PRA Group Inc (PRAA) 2025 Q1 法說會逐字稿

Good evening and welcome to PRA Group's first-quarter 2025 conference call. (Operator Instructions)

晚上好，歡迎參加 PRA Group 2025 年第一季電話會議。（操作員指示）

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would not like that, I would not like to turn the call over to Mr. Najim Mostamand, Vice President, Investor Relations for PRA Group. Please go ahead.

我不喜歡這樣，我不想把電話轉給 PRA 集團投資者關係副總裁 Najim Mostamand 先生。請繼續。

Thank you. Good evening, everyone, and thank you for joining us.

謝謝。大家晚上好，感謝大家的收看。

With me today are Vik Atal, President and Chief Executive Officer, Martin Sjolund, President of PRA Group Europe; and Rakesh Sehgal, Executive Vice President and Chief Financial Officer.

今天與我一起的有總裁兼執行長 Vik Atal、PRA Group Europe 總裁 Martin Sjolund；以及執行副總裁兼財務長 Rakesh Sehgal。

We will make forward-looking statements during the call, which are based on management's current beliefs, projections, assumptions, and expectations. We assume no obligation to revise or update these statements.

我們將在電話會議中做出前瞻性陳述，這些陳述是基於管理層當前的信念、預測、假設和期望。我們不承擔修改或更新這些聲明的義務。

We caution listeners that these forward-looking statements are subject to risks, uncertainties, assumptions, and other factors that could cause our actual results to differ materially from our expectations.

我們提醒聽眾，這些前瞻性陳述受風險、不確定性、假設和其他因素的影響，可能導致我們的實際結果與我們的預期有重大差異。

Please refer to our earnings press release issued today and our SEC filings for a detailed discussion of these factors. The earnings release, the slide presentation that we will use during today's call, and our SEC filings can all be found in the Investor Relations section of our website at www.pragroup.com.

請參閱我們今天發布的收益新聞稿和我們向美國證券交易委員會提交的文件，以了解有關這些因素的詳細討論。收益報告、我們將在今天的電話會議上使用的幻燈片演示以及我們的 SEC 文件都可以在我們網站 www.pragroup.com 的投資者關係部分找到。

Additionally, a replay of this call will be available shortly after its conclusion, and the replay dial-in information is included in the earnings press release. All comparisons mentioned today will be between Q1 2025 and Q1 2024 unless otherwise noted, and our Americas results include Australia.

此外，本次電話會議的重播將在結束後不久提供，重播撥入資訊包含在收益新聞稿中。除非另有說明，今天提到的所有比較都將是在 2025 年第一季和 2024 年第一季之間進行的，而我們的美洲結果包括澳洲。

During our call, we will discuss debt-to-adjusted EBITDA for the 12 months ended March 31, 2025, as well as return on average tangible equity. Please refer to the appendix of the slide presentation used during this call for a reconciliation of the most directly comparable US GAAP financial measures to non-GAAP financial measures.

在電話會議中，我們將討論截至 2025 年 3 月 31 日的 12 個月的債務與調整後 EBITDA 比率，以及平均有形權益回報率。請參閱本次電話會議中使用的幻燈片簡報的附錄，以了解最直接可比較的美國 GAAP 財務指標與非 GAAP 財務指標的對帳。

And with that, I'd now like to turn the call over to Vik.

現在，我想將電話交給維克。

Thank you and thank you everyone for joining us this evening.

謝謝大家，也謝謝大家今晚加入我們。

I'm excited to have our incoming President and CEO Martin Sjolund joining us for today's call.

我很高興我們的新任總裁兼執行長馬丁‧斯約倫德 (Martin Sjolund) 能參加今天的電話會議。

Before I introduce Martin, let me first recap our overall performance for the quarter and progress against our strategic pillars.

在介紹馬丁之前，讓我先回顧一下我們本季的整體表現以及我們策略支柱的進展。

Building on a successful 2024, we started the year with momentum and delivered another quarter of strong results.

在 2024 年取得成功的基礎上，我們以強勁勢頭開啟了新的一年，並又取得了一個季度的強勁業績。

This was highlighted by a 19% growth in portfolio purchases, record ERC, one-quarter consecutive quarter of double-digit cash collections growth, and a nearly 300 basis point improvement in cash efficiency.

其中最突出的是投資組合購買量成長 19%、ERC 創歷史新高、連續一個季度實現兩位數現金收款成長以及現金效率提高近 300 個基點。

While net income was lower compared to prior quarters, given the moderated level of changes in expected recoveries, we still were able to maintain profitability and perhaps more importantly deliver 13% growth in trailing 12 months adjusted EBITDA.

雖然淨收入與前幾季相比有所下降，但考慮到預期復甦的變化程度有所緩和，我們仍然能夠保持獲利能力，或許更重要的是，過去 12 個月調整後的 EBITDA 實現了 13% 的成長。

And this represents the 7th consecutive quarter of adjusted EBITDA growth.

這代表調整後的 EBITDA 連續第 7 季成長。

We continue to make progress across each of our three strategic pillars during the quarter.

本季度，我們的三大戰略支柱持續取得進展。

As it relates to the first pillar, optimizing investments, we deployed capital globally to capitalize on appropriate market opportunities and returns.

就第一個支柱－優化投資而言，我們在全球部署資本，以利用適當的市場機會和回報。

This contributed to attractive pricing across our markets and higher investment levels in Europe this quarter, leading to a record total ERC.

這有助於我們本季在各個市場上形成具有吸引力的價格，並提高歐洲的投資水平，從而創下 ERC 總額的新高。

Moving on to the second pillar, operational execution.

接下來討論第二個支柱，即營運執行。

Within our US legal collections channel, we remain focused on reducing cycle times and optimizing our post judgment activities.

在我們的美國合法收款管道中，我們仍然專注於縮短週期時間並優化我們的判決後活動。

These actions, along with the increased level of recent portfolio purchases have led to a notable uptick in US legal cash collections over the past several quarters, increasing 33% year over year in Q1 to $111 million.

這些行動加上近期投資組合購買量的增加，導緻美國合法現金收款在過去幾季顯著上升，第一季年增 33%，達到 1.11 億美元。

As a reminder, we do not begin our collection activity within the legal collection channel, but consider using it if and when our customers do not engage with us voluntarily.

