SLM Corp (SLM) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by. Welcome to Sallie Mae's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Melissa Bronaugh. Ma'am, the floor is open.

您好，感謝您的支持。歡迎參加 Sallie Mae 的 2023 年第二季度收益電話會議。 （接線員指示）我現在想將電話轉給梅麗莎·布羅諾。女士，請發言。

Thank you, Towanda. Good morning, and welcome to Sallie Mae's Second Quarter 2023 Earnings Call. It is my pleasure to be here today with Jon Witter, our CEO; and Steve McGarry, our CFO. After the prepared remarks, we will open the call for questions.

謝謝你，托旺達。早上好，歡迎參加 Sallie Mae 的 2023 年第二季度收益電話會議。我很高興今天能與我們的首席執行官 Jon Witter 一起來到這裡。和我們的首席財務官史蒂夫·麥加里（Steve McGarry）。在準備好發言後，我們將開始提問。

Before we begin, keep in mind our discussion will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different from those discussed here. This could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-Q and other filings with the SEC. For Sallie Mae, these factors include, among others, results of operations, financial conditions and/or cash flows as well as any potential impact of the COVID-19 pandemic on our business.

在我們開始之前，請記住我們的討論將包含預測、期望和前瞻性陳述。未來的實際結果可能與此處討論的結果大不相同。這可能是由多種因素造成的。聽眾應該參考公司向 SEC 提交的 10-Q 表格和其他文件中對這些因素的討論。對於 Sallie Mae 來說，這些因素包括經營業績、財務狀況和/或現金流以及 COVID-19 大流行對我們業務的任何潛在影響。

During this conference call, we will refer to non-GAAP measures, we call our core earnings. A description of core earnings, a full reconciliation to GAAP measures and our GAAP results can be found in the Form 10-Q for the quarter ended June 30, 2023. This is posted along with the earnings press release and on the Investors page at salliemae.com.

在本次電話會議中，我們將參考非公認會計準則衡量標準，我們稱之為核心收益。有關核心收益的描述、與 GAAP 衡量標準的全面調節以及我們的 GAAP 結果可在截至 2023 年 6 月 30 日的季度的 10-Q 表格中找到。該表格與收益新聞稿一起發布，並發佈在 salliemae 的投資者頁面上.com。

Thank you. And now I'll turn the call over to Jon.

謝謝。現在我將把電話轉給喬恩。

Thank you, Melissa and Towanda. Good morning, everyone. Thank you for joining us today to discuss Sallie Mae's second quarter 2023 results. I'm pleased to report on a successful quarter and continued progress towards our 2023 goals. I hope you'll take away 3 key messages today. First, we delivered strong results in the second quarter and first half of the year.

謝謝梅麗莎和托旺達。大家，早安。感謝您今天加入我們討論 Sallie Mae 的 2023 年第二季度業績。我很高興地報告本季度的成功以及我們在實現 2023 年目標方面的持續進展。我希望您今天能掌握 3 個關鍵信息。首先，我們在第二季度和上半年取得了強勁的業績。

Second, we are well positioned to deliver solid results for the year by continuing to drive our core business and serve our customers. And third, we have a resilient business model that should drive results even if some headwinds materialize related to the resumption of federal loan payments or other macroeconomic conditions. Let's begin with the quarter's results. GAAP diluted EPS in the second quarter of 2023 was $1.10 per share as compared to $1.29 in the year ago quarter.

其次，我們有能力通過繼續推動我們的核心業務和服務客戶來實現今年的穩健業績。第三，我們擁有一個有彈性的商業模式，即使由於聯邦貸款支付或其他宏觀經濟狀況的恢復而出現一些不利因素，它也應該能夠推動業績。讓我們從本季度的業績開始。 2023 年第二季度 GAAP 攤薄後每股收益為 1.10 美元，而去年同期為 1.29 美元。

In May, we closed on the sale of $2 billion in loans at a premium of approximately 6.5%. As we mentioned in April, we accelerated the sale of the second $1 billion of loans given bank valuation levels and the potential for further market volatility.

5 月份，我們以約 6.5% 的溢價出售了 20 億美元的貸款。正如我們在 4 月份提到的，鑑於銀行估值水平和市場進一步波動的可能性，我們加快了第二筆 10 億美元貸款的出售速度。

We were able to put the proceeds from this successful loan sale and the corresponding capital release to work in the second quarter, repurchasing just over 16 million shares of our common stock. We have reduced the shares outstanding since January 1, 2023 by 7% and by 48% since January of 2020.

我們能夠將這次成功的貸款出售和相應的資本釋放的收益在第二季度投入使用，回購了超過 1600 萬股普通股。自 2023 年 1 月 1 日以來，我們已將流通股減少了 7%，自 2020 年 1 月以來，已減少了 48%。

Our assets continue to be in demand from a deep pool of well-informed loan buyers. We expect to commence our next loan sale at the beginning of September and closed in the third quarter or early in the fourth quarter depending on buyer preferences and market conditions, subject, of course, to board approval and careful consideration of capital levels and an uncertain economic environment.

我們的資產仍然受到大量消息靈通的貸款買家的需求。我們預計將在 9 月初開始下一次貸款銷售，並在第三季度或第四季度初結束，具體取決於買家偏好和市場狀況，當然，這需要董事會批准並仔細考慮資本水平和不確定性。經濟環境。

Private education loan originations for the second quarter of 2023 were $651 million, which is up 6% over the second quarter of 2022. Our originations for the first half of the year are slightly ahead of our forecast for 2023. We are also seeing strong underclass application growth.

2023 年第二季度的私人教育貸款發放額為 6.51 億美元，比 2022 年第二季度增長 6%。我們上半年的發放額略高於我們對 2023 年的預測。我們還看到底層階級的強勁增長應用程序增長。

Through the first half of the year, our underclass application volume has increased approximately 11% as compared to the first half of 2022, driven by our investments in technology and content as well as the successful integration of Nitro marketing strategies and techniques throughout Sallie Mae's channels.

得益於我們對技術和內容的投資，以及在整個 Sallie Mae 渠道中成功整合 Nitro 營銷策略和技術，今年上半年，我們的底層應用程序數量較 2022 年上半年增長了約 11% 。

Credit quality of originations was consistent with past years. Our cosigner rate for the second quarter of 2023 was 76% versus 74% in the second quarter of 2022. Average FICO score for the second quarter of '23 was 747 versus 746 in the second quarter of 2022.

起源的信用質量與往年一致。我們 2023 年第二季度的聯合簽名率為 76%，而 2022 年第二季度為 74%。23 年第二季度的平均 FICO 分數為 747，而 2022 年第二季度為 746。

Seasonally, the second quarter has lower co-signer rates, due to a higher mix of nontraditional students. We expect our cosigner rate to finish the year in line with past annual levels. Net private education loan charge-offs in Q2 were $103 million, representing 2.69% of average loans and repayment up from 2.56% in the year ago quarter.

從季節性來看，由於非傳統學生的比例較高，第二季度的共同簽名者比例較低。我們預計今年的聯合簽名人率將與過去的年度水平保持一致。第二季度私人教育貸款核銷淨額為 1.03 億美元，占平均貸款和還款額的 2.69%，高於去年同期的 2.56%。

There is seasonality in our charge-offs with the second quarter reflecting performance of the most recent graduation vintage that entered repayment in the fourth quarter of the previous year. With our previously implemented credit administration practice changes, we expected that we would see an uptick in defaults in the second quarter and we are appropriately reserved for this result.

