SLM Corp (SLM) 2025 Q1 法說會逐字稿

(Operator Instructions) Welcome to the Sallie Mae first-quarter 2025 earnings conference call. (Operator Instructions)

（操作員指示）歡迎參加 Sallie Mae 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Kate deLacy, Senior Director and Head of Investor Relations. Please go ahead.

現在，我想將電話轉給高階主管兼投資者關係主管 Kate deLacy。請繼續。

Thank you, Margo. Good evening, and welcome to Sallie Mae's first quarter 2025 earnings call. It's my pleasure to be here today with Jon Witter, our CEO; Pete Graham, our CFO; and Melissa Bronaugh, Managing Vice President of Strategic Finance. 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，瑪戈。晚上好，歡迎參加 Sallie Mae 2025 年第一季財報電話會議。我很高興今天能與我們的執行長 Jon Witter、我們的財務長 Pete Graham 和策略財務執行副總裁 Melissa Bronaugh 一起來到這裡。準備好的發言結束後，我們將開始提問。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。

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-K and other filings with the SEC.

由於各種因素，未來的實際結果可能與此處討論的結果有重大差異。聽眾應該參考該公司 10-K 表格和向美國證券交易委員會提交的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, Thursday, April 24, 2025. Thank you.

對 Sallie Mae 而言，這些因素包括但不限於經營業績、財務狀況和/或現金流，以及各種外部因素對我們業務的任何潛在影響。我們不承擔更新或修改任何預測、預期或前瞻性陳述以反映今天（2025 年 4 月 24 日，星期四）之後發生的事件或情況的義務。謝謝。

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

現在我將把電話轉給喬恩。

Thank you, Kate and Margo. Good evening, everyone. Thank you for joining us today to discuss Sallie Mae's first quarter 2025 results. I'm pleased to report on a successful quarter and progress toward our 2025 goals. I hope you'll take away three key messages today.

謝謝你，凱特和瑪格。大家晚上好。感謝您今天加入我們討論 Sallie Mae 2025 年第一季的業績。我很高興地報告本季的成功以及我們在實現 2025 年目標方面取得的進展。我希望你們今天能領悟三個關鍵訊息。

First, we're off to a strong start for 2025 and second, we are encouraged by our early credit performance. And third, we believe we have positive momentum for the rest of the year despite uncertainties in the broader macroeconomic environment. Let's begin with the quarter's results. GAAP diluted EPS in the first quarter was $1.40 per share as compared to $1.27 in the year ago quarter. Loan originations for the first quarter were $2.8 billion, an increase of 7.3% from the year ago quarter, a strong start to 2025.

首先，我們在 2025 年取得了良好的開端；其次，我們早期的信用表現令我們感到鼓舞。第三，儘管宏觀經濟環境存在不確定性，但我們相信今年剩餘時間仍保持積極動能。讓我們從本季的業績開始。第一季 GAAP 稀釋每股收益為 1.40 美元，去年同期為 1.27 美元。第一季的貸款發放額為 28 億美元，比去年同期成長 7.3%，為 2025 年帶來了強勁開局。

The credit quality of originations continues to be solid with incremental improvement compared to Q1 of 2024. Our cosigner rate for the first quarter was 93%, compared to 91% in the year ago quarter, and average FICO at approval was 753 for the first quarter compared to 748 in the first quarter of 2024. The first quarter also reflected strong credit quality. Net private education loan charge-offs in Q1 were $76 million representing 1.88% of average loans and repayment. This is down 26 basis points from the first quarter of 2024 and ahead of expectations.

與 2024 年第一季相比，貸款發放信用品質持續保持穩固並逐步改善。我們第一季的共同簽署率為 93%，而去年同期為 91%，第一季批准時的平均 FICO 為 753，而 2024 年第一季為 748。第一季也展現強勁的信貸品質。第一季私人教育貸款淨沖銷額為 7,600 萬美元，佔平均貸款和還款額的 1.88%。這比 2024 年第一季下降了 26 個基點，並且超出了預期。

Our positive credit performance in the first quarter of this year was driven by several key factors: seasonality played a role. As the first quarter historically delivers stronger credit outcomes compared to the rest of the year. We also continue to see benefits from enhancements in our collection practices and the effectiveness of our expanded loss mitigation programs. While we are pleased with this early performance, we remain mindful of the uncertainty created by recent policy changes and their potential implications for the broader macroeconomic environment.

我們今年第一季的積極信貸表現受到幾個關鍵因素的推動：季節性發揮了作用。從歷史上看，第一季的信貸業績比一年中其他時間都要強勁。我們也繼續看到我們的收款實務的改進和擴大損失緩解計畫的有效性所帶來的好處。雖然我們對這一早期表現感到滿意，但我們仍然注意到近期政策變化造成的不確定性及其對更廣泛的宏觀經濟環境的潛在影響。

The $2 billion loan sale that we executed in the first quarter generated $188 million in gains a high single-digit premium, an increase of $45 million from our Q1 2024 sale. We expect to sell additional loans this year with market conditions dictating the timing and our private student loan portfolio growth targets dictating the volume.

我們在第一季執行的 20 億美元貸款銷售產生了 1.88 億美元的收益，溢價較高個位數，比我們 2024 年第一季的銷售額增加了 4,500 萬美元。我們預計今年將出售更多貸款，市場條件決定時間，我們的私人學生貸款組合增長目標決定數量。

For the first quarter of 2025, we continued our capital return strategy repurchasing 1 million shares at an average price of $29.65 per share. We have reduced the shares outstanding since we began this strategy in 2020 by 53% at an average price of $16.29. We expect to continue to programmatically and strategically buy back stock throughout the year.

2025 年第一季度，我們持續實施資本回報策略，以每股 29.65 美元的平均價格回購 100 萬股。自2020年啟動此策略以來，我們已將流通股減持了53%，平均價格為16.29美元。我們預計全年將繼續以程序化和策略性的方式回購股票。

Pete will now take you through some additional financial highlights of the quarter. Pete, over to you.

皮特現在將帶您了解本季的一些其他財務亮點。皮特，交給你了。

Thank you, Jon. Good evening, everyone. Let's continue with a discussion of key drivers of earnings. For the first quarter of 2025, we earned $375 million of net interest income. This is down $12 million from the prior year quarter but ahead of the fourth quarter of 2024 by $13 million.

