PROG Holdings Inc (PRG) 2025 Q3 法說會逐字稿

Good day and thank you for standing by Welcome to the PROG Holdings 3rd quarter earnings conference call. At this time, all participants on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw a question, please press 11 again. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, John Bob, Vice President of Investor Relations. Please go ahead.

大家好，感謝您的支持，歡迎參加 PROG Holdings 第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。要在會議期間提問，您需要在電話上按 11。然後，您將聽到一條自動訊息，告知您已舉手。若要撤回問題，請再按 11。請注意，今天的會議正在錄音。現在我將會議交給主持人、投資者關係副總裁約翰鮑伯 (John Bob)。請繼續。

Thank you and good morning everyone. Welcome to the Prague Holdings Third quarter 2025 earnings call.

謝謝大家，早安。歡迎參加布拉格控股 2025 年第三季財報電話會議。

Joining me this morning are Steve Michaels, PROG Holdings President and Chief Executive Officer, and Brian Garner, our Chief Financial Officer.

今天早上與我一起出席的還有 PROG Holdings 總裁兼執行長 Steve Michaels 和我們的財務長 Brian Garner。

Many of you have already seen a copy of our earnings release issued this morning, which is available on our investor relations website investor.progholdings.com.

你們中的許多人已經看到了我們今天早上發布的收益報告副本，該副本可在我們的投資者關係網站 investor.progholdings.com 上查閱。

During this call, certain statements we make will be forward-looking, including comments regarding our revised 2025 full year outlook and our guidance for the fourth quarter of 2025, the health of our lease portfolio and our capital allocation priorities, and the benefits we expect from our sale of the Financial portfolio to Atlantica Holdings Corporation, such as improving our capital efficiency and improving our profitability profile.

在本次電話會議中，我們所做的某些陳述將具有前瞻性，包括有關我們修訂後的 2025 年全年展望和 2025 年第四季度指引的評論、我們的租賃組合的健康狀況和我們的資本配置重點，以及我們預期從將金融組合出售給 Atlantica Holdings Corporation 中獲得的收益，例如提高我們的資本效率和改善我們的盈利狀況。

Listeners are cautioned not to place undue emphasis on forward-looking statements we make today, all of which are subject to risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements.

敬請聽眾不要過度重視我們今天所作的前瞻性陳述，所有這些陳述都存在風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

We undertake no obligation to update any such statements.

我們不承擔更新任何此類聲明的義務。

On today's call, we will be referring to certain non-GAAP financial measures including adjusted EBITA and non-GAAP EPS.

在今天的電話會議上，我們將參考某些非公認會計準則財務指標，包括調整後的 EBITA 和非公認會計準則每股收益。

Which have been adjusted for certain items which may affect the comparability of our performance with other companies.

某些項目已進行了調整，這可能會影響我們與其他公司的績效可比性。

These non-GAAP measures are detailed in the reconciliation tables included with our earnings relief.

這些非公認會計準則指標在我們的收益減免中包含的調節表中有詳細說明。

The company believes that these non-GAAP financial measures provide meaningful insight into the company's operational performance and cash flows and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding the company's ongoing operational performance.

本公司認為，這些非公認會計準則財務指標為了解公司的營運績效和現金流量提供了有意義的見解，並向投資者提供這些指標，以幫助將營運績效與前期進行比較，並幫助他們了解公司持續的營運績效。

With that, I'd like to the call over to Steve Michaels, Prague Holdings President and Chief Executive Officer.

接下來，我想請布拉格控股公司總裁兼執行長 Steve Michaels 發言。

Steve. Thanks, John, and good morning everyone.

史蒂夫。謝謝約翰，大家早安。

Thank you for joining us today as we report our 3rd quarter results and share our perspective on how we're positioned heading into the final stretch of 2025.

感謝您今天加入我們，我們將報告第三季的業績，並分享我們對 2025 年最後階段的定位的看法。

I'll also provide context around the recently announced sale of our Vive portfolio and how that decision aligns with our long-term strategic priorities.

我還將介紹我們最近宣布的出售 Vive 產品組合的背景，以及該決定如何與我們的長期策略重點保持一致。

In the 3rd quarter, we surpassed the high end of our outlook for revenue and earnings.

第三季度，我們的營收和利潤超出了預期的上限。

These results were driven by continued strength in portfolio performance and strong momentum within our BNTL business for technologies.

這些業績得益於投資組合表現的持續強勁以及我們 BNTL 技術業務的強勁發展勢頭。

Non-GAAP diluted EPS of $0.90 exceeded our outlook range of $70 to $0.75 per share, marking our third consecutive earnings beat this year.

非公認會計準則稀釋每股收益為 0.90 美元，超出了我們每股 70 美元至 0.75 美元的預期範圍，這是我們今年連續第三次盈利超出預期。

This quarter's outperformance reflects the discipline of our team, the strength of our business model, and our ability to execute through macroeconomic volatility.

本季的優異表現反映了我們團隊的紀律性、我們商業模式的優勢以及我們在宏觀經濟波動中執行的能力。

Throughout the quarter we navigated persistent consumer challenges marked by ongoing inflationary pressures, growing financial stress among lower income households, and early signs of labor market softening, all of which impact discretionary spend in our leasable verticals.

整個季度，我們應對了持續的消費者挑戰，包括持續的通膨壓力、低收入家庭日益增長的財務壓力以及勞動力市場疲軟的早期跡象，所有這些都影響了我們可租賃垂直領域的可自由支配支出。

While the overall unemployment rate is still low, the heightened financial stress and greater caution among lower income consumers across our leasable categories is a headwind to GMV.

雖然整體失業率仍然很低，但我們可租賃類別中低收入消費者的財務壓力加大和謹慎程度提高對 GMV 構成了阻力。

As I shared in July 2 primary factors weigh on progressive leasing GMV this year, including in the 3rd quarter.

正如我在 7 月分享的那樣，今年有兩個主要因素影響漸進式租賃 GMV，包括第三季。

The first is the previously disclosed Big Lots bankruptcy which created a significant GMV headwind.

首先是先前披露的 Big Lots 破產事件，這給 GMV 帶來了巨大的阻力。

The second is our intentional tightening actions of lease approvals, a necessary step to preserve portfolio health in an unpredictable environment.

第二是我們有意收緊租賃審批，這是在不可預測的環境中保持投資組合健康的必要步驟。

Adjusting for these two discrete items underlying GMV and Q3 grew in the mid single-digits, reflecting strong operational execution and healthy demand across other areas of the business.

在調整這兩個獨立的項目後，GMV 和第三季的成長率達到了中等個位數，反映了強勁的營運執行力和其他業務領域的健康需求。

We are growing balance of share with key retail partners, strengthening existing relationships and scaling our omnichannel ecosystem.

我們正在增加與主要零售合作夥伴的份額平衡，加強現有關係並擴大我們的全通路生態系統。

As Brian noted in July, we expected approval rate comparisons to ease slightly in Q3, and they did.

正如 Brian 在 7 月指出的那樣，我們預計第三季的支持率將略有下降，事實也確實如此。

Our progressively seen 2 year GMV stack improved from negative mid to low single-digits in the first half of the year to flat in Q3, which had the toughest year of year compare given the strong growth in Q3 2024.

我們逐步看到，兩年來的 GMV 堆疊從上半年的負中低個位數改善到第三季持平，考慮到 2024 年第三季的強勁成長，這是最艱難的一年。

These trends give us confidence in the durability of our go to market strategy and the long-term scalability of our platform.

這些趨勢讓我們對我們的市場策略的持久性和我們平台的長期可擴展性充滿信心。

Progressive leasing's portfolio performance remains strong and within our targeted 6% to 8% annual write-off range.

Progressive leasing 的投資組合表現依然強勁，且在我們目標的 6% 至 8% 年度註銷範圍內。

Q3 write-offs at 7.4% improved both sequentially and year over year.

第三季的註銷率為 7.4%，季比和年比均有所改善。

These results reflect the success of our ongoing refinements to our decisioning posture and risk analytics.

這些結果反映了我們對決策態勢和風險分析的持續改善所取得的成功。

We are encouraged by the early stage performance indicators and believe we can deliver consistent portfolio outcomes while driving profitable GMV.

早期的績效指標令我們感到鼓舞，並相信我們可以在推動獲利的 GMV 的同時提供一致的投資組合成果。

Consolidated revenue came in at 595.1 million, which reflects a slight decline compared to the same period last year.

綜合收入為5.951億，與去年同期相比略有下降。

This result was driven by the impact of the Big Lots GMV loss and a smaller portfolio entering the quarter for our leasing business, offset by another standout quarter from 4 technologies which again delivered triple digit revenue growth.

這一結果受到 Big Lots GMV 損失和本季租賃業務投資組合規模較小的影響，但四大科技公司在本季度再次表現出色，實現了三位數的收入成長，從而抵消了這一影響。

Consolidated adjusted EBITDA was $67 million and non-GAAP EPS was $0.90, both exceeding the high end of our outlook.

合併調整後 EBITDA 為 6,700 萬美元，非 GAAP EPS 為 0.90 美元，均超過了我們預期的高端。

Before diving deeper into the Q3 business results, I want to take a moment to address today's announcement regarding the sale of our Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation.

在深入探討第三季業務成果之前，我想花點時間談談今天關於將我們的 Vive Financial 信用卡應收帳款組合出售給 Atlanticus Holdings Corporation 的公告。

This transaction represents a meaningful step in our long-term strategy to improve our capital efficiency as we focus on opportunities with the greatest economic returns.

這項交易是我們長期策略中邁出的重要一步，旨在提高我們的資本效率，因為我們專注於具有最大經濟回報的機會。

While Vive has been part of our ecosystem since 2016, we believe this decision enhances our overall profitability profile and positions us to deploy capital more effectively.

雖然 Vive 自 2016 年以來一直是我們生態系統的一部分，但我們相信這項決定可以提高我們的整體獲利能力，並使我們能夠更有效地配置資本。

We're pleased to be partnering with Fortiva, the second credit offering of Atlanticus, to ensure continuity for our retail partners and consumers, allowing us to maintain access to a comprehensive set of flexible payment options to underserved consumers while aligning our resources with the future of the Prague platform.

我們很高興能與 Fortiva（Atlanticus 的第二家信貸公司）合作，以確保我們的零售合作夥伴和消費者的連續性，使我們能夠為服務不足的消費者提供全面靈活的支付選項，同時使我們的資源與布拉格平台的未來保持一致。

The sale of the vive receivables portfolio strengthens our balance sheet, giving us additional flexibility to invest in strategic priorities.

出售 Vive 應收帳款組合增強了我們的資產負債表，使我們在投資策略重點方面擁有更大的靈活性。

Brian will speak to the capital implications shortly, but I want to underscore that we are committed to deploying capital in ways we believe will drive sustainable shareholder value through investments in growth, strategic M&A, and disciplined return of capital through share repurchases and dividends.

布萊恩很快就會談到資本影響，但我想強調的是，我們致力於以我們認為能夠推動可持續股東價值的方式部署資本，透過投資成長、策略併購以及透過股票回購和股息進行有紀律的資本回報。

I want to take a moment to thank the entire VI team for their contributions.

