Pagaya Technologies Ltd (PGY) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Pagaya 2Q 2025 earnings call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions) It is now my pleasure to turn the conference over to Josh Fagen, Head of IR.

大家好，歡迎參加今天的 Pagaya 2025 年第二季財報電話會議。（操作員指示）請注意，此通話正在錄音。（操作員指示）現在我很高興將會議交給 IR 主管 Josh Fagen。

Thank you and welcome to Pegaya's second-quarter 2025 earnings conference call. Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjeev Das, President; and Evangelos Perros, Chief Financial Officer. 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.

感謝您並歡迎參加 Pegaya 2025 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 Sanjeev Das 和財務長 Evangelos Perros。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 third quarter and full year of 2025.

我們今天的評論將包括前瞻性陳述，這些陳述基於我們當前的預期和預測，其中包括我們的營運和財務業績，包括我們對 2025 年第三季和全年的財務展望。

Our actual results may differ materially from those contemplated by those forward-looking statements. Factors that could cause these results different 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 up 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.

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。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 loss production costs or FRLPC, FRLPC percentage of network volume, 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 all the 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、費用收入損失生產成本或 FRLPC、FRLPC 網路容量百分比以及核心營運費用。在我們的收益報告和投資者關係網站上發布的所有資料中，可以盡可能地提供與最直接可比較的 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函，以了解有關我們業務和業績的詳細評論，以及隨附的收益補充和新聞稿。

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

說完這些，讓我把電話轉給 Gal。

Thank you, Josh, and welcome everyone. This was our second consecutive quarter of positive GAAP net income at a record high of $17 million. Total revenues of $326 million was also a record. As well as our $126 million in revenues from fee less production cost. And lastly, our $86 million of adjusted EBITDA.

謝謝你，喬希，歡迎大家。這是我們連續第二季實現 GAAP 淨收入正值，達到創紀錄的 1,700 萬美元。3.26億美元的總收入也創下了紀錄。以及我們扣除製作成本後 1.26 億美元的收入。最後，我們的調整後 EBITDA 為 8,600 萬美元。

Our strong results underscored the tremendous work we have done to provide increasing value to our existing partners while building our new partner pipeline. This also reflects our improved funding and operating efficiency with strong unit economics which the team will walk through in more details later.

我們的強勁業績凸顯了我們在建立新的合作夥伴管道的同時，為現有合作夥伴提供不斷增長的價值所做的大量工作。這也反映了我們資金和營運效率的提高以及強大的單位經濟效益，團隊稍後將對此進行更詳細的介紹。

Given the sustainability of our growth, unique economic attribution, improving corporate structure, and increasing demands for our products, we are raising our full year financial outlook. Our unique data advantage and AI underwriting advantage continues to compound and enabling more precise credit decision, fueling modern improvements, and enhancing outcomes for our lending partners. These results are a strong reflection of our execution against several unique attributes delivered by an extremely strong team.

鑑於我們成長的可持續性、獨特的經濟屬性、不斷改善的公司結構以及對我們產品日益增長的需求，我們上調了全年財務預期。我們獨特的數據優勢和人工智慧核保優勢不斷增強，能夠實現更精確的信貸決策，推動現代化改進，並提高我們的貸款合作夥伴的成果。這些結果有力地反映了我們極其強大的團隊所展現出的幾個獨特屬性的執行力。

Before I discuss our results and our strategy moving forward, I do want to spend a few minutes just to remind the audience what it is that makes our business model and the company so unique.

在討論我們的業績和未來策略之前，我想花幾分鐘時間提醒觀眾，是什麼讓我們的商業模式和公司如此獨特。

First, it's the way which we source assets. We are not a direct-to-consumer or a balance sheet lender. We help over 31 different lenders to acquire and retain customers. The benefit of the network to Pagaya is clear. Sizable loans flow at almost $250 billion per quarter without spending a single marketing dollar. This allows us to remain highly selective while still profitably growing volumes, underwriting just 1% of applications over the past three years.

首先，這是我們獲取資產的方式。我們不是直接面向消費者或資產負債表貸款人。我們幫助超過 31 家不同的貸方獲取和留住客戶。這個網絡為 Pagaya 帶來的好處是顯而易見的。每季的貸款額度高達近 2500 億美元，但行銷費用卻沒有花一分錢。這使得我們能夠保持高度選擇性，同時仍能實現盈利性成長，過去三年僅承保了 1% 的申請。

Second is the value proposition we provide to our lending partners, especially to the banks. With a heavy regulatory burden and stringent capital rules, banks cannot truly respond to opportunities presented to them, leaving good customers and depositors behind. Pagaya ensures banks can serve such credit-worthy costs without taking any credit risks.

第二是我們向貸款合作夥伴（尤其是銀行）提供的價值主張。由於監管負擔沉重、資本規定嚴格，銀行無法真正抓住眼前的機遇，從而將優質客戶和儲戶拋在腦後。Pagaya 確保銀行能夠提供此類信譽良好的成本，而無需承擔任何信用風險。

The third attribute is our ability to produce diversified assets at scale for large pools of capital raised by private capital funding partners such as Blue Owl and Castlelake. Over 150 sophisticated investors look to us to provide this flow in a consistent fashion.

第三個特點是我們能夠為 Blue Owl 和 Castlelake 等私人資本融資合作夥伴籌集的大量資金池大規模地生產多元化資產。超過 150 名成熟的投資者期望我們能夠以一致的方式提供這種資金流。

Last is the unique economic profile as we monetize this flow. Ours is a fee-based model generating revenues from both sides of our network. That, coupled with a strong operational leverage, positions us to drive high levels of sustained long-term profitability.

最後是當我們將這個流程貨幣化時所具有的獨特的經濟狀況。我們採用收費模式，從網路的兩端產生收入。再加上強大的營運槓桿，我們能夠實現長期持續的高獲利水準。

Turning back to our second quarter results, we have continued to diversified several key aspects of our platform. As such, 30% of originations come from point-of-sale and Auto Lending, versus only 9% just a year ago. On the funding side, with our recent forward flow expansion with Castlelake, we have added roughly $5 billion in forward flow capacity since the end of 2024. This represents 25% of our overall funding mix.

回顧我們第二季的業績，我們繼續使我們的平台的幾個關鍵方面多樣化。因此，30% 的貸款來自銷售點和汽車貸款，而一年前這一比例僅為 9%。在融資方面，隨著我們最近與 Castlelake 合作擴大遠期流量，自 2024 年底以來，我們已增加了約 50 億美元的遠期流量容量。這占我們整體資金結構的25%。

The increasing diversification and capacity for our funding sources adds much more resiliency and stability through cycles and better supports our growth and earnings power.

我們的資金來源日益多樣化和容量增加，在周期中增加了更多的彈性和穩定性，並更好地支持了我們的成長和獲利能力。

We have continued to demonstrate strong operational leverage with the second quarter core operating expenses near record lows as a percentage of FRLPC thanks to the wide usage of technology and automation in our business, driving continued GAAP net income growth.

由於我們業務中廣泛使用技術和自動化，我們繼續表現出強大的營運槓桿，第二季核心營運費用佔FRLPC的百分比接近歷史最低水平，推動了GAAP淨收入持續成長。

While the operating environment is showing some stabilization and credit performance remains solid, we remain deliberately conservative in managing volumes and credits such that we can respond effectively to any macro shift. Pagaya is targeting strong and sustainable growth through all cycles.

儘管經營環境呈現一定程度的穩定，信貸表現依然穩健，但我們在管理信貸量和信貸方面仍採取刻意保守的態度，以便能夠有效應對任何宏觀變化。Pagaya 的目標是在所有周期內實現強勁、可持續的成長。

While the results were delivered in our second quarter, we continue to execute as we enter the third quarter. We successfully raised $500 million through our first corporate bond issuance. This was a strong external validation of our business model.

雖然我們在第二季就取得了成果，但進入第三季後我們仍將繼續執行。我們透過首次發行公司債成功籌集了 5 億美元。這是對我們商業模式的有力的外部驗證。

Our appeal to an increasing array of capital providers would not have been possible without our relentless focus on the stability and consistency of our business and our disciplined execution on driving towards GAAP profitability. This bond offering is designed to grow our earnings power, provide us access to less expensive capital, and evolve our corporate capital structure to one that is more mature, diverse, and sustainable.

如果我們不遺餘力地關注業務的穩定性和一致性，不嚴格執行推動 GAAP 獲利能力的原則，我們就不可能吸引越來越多的資本提供者。此次發行債券的目的是提高我們的獲利能力，為我們提供更便宜的資本，並使我們的公司資本結構發展得更成熟、多樣化和可持續。

When I look forward towards the next 18 months of Pagaya, I see a disciplined focus on growing our enterprise. The main objectives of our growth strategy are simple: To lend more partners and to offer additional value-added products to support our existing lenders' businesses.

當我展望 Pagaya 的未來 18 個月時，我看到了我們對企業發展的專注。我們成長策略的主要目標很簡單：為更多合作夥伴提供貸款，並提供額外的增值產品來支持我們現有貸款人的業務。

Our core technology advantages allow us to further support our partners' growth across the different markets in which we operate in. Today, our core program boosts our partners' ability to reach a large cost base.

