Affirm Holdings Inc (AFRM) 2023 Q3 法說會逐字稿

Good afternoon. Welcome to the Affirm Holdings Third Quarter 2023 Earnings Conference Call. (Operator Instructions). As a reminder, this conference call is being recorded, and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call. I'd now like to turn the call over to Zane Keller, Director of Investor Relations. Thank you. You may begin.

下午好。歡迎參加 Affirm Holdings 2023 年第三季度收益電話會議。 （操作員說明）。提醒一下，本次電話會議正在錄音中，電話重播將在電話會議結束後的一段合理時間內在我們的投資者關係網站上提供。我現在想把電話轉給投資者關係總監 Zane Keller。謝謝。你可以開始了。

Thank you, operator. Before we begin, I would like to remind everyone listening that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website.

謝謝你，運營商。在我們開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受眾多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中規定的風險和不確定性，這些風險和不確定性可在我們的投資者關係網站上找到。

Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them, except as required by law. In addition, today's call may include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures.

實際結果可能與我們今天所做的任何前瞻性陳述存在重大差異。這些前瞻性陳述僅在今天發表，除法律要求外，公司不承擔任何更新它們的義務或意圖。此外，今天的電話會議可能包括非 GAAP 財務措施。這些措施應被視為對 GAAP 財務措施的補充而非替代。

For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in our earnings supplement slide deck, which is available on our Investor Relations website. Hosting today's call with me are Max Levchin, Affirm's Founder and Chief Executive Officer; and Michael Linford, Affirm's Chief Financial Officer. In line with our practice in prior quarters, we will begin with brief opening remarks from Max before proceeding immediately into questions and answers. On that note, I will turn the call over to Max to begin.

對於歷史非 GAAP 財務指標，可以在我們的投資者關係網站上的收益補充幻燈片中找到與最直接可比的 GAAP 指標的調節。與我一起主持今天的電話會議的是 Affirm 的創始人兼首席執行官 Max Levchin；和 Affirm 的首席財務官 Michael Linford。根據我們在前幾個季度的做法，我們將首先從 Max 的簡短開場白開始，然後立即進入問答環節。就此而言，我會將電話轉給 Max 開始。

Thank you, Zane. Thanks, everyone, for joining. And I hope you had a chance to read our quarterly letter as it packs lots of great information. But I will offer a very quick summary for you. We had an excellent quarter beat across all of the important metrics we track while continuing to maintain excellent credit results. On the execution side of things, I'm really proud of how the team performed this quarter.

謝謝你，贊恩。謝謝大家的加入。我希望您有機會閱讀我們的季刊信，因為它包含很多重要信息。但我將為您提供一個非常快速的總結。我們在跟踪的所有重要指標中都取得了出色的四分之一成績，同時繼續保持出色的信用結果。在執行方面，我為團隊本季度的表現感到非常自豪。

We shipped well over 100 projects from pricing to new credit model to dozens of user interface improvements. In isolation, each of these wins is probably relatively small, but they compounded to huge gains. One major project this quarter was our continued effort in rolling out Debit+. We delivered Debit+ into the main Affirm app. And while it's still quite early, we continue seeing strong signals of consumer demand.

我們交付了 100 多個項目，從定價到新的信用模型，再到數十個用戶界面改進。單獨來看，這些勝利中的每一個可能都相對較小，但它們會產生巨大的收益。本季度的一個主要項目是我們繼續努力推出 Debit+。我們將 Debit+ 交付到主要的 Affirm 應用程序中。雖然現在還很早，但我們繼續看到消費者需求的強烈信號。

Debit+ user transaction frequency after 90 days from activation is about 7x that of a regular Affirm user. I'm truly excited about this product and what the team has planned for it, and we intend to give you a significantly more fulsome update on Debit+ in the quarters to come. Seems that there is a once-in-a-century event that happens every week lately, rattling capital markets, but we continue to deliver great returns for our capital market partners.

激活後 90 天后的 Debit+ 用戶交易頻率約為普通 Affirm 用戶的 7 倍。我對這個產品以及團隊為此所做的計劃感到非常興奮，我們打算在未來幾個季度為您提供關於 Debit+ 的更全面的更新。似乎最近每週都會發生百年一遇的大事，讓資本市場震動，但我們繼續為我們的資本市場合作夥伴提供豐厚的回報。

And it was rewarded by an incremental addition to our funding capacity in the quarter as well as in April after we closed. So in short, we had a great quarter. We compounded many small wins into big gains. We're very excited about Debit+ and the overall outlook for our firm as a company. Back to you, Zane.

我們在本季度和關閉後的 4 月份增加了我們的融資能力，從而獲得了回報。簡而言之，我們有一個很棒的季度。我們將許多小胜利轉化為大收益。我們對 Debit+ 以及我們公司作為一家公司的整體前景感到非常興奮。回到你身邊，贊恩。

Great. Thank you, Max. With that, we will now begin our question-and-answer session. Operator, please open the line for our first question.

偉大的。謝謝你，麥克斯。有了這個，我們現在將開始我們的問答環節。接線員，請為我們的第一個問題打開線路。

(Operator Instructions). Our first question comes from the line of Moshe Orenbuch with Credit Suisse.

（操作員說明）。我們的第一個問題來自瑞士信貸的 Moshe Orenbuch。

I saw in your letter, Michael, that you had a 110 basis point increase in the interest-bearing GMV in the quarter and more than that if you went back 6 months. Could you talk a little bit about how much that will have risen by the time this is fully phased in? And also just strategically, how does that impact your -- both your willingness to serve certain types of merchants and your credit decisioning? And what impact that could have on GMV?

