Upbound Group Inc (UPBD) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Upbound Group Q1 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 Upbound Group Q1 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand over the conference to your speaker today, Brendan Metrano, Vice President of Investor Relations. Please go ahead.

我現在想把會議交給今天的演講者，投資者關係副總裁 Brendan Metrano。請繼續。

Good morning, and thank you all for joining us to discuss the company's performance for the first quarter of 2023.

早上好，感謝大家加入我們討論公司 2023 年第一季度的業績。

We issued our earnings release before the market opened today. And the release and all related materials, including a link to the live webcast, are available on our website at investor.upbound.com.

我們在今天開市前發布了收益報告。新聞稿和所有相關材料，包括網絡直播鏈接，均可在我們的網站 investor.upbound.com 上獲取。

On the call today from Upbound Group, we have Mitch Fadel, our CEO; and Fahmi Karam, our CFO. As a reminder, some of the statements provided on this call are forward-looking and are subject to factors that could cause actual results to differ materially from our expectations. These factors are described in our earnings release as well as in the company's SEC filings. The upbound Group undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

在今天來自 Upbound Group 的電話會議上，我們有我們的首席執行官 Mitch Fadel；和我們的首席財務官 Fahmi Karam。提醒一下，本次電話會議中提供的一些陳述是前瞻性的，並受可能導致實際結果與我們的預期大不相同的因素的影響。這些因素在我們的收益發布以及公司提交給美國證券交易委員會的文件中都有描述。除法律要求外，上行集團不承擔公開更新或修改任何前瞻性陳述的義務。

This call will also include references to non-GAAP financial measures and a discussion of comparable year-over-year performance will generally refer to those non-GAAP results. Please refer to our first quarter earnings release, which can be found on our website for a description of the non-GAAP financial measures and the reconciliations to the most comparable GAAP financial measures.

此電話會議還將包括對非 GAAP 財務措施的引用，並且對可比年度業績的討論通常將參考那些非 GAAP 結果。請參閱我們的第一季度收益發布，該發布可在我們的網站上找到，了解非 GAAP 財務措施的說明以及與最具可比性的 GAAP 財務措施的調節。

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

有了這個，我會把電話轉給米奇。

Thank you, Brendan, and good morning, everyone, and thank you for joining the call today. Our first quarter was a promising start to the year with revenue of just over $1 billion, adjusted EBITDA of $112 million and adjusted EPS of $0.83. Top line trends were generally in line with our expectations.

謝謝布倫丹，大家早上好，感謝您今天加入電話會議。我們的第一季度是今年開局良好的一年，收入剛剛超過 10 億美元，調整後的 EBITDA 為 1.12 億美元，調整後的每股收益為 0.83 美元。收入趨勢總體上符合我們的預期。

Gross margins improved due to fewer early payouts in the quarter. And coupled with lower expenses, we drove a 13% year-over-year growth in adjusted earnings per share. Considering our performance so far this year, the health of our portfolio following a year of tighter underwriting standards, and our assessment of the still uncertain external environment, we've raised our full year 2023 adjusted EPS guidance range to $2.70 to $3.20 compared to our initial guidance of $2.50 to $3.

由於本季度的早期支出減少，毛利率有所提高。加上較低的費用，我們推動調整後每股收益同比增長 13%。考慮到我們今年迄今的表現、經過一年更嚴格的承保標准後我們的投資組合的健康狀況，以及我們對仍然不確定的外部環境的評估，我們將 2023 年全年調整後的每股收益指導範圍上調至 2.70 美元至 3.20 美元，而我們的預期是初步指導價為 2.50 美元至 3 美元。

Reflecting on our performance through April and the risks and the opportunities we see for the year, we think the company is well positioned to achieve our goals. First, as discussed on previous calls, we've made substantial adjustments to our underwriting and risk management over the past year.

回顧我們 4 月份的業績以及我們在這一年看到的風險和機遇，我們認為公司已做好充分準備來實現我們的目標。首先，正如之前的電話會議所討論的那樣，我們在過去一年中對我們的承保和風險管理進行了重大調整。

Today, our approach is more agile, targeted and data-centric, which has enabled us to improve loss rates and yields while better managing the impact on volumes. The positive effects of these initiatives were demonstrated in the first quarter with a consolidated loss rate of 7.1%, improving 150 basis points year-over-year and 40 basis points sequentially.

今天，我們的方法更加敏捷、有針對性且以數據為中心，這使我們能夠提高損失率和收益，同時更好地管理對數量的影響。這些舉措的積極影響在第一季度得到體現，綜合虧損率為 7.1%，同比提高 150 個基點，環比提高 40 個基點。

In our updated guidance, we've assumed the macro environment remains consistent with today's environment. If we were to worsen, that could result in some headwinds or tailwinds for us depending on factors like higher inflation, which could increase losses or trade down, which could increase volume and improve credit quality of the portfolio.

在我們更新的指南中，我們假設宏觀環境與今天的環境保持一致。如果我們要惡化，這可能會給我們帶來一些逆風或順風，這取決於更高的通貨膨脹率等因素，這可能會增加損失或交易減少，這可能會增加數量並改善投資組合的信貸質量。

Second, our lease portfolios finished the first quarter higher than expected. The Rent-A-Center portfolio was down 3.2% year-over-year, which was an improvement from a 4.7% year-over-year decline for the fourth quarter of 2022.

其次，我們的租賃組合在第一季度結束時高於預期。 Rent-A-Center 投資組合同比下降 3.2%，較 2022 年第四季度 4.7% 的同比降幅有所改善。

Acima's portfolio was also above our internal forecast. The primary factor that drove higher portfolio balances was a smaller percentage of customers electing early payout options in the first quarter. Although this led to lower merchandise sales revenue, it was more than offset by better margins.

Acima 的投資組合也高於我們的內部預測。推動更高投資組合餘額的主要因素是第一季度選擇提前支付選項的客戶比例較小。雖然這導致商品銷售收入下降，但被更高的利潤率所抵消。

With more customers staying on rent longer, even when accounting for the impact of potential future delinquencies, we think the larger portfolio balances should be a net positive, especially for Acima.

隨著越來越多的客戶租用更長時間，即使考慮到未來潛在拖欠的影響，我們認為更大的投資組合餘額應該是淨利好，尤其是對 Acima 而言。

Third, we are seeing some positive indications that consumers with stronger credit profiles than typical LTO customers are increasingly turning to our lease-to-own solutions. This potential trend has been developing over the past few months and has become more pronounced recently.

第三，我們看到一些積極的跡象表明，信用狀況比典型 LTO 客戶更強的消費者越來越多地轉向我們的先租后買解決方案。這種潛在趨勢在過去幾個月一直在發展，最近變得更加明顯。

Third-party risk scores for applicants have increased both on average and within our top-rated customer bands. Moreover, we are seeing improved aggregate risk profiles for our portfolios with a combination of tightening measures as well as improved risk scores at the top of the funnel, resulting in a mix shift towards less risky customer cohorts.

申請人的第三方風險評分在平均水平和我們的頂級客戶範圍內都有所增加。此外，我們看到我們的投資組合的總體風險狀況有所改善，結合了緊縮措施以及漏斗頂部風險評分的提高，導致向風險較低的客戶群體的組合轉變。

Interestingly, these developments are occurring at the same time, broad consumer credit metrics are declining from the highs experienced during the stimulus era. Based on public comments from companies in the near prime and below prime market, we expect further tightening of consumer credit over the course of the year, which could result in even more customers turning to LTO solutions.

有趣的是，這些發展是同時發生的，廣泛的消費信貸指標正在從刺激時期的高位下降。根據近高端和次高端市場公司的公開評論，我們預計今年消費信貸將進一步收緊，這可能導致更多客戶轉向 LTO 解決方案。

Again, even though this is a possibility, we are not counting on tree down accelerating in our updated guidance. This countercyclical benefit could help stabilize or even enhance our top line trends over the course of the year, especially if the economy enters a more typical recession, and our core consumer maintains their recent performance.

同樣，即使這是可能的，我們也不指望在我們更新的指南中加速倒下樹木。這種反週期收益可能有助於穩定甚至增強我們全年的收入趨勢，尤其是在經濟進入更典型的衰退並且我們的核心消費者保持近期表現的情況下。

I think it's important to note that our core subprime consumers already experienced their own recession in 2022. simultaneously dealing with the effects of stimulus winding down in high rates of inflation. As a result, we believe many of them have already adjusted budgets to challenging economic conditions.

我認為重要的是要注意，我們的核心次級抵押貸款消費者已經在 2022 年經歷了自己的衰退。同時應對刺激措施在高通脹率下逐漸結束的影響。因此，我們相信他們中的許多人已經調整了預算以應對充滿挑戰的經濟狀況。

On that note, macro uncertainty, notably inflation. That's the biggest factor that tempers our optimism for the year. Less affluent households continue to experience pressure on discretionary income with prices for essential items still high and cash balances trending lower. This pressure may partially explain the muted tax season we experienced and it could be an indication that payment behavior may weaken in the future.

關於這一點，宏觀不確定性，尤其是通貨膨脹。這是削弱我們今年樂觀情緒的最大因素。較不富裕的家庭繼續承受可支配收入的壓力，必需品的價格仍然很高，現金餘額呈下降趨勢。這種壓力可能部分解釋了我們所經歷的稅收淡季，也可能表明未來的支付行為可能會減弱。

If inflation increases from here, that could lead to higher delinquencies and losses, reduced demand or both. Also, demand for large ticket consumer durable goods remains soft, which has affected the seamless merchant partners. It's still unclear how long the pull forward from the 2020 to 2021 stimulus will impact demand in key categories like furniture and appliances.

