<p>在周二，Finance of America（纽约证券交易所代码：FOA）在其财报电话会议中讨论了第一季度的财务结果。完整的文字记录如下。</p>
<p>此内容由 Benzinga API 提供。有关全面的财务数据和文字记录，请访问 https://www.benzinga.com/apis/。</p>
<p>查看网络直播：https://events.q4inc.com/analyst/720965831?pwd=0cdTeu4u</p>
<h2>摘要</h2>
<p>Finance of America 报告净收入为 3500 万美元，调整后净收入为 2600 万美元，调整后每股收益同比增长 112%，达到 1.10 美元。</p>
<p>公司的专有平台 Helix，借助 AI 组件 Joy，推动了客户获取和成本效率的提升，使公司在一个显著未被充分开发的市场中为未来增长做好了准备。</p>
<p>Finance of America 计划偿还 1.5 亿美元的高级担保公司债券，以增强其资产负债表，并将全年的调整后每股收益指引上调至 4.50 美元至 5 美元之间，反映出第一季度的强劲表现。</p>
<h2>完整文字记录</h2>
<p><strong>Matt</strong></p>
<p>谢谢你，Kristin，大家下午好。Graham 已经给出了主要结果，所以我将为你们提供一些关于本季度的补充信息，你可以在今天的财报发布中找到，并在第 11 页按部门进行总结。如前所述，我们实现了 3500 万美元的净收入和 2600 万美元的调整后净收入。调整后每股收益为 1.10 美元，同比增长 112%。从退休解决方案开始，这代表了我们的发放平台，调整后净收入为 1400 万美元，较第四季度有所下降，主要是由于发放的季节性因素，但同比大幅上升，实际上增长了 56%。推动这些结果的是 Kristin 提到的更高转化率，以及收入利润率的改善，反映出我们在专有生产持续增长时所看到的强劲执行力。投资组合管理在本季度表现强劲，产生了 2800 万美元的调整后净收入。业绩主要受到 17 亿美元的证券化活动的推动，包括专有的反向抵押贷款和房屋净值转换抵押贷款（HECM）回购。结果受益于有利的市场条件，包括紧缩的利差和相对较低的利率，以及季度内执行的时机。尽管时机可能会因季度而异，但我们的结果反映了我们平台的实力以及我们持续识别和执行有吸引力的资本市场机会的能力。企业部门的调整后收益，反映了我们非融资债务的间接费用和利息支出，与前几个季度基本一致，反映了非融资利息支出的减少，抵消了对技术的投资。总体而言，这些结果推动了有形股本的顺序增加，达到 2.68 亿美元，或每股约 15 美元。关于我们的估值，我们相信，随着发放和收益能力的持续增长，随着时间的推移，这将使我们在收益和有形股本基础上获得更高的倍数。转向第 12 页的关键资产负债表指标，你可以看到我们的现金余额从 2025 年底的 9000 万美元增加到第一季度末的 1.08 亿美元，同比增长 108%。在本季度，我们从发放和资本市场活动中产生了 5800 万美元的现金流，并利用 4000 万美元完成了对黑石公司股权的回购。我们认为，计划在今年晚些时候偿还 1.5 亿美元的高级担保公司债务是我们流动性和资本的最明智使用。在短期内，这一去杠杆化计划将创造一个非常强劲的资产负债表，我们认为这是我们所建立的有价值的运营特许经营的适当基础。话虽如此，考虑到我们本季度发布的强劲结果，我们也看到了我们自己股票的相当价值。我们预计在推进去杠杆化计划时将重新审视资本配置优先事项。如果你翻到第 13 页，我将通过更新 2026 年的指引来结束我的准备发言。我们维持我们的融资量展望在 28 亿到 31 亿美元之间。我们还将全年的调整后每股收益指引上调至 4.50 美元至 5 美元之间，反映出第一季度的强劲表现和我们业务中看到的势头。就此，我想请操作员开始提问。</p>
<p><strong>Timothy Dagustiono（股票分析师）</strong></p>
<p>是的，嗨。谢谢你。恭喜你们取得了这个季度的好成绩。那么，在发放量方面，听起来三月是一个相当强劲的月份，我想知道你能否补充一下三月为何比二月、三月更强。如果三月的发放量在四月和五月初持续存在。谢谢。</p>
<p><strong>Matt</strong></p>
<p>嗨，Tim。是的，我认为有几个因素。首先，我提到过正常的季节性，对吧？所以我们在 11 月和 12 月的潜在客户生成能力总是会受到一些限制，因为 11 月底和 12 月的假期。因此，这自然会导致一月和二月的融资量较低。但当你开始进入新的一年并开始重新启动这个引擎时，你会看到潜在客户流入，这实际上在二月和三月开始显现。这只是正常的季节性因素。也许让 Kristen 进一步阐述我们在营销支出方面看到的改善表现。</p>
<p><strong>Kristin</strong></p>
<p>是的，我提到了 Helix，实际上我们在三月份看到的工作开始产生我们预期的结果，逐渐汇聚在一起。因此，我们在三月份的发放量开始进入一个不同的速度。我们预计这种趋势将持续到今年。</p>
<p><strong>Timothy Dagustiono（股票分析师）</strong></p>
<p>好的，非常感谢。这非常有帮助。关于按产品划分的资金量，特别是考虑到第一季度，显然它更倾向于专有产品。但我想问一下，关于第一季度 HECM 产品和专有产品的发放情况，需求是否有变化，或者您能否提供一些关于房主如何与每种产品互动的情况？专有产品是否获得了更多的关注？谢谢。</p>
<p><strong>Kristin</strong></p>
<p>房主通常会选择最适合他们需求的产品，这在大多数情况下与他们的债务和房屋价值相对的收益金额有关。因此，我们看到专有产品在更大房屋尺寸上是自然的选择。但对我们来说，第一季度的不同之处在于，我们真的开始看到我们的第二抵押贷款产品的发放量增加。这些产品适用于那些对他们的第一抵押贷款感到满意的人，通常是低利率，他们能够承担这个付款，但他们有大量的房屋净值希望提取，并且不想再增加另一个付款来影响他们的现金流。因此，在传统方面，HECM 与 Home Safe 之间的选择通常取决于哪个产品能为客户提供更多的资金，这取决于房产价值，而 HomeSafe 第二抵押贷款则基于我刚才描述的情况。借款人正在寻找不同的替代方案。</p>
<p><strong>Timothy Dagustiono（股票分析师）</strong></p>
<p>好的，非常感谢。我会再次排队。</p>
<p><strong>操作员</strong></p>
<p>提醒一下，如果您想提问，请在手持设备上按星号一。我们有来自 B. Riley Securities 的 Timothy Dagustiono 的后续问题。请继续。</p>
<p><strong>Timothy Dagustiono（股票分析师）</strong></p>
<p>太好了。第三个问题，我想看看您是否有关于 PHH 收购的更多更新或其他信息。我知道在幻灯片中提到它正在进展，但我不知道您是否能提供更多的细节。谢谢。</p>
<p><strong>Matt</strong></p>
