SLM Corp (SLM) 2024 Q3 法說會逐字稿

Welcome to the Sallie Mae third quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Melissa Bronaugh, Head of Investor Relations. Please go ahead.

歡迎參加 Sallie Mae 2024 年第三季財報電話會議。（操作員指示）我現在想將電話轉給投資者關係主管 Melissa Bronaugh。請繼續。

Thank you, Madison. Good evening, and welcome to Sallie Mae's third quarter 2024 earnings call. It is my pleasure to be here today with Jon Witter, our CEO; and Pete Graham, our CFO. After the prepared remarks, we will open the call for questions. Before we begin, keep in mind our discussion will contain predictions, expectations, and forward-looking statements.

謝謝你，麥迪遜。晚上好，歡迎參加 Sallie Mae 的 2024 年第三季財報電話會議。我很高興今天能與我們的執行長 Jon Witter 一起來到這裡。和我們的財務長皮特·格雷厄姆（Pete Graham）。在準備好發言後，我們將開始提問。在開始之前，請記住我們的討論將包含預測、期望和前瞻性陳述。

Actual results in the future may be materially different from those discussed here due to a variety of factors. Listeners should refer to the discussion of those factors in the company's Form 10-Q and other filings with the SEC.

由於多種因素，未來的實際結果可能與此處討論的結果有重大差異。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。

For Sallie Mae, these factors include, among others, results of operations, financial conditions and/or cash flows as well as any potential impacts of various external factors on our business. We undertake no obligation to update or revise any predictions, expectations, or forward-looking statements to reflect events or circumstances that occur after today, Wednesday, October 23, 2024. Thank you. And now I'll turn the call over to Jon.

對 Sallie Mae 來說，這些因素包括經營績效、財務狀況和/或現金流量以及各種外部因素對我們業務的潛在影響等。我們沒有義務更新或修改任何預測、期望或前瞻性陳述，以反映今天（2024 年 10 月 23 日星期三）之後發生的事件或情況。謝謝。現在我將把電話轉給喬恩。

Thank you, Melissa and Madison. Good evening, everyone. Thank you for joining us today to discuss Sallie Mae's third quarter results. I hope you'll take away three key messages today. First, we had a very successful peak season. Second, we remain encouraged by the sustained improvements we are seeing in our credit performance. And third, we believe we are well-positioned to deliver strong results for the year by continuing to drive our business and serve our customers.

謝謝你們，梅麗莎和麥迪遜。大家晚上好。感謝您今天加入我們討論 Sallie Mae 第三季業績。我希望您今天能掌握三個關鍵資訊。首先，我們度過了一個非常成功的旺季。其次，我們對信用表現的持續改善感到鼓舞。第三，我們相信，透過持續推動我們的業務和服務我們的客戶，我們有能力在今年取得強勁的業績。

Let me begin with a discussion of peak season results. Last quarter, we hypothesized that the [vast perform] delays would elongate peak season, but not have a material impact on demand. While this shift in peak season timing has played out as we expected, we outperformed even our own estimates with originations growth of 13% in the quarter compared to the year ago period.

讓我先討論旺季的結果。上個季度，我們假設[大規模執行]延誤將延長旺季，但不會對需求產生重大影響。雖然旺季時間的這種轉變正如我們預期的那樣，但我們的表現甚至超出了我們自己的預期，與去年同期相比，本季的起始量成長了 13%。

Private education loan originations for the third quarter of '24 were $2.8 billion and our new unfunded commitments in the quarter were $3.9 billion. In total, our committed volume increased almost $1 billion or 17% and when compared to the prior year quarter. This wraps up a very successful 2024 peak season. And year to date, through the end of September, we have seen 9% growth in total originations.

2024 年第三季的私人教育貸款發放額為 28 億美元，本季新的無資金承諾額為 39 億美元。總體而言，與去年同期相比，我們的承諾銷量增加了近 10 億美元，即 17%。2024 年旺季圓滿結束。今年迄今為止，截至 9 月底，我們發現總發起量增加了 9%。

Turning to the quarter's results. GAAP net loss per common share was $0.23. These results were lower than the prior year quarter, primarily due to the allowance that we were required to build for new commitments, which was significant this quarter due to our peak season success. We were also pleased to see our credit performance continue to improve.

轉向本季的業績。GAAP 普通股淨虧損為 0.23 美元。這些結果低於去年同期，主要是因為我們需要為新的承諾建立津貼，由於我們旺季的成功，這在本季非常重要。我們也很高興看到我們的信用表現持續改善。

Private education loan net charge-offs in Q3 of 2024 were $77 million, representing 2.08% of average private education loans in repayment. Credit quality of originations continued to show improvement. Cosigner rates increased to 92% in Q3 of '24 from 90% in the year ago quarter, and the average FICO score had approval for Q3 of '24 was 754 versus 749 in the year ago quarter.

2024 年第三季的民辦教育貸款淨沖銷額為 7,700 萬美元，佔平均民辦教育貸款還款額的 2.08%。發起機構信用品質持續改善。聯名簽名率從去年同期的 90% 升至 24 年第三季的 92%，24 年第三季的平均 FICO 評分為 754 分，而去年同期為 749 分。

Our enhanced payment programs are helping our borrowers who need assistance, establish positive payment habits. We were pleased to see the usage of loan modification programs stabilize throughout the quarter. September enrollment was down $50 million compared to August, a trend we anticipate will continue.

我們增強的付款計劃正在幫助需要幫助的借款人建立積極的付款習慣。我們很高興看到貸款修改計劃的使用在整個季度保持穩定。與 8 月相比，9 月的入學人數減少了 5,000 萬美元，我們預計這一趨勢將持續下去。

We continue our capital return strategy in the third quarter, repurchasing 5.3 million shares at an average share price of $21.58. We have reduced the shares outstanding since we began this strategy in 2020 by 52% at an average price of $16.16. Additionally, we are excited to announce that we will be increasing our fourth quarter common dividend from $0.11 per common share to $0.13, which will be paid in December. Pete will now take you through some additional financial highlights of the quarter. Pete?

我們在第三季繼續實施資本回報策略，以平均股價 21.58 美元回購 530 萬股。自 2020 年開始實施此策略以來，我們已將流通股減少了 52%，平均價格為 16.16 美元。此外，我們很高興地宣布，我們將把第四季度的普通股股息從每股普通股 0.11 美元增加到 0.13 美元，並將於 12 月支付。皮特現在將帶您了解本季的一些其他財務亮點。皮特？

Thank you, Jon. Good evening, everyone. Let's continue with a discussion of key drivers of earnings. For the third quarter of 2024, we earned $653 million of interest income, $12 million higher than the second quarter of 2024, and $1 million higher than the year ago quarter.

