PROG Holdings Inc (PRG) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the PROG Holdings Q1 Earnings Conference Call.

大家好，感謝您撥冗等候。歡迎參加 PROG Holdings 2026 年第一季財報電話會議。

At this time, all participants are in listen-only mode.

目前所有與會者皆為只聽模式。

At this speaker's presentation, there will be a question-and-answer session.

在講者簡報結束後，將進行問答環節。

Operation Instruction

操作說明

I would like to hand the conference over to your first speaker today, John Baugh, Vice President of Investor Relations. Please go ahead.

我想將會議交給今天的第一位講者，投資人關係副總裁 John Baugh。請開始。

Thank you, and good morning, everyone. Welcome to the PROG Holdings first quarter 2026 earnings call.

謝謝，各位早安。歡迎參加 PROG Holdings 2026 年第一季財報電話會議。

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

今天早上與我一同出席的有 PROG Holdings 總裁兼執行長 Steven Michaels，以及我們的財務長 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.

各位多數人應已看到我們今早發布的財報新聞稿，該新聞稿可於我們的投資人關係網站 investor.progholdings.com 取得。

During this call, certain statements we make will be forward-looking, including comments regarding our revised 2026 full-year outlook and our outlook for the second quarter of 2026.

在本次電話會議中，我們所做的某些陳述將屬於前瞻性陳述，包括對我們修訂後的 2026 全年展望，以及 2026 年第二季展望的評論。

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.

提醒聽眾不要過度依賴我們今天所做的前瞻性陳述；這些陳述皆受風險與不確定性影響，可能導致實際結果與前瞻性陳述所載內容出現重大差異。

We undertake no obligation to update any such statements.

我們不承擔更新任何此類陳述的義務。

On today's call, we will be referring to certain non-GAAP financial measures, including adjusted EBITDA and non-GAAP EPS, which have been adjusted for certain items which may affect the comparability of our performance with other companies.

在今天的電話會議中，我們將引用若干非 GAAP 財務衡量指標，包括調整後 EBITDA 與非 GAAP 每股盈餘（EPS）；這些指標已就某些可能影響我們與其他公司績效可比性的項目進行調整。

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

這些非 GAAP 指標的詳細內容，載於我們財報新聞稿所附的調節表中。

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.

公司認為，這些非 GAAP 財務衡量指標能對公司的營運績效與現金流提供有意義的洞見；並向投資人提供這些指標，以協助其與前期營運結果進行比較，並理解公司持續性的營運表現。

With that, I would like to turn the call over to Steven Michaels, PROG Holdings- President and Chief Executive Officer.

接下來，我想把電話會議交給 PROG Holdings 總裁兼執行長 Steven Michaels。

Thanks, John. Good morning, everyone, and thank you for joining us.

謝謝你，John。各位早安，感謝各位加入我們。

I'll start by saying we delivered a strong first quarter.

我先說明：我們第一季交出強勁的成績。

We're very happy with the start to the year and the momentum we're seeing in the business.

我們對今年的開局以及在業務上看到的動能感到非常滿意。

Our results came in at the high end of our revenue outlook and exceeded the top end of our outlook for earnings and non-GAAP EPS.

我們的結果落在營收展望的高端，並且超越了獲利與非 GAAP EPS 展望的上緣。

This outperformance reflects the discipline of our operating model and strong execution across the organization, supported by higher-than-expected GMV with improved economics at four, as well as better portfolio yield at progressive leasing, primarily due to lower-than-expected utilization of 90-day purchase options.

這項優於預期的表現，反映出我們營運模式的紀律性與全組織的強力執行；其背後動能來自 four 的 GMV 高於預期且經濟性改善，以及 Progressive Leasing 的投組殖利率更佳，主要因 90 天買斷選項的使用率低於預期。

In an environment where the geopolitical and macroeconomic situation presents challenges, including from rising gas prices, our model performed as designed.

在地緣政治與總體經濟情勢帶來挑戰（包括油價上漲）之際，我們的模式如設計般運作。

This consistency is a direct result of how we built and managed this business over time.

這種一致性，直接來自我們長期以來打造並管理這項業務的方式。

Let me provide some additional color on the quarter before walking through our strategic priorities.

在我說明我們的策略重點之前，先就本季表現補充一些背景。

As I mentioned in February, we have begun framing growth through the lens of consolidated GMV. Which grew 54% in Q1 compared to the same period last year.

如我在二月提到的，我們已開始以合併 GMV 的角度來框定成長。第一季合併 GMV 較去年同期成長 54%。

These results reflect the addition of purchasing power and the triple-digit growth of four.

這些結果反映了 Purchasing Power 的併入，以及 four 的三位數成長。

As our portfolio of solutions expands, GMV is generated through multiple products across leasing, four, and purchasing power, and this consolidated view better reflects the full scale of our platform.

隨著我們的解決方案組合擴大，GMV 由租賃、four 與 Purchasing Power 等多項產品共同貢獻；這種合併視角更能反映我們平台的完整規模。

It's a great example of how we are deploying an integrated ecosystem of solutions to better reach underserved individuals and families.

這是我們如何部署整合式解決方案生態系，以更好地觸及服務不足的個人與家庭的一個絕佳例子。

Starting with progressive leasing, GMV for the first quarter came in at 2.2% below the same period last year.

先從 Progressive Leasing 來看，第一季 GMV 較去年同期低 2.2%。

However, trends improved meaningfully as the quarter progressed, with January down high-single-digits, February down low-single-digits and March up low-single-digits.

不過，隨著季度推進，趨勢明顯改善：一月為高個位數下滑、二月為低個位數下滑，而三月則為低個位數成長。

As a reminder, throughout last year, our leasing business faced GMV headwinds from deliberate tightening actions and the bankruptcy of Big Lots.

提醒各位，去年全年我們的租賃業務 GMV 面臨逆風，原因包括我們刻意採取的收緊措施，以及 Big Lots 的破產。

As we lap both of those headwinds, particularly through February, leasing's GMV trends inflected positively in March.

隨著我們逐步消化這兩項逆風（尤其到二月為止），租賃的 GMV 趨勢在三月出現正向轉折。

From a GMV standpoint, the quarter played out largely as expected, and we are excited to exit the quarter on a growth trajectory.

從 GMV 的角度來看，本季走勢大致符合預期，我們也很高興在季度結束時處於成長軌道上。

Four's GMV for the quarter was 134% higher year-over-year.

four 本季 GMV 年增 134%。

Customer demand for our BNPL product remains robust, and importantly, we are seeing that growth translate into attractive economics and profitability, which I'll discuss in more detail shortly.

市場對我們的 BNPL（先買後付）產品需求依然強勁；更重要的是，我們看到這些成長正轉化為具吸引力的經濟性與獲利能力，稍後我會更詳細說明。

Purchasing Power's Q1 GMV grew double-digits at 10.3% year-over-year.

Purchasing Power 第一季 GMV 年增 10.3%，達到雙位數成長。

This growth was due to favorable performance within existing employer accounts.

這項成長主要來自既有雇主客戶帳戶的良好表現。

We also added several new employer clients during the quarter, bringing tens of thousands of new eligible employees onto the platform and supporting future growth.

我們在本季也新增了數個新的雇主客戶，為平台帶來數以萬計新增符合資格的員工，並支持未來成長。

Consolidated revenue came in at $743 million, representing 11% year-over-year growth.

合併營收為 7.43 億美元，年增 11%。

This performance was primarily as a result of the addition of Purchasing Power, along with growth at four. And partially offset by a revenue decline at progressive leasing due to a lower portfolio size throughout the quarter.

此表現主要來自 Purchasing Power 的併入，以及 four 的成長。部分則被 Progressive Leasing 的營收下滑所抵銷，原因是本季整體投組規模較小。

Consolidated adjusted EBITDA was $90.3 million and non-GAAP EPS was $1.24, both exceeding the high end of our outlook.

合併調整後 EBITDA 為 9,030 萬美元，非 GAAP EPS 為 1.24 美元，兩者皆超越我們展望的高端。

This outperformance was fueled by a better-than-expected portfolio yield and customer payment performance at progressive leasing, as well as increased customer demand and profitability at four.

這項優於預期的表現，來自 Progressive Leasing 投組殖利率與客戶付款表現優於預期，以及 four 的客戶需求增加與獲利能力提升。

To summarize the quarter, we delivered results above expectations, saw improving GMV trends while maintaining portfolio health at leasing, drove profitable triple-digit growth with improving economics at four.

總結本季：我們交出高於預期的結果；在維持租賃投組健康的同時，GMV 趨勢改善；four 在經濟性改善下推動具獲利性的三位數成長。

Achieved double-digit GMV growth at purchasing power and continued to execute against our ecosystem strategy.

Purchasing Power 達成雙位數 GMV 成長，並持續推進我們的生態系策略。

Before we shift into our strategic priorities, I want to briefly address the broader environment and how it informs our updated outlook.

在我們轉入策略重點之前，我想先簡要談談更廣泛的環境，以及它如何影響我們更新後的展望。

The consumer we serve remains resilient, but they are facing real challenges.

我們服務的消費者仍具韌性，但他們正面臨真實的挑戰。

Gas prices are elevated, and there is increased uncertainty in the macro backdrop.

油價處於高位，且總體環境的不確定性增加。

We remain committed to continue to deliver consistent portfolio performance across all our businesses and managing costs prudently to achieve our earnings outlook.

我們仍致力於在所有業務中持續交付一致的投組表現，並審慎管理成本，以達成我們的獲利展望。

Our track record demonstrates our ability to adapt quickly and we will do so as conditions evolve. Let me now turn to our three strategic pillars, grow, enhance and expand to share some highlights from the quarter.

我們的過往紀錄證明我們具備快速調整的能力，並將隨著情勢演變而持續調整。接下來我將談我們的三大策略支柱：成長（Grow）、強化（Enhance）與擴展（Expand），並分享本季的一些重點。

Starting with the Grow pillar, we saw encouraging traction at progressive leasing and purchasing power with remarkable growth at 4%, which collectively resulted in consolidated GMV being up 54% year-over-year.

先從「成長」支柱開始：我們在 Progressive Leasing 與 Purchasing Power 看到令人鼓舞的進展，four 則呈現顯著成長；合計使合併 GMV 年增 54%。

For leasing, Q1 applications grew double-digits year-over-year and GMV trends improved sequentially month-over-month, with March up low single-digits compared to the prior year.

就租賃而言，第一季申請量年增達雙位數，且 GMV 趨勢逐月依序改善；三月相較去年同期為低個位數成長。

In addition to lapping the tightening actions from early 2025, these results reflect our investments in technology to enhance customer experience and in marketing to promote engagement across both new and existing customers.