謝謝你，喬恩。大家晚上好。讓我們繼續討論獲利的關鍵驅動因素。2025 年第一季度，我們的淨利息收入為 3.75 億美元。這比去年同期下降了 1,200 萬美元，但比 2024 年第四季高出 1,300 萬美元。

During the first quarter, we completed a $500 million unsecured bond transaction, which was used to redeem our November 2025 maturity. Our net interest margin was 5.27% for the quarter, 35 basis points ahead of the prior quarter. We continue to believe that over the longer term, low to mid-5% is an appropriate NIM target.

第一季度，我們完成了一筆 5 億美元的無擔保債券交易，用於贖回 2025 年 11 月到期的債券。本季我們的淨利差為 5.27%，比上一季高出 35 個基點。我們仍然相信，從長期來看，5% 的低位至中位數水準是合適的 NIM 目標。

Our provision for credit losses was $23 million in the first quarter of 2025, up from $12 million in the prior year quarter. The increase was largely driven by loan growth related to the mini peak origination season, and partially offset by $116 million reserve release associated with the $2 billion loan sale completed during the quarter.

2025 年第一季度，我們的信貸損失準備金為 2,300 萬美元，高於去年同期的 1,200 萬美元。這一增長主要得益於與小高峰發放季節相關的貸款增長，並被本季度完成的 20 億美元貸款銷售相關的 1.16 億美元儲備金釋放部分抵消。

Despite the higher provision, our allowance as a percentage of total private education loan exposure was 5.97%, slightly down from 5.99% in the year ago quarter. This represented a 14 basis points increase from the fourth quarter, which is consistent with the seasonal impact of higher originations in the first quarter of the year.

儘管撥備較高，但我們的撥備佔私人教育貸款總額的比例為 5.97%，略低於去年同期的 5.99%。這比第四季增加了 14 個基點，與今年第一季較高的貸款發放量帶來的季節性影響一致。

Our reserve rate has remained relatively consistent year-over-year reflecting a balanced view of credit performance and the broader macroeconomic environment. While we are encouraged by the ongoing benefits from our loan modification programs and the continued strength in the credit quality of originations we remain cautious. The economic outlook continues to be a key variable in our reserve modeling, and we will closely monitor any changes in the environment that could impact future estimates.

我們的準備率比去年同期保持相對穩定，反映了對信貸表現和更廣泛的宏觀經濟環境的平衡看法。雖然我們對貸款修改計劃持續帶來的好處以及貸款發放信用品質的持續強勁感到鼓舞，但我們仍然保持謹慎。經濟前景仍然是我們儲備模型中的關鍵變量，我們將密切監測可能影響未來估計的任何環境變化。

Private education loans delinquent 30 days or more were 3.6% of loans and repayment, a decrease from 3.7% at the end of 2024, although higher than the 3.4% at the end of the year ago quarter. We remain pleased with the performance of our enhanced loss mitigation programs, which we've now had the opportunity to observe over more than a full year.

私人教育貸款拖欠 30 天或以上佔貸款和還款的 3.6%，低於 2024 年底的 3.7%，但高於去年同期的 3.4%。我們對增強型損失緩解計畫的執行感到滿意，現在我們有機會對該計畫進行一年多的觀察。

The volume of loan modification enrollments has decreased by approximately 50% from highs in the third quarter of 2024 as we have optimized our eligibility criteria. We're pleased with the trajectory of this program and the positive performance is an important step towards achieving our long-term net charge-off targets. First quarter noninterest expenses were $155 million compared to $150 million in the prior quarter and $162 million in the year ago quarter.

由於我們優化了資格標準，貸款修改登記的數量較 2024 年第三季的高點下降了約 50%。我們對該計劃的進展感到滿意，其積極表現是我們實現長期淨沖銷目標的重要一步。第一季非利息支出為 1.55 億美元，而上一季為 1.5 億美元，去年同期為 1.62 億美元。

This was a 4% decrease compared to the first quarter of 2024 despite an increase in application and originations volume in the quarter. Finally, our liquidity and capital positions remain solid. We ended the quarter with liquidity of 16.8% of total assets.

儘管本季的申請量和發起量有所增加，但與 2024 年第一季相比仍下降了 4%。最後，我們的流動性和資本狀況依然穩固。本季末，我們的流動性佔總資產的 16.8%。

At the end of the first quarter, total risk-based capital was 12.9% and common equity Tier 1 capital was 11.6%. Another measure of loss absorption capacity on the balance sheet is GAAP equity plus loan loss reserves over risk-weighted assets, which was a very strong 16.4%. We continue to believe we're well positioned to grow our business and return capital to shareholders going forward.

第一季末，總創投為12.9%，普通股一級資本為11.6%。資產負債表上衡量損失吸收能力的另一個指標是 GAAP 股權加上貸款損失準備金除以風險加權資產，比率非常強勁，達到 16.4%。我們始終相信，我們有能力發展業務並在未來向股東返還資本。

I'll now turn the call back to Jon.

我現在將電話轉回給喬恩。

Thanks, Pete. I hope you agree that we executed well in the first quarter and that you share my belief that we have positive momentum for the full year of 2025. Let me close with a few comments on our 2025 guidance.

謝謝，皮特。我希望您同意我們在第一季表現良好，並且您和我一樣相信我們 2025 年全年將保持積極勢頭。最後，請允許我對我們的 2025 年指導發表幾點評論。

As I mentioned earlier this evening, the strength of our first quarter origination season, the positive momentum in credit performance and the successful execution of our first loan sale this year reflect a solid start and meaningful progress toward our goals. While we remain confident in our trajectory and expect continued normalization and the performance of our programs over the medium term, we also recognize the broader macroeconomic uncertainty that persists.

正如我今晚早些時候提到的，我們第一季貸款發放季的強勁表現、信貸表現的積極勢頭以及今年首筆貸款銷售的成功執行，反映出我們朝著目標邁出了堅實的一步，並取得了有意義的進展。雖然我們對我們的發展軌跡仍然充滿信心，並預計中期內我們的計劃將繼續正常化和發揮作用，但我們也認識到仍然存在更廣泛的宏觀經濟不確定性。

As such, we will continue to monitor developments closely and we'll provide updates in future earnings calls as we gain greater clarity throughout the year. At this time, we are reaffirming the 2025 guidance that we shared on our last earnings call for all key metrics.

因此，我們將繼續密切關注事態發展，並在全年獲得更清晰的資訊後，在未來的收益電話會議上提供更新資訊。目前，我們重申上次收益電話會議上針對所有關鍵指標所分享的 2025 年指引。

With that, Pete, why don't we go ahead and open up the call for some questions.