我們的核心技術優勢使我們能夠進一步支持合作夥伴在我們營運的不同市場的成長。今天，我們的核心計畫增強了合作夥伴實現大規模成本基礎的能力。

Recently, we have started to support our partners' ability to actually increase application flow into their funnels as well as to reduce the friction to fund loans through expedited verification. Initiatives and products such as the Pagaya Direct Marketing Engine, the Affiliate Optimizer, and the Fast Pass solutions are the crucial part of our future growth. Sanjiv, my Co-Founder and President, will expand on the way in which product innovation boosts the appeal to our network of lending partners as a growth solution.

最近，我們開始支持我們的合作夥伴實際增加進入其管道的申請流量，並透過快速驗證減少貸款融資的摩擦。Pagaya 直銷引擎、聯盟優化器和快速通行證解決方案等計劃和產品是我們未來成長的關鍵部分。我的共同創辦人兼總裁 Sanjiv 將進一步闡述如何透過產品創新來提升我們借貸合作夥伴網路的吸引力，將其作為成長解決方案。

We are coupling product expansion with our strong and consistent funding network and underwriting capabilities. And it is important to mention that all of these loans, even from the new initiatives, continue to be funded by the Pagaya Funding Network.

我們將產品擴展與我們強大而穩定的融資網絡和承保能力結合。值得一提的是，所有這些貸款，即使是來自新舉措的貸款，也繼續由帕加亞融資網絡提供資金。

We have made great strides in the past 18 months in stabilizing our funding, financing, and operating structure through a disciplined approach. We will now shift the focus and execute of our growth strategy which we are excited to share more about in the coming quarters.

過去 18 個月，我們透過嚴謹的方法在穩定資金、融資和營運結構方面取得了巨大進展。我們現在將轉移重點並執行我們的成長策略，我們很高興在接下來的幾季分享更多相關資訊。

In closing, we continue to demonstrate that our greatest strengths lies in our ability to combine advanced data AI capabilities and scaled infrastructure, making us a partner of choice to many leading lenders to drive sustainable, profitable growth. The result is a highly efficient cost model. And as bank and lenders look for new ways to expand their growth, we're helping them get there, sharpening our solution, scaling efficiently, and delivering impact where it matters the most.

最後，我們繼續證明，我們最大的優勢在於我們能夠將先進的數據人工智慧能力與規模化的基礎設施相結合，這使我們成為許多領先貸款機構推動可持續盈利增長的首選合作夥伴。結果是一個高效率的成本模型。當銀行和貸款機構尋找新的方式來擴大其成長時，我們正在幫助他們實現這一目標，完善我們的解決方案，有效擴展規模，並在最重要的地方產生影響。

With that, I would like to hand it over to Sanjiv for a review of our operating business and more on our product-led growth.

說完這些，我想把權交給 Sanjiv，讓他來審查我們的營運業務，並進一步了解我們的產品主導型成長。

Thank you, Gal. Our business continues to benefit from robust consumer demand, a healthy consumer, continued improvement of our credit modeling, as well as Pagaya's unique data advantage and network benefits.

謝謝你，加爾。我們的業務繼續受益於強勁的消費者需求、健康的消費者、信用模型的持續改進以及 Pagaya 獨特的數據優勢和網路優勢。

Existing lending partnerships remain the primary source of near term volume growth. We'll see very significant expansion potential to our product solutions given our now proven track record of success and the strong demand from existing partners for incremental growth opportunities.

現有的貸款合作關係仍是近期貸款量成長的主要來源。鑑於我們現已證明的成功記錄以及現有合作夥伴對增量成長機會的強烈需求，我們將看到我們的產品解決方案具有非常巨大的擴展潛力。

With the credit environment stabilizing, our lending partners are actively pushing growth opportunities. However, many initiatives are constrained at our lenders by their limited technology resources and competing internal priorities. Anticipating this challenge, Pagaya began investing nearly 18 months ago to build marketing capabilities designed to accelerate our partner's growth without them taking any incremental risk.

隨著信貸環境的穩定，我們的貸款合作夥伴正在積極推動成長機會。然而，我們的貸款機構的許多舉措都因技術資源有限和內部優先事項相互競爭而受到限制。預見到這項挑戰，Pagaya 在近 18 個月前開始投資建立行銷能力，旨在加速我們合作夥伴的成長，而無需他們承擔任何增量風險。

In recent quarters, we successfully piloted pre-screen marketing initiatives as part of our Direct Marketing Engine and have since initiated long-term commercial discussions to scale these programs.

在最近幾個季度，我們成功試行了預篩選行銷計劃作為我們直接行銷引擎的一部分，並且從那時起啟動了長期商業討論以擴大這些計劃。

Additionally, we are working with leading affiliate platforms to develop plug-and-play solutions that require minimal integration effort, enabling lending partners to launch growth initiatives quickly. Our embeddedness in our partner's technology enables seamless expansion into new product solutions.

此外，我們正在與領先的聯盟平台合作開發即插即用的解決方案，只需最少的整合工作，使貸款合作夥伴能夠快速啟動成長計畫。我們對合作夥伴技術的嵌入使我們能夠無縫擴展到新的產品解決方案。

Pagaya is expanding the way in which it works with its lending partners beyond decline monetization. We are growing our product suite to include marketing products to further accelerate their customer growth. Our Direct Marketing and Affiliate Optimizer engines help our lending partners expand their application funnel which, in turn, creates a significant growth platform for Pagaya.

Pagaya 正在擴展與貸款合作夥伴的合作方式，而不僅僅是貨幣化。我們正在擴大我們的產品套件，包括行銷產品，以進一步加速客戶成長。我們的直接行銷和聯盟優化引擎幫助我們的貸款合作夥伴擴展他們的應用管道，從而為 Pagaya 創建一個重要的成長平台。

As we expand our product offerings, we consistently leverage Pagaya's core capabilities: Underwriting advantage and funding efficiency. Demand also remains robust for new partner additions, a longer term growth driver. We see continued interest from regional banks and leading fintechs. With several term sheets signed, we expect a few announcements in the coming quarters.

隨著我們擴大產品範圍，我們始終如一地利用 Pagaya 的核心能力：承保優勢和融資效率。對於新合作夥伴的需求也依然強勁，這是一個長期的成長動力。我們看到地區性銀行和領先的金融科技公司持續表現出興趣。隨著幾份條款清單的簽署，我們預計未來幾季將會發布一些公告。

Importantly, all of these current and evolving business drivers remain within our B2B2C core competency and focus. We have no plans to go directly to consumers. And as Gal said, it is something that uniquely differentiates our model in the world of consumer lending.

重要的是，所有這些當前和不斷發展的業務驅動力仍然在我們的 B2B2C 核心競爭力和重點之內。我們沒有直接面向消費者的計劃。正如加爾所說，這是我們的模式在消費貸款領域中獨一無二的差異。

Now let me provide some highlights for each of our product offerings. Within our Personal Loan segment, our value proposition continues to mature and partners are keen to embrace expansion into newer product offerings such as Direct Marketing and Affiliate Optimization. Pagaya is increasingly aligned with our lending partners as our products continue to evolve to best drive higher volumes, higher revenue, and expanded customer lifetime value.

現在讓我介紹一下我們每種產品的亮點。在我們的個人貸款領域，我們的價值主張不斷成熟，合作夥伴渴望擴展到新的產品領域，例如直接行銷和聯盟優化。隨著我們的產品不斷發展，以最好地推動更高的交易量、更高的收入和擴大的客戶終身價值，Pagaya 與我們的貸款合作夥伴的聯繫日益緊密。

It is worth spending a bit of time on each of our evolving product solutions. Direct Marketing Engine for our lending partners, including our pre-screen solution, encapsulates Pagaya's continued efforts to help lending partners capture more application flow. It represents the Pagaya's next generation of products designed to help partners not only monetize (inaudible), but also grow their application flow.

我們每個不斷發展的產品解決方案都值得花一點時間。我們為貸款合作夥伴提供的直接行銷引擎（包括我們的預篩選解決方案）體現了 Pagaya 持續努力幫助貸款合作夥伴獲得更多申請流。它代表了 Pagaya 的下一代產品，旨在幫助合作夥伴不僅實現貨幣化（聽不清楚），而且還能增加他們的應用程式流量。

We are helping to pre-screen existing customers using our models and send them offers through e-mail, direct mail, and other channels. We are on track to find multiple new pre-screen term sheets with existing lending partners over the next few quarters, all of which completed successful pilots earlier this year.

我們正在協助使用我們的模型對現有客戶進行預先篩選，並透過電子郵件、直效郵件和其他管道向他們發送優惠。我們預計在未來幾季與現有貸款合作夥伴找到多個新的預篩選條款清單，所有這些條款清單均已於今年稍早成功完成試點。

Next, our Affiliate Optimizer Engine for lending partners, which leverages our unique data advantage to help lending partners grow volumes through major affiliate programs such as Credit Karma, Experian, LendingTree, and others. This enables partners to attract new customers at scale via a major source of customer acquisition.

接下來，我們為貸款合作夥伴提供聯盟優化引擎，它利用我們獨特的數據優勢，幫助貸款合作夥伴透過 Credit Karma、Experian、LendingTree 等主要聯盟計劃增加貸款量。這使得合作夥伴能夠透過主要的客戶獲取來源大規模吸引新客戶。

We are also expanding the market opportunity for affiliates by introducing new lending partners to their platforms. Our goal is to further streamline the onboarding process for lending partners, accelerating their growth with a plug-and-play solution on affiliate platforms. This eliminates the need for significant technology resources for onboarding which is currently a challenge for our lending partners. This will in turn drive accelerated growth for Pagaya.