除了消化 2025 年初收緊措施的影響外，這些結果也反映我們在科技上的投資以提升客戶體驗，以及在行銷上的投入以促進新舊客戶的互動與參與。

You heard about many of these initiatives at our recent Investor Day, and we're pleased to say that they are continuing to have a positive impact on our business.

您在我們近期的投資人日已聽到許多這些計畫；我們也很高興地表示，這些計畫持續對我們的業務帶來正面影響。

Our long-term distribution base of exclusive retail partners, with approximately 70% of progressive leasing GMV secured into the 2030s, provides a durable foundation for growth as we also gain balance of share within existing key retail partners.

我們由專屬零售合作夥伴所構成的長期分銷基礎（約 70% 的 Progressive Leasing GMV 已鎖定延伸至 2030 年代）為成長提供了穩固的基礎；同時，我們也在既有的關鍵零售合作夥伴中提升市占份額。

Additionally, our direct-to-consumer efforts, spanning both marketing and digital channels, have been meaningful drivers of growth.

此外，我們的直面消費者（DTC）策略，涵蓋行銷與數位通路，已成為重要的成長驅動力。

Within marketing at Progressive Leasing, we leaned into customer acquisition, partner marketing, and cross-product campaigns, which drove increased engagement and incremental GMV.

在 Progressive Leasing 的行銷方面，我們加大客戶獲取、夥伴行銷與跨產品活動的投入，帶動更高的互動度與增量 GMV。

We focused further up the funnel while maintaining flat acquisition costs year-over-year.

我們將重點進一步前移至漏斗上游，同時維持獲客成本年對年持平。

At the same time, our outreach channels, including e-mail, SMS, and push notifications, generated incremental GMV, reinforcing healthy consumer demand and improving return on ad spend.

同時，我們的觸達通路（包括電子郵件、簡訊與推播通知）帶來增量 GMV，強化健康的消費者需求，並提升廣告投放報酬率（ROAS）。

On the digital front, Prague Marketplace delivered another notable quarter, growing at 169% year-over-year.

在數位端，Prague Marketplace 再度交出亮眼的一季，年對年成長 169%。

We are scaling this channel through ongoing product enhancements, increased traffic and improved conversion.

我們透過持續的產品強化、提升流量與改善轉換率來擴大此通路規模。

Our e-commerce channel also grew meaningfully due to deeper integrations with retail partners and improved digital checkout experiences.

我們的電商通路也因與零售合作夥伴更深度的整合，以及更佳的數位結帳體驗而顯著成長。

Q1 e-commerce GMV was 25.7% of total progressive leasing GMV, up from 16.8% in the same period last year and the highest first quarter mix to date.

第一季電商 GMV 佔 Progressive Leasing 總 GMV 的 25.7%，高於去年同期的 16.8%，並創下歷來第一季最高占比。

Shifting to four, we delivered another triple-digit growth quarter, our 10th in a row, with performance powered by both customer acquisition and engagement.

轉到 4，我們再度交出三位數成長的一季，且已連續第 10 季達成；表現同時受惠於客戶獲取與互動提升。

The team rolled out AI-driven product enhancements that simplify the shopping experience and average order values increased year-over-year.

團隊推出 AI 驅動的產品強化以簡化購物體驗，平均訂單金額亦年對年提升。

Monthly active users more than doubled compared to a year ago, reflecting growing consumer interest.

月活躍用戶數較一年前增加逾一倍，反映消費者興趣持續升溫。

On the marketing side, spend was deployed efficiently to support growth, maintaining a healthy balance between paid and organic customer acquisition.

在行銷方面，我們以高效率配置支出以支持成長，並在付費與自然獲客之間維持健康平衡。

Finally, Purchasing Power delivered double-digit GMV growth, reinforcing the strength of its model and its strategic role within our ecosystem.

最後，Purchasing Power 交出雙位數 GMV 成長，進一步印證其商業模式的強韌性，以及其在我們生態系中的策略性角色。

Its payroll deduction model represents a differentiated distribution moat, serving employees who value predictable, convenient purchasing options through their paycheck.

其薪資扣款模式形成差異化的分銷護城河，服務重視可預期、便利之薪資購物選項的員工族群。

We remain in the early stages of deeper integration, including introducing Purchasing Power to our retail partner employee bases and leveraging addressable employer relationships to expand leasing distribution.

我們仍處於更深度整合的早期階段，包括將 Purchasing Power 導入零售合作夥伴的員工族群，並運用可觸達的雇主關係來擴大租賃分銷。

Over time, we believe this opportunity represents a meaningful incremental growth lever.

隨時間推進，我們相信此機會將成為具意義的增量成長槓桿。

From a marketing perspective, early media testing at Purchasing Power is showing encouraging results, demonstrating our ability to improve penetration within the eligible population.

從行銷角度來看，Purchasing Power 的早期媒體測試呈現令人鼓舞的結果，顯示我們有能力提升在符合資格人群中的滲透率。

Under the Enhanced pillar, our investments in improving both customer and retailer experiences are progressing, with several initiatives beginning to deliver positive results.

在「Enhanced」支柱下，我們對提升客戶與零售商體驗的投資正持續推進，且多項計畫已開始帶來正面成果。

Our AI-driven lease eligibility engine is scaling meaningfully. We've expanded our leasing product catalog and improved response times from three seconds down to a 10th of a second.

我們的 AI 驅動租賃資格判定引擎正顯著擴大規模。我們擴充了租賃產品目錄，並將回應時間從 3 秒縮短至 0.1 秒。

At the same time, we are advancing customer experience enhancements that are driving higher conversion.

同時，我們也推進客戶體驗的強化，帶動更高的轉換率。

We deployed multiple AI-driven improvements across our marketplace, including an AI chatbot assistant, enhanced payments navigation, and a new AI-powered checkout flow that simplifies and streamlines the transaction process.

我們在市集推出多項 AI 驅動的改善措施，包括 AI 聊天機器人助理、強化的付款導覽，以及新的 AI 驅動結帳流程，以簡化並加速交易流程。

These marketplace enhancements have delivered an approximately 20 percentage point improvement in checkout conversion versus the prior experience, while also lowering cost to serve and improving operational efficiency.

相較於先前的體驗，這些市集強化使結帳轉換率提升約 20 個百分點，同時降低服務成本並提升營運效率。

Enhance the customer experience to support higher customer lifetime value while improving the economics of the business.

強化客戶體驗，以支持更高的客戶終身價值，同時改善業務的經濟效益。

Under the Expand pillar, 4 is scaling, and purchasing power is growing double-digits, in line with expectations as integration efforts advance.

在「Expand」支柱下，4 正在擴大規模，而 Purchasing Power 亦如預期維持雙位數成長，隨著整合工作推進而持續發展。

We remain intensely focused on strengthening our ecosystem.

我們仍高度專注於強化我們的生態系。

4 executed at a high level, delivering 142% revenue growth in Q1 2026. The 10th consecutive quarter of triple-digit GMV and revenue growth.

4 以高水準執行，於 2026 年第一季實現 142% 的營收成長。這是連續第 10 季 GMV 與營收皆達三位數成長。

Q1 GMV reached $280 million, more than doubling Q1 2025 and March 2026 GMV of $108 million was the second highest month in company history.

第一季 GMV 達 2.80 億美元，較 2025 年第一季增加逾一倍；而 2026 年 3 月 GMV 為 1.08 億美元，為公司史上第二高的單月表現。

Customer engagement trends remain favorable with average purchase frequency of approximately five transactions per quarter and more than 130% growth in active shoppers year-over-year.

客戶互動趨勢仍然正向，平均每季購買頻率約 5 筆交易，且活躍購物者年對年成長超過 130%。

New shoppers grew approximately 80% year-over-year, representing expansion of the platform's customer base.

新購物者年對年成長約 80%，代表平台客群持續擴張。

4's subscription model remains a key driver, with 4+ subscribers continuing to contribute approximately 80% of total GMV.

4 的訂閱模式仍是關鍵驅動因素，4+ 訂閱者持續貢獻約 80% 的總 GMV。

4's take rate, defined as revenue generated as a percentage of GMV over the trailing 12-month period. Remain consistent at approximately 10%, indicating positive monetization efficiency as the business scales.

4 的抽成率（take rate）定義為過去 12 個月期間營收占 GMV 的百分比。其水準維持一致，約為 10%，顯示業務擴張下仍具正向的變現效率。

From a profitability standpoint, Ford generated adjusted EBITDA of $12.9 million in Q1 2026, already exceeding full-year 2025 adjusted EBITDA of $9.9 million.

就獲利而言，Ford 於 2026 年第一季創造 1,290 萬美元的調整後 EBITDA，已超越 2025 全年調整後 EBITDA 的 990 萬美元。

Q1 adjusted EBITDA margin was 37%, reflecting the benefits of scale.

第一季調整後 EBITDA 利潤率為 37%，反映規模效益。

While Q1 is seasonally the highest margin quarter following elevated GMV from the holiday period, the business continues to demonstrate meaningful operating leverage.

儘管第一季在假期後 GMV 較高的帶動下，季節性地為利潤率最高的一季，但該業務仍持續展現顯著的營運槓桿。

MoneyApp, our cash advance product, grew revenue over 50% in the first quarter and continues to play an important role as both an engagement and cross-sell driver within our ecosystem.

MoneyApp（我們的現金預支產品）在第一季營收成長超過 50%，並持續在我們的生態系中扮演重要角色，既是互動提升的驅動因素，也是交叉銷售的推動力。

Growth was as a result of higher. Average advance sizes as well as early traction from a new product we introduced in December called top-ups, which allows qualifying customers to responsibly access additional funds on top of an existing advance.

成長主要來自更高的平均預支金額，以及我們於 12 月推出的新產品「top-ups」的初期動能；該產品讓符合資格的客戶可在既有預支之上，以負責任的方式取得額外資金。

While still early, top-ups are beginning to generate incremental revenue and represent another avenue for us to deepen customer engagement and expand the platform over time.

雖仍在早期階段，top-ups 已開始帶來增量營收，並代表我們隨時間深化客戶互動、擴大平台的另一條途徑。

Our ecosystem strategy is gaining traction.

我們的生態系策略正逐步見效。

At our Investor Day in March, I highlighted that cross-product engagement is a strategic priority because we believe it is a key component of long-term growth and value creation.

在 3 月的投資人日上，我強調跨產品互動是策略優先事項，因為我們相信這是長期成長與價值創造的關鍵組成。

We are seeing progress from our ecosystem-first approach with customers increasingly engaging across multiple products, driving higher lifetime value and improved acquisition efficiency.

