您今天加入我們討論我們的 2025 年第一季業績以及業務最新進展。

I really think that the results speak for themselves and they demonstrate our execution against the commitment we have provided. In fact, we have exceeded expectations on key metrices and particularly on the GAAP net income profitability which we have delivered one quarter earlier. This is and will remain a crucial metric for our management team moving forward.

我確實認為結果不言而喻，證明了我們履行了所做承諾的決心。事實上，我們在關鍵指標上已經超出了預期，特別是我們一個季度前實現的 GAAP 淨收入獲利能力。這現在是、並且仍將是我們的管理團隊未來前進的關鍵指標。

Perhaps more importantly is the fact that we deliver these results in the face of heightened macro uncertainty, sticking to our balanced and increasingly diversified growth focus combined with our efficient operations and structure.

或許更重要的是，我們在宏觀不確定性加劇的情況下取得了這些成果，堅持平衡且日益多樣化的成長重點，並結合高效的營運和結構。

We grew revenue by 18% year over year, reaching an annualized run rate of nearly $1.2 billion. Fee revenue less production costs or FRLPC grew by 26% and reached an annualized run rate of over $460 million. And with our extremely efficient operating cost structure, these results drove 100% growth in our adjusted EBITDA to an annualized equivalent of approximately $320 million.

我們的營收年增了 18%，年化營業額達到近 12 億美元。費用收入減去生產成本或FRLPC成長了26％，年化運行率達4.6億美元以上。憑藉我們極其高效的營運成本結構，這些業績推動我們的調整後 EBITDA 成長 100%，達到年化約 3.2 億美元。

Importantly, we achieved positive GAAP net income of $8 million this quarter, ahead of our second quarter guidance and the first time as a public company. I could not be prouder of the team and the work that has been done to get us to this point. We are truly delivering on our mission and value proposition but now at scale. Because of Pagaya, more deserving Americans are getting more financial opportunities. And as we transform the financial ecosystem, our lending partners win and we win with them.

重要的是，本季我們實現了 800 萬美元的正 GAAP 淨收入，超過了我們第二季度的預期，也是我們作為上市公司首次實現這一目標。我為我們的團隊以及為達到這一目標所做的工作感到無比自豪。我們正在真正履行我們的使命和價值主張，但現在規模更大了。因為帕加亞，更多有資格的美國人獲得了更多的金融機會。隨著我們改變金融生態系統，我們的貸款合作夥伴獲益，我們也獲益。

As important as the results is the diversified manner in which we have achieved those results, which underscores the durability of our business model. We have more lending partners contributing meaningfully to our volume. In fact, two times as many lenders represented at least $100 billion of volume this quarter versus just a year ago. Loan types and product selection are increasing as Sanjiv will discuss in further detail soon.

與結果同樣重要的是我們實現這些結果的多樣化方式，這凸顯了我們商業模式的持久性。我們有更多的貸款合作夥伴為我們的貸款業務做出了有意義的貢獻。事實上，本季貸款機構的數量是去年同期的兩倍，貸款額至少達到 1,000 億美元。貸款類型和產品選擇正在增加，Sanjiv 將很快詳細討論。

And we found these volumes in the most efficient and diversified manner to date, including the recent announced forward flow agreement with Blue Owl Capital to purchase up to $2.4 billion in loans over 24 months in addition to the previously announced forward flow agreement with Castlelake.

我們以迄今為止最有效和最多樣化的方式找到了這些數量，包括最近宣布的與 Blue Owl Capital 達成的遠期流量協議，該協議將在 24 個月內購買高達 24 億美元的貸款，此外還有先前宣布的與 Castlelake 達成的遠期流量協議。

We have also built a capital structure with ample liquidity to self-fund our business even with increasing uncertainty. Therefore, we do not need, nor do we plan to raise equity capital in the foreseeable future. Combined with our prudent growth strategy and operating efficiencies, we have built a business model for all cycles.

我們也建立了具有充足流動性的資本結構，即使在不確定性增加的情況下也能自行籌集業務資金。因此，我們不需要、也不計劃在可預見的未來籌集股本。結合我們審慎的成長策略和營運效率，我們建立了適合所有周期的商業模式。

I would like to spend a moment on the macro and the geopolitical uncertainty. We understand this is an important topic to investors, and this is an important topic to us as well. When we provided our guidance for 2025, we communicated that we were taking a prudent and balanced approach to growth. We understood there where unknowns and accordingly while consumer credit behavior was and still steady, we took a cautious approach towards growth. We noted that our growth would be profitable and responsible. And indeed, this is what we reported today.

我想花一點時間討論一下宏觀和地緣政治的不確定性。我們知道這對投資人來說是一個重要的議題，對我們來說也是一個重要的議題。當我們提供 2025 年的指導時，我們傳達了我們正在採取審慎和平衡的成長方式。我們了解其中存在未知因素，因此，儘管消費者信貸行為仍然穩定，但我們對成長採取了謹慎的態度。我們注意到，我們的成長將是有利可圖且負責任的。事實上，這就是我們今天報道的內容。

We are clearly not complacent. Nor, we will be. We are building a business for the long term to navigate all cycles. We are best positioned to react to continued uncertainty and potential changes to consumer health and credit performance if they will arise.

我們顯然不會自滿。我們也不會。我們正在建立一項長期業務，以應對所有週期。如果出現持續的不確定性以及消費者健康和信貸表現的潛在變化，我們最有能力做出反應。

Our risk management is prudent and reflects lessons learned during the post-pandemic period. Our funding mechanism is the most diversified in our history. These factors enable us to stay nimble to navigate any environment that we can experience.

我們的風險管理是審慎的，反映了疫情後時期的經驗教訓。我們的融資機制是史上最多元的。這些因素使我們能夠靈活地應對我們可能遇到的任何環境。

Before passing the call to Sanjiv, I would like to talk about the commitments that we have made so far. We have now committed to our lending partners, our funding partners, and our shareholders. We are now at a point where we are delivering clearly against all of these.

在將電話轉給桑吉夫之前，我想談談我們迄今為止所做的承諾。我們現在已經向我們的貸款合作夥伴、融資合作夥伴和股東做出了承諾。現在，我們正明確地履行所有這些義務。

For our lending partners, we are now increasing the value of the Pagaya network to them even further with the introduction of our proactive pre-screen products. The acceptance of our solution is only getting stronger among lending partners as we have helped many of the industry's strongest brands to better serve customers with more access to credit and without straining their balance sheet.

對於我們的貸款合作夥伴，我們現在透過推出主動預篩選產品進一步提高了 Pagaya 網路對他們的價值。由於我們已幫助許多業內最強大的品牌更好地服務客戶，讓他們獲得更多信貸機會，且不會給他們的資產負債表造成壓力，因此我們的解決方案在貸款合作夥伴中的接受度只會越來越高。

For our funding partners, we have committed to provide high volume of credit with stringent underwriting. Look no further than the $800 million raised in April alone for our personal loan and auto loan ABS programs as an evidence for the benefits of what we are delivering to our funding partners.

對於我們的融資合作夥伴，我們承諾提供大量信貸並進行嚴格的承保。光是 4 月份，我們的個人貸款和汽車貸款 ABS 計畫就籌集了 8 億美元，足以證明我們為融資合作夥伴提供的服務帶來了許多好處。

For our shareholders, we are delivering consistent durable growth with a keen focus on long-term profitability. In fact, we have raised our GAAP net income guidance for the full year, which EP will discuss later in the call.

對於我們的股東，我們致力於實現持續的持久成長，並高度重視長期獲利能力。事實上，我們已經提高了全年的 GAAP 淨收入預期，EP 將在稍後的電話會議上討論此事。

With that, I would like to hand it off to our President, Sanjiv, for a review of our operational business.

有了這些，我想把它交給我們的總裁 Sanjiv，讓他審查我們的營運業務。

Thank you, Gal. I'd like to start by reinforcing what Gal noted on the importance of responsible and profitable growth. We are committed to building an outstanding franchise for the long term, and we are not and will not maximize top-line volume growth just for the sake of short-term results. We are building a business designed to grow through all cycles with a focus on leveraging our unique data advantage and investments in products that will add huge value to our lending partners.