我想花點時間感謝整個 VI 團隊的貢獻。

Their hard work and commitment played a critical role in helping us serve customers who may not have otherwise had access to credit, and we're proud of the positive impact they've made.

他們的辛勤工作和承諾在幫助我們為那些可能無法獲得信貸的客戶提供服務方面發揮了關鍵作用，我們為他們所產生的積極影響感到自豪。

We made every effort to support vi team members through this transition, including identifying some opportunities within the broader Prague Holdings organization.

我們盡一切努力支持 vi 團隊成員完成這項轉變，包括在更廣泛的布拉格控股組織內尋找一些機會。

We wish them all the best as they move into this next chapter.

我們祝福他們在邁向下一篇章時一切順利。

Pivoting back to the business, we made significant progress on our strategic pillars of grow, enhance, and expand in Q3.

回到業務方面，我們在第三季的成長、增強和擴張策略支柱方面取得了重大進展。

Under Grow we continue to ramp direct consumer performance, saw strong returns from our omnichannel partner marketing initiatives, and increasing e-commerce penetration.

在「成長」策略下，我們持續提升直接消費者的績效，從全通路合作夥伴行銷計畫中獲得了豐厚的回報，並提高了電子商務的滲透率。

Our marketplace team also onboarded additional affiliate and e-commerce partners.

我們的市場團隊也吸收了更多附屬機構和電子商務合作夥伴。

E-commerce GMV is at 23% of total progressive leasing GMV in Q3 2025, up from 20.9% in Q2 and 16.6% in Q3 2024.

2025 年第三季度，電子商務 GMV 佔漸進式租賃 GMV 總額的 23%，高於第二季的 20.9% 和 2024 年第三季的 16.6%。

Additionally, we launched or signed 3 recognizable new retail partners since our last earnings call, each representing GMP expansion opportunities.

此外，自上次財報電話會議以來，我們推出或簽署了 3 個知名的新零售合作夥伴，每個都代表著 GMP 擴張機會。

These exclusive partnership wins were all earned through a competitive selection process.

這些獨家合作關係都是透過競爭性選拔過程贏得的。

Progressive leasing prevailing in each of these competitive processes underscores our leadership position, the strength of our value proposition, and our ability to drive incremental sales.

在每個競爭過程中，漸進式租賃的盛行凸顯了我們的領導地位、價值主張的實力以及推動增量銷售的能力。

Our pipeline is healthy with a focus on converting near term opportunities and deepening engagement with existing accounts as we expand our footprint across both national and regional segments.

我們的管道很健康，重點是轉化近期機會並深化與現有客戶的互動，同時擴大我們在國家和地區領域的影響力。

We strengthened our position within existing retail relationships by extending long-term exclusive agreements with several of our major national partners, reinforcing our role as their exclusive lease to own provider.

我們透過與幾個主要的國家合作夥伴簽訂長期獨家協議，加強了我們在現有零售關係中的地位，鞏固了我們作為其獨家租賃自有供應商的角色。

We have successfully renewed nearly 70% of our progressive leasing GMV to exclusive contracts reaching to 2030 and beyond.

我們已成功將近 70% 的漸進式租賃 GMV 續簽為獨家合同，有效期至 2030 年及以後。

With these additional renewals in place, we can focus on integrations and accelerating our initiative roadmap with these partners to drive future growth.

有了這些額外的續約，我們可以專注於整合並加速與這些合作夥伴的計畫路線圖，以推動未來的成長。

As I've mentioned previously, Millennials and Gen Z make up a growing share of our customer base, and we're evolving our marketing, product design, and engagement strategies to meet the expectations of these digitally savvy consumers.

正如我之前提到的，千禧世代和 Z 世代在我們的客戶群中所佔的比例越來越大，我們正在改進我們的行銷、產品設計和參與策略，以滿足這些精通數位技術的消費者的期望。

Their strong preference for mobile and self-service is driving increased adoption of our digital application flows and mobile platform.

他們對行動和自助服務的強烈偏好推動了我們數位應用程式流程和行動平台的採用率不斷提高。

Emphasizing our omnichannel strategy and validating the investments we made in personalization and seamless user experiences.

強調我們的全通路策略並驗證我們在個人化和無縫用戶體驗方面所做的投資。

Prag Marketplace, our direct consumer platform, remains a meaningful growth engine, delivering another quarter of strong double-digit GMV expansion.

我們的直接消費者平台 Prag Marketplace 仍然是一個有意義的成長引擎，又一個季度實現了強勁的兩位數 GMV 成長。

This channel not only broadens our reach beyond traditional retail partnerships, but also plays an increasingly important role in building relationships with consumers and enabling us to direct consumers to our POS partners through a new new channel.

該管道不僅拓寬了我們傳統零售合作夥伴的範圍，而且在與消費者建立關係以及使我們能夠透過新管道將消費者引導至我們的 POS 合作夥伴方面發揮著越來越重要的作用。

We're investing in brand building, personalization, and life cycle marketing to increase customer engagement, and we're seeing encouraging trends in repeat usage and retention as a result.

我們正在投資品牌建立、個人化和生命週期行銷，以提高客戶參與度，並且我們看到重複使用和保留的令人鼓舞的趨勢。

Marketplace is helping us create a more durable and self-sustaining customer ecosystem, one that supports growth across our leasing, BMPL, and cash advance offerings alike.

市場正在幫助我們創建一個更持久和自我維持的客戶生態系統，支持我們的租賃、BMPL 和現金預付產品的成長。

Under our enhanced pillar, we made strategic investments in technology that improved both customer and employee experiences across the progressive ecosystem.

在我們增強的支柱下，我們對技術進行了策略性投資，以改善整個漸進生態系統的客戶和員工體驗。

Our innovation team at Prague labs is at the forefront of these efforts.

我們位於布拉格實驗室的創新團隊處於這些努力的最前線。

Our AI powered transactional consumer chat platform has now handled over 100,000 customer interactions, supporting customers from the approval stage through conversion and into the servicing of their lease agreements.

我們的人工智慧交易消費者聊天平台現已處理超過 100,000 次客戶互動，為客戶提供從審批階段到轉換再到租賃協議服務的支援。

We're proud of how this tool is already enhancing our ability to deliver timely personalized support, and it's reducing friction in our service model.

我們很自豪，這個工具已經增強了我們提供及時個人化支援的能力，並且減少了我們服務模式中的摩擦。

With new capabilities introduced in Q3, customers can now make payments, request approval amount increases, and inquire about the account status directly within this chat platform.

隨著第三季推出的新功能，客戶現在可以直接在這個聊天平台內付款、申請增加批准金額以及查詢帳戶狀態。

These initiatives are already proving valuable, but we believe we're still in the early innings of what's possible.

這些措施已被證明是有價值的，但我們相信我們仍處於實現可能性的早期階段。

We expect these AI-driven capabilities to be a key differentiator as we scale customer personalization, drive efficiencies, and set the bar for digital innovation and lease to own.

我們預計，隨著我們擴大客戶個人化、提高效率以及為數位創新和租賃自有設定標準，這些人工智慧驅動的功能將成為關鍵的差異化因素。

Under our expand pillar, our multi-product ecosystem is maturing with growing connectivity between offerings.

在我們的擴展支柱下，我們的多產品生態系統正在日趨成熟，產品之間的連結性日益增強。

Our cross marketing campaigns between 4 and progressive leasing have proven effective in increasing repeat usage and driving incremental GMV.

事實證明，我們在 4 和 Progressive Leasing 之間開展的交叉行銷活動能夠有效提高重複使用率並推動增量 GMV。

Turning to our BNPL platform, 4 technologies has exceeded expectations once again, delivering its 8th consecutive quarter of triple digit GMV and revenue growth.

談到我們的 BNPL 平台，4 technologies 再次超越預期，連續第 8 個季度實現三位數的 GMV 和營收成長。

As we first shared last quarter, engagement trends are strong, with average purchase frequency of approximately 5 transactions per quarter for the last year and more than 160% growth in active shoppers year over year.

正如我們上個季度首次分享的那樣，參與度趨勢強勁，去年平均每季購買頻率約為 5 次交易，活躍購物者數量同比增長超過 160%。

We are seeing strong momentum in unique shoppers and merchant relationships driving high engagement across the platform, contributing to overall GMB.

我們看到獨特購物者和商家關係的強勁勢頭推動了整個平台的高度參與，為整體 GMB 做出了貢獻。

Additionally, our 4+ subscription model continues to be a key driver, with over 80% of GMV coming from active subscribers.

此外，我們的 4+ 訂閱模式繼續成為關鍵驅動力，超過 80% 的 GMV 來自活躍訂閱者。

Importantly, 4's take rate of approximately 10%, defined as revenue generated as a percentage of GMV over the trailing 12 month period, is a strong indicator of monetization efficiency.

重要的是，4 的抽成率約為 10%，即過去 12 個月產生的收入佔 GMV 的百分比，是貨幣化效率的有力指標。

4 has operated profitably year-to-date, and its role in our broader ecosystem is expanding meaningfully, not just as a stand-alone business, but as a cross-sale driver for progressive leasing and as a catalyst for customer acquisition.

4 今年迄今一直保持盈利，其在我們更廣泛的生態系統中的作用正在顯著擴大，不僅作為一項獨立業務，而且作為漸進式租賃的交叉銷售驅動力和客戶獲取的催化劑。

From a profitability standpoint, Ford generated year-to-date adjusted IBA of 11.1 million through Q3 2025, representing a 23% margin on revenue.

從獲利能力的角度來看，截至 2025 年第三季度，福特年初至今的調整後 IBA 為 1,110 萬，營收利潤率為 23%。

As we look ahead to Q4, we are forecasting an adjusted the loss driven by seasonal dynamics that require an upfront provision for credit losses for new originations.

展望第四季度，我們預測受季節性動態影響的損失將有所調整，需要為新發起的信貸損失預先提列準備金。

Despite this anticipated Q4 loss, we believe 4 will have positive adjusted EBITDA for the year.

儘管預計第四季度會出現虧損，但我們相信 4 全年的調整後 EBITDA 將為正值。

Given that the peak holiday season will account for more than 20% of Ford's full year GMV, this provision creates a timing impact on profitability.

鑑於假日旺季將佔福特全年 GMV 的 20% 以上，此項規定對盈利能力產生了時間影響。

This pattern is well understood and consistent with our operating model.

這種模式很好理解，並且與我們的營運模式一致。

As these holiday originations generate the majority of their revenue in Q1, we expect to see a meaningful rebound positioning forward to deliver its highest quarterly adjusted EBITDA margin of the year in Q1 of 2026.

由於這些假日旅遊公司的大部分收入都在第一季產生，我們預計其將出現顯著的反彈，並在 2026 年第一季實現年度最高季度調整後 EBITDA 利潤率。

Looking ahead, we're closely monitoring the macro environment, especially as consumers face ongoing liquidity constraints and shifting spending behavior.

展望未來，我們正在密切關注宏觀環境，特別是在消費者面臨持續的流動性限制和不斷變化的消費行為的情況下。

The demand environment remains soft across many durable goods categories which will likely continue in Q4.

許多耐用品類別的需求環境依然疲軟，這種情況很可能在第四季持續下去。

That said, we're not waiting for the environment to improve. We're leaning into the areas we can control portfolio health, discipline spending, deepening partner engagement, and driving sustainable, profitable revenue through our multi-product ecosystem.