我們的沖銷存在季節性，第二季度反映了上一年第四季度進入還款的最近畢業年份的表現。根據我們之前實施的信貸管理實踐變化，我們預計第二季度違約率將會上升，我們對此結果持適當保留態度。

Our annualized net charge-offs as a percentage of average loans and repayment for the first half of the year is 2.41% and remains lower than our plan for the full year of 2023. We continue to operationally and strategically focus on credit and our path back to normalcy. As is the case every year prior to peak season, we reexamined the performance of our credit standards.

我們上半年的年化淨沖銷占平均貸款和還款的百分​​比為 2.41%，仍然低於我們 2023 年全年的計劃。我們繼續在運營和戰略上關注信貸和我們的回歸之路至正常狀態。與每年旺季前的情況一樣，我們都會重新檢查信用標準的表現。

As is also the case every year as consumer and market conditions changed, we found subsegments of our portfolio that were responsible for elevated levels of losses. We have refined our underwriting standards incorporating this new insight. We are pleased that we have been able to lower risk on new originations while maintaining strong growth. In addition, we continue to develop new programs and practices to appropriately help customers who are facing financial difficulty.

每年，隨著消費者和市場條件的變化，我們發現投資組合中的某些細分領域導致了更高的損失水平。我們結合這一新見解完善了承保標準。我們很高興能夠在保持強勁增長的同時降低新產品的風險。此外，我們繼續開發新的計劃和做法，以適當地幫助面臨財務困難的客戶。

We expect to implement another set of program enhancements in early fall prior to the November repayment wave. Before I turn the call over to Steve for a deeper review of performance, let me address the news from Washington related to the federal lending program. President Biden signed a federal spending bill, which specifies the end date for the federal student loan repayment pause.

我們預計在 11 月還款潮之前的初秋實施另一組計劃增強措施。在我將電話轉給史蒂夫進行更深入的績效評估之前，讓我先談談來自華盛頓的與聯邦貸款計劃相關的新聞。拜登總統簽署了一項聯邦支出法案，其中規定了聯邦學生貸款暫停償還的結束日期。

In addition, the Supreme Court struck down the administration's proposed federal loan forgiveness program. While both decisions were anticipated and not directly related to our business, one might ask the expected impacts on Sallie Mae. It's important to note that our historical underwriting models assume levels of federal debt and payments consistent with the Supreme Court decision and payment resumption.

此外，最高法院否決了政府提出的聯邦貸款減免計劃。雖然這兩項決定都是預期的，並且與我們的業務沒有直接關係，但人們可能會問對 Sallie Mae 的預期影響。值得注意的是，我們的歷史承保模型假設聯邦債務和付款水平與最高法院的判決和付款恢復一致。

Therefore, we do not believe these federal loan decisions will have a permanent long-term impact on our credit outlook. With that said, payment habits and hierarchy are important determinants of short- and medium-term performance. In addition, federal loan servicers have an important role to play in ensuring a smooth transition for these federal borrowers and they may experience operational or readiness issues.

因此，我們認為這些聯邦貸款決定不會對我們的信用前景產生永久性的長期影響。話雖如此，支付習慣和層級是短期和中期業績的重要決定因素。此外，聯邦貸款服務機構在確保這些聯邦借款人順利過渡方面發揮著重要作用，他們可能會遇到運營或準備問題。

Therefore, we have tried to consider what near-term impacts the resumption of payments might have on our business. The Biden administration is heavily vested in ensuring a smooth transition for federal borrowers and is taking steps to ensure a seamless transition to repayment. They have taken 2 important such steps.

因此，我們試圖考慮恢復付款可能對我們的業務產生哪些短期影響。拜登政府致力於確保聯邦借款人順利過渡，並正在採取措施確保無縫過渡到還款。他們已經採取了兩個重要的步驟。

First, the Department of Education is instituting a 12-month on-ramp program running from October 1, 2023, to September 30, 2024, so that financially vulnerable borrowers who miss monthly payments are not considered delinquent reported to credit bureaus placed in default or referred to debt collection agencies.

首先，教育部正在製定一項為期 12 個月的啟動計劃，從 2023 年 10 月 1 日到 2024 年 9 月 30 日，這樣財務脆弱的借款人如果錯過每月還款，就不會被視為拖欠貸款，並向信用局報告違約或指收債機構。

Additionally, the Biden administration is finalizing an enhanced income-driven repayment program that would not only increase borrower eligibility, but also lower a borrower's payments. These regulations will go into effect on July 1, 2024. However, the department has indicated it will implement some critical benefits prior to the end of the payment pause this fall and before loan payments are due.

此外，拜登政府正在敲定一項增強型收入驅動型還款計劃，該計劃不僅會提高借款人的資格，還會降低借款人的還款額。這些規定將於 2024 年 7 月 1 日生效。不過，該部門表示，將在今年秋季暫停還款結束和貸款到期之前實施一些關鍵福利。

Our understanding is that many borrowers will not have to make monthly payments under this plan. For a summary and timing of these rules, please see Page 6 of our second quarter earnings presentation.

我們的理解是，根據該計劃，許多藉款人不必每月還款。有關這些規則的摘要和時間安排，請參閱我們第二季度收益報告的第 6 頁。

We are taking our own steps to help customers -- help customers succeed as federal payments resume. We are increasing communication with customers who have federal loans to help them better understand what federal resources are available to them, in addition to the programs that -- and services that we offer.

我們正在採取自己的措施來幫助客戶——隨著聯邦付款的恢復，幫助客戶取得成功。我們正在加強與擁有聯邦貸款的客戶的溝通，以幫助他們更好地了解除了我們提供的計劃和服務之外，他們還可以獲得哪些聯邦資源。

We are training our staff to be more conversant on these programs to help federal borrowers who might be struggling to find available resources. We are also increasing our monitoring and customer engagement to ensure we have good early indicators of performance and identify potential issues as this information might be helpful in setting or refining our expectations or strategies.

我們正在培訓我們的員工，讓他們更加熟悉這些計劃，以幫助可能難以找到可用資源的聯邦借款人。我們還加強了監控和客戶參與，以確保我們擁有良好的早期績效指標並識別潛在問題，因為這些信息可能有助於設定或完善我們的期望或策略。

Based on all of this, we believe the resumption of payments represents a short- to medium-term watch item. At this point, however, we do not believe it represents a major risk to our credit outlook, but we will remain vigilant.

基於所有這些，我們認為恢復付款是一個中短期的觀察項目。然而，目前我們認為這不會對我們的信用前景構成重大風險，但我們將保持警惕。

We are not alone in this view. Economists at Bank of America and Moody's sized the average federal loan payment at $247 and $275 respectively. And by considering a range of factors have projected that the resumption of federal student loan payments will have a minimal impact on consumer credit overall.

我們並不孤單持這種觀點。美國銀行和穆迪的經濟學家將平均聯邦貸款支付規模分別定為 247 美元和 275 美元。通過考慮一系列因素，預計聯邦學生貸款支付的恢復將對整體消費信貸產生最小的影響。

Steve will now take you through some additional financial highlights of the quarter. Steve?