謝謝你，加爾。首先，我想強調一下 Gal 所指出的負責任且有利可圖的成長的重要性。我們致力於長期打造卓越的特許經營權，我們不會、也不會僅僅為了短期業績而最大化營業額增長。我們正在建立一個旨在所有周期內成長的業務，重點是利用我們獨特的數據優勢和對產品的投資，為我們的貸款合作夥伴增加巨大的價值。

We will remain extremely responsible to credit underwriting while driving consistent and strong revenue, profitability, and liquidity. While we strive to consistently drive strong results, we are just as focused on our progress in building the foundations of a long-term enterprise. As our quarterly results underscore, our focus on profitable growth and our ongoing investments to deliver this consistently over the long term is crucial to our proven management team.

我們將繼續對信用承保負起極為重要的責任，同時推動持續強勁的收入、獲利能力和流動性。在我們努力持續取得強勁業績的同時，我們也同樣專注於建立長期企業基礎的進展。正如我們的季度業績所強調的，我們對獲利成長的關注以及為長期持續實現這一目標而進行的持續投資對於我們經驗豐富的管理團隊至關重要。

As Gal noted, we are fully aware of the heightened state of volatility in the markets at the moment. However, while we carefully monitor events and trends, it is important that we remain focused on the building blocks of a long-term growth strategy. I will provide an update on our growth priorities which center around creating value for our partners through our products.

正如加爾所指出的，我們充分意識到目前市場波動性加劇。然而，在我們密切關注事件和趨勢的同時，重要的是我們仍然要專注於長期成長策略的基石。我將介紹我們的成長重點，重點是透過我們的產品為我們的合作夥伴創造價值。

In personal loans, our ability to deliver significant new customer growth while driving customer retention and lifetime value has become a game changer in our core value proposition for our partners.

在個人貸款方面，我們能夠大幅增加新客戶數量，同時提高客戶保留率和終身價值，這已成為我們為合作夥伴提供核心價值主張的關鍵因素。

In auto loans, by providing a seamless lending experience and higher approval rates for auto dealerships, we provide lenders a very significant competitive advantage when they grow their dealership distribution.

在汽車貸款方面，透過為汽車經銷商提供無縫的貸款體驗和更高的批准率，我們為貸款機構在擴大經銷商分銷時提供了非常顯著的競爭優勢。

In the point-of-sale category where we continue to invest and ramp rapidly, we will give lenders the ability to immediately provide merchants higher approval rates at the point of sale. For lenders such as Klarna and Elavon, this is a huge advantage when driving new merchant adoption.

在我們繼續投資並快速發展的銷售點類別中，我們將使貸方能夠立即為商家提供更高的銷售點批准率。對於 Klarna 和 Elavon 等貸款機構來說，這在推動新商家採用方面是一個巨大的優勢。

Now, I'll provide a quick overview of our key accomplishments achieved in the first quarter. Starting with the largest and most mature category, personal loans. Here, we are working to enhance the value proposition we provide to our lending partners by way of new customer growth, greater retention, and ultimately increasing customer lifetime value.

現在，我將簡要概述我們在第一季取得的主要成就。從最大、最成熟的類別—個人貸款開始。在這裡，我們正致力於透過增加新客戶、提高客戶保留率以及最終提高客戶終身價值來增強我們為貸款合作夥伴提供的價值主張。

Two initiatives I'd like to discuss that we are especially investing in are the following. Pagaya's pre-screen solution and Pagaya's marketing acquisition engine which we delivered through affiliates such as Credit Karma, Experian, and LendingTree.

我想討論一下我們特別投資的兩項舉措。Pagaya 的預先篩選解決方案和 Pagaya 的行銷取得引擎，我們透過 Credit Karma、Experian 和 LendingTree 等附屬公司提供。

Starting with pre-screen, a product that we've been developing over the course of the past two years. Pre-screen adds the ability to proactively engage with customers to deliver credit using vast amounts of data and offering loans in a frictionless, pre-screened way. Pre-Screen is optimized for campaign management through direct mail and email channels and helps partners not only gain new customers, but to increase engagement and monetization with existing customers using our advanced data analytics. Lending partners can leverage a tech-enabled personal loan product solution to drive incremental value with very low acquisition costs, retain valuable deposits, drive down churn, and drive up lifetime value of those customers.

從預篩選開始，這是我們在過去兩年中一直在開發的產品。預先篩選增加了主動與客戶互動的能力，使用大量數據提供信貸，並以無摩擦、預先篩選的方式提供貸款。Pre-Screen 針對透過直效郵件和電子郵件管道進行的活動管理進行了最佳化，並幫助合作夥伴不僅獲得新客戶，還可以使用我們先進的數據分析來增加與現有客戶的互動和貨幣化。貸款合作夥伴可以利用技術支援的個人貸款產品解決方案，以極低的收購成本推動增量價值，保留有價值的存款，降低客戶流失率，並提高這些客戶的終身價值。

In terms of our marketing acquisition engine, Pagaya is working to leverage mainstream affiliate channels to drive new customers to lending partners. By integrating with lead aggregators, Pagaya can effectively leverage its models and advanced analytics to drive qualified customers at scale at highly optimized acquisition costs for our lending partners.

在我們的行銷獲取引擎方面，Pagaya 正在努力利用主流聯盟管道為貸款合作夥伴吸引新客戶。透過與領先的聚合器整合，Pagaya 可以有效地利用其模型和高級分析技術，以高度優化的獲取成本為我們的貸款合作夥伴大規模吸引合格客戶。

Turning to auto lending, Pagaya is benefiting from several factors including improved risk modeling, efficiency in our funding mechanism, continued expansion of our partner network, and improving vehicle costs. This follows an uncertain macroeconomic backdrop in 2024, which drove the team to reduce volumes while focusing on improved credit underwriting and funding efficiency.

談到汽車貸款，Pagaya 受益於多種因素，包括改進的風險模型、融資機制的效率、合作夥伴網路的持續擴展以及車輛成本的改善。先前，2024 年宏觀經濟背景不明朗，導致團隊減少交易量，同時專注於提高信貸核保和融資效率。

On the heels of significant improvement in funding execution and credit underwriting, we are now in a very different place with first quarter auto volumes up nearly 50% sequentially. In fact, our auto volumes equated to more than $1.1 billion on an annualized run rate.

在融資執行和信貸承保方面取得顯著改善之後，我們現在的情況截然不同，第一季汽車銷量較上季成長近 50%。事實上，我們的汽車銷售量以年率計算超過 11 億美元。

In point-of-sale lending, our newest and fastest growing category, demand remains extremely robust and we could not be more encouraged. We are positioned to ramp with existing partners including Klarna and Elavon as they grow their merchant networks and loan demand. We continue to evolve and build our funding mechanism and capacity to support the growth of this very exciting segment.

在我們最新、成長最快的銷售點貸款類別中，需求仍然非常強勁，我們感到非常鼓舞。隨著 Klarna 和 Elavon 等現有合作夥伴擴大其商家網路和貸款需求，我們將與他們攜手合作。我們不斷發展和建立我們的融資機制和能力，以支持這個非常令人興奮的領域的成長。

Before handing the call to EP, I want to emphasize to investors that Pagaya has reached the level where the value we provide to current and prospective customers franchises is at an institutional scale. We are demonstrating the benefits of years of investment in differentiated data and technology as well as underwriting and capital market skills. We are helping partners not only strengthen the value of their existing customer bases, we are proactively identifying additional credit solutions for deserving customers both inside and outside of their footprints. When consumers are served better, our partners win. And when our partners win, Pagaya wins with a focus on responsible and disciplined growth.

在將電話交給 EP 之前，我想向投資者強調，Pagaya 已經達到了我們為現有和潛在客戶特許經營提供的價值達到機構規模的水平。我們正在展示多年來對差異化數據和技術以及承銷和資本市場技能的投資所帶來的好處。我們不僅幫助合作夥伴加強其現有客戶群的價值，而且還積極為其業務範圍內外的有需要的客戶尋找額外的信貸解決方案。當消費者得到更好的服務時，我們的合作夥伴就會受益。當我們的合作夥伴獲勝時，Pagaya 也憑藉著負責任和有紀律的成長而獲勝。

With that, I'll hand the call to EP.

這樣，我就把電話交給 EP。

Thank you, Sanjiv.

謝謝你，Sanjiv。

We committed to deliver positive GAAP net income, which we have now reported ahead of schedule. This is the result of our execution against all pillars of our financial strategy improving unit economics, driving operating leverage, increasing capital efficiency, and optimizing our balance sheet.