話雖如此，我們不會等待環境改善。我們正致力於控制投資組合健康、規範支出、深化合作夥伴參與以及透過多產品生態系統推動永續、獲利收入的領域。

Our capital allocation priorities are unchanged. We're investing to drive long-term growth through sales initiatives, marketing investments, AI, and other innovation, digital infrastructure, exploring strategic M&A opportunities that strengthen our ecosystem, and returning excess cash to shareholders through share repurchases and dividends.

我們的資本配置優先順序保持不變。我們透過銷售計劃、行銷投資、人工智慧和其他創新、數位基礎設施來推動長期成長，探索加強我們生態系統的策略併購機會，並透過股票回購和股息向股東返還多餘的現金。

We did not repurchase shares during the quarter due to ongoing discussions with Atlanticus regarding the sale of the portfolio.

由於與 Atlanticus 就投資組合出售事宜正在進行討論，我們本季沒有回購股票。

Those discussions, which began in January, progressed to a stage in Q3 that restricted our ability to be in the market until the transaction was publicly announced.

這些討論於一月開始，並在第三季進入了一個階段，限制了我們進入市場的能力，直到交易公開宣佈為止。

As Brian will outline, we ended Q3 with a strong cash position and generated meaningful free cash flow, reinforcing our capability to fund growth while maintaining financial flexibility.

正如布萊恩所概述的，我們在第三季結束時擁有強勁的現金狀況並產生了有意義的自由現金流，增強了我們在保持財務靈活性的同時為成長提供資金的能力。

To close, we are confident about how we're executing across the business.

最後，我們對整個業務的執行充滿信心。

We delivered strong earnings, improved portfolio performance, and successfully executed the strategic divestiture of a portfolio business, allowing us to reallocate capital towards our highest conviction opportunities.

我們實現了強勁的盈利，提高了投資組合的業績，並成功執行了投資組合業務的策略性剝離，使我們能夠將資本重新分配到我們最有信心的機會上。

At the same time, we are building momentum in our fastest growing segment for technologies.

同時，我們正在成長最快的技術領域中累積力量。

I'm proud of what we've accomplished this quarter and confident in our ability to sustain this momentum into the future, which we expect will create long-term value for our customers, partners, and shareholders.

我為我們本季所取得的成就感到自豪，並對我們未來保持這一勢頭的能力充滿信心，我們預計這將為我們的客戶、合作夥伴和股東創造長期價值。

With that, I'll turn the call over to Brian for more details on Q3 results and our 2025 outlook.

接下來，我將把電話轉給 Brian，以了解有關第三季業績和 2025 年展望的更多詳細資訊。

Brian.

布賴恩。

Thanks, Steve, and good morning everyone.

謝謝，史蒂夫，大家早安。

Our 3rd quarter results highlight execution and innovation across our product offerings.

我們的第三季業績凸顯了我們產品的執行力和創新力。

Once again we exceed the high end of our guidance on revenue and earnings, despite pressures on consumer demand across our key categories.

儘管我們主要產品類別的消費者需求面臨壓力，但我們的收入和收益再次超出了預期的上限。

Non-GAAP diluted EPS at $0.90 per share, beat the high end of our outlook by $0.15 and was up approximately 17% compared to the same period last year.

非公認會計準則稀釋每股收益為 0.90 美元，比我們預期的高端高出 0.15 美元，與去年同期相比增長約 17%。

This outperformance reflects a combination of three key factors strengthen our portfolio performance, mostly monitoring levels of spend and momentum from our buy now pay later and direct consumer initiatives.

這一優異表現反映了三個關鍵因素的結合，增強了我們的投資組合表現，主要是監控支出水平以及先買後付和直接消費者計劃的勢頭。

We are focused on profitable growth and actively managing the business to optimize returns while staying agile in a dynamic operating environment.

我們專注於獲利成長並積極管理業務以優化回報，同時在動態的營運環境中保持敏捷。

Let me start with progressive leaking segment.

讓我先從漸進式洩漏部分開始。

GMV came in at 410.9 million, which represents a year to year decline of 10%.

GMV 為 4.109 億，年減 10%。

However, as Steve noted, the underlying performance tells a more compelling story.

然而，正如史蒂夫所指出的，潛在的表現講述了一個更引人入勝的故事。

Adjusting for the loss of GMV related to the Big Lots bankruptcy and the impact of our deliberate tightening of approval rates, the business would have delivered mid single-digit growth.

在調整與 Big Lots 破產相關的 GMV 損失以及我們故意收緊批准率的影響後，該業務將實現中等個位數的成長。

Driven by solid balance of share gains within key retail relationships and growing traction among e-commerce and direct to consumer channels.

受主要零售關係中份額增長的穩固平衡以及電子商務和直接面向消費者管道日益增長的吸引力的推動。

Prag Marketplace, our direct consumer channel channel, delivered 59% year over year GMV growth for the quarter.

我們的直接消費者通路 Prag Marketplace 本季的 GMV 年比成長 59%。

Q3 revenue for progressive leasing was down approximately 4.5% at $556.6 million compared to 582.6 million in the prior year.

第三季漸進式租賃收入為 5.566 億美元，較去年同期的 5.826 億美元下降約 4.5%。

Revenue benefited from slightly better customer payment performance.

收入受益於客戶支付表現略有改善。

This tailwind, however, was offset by GEP headwinds primarily driven by the big loss, bankruptcy and tightening actions we took in the second half of 2024 and early 2025.

然而，這一順風被 GEP 逆風所抵消，這主要是由於我們在 2024 年下半年和 2025 年初採取的巨額虧損、破產和緊縮措施所致。

Portfolio performance remains strong, with write-offs coming in at 7.4%, representing an improvement sequentially and year over year.

投資組合表現依然強勁，註銷率達 7.4%，環比和年比均有所改善。

This result reflects the impact of our deliberate tightening actions. As always, we are actively monitoring early performance indicators to ensure our decision posture is consistent with delivering write-offs within our targeted annual range of 68%.

這結果反映了我們刻意緊縮措施的影響。像往常一樣，我們正在積極監控早期績效指標，以確保我們的決策態度與實現 68% 的目標年度範圍內的註銷率一致。

Progressive's gross margin in Q3 came in at 32%.

Progressive 第三季的毛利率為 32%。

Representing an approximately 80 basis point improvement year over year.

與去年同期相比提高了約 80 個基點。

This marginal expansion was driven apart by a higher proportion of customers staying in their lease agreements longer as well as higher year over year yield from our lease portfolio.

這種邊際擴張的動力來自於更高比例的客戶延長租賃協議期限，以及我們租賃組合的年比收益率更高。

Progressive SCA for the quarter was $79.3 million or 14.2% of revenue compared to 13.1% in Q3 of 2024.

本季 Progressive SCA 為 7,930 萬美元，佔營收的 14.2%，而 2024 年第三季為 13.1%。

As we've discussed in prior quarters, we've made targeted investments to support long-term growth, focused on customer facing capabilities, technology modernization, and partner enablement while maintaining cost discipline across the organization.

正如我們在前幾個季度所討論的那樣，我們進行了有針對性的投資以支持長期成長，重點關注面向客戶的能力、技術現代化和合作夥伴支持，同時保持整個組織的成本紀律。

Adjusted for progressive leasing came in at 64.5 million or 11.6% of revenue, landing within our 11% to 13% annual margin target and improving by 20 basis points year over year.

漸進式租賃調整後，營收為 6,450 萬美元，佔營收的 11.6%，達到我們 11% 至 13% 的年度利潤率目標，年增 20 個基點。

This performance underscores our ability to deliver consistent profitability through disciplined execution, even in the face of challenging year over year GMV coms and a softer demand environment.

這項業績凸顯了我們透過嚴格的執行實現持續獲利的能力，即使面對逐年嚴峻的 GMV 通訊和疲軟的需求環境。

Turning to consolidated results, Q3 revenue was 595.1 million, which reflects a slight decline compared to the same period last year at 606.1 million that came in at the high end of our guidance range.

談到合併結果，第三季營收為 5.951 億美元，與去年同期的 6.061 億美元相比略有下降，處於我們指導範圍的高點。

The year over year decline is driven by the impact of the big lots, GMV loss, and smaller lease portfolio entering the quarter, largely offset by another triple digit revenue growth quarter at 4 technologies.

年比下降主要是由於大宗商品交易額、商品交易總額 (GMV) 損失以及進入本季度租賃組合規模縮小的影響，但四大技術公司本季度收入再次實現三位數增長，這在很大程度上抵消了這一影響。

Consolidated just EBITDA was 67 million or 11.3% of revenue compared to 63.5 million or 10.5% of revenue in Q3 of 2024.

合併後的 EBITDA 為 6,700 萬美元，佔營收的 11.3%，而 2024 年第三季為 6,350 萬美元，佔營收的 10.5%。

This year over year improvement reflects strong adjusted performance of 4 and year over year margin improvement at progressive leasing.

這一同比改善反映了 4 的強勁調整業績以及漸進租賃的同比利潤率改善。

Non-GAAP diluted EPS came in at $0.90, exceeding the top end of our outlook.

非公認會計準則稀釋每股收益為 0.90 美元，超過了我們預期的最高水準。

Driven primarily by strong underlying earnings performance.

主要受強勁的基本獲利表現推動。

As Steve noted, we did not repurchase shares during the quarter due to the ongoing discussions with Atlanticus related to the Vive portfolio sale, which restricted our ability to be in the market until the transaction was finalized.

正如史蒂夫所指出的，由於與 Atlanticus 就 Vive 投資組合出售進行的持續討論，我們在本季度沒有回購股票，這限制了我們在交易完成之前進入市場的能力。

Let me now turn to the divestiture of the via portfolio which was announced earlier this morning.

現在讓我來談談今天早上宣布的 Via 投資組合剝離事宜。

The transaction will be reflected in our Q4 financial results and classified as discontinued operations.

該交易將反映在我們的第四季財務業績中，並歸類為已終止經營的業務。

As I discussed later, our updated outlook reflects the impact of the divestiture.

正如我稍後所討論的，我們更新後的展望反映了資產剝離的影響。

The proceeds of approximately $150 million provide incremental liquidity and strengthens our balance sheet.

約 1.5 億美元的收益提供了增量流動性並增強了我們的資產負債表。

Creating greater flexibility as we assess opportunities through our capital allocation framework.

透過我們的資本配置框架評估機會，創造更大的靈活性。

In the near term, we will continue our investments across our ecosystem of products.

短期內，我們將繼續對我們的產品生態系統進行投資。

As always, we remain disciplined in our capital allocation approach.

像往常一樣，我們在資本配置方法上保持嚴謹。

Our priorities are unchanged.

我們的優先事項沒有改變。

We're focused on funding impactable growth initiatives, pursuing selective high return M&A opportunities that complement our ecosystem strategy, and returning excess capital to shareholders through our ongoing share repurchases and quarterly dividends.

我們專注於為可影響的成長計劃提供資金，尋求補充我們生態系統策略的選擇性高回報併購機會，並透過持續的股票回購和季度股息將多餘的資本返還給股東。

These actions reflect our commitment to driving long-term profitability and delivering sustained shareholder value.

