Regional Management Corp (RM) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Regional Management first-quarter 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Regional Management 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Garrett Edson. Please go ahead.

現在我將把會議交給主持人 Garrett Edson。請開始。

Thank you, and good afternoon. By now, everyone should have access to our earnings announcement supplemental presentation, which were released prior to this call and may be found on our website at regionalmanagement.com.

謝謝，大家午安。截至目前，大家應已可取得我們的財報公告補充簡報，該簡報已於本次電話會議前發布，並可在我們的網站 regionalmanagement.com 上找到。

Before we begin our formal remarks, I will direct you to page 2 of our supplemental presentation, which contains important disclosures concerning forward-looking statements and the use of non-GAAP financial measures. Part of our discussion today may include forward-looking statements, which are based on management's current expectations, estimates, and projections about the company's future financial performance and business prospects. These forward-looking statements speak only as of today and are subject to various assumptions, risks, uncertainties, and other factors that are difficult to predict and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

在我們開始正式發言之前，請各位翻到補充簡報第 2 頁，其中包含有關前瞻性陳述以及使用非 GAAP 財務衡量指標的重要揭露。我們今天的部分討論可能包含前瞻性陳述，這些陳述係基於管理層對公司未來財務表現與業務前景的目前預期、估計與預測。這些前瞻性陳述僅截至今日有效，並受多項假設、風險、不確定性及其他難以預測的因素影響，可能導致實際結果與前瞻性陳述中明示或暗示者有重大差異。

These statements are not guarantees of future performance, and therefore, you should not place undue reliance upon them. We refer all of you to our press release presentation of recent filings with the SEC for a more detailed discussion of our forward-looking statements and the risks and uncertainties that could impact our future operating results and financial condition.

這些陳述並非對未來績效的保證，因此您不應對其過度依賴。我們請各位參閱我們的新聞稿、簡報以及近期向美國證券交易委員會（SEC）提交之文件，以取得對前瞻性陳述以及可能影響我們未來營運結果與財務狀況之風險與不確定性的更詳細討論。

Also, our discussion today may include references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measures can be found within our earnings announcement or earnings presentation and posted on our website at regionalmanagement.com.

此外，我們今天的討論可能會提及某些非 GAAP 指標。這些指標與最可比 GAAP 指標之調節表，可在我們的財報公告或財報簡報中找到，並已張貼於我們的網站 regionalmanagement.com。

I would now like to introduce Lakhbir Lamba, President and CEO of Regional Management Corp.

現在我想介紹 Regional Management Corp. 總裁兼執行長 Lakhbir Lamba。

Thanks, Garrett, and good afternoon, everyone. We delivered a strong start to 2026 with solid financial performance, continued year-over-year portfolio growth, and further progress on our strategic priorities. Over the past few months, I've spent significant time across the organization, continuing to listen, learn, and evaluate our business. And I'm increasingly excited about the opportunities ahead. As I've deepened my understanding of our customers, products, and markets, I see a clear path to stronger performance and improving return outcomes over time.

謝謝你，Garrett，各位午安。我們在 2026 年取得強勁開局，財務表現穩健，投資組合持續年增，並在策略重點上取得進一步進展。過去幾個月，我花了大量時間走訪整個組織，持續傾聽、學習並評估我們的業務。我對未來的機會也愈來愈感到振奮。隨著我對我們的客戶、產品與市場有更深入的理解，我看到一條清晰的路徑，可在時間推移中帶來更強勁的表現並改善報酬成果。

Our results in the first quarter reflect the strength of our operating model, disciplined execution, and continued investment in the business.

我們第一季的結果反映出我們營運模式的優勢、嚴謹的執行力，以及對業務的持續投資。

Joining me on the call today is Harp Rana, our Chief Financial and Administrative Officer. I'll begin with a summary of our first quarter results, provide an update on our strategic initiatives, and then Harp will walk through the financial details.

今天與我一同參與電話會議的是我們的財務與行政長 Harp Rana。我將先總結第一季業績、更新我們的策略性計畫進展，接著由 Harp 說明財務細節。

We generated net income of $11.4 million or $1.18 of diluted earnings per share, representing an increase of 69% year over year. These results were driven by continued portfolio growth, strong revenue performance, and further improvement in operating efficiency.

我們的淨利為 1,140 萬美元，稀釋後每股盈餘為 1.18 美元，年增 69%。這些結果主要受持續的投資組合成長、強勁的營收表現，以及營運效率的進一步提升所帶動。

Our loan portfolio increased by $214 million year over year to $2.1 billion, representing 11% growth, and we generated record revenue for our first quarter, up 9% compared to the prior-year period. Demand for our products remains healthy, and we continue to grow this portfolio in a disciplined manner.

我們的放款投資組合年增 2.14 億美元至 21 億美元，成長 11%；第一季營收創下歷史新高，較去年同期成長 9%。我們產品的需求仍然健康，我們也持續以審慎的方式推動該投資組合成長。

We also delivered strong operating leverage. G&A expenses declined 2% year over year even as we continue to invest in growth initiatives, technology, and digital capabilities. Our operating expense ratio improved 180 basis points year over year to 12.2%, another all-time best for the company.

我們也展現出強勁的營運槓桿。儘管我們持續投資於成長計畫、科技與數位能力，G&A（一般及行政）費用仍較去年同期下降 2%。我們的營運費用率年減 180 個基點至 12.2%，再度創下公司歷史最佳水準。

Notably, revenue growth outpaced G&A and interest expense growth by a wide margin, reflecting the scalability of our model.

值得注意的是，營收成長大幅領先於 G&A 與利息費用的成長，反映出我們模式的可擴展性。

Capital generation remained strong in the quarter. We had $12 million of capital generation and returned more than $10 million to shareholders through dividends and share repurchases while continuing to fund portfolio growth.

本季資本生成仍然強勁。我們的資本生成為 1,200 萬美元，並透過股利與庫藏股回購向股東返還超過 1,000 萬美元，同時持續為投資組合成長提供資金。

Our 30-plus-day delinquency and net credit loss rates in Q1 were flat year over year after adjusting for this year's larger portfolio liquidation. Our customers remain stable and resilient in the current economic environment, and overall credit trends continue to perform within our expectations. That said, we are closely monitoring macroeconomic conditions, including elevated gas prices and inflation, and we remain disciplined and conservative in our underwriting.

在調整今年較大規模的投資組合清算影響後，我們第一季 30 天以上逾期率與淨信用損失率與去年同期持平。在目前的經濟環境下，我們的客戶仍然穩定且具韌性，整體信用趨勢也持續符合我們的預期。儘管如此，我們正密切關注總體經濟狀況，包括偏高的油價與通膨，並在授信審核上維持審慎且保守的紀律。

As we discussed on our last call, we are focused on continuing to improve. Our net credit loss rate over time with a long-term target below 10%. In support of this objective, we are increasing our investment in data, credit analytics, emerging AI capabilities, and fraud detection, including first-party and synthetic fraud controls.

