Upstart Holdings, Inc. (UPST) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Upstart second quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Sonya Banerjee, Head of Investor Relations. Sonya, please go ahead.

下午好，歡迎參加 Upstart 2026 年第二季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。現在我想把電話交給投資人關係主管 Sonya Banerjee。Sonya，請開始。

Thank you. Welcome to the Upstart earnings call for the second quarter of 2026. Joining me today are Paul Gu, our Co-Founder and CEO; and Andrea Blankmeyer, our CFO. During today's call, we will make forward-looking statements, which include statements about our outlook and business strategy. These statements are based on our expectations and beliefs as of today, which are subject to a variety of risks, uncertainties and assumptions, and should not be viewed as a guarantee of future performance.

謝謝。歡迎參加 Upstart 2026 年第二季財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Paul Gu，以及財務長 Andrea Blankmeyer。在今天的電話會議中，我們將作出前瞻性陳述，包括關於我們展望與業務策略的陳述。這些陳述係基於我們截至今日的預期與信念，並受多項風險、不確定性與假設影響，不應被視為對未來表現的保證。

Actual results may differ materially as a result of various risk factors that have been described in our SEC filings. We assume no obligation to update any forward-looking statements as a result of new information or future events, except as required by law.

由於我們在向 SEC 提交的文件中所描述的各項風險因素，實際結果可能會有重大差異。除法律要求外，我們不承擔因新資訊或未來事件而更新任何前瞻性陳述的義務。

Our discussion will include non-GAAP financial measures, which are not a substitute for our GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website. For the first time, this quarter, we'll discuss contribution margin separately for our unsecured and secured businesses.

我們的討論將包含非 GAAP 財務衡量指標，該等指標不能取代我們的 GAAP 結果。我們歷史 GAAP 與非 GAAP 結果之調節表可在我們的財報資料中找到，該資料可於我們的投資人關係網站取得。本季我們將首次分別討論無擔保與有擔保業務的貢獻毛利率（contribution margin）。

As a reminder, Upstart has one reportable segment, Unsecured Lending, formerly called Personal Lending. The name change is administrative only and does not affect the underlying disclosures. Our Auto and Home businesses are not separate reportable segments, but in certain earnings materials we refer to them collectively as secured products, which is derived by subtracting Unsecured Lending from total company results.

提醒各位，Upstart 只有一個可報告部門：無擔保放款（Unsecured Lending），先前稱為個人放款（Personal Lending）。更名僅屬行政性質，不影響底層揭露內容。我們的汽車與房屋業務並非獨立的可報告部門，但在部分財報資料中，我們會將其合稱為有擔保產品（secured products），其數值係以公司總體結果扣除無擔保放款後推導而得。

With that, Paul, over to you.

接下來交給 Paul。

Thanks, Sonya, and thank you, everyone, for joining us today. At the end of our last earnings call, I shared four key commitments and takeaways. I want to start back there today, right where I left off. First, I said that core personal loans are a superpower. Our technology lead there gives us unusually strong margins, and I told you we would reaccelerate its growth.

謝謝你，Sonya，也謝謝各位今天加入我們。在上次財報電話會議結束時，我分享了四項關鍵承諾與重點。今天我想從那裡開始，從我上次停下的地方接續。第一，我說核心個人貸款是一項超能力。我們在該領域的技術領先帶來異常強勁的利潤率，我也告訴各位我們將讓其成長重新加速。

Second, I said Home and Auto had found their fit with the market, and I told you we would turn their focus to improving profitability. Third, I told you that we'd stay capital efficient, even as we pursue the enormous opportunity in credit. And putting those together, I told you that we'd drive a rebound in profitability that would show we are on track for our full year guidance. Today, I'm pleased to report that we've executed exactly that plan. We grew core personal loan originations 27% quarter-on-quarter.

第二，我說房屋與汽車業務已找到與市場的契合點，並告訴各位我們將把重心轉向提升獲利能力。第三，我告訴各位，即使我們追逐信貸領域的巨大機會，我們仍會維持資本效率。把這些結合起來，我告訴各位我們將推動獲利能力反彈，以顯示我們正朝全年財測指引的軌道前進。今天我很高興報告，我們已精準執行了這個計畫。我們的核心個人貸款放款額（originations）季增 27%。

That's a $526 million sequential increase, which is more than 3.5 times the growth of the prior three quarters combined. It's also the lion's share of the growth in our Unsecured Lending segment. Because of our strength in this market, we achieved this re-acceleration while also driving our unsecured contribution margin up 6 percentage points compared to last quarter.

這相當於較前一季增加 5.26 億美元，超過前面三個季度合計成長的 3.5 倍。這也占了我們無擔保放款部門成長的大部分。憑藉我們在此市場的優勢，我們在實現重新加速的同時，也將無擔保業務的貢獻毛利率較上季提高了 6 個百分點。

At the same time, our secured products, Home and Auto, advanced rapidly towards profitability. Combined, their contribution margin improved by 61 percentage points in a single quarter, closing a large part of the remaining gap to breakeven, and they did so while still managing origination growth of 45% quarter-over-quarter.

同時，我們的有擔保產品（房屋與汽車）也快速朝獲利邁進。合計而言，其貢獻毛利率在單一季度內改善了 61 個百分點，縮小了與損益兩平之間剩餘差距的很大一部分，且在此同時仍達成放款額季增 45%。

Combined, originations across all products grew 23% sequentially or $782 million compared to last quarter. Our third-party funding strategy delivered at an equal -- at an almost equally rapid pace, allowing us to support that growth without additional equity capital. While loans on our balance sheet increased marginally, they declined to just 5.9% of total outstanding loans, our lowest level in almost two years.

合計而言，所有產品的放款額較上季成長 23%，或較上季增加 7.82 億美元。我們的第三方資金策略也以幾乎同樣快速的步伐到位，使我們能在不增加股權資本的情況下支撐該成長。雖然資產負債表上的貸款小幅增加，但其占未償貸款總額的比重降至僅 5.9%，為近兩年來最低水準。

Our strategy drove a rebound in our overall margins and profitability, including all-time high contribution profit and a return to GAAP profits. To put that in perspective, our previous peak in contribution profit was in Q4 of 2021.

我們的策略帶動整體利潤率與獲利能力反彈，包括創下歷史新高的貢獻利潤（contribution profit），並重返 GAAP 獲利。作為對照，我們先前的貢獻利潤高峰出現在 2021 年第四季。

Back then, the business benefited from a much easier macroeconomic backdrop and the financial profile of being concentrated almost entirely in a single mature product. UMI was below one, consumer charge-off rates were at historic lows across the industry, and the federal funds rate was near zero.

當時，業務受惠於更為有利的總體經濟背景，以及幾乎完全集中於單一成熟產品所帶來的財務輪廓。UMI 低於 1，整個產業的消費者核銷率（charge-off rates）處於歷史低點，而聯邦基金利率接近零。

The fact that we've reached a new profit peak in today's environment is a testament to the relentless power of compounding technology wins quarter-after-quarter, year-after-year. I always tell people that while our business is sensitive to macro conditions in the short term, its value in the long term will be determined only by the pace of our execution.

我們能在今日的環境下達到新的利潤高峰，證明了技術勝利在一季又一季、一年又一年持續複利累積的強大力量。我常告訴大家，雖然我們的業務短期內對總體環境敏感，但長期價值只會由我們的執行速度所決定。

Also, unlike 2021, we are now a multiproduct company. Our business today has a significant and growing share of secured products. Auto and Home made up about 14% of total originations in Q2, compared to just 1% back then. Building those businesses is showing up in our operating expenses now, ahead of the contribution profit we expect them to generate in the future. These products expand our market opportunity by many multiples and, combined with core personal loans, can fuel profit growth for years to come.

此外，不同於 2021 年，我們現在是一家多產品公司。我們今日的業務中，有擔保產品占比顯著且持續成長。第二季汽車與房屋約占總放款額的 14%，而當時僅為 1%。打造這些業務的投入目前反映在我們的營運費用中，早於我們預期其未來將帶來的貢獻利潤。這些產品將我們的市場機會擴大數倍，並且與核心個人貸款結合後，可在未來多年推動利潤成長。

Next, I want to highlight our progress in three areas: our models, our customer relationships, and our secured products. As always, our most important business lever, especially in core personal loans, is improving our models.

接下來，我想強調我們在三個領域的進展：模型、客戶關係，以及有擔保產品。一如既往，我們最重要的業務槓桿，特別是在核心個人貸款方面，就是持續改善我們的模型。

In Q2, we shipped three new personal loan underwriting models, cumulatively adding more than 300 new variables. We also moved personal loan underwriting to a new distributed inference platform that is roughly 65% faster at the median relative to the prior architecture, even as it supports much greater complexity. The end result, our model's accuracy lead over a traditional credit scoring benchmark widened again this quarter. Our model is now 2.74 times as accurate as a traditional model, and we're still early. 87.38% of the inaccuracy gap is left for us to solve. That's our runway.

在第二季，我們推出了三個新的個人貸款核貸模型（underwriting models），累計新增超過 300 個變數。我們也將個人貸款核貸移轉至新的分散式推論平台（distributed inference platform）；在支援更高複雜度的同時，相較於先前架構，其中位數速度約快 65%。最終結果是，我們的模型相對於傳統信用評分基準的準確度領先優勢在本季再次擴大。我們的模型目前比傳統模型準確 2.74 倍，而我們仍處於早期階段。仍有 87.38% 的不準確差距有待我們解決。那就是我們的跑道。

Turning to our customers. Q2 was another step towards becoming the most trusted brand in consumer credit. Approximately 1 in every 13 American adults has an Upstart account, and that number continues to grow. Investing in these relationships is important to us.

接著談我們的客戶。第二季是我們朝成為消費信貸最值得信賴品牌邁進的又一步。大約每 13 位美國成年人中就有 1 位擁有 Upstart 帳戶，而且這個數字仍在成長。投資這些關係對我們而言很重要。

In Q2, we originated more than 558,000 loans, a record high. Historical experience shows that each of those borrowers will take out roughly 1.5 loans over time. Recent cohorts are trending even stronger as the addition of new products like Home, Auto and Cash Line brings us closer to our vision of having the best products for every American's credit needs. We're also making it easier for consumers to return. In Q2, we launched a new model that allows us to better manage when we pull underwriting data from vendors, allowing us to re-engage existing accounts more frequently and at lower cost.

第二季我們發放超過 558,000 筆貸款，創下歷史新高。歷史經驗顯示，這些借款人隨時間推移平均大約會再借 1.5 筆貸款。近期批次的表現趨勢更強，因為新增房屋、汽車與現金額度（Cash Line）等新產品，使我們更接近願景：為每位美國人的信貸需求提供最佳產品。我們也在讓消費者更容易回流。第二季我們推出一個新模型，使我們能更好地管理何時向供應商拉取核貸資料，讓我們能以更低成本、更頻繁地重新觸達既有帳戶。

Next, I'll talk about our secured products. In Home, we streamlined the borrower verification and closing processes. Our cost to originate a HELOC decreased 15% versus Q1, and we can close in six days while also offering borrowers rates that are on average more than 200 basis points lower than competitors. That combination, lower cost, speed to close and better pricing, is the basis for a durable competitive advantage that should support our continued growth in this market.

接下來，我將談談我們的擔保型產品。在房屋（Home）方面，我們精簡了借款人驗證與結案流程。我們的 HELOC（房屋淨值信用額度）承作成本較第一季下降 15%，且可在六天內完成結案，同時提供借款人的利率平均比競爭對手低逾 200 個基點。這樣的組合——更低成本、更快結案速度與更佳定價——構成了可持續的競爭優勢基礎，並應能支持我們在此市場的持續成長。

In Auto retail, we continue to add rooftops and win wallet share. At the same time, because of the great value proposition we offer both dealers and car buyers, we began optimizing our take rates, a clear sign this business has moved from proving demand to improving unit economics.

在汽車零售（Auto retail）方面，我們持續增加經銷據點並提升錢包份額。同時，由於我們為經銷商與購車者提供了極具吸引力的價值主張，我們開始優化抽成率（take rates），這清楚顯示該業務已從「驗證需求」階段進入「改善單位經濟效益」階段。

In Auto secured personal loans, we improved the efficiency of the funnel and upgraded our ability to automatically identify consumers with eligible vehicles, which lowers acquisition costs and directly supports product margins.

在汽車擔保個人貸款（Auto secured personal loans）方面，我們提升了漏斗效率，並強化自動辨識擁有符合資格車輛之消費者的能力，從而降低獲客成本並直接支撐產品利潤率。

Each of these secured products has the potential to be as important to Upstart as personal loans over time, and we're excited to continue investing in them. At the same time, capital discipline means holding an extraordinarily high bar for investments. And because of that, we decided to sunset our Auto Refinance business this quarter. While we're proud of what the team built over the past few years, it did not have the same velocity or potential as the other bets in our portfolio.