史蒂夫現在將帶您了解本季度的一些其他財務亮點。史蒂夫？

Thank you, Jon. Good morning, everyone. Let's continue this morning's discussion with a detailed look at the drivers of our loan loss allowance.

謝謝你，喬恩。大家，早安。讓我們繼續今天上午的討論，詳細了解貸款損失準備金的驅動因素。

Discussion of the key components of our income statement and a look at our strong liquidity and capital position. The private education loan reserve, including a reserve for unfunded commitments was $1.4 billion or 6.2% of our total private education loan exposure, which under CECL includes the on-balance sheet portfolio plus the accrued interest receivable of $1.3 billion and unfunded loan commitments of another $1.6 billion.

討論我們損益表的關鍵組成部分，並審視我們強大的流動性和資本狀況。私立教育貸款準備金（包括無資金準備承諾準備金）為 14 億美元，占我們私立教育貸款總風險的 6.2%，根據 CECL，其中包括資產負債表內投資組合加上 13 億美元的應計應收利息以及另一家公司的無資金準備貸款承諾。 16億美元。

Our reserve at 6.2% of our portfolio is slightly lower than the prior quarter, which was at 6.3%. We incorporate several inputs that are subject to change from quarter-to-quarter when preparing our allowance for loan losses -- these include CECL model inputs and overlays deemed necessary by management.

我們的儲備金佔投資組合的 6.2% 略低於上一季度的 6.3%。在準備貸款損失準備金時，我們納入了一些可能會隨季度發生變化的輸入數據，其中包括 CECL 模型輸入數據和管理層認為必要的疊加數據。

Let's take a look at the major variables, economic forecasts and weightings drive quarter-to-quarter movement in the allowance. In the current and year-ago quarters, we used Moody's base S1 and S3 forecasts, weighted 40%, 30% and 30%, respectively. We expect to use this mix going forward, except during extraordinary periods of uncertainty.

讓我們看一下主要變量、經濟預測和權重推動津貼的季度變動。在當前季度和去年同期，我們使用穆迪的基本 S1 和 S3 預測，權重分別為 40%、30% 和 30%。我們預計未來會繼續使用這種組合，除非是在非常不確定的時期。

Despite concerns about the health of the economy, the forecast provided by Moody's continue to be stable. There were no changes in the model inputs such as prepayment speeds or other important drivers.

儘管對經濟健康狀況存在擔憂，但穆迪提供的預測仍然穩定。模型輸入（例如預付款速度或其他重要驅動因素）沒有變化。

Loan sales during the second quarter did reduce the allowance by $137 million. While the second quarter is not a large disbursement quarter, we do begin to book commitments for the new academic year and reserve accordingly.

第二季度的貸款銷售確實使準備金減少了 1.37 億美元。雖然第二季度不是一個大的支出季度，但我們確實開始為新學年預訂承諾並進行相應的保留。

Provision for new unfunded commitments totaled $58 million in the second quarter. Our total provision for loan losses booked on our income statement this quarter was $18 million. Private education loans delinquent 30-plus days were 3.68% of loans and repayment, up from 3.4% in Q1 but improved from 3.75% in the year ago quarter.

第二季度新的無資金承諾撥備總額為 5800 萬美元。本季度損益表上記錄的貸款損失撥備總額為 1800 萬美元。拖欠超過 30 天的民辦教育貸款佔貸款和還款的 3.68%，高於第一季度的 3.4%，但較去年同期的 3.75% 有所改善。

We continue to expect very plus day delinquencies to remain in the mid-3% range for the remainder of '23. Forbearance usage was 1.2% at the end of the quarter, a decrease from 1.4% at the end of Q1 and down from 1.3% in the year ago quarter. Net charge-offs, as Jon already mentioned, came in at 2.69% in the second quarter compared to 2.1% in Q1 and 2.56% in the year ago quarter.

我們繼續預計，23 年剩餘時間內，超額違約率將保持在 3% 左右的範圍內。本季度末的寬容使用率為 1.2%，較第一季度末的 1.4% 有所下降，也較去年同期的 1.3% 有所下降。正如喬恩已經提到的，第二季度的淨沖銷率為 2.69%，而第一季度為 2.1%，去年同期為 2.56%。

As Jon also already mentioned, there is seasonality in the second quarter as new borrowers go into full principal and interest repayment. As a result of our previously implemented credit administration practice changes, we did expect and reserve for this uptick in charge-offs.

正如喬恩也已經提到的那樣，第二季度存在季節性，因為新借款人將全額償還本金和利息。由於我們之前實施的信貸管理實踐發生了變化，我們確實預計並為沖銷的增加做好了準備。

It is worth mentioning again that our annualized net charge-off rate through June is 2.41% and continues to be lower than our plan for the year. NIM for the quarter came in at a strong 5.52%, up 23 basis points from the year ago quarter. Our portfolio continues to benefit from a rising rate environment.

再次值得一提的是，我們截至 6 月份的年化淨沖銷率為 2.41%，繼續低於我們今年的計劃。本季度淨息差 (NIM) 強勁增長 5.52%，較去年同期上升 23 個基點。我們的投資組合繼續受益於利率上升的環境。

Consistent with guidance, second quarter operating expenses were $154 million, essentially unchanged from Q1, but elevated from the $132 million in the year ago quarter. Roughly $9 million of the increase over the year ago period relates to higher FDIC assessment fees. And as we mentioned in April, we expect our FDIC assessment fees to be higher in '23 than in '22.

與指引一致，第二季度運營支出為 1.54 億美元，與第一季度基本持平，但高於去年同期的 1.32 億美元。與去年同期相比增加的大約 900 萬美元與 FDIC 評估費用的增加有關。正如我們在 4 月份提到的，我們預計 23 年的 FDIC 評估費用將高於 22 年。

Volume increases in originations, servicing and collections account for $4 million of the increase in OpEx over the year ago quarter. Remaining $8 million increase relates to both our absorption of the effects of the current inflationary environment as well as the increasing in our staffing levels over where they were in last year's second quarter.

與去年同期相比，發起、服務和收款業務量的增長佔運營支出增長的 400 萬美元。剩餘的 800 萬美元增長與我們吸收當前通脹環境的影響以及我們的人員配置水平較去年第二季度相比有所增加有關。

Finally, our liquidity and capital positions are strong. We ended the quarter with liquidity of 21.6% of total assets, higher than the year ago liquidity ratio of 20.3%. At the end of the second quarter, total risk-based capital stood at 14.1%. Common equity Tier 1 was at 12.8%.

最後，我們的流動性和資本狀況強勁。本季度末，我們的流動性佔總資產的 21.6%，高於去年同期的 20.3%。第二季度末，風險資本總額為14.1%。一級普通股權益為 12.8%。

And a ratio we like to look at post CECL GAAP equity plus loan loss reserves over risk-weighted assets was a very strong 16.4%. We are well positioned to grow our business and return capital to shareholders going forward. Back to you, Jon.