我們承諾實現正的 GAAP 淨收入，目前我們已提前報告。這是我們執行財務策略所有支柱的結果，包括提高單位經濟效益、提高營運槓桿、提高資本效率和優化資產負債表。

These achievements are the result of making the right decisions for the business, even if they brought near term dislocation.

這些成就是企業做出正確決策的結果，即使這些決策在短期內會帶來混亂。

I'm extremely proud of the team's relentless execution and focus on our long term priorities and commitments to our shareholders and our partners.

我為團隊的不懈執行以及對長期優先事項和對股東和合作夥伴的承諾感到非常自豪。

We have also underscored that our focus will be on growing partner volumes to drive profitable growth with stringent underwriting, and the results of this quarter are in line with that strategy.

我們也強調，我們的重點將放在增加合作夥伴數量上，以透過嚴格的承保來推動獲利成長，本季的業績符合此策略。

Network volume was in line with the year ago levels of 2.4 billion.

網路流量與去年同期的24億水準持平。

This was slightly below our guidance range of 2.5 to 2.7 billion, primarily due to lower SFR volume, as we continue to be laser focused on profitable growth.

這略低於我們 25 億至 27 億的指引範圍，主要是由於 SFR 數量較低，因為我們繼續專注於獲利成長。

Excluding the impact of SFR, volume grew by 26% versus the year ago period and was up 6% sequentially.

不計 SFR 的影響，銷量較去年同期成長 26%，較上一季成長 6%。

This result was in line with our plan for prudent growth.

這項結果符合我們審慎成長的計劃。

Our largest business, personal loans, saw volume growth of 17% from year ago levels, while conversion of applications remained stable at approximately 1% in line with the results of the past multiple quarters.

我們最大的業務是個人貸款，其貸款量較去年同期增長了 17%，而申請轉換率則保持穩定在 1% 左右，與過去多個季度的結果一致。

Importantly, we continue to target similar conversion levels in the near term.

重要的是，我們將繼續在短期內瞄準類似的轉換水準。

Revenue and other income increased by 18% to a record 290 million, with revenue from fees up 19% to 283 million.

營收和其他收入成長 18%，達到創紀錄的 2.9 億，其中費用收入成長 19%，達到 2.83 億。

This was a result of higher personal loan and auto lending fees.

這是由於個人貸款和汽車貸款費用上漲造成的。

The revenue less production cost, or FRLPC of 116 million grew by 26% from year ago levels. As a percent of network volume, FRLPC rose 100 basis points year over year to 4.8%. While in excess of our prior 2025 guidance of 3.5 to 4.5% range, the increase is due to a shift in our targeted mix as SFR carries a lower FRLPC margin than the other verticals.

營收減去生產成本，即 1.16 億 FRLPC，比去年同期成長了 26%。作為網路容量的百分比，FRLPC 年比成長 100 個基點，達到 4.8%。雖然超過了我們先前對 2025 年 3.5% 至 4.5% 範圍的指導，但這一增長是由於我們的目標組合發生了變化，因為 SFR 的 FRLPC 利潤率低於其他垂直行業。

Excluding SFR's impact, FRLPC as a percent of volume was 5.2%. The contribution of FRLPC continues to move towards lending products is a positive trend that supports durability of our monetization.

排除 SFR 的影響，FRLPC 的體積百分比為 5.2%。FRLPC 的貢獻繼續轉向借貸產品，這是一個積極的趨勢，支持我們貨幣化的持久性。

In fact, lending product fees of 77% in the quarter compared to 60 63% 1 year ago and 43% 2 years ago.

事實上，本季貸款產品費用上漲了 77%，而一年前為 60% 至 63%，兩年前為 43%。

Adjusted EIA more than doubled year over year to a record 80 million in the first quarter, with margins up more than 10% points to 27%. Likewise, operating income of 48 million was up more than 5 times year over year.

第一季度，調整後的 EIA 年成長一倍以上，達到創紀錄的 8,000 萬，利潤率成長超過 10 個百分點，達到 27%。同樣，4800萬的營業收入年增了5倍多。

This strong margin profile underscores our operating leverage, which is the key differentiator of our business model.

強勁的利潤率凸顯了我們的經營槓桿，這是我們商業模式的關鍵差異因素。

Turning to our profitability, we delivered GAAP net income of 8 million for the quarter, our first quarter of GAAP profitability as a public company. This reflects an improvement of 29 million from the year ago period with 18% revenue growth and lower operating expenses.

談到我們的獲利能力，本季我們實現了 800 萬美元的 GAAP 淨收入，這是我們作為上市公司首次實現 GAAP 盈利的季度。這反映出與去年同期相比，營收增加了 2,900 萬美元，成長了 18%，營運費用也降低了。

We look forward to demonstrating even greater levels of value generation going forward as we build on this key inflection points and continue to demonstrate the earnings power of our business.

我們期待在這一關鍵轉折點的基礎上進一步展現更高水平的價值創造，並繼續展示我們業務的盈利能力。

Net credit related losses reported in other expense net amounted to a loss of $24 million in the quarter versus $229 million in the prior quarter, driven by our 2024 vintages. In addition, there was a $6 million dollar of whole loan impairment recognized in GNA expenses in line with the prior quarter. We considered this normalized levels of losses for our business.

本季度，其他費用淨額中報告的淨信貸相關損失為 2,400 萬美元，而上一季為 2.29 億美元，這主要是由於我們 2024 年的年份造成的。此外，與上一季相比，GNA 費用中確認了 600 萬美元的整體貸款減損。我們認為這是我們業務的正常損失水準。

Interest expense of $21 million is down approximately $5 million sequentially, and down an annualized $25 million since peak third quarter 24 levels as a result of the balanced optimization actions we executed last quarter.

由於我們在上個季度實施了平衡優化措施，利息支出為 2,100 萬美元，比上一季下降約 500 萬美元，自第三季 24 季的峰值水準以來，年化利息支出下降 2,500 萬美元。

Adjust the net income was positive at $53 million which excludes share-based compensation and other non-cash items such as fair value adjustments.

調整淨收入為正 5,300 萬美元，其中不包括股權激勵和公允價值調整等其他非現金項目。

Credit performance in the quarter reflected the continued stability of over 24 months with notable improvement from peak loss levels. Our 2023 vintage cumulative net losses were approximately 20 to 40% lower than peak levels in the fourth quarter of 2021.

本季的信貸表現反映了超過 24 個月的持續穩定性，且與峰值損失水平相比有顯著改善。我們 2023 年的累積淨虧損比 2021 年第四季的峰值低約 20% 至 40%。

Auto loan C&Ls through 2023 vintages are trending approximately 30 to 50% lower than year earlier levels.

截至 2023 年的汽車貸款 C&L 趨勢比去年同期低約 30% 至 50%。

We're closely monitoring macro and policy related uncertainty and the impact it may have on the consumer and our outlook. It is important to know that our prior full year outlook reflected uncertainty and volatility, and you can see how we managed our business in the first quarter accordingly. Still, we expect this volatility to persist further, and we're ready to react as needed.

我們正在密切關注宏觀和政策相關的不確定性及其對消費者和我們的前景可能產生的影響。重要的是要知道，我們先前的全年展望反映了不確定性和波動性，您可以看到我們在第一季如何管理我們的業務。儘管如此，我們預計這種波動將持續下去，並且我們已準備好根據需要做出反應。

On the funding front, we continue to see the benefits of substantial improvements in capital efficiency. We've enhanced the structure of our ABS programs, achieving a lower cost of capital across the stack while significantly diversifying our funding base.

在融資方面，我們持續看到資本效率大幅提高帶來的好處。我們增強了 ABS 計劃的結構，降低了整個堆疊的資本成本，同時顯著分散了我們的資金基礎。

We issued $1.4 billion in ABS across three transactions in the quarter, distributed through our growing network of 135 institutional funding partners.

我們在本季透過三筆交易發行了價值 14 億美元的 ABS，並透過我們不斷成長的 135 家機構融資合作夥伴網路進行分發。

While we anticipate net risk retention requirements to remain in the 4 to 5% range of our personal loan ABS issuances, we actively manage retention levels with the goal of enhancing profitability by lowering both our cost of capital and any potential future credit-related losses.

雖然我們預計淨風險保留要求將保持在個人貸款 ABS 發行量的 4% 至 5% 範圍內，但我們會積極管理保留水平，目標是透過降低資本成本和任何潛在的未來信貸相關損失來提高盈利能力。

Our ability to raise approximately 800 million through ABS transactions in recent weeks, despite heightened market volatility, speaks to the consistency of our underwriting and the ongoing demand of our assets.