提醒一下，我們不會在合法收款管道內開始我們的收款活動，但如果我們的客戶不自願與我們合作，我們會考慮使用它。

In our US non-legal operations, we have enhanced our customer reach and engagement, implemented new data strategies, improved offer strategies to accommodate customer needs, and continued to gain traction in our digital efforts as we experience a significant increase in customer interactions through this channel.

在我們美國的非法律業務中，我們增強了客戶覆蓋率和參與度，實施了新的數據策略，改進了報價策略以滿足客戶需求，並且隨著我們透過此管道與客戶的互動而顯著增加，我們的數位化努力繼續獲得推動力。

And lastly, our third pillar managing expenses.

最後，我們的第三大支柱是管理費用。

Earlier this month, we completed the consolidation of three of our US call centers following the successful implementation of work from home protocols for our eligible US collectors, which has contributed to lower than expected attrition in our US collector base.

本月初，我們成功為符合條件的美國收藏家實施了在家辦公協議，並完成了對美國三個呼叫中心的合併，這有助於降低美國收藏家群體的流失率。

Since our experience suggests that tenured collectors typically perform better than less tenured collectors, this moderation in attrition has led us to grow our offshore headcount at a more measured pace this year.

由於我們的經驗表明，資深收款員的表現通常比資歷較淺的收款員更好，因此人員流失的減緩使得我們今年以更穩健的速度增加離岸員工人數。

As we move forward, we will continue to balance the flexibility and cost advantages of our offshore collectors with the tenure and performance of our US collectors.

隨著我們繼續前進，我們將繼續平衡離岸收集器的靈活性和成本優勢與美國收集器的任期和性能。

As we reflect on the past two years, I am highly encouraged by all that we have accomplished as a company, leveraging our three pillar strategy. We enhance our senior leadership team, continue to grow our European business, purchase record amounts of portfolios globally at attractive pricing, improved our US call center strategies, revitalize the US legal collection channel, launched and expanded offshoring. And strengthen our capital structure.

回顧過去兩年，我們公司憑藉三大支柱策略所取得的成就令我深受鼓舞。我們加強了高級領導團隊，繼續發展歐洲業務，以誘人的價格在全球範圍內購買了創紀錄數量的投資組合，改進了美國呼叫中心戰略，振興了美國合法收款渠道，啟動並擴大了離岸外包業務。並加強我們的資本結構。

All of this has translated into delivering accelerated growth in adjusted EBITDA of 13% in the trading 12 months from a modest 3% in the comparable prior period.

所有這些都轉化為調整後 EBITDA 在交易 12 個月內加速成長 13%，而去年同期僅為 3%。

Overall, I believe the work we have been doing has transformed the business and laid the foundation for Martin and the team to build on the recent progress and drive continued success.

總的來說，我相信我們所做的工作已經改變了業務，並為馬丁和團隊在近期進展的基礎上繼續取得成功奠定了基礎。

I'd now like to take a moment to introduce Martin and highlight how instrumental he has been in building our European business into one of the most efficient debt buying operations in the region today. I am truly excited for him to take the reins and lead the company into its next phase of growth.

現在我想花點時間介紹一下馬丁，並強調他在將我們的歐洲業務打造成為當今該地區最有效的債務購買業務之一方面發揮了多麼重要的作用。我由衷地高興他能夠接任並帶領公司進入下一個發展階段。

Martin has been with the company for 13 years following a highly successful strategy and consulting career at McKinsey.

馬丁在麥肯錫的策略和諮詢職業生涯中取得了巨大成功，之後又在該公司工作了 13 年。

He currently serves not only as a President of a European business, but also as a valued member of the senior leadership team and the Global Investment Committee, which oversees all major portfolio investments both in the US and internationally.

他目前不僅擔任一家歐洲企業的總裁，也是高階領導團隊和全球投資委員會的重要成員，負責監督美國和國際上所有主要的投資組合。

In addition to helping transform our European business, he has been a key partner to me across multiple areas of our US business, including investment oversight and IT modernization.

除了幫助我們轉變歐洲業務之外，他還是我在美國業務多個領域的重要合作夥伴，包括投資監督和 IT 現代化。

These efforts, coupled with his leadership role across 15 of the 18 markets we operate in, has provided Martin with a strong global perspective.

這些努力，加上他在我們營運的 18 個市場中的 15 個市場中擔任的領導角色，為馬丁提供了強大的全球視野。

Prior to his current role, Martin was the Chief Operating Officer for Europe, where he developed a highly successful operations playbook that is fully aligned with our global three pillar strategy.

在擔任現職之前，馬丁曾擔任歐洲首席營運官，期間他制定了一套非常成功的營運手冊，與我們的全球三大支柱策略完全一致。

He has already hit the ground running, working very closely with me and our co-founder and executive Chairman, Steve Fredrickson, to ensure a seamless transition and to sustain momentum in the continued transformation of the US business.

他已開始積極工作，與我以及我們的聯合創始人兼執行主席史蒂夫·弗雷德里克森 (Steve Fredrickson) 密切合作，確保順利過渡並保持美國業務持續轉型的勢頭。

I'll now turn it over to Martin to share some of his perspectives and insights from leading the European business and how they will apply to his new role leading PRA globally.

現在，我將讓馬丁分享他領導歐洲業務的一些觀點和見解，以及它們如何應用於他領導全球 PRA 的新角色。

Thank you, Vik. It is a pleasure to connect with everyone today, many of whom I've already met over the years at prior conferences, roadshows, and meetings. I just want to start by thanking Vik for all that he has done for PRA over the past decade, first as a board member and more recently as President and CEO.

謝謝你，維克。我很高興今天能與大家聯繫，其中許多人我多年來在之前的會議、路演和會議上已經認識。我首先要感謝維克在過去十年中為 PRA 所做的一切，首先是擔任董事會成員，最近又擔任總裁兼執行長。

He has done a tremendous job stabilizing the US business, assembling a seasoned leadership team, and returning the company to profitability. I believe we're operating in a truly exciting time for PRA underpinned by the numerous competitive strengths and opportunities in our business, including a strong leadership team with decades of industry experience and an opportunity to leverage global talent and scale.

他在穩定美國業務、組建經驗豐富的領導團隊以及使公司恢復盈利方面做出了巨大貢獻。我相信，對於 PRA 來說，我們正處於一個真正令人興奮的時期，這得益於我們業務中的眾多競爭優勢和機遇，包括擁有數十年行業經驗的強大領導團隊以及利用全球人才和規模的機會。

Deeper and lender relationships with a robust supply outlook in the US and a more rational competitive dynamic in Europe compared to a few years ago.

