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    Vincent Caintic • BTIG

    Vincent Caintic's questions to Oportun Financial Corp (OPRT) leadership

    Vincent Caintic's questions to Oportun Financial Corp (OPRT) leadership • Q2 2025

    Question

    Vincent Caintic of BTIG asked about the competitive environment, specifically if higher repayment rates were due to customers being refinanced by competitors. He also sought clarity on the outlook for overall portfolio growth in 2025 and whether the current portfolio yield level is stable.

    Answer

    CEO Raul Vazquez responded that the company sees no evidence of competitive refinancing, attributing higher repayments to smaller average loan sizes being easier for customers to pay off. He guided for mid-single-digit originations growth in H2 2025, with the full-year portfolio expected to decline by approximately 3%. Vazquez also stated that the current portfolio yield is expected to be relatively stable going forward.

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    Vincent Caintic's questions to Oportun Financial Corp (OPRT) leadership • Q4 2024

    Question

    Vincent Caintic of BTIG asked about the sensitivity of the 2025 guidance to macroeconomic factors like inflation, and whether the consumer finance market should be viewed as a zero-sum game for growth among fintechs.

    Answer

    CFO Jonathan Coblentz stated that the guidance already incorporates multiple macro scenarios. CEO Raul Vazquez added that their current V12 underwriting model was built using recent inflationary data, providing confidence. Vazquez argued it is not a zero-sum game for Oportun, as the company serves a specific, under-served niche of consumers with thin or no credit files, differentiating it from traditional fintechs.

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    Vincent Caintic's questions to Oportun Financial Corp (OPRT) leadership • Q3 2024

    Question

    Vincent Caintic of BTIG followed up on the return to growth, asking about the specific drivers, changes to underwriting posture, and the expected risk-adjusted margins and loss rates associated with this new growth phase.

    Answer

    CEO Raul Vazquez clarified that the return to growth is driven by confidence in their internal credit models (V12), improving macro conditions like lower inflation, and a strong job market, not by loosening their credit box. He emphasized they are remaining conservative. CFO & CAO Jonathan Coblentz directed attention to the company's unit economics model, stating that with a 2025 charge-off forecast of 11-12%, the implied risk-adjusted net interest margin would be in the 16% to 17% range.

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    Vincent Caintic's questions to Upbound Group Inc (UPBD) leadership

    Vincent Caintic's questions to Upbound Group Inc (UPBD) leadership • Q2 2025

    Question

    Vincent Caintic asked about the near-term performance drag on the Rent-A-Center segment from prior underwriting adjustments and its long-term growth outlook. He also inquired about Bridget's second-half marketing plans and potential for new product introductions.

    Answer

    CEO & CFO Fahmi Karam explained that the purposeful pullback in credit and product categories impacted Rent-A-Center's results, noting same-store sales would have been flat to slightly up without these changes. He stated the long-term goal is low single-digit growth. For Bridget, Karam highlighted a test-and-learn approach for marketing in new channels and excitement for the new line of credit product, which was developed based on direct consumer feedback.

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    Vincent Caintic's questions to Upbound Group Inc (UPBD) leadership • Q4 2024

    Question

    Vincent Caintic of BTIG inquired about the extent of underwriting tightening at Acima, noting the divergence between application and GMV growth, and asked about headwinds from the furniture product mix at both Acima and Rent-A-Center.

    Answer

    CEO Mitchell E. Fadel highlighted that Acima's product mix is now highly diversified, with furniture representing only about 40% of revenue, mitigating sector-specific headwinds. CFO Fahmi Karam clarified that while overall approval rates are relatively stable, they are dynamically managed, with tightening in riskier segments and for new customers, offset by higher approvals for returning customers. Fadel added that the app-to-GMV growth gap is also due to a product mix shift toward lower-ticket items from new marketplace partners.

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    Vincent Caintic's questions to Upbound Group Inc (UPBD) leadership • Q3 2024

    Question

    Vincent Caintic inquired about the economics of Acima's trade-down business, including gross margins and loss expectations, and asked about the management strategy for the Rent-A-Center segment, which is seeing higher margins despite increased charge-offs.

    Answer

    CFO Fahmi Karam explained that the trade-down dynamic results in lower initial margins due to more 90-day buyouts but provides access to new customers with higher repeat business potential, which should lead to improved loss rates over time. CEO Mitchell E. Fadel added that for Rent-A-Center, the company balances loss rates with the need for volume to maintain strong EBITDA margins, noting that losses have peaked seasonally as expected and the business is benefiting from competitor closures.

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    Vincent Caintic's questions to LendingClub Corp (LC) leadership

    Vincent Caintic's questions to LendingClub Corp (LC) leadership • Q2 2025

    Question

    Vincent Caintic asked about the philosophy behind the company's guidance, given recent outperformance, and questioned the capital management strategy with a high CET1 ratio.