邁克爾，我在你的信中看到，你本季度的生息 GMV 增加了 110 個基點，如果你倒退 6 個月，你會增加更多。您能否談談到完全分階段實施時會增加多少？而且從戰略上講，這對您有何影響——您為某些類型的商家提供服務的意願和您的信用決策？這會對 GMV 產生什麼影響？

Thanks. Yes, we are proud of the progress that we made in our pricing initiatives. Just to recap on how this works. The first step for us is getting any caps in the way -- getting the caps out of the way, allowing us to price where we think we need to price always underneath 36%. We were subject to a number of 30% APR caps. And so one potential way to read that is there's 6 points.

謝謝。是的，我們為我們在定價計劃方面取得的進展感到自豪。只是回顧一下這是如何工作的。對我們來說，第一步是設置任何上限——取消上限，讓我們能夠在我們認為需要始終低於 36% 的價格定價。我們受到許多 30% 的 APR 上限的限制。因此，一種可能的閱讀方式是有 6 分。

However, we don't intend to price every loan at that amount. And so there is a reasonable limit to expect. That being said, we're about halfway rolled out, and we've got about 1 point. So I think a fair rule of thumb would be to double our progress to date, and that's a good ending spot. In terms of the impact of those pricing initiatives have on approvals, it's absolutely the case that we get to approve more consumers, drive better conversion for our merchant partners and grow our business faster by being able to price loans in that zone.

但是，我們不打算以該金額為每筆貸款定價。因此，有一個合理的預期限制。話雖這麼說，我們已經推出了一半，我們得到了大約 1 分。所以我認為一個公平的經驗法則是將我們迄今為止的進展加倍，這是一個很好的結束點。就這些定價舉措對批准的影響而言，我們絕對可以批准更多的消費者，為我們的商業合作夥伴推動更好的轉化，並通過能夠在該區域為貸款定價來更快地發展我們的業務。

And that is our intent. Our intent would be to leverage that, to protect asset yields for our investors and still approve more volume. And part of the reason why we've seen the acceleration in our direct-to-consumer business is because that's how we've been operating it, frankly, since we've been able to get that moved first ahead of any sort of merchant interaction.

這就是我們的意圖。我們的意圖是利用這一點，為我們的投資者保護資產收益率，並仍然批准更多的交易量。我們看到直接面向消費者的業務加速增長的部分原因是，坦率地說，這就是我們一直在運營它的方式，因為我們能夠先於任何類型的商家先行一步相互作用。

Our next question comes from the line of Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Mike, maybe you could just give us your thoughts on the guidance, in particular, revenue-less transaction margin, just looking at that? And then the net take rate. I know there's always some puts and takes there when I look sequentially -- well actually just gross take rate and then net take rate. Maybe you can just help us walk it through between 3Q to 4Q.

邁克，也許你可以告訴我們你對指南的看法，特別是無收入交易保證金，只是看看那個？然後是淨利率。我知道當我按順序查看時，總會有一些投入和投入——實際上只是總投入率，然後是淨投入率。也許你可以幫助我們在 3Q 到 4Q 之間完成。

Yes, thanks. We had, obviously, a really strong quarter on revenue less transaction costs in Q3, driven in large part by our outperformance in credit. That resulted in a pretty large beat ahead of our expectations in the provision for losses. And that was despite operating in a very volatile capital markets. We assume that Q4 will remain volatile.

對了謝謝。顯然，我們在第三季度的收入減去交易成本後的表現非常強勁，這在很大程度上是由於我們在信貸方面的出色表現。這導致損失準備金大大超出了我們的預期。儘管在非常動蕩的資本市場中運營，但情況仍然如此。我們假設第四季度將保持波動。

That's not to say that it isn't a spot where we can add capacity. We do intend to add capacity like we do almost every quarter. But it does mean that we're being very thoughtful around what we assume as we prepare our forecast in the guidance that we don't -- aren't overly reliant on things getting better in the debt capital markets for us.

這並不是說它不是我們可以增加容量的地方。我們確實打算像幾乎每個季度一樣增加產能。但這確實意味著我們在準備指南中的預測時會非常仔細地考慮我們所做的假設，而我們並沒有過分依賴債務資本市場的情況好轉。

That means for us is a little bit more of a reliance or usage of our warehouse funding mechanisms into our fourth quarter. And as you see in the GMV guidance, we're showing pretty strong sequential GMV growth from Q3 to Q4. In fact, from a seasonality perspective, I think even faster than what we saw last year. And as we saw during our second quarter, when you have that kind of sequential growth in GMV or that acceleration quarter-to-quarter, it can sometimes push some of the economics for loans originated in the quarter into the subsequent quarters.

這意味著我們在第四季度更多地依賴或使用我們的倉庫融資機制。正如您在 GMV 指南中看到的那樣，我們顯示從第三季度到第四季度的 GMV 連續增長非常強勁。事實上，從季節性的角度來看，我認為甚至比我們去年看到的還要快。正如我們在第二季度看到的那樣，當 GMV 出現這種連續增長或逐季加速時，它有時會將本季度發起的貸款的一些經濟效益推向後續季度。

And the reason why Q3's outperformance was so strong was in part because of the -- both the volume and balance sheet strategies we had used in Q2. So volatile market that we think we're going to be able to continue to navigate to fund and scale the business, but it will change the shape the earning a little bit. And what we saw in Q3 versus Q2, we kind of expect to see in Q1 of next year against Q4 this year.