<p>是的，所有额外的信息，Tim，将在我们今天市场收盘后提交的 8K 文件中。正如我在发言中所说，我们将交易分为发放、产品营销和一些服务，我们预计将在五月完成。我们在 Ginnie Mae 面前有一小部分 HECM MSR，我们将与 Ginnie Mae 合作，获得适当的批准，然后在时机合适时完成交易。</p>
<p><strong>Timothy Dagustiono（股票分析师）</strong></p>
<p>好的，非常感谢您回答这些问题。恭喜你们这个季度的表现。</p>
<p><strong>操作员</strong></p>
<p>我们已经结束了问答环节。现在我将把电话交回给 Graham Fleming 进行结束发言。</p>
<p><strong>Graham Fleming</strong></p>
<p>是的，谢谢。第一季度的要点很简单。我们看到业务的基本驱动因素明显改善，这种改善开始转化为更强的生产和财务结果。我们期待在八月份向您更新我们的第二季度结果。感谢大家今天参加电话会议。</p>
<p><strong>免责声明：</strong> 本转录仅供信息参考。虽然我们努力确保准确性，但此自动转录可能存在错误或遗漏。有关公司的正式声明和财务信息，请参阅公司的 SEC 文件和官方新闻稿。企业参与者和分析师的声明反映了他们在本次电话会议日期的观点，可能会随时更改，恕不另行通知。</p>

<p>Finance of America（纽约证券交易所代码：FOA）公布了 2026 年第一季度的财报，净收入为 3500 万美元，调整后每股收益为 1.10 美元，同比增长 112%。该公司计划偿还 1.5 亿美元的公司票据，以增强其资产负债表，并已将全年调整后每股收益的指引修订为 4.50 至 5.00 美元。由人工智能增强的专有平台 Helix 正在推动客户获取和成本效率。现金余额增加至 1.08 亿美元，未来将重点关注去杠杆化和资本配置优先事项</p>

<p>On Tuesday, Finance of America (NYSE: FOA) discussed first-quarter financial results during its earnings call. The full transcript is provided below.</p>
<div class="lb-trans"><p>在周二，Finance of America（纽约证券交易所代码：FOA）在其财报电话会议中讨论了第一季度的财务结果。完整的文字记录如下。</p>
</div><p>This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.</p>
<div class="lb-trans"><p>此内容由 Benzinga API 提供。有关全面的财务数据和文字记录，请访问 https://www.benzinga.com/apis/。</p>
</div><p>View the webcast at https://events.q4inc.com/analyst/720965831?pwd=0cdTeu4u</p>
<div class="lb-trans"><p>查看网络直播：https://events.q4inc.com/analyst/720965831?pwd=0cdTeu4u</p>
</div><h2>Summary</h2>
<div class="lb-trans"><h2>摘要</h2>
</div><p>Finance of America reported net income of $35 million and adjusted net income of $26 million, with adjusted earnings per share up 112% year over year to $1.10.</p>
<div class="lb-trans"><p>Finance of America 报告净收入为 3500 万美元，调整后净收入为 2600 万美元，调整后每股收益同比增长 112%，达到 1.10 美元。</p>
</div><p>The company's proprietary platform, Helix, enhanced by AI component Joy, is driving customer acquisition and cost efficiency improvements, positioning the company for future growth in a significantly underpenetrated market.</p>
<div class="lb-trans"><p>公司的专有平台 Helix，借助 AI 组件 Joy，推动了客户获取和成本效率的提升，使公司在一个显著未被充分开发的市场中为未来增长做好了准备。</p>
</div><p>Finance of America plans to retire $150 million of senior secured corporate notes to strengthen its balance sheet and is revising its full-year adjusted earnings per share guidance upwards to between $4.50 and $5, reflecting strong first-quarter performance.</p>
<div class="lb-trans"><p>Finance of America 计划偿还 1.5 亿美元的高级担保公司债券，以增强其资产负债表，并将全年的调整后每股收益指引上调至 4.50 美元至 5 美元之间，反映出第一季度的强劲表现。</p>
</div><h2>Full Transcript</h2>
<div class="lb-trans"><h2>完整文字记录</h2>
</div><p><strong>Matt</strong></p>
<div class="lb-trans"><p><strong>Matt</strong></p>
