Figure Technology Solutions (FIGR.US) 2025年第三季度业绩电话会
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会议摘要
Figure Technology Solutions, a blockchain-focused financial services company, achieved record growth in Q3 2025, with total consumer loan marketplace volume nearly $2.5 billion and adjusted EBITDA reaching $86 million, up 70% year-over-year. The company's strategy includes democratizing prime lending through DeFi, expanding yield-bearing stablecoins on Solana, and launching blockchain-native equity. With a focus on innovation, operational efficiency, and blockchain integration, Figure is positioning itself as a leader in transforming capital markets, aiming for over 60% EBITDA margins and a market cap exceeding $100 billion.
会议速览
Strong Q3 Earnings: Figure Technology Solutions Highlights Financial Performance and Future OutlookThe call begins with an introduction by Investor Relations, setting the stage for the earnings discussion. The executive team presents robust third-quarter results, emphasizing financial achievements and providing insights into the company's strategic direction. Participants are encouraged to ask questions, following the presentation, with guidelines for participation provided.
Record Growth in Consumer Loan Marketplace Driven by Figure Connect and Innovative ProductsAdjusted EBITDA and net income soared, with total consumer loan marketplace volume increasing 70% year over year. First lien lending volumes tripled, highlighting Figure Connect's role in enhancing liquidity and efficiency. New products, including blockchain-based solutions, contributed significantly, showcasing the platform's scalability and dominance in consumer credit origination.
Blockchain-Driven Mortgage Marketplace: Evolution, Innovation, and Capital EfficiencyHighlights the company's evolution from a direct lender to a blockchain-based marketplace, emphasizing blockchain innovations, balance sheet efficiency, and the launch of Figure Connect for direct capital market access, showcasing a shift towards a more profitable, capital-light model.
Blockchain-Driven Transformation in Capital Markets: Enhancing Efficiency, Liquidity, and LendingBlockchain technology, central to our strategy, has significantly improved transactional efficiency, created liquidity through standardization, and enhanced lending practices. By reducing securitization costs, ensuring data integrity, and facilitating direct lender-borrower connections, we're transforming capital markets, turning historically illiquid assets into tradable securities, and pioneering democratized Prime for superior financing rates.
Revolutionizing Loan Origination: Blockchain-Driven Efficiency and Recurring RevenueA company leverages blockchain technology for automated loan verification, enhancing partner economics and generating recurring high-margin revenue through ecosystem fees and servicing charges, driving growth in a diverse partner network.
Revolutionizing Capital Markets: Figure's Blockchain Marketplace for Transparent Credit ExposureFigure's mission to transform capital markets through a blockchain-based marketplace is highlighted, emphasizing the expansion of the supply side with high-grade institutional counterparties. The dialogue outlines progress in consumer loan marketplaces, blockchain pillars, and stablecoin yields, reflecting strong financial results and growing partner adoption. It concludes with confidence in the platform's strength and the potential for sustainable long-term growth, setting the stage for further innovation in democratized prime and equity initiatives.
Revolutionizing Capital Markets: Intuit's Blockchain Journey and Strategic MilestonesIntuit is leveraging blockchain to transform capital markets, emphasizing long-term growth and shareholder value. Key initiatives include developing a consumer loan marketplace, democratizing prime DeFi lending, and expanding blockchain partnerships with Solana and Suite. The company is pioneering blockchain-native equity share classes, marking a significant step in modernizing capital markets infrastructure.
Record Consumer Loan Volume and Enhanced Profitability Drive Figure's Q3 PerformanceFigure highlights record consumer loan marketplace volume nearing $2.5 billion, with Figure Connect contributing nearly half. Adjusted net revenue rose 42% to $156 million, driven by ecosystem volume growth. Adjusted EBITDA surged 70% to $86 million, achieving a 55.4% margin, up from 44.9% the previous year, reflecting operational efficiencies and automation. Seasonal trends in home equity loan volumes are noted for Q4 and Q1, but Figure's diversified partner base and capital-light model are expected to mitigate impacts.