儘管市場波動加劇，但我們最近幾週仍能透過 ABS 交易籌集約 8 億美元，證明了我們承銷的一致性和對我們資產的持續需求。

As we announced earlier this year in the first quarter, we finalized the fourth floor agreement with Blue Owl Capital to purchase up to $2.4 billion in loans over 24 months. In total, we have raised prospective capital of nearly 3.7 billion between our four flow and pass through programs since inception.

正如我們今年第一季早些時候宣布的那樣，我們與 Blue Owl Capital 達成了第四層協議，將在 24 個月內購買高達 24 億美元的貸款。總體而言，自成立以來，我們已透過四個流動和直通計畫籌集了近 37 億美元的預期資本。

We expect non-ABS funding channels to contribute 25 to 50% of our funding in 2025, driving total net risk retention requirements lower, which further solidifies our ability to generate cash for further growth.

我們預計，到 2025 年，非 ABS 融資管道將為我們貢獻 25% 至 50% 的資金，從而降低總淨風險保留要求，進一步鞏固我們為進一步增長創造現金的能力。

Finally, based on the current outlook, our business plan is self-funded. We do not need, nor do we plan to raise equity capital in the foreseeable future.

最後，根據目前的前景，我們的商業計劃是自籌資金的。我們不需要、也不打算在可預見的未來籌集股本。

As of March 31st, our balance sheet was anchored by $230 million in cash and cash equivalents and $760 million in investments in loans and securities.

截至 3 月 31 日，我們的資產負債表以 2.3 億美元的現金和現金等價物以及 7.6 億美元的貸款和證券投資為基礎。

Over the past 12 months, we have meaningfully enhanced the quality and composition of these assets, bolstering our access to liquidity and reflecting the deliberate work we've undertaken to build a business that is resilient to market this location.

在過去的 12 個月中，我們顯著提高了這些資產的品質和組成，增強了我們的流動性管道，並體現了我們為打造一個能夠適應該地區市場需求的業務而付出的刻意努力。

We will continue to proactively evaluate our balances for further optimization opportunities, particularly in light of broader market dynamics.

我們將繼續積極評估我們的餘額，以尋求進一步的優化機會，特別是考慮到更廣泛的市場動態。

In the first quarter, we recorded a fair value adjustment of $45 million to our investment portfolio, net of non-controlling interest, compared to $156 million adjustment in the previous quarter.

第一季度，我們對投資組合的公平價值調整（扣除非控股權益）為 4,500 萬美元，而上一季的調整金額為 1.56 億美元。

These adjustments were primarily tied to post 2023 vintages. During the quarter, we also added $35 million in new investments, loan and securities, net of pay downs from existing positions.

這些調整主要與 2023 年以後的年份有關。本季度，我們也增加了 3,500 萬美元的新投資、貸款和證券，扣除現有部位的償還金額。

Turning to our outlook, our full year and 2nd quarter outlook reflect both the momentum and resilience in our business to date. At the same time, our outlook takes into consideration market volatility, which we expect to persist and is reflected in the lower end of the ranges.

談到我們的展望，我們的全年和第二季度展望反映了我們業務迄今為止的發展勢頭和韌性。同時，我們的展望也考慮了市場波動，我們預期這種波動將持續下去，並反映在區間的低端。

Notable drivers include similar levels of production in personal loan and continued growth in auto and POS products, offset by a decrease in SFR volume.

值得注意的驅動因素包括個人貸款產量水準相似以及汽車和 POS 產品的持續成長，但被 SFR 產量的下降所抵消。

As a reminder, SFR still has an immaterial impact on our overall financial performance.

提醒一下，SFR 對我們的整體財務表現仍具有非實質的影響。

We expect FRLPC to grow through our focus on our most profitable and growing verticals. As a result of our newly targeted volume mix, we expect FRLPC to range between 4% and 5% in 2025.

我們期望透過專注於最賺錢和成長最快的垂直產業，FRLPC 能夠實現成長。根據我們新確定的銷售組合目標，我們預計 2025 年 FRLPC 將在 4% 至 5% 之間。

Expenses reflect continued discipline and operating leverage while we expect credit-related impairments, if any, to be in line with our scenarios in our supplements.

費用反映了持續的紀律和經營槓桿，同時我們預期與信貸相關的減損（如果有）將與我們補充報告中的情境一致。

Interest expense is assumed to remain at similar levels as in the first quarter, driven by continuous paydown of more expensive borrowings, offset by higher variable interest expense and opportunistic actions to optimize capital efficiency and lower cost of capital.

預計利息支出將保持在與第一季類似的水平，這是由於持續償還更昂貴的借款所致，但浮動利息支出的增加以及為優化資本效率和降低資本成本而採取的機會主義行動抵消了這一影響。

Stock-based comp is expected to range between 15 and 20 million in the following quarter. For the second quarter of 2025, we expect network volume in the range of 2.3 to 2.5 billion. Total revenue and other income in the range of 290 and 310 million, and adjusted will be that in the range of 75 to 90 million. We expect GAAP net income in the range of breakeven to 10 million.

預計下一季股票薪酬將在 1,500 萬至 2,000 萬美元之間。對於 2025 年第二季度，我們預計網路容量將在 23 億至 25 億之間。總收入及其他收入預計在2.9億至3.1億之間，調整後將在7,500萬至9,000萬之間。我們預期 GAAP 淨收入在損益兩平至 1,000 萬美元之間。

For the full year, we expect network volume in the range of 9.5 to 11 billion and are increasing total revenue and other income of 1.175 to 1.3 billion and adjusted EIDA in the range of 290 and 330 million. We are increasing our GAAP net income for the year in the range of $10 million to 45 million.

就全年而言，我們預計網路容量將在 95 億至 110 億之間，總收入及其他收入將在 11.75 億至 13 億之間，調整後的 EIDA 將在 2.9 億至 3.3 億之間。我們將今年的 GAAP 淨收入提高至 1,000 萬美元至 4,500 萬美元。

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)

（操作員指示）

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Good morning, guys. Thanks for taking my questions and I really appreciate the focus on operating efficiencies and profitability. So thanks.

大家早安。感謝您回答我的問題，我非常欣賞您對營運效率和獲利能力的關注。所以謝謝。

So first question is, there's a lot of economic and you guys talked about this on the call, but there's a lot of economic uncertainty with a variety of potential outcomes and I know you guys have sensitized for some of those potential outcomes, but I guess how do you position your business for that variability in outcomes at the product level.

所以第一個問題是，有很多經濟因素，你們在電話會議上談到了這一點，但是有很多經濟不確定性，可能產生各種結果，我知道你們已經對其中一些潛在結果很敏感，但我想你們如何在產品層面定位你們的業務以應對結果的多變性。

Hi, John. This is Gal. Thank you for the nice words. I will take this question.

你好，約翰。這是加爾。謝謝你的美言。我將回答這個問題。

So what do you think about Pagaya, obviously first and foremost, we're building a long-term business. And when you're building a long-term business which relies on the profitability and the capability of your products, you are going through some kind of macro uncertainty as the one we're expecting today. So to say for us, it's normal to see the unnormal.

那麼您對 Pagaya 有什麼看法？顯然，首先，我們正在建立一項長期業務。當你建立一個依賴獲利能力和產品能力的長期業務時，你會經歷某種宏觀不確定性，就像我們今天所預料的那樣。所以對我們來說，看到不正常的事情是正常的。

If you recall what we said in the call when we came into 2025, we assumed a lot of uncertainty because so we guided to not very aggressive growth because we are balancing growth and profitability moving forward and part of it is as you think about the right balance, not to be too much caught up into a short-term situation of a macroeconomy that could drive you to do mistakes for the long term. So the word for us is the right set of growth which is aligning with the long-term growth is what we are after.

如果您還記得我們在 2025 年電話會議上說過的話，我們假設了很多不確定性，因此我們引導的增長幅度不是非常激進，因為我們正在平衡未來的增長和盈利能力，其中一部分就是當你考慮正確的平衡時，不要過多地陷入宏觀經濟的短期狀況，這可能會導致你在長期內犯錯誤。因此，對我們來說，我們所追求的是正確的成長方式，與長期成長一致。

Now specifically to your question, let me start with an answer of the statements. We do not see today in the data any impact whatsoever from any discussion about tariffs or macro and the resilience that we see in the consumer is purely stable. Having said that, we are looking to be very careful on how we will manage it forward, and uncertain these days are requiring us to pay even more attention to that.