第三季度表現如此強勁的部分原因是——我們在第二季度使用的數量和資產負債表策略。如此動蕩的市場，我們認為我們將能夠繼續為業務提供資金和擴大規模，但這會稍微改變盈利的形式。我們在第三季度與第二季度看到的情況，我們有點期待明年第一季度與今年第四季度的對比。

Got it. No, that's really helpful. And just as a quick follow-up. The initial rollout of Debit+, how do we think about the modeling for that and the impact, probably obviously not much in 4Q, but when should we start to see an impact? And how do we think about the modeling?

知道了。不，這真的很有幫助。就像快速跟進一樣。 Debit+ 的初始推出，我們如何考慮其建模和影響，顯然在第四季度可能影響不大，但我們什麼時候應該開始看到影響？我們如何考慮建模？

Yes. We haven't broken anything out because it's not big yet. We do intend to give you better tools to model it when we have it becoming a more material part of our business. And because we're not providing any guidance into '24, we're not doing that today. But as we talked about before, there's really 2 different pieces to that product: one is we'll look more like our direct-to-consumer product that we have today. Just looks like an installment loan, whether that's paying for or a monthly installment loan.

是的。我們還沒有打破任何東西，因為它還不是很大。當我們讓它成為我們業務中更重要的一部分時，我們確實打算為您提供更好的工具來對其進行建模。而且因為我們沒有為 24 年提供任何指導，所以我們今天沒有這樣做。但正如我們之前所說，該產品實際上有兩個不同的部分：一個是我們看起來更像我們今天擁有的直接面向消費者的產品。只是看起來像分期貸款，無論是支付還是每月分期貸款。

The other would be our P&L volume, which, of course, will have a very different margin structure. And later this calendar year, we plan on walking everyone through how to think about modeling it and the impact it has on the P&L.

另一個是我們的損益量，當然，它的保證金結構會非常不同。在今年晚些時候，我們計劃讓每個人都了解如何考慮對其進行建模以及它對損益表的影響。

Our next question comes from the line of Ramsey El-Assal with Barclays.

我們的下一個問題來自 Ramsey El-Assal 與巴克萊銀行的合作。

I was wondering if you could update us on credit reporting and buy now, pay later seems to be an area of growing interest. Just wondering if you could share your latest thoughts on that topic.

我想知道你是否可以更新我們的信用報告和現在購買，以後付款似乎是一個越來越感興趣的領域。只是想知道您是否可以分享您對該主題的最新想法。

Sure. So first of all, I encourage everybody to look at the report Consumer Financial Protection Bureau published just about a year ago actually, just under a year ago, where they highlighted what they like and dislike or have concerns rather about in buy now, pay later. The headline was really hey, this is a really good product, better than credit cards. That said, there are concerns specifically around stacking and furnishing, which is a fancy term for reporting credit performance back to the credit reporting agencies.

當然。所以首先，我鼓勵大家看看消費者金融保護局大約一年前發布的報告，實際上，就在不到一年前，他們在報告中強調了他們喜歡和不喜歡或擔心的東西，而不是先買後付.標題真的很嗨，這是一個非常好的產品，比信用卡還好。也就是說，人們特別擔心堆放和陳設，這是向信用報告機構報告信用表現的一個奇特術語。

And CPB expressed a strong desire to see the industry figure out a way to help folks build the credits and also have accurate reporting of performance of these loans. Actually quite proud to share that we, at Affirm, our partnering with FICO, which is the maker of preeminent scores out there, to build a first-of-its-kind credit scoring model that would enable buy now, pay later loans to be consistently transparently factored into credit lending decisions and to be reported to the credit reporting agencies.

CPB 表示強烈希望看到該行業找到一種方法來幫助人們建立信用並準確報告這些貸款的績效。實際上非常自豪地分享我們在 Affirm 與 FICO 的合作，FICO 是卓越評分的製造商，建立了首創的信用評分模型，使現在購買，以後支付貸款成為可能始終以透明的方式將其納入信貸決策，並向信用報告機構報告。

We're -- I'm a big fan of Will Lansing, who runs FICO. And I really appreciate his partnership on this, and so we're quite excited to talk more about it when we're ready, but we intend to step into the leadership role and help the industry report buy now, pay later loans and make sense of them in the broader context of borrowing.

我們——我是 FICO 經營者 Will Lansing 的超級粉絲。我真的很感謝他在這方面的合作，所以當我們準備好時，我們很高興能更多地討論它，但我們打算進入領導角色，幫助行業報告現在購買，以後支付貸款並有意義他們在更廣泛的借貸背景下。

That's super helpful. A quick follow-up for me. There's been some media chatter about some potential consolidation in the sort of broader buy now, pay later space. What is your sort of house view on exploring strategic alternatives for the business? Is it something that you'd be open to at this point or maybe not at this juncture in the cycle?

這非常有幫助。對我的快速跟進。有一些媒體在談論一些潛在的整合，比如更廣泛的現在購買，以後支付空間。您對探索企業的戰略選擇有何看法？在這個週期的這個時刻，你是否願意接受或者可能不接受？

I'm very focused on things that I love doing versus speculating on such complicated things as strategic matters. We're very, very much heads down on just building out the product and in particular Debit+, which is -- as everybody knows, is my baby. I think that's where my mind is at.

我非常專注於我喜歡做的事情，而不是投機於戰略問題等複雜的事情。我們非常非常專注於開發產品，尤其是 Debit+，眾所周知，這是我的寶貝。我想這就是我的想法所在。

Our next question comes from the line of Jason Kupferberg with Bank of America. Jason, you're back in.

我們的下一個問題來自美國銀行的 Jason Kupferberg。傑森，你回來了。

Can you hear me?

你能聽到我嗎？

We lost you. Please repeat.

我們失去了你。請重複。

I think we can hear you now. Trying asking again?