皮特，既然如此，我們何不繼續討論一些問題呢？

(Operator Instructions) Jeff Adelson, Morgan Stanley.

（操作員指示）摩根士丹利的傑夫·阿德爾森。

Your credit -- your charge-offs did really well this quarter. I know you gave some color on the seasonality, and you continue to be pleased with the loss mitigation programs. Would you attribute most of that outperformance versus what you've seen over the last few years to the loss mitigation programs you're putting on? Or is there anything else we should be aware of under the hood?

您的信用－您的沖銷本季表現非常好。我知道您對季節性給出了一些說明，並且您仍然對損失緩解計劃感到滿意。與過去幾年相比，您是否將這種優異表現的大部分原因歸因於您正在實施的損失緩解計劃？或者我們還應該注意其他什麼事情嗎？

And then any sort of early color or anything you're noticing or expecting from some of the impact to the government programs where recently, we saw the announcement that the government is intending to turn back on collections and wage garnishment for those in default and there's been a number that in the federal program have not been paying their loans for some time?

然後，您是否注意到或預期到政府計劃將受到一些影響，最近，我們看到政府宣布打算停止向拖欠貸款的人收取款項和扣押工資，而且聯邦計劃中的許多人已經有一段時間沒有償還貸款了？

Yes, Jeff, it's Jon. Let me take both of those, and I'll invite Pete to chime in if I miss anything. On the charge-offs, I think we've been pretty consistent about this. I think we would point to a number of contributing factors, as I said in my comments, there's obviously a little bit of seasonality. If you look back at Q1 of last year, for example, you would see a net charge-off rate that was a little bit lower than the full year. So that is certainly a part of it.

是的，傑夫，我是喬恩。讓我把這兩個都拿走，如果我遺漏了什麼，我會請皮特加入。關於沖銷，我認為我們對此一直非常一致。我認為我們會指出一些促成因素，正如我在評論中所說，顯然有一點季節性。例如，如果回顧去年第一季，您會發現淨沖銷率略低於全年。這當然是其中的一部分。

I think the loss mitigation programs is a part of it. And it's not just the introduction of those programs, but really the continued optimization of those programs over time. I think Pete mentioned the fact that we're optimizing around enrollments, but we're also optimizing around other components of their programs as well so that they better meet the needs of our customers.

我認為損失減輕計劃是其中的一部分。這不僅僅是這些程序的引入，而且實際上是隨著時間的推移對這些程序進行持續優化。我認為 Pete 提到我們正在優化招生情況，但我們也在優化其計畫的其他組成部分，以便更好地滿足我們客戶的需求。

And as I think we've said sort of repeatedly, we've also, over the last number of years, engaged in on the margin, but we think powerful sort of changes and enhancements to our underwriting capabilities those are a little bit of a longer burn time item, just given the amount of time our students spend in school before they enter repayment. But that's obviously a part of the answer as well and will continue to be a part of the answer in the future. So I don't think there's anything new that I would add to that. I think it's the same basic recipe that we've talked about.

而且我想我們已經反覆說過，在過去幾年中，我們也參與了邊際改革，但我們認為，對我們的承保能力進行強有力的改變和增強，這些是需要較長時間才能完成的項目，因為考慮到我們的學生在進入還款階段之前要在學校度過的時間。但這顯然也是答案的一部分，並且在未來仍將是答案的一部分。所以我認為沒有什麼新內容可以補充。我認為這與我們討論過的基本方法相同。

To your second question, which we could probably spend all night talking about, obviously, there's a lot of changes in sort of focus of this administration. They have talked about a whole variety of different things. First and foremost, reporting of delinquency and default status and federal loans to the bureaus. There's a number of articles that came out several weeks ago about that.

對於您的第二個問題，我們可能要花一整晚的時間來討論，顯然，本屆政府的關注點發生了很多變化。他們談論了各種各樣不同的事情。首先，向各局報告拖欠和違約情況以及聯邦貸款。幾週前已經有很多關於此問題的文章發表。

And then I think really spearheaded by an op-ed piece in the last couple of days by the Secretary of Education, a focus on more active sort of collections and sort of payment activities related to that population. We've dug into this a number of different ways. And I'll preface this by saying we don't have perfect data on our customers and their federal loan programs in use.

然後，我認為教育部長在過去幾天發表的一篇專欄文章真正帶動了這一趨勢，重點關注與該人群相關的更積極的收款和支付活動。我們用多種不同的方法對此進行了深入研究。首先我要說的是，我們並沒有關於我們的客戶及其使用的聯邦貸款計劃的完美數據。

But we look pretty carefully, for example, at FICO. And we have seen for our customers who have federal loans, no material sort of change in the average FICO performance. There's always, as you would expect, some people who go a little bit up and some people who go a little bit down. But the averages have stayed very, very steady.

但是我們非常仔細地觀察，例如，FICO。我們發現，對於擁有聯邦貸款的客戶來說，平均 FICO 表現並沒有實質的變化。正如你所預料的，總是會有一些人進步一點點，有些人進步一點點。但平均值一直保持非常非常穩定。

And even as we've dug into some of those sort of joint customers, customers of us and the federal government, whose FICOs have declined, we've not seen any material or meaningful reduction in their ability to pay or payment sort of metrics or behaviors or patterns. So the FICO stuff seems to be really pretty steady. We also did a fair amount of sort of what I would describe as onetime special analysis on this.

即使我們深入研究了一些共同客戶，即我們和聯邦政府的客戶，他們的 FICO 分數已經下降，我們也沒有看到他們的支付能力或支付指標、行為或模式有任何實質或有意義的下降。因此，FICO 數據看起來確實相當穩定。我們也對此做了大量我稱之為一次性特別分析的工作。

And we looked at all of our customers who also have federal loans. And I think there were some things that we saw that were pretty interesting there. Our joint customers, again, federal and Sallie Mae seems to have a lower delinquency rate on their federal loans than the federal population as a whole. And I need to caveat that by saying the data on delinquencies out of the federal loan program is not great, but the best that we've been able to piece that together.

我們也調查了所有擁有聯邦貸款的客戶。我認為我們在那裡看到的一些事情非常有趣。我們的共同客戶，聯邦政府和 Sallie Mae 的聯邦貸款拖欠率似乎低於整個聯邦人口的貸款拖欠率。我需要提醒的是，聯邦貸款計劃拖欠的數據並不理想，但這是我們能夠拼湊起來的最好的數據。

And I think even more interestingly, if you look at those customers, those joint customers who are delinquent on their federal loans 85% of those joint customers are actually current on their Sallie Mae loans. And so I think when you put all of that together, Jeff, it says, at least to me, it suggests two really important things.