如同我們在上次電話會議中所討論的，我們專注於持續改善。我們的長期目標是將淨信用損失率控制在 10% 以下。為支持此目標，我們正加大對資料、信用分析、新興 AI 能力與詐欺偵測的投資，包括第一方詐欺與合成詐欺的控管。

We are actively evaluating and beginning to deploy AI initiatives to enhance our underwriting, decisioning capabilities, and collections over time while maintaining appropriate risk controls. These investments are critical to improving credit performance as we scale the portfolio and enter new markets.

我們正積極評估並開始部署 AI 計畫，以在維持適當風險控管的同時，逐步強化我們的授信審核、決策能力與催收表現。當我們擴大投資組合並進入新市場時，這些投資對提升信用表現至關重要。

We continue to make good progress on our key strategic priorities. First, we are continuing to invest in market expansion. We plan to enter the state of Florida in the second quarter, which will mark our expansion into our 20th state and represents an important long-term growth opportunity.

我們在關鍵策略重點上持續取得良好進展。第一，我們持續投資於市場擴張。我們計畫在第二季進入佛羅里達州，這將標誌著我們擴展至第 20 個州，並代表一項重要的長期成長機會。

Second, responsible portfolio growth remains a core priority. We are seeing continued strength in our Auto-Secured lending product. The Auto-Secured portfolio reached $300 million in outstanding at the end of the first quarter, representing a 38% increase year over year. It now accounts for 14% of our total portfolio and carries a 30-plus-day delinquency rate of 2%. This product continues to deliver attractive credit performance and returns.

第二，負責任的投資組合成長仍是核心重點。我們看到 Auto-Secured（汽車擔保）放款產品持續展現強勁動能。截至第一季末，汽車擔保投資組合未償餘額達 3 億美元，年增 38%。目前其占我們總投資組合的 14%，且 30 天以上逾期率為 2%。該產品持續帶來具吸引力的信用表現與報酬。

Third, we are advancing our bank partnership strategy. In early March, we announced the launch of our partnership with Column, a nationally chartered bank. We expect this partnership to provide several important strategic benefits over time as it scales, including optimization of risk-adjusted yields, expanded relationships with existing customers and a broader addressable market, greater product and operational uniformity across states, faster entry into new markets, additional fee income opportunities, and increased wallet share over time from the introduction of new products.

第三，我們正推進銀行合作夥伴策略。在 3 月初，我們宣布與全國特許銀行 Column 的合作夥伴關係正式啟動。隨著規模擴大，我們預期此合作將在時間推移中帶來多項重要策略效益，包括最佳化風險調整後收益率、擴大與既有客戶的關係及更廣泛的可服務市場、提升跨州的產品與營運一致性、更快速進入新市場、增加手續費收入機會，以及透過導入新產品在長期提升客戶錢包占有率。

We launched the partnership in one branch with select products and have since expanded to 12 branches. We are encouraged by the early results, particularly in the origination trends, including volume, mix, and revenue characteristics.

我們先在一家分行以部分精選產品啟動合作，之後已擴展至 12 家分行。我們對初期成果感到鼓舞，特別是在放款承作趨勢方面，包括量、組合與營收特性。

As we expected at this stage, our data is primarily focused on origination, credit quality, and yield metrics, and we expect to begin seeing early credit performance in the coming months. We plan to expand the partnership throughout the year as we continue to evaluate results, assess customer adoption, and refine the strategy.

如同我們在此階段的預期，我們的數據目前主要聚焦於承作、信用品質與收益率指標，我們預期在未來幾個月將開始看到早期的信用表現。我們計劃在全年持續評估成果、衡量客戶採用情況並精進策略的同時，擴大此合作夥伴關係。

Fourth, we are continuing to invest in an end-to-end digital originations capability. We see meaningful long-term opportunity in this channel, including the ability to reach higher credit quality customers and expand our addressable market. We are focused on creating a frictionless digital experience with strong fraud detection, credit underwriting, and risk-based pricing capabilities as we scale this channel.

第四，我們持續投資於端到端的數位承作能力。我們在此通路看見具意義的長期機會，包括觸及信用品質更高的客戶並擴大我們的可服務市場。隨著我們擴大此通路規模，我們專注於打造無摩擦的數位體驗，並具備強大的詐欺偵測、信用核貸與風險定價能力。

We are also evaluating the use of AI to enhance customer acquisition, improve decisioning speed and accuracy, and optimize channel performance. Our bank partnership will play an important role in supporting this initiative over time.

我們也在評估運用 AI 以強化客戶獲取、提升決策速度與準確性，並最佳化通路表現。我們的銀行合作夥伴關係將隨時間推進，在支持此項倡議方面扮演重要角色。

Looking ahead, our expectations for the year remain unchanged. We continue to target full-year portfolio growth of 10% and net income growth in the range of 20% to 25% while remaining prepared to moderate portfolio growth if warranted by macroeconomic or credit conditions.

展望未來，我們對今年的預期維持不變。我們仍以全年投資組合成長 10% 與淨利成長 20% 至 25% 為目標，同時也會在總體經濟或信用狀況需要時，做好放緩投資組合成長的準備。

As a reminder, we expect second-quarter net income to represent the low point for the year consistent with normal seasonal trends. First-quarter tax refund activity results in portfolio liquidation, which impacts second-quarter revenue, while growth begins to accelerate as we move through the second quarter, driving sequentially higher CECL provisioning and G&A expenses. Portfolio growth in the second quarter and throughout the remainder of the year supports stronger revenue and earnings in the third and fourth quarters.

提醒一下，依照正常的季節性趨勢，我們預期第二季淨利將是全年低點。第一季的退稅活動導致投資組合回收（縮減），進而影響第二季營收；同時，隨著我們進入第二季，成長開始加速，帶動 CECL 提列與 G&A 費用逐季上升。第二季以及今年剩餘期間的投資組合成長，將支撐第三與第四季更強的營收與獲利。

We also expect net credit losses to remain seasonally elevated in the second quarter before improving to lower levels in the second half of the year.

我們也預期淨信用損失在第二季將維持季節性偏高，之後在下半年改善至較低水準。

In addition, we anticipate the benefits of our bank partnership, portfolio growth, and other strategic initiatives will build throughout the year, supporting stronger earnings performance in the third and fourth quarters.

此外，我們預期銀行合作夥伴關係、投資組合成長及其他策略性倡議的效益將在全年逐步累積，支撐第三與第四季更強的獲利表現。

Over the longer term, our objective remains clear. We will deliver sustainable, profitable growth while generating attractive returns for shareholders. We will continue to improve our return on equity through responsible portfolio growth, improving credit performance, operating leverage, and disciplined capital management.

從更長期來看，我們的目標依然明確。我們將實現可持續且具獲利性的成長，同時為股東創造具吸引力的報酬。我們將透過負責任的投資組合成長、改善信用表現、提升營運槓桿，以及嚴謹的資本管理，持續提高股東權益報酬率。

Regional is off to a strong start in 2026. We have a clear strategy, strong execution, and meaningful opportunities ahead, and we remain focused on delivering long-term value for her shareholders.