我想我們現在可以聽到你的聲音了。再試問？

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

Sorry about that. I wanted to ask about the reserve ratio. It's declined for, I think, 6 straight quarters. And can you talk about some of the drivers of the trend -- of that trend? Could it move lower from here? And then maybe just remind us what drives the seasonally higher delinquencies in Q4 that you touched on in the shareholder letter?

對於那個很抱歉。我想問一下存款準備金率。我認為它已經連續 6 個季度下降。你能談談這種趨勢的一些驅動因素嗎？它能從這裡走低嗎？然後也許只是提醒我們是什麼導致了您在股東信中提到的第 4 季度季節性較高的違約率？

Yes. Really proud of the credit results in the business. And given the very short duration of our asset, the real-time performance of the portfolio drives the allowance calculation for Affirm. So what we're not doing is making estimates of where the economy will be in a year and building balances for that because by the time we get there, of course, our asset turns over too fast, there'll be very little of any principal left on the balance sheet or outstanding with even (inaudible) partners by the time you get there.

是的。真正為企業的信用結果感到自豪。鑑於我們資產的持續時間非常短，投資組合的實時表現推動了 Affirm 的配額計算。因此，我們沒有做的是估計一年後的經濟狀況並為此建立平衡，因為當我們到達那裡時，當然，我們的資產周轉速度太快，幾乎沒有任何東西當你到達那裡時，本金留在資產負債表上或與甚至（聽不清）合作夥伴一起未清償。

And so we don't think about credit as a long-term estimate. Instead, we think about it as a more near-term reflection of the actual performance of the credit that we have out. And given our really strong delinquency performance measured however you like, the allowance rate has continued to come down, and we would expect that to be in line with historical patterns from here. The seasonal factors that come into play are a little bit -- it's a little bit inverted.

因此，我們不會將信用視為長期估計。相反，我們將其視為對我們所提供信貸實際表現的更近期反映。考慮到我們真正強大的拖欠表現，無論你喜歡什麼，津貼率都在持續下降，我們預計這將與這裡的歷史模式保持一致。發揮作用的季節性因素有點——有點顛倒。

The biggest seasonal factor is the depressed delinquency numbers you see in and around tax return season. And so as that -- as you get past that, you start to normalize up a little bit. We would expect to follow the seasonal trends pretty much directly on our regular credit monitoring shows being right on top of the historical patterns here and feel very confident about staying within those bands.

最大的季節性因素是您在報稅季及前後看到的低迷的拖欠數字。因此——當你過去時，你會開始正常化一點。我們希望在我們的常規信用監控顯示上幾乎直接遵循季節性趨勢，這些趨勢恰好位於此處的歷史模式之上，並且對保持在這些範圍內非常有信心。

That's helpful. And I'm curious if you can share with us GMV growth if we exclude not only Peloton, but Amazon, I mean, if not a specific number, just directionally what it looked like perhaps versus last quarter?

這很有幫助。我很好奇，如果我們不僅排除 Peloton，而且排除亞馬遜，你是否可以與我們分享 GMV 增長，我的意思是，如果不是具體數字，只是方向性的，也許與上一季度相比是什麼樣子？

We're not going to provide any numbers broken out, but what I can say is that we had exceptionally strong growth in a couple of pockets. Our largest partners grew really quickly, including our partnerships with platforms like Shopify, where we actually saw an acceleration in the business. We also had a real acceleration in our direct-to-consumer business, which is obviously away from merchants like Amazon. And yet, we showed really strong growth with Amazon as well.

我們不會提供任何細分數字，但我可以說的是，我們在幾個方面的增長異常強勁。我們最大的合作夥伴增長得非常快，包括我們與 Shopify 等平台的合作夥伴關係，我們實際上看到了業務的加速發展。我們的直接面向消費者的業務也取得了真正的加速，這顯然遠離像亞馬遜這樣的商家。然而，我們也展示了與亞馬遜的強勁增長。

Our next question comes from the line of Andrew Jeffrey with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

It looks like some good momentum in Debit+, Max, which is encouraging. And I think you called out in the letter, 5% card-present spend today. Where do you think that number can go? And is grocery still the primary category? Because it seems to me if you have a lot of success in card-present, the whole nature of the business model changes. I know you're not talking about the economics of card-present transactions yet. But how should we think about -- is this going to be a steep ramp a longer-term trend change? How are you thinking about that?

Debit+, Max 看起來勢頭不錯，令人鼓舞。我想你在信中說過，今天 5% 的卡片消費。你認為這個數字可以去哪裡？食品雜貨仍然是主要類別嗎？因為在我看來，如果你在卡片展示方面取得了很大的成功，那麼整個商業模式的本質就會改變。我知道您不是在談論現卡交易的經濟學。但我們應該如何思考——這是否會是一個長期趨勢變化的陡峭斜坡？你怎麼想的？

So just to quibble a little bit maybe with the grocery point, I never said grocery is the primary use case. It just happens to be the thing that most of us buy a lot. So I think that's necessarily a common purchase if it's a top-of-wallet card. The goal for Debit+ is to become the top of wallet. If you ask any Affirmer what is the most common word out of my mouth in the last 3 months, everyone will probably tell you frequency.

因此，也許只是對雜貨店有點狡辯，我從來沒有說過雜貨店是主要用例。它恰好是我們大多數人經常購買的東西。所以我認為，如果它是錢包頂級卡，那一定是一種常見的購買方式。 Debit+的目標是成為錢包中的佼佼者。如果你問任何 Affirmer 在過去 3 個月裡我嘴裡最常說的詞是什麼，每個人都可能會告訴你頻率。

Like what we want is consumer frequency. 88% of our transactions are coming from repeat consumers, that's not an accident. We will continue putting lots and lots of wood behind that particular arrow. The ramp of Debit+, I think it's something that it's probably premature to talk about too much right now. I'm incredibly happy with where the product is, which was not the case 6 or 9 months ago.