隨著時間推移，這些擔保型產品各自都有潛力變得與 Upstart 的個人貸款同等重要，我們也很期待持續投入。同時，資本紀律意味著我們對投資設定極高門檻。因此，我們決定在本季逐步終止（sunset）汽車再融資（Auto Refinance）業務。雖然我們為團隊過去幾年打造的成果感到自豪，但它的成長速度與潛力不如我們投資組合中的其他押注。

Turning to funding. Since our May earnings call, we've closed three major institutional deals, including our largest ever, which together provide up to $5 billion in new committed capacity. We've also kept our streak intact, renewing every institutional capital partner at a 100% rate since 2023.

接著談資金來源（funding）。自我們 5 月的財報電話會議以來，我們已完成三筆大型機構交易，其中包含我們史上最大的一筆，合計可提供最高 50 億美元的新承諾額度（committed capacity）。我們也延續了紀錄：自 2023 年以來，我們以 100% 的續約率續簽每一位機構資本合作夥伴。

Separately, we completed an upsized $569 million asset-backed securitization, our largest issuance since 2021 at the tightest spreads we've seen in three years. This activity is another vote of confidence in our ability to deliver strong returns to our capital partners. The average return of our last 12 quarterly vintages of loans exceeds US treasuries by approximately 660 basis points, with every individual vintage exceeding treasuries by at least 425 basis points.

另外，我們完成了一筆規模上調至 5.69 億美元的資產擔保證券化（ABS），為自 2021 年以來最大的一次發行，且利差為三年來最緊。這些活動再次展現資本合作夥伴對我們為其帶來強勁報酬能力的信心。我們最近 12 個季度貸款批次（vintages）的平均報酬率較美國公債高約 660 個基點，且每一個單獨批次至少高於美國公債 425 個基點。

Finally, a quick update on our bank charter. In July, we received conditional approval from the OCC following a rigorous review of our credit compliance and business practices. This process, plus the work remaining to receive regulatory approvals and stand up the bank, is one of the largest undertakings in Upstart's history.

最後，簡要更新我們的銀行特許（bank charter）。7 月，在對我們的信貸合規與商業實務進行嚴格審查後，我們獲得了美國貨幣監理署（OCC）的附條件核准。此流程，加上為取得監管核准並完成銀行設立所需的後續工作，是 Upstart 歷史上規模最大的專案之一。

The bank does not change our strategy of funding loans primarily with third-party capital, but we expect it to unlock major operational and regulatory efficiencies, which will contribute to our financial goals over the coming years. We aim to launch in early 2027. Before I turn the call over to Andrea, I'll close with a few final thoughts.

銀行並不會改變我們主要以第三方資本為貸款提供資金的策略，但我們預期它將釋放重大的營運與監管效率，並在未來幾年助力我們的財務目標。我們目標於 2027 年初上線。在我把電話會議交給 Andrea 之前，我想以幾點最後的想法作結。

Q2 was our first quarter executing with a new management team. We defined a strategy and we executed it. At AI Day last year, I told you that lending's oldest truism assumes the technology stays constant, that you can't have growth, credit performance and profitability all at once. That's not the case for Upstart. This quarter, we delivered all three.

第二季是我們以新管理團隊執行的第一個季度。我們制定了策略，並且落實執行。在去年的 AI Day，我曾告訴各位，放貸業最古老的格言之一是假設技術保持不變——你不可能同時兼顧成長、信用品質與獲利。但 Upstart 並非如此。本季，我們三者兼得。

We grew, our credit performed, and we expanded margins. We didn't have to trade one for another, and that combination, not any single metric in isolation, is the clearest evidence that our AI advantage is real and compounding.

我們成長了、信用品質表現良好，且利潤率擴張。我們不必在三者之間取捨，而這樣的組合——而非任何單一指標的孤立表現——是最清楚的證據，證明我們的 AI 優勢是真實存在且持續累積的。

You should expect us to double down in the second half of this year. We expect to compound wins across technology and marketing as we drive growth in core personal loans and profitability in secured loans. That's where the real durable value in this business lies, independent of any macro headwinds or tailwinds.

各位應該會看到我們在今年下半年加倍投入。我們預期在推動核心個人貸款成長、並提升擔保型貸款獲利能力的同時，持續在技術與行銷上累積勝利。這正是這門生意真正且可持續的價值所在，不受任何總體逆風或順風影響。

And we will continue to steward every dollar of investor capital, expanding and deepening our third-party capital relationships and holding a high bar for operational investment. I want to close by thanking everyone at Upstart for an exceptional quarter.

我們也將持續善盡受託責任，妥善管理投資人資本的每一美元，擴大並深化我們的第三方資本關係，同時對營運投資維持高門檻。最後，我要感謝 Upstart 的每一位同仁，帶來一個卓越的季度。

Andrea, over to you.

Andrea，交給你。

Thanks, Paul, and good afternoon, everyone. As Sonya noted earlier, we renamed our sole reportable segment to Unsecured Lending this quarter, a naming change only with no impact to the underlying disclosures.

謝謝你，Paul，各位下午好。如同 Sonya 先前提到的，我們在本季將唯一的可報導部門更名為「無擔保放貸（Unsecured Lending）」，這僅是名稱變更，不影響底層揭露內容。

As a quick reminder before I walk through the numbers, Unsecured Lending includes personal loans, small dollar loans and cash line, while secured, comprised of Auto and Home, isn't a separate reportable segment. It's derived by subtracting Unsecured Lending from total company results. This framing reflects a real shift in our business.

在我帶各位快速看數字之前先提醒一下：無擔保放貸包含個人貸款、小額貸款與現金額度（cash line）；而擔保型業務由汽車與房屋組成，並非單獨的可報導部門。擔保型業務的數字是以公司總體結果扣除無擔保放貸後推導而得。這樣的呈現反映了我們業務的實質轉變。

We're no longer a single product company, and our unsecured and secured products are at different levels of maturity and have very different economics today. Our focus on shifting the mix in unsecured towards core means we are leaning into the most profitable part of our business.

我們不再是單一產品公司，而我們的無擔保與擔保型產品在成熟度上處於不同階段，且目前的經濟性也大不相同。我們聚焦於將無擔保產品組合向核心業務傾斜，意味著我們正加碼公司最具獲利性的部分。

Secured, on the other hand, is still working towards breakeven contribution margin and has been improving quickly. Breaking these out separately is the clearest way to track both stories: the earnings power of our more mature unsecured segment and the additional profit engine we're building with our secured products.

另一方面，擔保型業務仍在朝貢獻毛利損益兩平邁進，且改善速度很快。將兩者分開揭露，是追蹤這兩條主線最清楚的方式：較成熟的無擔保部門的獲利能力，以及我們透過擔保型產品打造的額外獲利引擎。

Turning to the quarter. Q2 was shaped by execution on the priorities we communicated last quarter and the numbers back it up directly. A re-acceleration in core personal loans, a step change in secured product contribution margin and a rebound in total company margins and profitability. I'll cite both year-over-year and sequential growth as I walk through our results; year-over-year for the long-term trajectory, sequential for how we executed against the plan.

回到本季表現。第二季的成果來自於我們落實上季所溝通的優先事項，而數字也直接印證了這點。核心個人貸款再度加速、擔保型產品貢獻毛利出現階躍式提升，以及公司整體利潤率與獲利能力回升。在說明結果時，我會同時引用年增與季增：年增用於呈現長期軌跡，季增用於呈現我們如何依計畫執行。

I'll close with what this all means for our full year outlook. Total originations were $4.2 billion, up 50% year-over-year and 23% sequentially. Within this, Unsecured Lending originations grew 38% year-over-year and 20% sequentially, with the latter reflecting a re-acceleration of core personal loan volume growth.

最後我會說明這些對我們全年展望的意義。總放款承作額（originations）為 42 億美元，年增 50%，季增 23%。其中，無擔保放貸承作額年增 38%、季增 20%；後者反映核心個人貸款量的成長再度加速。

At the same time, our secured products continue to scale, with Auto originations up 264% year-over-year and 62% sequentially, while Home grew 139% year-over-year and 14% sequentially. Total revenue was approximately $365 million, up 42% year-over-year and 18% sequentially.

同時，我們的擔保型產品持續擴張規模：汽車承作額年增 264%、季增 62%；房屋承作額年增 139%、季增 14%。總營收約為 3.65 億美元，年增 42%、季增 18%。

Revenue from fees was $348 million, up 45% year-over-year and 26% sequentially. Within that, Unsecured Lending contributed $326 million in revenue from fees, up 38% year-over-year and 23% sequentially. Secured products contributed $22 million, up 465% year-over-year and 86% sequentially.

手續費收入為 3.48 億美元，年增 45%、季增 26%。其中，無擔保放貸貢獻 3.26 億美元的手續費收入，年增 38%、季增 23%。擔保型產品貢獻 2,200 萬美元，年增 465%、季增 86%。

Take rate, defined as revenue from fees as a percentage of total originations, improved sequentially in both categories of products, about 24 basis points in unsecured and 81 basis points in secured. That's why fee revenue growth outpaced origination growth versus Q1.

抽成率（take rate）定義為手續費收入占總承作額的百分比，在兩大產品類別中皆較上季改善：無擔保約提升 24 個基點，擔保型提升 81 個基點。這也是為什麼相較第一季，手續費收入成長快於承作額成長。

Net interest income and fair value adjustments totaled approximately $17 million, roughly flat year-on-year, but down sequentially, reflecting the impact of a higher UMI on fair value. Next, contribution profit, a non-GAAP metric defined as revenue from fees minus variable costs for borrower acquisition, verification and servicing. Contribution profit was $193 million in Q2, an all-time high for Upstart.

淨利息收入與公允價值調整合計約 1,700 萬美元，年對年大致持平，但季對季下降，反映較高的 UMI 對公允價值的影響。接著是貢獻利益（contribution profit），這是一項非 GAAP 指標，定義為手續費收入扣除借款人獲取、驗證與服務的變動成本。第二季貢獻利益為 1.93 億美元，創 Upstart 歷史新高。

That's up 37% year-over-year and up 41% or $56 million relative to Q1. The sequential increase was almost entirely driven by Unsecured Lending, with secured products representing less of a drag versus Q1. Contribution margin was 55% versus 58% in Q2 2025 and 50% in Q1 2026.

這較去年同期成長 37%，且相較於第一季成長 41% 或 5,600 萬美元。此一季增幾乎完全由無擔保放款所帶動，而擔保型產品相較第一季的拖累程度較小。貢獻毛利率為 55%，相較於 2025 年第二季的 58% 與 2026 年第一季的 50%。

The 5 point improvement versus Q1 was driven by margin gains in both our unsecured and secured products. Unsecured segment contribution margin increased to 62%, up 6 percentage points from 56% in Q1 and flat to Q2 2025, with the sequential improvement reflecting three things: one, a larger mix of higher-margin core personal loans; two, lower customer acquisition costs as a percentage of originations; and three, an expected seasonal pickup in demand.

相較第一季提升 5 個百分點，主要來自我們無擔保與擔保型產品兩者的毛利率改善。無擔保分部貢獻毛利率提升至 62%，較第一季的 56% 增加 6 個百分點，且與 2025 年第二季持平；此一季比改善反映三點：第一，更高毛利的核心個人貸款占比提高；第二，客戶取得成本占放款金額的比例下降；第三，符合預期的季節性需求回升。

The re-acceleration in core personal loan volume was driven by a combination of model improvements, funnel improvements and efficient targeted customer acquisition, all reflecting our increased focus on the borrower category.

核心個人貸款量的再度加速，係由模型改進、漏斗優化與高效率的精準客戶取得共同驅動，皆反映我們對借款人客群類別的加強聚焦。

Our secured products contribution margin increased to negative 35%, an improvement of 61 percentage points from negative 96% in Q1. This was driven by improved take rates and a greater operational efficiency across Auto and Home. Given this trajectory, we expect our secured products to reach contribution margin breakeven by Q4 of this year. In total, GAAP operating expenses were roughly $350 million in Q2, up 39% year-on-year and 11% sequentially.

我們擔保型產品的貢獻毛利率提升至負 35%，較第一季的負 96% 改善 61 個百分點。這主要由更佳的抽成率（take rate）以及汽車與房屋業務更高的營運效率所帶動。依此趨勢，我們預期擔保型產品將於今年第四季達到貢獻毛利率損益兩平。整體而言，第二季 GAAP 營業費用約為 3.5 億美元，較去年同期增加 39%，較前一季增加 11%。

Variable expenses, comprised of borrower acquisition, verification and servicing costs, rose 55% year-on-year and 11% sequentially. Fixed expenses, defined as total operating expenses minus variable expenses, increased 28% year-over-year and roughly $19 million or 11% sequentially.