謝謝你，喬恩。大家晚上好。讓我們繼續討論獲利的主要驅動因素。2024 年第三季度，我們獲得了 6.53 億美元的利息收入，比 2024 年第二季度增加了 1,200 萬美元，比去年同期增加了 100 萬美元。

Our net interest margin for the quarter was 5%, lower than both the previous and year ago quarters. We expected to see NIM compression in 2024 as funding rates caught up to our asset yields, and this is what drove the majority of the decrease. We continue to believe over the longer term that a range of low to mid 5% is the appropriate NIM target.

我們本季的淨利差為 5%，低於上一季和去年同期。我們預計 2024 年淨利差將受到壓縮，因為融資利率趕上我們的資產收益率，而這正是導致下降的主要原因。我們仍然認為，從長遠來看，5% 中低範圍的淨利差目標是合適的。

Our total provision for credit losses was $271 million in the third quarter of 2024, up from $198 million in the third quarter of 2023. Our successful peak season volume was the main driver for the increase of provision in the third quarter.

2024 年第三季我們的信貸損失撥備總額為 2.71 億美元，高於 2023 年第三季的 1.98 億美元。我們成功的旺季銷售量是第三季供應量增加的主要動力。

The allowance for losses on our private education loans at the end of the third quarter was $1.4 billion, and including the allowance for our unfunded commitments equaled $1.5 billion of total reserve. As seen in the table on slide 7 of the earnings presentation, the total allowance as a percentage of the ending portfolio exposure, which includes the balance of funded loans plus unfunded loan commitments and accrued interest receivable was 5.84%, down from 5.9% in the second quarter of 2024 and 5.99% in the third quarter of 2023.

截至第三季末，我們的私人教育貸款損失準備金為 14 億美元，包括我們無資金承諾的準備金，相當於準備金總額 15 億美元。如收益簡報投影片 7 中的表格所示，準備金總額佔期末投資組合風險（包括融資貸款餘額加上非融資貸款承諾和應計利息）的百分比為 5.84%，低於 2017 年的 5.9%。 2024年第二季成長5.99%，2023年第三季成長5.99%。

We believe we will continue to see incremental improvement in our reserve rate over the coming quarters as we realize the benefits of our loan modification programs and improvements in the credit quality of originations. Net charge-offs for our private education loan portfolio in the third quarter of 2024 were $77 million or 2.08% of average loans and repayment.

我們相信，隨著我們認識到貸款修改計劃的好處以及貸款來源信貸品質的改善，未來幾季我們的準備率將繼續逐步提高。2024 年第三季度，我們的私人教育貸款組合的淨沖銷額為 7,700 萬美元，佔平均貸款和還款額的 2.08%。

This represents a 45 basis point reduction from the year ago quarter and an 11 basis point reduction from the prior quarter. Private education loans delinquent 30 days or more were 3.6% of loans and repayment, an increase from the prior quarter but down from the year ago quarter.

這意味著比去年同期下降 45 個基點，比上一季下降 11 個基點。拖欠30天或以上的民辦教育貸款佔貸款和還款額的3.6%，較上季增加，但較去年同期有所下降。

As we continue to monitor the performance of loans in our enhanced loss mitigation programs, we remain pleased with the level of success. We believe that it will take some time to understand the new seasonality of these programs. But as we mentioned last quarter, delinquency for those borrowers exiting the first wave of our extended grace program were in line with our expectations, and we're pleased to share that this positive performance has continued.

當我們繼續監控加強損失減輕計劃中的貸款表現時，我們對成功的程度仍然感到滿意。我們相信，需要一些時間來了解這些節目的新季節性。但正如我們上季度提到的，退出第一波延長寬限計劃的借款人的拖欠情況符合我們的預期，我們很高興與大家分享，這種積極的表現仍在繼續。

Additionally, through the monitoring of borrowers qualifying for loan modifications over the previous quarter, we remain encouraged that just over 80% of borrowers with modified loans successfully made their first three payments. I do want to mention a procedural refinement made to our loan modification programs in the third quarter, which caused an uptick in loan modification volumes.

此外，透過監控上一季符合貸款修改條件的借款人，我們仍然感到鼓舞的是，超過 80% 的修改貸款借款人成功支付了前三筆付款。我確實想提一下第三季對我們的貸款修改計劃進行的程序改進，這導致貸款修改量增加。

However, this change did not have a material impact on overall delinquencies, and in fact, we observed a decline in late-stage delinquencies quarter over quarter and year over year. We continue to believe that our loss mitigation programs are helping our borrowers manage through periods of adversity and establish positive payment patterns.

然而，這項變化並沒有對整體拖欠率產生重大影響，事實上，我們觀察到後期拖欠率逐季和逐年下降。我們仍然相信，我們的損失減輕計劃正在幫助我們的借款人度過逆境並建立積極的付款模式。

Third quarter non-interest expenses were $172 million compared to $159 million in the prior quarter and $170 million in the year ago quarter. Third quarter non-interest expenses were up only slightly over the year ago quarter despite dramatically higher levels of originations, which carry meaningful variable costs. Finally, our liquidity and capital positions remain solid.

第三季非利息支出為 1.72 億美元，上一季為 1.59 億美元，去年同期為 1.70 億美元。儘管產生的變動成本顯著增加，但第三季非利息支出僅比去年同期略有上升。最後，我們的流動性和資本狀況依然穩固。

We ended the quarter with liquidity of 19.9% of total assets. At the end of the third quarter, total risk-based capital was 12.9% and common equity Tier 1 capital was 11.6%. Another measure of the loss absorption capacity of the balance sheet is GAAP equity plus loan loss reserves over risk-weighted assets, which was a strong 15.9%. We continue to believe that we're well-positioned to continue to grow our business and return capital to shareholders going forward. I'll now turn the call back to Jon.