就像我們想要的是消費頻率。我們 88% 的交易來自回頭客，這並非偶然。我們將繼續在那個特定的箭頭後面放很多很多木頭。 Debit+ 的增長，我認為現在談論太多還為時過早。我對產品的位置感到非常滿意，這在 6 個月或 9 個月前還不是這樣。

I'm really glad we took the time to build it the right way. I think we need to do it right to roll it out correctly, make sure that we continue delivering on the overall company goals while ramping up Debit+. I think it's probably a little too early to declare the shape of the curve of Debit+ adoption. That said, I am finally now putting it in front of every one of our users that qualify for it and I'm quite excited about that.

我真的很高興我們花時間以正確的方式構建它。我認為我們需要做正確的事才能正確推出它，確保我們在提高 Debit+ 的同時繼續實現公司的整體目標。我認為現在宣布 Debit+ 採用曲線的形狀可能還為時過早。也就是說，我現在終於將它展示在我們所有符合條件的用戶面前，對此我感到非常興奮。

Okay. Helpful. And then, Michael, we're watching equity capital required as a percent of the platform funding sort of creep up here. Can you comment on that? I assume we're not going back to 10%, maybe clarify that? And also just discuss sort of how you think about life of loan profitability given some of the shifts in funding?

好的。有幫助。然後，邁克爾，我們正在觀察所需的股權資本占平台資金的百分比。你能對此發表評論嗎？我假設我們不會回到 10%，也許澄清一下？考慮到資金的一些變化，你還可以討論一下你如何看待貸款盈利能力的壽命？

Yes. So with respect to equity capital, it is creeping up and above our long-term goal of 5% and nowhere near 10%. We don't intend to run the business anywhere near that number. I think we said that last quarter. I'll just keep repeating it. And thank you for the question because it's -- I know it's on people's minds. We don't want to run a business with that much equity capital.

是的。因此，就股權資本而言，它正在逐漸上升並超過我們 5% 的長期目標，但離 10% 還差得很遠。我們不打算在接近該數字的任何地方開展業務。我想我們上個季度就說過了。我會一直重複它。謝謝你提出這個問題，因為它——我知道人們在想這個問題。我們不想用那麼多的股本經營一家企業。

Today, we have a pretty low leverage, let's say, low advance rate funding strategy with our warehouse lines, for example. And that's a lever that we could pull in the future if we continue to feel like we're operating in this environment and need to use balance sheet. But today, it hasn't been a priority for us because, firstly, we have adequate liquidity with over $2 billion of cash and securities available for sale.

今天，我們的槓桿率很低，比方說，我們的倉庫線採用低預付利率融資策略。如果我們繼續覺得我們在這種環境中運營並且需要使用資產負債表，那麼這就是我們未來可以拉動的槓桿。但今天，這並不是我們的優先事項，因為首先，我們有足夠的流動性，有超過 20 億美元的現金和證券可供出售。

And obviously, our economics on loans that we put on the balance sheet actually do return higher to us overall. And so with those 2 factors, we're not really too worked up around it today. It's something that the team will get to work on in the future if the current market continues to operate like this. In terms of the total loan economics in this funding environment, we feel really good about it.

顯然，我們放在資產負債表上的貸款經濟實際上確實給我們帶來了更高的整體回報。因此，由於這兩個因素，我們今天並沒有真正為此而努力。如果目前的市場繼續這樣運作，團隊將在未來努力解決這個問題。就這種融資環境下的總貸款經濟而言，我們對此感覺非常好。

You saw this quarter's revenue less transaction costs being a little over the midpoint of the 3% to 4% range that we've talked about. We're going to oscillate quarter-to-quarter with an admittedly high degree of volatility, but none of that takes away from our confidence in that 3% to 4% range. If you think about the question that was asked at the very top of the call, our ability to get those pricing initiatives over the line and realized will offset a healthy amount of the headwind that we're experiencing in the capital markets broadly.

你看到本季度的收入減去交易成本略高於我們談到的 3% 到 4% 範圍的中點。我們將以公認的高波動性逐季震盪，但這些都不會影響我們對 3% 至 4% 範圍的信心。如果您考慮在電話會議的最頂端提出的問題，我們將這些定價計劃付諸實施並實現的能力將抵消我們在資本市場上廣泛遇到的大量逆風。

Our next question comes from the line of Eugene Simuni with MoffettNathanson.

我們的下一個問題來自 Eugene Simuni 與 MoffettNathanson 的對話。

I wanted to ask a relatively high-level question. Great to see strong credit performance over the last couple of quarters. I think it kind of gives the evidence to what you guys have been always saying, your ability to really control credit outcomes. So that's great to see. So that's a sort of thread that you pull, I think the natural question becomes is there an opportunity to (inaudible) to make the credit performance a little bit worse, but volume growth, which perhaps is something that would be desirable.

我想問一個比較高級的問題。很高興看到過去幾個季度的強勁信貸表現。我認為這有點為你們一直在說的話提供了證據，即你們真正控制信貸結果的能力。所以很高興看到。所以這是你拉的一種線索，我認為自然的問題是是否有機會（聽不清）使信貸表現更差一點，但數量增長，這也許是可取的。

So would love if you can give us your latest kind of philosophy on that. What opportunities do you see there especially as we exit the volatile times, hopefully that we're in today and maybe gives you a little bit more opportunity to turn that dial. I'd love to hear your thoughts on that.