變動費用（包含借款人取得、驗證與服務成本）較去年同期上升 55%，較前一季上升 11%。固定費用（定義為總營業費用扣除變動費用）較去年同期增加 28%，且較前一季約增加 1,900 萬美元或 11%。

Looking ahead, we expect fixed expenses to grow in the low single digits sequentially in both Q3 and Q4. In Q2, we returned to GAAP profitability, generating approximately $17 million of net income, up 195% year-over-year, with a 5% net income margin. GAAP diluted EPS was $0.16, based on a weighted average diluted share count of 110 million.

展望未來，我們預期第三季與第四季的固定費用將連續季增低個位數百分比。第二季我們重回 GAAP 獲利，淨利約 1,700 萬美元，較去年同期成長 195%，淨利率為 5%。GAAP 稀釋後每股盈餘為 0.16 美元，係以加權平均稀釋後股數 1.10 億股計算。

Adjusted EBITDA was approximately $77 million, up 45% year-over-year, with a 21% margin. We ended Q2 with approximately $1.06 billion in loans held on our balance sheet, up approximately $50 million or 5% from Q1. That increase was driven by our secured products, which continued to scale quickly. At the same time, our unsecured holdings declined and legacy securitized loans continued to run off.

調整後 EBITDA 約為 7,700 萬美元，較去年同期成長 45%，利潤率為 21%。第二季期末，我們資產負債表上持有的貸款約 10.6 億美元，較第一季增加約 5,000 萬美元或 5%。此一增加由我們的擔保型產品所帶動，其持續快速擴張。同時，我們的無擔保持有部位下降，且既有證券化貸款持續自然到期回收（run off）。

As a percentage of the total unpaid principal balance of all Upstart loans outstanding, loans on the balance sheet fell to roughly 5.9%, the lowest it's been in almost two years. Supported by consistent credit performance, we've continued to strengthen our capital platform. Year-to-date, we've signed committed capital partnerships that are expected to add up to $10.8 billion in incremental capacity.

以所有未償 Upstart 貸款的未償本金餘額總額為基準，資產負債表上的貸款占比降至約 5.9%，為近兩年來最低。在穩健一致的信用表現支持下，我們持續強化資本平台。年初至今，我們已簽署承諾資本合作夥伴關係，預計可新增最高達 108 億美元的增量承作容量。

We also completed three securitizations for roughly $1.7 billion in total collateral and increased the proportion of Home and Auto loans funded by third parties. Looking ahead, we're reiterating our full year guidance. Total revenue of approximately $1.4 billion, fee revenue of approximately $1.3 billion and adjusted EBITDA of approximately $294 million, or roughly 21% of total revenue.

我們也完成三筆證券化交易，合計抵押品約 17 億美元，並提高由第三方資金提供的房貸與車貸占比。展望未來，我們重申全年財測指引。總營收約 14 億美元、手續費收入約 13 億美元，以及調整後 EBITDA 約 2.94 億美元，約占總營收的 21%。

Keep in mind, our guidance is informed by our most recent published read for UMI, which as of yesterday was 1.5, up 9% from the beginning of Q2 and at the top of the 1.4 to 1.5 range that framed our outlook when we initially shared our 2026 guidance in February.

請記得，我們的指引係依據最近一次公布的 UMI 讀數；截至昨日為 1.5，較第二季初上升 9%，並位於我們在 2 月首次分享 2026 年指引時所設定的 1.4 至 1.5 區間上緣。

With UMI having trended higher over each of the last three months and now at the top of the guidance range, we are maintaining our guide. We expect the underlying strength of the business, as you saw in Q2, to offset this macro headwind. Our outlook assumes UMI holds roughly at this level through the rest of the year.

由於 UMI 在過去三個月持續走高，且目前位於指引區間上緣，我們維持既有指引不變。我們預期，如同你在第二季所見，業務基本面的強勁將抵銷此一總體環境逆風。我們的展望假設 UMI 在今年剩餘期間大致維持在此水準。

To close, in Q2, we did what we said we were going to do, demonstrating that we could drive sequential improvement in contribution and overall profit margins by: one, reaccelerating the growth of core personal loans at an efficient customer acquisition cost; two, meaningfully improving the contribution margin profile of our secured products while maintaining strong growth; and three, managing fixed expenses.

最後總結，第二季我們做到了我們所說要做的事，證明我們能透過以下三點推動貢獻毛利率與整體利潤率的連續改善：第一，以具效率的客戶取得成本重新加速核心個人貸款成長；第二，在維持強勁成長的同時，顯著改善擔保型產品的貢獻毛利率結構；第三，管理固定費用。

Along with preparing to launch Upstart Bank, these three areas remain our focus for the balance of 2026. And above all else, we will continue to prioritize consistent credit performance. Whatever the UMI context, if we execute across these domains, our platform will be stronger than ever as we exit 2026.

連同準備推出 Upstart Bank，上述三個面向仍將是我們 2026 年剩餘期間的重點。最重要的是，我們將持續優先確保一致且穩健的信用表現。無論 UMI 的情境如何，只要我們在這些領域執行到位，當我們在 2026 年結束時，我們的平台將比以往任何時候都更強健。

With that, I'd like to turn it over to the operator to begin Q&A.

接下來，我想把時間交給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Kyle Peterson, Needham.

Kyle Peterson，Needham。

Great. Good afternoon. Thanks, guys, and nice results. I want to start out and dig a little more into the take rate. Great to see the uplift there. It sounds like it was across products. So I guess I just wanted to dig in, like, is there any mix at play there, whether it's in terms of where in the credit box some of these loans were originated at? Or is there anything pricing that you guys did to tweak that? Just any more color there would be great.

很好。下午好。謝謝各位，成果不錯。我想先從抽成率（take rate）再深入一點。很高興看到那裡有提升。聽起來是跨產品線的。所以我想再追問一下：這裡是否有組合因素在起作用，例如這些貸款是在信用區間（credit box）的哪個位置承作？或者你們是否在定價上做了任何調整來微調？若能提供更多細節會很有幫助。

Yeah. Thanks for the question, Kyle. We're really pleased with the results on profitability this quarter. And it's really a reflection of the strategy that we laid out at the end of last quarter's call. We said that really there are two important dynamics that are going to be happening through the rest of this year.

是的。謝謝你的問題，Kyle。我們對本季獲利表現的結果非常滿意。這也確實反映了我們在上一季電話會議結束時所提出的策略。我們當時說，今年剩餘期間將會出現兩個重要動態。

One is we're going to be focused on re-acceleration growth in this core personal loan segment. That segment carries much higher margins. And because you can see in our results that that segment grew much more than it's been growing in earlier quarters, there definitely -- that's contributing to higher margin results.

第一，我們會專注於讓核心個人貸款分部的成長再度加速。該分部的毛利率高得多。而你也可以從我們的結果看到，該分部的成長幅度遠高於前幾季，因此這確實——正在推動更高的毛利率表現。

And then on secured products, we very intentionally were focused on actually improving significantly the margins of Home and Auto, and we did exactly that in this quarter. That was our number 1 goal for those products.

第二，在擔保型產品方面，我們非常刻意地把重點放在大幅改善房貸與車貸的毛利率，而我們本季確實做到了。這是我們對這些產品的第一優先目標。

And so you can see that the margins improved very substantially, 61 points in a single quarter. And obviously, that's going to help. So the answer is a bit of both. We're very focused on our core personal loan segment, where we're very, very strong, but also each of the sort of underlying businesses did really well on their margins too.

因此你可以看到毛利率在單一季度內大幅改善了 61 個百分點。而這顯然會帶來幫助。所以答案是兩者皆有。我們非常專注於我們非常、非常強勢的核心個人貸款分部，但同時，各個底層業務在線上毛利率的表現也都非常好。

Great. That's really helpful. And then maybe switching gears, I wanted to talk about some of the secured products scaling and particularly on, like, potential distribution partnerships. I know some competitors in the space, especially in the HELOCs, have kind of used some of these as a way to really ramp up growth, partnering with some mortgage brokers or something that offer HELOCs. But I guess, like, how are you guys evaluating and incorporating these into the growth strategy of some of these secured products? And what do you guys have now and where do you see that going moving forward?

很好。這真的很有幫助。接著也許換個話題，我想談談一些擔保型產品的擴張，特別是像潛在的分銷合作夥伴關係。我知道這個領域的一些競爭對手，尤其是在 HELOC（房屋淨值信用額度）方面，某種程度上會把這些合作當作大幅拉升成長的方式，像是與提供 HELOC 的房貸經紀人之類的合作。但我想問的是，你們如何評估並把這些合作納入部分擔保型產品的成長策略？你們目前有哪些作法，未來又看好它往哪個方向發展？

Yeah. Each of our Home and Auto businesses have some differences in the distribution strategy. So you're absolutely right that in the Home business, we think ultimately it will be very important to have Home-specific partnerships. And so that's not something we've done yet, but it's very much on our road map. It's one of the areas that we want to invest in.

是的。我們的房屋與汽車兩個業務在分銷策略上各有不同。所以你說得完全正確，在房屋業務方面，我們認為最終擁有房屋端專屬的合作夥伴關係會非常重要。我們目前還沒有做這件事，但它確實在我們的路線圖上。這也是我們想要投入資源的領域之一。

And we think there's a lot of potential in just because our HELOC product is so strong in terms of really best-in-class prices that we can offer the borrowers plus sort of best-in-class experience. And I think putting those together delivers an exceptional product. And so distribution, obviously, will take it the distance.

我們也認為這裡面有很大的潛力，因為我們的 HELOC 產品非常強，無論是在我們能提供給借款人的一流（best-in-class）價格，或是一流的體驗方面。我認為把這兩者結合起來，就能交付一個非常出色的產品。而分銷當然會讓它走得更遠。

In our Auto product, there's two different Auto products. There's an Auto purchase product, and that's distributed at car dealerships via Upstart's specific proprietary software. And so that's a strategy that's been ramping really nicely, as you can see in the results.

在我們的汽車產品方面，有兩種不同的汽車產品。一種是汽車購車產品，透過 Upstart 專有的自研軟體在汽車經銷商端進行分銷。所以這個策略推進得非常不錯，從結果中你也看得出來。

And one of the beautiful things about it is that unlike our pure consumer businesses, in addition to being able to grow by getting better models, better user experience, in other words, better conversion rates, the Auto purchase business can simply grow by getting to more car dealerships, and there are thousands and thousands of car dealerships in America that we aspire to scale to.

而它其中一個很棒的地方在於，不同於我們純消費者端的業務，除了可以透過更好的模型、更好的使用者體驗（也就是更高的轉換率）來成長之外，汽車購車業務也可以單純透過拓展到更多汽車經銷商來成長；而美國有成千上萬家汽車經銷商，是我們希望擴張覆蓋的對象。

And then we have some businesses that are more like our traditional personal loan business in being pure direct-to-consumer. Auto secured personal loans is like that. So each of the products has a distinct distribution strategy, and some of them are already fully in play and then some of them, like in HELOC, are still to come.

然後我們也有一些業務更像我們傳統的個人貸款業務，也就是純粹的直面消費者（direct-to-consumer）。汽車擔保個人貸款就是這樣。因此每個產品都有各自不同的分銷策略；其中一些已經全面展開，而另一些（例如 HELOC）則還在後續規劃中。

Great. Thank you very much, and nice results.

很好。非常感謝，成果也很不錯。

Simon Clinch, Rothschild & Company.

Simon Clinch，Rothschild & Company。

Hi. Thanks for taking my questions. And yeah, nice quarter. I was wondering, Paul, could you talk a bit about the Auto refinance business that you're sunsetting? I'm curious because that strikes me as a business that would actually be quite important for just repeat business, generally speaking. So I'm wondering if you could just put a bit of color around sort of how that has fitted into your strategy there and why it doesn't necessarily belong there, aside from the economics. Thanks.

嗨。謝謝回答我的問題。而且，是的，這一季表現不錯。我想問一下，Paul，你能談談你們正在逐步退出（sunsetting）的汽車再融資業務嗎？我之所以好奇，是因為一般來說，那看起來其實是個對重複客戶（repeat business）相當重要的業務。所以我想請你多補充一些背景，說明它在你們策略中原本扮演的角色，以及除了經濟性之外，為什麼它不一定適合留在策略裡。謝謝。

Yeah. We think and we thought that Auto refi is a good product. I think we built a good product over the last few years. And to your point, it is -- it was something that was relevant to returning customers. But ultimately, we just looked at the growth rate of that business and its potential compared to everything else that we were doing, all the bets that we had out there, and we wanted to concentrate on the ones that had the highest velocity and the biggest upside. And so we decided to just concentrate a little more. And so that one didn't make the cut, just a necessary consequence of capital discipline.