</div><p>Matt thank you Kristin and good afternoon all. Graham already gave you the headline results, so I'll give you some added color to the quarter which you can find in today's earnings release and summarize by segment on slide 11. As mentioned, we generated 35 million of net income and 26 million of adjusted net income. Adjusted earnings per share of $1.10 was up 112% year-over-year. Starting with Retirement Solutions, which represents our originations platform, adjusted net income was 14 million, down from the fourth quarter due to the typical seasonality in originations, but up substantially year-over-year, in fact up by 56%. Driving these results was the higher conversion rates Kristin mentioned, as well as improved revenue margins which increased year-over-year, reflecting the strong execution we are seeing as proprietary production continues to grow. Portfolio management delivered strong results for the quarter, generating 28 million in adjusted net income. Performance was driven primarily by 1.7 billion of securitization activity across both proprietary Reverse and Home Equity Conversion Mortgage (HECM) buyouts. Results benefited from favorable market conditions including tight spreads and relatively lower interest rates, as well as the timing of execution within the quarter. While timing can vary quarter to quarter, our results reflect the strength of our platform and our ability to consistently identify and execute on attractive capital markets opportunities. Corporate segment adjusted Earnings, which reflects overhead and interest expense on our non Funding debt was materially in line with prior quarters, reflecting reduced non funding interest expense offset by investments in technology. Overall, these results drove a sequential increase in tangible equity to 268 million, or approximately $15 per share. With respect to our valuation, we believe the growing origination and earnings power that we continue to demonstrate will over time warrant a higher multiple on both an earnings and tangible equity basis. Turning to key balance sheet Metrics on slide 12, you can see that our cash balances increased from 90 million at the end of 2025 to to 108 million at the end of the first quarter and are up by 108% year-over-year. During the quarter we generated 58 million in cash flow from our originations and capital markets activities and utilized $40 million to complete the repurchase of Blackstone's equity position at this time. We view our plan to retire the 150 million balance of our senior secured corporate notes later this year as the most prudent use of our liquidity and capital. In the near term, this deleveraging plan will create a very strong balance sheet which we view as an appropriate foundation for the valuable operating franchise we have built. Having said that, given the strong results we posted this quarter, we also see considerable value in our own shares. We expect to revisit capital allocation priorities as we make progress against the deleveraging plan. If you turn to slide 13, I'll conclude my prepared remarks by giving you an update on our guidance for 2026. We are maintaining our funded volume outlook 2.8 to 3.1 billion. We're also increasing our guidance for full year adjusted earnings per share above our previously stated range to between $4.50 and $5 per share, reflecting the strong first quarter performance and the momentum we are seeing in our business. With that, I'd like to ask the operator to open your call for questions.</p>