我們的「生態系優先」方法已見進展，客戶愈來愈常跨多項產品互動，帶動更高的終身價值並提升獲客效率。

FOR is currently our most connected product, often serving as an entry point and engagement driver across our platform.

FOR 目前是我們連結度最高的產品，經常作為平台的入口與互動驅動器。

Progressive Leasing showed the most meaningful improvement in cross-product engagement during the quarter, with more of its customers interacting with other offerings.

Progressive Leasing 在本季的跨產品互動改善最為顯著，更多客戶與其他產品服務產生互動。

Notably, we also drove the largest overlap and fastest growth in overlap between Progressive Leasing and FOR customers.

值得注意的是，我們也推動 Progressive Leasing 與 FOR 客戶之間最大的重疊度，以及重疊度最快的成長。

Before turning over to Brian, let me touch on capital allocation.

在交棒給 Brian 之前，我先談談資本配置。

Our priorities remain unchanged.

我們的優先順序維持不變。

Invest in the business, pursue strategic M&A, and return excess capital to shareholders through share repurchases and dividends.

投資於業務、追求策略性併購（M&A），並透過庫藏股回購與股利將多餘資本回饋股東。

In February, I told you that in the near term, we will focus on prioritizing debt reduction as we work toward our long-term net leverage target of 1.5 to 2 times, and we did.

2 月我曾表示，短期內我們將在邁向長期淨槓桿目標 1.5 至 2 倍的過程中，優先聚焦於降低負債，而我們也確實做到了。

During the quarter, we paid down $210 million in recourse debt, ending Q1 with a net leverage ratio of 2 times. To summarize the quarter, we delivered results above expectations, led by consistent execution and improving demand trends across the business.

本季我們償還了 2.10 億美元的追索權債務，第一季末淨槓桿比率為 2 倍。總結本季，我們的表現優於預期，主要受惠於穩健的執行力，以及全業務需求趨勢的改善。

Importantly, these results were achieved while continuing to invest in our strategic priorities, advancing our direct-to-consumer capabilities, scaling our digital channels, and deepening integration across our platform.

重要的是，我們在持續投資策略優先事項的同時達成這些成果，推進直面消費者能力、擴大數位通路規模，並加深平台內的整合。

Overall, our distribution moat, diversified ecosystem, and data-driven decisioning capabilities position us well to perform across a range of environments.

整體而言，我們的分銷護城河、多元化生態系，以及數據驅動的決策能力，使我們能在各種環境下保持良好表現。

I firmly believe the best chapters of Prague's story are still ahead of us.

我堅信，布拉格故事中最精彩的篇章仍在前方。

With that, I'll turn the call over to Brian.

接下來，我把電話交給 Brian。

Thanks, Steve, and good morning, everyone.

謝謝你，Steve，各位早安。

Our strong performance in the first quarter was broad-based and reflects disciplined execution across each of our businesses, as well as some margin favorability from consumer behavior in the leasing segment.

我們第一季的強勁表現涵蓋面廣，反映出我們在各項業務上的紀律性執行，此外，租賃業務中消費者行為也帶來了一些有利的毛利因素。

In a short period of time, we made significant progress against our goal of deleveraging following the Purchasing Power acquisition, and as we exit the quarter, we are within our target net leverage range of 1.5 to 2 times.

在短時間內，我們在完成 Purchasing Power 收購後，朝去槓桿化目標取得了顯著進展；而在本季結束時，我們已落在目標淨槓桿區間 1.5 至 2 倍之內。

I'll begin with our Q1 results of progressive leasing, followed by four technologies, Purchasing Power, and then move to consolidated results.

我將先從第一季 progressive leasing 的業績談起，接著是 Four Technologies、Purchasing Power，然後再說明合併結果。

I'll close with an update on our balance sheet, capital allocation, and our revised full-year 2026 outlook.

最後，我會更新資產負債表、資本配置，以及我們修訂後的 2026 全年展望。

While more broadly, consumer demand across several discretionary categories remains pressured, our teams executed well on the areas within our control, including targeted growth initiatives, decisioning, expense discipline and capital deployment, enabling us to deliver results ahead of expectations and reinforcing the underlying opportunities within the business.

儘管整體而言，消費者在多個非必需品類別的需求仍承壓，我們的團隊在可控範圍內的各項工作執行良好，包括聚焦式成長計畫、決策（decisioning）、費用紀律與資本投放，使我們交出優於預期的成果，並強化了業務內在的機會。

Starting with progressive leasing, first quarter GMV came in at $393 million, representing a 2.2% decline year-over-year, which was in line with our expectations. As Steve outlined, this performance reflects two primary factors in the first half of the quarter: the tightening actions we implemented last year to preserve portfolio performance and the lapping of remaining GMV from Big Lots following their bankruptcy.

先看 progressive leasing，第一季 GMV 為 3.93 億美元，年減 2.2%，符合我們的預期。如 Steve 所述，這項表現主要反映本季前半段的兩個因素：我們去年為維持資產組合表現而採取的收緊措施，以及 Big Lots 破產後其剩餘 GMV 的基期效應。

As we progress through the quarter and move past these headwinds, GMV trends improved sequentially, returning to low single-digit growth in March. Revenue for the Progressive Leasing segment was $597 million in the first quarter, down 8.4% year-over-year, primarily a result of a smaller average lease portfolio throughout the quarter.

隨著本季推進並逐步走出這些逆風，GMV 趨勢按序改善，3 月回到低個位數成長。Progressive Leasing 部門第一季營收為 5.97 億美元，年減 8.4%，主要是因為本季期間平均租賃資產組合規模較小。

The lower gross leased asset balance, which is down 9.4% entering the quarter compared to a year ago, created a headwind to Q1 revenue. We ended the first quarter with the portfolio size down 5.4% year-over-year. As we executed against our growth initiatives of progressive leasing, we expect this portfolio headwind to subside and the revenue compare will become less difficult as the year progresses.

本季初的租賃資產總額（gross leased asset）餘額較去年同期下降 9.4%，對第一季營收形成逆風。第一季結束時，資產組合規模年減 5.4%。隨著我們推進 progressive leasing 的成長計畫，我們預期這項資產組合逆風將逐步消退，且隨著年度推進，營收比較基期也會變得不那麼具挑戰。

Additionally, utilization of the 90-day early purchase option, which is seasonally high in Q1 due to tax refund season, came in lower than expected for the quarter and below 2025. While an environment where fewer customers are electing to exercise their 90-day purchase option represents a revenue headwind in the period, over time, we expect total revenue, gross profit and margins to trend favorably.

此外，90 天提前買斷選項的使用率（由於退稅季，第一季通常較高）本季低於預期，也低於 2025 年。雖然在較少客戶選擇行使 90 天買斷選項的環境下，當期營收會受到逆風影響，但從時間拉長來看，我們預期總營收、毛利與利潤率將呈現較有利的趨勢。

Gross margin for progressive leasing was 31.5% in the quarter, up 210 basis points year-over-year. Margin expansion stems from improved portfolio yield and a higher proportion of customers choosing to remain in their lease agreements longer, which in part ties to a lower 90-day purchase option activity.

本季 progressive leasing 的毛利率為 31.5%，年增 210 個基點。毛利率擴張來自資產組合收益率提升，以及選擇在租賃合約中停留更久的客戶占比提高；其中一部分與 90 天買斷選項活動降低有關。

Leased merchandise write-offs came in at 7.3% of lease revenue within our targeted annual range of 6% to 8% and a 10 basis point improvement from the Q1 2025 rate of 7.4%. This result reflects the benefits of the tightening actions taken a year ago, and we have been largely comfortable with the trends we have seen since those changes.

租賃商品沖銷（write-offs）占租賃營收比重為 7.3%，落在我們年度目標區間 6% 至 8% 之內，且較 2025 年第一季的 7.4% 改善 10 個基點。此結果反映了我們一年前採取收緊措施所帶來的效益，而自那些調整以來，我們對所見趨勢大致感到滿意。

As we've consistently emphasized, protecting portfolio health remains our top priority, and we are closely monitoring payment behavior, delinquencies, and vintage-level performance, and we are pleased with what we have seen year-to-date.

如我們一再強調，維護資產組合健康仍是我們的首要任務；我們正密切監控付款行為、逾期情況以及各期別（vintage）層級的表現，且對今年迄今的表現感到滿意。

The rest of the SG&A for the quarter was $81.3 million, or 13.6% of revenue, compared to 12.6% in Q1 of 2025 and was flat in total SG&A dollars spent, even as we invest selectively in areas that support long-term growth, including technology modernization, customer experience and AI initiatives.

本季其餘 SG&A 為 8,130 萬美元，占營收 13.6%，相較 2025 年第一季的 12.6% 有所上升；即使我們選擇性投資於支持長期成長的領域（包括技術現代化、客戶體驗與 AI 計畫），SG&A 總支出金額仍持平。

As we've demonstrated over time, we remain focused on balancing near-term expense discipline with investments that enhance the durability and scalability of the business. Adjusted EBITDA for progressive leasing was $77 million or 12.9% of revenue at the high end of our long-term target range of 11% to 13%, representing a 260 basis point improvement year-over-year.

如我們長期以來所展現的，我們仍專注於在短期費用紀律與提升業務韌性與可擴展性的投資之間取得平衡。Progressive leasing 的調整後 EBITDA 為 7,700 萬美元，占營收 12.9%，位於我們長期目標區間 11% 至 13% 的高端，年增 260 個基點。

This performance was primarily the result of operational execution, including managing portfolio performance and yield, partially offset by the revenue headwind of a smaller lease portfolio throughout the quarter. Turning to four technologies, Q1 GMV reached $280 million, representing growth of 134% year-over-year and marking the 10th consecutive quarter of triple-digit GMV growth.

這項表現主要來自營運執行，包括管理資產組合表現與收益率；但部分被本季期間租賃資產組合較小所帶來的營收逆風所抵銷。接著看 Four Technologies，第一季 GMV 達 2.80 億美元，年增 134%，並創下連續第 10 季 GMV 三位數成長。

March alone generated $108 million in GMV, the second highest month in company history. Revenue of $35 million exceeded expectations, growing 142% year-over-year. Adjusted EBITDA was $12.9 million, representing a margin of 37%.

僅 3 月就創造 1.08 億美元 GMV，為公司史上第二高的單月表現。營收 3,500 萬美元超出預期，年增 142%。調整後 EBITDA 為 1,290 萬美元，利潤率為 37%。

I would note that Q1 is the strongest margin period for four, and throughout the remainder of the year, I expect margins to moderate to the range implied in the revised outlook for the segment. Underlying economics are improving, and we remain highly encouraged by the performance of the business across both growth and profitability metrics.