與幾年前相比，美國供應前景強勁，與貸方的關係更加深厚，歐洲的競爭態勢更合理。

A diversified global footprint of customers, cash generation, and ERC across 18 markets.

遍佈 18 個市場的多元化全球客戶、現金創造和 ERC 覆蓋範圍。

And finally, an opportunity to continue the operational transformation in the US.

最後，這是一個繼續在美國進行營運轉型的機會。

Throughout my time leading our European business, we have developed and shared important lessons, and learnings and processes, executing across the same themes as the three pillar strategy that has been helping transform the US business.

在我領導歐洲業務的整個期間，我們累積並分享了重要的經驗教訓、學習成果和流程，並執行了與幫助美國業務轉型的三大支柱策略相同的主題。

I'm eager to continue the process of leveraging these best practices across our global business.

我渴望繼續在我們的全球業務中利用這些最佳實踐。

As it relates to optimizing investments, we have developed a very strong track record in Europe of disciplined investments over the years.

在優化投資方面，多年來我們在歐洲建立了非常良好的紀律投資記錄。

A great example is the 2016 to 2019 time period. We were very judicious in how we invested, avoiding aggressive M&A and the purchase of portfolios at subpar returns.

一個很好的例子是 2016 年至 2019 年。我們在投資方面非常謹慎，避免積極的併購和購買回報率低於標準的投資組合。

Our diversification across multiple markets has served us well.

我們在多個市場的多元化經營為我們帶來了良好的效益。

When the environment was irrational, we pulled back in certain markets. Our patience, discipline, and long-term approach has enabled us to take advantage of attractive opportunities as they presented themselves.

當環境變得不合理時，我們在某些​​市場撤退。我們的耐心、紀律和長遠方針使我們能夠抓住出現的誘人機會。

This has resulted in our European business successfully investing more than $3 billion in portfolios in the last seven years with attractive returns while growing ERC at a compounded annual growth rate of 6%.

這使得我們的歐洲業務在過去七年中成功投資了超過 30 億美元的投資組合，獲得了可觀的回報，同時 ERC 的複合年增長率達到 6%。

With respect to operational execution, our strategy has been to use technology and standardized processes to create scale across multiple markets. For example, we moved the entire European infrastructure onto a common cloud platform several years ago. We also ramped up our digital capabilities and implemented a pan-European cloud-based contact platform that has created cost efficiencies and the sharing of best practices.

在營運執行方面，我們的策略是利用技術和標準化流程在多個市場實現規模化。例如，幾年前我們將整個歐洲基礎架構遷移到一個通用的雲端平台。我們還增強了數位化能力，並實施了泛歐雲端聯繫平台，從而提高了成本效率並共享了最佳實踐。

We continue to test and implement other technology enhancements and to further improve our operations, not to mention we have developed our data and analytics capability by building talent hubs and attracting highly capable individuals, which has helped us leverage dynamic scoring strategies that optimize the cash collected in our portfolios.

我們將繼續測試和實施其他技術改進，並進一步改善我們的運營，更不用說我們透過建立人才中心和吸引高能力人才來開發我們的數據和分析能力，這有助於我們利用動態評分策略來優化我們投資組合中收集的現金。

And finally, as it relates to managing expenses, I've always had an intense focus on cost management, and we've been able to leverage technology and rigorous processes to create one of the most cost efficient platforms in Europe. These are just some of the many processes and perspectives that we will be executing to drive our strategy across the company. I'm really excited about the opportunities that lie ahead.

最後，就費用管理而言，我一直非常重視成本管理，我們能夠利用技術和嚴格的流程來創建歐洲最具成本效益的平台之一。這些只是我們為推動整個公司的策略而將要執行的眾多流程和觀點中的一部分。我對未來的機會感到非常興奮。

And with that, I'll turn it over to Rakesh for a summary of our Q1 financial results.

接下來，我將把第一季財務表現總結交給 Rakesh。

Thanks, Martin. We purchased $292 million of portfolios during the quarter, of which $178 million were in the Americas, and $113 million were in Europe.

謝謝，馬丁。我們在本季購買了價值 2.92 億美元的投資組合，其中 1.78 億美元在美洲，1.13 億美元在歐洲。

In the US, we purchased $161 million of portfolios. Our 2025 America's Core Purchase price multiple finished the quarter at 2.18 times, which is higher than in the recent past, reflecting the mix of portfolios purchased in the quarter.

在美國，我們購買了價值1.61億美元的投資組合。我們 2025 年美國核心購買價格倍數在本季達到 2.18 倍，高於近期水平，反映了本季購買的投資組合組合。

Keep in mind that purchase price multiples are the cash we expect to collect for dollar invested and are influenced in part by the types of portfolios we buy and the markets in which we buy them.

請記住，購買價格倍數是我們預期透過投資美元所收回的現金，並且在一定程度上受到我們購買的投資組合類型和購買市場的影響。

In Europe, portfolio purchases were $113 million with investments across most of our markets. As a result of the strong buying, we grew ERC to a record $7.8 billion at the end of the quarter. This is up 20% year over year and up 5% on a sequential basis. We expect to collect approximately $1.8 billion of our current ERC balance during the next 12 months.

在歐洲，投資組合購買額為 1.13 億美元，投資範圍涵蓋了我們的大部分市場。由於強勁的購買力，本季末我們的 ERC 成長至創紀錄的 78 億美元。這比去年同期增長了 20%，比上一季增長了 5%。我們預計在未來 12 個月內收回目前 ERC 餘額約 18 億美元。

Based on the average purchase price multiples recorded so far in 2025, we would need to invest approximately $920 million globally over the next 12 months to replace this runoff and maintain current ERC levels.

根據 2025 年迄今記錄的平均購買價格倍數，我們需要在未來 12 個月內在全球投資約 9.2 億美元來彌補這筆損失並維持當前的 ERC 水準。

Looking to the rest of 2025, we expect portfolio supply to remain at elevated levels in the US and to be relatively stable in Europe.

展望 2025 年剩餘時間，我們預期美國的投資組合供應量將維持在高位，而歐洲的投資組合供應量將相對穩定。

Cash collections for the quarter were $497 million up 11% from the prior year period, with US core cash collections up 20%. The increase in global cash collections was driven by both higher levels of recent portfolio purchases and the positive impact of our cash generating initiatives.