我認為更有趣的是，如果你看看那些客戶，那些拖欠聯邦貸款的聯合客戶，其中 85% 的聯合客戶實際上都按時償還了 Sallie Mae 貸款。所以我認為，傑夫，當你把所有這些放在一起時，至少對我來說，這表明了兩件非常重要的事情。

One, our average customer is just different from the federal customer as a whole. Said simply, most of Sallie Mae's customers have a federal loan, but lots of federal borrowers do not have Sallie Mae loans, right? The two populations, we really believe are different. And I think that performance also speaks to the strategy that we enacted several years ago of getting our customers back into positive repayment habits, sort of early after the coronavirus situation abated.

首先，我們的普通客戶與整個聯邦客戶有所不同。簡單來說，Sallie Mae 的大多數客戶都有聯邦貸款，但許多聯邦借款人沒有 Sallie Mae 貸款，對嗎？我們確實相信這兩個群體是不同的。我認為這種表現也體現了我們幾年前製定的策略，即在冠狀病毒疫情消退後不久讓客戶恢復積極的還款習慣。

And I think we are seeing sort of the positive impact of those credit habits. And I think that says at least validates, to a certain amount of that overall strategy. So probably more data than you were looking for, but at least as of this time, we're just not seeing a lot of impact of that. Obviously, as those federal strategies continue to season, we'll continue to monitor. And if we see something different that we think is material, of course, we'll talk about that.

我認為我們正在看到這些信用習慣的正面影響。我認為這至少在一定程度上驗證了該總體戰略。因此可能比您所尋找的數據要多，但至少到目前為止，我們還沒有看到它帶來的巨大影響。顯然，隨著這些聯邦戰略的不斷發展，我們將繼續關注。當然，如果我們看到了一些我們認為重要的事情，我們就會談論它。

That's great. That's really helpful. Maybe the other side of that coin is some of the changes or forthcoming changes of the Department of Education are also maybe incentivizing some more activity from borrowers to go private. I'm just wondering if you're seeing any of that yet. And I know we're still waiting on changes in the plus programs potentially down the line, but are you noticing an uptick in graduate borrowers, maybe coming to you? Or maybe you could share any -- what percent of your originations are coming from graduate if that's increased at all?

那太棒了。這真的很有幫助。也許另一方面，教育部的一些變化或即將發生的變化也可能激勵借款人採取更多私有化行動。我只是想知道您是否已經看到了這些。我知道我們仍在等待未來附加計劃的變化，但您是否注意到研究生借款人數量增加，也許正在向您借款？或者也許您可以分享任何資訊——如果這一比例有所增加，那麼來自畢業生的資金佔比是多少？

Jeff, first of all, I think it is sort of early and hard to know. As we have talked about, I think, often in our business, spring follows fall, fall doesn't follow spring. So an awful lot of the originations and disbursements that we're doing now are really follow-on business from the fall.

傑夫，首先，我認為現在還為時過早，很難知道。正如我們所討論的，我認為，在我們的業務中，春天往往緊隨秋天，而秋天卻不會緊跟著春天。因此，我們現在進行的大量發起和支出實際上都是秋季的後續業務。

With that said, I think there are some very sort of initial signs that there may be some increased activity there, but it is way too early for us to have a strong point of view on that. I think in terms of that swap-in, swap-out behavior, if that happens, we would really expect to see that during peak season this summer.

話雖如此，我認為有一些初步跡象表明那裡的活動可能會增加，但現在我們對此形成強烈的看法還為時過早。我認為，就換入換出行為而言，如果發生這種情況，我們真的希望在今年夏天的旺季看到這種情況。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Just wanted to follow up on credit. The delinquency rate improved sequentially, but it was up 18 basis points year-over-year. A lot of that was driven by the early stage bucket, that bucket was pretty flat year-over-year the last two quarters. So any color on kind of what went on there?

只是想跟進信用狀況。拖欠率較上一季有所改善，但年同期上升了 18 個基點。其中很大一部分是由早期階段推動的，過去兩個季度，該階段的銷售額與去年同期相比基本持平。那麼，那裡到底發生了什麼事呢？

I think one of the things that's sort of impacting delinquencies in the quarter is the sort of the impact of the folks that are in their qualifying periods in the [MOD] programs. And comparing prior first quarter to this quarter, that's a significant change in practice. If you adjust for folks in the mod programs that are in the delinquency buckets. That number for this quarter is a 3% number. So I think that's a big piece of some of the trend that you're referring to there.

我認為影響本季拖欠率的因素之一是那些處於 [MOD] 計劃資格期的人員的影響。與去年第一季和本季相比，這是一個重大的實踐變化。如果您針對處於違法行為桶中的 mod 程式中的人員進行調整。本季度的這一數字是 3%。所以我認為這是您所提到的一些趨勢的重要組成部分。

Got it. All right. So if I look at kind of your extended grace, there has been much higher usage over the last year. I guess like how should we kind of interpret that? And is there kind of any color that you can give on borrower behavior kind of once they exit extended grace?

知道了。好的。因此，如果我看一下您的延長寬限期，就會發現去年的使用率要高得多。我想我們應該如何解釋這一點？一旦借款人結束寬限期，您能對他們的行為做出什麼說明嗎？

Yes. I think the changes we made to the program were really designed to provide that extra assistance that was allowed under the regulations for those borrowers that are new to repayment. That's the highest period of stress that we see in the portfolio as people are graduating getting their lives in order and going into establishing good payment patterns in their life.

是的。我認為我們對該計劃所做的改變實際上是為了向那些剛開始償還貸款的借款人提供法規允許的額外援助。這是我們在投資組合中看到的最緊張的時期，因為人們畢業後要讓自己的生活井然有序，並開始建立良好的付款模式。

And so we feel like the usage of that as we've rolled out that program is probably indicative of it operating as intended. At the margins, the level of people applied to that. I don't think are indicative of anything broader in the overall economy. And we view that as a very strong program that are helping people be successful.

因此，我們覺得，我們推出的該計劃的使用情況可能表明它正在按預期運行。在邊緣，人們的水平適用於此。我認為這並不能代表整體經濟的更廣泛的狀況。我們認為這是一個非常強大的計劃，可以幫助人們取得成功。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Jon, I know that you mentioned that the growth of the balance sheet would kind of be driven or I should say, the amount of the loan sales would be driven by your balance sheet growth targets. Maybe if you could just kind of talk a little bit about now that the CECL is in the rearview mirror, the CECL phase in how you are thinking about both growth in the balance sheet and capital return?