我想指出，第一季是 Four 利潤率最強的期間；在今年剩餘時間，我預期利潤率將回落至該部門修訂後展望所隱含的區間。基本經濟性正在改善，我們對該業務在成長與獲利兩項指標上的表現仍深受鼓舞。

Finally, switching to Purchasing Power, Q1 GMV was $132.7 million, representing 10.3% growth. Revenue for Purchasing Power was $107.1 million first quarter, with adjusted EBITDA of $0.8 million, consistent with the near break-even results we expected. As a reminder, Purchasing Power seasonally generates a greater proportion of its revenue and earnings in the back half of the year. Particularly in the fourth quarter. Integration efforts are on track, and we remain encouraged by the progress we are making across both front-end and back-end synergies, as well as its strategic fit within our broader ecosystem. Transitioning to consolidated results, we delivered strong GMV growth with continuing operations increasing 54% year-over-year to $806 million, driven by the addition of purchasing power and growth at four.

最後，轉到 Purchasing Power，第一季 GMV 為 1.327 億美元，成長 10.3%。Purchasing Power 第一季營收為 1.071 億美元，調整後 EBITDA 為 80 萬美元，符合我們預期的接近損益兩平結果。提醒一下，Purchasing Power 的營收與獲利具有季節性，通常在下半年占比更高。尤其是在第四季。整合作業按計畫推進，我們對前端與後端綜效的進展，以及其在我們更廣泛生態系中的策略契合度，仍感到鼓舞。轉到合併結果，我們交出強勁的 GMV 成長，持續經營業務的 GMV 年增 54% 至 8.06 億美元，主要由納入 Purchasing Power 以及 Four 的成長所帶動。

Revenue from continuing operations grew 11.1% year-over-year to $742.7 million, reflecting the addition of purchasing power and triple-digit growth at four technologies, partially offset by the revenue decline in progressive leasing. From an earnings perspective for continuing operations.

持續經營業務營收年增 11.1% 至 7.427 億美元，反映納入 Purchasing Power 與 Four Technologies 的三位數成長；但部分被 progressive leasing 的營收下滑所抵銷。從持續經營業務的獲利角度來看。

Consolidated adjusted EBITDA was $90.3 million, or 12.2% of revenue, and non-GAAP diluted EPS was $1.24, both exceeding the high end of our February outlook and delivering 29% and 38% year-over-year growth, respectively.

合併調整後 EBITDA 為 9,030 萬美元，占營收 12.2%；非 GAAP 稀釋後 EPS 為 1.24 美元，兩者皆高於我們 2 月展望區間的上緣，並分別實現年增 29% 與 38%。

Turning to the balance sheet, we ended the first quarter with $69.4 million of unrestricted cash and total available liquidity of $419.4 million, including our revolving credit facility. We ended the quarter with $650 million of recourse debt. Since closing the acquisition, we paid down recourse debt by $210 million, resulting in a net leverage ratio of 2 times trailing 12-month adjusted EBITDA.

再看資產負債表，我們在第一季結束時持有 6,940 萬美元不受限制現金，總可用流動性為 4.194 億美元（包含循環信用額度）。本季結束時，我們的追索權債務（recourse debt）為 6.50 億美元。自完成收購以來，我們已償還 2.10 億美元追索權債務，使淨槓桿比率降至過去 12 個月調整後 EBITDA 的 2 倍。

As a reminder, this ratio excludes the non-recourse ABS debt used to fund purchasing power operations, does not add back the associated interest expense to adjusted EBITDA, and only includes the purchasing power adjusted EBITDA since the acquisition. Importantly, net leverage was approximately 2.5 times immediately following the acquisition on January 2 of 2026.

提醒一下，該比率不包含用於資助 Purchasing Power 營運的無追索權 ABS 債務，也未將相關利息費用加回至調整後 EBITDA，且僅納入收購完成後的 Purchasing Power 調整後 EBITDA。重要的是，在 2026 年 1 月 2 日收購完成後不久，淨槓桿約為 2.5 倍。

Since then, our focus has been on integrating purchasing power and driving meaningful deleveraging, and we have made material progress in the quarter, bringing net leverage back within our long-term target range of 1.5 to 2 times. As we move through the balance of the year, we expect to remain below 2 times returns. We returned capital to shareholders in the first quarter through our quarterly dividend, paying $0.14 per share, a 7.7% increase from the prior-year quarter.

自那時起，我們的重點一直放在整合採購力並推動具實質意義的去槓桿化；本季我們已取得顯著進展，使淨槓桿回到我們長期目標區間的 1.5 至 2 倍之內。隨著我們走過今年剩餘時間，我們預期將維持在 2 倍以下。我們在第一季透過季度股利向股東返還資本，每股發放 0.14 美元，較去年同期增加 7.7%。

I would now like to touch on a few key aspects of our second quarter and revised full-year outlook, which was provided in this morning's earnings release. Despite their macroeconomic challenges, we believe our GMV momentum at a consolidated level will carry into the remainder of the year. The improving leasing GMV trends positively impact the gross leased asset balance, which is a leading indicator of future period revenue.

接下來我想談談我們第二季的幾個關鍵面向，以及今早財報新聞稿中提供的修訂後全年展望。儘管面臨總體經濟挑戰，我們相信在合併層級的 GMV 動能將延續至今年剩餘時間。租賃 GMV 趨勢的改善，對總租賃資產餘額帶來正面影響；而該餘額是未來期間營收的領先指標。

Four is delivering strong growth with improving economics, and purchasing power is just being started on realizing its GMV and margin potential. Portfolio performance at leasing is expected to remain healthy as we actively manage yields while balancing GMV growth. We expect full-year 2026 lease merchandise write-offs to remain within our targeted annual range of 6% to 8%.

Four 正展現強勁成長且經濟性持續改善，而採購力才剛開始釋放其 GMV 與毛利潛力。在我們於平衡 GMV 成長的同時積極管理收益率之下，租賃業務的投資組合表現預期將維持健康。我們預期 2026 全年租賃商品核銷將維持在我們目標年度區間 6% 至 8% 之內。

Our revised consolidated outlook for 2026 raises expectations on both revenue and earnings from continuing operations, reflecting the Q1 outperformance and our confidence in executing at a high level through the rest of the year. We are already making progress against the three-year 2028 compound annual growth rate framework we outlined in Investor Day. Q1 was a strong and encouraging start to this journey.

我們對 2026 年修訂後的合併展望，提高了持續營運的營收與獲利預期，反映第一季優於預期的表現，以及我們對於在今年剩餘時間維持高水準執行力的信心。我們也已在推進我們於投資人日所提出的三年期、至 2028 年的複合年成長率（CAGR）架構方面取得進展。第一季是這段旅程強勁且令人鼓舞的開端。

Our revised consolidated outlook for continuing operations for 2026 calls for revenues in the range of $3 billion to $3.1 billion, adjusted EBITDA in the range of $343 million to $370 million, and non-GAAP EPS in the range of $4.40 to $4.80. This outlook assumes an operating environment with no change in the current financial pressures and uncertainties for our customer, no material changes in the company's decisioning posture.

我們對 2026 年持續營運的修訂後合併展望為：營收介於 30 億至 31 億美元，調整後 EBITDA 介於 3.43 億至 3.70 億美元，非 GAAP 每股盈餘（EPS）介於 4.40 至 4.80 美元。此展望假設營運環境中，我們客戶目前面臨的財務壓力與不確定性沒有變化，且公司在決策（decisioning）立場上沒有重大改變。

No meaningful increase in the unemployment rates for our customer base, an effective tax rate for non-GAAP EPS of approximately 26%, and no impact from additional share repurchases. To summarize, Q1 was a great start to the year with broad-based outperformance across our businesses and disciplined execution in the areas within our control.

同時假設我們客群的失業率不會出現顯著上升，非 GAAP EPS 的有效稅率約為 26%，且不考慮額外庫藏股回購的影響。總結而言，第一季是今年良好的開局，我們各項業務均呈現廣泛優於預期的表現，並在我們可控的領域中保持紀律執行。

We delivered improving trends of progressive leasing, sustained high growth and expanding profitability of four and early progress with purchasing power as integration continues. At the same time, we strengthened the balance sheet, bringing net leverage back within our target range while maintaining a prudent approach to capital allocation.

我們交出 Progressive Leasing 趨勢改善、Four 維持高速成長且獲利能力擴張，以及在整合持續推進下採購力的初步進展。同時，我們也強化資產負債表，使淨槓桿回到目標區間內，並在資本配置上維持審慎作法。

As we look ahead, we remain focused on driving profitable growth, managing portfolio performance, while executing against our strategic priorities and navigating a still uncertain macro environment. I'll turn the call back over to the operator for questions.

展望未來，我們仍將專注於推動獲利性成長、管理投資組合表現，同時落實我們的策略優先事項，並在仍不確定的總體環境中前行。我將把電話交回給接線員進行提問。

Thank you.

謝謝。

Operator Instructions

接線員指示

Please stand by while we compile the Q&A roster. And our first question comes from the line of Kyle Joseph Stevens. Your line is now open.

請稍候，我們正在整理問答名單。我們的第一個問題來自 Kyle Joseph Stevens。您的線路已開通。

Hey, good morning, guys. Congrats on a really strong start to the year.

嘿，各位早安。恭喜今年有個非常強勁的開局。

Steve, we'd love to kind of pick your brain on macro. Obviously, a lot of moving parts throughout the quarter. Initially, we're expecting higher tax refunds, and then you get into March and higher gas prices. But just kind of walk us through the moving parts of macro and maybe how those impact your businesses differently. We're no longer just focused on leasing. Obviously, Ford had a really good quarter.

Steve，我們想請你談談總體環境。顯然本季有很多變動因素。一開始我們預期退稅會更高，接著進入三月又遇到油價上漲。但能否請你帶我們梳理一下這些總體因素的變化，以及它們可能如何對你們不同業務產生不同影響。我們現在不再只專注於租賃。顯然 Four 這季表現非常好。

And we're obviously new on the purchasing power side of things. So just a little bit of macro kind of evolution through the quarter and different impacts across the businesses. Thanks.

而且我們在採購力這一塊顯然還算新。所以想請你談談本季總體環境的演變，以及對各項業務的不同影響。謝謝。

Yeah, thanks, Kyle. Good morning.