本季末，我們的流動性佔總資產的 19.9%。第三季末，總創投為12.9%，普通股一級資本為11.6%。衡量資產負債表損失吸收能力的另一個指標是 GAAP 權益加上貸款損失準備金與風險加權資產之比，增幅高達 15.9%。我們仍然相信，我們有能力繼續發展我們的業務並向股東返還資本。我現在將電話轉回給喬恩。

Thanks, Pete. I hope you share my belief that we had strong performance in the third quarter and that we are well-positioned to continue that trend through the close of 2024. We are excited about the origination growth this peak season and how that positions us to continue to execute on the goals we set out for this year. With that in mind, let me conclude with the discussion of 2024 guidance.

謝謝，皮特。我希望您和我一樣相信我們在第三季度取得了強勁的業績，並且我們有能力在 2024 年末繼續保持這一趨勢。我們對這個旺季的起源成長感到興奮，這也讓我們能夠繼續執行今年設定的目標。考慮到這一點，讓我以 2024 年指導方針的討論作為結束語。

The originations growth that we saw in the third quarter was higher than expected, and we believe that this trend will continue through the remainder of the year. This success has led us to revise our guidance for private education loan origination growth. We now expect to see 8% to 9% growth for the year.

我們在第三季看到的起始成長高於預期，我們相信這一趨勢將持續到今年剩餘時間。這項成功促使我們修改了私人教育貸款發放成長的指導。我們現在預計今年的成長率為 8% 至 9%。

Additionally, with continued positive credit performance, we are tightening the expected range for total loan portfolio net charge-offs to between $325 million and $340 million or as expressed as a percentage of average loans and repayment, between 2.1% and 2.3%. At this time, we are reaffirming the 2024 guidance that we communicated on our last earnings call for GAAP diluted earnings per common share and non-interest expense. With that, Pete, let's open up the call for some questions. Thank you.

此外，隨著持續良好的信貸表現，我們將貸款組合淨沖銷總額的預期範圍收緊至3.25 億美元至3.4 億美元之間，或以佔平均貸款和還款的百分​​比表示，即2.1% 至2.3 % 之間。目前，我們重申我們在上次財報電話會議上就 GAAP 稀釋每股收益和非利息支出傳達的 2024 年指引。皮特，現在讓我們開始問一些問題。謝謝。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員說明）Sanjay Sakhrani，KBW。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

So I think you called out that over the long term, the mid to low 5% range is still kind of the right target for NIM, but as we think about kind of the short and intermediate term and the impact of the most recent round of rate cuts and potentially some more rate cuts up the head, like can we see NIM dip below 5%? And what's the kind of time frame to get back to that long-term target?

因此，我認為您指出，從長期來看，5% 的中低區間仍然是 NIM 的正確目標，但當我們考慮短期和中期以及最近一輪的影響時，降息以及可能進一步降息，例如我們能否看到淨利差跌破5%？恢復長期目標需要多長時間？

Yeah. I think, again, we've had this dynamic of our borrowers choosing predominantly fixed rate in the last two sort of peak origination seasons. And our funding rates, particularly the deposit rates will reprice with changes in rates. And so we've had continued pressure on the increase in funding rates as term deposits that we put on at a lower rate environment reprice in the higher rate environment. That's the dynamic we've seen through this year and for the compression of NIM.

是的。我認為，在過去的兩個高峰期中，我們的借款人主要選擇固定利率。我們的融資利率，特別是存款利率將隨著利率的變化而重新定價。因此，我們持續面臨融資利率上升的壓力，因為我們在較低利率環境下存入的定期存款會在較高利率環境下重新定價。這就是我們今年看到的 NIM 壓縮動態。

I'd say over the first part of next year, we'll continue to kind of see the tail of that longer-term deposits that were put on three and five years ago, repricing in this new environment. But we're also seeing deposits that we put on a year ago repriced at a lower rate. So on balance, I think we'll see some pressure in the beginning part of next year. But as we move through the year, I think that will start to normalize. And so again, from a longer-term perspective, we think that 5% to mid-5% range is the right target.

我想說，明年上半年，我們將繼續看到三年和五年前存入的長期存款的尾部，在這個新環境中重新定價。但我們也看到一年前存入的存款以較低的利率重新定價。所以總的來說，我認為我們會在明年初看到一些壓力。但隨著今年的過去，我認為這種情況將開始正常化。因此，從更長遠的角度來看，我們認為 5% 到 5% 中間的範圍是正確的目標。

Got it. Okay. And then I appreciate the color on the mod programs and the reserve commentary. But as I look at kind of delinquencies this quarter, it ticked up quite a bit, particularly in the 30 to 59 day bucket. Any color on what's going on there? How much of that was attributed to seasonality or anything else?

知道了。好的。然後我欣賞模組程式和保留評論的色彩。但當我觀察本季的拖欠情況時，發現拖欠情況大幅上升，尤其是在 30 至 59 天的時間內。有什麼顏色可以說明那裡發生了什麼事嗎？其中有多少是由於季節性或其他因素造成的？

Yeah. Again, I think the thing that we're mostly focused on is the later-stage delinquency buckets and the role to default. And those trends have been improving, as we've utilized the new programs to help borrowers who are in need of assistance. And so we feel really comfortable about performance of those programs and don't have any concerns with regards to early stage movements in delinquency.

是的。再說一遍，我認為我們最關注的是後期的拖欠行為和違約角色。隨著我們利用新計劃來幫助需要援助的借款人，這些趨勢一直在改善。因此，我們對這些計劃的表現感到非常滿意，並且對早期犯罪行為沒有任何擔憂。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

Sorry, I guess I got dropped off earlier. My apologies. Pete, could you just -- and I'm sorry if this was asked already. But just when we think about -- relative to consensus, reiterating the full year number, this quarter was a little bit weaker on higher provisions and maybe a weaker NIM. As we think about what's going to make up for it in the fourth quarter, is it really that reserve rate can come down and provisions can help get us back to what the full year number is? I'm just trying to think through those dynamics.

抱歉，我想我提前下車了。我很抱歉。皮特，你能不能──如果已經有人問過這個問題，我很抱歉。但就在我們思考時——相對於共識，重申全年數據，本季的準備金增加以及淨利差可能較弱，因此略有疲軟。當我們思考第四季將用什麼來彌補時，準備金率是否真的可以下降，準備金是否可以幫助我們回到全年的水平？我只是想仔細思考這些動態。

That's probably the big driver that we're anticipating to see continued improvement in the overall reserve rate. We talked about that in my prepared remarks that, that's come down year over year as well as sequentially quarter over quarter. And we think that given the improvements in -- continued improvements in net charge-off, coupled with the higher credit quality of new originations, we think that, that likely will trend -- trend will likely continue over the quarters.