本季現金收入為 4.97 億美元，較去年同期成長 11%，其中美國核心現金收入成長 20%。全球現金收款的成長得益於近期投資組合購買水準的提高以及我們的現金產生措施的​​正面影響。

Similar to previous quarters, roughly half of our total collections in Q1 came from outside the US. Within the US, nearly half of the collections came from the Legal collections channel, which has a much longer collection time frame versus other channels.

與前幾季類似，第一季我們總銷量的大約一半來自美國以外。在美國，近一半的收款來自合法收款管道，與其他管道相比，該管道的收款時間要長得多。

Let's turn now to total portfolio revenue, which was $269 million for the quarter, with portfolio income of $241 million and changes in expected recoveries of $28 million. Portfolio income was up 19% for the quarter, reflecting an increased level of portfolio investments and improved returns in recent quarters.

現在讓我們來看看本季投資組合總收入為 2.69 億美元，其中投資組合收入為 2.41 億美元，預期回收變化為 2,800 萬美元。本季度投資組合收入成長了 19%，反映出最近幾季投資組合投資水準的提高和回報率的提高。

Of the $28 million in changes in expected recoveries, $17 million was due to cash overperformance, while the remaining $11 million reflects the NPV of changes in our ERC, which reflects increases in our expectations for future cash collections.

在預期回收金額的 2800 萬美元變化中，1700 萬美元是由於現金表現優異，而剩餘的 1100 萬美元則反映了我們 ERC 變化的 NPV，這反映了我們對未來現金回收預期的增加。

On a consolidated basis, our overall business overperformed by 2%, with Europe exceeding expectations by 10%. US core cash collections were up a strong 20% year over year, representing the fifth consecutive quarter of double-digit growth, but were 4% below our expectations.

從綜合來看，我們的整體業務超出預期 2%，其中歐洲業務超出預期 10%。美國核心現金收入年增 20%，連續第五個季度實現兩位數成長，但比我們的預期低 4%。

Historically, our first quarter cash collections in the US have experienced seasonality increases, typically driven by consumer tax refunds that didn't materialize this quarter to the extent that we modeled. Our curves are realized each quarter and reflect our best estimate for future cash collections.

從歷史上看，我們在美國第一季的現金收款經歷了季節性成長，通常是由於本季消費者退稅未能達到我們預測的程度。我們的曲線每季都會實現，並反映我們對未來現金收款的最佳估計。

Given the current macroeconomic environment in the US, we have continued to be judicious with respect to ERC increases. Notwithstanding the uncertainty in the external environment, our customers remain engaged, as reflected in the level of payment plans being established and the associated cash collections in our business.

鑑於美國當前的宏觀經濟環境，我們在 ERC 增加方面繼續保持審慎態度。儘管外部環境存在不確定性，但我們的客戶仍然參與其中，這反映在我們業務中製定的付款計劃水平和相關的現金收款。

To the extent any macro-driven consumer stress becomes evident within our business, we believe the continued positive impact from our strategic initiatives should be able to provide a meaningful offset.

我們相信，如果宏觀驅動的消費者壓力在我們的業務中變得明顯，我們的策略舉措的持續積極影響應該能夠提供有意義的抵消作用。

Total revenues were $270 million for the quarter, up 5% year over year. Operating expenses were $195 million up 3% from the prior year period. Legal collection costs were up $7 million driven primarily by investments in our US legal collections channel, which is expected to continue driving growth in future cash collections.

本季總營收為 2.7 億美元，年增 5%。營運費用為 1.95 億美元，較去年同期成長 3%。法律收款成本增加了 700 萬美元，主要原因是我們對美國法律收款管道的投資，預計將繼續推動未來現金收款的成長。

Our cash efficiency ratio was 61%, up from 58% in the prior year period. This increase is even after absorbing the additional $7 million of legal collection costs. Net interest expense was $61 million an increase of $9 million primarily reflecting higher debt balances due to increased portfolio investments.

我們的現金效率比率為 61%，高於去年同期的 58%。即使在吸收了額外的 700 萬美元法律追討成本後，這一增長仍然還在。淨利息支出為 6,100 萬美元，增加了 900 萬美元，主要反映了投資組合增加導致的債務餘額增加。

Our effective tax rate was 32% for the quarter. For the full year 2025, we expect our effective tax rate to be in the mid-20s, depending on income mixed from various countries and other factors.

本季我們的有效稅率為 32%。對於 2025 年全年，我們預計我們的有效稅率將在 25% 左右，具體取決於來自各國的收入和其他因素。

Net income attributable to PRA was $4 million or $0.09 in diluted earnings per share. This was lower than in recent quarters, largely due to the moderated level of changes in expected recoveries mentioned earlier. This is a cash driven business, and our adjusted EBITDA growth has accelerated over the past 12 months, enabling us to capitalize on strong portfolio supply while maintaining stable leverage.

歸屬於 PRA 的淨收入為 400 萬美元，即每股攤薄收益 0.09 美元。這一數字低於最近幾個季度，主要是因為前面提到的預期復甦變化幅度有所緩和。這是一項現金驅動的業務，我們的調整後 EBITDA 成長在過去 12 個月中加速，使我們能夠利用強大的投資組合供應，同時保持穩定的槓桿率。

Our debt-to-adjusted EBITDA ratio was 2.93 times as of March 31, which is within our long term target of 2 to 3 times and well below our debt covenant limits. The leverage ratio would be expected to trend to the higher end of our target range during periods of rising portfolio purchases.

截至 3 月 31 日，我們的債務與調整後 EBITDA 比率為 2.93 倍，符合我們 2 至 3 倍的長期目標，遠低於我們的債務契約限額。在投資組合購買量增加的時期，槓桿率預計會趨向於我們目標範圍的高端。

In terms of our funding capacity, we have $3.1 billion in total committed capital under our credit facilities as of March 31. We had total availability of $919 million comprised of $538 million available based on current ERC and $381 million of additional availability that we can draw from subject to borrowing base and debt covenants, including advance rates.

就我們的融資能力而言，截至 3 月 31 日，我們的信貸安排下的總承諾資本為 31 億美元。我們總共擁有 9.19 億美元的可用資金，其中包括基於當前 ERC 可用的 5.38 億美元和可根據借款基礎和債務契約（包括預付利率）提取的 3.81 億美元額外可用資金。

We have no debt maturities until November 2027 when our European facility matures. We believe the cash generated from a business, the capital available under our credit facilities and access to capital markets in both the US and Europe, position us to further capitalize on the strong portfolio supply environment.