好的，謝謝你，Kyle。早安。

I guess I would start by saying that we do have this multiple product ecosystem, but they do have connections in that they serve a very similar customer across the products. So to the extent that the macro overlay has an impact, it's not identical, but it's directionally similar across the products. And we have the benefit of being able to see it. See the customer behavior and the influence on the customers across those products and can use that to help, as insights into all the products. As the quarter played out and you called out a few of those things, we're always used to preparing for a tax season. We thought the tax season was going to be higher. Tax season actually played out about as we expected. It was higher, but not. Maybe as high as some people were reporting back in, August, September, October time frame for our customer, certainly refunds were up across the board, but for our customer they were up, somewhere in the, whatever high singles to low doubles range, and that was about what we were what we were planning for.

我想我會先說，我們確實有多產品的生態系，但它們之間也有連結，因為各產品服務的是非常相似的客群。因此，總體因素的影響程度雖不完全相同，但在方向上各產品大致一致。而我們的優勢在於能夠看見這些影響。看見客戶行為，以及這些因素如何影響跨產品的客戶，並可將其作為洞察，回饋到所有產品。隨著本季進行、你也提到其中幾點，我們一向會為報稅季做準備。我們原本以為報稅季會更強。實際上報稅季的表現大致符合我們預期。確實更高，但沒有。也許不像有些人在 8、9、10 月期間所回報的那麼高；對我們的客戶而言，退稅確實普遍上升，但大約是高個位數到低雙位數的增幅，而這也正是我們規劃時所預期的。

And as Brian said in his remarks, we did see in the leasing business less or fewer customers choosing to exercise their 90-day purchase option. And we've seen that over time in different cycles when customers might be making different decisions about the liquidity the tax season brings. They're making payments to stay current, but not necessarily accelerating a payoff of an obligation.

如 Brian 在談話中提到的，我們確實看到在租賃業務中，選擇行使 90 天購買選擇權的客戶變少了。而在不同景氣循環中，我們也曾隨時間看到類似情況：當客戶對報稅季帶來的流動性做出不同決策時。他們會繳款以維持帳戶正常，但不一定會加速清償一項負債。

And that played out. Some of the other products don't exactly have that kind of accelerated repayment early, during the tax season, so less of an impact outside of leasing. Certainly, gas prices during the month of March became a bigger story. The consumer is stressed but resilient. I mean, I think that's the common refrain. We're watching all of our early indicators.

而這確實發生了。其他一些產品並沒有這種在報稅季期間提早加速還款的機制，因此在租賃以外的影響較小。當然，三月份的油價成為更大的話題。消費者承受壓力但仍具韌性。我想這是大家共同的說法。我們正在觀察所有早期指標。

Intensely. And we're seeing basically evidence of that stress but resilience. And so we feel good about where we're positioned. The tightening and leasing that we did in the first quarter of '25 has, I think, served us well and positioned the portfolio to be able to withstand some of the stress. So we're, we saw a really good first quarter and, we're.

非常密切。我們基本上看到壓力與韌性並存的證據。因此我們對自身的定位感到放心。我們在 2025 年第一季於租賃業務所做的收緊措施，我認為對我們很有幫助，並使投資組合能夠承受部分壓力。所以我們，我們看到第一季表現非常好，而且，我們。

Watching the numbers closely and watching the early indicators, but poised for some good momentum to continue.

我們正密切關注數據與早期指標，但也已準備好讓良好動能持續延伸。

Got it. That was broad-based, but I appreciate you covering it all. Just one follow-up for me. obviously a tough retail environment, even going into the year and then layering in. Gas prices. Just kind of want to get an update on your discussions with retail partners, kind of given now you have a bigger suite of products and given, call it, some more incremental headwinds for retailers. Thanks.

了解。這涵蓋面很廣，但我很感謝你全部都談到了。我只有一個追問。顯然零售環境很艱難，即使在年初就是如此，然後又疊加。油價上漲。想請你更新一下你們與零售合作夥伴的討論情況，考量到你們現在有更完整的產品組合，以及對零售商而言可能出現更多增量逆風。謝謝。

Yeah, I mean, that's kind of more of the same on the retail, especially in consumer durables that the leasing business addresses and our biz dev teams are doing a good job. They've had some wins in the back half of 2025 and have a very good pipeline of retailers of all sizes.

是的，我的意思是，在零售端大致還是同樣的情況，特別是在租賃業務所涵蓋的耐久財領域；我們的業務開發團隊做得很好。他們在 2025 年下半年取得了一些成果，並且對各種規模的零售商都建立了非常不錯的合作管線。

That we think we're making progress with from a sales stage progression standpoint. So we continue to believe that our suite of products with leasing at the retail level being the largest one are things that can help retailers. We are having increased conversations about a multiple product solution with various retailers bringing you forward into the mix or.

我們認為，從銷售階段推進的角度來看，我們正在取得進展。因此，我們仍然相信，我們的一整套產品（其中以零售端的租賃為最大項）能夠幫助零售商。我們與多家零售商就多產品解決方案的對話正在增加，把你們也納入其中或是……

Or on the purchasing power side, bringing other products to employers to be able to offer additional value to their employees on that voluntary benefit platform. So we look forward to continuing to really dive into that ecosystem strategy and business development in our B2B2C businesses, specifically leasing and purchasing power is a big part of it.

或者在購買力（purchasing power）端，將其他產品帶給雇主，使其能在自選福利平台上為員工提供額外價值。因此，我們期待持續深入推進這個生態系策略，以及我們 B2B2C 業務的商業開發，特別是租賃與購買力是其中很重要的一部分。

Great. Thanks very much for taking my questions.

很好。非常感謝回答我的問題。

Thank you. One moment for our next question. Our next question comes from the line of Bobby Chrisman of Raymond James. Your line is now open.

謝謝。請稍候，我們進行下一個提問。下一個問題來自 Raymond James 的 Bobby Chrisman。您的線路已開通。

Good morning, guys. Thanks for taking the question, and congrats on a good start to the year. I guess, Steve, I want to 1st ask, like, when you've seen that customer behavior before with, like, lower...

各位早安。謝謝讓我提問，也恭喜今年開局良好。我想，Steve，我首先想問的是，當你們以前看到這種客戶行為——例如較低的……

Expected 90 day buyouts. Has that historically given you kind of any insights into what the customer does for the back half of the year? Is there anything to like learn or kind of how that plays out and what the health of that customer is when you see that?

低於預期的 90 天買斷（buyout）。從歷史上看，這是否能讓你們對客戶在下半年會怎麼做有任何洞見？當你看到這種情況時，有沒有什麼可學習的，或它通常如何發展、以及反映出該客戶的健康狀況？

Yeah, I'll start and Brian can certainly fill in the gaps, but there's no perfect kind of corollary. But we have seen in the past, specifically in 2023.

是的，我先回答，Brian 也可以補充，但沒有完全對應的關聯可言。不過我們過去確實看過，特別是在 2023 年。

Coming off of a really a tough 22 from an inflation standpoint, but also a pretty material heightening that we did in the leasing business, we saw a very low 90-day buyout take rate on our customers. And then what we saw was those customers kind of just they stayed in their leases longer, which is a theme that we've talked about for a couple of quarters here on the leasing business. So not doing a 90-day.

在通膨角度來看，2022 年非常艱難；同時我們在租賃業務上也做了相當幅度的調整之後，我們看到客戶的 90 天買斷採用率非常低。接著我們看到的是，這些客戶只是把租期拉得更長——這也是我們在租賃業務上過去幾季一直談到的主題。因此，不做 90 天買斷。

In that time period, '23 did not indicate or necessarily mean that the customer was going to do a straight roller through the buckets and end up having elevated charge-offs. They end up paying deeper into the lease and maybe doing an early buyout, maybe, later in the lease or going to full term. Certainly, some do end up in charge-offs, but we saw from a margin standpoint that this is a margin positive.

在那段期間，2023 年並不表示或必然意味著客戶會一路在各個逾期分層（buckets）中滾動，最後導致較高的核銷（charge-offs）。他們會在租約中支付得更深，可能在租期較後段做提前買斷，或是走到期滿。當然，有些最終會變成核銷，但從毛利角度看，我們看到這其實是毛利正向。

Kind of trade-off because, as 90-day is a very low-margin outcome for us, and the deeper they go in the lease is better. So we're watching that closely to see what the kind of the next action is. If the 90-day window expires, which a lot of it did in March because of the holiday.

這是一種取捨，因為 90 天買斷對我們而言是非常低毛利的結果，而客戶在租約中走得越深對我們越有利。因此我們正密切觀察，看看接下來的行為會是什麼。如果 90 天窗口期到期且未被行使——其中很大一部分在 3 月到期，因為假期期間租賃活動上升——

The holiday uptick in leasing activity and it expires unexercised, what happens and how do those customers continue to pay us? And so far, we're pleased with the roll rates and other indicators in the portfolio health. And we're not expecting a mirror of '23, but we are looking to that period to help with our forecasting.

當它在未行使的情況下到期後，會發生什麼？這些客戶接下來如何持續付款給我們？到目前為止，我們對展期率（roll rates）及其他投組健康指標感到滿意。我們不預期會完全複製 2023 年的情況，但我們會參考那段期間來協助我們做預測。

Yeah, I would just add, I mean, it is the right question, is you just kind of evaluate consumer health overall. And, we talked about 210 basis point improvement in gross margins at least in the quarter, primarily driven by this dynamic. And I think what's reflected in our outlook is a view that this is going to be a net positive for us, that the tailwinds from lower 90 days, you might see some pressure and maybe some.

我補充一下，我的意思是，這確實是個正確的問題：你是在整體評估消費者健康狀況。我們提到本季毛利率改善了 210 個基點，主要就是由這個動態所驅動。我認為我們的展望所反映的是：我們認為這對我們將是淨正面；由於 90 天買斷降低帶來的順風，你可能會看到一些壓力，或許也會有一些……

Potentially some delinquency trends that you watch, but I'm not anticipating that they are anything significant. We saw write-offs come down 10 basis points year-over-year. So as you see us increase our outlook, and at least in specifically, we expect this kind of disposition dynamic and a shift toward lower 90 days to be a net positive for the P&L over the course of the year.

需要關注的潛在逾期趨勢，但我不預期會有任何顯著影響。我們看到核銷率（write-offs）年對年下降了 10 個基點。因此，當你看到我們上調展望時，至少在這一點上，我們預期這種處置（disposition）動態、以及向較低 90 天買斷的轉移，將在全年對損益表（P&L）帶來淨正面影響。

Okay, that's helpful. I appreciate the details. And then maybe lastly for me, just on the actual GMB trends within progressive belieasing side, flip back positive to end the quarter. Can you unpack a little, is that just a function of the comparisons or is that, actually a sign of kind of inflections and, consumer trends or whatnot? And I guess I'm just asking it in context. I believe you did call out double-digit growth in apps, which would probably reflect some of the.