如果你能給我們介紹一下你最新的哲學，我會很高興的。你在那裡看到了什麼機會，特別是當我們離開動蕩的時代時，希望我們在今天，也許會給你更多的機會來轉動那個錶盤。我很想听聽你對此的看法。

Great question. First of all, I hope the world is listening because they've said the same thing for a very long time and printing quarter after quarter of good credit returns. And at some point, I think people will believe us. But until we do and well after it, credit is always job #1, probably through #5. I think as a nondepository lender, it is our responsibility to deliver good returns to our capital partners to make sure that they never have a second thought about partnering with us.

很好的問題。首先，我希望全世界都在傾聽，因為他們長期以來一直在說同樣的話，並且每個季度都在印證良好的信貸回報。在某個時候，我認為人們會相信我們。但在我們做之前以及之後很久，信用始終是工作的第一位，可能一直到第五位。我認為作為非存款性貸款人，我們有責任為我們的資本合作夥伴提供良好的回報，以確保他們永遠不會再考慮與我們合作。

That's philosophically at the very, very top of what matters to us. We have a mission, that mission has everything to do with delivering honest financial products to improve people's lives. But the only way we can achieve that mission is by having strong capital market partnerships. And the way we get that is through having consistent and really strong credit performance.

從哲學上講，這對我們來說是最重要的事情。我們有一個使命，這個使命與提供誠實的金融產品以改善人們的生活息息相關。但我們實現這一使命的唯一途徑是建立強大的資本市場合作夥伴關係。而我們獲得這一點的方式是通過擁有一致且非常強大的信用表現。

So that's ultra-important, no compromise there. The question around is there pockets of growth, if I can put words in your mouth, with credit as a sort of chip to cash in. The short answer is, I think we'll know a lot more in the coming few quarters. On the positive side of things, the economy is basically fully employed. The inflation, knock on wood, tomorrow's news or whenever the next CPI print is, is not negative, but it does feel like the Fed is actually succeeding if maybe not as quick as they would like, in doing their job and tamping inflation down.

所以這是非常重要的，沒有妥協。周圍的問題是有增長的口袋，如果我能把信用作為一種籌碼兌現的話。簡短的回答是，我認為我們會在未來幾個季度知道更多。從積極的一面來看，經濟基本上是充分就業的。通貨膨脹、敲木頭、明天的新聞或下一次 CPI 打印時，都不是負面的，但它確實感覺美聯儲實際上正在成功，即使可能不像他們希望的那樣快，在完成他們的工作和抑制通貨膨脹方面。

Meanwhile, the labor market held up. And if that continues, that may be -- does look like soft landing, and that would be quite excellent for all involved. There are lots of things that could go wrong. For example, the student loan repayment is going to hit us sometime July, August time frame impact a lot of consumers. And we want to make sure that we are prepared for either side of that equation.

與此同時，勞動力市場保持堅挺。如果這種情況繼續下去，那可能是——看起來確實像軟著陸，這對所有相關人員來說都是非常好的。有很多事情可能會出錯。例如，學生貸款的償還將在 7 月的某個時候到來，8 月的時間框架會影響很多消費者。我們希望確保我們為等式的任何一方做好準備。

The good news is that the reason we have such control over our credit outcomes is because we structurally just really, really short duration. So as we see the next change in the weather vane, we know how to tune credit approvals to make sure that we stay within the bands that we must stay. The slightly unrelated, but -- or related but slightly different answer to your question though, I said it last quarter a little bit and sort of tried to highlight it in the letter this time around, we have an enormous amount of opportunity in growth that has nothing to do with credit.

好消息是，我們之所以能夠如此控制我們的信貸結果，是因為我們在結構上確實非常非常短的期限。因此，當我們看到風向標的下一個變化時，我們知道如何調整信貸審批以確保我們保持在我們必須保持的範圍內。稍微不相關，但是 - 或者相關但對你的問題的回答略有不同，我在上個季度說過一點，這次我試圖在信中強調它，我們有大量的增長機會與信用無關。

A lot of the acceleration you see in consumer, some of the really successful performance we've seen with our partners, Michael mentioned that our business was Shopify accelerated this quarter, a lot of that has nothing to do with credit. In fact, it has everything to do with optimizing every little bit we can, like you would be either bored to tears or excited by the pipeline of projects that we've put forth on just every possible metric of the business that has nothing to do with credit performance.

你在消費者中看到的很多加速，我們與合作夥伴看到的一些真正成功的表現，邁克爾提到我們的業務在本季度加速了 Shopify，其中很多與信貸無關。事實上，它與我們所能做的每一點優化都息息相關，就像你對我們提出的與業務無關的每一個可能指標的項目管道感到無聊或興奮一樣與信用表現。

And I'll I promise I'll keep this short as I can, but just a very, very quick walk-through of what it means to actually apply and get approved for a loan with Affirm. So you find us typically up funnel. There's a thing we call as low as, which is basically an opportunity to prequalify. That's about 3 screens, then you get to check out that's a apply for a loan, you get your selection of terms. You select one, then you go to -- if it's a new sign-up, identity verification, if not, a behind the scenes identity verification then you see a Truth-in-Lending disclosure.