我們的歐洲債務將於 2027 年 11 月到期，屆時我們將不再有債務到期。我們相信，企業產生的現金、信貸安排下的可用資本以及進入美國和歐洲資本市場的機會，使我們能夠進一步利用強大的投資組合供應環境。

We believe we have one of the most globally diversified debt purchase businesses in the world. We have built our capabilities carefully over the past 25 years. Seeking out specific markets, partners, and platforms that allow us to profitably deploy capital judiciously and opportunistically.

我們相信，我們的債務購買業務是全球最多元化的業務之一。過去 25 年來，我們精心打造了我們的能力。尋找特定的市場、合作夥伴和平台，使我們能夠明智、適時地部署資本並獲得利潤。

As an example, after more than 10 years of building and investing in Brazil, last month, we completed the sale of our equity interest in RCB, the servicing company for our investments in that market. This sale will generate an estimated after-tax gain of approximately $28 million, considering the foreign exchange rate in April.

例如，在巴西建設和投資十多年後，上個月，我們完成了對 RCB 股權的出售，RCB 是一家為我們在該市場的投資提供服務的公司。考慮到 4 月的外匯匯率，此次出售預計將產生約 2,800 萬美元的稅後收益。

Importantly, the ownership structure of our Brazilian investment entities remains intact, and we will continue making portfolio investments there through our ongoing relationship with RCD and our longtime local investing partners.

重要的是，我們巴西投資實體的所有權結構保持不變，我們將透過與 RCD 和我們長期的當地投資夥伴的持續關係繼續在那裡進行投資組合。

Overall, the first quarter represented a positive start to the year with encouraging results in key financial metrics, including portfolio investment levels and pricing, cash collections, adjusted EBITDA, and cash efficiency ratio.

總體而言，第一季代表今年的一個良好開端，關鍵財務指標均取得了令人鼓舞的成績，包括投資組合投資水準和定價、現金收款、調整後的 EBITDA 和現金效率比率。

At this time, we're not changing our previously provided financial targets, except for the return on average tangible equity, which is likely to be at a lower level than our target of approximately 12%. As we move through the coming quarters, we will affirm, raise, or lower these targets as appropriate.

目前，我們不會改變我們先前提供的財務目標，但平均有形資產回報率除外，該回報率可能低於我們約 12% 的目標。在接下來的幾個季度中，我們將根據需要確認、提高或降低這些目標。

In closing, we are excited to enter this new chapter in PRA's nearly three-decade history and believe we are well positioned to execute on our strategy to drive continued growth, profitability, and shareholder value.

最後，我們很高興進入 PRA 近三十年歷史的新篇章，並相信我們已準備好執行我們的策略，推動持續成長、獲利能力和股東價值。

Thank you, as always, for your continued support, and with that, we are now ready for questions.

一如既往，感謝您一直以來的支持，現在我們可以回答問題了。

(Operator Instructions) David Scharf, Citizens Capital Market.

（操作員指示）David Scharf，公民資本市場。

Hi. Good afternoon. Thanks for taking my questions and welcome aboard, Martin.

你好。午安.感謝您回答我的問題，歡迎您加入，馬丁。

So listen, first question really I think what's been on a lot of people's minds during this reporting season.

所以聽著，第一個問題我實際上認為在這個報告季節很多人都在想什麼。

Thus far, which is obviously just the state of the consumer and I'm wondering, We have not heard from too many consumer lenders thus far that that they saw a tax refund season being notably maybe lower than prior years, maybe modestly, but as you reflect on the seasonal modeling you refer to, which I assume refers to tax refund season in the US.

到目前為止，這顯然只是消費者的狀況，我想知道，到目前為止，我們還沒有聽到太多消費者貸款機構表示他們看到退稅季節明顯低於前幾年，可能略有下降，但當你回顧你所提到的季節性模型時，我認為這是指美國的退稅季節。

Do you -- I mean at this point based on also what you're seeing in April and into May, did you feel like the variance relative to your modeling is entirely refund driven or are there other.

我的意思是，根據您在 4 月和 5 月看到的情況，您是否覺得與您的模型相關的差異完全是由退款驅動的，還是還有其他原因。

Behavioral patterns you're seeing in consumer payments lately that suggests maybe some weakening of the consumer.

您最近在消費者支付中看到的行為模式可能表明消費者的消費能力減弱。

Great question, David, and very pertinent, relative to our results and the commentary we made. I'll take that.

大衛，這個問題問得很好，而且與我們的結果和我們所做的評論非常相關。我會接受的。

And Rakesh can supplement as applicable. Look, from an external perspective in terms of the level of tax refunds that were provided by treasury, they were, I think, relative to prior years would be regarded as fairly normal, right, and nothing unusual in the in the volume of refunds that were given.

Rakesh 可以根據情況進行補充。從外部角度來看，就財政部提供的退稅水平而言，我認為與前幾年相比，這算是相當正常的，對吧，而且退稅金額也沒有什麼不尋常的。

Internally with regard to our interactions with consumers, as we mentioned in our remarks, we are seeing a positive level of engagement with consumers, they are, maintaining their establishing plans and maintaining their plans, and so we're not seeing at this point in time and and a little bit through the first few weeks of the second quarter.

就我們與消費者的互動而言，正如我們在評論中提到的那樣，我們看到與消費者的積極互動，他們正在維持他們制定的計劃並維持他們的計劃，因此我們目前和第二季度前幾週都沒有看到這種情況。

Nothing at this point in time that would suggest a fall off in consumer activity with us. That said, clearly we had a mismatch between our expectations for cash collection in the quarter and the actual cash. Came in, albeit it was a very strong quarter with regard to the, quarter on quarter increase as well as the year on year increase in cash.

目前還沒有任何跡象顯示我們的消費者活動會減少。話雖如此，我們對本季現金回款的預期與實際現金顯然存在差異。儘管就季度環比增長以及現金同比增長而言，這是一個非常強勁的季度。

Clearly we had a disconnect with regard to the, expectations in our in our in our business and and that just flowed through, right? So we don't see this linked as a as a consumer driven issue in our business or externally at this point in time.

顯然，我們對我們的業務的期望存在脫節，而這種情況就這樣發生了，對嗎？因此，我們目前並不認為這是一個由消費者驅動的問題，無論是在我們的業務中還是在外部。

It really was around the modeling that we had for the seasonality, which was, I guess in retrospect, higher than than the actual trends and Rakesh, I think we've taken a view on, the causality of this and the implications, maybe you could just add to that, right?

