0001584207-26-000031
SEC filingQ2 净收入 1.52 亿美元，受贷款增长驱动，但信贷成本上升拖累盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Interest income | $1,417M | $1,339M | +6% |
| Net interest income | $1,091M | $1,022M | +7% |
| Provision for finance receivable losses | $610M | $511M | +19% |
| Net income | $152M | $167M | -9% |
| Diluted EPS | $1.32 | $1.40 | -6% |
| Net charge-off ratio | 8.20% | 7.57% | +63 bps |
Q2 营收端表现稳健，Interest income 同比增长 6% 至 $1,417M，主要受平均净应收款增长和收益率提升驱动。Net interest income 增长 7% 至 $1,091M，净息差保持稳定。
盈利下滑的核心拖累是 Provision for finance receivable losses 同比大增 19% 至 $610M，主要因净核销增加和应收款规模扩张。Net charge-off ratio 从 7.57% 升至 8.20%，反映信贷质量有所恶化，需关注后续季度趋势。
Non-GAAP 口径下，C&I 分部 Adjusted pretax income 从 $231M 降至 $201M，主要受拨备增加和运营费用上升影响。剔除重组费用 $5M 后，run-rate 盈利仍低于去年同期。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Consumer and Insurance | $1,413M | +6% | $194M | 13.7% | 应收款增长，但拨备增加 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $567M | -$347M |
| Net finance receivables | $25,145M | +$312M |
| Allowance for finance receivable losses | $2,923M | +$58M |
| Long-term debt | $22,769M | +$75M |
| Operating cash flow (H1) | $1,539M | +$100M |
| Capex (H1) | — | — |