Regional 在 2026 年開局強勁。我們擁有清晰的策略、強勁的執行力與具意義的前景機會，並將持續專注於為其股東創造長期價值。

With that, I will turn the call over to Harp.

接下來，我將把電話會議交給 Harp。

Thank you, Lakhbir, and good afternoon, everyone. I'll now take you through our first-quarter results in more detail.

謝謝你，Lakhbir，各位下午好。接下來我將更詳細地帶各位回顧我們第一季的業績。

Starting on page 4 of the supplemental presentation, we delivered another quarter of strong year-over-year improvement across our key financial metrics. Net income was $11.4 million, and diluted earnings per share were $1.18, both driven by continued year-over-year portfolio and revenue growth, stable credit performance, strong operating leverage, and a disciplined balance sheet. Return on equity improved to 12.2%, up 430 basis points year over year, reflecting higher earnings and operating efficiency.

從補充簡報第 4 頁開始，我們在關鍵財務指標上再度交出強勁的年增改善表現。淨利為 1,140 萬美元，稀釋後每股盈餘為 1.18 美元，主要受惠於投資組合與營收持續年增、信用表現穩定、強勁的營運槓桿，以及嚴謹的資產負債表管理。股東權益報酬率提升至 12.2%，較去年同期增加 430 個基點，反映獲利提升與營運效率改善。

Turning to pages 5 and 6, total originations were $388 million, down modestly year over year as expected due to a stronger tax refund season and disciplined underwriting. Portfolio growth remained strong, with ending net receivables of $2.1 billion, representing 11% year-over-year growth. This growth continues to be driven by larger loans, including our Auto-Secured product as well as contributions from new branches.

接著看第 5 與第 6 頁，總承作金額為 3.88 億美元，因退稅季較強以及嚴謹的核貸而如預期較去年同期小幅下降。投資組合成長仍然強勁，期末淨應收款為 21 億美元，年增 11%。此成長持續由較大額貸款所帶動，包括我們的汽車擔保（Auto-Secured）產品，以及新分行的貢獻。

Average receivables per branch increased to approximately $5.9 million, up nearly 11% year over year, reflecting improved branch productivity and continued maturation of our newer locations.

每家分行的平均應收款增加至約 590 萬美元，較去年同期成長近 11%，反映分行生產力提升以及較新據點持續成熟。

From a sequential perspective, we saw a $36 million reduction in receivables, consistent with normal seasonal patterns driven by first-quarter tax refund activity. Looking ahead, we expect to return to sequential portfolio growth in the second quarter while maintaining the flexibility to adjust originations if macroeconomic or credit conditions warrant.

從季比角度來看，我們的應收款減少 3,600 萬美元，符合由第一季退稅活動所帶動的正常季節性型態。展望未來，我們預期第二季將恢復投資組合的季比成長，同時保有彈性，若總體經濟或信用狀況需要，將調整承作量。

Turning to page 7, total revenue was a first quarter record of $167 million, increasing 9% year over year, driven by higher average receivables. Total revenue yield declined on both a sequential and a year-over-year basis, primarily due to normal seasonality and continued mix shift towards larger, lower-yielding loans. As we move into the second quarter, we expect revenue yield to increase modestly on a sequential basis, consistent with typical seasonal trends.

接著看第 7 頁，總營收為第一季歷史新高的 1.67 億美元，年增 9%，主要由平均應收款提高所帶動。總營收收益率無論季比或年比皆下降，主要因正常季節性因素，以及產品組合持續轉向金額較大、收益率較低的貸款。進入第二季後，我們預期營收收益率將依典型季節性趨勢而小幅季比回升。

Turning to page 8, credit performance remained stable. Our 30-plus-day delinquency rate was 7.2%, up 10 basis points year over year and improved 30 basis points sequentially, reflecting normal seasonal patterns. Our net credit loss rate increased modestly by 10 basis points year over year, also consistent with expectations. Both our delinquency rate and NCL rate included roughly 10 basis points of impact from higher liquidation in the first quarter of 2026 compared to the first quarter of 2025.

接著看第 8 頁，信用表現維持穩定。我們 30 天以上逾期率為 7.2%，較去年同期上升 10 個基點，季比改善 30 個基點，反映正常季節性型態。我們的淨信用損失率年比小幅上升 10 個基點，也符合預期。我們的逾期率與 NCL 率皆包含約 10 個基點的影響，源自 2026 年第一季相較 2025 年第一季更高的清算（liquidation）。

Looking ahead to the second quarter, we expect delinquency and net credit losses to decline sequentially, consistent with seasonal patterns. Overall, credit performance remains in line with our expectations, and we continue to monitor macroeconomic conditions closely.

展望第二季，我們預期逾期與淨信用損失將依季節性型態而季比下降。整體而言，信用表現仍符合我們的預期，我們也將持續密切關注總體經濟狀況。

Turning to page 9, the allowance for credit losses declined by $1.4 million during the quarter, primarily reflecting seasonal portfolio liquidation. The allowance rate increased slightly to 10.4%, reflecting updates to macroeconomic assumptions and continued prudence in reserving. Subject to economic conditions and credit performance, we expect our allowance rate to stay flat sequentially in the second quarter.

接著看第 9 頁，本季信用損失準備金（allowance for credit losses）減少 140 萬美元，主要反映季節性的投資組合回收（縮減）。準備金比率小幅上升至 10.4%，反映對總體經濟假設的更新，以及在提存上的持續審慎。在經濟狀況與信用表現允許下，我們預期第二季準備金比率將季比持平。

Turning to page 10, we continue to demonstrate strong operating leverage. Our operating expense ratio improved to 12.2%, an all-time best and a 180-basis-point improvement year over year while we continue to invest in key initiatives. Total G&A expenses declined modestly year over year, reflecting continued discipline in managing expenses while scaling the business. For the second quarter, we expect a sequential increase in our operating expense ratio but a year-over-year improvement from the second quarter of last year.

接著看第 10 頁，我們持續展現強勁的營運槓桿。我們的營業費用率改善至 12.2%，創歷史最佳，較去年同期改善 180 個基點，同時我們仍持續投資於關鍵倡議。總 G&A 費用年比小幅下降，反映在擴大業務規模的同時，持續嚴控費用的紀律。對第二季而言，我們預期營業費用率將季比上升，但相較去年第二季仍將年比改善。

Turning to pages 11 and 12, interest expense was $22.9 million or 4.3% of average receivables on an annualized basis. We continue to maintain a strong and flexible funding profile, including $516 million of unused capacity, a diversified funding structure, and a high proportion of fixed-rate debt, which represented 84% of total debt at quarter end. This positions us well to support continued portfolio growth.

接著看第 11 與第 12 頁，利息費用為 2,290 萬美元，按年化計算相當於平均應收款的 4.3%。我們持續維持強健且具彈性的資金結構，包括 5.16 億美元的未動用額度、多元化的資金來源，以及高比例的固定利率負債；截至季末，固定利率負債占總負債的 84%。這使我們具備良好條件以支撐投資組合持續成長。

Looking ahead, we anticipate that our funding costs will tick up slightly in the second quarter.