這些行動體現了我們致力於推動長期獲利和實現持續股東價值的承諾。

Moving to the balance sheet, we ended Q3 with $292.6 million in cash and $600 million of gross debt, resulting in a net leverage ratio of 1.1 times, which is comfortably within our target range.

從資產負債表來看，我們在第三季結束時擁有 2.926 億美元現金和 6 億美元的總債務，淨槓桿率為 1.1 倍，這在我們的目標範圍內。

We maintained ample liquidity during the quarter. It had no borrowings outstanding on our $350 million dollar revolver.

我們在本季保持了充足的流動性。它沒有對我們 3.5 億美元的循環信貸額度未償還的借款。

In 3, we paid a quarterly cash dividend of $0.13 per share.

3.我們支付了每股0.13美元的季度現金股利。

As of quarter end, we had $309.6 million of unused authorization under our $500 million dollar repurchase program.

截至季末，我們 5 億美元的回購計畫下還有 3.096 億美元的未使用授權。

For our 2025 consolidated outlook in light of this morning's announcement regarding the vibe divestiger.

根據今天早上有關氛圍剝離的公告，我們對 2025 年的綜合展望如下。

We have removed Vive from our Outlook for both the 4th quarter and full year 2025.

我們已將 Vive 從 2025 年第四季和全年的展望中移除。

Our revised outlook has consolidated revenues in the range of $2.41 to $2.435 billion adjusted IA in the range of $258 to $265 million and non-GAAP EPS in the range of $3.35 to $3.45.

我們修訂後的預期是，合併收入在 24.1 億美元至 24.35 億美元之間，調整後 IA 在 2.58 億美元至 2.65 億美元之間，非 GAAP EPS 在 3.35 美元至 3.45 美元之間。

This outlook assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the company's current assisting posture, an effective tax rate for non-GAAP EPS of approximately 27%, and no impact from additional share repurchases.

這項展望假設經營環境艱難，耐用消費品需求疲軟，公司目前的援助態勢沒有重大變化，非公認會計準則每股收益的有效稅率約為 27%，且額外股票回購沒有影響。

To summarize, Q3 was a strong quarter across the board.

總而言之，第三季是全面強勁的一個季度。

We delivered earnings above expectations.

我們的收益超出預期。

Maintained healthy portfolio performance, advanced key initiatives aimed at supporting long-term growth, and subsequent to the quarter and executed a strategic divestiture.

保持健康的投資組合表現，推進旨在支持長期成長的關鍵舉措，並在本季度之後執行了戰略資產剝離。

With a solid balance sheet, scalable cost structure, profitable growth in our buy now pay later business, and a proven multi-product ecosystem, we are well positioned to deliver sustained value for our customers, retail partners, and shareholders.

憑藉穩健的資產負債表、可擴展的成本結構、先買後付業務的盈利增長以及成熟的多產品生態系統，我們完全有能力為客戶、零售合作夥伴和股東提供持續的價值。

With that, I'll turn the call back over to the operator for questions, operator.

說完這些，我將把電話轉回給接線生，以便回答問題。

Thank you, ladies and gentlemen, if you'd like to ask a question at this time, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, simply press 11 again. Please stand by while we compile the can a roster.

謝謝各位，女士們、先生們，如果您現在想提問，請在電話上按 11，然後等待播報您的名字。要撤回您的問題，只需再次按 11。請稍候，我們正在編制名冊。

Our first question coming from the line of Carl Joseph with Stevens, your line is now open.

我們的第一個問題來自史蒂文斯的卡爾約瑟夫，您的線路現已開放。

Hey, good morning, guys. Thanks for taking my questions. Given all the headlines we've seen around the consumer was just looking, to get an update and then and I recognize there's some moving parts, but you know we're looking at write offs coming down for you guys, even though you guys have headwinds from big lots on that front, and then it sounds like. GMB Xiglots or underwriting is there's some positive trends there, and then just weighing that with some of your commentary in terms of macro data and some of the headlines we've seen, in the consumer finance arena just kind of looking for an update on the on the pulse of the consumer in your opinion.

嘿，大家早安。感謝您回答我的問題。鑑於我們看到的所有關於消費者的頭條新聞，他們只是在尋找更新，然後我認識到有一些活動的部分，但你知道我們正在考慮為你們註銷，即使你們在這方面面臨來自大批人的阻力，然後聽起來就像。GMB Xiglots 或核保是那裡有一些積極的趨勢，然後根據您對宏觀數據和我們看到的一些頭條新聞的評論進行權衡，在消費金融領域，只是在尋找有關消費者脈搏的最新消息。

Yeah, thanks Carl, and yeah, it's certainly been in the headlines and it's something that we are constantly battling and analyzing, but to your point, we're pleased with where the portfolio is.

是的，謝謝卡爾，是的，這確實成為了頭條新聞，也是我們一直在努力應對和分析的事情，但正如你所說，我們對投資組合的現狀感到滿意。

I'm really proud of our data science teams. They do a great job delivering that consistent portfolio in a very dynamic environment.

我為我們的數據科學團隊感到非常自豪。他們在高度動態的環境中出色地交付了一致的產品組合。

The write-offs did improve both sequentially and year to year due to the, our deliberate actions that we took earlier this year for the most part, some late last year, but we're watching it very closely. I mean we feel pretty good about where we are right now, but we are seeing some stress in the consumer and as you said, there's lots of headlines around.

由於我們今年早些時候採取了大部分深思熟慮的行動，去年年底也採取了一些行動，因此註銷情況確實比上一季和去年都有所改善，但我們正在密切關注。我的意思是，我們對目前的狀況感覺很好，但我們看到消費者面臨一些壓力，正如你所說，周圍有很多頭條新聞。

Liquidity pressures and just macro pressures on the consumer, especially in the cohort that we serve. Our DQs are elevated at this time compared to previous years, including last year, and we're watching it very closely.

流動性壓力和宏觀壓力對消費者來說尤其如此，尤其是我們所服務的群體。與前幾年（包括去年）相比，我們的 DQ 這次有所提高，我們正在密切關注。

We haven't found the need or seen the need to tighten additionally yet. I'm not saying that that that won't happen based on how the data comes in the door, and that's one of the great aspects of our short duration portfolios across our products and the fact that we get quick quick feedback loop that we can adjust very quickly to the trends we're seeing in the data so. I mean we're defensively postured and kind of braced for potentially having to tweak additional dials, but we have not done that in any material way since earlier in this year. We always are looking for, we're always adjusting dials, some positive and some negative, but in what I would call a tightening action, we haven't had to do that since earlier this year, but we're not ruling it out based on what we see for the rest of the year.

我們尚未發現或看到進一步收緊的必要性。我並不是說根據數據傳入的方式這不會發生，這是我們產品中短期投資組合的一大優點，而且我們能夠獲得快速的反饋循環，從而能夠根據數據中看到的趨勢進行快速調整。我的意思是，我們採取了防禦姿態，並做好了可能需要調整額外撥盤的準備，但自今年早些時候以來，我們還沒有以任何實質性的方式這樣做過。我們一直在尋找，一直在調整，有些是積極的，有些是消極的，但在我所說的緊縮行動中，我們自今年早些時候以來就沒有這樣做過，但根據我們對今年剩餘時間的觀察，我們不會排除這種可能性。

Got it, really helpful. And then, in terms of the GMB outlook for the rest of the year, I think Steve, you highlighted that 3Q was a was a tough comp in terms of 3Q,24 growth, but you know just factoring in the timing of big lots and the timing of underwriting changes, should we think about 3Q is kind of the bottom point or similar headwinds into 4Q before things really ease up into 2026.

明白了，真的很有幫助。然後，就今年剩餘時間的 GMB 前景而言，我認為史蒂夫，你強調了第三季度與第三季度、24 年的增長相比是一個艱難的時期，但你知道，只要考慮到大宗交易的時間和承保變化的時間，我們是否應該認為第三季度是第四季度的底點或類似的逆風，然後到 2026 年情況才會真正緩解。

Yeah, I think the cops.

是的，我認為是警察。

Really don't clear up until Q1.

直到第一季才真正明朗起來。

We we put out that supplemental slide page with Big Lots and Q4 is a similar headwind to the previous quarters this year and the tightening while we did do some of it late last year, most of what we're referring to was in Q1 of this year. So from from a compstandpoint, I think the pressures are still roughly the same. I will say that you know our Q3 GMV did come in slightly below where we expected it to when we were updating you in July. I think a lot to do with some of those pressures that you're that you were referring to on the consumer. And so we've adjusted some of our view on Q4 as well.

我們與 Big Lots 一起發布了補充幻燈片，第四季度與今年前幾季度面臨的逆風類似，雖然我們在去年年底確實採取了一些緊縮措施，但我們所指的大部分措施都發生在今年第一季。因此從公司的角度來看，我認為壓力仍然大致相同。我想說的是，你知道我們第三季的 GMV 確實略低於我們在 7 月更新時的預期。我認為這與您所提到的消費者面臨的一些壓力有很大關係。因此，我們也調整了對第四季的一些看法。

We're continuing to fight every day and we have big plans for for the holiday season, but there's mixed reports out there about what to expect from a consumer discretionary spend during holiday as well. So we've got some internal initiatives, some things we're trying to get across the goal line with existing retail partners before we go into code freeze for the holidays and.

我們每天都在繼續奮鬥，我們為假期制定了宏偉的計劃，但對於假期期間消費者可自由支配支出的預期，外界的報道褒貶不一。因此，在假期代碼凍結之前，我們採取了一些內部舉措，試圖與現有的零售合作夥伴達成一些目標。

We're pleased with where we are, but the macro is a challenge and has been impacting GMV in addition to the two discrete headwinds that we've called out.

我們對目前的狀況感到滿意，但宏觀經濟是一個挑戰，除了我們提到的兩個離散逆風之外，它還影響著 GMV。

Got it.

知道了。

One last one for me, just on in terms of the guidance on other it looks like, better revenue guidance and then marginally lower profitability, is that just a function of timing and growth maths really?

對我來說最後一個問題，就其他方面的指導而言，看起來，收入指導更好，盈利能力略低，這真的只是時間和增長數學的函數嗎？

Yeah, we tried to address that in the prepared remarks. Our for business is we're very pleased with what it's doing, how it's growing, and its profitability year-to-date. And then there's just a very understandable seasonal dynamic in Q4 and more specifically in kind of late November or December with the surge of GMV that we have observed in last year as well as our predicting for this year and how that upfront provisioning.

是的，我們試圖在準備好的發言中解決這個問題。我們的業務是，我們對其目前的業績、成長情況以及今年迄今的獲利能力感到非常滿意。然後，第四季度，更具體地說是 11 月下旬或 12 月，就出現了一個非常可以理解的季節性動態，我們去年觀察到 GMV 激增，今年的預測也是如此，以及前期準備金的情況。

With very little revenue recognition will cause Ford to swing to a loss for Q4. Nothing to be concerned about. It's just the dynamic of the model and it'll swing back in Q1 of next year. But the you know the strength of the BMPL business year-to-date is undeniable, and it's going to continue, but there will be some P&L dynamics which have been.