我們也透過向其平台引入新的借貸合作夥伴來擴大聯屬公司的市場機會。我們的目標是進一步簡化貸款合作夥伴的入職流程，透過聯盟平台上的即插即用解決方案加速他們的成長。這消除了對大量技術資源的需求，而這對我們的貸款合作夥伴來說目前是一個挑戰。這反過來將推動 Pagaya 的加速成長。

Moving to our Auto Lending business, which is building on strong growth trends, optimizing and growing existing partnerships such as Ally and Westlake. First, we are growing our decline monetization programs and expanding our lending partners' access to high-quality applications flow my assessing applications that would be approved by partners. Further, we are rolling out value-added features, including tailored income, employment, and other verification strategies via a new feature known as Fast Pass.

轉向我們的汽車貸款業務，該業務正在建立在強勁的成長趨勢之上，優化和發展現有的合作夥伴關係，例如 Ally 和 Westlake。首先，我們正在擴大我們的下降貨幣化計劃，並擴大我們的貸款合作夥伴對高品質應用程式的訪問，這些應用程式將由我的評估應用程式獲得合作夥伴的批准。此外，我們正在推出增值功能，包括透過稱為「快速通行證」的新功能來客製化收入、就業和其他驗證策略。

These features under our partners' brands have already demonstrated promising results with potential to scale auto volumes. This improves the dealer and customer experience without incremental credit risk. And drives cost savings for our lending partners.

我們合作夥伴品牌下的這些功能已經顯示出良好的效果，並有潛力擴大汽車銷售。這提高了經銷商和客戶的體驗，且不會增加信用風險。並為我們的貸款合作夥伴節省成本。

In terms of our pragmatic and balanced approach towards growth in Auto Lending, we have notably improved our underwriting model performance. The performance of our RPM ABS shelf and improved funding efficiency have led to lower cost of funds and capital requirements. We achieved our first AAA-rated auto ABS this quarter, a testament to our prudent underwriting. This has driven unit economics on par with the more mature Personal Loan segment.

就我們務實、均衡的汽車貸款成長方式而言，我們顯著提高了承保模式的績效。我們的RPM ABS架的績效和提高的融資效率導致資金成本和資本要求降低。本季度，我們獲得了首個 AAA 級汽車 ABS，這證明了我們審慎的承保。這使得單位經濟效益與更成熟的個人貸款領域相提並論。

Our Point-of-Sale segment continues to demonstrate strong volume growth. Similar to the Auto Loan segment, we are enabling decline monetization for our lending partners and providing offers on application flow that could otherwise be approved by them. We have made notable progress on both sides of this business.

我們的銷售點部門持續呈現強勁的銷售成長。與汽車貸款部門類似，我們為貸款合作夥伴提供拒絕貨幣化功能，並在申請流程中提供他們原本可以批准的優惠。我們在這項業務的兩個方面都取得了顯著的進展。

Starting with the lending side, we have demonstrated profitable growth with Klarna, our anchor partner. We are helping Elavon grow their advanced product while making advancements with new partners.

從貸款方面開始，我們與我們的主要合作夥伴 Klarna 一起實現了盈利增長。我們正在幫助 Elavon 發展其先進產品，同時與新合作夥伴一起取得進展。

On the funding side, our innovative POS ABS offering was AAA rated out of the gate and oversubscribed. We continue to explore additional long-term growth levels from multiple verticals, ticket sizes, and terms.

在融資方面，我們創新的 POS ABS 發行獲得了 AAA 評級，並且獲得超額認購。我們將繼續從多個垂直領域、票證規模和條款探索額外的長期成長水平。

In terms of our new partner pipeline, demand for our solutions remains robust. Among areas of focus, we see ongoing strong demand from US regional banks. In this market, we are in several late-stage discussions, spanning Personal and Auto Lending as well as Point-of-Sale financing opportunities.

就我們的新合作夥伴通路而言，對我們解決方案的需求依然強勁。在重點關注領域中，我們看到美國地區性銀行的需求持續強勁。在這個市場中，我們正在進行幾項後期討論，涉及個人和汽車貸款以及銷售點融資機會。

With several term sheets signed, we expect a few announcements in the coming quarters, with some banks already in the process of onboarding. In particular, we're on the onboarding stage with a top 20 US bank by assets to help in the relaunch of their personal loans business, as well as some of the largest US private banks to help expand their point-of-sale financing business.

隨著幾份條款清單的簽署，我們預計未來幾季將會發布一些公告，一些銀行已經開始加入其中。具體來說，我們正與美國資產規模排名前 20 名的銀行合作，幫助他們重啟個人貸款業務，同時也與美國一些最大的私人銀行合作，幫助他們擴大銷售點融資業務。

And now, it's my pleasure to turn the call over to EP to cover the quarter's financial results and outlook.

現在，我很高興將電話轉給 EP，介紹本季的財務表現和展望。

Thank you, Sanjiv. As always, I will cover our financial and operating results and provide updated guidance for Q3 and full-year 2025.

謝謝你，Sanjiv。像往常一樣，我將介紹我們的財務和營運業績，並提供 2025 年第三季和全年的最新指導。

But first, I want to take a moment to highlight a pivotal milestone in our journey as a public company, our inaugural corporate credit rating and successful execution of our unsecured notes issuance. This marks a key step in the continued optimization and maturity of our capital structure and serves as a strong validation of our team's execution.

但首先，我想花點時間強調我們作為一家上市公司歷程中的一個關鍵里程碑，即我們的首次企業信用評級和成功發行無擔保票據。這標誌著我們資本結構持續優化和完善邁出了關鍵一步，也是對我們團隊執行力的強大驗證。

Let's revisit the foundation we laid in early 2024 when we introduced our revised financial strategy. At that time, we committed to two core goals, achieving GAAP net income profitability and generating positive cash flow. Having delivered on both with continuous momentum, we shift our focus towards fully leveraging our next generation product-led financial platform. One that is resilient, increasingly capital efficient, and built to support great scale. These attributes are what enable us to drive compounding value for our partners and shareholders. Supported by disciplined underwriting, strategic capital deployment, and structural operating leverage.

讓我們重新審視我們在 2024 年初推出修訂後的財務策略時所奠定的基礎。當時，我們致力於兩個核心目標，實現 GAAP 淨收入獲利和產生正現金流。在持續實現這兩個目標後，我們將重點轉向充分利用下一代產品主導的金融平台。一個具有彈性、資本效率不斷提高、能夠支持大規模發展的企業。這些屬性使我們能夠為合作夥伴和股東創造複合價值。由嚴格的核保、策略資本部署和結構性營運槓桿提供支援。

To that end, the successful completion of our $500 million senior unsecured notes offering, supported by all three major credit rating agencies, was a step toward that goal and the evolution of our long term financial strategy. You can find the details in our shareholder letter, but I want to highlight some of those benefits.

為此，我們在三大信用評級機構的支持下成功完成了 5 億美元高級無擔保票據發行，這是我們朝著該目標邁出的一步，也是我們長期財務戰略演變的一步。您可以在我們的股東信中找到詳細信息，但我想強調其中的一些好處。

First and foremost, we have reduced our cost-of-debt from approximately 11% to approximately 9% without effectively altering net leverage. Second, we improved GAAP profitability with approximately $12 million in expected annualized interest savings. Third, we enhanced cash flow by an estimated $40 million annually, driven by both interest savings and the retirement of secured debt that would otherwise amortize. Fourth, we simplified our capital structure by eliminating legacy-restrictive covenants, extending debt maturities to 2030, and releasing valuable liquid assets, improving both liquidity and flexibility.

首先，我們在沒有有效改變淨槓桿率的情況下，將債務成本從約 11% 降至約 9%。其次，我們提高了 GAAP 獲利能力，預計年化利息節省約 1,200 萬美元。第三，透過節省利息和償還原本需要攤提的擔保債務，我們每年將現金流增加約 4,000 萬美元。第四，我們簡化了資本結構，取消了遺留限制性契約，將債務期限延長至2030年，並釋放了寶貴的流動資產，提高了流動性和靈活性。

Finally, this transaction is an endorsement of our strategy and opens access to the deepest pockets of institutional capital. It elevates our positioning across all of our constituents, from funding partners to lending institutions. I'm incredibly grateful for the trust placed in us by top tier investors.

最後，此次交易是對我們策略的認可，並為我們開啟了獲取最雄厚機構資本的管道。它提升了我們在所有客戶（從融資合作夥伴到貸款機構）中的地位。我非常感謝頂級投資者對我們的信任。

Turning to our financial results, we reported record results across all our key metrics. It's at or above the high end of our original second quarter guidance. Most importantly, our results underscore the consistency and profitability of our network volume growth. Network volume grew 14% year-over-year to $2.6 billion, above the high end of our guidance. Personal Loans were the largest contributor of volume in the quarter, up 23% year-over-year. At the same time, our results are increasingly diversified, with POS and Auto volumes comprising 30% of total volumes versus 9% one year ago.

談到我們的財務業績，我們報告了所有關鍵指標的創紀錄業績。它達到或超過了我們最初第二季預測的高端。最重要的是，我們的業績凸顯了我們網路容量成長的一致性和獲利能力。網路交易量年增 14%，達到 26 億美元，高於我們預期的高端。個人貸款是本季貸款量的最大貢獻者，年增 23%。同時，我們的業績也日益多樣化，POS 和汽車交易量佔總交易量的 30%，而一年前這一比例為 9%。

In line with the past three years, our conversion of applications to funded loans was at approximately 1%. We expect this level to remain steady in the near term as our increasing flow of partner applications enable us to adhere to our stringent underwriting standards and through-the-cycle profitable growth.