<div class="lb-trans"><p>谢谢你，Kristin，大家下午好。Graham 已经给出了主要结果，所以我将为你们提供一些关于本季度的补充信息，你可以在今天的财报发布中找到，并在第 11 页按部门进行总结。如前所述，我们实现了 3500 万美元的净收入和 2600 万美元的调整后净收入。调整后每股收益为 1.10 美元，同比增长 112%。从退休解决方案开始，这代表了我们的发放平台，调整后净收入为 1400 万美元，较第四季度有所下降，主要是由于发放的季节性因素，但同比大幅上升，实际上增长了 56%。推动这些结果的是 Kristin 提到的更高转化率，以及收入利润率的改善，反映出我们在专有生产持续增长时所看到的强劲执行力。投资组合管理在本季度表现强劲，产生了 2800 万美元的调整后净收入。业绩主要受到 17 亿美元的证券化活动的推动，包括专有的反向抵押贷款和房屋净值转换抵押贷款（HECM）回购。结果受益于有利的市场条件，包括紧缩的利差和相对较低的利率，以及季度内执行的时机。尽管时机可能会因季度而异，但我们的结果反映了我们平台的实力以及我们持续识别和执行有吸引力的资本市场机会的能力。企业部门的调整后收益，反映了我们非融资债务的间接费用和利息支出，与前几个季度基本一致，反映了非融资利息支出的减少，抵消了对技术的投资。总体而言，这些结果推动了有形股本的顺序增加，达到 2.68 亿美元，或每股约 15 美元。关于我们的估值，我们相信，随着发放和收益能力的持续增长，随着时间的推移，这将使我们在收益和有形股本基础上获得更高的倍数。转向第 12 页的关键资产负债表指标，你可以看到我们的现金余额从 2025 年底的 9000 万美元增加到第一季度末的 1.08 亿美元，同比增长 108%。在本季度，我们从发放和资本市场活动中产生了 5800 万美元的现金流，并利用 4000 万美元完成了对黑石公司股权的回购。我们认为，计划在今年晚些时候偿还 1.5 亿美元的高级担保公司债务是我们流动性和资本的最明智使用。在短期内，这一去杠杆化计划将创造一个非常强劲的资产负债表，我们认为这是我们所建立的有价值的运营特许经营的适当基础。话虽如此，考虑到我们本季度发布的强劲结果，我们也看到了我们自己股票的相当价值。我们预计在推进去杠杆化计划时将重新审视资本配置优先事项。如果你翻到第 13 页，我将通过更新 2026 年的指引来结束我的准备发言。我们维持我们的融资量展望在 28 亿到 31 亿美元之间。我们还将全年的调整后每股收益指引上调至 4.50 美元至 5 美元之间，反映出第一季度的强劲表现和我们业务中看到的势头。就此，我想请操作员开始提问。</p>
</div><p><strong>Timothy Dagustiono (Equity Analyst)</strong></p>
<div class="lb-trans"><p><strong>Timothy Dagustiono（股票分析师）</strong></p>
</div><p>Yeah, hi. Thank you. Congrats on the quarter, So, on origination volume, it sounds like March was a pretty strong month and I was wondering if you could add some color as to maybe why March was stronger than February, January. And if that is, that volume that was seen in March persisted through April and into the beginning of. Beginning of May. Thank you.</p>
<div class="lb-trans"><p>是的，嗨。谢谢你。恭喜你们取得了这个季度的好成绩。那么，在发放量方面，听起来三月是一个相当强劲的月份，我想知道你能否补充一下三月为何比二月、三月更强。如果三月的发放量在四月和五月初持续存在。谢谢。</p>
</div><p><strong>Matt</strong></p>
<div class="lb-trans"><p><strong>Matt</strong></p>
</div><p>Hi Tim. Yeah, I think a couple of things. One I mentioned there's a normal seasonality, right, So our lead generation capabilities in November and December are always curtailed a little bit just from the holiday periods at the end of November and December, of course. So that will lead naturally to some lower fundings in January and February. But as you start to get into the new year and start to crank that engine back up, you start to see a lead flow come in, which really starts to kick in in February, March. That's just kind of the normal seasonal stuff. And maybe let Kristen expand on the improved performance we're seeing from that marketing spend as well.</p>
<div class="lb-trans"><p>嗨，Tim。是的，我认为有几个因素。首先，我提到过正常的季节性，对吧？所以我们在 11 月和 12 月的潜在客户生成能力总是会受到一些限制，因为 11 月底和 12 月的假期。因此，这自然会导致一月和二月的融资量较低。但当你开始进入新的一年并开始重新启动这个引擎时，你会看到潜在客户流入，这实际上在二月和三月开始显现。这只是正常的季节性因素。也许让 Kristen 进一步阐述我们在营销支出方面看到的改善表现。</p>
</div><p><strong>Kristin</strong></p>
<div class="lb-trans"><p><strong>Kristin</strong></p>