展望未來，我們預期第二季的資金成本將小幅上升。

Turning to page 13, we continue to generate strong capital and allocate it in a disciplined manner. During the quarter, we had approximately $12 million of capital generation, and we returned over $10 million to shareholders through dividends and share repurchases. Our Board declared a $0.30 per share dividend, and we repurchased approximately 208,000 shares during the quarter.

翻到第 13 頁，我們持續產生強勁資本，並以嚴謹的方式進行配置。本季我們約產生 1,200 萬美元的資本，並透過股利與庫藏股回購向股東返還超過 1,000 萬美元。董事會宣告每股 0.30 美元股利，且本季我們回購約 208,000 股。

Finally, turning to page 14 and building on Lakhbir's comments about second-quarter net income and seasonality, I'll provide some additional detail on how we expect the year to progress from a quarterly perspective.

最後，翻到第 14 頁，並延續 Lakhbir 對第二季淨利與季節性的評論，我將從季度角度補充一些我們對今年走勢的看法。

As we noted, we expect second-quarter net income to represent the low point for the year, followed by stronger performance in the third and fourth quarters, consistent with our normal seasonal pattern. The primary driver of this cadence is the impact of first-quarter tax refund activity, which results in seasonal portfolio liquidation in the first quarter and, in turn, impacts average receivables and revenue in the second quarter. At the same time, we begin to rebuild the portfolio during the second quarter, with growth typically accelerating as we move through the quarter. This results in a sequential increase in provision for credit losses in the second quarter as we reserve the new originations.

如同我們所提到的，我們預期第二季淨利將是全年低點，之後第三與第四季表現轉強，符合我們一貫的季節性型態。造成此節奏的主要因素，是第一季退稅活動的影響，導致第一季出現季節性的投資組合變現，進而影響第二季的平均應收款與營收。同時，我們在第二季開始重建投資組合，且成長通常會在季度進行中加速。因此，當我們為新增放款提列準備時，第二季的信用損失準備金將呈現季比增加。

As that portfolio growth takes hold, we see the benefit in the second half of the year. The increase in receivables exiting the second quarter drives higher revenue in both the third and fourth quarters, and those growth tailwinds continue throughout the back half of the year. While provisioning for loan growth remains elevated in the third and fourth quarters relative to the first quarter, it is more comparable to second-quarter levels, allowing revenue growth to drive stronger earnings.

隨著該投資組合成長逐步發酵，我們在下半年將看到效益。第二季末應收款的增加，將帶動第三與第四季營收提升，而這些成長順風也會延續至下半年。雖然相較第一季，第三與第四季因放款成長而提列的準備仍維持較高水準，但與第二季更為接近，使得營收成長得以帶動更強勁的獲利。

From a credit perspective, we expect net credit losses to remain seasonally elevated in the second quarter before improving in the third and fourth quarters.

就信用面而言，我們預期第二季淨信用損失將維持季節性偏高，之後在第三與第四季改善。

Finally, as Lakhbir mentioned, we expect the benefits of our strategic initiatives to build as we move through the year with increasing contribution in the second half.

最後，如 Lakhbir 所提到的，我們預期策略性計畫的效益將隨著年度推進而逐步累積，並在下半年有更高的貢獻。

That concludes my remarks, and I'll now turn the call back over to Lakhbir.

以上是我的發言，接下來我把電話交回給 Lakhbir。

To close, we are very pleased with how we started 2026 and are encouraged by the momentum we are carrying into the rest of the year. We delivered strong results while continuing to invest in the business, improve underlying credit performance, and drive operating leverage. Importantly, we did this in a disciplined way that positions us well for sustainable, profitable growth.

總結來說，我們對 2026 年的開局非常滿意，也對我們延續到今年其餘時間的動能感到鼓舞。我們在持續投資業務、改善基礎信用表現並推動營運槓桿的同時，交出強勁成果。重要的是，我們以嚴謹的方式做到這些，讓我們在可持續且具獲利性的成長上具備良好定位。

As we look ahead, our priorities are clear, continue growing the portfolio responsibly, improving credit outcomes, expanding into attractive new markets, and investing in our people, technology, and digital data and AI-driven capabilities to enhance risk-adjusted returns.

展望未來，我們的優先事項很明確：持續以負責任的方式擴大投資組合、改善信用結果、拓展至具吸引力的新市場，並投資於人才、科技，以及數位資料與 AI 驅動能力，以提升風險調整後報酬。

We believe the opportunities in front of us across products, markets, and operating efficiency are compelling, and we are focused on executing against them thoughtfully.

我們相信在產品、市場與營運效率方面，眼前的機會相當具吸引力，我們也專注於以審慎的方式落實執行。

We have a strong foundation, a resilient customer base, and a highly capable team. I am confident in our ability to continue creating long-term value for our shareholders.

我們擁有堅實的基礎、具韌性的客戶群，以及能力卓越的團隊。我對我們持續為股東創造長期價值的能力充滿信心。

My sincere thanks to the regional team for delivering a great quarter.

我由衷感謝各區域團隊在本季交出優異表現。

(Operator Instructions) Kyle Joseph, Stephens.

（接線員指示）Stephens 的 Kyle Joseph。

Hey, good afternoon, guys. Thanks for taking my questions. Just curious, a lot of moving parts in the first quarter with elevated tax refunds and then gas prices rising in March. Just kind of walk us through how loan demand and credit kind of performed and kind of the cadence of demand and then how that's trended into April with gas prices remaining elevated.

嗨，大家午安。謝謝讓我提問。第一季有很多變動因素，包括退稅金額偏高，以及 3 月汽油價格上漲。能否帶我們了解一下放款需求與信用表現大致如何、需求的節奏如何，以及在 4 月汽油價格仍維持高檔的情況下，趨勢如何發展？

So hey, Kyle, it's Harp. So I'll take that question. So in terms of the elevated refunds, that was something that we had expected, right? We had all heard that refunds were going to be outsized. And they did come in higher than where they were last year, but not quite as high as what everyone expected. Demand was where we expected it to be, knowing that refunds were going to be higher, so that's what we saw there.

嗨 Kyle，我是 Harp。我來回答這題。關於退稅偏高，這其實是我們原本就預期會發生的，對吧？大家都聽說退稅會特別高。實際上確實比去年高，但沒有高到大家原先預期的程度。在已知退稅會較高的前提下，需求也如我們所預期，因此我們看到的情況就是如此。

In terms of the gas prices, it continues to be something that we're watching. What we found in first quarter is, our customers continue to be adaptable, resilient, but we do understand that inflation and particularly gas prices can take a toll on their wallet. So we continue to watch that through first payment default, delinquency rate, and also through any listing that we do when we have conversations with our customers, particularly even collections conversations, just to understand sort of what is causing them the pain point.