這可能是我們預期整體準備金率持續改善的重要推動因素。我們在我準備好的發言中談到了這一點，即逐年下降以及逐季下降。我們認為，鑑於淨沖銷的持續改善，加上新發放的信貸品質更高，我們認為這種趨勢可能會在幾個季度內持續下去。

And as far as like the NIM's progression from here, like into next quarter maybe?

至於 NIM 從現在開始的進展，可能會進入下個季度？

Yeah. Again, I touched on that in the prior call or the repricing that we're seeing in the deposit book, we probably got another quarter or two of some of the lower rate term deposits we put on three and five years ago that will come up for reprice. But we've also, at the same time, got one-year term deposits that we put on a year ago that are going to be priced at a lower rate.

是的。再次，我在之前的電話會議或我們在存款簿中看到的重新定價中談到了這一點，我們可能會收到三五年前我們存入的一些較低利率定期存款的四分之一或兩個，這些存款將會出現用於重新定價。但同時，我們也獲得了一年前存入的一年期定期存款，這些存款將以較低的利率定價。

And then the other sort of wildcard is originations in the fourth quarter and any carryover from peak. To the extent that we have continued outperformance, there's always a potential for a smaller loan sale later in the year. If we have a higher rate of growth than what we're currently anticipating, we've got to manage our capital position in January of next year as we take the kind of the final CECL transition adjustment into our regulatory capital.

然後另一種通配符是第四季度的起源和任何高峰期的結轉。如果我們繼續保持優異的表現，那麼今年稍後總有可能出現規模較小的貸款銷售。如果我們的成長率高於我們目前的預期，我們必須在明年 1 月管理我們的資本狀況，因為我們將最終的 CECL 過渡調整納入我們的監管資本。

Got it. And just my follow-up is on the reclassification of the federal loans there held for sale. I mean can you just talk about the decision to sell and how we should think about that impact?

知道了。我的後續行動是對待售聯邦貸款進行重新分類。我的意思是你能談談出售的決定以及我們應該如何考慮這種影響嗎？

Yeah. Thanks for asking that question. The FFELP program at spin was probably close to $4 billion was a significant part of the overall profile of the business. Over time, that has run off and really got down to like a $0.5 billion number. It's non-core. It creates a lot of operational complexity. And so we pursue the strategy of trying to find another home for that, for those assets. We were happy to be able to find a buyer, and we expect to close the transaction in the fourth quarter.

是的。感謝您提出這個問題。正在實施的 FFELP 計畫可能接近 40 億美元，是該業務整體形象的重要組成部分。隨著時間的推移，這個數字已經減少到了 5 億美元。是非核心的。它造成了很多操作複雜性。因此，我們採取的策略是為這些資產尋找另一個家。我們很高興能夠找到買家，並預計在第四季完成交易。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Yeah. First, just to follow up on that last point. Should we expect any kind of gain or loss on the disposition of those FFELP loans?

是的。首先，只是跟進最後一點。我們是否應該預期處置這些 FFELP 貸款會帶來任何收益或損失？

No. When we moved that into held for sale, we took a slight mark to move to lower cost or market. So we got close to park in total for the transaction.

不。當我們將其轉入持有待售狀態時，我們採取了輕微的措施以轉向較低的成本或市場。因此，我們的交易總數已接近停車位。

Okay. Got it. And then just thinking about this quarter's originations, do you think the volumes did reflect the new run rate market share in kind of a post-discover world? Or is there still a lot of jockeying going on with share that could be gained or lost?

好的。知道了。然後想想本季的起源，您認為銷量確實反映了後發現世界中新的運行率市場份額嗎？或者是否仍然存在大量爭奪可能獲得或失去的份額的情況？

Yeah, Mark, it's Jon. I'll take that one. As a quick reminder out there, third quarter of last year, the competitor who has chosen to leave the sector probably had market share somewhere between 14% and 15%. Those are some of our internal numbers. Others might have slightly different numbers, but that's probably pretty good.

是的，馬克，我是喬恩。我會接受那個。快速提醒一下，去年第三季度，選擇離開該行業的競爭對手的市場份額可能在 14% 到 15% 之間。這些是我們的一些內部數字。其他人的數字可能略有不同，但這可能相當不錯。

Our sense is if you look at sort of the likely market growth, if you look at us getting sort of roughly our market share of their market share. And you think about the 13% originations growth that we saw in the first quarter, it feels like we got our share and may be even a little bit more than that.

我們的感覺是，如果你看看可能的市場成長，如果你看看我們的市佔率大致佔他們的市佔率。你想想我們在第一季看到的 13% 的原創成長，感覺我們得到了我們的份額，甚至可能比這還要多一點。

Again, we'll know the final numbers as we see sort of the formal market share reports and studies that will come out in the months ahead. But we feel really, really good about what we were able to do from kind of capturing our share and building that momentum.

同樣，當我們看到未來幾個月將發布的正式市場份額報告和研究時，我們將知道最終數字。但我們對透過佔據我們的份額並建立這種勢頭所能夠做的事情感到非常非常滿意。

And I think that was clearly in part competitive dynamics, the exit of this player. But I think it's also a testament to the improvements that we've made in our originations and marketing capabilities to be able to go in there and compete well for it. Now make no mistake, every quarter, every peak season, we'll have to recompete for that share.

我認為這顯然在一定程度上是競爭動態，即這名球員的退出。但我認為這也證明了我們在創新和行銷能力方面所取得的進步，以便能夠進入那裡並進行良好的競爭。現在別誤會了，每個季度、每個旺季，我們都必須重新爭取這一份額。

So we feel great about what we've done, but we will continue to go hard after now protecting our share and sort of continuing to make that kind of a core part of our growth expectations going forward. So yes, I think you can probably think of it as sort of a change to run rate.

因此，我們對我們所做的事情感到非常滿意，但在保護我們的份額之後，我們將繼續努力，並繼續將其作為我們未來成長預期的核心部分。所以是的，我想你可能可以將其視為運行率的某種變化。

But I think we will know more about how that shakes out as we start to understand more fully the market share and sort of volume growth numbers that we saw during this peak. But again, we've got to go rewin that every quarter going forward.