偉大的。喬恩，我知道你提到資產負債表的成長將受到某種程度的驅動，或者我應該說，貸款銷售額將受到你的資產負債表成長目標的驅動。也許您現在可以稍微談談現在 CECL 已經成為過去，您如何看待 CECL 階段的資產負債表成長和資本回報？

Yes. Moshe, happy to. And again, Pete, jump in if I miss anything here.

是的。摩西，很高興。再說一次，Pete，如果我遺漏了什麼，請告訴我。

And for anyone who was not a part of, but I would encourage folks to go back and look at our December 2023 Investor Forum presentation. while that was certainly not meant to be kind of a multiyear commitment in any way, shape or form. I think it was really meant to sort of give us clear evidence as we can on sort of how we think strategically about the business.

對於那些沒有參與的人，我鼓勵大家回去看看我們 2023 年 12 月的投資者論壇簡報。但這絕不意味著以任何形式做出多年的承諾。我認為它實際上是為了盡可能為我們提供清晰的證據，說明我們如何從策略角度思考業務。

And I think, Moshe, to answer your question, what we really like in the business right now as we move past full CECL phase-in is moderate accelerating and predictable balance sheet growth. We think there's a real value in growing the balance sheet. We think there's a real value in the kind of growth of predictable, steady kind of NIM based earnings that come from that. And we like that overall view.

我認為，Moshe，回答你的問題，隨著我們逐步完成 CECL 階段，我們現在真正喜​​歡的是適度加速和可預測的資產負債表增長。我們認為擴大資產負債表具有真正的價值。我們認為，由此產生的可預測、穩定的基於淨利差的收益成長具有真正的價值。我們喜歡這個整體觀點。

We do, though, want to put sort of thoughtful kind of limits or governors, if you will, on how quickly we do grow the balance sheet, growing the balance sheet consumes meaningful capital, growing the balance sheet puts stress on the liquidity portion of our business.

不過，如果你願意的話，我們確實想對資產負債表的成長速度設定某種深思熟慮的限製或調節器，資產負債表的成長會消耗大量資本，資產負債表的成長會給我們業務的流動性部分帶來壓力。

And by the way, you know for -- how our strategy has evolved over the last five years, I am as committed to a strong capital return and capital discipline as I think anybody. And we also like saving room in our plan to continue to return meaningful capital to shareholders. So that kind of moderate plan allows us to, in our mind, get a little bit of a goldilocks where we can grow the balance sheet thoughtfully and still every year have meaningful capital to return in the form of share buybacks, really fueled through our loan sale proceeds.

順便說一句，您知道——我們的策略在過去五年中是如何演變的，我和任何人一樣致力於實現強勁的資本回報和資本紀律。我們也希望在計劃中留出空間，以便繼續向股東返還有意義的資本。因此，在我們看來，這種溫和的計劃讓我們能夠獲得一點金髮女孩的感覺，我們可以深思熟慮地增加資產負債表，並且每​​年仍然有有意義的資本以股票回購的形式返還，這實際上是透過我們的貸款銷售收益來推動的。

But also what we also like is sort of the potential for a strong and over time, potentially growing dividend that would really be fueled by that balance sheet growth.

但我們也喜歡的是強勁的潛力，隨著時間的推移，股息可能會不斷增長，而這實際上將受到資產負債表成長的推動。

So I think we laid all of that out in sort of that investor forum document in more detail. I think the guidance that we've given for this year is completely consistent with that. In fact, I think we're sort of a year ahead of where we thought we would be on that journey on sort of virtually every metric. And we feel great about the value that, that's been able to create for us so far.

所以我認為我們在投資者論壇文件中更詳細地闡述了所有這些內容。我認為我們今年給出的指導與此完全一致。事實上，我認為從幾乎所有指標來看，我們都比預想的提早了一年。我們對它迄今為止為我們創造的價值感到非常滿意。

Great. And then you did mention that expenses were down 4% year-on-year despite higher applications. And I know that kind of driving that better unit economics has always been part of the thesis. Can you just talk a little bit about what you've done to achieve that? And how sustainable is that? Or how you think about that going forward?

偉大的。然後您確實提到，儘管申請人數增加，但費用比去年同期下降了 4%。我知道，推動更好的單位經濟效益一直是我們論點的一部分。您能否簡單談談您為實現這一目標做了哪些努力？它的可持續性如何？或者您對未來有何看法？

I'll take that one. Yes, I think as you stated, it's been an ongoing focus of ours to continue to drive operating leverage in the business. And each year, as we said on our guidance, we have that in mind as we set our targets for the year. I think in regards to any one quarter, there can be gives and gets in the quarter that swing things one way or the other, but we're happy with the expense performance we've had and committed to the overall guidance that we put out for this year.

我要那個。是的，我認為正如您所說，繼續推動業務的經營槓桿一直是我們的關注重點。正如我們在指導中所說的那樣，每年我們在設定年度​​目標時都會考慮到這一點。我認為，就任何一個季度而言，該季度都可能存在一些得失，從而影響事情的發展，但我們對目前的支出表現感到滿意，並致力於實現今年制定的整體指導。

Michael Kaye, Wells Fargo.

麥可凱耶，富國銀行。

EPS is off to a really good start this year, much higher than Q1 consensus estimates. [Even though kind of your] EPS guidance for the year was unchanged. Trying to figure out, is that just cautiousness as we're early in the year and maybe some pickup in macro uncertainty that's keeping the guidance unchanged or something else at play? And are you actually running ahead of plan thus far?

今年每股收益開局良好，遠高於第一季的普遍預期。[儘管] 今年的每股盈餘預期沒有變化。試圖弄清楚，這是否只是年初的謹慎態度，也許是宏觀不確定性的增加導致指導保持不變，還是有其他因素在起作用？那麼，到目前為止，您的進度是否確實提前完成了計劃？

Yes. Michael, it's Pete here. I guess what I would say is I would break that down as follows. Kind of one of the key performance drivers for the quarter was the loan sale that we completed in February. And we knew what the results of that were when we set our guidance out for this year.

是的。麥可，我是皮特。我想說的是，我會將其分解如下。本季業績的主要驅動因素之一是我們在二月完成的貸款銷售。當我們制定今年的指導方針時，我們就知道結果是什麼。

So again, we're committed to our overall guidance for the year. I think there is some amount of macro uncertainty in the world, but we haven't seen anything that's impacting our results yet. So we haven't made any real adjustments yet as regards to that.