Blockchain-Driven Capital Markets: Achieving 60% EBITDA Margin & Transition to Marketplace ModelThe dialogue outlines the company's strategy to achieve a 60% adjusted EBITDA margin, transition to a capital-light marketplace model, and enhance operating efficiency through AI and automation. It highlights the shift towards blockchain technology, emphasizing the growing interest from partners and the upcoming issuance of equity on a public blockchain, marking a transformative step in capital markets.
Prioritizing Products, Market Opportunities, and Connect Volume ProjectionsDiscussed product road map prioritization, highlighting HELOC and first lien products, blockchain ecosystem pillars, and democratized prime marketplace. Addressed $185B+ market opportunity, emphasized investments in capital market disruption. Forecasted Connect volume reaching 60% mid-term, showcasing progress since June 2024 launch.
Analysis of Partner Growth, Composition, and Run Rate ProjectionsThe dialogue highlights the impressive partner growth, particularly in the SMB segment, with a focus on the types of loans expected and the time to reach a realistic run rate, amidst tailwinds from the government shutdown.
Expanding Business with Diverse Partnerships and SMB FocusA discussion on enhancing business stability through quick onboarding of various partners, including a major servicer and independent mortgage bank, while focusing on small and medium businesses with new product capabilities.
Exploring Democratized Prime & Tokenization's Value in Capital MarketsThe dialogue delves into strategies for enhancing adoption of democratized prime, focusing on liquidity building for tokenized loans and third-party assets. It highlights the benefits of tokenization in capital markets, particularly in equity, emphasizing the DeFi construct, cross-collateralization, and lending opportunities, while hinting at innovative approaches to be unveiled soon.
Looking Forward to Upcoming Business Call on TuesdayThe dialogue concludes with anticipation for a business call scheduled for next Tuesday, expressing gratitude for the engagement and looking forward to further discussions.
Blockchain-Driven Capital Markets: Understanding Seasonality and Competitive Advantages in FinTech GrowthThe dialogue explores the impact of seasonality on quarterly growth and the unique advantages of blockchain-based infrastructure in FinTech, emphasizing how integrated technology and capital markets drive high margins and market defensibility.
Outlook for Non-Helo Loan Growth and Expansion of Product OfferingsDiscussion focused on the progress of non-helo loan growth, highlighting significant first lien growth and the potential of new products like SMB and crypto-backed loans. The dialogue also touched on the expansion of origination partners amid market opportunities, emphasizing the role of blockchain technology in creating transparent capital markets.
Exploring Growth in First Lien HELOCs and Future Expansion into Broader Capital MarketsDiscusses the growth potential in first lien HELOCs due to cost efficiency and market demand, while outlining ambitions to expand beyond traditional mortgage products into diverse capital market segments.
Expanding Value Proposition for Large Banks in Heloc Lending and TokenizationThe dialogue discusses how large banks can leverage Heloc lending and asset tokenization to adapt to the shift towards stablecoin liabilities, enhancing their value proposition and capital market access.
Exploring Blockchain's Role in Banking: Opportunities and Challenges in the DeFi EcosystemThe dialogue discusses the impact of blockchain technology on the banking sector, focusing on opportunities for regional and super-regional banks. It highlights the potential of blockchain in asset origination, access to the DeFi ecosystem, and defensive measures against deposit poaching by major banks. The conversation also touches on the role of stablecoins and the defensive use of yields as alternatives to non-yielding deposits. The discussion concludes with an emphasis on the strategic positioning of banks in the evolving financial landscape.
要点回答
Q：What were the key financial results for the third quarter?
A：The key financial results for the third quarter include a strong showing across all key performance metrics, an adjusted EBITDA of MP (not specified in the transcript), a year-over-year increase in EBITDA margin, net income nearly 90 million more than triple the result of the previous year's quarter, and a total consumer loan marketplace volume of almost 2.5 billion, representing a 70% increase year over year.