但我認為，當我們開始更全面地了解這段高峰期間看到的市場份額和銷售成長數字時，我們會更了解這種情況是如何發生的。但同樣，我們必須在未來的每季重新贏得勝利。

Got it. That's helpful. And then just do you have any updated observations on payment behavior you may be observing from your borrowers who may also have direct loan balances that went into repayment in recent months?

知道了。這很有幫助。然後，您對借款人的付款行為是否有任何最新觀察，這些借款人可能也有近幾個月用於償還的直接貸款餘額？

Yeah. Mark, I'll take that one, too. Our ability to sort of study this precisely is limited by what we can glean from things like the bureaus and the publicly available data. We do a pretty, I think, sort of sophisticated approach of looking at our borrowers who have federal loans and those who don't and try to sort of analyze kind of divergent payment patterns by cohort over time.

是的。馬克，我也拿那個。我們對此進行精確研究的能力受到我們從統計局和公開資料等方面收集到的資訊的限制。我認為，我們採取了相當複雜的方法來觀察擁有聯邦貸款和沒有聯邦貸款的借款人，並嘗試按群體隨時間的推移分析不同的付款模式。

As of yet even with coming to an end of the federal payment holiday, we have not seen anything that leads us to believe that the federal payment sort of resumption is causing an issue on our customers. And while I think it is fair to say that most of our customers have federal loans, I think it is also fair to say that lots of people have federal loans who are not our core customers and would probably not satisfy our underwriting conditions.

到目前為止，即使聯邦付款假期即將結束，我們也沒有看到任何讓我們相信聯邦付款恢復會給我們的客戶帶來問題的情況。雖然我認為可以公平地說我們的大多數客戶都有聯邦貸款，但我認為也可以公平地說，很多人擁有聯邦貸款，但他們不是我們的核心客戶，並且可能不滿足我們的承保條件。

So I'm not making a comment about the broader federal program and what the average federal customer is able to do. But I think we have a pretty creditworthy set of customers. I think they're performing well, and we've not seen any evidence at this point of anything that causes us any material concern.

因此，我不會對更廣泛的聯邦計劃以及普通聯邦客戶能夠做什麼發表評論。但我認為我們有一批信譽良好的客戶。我認為他們表現良好，目前我們還沒有看到任何證據表明任何引起我們任何實質擔憂的事情。

(inaudible)

（聽不清楚）

Originations were up pretty nicely year over year and expenses were up only very modestly. And I think that speaks in part to your customer acquisition re-origination costs. You touched on it a bit before, but can you expand a bit about the improvements you've made there? And like to what extent you can further improve efficiencies and other digital marketing capabilities?

發起量逐年增長相當不錯，而費用僅略有增長。我認為這在一定程度上說明了您的客戶獲取重組成本。您之前已經談過這一點，但是您能詳細介紹一下您在那裡所做的改進嗎？以及您可以在多大程度上進一步提高效率和其他數位行銷能力？

Yeah, you're talking about origination expenses there?

是的，你是在談論那裡的起始費用嗎？

Yeah, [incremental acquisition costs].

是的，[增量採購成本]。

Yeah, sure. Look, I think the biggest thing -- well, let me start by saying I think we have, historically as a company, had an incredibly strong competitive position as it relates to customer acquisition. We've got great relationships with our school partners.

是的，當然。聽著，我認為最重要的事情 - 好吧，首先讓我說，我認為我們作為一家公司，在歷史上在客戶獲取方面擁有令人難以置信的強大競爭地位。我們與學校夥伴有著良好的關係。

We are on all of or virtually all of the preferred lists. I think when we tier our schools and kind of look at who we really focus on, we have even deeper relationships with the higher growing schools out there. And clearly, for many years, we have been, I think, investing as many companies have in their digital capabilities. I think the biggest thing that has really changed over the last couple of years is the advent of a more organic search and content-driven marketing strategy.

我們在所有或幾乎所有首選名單上。我認為，當我們對學校進行分級並了解我們真正關注的對象時，我們與其他發展較好的學校會有更深的關係。顯然，我認為，多年來，我們一直在像許多公司一樣對其數位能力進行投資。我認為過去幾年真正發生的最大變化是更有機的搜尋和內容驅動的行銷策略的出現。

And the way I would have you think about this is we are trying to go out there and acquire customers organically through a whole range of different strategies, not having to necessarily pay sort of for digital marketing search for all of those customers and then work very hard to maintain and engage those customers not just through the course of their first academic year with us, but obviously then subsequent academic years after.

我想讓你思考這個問題的方式是，我們正在嘗試走出去，透過一系列不同的策略有機地獲取客戶，而不必為所有這些客戶進行數位行銷搜索，然後非常有效地工作。在合作的第一個學年中，而且顯然在隨後的學年中，都很難維持和吸引這些客戶。

And I think that organic strategy and subsequent customer engagement strategies that we put in place, I would say, is one of the biggest differentiators that we have created at the company. So yes, we've got great school relationships. Yes, we have a great brand that's synonymous with the industry. Yes, we've made all the right market and other investments over the last three to four years. But I think it really is that content-led strategy and engage a model that we think is really differentiated and exciting going forward.

我認為，我們實施的有機策略和隨後的客戶參與策略是我們在公司創造的最大差異化因素之一。所以，是的，我們有很好的學校關係。是的，我們擁有一個偉大的品牌，它是行業的代名詞。是的，在過去的三到四年裡，我們已經進行了所有正確的市場和其他投資。但我認為這確實是一種以內容為主導的策略，並採用了我們認為真正與眾不同且令人興奮的模型。

Great. That's helpful. And then just like thinking into 2025 and the prospect for further fed rate cuts, how are you thinking about consolidation activity? And is there like a certain level on interest rate where you think there could be more an inflection on that rate going forward?

偉大的。這很有幫助。然後，就像考慮 2025 年以及聯準會進一步降息的前景一樣，您如何考慮整合活動？您認為利率是否達到一定水平，未來可能會出現更多變化？

Yeah, certainly, it's our expectation that as the rate environment moves down that, that will create an opportunity for consolidation to pick up. Our belief is that we won't go back to the peak levels that we saw a few years ago when rates were ultra-low.

是的，當然，我們預計，隨著利率環境的下降，這將為整合的加速創造機會。我們相信，我們不會回到幾年前利率超低的高峰。

Anecdotally, I've heard that folks are saying 100 basis points or more of rate decline would really be needed for meaningful uptick in their consolidation business. So I think that's probably a good proxy for when we start to see some of that actively start to pick up.