至於汽油價格，這仍是我們持續關注的事項。我們在第一季觀察到，我們的客戶仍然具備適應力與韌性，但我們也理解通膨、尤其是油價，確實會對他們的荷包造成壓力。因此我們持續透過首期違約（first payment default）、逾期率，以及我們與客戶對話時所做的各種聆聽（包括催收對話），來了解究竟是什麼造成他們的痛點。

So right now, they appear to continue to be resilient. But again, in second quarter, we continue to watch the gas prices, particularly given how much savings increased this week.

目前看起來，他們仍然相當有韌性。但同樣地，在第二季我們會持續關注油價，特別是考量到本週儲蓄增加了不少。

Kyle, the only thing I'll add to that is we are, to last point, monitoring the portfolio, looking at roll rates both early and late stage. And our reserve posture reflects the higher gas prices and potentially some impact on inflation. We are the segment of consumer we are really monitoring is high debt service coverage or debt-to-income and low-fee income consumer that if gas prices remain elevated for a prolonged period, that discretionary spending gets tested, and so we're sort of continuing to monitor that.

Kyle，我唯一想補充的是，呼應你最後一點，我們正在監控投資組合，觀察早期與後期階段的滾動率（roll rates）。而我們的備抵提列立場也反映了較高的油價，以及通膨可能帶來的一些影響。我們特別密切關注的消費者族群，是債務償付負擔較高或負債收入比（debt-to-income）較高、且手續費收入較低的消費者；若油價長期維持高檔，他們的可支配支出將受到考驗，因此我們會持續監控。

Got it. Really helpful. Thanks. And then second question, kind of a two-part question. First, I mean, as you think about AI, and you guys talked about incorporating AI, I mean, talk about where you think OpEx can go over that timeframe.

了解。非常有幫助。謝謝。第二個問題，算是兩部分。第一，談到 AI，你們也提到正在導入 AI；能否談談在那段期間你們認為營運費用（OpEx）可能會走向何處？

And then just follow-up to that, obviously, the relationship with Column is very exciting, but walk us through how you think about that impacting the P&L as that expands.

接著延伸問一下，與 Column 的合作顯然非常令人振奮；請帶我們了解，隨著合作擴大，你們如何看待它對損益表（P&L）的影響。

Thanks, Kyle. Let me take a crack at the first one. On the AI, one, I think we see our investment in machine learning models and origination and collection. Some, I think, we've mentioned in the past that are already in production in the company that we've deployed. Those models help us take more -- take better risk and then price better for risk.

謝謝你，Kyle。我先嘗試回答第一個。關於 AI，第一，我想我們看到的是在機器學習模型上的投資，涵蓋承作（origination）與催收（collection）。其中一些我們過去也提過，已經在公司內上線並投入生產環境。這些模型能幫助我們更好地承擔風險，並且更精準地依風險定價。

And then in terms of gen AI and agentic AI deployments, although I don't have a specific guidance for you on the subject, I think both are cost to originate and cost to service/collect over time, we believe as we automate both the origination and collection journeys using agentic AI workflows, we believe both those cost numbers on a variable basis can come down over time. So that's kind of the back we are taking in the space.

至於生成式 AI（gen AI）與代理式 AI（agentic AI）的部署，雖然我沒有就此提供具體指引，但我們認為，隨著時間推進，承作成本以及服務／催收成本都會受到影響；我們相信，當我們運用代理式 AI 的工作流程自動化承作與催收旅程時，這兩項成本在變動成本基礎上都能隨時間下降。這就是我們在這個領域的整體思路。

In terms of your second question, I'll start and then I'll let Harp add to it. On the Column partnership, we believe, as I mentioned in the remarks, there are certain segments of consumers we can't serve today because we are focused on implementing based on state laws and state charter. Those segments of consumers, we believe we can originate using a national charter over time. So that's a state-by-state specific kind of analyses and execution.

關於你的第二個問題，我先回答，然後再請 Harp 補充。就與 Column 的合作而言，我們認為——如同我在致詞中提到的——由於我們目前聚焦於依各州法律與州特許執行，因此有某些消費者族群我們今天還無法服務。我們相信，隨著時間推進，透過全國性特許（national charter），我們可以為這些族群承作放款。因此，這會是逐州進行的特定分析與執行。

Second, I think we are now going to be in 20 states. We still have a bunch of work to do to expand in other markets. We believe a national charter execution and product uniformity increase their speed to market and those markets we can scale up faster, especially with the digital originations capability we are building in parallel.

第二，我認為我們現在將會進入 20 個州。我們仍有許多工作要做，才能擴展到其他市場。我們相信，全國性特許的落地與產品一致性將提升其上市速度（speed to market），而且我們能在那些市場更快擴張規模，特別是我們也在同步建置數位化放款發起（digital originations）能力。

And then I think the third thing I would say is there are pockets of customers or business where. We don't get paid for the risk we take, and that's something that we are very thoughtful in terms of evaluating opportunities where we can optimize risk and return better in the business as we go forward.

接著第三點，我想說的是，存在一些客群或業務領域，我們承擔了風險卻沒有獲得相應的報酬；因此在評估機會時，我們會非常審慎，思考未來如何在業務中更好地優化風險與報酬。

And then the last thing is, as I mentioned, the Column Bank's technology stack is pretty advanced. We believe the consumer we serve has needs for a bunch of other products, so we will evaluate each one of them on their own business cases and see if we can launch and diversify our product set and serve the products through branches and our digital channels using the Column tech stack and the charter there, so -- but that's -- as we go forward next year and beyond opportunity.

最後一點，如我提到的，Column Bank 的技術堆疊相當先進。我們相信我們所服務的消費者對許多其他產品也有需求，因此我們會逐一以各自的商業案例來評估，看看是否能推出並多元化我們的產品組合，並透過分行與數位通路，利用 Column 的技術堆疊與其特許來提供這些產品；所以——但這——將是我們明年及之後的機會。

Harp, anything you want to add?

Harp，你有什麼想補充的嗎？

Yeah, just in terms of where OpEx can go. So how I would think about OpEx in the near term is, as we talked about some of the investments ,that we're going to continue to make in those areas. And how I would think about OpEx is, there will be some productivity improvements in the short to the medium term. And then really, in terms of OpEx, that'll come through scale. And then you'll see if there are enhancements in the cost to originate and the cost of service. Those will come in the medium-term file. That's how I would think about that.

有的，主要是關於營業費用（OpEx）可能的走向。我對近期 OpEx 的看法是：如同我們談到的，我們會持續在那些領域進行投資。而我對 OpEx 的理解是，短期到中期會有一些生產力提升。然後就 OpEx 而言，真正的改善會透過規模化來實現。接著你會看到放款發起成本（cost to originate）與服務成本（cost of service）是否有改善。這些會在中期逐步反映出來。我會這樣看待。

Thanks for taking my questions.

謝謝回答我的問題。

Vincent Caintic, BTIG.

Vincent Caintic，BTIG。

Hey, good afternoon. Thanks for taking my questions, and I really appreciate the very detailed quarterly guidance that you gave, so thank you very much for that.