如果通貨膨脹從這裡開始上升，那可能會導致更高的拖欠和損失、需求減少或兩者兼而有之。此外，對大件耐用消費品的需求依然疲軟，這影響了無縫商家合作夥伴。目前尚不清楚從 2020 年到 2021 年的刺激措施將影響家具和電器等關鍵類別的需求多長時間。

Now with all that being said, it's important to keep in mind that our business has outperformed in previous economic downturns. So moving this to segment highlights, Rent-A-Center's demand continued to hold up relatively well with year-over-year portfolio trends improving sequentially from the fourth quarter of 2022.

綜上所述，重要的是要記住，我們的業務在以往的經濟衰退中表現出色。因此，將其轉移到細分市場亮點，Rent-A-Center 的需求繼續保持相對良好，投資組合趨勢從 2022 年第四季度開始連續改善。

Although lower payoffs from a somewhat muted tax season pressured new deliveries due to fewer re-leasing opportunities. Overall, the portfolio outperformed our expectations. Growth initiatives continue to show good momentum with strong web traffic leading to high teens growth in web agreements.

儘管由於轉租機會減少，稅收季節有所減少導致收益下降，對新交付造成壓力。總體而言，投資組合的表現超出了我們的預期。增長計劃繼續顯示出良好的勢頭，強勁的網絡流量導致網絡協議的青少年高速增長。

We've continued to improve the customer experience, which has helped us maintain conversion rates despite tighter underwriting. E-commerce accounted for approximately 25% of first quarter revenues in the Rent-A-Center segment, up from 23% in the first quarter of last year. Same-store sales were down 6.6% year-over-year in the first quarter, which improved from an 8.1% decline in the fourth quarter of last year, even with less payout revenue than last year.

我們繼續改善客戶體驗，這有助於我們在承保收緊的情況下保持轉換率。電子商務佔 Rent-A-Center 部門第一季度收入的約 25%，高於去年第一季度的 23%。第一季度同店銷售額同比下降 6.6%，較去年第四季度 8.1% 的降幅有所改善，儘管支出收入低於去年。

The team continued to execute well on in-store operations, managing product inventory, logistics and, of course, customer accounts. Underwriting has remained a key focus and continues to drive improved risk metrics with past due rates and loss rates down sequentially in the quarter.

該團隊繼續在店內運營、管理產品庫存、物流，當然還有客戶賬戶方面表現出色。承保仍然是一個重點，並繼續推動風險指標的改善，逾期率和損失率在本季度連續下降。

Skip/stolen loss rate improved 100 basis points from the fourth quarter of last year to 4.8%, which was -- which we believe puts us on track to reach the mid- to low 4% range by the end of the year.

跳過/被盜損失率比去年第四季度提高了 100 個基點，達到 4.8%，我們相信這將使我們有望在年底前達到 4% 的中低水平。

Now shifting to Acima, the market remains challenging with merchants in our key categories, still experiencing weak traffic and transaction volume for larger ticket durable goods, especially furniture.

現在轉向 Acima，市場對我們主要類別的商家仍然充滿挑戰，大件耐用品（尤其是家具）的客流量和交易量仍然疲軟。

However, based on our analysis and talking with our key merchant partners, we believe we're at least holding share if not potentially gaining share. GMV was down 12.6% year-over-year, outperforming the mid-teens. Decline we projected on our last earnings call in February and a good sequential improvement from a 23.4% decrease in the fourth quarter of last year.

然而，根據我們的分析和與主要商業合作夥伴的交談，我們認為即使沒有潛在的份額，我們至少也持有份額。 GMV 同比下降 12.6%，表現優於中等水平。我們在 2 月份的最後一次財報電話會議上預計會下降，並且與去年第四季度下降 23.4% 相比有良好的環比改善。

The digital marketplace is contributing meaningfully to GMV, and we continue to add new merchants. Lease application volume was essentially in line with our assumptions and the upside came from better conversion rates, which we think was driven in part by our commercial initiatives to simplify the consumer and the merchant experience.

數字市場對 GMV 做出了有意義的貢獻，我們將繼續增加新的商家。租賃申請量基本符合我們的假設，上行空間來自更好的轉化率，我們認為這在一定程度上是由我們簡化消費者和商家體驗的商業舉措推動的。

Similar to Rent-A-Center, Acima also experienced a lower percentage of early payouts, which drove improved yields on the portfolio and increased gross profit margin in the quarter by 514 basis points.

與 Rent-A-Center 類似，Acima 的早期支出比例也較低，這推動了投資組合收益率的提高，並將本季度的毛利率提高了 514 個基點。

I'm also really pleased with the progress the enterprise sales team has made, and we're currently in discussions with several large potential retail partners. Importantly, there's been a notable increase in our pipeline over the past few quarters. As we've talked about before, large enterprise accounts have long sales cycles, but we believe we're making solid progress.

我也對企業銷售團隊取得的進展感到非常高興，我們目前正在與幾家大型潛在零售合作夥伴進行討論。重要的是，在過去的幾個季度中，我們的管道顯著增加。正如我們之前談到的，大型企業客戶的銷售週期很長，但我們相信我們正在取得穩固的進展。

Now moving to the outlook for 2023, we remain focused on driving profitable growth and controlling costs to support margins and cash flow. Additionally, we're also making progress on opportunities to offer our customer additional financial solutions.

現在轉向 2023 年的展望，我們仍然專注於推動盈利增長和控製成本以支持利潤率和現金流。此外，我們還在為客戶提供額外金融解決方案的機會方面取得進展。

We'll have more to say on these and other strategic initiatives at our upcoming investor event on May 24 in New York City. I sure hope you'll be able to join us on the 24th.

我們將於 5 月 24 日在紐約市舉行的即將舉行的投資者活動中就這些和其他戰略舉措發表更多意見。我當然希望你能在 24 日加入我們。

Top priorities for the year have not changed. For the Rent-A-Center business, it is to grow and retain the customer base. We'll do this by expanding access to products and brands through our extended aisle offerings and by improving customer experience and engagement along numerous fronts. We plan to continue to invest in technology to enhance the digital and omnichannel journey for customers. And on top of these priorities, reducing loss rates back towards 4%, of course, remains a key focus.

今年的首要任務沒有改變。對於 Rent-A-Center 業務，它是為了發展和留住客戶群。為此，我們將通過擴展的過道產品擴大對產品和品牌的訪問，並在多個方面改善客戶體驗和參與度。我們計劃繼續投資於技術，以增強客戶的數字化和全渠道之旅。當然，除了這些優先事項之外，將損失率降低迴 4% 仍然是一個關鍵重點。

Top priorities for Acima include optimizing performance with existing merchants, growing the merchant base, including small to medium-sized business and enterprise accounts continuing to optimize underwriting and continuing to enhance our technology capabilities. This includes recovery and account management improvements by leveraging the expertise and footprint of our Rent-A-Center business. We'll also continue to assess ramping up our direct-to-consumer solutions as market conditions become more supportive.

Acima 的首要任務包括優化現有商戶的績效，擴大商戶基礎，包括中小型企業和企業賬戶，繼續優化承保並繼續增強我們的技術能力。這包括通過利用我們的 Rent-A-Center 業務的專業知識和足跡來改進恢復和帳戶管理。隨著市場條件變得更加有利，我們還將繼續評估增加我們直接面向消費者的解決方案。

We also recently published our second annual sustainability report, which highlights the solid steps we've taken in the past year and the robust plans for the coming year. So a lot going on, really pleased that we got the our second annual sustainability report out recently.

我們最近還發布了第二份年度可持續發展報告，其中強調了我們在過去一年中採取的堅實步驟以及來年的穩健計劃。發生了很多事情，真的很高興我們最近發布了第二份年度可持續發展報告。

And in closing -- in my closing, I just want to thank the entire team for their continued effort and dedication really was I've been impressed with the progress we made over the last year, and our opportunity going forward is tremendous. And I just see more great things coming.

最後——在我的結束語中，我只想感謝整個團隊的持續努力和奉獻精神，我對去年取得的進步印象深刻，我們前進的機會是巨大的。我只是看到更多偉大的事情即將到來。

So with that, I'll turn the call over to Fahmi.

因此，我將把電話轉給 Fahmi。

Thank you, Mitch, and good morning, everyone. I'll start today with a review of the first quarter results and then discuss our fiscal year 2023 guidance, after which we will take questions.

謝謝你，米奇，大家早上好。今天我將首先回顧第一季度的業績，然後討論我們的 2023 財年指引，之後我們將回答問題。

Beginning on Page 6 of the presentation. As Mitch noted, we are off to a good start relative to our initial outlook for the year. The first quarter results were highlighted by continued improvement in loss rates expansion of our margins at Acima and strong overall execution despite a challenging macro backdrop.

從演示文稿的第 6 頁開始。正如 Mitch 指出的那樣，相對於我們今年的初步展望，我們有了一個良好的開端。儘管宏觀背景充滿挑戰，但 Acima 利潤率的損失率持續改善以及整體執行力強勁，凸顯了第一季度業績。

Consolidated revenue for the first quarter was down 12.4% year-over-year. Driven by a 19.3% decrease for Acima and a 6.5% decrease for the Rent-A-Center business. Looking at revenue categories, the dollar value decrease was almost evenly split between rentals and fees revenue and merchandise sales revenue.