因此，我們再次致力於今年的整體指導。我認為世界上存在一定程度的宏觀不確定性，但我們還沒有看到任何影響我們業績的因素。因此我們還沒有對此做出任何真正的調整。

Respect to the back to the buyback, it seems like it's off to a very slow start this year, just $31 million. I mean do you plan to come anywhere near close to completing that? I think it's [$272 million] that's left.

關於回購，今年的開局似乎非常緩慢，只有 3,100 萬美元。我的意思是，您是否計劃接近完成這一目標？我認為剩下的是[2.72億美元]。

Yes. I think if you look at the share -- (technical difficulty) in 2024 and you compare that to our start to the year, I think they're relatively consistent. I'll remind everyone that last year, we set out to create a more programmatic approach to share buybacks, and we fund those share plans with the proceeds from the loan sales as they occur. And we're running the same sort of playbook this year. So we completed a loan sale in February, and we put in a program with the proceeds from that loan sale that started executing very shortly thereafter. So I wouldn't necessarily read anything into the pace of the start to the year.

是的。我認為，如果你看一下 2024 年的份額（技術難度），並將其與我們今年年初的份額進行比較，我認為它們相對一致。我要提醒大家，去年，我們開始製定一種更具程序性的股票回購方法，並使用貸款銷售所得為這些股票計劃提供資金。今年我們也正在採取同樣的策略。因此，我們在二月完成了一筆貸款出售，並利用該筆貸款出售所得的收益製定了一項計劃，該計劃不久後就開始執行。因此，我不會對今年年初的節奏做出任何解讀。

Nate Richam, Bank of America.

美國銀行的 Nate Richam。

Originations in the quarter were pretty solid, but I would have thought growth would have been a little faster given the share gains you made late last year and the strength we saw in two ways 2024. And I realize you're reiterating guidance for the full year, but just curious to hear your thoughts on how the quarter shook out versus your expectations? And like if you expect a relatively consistent growth rate from here or the normal step down that we probably expect from like from a year lapping that share gain?

本季度的起源相當穩固，但考慮到去年年底的份額增長以及我們在 2024 年看到的兩種實力，我原以為增長會更快一些。我知道您正在重申全年的指導，但我只是想聽聽您對本季業績與預期相比如何的看法？您是否預計從現在開始會出現相對穩定的成長率，或者像我們預期的那樣，在一年內實現正常的下降，從而超過市場份額的成長？

Yes, Nate, I think in terms of originations, I think we're sort of well within our expectations for the year. We had a lot of discussion last year when we set guidance about the fact that with the competitive changes in the marketplace, those changes would be spread over two years. There would be a fall effect, which we really experienced last year and there would be a spring effect, which we experienced. This year a little bit smaller.

是的，內特，我認為就起源而言，我們今年的表現基本上符合我們的預期。去年，我們在製定指導意見時進行了大量討論，認為隨著市場競爭的變化，這些變化將在兩年內持續進行。會出現秋季效應，我們去年確實經歷過，也會出現春季效應，我們也經歷過。今年規模稍微小了點。

I think we feel like we're sort of right on our plan and where we expected to be for the spring effect. I do think you should expect that this fall will not sort of match last fall in terms of the overall growth rate because you don't get competitors leaving the marketplace, the same competitor leaving the marketplace two years in a row. But I think we believe what we're seeing in the first quarter is consistent with the guidance that we've given for the year.

我認為我們的計劃是正確的，而且我們預計春季效應也會發生。我確實認為你應該預料到今年秋天的整體成長率不會與去年秋季持平，因為你不會看到競爭對手離開市場，而同一個競爭對手連續兩年離開市場。但我認為，我們相信第一季看到的情況與我們今年給出的指導是一致的。

Got it. And then I want to go back to Moshe's question really quickly. The expense efficiencies were really solid in 1Q, but I'm just curious if you can give us some additional color on what the puts and takes for the full year outlook. And like what could put you to the high end of the range at this point? Is it like variability on the loan volumes you do in the fall season? Or is it other spending like investments in just marketing in general?

知道了。然後我想快速回到 Moshe 的問題。第一季的費用效率確實很穩定，但我只是好奇您是否可以提供一些有關全年前景的更多資訊。那麼現在什麼可以讓你達到這個範圍的高端呢？這是否類似於秋季貸款額的變動？或是其他支出，例如一般的行銷投資？

Yes. Again, we're off to a good start for this year. And we feel good about the level of efficiency we've been driving into the business. to a degree that we can generate more efficiencies that will give us some flexibility to accelerate investment in other technologies or other things that will have further efficiency gains in the future. We've got a fairly tight expense range of guidance for the full year.

是的。再次，我們今年有了一個好的開始。我們對我們一直在推動的業務效率水準感到滿意。在某種程度上，我們可以提高效率，這將使我們有一定的靈活性，可以加速對其他技術或其他事物的投資，從而在未來進一步提高效率。我們對全年的支出範圍有相當嚴格的指導。

And so I think that's appropriate for us to sort of keep to our commitment at this juncture in the year. I don't see anything that's going to wildly swing us beyond the guidance that we've given.

因此我認為，在今年的這個時候，我們有必要履行我們的承諾。我不認為有任何事情會讓我們偏離我們給予的指導方針。

John Hecht, Jefferies.

傑富瑞的約翰·赫克特。

First question, I'm just going back to some policy stuff. I think we've all become aware of some headlines about some potential changes or reduction in funding of several large universities along with your sort of general government cutbacks on a lot of factors or segments. But I'm wondering if that happens, it seems like some of that would also -- some of that deficit would go to the private markets. Have you guys given that much consideration? And is there anything else we should be thinking about if that trend does occur?

第一個問題，我只是想回顧一些政策問題。我想我們都已經注意到一些關於幾所大型大學的資金可能發生變化或減少以及政府在許多因素或領域削減開支的新聞頭條。但我想知道，如果發生這種情況，似乎其中的一部分也會——部分赤字將流向私人市場。你們有考慮過這麼多嗎？如果這種趨勢確實發生，我們還應該考慮什麼嗎？

Yes, John, it's Jon. We've been following the same news reports that you are. And I think it's a little bit of a difficult question because the unknown at this point is how do colleges and universities respond and how long lasting and sort of how fully are the various proposed actions followed through on. But I think there are gives and gets.