Q：How has the utilization of Figure Connect for liquidity contributed to the company's growth?
A：The utilization of Figure Connect for liquidity has contributed to the company's growth by increasing both scale and efficiency across the origination partner network. This growth is evidenced by a 70% year-over-year increase in total consumer loan marketplace volume and the meaningful gains in scale and efficiency, particularly with first lien lending volumes nearly tripling year over year.
Q：How has the company's strategy evolved since its inception?
A：Since its inception, the company has maintained a relentless focus on innovation and technology, particularly blockchain. The evolution of the company's strategy includes transitioning from a direct to consumer lender using its balance sheet to a business-to-business-to-consumer platform with nearly 200 third parties using its technology to originate blockchain native assets. The strategy now centers around Figure Connect, which allows origination partners to access capital market liquidity directly, without the need for the company to use its balance sheet or equity capital.
Q：What is the significance of the first AAA rated securitization of blockchain assets?
A：The significance of the first AAA rated securitization of blockchain assets is that it demonstrates the company's progress in disrupting incumbents and achieving competitive differentiation through the use of blockchain technology. This milestone event showcases the company's ability to create value in the capital markets and is a demonstration of the potential for blockchain to transform capital markets.
Q：Why is blockchain considered a foundational element to the company's strategy?
A：Blockchain is considered a foundational element to the company's strategy because it underpins the company's ability to achieve transactional efficiency, create liquidity, and enable lending. By leveraging blockchain, the company has been able to reduce securitization costs, create homogenous and standardized loans, and provide transparent performance data, which has led to increased liquidity and is considered a breakthrough for a historically illiquid asset class, becoming one of the company's strongest competitive advantages, or 'moats'.
Q：What are the benefits of democratized Prime for DeFi lending and what opportunities does it present?
A：Democratized Prime is positioned to benefit from the liability flight from banks to stablecoins, which drives demand for alternative funding sources like DeFi. It competes with traditional capital allocators, offering a faster and cheaper financing solution compared to traditional warehouse lines.
Q：How does the economic model of democratized Prime work and what are its potential benefits?
A：The economic model of democratized Prime operates as a decentralized exchange, generating incremental pure margin without relying on a balance sheet. This model expands the ecosystem's velocity and profitability and can become the preferred liquidity venue for assets originating within consumer credit networks and blockchain-native real-world assets.
Q：What is the significance of the partnership with Solana and what benefits does it bring to the ecosystem?
A：The partnership with Solana enables yield-bearing stablecoins on the Solana blockchain, combining Solana's speed, throughput, and composability with yields' regulatory anchor design and transparent returns. This collaboration supports the strategy of building modern capital markets infrastructure that bridges traditional finance and decentralized systems, extending the capability into one of the most active blockchain developer communities.
Q：What is the strategic milestone related to blockchain native equity share class and what does it represent?
A：The strategic milestone involves the confidential S-1 filing for the launch of a blockchain native equity share class on the Provenance blockchain. This non-dilutive secondary transaction represents the first public equity class on blockchain infrastructure, marking a significant moment for Figure, Provenance, blockchain, and capital markets, with the potential to redefine asset class creation, financing, and trading.
Q：How did Figure's financial performance in the quarter compare to the previous year?
A：Figure's total ecosystem activity grew rapidly, with consumer loan marketplace volume reaching a record level and adjusted net revenue increasing 42% from the third quarter of the previous year. Adjusted EBITDA reached $86 million, up 70% year over year, driven by operational efficiency, automation, and a shift toward the marketplace model.
Q：What were the key trends in Figure's expenses and how did they contribute to profitability?
A：Figure's fixed costs remained stable post-IPO, and variable costs declined as a percentage of adjusted net revenue from 36% to 28% year over year. This efficiency contributed to a decrease in funding costs and an improvement in adjusted EBITDA margin. Investments in technology allowed for the addition of new product verticals without significant development costs, and continued reduction in variable expenses supported higher profitability.