是的。我們認為、也一直認為汽車再融資（Auto refi）是一個好產品。我覺得過去幾年我們打造出了一個不錯的產品。而如你所說，它——它確實與回流客戶相關。但最終，我們檢視了該業務的成長率及其相對於我們正在做的其他事情、我們所有押注項目的潛力，我們希望把重心放在速度最快、上行空間最大的項目上。因此我們決定更集中一些。所以那個業務沒有被保留下來，這只是資本紀律下必然的結果。

Okay. Understood. And then maybe, Paul, if you could talk a bit more about, but as we see the improvements that you're continuing to drive within the secured lending margins, could you talk about some of the sort of low-hanging fruit that's left to be taken and how we should think about the future profitability of this business? If you can give any color on that, that would be useful.

好的。了解。那接著，Paul，隨著你們持續推動擔保放款利潤率的改善，你能否再多談一些目前還剩下哪些「低垂的果實」可以摘取，以及我們應該如何看待這項業務未來的獲利能力？如果你能提供一些補充說明，會很有幫助。

Yeah. There's still a lot of pretty well-defined, well-known work to be done on improving the profitability of the secured products. Broadly, they fall into two buckets. The first bucket is improving and optimizing where we take our economics. And you can -- so for example, you can imagine that in the Auto purchase business, there is an enormous variation in how sensitive any particular customer, any particular car purchase deal is to the take rate that we have on it.

好的。在提升擔保型產品獲利能力方面，仍有很多相當明確、眾所周知的工作要做。大致可分成兩大類。第一類是改善並最佳化我們在哪裡取得經濟利益（economics）。舉例來說，你可以想像在汽車購車業務中，任何特定客戶、任何特定的購車交易，對我們所收取的抽成率（take rate）的敏感度差異非常大。

In some deals, we are offering an extremely unique value proposition. That car would not get sold otherwise. In other deals, we're competing in a more fiercely competitive market. And so the take rates there can really be optimized pretty significantly. And that is going to, over time, as our separation and our ability to underwrite the underlying credit grows and also our ability to just understand which deals are the competitive ones and which deals are the ones where we're adding a lot of value that, that is going to improve our economics there quite a bit.

在某些交易中，我們提供的是極其獨特的價值主張。如果沒有我們，那台車可能根本賣不出去。但在其他交易中，我們是在競爭更激烈的市場中競爭。因此那裡的抽成率其實可以相當程度地被最佳化。隨著時間推進，當我們的區隔能力、以及對底層信用的承作（underwrite）能力提升，同時也更能理解哪些交易競爭激烈、哪些交易是我們創造了大量價值的，這將會顯著改善我們在那裡的經濟效益。

And then the other sort of big thematic category of how we improve profitability in new products is by making it more efficient to originate them. In particular, in secured products, there's quite a bit more cost involved in originating the loan, the verification, liens, all of the steps of the process. And so there's a lot of room there just for a combination of data integrations, automations and then ultimately bringing more sophisticated forms of AI to bear that can really automate a lot of the work away.

另一個提升新產品獲利能力的主要主題類別，是讓放款承作（originate）的流程更有效率。特別是在擔保型產品中，放款承作涉及更多成本：驗證、設定留置權（liens）以及流程中的所有步驟。因此這裡有很大的空間，可以透過資料整合、自動化，並最終導入更成熟的 AI 形式，來把大量工作真正自動化掉。

So all of these things, I would say, have both very short-term components that will hit fast in a significant way and then also more of a kind of long-term trajectory where they'll just keep getting better as the underlying product differentiation and the value we create grows.

所以我會說，這些事情一方面有非常短期的組成部分，能夠很快且以顯著的方式反映出來；另一方面也有較長期的軌跡，隨著底層產品差異化與我們所創造的價值提升，它們會持續變得更好。

Thank you very much.

非常感謝。

Will Nance, Goldman Sachs.

Will Nance，高盛。

Hey, guys. Thank you for taking my question. I was wondering if you could talk a little bit about take rate dynamics on the Personal side. It just -- there seemed to be a couple of different mix shift dynamics between the positive seasonality benefits this quarter, the mix shift, I'm guessing, towards core personal as well as the pricing investments that you've talked about making. So just how would you kind of frame the puts and takes on that line item from here, given the nice improvement that you saw sequentially this quarter? Thanks.

嗨，各位。謝謝回答我的問題。我想請你們談談個人貸款（Personal）這邊的抽成率（take rate）變化動態。就是——看起來這一季有幾個不同的組合變動因素：本季正向的季節性效益、組合轉移（mix shift）（我猜是往核心個人貸款 core personal 傾斜），以及你們提到正在進行的定價投資。因此，鑑於你們本季抽成率環比（sequentially）有不錯的改善，接下來你們會如何框架化（frame）這個科目的增減因素（puts and takes）？謝謝。

Sure. Thanks for the question, Will. Yeah, and so you sort of nailed it on the drivers of the improvement in take rate on the Unsecured segment this quarter, quarter-on-quarter were driven by the mix shift primarily to core. So the increase in growth we saw in core personal loans, where we have a higher take rate on average, as well as some lift that we get from seasonality where Q1 tends to be softer seasonally and have lower takes on average. All else, I would say, is sort of relatively consistent quarter-on-quarter.

當然。謝謝你的問題，Will。是的，你基本上點出了本季無擔保（Unsecured）分部抽成率改善的驅動因素；環比來看，主要是由組合轉向核心（core）所帶動。也就是我們看到核心個人貸款成長增加，而該產品平均抽成率較高；另外也有一些季節性帶來的提振，因為第一季通常季節性較弱、平均抽成也較低。除此之外，我會說其他因素環比大致相對一致。

As we look out over the remainder of the year, expect sort of relative consistency with where we are on take rates today. We'll expect to continue to focus on driving growth in our core personal loan sort of segment, which has strong take rates, but ultimately are not optimizing for take rate itself, but for driving high-quality revenue and ultimately contribution profit dollars to the platform.

展望今年剩餘時間，我們預期與目前的抽成率（take rate）水準大致維持相對一致。我們預期會持續聚焦於推動核心個人貸款這一細分領域的成長，該領域的抽成率表現強勁；但最終我們並不是以抽成率本身為最佳化目標，而是以推動高品質營收，並最終為平台帶來貢獻利潤（contribution profit）金額為目標。

Got it. That's very helpful. If I could squeeze in another one just on the OpEx. I hear you on the sequential growth trajectory from the second quarter. Just maybe more broadly with OpEx up almost 30% year-over-year, just can you talk about how you're thinking about the growth algorithm there in OpEx and incremental margins over a longer period of time?

了解。這非常有幫助。如果我可以再追問一題，關於營運費用（OpEx）。我聽到你提到從第二季開始的逐季成長軌跡。更廣泛地說，營運費用年增接近30%，你能談談你們如何看待在較長期間內，營運費用的成長算法以及增量利潤率（incremental margins）嗎？

Absolutely. Yeah. So as Paul had alluded to in his comments, part of the reason we're seeing some of the fixed cost growth this year is a factor -- is related to the fact that we're investing forward in our newer products and our secured products as those are driving towards contribution margin profitable.

當然可以。是的。如同 Paul 在他的評論中提到的，我們今年看到部分固定成本成長的原因之一，是因為我們在較新的產品以及擔保型產品上提前投入，這些產品正朝向貢獻毛利（contribution margin）轉為獲利的方向推進。

We made some of those investments in Q1, here in Q2, seeing the roll forward of some of those into Q2 as well as some incremental investments that we made in Q2 related to tech infrastructure and model infrastructure, as well as starting to look ahead for bank preparations. We also did a onetime restructuring in the quarter that had some severance expense associated with it.

我們在第一季做了一些投資，在第二季也看到其中一部分延續到第二季，同時我們在第二季也做了一些額外投資，包含技術基礎設施與模型基礎設施，並且開始為銀行相關準備工作提前布局。我們在本季也進行了一次性重組，並產生了相關的資遣費用。

And so really, as I look at this year, a lot of the investments that we've made to support the business and our objectives have largely been made in the first part of this year, which is why we've signaled and demonstrated that we expect to grow fixed OpEx at a pretty moderate rate going forward through the remainder of the year in the low single digits, which should deliver real operating leverage this year, and we expect to continue that trajectory in outer years.

因此，從我對今年的觀察來看，我們為了支持業務與目標所做的大部分投資，基本上都已在今年前半段完成；這也是為什麼我們已經指引並展現出，預期在今年剩餘時間內，固定營運費用將以相當溫和的速度成長，約為低個位數，這應能在今年帶來實質的營運槓桿（operating leverage），而且我們預期在未來年度也會延續這個趨勢。

Thanks for taking my questions.

謝謝回答我的問題。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho。

Hey, guys. Great to see those results. Congrats. Two quick questions. First, on your conversion rate, it has increased to 19.7%. Just wanted to know kind of the DNA of your new borrower in terms of FICO. What can you tell us about it? And then I have a quick follow-up. Thank you.

嗨，各位。很高興看到這些成果。恭喜。兩個簡短問題。第一，關於你們的轉換率（conversion rate），已提升到19.7%。想了解一下你們新借款人的「DNA」，以 FICO 來看大概是什麼樣的輪廓？你們可以分享些什麼？然後我還有一個簡短追問。謝謝。

Yeah. I mean, we don't tend to think a lot about our borrower in terms of FICO scores for two reasons. One, of course, is our core DNA as a company is that that's the thing that we think could be improved in terms of how borrowers are understood, and that's what we do every day.

是的。我的意思是，我們通常不太會用 FICO 分數來思考我們的借款人，原因有兩個。第一，當然，我們公司核心的「DNA」就是認為在理解借款人的方式上仍有改進空間，而這正是我們每天在做的事情。

But second, more just down to earth, I would say, we've just expanded so significantly in terms of the number of products that we have, the number of use cases, the range of consumers that we serve. We are moving towards this world where we think that we're going to have the best credit product for every type of credit need that any American might have.

第二，更務實地說，我會說，我們在產品數量、使用情境（use cases）以及服務的消費者範圍上都已大幅擴張。我們正朝向一個世界前進：我們相信，對於任何一位美國人可能有的各種信用需求，我們都能提供最好的信用產品。

And so we're really serving a pretty full spectrum of people that are just new to credit or trying to repair their credit, all the way to people who are really prime and can qualify for really, really great rates, have a home. And so we're getting that full spectrum.

因此，我們實際上服務的是相當完整的光譜：從剛開始建立信用、或正在修復信用的人，一直到信用非常優質（prime）、能取得非常非常好的利率、且擁有房產的人。所以我們涵蓋了完整的族群光譜。

And so one of the things you may see in our earnings materials is that we left a note that we're going to be replacing the conversion rate metric and sunsetting that particular one just because it's so sensitive to the mixes that it's a little hard to interpret. And so that's what I would say about it. It's like we're serving pretty full spectrum.

因此，你可能會在我們的財報資料中看到，我們留了一則註記：我們將替換轉換率這個指標，並逐步停止使用（sunset）該指標，因為它對產品組合（mix）非常敏感，解讀上有點困難。所以我對此的看法就是：我們服務的是相當完整的光譜。大概就是這樣。

Having said that, this particular quarter again, I'll just go back to this sort of main point that we did put a lot of focus on re-accelerating core personal loans, and, like, that product tends to be kind of a product that tends to serve borrowers who are maybe in the medium sort of FICO score regions. That's historically where it's been and continues to be. And that product, we did put a lot of emphasis on this particular quarter.

話雖如此，就本季而言，我還是回到主要重點：我們確實把很多重心放在讓核心個人貸款重新加速成長；而且這個產品通常服務的借款人，FICO 分數大概落在中等區間。歷史上一直如此，現在也仍然如此。而本季我們確實特別強調這個產品。

Great. Thank you. And my quick follow-up, of course, on the guide. Amazing results. You're not raising the guide. I take this as just simply being conservative.

很好。謝謝。那我簡短追問一下，當然是關於你們的指引（guide）。成果非常亮眼。你們沒有上調指引。我把這解讀為只是比較保守。

So we are very pleased with the results that we saw in Q2 and are seeing very much kind of strong underlying business performance. And we are seeing UMI at the end of Q2 and as of the print yesterday around 1.5, which is at the high end of the range that we set when we set guidance at the beginning of the year of 1.4 to 1.5. And so that represents a modest headwind on originations and our fair value marks. So sort of taking all of that in combination is the context in which we're maintaining our guide on a full year basis.

