SoFi Technologies Inc (SOFI) 2024 Q3 法說會逐字稿

In.

在。

Good morning or good afternoon.

早安或下午好。

My name is Adam, and I'll be your conference operator today.

我叫 Adam，今天我將擔任你們的會議操作員。

This time, I would like to welcome everyone to the site by technologies.

這次我以科技的方式歡迎大家來到現場。

Q3 2022 earnings conference call lines have been placed on mute to prevent any background noise.

2022 年第三季財報電話會議線路已設為靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question, press the star followed by two.

如果您想撤回問題，請按星號，然後按兩顆星。

Thank you, Peter, you may begin your conference.

謝謝你，彼得，你可以開始你的會議了。

Thank you and good morning.

謝謝你，早安。

Welcome to selfies third quarter of 2024 earnings conference call.

歡迎參加 2024 年第三季財報電話會議。

Joining me today to talk about our results and recent events are Anthony Noto, CEO. increase LifePoint CSL.

今天與我一起談論我們的業績和最近發生的事件的是首席執行官 Anthony Noto。增加 LifePoint CSL。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

您可以在我們網站的投資者關係部分找到我們收益發布隨附的簡報。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties.

我們今天的言論將包括基於我們當前預期和預測的前瞻性陳述，並涉及風險和不確定性。

These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services and future business and financial performance.

這些陳述包括但不限於我們的競爭優勢和策略、宏觀經濟狀況和前景、未來的產品和服務以及未來的業務和財務表現。

Our actual results may differ materially from those contemplated by these forward-looking statements.

我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10 Q.

今天的新聞稿和我們隨後向 SEC 提交的文件（包括即將發布的 10 Q 表格）中描述了可能導致這些結果出現重大差異的因素。

Any forward-looking statements that would make on this call are based on assumptions as of today.

本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設。

We undertake no obligation to update these statements as a result of new information or future events.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。

And now I'd like to turn the call over to Anthony.

現在我想把電話轉給安東尼。

Good morning.

早安.

Thanks for joining us today.

感謝您今天加入我們。

I'm thrilled to share our results for Q3, which was the strongest quarter in our history.

我很高興分享我們第三季的業績，這是我們歷史上最強勁的季度。

I want to thank our members and clients for continuing to put their trust and so far and to thank our team for their absolute grid for delivering another great quarter.

我要感謝我們的會員和客戶迄今為止的持續信任，並感謝我們的團隊提供了另一個出色的季度業績。

Our results reflect far more than just 90 days of work they show how so far is consistently achieved in durable growth.

我們的成果反映的不僅僅是 90 天的工作，它們還展示了迄今為止如何持續實現持久成長。

Our innovation and brand building are attracting more members and clients to our platforms than ever before.

我們的創新和品牌建立比以往任何時候都吸引了更多的會員和客戶加入我們的平台。

And how we are delivering strong and improving returns.

以及我們如何提供強勁且不斷改善的回報。

I'll touch on these three topics before handing it over to Chris, who will share our financial and operating results.

在將其交給克里斯之前，我將討論這三個主題，克里斯將分享我們的財務和營運表現。

First on so far as performance as a durable growth company, Q3 was another record quarter for Sofia.

首先，就身為一家持久成長公司的業績而言，索菲亞第三季又創下了紀錄。

We bill on the strong momentum from the first half of 2020 for putting us on pace this and if we exceed our 2024 plan and firmly on track towards the three year outlook we shared at the end of last year.

我們預計 2020 年上半年的強勁勢頭將讓我們加快步伐，如果我們超越 2024 年計劃，並堅定地朝著我們去年年底分享的三年展望邁進。

Here are some highlights.

以下是一些亮點。

Adjusted net revenue reached a record 689 million in the quarter, a year over year acceleration in growth to 30% versus 22% in Q2.

本季調整後淨收入達到創紀錄的 6.89 億美元，年增 30%，而第二季為 22%。

For the first time, financial services makes up more than a third of our total revenue.

金融服務首次占我們總收入的三分之一以上。

The segment recorded $238 million of revenue in Q3.

該部門第三季營收為 2.38 億美元。

It's up 102% from the prior year.

比去年增長了 102%。

I could not be prouder of how we've scaled this segment over the past five years since launching these products through a tumultuous and unpredictable environment should now be a 1 billion annualized revenue business, growing over 100% with strong and improving profitability.

自從在動盪和不可預測的環境中推出這些產品以來，我們在過去五年中如何擴展了這一領域，我對此感到非常自豪，現在我們的年收入業務應該達到10 億美元，增長超過100% ，獲利能力強勁且不斷提高。

And frankly, it's still day one.

坦白說，這仍然是第一天。

Our tech platform grew to nearly 103 million in net revenue, up 14% from the prior year.

我們的技術平台淨收入成長至近 1.03 億美元，比上年成長 14%。

We continue to see a strong pipeline of potential partners that are striving to modernize their platforms combined, our non-lending segments grew 64% year over year and drove the Company's overall growth of 30%.

我們繼續看到強大的潛在合作夥伴正在努力實現平台現代化，我們的非貸款部門年增 64%，推動公司整體成長 30%。

And now they make up a record 49% of total revenue, up from 39% a year ago, driving an important diversification of our business.

現在，它們佔總收入的比例達到創紀錄的 49%，高於一年前的 39%，推動了我們業務的重要多元化。

We also recorded tremendous growth in key revenue drivers.

我們也記錄了主要收入驅動因素的巨大成長。

Members products as well as revenue per product.

會員產品以及每種產品的收入。

In the quarter, we added 756,000 new members in Q three.

本季度，我們在第三季新增了 756,000 名新會員。

That's up 35% year over year to a total of 9.4 million members.

會員總數達 940 萬，年增 35%。

We grew products in the quarter by over 1 million to 13.7 million products.

本季我們的產品數量增加了超過 100 萬種，達到 1,370 萬種。

That's up 31% year over year or 37% when excluding digital asset accounts related to our transfer of crypto services and 2023, the Financial Services segment drove 964,000 of those new products.

這一數字年增 31%，如果不包括與我們的加密服務轉讓相關的數位資產帳戶，則成長 37%。

Importantly, revenue per product was $81, up 52% from a $53 a year ago.

重要的是，每個產品的收入為 81 美元，比一年前的 53 美元增長了 52%。

We believe there remains substantial upside in both product growth and monetization.

我們相信產品成長和貨幣化仍有巨大的上升空間。

Our one-stop shop continues to attract great cross buying behavior by our members.

我們的一站式商店繼續吸引會員的大量交叉購買行為。

In fact, 32% of new products were opened by existing, so fine members and 20% of our new members open a second product in their first 30 days.

事實上，32% 的新產品是由現有會員開啟的，因此優秀會員和 20% 的新會員在前 30 天內打開了第二個產品。

This is the power of the flywheel we have developed in our tech platform.

這就是我們在科技平台中開發的飛輪的力量。

We reached over 160 million total accounts.

我們的帳戶總數已超過 1.6 億。

That's up 17% year over year.

較去年同期成長 17%。

Overall, we're making incredible progress in our shift towards more fee-based, capital-light and lower risk revenue sources.

總體而言，我們在轉向更多收費、輕資本和風險較低的收入來源方面取得了令人難以置信的進展。

Combined fee-based revenue made up $174 million for a quarter of our adjusted net revenue in Q3.

綜合收費收入佔第三季調整後淨收入的四分之一，達 1.74 億美元。

This revenue grew by 65% year over year on an annualized basis.

按年化計算，該收入年增 65%。

That's nearly $700 million in revenue.

這相當於近 7 億美元的收入。

This progress was driven by a record quarter in our loan platform business, which totaled $56 million in fee based revenue and is that more than five times year over year as well as strong growth in interchange, which is up two times year over year.

這項進展的推動因素是我們的貸款平台業務創紀錄的季度收入（收費收入總計 5,600 萬美元，較去年同期成長五倍多）以及互換業務的強勁成長（較去年同期成長兩倍）。

Chris will share more details on these areas in a few moments.

克里斯稍後將分享有關這些領域的更多詳細資訊。

On top of all of this work to diversify our revenue base to capital-light, high return on equity and fee-based revenue.

最重要的是，我們的收入基礎多元化，轉向輕資本、高股本回報率和收費收入。

We also grew our lending segment in Q three.

我們在第三季也擴大了貸款業務。

We seized on the improving rate environment in the quarter, our improving credit trends and strong performance across all lending products to achieve a record $6.3 billion in loan volume of $392 million in adjusted net revenue of 14% year over year.

我們抓住了本季不斷改善的利率環境、不斷改善的信貸趨勢以及所有貸款產品的強勁表現，實現了創紀錄的 63 億美元貸款額，達到 3.92 億美元，調整後淨收入同比增長 14%。

Looking back at the progress we've made over the past several years, it's fair to say that so far is battle tested, given the scale, profitability and growth we have recorded for the total company in 2024, with our largest and most profitable business lending barely growing.

回顧過去幾年我們取得的進展，可以公平地說，考慮到2024 年我們整個公司的規模、盈利能力和增長，以及我們規模最大、盈利能力最強的業務，到目前為止我們已經經過了戰鬥考驗。

It should now be crystal clear that so if I can drive sustained growth across the cycle, we've achieved 17 of 19 quarters of record revenue through a recession, a pandemic, 150 basis point rate drop damage to our largest and most profitable business, student loan refinancing and crates and the collapse of venerable financial institutions in our neighborhood, the innovations we have driven to scale our non-lending revenue, which are capital light and high ROI.

現在應該很清楚了，如果我能夠在整個週期內推動持續成長，那麼我們已經在19 個季度中的17 個季度實現了創紀錄的收入，因為經濟衰退、流行病、利率下降150 個基點對我們最大和最盈利的業務造成了損害，學生貸款再融資和板條箱以及我們附近歷史悠久的金融機構的倒閉，我們為擴大非貸款收入而推動的創新，這些收入是輕資本和高投資回報率的。

We have enabled us to grow our total revenue by more than 20% year over year for 17 consecutive quarters as well as grow both our members and products by 35% or more year over year, excluding digital asset accounts transferred in 2023.

我們的總收入連續 17 個季度年增超過 20%，會員和產品年增 35% 或以上（不包括 2023 年轉移的數位資產帳戶）。

Our performance in the hard times is what gives me the strong confidence in our future.

我們在困難時期的表現讓我對我們的未來充滿信心。

Today, we face fewer headwinds than any point in our history.

今天，我們面臨的阻力比歷史上任何時候都要少。

We're heading into 2025 with the most favorable conditions of the last seven years with declining rates and a stable economy with the most diverse business we've ever had with more members in our ecosystem and more products that serve their needs than ever before.

進入 2025 年，我們將面臨過去七年來最有利的條件，利率下降，經濟穩定，業務最多元化，生態系統中的成員更多，滿足他們需求的產品比以往任何時候都多。

This brings me to my second topic.

這引出了我的第二個主題。

The innovation and brand building that drive our durable growth market for consumer financial services is massive.

推動消費金融服務市場持續成長的創新和品牌建立規模龐大。

And historically poorly served from Intel report found that just this year, one in five U.S. adults have been in the market for a new savings accounts.

英特爾的報告顯示，就在今年，五分之一的美國成年人曾在市場上開設新的儲蓄帳戶，這在歷史上表現不佳。

A similar number are looking for our new credit cards.

類似的人數正在尋找我們的新信用卡。

Those markets, not to mention those looking for new investment accounts, new checking accounts, new personal loans, new mortgages Buy Now Pay Later, all grew year over year meeting all of a person's financial needs in one place with world-class products delivered seamlessly and digitally gives us a massive advantage.