好的，這很有幫助。謝謝你們的細節說明。那最後一個問題，關於 Progressive Leasing 端的實際 GMV 趨勢，季度末轉為正成長。你能再拆解一下嗎？這只是比較基期的因素，還是其實代表某種拐點、消費者趨勢之類的訊號？我之所以這樣問，是因為……我記得你們提到申請（apps）有雙位數成長，這可能也反映了部分……

Dynamic too with the Big Lot. So just trying to understand what is more comparison-driven or if it's an inflection on that consumer engaging with the product and maybe starting to see a little trend improvement?

與 Big Lots 相關的動態。所以我想理解：哪些比較是由比較基期驅動，哪些是消費者對產品參與度提升、並開始看到趨勢改善的拐點？

Yeah, we're pleased with the trends as we exited the quarter.

是的，我們對季度末的趨勢感到滿意。

Specifically, as the quarter progressed, like we talked about, it was kind of down high singles in January when we had both of those two discrete headwinds still in force and then improved to down low singles in February as we lapped those things during the month and then up low singles in March. And if you remember, kind of through most of 2025, we called out what the GMV trends would have been. Were it not for those two headwinds and we were in kind of the low to mid singles as air quotes the rest of the business. That did actually decline in Q4 down to only up 1% absent those headwinds.

具體來說，隨著季度推進，如我們所說，1 月在那兩個獨立逆風仍然存在時，GMV 大約下滑高個位數；2 月隨著我們在當月跨過（lapped）那些因素，改善到下滑低個位數；3 月則轉為成長低個位數。如果你還記得，在 2025 年的大部分時間裡，我們曾指出若不是那兩個逆風，GMV 趨勢會是什麼樣子。在不計那兩個逆風的情況下，我們大致處於低到中個位數成長，這可說是「其餘業務」的表現。但在第四季，即使不計那些逆風，也下滑到只剩成長 1%。

A lot, much of it is kind of what the business has, how the business has been performing absent of those headwinds over the last several quarters, but we're also seeing some strength in our digital channels. We talked about marketplace being up again.

其中很大一部分，是過去幾季在不受那些逆風影響下，業務本身的表現；但我們也看到數位通路有一些強勁表現。我們提到 marketplace 再次成長。

169%, e-commerce as a percentage of total leasing GMV up at 25.7% and the highest first quarter mix to date.

成長 169%，電商占整體租賃 GMV 的比重提升至 25.7%，並創下迄今第一季最高的組合占比。

And also some various projects that we got over the goal line with existing retailers to help to improve that integration and improve balance of sale. So there's a mix of freeing up from the lapping. There's also.

此外，我們也與既有零售商完成了若干專案，成功落地，幫助改善整合並提升銷售平衡（balance of sale）。所以這裡面有一部分是因為跨過比較基期（lapping）而釋放出來的成長。同時也有……

Some things that are positively trending in our execution.

一些是我們執行面正向趨勢所帶來的成果。

The apps are a strong point, but apps have to turn into approvals that have to turn into conversions, and those things vary by channel.

申請量（apps）是一個強項，但申請必須轉化為核准（approvals），再轉化為成交（conversions），而這些在不同通路之間會有所差異。

But we're pleased with how we exited the quarter and how it sets us up for the rest of the year.

但我們對季度末的表現感到滿意，也認為這讓我們為今年剩餘時間打下良好基礎。

Thank you, guys. That's a look here in 2Q.

謝謝各位。期待在第二季再看看。

Thanks, Bobby.

謝謝你，Bobby。

Thank you. One moment for our next question.

謝謝。請稍候，我們進行下一個提問。

Our next question is on the line of Hong Wei from Kitty Callan, your line is now open.

下一個問題來自 Kitty Callan 的 Hong Wei，您的線路已開通。

Thank you, guys, and congrats on the quarter.

謝謝各位，也恭喜本季表現。

Just a quick one from me. So you mentioned about some of the cost-selling synergies between leasing and purchasing power. I think you're still in the early days, but can you give us some of the flavors of the conversation that you are having? Are you seeing a lot of inbound engagement from both sides of the enterprises?

我這邊快速問一個。你提到租賃與 Purchasing Power 在成本與銷售上的一些協同效益。我知道你們還在很早期，但能否分享一下你們目前對話的大致方向與內容？你們是否看到企業客戶兩端都有很多主動接觸與互動？

And I have a follow-up.

我還有一個追問。

Sure, I mean, that's definitely part of our plan. It was identified during diligence, and we plan to execute on it. We talked a little bit about it during Investor Day, but we believe that the deep and long relationships that we have with retailers on the leasing side are.

當然，我的意思是，這絕對是我們計畫的一部分。在盡職調查期間就已經辨識出來，我們也計畫去落實執行。我們在投資人日也稍微提到過，但我們相信，我們在租賃端與零售商之間深厚且長期的關係是。

Fertile ground for us to, on the business side for Purchasing Power, and those efforts are underway. Purchasing Power has several employer clients that happen to be retailers that we believe could benefit from offering leasing to their customers, and those discussions are happening, as well as augmenting the Purchasing Power offering with additional products that our intelligence says their employees are already consuming. In the broader market. And so if we can deliver that to them, as a voluntary benefit, we think that's a big benefit and differentiator for Purchasing Power to help with the sales motion in those employer clients. So we're pleased and we're excited about the opportunity. But as you called out, we're very early in the integration because, we're.

對我們而言，在 Purchasing Power 的業務端是一片肥沃的土壤，而這些工作已在進行中。Purchasing Power 有數個雇主客戶剛好是零售商，我們認為他們可以透過向其顧客提供租賃而受益；相關討論正在進行，同時也在用更多產品來強化 Purchasing Power 的方案，而我們的洞察顯示，他們的員工在更廣泛的市場中已經在使用這些產品。在更廣泛的市場。因此，如果我們能把這些以自選福利（voluntary benefit）的形式提供給他們，我們認為這對 Purchasing Power 來說是很大的優勢與差異化，有助於在這些雇主客戶的銷售推進上更順利。所以我們很滿意，也對這個機會感到興奮。但如你所說，我們在整合上仍非常早期，因為我們。

Still just a few months post-closing.

距離交割完成也才幾個月。

Got it. Maybe one for Brian.

了解。也許有一題給 Brian。

So you guys have now returned back to your targeted leverage range, although at the high end, I think historically you guys have done, opportunistic buybacks. So I guess, I mean, when can we expect you guys to kind of get back into the market and buy back shares at these prices?

你們現在已回到目標槓桿區間，雖然是在高端；我記得過去你們也做過機會型的庫藏股回購。所以我想問的是，你們大概什麼時候會在這樣的股價水準下回到市場買回股票？

Thank you.

謝謝。

Yeah, we haven't given any plans specifically to our buyback cadence. I think what I'd offer is, you saw here in Q1 with the highly cash generative period, our ability to deploy capital against the deleveraging as we look forward over the course of the year.

是的，我們沒有特別公布任何回購節奏的具體計畫。我能補充的是，你們在第一季看到我們在高度現金創造的期間，能夠在展望全年時把資本用於去槓桿。

Into Q2 and Q3. I think you continue to see some cash generation during those periods. What I think is on the horizon in Q4 is now you have these three businesses and progressively seen purchasing power and four that are seasonally heavy in Q4 in terms of the GMV concentration in the fourth quarter and the utilization of cash in that.

進入第二季與第三季。我認為你們會持續看到這些期間有一些現金產生。而我認為第四季即將面臨的是，現在你有這三個業務，而且逐步看到 Purchasing Power 與 Four 在第四季具有明顯季節性，也就是 GMV 會集中在第四季，並且在那段期間會有現金的使用。

In that period. So I think the calculus is just kind of going through our capital allocation priorities of investing in the business first before we look to those kind of share repurchase type options.

在那段期間。所以我認為我們的盤算就是依照資本配置的優先順序，先投資於業務本身，再來才會考慮像股票回購這類選項。

We're sizing up that fourth quarter and just kind of, assessing the cash needs during that period. But that's really the calculus. And to the extent that we have excess capital, we'll go through that decision-making process, obviously.

我們正在評估第四季，並且衡量那段期間的現金需求。但這就是主要的考量。而如果我們有多餘資本，我們會走完那套決策流程，當然。

We're bullish on, where we think this business is going, and share purchases have been part of our repercoire in the past, and we'll continue to evaluate them.

我們對這家公司未來的走向很有信心；過去我們的工具箱裡就有回購股票這一項，我們也會持續評估。

Got it.

了解。

Thank you, and congrats on the quarter.

謝謝，也恭喜這一季的表現。

Thank you.

謝謝。

Thank you. One moment for our next question.

謝謝。請稍候，我們接下一題。

And our next question comes from the line of Anthony Chacombo of Lou Capital Markets. Your line is now open.

下一題來自 Lou Capital Markets 的 Anthony Chacombo。您的線路已開通。

Good morning.

早安。

Thank you for taking my question, and let me add my congrats on a strong start to the year as well. So just had a question on for incredibly impressive performance there. As I look at the revised guidance, so if I take kind of the midpoint of the adjusted EBITDA and the revenue, it would imply that the EBITDA margin was in the previous outlook was probably about 15.1%, and that. Goes up now to about 18.2%. Given the fact that the take rate's consistent, I'm assuming that that's just greater scale in terms of that higher EBITDA margin, or is there something else there as well?

謝謝讓我提問，也讓我補一句，恭喜你們今年開局強勁。我想問的是，這個表現真的非常亮眼。我看你們上修後的指引，如果我取調整後 EBITDA 與營收的中位數，代表先前展望下的 EBITDA 利潤率大概是 15.1%，而且。現在提高到大約 18.2%。考量到 take rate 一致，我猜這只是規模擴大帶來更高的 EBITDA 利潤率，還是也有其他因素？

Yeah, thanks, Anthony. We're very pleased with four.

謝謝你，Anthony。我們對 Four。

It's the start to the year, but also the position it's in and what we think we can accomplish with it. And you're right, we did increase our view as to the margin expansion that we could achieve this year versus last year, as we set about executing on that path towards...

今年的開局很滿意，也對它目前的位置以及我們認為能用它達成的事情感到滿意。你說得對，當我們著手執行邁向……的路徑時，相較去年，我們確實提高了今年可達成的利潤率擴張幅度的看法。

A more mature state that we think is materially north of where we'll be in '26. And it is largely due to scale, but I would say that this team at four is doing an outstanding job of doing more with the same and, in some cases, doing more with less.

我們認為更成熟的狀態，會顯著高於我們在 2026 年所能達到的水準。這主要是規模效應，但我也想說，Four 的團隊做得非常出色，用同樣的資源做更多事，而且在某些情況下，用更少的資源做更多事。

They have leaned into AI in a very aggressive way and are not only achieving.