與過去三年一樣，我們將申請轉化為貸款的比例約為 1%。我們預計這一水平將在短期內保持穩定，因為我們不斷增加的合作夥伴申請使我們能夠遵守嚴格的承保標準和整個週期的獲利成長。

Total revenue and other income was a record $326 million this quarter, up 30% from year-ago levels with revenue from fees growing by 31%. FRLPC reached a record $126 million, up 30% year-over-year, outpacing network volume growth. Our focus on profitable growth drove FRLPC as a percent of network volume up 61 basis points year-over-year to 4.8%. FRLPC contribution from lending partner fees continues to grow at 81% of total FRLPC in the quarter versus 69% in 2Q '24 and only 1% in 2022.

本季總營收及其他營收達到創紀錄的 3.26 億美元，比去年同期成長 30%，其中費用收入成長 31%。FRLPC 達到創紀錄的 1.26 億美元，年增 30%，超過了網路容量的成長。我們專注於獲利性成長，推動 FRLPC 佔網路容量的百分比年增 61 個基點，達到 4.8%。來自貸款合作夥伴費用的 FRLPC 貢獻在本季持續成長，佔 FRLPC 總值的 81%，而 2024 年第二季為 69%，2022 年僅為 1%。

Adjusted EBITDA reached a record $86 million, an increase of 72% from the second quarter of 2024, representing 6 points in margin improvement at 26.4%. This was due to a combination of strong top-line growth and our unique operating leverage with core operating expenses as a percent of FRLPC near the lowest level since going public. In fact, incremental EBITDA margin as a percent of FRLPC topped 100% on a year-over-year basis.

調整後的 EBITDA 達到創紀錄的 8,600 萬美元，較 2024 年第二季成長 72%，利潤率提高 6 個百分點，達到 26.4%。這是由於強勁的營收成長和我們獨特的營運槓桿的結合，核心營運費用佔 FRLPC 的百分比接近上市以來的最低水準。事實上，增量 EBITDA 利潤率佔 FRLPC 的百分比比去年同期上升了 100%。

Core operating expenses have risen sequentially in the second quarter due to higher ABS issuances of $2.3 billion versus $1.4 billion last quarter in our inaugural POS ABS. This (inaudible) drove expenses higher, which we expect to normalize next quarter.

由於 ABS 發行量增加至 23 億美元，而上一季我們首次發行的 POS ABS 發行量為 14 億美元，因此第二季核心營運費用較上季上升。這（聽不清楚）導致費用增加，我們預計下個季度費用將恢復正常。

Excluding ABS setup cost, comp and all other non-comp combined as percent of FRLPC continue to decline, demonstrating the inherent operating leverage of our business. These same factors drove GAAP net income growth of $9 million sequentially, and $91 million year-over-year to $17 million. This represents a 5% margin in our second consecutive quarter of GAAP net income profitability versus 3% last quarter and negative 30% a year ago.

不包括 ABS 設定成本，同類產品和所有其他非同類產品佔 FRLPC 的百分比持續下降，顯示我們業務固有的營運槓桿。這些因素同樣推動 GAAP 淨收入季增 900 萬美元，年增 9,100 萬美元，達到 1,700 萬美元。這意味著我們連續第二季的 GAAP 淨收入獲利率為 5%，而上一季為 3%，去年同期為負 30%。

Credit-related fair value adjustments reported in our other expense net amounted to a loss of $11 million in the quarter versus $24 millionin the prior quarter. In addition, there were $4 million in loan-related losses versus $6 million in the prior quarter. Interest expense was $23 million in the quarter, which is up approximately $2 million, but down nearly 16% from third quarter 2024 levels when we undertook a set of balance sheet optimization actions. We expect interest expense to decrease meaningfully going forward following the recent unsecured note issuance.

我們其他費用淨額中報告的信貸相關公允價值調整本季損失為 1,100 萬美元，而上一季為 2,400 萬美元。此外，貸款相關損失為 400 萬美元，而上一季為 600 萬美元。本季利息支出為 2,300 萬美元，增加約 200 萬美元，但與我們採取一系列資產負債表優化措施時的 2024 年第三季水準相比下降了近 16%。我們預計，在最近發行無擔保票據之後，未來的利息支出將大幅下降。

Adjusted net income was $51 million, which excludes share-based compensation and other non-cash items such as fair value adjustments. Credit performance remains strong and stable, consistent with the last two years.

調整後淨收入為 5,100 萬美元，不包括股權激勵費用和公允價值調整等其他非現金項目。信貸表現依然強勁且穩定，與過去兩年一致。

Starting with Personal Loans, second-half 2023 and first-half 2024 vintage cumulative net losses are trending approximately 30% to 40% lower than peak levels in the fourth quarter of 2021 at month on book 11 to 20. For Auto Loans, CNLs across second-half 2023 and first-half 2024 vintages are trending approximately 30% to 60% lower than levels during comparable 2022 periods at month on book 11 to 20.

從個人貸款開始，2023 年下半年和 2024 年上半年累積淨虧損趨勢比 2021 年第四季（帳面第 11 至 20 個月）的峰值水準低約 30% 至 40%。對於汽車貸款，2023 年下半年和 2024 年上半年的 CNL 趨勢比帳面第 11 至 20 個月的 2022 年同期水準低約 30% 至 60%。

In terms of our funding, we continue to execute at scale, taking advantage of the strong momentum we are experiencing while remaining disciplined in our credit underwriting. During the second quarter, we issued $2.3 billion in our ABS program across six transactions. Our institutional funding network currently stands at 153 unique partners, up from 120 last year.

在融資方面，我們將繼續大規模執行，利用我們所經歷的強勁勢頭，同時在信用核保方面保持紀律。在第二季度，我們透過六筆交易在 ABS 計劃中發行了 23 億美元。我們的機構融資網絡目前擁有 153 個獨立合作夥伴，比去年的 120 個有所增加。

We closed our first AAA-rated Auto ABS transaction and maintained our AAA rating on our Personal Loan ABS. Additionally, we closed our inaugural of $300 million AAA-rated Point-of-Sale ABS transaction. With this revolving feature, as loans are repaid, funds are (inaudible) into our new loans during the 18-month tenure of the facility, thus equating to over $1 billion in prospective funding capacity over the life, fuelling significant growth potential in our POS business.

我們完成了首筆 AAA 級汽車 ABS 交易，並維持了個人貸款 ABS 的 AAA 評級。此外，我們也完成了首筆 3 億美元 AAA 級銷售點 ABS 交易。透過這種循環功能，隨著貸款的償還，資金將在 18 個月的貸款期限內（聽不清楚）轉入我們的新貸款，從而相當於整個貸款期限內超過 10 億美元的潛在融資能力，為我們的 POS 業務帶來巨大的成長潛力。

We expect ABS net risk retention requirement levels to continue to range at 4% to 5% of the notional sizes of our Personal Loan ABS deals and may opportunistically increase retention levels to the extent it lowers our cost of funding, and it's accretive to our earnings.

我們預計 ABS 淨風險保留要求水準將繼續保持在個人貸款 ABS 交易名義規模的 4% 至 5% 之間，並可能適時提高保留水平，以降低我們的融資成本並增加我們的收益。

Following the quarter, we announced a new forward flow agreement with Castlelake, a testament to the success of our initial agreement in 2024. The new agreement represents a total of up to $2.5 billion in Personal Loan purchase commitments over 16 months, a notable change from the 2024 commitment of $1 billion over 12 months. We expect to continue to diversify our funding to favor capital efficient structures, and other strategic funding partnerships.

本季結束後，我們宣布與 Castlelake 達成新的遠期流量協議，這證明了我們 2024 年初步協議的成功。新協議代表 16 個月內個人貸款購買承諾總額高達 25 億美元，與 2024 年 12 個月內 10 億美元的承諾相比有顯著變化。我們希望繼續實現融資多元化，以支持資本高效的結構和其他策略性融資夥伴關係。

Turning to our balance sheet, as of June 30, we held $242 million in total cash and cash equivalents and $870 million of investments in loans and securities. The quality and composition of our balance sheet was improved materially over the last 12 months, providing enhanced access to liquidity. We will continue to proactively evaluate our balance sheet for further optimization opportunities, particularly within the context of our recent success in the public debt markets and the broader environment.

回顧我們的資產負債表，截至 6 月 30 日，我們持有現金和現金等價物總額 2.42 億美元，貸款和證券投資 8.7 億美元。過去 12 個月，我們的資產負債表的品質和組成得到了顯著改善，從而增強了流動性。我們將繼續積極評估我們的資產負債表，尋找進一步優化的機會，特別是在我們最近在公共債務市場和更廣泛環境中取得成功的背景下。

In the second quarter, the fair value adjustment of the overall investment portfolio and allowances, net of non-controlling interest and prior to any new additions, was $21 million versus $45 million last quarter. We also added $122 million of new investments to loan and securities, net of paydowns from prior investments, the majority of which was discretionary. This is part of our accreative deployment strategy, which drives our overall cost of funding lower and increases the buffer against any future losses.