現在具體針對您的問題，讓我先回答一下這些陳述。我們今天的數據並未受到任何有關關稅或宏觀討論的影響，而且我們看到的消費者的彈性純粹是穩定的。話雖如此，我們仍希望非常謹慎地考慮如何管理未來，而這些天的不確定性要求我們對此給予更多的關注。

As you know, we have very strong data capabilities because we are one of the only ones who are seeing in live in real time how the low performance and the applications and interaction is coming through over 30 different partners in the US across auto loans, point of sale, and personal loans which would give you a very specific view on spending specific view on lending and specific view about consumer behavior.

如您所知，我們擁有非常強大的數據能力，因為我們是唯一能夠即時看到低性能、應用程式和互動如何透過美國 30 多個不同的合作夥伴在汽車貸款、銷售點和個人貸款方面發揮作用的公司之一，這將為您提供有關支出、貸款具體情況和消費者行為具體情況的非常具體的視圖。

The way we think about so-called downside scenario, it will come, although we don't see any right now, we think about it in a [worst] case scenario, which there are two main things that could happen; higher inflation or higher unemployment. On a theoretical level, you could have both, but it's so unlikely that we're not pricing or thinking to that.

我們認為所謂的下行情景是會發生的，儘管我們現在還沒有看到任何下行情景，但我們在最壞的情況下考慮它，其中主要有兩件事可能會發生；通貨膨脹率上升或失業率上升。從理論上講，兩者可以兼得，但這種可能性很小，我們不會為此定價或考慮。

When you think about higher unemployment, the best way to think about it is we will reduce a little bit of production in areas where we believe that the unemployment is more meaningful or lower income [borrows] and so on and so forth.

當你考慮更高的失業率時，最好的思考方式是，我們將在我們認為失業更有意義或收入較低的地區減少一點產量，等等。

On the other side, when you think about inflation, you always have the key to be able to rise for higher and therefore, even if you experience a higher delinquencies or C&L, you will have enough spread to actually compensate for that through pricing, through increase of the coupons to the [bottoms].

另一方面，當你考慮通貨膨脹時，你總是有能夠提高利率的關鍵，因此，即使你經歷了更高的拖欠率或信用貸款，你也會有足夠的利差來透過定價、透過增加票息來彌補這一點。[底部]。

And putting the specific risk management aside, I want to take you a step higher to remind you the changes that Pagaya has been through the last few quarters on both funding and credits. So from a funding perspective, we are at the most diversified point in time we've ever been. Forward flow are important piece for that and other programs that we have on our hands. So if we were a full ABS shop just a few quarters ago, today we're much more balanced in that perspective and targeting 25% to 50% to be not through ABS, which provide a little bit more stability.

撇開具體的風險管理不談，我想更進一步提醒大家，Pagaya 在過去幾季中在融資和信貸方面經歷的變化。因此，從融資角度來看，我們正處於有史以來最多元化的時期。前向流對於我們手頭上的這個項目和其他項目來說都是重要的部分。因此，如果僅僅幾個季度前我們還是一家全 ABS 商店，那麼今天我們在這個角度上會更加平衡，目標是 25% 到 50% 不通過 ABS，這提供了更多的穩定性。

On the other side of the structural changes are a lot of the activities we did last year regarding our balance sheets, strengthening it, bringing more liquidity and capital that is giving us enough ample liquidity that even if we be a little bit softer capital markets, our ability to react and to hold different pieces are definitely doable from our perspective. The last two pieces are the risk management that obviously after '22 and '23, we have very strong discipline to put that in place and to be able to react very quickly.

結構性變化的另一面是我們去年針對資產負債表所進行的大量活動，強化了資產負債表，帶來了更多的流動性和資本，為我們提供充足的流動性，即使資本市場稍微疲軟，從我們的角度來看，我們的反應能力和持有不同部分的能力絕對是可行的。最後兩點是風險管理，顯然在 2022 年和 2023 年之後，我們有非常嚴格的紀律來實施這一點，並且能夠迅速做出反應。

And lastly, I want to remind you that from our perspective, the way we think about the business model of Pagaya is even if we enter into one of these types of environments, more likely than not, other type of lenders will close their credit box and therefore we will see more flow running into our systems and this is a very good balancing mechanism that makes the Pagaya business model to be more, I would say, (technical difficulty) stable through cycles and through uncertainties when they material.

最後，我想提醒大家，從我們的角度來看，我們對 Pagaya 商業模式的看法是，即使我們進入其中一種環境，其他類型的貸方也可能會關閉他們的信貸額度，因此我們會看到更多的資金流入我們的系統，這是一種非常好的平衡機制，可以讓 Pagaya 商業模式在周期和不確定性出現時更加穩定（技術難度）。

So all in all, the full diversification in between funding partners, in between different markets are giving us a very strong confidence that even it will be some kind of a downturn, it will be inside the guidance that we have provided and nothing that is more severe.

總而言之，融資夥伴之間、不同市場之間的全面多元化讓我們非常有信心，即使出現某種衰退，也會在我們所提供的指導範圍內，不會出現更嚴重的情況。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

Nice results. I have two questions.

效果不錯。我有兩個問題。

First, I know we talked about pre-screening in the past since it's been kind of like a proof of concept for the company, not really representing too much of volumes, but it seems like this is a really interesting opportunity going forward. How should we think about that product scaling across your partners, your existing business over the next, I don't know, let's call it 12 to 18 months.

首先，我知道我們過去討論過預篩選，因為它有點像公司的概念證明，實際上並不代表太多的數量，但這似乎是一個非常有趣的機會。我們應該如何考慮該產品在未來 12 到 18 個月內在您的合作夥伴和現有業務中擴展。

And then my second question is for EP. I know on the last call there was a scenario contemplated for fair value marks for the year, I think somewhere around $150 million. Are we still in that that range? Should we still continue with that assumption?

我的第二個問題是關於 EP 的。我知道在上次電話會議上我們考慮了今年的公允價值標記方案，我認為大約是 1.5 億美元。我們還處於那個範圍內嗎？我們還應該繼續這個假設嗎？

Pete, this is Sanjiv.

皮特，這是桑吉夫。

Let me take the first part of the question and obviously, EP will take the second.

讓我來回答問題的第一部分，顯然，EP 將回答第二部分。

With respect to pre-screen and affiliate, those are two very specific initiatives or products as we call them at Pagaya that we have invested very heavily over the last, I'd say two years. And the initial proofs of concept that we have done so far have been extremely encouraging.

關於預先篩選和聯盟行銷，這是我們在 Pagaya 稱之為的兩個非常具體的計劃或產品，在過去兩年中我們對此進行了大量的投資。到目前為止，我們所做的初步概念驗證非常令人鼓舞。

Conceptually, what these two initiatives do is that they essentially help our lending partners grow their customers in a very, very meaningful way, both existing customers and prospect -- and prospectively new customers. And what they do is in a pre-screen, essentially we have the Pagaya models that we apply on the huge amount of data that our partners provide on their existing customers and we are able to harvest this data, implement the Pagaya models which as you know is our core, core, core strengths across vast amounts of data and provide loans to customers -- unsecured loans to customers in a completely frictionless way which allows our partners to not only grow more customers but also enable existing customers to get more credit in a frictionless way.

從概念上講，這兩項措施本質上幫助我們的貸款合作夥伴以非常有意義的方式發展客戶，包括現有客戶和潛在客戶以及潛在的新客戶。他們所做的是在預篩選中，基本上我們有 Pagaya 模型，我們將其應用於我們的合作夥伴為其現有客戶提供的大量數據，我們能夠收集這些數據，實施 Pagaya 模型，正如你所知，這是我們在大量數據中的核心優勢，並以完全無摩擦的方式向客戶提供貸款 - 無擔保貸款，這使我們的客戶不僅可以發展更多客戶的方式向客戶提供信貸 - 無擔保貸款，這使我們的客戶能夠發展更多客戶的方式，還可以獲得更多客戶信貸。

So this is a huge part of how Pagaya will grow its PL business, personal loans business and as you know we are embedded already in 31 partners. And so think about it as a massive line extension in addition to what we've done so far.