這些市場，更不用說那些尋找新投資帳戶、新支票帳戶、新個人貸款、新抵押貸款「先買後付」的市場，都逐年增長，透過無縫交付世界一流的產品，在一個地方滿足一個人的所有財務需求數位化為我們帶來了巨大的優勢。

This is why you have often heard me say it's a matter of when not if we become a top 10 financial institution to do so.

這就是為什麼你經常聽到我說我們成為十大金融機構只是時間問題，而不是問題。

It's absolutely critical that we build the unaided brand awareness, become a trusted household brand name.

我們建立獨立的品牌意識，成為值得信賴的家喻戶曉的品牌，這絕對至關重要。

The awareness we generate for Sofia is highly effective at getting people to trial product after becoming a member, they cross by into another product that another they recommend so far to others.

我們為索菲亞產生的意識非常有效地讓人們在成為會員後試用產品，他們會進入他們迄今為止向其他人推薦的另一個產品。

This flywheel that we've created drives acquisition costs down overtime and reliably generate profits that we can invest in new product innovations to serve even more of our members' needs.

我們創建的飛輪可以隨著時間的推移降低採購成本，並可靠地產生利潤，我們可以投資新產品創新，以滿足更多會員的需求。

Our accomplishments in Q three demonstrate the power of this virtuous cycle.

我們在第三個問題中所取得的成就證明了這個良性循環的力量。

First, we continue to establish Sophie as a trusted household name.

首先，我們繼續將索菲打造成一個值得信賴的家喻戶曉的名字。

We ended Q3 with our highest average unaided brand awareness of all the time of nearly 40% year over year to 7% are highly effective.

第三季結束時，我們的平均獨立品牌知名度達到了有史以來最高的水平，年成長近 40%，達到 7%，非常有效。

Marketing engine continues to reach and engage new audiences.

行銷引擎繼續接觸並吸引新的受眾。

For example, Q3 saw the kickoff of the new NFL season at the award-winning Sophis stadium.

例如，第三季度，新的 NFL 賽季在屢獲殊榮的索菲斯體育場拉開序幕。

We unveiled a new brand campaign with LA charges quarterback just and Herbert inspiring people to reach their most important financial ambitions.

我們推出了一項新的品牌活動，洛杉磯衝鋒四分衛 Just 和 Herbert 激勵人們實現他們最重要的財務抱負。

We also launched new partnerships with Los Angeles sparks forward Cameron bring in tenants to champion Venus Williams and coming in January, the TGL. presented by Sophie new tech infused arena.

我們還與洛杉磯火花隊前鋒卡梅倫建立了新的合作夥伴關係，為冠軍維納斯威廉斯引進租戶，並於 1 月推出 TGL。由 Sophie 呈現，充滿新技術的舞台。

Golf fleet was an exciting match plate format across teams of top PGA Tour golfers like Tiger Woods, Rory McElroy, Wyndham Clark is under sharply, and Justin Thomas, just to name a few.

高爾夫球隊是一種令人興奮的比賽模式，由泰格·伍茲、羅裡·麥克埃爾羅伊、溫德姆·克拉克和賈斯汀·托馬斯等頂級PGA 巡迴賽高爾夫球手組成的球隊，僅舉幾例。

Second, we continue to innovate so that people find unique value when they use our products, starting with our financial services segment.

其次，我們不斷創新，讓人們在使用我們的產品時發現獨特的價值，從我們的金融服務部門開始。

And so if I invest, we've seen strong engagement driven by new alternative assets, mutual funds and money market funds.

因此，如果我進行投資，我們會看到新的另類資產、共同基金和貨幣市場基金推動了強勁的參與度。

We've rolled out over the past year.

我們在過去的一年裡已經推出了。

Overall, we're providing mainstream investors access to unique investment products historically reserved for the ultra wealthy like interval funds, private credit, private real estate and private venture.

整體而言，我們為主流投資者提供了歷來為超級富豪保留的獨特投資產品，如區間基金、私人信貸、私人房地產和私人創投。

We also launched our new director chair, Prem, which offers a modern and streamline approach to equity programs for companies looking to raise capital through IPOs, and we are expanding our award-winning robo offering later this year.

我們還推出了新的董事主席 Prem，它為希望透過 IPO 籌集資金的公司提供現代且簡化的股權計劃方法，並且我們將在今年稍後擴大我們屢獲殊榮的機器人產品。

Importantly, we are building the invest business cost effectively by appealing to existing members, 70% of sign-ups, our existing, so five members and Sofia money.

重要的是，我們透過吸引現有會員（70% 的註冊會員）、我們現有的 5 名會員和索菲亞資金，有效地建立了具有成本效益的投資業務。

We reached record highs in accounts, total deposits and direct deposit members.

我們的帳戶、存款總額和直接存款會員數均創歷史新高。

We grew member deposits by nearly $2.4 billion and annualized debit spend reached 10.3 billion in Q3.

第三季度，我們的會員存款增加了近 24 億美元，年化借記支出達到 103 億美元。

We will soon improve our self-serve wire transfers, which similar to introducing Zelle will further expand members, money movement options in our member team, we're beta testing a new cash Coach product that will analyze members cash across all all of their financial products at Sofia and beyond and offer various ways to optimize their cash, whether it's paying down expensive debt, setting up an emergency savings, fun, getting more yield on their savings are making investments in a diversified portfolio that is appropriate for their goals.

我們很快就會改進我們的自助電匯，這與引入Zelle 類似，將進一步擴大我們會員團隊中的會員、資金流動選項，我們正在測試一種新的現金教練產品，該產品將分析會員所有財務方面的現金索菲亞及其他地區的產品，並提供各種方式來優化他們的現金，無論是償還昂貴的債務、建立緊急儲蓄、樂趣、從儲蓄中獲得更多收益，都在適合他們目標的多元化投資組合中進行投資。

We're also on track to launch improvements to Sophie plus our premium membership tier and our beta testing a new fee based subscription option in the coming months.

我們還計劃在未來幾個月內推出 Sophie 的改進以及我們的高級會員等級和 Beta 測試，這是一種新的收費訂閱選項。

Over time.

隨著時間的推移。

So five plus will increasingly show the magic of our strategy, deliver incremental and unmatched value across our portfolio of products and credit cards.

因此，五加將越來越多地展示我們策略的魔力，為我們的產品和信用卡組合提供增量和無與倫比的價值。

We officially launched the everyday cash rewards and the essential credit cards enabling so far to serve more people spending and borrowing needs, whether it's helping them.

我們正式推出了日常現金獎勵和基本信用卡，迄今為止可以滿足更多人的消費和借貸需求，無論是否對他們有幫助。

We earn rewards are building their credit in our loan platform business.

我們賺取的獎勵是在我們的貸款平台業務中建立他們的信用。

What started as a decline monetization to funnel has now evolved into an integrated loan platform experience, which now offers just-in-time lending in Q three.

最初的貨幣化管道下降現已發展成為綜合貸款平台體驗，現在在第三季提供及時貸款。

The loan platform business grew five times year over year, mainly driven by record personal loan volume.

貸款平台業務年增五倍，主要受到創紀錄的個人貸款量的推動。

We expect this business to continue to grow as we shift towards even more fee based capital-light and lower risk sources of revenue.

我們預計，隨著我們轉向更多以費用為基礎的輕資本和風險較低的收入來源，這項業務將繼續成長。

We also signed our first to direct insurance carriers for so far protect complementing our comprehensive financial services offering.

我們還簽署了迄今為止第一個直接保險公司的協議，以補充我們的綜合金融服務產品。

We've built over the last five years.

我們在過去五年裡進行了建設。

Turning to our lending segment.

轉向我們的貸款部門。

In personal loans, our innovation has helped generate a record 4.9 billion in volume, up 26% year over year, including 1 billion originate on behalf of third parties for our loan platform business in home loans, we grew total home loan volume 38% year over year to 490 million.

在個人貸款方面，我們的創新幫助創造了創紀錄的49億金額，年增26％，其中10億代表我們的房屋貸款貸款平台業務的第三方發放，我們的房屋貸款總額同比增長了38％全年增至4.9 億。

Home equity loan volume was up 44% from the prior quarter as rates began to decline.

隨著利率開始下降，房屋淨值貸款量較上一季成長 44%。

Home purchase and refinancing volumes grew 20% from the prior year period.

購屋和再融資量較上年同期成長 20%。

In fact, home refinancing volume was the highest we've seen since the second quarter of 2022.

事實上，房屋再融資量是自 2022 年第二季以來的最高水準。

And finally, in our tech platform, we signed several new partnerships, including processing deals with to chartered banks in Mexico in a deployment of Galileo cyber Bank Corps for Sophis new commercial payment services sponsor bank program, we launched additional fraud prevention solutions, the Gallo instant verification engine, which we call give as well as transaction risk score, both of which help clients enhanced their security and operational efficiency.

最後，在我們的技術平台上，我們簽署了多項新的合作夥伴關係，包括與墨西哥特許銀行處理協議，為Sophis 新的商業支付服務贊助銀行計劃部署伽利略網絡銀行軍團，我們推出了額外的欺詐預防解決方案，Gallo即時驗證引擎，我們稱之為給予以及交易風險評分，這兩者都幫助客戶增強了安全性和營運效率。

Our new secured credit with dynamic funding offering promotes greater financial inclusion and enables clients to help their customers build stronger credit.

我們新的擔保信貸具有動態融資服務，可促進更大的金融包容性，並使客戶能夠幫助其客戶建立更強大的信貸。

And lastly, we launch programs with clients signed in prior quarters, spanning cross-border payments, global payouts, financial literacy and scheduled payment solutions.

最後，我們與前幾季簽署的客戶啟動了項目，涵蓋跨境支付、全球支付、金融知識和定期支付解決方案。

On top of this relentless focus on innovation and brand-building, we built our business to deliver strong and reliable returns well into the future.

除了對創新和品牌建立的不懈關注之外，我們還致力於在未來提供強勁而可靠的回報。

We achieved record profitability in Q3.

我們在第三季實現了創紀錄的獲利能力。

Gaap net income reached nearly $61 million, a $327 million improvement year over year for $80 million.

以公認會計準則計算的淨利潤達到近 6,100 萬美元，年增 3.27 億美元，達到 8,000 萬美元。

When excluding the goodwill impairment expense we incurred in the prior year.

當排除我們上一年發生的商譽減損費用時。

Ebitda grew 90% from the prior year to a record of 186 million.

Ebitda 較上年成長 90%，達到創紀錄的 1.86 億美元。

All three of our operating segments achieved record contribution profit in the comments injury and are firmly

我們的三個業務部門均在評論傷害中實現了創紀錄的貢獻利潤，並牢牢地

within the life of loan guidance we've previously provided.

在我們之前提供的貸款指導期內。

As we've said in our last call, delinquencies peaked in March of 20 $0.24.

正如我們在上次電話會議中所說，拖欠率在 3 月達到峰值，為 0.24 美元。

Then we've continued to see improvements quarter over quarter cumulative fair value adjustments, along with delinquencies on an absolute and percentage basis, all performed better in Q3, with all the innovations we've made across marketing, originations and servicing buyers continue to see compelling opportunities and Sophis loan portfolio.

然後，我們繼續看到逐季度累積公允價值調整的改善，以及絕對和百分比基礎上的拖欠情況，所有這些在第三季度都表現更好，我們在營銷、發起和服務買家方面所做的所有創新繼續看到引人注目的機會和 Sophis 貸款組合。

Loan sales reached almost 1.3 billion in total this quarter and nearly 5 billion in the last 12 months.