嗨，午安。謝謝回答我的問題，我也非常感謝你們提供非常詳細的季度指引，真的非常感謝。

First question, I wanted to go over maybe some of the macro assumptions that you're having in your guidance estimates, particularly when you're thinking about your credit reserve rate. I noticed that it's going to be flat for the rest of the year implied in guidance. Just wondering what you're assuming in there, if there's any like macro changes or what you're thinking about unemployment. Thank you.

第一個問題，我想先了解一下你們在指引預估中採用的一些總體假設，特別是你們在思考信用準備率（credit reserve rate）時的假設。我注意到，從指引隱含來看，今年剩餘期間它會維持持平。想請教你們在其中假設了什麼，例如是否有任何總體環境變化，或你們對失業率的看法是什麼。謝謝。

So, hey, Vincent, it's Harp. So we did take the reserve rate up quarter over quarter versus where we were in fourth quarter of last year. And the reason why we took that up was just based upon some of the macro that we were seeing, which was basically oil prices and also gas prices and just being prudent around that in terms of what that could mean for our customers.

Vincent 你好，我是 Harp。相較於去年第四季，我們本季的準備率確實是季對季上調。上調的原因主要是基於我們看到的一些總體因素，基本上是油價以及汽油價格；我們在這方面採取更審慎的態度，考量這可能對我們客戶意味著什麼。

In terms of where we're going to be next quarter or quarter out, I can't really say right now. Right now in the prepared remarks, we've assumed that we're going to be flat to the 10.4% that we're at in first quarter, of course, barring any other macro news. So it could go up if things get a little bit tighter in terms of oil continues to increase and inflation continues to increase and gas prices continue to increase, or it could absolutely come back down based upon if oil prices come back down to where they were a few weeks ago and gas prices moderate.

至於下季或再往後一季會落在哪裡，我現在還不能確定。目前在事先準備的講稿中，我們假設會維持在第一季的 10.4% 水準不變，當然前提是不出現其他總體面的新消息。因此，如果油價持續上升、通膨持續上升、汽油價格持續上升，情勢變得更緊，準備率可能會上調；反之，如果油價回落到幾週前的水準、汽油價格趨於緩和，也完全可能再降回來。

Okay, got it. That's helpful. Thank you. And then second question, I wanted to ask about how we should think about product growth. So I appreciate the overall loan growth guidance. But if you could talk about, say, between your small dollar loans versus your large loans, looks like auto is doing really well and you sound pretty excited about that. But if you could describe like mix shift in terms of where you want to go, where the customer demand is as you're thinking about the year. Thank you.

好的，了解。這很有幫助。謝謝。第二個問題，我想問我們應該如何看待產品成長。我理解整體放款成長指引。但如果可以的話，能否談談例如小額貸款與大額貸款之間的差異；看起來汽車相關表現很好，你們聽起來也對此相當興奮。但如果你能描述一下你們希望的組合變化（mix shift）方向，以及在你們思考今年時客戶需求在哪裡。謝謝。

So Vincent, it's Harp again. So here's what I would say. So in terms of our priorities, Auto-Secured is one of the priorities that Lakhbir laid out in his prepared remarks and you can sort of see how our large loans have grown over time. So that continues to be a priority just given the returns on that product.

Vincent，我又是 Harp。我會這麼說。就我們的優先事項而言，汽車擔保貸款（Auto-Secured）是 Lakhbir 在事先準備的講稿中提到的重點之一，你也可以看到我們的大額貸款隨時間的成長情況。因此，考量該產品的報酬率，這仍會是我們的優先方向。

However, we remain very much committed to our small loans as well. We often talk about our graduation strategy. And again, in 2025, we did refinance 26,000 of those small loan customers. And then we moved them up to larger small loans or large loans, and then we're also able to bring down their rate. So that is really a part of our acquisition at our customer life cycle journey, so we remain committed to the small loans, but large loans, particularly Auto-Secured, is a focus given the returns on that product.

不過，我們也仍然非常致力於小額貸款。我們經常談到我們的「升級（graduation）策略」。同樣地，在 2025 年，我們為 26,000 名小額貸款客戶辦理了再融資（refinance）。接著我們把他們提升到較大的小額貸款或大額貸款，同時也能降低他們的利率。因此，這確實是我們在客戶生命週期旅程中、獲客策略的一部分；我們仍會投入小額貸款，但大額貸款、尤其是汽車擔保貸款，基於其報酬率，會是我們的重點。

Okay, great. Thank you.

好的，很棒。謝謝。

(Operator Instructions) Zachary Oster, Citizens Capital.

（接線員指示）Zachary Oster，Citizens Capital。

Hey, everyone. Good afternoon. Thanks for taking my question. I want to dig in a little bit on the tax refund side and kind of see if we can get some sort of disaggregated number or really just, I guess, quote-unquote, normalized sense of where origination growth would have been had that been excluded for this quarter.

嗨，各位。午安。謝謝讓我提問。我想更深入了解一下退稅（tax refund）這一塊，看看我們是否能取得某種拆分後的數字，或其實只是——我想——所謂「常態化（normalized）」的概念：如果本季把這個因素排除，放款發起成長原本會是多少。

So Zach, it's really hard to give you what a normal number would be, but you're probably looking at last year as well, right?

Zach，要給你一個「常態」數字其實很難，但你大概也會拿去年來對照，對吧？

So in terms of what we saw this year, I would say it's pretty typical. I think what we've read is tax refunds on average were up by about $300 over last year.

就我們今年看到的情況而言，我會說這相當典型。我想我們讀到的資料是，平均而言，退稅金額比去年增加了大約 300 美元。

In terms of our portfolio liquidation, we saw about $36 million quarter over quarter. Last year, we only saw $2.2 million. And you have to remember that last year, what we saw was mapped by the number of de novos that we had come online in first quarter of 2025. So what we saw this year is exactly what we expected in terms of knowing that refunds on average were going to be a little bit larger. And then typically, we do see a liquidation of small dollar loans as people get their refunds and they go ahead and they pay us with the refund money. So what we saw was actually quite typical of what we expected given our portfolio size.

就我們的投資組合清算而言，我們看到季度環比約3,600萬美元。去年我們只看到220萬美元。而且你必須記得，去年我們所看到的情況，是由2025年第一季上線的新增據點（de novos）數量所對應/帶動的。因此，今年我們看到的情況，完全符合我們的預期，因為我們知道平均而言退稅金額會稍微更大一些。接著通常我們確實會看到小額貸款的清算，因為人們拿到退稅後，就會用退稅款來償還我們。所以，考量到我們的投資組合規模，我們所看到的其實相當典型，符合我們原先的預期。

Now, as we move into second quarter, we are going to have growth in second quarter. So you have the $36 million in liquidation in the first quarter. And on page 14 of the supplement, we've actually guided to an approximation of where growth is expected.

現在，隨著我們進入第二季，我們第二季將會有成長。所以第一季有3,600萬美元的清算。而在補充資料第14頁，我們其實已經就預期成長的大致區間提供了指引。

So when you're modeling, what you have to keep in mind is, we had a provision release of $1.4 million in the first quarter based upon that liquidation. We've also provided you with a range based upon growth in terms of what that provision increase will be in second quarter. And then going back to Lakhbir's remarks, that swing in provision from the $1.4 million release up to, if I take the midpoint, a $7 million build, that swing of $8.4 million is going to drop right down to the bottom line.