Q：What seasonality should be expected in home equity loan origination volumes and how does Figure plan to navigate this?
A：Figure expects typical seasonality in home equity loan origination volumes, with Q4 and Q1 historically trending below the annual average due to moderated demand for lending during the year-end holiday period and winter months. Figure's diversified partner base and capital-efficient marketplace model position it to navigate these dynamics effectively.
Q：What are Figure's three long-term financial goals?
A：Figure's three long-term financial goals are to achieve an adjusted EBITDA margin above 60%, to move to a capital-light marketplace model, and to maintain a disciplined cost structure with limited increases in fixed expenses. Figure has demonstrated progress with an adjusted EBITDA margin reaching nearly 55% in the latest quarter.
Q：What is the most exciting aspect of the business for Michael and Mike?
A：Michael finds it exciting that existing and future customers are approaching the company to explore how blockchain technology can improve their business, rather than the company having to seek them out. Mike is most excited about the press release announcing the issuance of equity native to a public blockchain, seeing it as a huge transformational opportunity to build a new capital market ecosystem.
Q：What is the most significant transformational opportunity mentioned by Mike?
A：Mike believes the most significant transformational opportunity is the press release announcing the issuance of equity native to a public blockchain, which demonstrates the potential to build an entirely new capital market ecosystem.
Q：What is the prioritization of the company's products and what are their expected profitability and TAM?
A：The company has a substantial market opportunity, with a focus on consumer credit and asset classes, including a $35 trillion market in home equity. The prioritization includes executing on their HELOC product, advancing their position in the first lien aspect of the business, and expanding the blockchain ecosystem with democratized prime and yields. The company plans to bring more liquidity and ubiquity to these products.
Q：How does the company plan to integrate equity into their blockchain ecosystem?
A：The company intends to integrate equity into their blockchain ecosystem by leveraging the native chain to extend the existing infrastructure, tapping into transactional efficiency, liquidity, and financing benefits demonstrated on the credit side.
Q：What is the role of 'democratized prime' in their ecosystem?
A：'Democratized prime' connects various components of the ecosystem, including cross collateralization across crypto, tokenized loans, and tokenized equity. It is designed to bring about more integration and flexibility in the ecosystem.
Q：How did the launch of Connect impact the company's volume and what are the expectations for future Connect volume?
A：The launch of Connect led to significant growth, reaching nearly 50% of overall consumer level marketplace volume within the year. The company expects to achieve 60% Connect volume in the mid to near term and is working hard with partners to reach this goal.
Q：What is the composition and expected time for new partners to reach a realistic run rate?
A：New partners mainly came from the small and medium business (SMB) segment, with tailwinds from the government shutdown and recognition of the opportunity in the SMB use case. The company is constantly onboarding a range of partners of varying sizes, with some becoming operational within two weeks and others within a year, depending on the sales cycle and implementation process.
Q：What are the strategies being implemented to drive adoption of democratized prime and yields?
A：The strategies to drive adoption of democratized prime and yields include promoting incentives to existing origination partners and the underlying consumer borrowers. The company focuses on building out the funding side of the marketplace, ensuring sufficient liquidity for third-party assets. This strategy is intended to replicate the success in the lending market by controlling one side of the marketplace and adding others. Additionally, the company is making headway with yields in terms of collateral on exchanges and expects significant acceleration through collaborations with Sweden and Solana.
Q：What opportunities does the company see with democratized prime and how does it plan to address the funding side?
A：The company sees opportunities with democratized prime due to its potential to serve not only their own tokenized loans but also third-party loans. It plans to address the funding side by replicating the success of liquid staking protocols, using assets like home equity lines of credit that generate yield. The focus is on creating a stable and yielding environment for these assets to ensure capital can be readily available when assets are ready to be deployed.