這確實與我們對季節性的建模有關，現在回想起來，我想這比實際趨勢要高，而 Rakesh，我認為我們已經對此的因果關係和影響有了看法，也許你可以補充一下，對吧？

Yes, David, good question. Look, as Vik said, from a cash perspective, we had a very strong order. You look at the key metrics, whether it's cash collections growth, cashev, and cash efficiency. We talk about the 11% growth in cash collections on the call, but even quarter of a quarter, your cash EBITDA grew 17%, and then cash efficiency was up 300 basis points. And this is after, $7 million of higher legal spend.

是的，大衛，問得好。正如維克所說，從現金角度來看，我們的訂單非常強勁。您可以查看關鍵指標，無論是現金收款成長、現金價值或現金效率。我們在電話會議上討論了現金收款成長 11%，但即使是一個季度，您的現金 EBITDA 也成長了 17%，現金效率提高了 300 個基點。這還是在增加了 700 萬美元的法律支出之後。

So look, it goes back to, as Vik said, where we had modeled and so on the US side, like, core cash collections were up 20%, which was very strong, and this is on top of 22% growth that we had in all of '24 versus '23.

所以，正如維克所說，這又回到了我們建模的地方，在美國方面，核心現金收入增長了 20%，這是非常強勁的，這是在 24 年全年相對於 23 年 22% 的增長基礎上的。

Now, however, our US core cash collections had a 4% shortfall relative to the accounting Cecil expectations. In other words, the 4% cash on performance that we saw this quarter, and it really was an anomaly this quarter after seven straight quarters of positive cash overperformance. As like US accounts for about 50% of the cash.

然而現在，我們的美國核心現金收入與會計塞西爾預期相比出現了 4% 的缺口。換句話說，我們本季看到的 4% 的現金績效，在連續七個季度現金績效超額之後，本季確實是個異常現象。就像美國佔現金的50%左右。

So at 4% on the performance, it equates to roughly about $10 million shortfall versus the Cil expectations. And what really happened is that the Q1 cash collections, they did exceed the Q4 cash collections in terms of the growth rates. We've always seen that uptick, but it did not exceed to the same magnitude as was reflected in our models.

因此，以 4% 的業績計算，這相當於與 Cil 預期相比大約有 1000 萬美元的缺口。實際情況是，第一季的現金收款在成長率方面確實超過了第四季的現金收款。我們一直看到這種上升趨勢，但其幅度並未超過我們模型所反映的水平。

And so we really believe that this shortfall is timing. If you look at our press release with respect to the purchase price multiples for the Americas vintages, you'll see that they're essentially unchanged.

因此我們確實相信，這種不足是時機問題。如果您查看我們關於美洲葡萄酒購買價格倍數的新聞稿，您會發現它們基本上沒有變化。

As we believe we can collect the full amount of the total estimated collections. As Vik said, and I want to reiterate, our customers both in Europe and in the US remain engaged and we continue to see payment plans being established.

因為我們相信我們可以收集到預計總收款額的全部金額。正如維克所說，我想重申一下，我們在歐洲和美國的客戶仍然保持參與，我們繼續看到付款計劃的製定。

Got it. Understood. No, I appreciate all that all that color. More of a technical question coming out of that, Rakesh. I know it wasn't explicitly quantified, but the reduction in the earnings guidance this year from 12% to something below that, does that represent just the flow through of the first quarter coming in lower than expected or Are you making or inherent in that assumptions about further in the year?

知道了。明白了。不，我很欣賞這一切，這一切的顏色。這更多的是一個技術問題，拉凱什 (Rakesh)。我知道這並沒有被明確量化，但是今年的盈利預期從 12% 下調至低於這個數字，這是否僅僅代表第一季度的盈利低於預期，還是您對今年的進一步發展做出了假設或固有假設？

Not an explicit assumption, David. I think that, I think obviously the first quarter came in in light right relative to what we would have modeled right stated that pretty clearly as we look out at the rest of the year just given the macroeconomic environment that we see today.

這不是一個明確的假設，大衛。我認為，我認為第一季的表現顯然比我們所模擬的要好，這一點在我們展望今年剩餘時間時非常清楚，因為我們今天看到的宏觀經濟環境。

And the relative degree of uncertainty, vis a vis, what would have been expected 34 months ago, we just said it was appropriate to signal, right, that, the level of cash generation that might be expected, through the next nine months, the ability to influence the NPV of future value of of initiatives that we've got, we just need to be cautious with regard to that, right?

相對於 34 個月前的預期，相對的不確定性程度，我們只是說，這適合表明，未來 9 個月內可能預期的現金產生水平，以及影響我們所採取的舉措未來價值的 NPV 的能力，我們只需要對此保持謹慎，對嗎？

And so we felt that we were reasonably comfortable. Resting our views with regard to the other vectors that we had pointed out, a few months ago, but certainly on the on the return calculation, we felt that we should signal the appropriate level of commentary on that rather than be reaffirming at that level and the rest of the year will demonstrate how the world turns out and how our business operates.

因此我們感覺相當舒服。幾個月前，我們就指出的其他因素提出了自己的觀點，但肯定是關於回報計算的，我們認為我們應該對此發出適當的評論，而不是在這個水平上重申，今年剩餘的時間將展示世界將如何發展以及我們的業務如何運作。

And David, if I could add to that, look, buying remains strong as you saw the numbers that I mentioned.

大衛，如果我可以補充一點的話，正如我提到的數字所示，購買力仍然強勁。

Europe had a strong quarter, so buying continues to be at elevated levels, and we also had a very strong 2024. We bought $1.4 billion globally with $800 million in the US. So if you think about the revenue, the two components portfolio income, as well as the change in expected recoveries, we had a 19% growth this quarter in portfolio income.

歐洲本季表現強勁，因此購買量持續處於高位，我們在 2024 年的表現也非常強勁。我們在全球購買了 14 億美元，其中在美國購買了 8 億美元。因此，如果您考慮收入、兩個組成部分的投資組合收入以及預期復甦的變化，我們本季的投資組合收入成長了 19%。

And this is on top of a 13% growth, so we expect that line to continue to grow as the purchases that were made at significantly higher multiples than, say, in 2023. As that flows through our P&L and as Vik said, we are taking a more judicious, cautious, prudent approach with respect to any changes in NPV of ERC increases just given the current macro environment.