是的，約翰，我是喬恩。我們一直在關注與您相同的新聞報導。我認為這是一個有點難以回答的問題，因為目前尚不清楚的是高校將如何應對，這些應對將持續多久，以及各項提議的行動將如何全面執行。但我認為有付出就有收穫。

Certainly, if universities are under greater financial pressure, it implies perhaps for some that there is less money there for financial aid, that probably leaves a larger gap for families to make up on, and that is the core of our business, that GAAP financing that could certainly be a slight positive to our originations outlook.

當然，如果大學面臨更大的財務壓力，這可能意味著對某些人來說，用於經濟援助的資金會減少，這可能會給家庭留下更大的缺口，而這正是我們業務的核心，GAAP 融資肯定會對我們的發起前景產生輕微的積極影響。

I would also say on the opposite side, just as an example, if, for example, fewer international students come because of Visa or other issues. That's not a big part of our business today, but we do business with some international students if they have an appropriate cosigner. And that could be a very slight sort of headwind to the overall origination. So I think it's really too early to tell. I think there's too many gives and gets there.

我還要說相反的情況，舉個例子，如果由於簽證或其他問題導致來這裡的國際學生減少。這不是我們今天業務的主要部分，但如果國際學生有合適的共同簽名人，我們就會與他們做生意。這可能會對整個起源產生輕微的阻礙。所以我認為現在下結論還太早。我認為那裡有太多的付出和收穫。

I don't think we are envisioning it having a material impact as we know it at this point for this year. But certainly, as the breadth and depth of those policy changes comes more into focus, breadth being number of schools impacted in depth, of course, being the magnitude of the impact. I think we'll be in a better position to understand. And if that changes our originations outlook, we'll, of course, update that in a future earnings call.

我認為我們預計它不會對今年產生實質影響。但可以肯定的是，隨著這些政策變化的廣度和深度越來越受到關注，廣度當然是指受影響的學校數量，深度是指影響的程度。我想我們會更容易理解。如果這改變了我們的起源前景，我們當然會在未來的收益電話會議上更新。

Okay. That's helpful. And then a second question, big sale this quarter and a really strong gain. I'm wondering the character of the buyers, has that been changing? I mean, I think we're all aware of the massive amount of flows in the private credit funds. Are you seeing a shift towards more bids from that group? Is it still -- or is it still kind of ABS more general credit buyers at this point?

好的。這很有幫助。然後是第二個問題，本季銷售額龐大，收益非常強勁。我想知道買家的個性有改變嗎？我的意思是，我想我們都知道私人信貸基金的資金流入量龐大。您是否看到該集團的出價增加？它是否仍然——或者它目前仍然是某種 ABS 更一般的信貸買家？

No real difference in the process this year versus last. No real change in makeup of the bidders on the transactions. And although it hasn't occurred yet, my expectation is that the buyer will be using our securitization framework for their funding takeout sometime here in the near future.

今年與去年的流程並沒有什麼實質差異。交易競標者的組成沒有發生真正的變化。儘管這還沒有發生，但我預計買家將在不久的將來使用我們的證券化框架來獲取融資。

Rick Shane, JPMorgan.

摩根大通的里克·沙恩。

Look, one of the things that's emerging is that the job market for graduating seniors is going to be a little bit more challenging this year than we've seen in the last four or five years. I'm curious when you might start to see that -- or how that plays through your numbers, is it something we would see in the third quarter? Or does it not really emerge until the following year if that becomes a challenge?

瞧，正在出現的情況之一是，今年畢業生的就業市場將比過去四、五年更具挑戰性。我很好奇您什麼時候會開始看到這種情況 - 或者這會對您的數字產生什麼影響，這是我們會在第三季度看到的事情嗎？或者如果這成為一個挑戰，它是否要到第二年才會真正出現？

Yes. Rick, I've seen -- I'm sure some of the same articles and coverage there that you have seen a couple of thoughts and perspectives. One, as you can imagine, we do regular kind of research and touch base with our customers and try to understand how they are feeling about things.

是的。里克，我看過——我確信你在那裡看到的一些相同的文章和報道中也體現了一些想法和觀點。首先，正如您所想像的，我們會定期進行研究並與客戶保持聯繫，並試圖了解他們對事物的感受。

As recently as work that we did late last fall, we were still seeing a very high degree of optimism among sort of recent grads about their ability to meet their financial obligations. So a lot can change in a few months, but I think that is sort of a relevant sort of data point or sort of factory to sort of start with.

就在去年秋末我們所做的工作中，我們仍然看到應屆畢業生對自己履行財務義務的能力抱持著非常高的樂觀態度。因此，幾個月內可能會發生很多變化，但我認為這是一個相關的數據點或工廠，可以作為起點。

I think the second thing is college kids transitioning and finding that first job and recognizing that it may take, in some instances, more or less time for people to find and land their right first opportunity. That's been happening to greater or lesser extent since we started in this business. And there is a reason why we invest as deeply and thoughtfully in communication programs, readiness programs, but also things like our extended grace program and really target them at that transition point because we know it's always going to be a hard point.

我認為第二件事是大學生的轉型和尋找第一份工作，並認識到在某些情況下，人們可能需要更多或更少的時間來找到並獲得合適的第一個機會。自從我們開始從事這項業務以來，這種情況或多或少一直在發生。我們之所以對溝通計劃、準備計劃以及延長寬限期計劃等進行深入而周到的投資，並真正將它們瞄準在那個轉折點上，是有原因的，因為我們知道這始終是一個難點。

And quite frankly, if there's a little more or a little less unemployment during that period, I'm not sure it changes sort of the stress of that sort of materially. And I think kind of a good case in point of that is even with the slightly elevated unemployment rates that we're seeing today among recent college grads, you're not seeing that flow through into our net charge-off rates in the quarter.

坦白說，如果那段時期失業率稍微高一點或低一點，我不確定這是否會從實質上改變這種壓力。我認為一個很好的例子是，即使我們今天看到的應屆大學畢業生的失業率略有上升，但你並沒有看到這種影響影響到我們本季的淨沖銷率。

So this is a part of the business we are well familiar with. This is not a new phenomenon for us. This is something that if you're a private student lender and you're good at your craft, you kind of know how to deal with it. To answer your question specifically, I think if you were to see stress, it would be associated with the same kind of repayment waves the fall and the spring repayment waves that you're used to seeing.

這是我們非常熟悉的業務部分。對我們來說這並不是什麼新鮮現象。如果您是私人學生貸款人並且擅長自己的業務，那麼您就知道如何處理這種情況。具體回答你的問題，我認為如果你看到壓力，它會與你所習慣看到的秋季和春季還款浪潮有關。

And I think if you look back at sort of delinquency trends over quarters, you would expect if you were to have real issues being caused by early to graduate unemployment rates. I think you would expect them to play out over roughly those same time lines.