我們對第二季看到的結果非常滿意，也確實看到非常強勁的基本面業務表現。而且我們看到第二季末以及截至昨天公布時的 UMI 約在 1.5 左右，位於我們年初給出 1.4 到 1.5 指引區間的高端。因此，這對放款起始量（originations）以及我們的公允價值評價（fair value marks）構成了溫和的逆風。所以把這些因素綜合起來，就是我們在全年基礎上維持指引不變的背景。

Makes sense. Thank you so much.

合理。非常感謝。

Peter Christiansen, Citi.

Peter Christiansen，Citi。

Thanks. Good evening. Andrea, I was wondering if you could just interpret some of your previous comments on UMI just a little bit more, help us understand. So I think you mentioned that the base business is still doing really well. So you feel good about the outlook for the year. Is that a function of some of the new capital, third-party capital that you brought in the door or -- and/or I would say, maybe some of the new product areas? Is that what's giving you confidence about maintaining the outlook despite that the UMI has gone up? Thank you.

謝謝。晚安。Andrea，我想請你再多解讀一下你先前關於 UMI 的一些評論，幫助我們理解。我想你提到基本盤業務仍然表現得非常好。所以你對今年的展望感到樂觀。這是因為你們引入了一些新的資本、第三方資本進來的關係嗎？或者我也想說，可能是一些新的產品領域？是否正是這些因素，讓你們在 UMI 上升的情況下，仍有信心維持展望？謝謝。

Hey, Pete, it's really all of the above. Starting with our core personal loans business, that's really the centerpiece of what we're focused on and what we're doing. That's driving a lot of the financial results that we're excited about in Q2, and it's going to continue driving a lot of the results the rest of this year.

嗨，Pete，確實是以上皆是。先從我們的核心個人貸款業務說起，這真的是我們聚焦與執行的核心。它推動了我們在第二季非常振奮的許多財務成果，也將在今年剩餘時間持續推動許多成果。

We -- as Andrea said, we've been executing, we think, at a really high level against our priorities and the pieces of the puzzle that are within our control. We are sailing against a modest macro headwind with UMI up to that 1.5 level.

我們——如 Andrea 所說——我們認為自己在優先事項以及我們可控的拼圖要素上，執行得非常到位。在 UMI 上升到 1.5 這個水準的情況下，我們正面對一個溫和的總體環境逆風。

And so there are some puts and takes there in the short term on how that affects originations and the trajectory of originations the rest of this year. But certainly, the personal loans numbers matter a lot to the financials of the business.

因此，短期內在它如何影響放款起始量（originations）以及今年剩餘時間的放款起始量走勢上，會有一些此消彼長的因素。但毫無疑問，個人貸款的數字對公司財務表現非常重要。

We definitely also expect that the secured products are going to continue on the trajectory they're on. And we -- in particular, we're really focused on getting those products to contribution profitable. And so we have a lot of confidence we're going to drive that this year. And so that will, of course, help as well. But there's no achieving the numbers without core personal loans.

我們也確實預期擔保型產品將會延續目前的發展軌跡。而且我們——特別是——非常專注於讓這些產品達到貢獻獲利（contribution profitable）。因此，我們很有信心今年能推動達成。當然，這也會有所幫助。但若沒有核心個人貸款，就不可能達成這些數字。

Fair. Fair enough. And then it looks like you talked about repeat borrowers. It's been up quite a bit versus previous years. Just curious if you could take us through that dynamic. And to what degree is that contributing to a lower borrower acquisition and verification cost?

了解。有道理。接著看起來你提到了重複借款人。相較於前幾年，這個比例上升了不少。想請你帶我們梳理一下這個動態。以及這在多大程度上有助於降低借款人獲取與驗證成本？

Yeah. I mean that trend has really been playing out gradually over a lot of years now. So it's not any kind of, like, big sharp change in Q2 specifically. But really, the thing that's been happening is if you think about Upstart in the early years, we had a single product. We had personal loans.

是的。我的意思是，這個趨勢其實是多年來逐步發生的。所以並不是說特別在第二季出現什麼很大、很劇烈的變化。但真正發生的事情是，如果你回想 Upstart 早期，我們只有單一產品。我們只有個人貸款。

Our accounts didn't even offer support for people to take out second loans in the early days. And we really thought of our business as a transactional business. We're very focused on this conversion rate metric, which is really a measure of you come in the door, do you get a loan. And it was a very onetime transactional metric.

我們的系統在早期甚至不支援讓人申請第二筆貸款。而且我們當時確實把業務視為一種交易型業務。我們非常專注在轉換率這個指標上，基本上衡量的是你進來之後，是否拿到一筆貸款。那是一個一次性的交易指標。

And over the years, increasingly, as we've rolled out new products that could serve people in different circumstances across their credit lifetime, that's Auto and Home and Cash Line and small dollar product, those products have given us the ability and the relevance to people to be relevant for a long time and to hopefully serve them with more products over time.

而多年來，隨著我們逐步推出能在其信用生命週期中、不同情境下服務客戶的新產品——包括汽車、房屋、現金額度（Cash Line）以及小額產品——這些產品讓我們有能力、也更能長期與客戶保持相關性，並希望隨時間推進提供更多產品。

We've also invested a lot in the experience of coming back to Upstart and making it way easier, way faster to do that, and that continues to be a focus area for us. And the net result of those things is that you can see in our earnings materials for the first time we've shared a set of metrics around how many loans the average borrower gets over time.

我們也在回到 Upstart 的使用體驗上投入很多，讓再次申請變得更容易、更快速，而這仍然是我們的重點方向。這些因素的綜合結果是，你可以在我們的財報資料中看到：我們首次分享了一組指標，說明平均每位借款人隨時間會取得多少筆貸款。

That historically was in the kind of 1.5 range. And you can see in more recent cohorts, it's trending above that, and we think that's exactly what you should continue to expect given the investments we're making in more products and better experience.

過去這個數字大概在 1.5 左右。而你可以看到在較新的同批次（cohort）中，這個趨勢高於該水準；我們認為，考量到我們在更多產品與更佳體驗上的投入，這正是你應該持續預期會看到的走勢。

Thank you very much. Nice results.

非常感謝。成果很不錯。

Mihir Bhatia, Bank of America.

美國銀行的 Mihir Bhatia。

Great. Thank you for taking my question. Good afternoon. I want to just zoom in a little bit more on the EBITDA guide just between the quarters Q3, Q4 cadence. I think your guidance implies about 24%, 25% EBITDA margin in the back half of the year. And I think you've mentioned secured breaks even in the Q4. You have fixed costs increasing single digits. So maybe, like, just talk a little bit about the cadence between Q3 and Q4. Is there some seasonality in there too? Or should we just expect step function increases each quarter?

很好。謝謝讓我提問。下午好。我想更聚焦一點在 EBITDA 指引，特別是第三季、第四季之間的節奏。我認為你們的指引暗示下半年 EBITDA 利潤率約 24%、25%。而且我記得你們提到擔保產品在第四季可達損益兩平。固定成本是個位數成長。所以也許請談談第三季與第四季之間的節奏。其中是否也有季節性因素？或者我們應該預期每一季都呈現階梯式上升？

Yeah. Thanks for the question. We told you last quarter that the guide was back half weighted. We're continuing to see that here with the EBITDA expected to ramp in the second half of the year. Hopefully, the trajectory you've seen from us here in Q2 going from 13% EBITDA margin to 21% EBITDA margin this quarter versus last quarter is showing a strong trajectory.

是的。謝謝你的問題。我們上季就告訴大家，指引會偏向下半年。目前我們仍然看到同樣情況，預期 EBITDA 會在下半年逐步拉升。希望你們從我們第二季的表現也能看到這個強勁軌跡：本季 EBITDA 利潤率從上季的 13% 提升到 21%。

And then really as we sort of look ahead over the remainder of the year, I would say it's just continued progress against the key levers that we operated against in Q2 and expect to continue to deliver against as we move through the year.

接著，當我們展望今年剩餘時間，我會說就是持續推進我們在第二季所運用的關鍵槓桿，並且預期在接下來的季度中持續交付成果。

So continued progress growing our core personal loan segment, which is really the profit and contribution profit engine of the business. That will be further boosted by improving the contribution profit profile and unit economics of our secured products as we ramp through the year, again, an expectation we expect to be contribution profit positive in Q4. And all of that supported by fixed cost growth discipline. So with fixed costs growing at a moderate low single-digit level as we progress in each quarter of the year.

也就是持續推動核心個人貸款業務成長，這確實是公司獲利與貢獻毛利（contribution profit）的引擎。隨著年度內逐步放量，擔保產品的貢獻毛利結構與單位經濟也會改善，進一步帶動整體表現；同樣地，我們預期在第四季擔保產品可轉為貢獻毛利為正。而這一切都由固定成本成長紀律所支撐。因此，固定成本在全年各季度推進過程中，將以溫和的低個位數幅度成長。

Alright. And then maybe if I could just ask a little bit about competitive intensity in core. When you clearly re-engaged this quarter, you had, I think, better growth than you had in the last few quarters in that subsegment, if you will. Can you talk a little bit about what you're seeing from there? Is your pricing power expanding? Is it holding? Like, is there anything in the 2Q data that gives you more confidence that the moat, if you will, is widening there? Thank you.

好的。另外我想再問一下核心業務的競爭強度。你們這一季明顯重新加大投入後，我認為在那個子分項的成長比過去幾季更好。能否談談你們看到的情況？你們的定價能力是在擴大嗎？還是維持不變？第二季的數據是否讓你們更有信心，所謂的護城河正在擴大？謝謝。

Yeah. I mean, this has been an area we've gotten a lot of questions over the past couple of quarters. And we've always tried to tell people that our advantage in core personal loans is very significant. It's very durable. And that's driven by how much differentiation we've created over a decade-plus of working on building differentiated models for understanding the credit risk of this borrower, being able to separate that risk between people much more and less likely to default.

是的。我的意思是，過去幾季我們在這方面被問了很多問題。而我們一直試著告訴大家，我們在核心個人貸款上的優勢非常顯著。而且非常持久。這源自於我們在十多年裡持續打造差異化模型，用以理解這類借款人的信用風險，並能更有效地區分哪些人更可能或較不可能違約。

And I think it just sort of is much clearer in the results this quarter. You can see that not only did we grow in core personal loans, we grew while actually improving the margins there. The sort of CAC actually came down.

我認為這一季的結果讓這點更清楚。你可以看到，我們不僅在核心個人貸款成長，還是在改善該業務利潤率的同時實現成長。獲客成本（CAC）其實也下降了。

I mean, none of those things, I would say, in isolation are really the whole story, but it really does come back to this core truism of lending that if you don't have differentiated technology, then you can only choose between one of high growth, profitability and credit performance. Maybe you can get two, but certainly can't get all three.

我的意思是，這些事情單獨看都不是全部故事，但它確實回到放貸業的一個核心真理：如果你沒有差異化技術，你只能在高成長、獲利能力與信用表現之間做選擇。也許你能同時做到其中兩項，但肯定無法三者兼得。

And that's something that we have in our core personal loan business, just the ability to achieve all of those things at once because the level of technology differentiation is so large. And the primary difference between this quarter and earlier ones really comes back to one of management focus. We were extremely focused this quarter on this core segment, and it showed up in the results, and we think that's something that can continue.

而在我們的核心個人貸款業務中，我們具備同時達成這三者的能力，因為技術差異化的程度非常大。而本季與先前季度的主要差異，實際上回到管理層的聚焦程度。我們本季對核心分項極度專注，這也反映在結果上；我們認為這種表現是可以延續的。

Thank you.

謝謝。

John Hecht, Jefferies.

Jefferies 的 John Hecht。

Good afternoon. Thanks for taking my questions. I appreciate the broken out detail in secured versus unsecured. So thanks. First one is just trying to get -- maybe, Andrea, your thoughts on thinking about the next couple of years. What would you like to see in terms of the mix of funding from, like, forward flow versus ABS? Do you have any kind of balance in mind that you think is optimal?

下午好。謝謝讓我提問。我很感謝你們把擔保與無擔保拆分的細節揭露出來。謝謝。第一個問題是想請教——也許 Andrea，你對未來一兩年的看法。在資金來源的組合上，例如遠期轉讓（forward flow）相對於 ABS，你希望看到怎樣的比例？你心中是否有一個你認為最優的平衡？

Sure. Yeah, it's a great question. I think one thing that has been the real progress that the company has made over the last few years is mix shifting our capital base towards committed capital partnerships. And so today, well over half of our capital is from committed capital partnerships.

當然。是的，這是個很好的問題。我認為公司過去幾年取得的一項真正進展，是把我們的資本基礎（capital base）組合轉向承諾資本合作夥伴（committed capital partnerships）。因此今天，我們超過一半的資本來自承諾資本合作夥伴。

And you sort of heard the stats from us on the renewals and the overall quantum of commitments we've gotten year-to-date. That, I would say, is probably the most important for us is the ability to ensure that we have a stable, resilient funding base that is committed through -- on average, these terms are 12 to 24 months.