第二季度，扣除非控制權益且未計入任何新增投資之前，整體投資組合及備抵金的公允價值調整額為 2,100 萬美元，而上一季為 4,500 萬美元。我們還增加了 1.22 億美元的貸款和證券新投資，扣除先前投資的償還金額，其中大部分是可自由支配的。這是我們增值部署策略的一部分，它可以降低我們的整體融資成本，並增加對未來損失的緩衝。

Turning to our outlook. Our full-year and third-quarter outlook reflect both the momentum and resilience in our business today. At the same time, we remain cautious due to the protracted uncertainty. We will continue focusing on driving profitable prudent growth, not chasing any growth at all cost, while monitoring the macroenvironment closely.

轉向我們的展望。我們對全年和第三季的展望反映了我們目前業務的勢頭和韌性。同時，由於長期的不確定性，我們仍保持謹慎。我們將繼續專注於推動獲利的審慎成長，而不是不惜一切代價追求成長，同時密切關注宏觀環境。

Notable drivers include consistent levels of Personal Loan production and continued growth in Auto and Point-of-Sale products. We expect FRLPC to continue growing as we focus on our most profitable and growing verticals. We continue to expect FRLPC as a percent of network volume to range between 4% and 5% for the year. Profitability trends will continue, reflecting our scale and operating leverage. We expect credit-related impairments, if any, to be in line with the scenarios laid out in our earnings supplement and already reflected in our guidance. Interest expense is projected to trend lower as a result of our recent refinancing of unsecured notes transactions.

值得注意的驅動因素包括個人貸款生產的穩定水平以及汽車和銷售點產品的持續成長。我們預計，隨著我們專注於最賺錢和成長最快的垂直產業，FRLPC 將繼續成長。我們繼續預計今年 FRLPC 佔網路容量的百分比將在 4% 至 5% 之間。獲利趨勢將持續，反映我們的規模和經營槓桿。我們預計，如果有任何與信貸相關的減值，將符合我們的收益補充中列出的情景，並且已經反映在我們的指導中。由於我們最近對無擔保票據交易進行了再融資，預計利息支出將呈下降趨勢。

Our third-quarter and full-year GAAP net income guidance includes the impact of several one-time items, including approximately $24 million in costs associated with the issuance of our corporate bond and costs associated with the early retirement of existing credit lines. Partially offsetting this loss, we expect to record a one-time benefit associated with the resolution of certain tax-related matters. The combined impact of these items is expected to be a net loss of approximately $5 million to $10 million already reflected in our 3Q and full-year net income guidance.

我們的第三季和全年 GAAP 淨收入指引包括幾個一次性項目的影響，包括與發行公司債相關的約 2,400 萬美元的成本以及與提前收回現有信貸額度相關的成本。為了部分抵銷這一損失，我們預計將記錄與解決某些稅務相關問題相關的一次性收益。這些項目的綜合影響預計將造成約 500 萬至 1,000 萬美元的淨虧損，這已反映在我們的第三季和全年淨收入預期中。

With that in mind, for the third quarter of 2025, we expect network volume in the range of $2.75 billion to $2.95 billion; total revenue and other income in the range of $330 million to $350 million; and adjusted EBITDA in the range of $90 million to $100 million. We expect GAAP net income in the range of $10 million to $20 million, reflecting the aforementioned one-time cost.

考慮到這一點，對於 2025 年第三季度，我們預計網路交易量將在 27.5 億美元至 29.5 億美元之間；總收入及其他收入將在 3.3 億美元至 3.5 億美元之間；調整後的 EBITDA 將在 9,000 萬美元至 1 億美元之間。我們預計 GAAP 淨收入將在 1,000 萬美元至 2,000 萬美元之間，以反映上述一次性成本。

For the full year, we are increasing our expected network volume range to $10.5 billion to $11.5 billion; total revenue and other income in the range of $1.25 billion to $1.325 billion; and adjusted EBITDA in the range of $345 million to $370 million. We are increasing our GAAP net income for the year in the range of $55 millionto $75 million.

對於全年，我們將預期網路交易量範圍上調至 105 億美元至 115 億美元；總收入及其他收入範圍在 12.5 億美元至 13.25 億美元之間；調整後 EBITDA 範圍在 3.45 億美元至 3.7 億美元之間。我們將今年的 GAAP 淨收入提高至 5,500 萬美元至 7,500 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）

Pete Christiansen, Citi. Your line is open. Please go ahead.

花旗銀行的 Pete Christiansen。您的線路已開通。請繼續。

Good morning. Thank you for the question. Wow, really impressive results. Great execution this quarter, a lot to like, Gal, you talked earlier in the call about banks not having the technology, particularly when it comes to things like Point-of-Sale. I was just wondering if you could share some of the conversations that you've been having with potential new partners on the banking side? I'm thinking particularly some of the large (inaudible) where it may seem logical for them to diversify their offerings and perhaps add BNPL capabilities. Are you seeing some traction there, potentially, and seeing some new partners on this side on the BNPL side coming in? Thank you.

早安.謝謝你的提問。哇，結果確實令人印象深刻。本季的執行非常出色，有很多值得稱道的地方，Gal，您之前在電話會議上談到銀行缺乏技術，特別是在銷售點方面。我只是想知道您是否可以分享一些您與銀行方面的潛在新合作夥伴進行的對話？我特別想到一些大型的（聽不清楚）公司，他們提供多樣化的產品並增加 BNPL 功能似乎是合乎邏輯的。您是否看到了一些潛在的發展勢頭，並且看到 BNPL 方面的一些新合作夥伴加入？謝謝。

Hi, Pete. Thank you for the kind words. This is Gal, I'm going to take it. So the short answer is yes. I think, in general, in the US, there is a lot of enthusiasm about buy now, pay later, as it relates to the ability to provide to customers, the ability to have additional way to pay their bills. And to your point, banks who have big credit card businesses are looking to that to make sure they are going to stay in the game.

你好，皮特。謝謝你的好意。這是 Gal，我要拿著它。所以簡短的回答是肯定的。我認為，總體而言，在美國，人們對「先買後付」非常熱衷，因為它與向客戶提供額外支付帳單的方式的能力有關。正如您所說，擁有大量信用卡業務的銀行正在尋求這一點，以確保他們能夠繼續留在市場上。

So in the last few (inaudible) on that and generally, even broader on banks, thanks to a regulatory environment that has been shifting a little bit to the positive side. And in the same time, with the stabilization of the environment that we are seeing out there, more and more banks are actually asking the question, how do we grow? And part of these growth initiatives are coming in the form of collaborating with Pagaya. And if you'll notice, we did mention that we signed few term sheets just in the last quarter. I'm hoping to do some progress in the last few quarters so we can tell you all about that.

因此，在過去的幾年裡（聽不清楚），由於監管環境略微向積極的方面轉變，銀行的情況總體上更為廣泛。同時，隨著我們看到的外在環境的穩定，越來越多的銀行開始思考這個問題：我們如何發展？這些成長計劃的一部分是以與 Pagaya 合作的形式實現的。如果你注意到的話，我們確實提到過，我們在上個季度簽署了一些條款清單。我希望在過去幾個季度取得一些進展，以便我們能夠告訴你們所有相關資訊。

But to sum it up, the answer is yes, buy now, pay later is one of them. But we see that actually across the board in buy now, pay later (inaudible) and in long term.

但總而言之，答案是肯定的，先買後付就是其中之一。但我們實際上看到，現在購買，以後付款（聽不清楚）和長期來看，情況都是如此。

Thank you. That's helpful. And then I certainly want to double tap into the successful oversubscribed bond offering you've had in the quarter. It seems like the changes the glide path for capital structure planning as we think forward and certainly a reputational benefit here. Just wondering if there's anything you can add there and how you see this deal being transformational for Pagaya? Thank you.

謝謝。這很有幫助。然後我當然想加倍利用你們本季成功超額認購的債券發行。當我們展望未來時，這似乎改變了資本結構規劃的下滑路徑，並且無疑地帶來了聲譽上的好處。只是想知道您是否還有什麼可以補充的，以及您認為這筆交易將如何改變 Pagaya？謝謝。

Sure. Thanks, Pete. This is EP. Yeah, we're obviously very happy with the execution of this transaction and we laid out all the benefits that we get out of it, which I encourage you to go through because it's truly a transformational transaction for us.

當然。謝謝，皮特。這是EP。是的，我們顯然對這筆交易的執行非常滿意，我們也列出了從中獲得的所有好處，我鼓勵您仔細研究，因為這對我們來說確實是一筆轉型交易。

Maybe another way to think about it is that this bond effectively is a step function in our evolution and provides probably the biggest, call it, risk reduction in our business and our franchise as a whole. If you think about the corporate debt structure that we have In place now in combination with the convert, we push that out four or five years and get a lot of, call it, (inaudible) which we can really plow back into the business and focus on sort of growing the business. That's one way to think about it.

也許另一種思考方式是，這種紐帶實際上是我們發展過程中的一個階梯函數，並且可能為我們的業務和整個特許經營提供了最大的風險降低。如果你考慮我們現在實施的公司債務結構與轉換相結合，我們會將其推遲四到五年並獲得大量（聽不清楚）資金，我們可以將其真正投入到業務中並專注於業務成長。這是一種思考方式。

And it opens up obviously access to capital. And down the line, if we need to get access to capital, we can do it through this venue and obviously, in a non-diluted way. So very pleased with the transaction and what it does for us. And obviously, it provides for all of the constituents an extra layer of scrutiny now that we're basically engaging with the rating agencies.