我們喜歡觀察 CECL GAAP 後的股本加上貸款損失準備金與風險加權資產的比率，該比率非常強勁，為 16.4%。我們已做好充分準備來發展我們的業務並向股東返還資本。回到你身邊，喬恩。

Thanks, Steve. Let me wrap up with a few additional comments on our recently announced acquisition and our outlook for 2023. As announced last night, we were pleased to report we have closed on the acquisition of several key assets of Scholly a top scholarship search application. Scholly's platform offers a streamlined solution to connect students with a wide variety of scholarship opportunities.

謝謝，史蒂夫。最後，讓我對我們最近宣布的收購以及我們對 2023 年的展望進行一些補充評論。正如昨晚宣布的那樣，我們很高興地報告，我們已經完成了對 Scholly 的幾項關鍵資產的收購，這是一項頂級獎學金搜索應用程序。 Scholly 的平台提供了一個簡化的解決方案，將學生與各種獎學金機會聯繫起來。

Along with Scholarship Search, Scholly also has a scholarship administration technology as well as Scholly offers, which is a platform matching users with strategic partners, helping the users earn cash back. This acquisition has many advantages. It is mission aligned and we are excited to connect more students and families to a free one-stop shop for all things scholarships.

除了獎學金搜索之外，Scholly 還擁有獎學金管理技術以及 Scholly 提供的服務，這是一個將用戶與戰略合作夥伴匹配的平台，幫助用戶賺取現金返還。此次收購有很多優勢。這是與使命一致的，我們很高興能夠將更多的學生和家庭連接到免費的一站式商店以獲得所有獎學金。

By strengthening our content offering and digital ecosystem, the deal should pay for itself with direct benefits to our core business.

通過加強我們的內容提供和數字生態系統，這筆交易應該能夠收回成本，並為我們的核心業務帶來直接利益。

Finally, the Scholarship Administration and Scholly offers platform provide interesting growth options for the future. In summary, we are originating high-quality loans and gaining market share at the same time. Credit performance has been as expected and we are excited about the new programs that we are developing to help our borrowers when they need it most.

最後，獎學金管理局和 Scholly 提供的平台為未來提供了有趣的增長選擇。總而言之，我們在發放高質量貸款的同時贏得了市場份額。信貸表現符合預期，我們對正在開發的新計劃感到興奮，這些計劃旨在幫助借款人在最需要的時候提供幫助。

Through our transactions with Nitro and now Scholly, we're further advancing Sallie Mae as an education solutions company. We continue to put our capital to work buying back stock at prices we believe are at a discount to intrinsic value. The Supreme Court's decision on federal debt cancellation appears to be a wake-up call for policymakers to come together for real bipartisan reform.

通過與 Nitro 以及現在的 Scholly 的交易，我們正在進一步將 Sallie Mae 發展成為一家教育解決方案公司。我們繼續投入資金，以我們認為低於內在價值的價格回購股票。最高法院關於取消聯邦債務的決定似乎給政策制定者敲響了警鐘，讓他們齊心協力進行真正的兩黨改革。

Momentum appears to be building as reflected by the number of new bills being introduced that advocate for many of the practical ideas we have been supporting for several years. I am proud to report another solid quarter of results and remain excited about our future.

正如許多新法案的推出所反映的，勢頭似乎正在增強，這些法案倡導了我們多年來一直支持的許多實用想法。我很自豪地報告又一個堅實的季度業績，並對我們的未來保持興奮。

Let me conclude with the discussion of 2023 guidance. We are encouraged by the strength of originations growth through the first 6 months of the year and believe we will end the year closer to the higher end of our originations guidance or slightly better.

讓我以 2023 年指導意見的討論作為結束語。我們對今年前 6 個月的創始增長勢頭感到鼓舞，並相信今年年底我們將更接近創始指導的上限或稍好一些。

We are affirming the 2023 guidance for all key metrics. With that, Steve, let's open the call up for some questions.

我們確認 2023 年所有關鍵指標的指導。史蒂夫，讓我們開始詢問一些問題。

(Operator Instructions) Our first question comes from the line of Jeff Adelson with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的傑夫·阿德爾森（Jeff Adelson）。

Jon, I was just hoping I could just key off the comment you made earlier on the next $1 billion of loan sales. I know you already said you're looking to kick that off in early September. Just curious if you had any indications of interest at this point or how things kind of stand versus the last time you went to market there.

喬恩，我只是希望能夠結束您之前對下一個 10 億美元貸款銷售的評論。我知道您已經說過您希望在九月初啟動該計劃。只是好奇您此時是否有任何興趣的跡象，或者與上次您去那裡的市場相比情況如何。

And would you be willing to upsize that $1 billion? And then just related to that, how much -- how should we be thinking about the buyback size off the back of that sale? I feel like it gives you at least another $300 million of capacity.

您願意增加這 10 億美元嗎？然後與此相關的是，我們應該如何考慮出售後的回購規模？我覺得它至少還能為你帶來 3 億美元的額外產能。

Jeff, this is Steve. I'll take the first half of that question and then I'll pass it back to Jon for the second half of the question. We have a constant dialogue with our loan buyers as Jon mentioned in the prepared remarks, there is a pretty large group of buyers that are constantly interest in our loan sales, so that's not an issue at all.

傑夫，這是史蒂夫。我將回答該問題的前半部分，然後將其傳回給喬恩以解決問題的後半部分。正如喬恩在準備好的發言中提到的那樣，我們與貸款買家不斷進行對話，有相當多的買家對我們的貸款銷售一直感興趣，所以這根本不是問題。

Since the last sale, there have been some puts and some takes. Base interest rates are up a little bit since then, but credit spreads on ABS, which is where buyers go to finance the purchases typically have tightened. So there's not a great deal of change, I think, in the underlying market pricing in the market at this point in time.

自上次銷售以來，出現了一些看跌期權和一些看跌期權。此後，基本利率略有上升，但 ABS 的信貸利差（買家通常為購買融資）的信貸利差已經收緊。因此，我認為，目前市場的基礎市場定價沒有太大變化。

And Jeff, to your question of upsizing, I think I'll give you the same answer that I tend to give every quarter as good allocators of capital, we are always open to ideas and to opportunities to create shareholder value. What is in our plan today is $1 billion.

傑夫，對於你關於擴大規模的問題，我想我會給你同樣的答案，就像我每個季度都會給出的答案一樣，作為良好的資本配置者，我們始終對創造股東價值的想法和機會持開放態度。我們今天的計劃是 10 億美元。

That's what we are anticipating. But we will always look at the market conditions, situation, sort of price of the equity -- our equity that's trading at that point. And if we think that there's a good opportunity there to create shareholder value, there is nothing that prevents our border management from considering and accepting that opportunity.

這就是我們所期待的。但我們總是會關注市場條件、情況、股票價格——我們當時正在交易的股票。如果我們認為那裡有一個創造股東價值的好機會，那麼沒有什麼可以阻止我們的邊境管理層考慮並接受這個機會。

So we're not going to commit to anything more at this point. Again, $1 billion is what's in our plan, but it's the same thought process that we go through every quarter and I would argue it's what led to the acceleration of the $1 billion, which we had originally had slated at the end of this year into the first half of the year. And there's nothing that would keep that from happening again if the right market conditions existed.