因此，這是 Pagaya 發展其 PL 業務、個人貸款業務的重要組成部分，而且如您所知，我們已經擁有 31 個合作夥伴。因此，您可以將其視為我們迄今為止所做工作的大規模產品線擴展。

Today we serve only 3% of our customers in our existing lending partners base, the TAM is almost 60 million customers with our existing partners, but the whole idea is to help them grow, help our lending partners grow, and we grow when they grow. And the three proofs of concept we've done so far have been super exciting and super encouraging.

今天，我們僅為現有貸款合作夥伴群體中的 3% 客戶提供服務，而我們現有合作夥伴的 TAM 接近 6000 萬客戶，但整體理念是幫助他們成長，幫助我們的貸款合作夥伴成長，當他們成長時，我們也會成長。到目前為止，我們所做的三個概念驗證都非常令人興奮和鼓舞人心。

On the affiliate channels, which generally refer to platforms like Credit Karma, LendingTree, Experian; what we call the big lead aggregators. Just to remind everybody, our existing lending partners today at Pagaya get about 50% to 60% of their loans through these aggregator platforms.

在聯盟通路上，一般指Credit Karma、LendingTree、Experian等平台；我們稱之為大型領先聚合器。需要提醒大家的是，目前 Pagaya 的現有貸款合作夥伴透過這些聚合平台獲得約 50% 至 60% 的貸款。

What Pagaya has now done is we've sort of started integrating our models onto our lending partners that are on these platforms and have started to show scale and sophistication in acquiring more customers through these aggregator platforms in a way that we can help our lending partners across the spectrum of sophistication to leverage these platforms to acquire new and incremental customers.

Pagaya 現在所做的是，我們已經開始將我們的模型整合到這些平台上的貸款合作夥伴身上，並開始透過這些聚合平台展示獲取更多客戶的規模和成熟度，這樣我們就可以幫助不同成熟度的貸款合作夥伴利用這些平台來獲取新的和增量客戶。

That again is a very, very significant way to help our lending partners grow their businesses on platforms that they use using Pagaya's capabilities in terms of our modeling and data analytics capabilities, which, as you know are very huge.

這又是一個非常非常重要的方式，可以幫助我們的貸款合作夥伴利用 Pagaya 的建模和數據分析能力在他們使用的平台上發展業務，正如你所知，這些能力非常強大。

So in our personal loans, there's a very important growth path in terms of how we grow from where we are embedded already into helping our partners grow in a very meaningful way, and I called it earlier a line extension or a product extension as we would typically call them where we're already embedded in our partners. So net-net, this is how we will grow in our personal loans business in a very significant way. Our proofs of concept has so far have been very successful. We expect to roll it out in the second half.

因此，在我們的個人貸款中，有一條非常重要的成長路徑，即我們如何從已經嵌入的領域發展到幫助我們的合作夥伴以非常有意義的方式成長，我之前稱之為線路擴展或產品擴展，因為我們通常稱它們為已經嵌入合作夥伴的領域。所以總體而言，這就是我們的個人貸款業務將如何實現顯著成長。到目前為止，我們的概念驗證非常成功。我們預計將在下半年推出此功能。

With that, let me pass this over to EP.

說完這些，讓我把這個交給 EP。

Hey, Pete. Thanks for joining us.

嘿，皮特。感謝您的加入。

Yeah, I think what we put in the supplement should be sort of your guidepost for potential losses, if any, in the future. Think about that rolling forward over the next four quarters. And you see how the losses came in this quarter, which we consider normalized levels and things that you would expect in any business that's in the consumer lending space.

是的，我認為我們在補充資料中的內容應該成為您未來潛在損失（如果有的話）的指導方針。想像一下未來四個季度的進展。您可以看到本季的虧損情況，我們認為這是正常水平，也是消費貸款領域任何業務都會出現的現象。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Hi, this is Jake Kooyman on for Rayna Kumar. Thank you for taking our question.

大家好，我是 Rayna Kumar 的 Jake Kooyman。感謝您回答我們的問題。

So firstly, I was just hoping you could please talk about some of the key drivers behind your three addressable markets of personal loans, auto, and POS. And then just as a follow-up, I was hoping you could talk about what you're seeing out there within capital markets, specifically if you're seeing any changes in pricing.

所以首先，我只是希望您能談談個人貸款、汽車和 POS 這三個目標市場背後的一些關鍵驅動因素。然後作為後續問題，我希望您能談談您在資本市場中看到的情況，特別是您是否看到定價有任何變化。

Hi, Jake. It's Gal here.

你好，傑克。我是 Gal。

So let me start taking it from a value proposition perspective and then EP will supplement that with a little bit drivers on the business financial outcome if that's okay by you?

因此，讓我從價值主張的角度開始討論，然後 EP 會補充一些對業務財務結果有影響的驅動因素，如果您同意的話？

So from a value proposition, think about the Pagaya network as a way to enable lenders to have bigger, better business for themselves. And then the question is what does that entail in each of the different markets as we think about personal loan, auto loan, and the point of sale.

因此，從價值主張的角度來看，Pagaya 網路是一種讓貸方能夠擁有更大、更好的業務的方式。那麼問題是，當我們考慮個人貸款、汽車貸款和銷售點時，這在每個不同的市場中意味著什麼。

So for personal loan, I think Sanjiv covered that rather well, which at the end of the day there are lenders with two parts of the business. Number one is a big marketing spend that they are putting out there in order to increase the number of customers that are going through their brand and channel and lending facilities. Our valuable position there is to help them to acquire more customers through the online marketing channels, let it be the affiliates as we spoke, and many other permutations of that.

因此，對於個人貸款，我認為 Sanjiv 對此進行了很好的闡述，最終貸款人的業務分為兩個部分。首先，他們投入了大量的行銷資金，以增加透過其品牌、通路和貸款設施的客戶數量。我們在那裡的寶貴地位是幫助他們透過線上行銷管道獲得更多客戶，就像我們所說的那樣，包括附屬機構以及許多其他排列組合。

The second piece in the personal loan is once you already have customers, there are many of them that actually didn't take loans from you in the past or the engagement level with them is rather low. So as a company, as a bank, as a big lender; when you're thinking about increasing your customer experience; increasing your customer satisfaction; what you're trying to do is to provide more loans and credits to these folks. So the proactive product is an ever-ending engine that goes through the portfolio of customers that each lender bank has and asking the question who could we provide them a proactive approach to do that.

個人貸款的第二個部分是，一旦你已經有了客戶，其中許多客戶實際上過去並沒有向你借過貸款，或者與他們的互動程度相當低。因此，作為一家公司、一家銀行、一家大型貸款機構；當您考慮提升客戶體驗時；提高客戶滿意度；你要做的就是向這些人提供更多的貸款和信貸。因此，主動產品是一個永不停歇的引擎，它會檢查每家貸款銀行的客戶組合，並詢問我們可以為他們提供主動的方法來做到這一點。

So we moved from just helping lenders -- more customer booked on their book when they are coming through the door to very big initiative products that's helping them either to bring more customers proactively or to engage with them as they see fit.

因此，我們從僅僅幫助貸款機構（在客戶上門時在他們的帳簿上登記更多客戶）轉變為提供非常大的主動產品，幫助他們主動吸引更多客戶或按照他們認為合適的方式與他們互動。

On the auto loans, the story is a little bit different. On the auto loans, the actual customer of most of our auto lenders are actually the dealerships. The dealerships are the ones that are guiding the offers to be relevant for different consumers and when you are thinking about serving these dealerships in the best way, there are two main factors.

關於汽車貸款，情況有點不同。就汽車貸款而言，我們大多數汽車貸款機構的實際客戶實際上是經銷商。經銷商負責指導針對不同消費者提供相關的優惠，當您考慮以最佳方式為這些經銷商提供服務時，有兩個主要因素。

The first factor is to have the highest approval rates. It means that the lender will sit in front of the dealership and the dealership will be able to get the highest amount of application [approved through them].

第一個因素是獲得最高的支持率。這意味著貸款人將坐在經銷商前面，經銷商將能夠獲得最高額度的申請[透過他們批准]。

And the second one is the seamless experience. So it would be easy for them to move -- so it would be that they don't need to submit a lot of documents. And from a valid proposition, that's exactly where we are coming. We are helping these auto lenders to provide higher amount of activation or more applications that are being approved through the dealerships and doing it in a way which is easier for them, frictionless, and therefore, they are pushing more flow to the auto lender that they are connected to the Pagaya network. So if you think about it, there is a propelled engine that when they become more relevant, they could actually go after more dealerships and the business of the auto lenders is growing.