由於收入確認很少，福特第四季將陷入虧損。沒什麼好擔心的。這只是模型的動態，它將在明年第一季回升。但您知道，今年迄今為止 BMPL 業務的強勁勢頭是不可否認的，而且這種勢頭將會持續下去，但會存在一些損益動態。

Reflected in the other segment and are impacting our holdings level guidance for the full year or implied for the 4th quarter because of that swing to an adjusted loss.

反映在其他部門，並影響我們對全年的持股水準指引或由於調整後的虧損而對第四季度的持股水準指導。

Yeah, that all makes sense. Great, thanks a lot for taking my questions.

是的，這一切都是有道理的。太好了，非常感謝您回答我的問題。

Thanks, Carl.

謝謝，卡爾。

Thank you. Our next question coming from the line of Bobby Griffin with Raymond James your line is open.

謝謝。我們的下一個問題來自雷蒙德詹姆斯的鮑比格里芬，您的線路是開放的。

Good morning guys, thanks for taking the questions.

大家早安，感謝你們回答問題。

Hey Steve I guess I wanted to just talk more on the current environment. I, your comments on the low end and some of the pressure make a lot of sense. I didn't hear much on trade down, so.

嘿，史蒂夫，我想我只是想多談談當前的環境。我認為，你對低端和一些壓力的評論很有道理。我沒有聽到太多關於貿易下滑的消息。

Can you maybe just touch on that? It's part of what's going on here. You guys are having to be a little bit tighter or incrementally tighter as we did this year. You're not seeing that happen in the tiers above you. Just trying to get a sense on how this environment might be, evolving versus some of the earlier trade down we saw when everybody started tight tightening together.

您能簡單談談這一點嗎？這是這裡發生的事情的一部分。你們必須更加嚴格一點，或者逐步嚴格一點，就像我們今年所做的那樣。你不會看到在你上面的層級發生這種情況。只是想了解這種環境可能會如何發展，與我們之前看到的當每個人都開始緊密合作時出現的一些貿易下滑相比。

Yeah, it's a good call out, Bobby, and we certainly saw the impacts of the supply above us tighten in 2024 and then kind of stayed static while they saw what their portfolios were doing. Earlier this year, I think there were calls that that folks may be loosening here in the back half of 2025.

是的，Bobby，這是一個很好的呼籲，我們確實看到我們上方的供應的影響在 2024 年收緊，然後在他們看到他們的投資組合表現時保持靜止。今年早些時候，我認為有人呼籲人們可能在 2025 年下半年放鬆政策。

I think Providers are revaluing that potential strategy, but based on the headlines that we've seen over the last I don't know 6 to 12 weeks, which would indicate some stress out there in auto portfolios and elsewhere, we have not yet seen or observed in the credit stacks where we participate and have good visibility.

我認為提供者正在重新評估這一潛在策略，但根據我們在過去 6 到 12 週內看到的頭條新聞，這表明汽車投資組合和其他方面存在一些壓力，我們尚未在我們參與並具有良好可見性的信貸堆疊中看到或觀察到這種情況。

Any trade down or any tightening in the supply above us, so we are, we did have to tighten earlier this year. We have not seen any additional benefit from supply above us tightening so far. I think it's just my opinion is it's unlikely that they will loosen here in the holiday season, but we haven't seen any evidence of them tightening and creating more of that trade down for us.

任何貿易下滑或供應收緊的情況，我們都必須在今年早些時候收緊。到目前為止，我們還沒有看到上方供應收緊帶來的任何額外好處。我認為，我的觀點是，他們不太可能在假期放鬆政策，但我們還沒有看到任何證據表明他們會收緊政策並給我們帶來更多的貿易下滑。

Okay, that's helpful. And then maybe on just the GMB cadence through the quarter, I mean anything interesting or notable, kind of how the months played out and anything in October, to help us think about, kind of the early I know we're still a little early for holiday but just anything in October as well.

好的，這很有幫助。然後也許只是整個季度的 GMB 節奏，我的意思是任何有趣或值得注意的事情，有點像幾個月的進展以及十月份的任何事情，以幫助我們思考，有點早，​​我知道我們離假期還有點早，但十月份的任何事情也是如此。

Yeah, nothing on holiday yet. Obviously it's difficult right now, but this is the case every year that so much of the quarter is made in the 5 weeks between Black Friday or the 7 days of Black Friday, whatever you want to call it, to Christmas Eve for the leasing business.

是的，假期還沒結束。顯然，現在很困難，但每年都是這樣，租賃業務的大部分季度收入都是在黑色星期五或黑色星期五的 7 天（無論你怎麼稱呼它）到聖誕節前夕之間的 5 週內實現的。

The quarter for Q3, it was fairly similar, but it did, September was. Was lower than August and July from a negative standpoint, but I don't know if the headlines and the psychology from the pending government shutdown and all those things kind of played into people's confidence and sentiment, but we did see some softness.

第三季的情況相當相似，但九月的情況確實如此。從負面角度來看，低於八月和七月，但我不知道即將到來的政府關門的頭條新聞和心理以及所有這些因素是否影響了人們的信心和情緒，但我們確實看到了一些疲軟。

Okay. And then lastly for me, Brian, I hate to be the guy that asks about 26, but I'm going to do that here just cause there's a lot of moving parts. But like when you think about 26 and just want to maybe level set the model, not asking for guidance, of course, but like you got vibe flowing out, you got a smaller portfolio because of this GMV, but then you have the big lock headwind coming off. So just help us frame up, kind of all those moving parts and, to keep kind of expectations in line with the smaller portfolio but potentially GMB actually starting to show growth again.

好的。最後，布萊恩，對我來說，我不想成為詢問 26 的人，但我要在這裡這樣做，因為有很多活動部件。但是當你考慮 26 並且可能只是想對模型進行水平設置時，當然不是尋求指導，但是就像你感受到氛圍的流動一樣，由於這個 GMV，你的投資組合變得更小，但是隨後你就面臨著巨大的鎖定逆風。因此，只需幫助我們建立所有這些活動部件，並使預期與較小的投資組合保持一致，但潛在的 GMB 實際上開始再次顯示成長。

Yeah, I think starting with the with the tailwinds you look at 26 and again not providing guidance but just, as things are shaping up, I think you're right. So the from a decision standpoint, as Steve alluded to, the biggest relief from a year to year comp comes in Q1. That was the most meaningful tightening that we did here in here in Q1 of 2025. So as that rolls off, you should start to see some relief there.

是的，我認為從順風開始，你會看到 26，並且再次不提供指導，但隨著事情的發展，我認為你是對的。因此，從決策的角度來看，正如史蒂夫所提到的，年比最大的緩解出現在第一季。這是我們在 2025 年第一季實施的最有意義的緊縮措施。因此，隨著這種情況的發生，您應該會開始看到一些緩解。

Along with that, and obviously getting past the big lots comp which we've provided information about in our supplemental deck, and I think the other positives are portfolio is being managed effectively.

除此之外，顯然我們已經超越了我們在補充材料中提供的大宗股票補償信息，我認為其他積極因素是投資組合得到了有效管理。

So as we talked about, we're down year over year and sequentially with the 7.4% that we posted this year. So I think a similar. A similar kind of write-offs posture is probably appropriate. You've also got this this growth in 4 that's really exciting and booing the booing the results here in the quarter, and I think we've got a trajectory there that's encouraging.

正如我們所說的，我們的銷售額同比下降，環比下降，今年的降幅為 7.4%。所以我的想法類似。採取類似的註銷態度可能是適當的。您還看到了 4 月份的成長，這確實令人興奮，本季的業績令人鼓舞，我認為我們的發展軌跡令人鼓舞。

And I think the offset or you know what we're paying attention to a little bit is this macro and the impact on leasing just more broadly that'll, I think continue to serve a challenge here in Q4 and we'll see what 2026 holds, but I think that's how it's shaping up from a, we talked about this 11%, 13%.

我認為抵消或你知道我們稍微關注的是這個宏觀因素以及對租賃更廣泛的影響，我認為這將繼續在第四季度帶來挑戰，我們將看看 2026 年會發生什麼，但我認為這就是它從我們討論的 11%、13% 開始形成的方式。

Margin target for the leasing segment. There's no not been intent to revisit that at least at this point in time.

租賃部門的利潤目標。至少目前還沒有打算重新審視這一點。

So that's our mandate is to actively manage the cost structure in light of what our top-line allows, and that's those are really the inputs as I shape up 2026. The portfolio, as you said, is really not consequential. To earnings, it's about a $65 million dollar haircut off of revenue is from a run rate perspective and so that's how I'd size that up.

因此，我們的任務是根據我們的營收允許範圍積極管理成本結構，而這些才是我規劃 2026 年的真正投入。正如你所說，投資組合實際上並不重要。對於收益而言，從運行率的角度來看，這相當於收入減少了 6500 萬美元，這就是我的估計。

Perfect. That's very helpful. Appreciate the details here and congrats on the transaction and the portfolio management.

完美的。這非常有幫助。感謝這裡的詳細信息，並祝賀交易和投資組合管理。

Best of Luck, guys. Thanks.

祝大家好運。謝謝。

Bobby, appreciate it.

鮑比，非常感謝。

Thank you. Our next question coming from the line of Anthony Chikuma with Loop Capital Markets, your line is now open.

謝謝。我們的下一個問題來自 Loop Capital Markets 的 Anthony Chikuma，您的線路現已開放。

Good morning.

早安.

Thank you for taking my question. I guess my first question, you mentioned the three new retail partners. Can you tell us who those retail Partners are?

感謝您回答我的問題。我想我的第一個問題是，您提到了三個新的零售合作夥伴。您能告訴我們那些零售合作夥伴是誰嗎？

Hi Anthony, good morning, and I had money that you would be the one that that noticed that and talked about that, so I'm glad, I appreciate that. Yeah, we're not going to name them.

嗨，安東尼，早上好，我很確定你會注意到這一點並談論這一點，所以我很高興，我很感激。是的，我們不會透露他們的名字。

We just wanted to highlight because our biz teams are out there working their tails off, all the time and they can't. The timing of when we get things across the goal line, but it's not for a lack of effort and or success, quite frankly, so we're pleased with the results in the quarter and actually one of them was subsequent to the quarter end, but we use the term recognizable retail logos on purpose because While they may not have been, standalone press releases, they are logos that you would recognize and so.

我們只是想強調這一點，因為我們的業務團隊一直在外面拼命工作，但他們做不到。我們實現目標的時間，坦白說，這並不是因為缺乏努力或成功，所以我們對本季度的結果感到滿意，實際上其中一個是在季度末之後，但我們故意使用可識別的零售標識這個術語，因為雖然它們可能不是獨立的新聞稿，但它們是您會認出的標識等等。

We're pleased with those wins, those competitive processes, and prevailing in those processes, and while they'll have very minimal impact in 2025, they will be part of the building blocks of how we're building the GMV picture and profile for 2026 and The teams also have, a number of other.

我們對這些勝利、這些競爭過程以及在這些過程中取得的勝利感到滿意，儘管它們在 2025 年的影響非常小，但它們將成為我們構建 2026 年 GMV 圖景和概況的基石，而且團隊還擁有許多其他的圖景和概況。

Opportunities in the pipeline that we're excited about and unfortunately, as you've observed with us for many years, the timing is very choppy on when those things come across.