這是在 13% 的成長基礎上的，因此我們預計該線將繼續成長，因為購買量將顯著高於 2023 年的倍數。隨著這流入我們的損益表，正如維克所說，考慮到當前的宏觀環境，我們對 ERC 增加的 NPV 的任何變化採取了更明智、謹慎、審慎的態度。

Understood. Great. I will, I'll get back in cue. Thanks very much.

明白了。偉大的。我會的，我會回來的。非常感謝。

Thank you.

謝謝。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah, thank you. Good afternoon. Welcome, Martin. The efficiency ratio was quite good in the quarter, I think your guidance, which I assume is still. It's still relevant 60% plus, but you did better than that.

是的，謝謝。午安.歡迎光臨，馬丁。我認為您的指導意見本季的效率比率相當不錯，我認為仍然如此。它仍然與 60% 以上相關，但你做得更好。

Was there anything unusual in terms of the expenses this quarter? Any one timers that helped or is this just the result of the initiatives you've undertaken?

本季的支出方面有什麼異常嗎？有沒有什麼一次性的幫助，或者這只是您所採取的舉措的結果？

No one time was that that artificially inflated that ratio. In fact, as Rakesh mentioned, we absorbed a little bit higher legal cost. I think it was %7 million.

從來沒有人為地提高過這個比例。事實上，正如 Rakesh 所提到的，我們承擔了稍微高一點的法律成本。我認為是 700 萬。

So, that would be about probably 100 basis points plus, right, in terms of normalizing that, so nothing unusual mark, and I think we signaled at the beginning of the year that we'd be 60% plus and just given. The way we're operating the business, the efficiencies we continue to identify, the work that's going on globally in the business, we felt comfortable suggesting that, we were still comfortable with that 60% plus ratio.

因此，就正常化而言，這大概是 100 個基點以上，對吧，所以沒有什麼不尋常的標記，我認為我們在年初就表示過，我們將達到 60% 以上，並且已經給出了。我們經營業務的方式、我們不斷發現的效率、以及業務在全球範圍內開展的工作，我們感到很舒服，我們仍然對 60% 以上的比例感到滿意。

Yeah, and Mark, if you go down some of the line items, you'll actually see some improvement in some of those, cost line items.

是的，馬克，如果你仔細查看一些項目，你實際上會看到其中一些成本項目有所改善。

As we've spent a lot of time talking about initiatives on the cash side, but we've also been very clear that our focus has been on having a marginal cost of running the business that's lower than the growth of cash. And so you'll see that even though our total expenses are up. That's really to drive the growth in the business, but some of those line items have actually started to reduce that as the initiatives get implemented.

我們花了很多時間討論現金方面的舉措，但我們也非常清楚，我們的重點是讓經營業務的邊際成本低於現金的成長。因此你會看到，儘管我們的總支出增加了。這確實推動了業務的成長，但隨著這些措施的實施，其中一些項目實際上已經開始減少業務的成長。

Yeah, I was just looking at compensation costs. In the US, the purchases were down a little bit year over year. The multiples were up. Why didn't you buy a little bit more in the US, under the circumstances?

是的，我只是在考慮補償成本。在美國，購買量較去年同期略有下降。倍數上升了。在這種情況下，為什麼不在美國多買一點呢？

It really is a good signal, Mark, about how we run a global investment franchise, right? And I let Martin speak to some of the activity that he's seen in Europe over the last, few months, Martin, and what we're seeing from a supply dynamic there, right.

馬克，這確實是一個關於我們如何經營全球投資特許經營權的好信號，對嗎？我讓馬丁談談過去幾個月他在歐洲看到的一些活動，馬丁，以及我們在那裡看到的供應動態。

Yeah. No. We had a good quarter for buying in Europe. Overall, the market is fairly stable, I would say in Europe, but we've seen, I think the competitive intensity has normalized to a level that we're more comfortable with compared to where it was a couple of years ago. So overall I think it's we're off to a good start for.

是的。不。我們在歐洲的採購情況良好。總體而言，我認為歐洲市場相當穩定，但我們已經看到，與幾年前相比，競爭強度已經正常化到我們更滿意的水平。所以總的來說，我認為我們已經有了一個好的開始。

This year. Yeah, and I think, look, I think we take a view on. On ensuring that we are optimizing our level of investment globally depending on, where we're seeing the supply emanate from and that's just the way it turned out this quarter, right? So we really do run a global investment view on the stigma and so quarter to quarter we likely see, movements across that nothing unusual.

今年。是的，我認為，看，我認為我們對此有看法。確保我們根據供應來源來優化全球投資水平，而這正是本季的結果，對嗎？因此，我們確實對這種恥辱感採取了全球投資觀點，因此我們可能會看到，每個季度的變動都沒有什麼不尋常的。

Yeah. Is US supply still increasing or is it stabilized?

是的。美國供應量是否仍在增加或已趨於穩定？

I think we've just had, in fact, we had conversations in the last week, right? Our head of investments, Owen was meeting with a number of our senior seller.

我想我們上週確實進行過對話，對吧？我們的投資主管歐文正在與多位高級賣家會面。

Counterparts and the signals coming back to us is that they're not increasing, but they're going to remain at an elevated rate, for a period of time. That's what we're hearing from them, right? So we'll see how that how that shakes out, but it remains elevated and.

而我們得到的訊號是，它們並沒有增加，而是將在一段時間內保持較高的速度。這就是我們從他們那裡聽到的，對嗎？因此，我們將觀察其如何發展，但它仍然保持高位。

You're as close to the overall market as we are, right, but balances keep growing and charge of rates remain high, right? So I think supply should remain, persistent and elevated, for the, near term for sure for sure.

您和我們一樣接近整體市場，對吧，但餘額不斷增長，利率仍然很高，對嗎？因此我認為短期內供應量肯定會保持穩定和增加。

Thank you very much.

非常感謝。

(Operator Instructions) Robert Dodd, Raymond James.

（操作員指示）羅伯特·多德、雷蒙德·詹姆斯。

Hi, everyone. This is [Hayley] on for Robert. Thanks for the question. I know you mentioned earlier that consumers are continuing to remain engaged and cash collection flow through this quarter was primarily driven by seasonality. Are you seeing any other emer emerging trends or micro changes outside of seasonality and consumer behavior that could have contributed?