我保證我會盡可能地簡短，但只是非常非常快速地介紹一下實際申請貸款並獲得 Affirm 批准的意義。所以你發現我們通常是向上漏斗。有一個我們稱之為最低的東西，它基本上是一個資格預審的機會。大約有 3 個屏幕，然後你可以查看申請貸款，你可以選擇條款。你選擇一個，然後你去——如果它是一個新的註冊，身份驗證，如果不是，一個幕後身份驗證然後你會看到一個真實的貸款披露。

Then you have to agree, then you sign up for auto pay or type in your payment credentials. Every one of them -- it's a huge amount of steps. It's actually a product that needs to be simplified more, and we're working tirelessly on it. That's also why I'm so excited about this card because a lot of these steps are completely disappeared with the card product. But online, each one of these steps has a conversion rate.

然後你必須同意，然後你註冊自動支付或輸入你的支付憑證。他們中的每一個 - 這是一個巨大的步驟。它實際上是一個更需要簡化的產品，我們正在為此不懈努力。這也是我對這張卡如此興奮的原因，因為很多這些步驟都隨著卡產品而完全消失了。但是在網上，這些步驟中的每一個都有一個轉化率。

And I am not kidding when I can tell you, I can rattle off every one of these steps, conversion rate, what it was and what it will be when we're done with the work. And it's something that keeps me excited and up at night because there's so much opportunity to just get more people through the funnel. And so we'll continue investing in that relentlessly. Credit is not for playing games with.

當我可以告訴你時，我不是在開玩笑，我可以詳細說明這些步驟中的每一個，轉換率，它是什麼以及我們完成工作後會是什麼。這讓我興奮不已，因為有太多機會讓更多人通過漏斗。因此，我們將繼續不懈地投資於此。信用不是用來玩遊戲的。

Got it. Got it. Very helpful. And then for a quick follow-up. Very interesting to see direct-to-consumer highlighted kind of at the top of the letter this time. It sounds like great progress in Debit+. Can you talk a little bit about direct-to-consumers strategically? And the way you laid it out in the shareholder letter, it sounded to me like the sequence of consumer engagement is still going to be merchant -- through merchant first and sort of direct-to-consumer then second. Am I interpreting that correctly? Or are you also going to be focusing on finding merchants who just engage directly through direct-to-consumer?

知道了。知道了。很有幫助。然後進行快速跟進。這次在信件的頂部看到直接面向消費者的突出顯示非常有趣。這聽起來像是 Debit+ 的巨大進步。你能從戰略上談談直接面向消費者嗎？按照你在股東信中的闡述方式，在我看來，消費者參與的順序仍然是商家——首先是商家，然後是直接面向消費者的方式。我的解釋正確嗎？或者您是否也將專注於尋找直接通過直接面向消費者的方式直接參與的商家？

You're 100% right. It is exactly -- so what I attempted to do in the shareholder letter is to lay out the flywheel. One of the greatest things about Affirm, since the very beginning of time, is we have no cost of user acquisition. Merchants promote our product to their shoppers that they hope to turn into buyers because we're able to approve the right number of shoppers and help them buy.

你是 100% 正確的。正是——所以我在股東信中試圖做的是佈置飛輪。從一開始，關於 Affirm 的最偉大的事情之一就是我們沒有用戶獲取成本。商家向他們的購物者推銷我們的產品，他們希望這些購物者成為買家，因為我們能夠批准合適數量的購物者並幫助他們購買。

As these consumers come back to us, we have a chance to introduce them to new products. Card is the single most important one. That is the thing that we're working so and we're now seeing real fruit of our labor. With an Affirm card, Debit+, in their physical wallet, in their electronic wallets, in their browser, autofill, everywhere we can possibly put it, these consumers come back to other merchants, whether they are integrated or not.

當這些消費者回到我們身邊時，我們就有機會向他們介紹新產品。卡片是最重要的一張。這就是我們正在努力的事情，我們現在看到了我們勞動的真正成果。有了 Affirm 卡、Debit+，在他們的實體錢包、電子錢包、瀏覽器中，自動填充，我們可以放置的任何地方，這些消費者都會回到其他商家，無論它們是否集成。

One of the really, really important things that I think I ultimately edited out because the letter was getting longer than I wanted to, but it's really worth highlighting, the card will work, all the Affirm functionality will work at any merchant even if they have absolutely nothing to do with the Affirm integration. So pick a favorite brand where Affirm is not yet offered.

我認為我最終刪除了一件非常非常重要的事情，因為這封信的長度比我想要的要長，但確實值得強調的是，該卡可以使用，所有 Affirm 功能都可以在任何商家使用，即使他們有絕對與 Affirm 集成無關。因此，選擇一個尚未提供 Affirm 的最喜歡的品牌。

All you need to do is sign up for the card, which is now basically available to anyone, bring your card to that site or to that store, and you suddenly have both pay now and buy now, pay later functionality on a single payment device. But the flywheel is merchant integration, consumer transactions, consumer repayment gives us another chance to market Debit+ to these consumers, Debit+ becomes the universal access to Affirm at any point of sale.

您需要做的就是註冊該卡，現在基本上任何人都可以使用該卡，將您的卡帶到那個網站或那個商店，然後您突然在一個支付設備上同時擁有了現在付款和現在購買、稍後付款的功能.但飛輪是商戶整合、消費者交易、消費者還款給了我們另一個機會向這些消費者推銷 Debit+，Debit+ 成為在任何銷售點對 Affirm 的普遍訪問。

Our next question comes from the line of Rayna Kumar with UBS.

我們的下一個問題來自瑞銀集團的 Rayna Kumar。

Right. This is Karan Singhania dialing in for Rayna. So can you just tell us a little bit about what's going on with the capital markets? Any updates there? And any change of investor sentiment for secular based consumer credit assets?