第一季度的綜合收入同比下降 12.4%。受 Acima 下降 19.3% 和 Rent-A-Center 業務下降 6.5% 的推動。從收入類別來看，租金和費用收入與商品銷售收入的美元價值下降幾乎平分秋色。

Rentals and fee revenues were down 8.6%, reflecting lower portfolio values for both businesses during the first quarter of this year. Merchandise sales revenues decreased 30% due to fewer customers electing early purchase options and a smaller Acima portfolio that resulted from a 23% year-over-year decline in GMV for the second half of 2022.

租金和費用收入下降了 8.6%，反映出今年第一季度這兩項業務的投資組合價值較低。由於選擇提前購買選項的客戶減少以及 2022 年下半年 GMV 同比下降 23% 導致 Acima 產品組合規模縮小，商品銷售收入下降了 30%。

Consolidated gross margin was 49.8% and increased 298 basis points year-over-year. The margin expansion was driven by a few factors, including a higher mix of Rent-A-Center segment revenue, a higher mix of rental and fee revenue in the current year period for both businesses and a higher portfolio yield for the Acima business in the current year.

綜合毛利率為 49.8%，同比增長 298 個基點。利潤率的增長是由幾個因素推動的，包括 Rent-A-Center 部門收入的更高組合，兩個業務在本年度期間的租金和費用收入的更高組合以及 Acima 業務在美國的投資組合收益率更高今年。

We continue to manage costs well in the first quarter with consolidated operating expenses, excluding skip/stolen losses down 6.1% year-over-year. On a 6.1% decrease in labor costs, 15.4% decrease in general and administrative costs and other operating costs down low single digits.

我們在第一季度繼續很好地管理成本，合併運營費用，不包括跳過/被盜損失同比下降 6.1%。在勞動力成本下降 6.1% 的基礎上，一般和行政成本下降 15.4%，其他運營成本下降至低個位數。

Our disciplined approach to underwriting is working. As a consolidated skip/stolen loss rate decreased year-over-year, led by a 370 basis point improvement for Acima. Loss rates also improved 40 basis points sequentially and led by a 100 basis point improvement for the Rent-A-Center business.

我們嚴格的承銷方法正在奏效。由於綜合遺漏/被盜損失率同比下降，其中 Acima 提高了 370 個基點。虧損率也環比提高了 40 個基點，其中 Rent-A-Center 業務的虧損率提高了 100 個基點。

First quarter consolidated adjusted EBITDA of $111.5 million increased 12.1% year-over-year with 136% growth for Acima and 16% lower corporate costs, partially offset by a 31% decline for Rent-A-Center. Adjusted EBITDA margin of 11% was up approximately 240 basis points compared to the prior year period with approximately 930 basis points of margin expansion for Acima partially offset by approximately 550 basis points of contraction for the Rent-A-Center. I will provide more detail on the segment results on the next few slides.

第一季度綜合調整後 EBITDA 為 1.115 億美元，同比增長 12.1%，其中 Acima 增長 136%，企業成本降低 16%，部分被 Rent-A-Center 下降 31% 所抵消。調整後的 EBITDA 利潤率為 11%，與去年同期相比上升了約 240 個基點，其中 Acima 約 930 個基點的利潤率擴張部分被 Rent-A-Center 約 550 個基點的收縮所抵消。我將在接下來的幾張幻燈片中提供有關細分結果的更多詳細信息。

Looking below the line, first quarter net interest expense was $27.7 million compared to $18.9 million in the prior year due to an approximately 400 basis point year-over-year increase in variable benchmark rates that affected our variable rate debt, which was approximately $900 million at quarter end.

在線下看，第一季度淨利息支出為 2770 萬美元，而去年同期為 1890 萬美元，原因是可變基準利率同比增長約 400 個基點，影響了我們的可變利率債務，約為 9 億美元在季末。

The effective tax rate on a non-GAAP basis was 27.4% compared to 25.2% in the prior year. The non-GAAP diluted average share count was 56.4 million in the quarter compared to 60.1 million in the prior year period.

按非美國通用會計準則計算的有效稅率為 27.4%，上年為 25.2%。本季度非 GAAP 攤薄平均股數為 5640 萬股，而去年同期為 6010 萬股。

GAAP earnings per share was $0.84 in the first quarter compared to an $0.08 loss in the prior year period. After adjusting for special items that we believe do not reflect the underlying performance of our business, non-GAAP diluted EPS was $0.83 in the first quarter of 2023 compared to $0.74 in the prior year period.

第一季度 GAAP 每股收益為 0.84 美元，而去年同期為虧損 0.08 美元。在對我們認為不能反映我們業務基本業績的特殊項目進行調整後，2023 年第一季度非 GAAP 攤薄後每股收益為 0.83 美元，而去年同期為 0.74 美元。

During the first quarter, we generated $95.9 million of free cash flow compared to $188.9 million in the prior year period. We distributed a quarterly dividend of $0.34 per share. Additionally, we paid down $42.6 million of our term loan and finished with a net leverage ratio of 2.6x, down from 2.8x at the end of the fourth quarter.

第一季度，我們產生了 9590 萬美元的自由現金流，而去年同期為 1.889 億美元。我們派發了每股 0.34 美元的季度股息。此外，我們還清了 4260 萬美元的定期貸款，淨槓桿率為 2.6 倍，低於第四季度末的 2.8 倍。

Drilling down to segment results starting on Page 7. The Rent-A-Center business lease portfolio was down 3.2% year-over-year, which drove a 3.8% decrease in the first quarter, rental and fees revenue and contributed to a 26.6% decrease in merchandise sales revenue. Merchandise sales were also impacted by fewer customers electing early payout options compared to the prior year.

從第 7 頁開始深入查看細分結果。Rent-A-Center 業務租賃組合同比下降 3.2%，導致第一季度租金和費用收入下降 3.8%，貢獻了 26.6%商品銷售收入減少。與上一年相比，商品銷售也受到選擇提前付款選項的客戶減少的影響。

Total segment revenues decreased 6.5% year-over-year with same-store sales down 6.6%. Skip/stolen losses increased 90 basis points year-over-year to 4.8% but decreased 100 basis points on a sequential basis consistent with our forecast assumptions. Past due rates continued to move lower in the first quarter, validating the underwriting changes initiated over the past few quarters and supporting our outlook for additional loss rate improvement over the course of the year.

分部總收入同比下降 6.5%，同店銷售額下降 6.6%。跳過/被盜損失同比增加 90 個基點至 4.8%，但連續下降 100 個基點，這與我們的預測假設一致。第一季度的逾期利率繼續走低，驗證了過去幾個季度發起的承保變化，並支持我們對全年損失率進一步改善的展望。

Adjusted EBITDA margin for the first quarter decreased 550 basis points year-over-year to 15.2%, primarily due to the deleveraging effect of lower revenues on fixed costs. As well as higher loss rates compared to the prior year period. This was reflected by a 280 basis point year-over-year increase in the ratio of operating expenses, excluding losses as a percent of revenue despite the expense dollars remaining flat.

第一季度調整後的 EBITDA 利潤率同比下降 550 個基點至 15.2%，這主要是由於固定成本收入下降的去槓桿化效應。以及與去年同期相比更高的損失率。這反映在運營費用比率同比增長 280 個基點上，儘管費用美元保持不變，但不包括損失佔收入的百分比。

Moving on to Acima. Active merchant count was up modestly year-over-year for the first quarter and average ticket size was up low single digits. Open lease count was down low teens year-over-year as a result of a mid- to high-teens decrease in cumulative GMV for the trailing 3 quarters. This drove a 19.3% year-over-year decrease in revenues with rentals and fee revenue down 14.4% and merchandise sales revenue down 31.3%.

繼續前往 Acima。第一季度活躍商戶數量同比小幅增長，平均客單量呈低個位數增長。由於過去 3 個季度累計 GMV 的中高位下降，開放租賃數量同比下降了十幾位低位。這導致收入同比下降 19.3%，租金和費用收入下降 14.4%，商品銷售收入下降 31.3%。

As Mitch noted earlier, there was a meaningful shift away from customers using early buyout option in the first quarter this year, which drove 514 basis points of gross margin expansion for Acima compared to the prior year period.

正如 Mitch 早些時候指出的那樣，今年第一季度客戶使用提前買斷選項的方式發生了重大轉變，與去年同期相比，這推動 Acima 的毛利率增長了 514 個基點。

As a reminder, the yield on early buyout transactions is relatively modest due to higher cost of goods in the Acima segment. Consequently, this does not require a large change in customer behavior to impact profitability. Importantly to note, it is too early to note this shift is temporary or sustainable or how this translates into future performance in this environment.

提醒一下，由於 Acima 部分的商品成本較高，早期收購交易的收益率相對適中。因此，這不需要客戶行為發生重大變化即可影響盈利能力。需要注意的重要一點是，現在就指出這種轉變是暫時的或可持續的，或者這將如何轉化為這種環境下的未來表現還為時過早。

Considering the proximity of the tax season and the fact that tax refunds were reported to be down by an average of approximately 10% this year, some customers may have lacked the funds to exercise early options this tax season which kept our portfolio values above our expectations. If this trend continues, the consumers remain on rent longer, then this could support continued upside to our margins.