第二個是無縫體驗。這樣他們搬家就很容易了——他們不需要提交很多文件。從有效的命題來看，這正是我們要說的。我們正在幫助這些汽車貸款機構提供更高的激活量或更多透過經銷商批准的申請，並以對他們來說更簡單、更順暢的方式進行，因此，他們正在向連接到 Pagaya 網路的汽車貸款機構推送更多的流量。所以，如果你仔細想想，你會發現有一個推動引擎，當他們變得更加重要時，他們實際上可以追逐更多的經銷商，而汽車貸款機構的業務也在成長。

Lastly but not that differently [exists] for point of sale when point of sale lenders are going after their merchants to embed their point-of-sale solution in their checkout, let it be online or let it be physically. They are being measured very much by the activation rates, how many of the (inaudible) that actually we were looking to get a checkout, they actually got an offer.

最後，但對於銷售點而言，情況並沒有什麼不同，當銷售點貸款人要求他們的商家將他們的銷售點解決方案嵌入到他們的結帳流程中時，無論是在線上還是實體方式。他們主要透過激活率來衡量，有多少（聽不清楚）實際上我們希望得到結帳，他們實際上得到了報價。

So we are a very good extension to be able for them to get a high approval rate and therefore to win more of the merchant's business and win more of the merchants' agreements. So the point of sale or the buy-now, pay-later, like the (inaudible) looking on Pagaya's an enabler for their ability to close more deals on the merchants. So that's the business in generality in between the three different markets. And maybe EP, if you want to give a little bit of high-level things around financials on that.

因此，我們是一個非常好的擴展，能夠讓他們獲得較高的批准率，從而贏得更多的商家業務並贏得更多的商家協議。因此，銷售點或先買後付，就像（聽不清楚）看待 Pagaya 的推動因素一樣，可以使他們與商家達成更多交易。這就是三個不同市場之間的一般業務。如果您想就財務方面提供一些高層次的信息，EP 或許可以。

Just quickly how that translates to some of the financials again focusing on prudent and profitable growth. Year over year, these three verticals, personal loans, auto, and POS have grown by call it 25% year over year, 6% sequentially. We're very pleased with the contribution of auto into the overall profitability now getting to a similar level of FRLPC margin like personal loans, and we expect to see POS as well to continue to grow its contribution on the overall FRPC margin. So we are in line with our strategy, as I said before, on prudent and profitable growth, executing with a very discipline and capital allocation.

簡單來說，這如何轉化為一些財務問題再次關注審慎和獲利性成長。與去年同期相比，個人貸款、汽車和 POS 這三個垂直領域年增了 25%，較上季成長了 6%。我們對汽車對整體獲利能力的貢獻感到非常高興，現在汽車的 FRLPC 利潤率已達到與個人貸款類似的水平，我們預計 POS 對整體 FRPC 利潤率的貢獻也將繼續增加。因此，正如我之前所說，我們遵循審慎和獲利的成長策略，並以嚴格的紀律和資本配置執行。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Great results and nice to see the outlook here for 2025.

取得了很好的成果，很高興看到 2025 年的前景。

Just circling back to the pre-screen product, just wondering, if that's a driver of FRLPC expansion. It feels like, I heard Sanjiv say frictionless, it's -- you're hitting your existing customers. It feels like it should be a kind of lower cost opportunity. Wondering how that may affect FRLPC over time.

只是回到預篩選產品，只是想知道，這是否是 FRLPC 擴展的驅動因素。感覺就像，我聽到 Sanjiv 說過無摩擦，那就是——你正在吸引現有的客戶。感覺這應該是一種成本較低的機會。想知道這會隨著時間的推移如何影響 FRLPC。

And then, secondly, without kind of providing any guidance or anything, just wondering when the implementation of some of the forward flow agreement here into your funding mix may start to make their way into us being able to see some changes in fair value adjustments moving forward.

其次，在不提供任何指導或任何東西的情況下，只是想知道何時將一些遠期流動協議實施到您的融資組合中可能會開始對我們產生影響，以便我們能夠看到未來公允價值調整的一些變化。

This is Sanjiv again. I'll take the question, the first half of the question. I'll pass it on to EP again.

我又是 Sanjiv。我來回答這個問題，問題的前半部。我會再次傳遞給 EP。

But I will say that with respect to pre-screen, you're absolutely right, essentially pre-screen will have the impact of significantly lowering the acquisition cost for our partners in order to acquire more customers and give loans to existing customers at a significantly lower acquisition cost. Now that's a proven model. We all know that that's what pre-screen campaigns tend to do.

但我要說的是，關於預先篩選，您完全正確，從本質上講，預先篩選將顯著降低我們合作夥伴的獲取成本，從而獲得更多客戶，並以顯著降低的獲取成本向現有客戶提供貸款。現在這是一個經過驗證的模型。我們都知道，預篩選活動往往會這樣做。

How we think about the economics of those relative to us and how it strengthens our FRLPC, we definitely think that it will have a positive impact. And the fact that we are making it -- again, as Gal pointed out, there are two parts to this. One is that it's pre-screened and the other part is that it is frictionless.

我們如何看待與我們相關的經濟狀況以及它如何加強我們的 FRLPC，我們肯定認為它會產生積極的影響。事實上，我們正​​在實現這一目標 — — 正如 Gal 指出的那樣，這包括兩個部分。一是它是預先篩選的，二是它是無摩擦的。

And so that will -- think about the really successful fintechs in the consumer lending business that have been really successful are those that have made the process completely frictionless from the point of sale or point of purchase to the point of getting the loan. That whole process is completely frictionless. So we expect that it will have a very positive impact on our earnings and FRLPC. EP, if you want to ask (technical difficulty)--

因此，想想消費者貸款業務中真正成功的金融科技公司，它們能夠讓從銷售點或購買點到獲得貸款的整個過程變得完全順暢。整個過程完全沒有摩擦。因此我們預計它將對我們的收益和 FRLPC 產生非常積極的影響。EP，如果你想問（技術難度）——

From as it relates to the guidance again it goes back to discipline allocation. We continue to focus on our key verticals, personal loans, auto, and POS, which have both the highest sort of growth potential as well as higher profitability. And obviously, that mix is changing. It's a targeted mix -- targeted changes in the mix in order to drive profitability. And also just keep in mind this is profitability and growth without necessarily taking incremental risks. We talk about conversion ratios and how that has been steady over the last multiple quarters.

從與指導的關係來看，它又回到了學科分配。我們繼續專注於我們的關鍵垂直領域，即個人貸款、汽車和 POS，這些領域既具有最高的成長潛力，也具有更高的獲利能力。顯然，這種組合正在改變。這是一個有針對性的組合——為了提高盈利能力而對組合進行有針對性的變化。並且請記住，這是盈利和成長，而不一定承擔增量風險。我們討論了轉換率以及過去幾季轉換率如何保持穩定。

To your other questions around the fair value, you actually see that a little bit even this quarter when you look at the total portfolio while the business continues to grow, the sort of the portfolio is -- of investments in loan and securities has not grown as much. You'll see a little bit more of that going forward.

對於您關於公允價值的其他問題，您實際上會發現，即使本季度當您查看整個投資組合時，雖然業務繼續增長，但投資組合的類型——貸款和證券投資的增長幅度卻沒有那麼大。未來你會看到更多這樣的情況。

To your point and as we get into the later part of the year again without making any projections on what will happen elsewhere, I think you'll start seeing on a relative basis relative to the overall volume, you'll see that being reflected in the risk retention while the impact of those forward flows has already embedded into our FRLPC guidance which we increased now to -- from 4% to 5% range for the year.

正如您所說，當我們再次進入今年下半年時，我們不會再對其他地方會發生什麼做出任何預測，我認為您將開始看到相對於總體交易量的相對情況，您會看到這反映在風險保留中，而這些遠期流動的影響已經嵌入到我們的 FRLPC 指導中，我們現在將其提高到——從今年的 4% 到 5% 的範圍。

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

I'll echo the congrats on all of the achievements thus far.

我要對迄今為止所取得的所有成就表示祝賀。

Two questions for EP. The first just focusing on expense levels. Obviously, the operating leverage has been coming in considerably stronger than expected. When I look at the -- just the core OpEx, I think it was in the [mid-40s] this quarter. I mean -- EP, that's a full 20% lower than just the last two or three quarters. Is there anything that's artificially suppressing it in this Q1 or is that actually even with all the investments you're making a pretty sustainable level?