    Answer

    CEO Scott Sanborn explained that initial 2025 guidance factored in a planned Q2 growth ramp and macro uncertainty. CFO Drew LaBenne added that visibility is improving and that the high CET1 ratio of 17.5% is intentionally maintained to fund significant future growth without shareholder dilution. He also highlighted that marginal ROTCE on new loans is in the attractive 25-30% range.

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    Vincent Caintic's questions to LendingClub Corp (LC) leadership • Q1 2025

    Question

    Vincent Caintic questioned if the origination and PPNR guidance was conservative, sought details on the pricing improvement and demand for the new rated security, and asked about target capital levels and appetite for share repurchases.

    Answer

    CEO Scott Sanborn clarified that the Q2 originations guidance is not conservative but has a wider range due to new marketing channels. CFO Andrew LaBenne added that PPNR is driven by volume and stable pricing. On the rated security, management noted a 30-50 basis point price improvement and solid demand. Regarding capital, Sanborn stated that levels are strong and are being held for growth, making share repurchases a secondary consideration for now.

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    Vincent Caintic's questions to LendingClub Corp (LC) leadership • Q4 2024

    Question

    Vincent Caintic asked about the drivers for the flat quarter-over-quarter Q1 volume guidance, the outlook for loan sales pricing in 2025, and the company's long-term targets for origination volume and Return on Tangible Common Equity (ROTCE).

    Answer

    CEO Scott Sanborn explained that Q1 is a seasonally challenging quarter and the company plans to reactivate dormant marketing channels as it exits Q1 into a more favorable seasonal period. CFO Andrew LaBenne added that they expect loan sales prices to continue rising due to strong buyer demand, independent of Fed rate cuts. Both executives clarified that the Q4 2025 exit rate guidance for volume and ROTCE is a stepping stone, not a final destination, and that the company has previously achieved higher volumes and aims to surpass them.

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    Vincent Caintic's questions to LendingClub Corp (LC) leadership • Q3 2024

    Question

    Vincent Caintic inquired about the expected capabilities and volume impact from the DebtIQ and Tally acquisition rollout, the potential effects of the CFPB's open banking rule, and the loan sale price level needed to drive meaningful origination volume.

    Answer

    CEO Scott Sanborn explained that the Tally acquisition significantly accelerates the DebtIQ roadmap, which will provide members a holistic view of their debt and automated payment strategies, ultimately driving low-cost repeat loan volume. He stated that a loan sale price in the mid-to-high 98% range would provide enough margin to reopen dormant marketing channels, with testing expected in Q1 ahead of seasonally stronger Q2 and Q3.

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    Vincent Caintic's questions to Enova International Inc (ENVA) leadership

    Vincent Caintic's questions to Enova International Inc (ENVA) leadership • Q2 2025

    Question

    Vincent Caintic of BTIG asked how positive macro trends translate to growth, given Enova's consistent performance, and sought clarification on whether a specific macro factor caused the minor credit 'blip' in one consumer product.

    Answer

    Chairman & CEO David Fisher stated that despite solid macro trends, the company prefers a balanced approach to growth and risk, especially given its already strong 20%+ growth rate and low valuation. He clarified 'categorically, no,' that the credit blip was not tied to a specific macro trend but was an isolated, product-specific issue that was quickly resolved, describing it as a 'non-event' internally.

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    Vincent Caintic's questions to Enova International Inc (ENVA) leadership • Q4 2024

    Question

    Vincent Caintic asked for a comparison of the relative strength and growth outlook between the consumer and SMB businesses for 2025, the use cases for SMB borrowing, and trends in expense efficiency heading into 2026.

    Answer

    CFO Steve Cunningham projected that the portfolio mix would remain stable, with SMBs constituting about 60%, and that borrowing use cases are not expected to change. Regarding expenses, he noted that G&A and O&T as a percentage of revenue should continue to scale down through 2025, while marketing will remain around 20% of revenue, varying seasonally with origination opportunities.

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    Vincent Caintic's questions to Enova International Inc (ENVA) leadership • Q3 2024

    Question

    Vincent Caintic of BTIG inquired about the drivers behind the impressive sequential origination growth and its potential to continue. He also asked about the company's operating leverage and how efficient the business can become as it scales, potentially allowing for faster EPS growth.

    Answer

    CEO David Fisher attributed the strong growth to a combination of seasonality and a conducive macro environment. He affirmed that strong growth of over 20% is expected to continue in Q4. CFO Steven Cunningham confirmed that significant operating leverage exists, particularly as fixed G&A expenses grow much slower than revenue. He noted that as the company continues to scale, this leverage should persist, allowing profitability to grow faster than the top line.