考慮到稅收季節的臨近以及據報導今年退稅平均下降約 10%，一些客戶可能缺乏資金在這個稅收季節提前行使期權，這使我們的投資組合價值高於我們的預期.如果這種趨勢持續下去，消費者的租房時間會更長，那麼這可能會支持我們的利潤率繼續上行。

However, if this trend is either temporary or a sign of future higher charge-offs that could put pressure on margins and losses and lead to further underwriting actions. Skip/stolen losses decreased 370 basis points year-over-year to 8.9%. Underwriting changes made in the first half of last year and our continuous monitoring of higher risk segments has continued to benefit losses since the highs seen earlier in 2022.

然而，如果這種趨勢是暫時的，或者是未來更高沖銷的跡象，可能會對利潤率和損失造成壓力，並導致進一步的承保行動。跳過/被盜損失同比下降 370 個基點至 8.9%。自 2022 年初的高點以來，去年上半年的承保變化以及我們對高風險領域的持續監測繼續使損失受益。

Looking at just the virtual channel, which is the majority of the Acima segment, loss rates were 7.7% and within the 6% to 8% range that we had originally expected for the business. Adjusted EBITDA of $68.6 million was up 136% year-over-year. With lower losses, higher portfolio yield and lower operating costs more than offsetting lower revenue.

僅看佔 Acima 細分市場大部分的虛擬渠道，損失率為 7.7%，在我們最初對該業務預期的 6% 至 8% 範圍內。調整後的 EBITDA 為 6860 萬美元，同比增長 136%。較低的損失、較高的投資組合收益率和較低的運營成本足以抵消較低的收入。

Adjusted EBITDA margin of 14.2% increased 932 basis points year-over-year. The results of our franchise segment were relatively unchanged compared to the prior year, and our Mexico segment adjusted EBITDA was down approximately $1 million due to higher loss rates.

調整後的 EBITDA 利潤率為 14.2%，同比增長 932 個基點。與上一年相比，我們的特許經營部門的業績相對沒有變化，而我們的墨西哥部門調整後的 EBITDA 由於更高的損失率而下降了約 100 萬美元。

Corporate costs were 16% lower compared to the prior year, reflecting lower general and administrative costs. Shifting to the 2023 financial outlook. Note that references to growth or decreases generally refer to year-over-year changes unless otherwise stated. Most of my commentary will be focused on non-GAAP results.

公司成本與上一年相比降低了 16%，反映了一般和行政成本的降低。轉向 2023 年的財務展望。請注意，除非另有說明，否則提及的增長或下降通常是指同比變化。我的大部分評論將集中在非 GAAP 結果上。

Our revised forecast incorporates the strong start to the year and our cautious approach in this uncertain environment. For the full year, we expect to generate revenue of $3.8 billion to $4 billion, unchanged from our previous guidance.

我們修訂後的預測結合了今年的強勁開局和我們在這種不確定環境中採取的謹慎態度。對於全年，我們預計將產生 38 億至 40 億美元的收入，與我們之前的指導持平。

Adjusted EBITDA is now expected to be $395 million to $435 million, excluding stock-based compensation of approximately $23 million. We are projecting similar to slightly lower margins compared to the prior year and to the first quarter as we expect gross margins to compress from high seen this quarter. We are increasing our target range for fully diluted adjusted earnings per share to $2.70 to $3.20, which assumes a fully diluted average share count of 56.7 million with no share repurchases built into the forecast throughout the year.

調整後的 EBITDA 現在預計為 3.95 億美元至 4.35 億美元，不包括約 2300 萬美元的股票薪酬。與去年和第一季度相比，我們預計利潤率將略有下降，因為我們預計毛利率將從本季度的高位壓縮。我們將完全稀釋後調整後每股收益的目標範圍提高到 2.70 美元至 3.20 美元，假設全年預測中完全稀釋後的平均股數為 5670 萬股，並且沒有股票回購。

For the year, we expect $200 million to $235 million of free cash flow, net interest expense of $105 million to $110 million and an effective tax rate of approximately 26.5%. Our forecast assumes a macroeconomic backdrop consistent with existing conditions, continued discipline and targeted underwriting, persistent inflation and a slight increase in unemployment.

今年，我們預計自由現金流為 2 億至 2.35 億美元，淨利息支出為 1.05 億美元至 1.1 億美元，有效稅率約為 26.5%。我們的預測假設宏觀經濟背景與現有條件、持續的紀律和有針對性的承保、持續的通貨膨脹和失業率略有上升相一致。

Our outlook does not assume that the shift away from early purchase options that we experienced in the first quarter will continue throughout the rest of the year. We are also not including a meaningful shift or increase in applicants from trade down.

我們的展望並不假設我們在第一季度經歷的早期購買選擇的轉變將在今年餘下時間繼續。我們也不包括申請人因降價而發生的有意義的轉變或增加。

For Acima, no change to our full year 2023 GMV expectations of down mid-single digits year-over-year. We expect merchant partner volumes will remain under pressure from the prevailing macroeconomic conditions and the continued impact of the significant demand pull forward. We expect GMV to be down mid- to high single digits in the second quarter.

對於 Acima，我們對 2023 年全年 GMV 同比下降中個位數的預期沒有變化。我們預計商家合作夥伴的交易量將繼續受到當前宏觀經濟狀況和顯著需求拉動的持續影響的壓力。我們預計第二季度 GMV 將下降到中高個位數。

For the second half of the year, we expect GMV will be flat to up low single digits. Although we are not changing our GMV outlook, as we've previously commented, application volumes are down across our retail partners, especially in furniture, which is our biggest segment.

對於今年下半年，我們預計 GMV 將持平至低個位數增長。儘管我們沒有改變我們的 GMV 前景，但正如我們之前評論的那樣，我們零售合作夥伴的申請量有所下降，尤其是家具，這是我們最大的細分市場。

Despite this headwind, we have demonstrated our ability to shift our mix to other product categories and believe we will be able to substantially offset the softening in furniture demand with merchant growth, digital volume and other sales initiatives.

儘管存在這種不利因素，我們已經證明了我們有能力將我們的產品組合轉移到其他產品類別，並且相信我們將能夠通過商家增長、數字量和其他銷售計劃來大幅抵消家具需求的疲軟。

Similar to GMV, we are not changing our Acima revenue outlook for the year and continue to expect revenues will be down low double digits to low teens. Based on the first quarter gross margin expansion, we are increasing our full year Acima adjusted EBITDA margin to be in the low double digits to low teens range and be towards the bottom end of the range in the second half of the year.

與 GMV 類似，我們不會改變 Acima 今年的收入前景，並繼續預計收入將下降兩位數至十幾歲以下。基於第一季度毛利率的擴張，我們將全年 Acima 調整後的 EBITDA 利潤率提高到低兩位數到低十幾歲的範圍內，並在今年下半年接近該範圍的底部。

We expect loss rates for the full year in the 8.5% to 9.5% range. The biggest variable we see is whether the shift from early payoffs was a onetime event related to lower tax refunds or a sustainable change in consumer behavior and whether this dynamic in the first quarter will have an impact on delinquencies and losses going forward.

我們預計全年虧損率在 8.5% 至 9.5% 之間。我們看到的最大變數是，提前還款的轉變是與退稅減少相關的一次性事件，還是消費者行為的可持續變化，以及第一季度的這種動態是否會對未來的拖欠和損失產生影響。

Based on the unit economics of a lease transaction, this shift has a disproportionate impact on margin and profits. For the Rent-A-Center segment, no major changes to our outlook, except we do expect slightly better losses, especially in the second quarter as our underwriting changes continue to work through the portfolio.

根據租賃交易的單位經濟效益，這種轉變對利潤率和利潤產生了不成比例的影響。對於 Rent-A-Center 部分，我們的前景沒有重大變化，除了我們確實預計損失會略有好轉，特別是在第二季度，因為我們的承保變化繼續通過投資組合發揮作用。

We now expect losses to be in the 4.5% area for the full year versus ending the year at 4.5%. To reiterate our previous guidance, we expect 2023 revenues and same-store sales to be down in the low to mid-single-digit range and adjusted EBITDA margin to be in the mid-teens throughout the year.

我們現在預計全年虧損將在 4.5% 左右，而年底為 4.5%。重申我們之前的指引，我們預計 2023 年的收入和同店銷售額將下降到中低個位數範圍內，調整後的 EBITDA 利潤率將在全年處於十幾歲左右。

We expect the Mexico and franchising businesses will generate similar results to 2022. Corporate costs are still expected to increase mid-single digits. For the second quarter, we expect some of the momentum from the first quarter to carry over and for the total consolidated revenue to be down in the high single to low double digits year-over-year with adjusted EBITDA margin in the 10% to 11% range.

我們預計墨西哥和特許經營業務將產生與 2022 年類似的結果。企業成本預計仍將以中個位數增長。對於第二季度，我們預計第一季度的一些勢頭將延續，總合併收入將同比下降高個位數至低兩位數，調整後的 EBITDA 利潤率為 10% 至 11% ％ 範圍。

Interest expense and share count should be similar to the first quarter of 2023, and the tax rate should be approximately 26%. Regarding capital allocation, the top priorities continue to be reinvestment in the business dividend payments and debt reduction. We are committed to paying down debt as demonstrated in the first quarter as we reduced gross debt by over $40 million and reduced leverage to 2.6x.

利息支出和股份數量應與 2023 年第一季度相似，稅率應約為 26%。在資本配置方面，首要任務仍然是對業務股息支付和債務減少進行再投資。正如第一季度所證明的那樣，我們致力於償還債務，因為我們將總債務減少了超過 4000 萬美元，並將槓桿率降至 2.6 倍。

Over the long term, we continue to target a 1.5x debt-to-EBITDA ratio, but we will also appropriately weigh near-term opportunities to allocate capital that generate favorable risk-adjusted returns and create shareholder value especially if consumer payment behavior remains strong, benefiting our margins and increasing our free cash flow.