因此，我們目前不會做出更多承諾。再說一次，10 億美元是我們的計劃中的內容，但我們每個季度都會經歷同樣的思維過程，我認為這就是導致 10 億美元加速的原因，我們最初計劃在今年年底投入 10 億美元。今年上半年。如果存在合適的市場條件，沒有什麼可以阻止這種情況再次發生。

Okay. Great. And just a follow-up on credit. I know this quarter -- last quarter was supposed to be seasonally higher for you. Just wondering, is there any early read so far on July, how the performance is trending there quarter-to-date? And maybe talk about the trajectory of losses over the rest of the year.

好的。偉大的。只是信用的後續行動。我知道這個季度——上個季度對你來說應該是季節性較高的。只是想知道，到目前為止，是否有任何關於 7 月份的早期數據，該季度迄今為止的表現趨勢如何？也許還可以談談今年剩餘時間的損失軌跡。

And separately related to that, the new IDR plan as well as the grace period. Just curious, like do you have any sense of how many borrowers maybe plan to take advantage of this grace period in the interim?

與此單獨相關的是新的 IDR 計劃以及寬限期。只是好奇，您是否知道有多少借款人可能計劃在此期間利用這段寬限期？

And maybe what percentage or what size of your balance sheet, these borrowers that are qualifying for the new idea plan? Or just any way to kind of contextualize that versus the broader population for you?

也許這些借款人符合新創意計劃的資格，佔您資產負債表的百分比或規模是多少？或者有什麼方法可以將這一點與更廣泛的人群聯繫起來？

Yes. Let me maybe talk briefly about credit. And then I think Steve and I can tag team a little bit on the combination of the on-ramp program and IDR. On credit, I think our affirming of guidance says it all. There is nothing that we have seen up to this point that leads us to believe that there's material changes to our annual guidance. And so I think you can assume that what we're seeing in July is consistent with our expectations and what we're reserved for.

是的。讓我簡單談談信用。然後我認為 Steve 和我可以在入口匝道計劃和 IDR 的結合上對團隊進行一些標記。就信用而言，我認為我們對指導的肯定說明了一切。到目前為止，我們沒有看到任何事情讓我們相信我們的年度指導有重大變化。所以我認為你可以假設我們在 7 月份看到的情況與我們的預期和我們的保留一致。

So nothing new or different there. I think on the on-ramp program, I think it's really hard for us to estimate how many people will take advantage of that. I think federal borrowers are really just starting to come to grips with what their new payments are going to be, when those payments are going to be due and the like. But I do think it probably suggests that of a customer's overall payment hierarchy across all their various obligations.

所以沒有什麼新的或不同的。我認為在入口匝道計劃上，我們真的很難估計有多少人會利用它。我認為聯邦借款人實際上才剛剛開始了解他們的新付款將是什麼、這些付款何時到期等等。但我確實認為這可能表明了客戶所有各種義務的總體支付層次結構。

The federal loan payment is probably going to be near the bottom of that hierarchy, all other things being equal because it's just a lot more forgiving in that regard than their credit card balances or other student lending balances or card payment or whatever else they may have. So hard to know, but we still think it's quite a powerful thing and giving customers a degree of flexibility.

在所有其他條件相同的情況下，聯邦貸款付款可能會接近該層次結構的底部，因為在這方面它比他們的信用卡餘額或其他學生貸款餘額或卡付款或他們可能擁有的任何其他東西要寬容得多。很難知道，但我們仍然認為這是一個非常強大的東西，並為客戶提供了一定程度的靈活性。

We have studied extensively the IDR program today and we think going forward. It is a rich program. It is a program that is already heavily subscribed to today. We think it will become more heavily subscribed to and we think the benefits both in the short term and the long term are pretty amazing for federal borrowers in terms of payment reduction. But Steve, why don't you walk through some of those details.

今天，我們廣泛研究了 IDR 計劃，並思考未來的發展。這是一個內容豐富的節目。該節目如今已獲得大量訂閱。我們認為它將得到更多的認購，而且我們認為在減少還款方面，對於聯邦借款人來說，短期和長期的好處都是相當驚人的。但是史蒂夫，你為什麼不詳細介紹一下其中的一些細節呢？

Sure. Happy to, Jon. So look, we've taken a look at what the Department of Education has published on income-based repayment plans. And if you make a couple of assumptions about, for example, how much debt a borrower has.

當然。很高興，喬恩。那麼，我們看一下教育部發布的基於收入的還款計劃。例如，如果您對借款人有多少債務做出一些假設。

So for example, if they have a $50,000 loan with a 6% coupon, which is pretty much right in the ZIP code where most federal loans have been underwritten over the last several years. That payment before income-based repayment turns out to be $555 but by the time they fully phase in the 2 steps on the changes that they're making in IDR that payment would be capped for the borrower at $175, which is a substantial amount of savings. And that example is for a borrower that has an average income of $75,000 and the payment dropped substantially as their income level declines and rise as gradually as their income level increases.

舉例來說，如果他們有一筆 50,000 美元的貸款，息票率為 6%，這在過去幾年大多數聯邦貸款都由郵政編碼區承保的情況下幾乎是正確的。基於收入的還款之前的付款結果為 555 美元，但當他們完全分階段實施 IDR 變更的兩個步驟時，借款人的付款上限為 175 美元，這是一個很大的數額。節省。舉個例子，借款人的平均收入為 75,000 美元，隨著收入水平的下降，還款額大幅下降，隨著收入水平的提高，還款額逐漸上升。

So it's a really powerful program that has additional benefits such as not capping negative amortization on the loan and actually for giving the loan after 120 payments, depending upon the size of the loan. So it's a very, very powerful program that I think the vast majority of the borrowers will take advantage of if they are informed as to the features of it.

因此，這是一個非常強大的計劃，具有額外的好處，例如不限制貸款的負攤銷，並且實際上可以在 120 次付款後提供貸款，具體取決於貸款的規模。因此，這是一個非常非常強大的計劃，我認為如果絕大多數借款人了解其功能，他們都會利用它。

And Jeff, the only thing I would add, our intelligence tells us about 42% of federal borrowers are in the income-driven -- some income-driven repayment program today. Our understanding is they will be automatically enrolled in this new program and we would expect that number to go up over time as more borrowers are eligible. And I think as the administration makes it easier and easier for people to apply.

傑夫，我唯一要補充的是，我們的情報告訴我們，大約 42% 的聯邦借款人參與了收入驅動型的——當今一些收入驅動型還款計劃。我們的理解是，他們將自動加入這個新計劃，並且隨著越來越多的借款人符合資格，我們預計這個數字會隨著時間的推移而增加。我認為政府會讓人們越來越容易申請。

We stand by for our next question. Our next question from line of Richard Shane with JPM.

我們等待下一個問題。我們的下一個問題來自理查德·謝恩 (Richard Shane) 與摩根大通 (JPM) 的對話。

One of the things that you have pointed out in the last couple of years is that on the servicing side, there are a lot of ways that you can influence outcomes. You've talked about this experience of your servicers, improving collections, et cetera. I'm curious as we move towards the end of forbearance if there are things that you are doing proactively with borrowers to sort of prepare them.