他們非常積極地導入 AI，不僅正在達成。

Customer-facing improvements and innovation, and but also back office savings, and so we...

面向客戶的改善與創新，同時也帶來後台節省，因此我們……

It is a scale play, but it's also an efficiency play.

這既是規模的推動，也是效率的推動。

And just the subscription strength and stickiness, or said another way, lack of churn has been a bright spot, and that revenue is very high-quality revenue that flows through to earnings in a meaningful way.

另外，訂閱的強勁與黏著度——換句話說，低流失率——一直是亮點；而這些營收是非常高品質的營收，能以顯著的方式流入獲利。

Got it. Okay. And then I just have to ask my obligatory question. In terms of the retail partner pipeline and progressively sync.

了解。好。接著我得問一個我例行必問的問題。關於零售合作夥伴的管線以及 progressively sync。

Yeah, thank you.

好的，謝謝。

Yeah, I mean.

是的，我是說。

As I think I was saying to Kyle, the BizDev team is really doing a great job. They're out there, they're talking, they had some wins in the back half of '25 that will pay us dividends here in '26, and the pipeline is. Is full with retailers of all sizes.

就像我剛才跟 Kyle 說的，BizDev 團隊真的做得很棒。他們在外面積極接觸、洽談；在 2025 年下半年拿下一些成果，會在 2026 年為我們帶來回報，而目前的管線。非常充實，涵蓋各種規模的零售商。

We're constantly getting new doors out in the SMB space, and that's kind of a different team than the folks that are hunting the super regionals and the enterprise accounts. But we're very pleased. We've got a great offering and a great way to tell the story.

我們在 SMB 領域持續新增門店（doors），而這支團隊與負責開發大型區域型零售商與企業客戶的團隊是不同的。但我們非常滿意。我們有很好的產品方案，也有很好的方式來講述這個故事。

The ecosystem strategy reinforces that story, even though it might be a leasing conversation. We have.

生態系策略強化了這個故事，即使對話可能是以租賃為主。我們。

More earned authority around this customer and have more products. So those are all helping us have some successes. And, it's our expectation that we'll have some more wins here this year in '26.

在這位客戶上累積了更多的權威與口碑（earned authority），也有更多產品。所以這些都在幫助我們取得一些成功。而且，我們預期今年 2026 年還會有更多勝利。

Keep up the good work, guys.

繼續保持好表現，各位。

Thanks, Anthony.

謝謝你，Anthony。

Thank you. One moment for our next question.

謝謝。請稍候，我們接下一題。

Our next question comes from the line of Hal Gouch of PVI Securities. Your line is now open.

下一題來自 PVI Securities 的 Hal Gouch。您的線路已開通。

Hey guys, congratulations on your trip for quarter.

嗨，各位，恭喜你們這一季表現非常出色。

What the acquisition of purchasing power and I think, hitting the asset back market for some of their receivables. You've got some new items on your income statement, gain on sale based receivables, gain on change of fair value of receivables. I'm wondering if you could just give us some color on how much you think about...

關於收購 Purchasing Power，我想你們也把部分應收款項打回資產回收市場。你們的損益表上出現了一些新的項目：出售分期應收款項收益、應收款項公允價值變動收益。我想請你們多分享一下，你們大概會如何看待……

Know, any some rules you should use in modeling for those types of line items in your income statement going forward since you've got this new business and a little bit of flashing out for us to help us predict the future with it?

你知道，未來在對損益表這類科目建模時，有沒有什麼規則可以遵循？因為你們有了這個新業務；也請再多說明一點，幫助我們用它來預測未來？

Thanks.

謝謝。

Yeah, I'll start and then I'll turn it over to the expert, Brian. But you're right and we appreciate that. I will call out the difference in the two things that you specifically mentioned. The GAN sale of age lease receivables is not purchasing power related. That's on the leasing side. And we did...

好的，我先回答，然後再交給專家 Brian。不過你說得對，我們也很感謝你提出這點。我先點出你特別提到的兩件事之間的差異。出售逾期租賃應收款項的收益（gain on sale of aged lease receivables）與 Purchasing Power 無關。那是租賃端的。而且我們確實……

We did that in Q4 of last year and again in Q1 of this year, and I would, we had not done that historically, but I would point that to you, that is not a one-time thing, that is going to be a recurring motion that we're in.

我們在去年第四季做過一次，今年第一季又做了一次；我想說的是，我們過去歷史上沒有這麼做，但我想提醒你，這不是一次性的，這會是我們正在進行的一個經常性動作。

It's probably not going to be to the same quantum as Q4 and Q1 moving forward, but we do have an inventory of items that are not items, but charge-off leases that we have been working internally that we will then turn to sell into the open market. So that would be something that would be we consider to be a recurring item. I'm going to let Brian talk about the purchasing power side because there is some.

未來可能不會像第四季和第一季那樣的量級，但我們確實有一批存量——嚴格說不是「存貨」，而是已核銷的租賃——我們一直在內部處理，之後會拿到公開市場出售。所以我們會把這視為一個經常性項目。至於 Purchasing Power 那一端，我讓 Brian 來談，因為那邊確實有一些……

Purchase price accounting and and fair value stuff that is that we have excluded out of or we've we've not had it in, adjusted EBITDA for the for the reasons of it's not kind of a ongoing thing.

收購價格分攤（purchase price accounting）以及公允價值相關的項目；基於它不是一個持續性的事項，我們在調整後 EBITDA 中把它排除掉了，或是說沒有納入。

Yeah.

對。

Yeah, it's really that line is is related to the acquired receivables from purchasing power and they were fair valued.

對，那一行其實是跟從 Purchasing Power 收購來的應收款項有關，而且當時是以公允價值入帳。

On the data acquisition. And really what that line represents is just a continued evaluation of the fair value of those receivables.

在收購日。而那一行實際上代表的，就是對這些應收款項公允價值的持續重新評估。

And, you might see a few million bucks in any given period. But like Steve said, this is really more of a technical accounting dynamic and bleeding through from the fair value on the acquisition date. And so we've made the decision to adjust it out of.

你可能在任何一個期間看到幾百萬美元的變動。但如 Steve 所說，這更多是技術性的會計動態，源自收購日的公允價值，並反映到後續期間。因此我們決定把它……

Or add it back to adjusted EBITDA to, for more of a consistent presentation. So it's hard to give you any guidance on exactly how that's going to move. A lot of that has to do with collection activity and what actually occurs relative to what we thought was going to be the value at acquisition date.

從調整後 EBITDA 中剔除，或是加回到調整後 EBITDA，以便呈現更一致的口徑。所以很難就它會如何變動給你精確指引。其中很大一部分取決於收款活動，以及實際發生的情況相對於我們在收購日所認定價值的差異。

But I don't expect it to be, material in any given period. It should be speed of slight adjustments each quarter.

但我不預期它在任何單一期間會是重大（material）的。應該每季只是小幅調整。

Okay, perfect. And at the first point, Steve mentioned, is this, are these more like, monies received on basically a recovery basis from selling past due accounts? Is that basically what it is? I hear that correct? There's a, sorry.

好的，完美。回到 Steve 提到的第一點，這些比較像是——透過出售逾期帳款、以回收（recovery）方式收到的款項嗎？基本上是這樣嗎？我理解得對嗎？有個——抱歉。

Yeah, basically, aged lease receivable. So receivables.

對，基本上就是逾期租賃應收款項（aged lease receivable）。也就是應收款項。

That we charged off, in some cases years ago, and we sell them to a third-party and it's not, the dollars are sizable, but the percent, the pennies on the dollar are not that big, but then they go out and they attempt collection efforts. It's not a consignment, it's an actual sale where they, we don't like share in the, we get our money up front and then they go out and do their, attempt to collect.

我們在某些情況下是多年前就已核銷的，然後把它們賣給第三方。金額（dollars）是可觀的，但折價幅度很大，換句話說每 1 美元只能賣到幾分錢；之後他們會去做催收。這不是寄售（consignment），而是實際出售；我們不會分享後續回收成果，我們是先一次拿到款項，然後他們再去嘗試收款。

Understood. Okay.

了解。好的。

And, if I could ask you, I now understand, like, on the buy now, pay later, Q1 is a very big quarter because a lot of the payments from a very heavy holiday season come in the first quarter. You have the subscriptions, so your take rates, good.

另外，如果我可以再問，你們的「先買後付」（buy now, pay later），我現在理解第一季是很大的季度，因為假期旺季的大量付款會在第一季入帳。你們有訂閱制，所以抽成率（take rates）不錯。

But your margins in the first quarter are, like, were better than most people in the industry already. And I was just wondering if there's, like, a...

但你們第一季的利潤率，像是——已經比產業裡大多數公司都好。我只是想知道，是否有點像……

If this is our margins reflected on maybe not being fully burdened with the corporate overhead, does that make sense?

這些利潤率是否反映了可能尚未完全承擔公司層級的管理費用（corporate overhead）？這樣說有道理嗎？

If the margins are quite high, and I'm just trying to figure out if, like, if this is a stand-alone company, maybe... Because there'd be more corporate overhead associated with it.

如果利潤率很高，我只是想釐清：如果這是一家獨立公司，可能……因為會有更多公司層級的管理費用要分攤到它身上。

Yeah, I mean, if it was, I think that's fair. But we, but, the margins are high. I mean, a 37% EBITDA margin, was, is impressive. But, as you pointed out, Q1 is the seasonally high quarter. And, as Anthony pointed out, like, our guide implies, something in the range of half of that for the full year.

對，我的意思是，如果是那樣，我覺得你的說法合理。不過我們——但利潤率確實很高。37% 的 EBITDA 利潤率很亮眼。但如你指出，第一季是季節性最高的季度。而且如 Anthony 指出的，我們的指引意味著全年大概只有那個水準的一半左右。

Understood. And so that shows that we're still in the scaling phase and haven't reached the maturity of some of the pure-play competitors that are out there. But we believe that the progression from loss-making in '24 to low 10s in '25 with margin expansion at '26 paints a nice picture of our ability to get up to those margin levels of the pure-play competitors.

了解。這也顯示我們仍在規模化階段，尚未達到市場上一些純玩家（pure-play）競爭對手的成熟度。但我們相信，從 2024 年虧損、到 2025 年低雙位數（low 10s），並在 2026 年擴大利潤率的進展，能很好地展現我們有能力提升到那些純玩家競爭對手的利潤率水準。

All right, excellent.

好，太好了。

Thank you very much, guys.

非常感謝，各位。

Thanks, Al.

謝謝你，Al。

Thank you. One moment for our next question.