本季貸款銷售總額接近 13 億美元，過去 12 個月貸款銷售總額接近 50 億美元。

And finally, with our strong balance sheet, we are well capitalized heading into an improving rate environment.

最後，憑藉我們強勁的資產負債表，我們擁有充足的資本進入不斷改善的利率環境。

Our total capital ratio is 16.3%, well above regulatory minimums.

我們的總資本比率為 16.3%，遠高於監管最低要求。

In Q. three, tangible book value increased 236 million to a total of 4.4 billion.

第三季度，有形帳面價值增加 2.36 億美元，總計 44 億美元。

We look forward to

我們期待

building on this momentum and delivering continued to returns heading into the new year.

在此動能的基礎上，進入新的一年，繼續實現回報。

In closing, I couldn't be more proud of what we've accomplished, not just for q three preferred, delivering a steady and consistent record of durable growth, incredible brand building and product innovation that help our members and clients and strong, improve returns for our shareholders.

最後，我對我們所取得的成就感到非常自豪，不僅僅是因為第三個首選，提供了穩定和一致的持久增長記錄、令人難以置信的品牌建設和產品創新，幫助我們的會員和客戶強大、改進為我們的股東帶來回報。

The future is bright and I am fired up for what and store.

未來是光明的，我對什麼和儲存感到興奮。

With that, I'll hand it over to Chris.

這樣，我就把它交給克里斯了。

Thanks, Anthony.

謝謝，安東尼。

I'm going to walk through key financial highlights and our financial outlook.

我將介紹主要的財務亮點和我們的財務前景。

Unless otherwise stated, I'll be referring to adjusted results for the third quarter of 2024 versus the third quarter of 2023 GAAP consolidated income statement.

除非另有說明，我將指的是 2024 年第三季的調整後業績與 2023 年第三季 GAAP 合併損益表的比較。

And all reconciliations can be found in today's earnings release and the subsequent 10 Q filing, which will be made available next month.

所有調節都可以在今天的收益報告和隨後的 10 季報告中找到，該文件將於下個月發布。

The record results we achieved across all three segments this quarter are a testament of our continued execution are durable growth in members, products and clients, and our diversification towards capital-light fee-based revenue would increase returns.

本季度我們在所有三個領域取得的創紀錄業績證明了我們持續執行的會員、產品和客戶的持久增長，並且我們向輕資本收費收入的多元化將增加回報。

For the quarter, we delivered record adjusted net revenue of 689 million, with growth accelerating to 30% year over year, up from 22% last quarter.

本季度，我們實現了創紀錄的調整後淨收入 6.89 億美元，年增率從上個季度的 22% 加速至 30%。

Adjusted EBITDA was $186 million at a 27% margin.

調整後 EBITDA 為 1.86 億美元，利潤率為 27%。

This represents nearly nine points of year-over-year margin improvement, demonstrating significant operating leverage across all of our functions with expense margins decreasing year over year.

這意味著利潤率年增了近九個百分點，顯示我們所有職能部門都具有顯著的營運槓桿，而費用利潤率卻逐年下降。

Importantly, sales and marketing continues to decline as a percentage of adjusted net revenue decreasing by four points year over year.

重要的是，銷售和行銷持續下降，佔調整後淨收入的百分比比去年同期下降了四個百分點。

We delivered our fourth consecutive quarter of GAAP profitability with GAAP net income reaching nearly 61 million, a 327 million improvement over a year or 80 million when excluding the goodwill impairment expense we incurred in the prior year period.

我們連續第四個季度實現 GAAP 盈利，GAAP 淨利潤達到近 6,100 萬美元，較上年同期增加 3.27 億美元，如果不包括去年同期產生的商譽減損費用，則為 8,000 萬美元。

We generated GAAP EPS at $0.05 per share in the quarter.

本季我們的 GAAP 每股收益為 0.05 美元。

On a trailing 12 month basis, we delivered 214 million of GAAP net income.

在過去 12 個月的基礎上，我們實現了 2.14 億美元的 GAAP 淨利潤。

And when looking at the some of our reported EPS over the past four quarters, we generated about $0.11 per share.

當查看我們過去四個季度報告的每股收益時，我們每股收益約為 0.11 美元。

Now on to the segment level performance, where we saw record revenue and contribution profit across all three operating segments.

現在來看看部門層面的業績，我們在所有三個營運部門都看到了創紀錄的收入和貢獻利潤。

Starting with financial services, we achieved 238 million in net revenue, up more than two times year over year.

從金融服務開始，我們實現淨收入2.38億，比去年同期成長兩倍多。

We reached nearly 11.8 million products in the quarter, up 33% year over year or 40% when excluding crypto accounts.

本季我們接觸了近 1,180 萬種產品，年增 33%，如果不包括加密帳戶，則成長 40%。

We continue to improve monetization across all products with annualized revenue per product of $81, up 52% year over year versus $53 in the prior year quarter

我們持續提高所有產品的獲利能力，每個產品的年化收入為 81 美元，年成長 52%，而去年同期為 53 美元

.

。

This growth was driven by higher deposits and member spending and Sophie money and significant expansion of our loan platform business, which I'll describe in a moment.

這一增長是由存款和會員支出增加、蘇菲資金以及我們貸款平台業務的顯著擴張所推動的，我稍後將對此進行描述。

Both of these businesses achieved all-time records for revenue in Q3, we also benefited from new monetizable features.

這兩項業務在第三季的收入都創下了歷史記錄，我們也受益於新的貨幣化功能。

And so if I invest and saw robust growth in credit card spend, we see significant opportunity for growth in these businesses as well as SMB and protect, which are all under monetized today.

因此，如果我投資並看到信用卡支出的強勁成長，我們就會看到這些業務以及中小企業和保護業務的巨大成長機會，而這些業務如今都已貨幣化。

Net interest income of $154 million increased 66% year over year, which was primarily driven by growth in consumer deposits.

淨利息收入為1.54億美元，年增66%，主要是由消費者存款成長所推動的。

Non-interest income grew 235% to 84 million in the quarter, which represents nearly 340 million in annualized revenue.

本季非利息收入成長 235%，達到 8,400 萬美元，相當於年化收入近 3.4 億美元。

A key driver of non-income growth.

非營收成長的關鍵驅動力。

This quarter was our loan platform business, where we refer prequalified borrowers to origination partners and originate loans on behalf of third parties.

本季是我們的貸款平台業務，我們將經過預審的借款人推薦給發起合作夥伴並代表第三方發起貸款。

Here's our loan platform business works with our best in class product, highly effective marketing engine in network of respected buyers like Fortress, with whom we announced the 2 billion loan platform business agreement earlier this month, we can efficiently match the demand of member shopping for loans with the demand for high-quality loans in the capital markets.

這是我們的貸款平台業務與我們一流的產品、高效的營銷引擎在Fortress等受人尊敬的買家網絡中合作，我們在本月初與他們宣布了20億的貸款平台業務協議，我們可以有效地匹配會員購物的需求資本市場對優質貸款的需求。

When a member takes that alone the gain of the benefits of becoming a sofa number, along with easy access to other products in our one-stop shop.

當會員僅考慮這一點時，即可獲得成為沙發號碼的好處，並可以輕鬆訪問我們的一站式商店中的其他產品。

Even though we originated the loan on someone else's behalf, this enables sulfide to serve more potential members while also further diversifying toward less capital intensive and more fee-based sources of revenue.

儘管我們代表其他人發放了貸款，但這使得 sulfide 能夠為更多潛在成員提供服務，同時也進一步實現資本密集度較低、收費較高的收入來源多元化。

In Q3, we generated 56 million in loan platform fees, driven by a 1 billion of personal loans originated on behalf of third parties as well as referrals.

第三季度，我們產生了 5,600 萬美元的貸款平台費用，這主要得益於代表第三方和推薦發放的 10 億美元個人貸款。

We also generated $5.5 million in servicing cash flows, which is recorded in our lending segment.

我們還產生了 550 萬美元的服務現金流，記錄在我們的貸款部門。

Alone platform business in total added 61 million to our adjusted net revenue.

光是平台業務就為我們調整後的淨收入增加了 6,100 萬美元。

In addition to our loan platform revenue, we continue to see healthy growth in interchange, up 211% year over year as a result of 12 billion in total annualized spend in the quarter across money and credit card.

除了我們的貸款平台收入之外，我們還看到交換業務繼續健康成長，年增 211%，因為本季貨幣和信用卡領域的年化總支出為 120 億美元。

Overall contribution.

整體貢獻。

Profit for our Financial Services segment in the quarter was a record at nearly $100 million at a 42% margin, even as we continue to invest in innovation, acquisition costs that require payback period and new opportunities to rapidly grow this operating segment with attractive returns.

儘管我們繼續投資於創新、需要投資回收期的收購成本以及以有吸引力的回報快速發展該營運部門的新機會，但本季度我們的金融服務部門的利潤創下了近1 億美元的紀錄，利潤率為42%。

Shifting to our tech platform segment, where we delivered record net revenue of nearly 103 million in the quarter, up 14% year over year and 7% sequentially.

轉向我們的技術平台領域，本季我們實現了創紀錄的淨收入近 1.03 億美元，年增 14%，季增 7%。

Revenue growth was driven by strong contribution from new clients as well as growth in Latin America, consumer brands in the U.S. and clients with innovative use cases like earned wage access and money movement.

收入成長的推動因素包括新客戶的強勁貢獻以及拉丁美洲、美國消費品牌以及具有賺取工資和資金流動等創新用例的客戶的成長。

Galileo accounts grew 17% year-over-year to $160 million.

Galileo 帳戶年增 17%，達到 1.6 億美元。

Segment delivered a record contribution profit of 33 million, representing a 32% margin we've discussed before how the pipeline spans banks, brands and fintechs across consumer and B2B, which offer larger and more durable revenue.

該部門創造了創紀錄的3,300 萬美元貢獻利潤，相當於32% 的利潤率，我們之前討論過管道如何跨越消費者和B2B 領域的銀行、品牌和金融科技，從而提供更大、更持久的收入。

The pipeline is in a stronger spot than it's ever been.

該管道比以往任何時候都處於更強大的位置。

And the investments made in this segment has greatly expanded the market opportunity.

而對該領域的投資大大擴大了市場機會。

Recent wins and pipeline strength are early, but telling signs of the strategy is working.

最近的勝利和管道實力還處於早期階段，但有明顯跡象表明該戰略正在發揮作用。

Moving on to lending, we achieved record adjusted net revenue of 392 million with a record of 239 million of contribution profit at a 61% adjusted margin.

在貸款方面，我們實現了創紀錄的調整後淨收入 3.92 億美元，貢獻利潤創紀錄的 2.39 億美元，調整後利潤率為 61%。

These results were driven by 19% year over year.

這些結果比去年同期增長了 19%。

Growth in net interest income, while adjusted noninterest income decreased by 2% year over year.

淨利息收入成長，而調整後的非利息收入較去年同期下降2%。

Growth in net interest income was driven by a 35% year-over-year increase in average interest-earning assets, slightly offset by an ad yields.

淨利息收入的成長是由平均生息資產年增 35% 推動的，但被廣告收益略微抵銷。

This resulted in an average net interest margin of 5.6% for the quarter.