您在過去幾年中指出的一件事是，在服務方面，您可以通過多種方式影響結果。您已經談到了您的服務人員的經驗、改進館藏等等。我很好奇，當我們接近忍耐結束時，您是否正在積極與借款人一起做一些事情來為他們做好準備。

Obviously, you have a lot of insight into borrowers, credit profiles, et cetera. And are you already starting to receive inbound calls from borrowers asking questions about how this is all going to work.

顯然，您對借款人、信用狀況等有很多了解。您是否已經開始接到借款人打來的電話，詢問這一切將如何運作。

Yes, Rick, it's a really good question, and I touched on some of this in my remarks, but let me go a little bit deeper. And the caveat to all of this is, obviously, we're not a federal loan servicer. We're not the federal government. So we want to be very proactive and appropriate and helping our customers navigate this transition, but we also want to make sure we don't get into a position where suddenly, we are advising our clients on topics that are not directly in our purview. But with that said, now that we have a date certain on repayment, implementing a whole host of programs, which have been under consideration for a while.

是的，里克，這是一個非常好的問題，我在發言中談到了其中的一些內容，但讓我更深入一點。顯然，所有這一切的警告是，我們不是聯邦貸款服務商。我們不是聯邦政府。因此，我們希望非常主動和適當地幫助我們的客戶度過這一轉變，但我們也希望確保我們不會突然陷入這樣的境地：我們就不直接屬於我們職權範圍的主題向客戶提供建議。但話雖如此，現在我們已經確定了還款日期，並實施了一系列計劃，這些計劃已經考慮了一段時間。

So we do know which of our customers have federal loans. We are in the early stages of executing a communication program for them, really doing our part to remind them of those obligations to help them begin to understand the resources, the federal resources that are available to them and quite frankly, also using it as a great opportunity to remind them that if they find themselves in a difficult spot that we have resources and the ability to help them at all and encourage early outreach, which we know is incredibly powerful in helping people navigate this period, not to get too deep into a financial problem.

所以我們確實知道哪些客戶擁有聯邦貸款。我們正處於為他們執行溝通計劃的早期階段，我們確實盡了自己的一份力量，提醒他們有義務幫助他們開始了解資源，他們可以使用的聯邦資源，坦率地說，也將其用作這是一個很好的機會來提醒他們，如果他們發現自己處於困境，我們有資源和能力來幫助他們，並​​鼓勵早期的外展活動，我們知道這對於幫助人們度過這一時期非常強大，但不要陷得太深財務問題。

We are doing absolutely stepped up monitoring of that, by the way, I would describe that as both quantitative and qualitative. So for example, we have actually set up focus groups of federal borrowers so that we can understand from their mouths directly what's being communicated to them, what they are hearing, what they are experiencing and sort of the challenges that they are facing.

我們正在絕對加強對此的監控，順便說一句，我將其描述為定量和定性。例如，我們實際上已經建立了聯邦借款人的焦點小組，以便我們可以從他們的口中直接了解正在向他們傳達什麼，他們聽到什麼，他們正在經歷什麼以及他們面臨的挑戰。

I think as we know sometimes those types of qualitative insights in addition to the quantitative insights have real power. And look, we will continue to look at the programs we offer and we talked about the fact that we're introducing our next wave of sort of loss mitigation program enhancements in the early fall.

我認為，正如我們所知，有時除了定量見解之外，這些類型的定性見解也具有真正的力量。看，我們將繼續關注我們提供的計劃，我們談到了我們將在初秋推出下一波損失減輕計劃增強功能的事實。

Obviously, we'll continue to assess those programs. And if we see that there is an unmet need caused by the resumption of federal payments, will be quick to respond there. So it is a pretty broad and proactive approach. But again, recognizing this is effectively a federal program issue, but we want to help our customers be as successful as they can during the transition.

顯然，我們將繼續評估這些計劃。如果我們發現恢復聯邦付款導致需求未得到滿足，我們將迅速做出回應。因此，這是一種非常廣泛且積極主動的方法。但再次強調，認識到這實際上是一個聯邦計劃問題，但我們希望幫助我們的客戶在過渡期間盡可能取得成功。

Our next question comes from the line of Michael Kaye with Wells Fargo.

我們的下一個問題來自邁克爾·凱與富國銀行的對話。

It feels to me like the guidance reflects a fair amount of cautiousness, for instance, you said numerous times on the call that the year-to-date NCOs of 2.41% lower than your full year plan. So why not improve at least tightened to NCO guidance. I know we got the resumption of payments ahead, but that's not until October. So I wanted to hear your thoughts on that.

在我看來，該指引反映了相當程度的謹慎，例如，您在電話會議上多次表示，今年迄今為止的 NCO 比全年計劃低 2.41%。那麼為什麼不至少加強 NCO 指導呢？我知道我們提前恢復付款，但要到十月才能恢復。所以我想听聽你對此的想法。

Yes. Michael, look, I think at the end of the day, the biggest factor at play is just the uncertainty of the macro environment over the course of the next 6 to 12 months. We have seen an unprecedented rate of interest rate increases. That obviously has the potential of stressing variable rate borrowers. By the way, not just our variable rate borrowers, but people who have other debt denominated in a variable rate instrument. I think the unemployment situation continues to be strong today, but certainly, if you look at the various economic reports, there is at least some signs of a softening or slowing of the economy.

是的。邁克爾，我認為歸根結底，影響最大的因素是未來 6 到 12 個月宏觀環境的不確定性。我們看到了前所未有的利率上升速度。這顯然有可能給浮動利率借款人帶來壓力。順便說一句，不僅是我們的可變利率借款人，還有那些以可變利率工具計價的其他債務的人。我認為今天的失業狀況仍然強勁，但當然，如果你看一下各種經濟報告，至少有一些經濟疲軟或放緩的跡象。

We continue to season into our credit administration changes. And while I think we have pretty robust analytics that help us understand, for example, what is pull-through versus sort of permanent changes by segment and various credit performance. Some of these patterns are relatively new to us, given when those changes were made and implemented. And so I think when you put all of those things together, this is just a more uncertain economic and credit outlook than would be the case in a typical year.

我們繼續適應信貸管理的變化。雖然我認為我們有相當強大的分析，可以幫助我們理解，例如，什麼是拉動，什麼是按細分市場和各種信用表現進行的永久性變化。考慮到這些更改是在何時進行和實施的，其中一些模式對我們來說相對較新。因此，我認為，當你把所有這些因素放在一起時，你會發現，這只是一個比典型年份更加不確定的經濟和信貸前景。

And so I think at the end of the day, we want to reflect that level of potential risk in our outlook and we think we are being prudent and how we are setting guidance.

因此，我認為歸根結底，我們希望在我們的前景中反映潛在風險的水平，我們認為我們是謹慎的，以及我們如何制定指導。

Okay. I wanted to talk a little bit about the outlook for the refi market. I know refis are very, very low right now with the resumption of payments slated to start. I've been hearing mixed signals with some of the major refi players, some saying it's not going to be a big impact. I'm expecting something more material. So I wanted to get your thoughts on that. I know rates are also a lot higher now, but they likely won't stay that way.

好的。我想談談再融資市場的前景。我知道隨著計劃開始恢復付款，現在的再融資非常非常低。我從一些主要的改裝廠商那裡聽到了不同的信號，有些人說這不會產生很大的影響。我期待更多物質的東西。所以我想听聽你對此的想法。我知道現在的利率也高得多，但很可能不會保持這種狀態。

And then lastly, any thoughts on a defensive product ahead of potential uplift in refis. I know you tried one before, which was a pilot that was a failure. So I just wanted to get your thoughts on this.