有趣的是，我聽說有人說，他們的整合業務確實需要 100 個基點或更多的利率下降才能實現有意義的成長。所以我認為，當我們開始看到其中一些積極開始回升時，這可能是一個很好的指標。

Rick Shane, JPMorgan.

里克·肖恩，摩根大通。

Look, I just want to delve in a little bit deeper on the issues that Sanjay raised related to the optics of stronger growth in terms of earnings, the fact that you've reiterated guidance. There was a comment that you could consider a small sale in the fourth quarter.

聽著，我只是想更深入地探討桑傑提出的與盈利強勁增長相關的問題，事實上你重申了指導意見。有評論稱第四季可以考慮小額出售。

When we think about that sale, would it be roughly the size of sort of the variance of your volume versus prior expectations because that would set you back in terms of your loan -- your asset growth objectives, et cetera? Is that a good way to start thinking about it?

當我們考慮這筆出售時，它的大小是否大致相當於您的交易量與先前預期的差異，因為這會讓您的貸款、資產成長目標等方面受到影響？這是開始思考這個問題的好方法嗎？

Yeah, I guess I'd just kind of rephrase what I said previously, we had given guidance around a 2% to 3% balance sheet growth for this year. With the higher originations, we're probably trending to the high end of that, maybe a little bit over.

是的，我想我只是重新表達我之前所說的話，我們已經給出了今年資產負債表增長 2% 至 3% 的指導。隨著更高的起源，我們可能會趨向於高端，也許有點超過了。

And to the extent that the performance doesn't develop the way we anticipate it well in the fourth quarter, that's an avenue we have to meet our commitments in terms of earnings per share guidance for the year. And so in my forecast right now, do I think we're going to do another loan sale? I think that's a possibility, but not our first priority.

如果第四季度的業績沒有按照我們預期的方式發展，那麼我們就必須履行我們在今年每股收益指引方面的承諾。因此，根據我現在的預測，我認為我們會再次出售貸款嗎？我認為這是一種可能性，但不是我們的首要任務。

Got it. And again, look, we understand that stronger volume is a virtuous thing that has a -- distorts earnings in the short term in a way that you have to think about, but want to be clear that obviously gaining market share and building the business is clearly constructive. But it is interesting. I guess, in that context, keeping guidance where it is and not framing the possibility that there could be an optical distortion related to strong growth, it doesn't sound like you guys will go there.

知道了。再說一遍，我們知道銷量增加是一件好事，它會以一種你必須考慮的方式扭曲短期收益，但要明確的是，顯然獲得市場份額和建立業務是顯然是有建設性的。但這很有趣。我想，在這種情況下，保持指導不變，而不是框定可能存在與強勁增長相關的光學扭曲的可能性，聽起來你們不會去那裡。

Yeah, Rick, it's Jon. Look, I think we're talking about hypotheticals here, which is always a little bit difficult. I think we were pretty clear in the investor forum last year that we like balance sheet growth, but we like sort of predictable, stable balance sheet growth.

是的，瑞克，我是喬恩。聽著，我認為我們在這裡談論的是假設，這總是有點困難。我認為我們在去年的投資者論壇上非常明確地表示，我們喜歡資產負債表成長，但我們喜歡可預測的、穩定的資產負債表成長。

But with that being said, all other things being equal, we'd rather have a little more balance sheet growth than not. And so I think if we thought that we had a really attractive level of balance sheet growth and it involved us disappointing on earnings, I think we would be open to having that discussion with you all and our investors and so forth. That's just not where we are today.

但話雖這麼說，在其他條件相同的情況下，我們寧願資產負債表成長多一點，也不願不成長。因此，我認為，如果我們認為我們的資產負債表增長水平確實很有吸引力，但我們的盈利卻令人失望，我認為我們會願意與你們所有人和我們的投資者等進行討論。那不是我們今天的處境。

I think as Pete has said really clearly, we are reaffirming our guidance because we continue to believe that we're going to see nice improvement in our overall reserve rate. And I think the point that Pete was really making is if we do start to see growth even above what's been expected today that this is a pressure valve strategy that allows us that we can consider, but we've not decided to do that.

我認為，正如皮特（Pete）非常明確地說的那樣，我們重申我們的指導，因為我們仍然相信我們的整體準備率將得到很好的改善。我認為皮特真正要表達的觀點是，如果我們確實開始看到成長甚至高於今天的預期，那麼這是一種壓力閥策略，使我們可以考慮，但我們還沒有決定這樣做。

So again, I would go back to what we talked about in the investor forum last December. We like balance sheet growth. We agree with your point. Good, high-quality organic growth is a really attractive thing. That's a key part of the strategy that we're trying to deliver.

那麼，我想再次回顧我們去年 12 月在投資者論壇上討論的內容。我們喜歡資產負債表的成長。我們同意你的觀點。良好、高品質的有機成長是一件非常有吸引力的事情。這是我們正在努力實現的策略的關鍵部分。

We just want to make sure we are being thoughtful in optimizing all the constraints. And loan sales is a potential part of it. Again, I reiterate what Pete said. It's not our first priority right now. And again, we think we have other performance in the business to point to.

我們只是想確保我們在優化所有限制時經過深思熟慮。貸款銷售是其中的一個潛在部分。我再次重申皮特所說的話。這不是我們現在的首要任務。再說一次，我們認為我們在業務上還有其他表現可以指出。

(Operator Instructions) Jeff Adelson, Morgan Stanley.

（操作員指示）Jeff Adelson，摩根士丹利。

Pete, I appreciate the color you've given on the modification program so far. But just wanted to make sure we understood, what was the driver of this procedural refinement on the modifications? I know that you gave some color on that, but just wondering if you could put it in your own words. And was that the entirety of the reason of why your early-stage buckets did increase this quarter?

皮特，我很欣賞你迄今為止對修改計畫的評價。但只是想確保我們理解，這種修改程序細化的驅動因素是什麼？我知道你對此給了一些解釋，但只是想知道你是否可以用自己的話表達出來。這就是您的早期階段資金在本季度確實增加的全部原因嗎？

And I know you've also in prior quarters given us that excluding modifications DQ rate, which I think was running around 50 bps lower than the total DQ rate in prior quarters. So could you maybe just give us an update on that number as well?