這導致該季度的平均淨利差為 5.6%。

In terms of non-interest income, Q3 originations grew 23% year over year to over 6.3 billion and were driven by a record quarter and personal loan originations, which grew 26% year-over-year and 17% sequentially to 4.9 billion, with $1 billion originated on behalf of third parties for a loan plateau on the business, our student loan business, our origination volume growth 3% year over year and 28% sequentially to 944 million our best quarter since Q1 2022.

就非利息收入而言，第三季的發放額年增23%，達到63 億以上，這主要得益於創紀錄的季度和個人貸款發放額，個人貸款發放額同比增長26%，環比增長17 %，達到49 億美元，代表第三方發放的10 億美元貸款業務處於穩定狀態，我們的學生貸款業務的發放量年增3%，環比增長28%，達到9.44 億美元，這是自2022 年第一季以來最好的季度。

Hormones volume grew by 38% year over year and 17% sequentially to 490 million.

激素數量年增 38%，季增 17%，達到 4.9 億。

Our best quarter since two 21.

這是我們自 2 月 21 日以來最好的季度。

In the third quarter, we sold a portion of our personal loan home loan and senior secured loan portfolios totaling 1.3 billion.

第三季度，我們出售了部分個人貸款房屋貸款和優先擔保貸款組合，總計 13 億美元。

In terms of personal loan sales, we closed approximately 375 million of loans and whole loan form and execution of 1.5 0.9%.

在個人貸款銷售方面，我們完成了約3.75億筆貸款，整個貸款形式和執行率為1.5-0.9%。

You said similar structures to other recent personal loan sales with cash proceeds at or near par and the majority of the premium consisting of contractual servicing fees that are capitalized.

您提到了與最近其他個人貸款銷售類似的結構，現金收益等於或接近面值，大部分溢價由資本化的合約服務費組成。

These sales included a small loss share provision that is above our base assumption of losses and immaterial relative to the exposure we would otherwise have.

這些銷售包括一項小額損失份額準備金，該準備金高於我們對損失的基本假設，並且相對於我們否則將面臨的風險而言並不重要。

If we held the loans, our 500 for home loan sales were sold at a blended execution of one or 2.6%.

如果我們持有貸款，我們的 500 美元房屋貸款銷售將以 1% 或 2.6% 的混合執行價格出售。

Additionally, we sold 81 million of late stage delinquency personal loans in the quarter.

此外，我們在本季出售了 8,100 萬筆後期拖欠個人貸款。

As we've noted in the past, we typically have not sold delinquent loans until such time that they are charged off.

正如我們過去所指出的，我們通常不會出售拖欠貸款，直到它們被沖銷為止。

However, we have been able to generate positive incremental value over time in these sales relative to selling after the charge off both from our improved recovery capabilities and by maintaining servicing.

然而，隨著時間的推移，相對於沖銷後的銷售，我們能夠在這些銷售中產生積極的增量價值，這得益於我們改進的回收能力和維護服務。

Finally, we sold 312 million of senior secured loans at a par execution.

最終，我們以平價出售了 3.12 億優先擔保貸款。

In addition, one of our large senior secured loans with 594 million of principal outstanding was prepaid and refinanced by the borrower is no longer on the balance sheet.

此外，我們的一筆未償還本金為5.94億美元的大型優先擔保貸款已由借款人預付並再融資，該貸款已不再出現在資產負債表上。

Net-net, inclusive of new issuance in period, our secured loan balance decreased by more than 750 million sequentially.

淨額（包括期間新增發行）的擔保貸款餘額較上季減少超過 7.5 億。

These transactions demonstrate clear market support for the marks on these loans was 312 million of our senior secured loans sold that are marked value and another 594 million of senior secured loans prepaid.

這些交易表明，這些貸款的標記有明確的市場支持，即我們以標記價值出售的 3.12 億美元優先擔保貸款，以及另外 5.94 億美元的預付優先擔保貸款。

So the borrower could refinance with another bank at more attractive rates.

因此，借款人可以以更具吸引力的利率向另一家銀行進行再融資。

Turning to the profile of our borrower and the overall credit performance.

轉向我們借款人的概況和整體信用表現。

Our personal loan borrowers weighted average income is $164,000 with a weighted average FICO score of 746.

我們的個人貸款借款人加權平均收入為 164,000 美元，加權平均 FICO 評分為 746。

Our student loan borrowers weighted average income of $135,000 with a weighted average FICO score of 765.

我們的學生貸款借款人的加權平均收入為 135,000 美元，加權平均 FICO 分數為 765。

After seeing credit trends peak in Q1, we have seen continued improvement in personal loans.

在看到第一季信貸趨勢達到頂峰後，我們看到個人貸款持續改善。

Our on-balance sheet 90 day personal loan delinquency rate was 57 basis points in the quarter, a decrease from 64 basis points in Q2, which is further evidence of surpassing a peak in Q1.

本季我們的表內 90 天個人貸款拖欠率為 57 個基點，較第二季的 64 個基點有所下降，這進一步證明超過了第一季的高峰。

Our personal loan annual wise charge off rate decreased to 3.5% from 3.84% in Q2, including the impact of asset sales, new originations and the delinquency sale in the quarter had we not sold these late stage delinquencies.

我們的個人貸款年度明智沖銷率從第二季度的 3.84% 下降至 3.5%，其中包括資產出售、新發放以及本季度拖欠貸款出售的影響（如果我們沒有出售這些後期拖欠貸款的話）。

We estimate that including recoveries between 90 and 120 days delinquent, we would have had an all in annualized net charge-off rate for personal loans of approximately 5.0% versus 5.4% last quarter.

我們估計，如果包括拖欠 90 至 120 天的收回金額，我們個人貸款的年化淨沖銷率將約為 5.0%，而上季為 5.4%。

For our student loans.

對於我們的學生貸款。

Our on-balance sheet 90 day delinquency rate remained flat quarter-over-quarter at 12 basis points, while our annualized charge-off rate was 69 basis points.

我們的資產負債表內 90 天拖欠率較上季保持持平，為 12 個基點，而年化沖銷率為 69 個基點。

The debt continues to support our 7% to 8% maximum life-of-loan loss assumptions for personal loans in line with our underwriting tolerance.

該債務繼續支持我們對個人貸款 7% 至 8% 的最大貸款期限損失假設，符合我們的承保容忍度。

Similar to last quarter, we provided alone vintage analysis on page 10 of our investor presentation.

與上季類似，我們在投資者簡報的第 10 頁上單獨提供了年份分析。

Since it's only provides a partial window into our loan portfolio were unlikely to provide the same analysis longer term.

由於它僅提供了我們貸款組合的部分窗口，因此不太可能提供相同的長期分析。

However, it's a helpful illustration of how recent vintages are collectively performing against our 2017 vintage.

然而，它可以很好地說明最近年份的葡萄酒與 2017 年年份葡萄酒的整體表現如何。

As this is the last time that we approached 8% life-of-loan losses of 7.85% sent, you can see significant improvement in cumulative net losses at a given percentage of remaining unpaid principle for more recent 2022.

由於這是我們最後一次接近8% 的貸款期限損失（已發送金額為7.85%），因此您可以看到，在最近的2022 年，在剩餘未付本金的給定百分比下，累積淨損失顯著改善。

In 2023

2023年

vintages.

年份。

Specifically looking at the Q4 2022 to Q4 2023 vintages, soon after we made material cuts to get net cumulative losses of 3.3% are well below the 4.8% observed in the 2017 vintage at the same point of 49% remaining principal balance.

具體來看2022 年第四季至2023 年第四季度，在我們進行大幅削減以實現3.3% 的累計淨損失後不久，遠低於2017 年觀察到的4.8%，同時剩餘本金餘額為49% 。

The gap between the newer cohort curve in the 2017 cohort curve widen slightly quarter over quarter.

較新的隊列曲線與 2017 年隊列曲線之間的差距逐季度略有擴大。

Furthermore, looking at page 11 in the investor presentation, you will notice that only 43% of unpaid principal balance remains from our Q1 2020 through Q2 2020 for originations.

此外，請查看投資者簡報中的第 11 頁，您會注意到，從 2020 年第一季到 2020 年第二季度，只有 43% 的未付本金餘額仍然存在。

Among the 57% of principle that has already been paid down.

其中57%的本金已經還清。

We've seen 6% in net cumulative losses for life-of-loan losses on this entire cohort of loans to reach 8% net cumulative losses.

我們發現這整批貸款的貸款期限損失的淨累計損失為 6%，達到 8% 的淨累計損失。

The remaining unpaid principal would need to charge off at a rate of more than 10%.

剩餘未付本金需要以 10% 以上的利率沖銷。

Past vintages have performed meaningfully better after this point in the seasoning curve, further improving our confidence in achieving loss rates below 8%.

在調味曲線中的這一點之後，過去年份的表現明顯更好，進一步增強了我們實現損失率低於 8% 的信心。

Now turning to our fair value marks and key assumptions are personal loans are marked at a one or 5.7%, 142 basis points higher quarter over quarter.

現在轉向我們的公允價值標記，關鍵假設是個人貸款標記為 1% 或 5.7%，比上一季高 142 個基點。

This was driven by a 97 basis point decrease in the discount rate to 4.78%, which was directly driven by the drop in benchmark rates by 113 basis points and offset by 16 basis points of spread widening.

這是由於折現率下降 97 個基點至 4.78%，而基準利率下降 113 個基點直接推動了折現率下降 97 個基點，並被利差擴大 16 個基點所抵銷。

The constant default rate or CDR. also decreased by 28 basis points, which is consistent with the observed credit trends I just highlighted.

恆定違約率或 CDR。也下降了28個基點，這與我剛才強調的觀察到的信貸趨勢一致。

For our student loan portfolio, the fair value mark increased by 183 basis points to 105.4%.

對於我們的學生貸款組合，公允價值標記增加了 183 個基點，達到 105.4%。

This was driven by a 45 basis point decrease in the discount rate to 3.99% due to an 87 basis point decrease in rates, but offset by 42 basis points of spread widening.

這是由於利率下降 87 個基點導致折現率下降 45 個基點至 3.99%，但被利差擴大 42 個基點所抵銷。

The weighted average coupon on the portfolio also increased by 17 basis points.

投資組合的加權平均票息也增加了17個基點。

The fair value gains in the quarter were significantly more than offset by our hedge losses and the negative impact from spreads widening.

本季的公允價值收益遠遠被我們的對沖損失和利差擴大的負面影響所抵消。

Net-net, we might see a positive impact on the reported revenue from the change in Mark's net of

淨淨，我們可能會看到馬克淨收入的變化對報告的收入產生積極影響

hedge losses in new originations.

對沖新產品的損失。

Switching to our balance sheet will remain very well.

轉向我們的資產負債表將保持良好狀態。

Capitalized assets grew by 1.7 billion as a result of nearly $1.4 billion growth in loans and approximately 226 million, an increase in cash, cash equivalents and investment securities.

由於貸款成長近 14 億美元，現金、現金等價物和投資證券增加約 2.26 億美元，資本化資產成長 17 億美元。

On the liability side, member deposits grew by nearly 2.4 billion to nearly 23 billion, while overall deposits increased to 24 billion.

負債方面，會員存款成長近24億，達到近230億，整體存款成長到240億。

We reduced our broker deposits by 445 million as we continue to use our consumer deposits to replace higher cost parts of the funding stack between interest we pay on deposits and the interest we pay on warehouse lines, which translates to more than 500 million in annualized interest expense savings.

我們將經紀商存款減少了4.45 億美元，因為我們繼續使用消費者存款來取代我們支付的存款利息和我們支付的倉庫利息之間的資金堆疊中成本較高的部分，這意味著年化利息超過5 億美元節省費用。

Given the size of our deposit base, we exited the quarter with just 1.3 billion of warehouse debt drawn.