最後，在再融資潛在提升之前對防禦性產品的任何想法。我知道你之前嘗試過一次，但失敗了。所以我只是想听聽你對此的想法。

So Michael, this is Steve, and I'll start the response and then always offer Jon to add any additional color. A few things as appropriate. I'll echo my good friend and former colleague, Joe Fisher, who I think, described on his earnings call that the consolidation/refi business is very much an interest rate came and to undercut where the vast majority of debt that gets refi-ed is, which is the federal loan program.

邁克爾，這是史蒂夫，我將開始回應，然後總是讓喬恩添加任何額外的顏色。一些適當的事情。我會重複我的好朋友和前同事喬·費舍爾的觀點，我認為他在財報電話會議上描述說，合併/再融資業務在很大程度上是一種利率，旨在削弱絕大多數被再融資的債務。是，這是聯邦貸款計劃。

You need to be able to be well under, I think, 4.5%, certainly 5% in your offerings. And today, sort of base rates in the 5-year vicinity start around 4% and by the time you add in credit spreads and maybe the opportunity to actually make a little bit of money on those consolidation loans.

我認為，你的產品比例必須遠低於 4.5%，當然是 5%。如今，5 年期附近的基本利率開始約為 4%，當您添加信用利差時，也許有機會通過這些合併貸款實際賺到一點錢。

You need to be well above a level that would entice a federal student loan holder to consolidate their debt. And I think the second and potentially more important factor might be the richness of the benefits that are now being offered in the federal loan programs in the form of the income-based repayment situation that we've spent a lot of time describing here.

您需要遠高於吸引聯邦學生貸款持有人合併債務的水平。我認為第二個也是可能更重要的因素可能是聯邦貸款計劃現在以基於收入的還款情況的形式提供的豐富福利，我們在這里花了很多時間描述這一點。

So I think, look, you're right. If rates do come down considerably in future quarters and years, the consolidation game might be fired up again, but I think borrowers are going to have to think long and hard before they give up the opportunity to take advantage of the federal loan benefits.

所以我想，看，你是對的。如果未來幾個季度和幾年利率確實大幅下降，整合遊戲可能會再次啟動，但我認為藉款人在放棄利用聯邦貸款福利的機會之前必須仔細考慮。

And I think the private lending industry is not big enough of an opportunity to warrant the cost to acquire that would be necessary to target just simply our business. So we feel pretty good that the drag on our portfolio growth and the unfortunate expense of seeing our cost to acquire, consolidate a way we think that we're in pretty good shape, certainly for the coming quarters and year or so. Jon, anything you'd like to add to that?

我認為民間借貸行業的機會還不夠大，不足以保證僅僅針對我們的業務所需的收購成本。因此，我們感覺很好，我們的投資組合增長受到拖累，並且看到我們的收購成本所帶來的不幸費用，鞏固了我們認為我們處於良好狀態的方式，當然在未來幾個季度和一年左右的時間裡。喬恩，你還有什麼要補充的嗎？

Yes, Michael, maybe I'll just take the defensive product piece of it and I'll harken back to answers I've given again on sort of calls like this. As Steve said, we don't think the current economic and rate environment creates much of a need for that nor do we think there's really a product that we could offer today at these rates that would be compelling. But I think even in the future, as we've talked about it, the issue for us has always been in a defensive product that consolidations have been a modest but not outsized part of our business. And so the question becomes how do you think about proactively offering a product with lower rates to just the right customers.

是的，邁克爾，也許我會只考慮其中的防禦產品部分，然後我會回顧一下我在此類電話中再次給出的答案。正如史蒂夫所說，我們認為當前的經濟和利率環境並沒有產生太大的需求，我們也不認為我們今天能夠以這些利率提供真正具有吸引力的產品。但我認為，即使在未來，正如我們所討論的那樣，我們面臨的問題始終是防禦性產品，整合一直是我們業務的一小部分，但並不是過大的部分。因此，問題就變成了您如何考慮以較低的價格主動向合適的客戶提供產品。

And I think we've described that in the past of sort of cannibalization math. What is the cost of consolidation away versus what's the cost of offering a defensive product that you may be offering to more people than would otherwise consolidate. And so it really comes down to that formula. I think in the past, we have not felt like we've had predictive enough models, ample enough data to really be able to crack the code on that cannibalization math.

我認為我們過去已經用某種蠶食數學來描述過這一點。整合的成本是多少，而提供防禦性產品的成本是多少，您可能會向比其他方式整合更多的人提供防禦性產品。所以這實際上歸結為這個公式。我認為在過去，我們並沒有覺得我們擁有足夠的預測模型和足夠的數據來真正能夠破解有關蠶食數學的代碼。

That could certainly change in the future and a big part of what we're trying to do with our increased investment in product services and content for customers to through and immediately after their higher education journey is to understand those customers better to have better insight into their financial situation.

未來這種情況肯定會發生變化，我們通過增加對產品服務和內容的投資來努力做的很大一部分是為了更好地了解這些客戶，以便更好地洞察客戶的需求。他們的財務狀況。

That might, in the future, change that cannibalization math and allow us to do something. But I think at this point today, we don't think it's economically viable and looking in the past, we've not been able to crack that code. So it's enticing but again, as good capital allocators, the math has to all work. And to date, we haven't been able to make that math work in a better way than what we've seen.

未來，這可能會改變這種相互蠶食的數學方式，讓我們能夠做一些事情。但我認為，在今天的這一點上，我們認為這在經濟上不可行，而且回顧過去，我們還無法破解這個密碼。所以這很誘人，但同樣，作為優秀的資本配置者，數學必須一切有效。迄今為止，我們還無法以比我們所看到的更好的方式進行數學運算。

Our next question comes from the line of Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

This is actually Steven Kwok filling in for Sanjay. I guess most of them has been asked and answered. Just wanted to follow up around the NIM. I know the NIM did come down a little bit sequentially and just wanted to see what's your outlook on the NIM for the year?

這實際上是史蒂文·郭（Steven Kwok）代替桑傑（Sanjay）。我想大多數問題都已經被問過並得到了回答。只是想跟進 NIM。我知道淨息差確實連續下降了一點，只是想看看您對今年淨息差的展望如何？

Sure, Steve. I think at the beginning of the year, we stated that our NIM should have a low 5 handles and that is certainly the trajectory that we are on. We have benefited, obviously, from the rise in rates to a certain extent, but we're not really trying to position ourselves for increases or decreases in interest rates, and we are very happy to have a low to mid-5% handle on our net interest margin.

當然，史蒂夫。我想在今年年初，我們曾說過我們的 NIM 應該有一個低 5 的手柄，這肯定是我們所處的軌跡。顯然，我們在一定程度上從利率上升中受益，但我們並沒有真正試圖為利率的上升或下降做好準備，我們很高興能夠將利率控制在低至中 5% 的水平。我們的淨息差。

That's the outlook for the full year. Yes. So I think we're in pretty good shape. If you look at our interest rate sensitivity disclosure in the 10-Q, you'll see that we have a very balanced position at this point in time. And before NIM should not be changed where the rates go up significantly or down significantly. So we feel pretty good about where we're positioned now in terms of asset liability management.