我們對即將出現的機會感到興奮，但不幸的是，正如您多年來觀察到的那樣，這些事情發生的時機非常不穩定。

Got it. Okay.

知道了。好的。

So I guess that's a new project for my research associate to figure out who those retailers are.

所以我想這對我的研究助理來說是一個新項目，即弄清楚這些零售商是誰。

The second question, okay, so you got $150 million for the vibe portfolio. That's more than 10% of your market cap. And then you've got this nine figure windfall coming from the one big beautiful bill, which makes me feel dumber every time I have to say that. I guess my question then becomes, how do you think about capital allocation, right? You mentioned you're at 1.1 times leverage. You're very comfortable with that.

第二個問題，好的，那麼您為氛圍投資組合獲得了 1.5 億美元。這超過了你的市值的10%。然後你就從這張漂亮的大鈔中獲得了九位數的意外之財，每次我說這句話時，我都覺得自己更蠢了。我想我的問題是，您如何看待資本配置，對嗎？您提到您的槓桿率為 1.1 倍。你對此感到非常舒服。

I would think, particularly given where your stock is, that you would, back up the truck in terms of buying back stock, but how do you sort of think about that?

我認為，特別是考慮到您的庫存情況，您會透過回購庫存來支持卡車，但您對此有何看法？

Yeah, you're right, and that 1.1 times leverage was previous to the sale of thevi portfolio, so, but point taken.

是的，你是對的，1.1 倍槓桿是在出售 VI 投資組合之前，所以，但我明白這一點。

Yeah, I mean, you kind of you set you set it up there. We look at it through the lens of net leverage ratio, right, which we which we think is kind of a 1.5 to 2 turns is kind of a comfort level. But then we look at, our capital allocation priorities and Growing the business is priority one and obviously we're in a negative GMV situation currently with leasing, but we don't expect that to be the case for, forever.

是的，我的意思是，你把它設置在那裡。我們透過淨槓桿率的角度來看待這個問題，我們認為 1.5 到 2 倍的槓桿率是一種舒適的水平。但隨後我們看看，我們的資本配置優先事項和業務成長是第一要務，顯然我們目前的租賃業務 GMV 處於負值狀態，但我們預計這種情況不會永遠持續下去。

So hopefully we'll have some working capital requirements to grow GMV within the leasing business. 4 is obviously, a juggernaut and while very short duration.

因此，希望我們能夠有一些營運資金需求來增加租賃業務的 GMV。4 顯然是一個巨大的威脅，但持續時間很短。

Transactions we'll need some capital here especially in the 4th quarter. And so, but we're fortunate in that our business models do allow us to kind of check that box when it comes to organic growth and reinvesting in the business.

交易我們需要一些資金，特別是在第四季。但是，我們很幸運，我們的商業模式確實允許我們在有機成長和業務再投資方面做到這一點。

Second, we have said that strategic or opportunistic M&A is something that's on our radar, and we would look for something synergistic to our ecosystem and That fits into our strengths of serving this below prime and underserved customer and assessing risk and then absent those first things, then we would define excess capital and look to return it to the shareholders and our history has been through. Repurchases and you know obviously we initiated a dividend about 2 years ago, so the capital lands and capital allocation priorities haven't changed.

其次，我們說過，策略性或機會性併購是我們關注的重點，我們會尋找與我們的生態系統具有協同作用的事物，這符合我們為低於優質和服務不足的客戶提供服務的優勢，並評估風險，然後，如果沒有這些首要的事情，我們將確定過剩資本並尋求將其返還給股東，我們的歷史已經經歷過了。回購，而且您知道，我們大約兩年前就開始派發股息，因此資本土地和資本配置優先順序沒有改變。

We just have a high level problem of having more of it on the balance sheet right now and so we'll look to to check those 3 boxes and be good stewards of the capital.

我們目前面臨的一個高階問題是資產負債表上有更多資金，因此我們將檢查這三個方塊並做好資本管理。

Got it. That's helpful. Thanks, and good luck with the remainder of the year Exactly.

知道了。這很有幫助。謝謝，祝今年剩餘時間一切順利。

Thank you. Our next question coming from the line of Hong Lian with Citya and your line is now open.

謝謝。我們的下一個問題來自 Citya 的 Hong Lian，您的線路現已開放。

Good morning and thanks for taking my questions. I guess.

早上好，感謝您回答我的問題。我猜是的。

You are now seeing some softness from the consumers, the lower end consumers, but then you haven't tightened yet. So can you talk about the difference between now and maybe this time a year ago when you guys started the titan? What's the difference? I haven't met you guys, I guess.

現在你會看到消費者、低端消費者有些疲軟，但還沒收緊。那麼你能談談現在和一年前你們開始創建泰坦時的差異嗎？有什麼區別？我猜我還沒見過你們。

That haven't made you guys do additional tightening at this point given the pressures that's starting to surface.

考慮到開始出現的壓力，這並沒有讓你們現在採取額外的緊縮措施。

Yeah, I mean, I think.

是的，我是說，我認為。

The difference is that the portfolio is in a different place than it was last year because of the tightening, so as it turns over fairly quickly and so the actions that we took in the back half of 24, but more specifically in Q1 of 25, have helped to make the portfolio more healthy, we are seeing some elevated DQs, the delinquencies, but one of the good achievements of our data science teams are some of the changes they made to the approvals and approval amounts is that we have. Been able to choke off, if you will, kind of some of the straight rollers or the no pays that roll right to right to charge off or write off. So the idea that you can have some elevated delinquencies but not negative dispositions or negative outcomes, those things can be true at the same time. And so we are. Again, we're white knuckled like we always are because portfolio is job one. We're watching the portfolio and poised if we have to do something, but the early indicators are showing us things that we should be paying attention to but have not have not told us that we need to do additional tightening at this point.

不同之處在於，由於緊縮政策，投資組合與去年相比有所不同，因此週轉速度相當快，因此我們在 24 年下半年，更具體地說是 25 年第一季度採取的行動有助於使投資組合更加健康，我們看到了一些上升的 DQ 和拖欠率，但我們的數據科學團隊取得的一項良好成就是他們對批准和批准金額所做的一些改變和批准金額所做的一些改變。如果你願意的話，可以阻止一些直滾輪或從右到右滾動以沖銷或註銷的無付款。因此，可以存在一些高犯罪率，但不會產生負面傾向或負面結果，這些情況可以同時存在。我們也是如此。再說一次，我們一如既往地緊張，因為投資組合是我們的首要任務。我們正在關注投資組合，並做好採取行動的準備，但早期指標向我們展示了我們應該關注的事情，但並沒有告訴我們此時需要採取進一步的緊縮措施。

Yeah. I would just add to that what Dynamics just illustrated is coming through in that 80 basis points of gross margin expansion. And so you ask what from a year over year perspective what's what's the dynamic we're certainly seeing a more favorable mix in the way that it's playing out and those changes we've made from a decision in scientist standpoint are are playing through. And so I think that's a that's an important element in comparing contrasting last year to this.

是的。我只想補充一下，Dynamics 剛剛展示的 80 個基點的毛利率成長就是反映這一點的。因此，您要問，從逐年的角度來看，動態是什麼，我們肯定會看到一種更有利的組合，從科學家的角度做出的決定來看，這些變化正在發揮作用。所以我認為這是比較去年和今年的一個重要因素。

Got it. And my follow-up is on the vibe sales, given that you guys are getting 150 million and you guys didn't do buy back in the 3Q. I mean.

知道了。我的後續關注點是氛圍銷售，因為你們獲得了 1.5 億美元，而且你們在第三季沒有回購。我是說。

Should we expect catch up buyback info you and what you plan to do with this proceed going forward?

我們是否應該期待您提供回購資訊以及您計劃如何處理這筆款項？

Yeah I mean I guess I would I would just kind of refer to the answer previously about what we're going to do with the capital and just kind of go back to our capital allocation priorities and then we don't really guide or speak to what we're going to do in the future about about repurchases in any given quarter and we would just look to the three pillared strategy on capital allocation.

是的，我的意思是我想我會參考先前的答案，關於我們將如何處理資本，然後回到我們的資本配置重點，然後我們不會真正指導或談論我們將來在任何特定季度將做什麼關於回購，我們只會關注資本配置的三大支柱戰略。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Our next question coming from the lineup, Brad Thomas with KeyBanc Capital Markets. The line is now open.

謝謝。我們的下一個問題來自 KeyBanc Capital Markets 的 Brad Thomas。該線路現已開通。

Hi, good morning. Thanks for the question. I wanted to follow-up on 4, and first of all, congratulations on the nice momentum in that business, a really exciting outlook that I think is still underappreciated by many investors. I was curious, Steve, as you continue to grow that business, there's this sort of ongoing question of does BNPL compete with lease to own, and so I was curious. As you have success cross marketing, what your new learnings are as you have more overlap and who those customers are.

嗨，早安。謝謝你的提問。我想跟進 4，首先，祝賀該業務的良好發展勢頭，這是一個真正令人興奮的前景，我認為許多投資者仍然低估了它。史蒂夫，我很好奇，隨著你的業務不斷發展，一直存在這樣的問題：BNPL 是否與租賃自有競爭，所以我很好奇。當您成功進行交叉行銷時，隨著重疊度的增加，您會學到什麼新東西，以及這些客戶是誰。

Yeah, thanks Brad, and we're very excited about 4 and its current state, but also its its potential and where we where we think we can take it.

是的，謝謝布拉德，我們對 4 及其現狀感到非常興奮，同時也對它的潛力以及我們認為可以把它帶到哪裡感到非常興奮。

Yeah, I mean it's been interesting to have that product in our ecosystem to be able to watch it because I, before we've had it for 4 years, but it was very small and. In 21, 22 and 23, the view has always been that BNPL and more specifically the pay and for providers, not some of the longer installment sales that people call BNPL, are not really a competitor to leasing very simply because of the average order value. Right, and the average order value is still in the $125 to $140 range, which is materially different than a $1100 average ticket for our leasing business. Also, the categories that are that are predominant in the in our for business are different, right? You have consumables and cosmetics and apparel and sneakers and It's provided us a nice insight into those shopping patterns, and I think that is also a reason why they have diverging growth rates currently because people are still consuming those things that I mentioned at $140 purchase, but they're maybe more reluctant or deferring purchases of the larger ticket durable goods that are traditionally in the leasing business. We are excited and encouraged by our cross-sell motions and developing those further because there is overlap in the consumer will serve a low prime consumer all the way up to the super prime consumer, but there is considerable overlap with the leasing customer and to the extent that. They can come to us if they need a new refrigerator from Samsung versus a shoe drop on a Saturday afternoon for some new Jordan and use that our different products for that is we think a big opportunity for us and we're doing that currently and we have plans to do it more and better in the future, but we don't really see.