顯然，它開闢了獲取資本的管道。將來，如果我們需要獲得資金，我們可以透過這個管道，而且顯然是以非稀釋的方式。我們對這筆交易以及它給我們帶來的益處非常滿意。顯然，由於我們現在基本上與評級機構合作，它為所有參與者提供了額外的審查。

Thank you. That's really helpful. Congratulations again on the great execution.

謝謝。這真的很有幫助。再次恭喜您取得如此出色的成績。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Good morning, guys. Thanks for taking my questions. And yeah, I echo congratulations on a really strong results. Gal, you guys talked a lot about your focus on new products in your prepared remarks, whether it's pre-screening or Affiliate Optimization. I'm just thinking, how does this kind of impact your growth profile with the partner model? You had good growth, but it could be fairly lumpy. Is this something where you think about kind of smoothing out results? And then in terms of the impacts on the P&L, where are we on it? And then how are you thinking about the timing and magnitude? Thanks.

大家早安。感謝您回答我的問題。是的，我對取得的優異成績表示祝賀。Gal，你們在準備好的發言中談了很多關於對新產品的關注，無論是預先篩選還是聯盟優化。我只是在想，這對您的合作夥伴模式的成長有何影響？您的成長情況良好，但也可能不太平穩。您是否考慮過以此來平滑結果？那麼就對損益表的影響而言，我們處於什麼位置？那麼您如何考慮時機和幅度呢？謝謝。

Sure. Thank you, Kyle. This is Sanjiv. Yes, you're right. We have spent a fair amount of our time, in fact, over the last 18 months in investing in our new products. In some ways, we anticipated that our partners in this cycle would be looking for growth. And so we essentially shifted -- if you really think about Pagaya's products, our core flagship product was always the decline monetization product based on which we built our core flagship Personal Loans business, Auto business, and POS business.

當然。謝謝你，凱爾。這是 Sanjiv。是的，你說得對。事實上，在過去的 18 個月裡，我們花了大量的時間投資新產品。從某種程度上來說，我們預計這一周期中的合作夥伴將會尋求成長。因此，我們基本上進行了轉變——如果你認真考慮一下 Pagaya 的產品，你會發現我們的核心旗艦產品始終是下降貨幣化產品，我們在此基礎上構建了我們的核心旗艦個人貸款業務、汽車業務和 POS 業務。

And if you really think about what we've done in the last 18 months is we've invested heavily now in the growth initiatives with our partners, so the Direct Marketing Engine and the Affiliate Optimization Engine essentially does two things. The Direct Marketing Engine enables our partners to now grow the personal loan side of their business with existing personal loans customers who could take a second loan or existing personal loan customer that may have applied in the past but have paid off that personal loan and are good performers.

如果你認真思考我們在過去 18 個月中所做的事情，你會發現我們現在已經與合作夥伴在成長計畫上投入了大量資金，因此直接行銷引擎和聯盟優化引擎基本上做了兩件事。直接行銷引擎使我們的合作夥伴能夠透過現有的個人貸款客戶（這些客戶可能會獲得第二筆貸款）或過去可能申請過但已償還個人貸款且表現良好的現有個人貸款客戶來擴大其業務的個人貸款方面。

What we do using Pagay's Direct Marketing Engine is using the analytics, we select the best customers that our partners should reach out to under their brand. And we offer them the same full-scale Pagaya solution of underwriting those loans and eventually, funding those loans. So the partners continue to grow and continue to (inaudible).

我們使用 Pagay 的直接行銷引擎進行分析，選擇我們的合作夥伴在其品牌下應該接觸的最佳客戶。我們為他們提供同樣全面的 Pagaya 解決方案，承銷這些貸款並最終為這些貸款提供資金。因此合作夥伴不斷成長，並且持續（聽不清楚）。

Same thing with the Affiliate side. As Pete mentioned earlier, our partners play very heavily in cards, so they use affiliate programs like Credit Karma and Experian. But on personal loans, they don't use credit card (inaudible) Experian as much. And what we are doing is essentially connecting them to Credit Karma and Experian on the personal loan side to grow that side of the business. Again, providing our engine for them to optimize their results and show their growth. And then, we provide them a funding solution on those loans so they (inaudible) more fees through those capabilities as well.

附屬方也是如此。正如 Pete 之前提到的，我們的合作夥伴非常熱衷於玩卡，因此他們使用 Credit Karma 和 Experian 等聯盟計劃。但在個人貸款方面，他們不太使用信用卡（聽不清楚）Experian。我們所做的主要是將他們與個人貸款方面的 Credit Karma 和 Experian 聯繫起來，以發展這方面的業務。再次，我們為他們提供引擎來優化他們的結果並展示他們的成長。然後，我們為他們提供這些貸款的融資解決方案，以便他們也能透過這些功能（聽不清楚）收取更多費用。

So moving much more toward declined monetization engine to now a Direct Marketing Engine and an Affiliate Engine to help our partners grow.

因此，我們更轉向減少貨幣化引擎，轉而使用直接行銷引擎和聯盟引擎來幫助我們的合作夥伴成長。

Why does it matter to them? Because our partners care about growth a lot. Why does it matter to us? Because from a personal loan standpoint, think about it this way, we have 31 existing partners and we are showing each one of them how to now grow given that we're already embedded into their ecosystem.

這對他們來說為什麼重要？因為我們的合作夥伴非常關心成長。這對我們有什麼關係？因為從個人貸款的角度來看，這樣想吧，我們目前有 31 個合作夥伴，我們正在向他們每一個人展示如何在我們已經融入他們的生態系統的情況下實現成長。

So it's a very powerful value proposition for them. We've done pilots with five of our top partners. As we mentioned in our in our shareholder letter as well as in our announcement release, we are in the process of signing about five term sheets so that we can start to roll this out.

所以這對他們來說是一個非常強大的價值主張。我們已經與五大合作夥伴進行了試點。正如我們在致股東的信函和公告中提到的那樣，我們正在簽署大約五份條款清單，以便開始推出該計劃。

But to answer your question, we absolutely expect it to impact the growth in our PL business very soon. We expect to roll this out by the fourth quarter. So we expect 2026 is when we'll start to see the full impact of this. And we totally expect it to smoothen out the lumpiness, as you mentioned, of the franchise, which is seasonal. (inaudible) much more problematic because we are so attuned to our partner's success in terms of their growth.

但回答你的問題，我們絕對預期它會很快影響我們的 PL 業務的成長。我們預計將在第四季推出這項舉措。因此，我們預計到 2026 年我們才會開始看到其全部影響。我們完全希望它能消除您所提到的特許經營的不穩定性，這種不穩定性是季節性的。 （聽不清楚）問題更大，因為我們非常關注合作夥伴在成長方面的成功。

Just one thing to add, Gal here, from a P&L perspective and from (inaudible) perspective, I think we are reaching to a point-of-scale that we are choosing products that are one-time investment for us, but then could be utilized with many of our partners. So if you think about the Direct Marketing Engine that Sanjiv has mentioned, we are building it once, but then we can offer that to 6, 7, 10, and up to 31 partners. So even from the cost that it needed to happen in order to provide the value, from a P&L perspective on the Pagaya side, (inaudible).

我只想補充一點，Gal，從損益表的角度和（聽不清楚）的角度來說，我認為我們已經達到了一個規模點，即我們選擇的產品對我們來說是一次性投資，但隨後可以與我們的許多合作夥伴一起使用。因此，如果您考慮 Sanjiv 提到的直接行銷引擎，我們只需建立一次，然後就可以將其提供給 6、7、10 甚至最多 31 個合作夥伴。因此，即使從提供價值所需的成本來看，從 Pagaya 的損益角度來看，（聽不清楚）。

And the same goes with the Affiliate, when you think about Experian that's going very strongly into creating a marketplace like Credit Karma has, our ability to connect to them and to deliver that direct instant connection to many of our partners is becoming a very strong added value that with the Pagaya capabilities in between, making it much easier for them to add them to the platforms and make it seamless to the integration. So both from the investment time and from the expenses, just the benefit that we get, these things should be very accretive now that we got to a scale of 30-plus partners that it makes sense to do it (inaudible).

對於聯盟會員來說也是如此，當您想到 Experian 正在大力打造像 Credit Karma 這樣的市場時，我們與他們建立聯繫並為我們的許多合作夥伴提供直接即時連接的能力正在成為非常強大的附加值，再加上 Pagaya 的功能，使他們能夠更輕鬆地將其添加到平台中並實現無縫集成。因此，無論是從投資時間還是從費用，還是從我們獲得的收益來看，這些事情都應該非常有增值性，因為我們現在已經擁有 30 多個合作夥伴，所以這樣做是有意義的（聽不清楚）。

And just to add one more thing which is if you think about it, we have sort of 2.5 billion consumers already in the year (inaudible) there. The TAM in this market of existing customers with our existing partners is about 60 million customers. So it's a massive TAM. And as Gal said, one investment that is made, but it's replicating exactly the Pagaya model of the analytics supporting the partner and then providing them a funding solution (inaudible).

另外補充一點，如果你想想的話，我們今年已經有 25 億消費者了（聽不清楚）。我們與現有合作夥伴在這個市場上的現有客戶TAM約為6000萬客戶。所以這是一個巨大的TAM。正如 Gal 所說，這是一項投資，但它完全複製了 Pagaya 模型，即分析支持合作夥伴，然後為他們提供融資解決方案（聽不清楚）。

Really good color, guys. Thanks for answering my question. Sounds like an exciting opportunity.