謝謝。請稍候，我們接下一位提問。

Our next question is from the line of Brad Thomas of KeyBank Capital Markets. Your line is now open.

下一個問題來自 KeyBank Capital Markets 的 Brad Thomas。你的線路已開通。

Hey, good morning and congrats on the next quarter here, guys.

嗨，早安，恭喜各位這一季的表現。

I wanted to just follow-up on the GMV growth you're seeing at the end of the quarter within progressive leasing. And just curious if you could speak to perhaps, your confidence level that we may be at an inflection point here and may be able to continue to drive growth in that GMV in 2Q and through the balance of the year. And then just how we should think about the training.

我想追問一下，在 Progressive Leasing 這邊，你們在季度末看到的 GMV 成長。想請你們談談：你們對於我們可能正處在一個拐點、並且能在第二季以及今年剩餘期間持續推動 GMV 成長的信心程度如何？另外，我們應該如何看待訓練……

Potentially of the portfolio flipping to growth again and when prog leasing revenues could then flip to growth again.

可能是投組重新轉為成長的趨勢，以及 Prog Leasing 的營收何時也可能重新轉為成長。

Thanks, Brad. I'll start, and Brian can talk about the gross lease assets portfolio. But actually, the GLA is part of my answer. We don't guide specifically to GMV on a quarter-by-quarter basis. But.

謝謝你，Brad。我先回答，Brian 可以再談談總租賃資產（gross lease assets, GLA）投組。不過其實 GLA 也是我答案的一部分。我們不會逐季對 GMV 提供具體指引。但是……

But I think that in order to achieve the revenue guide that we did put out for the leasing business, it would need to imply that we followed similar trends coming out of Q1 into the balance of the year.

但是我認為，為了達成我們對租賃業務所給出的營收指引，這意味著從第一季走向今年剩餘期間，趨勢需要延續類似的走勢。

But on the revenue side, a lot of that will.

但在營收端，其中很大一部分會。

Be exactly what you called out, the portfolio size. And we made some good progress here this quarter, but I'll let Brian kind of chime in on that.

正如你所指出的，取決於投資組合規模。而我們本季在這方面取得了一些不錯的進展，但我讓 Brian 來補充說明。

Yeah, I think what I'd highlight there is starting the quarter, Brad, we were our portfolio size, which is the key driver of revenue, was down 9.4% start.

是的，我想我會強調的是，Brad，本季一開始，我們的投資組合規模（這是營收的關鍵驅動因素）年初至今下降了 9.4%。

And we made progress, as Steve has articulated, kind of stuff functioning up our GMV trajectory. And so we ended the quarter down 5.4%.

而且如 Steve 所闡述的，我們取得了進展，某種程度上讓我們的 GMV 走勢回到上升軌道。因此我們在季末的降幅收斂至 5.4%。

The net sorry, 9.4% to 5.4%, the net impact of revenue in the period was revenue was down 8.4%. And so there's a pretty good corollary between kind of the average portfolio size year-over-year and where revenue is trending. And so you kind of extend that trend line into Q2 and Q3 and what we've got kind of implied in our revenue for progressive leasing for the rest of the year.

淨額—抱歉，從 9.4% 到 5.4%，本期對營收的淨影響是營收下降了 8.4%。因此，年對年平均投資組合規模與營收走勢之間有相當高的相關性。所以你可以把這條趨勢線延伸到第二季與第三季，以及我們對今年剩餘期間 Progressive Leasing 營收所隱含的水準。

I think what you said would really have to play out, which is we'd have to see a continued improvement in that trajectory, the gross lease asset balance continue to make progress towards growing year over year as the year moves on in order for us to hit that revenue target. And so I like the trends there. I think it's, we're taking it month by month and continue to make progress, but I think as we're now past these difficult comps.

我認為你所說的確實必須發生，也就是我們必須看到該走勢持續改善；隨著年度推進，租賃資產總額餘額要持續朝向年對年成長的方向取得進展，才能讓我們達成那個營收目標。所以我喜歡目前的趨勢。我認為我們是按月檢視並持續推進，但我也認為，現在我們已經度過這些艱難的比較基期。

That I feel like we've been talking about forever with day lots and the tightening action. I think we can now have an easier conversation just about the apples-to-apples periods year over year, and I think they're trending favorably. So I don't think it's too far down the road before we're seeing that portfolio size larger year over year.

我覺得我們談了很久的日批（day lots）以及緊縮措施。我想現在我們可以更容易地只就年對年可比期間做討論，而且我認為趨勢是有利的。所以我不認為還要很久，我們就會看到投資組合規模年對年轉為更大。

That's very helpful. And if I could ask a follow-up around the cash flow generation.

這非常有幫助。如果我可以再追問一個關於現金流產生的問題。

Brian, I apologize if I missed it in your prepared remarks, but what does the guidance imply for free cash flow this year? Can you remind us if there's anything that's sort of maybe one time that wouldn't repeat as we look to cash flow next year? And then it seems like you could boost margins nicely if you paid off some of this funding debt. Are you considering paying that off?

Brian，如果我在你事先準備的發言中漏聽了，先跟你致歉，但指引對今年自由現金流有何含意？也請你提醒我們，是否有任何可能屬於一次性、在我們展望明年現金流時不會重複的項目？另外，看起來如果你們償還部分這些融資負債，利潤率可能會明顯提升。你們是否在考慮償還？

Thanks.

謝謝。

Yeah, it's a good question. So just a couple of things. We haven't provided free cash flow guidance, but what I will say is if you just kind of take it quarter by quarter here, in the first quarter.

是的，這是個好問題。我先說幾點。我們尚未提供自由現金流指引，但我想說的是，如果你按季度來看，第一季。

Post-acquisition on January second, we were able to pay down total debt of $254 million.

在 1 月 2 日收購完成後，我們得以償還總負債 2.54 億美元。

And so very heavy cash generative quarter. It gives us a lot of optionality. And as we stated, out the gate here, our prioritization is deleveraging back to our targets.

因此第一季的現金創造能力非常強。這讓我們有很大的彈性。而且如我們一開始所說，我們的優先事項是去槓桿，回到我們的目標水準。

As we look forward to Q2 and Q3, I think both of those quarters will be slightly cash generative and give us additional optionality around either.

展望第二季與第三季，我認為這兩季都會略為產生現金，並讓我們在以下方面有更多彈性：

Further deleveraging or evaluating, putting the cash elsewhere. Q4 is, and I mentioned this to Huang, is where there's going to be a net cash need, I anticipate, just with the growth that really these three businesses are demonstrating right now, and that's not talking about MoneyApp, which is also showing some encouraging trends. And so. I think we've kind of got that lens that we're looking through in the cash decisions that we're making, but net-net, highly cash generative, even in a growth, heavy growth anticipation for four, and then purchasing power double-digits and progressively seeing turning the corner on growth. So the one-time aspect that I would just highlight, and we've spoken about it.

進一步去槓桿，或評估把現金用在其他地方。第四季—我也跟 Huang 提過—我預期會有淨現金需求，主要是因為目前這三項業務所展現的成長；這還不包括 MoneyApp，後者也呈現一些令人鼓舞的趨勢。因此。我認為我們就是用這樣的視角來做現金決策；但總體而言，即使在我們預期第四季會有成長、而且成長幅度很大的情況下，整體仍是高度產生現金；同時 Purchasing Power 維持雙位數成長，Progressive Leasing 也逐步看到成長轉折。至於一次性因素，我想特別指出的是，我們也談過。

On prior calls, and that's with respect to the OBBA, and that's I wouldn't even call that necessarily one time, because given that is permanent in the law, that's going to continue to benefit us, but we did have a $20 million.

在先前的電話會議中提到的，也就是與 OBBA 相關的部分；我甚至不一定會把它稱為一次性，因為既然它在法律中是永久性的，它會持續讓我們受益，但我們確實有一筆 2,000 萬美元。

Tax refund that just under $20 million that we ended up getting here in Q1, really into 2025, that was additive. And the OBBA is going to continue to benefit the rest of the year just as it reduces our overall tax liability.

接近 2,000 萬美元的退稅，我們在第一季收到，實際上是進入 2025 年才收到的，這對現金是額外挹注。而 OBBA 也會在今年剩餘期間持續帶來好處，因為它降低了我們整體的稅負。

And we sized that rough benefit of about $100 million for the 2026 period. So those are that's, I think, a tailwind, obviously, from a cash perspective.

我們估算 2026 期間的粗略效益約為 1 億美元。所以我認為，從現金角度來看，這些顯然是順風。

But going forward, I think we've got a lot of actionality. You asked about the funding debt, the ABS debt that's tied to purchasing power.

但往前看，我認為我們有很多可操作的選項。你問到融資負債，也就是與 Purchasing Power 綁定的 ABS 負債。

Our view is that that is a, important tool for purchasing power right now. I think it's an efficient model for them to be able to borrow against the receivables that they're generating and help us from just a.

我們的看法是，這目前對 Purchasing Power 來說是一個重要工具。我認為這是一個有效率的模式，讓他們能以所產生的應收帳款作為擔保來借款，並且從。

A capital efficiency standpoint. So, obviously, as long as the ABS market is, favorable to us and the rates that we've disclosed here in our queue, you can see them by tranche. They're relatively favorable for us, and I think we, continue marching down that path.

資本效率的角度來看，對我們也有幫助。所以，顯然只要 ABS 市場對我們仍然有利，而且就我們在本次 Q 中所揭露的利率（你可以按分層 tranche 看到），對我們而言相對有利，我想我們會繼續沿著這條路走下去。

No plans to pull those back meaningfully in the near term, at least.

至少在短期內，沒有計畫大幅縮減這些安排。

That's very helpful.

這非常有幫助。

Thank you so much.

非常感謝。

Thank you. This concludes the question-and-answer session. I'll now turn it back to Steve Michaels, President and CEO, for closing remarks.

謝謝。問答環節到此結束。接下來我將把電話交回給總裁兼執行長 Steve Michaels 作結語。

Thank you very much for joining us today. We delivered a strong first quarter with improving trends across the businesses, and we're entering the balance of the year with real momentum. I want to thank all of the team members across Prog Nation for the execution we've seen. As well as our retail partners and employer clients and our customers for trusting us. I firmly believe the best chapters of Prague's story are still ahead of us.

非常感謝各位今天加入我們。我們第一季表現強勁，各項業務的趨勢均在改善，並且我們帶著真正的動能進入今年剩餘期間。我要感謝 Prog Nation 全體團隊成員在執行面所展現的成果。也要感謝我們的零售合作夥伴、雇主客戶以及我們的客戶對我們的信任。我堅信，Prog 的故事最精彩的篇章仍在前方。

Thank you for your participation in today's conference. This does include the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。