從長遠來看，我們將繼續以 1.5 倍的債務與 EBITDA 比率為目標，但我們也會適當權衡近期機會，以分配資本以產生有利的風險調整後回報並創造股東價值，尤其是在消費者支付行為保持強勁的情況下，有利於我們的利潤率並增加我們的自由現金流。

In summary, we are encouraged by the progress the company has made over the past year successfully executing a range of initiatives that have contributed to a solid start. There are several tailwinds that position us to continue to outperform our initial outlook, including disciplined underwriting standards based on our data analytics and a resilient portfolio, at the same time, we understand that there is still a high level of external uncertainties today and demand may continue to be under pressure for durable goods.

總而言之，我們對公司在過去一年中取得的進展感到鼓舞，這些進展成功地執行了一系列有助於實現良好開端的舉措。有幾個有利因素使我們能夠繼續超越我們最初的展望，包括基於我們的數據分析的嚴格承保標準和有彈性的投資組合，與此同時，我們了解到今天仍然存在高度的外部不確定性，需求可能繼續承受耐用品的壓力。

So as we look out over the rest of the year, we are cautiously optimistic, which is why we raised our full year 2023 adjusted EBITDA and adjusted EPS guidance. Longer term, we believe we have a compelling opportunity to create value for shareholders. With a resilient cash flow generating business that also has significant opportunities for long-term growth.

因此，當我們展望今年剩餘時間時，我們持謹慎樂觀態度，這就是我們上調 2023 年全年調整後 EBITDA 和調整後 EPS 指引的原因。從長遠來看，我們相信我們有一個為股東創造價值的絕佳機會。具有彈性的現金流產生業務，也有長期增長的重要機會。

Thank you for your time this morning. We will now turn the call over for your questions.

謝謝你今天早上的時間。我們現在將把電話轉過來回答您的問題。

(Operator Instructions) Our first question comes from the line of Bobby Griffin from Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Bobby Griffin。

Congrats on delivering some upside this quarter. I guess first, and it's more of a high-level question. I was just curious, what does the guidance assume the change in tax refund means? Because on one side, you have people on lease longer, so the portfolio can be larger and that could generate better earnings.

祝賀您在本季度取得了一些進步。我猜首先，這更像是一個高級問題。我只是好奇，指南假設退稅的變化意味著什麼？因為一方面，人們的租期更長，因此投資組合可以更大，從而產生更好的收益。

But on the other side, this can mean that these consumers now are facing more additional hard shift because they didn't get the same level of refunds they typically depend on. So just curious kind of how you guys are backing that and what you assumed that means within the guidance.

但另一方面，這可能意味著這些消費者現在面臨更多額外的艱難轉變，因為他們沒有得到他們通常所依賴的相同水平的退款。所以很好奇你們是如何支持它的，以及你們認為這在指南中意味著什麼。

Bobby, thanks for the question. So I think you nailed it as far as kind of the balance that we try to between kind of the uncertainty that we're seeing from this tax season. So as far as our guidance and the outlook, what we're assuming is that our payment behavior from our consumers kind of reverts back.

鮑比，謝謝你的提問。因此，我認為就我們試圖在我們從這個稅收季節看到的各種不確定性之間取得平衡而言，你已經做到了。因此，就我們的指導和前景而言，我們假設我們的消費者支付行為有點恢復。

We don't expect this type of performance or behavior from an early payout standpoint to continue. So we're assuming that our gross margins compress from the first quarter throughout the remainder of the year. We did note that the second quarter, we'll have some of this momentum carry into it. We've seen that in April so far.

從早期支付的角度來看，我們不希望這種類型的表現或行為繼續下去。因此，我們假設我們的毛利率從第一季度開始壓縮到今年剩餘時間。我們確實注意到第二季度，我們將把這種勢頭帶入其中。到目前為止，我們已經在四月份看到了這一點。

But throughout the rest of the year, the gross margin should come back down to we initially thought coming into the year. As far as losses go we mentioned, we reiterated 8.5% to 9.5%. So we did lower it a little bit from our initial guidance, but we kept the top end of the range, just given that level of uncertainty.

但在今年餘下的時間裡，毛利率應該會回落到我們最初認為進入今年的水平。就我們提到的損失而言，我們重申了 8.5% 至 9.5%。因此，我們確實將其從最初的指導中降低了一點，但考慮到這種不確定性，我們保持了範圍的上限。

And for Rent-A-Center, we mentioned that we've seen a continued benefit from both delinquencies and losses. And so we continue to expect that to play itself through the portfolio and really perform well for the rest of the year and why we lowered the loss forecast to 4.5% for the full year. So the guidance really is around things kind of normalizing and not continuing the way we saw in the first quarter.

對於 Rent-A-Center，我們提到我們已經從拖欠和損失中看到了持續的好處。因此，我們繼續期望它能通過投資組合發揮作用，並在今年餘下時間真正表現良好，這也是我們將全年虧損預測下調至 4.5% 的原因。因此，指導實際上是圍繞正常化而不是繼續我們在第一季度看到的方式進行的。

Yes, I think I'd add to that, Bobby -- sorry, Bobby, this is Mitch. I just was going to add to that. Certainly, when Fahmi was talking about normalizing from a payout standpoint, certainly, if they stay lower, that's upside. When it comes to payments, we certainly are forecasting everyone being able to pay us perfectly, even though they weren't able to pay out.

是的，我想我還要補充一點，Bobby——對不起，Bobby，我是 Mitch。我只是想補充一點。當然，當 Fahmi 從支出的角度談論正常化時，當然，如果他們保持較低的水平，那就是上行空間。在支付方面，我們當然預測每個人都能完美地支付給我們，即使他們無法支付。

Obviously, muted tax season is going to put some pressure on payments going forward. So we tried to walk that line in our guidance with a lot of uncertainty, whereas if you assumed everybody was just going to pay us fine now that they didn't pay out, especially on the Acima side, you'd be quite a bit higher than what we guided to. But you can't assume that. I think it'd be wrong to assume that.

顯然，低調的稅收季節會給未來的支付帶來一些壓力。因此，我們試圖在我們的指南中走這條線，但存在很多不確定性，而如果你假設每個人現在都不會支付罰款，特別是在 Acima 方面，你會相當多高於我們的指導。但你不能這樣假設。我認為這樣假設是錯誤的。

Some are going to default on us in -- it doesn't mean we'll necessarily lose money. People -- the margins are so low on the payouts and somebody gets a couple of months further into it and then defaults we probably still made more than if they would have -- if they did the 90-day payout, especially on the Acima side, where you don't get that difference between wholesale and retail. So it's a fine line, it's certainly going to -- it's going to put some pressure on payments going forward, and we factored that in. And with all the uncertainty, we think we factored it in appropriately.

有些人會違約——這並不意味著我們一定會賠錢。人們 - 支出的利潤率如此之低，有人進一步進入幾個月然後違約我們可能仍然比他們會做的更多 - 如果他們支付 90 天的支出，特別是在 Acima 方面，批發和零售之間沒有區別。所以這是一條很好的路線，它肯定會 - 它會給未來的付款帶來一些壓力，我們已經考慮到了這一點。儘管存在所有不確定性，但我們認為我們適當地考慮了它。

Okay. I appreciate that. That's helpful. And then I guess secondly for me, just on the GMV upside, I guess, versus our original expectations here in Acima. I was curious on that, what do you think is driving that? Is that the potential trade down that you're starting to see?

好的。我很感激。這很有幫助。然後我想其次對我來說，只是在 GMV 上行，我想，與我們在 Acima 的最初預期相比。我對此很好奇，你認為是什麼驅動了它？這是你開始看到的潛在交易嗎？

Because I think for most of our checks, you'd say retail likely weakened during the quarter. And it looks like your GMV based on when we talked last, actually got a little bit better as we move through 1Q. So just curious on what you think drove kind of that directional change versus the corresponding just retail trends that we saw from a top line standpoint?

因為我認為對於我們的大多數支票，您會說本季度零售業可能疲軟。看起來你的 GMV 基於我們上次談話的時間，實際上隨著我們進入第一季度而變得更好了一點。所以只是好奇你認為是什麼推動了這種方向性變化，而不是我們從頂線的角度看到的相應的零售趨勢？

Yes. Good question. I think it was primarily in conversion rate because the retail traffic wasn't great to your point. So a lot of it was conversion rate. There's probably some trade down and there we're certainly seeing trade down.

是的。好問題。我認為這主要是轉化率，因為零售流量對您來說並不好。所以很多是轉化率。可能有一些交易下降，我們肯定會看到交易下降。

And as we mentioned in the prepared comments and that even more so more recently than if you go back to the beginning of the first quarter, there wasn't a whole lot you could see. But certainly, as the quarter went on and you get into April, you see it more pronounced like I said, as we mentioned, but conversion rate was higher.

正如我們在準備好的評論中提到的，甚至比你回到第一季度初更近，你看不到太多東西。但可以肯定的是，隨著季度的進行，進入 4 月，你會看到它更明顯，就像我們提到的那樣，但轉化率更高。

I think we've done a good job on the flow and getting -- making the flow better from a technology standpoint, from a conversion rate standpoint. I think we got some help from the -- we did have merchant growth in our -- in the Acima segment. So we put on more, we're still adding merchants.