是的，我的意思是，在我們的生態系統中擁有該產品很有趣，能夠觀看它，因為之前我們已經擁有它 4 年了，但它非常小。在 21、22 和 23 中，人們一直認為 BNPL，更具體地說是付費和為提供者付費，而不是人們稱之為 BNPL 的一些長期分期付款銷售，並不是真正的租賃競爭對手，原因很簡單，因為平均訂單價值。是的，平均訂單價值仍然在 125 美元到 140 美元之間，這與我們的租賃業務的 1100 美元平均票價有實質差異。此外，我們業務中占主導地位的類別是不同的，對嗎？您有消耗品、化妝品、服裝和運動鞋，這為我們提供了對這些購物模式的很好的洞察，我認為這也是它們目前增長率不同的原因，因為人們仍然在消費我提到的那些 140 美元的商品，但他們可能更不願意或推遲購買傳統上屬於租賃業務的大件耐用品。我們對我們的交叉銷售動議感到興奮和鼓舞，並進一步發展這些動議，因為消費者之間存在重疊，他們將為低品質消費者一直到超級品質消費者提供服務，但與租賃客戶有相當大的重疊，並且在一定程度上。如果他們需要三星的新冰箱，他們可以來找我們，或者在周六下午買一雙新的喬丹鞋，並使用我們的不同產品，我們認為這對我們來說是一個巨大的機會，我們目前正在這樣做，我們計劃在未來做得更多更好，但我們並沒有真正看到。

The paying for as a competitor to leasing, it's, and we believe that it can be complementary.

作為租賃的競爭對手，我們相信付費可以實現互補。

That's very helpful.

這非常有幫助。

Thank you, Steve. And maybe a follow-up for Brian. I know you're not giving 2026 guidance, and Bobby already took a stab at this, but as we think about the margin side of things, I guess is there anything you would call out, again, as you talked about with Bobby, it does feel like the revenue outlook at the beginning of next year would be challenging if the GMB is down at the end of this year. Outside of the leverage side of things, are there any broads that we should keep in mind, as we think about margins? Thanks.

謝謝你，史蒂夫。或許這是 Brian 的後續行動。我知道您沒有給出 2026 年的指導，Bobby 已經嘗試過這一點，但是當我們考慮利潤方面時，我想您是否還有什麼要說的，再次，正如您與 Bobby 談論的那樣，如果 GMB 在今年年底下滑，那麼明年年初的收入前景確實會充滿挑戰。除了槓桿方面之外，當我們考慮利潤時，還有哪些方面是我們應該牢記的？謝謝。

Yeah, no, it's it's a good question. It's something that we're very focused on and trying to make decisions internally to balance the investments that need to get made in this business that have high ROI potential and also adhering to this 11% to 13% for certainly for the leasing segment that we have set as a standard for prior years and as implied in our guidance, I think we're right around the bottom end of that 11% to 13%. And as we look into 2026, the factor that really brings some oxygen into the into the room is is getting GMV moving in the right direction. You've got this, right now in part of the head we're facing is a bit of the deleveraging just from a revenue perspective. And so that's task number one is to is to reinject.

是的，不，這是一個好問題。這是我們非常關注的事情，我們試圖在內部做出決策，以平衡需要在該業務中進行的投資，這些投資具有較高的投資回報率潛力，並且堅持 11% 到 13% 的回報率，當然對於租賃部分，我們已經為前幾年設定了標準，正如我們的指導中所暗示的那樣，我認為我們正處於 11% 到 13% 的底端。當我們展望 2026 年時，真正為房間注入活力的因素是讓 GMV 朝著正確的方向發展。你知道，現在我們面臨的部分問題只是從收入角度來看的去槓桿化。所以首要任務就是重新註入。

A positive of more favorable trend in GMV and working towards that end, and that's not stating, anything for 26, that's just obviously the mission as we as we TRY to improve that result.

GMV 呈現更有利的趨勢，並朝著這個目標努力，這並不是說 26 有什麼特別之處，這顯然只是我們試圖改善這一結果的使命。

I think the the other factor that I would point to and Steve offers some color in the prepared marks, which was, 4 is, north of 20% here in the quarter in terms of margin, so the ability to grow that business profitably and and the contributions that we believe they can offer, particularly as it gets scale, I think is is really encouraging, as you go kind of down the P&L gross margin.

我認為我要指出的另一個因素是史蒂夫在準備好的標記中提供了一些顏色，即本季度的利潤率超過 20%，因此，隨著業務規模的擴大，我們相信他們可以提供的貢獻，特別是當它擴大時，我認為這真的令人鼓舞，因為你會降低損益表的毛利率。

We obviously had a really strong gross margin print here for the quarter, and I think there are some things that we have done internally around decisioning and trying to optimize that and so I think that may very well be something that we can maintain into next year, which is encouraging. So all that being said, I think there are certainly the building blocks for us to.

我們本季的毛利率顯然非常強勁，我認為我們在內部已經做了一些決策並試圖優化這一點，所以我認為這很可能是我們明年能夠保持的，這是令人鼓舞的。所以，綜上所述，我認為我們肯定已經具備了基礎。

To maintain you know that 11% to 13% is the the North Star and you know TRY to work against this deleveraging component, build for and keep our costs in line while while addressing the investments that need to get made. I think that's the task at hand, but we understand the mandate of of not growing costs substantially faster than than revenue, but we we think we've got some good things in the hopper that will help GMV going forward.

為了保持，你知道 11% 到 13% 是北極星，你知道嘗試對抗這個去槓桿成分，建立並保持我們的成本一致，同時解決需要進行的投資。我認為這是目前的任務，但我們明白成本成長速度不能大幅超過收入成長速度，但我們認為我們已經有一些好東西可以幫助 GMV 向前發展。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you. Our next question coming from the line of John J. wood from Jeffrey wood your line is now open.

謝謝。我們的下一個問題來自 Jeffrey wood 的 John J. wood，您的線路現已開放。

Good morning, guys. Thanks very much for taking my question. I guess just a little bit more into 4 just because I know Steve you gave us some of the seasonality factors and so forth, but it's had very, 8 quarters are really good kind of growth patterns. Maybe can you give us some some insight as to a customer acquisition and Steve he even mentioned like some the opportunity to cross sell maybe just a little bit more into that into that opportunity.

大家早安。非常感謝您回答我的問題。我想稍微深入一點，因為我知道史蒂夫，你給了我們一些季節性因素等等，但它有非常好的 8 個季度的成長模式。也許您能為我們提供一些關於客戶獲取的見解，史蒂夫甚至提到了一些交叉銷售的機會，也許可以更多地了解這個機會。

Sure, yeah, and one of the One of the really nice things about 4 so far, and we think it can continue, is just the organic growth that it's That it's seeing and it's MAUs. It's installed the app downloads and ultimately the GMV is really been driven primarily by referrals and word of mouth and user generated content that wasn't paid for. We have a lot of good ambassadors out there that are really happy with 4 and getting their friends and family to use it, and that's evidenced by sometimes the 4 app in the in the app store for iOS will be a TOP10 shopping app for a period of time because of some TikTok video or something that we didn't pay for.

當然，是的，到目前為止，4 的一個真正好的事情是它所看到的有機增長和 MAU，我們認為它可以繼續下去。它安裝了應用程式下載，最終 GMV 實際上主要由推薦、口碑和未付費的用戶生成內容驅動。我們有很多優秀的大使，他們對 4 非常滿意，並讓他們的朋友和家人使用它，這一點可以從以下情況得到證明：有時，由於一些 TikTok 視頻或一些我們沒有付費的東西，iOS 應用商店中的 4 應用程序會在一段時間內成為 TOP10 購物應用程序。

We are leaning into some marketing as much to prove that we have the sophistication of that muscle in case we need it.

我們正在盡可能地利用一些行銷手段來證明我們擁有這種實力，以備不時之需。

Not really to sustain or to juice the growth rates and so far we're very pleased with the cost for download and the cost of customer acquisition in the small dollars that we're spending, but we believe that that's a lever that we can.

這不是為了維持或提高成長率，到目前為止，我們對下載成本和客戶獲取成本的花費感到非常滿意，但我們相信這是我們可以實現的槓桿。

That we can pull in the future if necessary. So the referral rate, the word of mouth, has been really strong.

如果有必要的話，我們將來可以這麼做。因此，推薦率和口碑都非常強勁。

4 plus has been a very pleasant adoption rate. We introduced it in early 2024 and we have a very growing subscriber base and as we said, about 80% of our GMV coming from.

4 plus 的採用率非常令人滿意。我們在 2024 年初推出了它，我們的用戶群正在不斷增長，正如我們所說，大約 80% 的 GMV 來自它。

From 4+ subscribers, which certainly helps that.

來自 4 個以上的訂閱者，這當然有幫助。

That take rate metric that's prevalent in the industry.

這採用了業界流行的利率指標。

The cross is an exciting area as well. It's an internal initiative for all of our teams and we're doing some marketing primarily from the four acquired customers to the leasing business, but there's certainly opportunities to go bidirectional, and those are things that we'll be looking at. For 2026 as well to go in both directions across the ecosystem of products, but 4 is, really becoming a standout in the in the ecosystem and and getting more integrated and we think that there's a lot of opportunities across the products, but But one of the one of the really nice things has been this this organic word of mouth and referral marketing or customer acquisition without paid marketing that we've been able to achieve, and it's kudos to the brand that the team have built and the user acceptance in the frictionless experience.

十字架也是一個令人興奮的地方。這是我們所有團隊的一項內部舉措，我們主要從四個收購的客戶向租賃業務進行一些行銷，但肯定存在雙向合作的機會，這些都是我們正在關注的事情。對於 2026 年來說，產品生態系統也將朝著兩個方向發展，但 4 真正成為生態系統中的佼佼者，並且變得更加整合，我們認為產品之間有很多機會，但其中一件真正好的事情就是這種有機的口碑和推薦營銷或客戶獲取，而無需付費營銷，我們已經能夠實現，這是對團隊建立的品牌和用戶對無摩擦體驗的認可的認可。

Okay, that's super helpful. And then, I guess a follow-up maybe Brian, I think you mentioned if if you correct for big loss and some of the tightening that your GMV growth is mid single-digits, I think I heard. In a normal environment, and I know that's a tough question to define what's the normal environment, but maybe if you think about the period of 15, 2015 to 2020 or something, what do you what do you perceive as kind of normal secular growth trends for GMB growth relative to that mid single-digit number?

好的，這非常有幫助。然後，我想接下來的問題可能是布萊恩，我想你提到過，如果你糾正大額虧損和一些收緊，你的 GMV 增長是中等個位數，我想我聽說過。在正常環境下，我知道定義什麼是正常環境是一個很難的問題，但也許如果您考慮一下 2015 年到 2020 年這段時間，您認為相對於中等個位數，GMB 增長的正常長期增長趨勢是什麼樣的？

Yeah, I appreciate you you directed that to me versus Steve, but that is a tough question, and look, the period that you're referring to for 15 to 20, that was a That was an environment where I think it was certainly there was a lot of momentum on the enterprise level retailers and in 2019 launching Lowe's and Best Buy was certainly a certainly a.

是的，我很感謝你把這個問題直接告訴我而不是史蒂夫，但這是一個很難回答的問題，你看，你提到的 15 到 20 年的時間，我認為那是一個企業級零售商發展勢頭強勁的環境，2019 年推出 Lowe's 和 Best Buy 肯定是一個肯定的。

A high growth period. So it's tough to normalize for, I guess what I would say is is we're looking at the GMV opportunity, we see a pipeline is strong. We see conversations with meaningful retailers that while the sale cycle is long, we we are we are engaging them and we think that we think there's a lot of opportunities still within our current installed base as we look at. As we look at you know the metrics across the board, whether it's levels of conversion or leases per door productivity type metrics, there's there's a lot of opportunity there and so and I'm not giving a satisfying answer about a specific range that you can you can take the 26 and beyond. I would just say that you know if we're growing the single-digits with with the headwinds that are existing today.