所以當你在建模時，你必須記住的是：基於那次清算，我們在第一季有140萬美元的備抵（提存）回轉（provision release）。我們也已經依據成長情境，提供你第二季備抵增加幅度的區間。再回到Lakhbir的評論，備抵從140萬美元回轉到——如果我取中位數——700萬美元的提列（build），這個從回轉到提列的擺動幅度為840萬美元，將會直接反映到最終損益（bottom line）。

Of course, other things are going to continue to improve, such as revenue is going to continue to improve. So you will, and that will be the growth will end up being a tailwind for the rest of the year. So you will see revenue improve, but in the second quarter, you will see that swing because of the growth in the CECL provision that will drop down to the bottom line.

當然，其他項目也會持續改善，例如營收會持續改善。因此，成長最終會在今年剩餘時間成為順風（tailwind）。所以你會看到營收改善，但在第二季，你會看到因CECL備抵隨成長而增加所造成的那個擺動，並會直接反映到最終損益。

Got it. Understood. And then one more question, if I could just add it on, just digging also into the macro assumptions, want to see if you guys have any updated commentary on rate cuts or kind of any assumptions going into -- I think on the quarter on the allowance rate in terms of the rate cuts.

了解。明白。另外如果可以再加問一題，我也想再深入一下總體假設，想看看你們對降息是否有任何更新的評論，或是對——我想是本季在備抵率（allowance rate）方面、就降息所做的任何假設。

So in terms of the rate cuts, that held flat today, that was our expectation. I think when we all entered the year, we probably thought that there was going to be one-rate cut at the beginning of the year. So now, with them holding flat, we've taken what the forecast is on rates, as well as the forecast and other macro narratives into account when we did our reserve calculations.

就降息而言，今天維持不變，這符合我們的預期。我想我們在年初進入今年時，可能都認為年初會有一次降息。所以現在既然維持不變，我們在做備抵計算時，已把利率預測以及其他總體敘事的預測一併納入考量。

So when we look at the macro, we do look at a ratings agency and sort of their predictions of all of those things into the future. So we took all of that into consideration, as well as, of course, our own portfolio, where we look at the product mix, we look at delinquency status, we look at FICO, we look at our own portfolio, and then we go ahead and we look at sort of what the macro assumptions are for the rest of the year in order to come up with the reserve rate.

因此當我們看總體環境時，我們會參考一家評級機構及其對未來各項因素的預測。所以我們把所有這些都納入考量，當然也包括我們自己的投資組合：我們看產品組合、看逾期狀態、看FICO、看我們自己的投資組合，然後再去看今年剩餘時間的總體假設，以得出備抵率。

So I would tell you that we sort of anticipated where we are today in terms of coming up with that reserve rate, if that helps.

所以我會告訴你，我們在制定那個備抵率時，某種程度上已預期到今天所處的位置；希望這樣有幫助。

Yes, understood. Thank you very much. Sorry, go ahead.

是的，明白。非常感謝。抱歉，你請繼續。

The biggest levers in our credit assumptions essentially are the labor market, which have been stable. Number two is inflation, which is an outcome of everything that's happening around gas prices and what have you. And so those -- and GDP, obviously, those are big levers as we model our reserve content, so I think the biggest uncertainty that remains, I think, on the credit side, the obvious one is gas prices and how long this whole geopolitical conflict in the Middle East is going to stay.

我們信用假設中最大的槓桿基本上是勞動市場，目前一直很穩定。第二是通膨，它是油價等各種因素所造成的結果。因此——以及GDP，當然——這些都是我們在建模備抵內容時的重要槓桿；所以我認為在信用面仍然最大的未知數，顯而易見的是油價，以及中東這場地緣政治衝突會持續多久。

Yeah, Zach, I'm sorry, I'll add one other thing to what Lakhbir just said. So in terms of open jobs, we talk about that on these calls. So there's still about 7 million open jobs. And again, we know that open jobs for our target segment, there are ample jobs out there. So that's just something else that we take into consideration as we're looking out into the future when we do our reserve just in terms of what does the unemployment picture look like.

是的，Zach，抱歉，我再補充Lakhbir剛才說的一點。就職缺而言，我們在這些電話會議上也會談到。目前仍大約有700萬個職缺。而且我們也知道，對我們的目標客群而言，市場上有充足的工作機會。所以這也是我們在做備抵、展望未來時會納入考量的另一項因素，主要是從失業情勢會長什麼樣子來看。

So right now, again, we'll say that our customers are resilient or adaptable. There's plenty of open jobs available for them. As Lakhbir mentioned, inflation, gas prices, we continue to watch those as we move into second quarter.

所以目前我們仍會說，我們的客戶具有韌性或適應力。他們有很多可選的職缺。如Lakhbir所提到的，通膨、油價，我們在進入第二季時會持續關注這些。

Understood. Thank you for the color.

明白。謝謝你提供的補充說明。

Bill DeZellem, Tieton Capital.

Bill DeZellem，Tieton Capital。

Thank you. A couple of questions. First of all, relative to your originations in the first quarter, the small loan originations were down, call it 19%, while the large loan originations were up 10%. Can you walk us through the dynamics that led to that differential in our origination change versus the first quarter of last year?

謝謝。有幾個問題。首先，相較於你們第一季的放款（originations），小額貸款放款量下降了，大約19%，而大額貸款放款量上升了10%。你能否帶我們了解一下，與去年第一季相比，造成這種放款變動差異的動態因素？

Yeah. So hey, Bill, it's Harp. Nice to hear from you.

可以。嗨，Bill，我是Harp。很高興聽到你的聲音。

So a couple of things. So I think on the small loan originations, a couple of things that I would point out. One is we had in higher tax season, we do expect our small loan to pay off, and we do expect originations in terms of response rate to be muted in first quarter. So that's really what you're seeing in 2026.

所以有幾件事。我想在小額貸款放款方面，我會指出幾點。第一，在較旺的報稅季，我們確實預期小額貸款會被清償，同時也預期第一季在回應率（response rate）方面的放款會比較溫和。所以你在2026年看到的基本上就是這個。

When you compare that to 2025, in 2025, we had 17 de novos come online between fourth quarter and first quarter. And in those de novos, they have [male] support. So although you did have an origination impact on small loans last year, that was mapped by the fact that we had those de novos coming online. So that's really part of what you're seeing there in terms of year-over-year origination.

當你把它和2025年相比，2025年我們在第四季到第一季之間有17個新增據點（de novos）上線。而在這些新增據點中，它們有[male]支援。所以雖然去年小額貸款確實受到放款面的影響，但那是由於那些新增據點上線所對應/帶動的。所以這就是你在年對年放款表現上所看到的其中一部分原因。

And then in terms of the small loans, it's really the Auto-Secured. As we grow that business, that is what you're seeing on the large loans year over year.