而且你也大致聽到我們提供的續約統計數據，以及我們年初至今所取得的整體承諾資金規模。我會說，對我們而言最重要的，可能就是確保我們擁有一個穩定、具韌性的資金基礎，且這些資金是以承諾方式提供——平均而言，這些期限為12到24個月。

And so as we look out over kind of the one, two, three year time horizon, most important for us will be continuing to scale this capital base in a sustainable way, potentially sort of tapping different investor bases as we look to do so.

因此，當我們放眼大約一到三年的時間範圍時，對我們最重要的是以可持續的方式持續擴大這個資本基礎，並且在此過程中，可能會觸及不同的投資人基礎。

Ultimately, most importantly, looking to find that right balance between at-will securitization with sort of focus on the committed capital that allows us to have real visibility into the commitments over multi-months and ideally over time, multiyear time horizon.

最終、也是最重要的，是要在隨時可進行的證券化與以承諾資本為重點之間找到適當的平衡；承諾資本讓我們能在數個月、理想情況下隨時間推進到多年期的時間範圍內，對承諾資金有真正的可視性。

Okay. Thanks very much. And then a separate question on the secured products. I know in the core product or the unsecured product, your turnaround time is very, very quick because of the technological base. What is the turnaround time for a HELOC or an Auto loan? How does that compare to your perspective on industry standards? And how much more room do you have to go on that product category -- on that level of that product?

好的。非常感謝。接著一個關於擔保型產品的獨立問題。我知道在核心產品或無擔保產品上，因為技術基礎，你們的處理週轉時間非常、非常快。那麼HELOC或汽車貸款的週轉時間是多少？相較於你們對產業標準的看法，這表現如何？而在該產品類別——在該產品層級上，你們還有多少提升空間？

Yeah. Today, they're far slower than personal loans or unsecured products, but we do think they're industry-leading. In HELOC, for example, we're doing it in about six days, and industry standard, if you go into a bank or credit union, it could be weeks or months.

是的。目前它們確實比個人貸款或無擔保產品慢得多，但我們認為仍是業界領先。以HELOC為例，我們大約六天就能完成；而產業標準是，如果你走進銀行或信用合作社，可能要數週甚至數月。

So very, very significantly faster. We actually think there's still a lot of room to go on these things, and that's where a lot of the work I talked about in improving the margins of these products will come from. It's actually reducing the complexity of the process, automating the process.

所以速度快非常、非常多。我們其實認為在這些方面仍有很大的提升空間，而我先前提到、用來改善這些產品利潤率的許多工作也會來自這裡。也就是降低流程的複雜度、將流程自動化。

And of course, in addition to being cheaper to do, you also make it faster to do, which is a borrower experience benefit. So that's a very, very high focus for us, and we are expecting to see a lot of wins there in the rest of this year.

當然，除了成本更低之外，也會讓處理更快，這對借款人的體驗是有利的。因此這是我們非常、非常高的重點，我們預期在今年剩餘時間會看到很多成果。

Great. Thanks very much.

很好。非常感謝。

Giuliano Bologna, Compass Point.

Giuliano Bologna，Compass Point。

Congrats on the great results. One thing I'd be curious about asking, and this is hopefully a mooted question, there's a new disclosure for loan sale fees. I'm curious if that's related to the gains that you're charging on forward flow deals for HELOC and Auto, or if it's one or the other?

恭喜有很棒的成果。我有一點好奇想問，這希望是個已經不太需要討論的問題：你們新增了一項關於貸款出售費用的揭露。我想了解這是否與你們在HELOC與汽車貸款的遠期流量（forward flow）交易中收取的收益（gains）有關，還是兩者其一？

Thanks for the question, Giuliano. Yeah, those are primarily related to our secured products and our fees associated with forward flow arrangements. Historically, they've been a sort of immaterial amount, reached materiality here in Q2, have pulled it out as a separate line item.

謝謝你的問題，Giuliano。是的，那些主要與我們的擔保型產品，以及我們在遠期流量安排（forward flow arrangements）相關的費用有關。過去這些金額相對不重大，但在第二季達到重大性，因此我們把它單獨列為一個項目。

And kind of going back to the guide and the kind of interplay around the -- also commentary around expenses continuing to move higher. One thing I'm curious about is, is there an expectation that there is kind of a step-up in stock-based comp and kind of continuation of the step-up that we experienced in 2Q for the balance of the year? And is that one of the levers that should flow through as part of that step-up in expenses?

再回到指引，以及關於——同時也提到費用持續走高的互動關係。我好奇的一點是：對於今年剩餘時間，是否預期股票基礎薪酬（stock-based comp）會有某種程度的上調，並延續我們在第二季看到的那種上調？而這是否是費用上調中應該反映出來的其中一個槓桿？

That's a great question. Thanks for that. So in Q2, about half of the fixed expense growth that we saw quarter-on-quarter, so about half of the $19 million, was driven by an increase in stock-based comp. About $4 million of that $9 million increase was discrete to the quarter, and it is not expected to repeat in Q3 and Q4. About $4 million of that is related to kind of the full quarterization, if you will, of performance-based RSUs granted in March for the first time rolling through for a full quarter.

這是個很好的問題。謝謝。第二季我們看到的固定費用季對季成長中，大約一半——也就是約1,900萬美元的一半——是由股票基礎薪酬增加所驅動。在那約900萬美元的增幅中，約400萬美元是該季度的單次因素，預期不會在第三季與第四季重複發生。另外約400萬美元則與某種程度上的「整季化」有關：也就是3月首次授予的績效型RSU，在第二季完整反映一整季的影響。

So about $7 million, $8 million in total of the increase in stock-based comp quarter-on-quarter can be attributed to those two factors. As you can see, inherent in those two factors, we don't expect that those will repeat quarter-on-quarter going forward.

因此，股票基礎薪酬季對季增加的總額中，約700萬到800萬美元可歸因於這兩個因素。如你所見，從這兩個因素的性質來看，我們不預期未來會再出現這種季對季重複發生的情況。

And so if you sort of step back on a full year basis for stock-based comp, we expect SBC to be about $170 million on a full year basis, representing as a percent of fixed expenses, something in the low to mid-20s and a modest reduction versus last year.

因此，如果你退一步以全年角度看股票基礎薪酬，我們預期全年SBC約為1.70億美元；以固定費用的百分比來看，大約落在低到中20%區間，且相較去年會有小幅下降。

That's very helpful. And maybe one brief one. I'm curious when I think -- there's been a little bit of increase in, like, Auto and Home loans on the balance sheet. And I'm curious where things stand in terms of securing some final agreements on -- in terms of distribution to kind of continue to execute a lot of those loans off the balance sheet going forward.

這非常有幫助。再一個簡短的問題。我注意到資產負債表上的汽車貸款與房屋貸款似乎有些增加。我想了解，在取得一些最終協議、就分銷（distribution）而言，以便未來持續把這些貸款大量移出資產負債表方面，目前進展到哪裡了？

Yeah. Great question. Funding progress has been really strong. As Andrea mentioned, we've added a lot of new funding deals in the last quarter alone, more than $5 billion of committed capital. And some of the new deals that we're signing are flowing into our Home and Auto products.

是的。很好的問題。資金端的進展非常強勁。如Andrea提到的，我們僅在上一季就新增了許多新的資金合作案，承諾資金超過50億美元。而我們正在簽署的一些新合作案，也正在導入到我們的房屋與汽車產品中。

And so we're very happy with the progress on those products. And generally, what I would direct everyone to think about in terms of the net of the funding math is how much originations grew and how much landed on the balance sheet. And if you think about sort of those numbers compared to each other, you can sort of infer that we must be adding a lot of third-party capital, both in the core business and in our new businesses, and we're very excited about where that's headed.

因此，我們對這些產品的進展非常滿意。一般而言，我會建議大家在看資金端的淨額計算時，思考兩件事：放款（originations）成長了多少，以及有多少落在資產負債表上。如果你把這兩個數字相互對照，就可以推論我們必然正在增加大量第三方資本，不論是在核心業務或新業務上；我們也對未來的走向感到非常興奮。

That's very helpful. Congrats on the quarter, and I'll jump back in the queue.

這非常有幫助。恭喜這一季的表現，我會回到提問隊列。

James Faucette, Morgan Stanley.

James Faucette，Morgan Stanley。

Thanks very much. I wanted to ask one operational question and then kind of one question on lending philosophy. On the operational question, I noticed that your completely automated origination percentage went down slightly, like, 100 basis points, obviously not a lot, from a very high level at 92%. Just wondering, does that imply that we're bumping up against kind of the top of that range? Or do you think you can push it higher and, I would imagine, drive better profitability that way?

非常感謝。我想問一個營運面的問題，然後再問一個關於放貸理念的問題。在營運面，我注意到你們完全自動化核貸（origination）的比例略微下降，大約100個基點；顯然不多，且仍在很高的水準92%。想請教，這是否意味著我們已經接近那個區間的上緣？或者你認為仍能把它推得更高，並且我想像中也能因此帶來更好的獲利能力？

No, I don't think that -- I don't think we're at the limits of automating. But really, there's a lot of mix effects under the hood. And if you think about the different products, they vary a lot. Certainly, it's the case that you can only get to 100%.

不，我不認為——我不認為我們已經到達自動化的極限。但實際上，背後有很多產品組合（mix）效應。如果你看不同產品，它們差異很大。當然，你最多也只能到100%。

But the reason that we put out every quarter this nice graph in our earnings deck that shows the percent of people that are -- the percent of applications that are approved in addition to the percent of loans that are fully automated is that because automated loans convert at such a higher rate compared to nonautomated ones, and this is dominated by our unsecured products like personal loans, there's still a lot of room for that to go up. That's only 77% of applications being approved automatically. So that number can still go up.

但我們之所以每季在財報簡報中提供那張很清楚的圖表，顯示自動核准的申請比例，以及完全自動化的貸款比例，是因為自動化貸款的轉換率遠高於非自動化貸款；而這主要由我們的無擔保產品（例如個人貸款）所主導，因此這方面仍有很大的上升空間。目前只有77%的申請是自動核准。所以這個數字仍然可以提高。

And then that math is even more extreme if you think about the new products and the discussion we've already had about Home and Auto, you can imagine that the levels of automation there are significantly lower, and there's just so much more room for those products to run. And so as they scale, they're going to become a larger part of this math, and there will be more room for them to contribute by raising their levels of automation.

而且如果你把我們先前已討論過的房屋與汽車等新產品也納入考量，這個數學關係會更為極端；你可以想像，那些領域的自動化程度顯著更低，而這些產品仍有非常大的成長空間。因此，隨著它們規模擴大，它們會在這個數學關係中占比更高，而且也會有更大的空間透過提升自動化程度來貢獻更多。

Got it. And then philosophically, I wanted to just follow up on the UMI and the trajectory there versus kind of how you're thinking about how aggressively you want to be lending. I think the way that you characterized UMI and what it's done directionally and how that impacts your outlook for the year makes sense.

了解。接著在理念層面，我想追問一下 UMI 以及其走勢，相較於你們對放款要多積極的思考方式。我認為你對 UMI 的描述、它方向性的變化，以及這如何影響你們對今年展望的看法，都很合理。

But at the same time, I'm wondering, as you're lending against a little bit higher UMI score, what's your visibility? Or how do you think about proving out whether you're getting the type of performance from the loans and whether it be in terms of payback rates or delinquencies, et cetera, versus what you would expect? Just trying to sensitize ourselves on an ongoing basis to UMI's moves and its impact on your willingness to lend.

但同時我也在想，當你們是以稍高的 UMI 分數來放款時，你們的能見度如何？或者你們如何驗證貸款是否達到你們想要的表現——不論是回收率、逾期率等等——相較於你們原先的預期？只是想讓我們能持續對 UMI 的變動及其對你們放款意願的影響更敏感一些。

Yeah. I mean, measuring and predicting credit performance, that's kind of what we do every day, right? So I mean, starting from UMI, obviously it's up over the last few months. And we have a lot of confidence in that system. It's something we've invested a tremendous amount in over the last couple of years.

是的。我的意思是，衡量與預測信用表現，這基本上就是我們每天在做的事，對吧？所以從 UMI 開始，顯然它在過去幾個月是上升的。而我們對那個系統非常有信心。這是我們在過去幾年投入了極大量資源的項目。

And we think we've got the fastest and most precise understanding of macro effects in consumer credit of anyone out there. And so we trust that system to be able to read what's going on. We published just this kind of one blended number, but under the hood, there's a lot more sophistication, ability to understand what's going on with different segments of consumers, almost arbitrary sort of combinations of segments and characteristics. That's kind of what that deep learning-based approach makes possible.