</div><p>Yeah, I touched on Helix and really what we saw in March was the work that we've been doing actually producing the results that we expected it to starting to come together in March. So you know, we really started to hit a different speed as it relates to our origination volume in March as a result. And we expect that to continue for the year.</p>
<div class="lb-trans"><p>是的，我提到了 Helix，实际上我们在三月份看到的工作开始产生我们预期的结果，逐渐汇聚在一起。因此，我们在三月份的发放量开始进入一个不同的速度。我们预计这种趋势将持续到今年。</p>
</div><p><strong>Timothy Dagustiono (Equity Analyst)</strong></p>
<div class="lb-trans"><p><strong>Timothy Dagustiono（股票分析师）</strong></p>
</div><p>Okay, great. That's, that's super helpful. And then on the funded volume by product, especially thinking about the first quarter, obviously it shifted more towards that proprietary product. But I guess regarding originations in the first quarter from the HECM product and the proprietary product, was there any changes in demand or any, any color you can provide on how homeowners are interacting with each product? Is the proprietary product gaining more traction just kind of color on how homeowners are interacting? Thank you.</p>
<div class="lb-trans"><p>好的，非常感谢。这非常有帮助。关于按产品划分的资金量，特别是考虑到第一季度，显然它更倾向于专有产品。但我想问一下，关于第一季度 HECM 产品和专有产品的发放情况，需求是否有变化，或者您能否提供一些关于房主如何与每种产品互动的情况？专有产品是否获得了更多的关注？谢谢。</p>
</div><p><strong>Kristin</strong></p>
<div class="lb-trans"><p><strong>Kristin</strong></p>
</div><p>Homeowners typically choose the product that best suits their needs, which in most cases is a function of the amount of proceeds relative to the debt that they have and their home value. So where we see proprietary as natural fits are more of the jumbo home sizes, on our traditional suite. But the, the difference for us in Q1 is we're really starting to see our second lien product, you know, increase in originations. And those, those products are for people that really have a different use case in the sense that, they're happy with their first mortgage, typically a low interest rate, they can afford that payment, but they have a tremendous amount of home equity that they'd like to tap and can't afford or don't want another payment to impact their cash flow. So for HECM versus Home Safe on the traditional side, it's typically a function of which product provides the customer access to the most funds and dependent on Property value and then on the HomeSafe second lien. It's based on what I just described. Borrowers looking for a different alternative.</p>
<div class="lb-trans"><p>房主通常会选择最适合他们需求的产品，这在大多数情况下与他们的债务和房屋价值相对的收益金额有关。因此，我们看到专有产品在更大房屋尺寸上是自然的选择。但对我们来说，第一季度的不同之处在于，我们真的开始看到我们的第二抵押贷款产品的发放量增加。这些产品适用于那些对他们的第一抵押贷款感到满意的人，通常是低利率，他们能够承担这个付款，但他们有大量的房屋净值希望提取，并且不想再增加另一个付款来影响他们的现金流。因此，在传统方面，HECM 与 Home Safe 之间的选择通常取决于哪个产品能为客户提供更多的资金，这取决于房产价值，而 HomeSafe 第二抵押贷款则基于我刚才描述的情况。借款人正在寻找不同的替代方案。</p>
</div><p><strong>Timothy Dagustiono (Equity Analyst)</strong></p>
<div class="lb-trans"><p><strong>Timothy Dagustiono（股票分析师）</strong></p>
</div><p>Okay, great. Thank you. I'll jump back in the queue.</p>
<div class="lb-trans"><p>好的，非常感谢。我会再次排队。</p>
</div><p><strong>OPERATOR</strong></p>
<div class="lb-trans"><p><strong>操作员</strong></p>