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    Vincent Caintic's questions to Bread Financial Holdings Inc (BFH) leadership

    Vincent Caintic's questions to Bread Financial Holdings Inc (BFH) leadership • Q2 2025

    Question

    Vincent Caintic from BTIG followed up on credit, asking for more detail on the assumptions baked into the second-half loss expectations and reserve rate. He also inquired about the economics of new business in the current environment.

    Answer

    EVP & CFO Perry Beberman reiterated the credit guidance, noting that while credit quality has improved, the company is maintaining conservative weightings on adverse economic scenarios in its CECL model due to macro uncertainty. CEO Ralph Andretta added that the new business pipeline is robust and that the company remains highly disciplined on the economics and pricing of any new partnerships.

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    Vincent Caintic's questions to Bread Financial Holdings Inc (BFH) leadership • Q1 2025

    Question

    Vincent Caintic inquired about the nature of conversations with merchants amid market uncertainty and asked about the competitive environment for winning new programs, specifically referencing the new Crypto.com partnership.

    Answer

    CEO Ralph Andretta described conversations with merchants as constant and comprehensive, covering everything from approval rates to the potential impacts of tariffs. Regarding the Crypto.com win, he attributed the success to Bread Financial's advanced technology, seamless integration capabilities across platforms, and engaged team. He highlighted that this demonstrates their ability to compete and win on factors beyond just price or credit depth.

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    Vincent Caintic's questions to Bread Financial Holdings Inc (BFH) leadership • Q4 2024

    Question

    Vincent Caintic asked for an update on the rollout of Net Interest Margin (NIM) mitigants and how conversations with merchants are progressing given the new administration and potential changes to the CFPB. He also questioned if the company is on track to meet its medium-term ROE guidance of 20-25% by Q4 2025.

    Answer

    EVP & CFO Perry Beberman explained that mitigation is a phased-in approach with APR increases still rolling out, and 95% of partners have contractual commitments. While optimistic about the regulatory environment, the company is proceeding with its plans. He confirmed that achieving the ROE target depends on credit performance and a potential reduction in the reserve rate, which would set the company up well for 2026.

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    Vincent Caintic's questions to Bread Financial Holdings Inc (BFH) leadership • Q3 2024

    Question

    Vincent Caintic asked for the company's perspective on the Q4 holiday sales season, including consumer sentiment and merchant activity. He also requested more precise guidance on the charge-off rate trajectory for Q4 and into 2025, considering the hurricane impact.

    Answer

    President and CEO Ralph Andretta stated he expects a moderate holiday sales season, with consumer behavior remaining consistent with recent quarters. EVP and CFO Perry Beberman added that external factors like a shorter shopping season could pressure retail sales. Regarding charge-offs, Beberman confirmed a $10 million shift from Q4 2024 to Q2 2025 due to hurricane relief, which will slightly lower the Q4 rate but not affect the full-year guidance, and reminded analysts to expect a seasonal increase in Q1.

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    Vincent Caintic's questions to PROG leadership

    Vincent Caintic's questions to PROG leadership • Q2 2025

    Question

    Vincent Caintic asked about the potential scale of the Four Technologies business, its key economic metrics, and whether its current profitability is understated due to CECL reserving amid rapid growth.

    Answer

    CEO Steven Michaels expressed high confidence in Four's growth, noting its potential for EBITDA margins to exceed the leasing business. He shared key metrics like a ~10% take rate and ~5x quarterly purchase frequency. He confirmed that CECL accounting does suppress reported earnings during high-growth phases, and margins are expected to expand as growth moderates.

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    Vincent Caintic's questions to Affirm Holdings Inc (AFRM) leadership

    Vincent Caintic's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2025

    Question

    Vincent Caintic of BTIG asked about the competitive landscape, particularly if rivals are using aggressive economics to win merchants, and for updated thoughts on pursuing a bank charter.

    Answer

    COO Michael Linford stated the market is competitive but Affirm wins on conversion and impact, not price, pointing to consistent merchant fee rates as evidence. CEO Max Levchin said a bank charter is not a near-term funding solution and would only be pursued if necessary to enable a specific, high-priority product feature.

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    Vincent Caintic's questions to Affirm Holdings Inc (AFRM) leadership • Q2 2025

    Question

    Vincent Caintic asked about Affirm's ability to continue taking market share as traditional credit card lenders tighten underwriting, and inquired about the potential impact of macro and political developments from Washington.

    Answer

    CEO Max Levchin explained that Affirm's model of underwriting every transaction allows it to remain confident in its portfolio, unlike revolving credit issuers who may be dealing with past mistakes. He stated that if other lenders pull back, Affirm will be there to serve customers. On the macro front, he expressed confidence in Affirm's ability to operate in any rate environment and noted the company's mission and core values are not guided by political headlines, ensuring stability regardless of the administration.