然後就小額貸款而言，主要其實是汽車擔保貸款（Auto-Secured）。隨著我們擴大這項業務，這就是你在大型貸款年對年所看到的變化。

That's very helpful. Thank you. And would you want to take that last comment a step further and segment the Auto-Secured origination growth versus the non-Auto-Secured large loan origination growth?

這非常有幫助。謝謝。那麼，您是否願意把剛才最後那點再往前推一步，將汽車擔保（Auto-Secured）放款成長與非汽車擔保的大型貸款放款成長做個分拆？

Yeah, and Bill, the best way for me to answer that is that portfolio grew $83 million, the Auto-Secured portfolio, and now it's 14.3% of our portfolio. Compared to last year, it was only 11.6% of our portfolio. So that continues to be a driver within large loans.

是的，Bill，我回答這個問題的最佳方式是：汽車擔保貸款組合（Auto-Secured portfolio）增加了8,300萬美元，現在占我們整體組合的14.3%。相較去年，它只占我們組合的11.6%。所以它持續成為大型貸款中的一個驅動因素。

Fair enough. And then you referenced --

可以理解。然後你提到--

I apologize. One other thing that I would add there is just the growth rate on the Auto-Secured compared to the growth rate on E&R on large loans. So Auto-Secured grew by 38%. And again, that's the component of what you're seeing on the E&R in terms of large loans. But again, Auto-Secured is a driver of that.

抱歉。我還想補充一點，就是汽車擔保（Auto-Secured）的成長率相較於大型貸款中 E&R 的成長率。所以汽車擔保成長了38%。再說一次，這就是你在大型貸款的 E&R 上所看到的那個構成部分。但同樣地，汽車擔保是其中的驅動因素。

Yes, thank you. And then shifting to the Column relationship, I believe in your reference to (inaudible) you started with one branch up to a dozen. Are you anticipating that that relationship will be across all branches?

是的，謝謝。接著轉到 Column 的合作關係，我記得你在提到（聽不清）時說，你們是從一家分行開始，擴展到大約十二家。你們是否預期這個合作關係會覆蓋所有分行？

So that, Bill, here's what I would say. I would say that, we're going to continue to roll that out. We're going to be quite measured. The reason why we roll out, one is to make sure it works the way that we think it's going to work from a technological perspective and also from a branch operational perspective and also from a customer perspective. So you roll it out into one and then you roll it out a little bit larger and again, make sure that it's working the way that you want it to work.

Bill，關於這點，我會這麼說。我們會持續推進擴展。我們會非常審慎、循序漸進。我們之所以要逐步推廣，一是要確保從技術角度它能如我們預期運作；二是從分行營運角度；三是從客戶角度。所以你先在一家推行，然後再擴大一些，並再次確認它是否如你希望的方式運作。

What I would say is it is very much in terms of the data that we're seeing, we're quite -- it's exactly what we thought it was going to be. So we're quite pleased with that.

我想說的是，就我們目前看到的數據而言，這非常符合——完全就是我們原先預期的樣子。所以我們對此相當滿意。

In terms of the rollout, what I would say is we're going to continue to be measured in rolling it out. But as Lakhbir said earlier, we're now in 20 states, and we'll take a look and see what makes sense over time, particularly given where we're rolling it out currently and how we want to roll that out going forward. That's probably as much information as I can give you right now on that.

至於推廣節奏，我會說我們會繼續以審慎的方式推進。但如 Lakhbir 先前提到的，我們現在已在20個州，我們會觀察並隨時間評估什麼做法最合理，特別是考量我們目前推廣的地點，以及未來希望如何推進。就這點而言，這大概是我現在能提供的最多資訊了。

Okay, and I'm going to dive into that a bit further here, please. So my perception, having never rolled out this sort of a relationship, would be that once you get up to 50 branches or so, that going from 50 to 250, that you really aren't going to learn there going from 1 to 12 or a dozen to 50 very much, maybe. So assuming that that presumption is correct, do you have operational heavy lifting or lifting that needs to be done each time this is moved into a branch, therefore, it's not flipping a switch once you're at whatever your maximum test number is, using my example, 50, or do you really need to take that at whatever pace your operations team follow?

好的，我想再深入一點請教。以我的理解——雖然我從未推行過這類合作關係——一旦你們擴到大約50家分行後，從50到250其實不太會再學到什麼；反而從1到12，或從十幾家到50，可能才會學到比較多。所以假設這個前提成立，每次把它導入一個分行時，是否都需要做大量營運上的工作，因此並不是在達到某個最大測試數量（以我舉例的50家）後就能「一鍵切換」？還是說你們確實需要依照營運團隊能跟上的節奏來推進？

So here's how I would think about that, Bill. You're absolutely right. After you hit a critical mass, it becomes easier to roll that out because you know that technologically, it works. And it's really about training the staff and the branches where you are. So you're absolutely right on that. And it just becomes sort of the flywheel of training the branches.

Bill，我會這樣看這件事。你說得完全正確。當你達到一個臨界規模後，推廣會變得更容易，因為你已經知道在技術上它是可行的。接下來主要就是在你所在的分行對員工進行訓練。所以你在這點上完全正確。它就會變成一種分行訓練的「飛輪效應」。

What I would think about is, again, we will soon be in 20 states. And rolling it out in each state probably is where we're focused and making sure that we are going to do that right. That in one state and then eventually in multiple states, the flywheel approach is, hey, if you've done 50 and now you know how to train the folks and you know what works, that would absolutely be a true statement.

我還會補充的是，我們很快就會進入20個州。而在每個州推廣，可能是我們目前的重點，並確保我們能把它做對。在一個州做到位，之後再擴到多個州；而所謂飛輪方式就是：如果你已經做了50家，現在你知道如何訓練同仁、也知道什麼有效，那這個說法絕對成立。

That's very helpful. Thank you for the depth of answers.

這非常有幫助。謝謝你們回答得這麼深入。

Thanks, Bill.

謝謝，Bill。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Lakhbir Lamba for closing comments.

接下來我們的問答環節到此結束。我想把時間交回給 Lakhbir Lamba 做結語。

Thank you so much. As I said earlier on the call, we're very pleased with how we started 2026. I'm excited about opportunities ahead this year. And as we go forward for Regional Management, as we also mentioned, we just talked in the Q&A, we're watching the macroeconomic conditions carefully, and we'll adjust to our posture in terms of be it underwriting or what have you relative to how macroeconomic conditions perform. But outside of that, I'm really excited about where we are and how we started the year.

非常感謝。如我先前在電話會議中所說，我們對2026年的開局表現非常滿意。我對今年接下來的機會感到振奮。而在區域管理（Regional Management）方面，正如我們也提到、並在問答中談到的，我們會密切關注總體經濟狀況，並會依總體經濟表現來調整我們的立場，無論是承保（underwriting）或其他相關作法。除此之外，我對我們目前的位置以及今年的開局方式感到非常振奮。

My sincere thanks to the whole Regional Management team, and we've got exciting times ahead. Thank you.

我由衷感謝整個區域管理團隊，未來將有令人振奮的時刻。謝謝。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。