我認為我們在流程和獲取方面做得很好——從技術的角度，從轉化率的角度來看，讓流程變得更好。我認為我們從 Acima 細分市場中得到了一些幫助——我們確實在我們的業務中實現了商業增長。所以我們增加了，我們還在增加商家。

We haven't signed any real big ones yet, but we're still adding merchants, hundreds of merchants in the first quarter. I think it was around 400 merchants added in the first quarter net add in the first quarter. So we're adding merchants. Certainly, the conversion rate as we continue to improve the technology in the marketplace. Our online marketplace had good growth in it.

我們還沒有簽下任何真正的大公司，但我們仍在增加商家，第一季度有數百家商家。我認為第一季度淨增約有 400 家商家。所以我們正在添加商家。當然，隨著我們不斷改進市場上的技術，轉化率也會提高。我們的在線市場增長良好。

So I think when you put all that together, the merchant productivity was higher with the conversion rate. We added merchants in the marketplace and we were, yes, 2%, 3% better than we thought we'd be from a GMV standpoint, and quite an improvement from last quarter when we were down 23% to be down just 12%, which we're not happy to being down 12%, don't get me wrong. And then we think we can get back to flat by the third quarter and fourth quarter flat to slightly positive. Second quarter will be better than the first quarter. So it's trending in a real positive direction. And again, our online direct-to-consumer marketplace as a part of that as well.

所以我認為當你把所有這些放在一起時，商家的生產力隨著轉化率的提高而提高。我們在市場上增加了商家，是的，從 GMV 的角度來看，我們比我們想像的要好 2%、3%，而且比上個季度我們下降 23% 僅下降 12% 的情況有了很大改善，我們對下降 12% 感到不高興，請不要誤會我的意思。然後我們認為我們可以在第三季度和第四季度恢復平穩到略微積極。二季度會好於一季度。所以它正朝著真正積極的方向發展。同樣，我們的在線直接面向消費者的市場也是其中的一部分。

I appreciate the detail, best luck here in the second quarter.

我很欣賞細節，祝你在第二季度好運。

Our next question comes from the line of Jason Haas from Bank of America.

我們的下一個問題來自美國銀行的 Jason Haas。

So maybe to start, I was looking at the chart that showed the past due rates in the slide deck. And it looks like the Rent-A-Center past periods have come down nicely over the past few months, whereas like Acima has been flat or even slightly up. Is there anything to read from those trends? I know it's just a few months here, but I'm curious if there's anything to note between those 2 businesses.

所以也許首先，我正在查看幻燈片中顯示逾期到期利率的圖表。在過去的幾個月裡，Rent-A-Center 過去的時期看起來已經很好地下降了，而 Acima 則持平甚至略有上升。從這些趨勢中有什麼可讀的嗎？我知道這才幾個月，但我很好奇這兩家公司之間是否有什麼值得注意的地方。

No, I think -- I would say, Jason, that Acima started tightening sooner than Rent-a-Center last year. And when you look at those past due rates or especially the losses, the past due rates compared to last year in the first quarter are quite a bit lower, even though they're pretty flat recently.

不，我想——我會說，Jason，Acima 比去年的 Rent-a-Center 更早開始收緊。當你查看那些逾期率，尤其是損失時，第一季度的逾期率與去年相比要低很多，儘管最近它們相當平穩。

But the losses you look on that same chart right above it, the 8.9% losses for the combined, the virtual and the acceptance now business, 8.9% combined, and that compares to 8.6% in the first quarter of 2021, which had to be about as low as you can get the first quarter of 2021 when you're talking about a stimulus standpoint.

但是你在上面的同一張圖表上看到的損失，虛擬和現在接受業務的合併損失為 8.9%，合併為 8.9%，而 2021 年第一季度為 8.6%，這必須是當你談論刺激的觀點時，大約是 2021 年第一季度的最低水平。

So we're pretty happy with where it is. We're also balancing it with GMV. We can always tighten more if we need to. And certainly, we'd look for areas where there's potential to drive more GMV. So I think the difference -- so the short answer to your question is the Acima tightened sooner and brought their delinquency down sooner than Rent-A-Center. And Rent-A-Center when they popped up, if you look at their chart when they popped up in the summer, and we started tightening pretty hard. You're really seeing the impact here in the first quarter. So I think it's really just a matter of timing of when one came down a lot versus the other one more level.

所以我們對它的位置非常滿意。我們也在用 GMV 來平衡它。如果需要，我們總是可以收緊更多。當然，我們會尋找有潛力推動更多 GMV 的領域。所以我認為區別 - 所以對你的問題的簡短回答是 Acima 比 Rent-A-Center 更早收緊並降低拖欠率。還有 Rent-A-Center 當他們突然出現時，如果你看看他們在夏天突然出現時的圖表，我們開始非常努力地收緊。你真的在第一季度看到了這裡的影響。所以我認為這真的只是一個時間問題，一個下降很多，另一個下降很多。

Got it. That's helpful. I know you've mentioned in the prepared remarks that you're starting to see the benefit of credit tightening and trade down, which is great because I know you've been looking for that for some time. Are you seeing more of the benefit in the Acima segment or in the Rent-A-Center segment?

知道了。這很有幫助。我知道你在準備好的評論中提到你開始看到信貸緊縮和貿易下降的好處，這很好，因為我知道你已經尋找了一段時間。您是否在 Acima 細分市場或 Rent-A-Center 細分市場中看到了更多收益？

I think probably slightly more in the Acima segment, but it's in both. It's certainly in both when we look at our third-party scores. It's a little more, I'd say, even quite analyzed exactly like that but Fahmi. I think it's a little more in Acima, but it's really in both.

我認為 Acima 部分可能稍微多一些，但兩者都有。當我們查看第三方分數時，這兩者肯定都存在。我會說，它還多一點，甚至完全像那樣分析，但 Fahmi。我認為它在 Acima 中更多一些，但實際上兩者都有。

It's on both sides. And then when you look at the Rent-A-Center business and you break it down between in-store and on the web, you see a really big difference in our third-party credit scores on the web, which could be a sign of trade down because new customers may not want to come into the store, we'd rather kind of test it out online. And so definitely signs over the last 2 or 3 months and into April, really on both sides of the business.

它在兩邊。然後，當你查看 Rent-A-Center 業務並將其分為店內和網絡時，你會發現我們在網絡上的第三方信用評分存在巨大差異，這可能表明以舊換新，因為新客戶可能不想進店，我們寧願在網上測試一下。因此，在過去的 2 或 3 個月和進入 4 月期間，確實在業務的雙方都簽署了協議。

Yes, it's a good point on the web. We're really happy with that. The e-com business continuing to grow on the rentacenter.com site.

是的，這是網絡上的一個好點。我們對此非常滿意。電子商務業務在 rentacenter.com 網站上持續增長。

Great. That's helpful. And if I could squeeze 1 more in. I was curious you talked about an expectation for acceleration in GMV through the year to get to, I think you said flat or slightly positive. Can you just talk about what the drivers are there?

偉大的。這很有幫助。如果我能再擠進一個。我很好奇你談到了對全年 GMV 加速的預期，我想你說持平或略微積極。你能談談那裡的驅動程序嗎？

Is that largely a function of you'll be lapping the credit tightening that took place last year. Is there anything else that gives you confidence that you should see an acceleration through the year on GMV?

這在很大程度上是因為你將應對去年發生的信貸緊縮。還有什麼能讓你相信你應該看到 GMV 在今年加速增長？

Yes. I think that -- to your point, that's the biggest reason is that we comped the tightening because it wasn't like we only take once last year, and it was one and done, February 1 or something like that or when Aaron Allred, came back and in grab a hold of the underwriting in early March or something. It wasn't like a one and done.

是的。我認為 - 就你的觀點而言，最大的原因是我們完成了緊縮，因為它不像我們去年只採取了一次，而是一次完成，2 月 1 日或類似的時間，或者當 Aaron Allred，回來並在三月初或其他什麼時候抓住承保。這不像一個完成的。

So yes, I think later in the year, we're fully capping it. We've got merchant growth, we continue to expect merchant growth over the course of the year that -- but again, the fully capping, the tightening is the biggest reason. But when you think about merchant growth a little better conversion rate based on some of the enhancements we've made to our technological flows and then the marketplace growing.

所以是的，我認為在今年晚些時候，我們將完全限制它。我們有商業增長，我們繼續預計這一年的商業增長——但同樣，完全封頂、緊縮是最大的原因。但是，當你考慮商家增長時，基於我們對技術流程所做的一些改進以及市場的增長，轉化率會有所提高。

I'll add to it -- to the #1 point that you made. Jason, maybe I'll add to that a little bit. Just going back to what Mitch mentioned earlier around our conversion rates and things like that. I really look at it also as part of us optimizing our underwriting we've been now tightening for almost a year or a little over a year and we continue to find ways to further penetrate our existing merchant network with just better underwriting and trying to find those pockets where we think we can potentially expand and in pockets where we find some higher risk and we need to contract.

我將添加到它 - 您提出的第一點。傑森，也許我會補充一點。回到米奇之前提到的關於我們的轉化率和類似的事情。我真的把它看作是我們優化承保的一部分，我們現在已經收緊了將近一年或一年多一點，我們繼續尋找方法進一步滲透我們現有的商業網絡，只是更好的承保並試圖找到那些我們認為我們有可能擴張的口袋和我們發現更高風險並且我們需要收縮的口袋。

So it's also just us optimizing our underwriting practices inside of our existing merchant base as well. And then also the mix, the mix of products and our ability to shift if furniture is having a rough couple of quarters, you shift into auto, you shipped jewelry, and we've demonstrated our ability to do that. And so those things, coupled with the comps gives us confidence that by the end of the year, we should start seeing some better year-over-year gains.