我知道你們在前幾個季度也向我們提供了不包括修改後的 DQ 率，我認為 DQ 率比前幾個季度的總 DQ 率低了約 50 個基點。那麼您能否也向我們提供有關該數字的最新資訊？

Yeah. So the procedural change that I refer to really involve when we consider a loan mod to be effective. So you'll recall that when we first rolled out the programs we talked about the fact that we required borrowers to make three qualifying payments before they were considered to be in an effective loan modification. In retrospect, that created operational complexity and it also created confusion with the borrowers.

是的。因此，當我們認為貸款模式有效時，我提到的程序變更才真正涉及。因此，您會記得，當我們第一次推出這些計劃時，我們談到了這樣一個事實：我們要求借款人支付三筆合格付款，然後才被視為有效的貸款修改。回想起來，這造成了操作的複雜性，也給借款人帶來了困惑。

So we decided to change that process in the quarter. Now once a borrower goes through the Q&A process and evaluation of their ability to pay and is offered a loan mod and accepts that, they're considered to be in a loan mod. They still have to make the three qualifying payments in order to be -- if they're eligible to re-age in the current status.

因此，我們決定在本季改變這項流程。現在，一旦借款人完成了問答流程並對其支付能力進行了評估，並獲得了貸款模式並接受了這一點，他們就被視為處於貸款模式中。如果他們有資格在當前狀態下重新老化，他們仍然必須支付三筆合格付款。

But that's what essentially caused the jump in loan modifications in the quarter, was kind of the pull forward of folks that would have been otherwise in those qualifying periods. And it didn't really have any impact on the metrics by delinquency status because those borrowers were already in the buckets that they were in. It's just more the reported amount of loan modifications in the quarter.

但這本質上是導致本季貸款修改大幅增加的原因，是人們在這些資格期內的提前拉動。它實際上並沒有對拖欠狀態的指標產生任何影響，因為這些借款人已經在他們所處的範圍內了。這只是報告的本季貸款修改金額。

Okay. So was there anything else that maybe was driving the early stage this quarter?

好的。那麼還有什麼其他因素可能推動本季的早期階段發展嗎？

Nothing other than normal seasonality, no.

除了正常的季節性，沒有。

Okay. And are you guys still thinking about a reasonable target of the high 1% to low 2%? And just given that your charge-offs have come in at the low end and even slightly outperformed the low end this quarter, as we're thinking into next year, is there a chance that you could see something below 2%.

好的。你們還在考慮高1%到低2%的合理目標嗎？考慮到您的沖銷額已處於低端，甚至略高於本季度的低端，正如我們對明年的考慮，您是否有可能看到低於 2% 的數字。

At this juncture, we're still thinking that, that's the right long-term level for us to be at. Again, we'll have some variability in that quarter to quarter. We're certainly pleased that we've gotten there faster, if you will, this year than what we had anticipated. But for now, we're not ready to change our overall guidance with regards to long-term target.

此時此刻，我們仍然認為，這對我們來說是正確的長期水準。同樣，我們在每個季度都會有一些變化。我們當然很高興，如果你願意的話，今年我們實現這一目標的速度比我們預期的要快。但目前，我們還沒有準備好改變我們對長期目標的整體指導。

Jon Arfstrom, RBC Capital Markets.

喬恩‧阿夫斯特羅姆 (Jon Arfstrom)，加拿大皇家銀行資本市場部。

Pete, I think you're on the early stage delinquencies. You're just saying, look at year-over-year, don't look at sequential, but that's the right way to look at it.

皮特，我認為你正處於早期拖欠階段。你只是說，看看同比情況，不要看順序，但這是正確的看法。

Correct.

正確的。

Just to go a little bit deeper on that. We know that our customers come into repayment in two primary sort of waves throughout the course of the year based on when they graduated. We know that the most likely time for folks to have especially minor financial distress is when they're first coming into repayment. And so you do see these kinds of seasonalities because our business is not one where we have sort of consistent entry into P&I. Each of the 12 months, it is lumpy. And so I do think the year-over-year metrics are the right metrics to look at.

只是為了更深入一點。我們知道，我們的客戶根據畢業時間，在一年中主要分兩次還款。我們知道，人們最有可能出現特別輕微的財務困境的時間是他們第一次還款時。因此，您確實會看到這些季節性因素，因為我們的業務並不是持續參與保賠業務的業務。12個月的每一個月，都是崎嶇不平的。因此，我確實認為同比指標是值得關注的正確指標。

Okay. And you're signaling that things are potentially getting a little bit better, Pete, comfortable enough to tell us that you think reserves could trend down. Can you give us any clues to what you're thinking in terms of what's possible there, kind of the pace and timing of some of those reserve percentage of clients?

好的。皮特，你正在暗示情況可能會好一點，你可以輕鬆地告訴我們你認為儲備可能會下降。您能否向我們提供一些線索，說明您對可能發生的事情的想法，以及其中一些保留客戶百分比的速度和時間安排？

I would point to the year-over-year improvement as we sort of highlighted in the investor presentation. You can look at the quarter over quarter trend sequentially second quarter to third quarter. I'm not going to pinpoint a number, but I think that we believe that, that trend will continue because we will have the seasoning of -- continued seasoning of the modification programs and the impact on net charge-offs.

我想指出我們在投資者介紹中強調的逐年改善。您可以按第二季到第三季的順序查看季度環比趨勢。我不會具體指出一個數字，但我認為我們相信，這種趨勢將繼續下去，因為我們將經歷——修改計劃的持續變化以及對淨沖銷的影響。

That doesn't translate linearly into the CECL reserving process, but it does ultimately catch up and get baked into the reserves. That, coupled with -- we changed our underwriting criteria last year to tighten our sort of credit box and the originations we've been putting on for the last year are of a higher quality than the back book. And that also, as those season will factor into the overall reserve.

這不會線性轉化為 CECL 儲備過程，但它最終會趕上並納入儲備。再加上我們去年改變了承保標準，以收緊我們的信用額度，而且我們去年提供的承保品質比後台的承保品質更高。這也是因為那些賽季將影響到整體儲備。

Okay. Fair enough. And then just one more if I could. It's probably in here, but I couldn't quite figure it out. But can you give us deposit rates on kind of your new money that you're bringing in and how that compares to your average, how big that gap is?

好的。很公平。如果可以的話，然後再做一次。它可能就在這裡，但我不太明白。但是您能否向我們提供您引入的新資金的存款利率以及與平均水平相比如何，差距有多大？

That's kind of a little bit difficult one to generalize because we do have a difference between sort of demand deposits and the term money. What I would say is those rates in the overall market have moved depending on the tenor, anywhere from 25 basis points to 50 basis points in the last kind of quarter or so. We tend to sort of price in the middle of -- sort of the middle of the pack in terms of rate-based deposit gatherers.