高增長期。因此，很難將其正常化，我想我會說的是，我們正在尋找 GMV 機會，我們看到管道很強大。我們看到與有意義的零售商的對話，雖然銷售週期很長，但我們正在與他們接觸，我們認為，在我們目前的安裝基礎上仍然有很多機會。當我們查看全面的指標時，無論是轉換水平還是每扇門的租賃生產力類型指標，都存在很多機會，因此，我無法給出關於特定範圍的令人滿意的答案，您可以取 26 個甚至更多。我只想說，你知道我們是否在當今存在的逆風下實現了個位數的成長。

When you adjust for decision and the bailouts, bankruptcy, its it's encouraging to me to think about what's still leverage still exists for us to penetrate the existing book and beyond, and it makes you feel comfortable that we should be able to drive that north and that's our best days are not behind us, and I think we've got a lot of opportunity.

當你根據決策、救助和破產做出調整時，我感到很鼓舞，因為我想到我們仍然可以利用哪些槓桿來突破現有賬簿及其他方面，這讓你感到安心，我們應該能夠推動這一進程，而最好的日子還沒有過去，我認為我們還有很多機會。

Opportunity ahead so that's probably a color I would offer and welcome any thoughts you might have on that.

前方機遇，所以這可能是我會提供的顏色，歡迎您對此提出任何想法。

No, I mean, you nailed it. We've got good growth available to us with our install base, and you know we'd love to rerun the 15 to 20 time frame because it was it was it was a growth period of, our retailers had positive comps and we are adding new retailers to the platform all the time. So that's certainly what we're we're rooting for now.

不，我的意思是，你成功了。我們的安裝基礎為我們帶來了良好的成長，你知道，我們很樂意重新運行 15 到 20 年的時間範圍，因為那是一個增長期，我們的零售商有積極的增長，而且我們一直在向平台添加新的零售商。所以這當然是我們現在所支持的。

Right, thank you.

好的，謝謝。

Guys very much for the context.

大家非常贊同這個背景。

Thank you.

謝謝。

Our next question coming from the line of Vincent Caintic with BTIG. Your line is now open.

我們的下一個問題來自 BTIG 的 Vincent Caintic。您的線路現已開通。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

Kind of first one on GMV and I guess a two part question.

第一個問題是關於 GMV 的，我想這個問題可以分成兩個部分。

We talked earlier about the underwriting posture and, feel the need to to to tighten yet. I'm just kind of wondering if you can give us some sort of framework for what your underwriting posture, I guess currently can absorb and maybe in terms of how we think about the macro or consumer deterioration.

我們之前談到了承保態勢，現在感覺還需要收緊。我只是想知道您是否可以為我們提供某種框架，說明您的承保立場，我猜目前可以吸收，也許就我們如何看待宏觀或消費者惡化而言。

And maybe what would cause it, you have to tighten further. And then, second part, so you mentioned those those retailers that you signed up, and if you could maybe disclose like what the potential opportunity is in terms of the GMV size, that would be very helpful.

也許是什麼原因導致你必須進一步收緊。然後，第二部分，您提到了那些您簽約的零售商，如果您可以透露 GMV 規模方面的潛在機會，那將非常有幫助。

Thank you.

謝謝。

Yeah, I mean, Vincent, on on the decisioning side, I mean we've got all kinds of indicators that we look at from first pay bounces to 4 week delinquencies to roll rates from bucket to bucket, all the things that you would imagine we're looking at and and you know we. We don't just look at one, we look at all of them because, as I mentioned, DQs are elevated, but it's not something that is impacting overall portfolio yield or or negative disposition outcomes currently. So it's a mosaic, if you will of all those things and we you know we know what we.

是的，文森特，在決策方面，我們有各種各樣的指標，從第一次工資跳票到 4 週拖欠，再到從一個檔次到另一個檔次的滾動利率，所有你能想像到的我們正在關注的事情，你知道我們。我們不只是關註一個，而是關注所有，因為正如我所提到的，DQ 有所提高，但它目前不會影響整體投資組合收益率或負面處置結果。所以，如果你願意的話，它就是一幅馬賽克，上面畫著所有這些東西，我們知道我們知道什麼。

What we need to see in order to tighten and I want to be clear though when we say like we may see something.

為了收緊，我們需要看到什麼？當我們說我們可能會看到一些東西時，我想說清楚。

To tighten, but it won't be like a like a broad brush stroke changing internal risk scores across every retailer. It could be pockets. It could be it could be in a particular vertical. It could be in a particular retailer. It could be in a particular geography. It's very dialed in credit to the team for that. So those are the things we're looking at and we look at. Very frequently with a lot of folks around the room and on the teams meeting weighing in. So the 3 retailers, I would say that we would look at those, they're recognizable logos, so they're not, some two-store mattress chain in Denver and two of the three, it's new to them.

收緊，但不會像大刀闊斧地改變每個零售商的內部風險評分。可能是口袋。它可能處於某個特定的垂直方向。它可能位於某個特定的零售商處。它可能位於特定的地理位置。這對團隊來說是一個非常大的榮譽。這些就是我們正在關注和研究的事情。房間裡和團隊會議中常常會有很多人發表意見。所以我想說，我們會關注這三家零售商，它們都是可識別的標識，所以它們不是丹佛的一些兩家床墊連鎖店，三家中的兩家對他們來說是新的。

So as you probably remember from previous, when someone adopts a new payment type, it doesn't go from 0 to 60 overnight. It kind of ramps up through training and productivity gains and so we will be.

因此，您可能還記得，當有人採用一種新的支付方式時，它不會在一夜之間從 0 變為 60。透過培訓和生產力提高，它會逐漸增加，我們也會這樣做。

Be working with the, the counterparts of those retailers to make sure that we move up that productivity curve as fast as possible. I guess you kind of look at them as like a, a super regional if you will, from a sizing standpoint.

與這些零售商的同行合作，確保我們盡快提高生產力曲線。我想，從規模的角度來看，你可以把它們看成是一個超級區域。

Okay, perfect. That's super helpful.

好的，完美。這非常有幫助。

Thank you. And then last question, I wanted to go back to 4, so great GMV results, over the past 8 quarters, and then it was nice to see that strong bit of margin this quarter. I know there's, variability as as you're growing that business significantly, but I'm just wondering if you can maybe talk about How you think of that business, at some point in the future when it reaches reaches maturity, what sort of, what's the economics, what's the maybe the even the margins of that business, because I guess when I look at it, I'm making comparisons to some of the other public might not pay later companies like, Sezzle and affirm and seeing their high E of margins. So I'm just kind of wondering how you're thinking about that framework if you can help us out.

謝謝。最後一個問題，我想回到 4，過去 8 個季度的 GMV 結果非常好，很高興看到本季利潤率如此之高。我知道，隨著您的業務大幅增長，存在著變化，但我只是想知道您是否可以談談您如何看待這項業務，在未來某個時候，當它達到成熟時，它是什麼樣的，經濟狀況如何，甚至這項業務的利潤率是多少，因為我想當我看著它時，我會將其與其他一些可能不會在以後支付的公眾公司（如 Semzzle 和它們的高利潤率。所以我只是有點好奇，如果您能幫助我們的話，您對這個框架有何看法。

Thank you.

謝謝。

Yeah, Vincent, I mean, I think that The public concert are certainly a place to look, and 4 has pivoted over the last several years to a direct consumer model, so probably similar, but several years behind Sezzle.

是的，文森特，我的意思是，我認為公開音樂會肯定是一個值得關注的地方，而 4 在過去幾年中已經轉向直接消費者模式，所以可能類似，但比 Sezzle 落後幾年。

And so if you think about where we were year-to-date with 4 from the margin standpoint, and even though it's it'll swing to a here in Q4, which like I said, is not a surprise to us and is nothing to be worried about, but it'll bring probably that full year margin down into the mid to mid-ish single-digits, but we do expect with two dynamics scale, as you mentioned, and then with that scale comes more GMV coming from. Repeat shoppers, so scale and improving loss rates over time we believe can will result in margin improvement over the next several years, and the unknown is just the rate of growth, right? So we've been growing north of 150% GMV each quarter of this.

因此，如果您從利潤率的角度考慮我們今年迄今為止的利潤率為 4，儘管它會在第四季度波動，但就像我說的，這對我們來說並不意外，也沒有什麼可擔心的，但它可能會將全年利潤率拉低到中等到個位數，但正如您所說，我們確實預計會有兩大動態規模，然後隨著這個規模的擴大，GMV 也會隨之增加。重複購物者，因此我們相信隨著時間的推移規模和損失率的改善將導致未來幾年利潤率的提高，而未知的只是增長率，對嗎？因此，我們每季的 GMV 成長率都超過 150%。

I guess it was like 147 in Q1, but it's been over 160 in Q2 and Q3, just from the law of numbers you would expect that to decelerate in 2026, but you know whether there's an opportunity for us to, if it decelerates a lot, then you'd have more margin expansion. But if we keep the keep the growth there in an effort to get to that scale faster, then we'll have margin expansion but not not as much as you would if you really throttled the growth, so.

我想第一季是 147，但第二季和第三季已經超過 160，僅從數位定律來看，你會預期 2026 年會減速，但你知道我們是否有機會，如果它減速很多，那麼你的利潤率就會擴大。但是，如果我們保持成長速度，努力更快達到這個規模，那麼我們的利潤率就會擴大，但不會像真正抑製成長那樣擴大那麼多。

We're not in the business of throttle and growth as long as we feel good about the unit economics of each deal we're putting out.

只要我們對我們推出的每筆交易的單位經濟效益感到滿意，我們就不會進行節流和成長業務。

And so, but over the next several years we see no reason why we can't look more like those public comps that you are that you're citing there, and that's an exciting opportunity.

所以，但在接下來的幾年裡，我們認為沒有理由不能更像您所引用的那些上市公司，這是一個令人興奮的機會。

Okay, great, very.

好的，非常好。

Helpful.

很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

And I'm showing no further questions in the queue at this time. I'll now turn the call back over to Mr. Steve Michaels for any closing remarks.

目前隊列中沒有其他問題。我現在將電話轉回給先生。史蒂夫邁克爾斯致閉幕詞。

Accessibility shortcuts.

輔助使用快捷方式。

Yeah, thank you very much. Appreciate everybody joining us today and your interest in Prague. We delivered another strong quarter and are excited about our opportunity to finish the year strong and then a setup for 2026, which we'll talk more about here in February. So thanks so much and have a great day.

是的，非常感謝。感謝今天與我們一起的各位以及對布拉格的關注。我們又完成了一個強勁的季度，並且很高興有機會以強勁的勢頭結束今年，然後為 2026 年做好準備，我們將在二月份詳細討論這一點。非常感謝，祝您有美好的一天。

This conference call, thank you for your participation, and you may not disconnect.

本次電話會議，感謝您的參與，請勿斷線。

Goodbye.

再見。