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    Vincent Caintic's questions to Affirm Holdings Inc (AFRM) leadership • Q1 2025

    Question

    Vincent Caintic asked about the long-term outlook for adjusted operating income margins, given that current guidance is already above 20% and trending higher.

    Answer

    COO Michael Linford confirmed they are not updating the long-term framework but acknowledged that performance is ahead of schedule due to faster-than-expected operating leverage and a focus on achieving GAAP profitability. He reiterated that Affirm expects to continue growing margins from current levels.

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    Vincent Caintic's questions to Affirm Holdings Inc (AFRM) leadership • Q3 2024

    Question

    Vincent Caintic asked about the competitive landscape, particularly regarding pricing pressure, and sought an updated view on the funding structure and the possibility of becoming a bank.

    Answer

    COO Michael Linford stated that while the market is highly competitive, Affirm wins on conversion and impact, not price, allowing for consistent merchant fee rates. CEO Max Levchin reiterated that a bank charter is not a near-term funding solution and would only be pursued if it were necessary to enable a specific product feature that is currently unachievable.

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    Vincent Caintic's questions to OneMain Holdings Inc (OMF) leadership

    Vincent Caintic's questions to OneMain Holdings Inc (OMF) leadership • Q1 2025

    Question

    Vincent Caintic requested more detail on the credit reserve rate, asking about the level of conservatism and the underlying macro assumptions, and also inquired about the conditions that would lead to a change in their underwriting posture.

    Answer

    CFO Jenny Osterhout explained that the reserve includes a macro overlay assuming unemployment rises to ~6% in 12 months and was modestly raised quarter-over-quarter. CEO Douglas Shulman added that they are not removing the 30% underwriting stress buffer due to current uncertainty. He clarified that any future adjustments to their credit box would likely be micro-level changes in specific segments rather than a broad loosening or tightening.

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    Vincent Caintic's questions to OneMain Holdings Inc (OMF) leadership • Q3 2024

    Question

    Vincent Caintic of BTIG asked for the expected timing of a year-over-year improvement in the net charge-off rate and a reminder of typical loss seasonality. He also inquired about the outlook for origination growth and when the newer, higher-quality 'front book' would become the dominant factor in credit performance.

    Answer

    CFO Jenny Osterhout outlined the typical loss seasonality, noting that improving delinquency trends lead loss improvements by about two quarters, but declined to give specific 2025 guidance. CEO Douglas Shulman reiterated that origination growth is an output of their disciplined credit-first approach, not a primary target, and that they are pleased with current demand levels driven by their product and market position.

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    Vincent Caintic's questions to PROG Holdings Inc (PRG) leadership

    Vincent Caintic's questions to PROG Holdings Inc (PRG) leadership • Q4 2024

    Question

    Vincent Caintic of BTIG asked about the ongoing opportunity from customer trade-downs from higher-tier lenders and inquired about the company's long-term EBITDA margin targets in light of current investment spending.

    Answer

    President and CEO Steven Michaels confirmed that tightening from lenders higher in the credit stack drove application volume and new customer growth in 2024, though the quality of the average application has slightly decreased. CFO Brian Garner reiterated that the long-term EBITDA margin target for Progressive Leasing remains 11% to 13%, stating that the Big Lots situation does not change this conviction. He emphasized that the company will continue to invest in its technology roadmap to drive long-term growth.

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    Vincent Caintic's questions to PROG Holdings Inc (PRG) leadership • Q3 2024

    Question

    Vincent Caintic asked about the medium- to long-term GMV growth potential, considering the balance between execution with current merchants and the need to win new partners.

    Answer

    President and CEO Steve Michaels explained that while the company has not provided a long-term GMV growth algorithm, the market is underpenetrated. He noted that near-term growth is supported by deploying new initiatives with existing partners and effectively converting trade-down customers. However, for sustained long-term growth, adding new retail partners to the platform is essential. He stressed the importance of a strong customer experience to convert customers unfamiliar with lease-to-own.

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    Vincent Caintic's questions to Upstart Holdings Inc (UPST) leadership

    Vincent Caintic's questions to Upstart Holdings Inc (UPST) leadership • Q4 2024

    Question

    Vincent Caintic of BTIG, LLC sought clarity on the potential magnitude of GAAP profitability in 2025 and whether funding capacity could be a constraint on the transaction volume implied by the fee revenue guidance.

    Answer

    CFO Sanjay Datta clarified that for 2025, they expect to be in the 'ballpark of breakeven' on a GAAP basis, not dramatically profitable, partly due to a one-time accounting impact from stock-based compensation changes. He also stated that while the analyst's volume math was aggressive, the guidance assumes funding will not be a bottleneck; growth is primarily gated by success on the borrower side, not capital availability.

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