Q：What role does yield play in the company's strategy and how is it addressing yields in different ecosystems?
A：Yield plays a crucial role in the company's strategy as it seeks to bring securities into ecosystems with fiat on/off ramps and stablecoins for payments, cross-border remits, and collateral. The company is focusing on increasing yields through collaborations with Sweden and Solana and is also making headway with yields on exchanges. They anticipate significant acceleration in these areas, and while yields have traditionally been superior to USDC due to their yielding nature, they are now seeing progress in making yields a superior collateral type.
Q：What is the value proposition of tokenization beyond the consumer credit asset class?
A：The value proposition of tokenization extends beyond consumer credit due to stronger liquidity and transparency in the asset class. The discussion suggests there's potential to unlock additional benefits from tokenization, particularly in enhancing the functionality of blockchain by tokenizing native equity and allowing for cross-collateralization with other assets, such as Bitcoin or figurative loans. This can lead to unique borrowing pools and access to leverage through processes like democratized prime, which can provide benefits such as higher yields and more efficient market operations.
Q：What fundamental changes in the tokenization of securities are being announced, and what advantages do they offer over traditional methods?
A：The company is about to unveil more fundamental changes in tokenization of securities, which differ from traditional methods that focus primarily on tokenizing without adjusting the full blockchain infrastructure behind the tokenization. The new approach aims to provide real advantages over traditional securities, such as transactional efficiency, lower transfer agent costs, and enhanced liquidity. The advantages offered by blockchain include the ability to cross-collateralize stocks with other assets, access to unique borrowing pools, and lending opportunities, which are not achievable in the traditional market.
Q：What are the key factors contributing to the company's Q3 growth?
A：The key factors contributing to the company's Q3 growth include continued success with the IPO and strong partner trends. The company expects some seasonality in Q1 but remains optimistic due to great success with partners and high interest.
Q：What advantages does the company's alternative capital market provide?
A：The company's alternative capital market offers deep liquidity, ratings, tokenization, and utilizes blockchain technology to enhance transparency and immutability of data. This allows for true provenance tracking of loans and is a key differentiator in the market.
Q：How significant is the first lien growth and the company's expansion into other loan types?
A：The first lien growth is significant, with a 3x year-over-year increase and is a primary focus for the company's new products. The company is also seeing growth in small business and crypto-backed loans, and is beginning to explore the B2B2C approach in these areas, which is expected to contribute to further growth.
Q：What is the potential impact of the government shutdown on new originations?
A：The potential impact of the government shutdown on new originations is not specified, but the company sees an opportunity broader than that specific event. They view the current market environment as a tailwind for the SMB market, which they plan to capitalize on.
Q：What is the composition of the first lien growth and the company's plans to expand into different loan types?
A：The first lien growth is specifically attributed to first lien HELOCs. The company is also interested in expanding beyond HELOCs into other loan types such as debt service covenant ratio loans, resident transition loans, auto loans, and primary first liens, non-HELOCs. The company's ambition is to transcend specific asset classes and make inroads into broader capital markets.
Q：How does the company's platform benefit large banks, especially those with Heloc on their balance sheet?
A：The company's platform benefits large banks by offering capabilities in one lending segment that may not receive the full value of the Figure connect value proposition. The thesis is that liabilities will move into stablecoins, and assets will need to be funded with these. Large banks will want to tokenize their assets to access those liabilities. The company sees an opportunity for large banks to use blockchain technology to issue blockchain-native assets and access the DeFi ecosystem to generate yield.
Q：What are the potential uses for blockchain technology in the banking sector mentioned by the company?
A：The potential uses for blockchain technology in the banking sector include enabling banks to issue blockchain-native assets and access the DeFi ecosystem for yield generation, offering yielding alternatives to retain customer deposits, and providing defensive measures against non-hypothecated stablecoins. The company is engaging with various banks to explore these opportunities.