因此，這也只是我們在現有商家群中優化我們的承銷實踐。然後還有組合，產品組合和我們轉移的能力，如果家具有幾個季度，你轉向汽車，你運送珠寶，我們已經證明了我們有能力做到這一點。因此，這些事情加上 comps 讓我們有信心到今年年底，我們應該開始看到更好的同比增長。

The next question we have comes from the line of Vincent Caintic from Stephens.

我們的下一個問題來自 Stephens 的 Vincent Caintic。

First, on the Acima side, I wanted to talk a bit more on that merchant engagement. I guess on the existing partner side when thinking about same-store sales, how are the discussions going with merchants to drive more sales in this environment?

首先，在 Acima 方面，我想多談談商家的參與。我想在考慮同店銷售時，在現有合作夥伴方面，如何與商家進行討論以在這種環境下推動更多銷售？

And are you getting any more discussions perhaps to do -- from the merchants to promote more leasing or any other promotional activities? And then on the pipeline for new merchants, how are those discussions? And what are the potential maybe frictions or concerns that merchants are having before signing?

你是否有更多的討論要做——來自商家以促進更多的租賃或任何其他促銷活動？然後關於新商家的管道，這些討論如何？商家在簽約前有哪些潛在的摩擦或顧慮？

Yes. Sure, Vincent. Yes, it does seem to be picking up as far as the pipeline for new merchants. The SMB side, we continue to add, like I mentioned, like 400 in the quarter. So net -- so that continues on the SMB side, and there is a lot more activity on the bigger accounts, too. So I think there's -- that's starting to happen as far as the seeing tightening at prime and -- prime and near prime lenders. I think people are realizing that a lot of our current partners, Vincent, talked to us a lot about how -- if we can drive more traffic to them through our marketing, which we do because we've got millions of customers in our database that are already approved for dollars. We got millions of customers over the years, even going back before Acima from a Rent-a-Center standpoint.

是的。當然，文森特。是的，就新商家的渠道而言，它似乎確實在加速發展。在 SMB 方面，我們繼續增加，就像我提到的那樣，在本季度增加 400 個。所以淨 - 所以在 SMB 方面繼續，並且在更大的帳戶上也有更多的活動。所以我認為，就主要和接近主要貸款機構的緊縮情況而言，這種情況已經開始發生。我認為人們已經意識到，我們目前的許多合作夥伴 Vincent 與我們談了很多關於如何 - 如果我們可以通過營銷為他們帶來更多流量，我們這樣做是因為我們的數據庫中有數百萬客戶已經批准用於美元。多年來，我們擁有數百萬客戶，甚至從 Rent-a-Center 的角度來看，甚至可以追溯到 Acima 之前。

So we've got a lot of customers to market to. And so as retailers, especially in the furniture space, where it's been slower as they ask for help and how we can drive more business. We certainly try to spread our marketing around to those merchants. And I think that's one of the reasons that our channel checks, they were gaining a little bit of share and not going backwards at all and actually gaining share compared to some of their other options.

所以我們有很多客戶要推銷。因此，作為零售商，尤其是在家具領域，他們尋求幫助以及我們如何推動更多業務的速度較慢。我們當然會嘗試將我們的營銷傳播到這些商家。而且我認為這是我們的渠道檢查的原因之一，他們獲得了一點份額並且根本沒有倒退並且與他們的其他一些選擇相比實際上獲得了份額。

It's been especially tough for some of our furniture partners. And again, we're doing all we can to help from a -- with the marketing side. But yes, there is more chatter around that as I think the prime and near prime lenders tighten.

對於我們的一些家具合作夥伴來說，這尤其艱難。再一次，我們正在盡我們所能從營銷方面提供幫助。但是，是的，隨著我認為優質和接近優質的貸方收緊，圍繞這個問題的討論越來越多。

Okay. That's great. And finally, switching over to the funding side, just with some of these broader macro concerns in some of the -- some of these banks going under and maybe some pulling back on availability of credit.

好的。那太棒了。最後，轉向融資方面，只是在一些更廣泛的宏觀問題上——其中一些銀行倒閉，可能還有一些減少信貸供應。

Can you talk about your financing -- your discussions with your financing partners and any needs you might have.

你能談談你的融資——你與融資合作夥伴的討論以及你可能有的任何需求。

Yes. No, we're very happy with where we are from a liquidity position. We have about $560 million of liquidity, about $400 million available under our revolver. And healthy amount of cash. So from a liquidity standpoint, we're in really good shape. We were able to pay down some debt this quarter and drop our net leverage down from 2.8x to 2.6x. So we're doing very well from liquidity standpoint, really have no concerns and can really fund up, say some of the enterprise accounts, as Mitch mentioned, do pop up. We have plenty of liquidity to service those type of clients. So some of the things from a macro standpoint, we view as -- could be positive for us. If it causes other lenders above us to tighten up that you can see that accelerate some of the trade downs we've been talking about.

是的。不，我們對我們的流動性頭寸非常滿意。我們有大約 5.6 億美元的流動資金，我們的左輪手槍可用資金約為 4 億美元。和健康的現金量。因此，從流動性的角度來看，我們的狀況非常好。本季度我們能夠償還一些債務，並將淨槓桿率從 2.8 倍降至 2.6 倍。因此，從流動性的角度來看，我們做得很好，真的沒有顧慮，真的可以籌集資金，說一些企業賬戶，正如米奇提到的那樣，確實會彈出。我們有足夠的流動性來為這些類型的客戶提供服務。因此，從宏觀角度來看，我們認為某些事情可能對我們有利。如果它導致我們上面的其他貸方收緊，你可以看到加速我們一直在談論的一些貿易下降。

The next question comes from the line of Alex Fuhrman from Craig-Hallum Capital Group.

下一個問題來自 Craig-Hallum Capital Group 的 Alex Fuhrman。

Congratulations on a really strong start to the year. Mitch I wanted to ask this from a high level. I mean, it sounds like, obviously, a huge opportunity for both of your businesses to take a lot of market share as we're starting to see credit tighten across the board.

祝賀今年開局非常強勁。米奇，我想從更高的層面提出這個問題。我的意思是，這聽起來很明顯，隨著我們開始看到全面的信貸緊縮，你們兩家公司都有巨大的機會來佔據大量的市場份額。

I mean how do you kind of weigh the opportunity to continue to take market share against the pressures you might be feeling to further tighten your own credit standards, just given the rise in interest rates and potential economic slowdown that everyone else is seeing. Just from a high level, would love to hear about kind of your main puts and takes as you balance those 2 things.

我的意思是，鑑於利率上升和其他人都看到的潛在經濟放緩，你如何權衡繼續佔據市場份額的機會與你可能感受到的進一步收緊自己的信貸標準的壓力。只是從高層次上來說，很想听聽您在平衡這兩件事時的主要投入和投入。

Well, thanks, Al, and thanks for joining us this morning. Yes. The good part of that question or the best part is that the when they're tightening above us and those customers come into the top of our funnel, those actually help with the underwriting because of the top of the funnel, right?

好吧，謝謝 Al，也謝謝你今天早上加入我們。是的。這個問題的好的部分或最好的部分是，當他們在我們上方收緊並且那些客戶進入我們漏斗的頂部時，由於漏斗的頂部，那些實際上幫助承銷，對吧？

So it actually would allow us to either carve off a little more on the bottom or take it all, and then it just depends how we're performing at the bottom of the funnel. You don't automatically cut off something at the bottom because the higher scores coming in at the top, if they're performing at the bottom, you just take the call.

所以它實際上會讓我們要么在底部多切一點，要么全部拿走，然後這就取決於我們在漏斗底部的表現。你不會自動切斷底部的某些東西，因為更高的分數來自頂部，如果他們在底部表現，你就接電話。

But it does allow you to even be maybe even more critical of the bottom wrong, the bottom 5%, if you add 5% more at the top. So really, what happens is one really helps the other. And I guess that's one of the benefits of being at the "bottom of the funnel" versus in the middle or at the top of the funnel.

但它確實讓你甚至可能對底部的錯誤更加挑剔，底部的 5%，如果你在頂部增加 5%。所以真的，發生的事情是一個人真的幫助了另一個人。我想這就是處於“漏斗底部”相對於處於漏斗中間或頂部的好處之一。

At the top of the funnel, when you carve off something on the bottom, there's nothing helping at the top as the slowdown starts to get -- of course, our sub-prime customers had the slowdown last year and they had their recession in 2022. And now there's been a lot of adjustments. But if you're at the top of the funnel and it starts to get in the middle income and upper middle income, it's tough to replace it. For us being at the bottom they actually work very well together, and there really can't be much of a better scenario for us.

在漏斗的頂部，當你在底部切掉一些東西時，頂部沒有任何幫助，因為經濟開始放緩——當然，我們的次貸客戶去年經歷了經濟放緩，他們在 2022 年經歷了經濟衰退.而且現在已經進行了很多調整。但如果你在漏斗的頂端，它開始進入中等收入和中高收入，就很難取代它。對於處於底層的我們來說，他們實際上合作得很好，對我們來說真的沒有比這更好的場景了。

Great. That's really helpful, Mitch. Appreciate that. And then just thinking about these customers that you're starting to get at the top of the funnel, are they buying the same types of items and opting for similar terms as the customers you've had for years? If you could just kind of share how these customers are kind of acting compared to the customers you've had for longer?