這就是全年的展望。是的。所以我認為我們的狀態非常好。如果您查看我們在 10 季度的利率敏感性披露，您會發現我們目前的倉位非常平衡。在利率大幅上升或下降的情況下，NIM 不應改變。因此，我們對目前在資產負債管理方面的定位感到非常滿意。

Got it. And I just wanted to follow up around like deposit betas. Are you seeing anything there? Is it within your expectations thus far?

知道了。我只是想跟進存款測試版等情況。你在那裡看到什麼了嗎？到目前為止，是否在您的預期之內？

So obviously, we are a lot different than the regional banks. And I know in the regional banking industry, they are seeing pressure on their rates. As they move into the more insured deposit sort of market places that we have always participated in just as a reminder, at the beginning of the year. Our deposits were basically 98% FDIC insured and that is where they remain today.

顯然，我們與區域銀行有很大不同。我知道在區域銀行業，他們的利率面臨壓力。當他們進入更保險的存款市場時，我們一直在年初參與這一市場，只是為了提醒大家。我們的存款基本上 98% 都受到 FDIC 的保險，並且至今仍然如此。

In terms of our beta, it has been bang on in the 0.75% vicinity throughout the entire rate cycle. So we're not seeing any additional pressure nor are we seeing any easing up and the market has been very favorable for us.

就我們的貝塔值而言，在整個利率週期中，它一直在 0.75% 附近波動。因此，我們沒有看到任何額外的壓力，也沒有看到任何緩解，市場對我們非常有利。

(Operator Instructions) Our next question comes from the line of Arren Cyganovich of Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Arren Cyganovich。

If you could clarify the gain on sale. I think you said 6.5% when I was doing quick math, 6.1% was what I had. And maybe you just talk a little bit about the decision to sell at that level relative versus just keeping the loans on balance sheet and waiting for a better potential return.

如果您能澄清出售收益。我想當我做快速數學時你說的是 6.5%，6.1% 就是我的結果。也許您只是談論一下以相對水平出售的決定，而不是僅僅將貸款保留在資產負債表上並等待更好的潛在回報。

Sure, Arren. Happy to give you a little bit further color on the loan sale premium. So we basically look at the premium in the 6.5% that Jon quoted is basically what our counterparty paid for the loans on our balance sheet. And then as is always the case, the accountants sort of get in the way. And then when we book the gain on sale, we have to write-off unamortized acquisition costs and certain other transition -- transaction costs, which lowers the premium that you see on the income statement.

當然，阿倫。很高興為您提供有關貸款銷售溢價的更多信息。因此，我們基本上會看到 Jon 引用的 6.5% 的溢價基本上就是我們的交易對手為我們資產負債表上的貸款支付的費用。然後，就像往常一樣，會計師會妨礙我們。然後，當我們記入銷售收益時，我們必須沖銷未攤銷的收購成本和某些其他過渡成本——交易成本，這會降低您在損益表上看到的溢價。

There was also a little bit of noise in that gain on sale line where I think we had a further $3.5 million write-down on our credit card portfolio, which we finally disposed off in the quarter. So that's sort of how the math and the accounting shakes out on the premium.

銷售線的收益也有一些噪音，我認為我們的信用卡投資組合進一步減記了 350 萬美元，我們最終在本季度將其處置掉。這就是數學和會計對溢價的影響。

In terms of selling at a 6.5% premium I'd like to always remind people that we also released $137 million of reserve as part of that gain on sale. So the reserve is roughly 6% of the portfolio that we sold. So you can argue and I often do that the premium that we actually earned is closer to 12.5%, then 6.5%, certainly pretax because we free up what is basically capital that is lying fallow in our loan loss reserve for many, many years. And even excluding the 6% reserve release, we think the 6.5% makes perfectly good sense in terms of the loan sales, share buyback arbitrage that we speak of frequently, and we bought shares back with the 15 handle, and we believe that is below the intrinsic value for those shares by many, many measures. So we think is a great transaction all that.

就以 6.5% 的溢價出售而言，我想時刻提醒人們，我們還釋放了 1.37 億美元的儲備金，作為出售收益的一部分。因此，儲備金大約占我們出售的投資組合的 6%。所以你可以說，我經常這樣做，我們實際賺取的溢價接近 12.5%，然後是 6.5%，當然是稅前的，因為我們釋放了貸款損失準備金中閒置多年的基本資本。即使不包括 6% 的準備金釋放，我們認為 6.5% 就貸款銷售、我們經常提到的股票回購套利而言也是完全合理的，我們用 15 的手柄回購了股票，我們認為這低於這些股票的內在價值有很多很多衡量標準。所以我們認為這是一筆很棒的交易。

Okay. And then on the expenses, you kind of highlighted some areas that we're pushing expenses up a little bit, and you kept the guidance still the same. I always kind of think about the third quarter as tends to be your highest expense quarter, which would sort of indicated that you might be a little bit above the high end of that. Are there particular changes that would pull that lower for the second half of the year?

好的。然後在費用方面，您強調了我們稍微增加費用的一些領域，並且您保持了指導不變。我總是認為第三季度往往是您支出最高的季度，這在某種程度上表明您可能略高於該季度的高端。是否有特定的變化會導致下半年的下降？

So look, the third quarter is typically our high watermark as we spend appropriately money to direct-to-consumer marketing, Jon and the management team are determined to manage our expenses appropriately, and we do intend to hit our guidance.

因此，第三季度通常是我們的高水位線，因為我們在直接面向消費者的營銷上投入了適當的資金，喬恩和管理團隊決心適當地管理我們的開支，而且我們確實打算達到我們的指導。

And what you'll see is typically, OpEx will be higher in the third quarter and then sharply lower in the fourth quarter, and we will do what is necessary to hit that OpEx guidance.

您通常會看到，運營支出在第三季度會更高，然後在第四季度急劇下降，我們將採取必要措施來達到運營支出指導方針。

I'm showing no further questions in the queue. I would now like to turn the call back over to Jon Witter for closing remarks.

我在隊列中沒有顯示任何其他問題。現在我想將電話轉回給喬恩·威特 (Jon Witter)，讓其致閉幕詞。

Towanda, thank you, and let me say thank you to everyone who joined today's call. We appreciate your interest in Sallie Mae. As is always the case, if there are questions that weren't addressed today or other follow-up items, our Investor Relations team is always here and at your service. And with that, I will hand the call back to Melissa for some closing business.

托旺達，謝謝你，請允許我向參加今天電話會議的所有人表示感謝。我們感謝您對莎莉梅的興趣。與往常一樣，如果有今天未解決的問題或其他後續事項，我們的投資者關係團隊將隨時為您服務。然後，我會將電話轉回給梅麗莎，以處理一些結賬事務。

Thank you for your time and questions today. A replay of this call and the presentation will be available on the Investors page at salliemae.com.

感謝您今天抽出時間並提出問題。本次電話會議和演示文稿的重播將在 salliemae.com 的投資者頁面上提供。

If you have any further questions, feel free to contact me directly. This concludes today's call.

如果您還有任何疑問，請隨時直接與我聯繫。今天的電話會議到此結束。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。