夥計們，顏色真好看。感謝您回答我的問題。聽起來是個令人興奮的機會。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

Hey, guys. A great quarter. Gal, you talked about your unique model early in your prepared remarks. I'm wondering, do you guys see others entering and what do you think the market, the direction in the competitive dynamics are especially considering your first-mover advantage?

嘿，大家好。非常棒的一個季度。Gal，您在準備好的發言中很早就談到了您的獨特模型。我想知道，你們是否看到其他人進入該領域，你們認為市場、競爭動態的方向是什麼，尤其是考慮到你們的先發優勢？

Definitely. Let me try to answer this question, John, from both a product and a company perspective. I think from a product perspective, let's talk about what it is and design it. So when we were speaking about what we build, we build an extended platform that is actually allowing many lenders in the US to be able to provide more consumer credit offers to the people.

確實。約翰，讓我試著從產品和公司的角度來回答這個問題。我認為從產品的角度來說，讓我們討論一下它是什麼並設計它。因此，當我們談論我們所建立的內容時，我們建立了一個擴展平台，該平台實際上允許美國的許多貸方能夠向人們提供更多的消費信貸服務。

Now, in short, let me tell you this. I believe that everyone, every bank, every lender should have a version of this business of the extended platform. And this is really the message that we have been trying to provide to the (inaudible) for the last few years since we started or since we became known. This is in fact Pagaya, the product we have built and brought to the world.

現在，簡而言之，讓我告訴你這一點。我相信每個人、每家銀行、每個貸款機構都應該有一個這個業務的擴展平台版本。這確實是我們自成立以來或出名以來過去幾年一直試圖向（聽不清楚）傳達的訊息。這其實就是 Pagaya，我們打造並帶給世界的產品。

Now, you may see in different occasions specific lenders that are building partially by their own extended platform that are mainly around funding platforms that are allowing for part of their application to be funded through other pieces. And we're actually very bullish and happy about it because we think that this is a tremendous big opportunity. And we think that as long as it become more known, more relevant, more mainstream, it actually makes our job to attract many more lenders to our solution easier and more explainable. So we are welcoming any type of ability of anyone to do and to go after that.

現在，您可能會在不同場合看到特定的貸方部分地透過他們自己的擴展平台進行構建，這些平台主要圍繞著融資平台，允許他們的部分應用程式透過其他部分獲得資金。事實上，我們對此非常樂觀和高興，因為我們認為這是一個巨大的機會。我們認為，只要它變得更加知名、更加相關、更加主流，它實際上會讓我們更容易、更易於解釋地吸引更多的貸款人採用我們的解決方案。因此，我們歡迎任何有能力的人去做和追求這件事。

Now, the interesting part and that's what we love the most, is that the way we do it is very, very different. We are connecting directly to the loan origination systems. We are connecting directly to the affiliated, Sanjiv said before. There is a very hard coded tax stack that is needed to be built and integrated through these organizations to make sure that our business is sustainable, efficient, and growing over time. So I think that major first differentiator is allowing us to have the right margins and ability to be scaled across the spectrum meaningfully.

現在，有趣的部分，也是我們最喜歡的部分，是我們做事的方式非常非常不同。我們正在直接連接到貸款發放系統。我們正在直接與附屬機構聯繫，Sanjiv 之前說過。需要透過這些組織建立和整合一個非常硬編碼的稅收堆疊，以確保我們的業務可持續、高效並隨著時間的推移而成長。因此，我認為第一個主要的區別因素是讓我們擁有正確的利潤率和在整個範圍內進行有效擴展的能力。

And the second piece is when you're thinking about the extended platform of Pagaya that it's providing funding stability to these lenders and this is maybe the most important thing, we are never relying on one refunding (inaudible). Behind the API connectivity of Pagaya, you have 150 sophisticated investors that partially, they will have more appetite or less of your time. But as a whole, it's a very strong and stable solution, and one that should be updated also to a bank.

第二點是，當你考慮 Pagaya 的擴展平台時，它為這些貸款人提供了資金穩定性，這也許是最重要的事情，我們永遠不會依賴單一的還款（聽不清楚）。在 Pagaya 的 API 連接背後，您擁有 150 位成熟的投資者，他們可能會更感興趣，或更少地佔用您的時間。但總的來說，這是一個非常強大和穩定的解決方案，也應該向銀行更新。

Lastly, I would say that we have so much mastery of that concept that we have managed to do it in three major different asset classes. So the unique capabilities that we have is not just being delivered to the fintechs, that part you are more familiar with, but it's across industries and markets that even much more traditionally haven't been doing these things in the past.

最後，我想說，我們已經非常掌握這個概念，並成功地在三個主要不同的資產類別中實現了它。因此，我們擁有的獨特能力不只是提供給你們比較熟悉的金融科技領域，也提供給過去從未做過這些事情的各個產業和市場。

And if you think about it from a company perspective, as I said, we think that Pagaya can become the biggest extended platform in the United States and the capabilities and the tech that we have built are an absolute capable of dominating the majority of this market.

如果你從公司的角度來考慮，正如我所說，我們認為 Pagaya 可以成為美國最大的擴展平台，而我們所建構的功能和技術絕對有能力主導這個市場的大部分。

For us, the evolution that we are talking about and hopefully living well is the same evolution that cooperates debt has been granted through the last 20 years with the concept of syndication. So we consider ourselves as the leading and the category leaders in the ability to create the concept of this syndication market into the consumer credit.

對我們來說，我們所談論的、並希望過上好日子的演變，與過去 20 年裡透過銀團貸款的概念而實現的合作債務演變是相同的。因此，我們認為自己在將這種聯合市場的概念融入消費信貸方面處於領先地位，並且是該領域的領導者。

So from here, I'm truly calling for every bank, every lender in the US, big and small, who wants to make their products to the customers more efficient and more valuable, to contact us and to start working on their similar strategies. And I will add with maybe the most important thing, don't forget that the result is neither us nor the bank. It's really about helping consumers getting their credit.

因此，從現在開始，我真誠地呼籲美國的每一家銀行、每一家貸款機構，無論大小，如果它們希望為客戶提供更有效率、更有價值的產品，請聯繫我們並開始製定類似的策略。我還要補充一點，也許是最重要的一點，不要忘記，結果既不是對我們有利，也不是對銀行有利。這實際上是為了幫助消費者獲得信貸。

That's very good context. Thank you so much.

這是非常好的背景。太感謝了。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning. Sanjiv, maybe we could talk a little bit about the health of the consumer. Obviously, you mentioned credit's doing quite well. And obviously, we've seen those marks come down encouragingly. But maybe just a little bit more detail around what you're seeing and what the path forward is in terms of credit quality? Thanks.

謝謝。早安.Sanjiv，也許我們可以談談消費者的健康問題。顯然，您提到信貸表現相當不錯。顯然，我們看到這些分數令人鼓舞地下降。但能否請您更詳細地介紹一下您所看到的情況以及信貸品質方面的未來發展方向？謝謝。

Sure. Sanjay, how are you? Yeah. We have seen across all our principal asset classes, but definitely in Personal Loans and Auto, that the consumer performance has been extremely good. We are seeing based upon the work that we are doing is that consumers not only continue to make their payments, but we are watching -- we are still watching very carefully on a couple of things, especially the impact of student loans and what we are reading in terms of consumers increasing their savings rate. But their performance, with respect to loan repayments, have been very good.

當然。桑傑，你好嗎？是的。我們看到，在我們所有的主要資產類別中，尤其是在個人貸款和汽車領域，消費者表現都非常出色。根據我們正在做的工作，我們看到消費者不僅繼續付款，而且我們還在密切關註一些事情，特別是學生貸款的影響，以及我們所看到的消費者提高儲蓄率的情況。但他們在償還貸款方面的表現非常出色。

And I say to put the caution in there because our risk management, we particularly tightened up. And it's one of the reasons why, I would say, that the discipline that we put in at our side, even though we have the ability to potentially dial up more, we are being very careful about making sure that we approve only those loans that continue to be solid credit quality.

我之所以說要謹慎，是因為我們特別加強了風險管理。我想說，這就是為什麼我們要嚴格遵守紀律，儘管我們有能力增加貸款額度，但我們仍會非常小心，確保只批准那些信用品質穩定的貸款。

Having said that, what we did in our Auto business was we started this construct of essentially using sophisticated models to see where we could remove some of the steps that were very intense for high credit quality customers. And that, we saw, has actually not only increased our volumes, but we looked at the credit quality there, that's also been pretty steady.

話雖如此，我們在汽車業務中所做的是，我們開始建立這種結構，本質上是使用複雜的模型，以查看我們可以在哪些方面消除一些對於高信用品質客戶來說非常繁瑣的步驟。我們發現，這實際上不僅增加了我們的交易量，而且我們看到那裡的信貸品質也相當穩定。

So net-net, that's kind of how we think about today in terms of responsible lending but also how we think about not necessarily opening up the credit box, but making sure that we make the process more friction-free in order to increase the flow. So we're being very cautious, but also very, I would say, tactically very smart, so to speak, in terms of making sure that we can (inaudible).