偉大的。這真的很有幫助，米奇。感謝。然後想想這些您開始進入漏斗頂部的客戶，他們是否購買了與您多年來擁有的客戶相同類型的商品並選擇了相似的條款？如果你能分享一下這些客戶與你擁有更長時間的客戶相比的表現如何？

I'd say same product categories. But of course, if you're at the top of the funnel, you tend to get approved for higher dollar amounts than if you're at the bottom. So it kind of automatically ends up where maybe their ticket is higher. The higher you are up in the funnel, the ticket is going to be higher just because you get approved for more when you're at the top of the funnel versus the bottom.

我會說相同的產品類別。但是，當然，如果您位於漏斗的頂部，與位於底部的情況相比，您往往會獲得更高金額的批准。所以它會自動結束，也許他們的票更高。你在漏斗中的位置越高，門票就會越高，因為當你處於漏斗的頂部而不是底部時，你會獲得更多的批准。

So it's another case of one feed to the other. When you're at the top of the farm kind of becomes automatic you have more to spend. Not surprisingly though, the better customers don't use all of the approval as compared to customers in any underwriting scenario when you're more towards the bottom, they tend to use everything you approve them for, whereas people that are much more -- just have a higher propensity to worry about being able to make every payment on time and those kind of things, we'll be more cautious with their approval amount.

所以這是另一種情況。當你處於農場的頂端時，你就會有更多的錢可以花。不足為奇的是，與任何承保場景中的客戶相比，更好的客戶不會使用所有批准，當你更接近底部時，他們傾向於使用你批准他們的一切，而更多的人 -只是更傾向於擔心能否按時支付每筆款項之類的事情，我們會對他們的批准金額更加謹慎。

So it kind of works its way out that way out because the -- the way the top of the funnel performs. That's why it's such a good scenario for us and to see this trade down at least starting and hopefully continues and even accentuate.

所以它有點像漏斗頂部的表現方式那樣發揮作用。這就是為什麼這對我們來說是一個如此好的情況，並且看到這種交易至少開始並希望繼續甚至加劇。

It's another reason why we're adding so much emphasis to our digital capabilities into that marketplace on the Acima side. So the more we can offer them different retailers and different products once we get them in the door, the more they're likely to do another lease with us.

這是我們在 Acima 方面如此重視我們的數字能力的另一個原因。因此，我們越能為他們提供不同的零售商和不同的產品，一旦我們讓他們進門，他們就越有可能與我們進行另一次租賃。

So as we think through that, having better customers and then giving them a variety of products, especially on the digital front, we think that's upside, especially later in the year.

因此，當我們考慮到這一點時，擁有更好的客戶，然後為他們提供各種產品，尤其是在數字方面，我們認為這是有利的，尤其是在今年晚些時候。

Our next question comes from the line of Brad Thomas from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Brad Thomas。

I just want to follow up with another question on sort of underwriting from a big picture context, and I was hoping you could zoom out a little bit and maybe give us a little more perspective about where you are from kind of a tight versus loose standpoint versus maybe some of the pre-pandemic levels and just how to set up in the 2 different segments.

我只想從大背景下跟進另一個關於承保的問題，我希望你能縮小一點，也許能給我們更多關於你從緊與鬆的角度來看的觀點與大流行前的一些水平相比，以及如何在兩個不同的細分市場中建立。

Well, from a pre-pandemic standpoint, there's no question we're a lot tighter than we were pre pandemic. Even though you think, obviously, we're a lot tighter than during stimulus. But even when you go to pre-pandemic, I would say we're were a lot tighter than that, certainly on the Rent-A-Center side. Now we didn't own Acima pre-pandemic, but in talking to those to the folks that have been there and the underwriting team, I think they would still say it's even tighter than pre-pandemic and family sitting here shaking I said I think to the best of our knowledge of the way they underwrote before we were -- before we acquired them, that it's even tighter than pre-pandemic. And certainly, Rent-A-Center is.

好吧，從大流行前的角度來看，毫無疑問我們比大流行前要嚴格得多。即使你認為，很明顯，我們比刺激期間收緊了很多。但即使你進入大流行前，我會說我們比那要緊得多，當然是在 Rent-A-Center 方面。現在我們在大流行前不擁有 Acima，但在與那些去過那裡的人和承銷團隊交談時，我認為他們仍然會說這比大流行前和家人坐在這裡發抖時還要緊張我說我想據我們所知，他們在我們之前承保的方式——在我們收購他們之前，它甚至比大流行前還要緊。當然，Rent-A-Center 是。

I'll also say the way we look at it now is a lot different than it was even in the middle of the pandemic and then definitely pre-pandemic on how we take more of a data-centric view of our portfolio and the customer.

我還要說的是，我們現在看待它的方式與大流行期間甚至大流行之前都有很大不同，然後肯定是大流行前我們如何更多地以數據為中心的觀點來看待我們的投資組合和客戶。

We look at things at the merchant level, the category level, the customer type, whether they're new returning, whether on the Rent-A-Center side, whether it's online versus in the store. So it's is just overall tighter, but then also the way we look at it is much different. It's actually hard to compare. Actually, that's probably what the guys in Salt Lake and the underwrite team said, I don't know how to compare it to 2019 with the different tools we have now and the way we're so targeted in the data-driven aspect of it.

我們在商家層面、品類層面、客戶類型、他們是否是新回頭客、是否在 Rent-A-Center 方面、無論是在線還是在商店中查看事物。所以它只是整體更緊，但我們看待它的方式也大不相同。其實很難比較。實際上，這可能是鹽湖城和承銷團隊的人所說的，我不知道如何使用我們現在擁有的不同工具以及我們在數據驅動方面如此有針對性的方式將它與 2019 年進行比較.

You're right, Fahmi. I mean even on the Rent-A-Center side, it's just -- it's really a whole different process of how much better we've gotten at it. But overall, I think it's still -- if you had to pick one, you'd say it's tighter than even pre-pandemic, Brad?

你是對的，法赫米。我的意思是，即使在 Rent-A-Center 方面，它也只是——這真的是一個完全不同的過程，我們在這方面做得有多好。但總的來說，我認為它仍然——如果你必須選擇一個，你會說它甚至比大流行前更嚴格，布拉德？

That's really helpful context. And then a follow-on up on the Acima side, just as you assess the health of your network, you mentioned your growth in accounts I guess we're in a landscape where we're seeing retailers have to close stores and go out of business to Bed Bath & Beyond to Tuesday Morning's of the world that, of course, partners.

這真的很有幫助。然後是 Acima 方面的後續行動，就像您評估網絡的健康狀況一樣，您提到了您的賬戶增長我想我們處於這樣一種情況，我們看到零售商不得不關閉商店並走出去業務到 Bed Bath & Beyond 到 Tuesday Morning's of the world，當然還有合作夥伴。

But as you look at your retail partner network, how do you feel about the health of them? And can you talk about drivers that you might have to redirect business if you end up with some stores that have to close?

但是當您審視您的零售合作夥伴網絡時，您如何看待他們的健康狀況？如果你最終不得不關閉一些商店，你能談談你可能不得不重新定向業務的驅動因素嗎？

Yes. I think for us, a big advantage we have is how diversified our portfolio of partners is. And we want to be getting a whole lot more enterprise accounts. But right now, there's no 1 or 2 merchants that are even going to move our needle. So that's the -- we don't worry about that a lot, Brad, because it's so diversified.

是的。我認為對我們來說，我們擁有的一大優勢是我們的合作夥伴組合非常多樣化。我們希望獲得更多的企業帳戶。但是現在，甚至沒有一兩個商家會動我們的針。所以這就是——布拉德，我們不太擔心這一點，因為它是如此多樣化。

Certainly, on the furniture side, there's some very small retailers with a couple of stores that may be not making it through the pandemic now that the cost of money is so much higher and businesses slowed down a little bit and maybe they didn't (inaudible) enough of the money during the stimulus era and all those kind of things. And so there's certainly a little of that going on but hardly noticeable to us just based on how diverse we are in our partner base.

當然，在家具方面，有一些非常小的零售商有幾家商店，現在資金成本高得多，而且業務放緩了一點，也許他們沒有（聽不清）在刺激時代和所有這些事情中有足夠的錢。因此，基於我們在合作夥伴基礎上的多樣性，肯定有一些事情正在發生，但我們幾乎不會注意到。

I would now like to turn it back to Mitch Fadel for closing remarks.

我現在想把它轉回 Mitch Fadel 作結束語。

Well, thank you, Haley, and thank you, everyone, for joining us this morning. We appreciate your time. Congratulate the entire Upbound team on a great start to the year, whether it's a Acima, Rent-A-Center, Mexico Franchise, you name it. Congratulations to everybody for a great start.

好吧，謝謝你，Haley，也謝謝大家今天早上加入我們。感謝您的寶貴時間。祝賀整個 Upbound 團隊在今年取得了良好的開端，無論是 Acima、Rent-A-Center、Mexico Franchise 等等。祝賀大家取得了良好的開端。

We hope to see all of you on the 24th at our Investor Day up in New York, where we're -- we'll talk more longer-term strategic initiatives and longer team -- longer term, I should say, financial metrics and things like that. So look forward to seeing you on the 24th, and thank you again for this morning.

我們希望 24 日在紐約的投資者日見到你們所有人，我們將討論更長期的戰略計劃和更長期的團隊——我應該說，更長期的財務指標和像這樣的東西。所以期待在 24 日見到你，再次感謝你今天早上。