考慮到我們的存款基礎規模，本季結束時我們僅提取了 13 億美元的倉庫債務。

This difference continues to support our net interest margin of 5.6%, underscoring the benefits of having the option of holding loans on balance sheet when advantageous and collecting net interest income.

這一差異繼續支持我們 5.6% 的淨利差，凸顯了在有利時選擇在資產負債表上持有貸款並收取淨利息收入的好處。

We continue to expect to maintain a healthy net interest income margin above 5% for the foreseeable future and benefit from the continued mix shift towards deposit funding, along with our ability to sustain healthy deposit versus lending betas

我們繼續預計，在可預見的未來，淨利息收入利潤率將保持在 5% 以上，並受益於存款融資組合的持續轉變，以及我們維持健康存款與貸款貝塔值的能力。

.

。

In terms of our regulatory capital ratios, our total capital ratio of 16.3% remains comfortably above the regulatory minimum of 10.5%.

就我們的監管資本比率而言，我們 16.3% 的總資本比率仍然遠高於 10.5% 的監管最低水準。

Lastly, we grew book value to 6.1 billion in tangible book value by 236 million sequentially to 4.4 billion with tangible book value per share of $4.

最後，我們的帳面價值成長至 61 億美元，有形帳面價值較上季成長 2.36 億美元至 44 億美元，每股有形帳面價值為 4 美元。

Now onto guidance.

現在進入指導。

For the full year 2024, we now expect to deliver adjusted net revenue of 2.535 to 2,550,000,000.000, which is $85 million higher than our prior guidance range of 2.4 to 5 to 2,465,000,000.000.

對於 2024 年全年，我們目前預計調整後淨收入為 2.535 至 2,550,000,000.000，這比我們之前的指導範圍 2.4 至 5 至 2,465,000,000.000 高出 8500 萬美元。

This implies 22% to 23% annual growth versus 17% to 19% previously.

這意味著年增長率為 22% 至 23%，而之前為 17% 至 19%。

This guidance assumes lending revenue will be at least 100% of 2023 levels.

該指引假設貸款收入至少為 2023 年水準的 100%。

Financial services will grow more than 80% year over year.

金融服務年增超過80%。

In tech platform will grow low to upper 10s percent year over year.

科技平台年增將低至百分之十以上。

We now expect to deliver adjusted EBITDA of 640 to 645 million above our prior guidance of 605 to 615 million.

我們現在預計調整後的 EBITDA 為 6.4 至 6.45 億美元，高於我們先前 605 至 6.15 億美元的指導值。

This represents a 25% adjusted EBITDA margin.

這代表調整後的 EBITDA 利潤率為 25%。

We now expect full year GAAP net income of 204 to 206 million above prior guidance of 175 to 185 million in GAAP EPS of 11 to $0.12 per share above prior guidance of nine to $0.1, where we now expect growth in tangible book value of approximately one to $1.05 billion and continue to expect to end the year with a total capital ratio at or above 16%.

我們現在預計全年GAAP 淨利將比先前指引的175 至1.85 億美元高出204 至2.06 億美元，每股GAAP 每股收益將比先前指引的9 至0.1 美元高出11 至0.12 美元，我們現在預計有形帳面價值將成長約 1至 10.5 億美元，並繼續預期年底總資本比率達到或高於 16%。

In terms of member growth, we expect to add at least 2.3 million new members in 2024, which represents 30% growth.

在會員成長方面，我們預計 2024 年將增加至少 230 萬新會員，成長 30%。

Overall, we couldn't be more proud of our Q3 results.

總的來說，我們對第三季的業績感到非常自豪。

We continue to demonstrate our position as a durable growth story, which is reflected in this quarter's strong results.

我們繼續證明我們作為持久成長故事的地位，這反映在本季的強勁業績中。

Despite operating in unpredictable macro conditions, we've maintained a clear focus on executing our strategy, driving returns and helping our members get their money right.

儘管在不可預測的宏觀環境下運營，我們仍然明確專注於執行我們的策略、推動回報並幫助我們的會員正確賺錢。

We cannot be more excited about the opportunities ahead of us as we continue our journey towards becoming a top financial institution.

在我們繼續邁向成為頂級金融機構的道路上，我們對眼前的機會感到無比興奮。

With that, let's begin the Q&A.

那麼，就讓我們開始問答吧。

At this time, we'd like to remind everyone in order to ask a question, please press star followed by the number one on your telephone keypad.

此時，我們想提醒大家，要問，請按電話鍵盤上的星號，然後按數字一。

Please keep in mind will only take one question per person at a time.

請記住，每人一次只會回答一個問題。

Please rejoin the queue for any additional questions.

如果有任何其他問題，請重新加入佇列。

Both public and our first question today comes from Dan Dolev from visit them.

公眾和我們今天的第一個問題都來自訪問他們的丹·多列夫（Dan Dolev）。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, guys, a great result.

嘿，夥計們，一個偉大的結果。

I only can you give us some more color on the global cloud platform deals?

您能給我們更多有關全球雲端平台交易的資訊嗎？

Like how do you break from money here?

例如你如何擺脫金錢的束縛？

And how does this differ from the prior quarter's?

這與上一季有何不同？

Thanks again, and great results.

再次感謝，結果很好。

Sir.

先生。

Thanks, Dan.

謝謝，丹。

And so overall, this is a great fee-based, capital-light revenue source for us.

總的來說，這對我們來說是一個很好的收費、輕資本收入來源。

We're not taking balance sheet risks are generating meaningful cash fees upfront at time of transfer or referral, and we're able to serve the needs of more members at a more rapid pace.

我們不承擔資產負債表風險，即在轉帳或推薦時預先產生有意義的現金費用，並且我們能夠以更快的速度滿足更多會員的需求。

And we've been able to do so before for There are several ways that we make revenue within the business, which has certain evolved since we started focusing on decline monetization in 2019.

我們之前已經能夠做到這一點，因為我們在業務中賺取收入的方式有多種，自從我們在 2019 年開始專注於下降貨幣化以來，這種方式已經發生了一定的變化。

First is we set a qualified borrowers to platform partners, VRI. Lantern marketplace and what we receive a referral fee if the borrower takes out alone.

首先，我們將合格的借款人設定為平台合作夥伴VRI。燈籠市場以及如果借款人單獨取出，我們會收到推薦費。

Secondly, we make money as we can embed the specific credit box of our platform partners into our underwriting engine and originate on behalf of those partners with the transfer of those loans to the partner occurring shortly after origination.

其次，我們賺錢是因為我們可以將平台合作夥伴的特定信用箱嵌入到我們的承保引擎中，並代表這些合作夥伴發放貸款，並在發放後不久將這些貸款轉移給合作夥伴。

For that, we receive an upfront cash fee and we also retain servicing the third way.

為此，我們會收取預付現金費用，我們也保留第三種方式的服務。

And what's new this quarter is that we're able to originate on behalf of other third party investors based on a specific asset characteristics and return profile of that investor with loans transferred shortly after origination.

本季的新功能是，我們能夠代表其他第三方投資者根據該投資者的特定資產特徵和回報情況進行發起，並在發起後不久轉移貸款。

This is within days or week, we receive an upfront cash, be a platform fee for that business.

在幾天或一周內，我們會收到一筆預付款，作為該業務的平台費用。

And we also retain service team and then the fourth way that we can make money.

我們也保留了服務團隊，然後是我們賺錢的第四種方式。

And we've been doing this for a few quarters now as we can service assets that we do not originate but are held on the balance sheets of other third parties for that we receive regular servicing fees that are not capitalized.

我們已經這樣做了幾個季度，因為我們可以為並非由我們發起但在其他第三方的資產負債表上持有的資產提供服務，因為我們收到未資本化的定期服務費。

What I would say is important is in all of these cases, these are assets that we wouldn't have otherwise the underwritten and less contracted due to a number of reasons, including first, the credit profile and other characteristics of the assets, which may not be directly consistent with our current portfolio

我想說的是，在所有這些情況下，這些資產是我們本來不會承保且合約較少的資產，原因有很多，包括首先，資產的信用狀況和其他特徵，這可能是與我們當前的投資組合不直接一致

.

。

Second, our own risk appetite may not align with those originations.

其次，我們自己的風險偏好可能與這些起源不一致。

And then finally, our capital allocation strategy at any given point in time may not align.

最後，我們在任何給定時間點的資本配置策略可能不一致。

The last thing I would say here is that there are no financing commitments or loss share agreements associated with any of these deals or partnerships.

我在這裡要說的最後一件事是，沒有與任何這些交易或合作夥伴關係相關的融資承諾或損失分擔協議。

And the only other thing I would add, Dan, this may not be known by a lot of people, but we declined between 70% and 80% of the personal loan applicants to Sophie.

我要補充的唯一一件事是，丹，很多人可能不知道這一點，但我們拒絕了 70% 到 80% 的索菲個人貸款申請人。

And so there's a lot of potential latent potential there to service them better almonds.

因此，有很多潛在的潛力可以為他們提供更好的杏仁。

So that's a big number that exist before we even trying to do anything else in this business in terms of generating incremental demand or other initiatives to make people aware of the products that we can offer.

因此，在我們嘗試在這項業務中做任何其他事情之前，無論是產生增量需求還是採取其他舉措，讓人們了解我們可以提供的產品，這個數字就已經存在了。

The next question comes from Terry Ma from buckets.

下一個問題來自Buckets的Terry Ma。

Sorry, your line is open.

抱歉，您的線路已開通。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning.

早安.

Ceo, Rich space just came in ahead of our expectations and increased each quarter of this year.

首席執行官，豐富的空間剛剛超出了我們的預期，並且今年每個季度都有所增加。

I'm credit seems to be improving sequentially and the macro probably a little bit less clear than earlier this year.

我的信用似乎正在連續改善，宏觀經濟可能比今年稍早不太清晰。

So I guess going forward, how do you think about originations and lending growth for your own balance sheet versus maybe originating for some of your

所以我想，展望未來，您如何看待您自己的資產負債表的起源和貸款成長，而不是您的某些資產負債表的起源和貸款成長？

partnerships?

夥伴關係？

Yes.

是的。

I will say is our overall outlook for originations or at least growth on the balance sheet has not changed.

我要說的是，我們對起源或至少資產負債表成長的整體前景沒有改變。

We do expect to see modest growth on in dollar terms on the balance sheet year over year, and that will continue to Q4.

我們確實預計，以美元計算，資產負債表將同比溫和增長，並且這種情況將持續到第四季度。

We are happy with the size of the balance sheet that we have today and the amount of net interest income that we're generating.

我們對目前的資產負債表規模和產生的淨利息收入感到滿意。

We are seeing excess demand both on the borrower side as well as the loan investor side for unsecured personal loans.

我們看到借款人和貸款投資者對無擔保個人貸款的需求過剩。

And we've been able to successfully navigate and fulfill that demand through the expansion of our loan platform business.

透過擴展我們的貸款平台業務，我們已經能夠成功地引導和滿足這項需求。

And so we would expect not to grow the P&L balance sheet meaningfully from where we are today, where we will migrate into is a lower rate environment.

因此，我們預期損益表的資產負債表不會比目前的情況大幅成長，我們將進入較低利率的環境。

You would see an uptick in demand for our student loan refinance a business where we had a really strong quarter this quarter as well as our set of 2021.

你會看到我們的學生貸款再融資業務的需求上升，我們本季以及 2021 年的季度表現都非常強勁。

The next question comes from John Hecht from Jefferies.