我們認為，在消費者信用的宏觀影響理解上，我們的速度與精準度是市場上最強的。因此我們信任這個系統能夠解讀正在發生的事情。我們對外只發布一個混合後的單一數字，但在底層其實有更高的精密度，能理解不同消費者分群的狀況，幾乎可以用任意的分群與特徵組合來分析。這正是以深度學習為基礎的方法所能做到的。

And so we give our models a lot of power to react to the latest in what's going on and to price that risk into how we're underwriting new loans. And then what we expect coming out the other end is that we're going to have properly calibrated performance, and that basically means loans that deliver returns similar to the returns that we're targeting.

因此我們讓模型有很大的能力去因應最新情勢，並把風險反映到我們對新貸款的承作（核貸）定價之中。而我們最終希望看到的結果是：表現能被正確校準；基本上也就是貸款能帶來與我們目標相近的報酬。

And so when we share every quarter results about how credit performance is, the number of basis points were, performance exceeding treasuries, those are all indications that that credit is going in the right direction.

所以當我們每季分享信用表現的結果、例如超越美國公債的利差（以基點計）等，這些都是信用表現朝正確方向發展的指標。

And then, of course, ultimately, this is about whether our capital partners, our third-party capital partners, are happy with the returns. And given the 100% renewal rates we're seeing, the sort of longer deals, the longer commitments people are making, bigger commitments people are making, I think you can see that the credit performance and the returns have been incredibly strong for our partners.

當然，最終這取決於我們的資金合作夥伴、第三方資金合作夥伴，是否對報酬感到滿意。而從我們看到的 100% 續約率、以及大家簽更長期的合作、做出更大額度的承諾來看，我想你可以看出，我們為合作夥伴帶來的信用表現與報酬一直都非常強勁。

That's great. Appreciate the color. [It's] helpful.

太好了。感謝補充說明。[這些]很有幫助。

David Scharf, Citizens Capital Markets.

David Scharf，Citizens Capital Markets。

Hi, good afternoon. Thanks for taking my questions as well, and congrats on such strong results. I wanted to follow up on, I guess, a couple of questions on the capital side. And the first relates to loan retention. I thought it was very positive on an actual dollar -- absolute dollar basis, it looks like the amount of core personal loans retained on the balance sheet is going down.

嗨，午安。也謝謝你們回答我的問題，並恭喜有這麼強勁的成果。我想追問幾個關於資本面的問題。第一個與貸款留存（loan retention）有關。我覺得很正面的是，以實際金額——絕對金額——來看，資產負債表上留存的核心個人貸款金額似乎在下降。

And Paul, you've kind of referred to it as core, maybe more mature, higher margin at various points on the call. To the extent that it's no longer sort of an R&D-ish product, should investors think about a time line or a specific target or goal at which point the company possibly feels like it doesn't have to tie up capital in retaining any of the personal loan product?

而 Paul，你在電話會議中多次把它稱為核心、可能更成熟、利潤率更高的產品。如果它已不再算是一個偏研發（R&D-ish）的產品，投資人是否應該期待一個時間表、或某個明確目標/里程碑：公司可能會覺得不需要再為了留存任何個人貸款產品而占用資本？

That's a great question. And so when we think about the uses of our balance sheet at Upstart, again, I'll point everyone back to 5.9% of our total principal outstanding is what we're retaining on our balance sheet. So the vast majority of what we originate, we are selling through to third parties and holding a minority on our balance sheet. Ultimately, our balance sheet really serves two purposes for us. One is for the purpose of R&D. And the second is just having to do with kind of timing of loan sales and aggregation of sales.

這是個很好的問題。當我們思考 Upstart 資產負債表的用途時，我再提醒大家一次：我們留存在資產負債表上的未償本金，占總未償本金的 5.9%。所以我們絕大多數的放款都會出售給第三方，只有少數留在資產負債表上。最終，我們的資產負債表對我們主要有兩個用途。第一是用於研發。第二則與貸款出售的時點與彙整出售有關。

On the first point on R&D, we're doing sort of less R&D overall versus a year ago as a percentage of total originations. But we still have some R&D sitting inside each of our product categories. That includes inside of Personal Lending and our Unsecured Lending as well as some continued R&D in Auto and Home. So you'll sort of probably continue to see investment there that we're making around different areas that we're working on from a credit perspective or product structuring perspective and loans that are going on the balance sheet.

先談研發：相較一年前，以總放款量的比例來看，我們整體研發確實做得更少。但在每一個產品類別中仍有一些研發在進行。這包括個人放款與我們的無擔保放款（Unsecured Lending）內部，也包括在汽車與房屋方面持續的研發。因此你可能仍會看到我們在不同領域持續投入——不論是信用面或產品結構設計面——而其中一些貸款會放到資產負債表上。

And then second has to do with loan sale timing and aggregations. And that also, as we anticipate something, we'll continue to use the balance sheet for as we just think about timing of loan sales, some of which might cross over month end and quarter end marks.

第二點則與貸款出售的時點與彙整有關。我們預期未來也會持續在這方面使用資產負債表，因為我們在思考貸款出售的時間安排時，有些交易可能會跨越月末與季末的時間點。

And so sort of stepping back and answering your question, I'd say both on unsecured and personal loans as well as in an aggregate, we have no sort of goal, which is to bring our balance sheet down to zero or to structurally we must reduce it period-on-period forever here on out. As long as we have a strong capital position, strong liquidity position, we're very happy to use our balance sheet to support these two strategic objectives.

所以回到你的問題，我會說，不論是在無擔保與個人貸款，或整體層面，我們並沒有一個目標是要把資產負債表降到零，或是結構性地要求未來每期都必須持續下降。只要我們的資本部位與流動性部位都很強，我們非常樂於使用資產負債表來支持這兩個策略目標。

Got it. No, I appreciate that. That's great color and detail, Andrea. And just, I guess, as a follow-up, switching to the capital partner side, the flow partners. It looks like, I guess, it's about $1.3 billion of cumulative sort of co-invested capital.

了解。不，我很感謝。Andrea，這些補充與細節非常有幫助。接著我想追問一下，轉到資金合作夥伴那邊，也就是 forward flow 合作夥伴。看起來累計大約有 13 億美元的共同投資資本（co-invested capital）。

Notwithstanding the qualitative advantages of co-investing, obviously having some skin in the game and aligning kind of interest, can you talk to perhaps the calculus that the company undertakes when analyzing co-investing capital versus perhaps lower loan sale prices without co-investing?

撇開共同投資在質性上的優勢——例如自己也有「利害關係」（skin in the game）並讓利益一致——你能否談談公司在分析共同投資資本，與在不共同投資情況下可能需要以較低的貸款出售價格之間，會如何做取捨與計算？

And I only ask because other fintech lenders we talk to, pretty much all of their forward flow arrangements are all out whole loan sales. There's no co-investment. And just wanted to get some more color on sort of how you quantify the advantage of sort of committing some capital in that regard.

我之所以這樣問，是因為我們接觸的其他金融科技放款機構，他們幾乎所有的 forward flow 安排都是整筆貸款出售（whole loan sales）。並沒有共同投資。所以想多了解一些，你們如何量化在這方面投入部分資本所帶來的優勢。

Yeah, it's a great question. And we don't view the nature of our capital co-investments or putting the skin in the game as being similar to or comparable to someone that's selling loans at a discount. We think these are great loans. They're performing well. We expect to earn returns on these loans.

是的，這是個很好的問題。我們不認為我們的資本共同投資、或投入「利害關係」的性質，與以折價出售貸款的做法相似或可相提並論。我們認為這些都是很好的貸款。它們表現良好。我們預期能在這些貸款上賺取報酬。

For us, actually the essential calculus, the reason we switched to this type of deal structure where we would commit some co-invest is that we wanted to lock in longer commitments from our partners. And I think that's something that's relatively unique in the market is that we've got deals that are committed out 24 months in terms of the capital that investors are going to invest.

對我們而言，實際上最關鍵的考量、也是我們改採這種交易結構並承諾投入部分共同投資（co-invest）的原因，是因為我們希望能從合作夥伴那裡鎖定更長期的承諾。我認為這在市場上相對少見：我們的交易在投資人將投入的資金方面，承諾期可長達 24 個月。

And this is strategically so valuable for us because we want to have predictability in our funding supply for loans, and we want that to be immune to changes in the macro environment, changes to the market environment, changes to there's a liquidity shock or bank goes down or the ABS market seize up. We don't want any of that to have unpredictable impacts on the supply of funding for our loans.

這在策略上對我們非常有價值，因為我們希望貸款資金供給具有可預測性，並且希望它不受總體環境變化、市場環境變化影響，也不會因為流動性衝擊、銀行倒閉或 ABS 市場凍結而受影響。我們不希望任何這些因素對我們貸款資金供給造成不可預測的影響。

And from a partner perspective, one of the challenges they face with making a multiyear commit like that, many of them now have is that they know what our loans look like today. They know how we're underwriting today, but they don't know what we're going to be doing a year from now or two years from now. And so how do they get comfortable making a commitment to buy loans in 2028 when they don't know how we're going to be underwriting at that time.

從合作夥伴的角度來看，他們在做出這種多年期承諾時面臨的一個挑戰——而且現在很多人都有——是他們知道我們今天的貸款長什麼樣。他們知道我們今天如何承作（underwrite），但他們不知道我們一年後或兩年後會怎麼做。因此，當他們不知道我們到那時會如何承作時，要如何放心承諾在 2028 年購買貸款？

And so skin in the game is our answer to that problem. And as you can see by the number of deals we're signing and the size of those deals, the length of those deals, this is an arrangement that's working. And we think fundamentally, it's a good trade to bring in that predictability and commitment of capital in exchange for a small piece of skin in the game, which will -- we expect generally to produce nice returns for us.

因此，「與投資人同舟共濟」（skin in the game）就是我們對這個問題的答案。而且從我們正在簽署的交易數量、交易規模與交易期限可以看出，這種安排是有效的。我們從根本上認為，為了換取資金的可預測性與資本承諾，以一小部分「與投資人同舟共濟」作為交換是很好的取捨——我們預期這通常能為我們帶來不錯的報酬。

Got it. No, that's very helpful. It's probably -- I think that duration planning is an underappreciated aspect of your capital plan. Thanks so much.

了解。不，這非常有幫助。我想——你的資本規劃中，期限（duration）規劃可能是一個被低估的面向。非常感謝。

Rob Wildhack, Autonomous Research.

Autonomous Research 的 Rob Wildhack。

Hi, guys. A question on the July volume number that came out last week. Originations were up 50% in the second quarter, pretty consistent month-to-month, and July drops to 34% growth. I don't think there's really a comp issue versus July of last year. The UMI is up a little, but not a ton. So just wondering if there's anything to call out with that slowdown. And then any additional context you can give on volume growth through the remainder of the year. Thanks.

嗨，各位。我想問一下上週公布的 7 月量能數字。第二季放款起始（originations）成長 50%，各月之間相當一致，但 7 月降到 34% 的成長。我不認為相較去年 7 月有明顯的比較基期問題。UMI 有小幅上升，但幅度不大。所以想請問這個放緩是否有什麼需要特別說明的原因。另外，能否提供今年剩餘期間量能成長的更多背景資訊。謝謝。

Hi, Rob, thanks for the question. So July is -- we saw sort of a modest step down versus June, and June was kind of flattish to May as we think about the originations trajectory. And so sort of that trending that we see is partially reflective of sort of the UMI context that was occurring over the course of Q2.

嗨，Rob，謝謝你的問題。7 月相較 6 月我們看到小幅下滑，而 6 月相較 5 月在我們看放款起始走勢時算是大致持平。因此，我們看到的這種趨勢，部分反映了第二季期間出現的 UMI 背景變化。

And so what we're seeing in July represents -- is inclusive of some of that modest headwind from the uptick of UMI from beginning of Q2, up about 9% by the end of the quarter and is reflective of that. And so that's kind of the UMI impact. And as we've alluded to before, to the extent UMI goes up, that has created some headwind for originations.

因此，我們在 7 月看到的情況包含了第二季初 UMI 上升所帶來的一些溫和逆風；到季末大約上升了 9%，而 7 月的表現也反映了這點。這就是 UMI 的影響。正如我們先前提到的，只要 UMI 上升，就會對放款起始造成一些逆風。

If UMI goes down, that provides tailwinds. All that macro context is happening. But ultimately, as we look out over the remainder of the year, the thing that we're kind of most focused on are the levers that we control in the business to drive sustainable, durable and accretive growth.