向 EP 提兩個問題。第一個只關注費用水平。顯然，經營槓桿比預期高得多。當我查看核心營運支出時，我認為本季的營運支出在 [40 年代中期] 左右。我的意思是——EP，這比過去兩三個季度低了整整 20%。是否存在什麼因素人為地抑制了第一季的成長，或者即使進行了所有投資，成長是否仍然處於相當可持續的水平？

Yeah, thanks for the question.

是的，謝謝你的提問。

No, I think the current levels are sustainable. You should continue to see some of that percent improvement coming through as the business grows in the top line and expenses are held reasonably flat. You should continue to see that improvement.

不，我認為目前的水平是可持續的。隨著業務收入的成長和費用的保持相當平穩，您應該會繼續看到一定比例的改善。您應該會繼續看到這種改善。

What I would point out is the great thing about the business and the differentiator is (technical difficulty) [operating] leverage. I want to focus on the fact that we are now in a position to grow the business by twice as much, let's say relative to the current level because we have already built out the infrastructure associated with our ability to do that and also the disciplined capital allocation. The mix also comes through the fact that as we're changing a little bit of the funding mix and structure -- funding mix (technical difficulty) you see lower overall ABS setup costs, so that's what you see some of the benefits keep trickling in even this quarter.

我想指出的是，這項業務的優點和差異化因素是（技術難度）[營運]槓桿。我想強調的是，我們現在能夠將業務成長一倍，比如說相對於目前的水平，因為我們已經建立了與實現這一目標相關的基礎設施以及嚴格的資本配置。這種組合也源於這樣一個事實：當我們稍微改變一下融資組合和結構——融資組合（技術難度）時，你會看到整體 ABS 設置成本降低，所以你會看到，即使是在本季度，一些收益仍會持續顯現。

Got it. No, that's helpful.

知道了。不，這很有幫助。

And just follow-up on funding, notwithstanding the diversification and increase flow partners. Maybe if you can just get a little April update or post April 2 update on the ABS markets and specifically. I know you got a few large deals done. Our understanding is that spreads have probably widened about 60, 70 basis points since all the tariff noise began. But notwithstanding the slightly wider spreads, has there been any change in the market for residuals? Like, have -- you've been required in April to retain maybe more a percentage of -- in the form of residuals than in March or is that largely steady?

儘管存在多樣化和增加流動合作夥伴的情況，但只需跟進資金即可。也許您可以獲得 4 月份的一點更新，或者發布 4 月 2 日有關 ABS 市場的更新，具體來說。我知道你已經完成了幾筆大交易。我們的理解是，自從所有關稅風波開始以來，利差可能已經擴大了約 60 到 70 個基點。但是，儘管價差略有擴大，殘值市場是否發生了變化？例如，四月您是否需要以殘值的形式保留更多比例的款項，比三月多，還是基本上保持穩定？

Hi, David. Definitely. So two questions in one. First of all, I would say that as you know Pagaya is one of the leading, if not the leading (inaudible) in the states. We were the first ones to open the auto loan market. We were the first one to open the personal loan market. So by -- with some definition, Pagaya is the market in that perspective.

你好，大衛。確實。所以兩個問題合而為一。首先，我想說，如你所知，Pagaya 是美國領先的公司之一，如果不是領先的（聽不清楚）。我們是第一批開放汽車貸款市場的。我們是第一家開拓個人貸款市場的公司。因此，從某種定義上來說，Pagaya 就是這個角度的市場。

There are two phenomena. The phenomena of the very short term, like the two weeks after things like announcement -- a big announcement in the macro happens. It takes time for the market to find this place, so (technical difficulty) 60, 70 basis points that you have just mentioned are in line with what happened, but could go very quickly back to 25, 30 basis points. And then I think it will remain the question of how much uncertainty there is in the environment and then what we call people with price for volatility.

有兩種現象。非常短期的現象，例如宏觀層面的重大公告發布後的兩週內發生的現象。市場需要時間來找到這個位置，所以（技術難度）你剛才提到的60、70個基點與實際情況相符，但可能很快就會回到25、30個基點。然後我認為剩下的問題是環境中存在多少不確定性，以及我們所說的對波動性進行定價的人。

In any way for Pagaya, this type of small changes because we are doing the ABS deals before we're actually pricing loans because of (technical difficulty) funding nature, it's something that we are taking into account and therefore pricing that on the assets and the borrowers in order to maintain the profitability and the discipline so you expect that flowing through to the assets themselves and therefore mostly [neutralling] the effects on us.

無論如何，對於 Pagaya 來說，這種小的變化是因為我們正在進行 ABS 交易，然後才真正為貸款定價，因為（技術難度）融資性質，這是我們要考慮的事情，因此我們會根據資產和借款人進行定價，以保持盈利能力和紀律，所以你預計這會流向資產本身，從而主要[中和]對我們的影響。

On the other piece of the retention, it all comes to the question of price. So again, in the very highlight of the day, you might don't want to have the capabilities and the liquidity and the balance sheet. You might don't want to sell that in that moment, but it means nothing after a few months where performance is kicking in, people could see that the production is as expected.

關於保留的另一個方面，一切都歸結為價格問題。所以，再說一次，在一天中最關鍵的時刻，你可能不想擁有能力、流動性和資產負債表。你可能不想在那一刻出售它，但幾個月後，當性能開始發揮作用時，它就沒有任何意義了，人們可以看到產量符合預期。

So I would think about it more as a buffer rather than a capability because there is a lot of demand out there, a lot of people that are looking to put money to work and they just want to get a little bit more reassurance on this type of (technical difficulty) volatility that there is no big waves that are happening around the corner which (technical difficulty) [we feel good about it].

因此，我認為它更多的是一種緩衝，而不是一種能力，因為市場上有很多需求，很多人都想把錢投入到工作中，他們只是想在這種（技術難度）波動中得到更多的保證，確保不會出現大波動，（技術難度）[我們對此感覺良好]。

Got it. No, it's very helpful, Gal. Thank you and congrats again.

知道了。不，這非常有幫助，加爾。再次感謝您並恭喜您。

Thank you. Due to time constraints, 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，由於時間限制，我們的問答環節已經結束。現在我想請 Gal Krubiner 發表最後評論。

So in closing, I obviously first want to thank all of you for your time and the opportunity to talk about not only our results but also our vision and product strategy. I'm extremely proud of our results and the team and all the work that we have put inside to make this day possible. And it's really truly demonstrating the earning power of our assets and our model. We want to leave investors with a simple message. We have built a business for the long term that is profitable and will [skate] profitability over time, thanks to our nimble and unique model.

最後，我首先要感謝大家抽出時間和機會來談論我們的成果以及我們的願景和產品策略。我對我們的成果、團隊以及我們為實現這一天所付出的所有努力感到非常自豪。這確實展示了我們的資產和模式的盈利能力。我們想給投資者留下一個簡單的訊息。憑藉我們靈活而獨特的模式，我們已經建立了一個長期盈利的業務，並且隨著時間的推移，它將實現盈利。

I also want to underscore what Pagaya is in the long-term journey, and it's easy to focus sometimes on the short term and sometimes to miss the big picture. We have everything we need to reach our long-term aspirations, which is to add every possible lending partner to our network and to help them to fully leverage the value of the Pagaya network to grow their businesses and better serve their customers.

我還想強調一下 Pagaya 在長期旅程中的作用，有時我們很容易只專注於短期利益，有時卻忽略了全局。我們擁有實現長期目標所需的一切，將所有可能的貸款合作夥伴添加到我們的網路中，並幫助他們充分利用 Pagaya 網路的價值來發展業務並更好地服務客戶。

We are positioned with the best possible team, assets, and technology to win in the market with a massive (technical difficulty), drive strong results over the next decade that will bring the gap between Wall Street and Main Street to become smaller. I'm fully confident that Pagaya and what we have achieved in the past will be just a blip of what we are going to achieve in the next decade.

我們擁有最好的團隊、資產和技術，能夠在龐大的（技術難度）市場中獲勝，並在未來十年取得強勁的業績，從而縮小華爾街與普通民眾之間的差距。我完全相信，帕加亞和我們過去所取得的成就只不過是我們未來十年將要達成的成就的冰山一角。

Thank you very much, everyone, for joining.

非常感謝大家的參與。

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。