下一個問題來自 Jefferies 的 John Hecht。

John, your line is open.

約翰，您的線路已開通。

Please go ahead.

請繼續。

Morning, guys.

早安，夥計們。

Congratulations and thanks for taking my question.

恭喜並感謝您提出我的問題。

I appreciate the information from you on the credit side about the 17 vintage versus the more recent ones.

我很欣賞您提供的關於 17 年份與較新年份的信用方面的資訊。

It looks like the current vintages are performing better than the 2017 vintage.

看起來當前年份的表現比 2017 年份更好。

I'm wondering, how do you guys think about that the contribution of that performance trend and like return on capital and how to prepayments or you're just payment assumptions impacted that fits the outcome as well?

我想知道，你們如何看待業績趨勢的貢獻，例如資本回報率以及如何預付款，或者你們只是影響了也適合結果的付款假設？

Yes.

是的。

Thanks, John.

謝謝，約翰。

So we often talk about underwriting to an 8% life-of-loan loss target, which obviously reflects the strength of our underwriting and the high quality of our borrower base.

所以我們經常談論承保8%的貸款期限損失目標，這顯然反映了我們承保的實力和借款人基礎的高品質。

However, life-of-loan losses represents just one of several variables, which in combination actually drive our pricing and underwriting decisions designed to max analyzed return on equity while adhering to our credit risk tolerance.

然而，貸款期限損失只是幾個變數之一，這些變數結合起來實際上推動了我們的定價和核保決策，這些決策旨在最大化分析的股本回報率，同時遵守我們的信用風險承受能力。

In terms of how we think about the returns on recent versus some of our past vintages, all and returns on our more recent vintages are projected to produce meaningfully higher returns.

就我們如何看待近期與過去一些年份的回報而言，我們最近年份的所有年份和回報預計將產生有意義的更高回報。

I'm talking greater there than two times versus 2017, with newer vintages is expected to produce ROEs above 30%

我說的是 2017 年的兩倍多，新年份的 ROE 預計將超過 30%

.

。

And I'm defining our we hear is that the weighted average coupon, latest annual losses, funding costs and other operational costs plus origination fees and then multiplied by the weighted average life and levered.

我所聽到的定義是加權平均票息、最新年度損失、融資成本和其他營運成本加上發起費用，然後乘以加權平均壽命和槓桿。

What's really driving those increasing returns as a function of a number of things.

真正推動回報增加的因素有很多。

First is lower expected life of loan loss rates as we show in our investor presentation on Page 10.

首先是貸款損失率的預期壽命較低，正如我們在第 10 頁的投資者介紹中所顯示的那樣。

Second is the higher pricing data throughout rate.

其次是較高的定價數據貫穿率。

The rate increase cycles.

速率增加週期。

We've demonstrated time and time again that we've been able to maintain really good betas.

我們一次又一次地證明我們能夠保持非常好的測試版。

We were successful in increasing the portfolio weighted average coupon across both products in a rising rate environment over the course of the last few years.

在過去幾年中，在利率上升的環境中，我們成功地提高了這兩種產品的投資組合加權平均票息。

And we've also been able to maintain pricing and down rate environment is due to the quality of our product.

由於我們產品的質量，我們還能夠維持定價和降價環境。

For the third way is we've had funding cost efficiencies and given our higher reliance on on member deposits and six test and growing direct deposits and replacing higher cost warehouse funding.

第三種方式是我們提高了融資成本效率，並考慮到我們對會員存款和六項測試以及不斷增長的直接存款的依賴程度更高，並取代了成本更高的倉庫融資。

And then fourth, we've introduced origination fees over the course of the last year plus, and we're now generating close to $400 million in origination fees

第四，我們在過去一年多的時間裡引入了發起費，現在我們產生了近 4 億美元的發起費

annually.

每年。

So the combination of these drivers is more than offsetting the increase in prepayment speeds and the reduction in weighted average life that we're observing in some of these newer cohorts going forward.

因此，這些驅動因素的結合足以抵消我們在未來一些新群體中觀察到的預付款速度的增加和加權平均壽命的減少。

What I would say is we're going to be talking about return metrics more often because of the life of loan losses don't provide the full deal.

我想說的是，我們將更頻繁地討論回報指標，因為貸款損失的生命週期並不能提供全部資訊。

And the other thing I would just emphasize, John, in April and the shareholders more broadly is that we've been able to achieve these types of high or we returns in more recent vintages despite the fact that rates have been increased significantly in a very short period of time.

約翰，四月我要強調的另一件事以及更廣泛的股東是，我們已經能夠在最近的幾年中實現這些類型的高回報或我們的回報，儘管事實上利率在非常時期顯著增加。很短的一段時間。

And the the economy has been so somewhat uncertain during that time period.

在那段時間裡，經濟有些不確定。

As we look into 2025 and declining rate environment and a stable economy, we think we can only improve on these returns.

當我們展望 2025 年以及利率下降的環境和穩定的經濟時，我們認為我們只能改善這些回報。

And it's one of the reasons why we're leveraging all the different businesses.

這也是我們利用所有不同業務的原因之一。

We are our across the opportunity set that we have from a return standpoint relative to what we believe is a prudent level of balance sheet risk in a particular asset class such as personal loans.

從回報的角度來看，相對於我們認為個人貸款等特定資產類別的資產負債表風險處於審慎水平，我們擁有各種機會。

So we think there's a lot of upside that only gets better from here.

因此，我們認為有很多好處，而且從這裡開始只會變得更好。

The next question comes from Jeffrey Edelson from Morgan Stanley.

下一個問題來自摩根士丹利的傑弗裡·艾德爾森。

Jeff, your line is open.

傑夫，您的線路已開通。

Please go ahead.

請繼續。

Good morning.

早安.

Could you just talk a little bit more about the expectations for the loan platform business?

您能否再談談對貸款平台業務的期望？

How do you expect that can grow from here?

您預計它會如何發展？

I know you said you expect that to continue growing, but how meaningful could this become on?

我知道你說過你希望這個數字能夠繼續成長，但這有什麼意義呢？

Seems like if we look at the numbers today, it's already at a $4 billion run rate.

如果我們看看今天的數字，似乎已經達到了 40 億美元的運行速度。

You've got the Fortress relationship, which correct me if I'm wrong.

你們有堡壘關係，如果我錯了，它會糾正我。

And as additive to the asset, that's already 6 billion.

作為資產的補充，這已經是 60 億美元了。

And should we be thinking about the economic side is on course to a 5.5% take rate based on the on the revenues you reported this quarter?

根據您本季報告的收入，我們是否應該考慮經濟方面的成長率是否會達到 5.5%？

And then just curious, are you going to maybe deemphasize the loan sales a little bit more from here?

然後只是好奇，你是否會從現在開始不再強調貸款銷售？

It takes a little bit lower at the three 75 versus 1 billion for the last eight quarters, as you may be prioritized loan platform business for her?

過去八個季度的三個75比10億要低一點，因為你可能會優先為她做貸款平台業務？

Yes.

是的。

So I'll start and Anthony can can chime in wherever, but in terms of the overall growth expectations.

所以我會開始，安東尼可以在任何地方插話，但就整體成長預期而言。

But I would say as part of that 1 billion of originations that we did, Jeff in the period, a portion of that did come from the for the Fortress transaction that we announced earlier in the quarter.

但我想說的是，作為我們在此期間所做的 10 億筆資金的一部分，其中一部分確實來自我們在本季度早些時候宣布的 Fortress 交易。

So it's not additive to your $4 billion run rate.

因此，這不會增加您 40 億美元的運行率。

It's inclusive of that.

它包含了這一點。

But we do expect to see continued strong growth in the segment.

但我們確實預期該領域將持續強勁成長。

We have that 2 billion agreement with four trials met as well as commitment that's for Q4 and 2025 with several other other partners.

我們與其他幾個合作夥伴達成了 20 億美元的協議，並完成了四項試驗，並做出了第四季度和 2025 年的承諾。

What I would say is where we're one of the very few partners who can deliver asset that scale with the characteristics and return profile that investors are seeking in terms of deemphasizing other sales and a ABS transactions in favor of this.

我想說的是，我們是極少數能夠提供符合投資者所尋求的特徵和回報特徵的資產的合作夥伴之一，而不再強調其他銷售和 ABS 交易，而有利於這一點。

What I would say is that we owed demand is as strong as it's ever been

我想說的是，我們的需求一如既往地強勁

before.

前。

Like I had mentioned a few questions ago, we're happy with the size of the balance sheet and the modest growth that we're expecting expecting over the course of the next three months.

就像我之前提到的幾個問題一樣，我們對資產負債表的規模以及未來三個月的適度成長感到滿意。

But what I would say is that we are seeing excess demand both from borrowers and investors and a way to fulfill that demand

但我想說的是，我們看到借款人和投資者的需求過剩，以及滿足這種需求的方法

is through the LPB. business.

是透過LPB。商業。

In terms of the take rate, what I would say is we're looking at apples and oranges when you're trying to compare this take rate to what you see in the general originate to sell

就採用率而言，我想說的是，當您試圖將此採用率與您在一般原產地銷售中看到的進行比較時，我們正在考慮蘋果和橙子

business.

商業。

These are loans that are originated on behalf of others, and they would not have been originated unless contracted to given the credit care and overall asset characteristics of the loans as well as our own at risk appetite and capital allocation strategy.

這些貸款是代表他人發放的，除非根據貸款的信貸關懷和整體資產特徵以及我們自己的風險偏好和資本配置策略簽訂合同，否則它們不會發放。

What we are receiving is a platform fee for our underwriting capabilities, our marketing capabilities and our overall operational on capabilities and that platform fee will vary on the partner.

我們收到的是我們的承保能力、行銷能力和整體營運能力的平台費，該平台費將因合作夥伴而異。

And I think in a couple of points, just to emphasize, one is on the partners in the loan platform business, many of which are new incremental partners on loans on as opposed to the wholesale loan buyers are more ABS buyers that we've typically had, but not all incremental, but a large percentage of them are including in the most recent quarter.

我認為有幾點需要強調，其中之一是貸款平台業務的合作夥伴，其中許多是新的增量貸款合作夥伴，而不是批發貸款買家，更多的是我們通常遇到的 ABS 買家有，但並非全部是增量，但其中很大一部分是在最近一個季度。

In addition to that, Chris has mentioned a couple of times.

除此之外，克里斯也多次提到。

These are loans we wouldn't have otherwise originated and we only originate when we actually have a

這些是我們原本不會發放的貸款，只有當我們確實擁有貸款時，我們才會發放這些貸款。

contract.

合約.

So it's not a zero-sum game.

所以這不是零和遊戲。

It's incremental on the outlook for is pretty significant as we go into 2025 in excess of what you articulated.

當我們進入 2025 年時，它對前景的增量相當大，超過了您所闡述的。

The only other thing I would say in terms of you had mentioned 375 million of sales done in period.

我要說的唯一的另一件事是你提到了在此期間完成的銷售額 3.75 億美元。

We did over 1 billion across all three products in the quarter and $6 billion

本季我們所有三種產品的銷售額均超過 10 億美元，銷售額達 60 億美元

over the course of 11 grid to date.

迄今已經有 11 格的歷程。

In Q4, we've already done close to $1 billion in sales across our products as well.

在第四季度，我們的產品銷售額也已接近 10 億美元。

So the demand is certainly there.

所以需求肯定是存在的。

We will continue to fulfill on on both ends.

我們將繼續在兩端都實現。

But as Anthony mentioned, being able to originate on behalf of others, is purely incremental to us.