如果 UMI 下降，就會帶來順風。這些總體背景都在發生。但最終，當我們展望今年剩餘時間時，我們最關注的是那些我們在業務中可控、用以推動可持續、耐久且具增益（accretive）成長的槓桿。

The same levers we've been pulling in Q2 around driving our model and technology wins, improving customer experience and driving more efficiency across our marketing channels and optimization across our marketing channels. Those are the key levers that over the last few years in Upstart's history have sort of driven our sustained growth. And as we look out over the near term, we expect to continue to drive growth. And sort of the UMI context will always move around in the background, but ultimately we're focused on those controllable drivers.

也就是我們在第二季一直在拉動的同樣槓桿：推動模型與技術的勝利、改善客戶體驗，以及提升我們行銷通路的效率並在行銷通路上做最佳化。這些是過去幾年 Upstart 發展歷程中，推動我們持續成長的關鍵槓桿。展望短期，我們預期將持續推動成長。UMI 的背景會在後方持續波動，但最終我們專注於這些可控的驅動因素。

Okay. Thanks. And then one more on the bank and the bank charter now that you're starting to accumulate the necessary approvals. We understand the operational benefits of the bank charter. But I was wondering if you could shed some light on how you're going to run the bank once it's running. I'm curious how much capital you think you're going to seed the bank with -- and then how quickly you think you can, a, start originating loans through the bank and what portion you might do? And b, how quickly you plan on scaling deposits? Any other details you could provide there would be great.

好的。謝謝。另外再問一題，關於銀行以及銀行執照：現在你們開始累積必要的核准。我們理解銀行執照的營運效益。但我想請你們說明一下，銀行開始運作後你們打算如何經營。我想知道你們認為要投入多少資本作為銀行的起始資本——以及你們認為多快可以：a，開始透過銀行發放貸款，以及可能會做多少比例？以及 b，你們計畫多快擴大存款規模？若能提供任何其他細節會很棒。

Sure. On the capital side, we haven't disclosed the specifics around the capital plan, but I can share that we are sufficiently capitalized at Upstart today to launch the bank and are looking forward to that. From a sort of how quickly we can sort of turn on the operations of the bank across different -- a number of different dimensions, on the lending side, we expect pretty quickly to move the bulk to all of our originations through to Upstart Bank from the current partners that we're originating with today and also expect to be able to raise deposits within a relatively short period of time after bank launch. And so all in all, I expect sort of the core elements of the operations of the bank to be up and running relatively shortly after the launch of the bank.

當然。在資本方面，我們尚未揭露資本計畫的具體細節，但我可以分享的是：Upstart 目前的資本水位足以啟動銀行，我們也很期待這件事。至於我們能多快在不同面向啟動銀行營運：在放款端，我們預期能相當迅速地把目前與合作夥伴共同承作的放款起始，大部分甚至全部轉移到 Upstart Bank；同時也預期在銀行啟動後相對短的時間內就能吸收存款。總體而言，我預期銀行營運的核心要素會在啟動後不久就上線運作。

Very helpful. Thank you.

非常有幫助。謝謝你。

And I will now turn the conference back over to Sonya Banerjee.

我現在把電話會議交回給 Sonya Banerjee。

Thank you. For the first time this quarter, we invited retail investors to submit questions through X. We received a number of thoughtful submissions, and we've selected a few themes to answer today. So Paul, starting with the first one, you've talked a lot about LTV efforts and have stated Upstart is deliberately not maximizing take rate today. As the models improve, how much pricing power is accruing that you're choosing not to harvest? And how do you think about pulling the lever on take rate over the long term?

謝謝。本季我們首次邀請散戶投資人透過 X 提交問題。我們收到許多深思熟慮的提問，並挑選了幾個主題在今天回覆。Paul，先從第一題開始：你談了很多 LTV 的努力，並表示 Upstart 目前刻意不把抽成率（take rate）最大化。隨著模型改善，你們選擇不去收割的定價能力累積了多少？以及你們長期如何看待拉動抽成率這個槓桿？

Yeah, it's a great question. Over the last couple of quarters, one of the themes we've talked about is investing in our customer relationships. That's something that's really important to us. We're talking more and more about that, sharing more and more metrics about that, and we expect to continue doing that.

是的，這是個很好的問題。過去幾個季度，我們談到的一個主題是投資於我們的客戶關係。這對我們非常重要。我們也越來越常談這件事、分享越來越多相關指標，並且預期會持續這麼做。

The reason it's so important to us is that we expect to have products that can serve customers across their entire life cycle. So getting customers in the door, getting consumers into our ecosystem, even if they don't take out a loan and then, of course, even more for the ones who do, is extremely valuable to us and will pay continuing dividends over time. So that's really valuable to do. And so we don't want to over-monetize our consumer.

之所以這對我們如此重要，是因為我們預期會有產品能在客戶的整個生命週期中提供服務。因此，把客戶帶進門、把消費者帶入我們的生態系——即使他們沒有借款，當然對於那些確實借款的人更是如此——對我們而言都極具價值，並會隨時間持續帶來紅利。所以這樣做非常有價值。因此，我們不希望對消費者過度變現。

We don't want to sort of maximize the margin that we can squeeze out of every transaction. Even though in some of our products, like core personal loans, our pricing power is frankly fairly enormous, and we certainly could take it to a higher level. But that's not what we're choosing to do today. We want to take a healthy margin, reflective of how much value we're adding to that consumer, but leave plenty on the table for that consumer to sort of to keep for themselves.

我們不希望把每一筆交易能擠出的利潤率都盡可能最大化。即使在我們某些產品上，例如核心的個人貸款，我們的定價能力坦白說相當強大，而且我們當然也可以把它拉到更高的水準。但這不是我們今天選擇要做的事。我們希望取得一個健康的利潤率，反映我們為該消費者所增加的價值，同時也讓消費者保留相當多的利益，讓他們自己留著。

And I think we think that's something that's going to accrue to our brand, accrue to the relationship. And so we're going to keep on doing that. In terms of the magnitude of that, we haven't shared any specific metrics around this. But I will just say that this is not -- we didn't achieve our Q2 results by turning the screws on take rates in our core business. That's not a primary strategy for us today. And if anything, over the coming quarters, when we have the opportunity to, we're going to look to invest more into our customer relationships, not less.

而我想我們認為，這會累積到我們的品牌上、累積到關係上。所以我們會持續這麼做。至於其幅度，我們沒有分享任何具體的指標。但我只想說，這並不是——我們並不是靠在核心業務上提高抽成率、把螺絲越擰越緊來達成第二季的業績。這不是我們目前的主要策略。而且如果有什麼不同的話，在接下來幾個季度，只要有機會，我們會尋求對客戶關係投入更多，而不是更少。

Thank you. Next question. You say the model is at an 87% error with lots of room left, improving roughly linearly. How much of that residual is irreducible? Isn't there a natural limit to prediction accuracy? And how do you know you're not close to it?

謝謝。下一個問題。你說模型的錯誤率在87%，而且還有很大的改善空間，並且大致呈線性改善。剩餘的那部分有多少是不可約的？預測準確度難道沒有自然上限嗎？你怎麼知道自己還沒接近那個上限？

Yeah. I mean physics is real. So there's definitely sort of limits to what can be done in the physical world, and there's limits to predictability. But the really, really good news is that the starting point and the point of comparison is a pretty low bar. And that bar is, if you think about how consumer loans have been underwritten for most of human history, it's been something that you underwrote with people and then you underwrote with really simple scorecards, really sort of simple three digit numbers about people.

是的。我的意思是，物理定律是真實存在的。所以在物理世界中能做到的事情確實有某種限制，而可預測性也有其上限。但真正、真正的好消息是，我們的起點與比較基準其實門檻很低。那個門檻是：如果你想想在人類歷史的大部分時間裡，消費者貸款是如何核貸的——先靠人來審核，接著靠非常簡單的評分卡，用一些非常簡化的三位數分數來描述一個人。

And none of those metrics were particularly accurate at understanding credit risk. And so when you look at these metrics about -- if you were to start from a starting point of a totally random and then advance to what a human underwriter could do, what a sort of traditional scorecard could do, you actually only solve a pretty small fraction of all the inaccuracy that's out there.

而這些指標在理解信用風險方面都談不上特別準確。所以當你看這些指標——如果你從完全隨機的起點開始，然後進步到人工審核員能做到的程度、再到傳統評分卡能做到的程度，你其實只解決了現存所有不準確性中的很小一部分。

And what we've done over the past now 12 years of working on this problem in personal loans and less in new products is we've got to this 2.74 times as accurate as those traditional models. But actually, that leaves just a ton of room still on the table. And that's just because the starting point is so so inaccurate that we actually haven't seen any decline -- any diminishing marginal returns to our investments in better models and AI, more data.

而我們在過去12年（在個人貸款上）持續投入這個問題，在新產品上的時間則較短；我們已經做到比那些傳統模型準確2.74倍。但實際上，這仍然留下了非常大的改善空間。這只是因為起點實在太不準確了，所以我們其實還沒有看到——在更好的模型與AI、更多資料上的投資出現任何下降——任何邊際效益遞減。

And so we're pretty confident that at least in the foreseeable future, our models are going to keep getting better. They're going to keep increasing separation. And therefore, we're going to be able to keep differentiating in our value prop to the customer and ultimately win more of them.

因此我們相當有信心，至少在可預見的未來，我們的模型會持續變得更好。它們會持續提升區分度。因此，我們將能持續在對客戶的價值主張上做出差異化，並最終贏得更多客戶。

Great. And then the third and final question, what do you believe the market is still missing about Upstart? And what specific milestones should shareholders watch over the next 12 months that could help close this valuation gap?

很好。那第三個也是最後一個問題：你認為市場對Upstart仍然忽略了什麼？未來12個月股東應該關注哪些具體里程碑，可能有助於縮小這個估值落差？

Yeah, a lot. I would say that all year, really, there's probably been a bigger gap between how we at Upstart see the business and how the market sees us than we've ever experienced in our life as a public company. From our perspective, the business is stronger than it's ever been. We've got tech that's the best it's ever been, committed capital that is bigger and longer than it's ever been. We've got more customers.

是的，很多。我會說，今年整體而言，Upstart內部對業務的看法與市場對我們的看法之間的落差，可能比我們作為上市公司以來任何時候都更大。從我們的角度看，公司的業務比以往任何時候都更強。我們的技術是史上最佳，承諾資金的規模更大、期限也更長，都是前所未有。我們也有更多客戶。

We've got traction in Home and Auto. We think of all these as sort of wins that are valuable. They add up no matter what kind of macro environment you're in, whether it's a UMI of 1.5 or UMI of 1 or UMI of 0.5. And those things we are going to keep delivering on through the execution that we did just like in Q2.

我們在房貸與車貸方面也取得進展。我們把這些都視為有價值的勝利。不論你處於什麼樣的總體環境，這些成果都會累積起來——不管UMI是1.5、1、還是0.5。而我們會像第二季那樣，透過執行力持續交付這些成果。

And then there's sort of the opportunity ahead in the business, which is like consumer credit is just massive. It's a trillion-dollar market if you look across the different types of consumer credit just in the US. And AI is sort of the perfect technology to transform that. And of course, we, as a company, we've been working on this particular type of AI relevant to credit, relevant to consumer finance for over 10 years now. We've got a 10-year plus head start to be the one to do it.

接著是業務前方的機會：消費者信貸的規模非常龐大。如果你看美國境內各種不同類型的消費者信貸，這是一個兆美元等級的市場。而AI可以說是改造它的完美技術。當然，我們作為一家公司，已經在與信貸相關、與消費金融相關的這類AI上投入超過10年。我們有超過10年的先發優勢，能成為把這件事做成的那一家。

And I think that the market, when they look at us, has really been focused on -- a lot of the basics, like, can we keep growing? Can we do it profitably? Can we fund the loans that all that growth is generating? And so for us, like, what we need to do first is just tackle those doubts head-on and prove that we can do those things.

而我認為市場在看我們時，確實更聚焦在——很多基本面問題上，例如：我們能否持續成長？我們能否在獲利的情況下成長？我們能否為這些成長所帶來的貸款提供資金？所以對我們而言，我們首先要做的就是正面回應這些疑慮，並證明我們能做到這些事。

And I think ultimately, the market will decide what it decides. But I think the good news is that with those focuses, almost no matter what kind of valuation framework the market wants to use for us, at the end of the day, all of them go up with profit. And so if the market, at some point, doesn't want to bet on our future, then we can just earn the profits to bet on our own.

而我想最終市場會做出它自己的判斷。但好消息是，基於這些重點，幾乎不論市場想用什麼估值框架來看我們，歸根結底，所有框架都會隨著利潤而上升。所以如果市場在某個時點不想押注我們的未來，那我們就可以靠賺取利潤來押注我們自己。

Thank you. And that does conclude today's conference. We do thank you for your participation, and have an excellent day.

謝謝。今天的電話會議到此結束。感謝各位的參與，祝各位有美好的一天。