所以，總的來說，這就是我們今天對負責任貸款的看法，也是我們考慮不一定要開放信貸框，而是確保流程更加順暢，以增加流量。因此，我們非常謹慎，但同時，我想說，在戰術上也非常聰明，可以這麼說，為了確保我們能夠（聽不清楚）。

That's great. And maybe just to follow up for Gal, EP, obviously, you guys have made substantial progress on funding and all the liquidity you have, the credits, as Sanjiv mentioned, is moving in the right direction. And then, the GAAP profitability also helps the flywheel in terms of your capacity to originate. I guess as we look forward now, and I know you guys have provided an upgraded sort of the network volume assumptions, like what's your capacity now? I mean, can you just give us some dimensions because you have a lot of growth vector that you're trying to tap into. So how should we think about what the growth profile today could be over the next couple of years. Thanks.

那太棒了。也許只是為了跟進 Gal、EP，顯然，你們在融資和所有流動性方面都取得了實質進展，正如 Sanjiv 所提到的，信貸正在朝著正確的方向發展。然後，GAAP 獲利能力也有助於提升你們的發源能力。我想，我們現在展望未來，我知道你們已經提供了升級的網路容量假設，例如你們現在的容量是多少？我的意思是，你們有很多成長潛力，你們能否給我們一些維度？那麼，我們該如何看待當前的成長狀況，以及未來幾年的成長趨勢呢？謝謝。

Sure, Sanjay. So I want to take a specific definition of the word, growth, the way we think about it and connect it to the great question you had about capacity. So the way we think about growth is really how much our platform is connected to many more lenders and how many more solutions we are providing to our partners inside of their channel that they are originating through. And we are doing that, as we said, in Personal Loan, in Auto Loan, and many others.

當然，桑傑。因此，我想對「成長」這個詞做出一個具體的定義，了解我們對它的思考方式，並將其與您關於能力的重大問題聯繫起來。因此，我們考慮成長的方式實際上是我們的平台與更多貸方的聯繫程度，以及我們為合作夥伴在其管道內提供多少解決方案。正如我們所說，我們在個人貸款、汽車貸款和許多其他領域都這樣做。

On the other side, the same type of growth is actually funding capacity, so making sure we have more AAA buyers on the ABS, we have more forward flow buyers from that perspective. So it's really about growing the enterprise and trying to build the so to speak perfect extended platform for all the different types that lender might need even if it's to grow their business with, whether they, like Sanjiv said, help them get accelerated on the affiliate channels or just help them capture more of the applications coming through their door, but they didn't have a real solution for. And everything through our credit underwriting and funding.

另一方面，相同類型的成長實際上是融資能力，因此確保我們在 ABS 上擁有更多 AAA 買家，從這個角度來看，我們擁有更多遠期流買家。因此，這實際上是為了發展企業，並嘗試為貸方可能需要的所有不同類型的機構構建所謂的完美擴展平台，即使是為了發展他們的業務，無論他們是否像 Sanjiv 所說的那樣，幫助他們加速聯盟渠道，或者只是幫助他們捕獲更多通過他們門戶的應用程序，但他們沒有真正的解決方案。一切都透過我們的信用承保和融資進行。

The short answer to how much capacity we have, I would say, that we can easily see for the next 18 months or so the ability to have a 2X capacity at least. So it's not anymore a capacity question. The question is, when you are lending more partners and it takes time to integrate them and to perfect them and to bring them to the profitable growth that you want to see without having years and years of investment, without actually creating any marginal profits. So we want to make sure we are actually in a very disciplined profitable growth.

關於我們有多少產能，我想簡單回答一下，我們可以很容易地看到，在接下來的 18 個月左右，我們的產能至少可以增加 2 倍。所以這不再是容量問題。問題是，當你借出更多的合作夥伴時，需要時間來整合和完善他們，並使他們達到你想要看到的獲利成長，而不需要多年的投資，實際上也不會創造任何邊際利潤。因此，我們希望確保我們確實處於非常有紀律的獲利成長之中。

So the way we think about growth from their perspective is to continue to actually generate higher (inaudible) income numbers. So this is what we are focusing on. We are focusing on having a very healthy organization, that we have enough capacity. As an organization, we stand even potential downside in the future, and that is being our focus. And in order to do that, we are doubling down on all the heavy infrastructure that you need to do in these deals in between connecting to more partners and our pipeline is the solid and into extending our funding partners to build more channels that are sustainable and diversified to be able to do that.

因此，從他們的角度考慮成長的方式是繼續實際產生更高的（聽不清楚）收入數字。這就是我們所關注的重點。我們致力於建立一個非常健康的組織，以確保我們有足夠的能力。作為一個組織，我們面臨著未來甚至可能出現的不利因素，而這正是我們關注的重點。為了實現這一目標，我們加倍投入這些交易所需的所有重型基礎設施，以連接更多的合作夥伴，鞏固我們的管道，並擴大我們的融資合作夥伴，建立更多可持續和多樣化的管道，從而能夠實現這一目標。

So that's the overall arching thing. And then as you think about the goal, the double-digit (inaudible) we are planning and targeting for that is what you should expect going forward.

這就是整體的拱形事物。然後，當您考慮目標時，我們為此計劃和瞄準的兩位數（聽不清楚）就是您應該期待的。

Thank you.

謝謝。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley 證券。

Hey. Great quarter, guys. A quick question, just filling the program you mentioned, I just wanted to know more about when you're onboarding a bank of a limited technical resources, what are some of the workflows and assets you bring to do that? So to better understand like the process it takes to get through an onboarding after signing in a term sheet. Just any color you could give us would be super helpful, just to understand what you guys are going through to bring on new partners. Thanks.

嘿。太棒了，夥計們。一個簡單的問題，只是填寫您提到的程序，我只是想更多地了解當您加入技術資源有限的銀行時，您會帶來哪些工作流程和資產來實現這一點？因此，為了更好地理解簽署條款清單後完成入職所需的流程。只要您能為我們提供任何顏色，我們就會非常有幫助，這樣我們就能了解你們在尋找新伴侶時所經歷的事情。謝謝。

Hi Hal. This is Sanjiv. So when we sign a term sheet with a bank and we get in to the onboarding process, generally, people assume that we jump straight into the tech integration. But that's not quite true. What happens is because it's a bank, we first have to go through a very rigorous process of making sure that our models, relative to the banks, both risk management process as well as the bank's compliance process in terms of model approval, how the models work, how the model variables, that goes through a complete and very, very deep analysis of first, the risk guys, the compliance guys, on both sides, sort of connect with each other to make sure that the model review process is done with a great deal of detail. And now, we consider that part of the onboarding process. It's a very fundamental process. Making sure that it's regulatorily compliant. As you know, we (inaudible) with US banks and some other banks. So that happens first.

你好，哈爾。這是 Sanjiv。因此，當我們與銀行簽署條款清單並進入入職流程時，人們通常會認為我們會直接進入技術整合階段。但事實並非如此。因為這是銀行，我們首先必須經過非常嚴格的流程，確保我們的模型相對於銀行而言，包括風險管理流程以及銀行在模型批准方面的合規流程，模型如何運作，模型變數如何運作，首先要經過完整且非常深入的分析，雙方的風險人員和合規人員要相互聯繫，以確保模型審查過程非常詳細。現在，我們考慮入職流程的一部分。這是一個非常基本的過程。確保其符合法規要求。如您所知，我們（聽不清楚）與美國銀行和其他一些銀行合作。所以這首先發生。

Then the issue gets on to the legal side. So how does the banks qualify as a true lender. We go through that process, make sure that there's an extensive test of about 8 or 10 items for a lender to qualify as a true lender. We go through that with a great deal of detail. We make sure that the bank on the other side is completely comfortable.

然後問題就進入法律層面了。那麼銀行怎麼才有資格成為真正的貸款人呢？我們通過該流程，確保對大約 8 或 10 個項目進行全面的測試，以確保貸方有資格成為真正的貸方。我們對此進行了非常詳細的討論。我們確保另一邊的銀行完全放心。

Then we get into the compliance side. And then finally, we get into the tech integration side. And that whole process end-to-end can take about six to nine months. That whole process -- what happens is it's one of the reasons why when we sign a term sheet with a bank, we don't necessarily announce it. We announce it as soon as we get into the onboarding phase, which is kind of where we're at with a couple of banks right now. And so just want to make sure that (inaudible) that answered your question.

然後我們進入合規方面。最後，我們進入技術整合方面。整個過程大約需要六到九個月。整個過程－發生的事情就是為什麼我們與銀行簽署條款清單時不一定會宣布的原因之一。一旦進入入職階段，我們就會立即宣布這一消息，目前我們與幾家銀行的合作就處於這一階段。因此，我只是想確保（聽不清楚）這回答了你的問題。

Okay. Thank you. That's some great context on the heavy lift it does to get something live after a long discussion. Thank you.

好的。謝謝。這是關於經過長時間的討論後，為實現某些目標所付出的巨大努力的一個很好的背景。謝謝。

The good news in that is that because the entry barriers are so high, once you're in, you're in.

好消息是，由於進入門檻很高，所以一旦進入，就只能進入了。

Yeah.

是的。

This does conclude today's question-and-answer session. I will now turn the program back over to Gal for closing remarks.

今天的問答環節到此結束。現在我將把議程交還給 Gal，請她作最後發言。

I just want to say thank you, everyone, for all the audience, and all the investors supporting us throughout the years. And we are hoping to see you soon again in our next earnings quarter announcement. Thank you very much, everyone.

我只想對各位觀眾以及多年來支持我們的所有投資者說一聲謝謝。我們希望在下一季財報中再次見到您。非常感謝大家。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。