但正如安東尼所提到的，能夠代表他人發起，對我們來說純粹是增量。

Next question comes from Tycho Peterson from Needham & Co.

下一個問題來自 Needham & Co. 的 Tycho Peterson。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Great and Scott, and good morning and nice results.

太棒了，斯科特，早安，結果很好。

I wanted to ask a question on deposits asking a check cashing there.

我想問一個關於存款的問題，要求在那裡兌現支票。

You guys had had really nice growth there despite I believe we took down the rate paid on member deposits a bit now as

儘管我相信我們現在稍微降低了會員存款的利率，但你們在那裡取得了非常好的成長

rates have gone down.

利率已經下降。

So just any color on whether you've seen any changes and average balances or customer behavior or things have been pretty receptive to some of the changes you guys have made on deposit rates kind of early on in the rate cut cycle?

那麼，您是否看到了任何變化，平均餘額或客戶行為或事情是否非常容易接受您在降息週期早期對存款利率所做的一些變化？

Yes, we're really proud of the way they also find money product continues to resonate in the marketplace despite rates coming down more broadly, we've maintained our market share position.

是的，我們確實為他們發現貨幣產品繼續在市場上引起共鳴而感到自豪，儘管利率在更廣泛的範圍內下降，但我們保持了我們的市場份額地位。

We've mean we'll maintain our ranking in the APY. standpoint.

我們的意思是我們將保持在 APY 中的排名。立場。

Of course, we do not charge fees.

當然，我們不收取任何費用。

We obviously give you a number of other benefits, including the high interest rates are not to mention all the functional you need to in one place.

顯然，我們為您提供了許多其他好處，包括高利率，更不用說您需要的所有功能都集中在一個地方。

So we've seen continued strong trends in deposits over $2 billion of member deposit growth in the quarter.

因此，我們看到本季會員存款成長持續強勁，超過 20 億美元。

In addition to that, the spending levels that we're seeing are on par to better to where they have been historically on.

除此之外，我們看到的支出水準與歷史水準持平甚至更好。

And so we'll continue to getting positive indicators across the tire business as it relates to Sofia money.

因此，我們將繼續在整個輪胎業務中獲得與索菲亞資金相關的積極指標。

The other thing I would just mention this is one of the key points of where the flywheel starts.

我要提到的另一件事是飛輪啟動的關鍵點之一。

Our direct deposit customers are customers that are more engaged.

我們的直接存款客戶是參與度較高的客戶。

They have meaningfully higher number of products per customer compared to the overall average that we report.

與我們報告的總體平均水平相比，他們的每位客戶擁有的產品數量明顯更高。

And when you look at it on a vintage basis, it's even better than the overall average number of products per direct deposit numbers.

當你從年份的角度來看時，你會發現它甚至比每個直接存款數量的總體平均產品數量還要好。

So it's been over a year in which we've operated this bill as a bank and be able to control our own destiny and having a competitive advantage in being both in origination platform on loans as well as a national bank that can take that can set its own interest rate and its own value proposition.

因此，一年多來，我們作為一家銀行來運營這項法案，能夠控制自己的命運，並在貸款發起平台和國家銀行方面擁有競爭優勢，可以採取這一措施自己的利率和價值主張。

It's a competitive advantage.

這是一個競爭優勢。

And one that's continued in the quarter, and we're excited about next year.

這個季度仍在繼續，我們對明年感到興奮。

The next question comes from Heather Balsky from Bank of America.

下一個問題來自美國銀行的 Heather Balsky。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

Everybody.

大家。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to stay with the Financial Services segment again, and I wanted to just talk about a couple of things.

我想再次留在金融服務部門，我只想談一些事情。

one is just about monetization in the segment.

一是關於該細分市場的貨幣化。

I think it's up to $81 annually.

我認為每年最多 81 美元。

Now.

現在。

Any targets you can share on what you think that can look like maybe this time next year or just, you know, to achieve your three o. targets that you laid out, like how much Wellmark monetization can that be?

您可以分享您認為的任何目標，也許明年這個時候，或者只是，您知道，實現您的三個目標。您所訂定的目標，例如 Wellmark 的貨幣化程度為何？

And then just related to that, just deal, what I guess what does the next growth that you make sure that the NBN protect in your remarks, you also launched the credit card more broadly.

然後與此相關的是，我想您在演講中確保 NBN 保護的下一個增長是什麼，您還更廣泛地推出了信用卡。

So maybe talk to us about where that next go to active materializing from.

所以也許可以和我們談談下一步從哪裡開始積極實現。

I guess really what I'm asking is low the FX lending platform business in that sector, right?

我想我真正要問的是該行業的外匯借貸平台業務很低，對吧？

Like I think it was a pretty big surprise, but a lot of people how much that the media business grew this quarter.

就像我認為這是一個相當大的驚喜，但很多人都知道媒體業務本季成長了多少。

So it was a hit the nail on the head.

所以這是一針見血。

Yes, thank you.

是的，謝謝。

Are you've hit the nail on the headed to the exciting part of our business on the fact that we're approaching 1 billion annualized business, very profitable.

您是否已切中要害，了解我們業務中令人興奮的部分，因為我們的年化業務已接近 10 億美元，利潤非常豐厚。

While we're still in investment mode, it's pretty amazing to have this of that size to $13 million of revenue, growing over 100% and profitable, despite how fast we are growing on the number of men, there's an products and revenue per product.

雖然我們仍處於投資模式，但能擁有如此規模的收入，達到1300 萬美元，增長超過100%，並且盈利，這真是太令人驚訝了，儘管我們的員工數量增長得有多快，但有一種產品和每種產品的收入。

And I think the best way to sort of conceptualize where this boost to go is to think about those three variables, member growth, product growth and revenue per product.

我認為，概念化這種推動力的最佳方法是考慮這三個變數：會員成長、產品成長和每個產品的收入。

The revenue per product that we generate today was up meaningfully in the quarter, as you mentioned, but it's nowhere near where it can be long term as it relates to our invest businesses were monetized about half the rate that we think we can monetize that over time in 2025, we'll take a number of steps where we start to monetize that better, of course, by adding incremental value to the best experience.

正如您所提到的，我們今天產生的每種產品的收入在本季度大幅增長，但從長遠來看，它還遠未實現，因為它與我們的投資業務相關，其貨幣化率約為我們認為可以貨幣化的一半。

Our invest product is unique in that we're trying to be a one-stop shop just within invest what we pioneered fractional shares.

我們的投資產品是獨一無二的，因為我們試圖成為投資我們首創的零碎股票的一站式商店。

We obviously don't pay in-charge of ANA trades.

我們顯然不支付全日空交易的費用。

In addition to that, we created our own ETFs that will better meet the needs of our new and beginning investors that are lower price point with diversified among our members to dollar cost averaging in a diversified way.

除此之外，我們創建了自己的 ETF，以更好地滿足新投資者和新手投資者的需求，這些投資者的價格較低，在我們的會員中以多元化的方式實現美元成本平均。

We have award winning a robo accounts and we continue to evolve those.

我們擁有屢獲殊榮的機器人帳戶，並且我們將繼續發展這些帳戶。

And you'll see us do more in 2025 behind that to not just grow assets, but also the increased monetization.

到 2025 年，您將看到我們在背後做更多的事情，不僅增加資產，而且增加貨幣化。

We do IPOs, which is a direct monetization vehicle.

我們進行首次公開募股，這是一種直接的貨幣化工具。

But again, a unique product remains three investors get access to IPOs that

但同樣，獨特的產品仍然是三位投資者可以獲得 IPO 的機會

IPO prices.

首次公開募股價格。

And then our alternate asset classes and mutual funds that we launched have really been a tailwind for us in terms of driving more engagement that summer today that we don't monetize that we will monetize in the future.

然後，我們推出的替代資產類別和共同基金確實為我們推動了今天夏天更多的參與度，我們不會將其貨幣化，但我們將在未來貨幣化。

So just in the Invest business, we have over 100% opportunity to increase the monetization per member, not to mention the fact how fast the products and investor growing on

因此，光是在投資業務中，我們就有超過 100% 的機會來增加每位會員的貨幣化，更不用說產品和投資者的成長速度有多快了

.

。

And remember, when you do the calculation on invest product growth, you have to normalize it for the lost crypto members are products that we had a year ago that were transferred to find money business, which tend to see nice trends in deposits and spending.

請記住，當您計算投資產品成長時，您必須將其標準化，因為失去的加密會員是我們一年前的產品，這些產品被轉移到尋找貨幣業務，這些業務往往會看到存款和支出的良好趨勢。

And the monetization there will continue to improve with more deposits and more spending as opposed to a change in rate per se.

隨著存款和支出的增加，而不是利率本身的變化，貨幣化將繼續改善。

In addition to that or credit card, this is another source of monetization opportunity as balances continue to increase will have more monetization there in addition to more members that we add the more monetization that we drive because that's a higher interchange revenue than our debit interchange.

除了信用卡之外，這是貨幣化機會的另一個來源，因為餘額持續增加，除了我們增加的會員數量之外，我們還會推動更多的貨幣化，因為這是比我們的借記交換更高的交換收入。

And so as you see a mix shift, you'll see an improvement in monetization there, not to mention just the absolute increase in monetization.

因此，當您看到混合轉變時，您會看到貨幣化的改善，更不用說貨幣化的絕對增長。

And then as it relates to small medium business, we're just scratching the surface of the biggest initiative we had so far in 2020 for was to take in the application process and embedded into the Sofia.

然後，就中小型企業而言，我們只是觸及了 2020 年迄今為止最大舉措的皮毛，即納入申請流程並嵌入到 Sofia 中。

So in all of them, the demand that we get for small medium business comes to Sophie, they can within the new native app, apply for a loan and then be referred to a partner as it relates to lending.

因此，在所有這些中，我們對中小型企業的需求都來自 Sophie，他們可以在新的本機應用程式中申請貸款，然後在涉及貸款時被推薦給合作夥伴。

We also do that as it relates to banking will continue to see us do that in a much bigger and broader way.

我們也這樣做，因為它與銀行業有關，我們將繼續以更大、更廣泛的方式這樣做。

There is monetization there today, but we could do more products and more services to drive greater monetization, not to mention doing it ourselves at some point which we would like to do over time.

今天已經實現了貨幣化，但我們可以提供更多產品和更多服務來推動更大的貨幣化，更不用說在某個時候我們自己會這樣做，隨著時間的推移，我們希望這樣做。

It is a early stage business and we want to crawl before we walk and then ultimately run.

這是一個早期階段的業務，我們希望在行走之前先爬行，然後最終跑步。

So you'll see that in the SMB business and the insurance side of the deals that we're doing in the marketplace, increase our monetization there, but also increases penetration.

因此，您會看到，在中小企業業務和我們在市場上進行的交易的保險方面，增加了我們在那裡的貨幣化，同時也提高了滲透率。

So on over 100% revenue growth in the quarter, driven by the really strong product growth and revenue per product.

因此，在真正強勁的產品成長和每種產品收入的推動下，本季營收成長超過 100%。

And he is focused on those two measurements, you'll be able to forecast a pretty sizable business with great

他專注於這兩個衡量標準，你將能夠預測一個相當大的業務

profitability.

盈利能力。

The last point I'd make on profitability is we're still losing in a large amount of money in the credit card business and invest business because the payback there is is longer and it's not a business that we get return on it one year, it takes anywhere from 1.5 to 2 to three years, depending on the J curve or the credit

關於獲利能力，我要說的最後一點是，我們在信用卡業務和投資業務上仍然虧損大量資金，因為投資回收期更長，而且這不是一項我們一年就能獲得回報的業務，需要1.5 到2 到3 年的時間，取決於J 曲線或信用

business.