大家好。這是 [Hayley] 為羅伯特 (Robert) 主持的。謝謝你的提問。我知道您之前提到過，消費者繼續保持參與，本季的現金收款流主要受季節性影響。除了季節性和消費者行為之外，您是否看到任何其他可能造成影響的新興趨勢或微小變化？

Not at all, I think we obviously as a consumer driven business both here and in Europe, we have, we TRY to have a reasonable be on the level of interaction with consumers on a on a daily basis, right, to see the plans that are being established, the level to which they are being maintained and come through the average payment size that is being established in the plans.

完全不是，我認為我們顯然作為一家在這裡和歐洲都以消費者為導向的企業，我們試圖在日常基礎上與消費者進行合理的互動，對吧，看看正在製定的計劃，維持的水平，以及計劃中確定的平均支付規模。

Martin, maybe you can speak to what you're seeing in Europe, right?

馬丁，也許你可以談談你在歐洲看到的情況，對嗎？

Yeah, we haven't seen any major shift in the European consumer behavior, at least among our customers. So 2025 Q1 is off to a decent start there too. Cash came in a bit higher than we originally expected. So at the moment at least it's consistent with what we expected.

是的，我們還沒有看到歐洲消費者行為有任何重大轉變，至少在我們的客戶身上是如此。因此，2025 年第一季也將有一個好的開始。現金收入比我們最初預期的要高一些。所以至少目前它與我們的預期一致。

Understood, thanks. And just a quick follow up here with the recent approval of the Capital One and Discover merger, considering Discover has historically never been a seller, can you speak to or quantify some of the long term impacts you expect to see on the business from that?

明白了，謝謝。我想快速跟進一下最近批准的 Capital One 和 Discover 合併案，考慮到 Discover 歷史上從未作為賣方出售過，您能否談談或量化您預計合併案將對業務產生的一些長期影響？

We don't discuss or cover and disclose, who we buy from and the impact. Obviously, we are close to the market with regard to, the M&A activity and to the extent that. That M&A activity provides more supply into the system that would be positive for us, right? But that will be a question for already to be asked of the, cap one and Discover right with regard to their perspectives on on this whole market.

我們不會討論或報告和披露我們從誰那裡購買以及其影響。顯然，我們在併購活動方面已經接近市場水準。併購活動為系統提供了更多的供應，這對我們是有利的，對嗎？但這將是一個需要向 Cap One 和 Discover 提出的問題，關於他們對整個市場的看法。

Got it. Thanks for the call.

知道了。謝謝您的來電。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah, thank you. The legal collections costs, are they going to continue to be elevated or does that normalize at some point here?

是的，謝謝。合法收款成本是否會繼續上升，還是會在某個時候恢復正常？

Yeah, Mark, I think like we said back in February, we do expect the legal collection cost to increase, but at a much lower level than what we saw in '24. So in '24, just to remind you that you have the number to get to $125 million versus $89 million in '23. And so that was a 40% increase. We expect that number to be much lower than that increase.

是的，馬克，我認為就像我們在二月所說的那樣，我們確實預計合法收款成本會增加，但幅度會比 24 年低得多。因此，在 24 年，只是提醒您，您的數字將達到 1.25 億美元，而 23 年為 8900 萬美元。所以增幅是 40%。我們預計該數字將遠低於增幅。

Look, we've been investing heavily in legal. That's not how we'd like to start. It depends on the ability of the customers to pay. And that's when we make decisions whether or not to put folks into the legal channels. So we think that we are investing in this business for future cash growth, but you should see those levels in legal spend start to moderate in 2025.

你看，我們在法律方面投入了大量資金。這並不是我們想要的開始。這取決於客戶的支付能力。那時我們就會決定是否將人們納入法律管道。因此，我們認為我們投資這項業務是為了未來的現金成長，但你應該會看到法律支出的水平在 2025 年開始放緩。

And to some extent the legal standard we're going to see this year will be a result of not as, it won't be we haven't made strategy changes with regard to, putting more people into legal. It's really the amount we bought last year, there's a time lag between when we buy it and when it may be appropriate or.

在某種程度上，我們今年將看到的法律標準將不是因為我們沒有做出策略改變而導致的，而​​是因為沒有將更多的人投入法律領域。這實際上是我們去年購買的數量，我們購買的時間和合適的時間之間存在時間差。

Qualifying for legal right, and that will be coming through this year a little bit. So that's what's going to be driving the increase year on year, but it's going to be at a much more moderated pace, marked relative to what you saw as an increase in '24 versus '23.

獲得合法權利的資格，今年將會逐漸實現。因此，這就是推動逐年成長的因素，但速度會更加緩和，相對於 2024 年相對於 2023 年的成長更為明顯。

Understood. And then the non-controlling interest, how should we model that or at least how should we think about it, the drivers there.

明白了。然後是非控制權益，我們應該如何對其進行建模，或者至少我們應該如何考慮其驅動因素。

Yeah, so Mark, this is the investment we have in Brazil, and so, as I've mentioned in the past, we've had a partnership there for 10 years. It has done really well for us both on the investment side and on the servicing side. We had an opportunity to exit.

是的，馬克，這是我們在巴西的投資，正如我過去提到的，我們在那裡已經合作了 10 年。無論是在投資方面還是在服務方面，它都為我們帶來了非常好的效果。我們有機會退出。

The stake in the servicer that we've partnered with and that obviously resulted in a game that will be recognized in Q2 that I mentioned on the call was $28 million based on the FX in April on an after-tax basis and the other.

我們與之合作的服務商的股份顯然帶來了一場將在第二季度確認的遊戲，正如我在電話會議上提到的那樣，根據 4 月份的外匯稅後計算，其價值為 2800 萬美元。

NCI is really the income from the investments that we're making there, and you should just assume that let's say it's a 50/50 partnership and so given the profitability there in the business coming out of those investments, 50% of the share comes to us, 50% of the share goes to the partner, and that's the NCI line item.

NCI 實際上是我們在那裡進行的投資的收入，你應該假設它是一個 50/50 的合作夥伴關係，因此考慮到這些投資產生的業務盈利能力，50% 的份額歸我們，50% 的份額歸合作夥伴，這就是 NCI 項目。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I will now turn the call over to Mr. Vik Atal. Please continue.

目前沒有其他問題。現在我將把電話轉給維克·阿塔爾先生。請繼續。

Thank you, everybody, for joining us today. Thank you for your support and we look forward to meeting with you in a few months' time, talking about our second-quarter results. Appreciate it.

感謝大家今天加入我們。感謝您的支持，我們期待幾個月後與您會面，討論我們的第二季業績。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。