</div><p>A reminder, if you would like to ask a question, please press star one on your handheld device. And we have a follow up question from Timothy Dagustiono from B. Riley Securities. Please go ahead.</p>
<div class="lb-trans"><p>提醒一下，如果您想提问，请在手持设备上按星号一。我们有来自 B. Riley Securities 的 Timothy Dagustiono 的后续问题。请继续。</p>
</div><p><strong>Timothy Dagustiono (Equity Analyst)</strong></p>
<div class="lb-trans"><p><strong>Timothy Dagustiono（股票分析师）</strong></p>
</div><p>Awesome. The third question here, I just wanted to see if you had any more updates or just kind of of anything else regarding the PHH acquisition. I know in the slide deck it was mentioned I was progressing, but I don't know if there's any additional color you can provide. Thank you.</p>
<div class="lb-trans"><p>太好了。第三个问题，我想看看您是否有关于 PHH 收购的更多更新或其他信息。我知道在幻灯片中提到它正在进展，但我不知道您是否能提供更多的细节。谢谢。</p>
</div><p><strong>Matt</strong></p>
<div class="lb-trans"><p><strong>Matt</strong></p>
</div><p>Yeah, all the additional information, Tim, will be in the 8K that we filed after the market today. So as I said in my remarks, we've bifurcated the transaction into the originations, the marketing of our product and some servicing which we expect to close here in May. We have a smaller pool of HECM MSR in front of Ginnie Mae, which we will work with Ginnie Mae and gain the appropriate approvals and then close on that when the timing is correct and we receive that approval.</p>
<div class="lb-trans"><p>是的，所有额外的信息，Tim，将在我们今天市场收盘后提交的 8K 文件中。正如我在发言中所说，我们将交易分为发放、产品营销和一些服务，我们预计将在五月完成。我们在 Ginnie Mae 面前有一小部分 HECM MSR，我们将与 Ginnie Mae 合作，获得适当的批准，然后在时机合适时完成交易。</p>
</div><p><strong>Timothy Dagustiono (Equity Analyst)</strong></p>
<div class="lb-trans"><p><strong>Timothy Dagustiono（股票分析师）</strong></p>
</div><p>Okay, great. Thank you so much for taking the questions. Congrats on the quarter.</p>
<div class="lb-trans"><p>好的，非常感谢您回答这些问题。恭喜你们这个季度的表现。</p>
</div><p><strong>OPERATOR</strong></p>
<div class="lb-trans"><p><strong>操作员</strong></p>
</div><p>We have reached the end of the Q and A session. I will now turn the call back to Graham Fleming for closing remarks.</p>
<div class="lb-trans"><p>我们已经结束了问答环节。现在我将把电话交回给 Graham Fleming 进行结束发言。</p>
</div><p><strong>Graham Fleming</strong></p>
<div class="lb-trans"><p><strong>Graham Fleming</strong></p>
</div><p>Yeah, thank you. The takeaway from the first quarter is straightforward. You know, we're seeing clear improvement in the underlying drivers of the business and that improvement is starting to translate into stronger production and financial results. And with that, we look forward to updating you in August with our Q2 results. So thank you everybody for joining the call today.</p>
<div class="lb-trans"><p>是的，谢谢。第一季度的要点很简单。我们看到业务的基本驱动因素明显改善，这种改善开始转化为更强的生产和财务结果。我们期待在八月份向您更新我们的第二季度结果。感谢大家今天参加电话会议。</p>
</div><p><strong>Disclaimer:</strong> This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.</p>
<div class="lb-trans"><p><strong>免责声明：</strong> 本转录仅供信息参考。虽然我们努力确保准确性，但此自动转录可能存在错误或遗漏。有关公司的正式声明和财务信息，请参阅公司的 SEC 文件和官方新闻稿。企业参与者和分析师的声明反映了他们在本次电话会议日期的观点，可能会随时更改，恕不另行通知。</p>
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完整记录：Finance of America 2026 年第一季度财报电话会议