商業。

So what's masking the profitability is that of investment there, if we actually subtracted added back the losses that were losing their the number of reasons and the profitability side, and that's before we've had improving the monetization.

因此，掩蓋獲利能力的是那裡的投資，如果我們實際上減去那些失去原因和獲利能力的損失，那是在我們改善貨幣化之前。

I found this Anaplan.

我找到了這個 Anaplan。

Next question is from Peter Christiansen from Citigroup.

下一個問題來自花旗集團的 Peter Christiansen。

Peter, your line is open.

彼得，你的線路已開通。

Please go ahead.

請繼續。

Eric, I was just curious if that bigger picture, can you talk about what you're seeing in the all credit side, private credit certainly becoming seen possibly some of your marketplace lending peers have also benefited here in your discussions pipeline.

埃里克，我只是好奇，從更大的角度來看，您能否談談您在所有信貸方面所看到的情況，私人信貸肯定會被看到，可能您的一些市場借貸同行也在您的討論中受益。

Just just curious if you think this emerging as a larger team over the next 12 H. 18 months?

只是好奇您是否認為在接下來的 12 H. 18 個月內這將成為一個更大的團隊？

And then finally, as it relates to Texas tech platform performance pipeline, can you talk to the degree of decision delays you're seeing currently versus last quarter?

最後，由於它與德克薩斯州科技平台性能管道相關，您能談談您目前看到的決策延遲與上季度相比的程度嗎？

Thank you.

謝謝。

In terms of demand for our loans from buyers are investors are similar to other people.

就買家對我們貸款的需求而言，投資者與其他人相似。

The demand has increased quite meaningfully.

需求顯著增加。

We are better at being able to meet some of that demand by God, continue to evolve our business from origination product platform for home loans and now the evolution of the loan platform business.

我們更擅長滿足上帝的部分需求，繼續發展我們的業務，從最初的房屋貸款產品平台發展到現在的貸款平台業務。

So similar to others, we're seeing an increase of it from existing buyers, but also a number of new partners that we've not been able to meet their needs with before, but we now can So really excited about declining rate environment, putting a tailwind behind the loans, not to mention our new initiatives there.

與其他人類似，我們看到現有買家的數量有所增加，但也看到一些我們以前無法滿足他們需求的新合作夥伴，但我們現在可以對利率下降的環境感到非常興奮，為貸款提供了動力，更不用說我們在那裡的新舉措了。

Modulation tech platform, no decision's been made by, hey, the big deals that we've been in process with over the last 12 to 18 months.

調製技術平台，嘿，過去 12 到 18 個月我們一直在處理的重大交易尚未做出任何決定。

I do think we're coming to the end of some of those decisions being made.

我確實認為我們即將做出一些決定。

And that would just say that we haven't had anything to announce.

這只能說明我們還沒有什麼要宣布的。

But I'm I would just tell you I'm confident that we will have some wins there, but none of the decisions have been made any large deals.

但我只想告訴你，我有信心我們會在那裡取得一些勝利，但沒有做出任何重大交易的決定。

And I would just give you more color on the types of deals.

我只想為您提供有關交易類型的更多資訊。

There are definitely big financial institutions that have to make some decisions on their technology.

肯定有大型金融機構必須對其技術做出一些決定。

They continue.

他們繼續。

They really struggle with how they budget for that transition.

他們確實為如何為這一轉變制定預算而苦苦掙扎。

But without a doubt, there's a technical reason why they have to switch.

但毫無疑問，他們必須切換是有技術原因的。

There's a risk reason why they have to switch and there's a regulatory reason it.

他們必須轉換有風險原因，也有監管原因。

So it's going to be an inevitable change and a tailwind to the demand for technology like we have in our tech platform business and specifically in corn processing.

因此，這將是一個不可避免的變化，也是技術需求的順風車，就像我們在技術平台業務，特別是玉米加工方面的需求一樣。

And it's just a question of when and I think we'll win our fair share of deals there, but none have been decided yet.

這只是一個時間問題，我認為我們將在那裡贏得公平份額的交易，但尚未做出決定。

The second area that we haven't talked as much about in the past is the opportunity to help large branded companies that have big installed bases there in the financial services business already today through a credit card and a white label credit card.

我們過去沒有過多討論的第二個領域是有機會透過信用卡和白標信用卡幫助在金融服務業務中擁有大量安裝基礎的大型品牌公司。

There's absolutely significant amount of demand from those types of partners for us to do something very similar on the debit side of the business.

這些類型的合作夥伴絕對有大量的需求要求我們在藉方業務方面做一些非常類似的事情。

And we continue to receive our piece to that type type of product.

我們繼續收到此類產品的作品。

And then, of course, outside of the direct to consumer businesses, there's demand from government agencies.

當然，除了直接面向消費者的業務之外，還有來自政府機構的需求。

There's demand for B2B companies that continue to surface and some of which we've signed and executed against, some of which I will be decided over the coming months.

B2B 公司的需求不斷湧現，其中一些我們已經簽署並執行，其中一些我將在未來幾個月內決定。

Next question comes from James Shuck from UBS.

下一個問題來自瑞銀集團的詹姆斯舒克。

Your line is open.

您的線路已開通。

Please go ahead.

請繼續。

For mining.

用於採礦。

Thanks for taking the question

感謝您提出問題

.

。

On your long-stay everyday cash rewards on the assumption of credit card and while early days, can you just talk about the early indications there and your view on future growth on the card products?

關於您以信用卡為假設的長期日常現金獎勵，而且還處於早期階段，您能否談談早期跡像以及您對信用卡產品未來成長的看法？

We really like the card business long term.

從長遠來看，我們真的很喜歡信用卡業務。

It obviously is an expensive endeavor near term under the J curve of about three years in that business.

在該行業約三年的 J 曲線下，短期內這顯然是一項昂貴的努力。

We have a world-class team that's done this before that wasn't the case.

我們擁有一支世界一流的團隊，以前就做到過這一點，但事實並非如此。

When we first launched the two cards that you mentioned, our direct result of all the work.

當我們第一次推出你提到的兩張卡時，我們所有工作的直接結果。

The team have a second team that came in to run this business has done.

該團隊有第二個團隊進來經營這項業務。

We did a test with business.

我們用商業做了一個測試。

We saw the type of performance that we were hoping to see our marketing capabilities.

我們看到了我們希望看到的績效類型，我們的行銷能力。

There have also helped us deliver the type of performance we wanted to see in those cards.

它還幫助我們實現了我們希望在這些卡中看到的性能類型。

And that's why we went to general availability for those cards as opposed to just testing.

這就是為什麼我們讓這些卡片全面上市，而不是只是進行測試。

I will say we we'll take a very methodical approach to the credit card business.

我想說的是，我們將對信用卡業務採取非常有條理的方法。

While it is a great our OE business, it also does have the ability to lose a lot of money and lose money every day.

雖然我們的 OE 業務很棒，但它也確實有能力虧損很多錢，而且每天都在虧損。

And so we'll continue to make sure that that card is something that we market to individuals that we think of I have a high probability of utilizing it in the right way and we can get a great return on it.

因此，我們將繼續確保該卡是我們向個人推銷的東西，我們認為我很有可能以正確的方式使用它，並且我們可以獲得豐厚的回報。

So we'll start with our members and will continue to use the data that we have on them to make decisions.

因此，我們將從我們的會員開始，並將繼續使用我們擁有的關於他們的數據來做出決策。

We can use that data model opportunities off of our platform, which we are starting to do as well inside of the Financial Services business.

我們可以在我們的平台上利用這個資料模型機會，我們也開始在金融服務業務內部這樣做。

Think about it as a couple of different types of segments.

將其視為幾種不同類型的細分。

We have businesses that are still growing very fast that are profitable, like so find money.

我們的業務仍在快速成長且獲利，就像找到錢一樣。

We have businesses that are growing very fast, are losing

我們的企業成長非常快，但也在虧損

money like invest in credit card.

錢就像投資信用卡一樣。

And then we have businesses that are early stage and we're finding seeds that will continue to be harvested over time and and grown over time.

然後我們有處於早期階段的業務，我們正在尋找隨著時間的推移將繼續收穫和成長的種子。

And this is a business that's in the middle one that we feel we're confident in terms of our go to market and one that will grow.

這是一項處於中間業務的業務，我們認為我們對進入市場充滿信心，並且將會成長。

But we'll do it methodically over time to make sure that we did not push too hard on the on the investment we have to make can offset the profitability overall business, but it will be a good contributor at this time.

但隨著時間的推移，我們將有條不紊地做到這一點，以確保我們不會過度推動我們必須進行的投資，這些投資可以抵消整體業務的盈利能力，但此時它將是一個很好的貢獻者。

I would like turn the call back over to Anthony Marucci for closing remarks.

我想將電話轉回給安東尼·馬魯奇（Anthony Marucci）做總結發言。

Thank you, operator, and thanks to everyone that's dialed into the call.

謝謝您，接線員，也感謝所有撥打電話的人。

I may have some closing remarks or remarks I want to share.

我可能有一些結束語或我想分享的評論。

As I mentioned at the end of Q2, I cannot feel better about what we've achieved and where we're headed right here.

正如我在第二季末提到的那樣，我對我們所取得的成就以及我們的發展方向感到非常滿意。

And right now, the list of achievements is far too great to capture every quarter.

目前，所取得的成就實在太多了，無法每季都列出來。

So let me be succinct and clear.

所以讓我簡潔明了。

Despite the tumultuous environment, the past seven years, we deliver durable growth, world-class innovation and brand building and improving returns.

儘管環境動盪，但過去七年，我們實現了持久成長、世界一流的創新和品牌建立以及不斷提高的回報。

With 17 quarters of record revenue consisted of 35% plus growth in members and products for quarters of GAAP profitability.

會員和產品按 GAAP 獲利能力季度增長 35% 以上，這 17 個季度的收入創歷史新高。

And so many other milestones.

還有許多其他里程碑。

There is only one reason Vale to emerge stronger from a such as motors environment.

淡水河谷從汽車等環境中變得更強大的原因只有一個。

And that reason is that people are so far our employees, our members and our clients.

原因是到目前為止，人們都是我們的員工、我們的會員和我們的客戶。

I could not be prouder or more grateful that people are so far.

我對人們到目前為止的表現感到非常自豪和感激。

We now face hopefully the most advantageous environment that we've seen since I joined the Company and we began the relentless march to be a one-stop shop today.

我們現在有望面臨自我加入公司以來最有利的環境，我們今天開始不懈地努力成為一站式服務。

We are no longer just a lending company today.

今天我們不再只是一家貸款公司。

We are forced to be reckoned with.

我們被迫被重視。

It is truly are time as we have more products, more members, more capital and more diverse revenue streams than ever before

現在確實是時候了，因為我們比以往擁有更多的產品、更多的會員、更多的資本和更多樣化的收入來源

.

。

We are undeniably the absolute best positioned company to capture the massive opportunities still ahead of us because of the same thing that got us here, our people, our people are great at hard.

無可否認，我們絕對是最有能力抓住擺在我們面前的巨大機會的公司，因為同樣的原因讓我們走到了這一步，我們的員工，我們的員工都非常努力。

Thank you, everyone, for your time today.

謝謝大家今天抽出時間。

And we hope you have a great end to 2024.

我們希望您 2024 年有一個美好的結局。

But that does conclude today's conference call.

但這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連線。