這有點難以概括，因為活期存款和貨幣一詞之間確實存在差異。我想說的是，整個市場的利率已經根據期限而變化，在上個季度左右從 25 個基點到 50 個基點不等。就基於利率的存款收集者而言，我們傾向於將價格置於中間位置。

And so we've benefited from that in terms of repricing of things in the month in the quarter. And we expect that, that trend will continue as the Fed rate cut cycle continues, the deposit rates will tend to move pretty quickly [then].

因此，我們在本季當月的產品重新定價方面受益匪淺。我們預計，隨著聯準會降息週期的持續，這種趨勢將持續下去，存款利率往往會快速變化[然後]。

(Operator Instructions) John Hecht, Jefferies.

（操作員說明）John Hecht，Jefferies。

Actually, most of my questions have been asked and answered. I guess maybe a follow-on to the last question. Maybe talk about -- you talked about the deposit markets and pricing. But maybe how do you guys stack in that regard, like meaning like what's the maturity profile of some of the brokered deposits and stuff like that so that you can move when the markets are moving?

事實上，我的大部分問題都已經被問到並得到解答。我想也許是最後一個問題的後續。也許談談——你談到了存款市場和定價。但也許你們在這方面是如何看待的，例如一些經紀存款的成熟度概況是什麼，諸如此類的東西，以便您可以在市場變動時採取行動？

Yeah, sure. I got an early question on sort of NIM pressure that I touched on that a little bit. Again, we term out our deposits in order to manage the sort of duration gap between the longer-dated assets that we originate in our funding profile. We do have some remaining primarily brokered term deposits that we put on three and five years ago that will come up for repricing over the next six to nine months.

是的，當然。我很早就收到了一個關於 NIM 壓力的問題，我對此進行了一些討論。再次，我們將存款期限化，以管理我們資金配置中的長期資產之間的久期差距。我們確實有一些剩餘的主要經紀定期存款，這些存款是我們三到五年前存入的，將在未來六到九個月內重新定價。

And those will obviously reprice at a higher rate, but at the same point, we've got in that same mix of our total deposit book things that we put on a year ago that will reprice at a lower rate. So again, I think we'll have some NIM compression as we move to and through the first half of next year. But I believe we'll start to normalize after that and feel pretty comfortable with the longer-term commitment we made on NIM target of lower to mid-5% range.

這些顯然將以更高的利率重新定價，但與此同時，我們已經將一年前的存款簿總額納入相同的組合，將以較低的利率重新定價。再說一遍，我認為隨著明年上半年的到來，我們將進行一些 NIM 壓縮。但我相信此後我們將開始正常化，並對我們對淨利差目標 5% 中下範圍做出的長期承諾感到非常滿意。

And then I apologize if you addressed this, but you guys -- you clearly beat on the originations in the quarter. You're raising the guidance for the year. Are you able to attribute -- like how much market share you're getting from Discover's exit in that increase in guidance versus just sort of overall market advancements?

如果你們解決了這個問題，我深表歉意，但是你們——你們顯然在本季度擊敗了起源。您正在提高今年的指導。您是否能夠將指導的增加與整體市場進步相比，例如您從 Discover 退出中獲得了多少市場份額？

Yeah, John, it's probably a little premature. We'll start to get some of the market studies here in the next month or two. But as a quick reminder, I think the competitor you referenced, last year Q3 had a market share probably in the range of between 14% and 15%.

是的，約翰，這可能有點為時過早。我們將在接下來的一兩個月內開始在這裡進行一些市場研究。但快速提醒一下，我認為您提到的競爭對手去年第三季的市佔率可能在 14% 到 15% 之間。

We're a little bit north of the 50% market share player. So if you start to think about normal expected volume growth, originations growth, in sort of the mid-single digits and you start to think about getting 50%, 55% of 14% to 15% share [eyeball or metrically], that seems pretty consistent with the 13% volume growth that we saw this quarter, maybe even a little bit sort of -- 13% might even be a little bit better.

我們距離 50% 市佔率的玩家還差一點。因此，如果你開始考慮正常的預期銷量成長、起始成長，以中等個位數的速度成長，並且你開始考慮獲得14% 至15% 份額中的50%、55% [目測或度量]，那麼似乎與我們本季看到的 13% 的銷量成長非常一致，甚至可能有點——13% 甚至可能更好一點。

So again, we don't know yet. We'll get the full studies and the full data, but there's nothing in the, what I'll call, simple math that leads us to believe that we did not fare well during this peak season. And of course, we'll report out on any trends as we learn them around share.

再說一次，我們還不知道。我們將獲得完整的研究和完整的數據，但我稱之為簡單的數學，沒有任何東西能讓我們相信我們在這個旺季表現不佳。當然，當我們圍繞分享以了解任何趨勢時，我們會報告這些趨勢。

This concludes the Q&A portion of today's call. I would now like to turn the floor over to Mr. Jon Witter for closing remarks.

今天電話會議的問答部分到此結束。我現在請 Jon Witter 先生致閉幕詞。

Thank you, Madison. Appreciate your time and your help today, and thank you, everyone, for dialing in. We continue to really appreciate your interest in Sallie Mae and I hope you are as excited about the successful peak season as we are, and we look forward to talking to you in about three months and talking about that close to the year and guidance for 2025. With that, Melissa, I'll turn it back over to you for some closing business.

謝謝你，麥迪遜。感謝您今天的寶貴時間和幫助，並感謝大家撥打電話。我們仍然非常感謝您對 Sallie Mae 的興趣，我希望您和我們一樣對成功的旺季感到興奮，我們期待在大約三個月內與您交談，討論即將到來的一年和 2025 年的指導。這樣，梅麗莎，我會把它轉回給你處理一些結帳事務。

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

感謝您今天抽出時間並提出問題。本次電話會議和簡報的重播將在 salliemae.com 的投資者頁面上提供。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. This concludes today's Sallie Mae third quarter 2024 earnings conference call and webcast. Please disconnect your line at this time, and have a wonderful evening.

謝謝。今天的 Sallie Mae 2024 年第三季財報電話會議和網路廣播到此結束。此時請斷開您的線路，祝您有個美好的夜晚。