我認為，如果你回顧一下各季度的違法趨勢，你會發現真正的問題是由畢業生失業率造成的。我想你會期望它們大致在相同的時間線上展開。

Got it. Okay. That's helpful. Look, it actually ties into the second part of my question, which is that I assume that the extended grace extended grace loans. Loans on extended grace period are particularly correlated to loans in the 1 to 12 months payment bucket, perhaps leaking into the 13 to 24.

知道了。好的。這很有幫助。看，它實際上與我的問題的第二部分有關，也就是說，我假設延長寬限期是延長寬限期貸款。延長寬限期的貸款與還款期限為 1 至 12 個月的貸款尤其相關，甚至可能延伸至還款期限為 13 至 24 個月的貸款。

If we look at the growth in extended Grace, it's been about 2 times the growth of loans in the first 12-month bucket. Is that really a reflection of the change in policy? Is that what we should sort of expect to see going forward? Or is that starting to incorporate some of the economic factors that we're describing here?

如果我們看一下延長寬限期的成長情況，它大約是前 12 個月貸款成長的 2 倍。這真的是政策改變的反映嗎？這就是我們未來所期望看到的嗎？或者這是否開始融入我們在此描述的一些經濟因素？

Yes, Rick, my sense of it, extended grace is a program that has a tight eligibility window. You were only eligible for that program. within very certain time periods of coming out of school. One of the strategic decisions that we made as we transitioned away from our former forbearance programs, because that is a kind of a stipulated program was to do a lot more work about educating our customers as to the availability of that program for them. Because if you miss the on-ramp, you missed the on-ramp as the regulations go.

是的，里克，我的感覺是，延長寬限期是一個資格窗口嚴格的計劃。您只有在畢業後的某個特定時間內才有資格參加該計劃。由於先前的寬容計劃是一種規定性計劃，我們在過渡過程中做出的一項策略決策是，要開展更多工作來教育我們的客戶，讓他們了解該計劃對他們的適用性。因為如果您錯過了入口匝道，您就錯過了規定的入口匝道。

And so I think our view is what we're seeing is a very positive outcome. We are educating our students on the programs that are available to them. We are helping them make use of a program that's only available to them at the very beginning. If they miss that on ramp, they would have to go to a different program, which then limits their eligibility for other programs down the road through various restrictions and counters. And so we view this as a really positive thing.

所以我認為我們所看到的是一個非常積極的結果。我們正在向學生介紹他們可以參加的課程。我們正在幫助他們利用一個只有在最開始才可用的程式。如果他們錯過了這個機會，他們必須去參加不同的項目，然後透過各種限制和計數器來限制他們將來參加其他項目的資格。因此我們認為這是一件非常正面的事情。

And as Pete said, we do not view those volume trends as being sort of unhealthy. We view it as a really positive step in us helping these customers as they go through that transition.

正如皮特所說，我們並不認為這些數量趨勢是不健康的。我們認為這是幫助這些客戶度過轉型期的一個非常積極的舉措。

Got it. I appreciate it. And as the parent of a graduating senior, I will embrace your enthusiasm for the market as it evolves.

知道了。我很感激。身為即將畢業的學生的家長，我將欣然接受你們對不斷發展的市場所抱持的熱情。

Yes. Appreciate that, Rick. And good luck to your child.

是的。非常感謝，里克。祝你的孩子好運。

Mark DeVries, Deutsche Bank.

德意志銀行的馬克‧德弗里斯。

Yes. How has student loan ABS traded since you did your loan sale? Any sense for what type of gain you would generate today, if you sold to the current spreads?

是的。自從您出售貸款以來，學生貸款 ABS 的交易情況如何？如果您以當前價差出售，您今天可以獲得什麼樣的收益？

That's a very good question. I think there's been -- as with all the markets, there's been a good amount of volatility in the last call it, a month or so. My understanding market currently is fairly stable. There's a somewhat of a cyclicality of issuances coming after earnings calls, typically led each quarter by the auto issuers primarily, and that -- those who have been in market this week. My understanding is the market is functioning pretty well.

這是一個非常好的問題。我認為——與所有市場一樣，在過去一個月左右的時間裡出現了相當大的波動。我的理解是市場目前比較穩定。收益電話會議之後的發行有一定的周期性，通常每個季度主要由汽車發行人主導，而那些人——那些本週進入市場的發行人。我的理解是市場運作良好。

So I don't have a specific answer in terms of the gain on sale as it pertains to spreads in February versus now. But I don't believe that there's been a material widening of spreads that has been persistent. I think there's been some points in time, obviously, where because of the broader macro volatility, spreads have blown out and then come back in.

因此，對於二月份與現在的利差相比的銷售收益，我沒有具體的答案。但我不認為利差出現了持續的實質擴大。我認為，顯然在某些時間點，由於更廣泛的宏觀波動，利差會擴大，然後又回落。

But yes. That's my point of view. I think the market is functioning well, and we'll monitor it as we go into the rest of the year here for the optimal time to do the next sale.

但確實如此。這就是我的觀點。我認為市場運作良好，我們將在今年剩餘時間內對其進行監控，以尋找下一次銷售的最佳時機。

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。現在我想請喬恩·維特先生作最後發言。

Well, thank you, everyone, for dialing in. I'm sure everyone is anxious to get off to the NFL draft this evening. I hope your team gets the selection that they wanted. Appreciate your interest in Sallie Mae. And obviously, if you have follow-up questions, Kate and her team are more than happy to be standing by and will take whatever you need from here.

好的，謝謝大家撥入電話。我確信每個人都急切地想參加今晚的 NFL 選秀。我希望你的團隊能夠獲得他們想要的選擇。感謝您對 Sallie Mae 的關注。顯然，如果您有後續問題，凱特和她的團隊非常樂意隨時為您提供協助，並解答您的任何問題。

And so I think with that, Kate, I'm going to turn it back over to you for some last-minute business.

因此，凱特，我想，我將把最後一刻的事情交給你。

Thanks, Jon. 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.

謝謝，喬恩。感謝您今天的時間和提問。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. And this concludes today's Sallie Mae's first quarter 2025 earnings conference call and webcast. Please disconnect your line at this time, and have a wonderful evening.

謝謝。這就是今天的 Sallie Mae 2025 年第一季財報電話會議和網路廣播。請您此時斷開線路，祝您有個美好的夜晚。