正確的。我是 Karan Singhania，正在為 Rayna 撥入電話。那麼，您能否簡單介紹一下資本市場的情況？那裡有更新嗎？投資者對長期消費信貸資產的看法有何變化？

Yes. So the good news about the capital markets is that we demonstrated in our 23A deal and the recent reopening that when structured correctly and timed correctly, we're able to access the ABS market, I think, really constructively. The -- qualitatively, the investor sentiment was exceptionally positive in our 23A reopening. Our team did a really good job in working with investors and executing in that market.

是的。因此，關於資本市場的好消息是，我們在 23A 交易和最近的重新開放中證明，如果結構正確且時間正確，我們能夠真正建設性地進入 ABS 市場。 - 從質量上講，投資者情緒在我們的 23A 重新開放中非常積極。我們的團隊在與投資者合作並在該市場執行方面做得非常好。

Quantitatively, that particular transaction was 3x oversubscribed. And those are all really positive signals. But it's important to put that transaction in context of the broader capital markets and macroeconomic conditions. We did that transaction in between the failure of Silicon Valley Bank and the sale of First Republic. And I think that it is the case that these things do not impact us directly on a first order basis, but credit spreads for all asset classes, including ours, are going to widen in times of these moments of pretty peak economic dislocation.

從數量上看，該特定交易被超額認購了 3 倍。這些都是非常積極的信號。但重要的是將該交易置於更廣泛的資本市場和宏觀經濟條件的背景下。我們在矽谷銀行倒閉和 First Republic 出售之間進行了那筆交易。而且我認為，這些事情不會直接影響我們的一階基礎，但所有資產類別（包括我們的資產類別）的信用利差都會在這些經濟混亂的高峰時期擴大。

It is just an unfortunate reality of the world right now that things are extremely volatile. That being said, we did execute those 2 transactions I mentioned in between these pretty severe economic events. And we are confident that we can continue to do so. But nonetheless, it will remain volatile. We're also adding net new partners in our funding ecosystem, adding warehouse funding capacity from net new institutions and expanding existing relationships with our existing funding partners.

事情極度不穩定，這只是當今世界的一個不幸現實。話雖如此，我們確實執行了我在這些相當嚴重的經濟事件之間提到的那兩筆交易。我們相信我們可以繼續這樣做。但儘管如此，它仍將不穩定。我們還在我們的資金生態系統中增加了淨新合作夥伴，增加了淨新機構的倉庫資金能力，並擴大了與我們現有資金合作夥伴的現有關係。

And I would just leave you with the idea that it's volatile. And obviously, spreads are widening, and that will offset some of what we expect to be a declining rate environment going forward. But nonetheless, still able to fund the business, which is always job 1 for our capital team, and we've done that excellently.

我只想讓你知道它是不穩定的。顯然，利差正在擴大，這將抵消我們預期未來利率下降的部分影響。儘管如此，仍然能夠為業務提供資金，這始終是我們資本團隊的首要任務，我們在這方面做得非常出色。

Understood. And maybe just as a follow-up. Can you comment on what's driving the uplift in the Debit+ usage? Is it just simply consumers are resonating with the product's value proposition or is there something else?

明白了。也許只是作為後續行動。您能否評論一下是什麼推動了 Debit+ 使用率的提升？僅僅是消費者對產品的價值主張產生了共鳴，還是有其他原因？

We've built a really great product that we've put in front of at this point, lots of consumers who -- many of whom have told us over and over again that they would love to use Affirm at their favorite grocery, at their favorite off-line store, at a website where a competitor might be integrated, but they prefer Affirm. Debit+ is the unlock to use Affirm anywhere you like online and offline.

我們已經構建了一個非常棒的產品，我們已經在這一點上展示了很多消費者——他們中的許多人一遍又一遍地告訴我們，他們很樂意在他們最喜歡的雜貨店、在他們的最喜歡的線下商店，在一個可能集成了競爭對手的網站上，但他們更喜歡 Affirm。 Debit+ 是解鎖功能，可以在您喜歡的在線和離線任何地方使用 Affirm。

It's gaining popularity, and we're very excited. And by the way, just to be very clear, this is very much V1. The road map for Debit+ spans years. We have a lot to build. So this is not even remotely the final movement of that particular thing.

它越來越受歡迎，我們非常興奮。順便說一下，非常清楚，這非常像 V1。 Debit+ 的路線圖跨越了數年。我們有很多東西要建造。所以這甚至不是那個特定事物的最終運動。

Our next question comes from the line of Dan Dolev with Mizuho.

我們的下一個問題來自 Dan Dolev 與 Mizuho 的對話。

Excellent quarter. I love the acceleration in revenue less transaction costs. Great job there. A quick question guys and Max, like you're -- I think you're guiding to a slightly lower revenue less transaction cost in the fourth quarter. And long term, you're still saying 3% to 4%. Can you maybe bridge us kind of that -- how to get to that long term? How do you -- what do you envision to get to that sustained long term?

優秀的季度。我喜歡收入減少交易成本的加速。那里幹得好。一個快速的問題伙計們和馬克斯，就像你一樣 - 我認為你正在引導第四季度的收入略低於交易成本。從長遠來看，你仍然說 3% 到 4%。您能否為我們搭建橋樑——如何實現這一長期目標？你如何——你如何看待這個持續的長期？

Yes. We still feel very confident about 3% to 4% in the long run. This quarter was again, at the higher end of that range and also ahead of our expectations that we had provided guidance for in February. And yet, we do forecast a sequential reduction in that as a percentage of GMV into next quarter. But again, I think the 2 factors to think about are when we have a sequential growth in GMV and we use our warehouse funding, that means that we provide the provision for the loans that originated upfront.

是的。從長遠來看，我們仍然對 3% 到 4% 非常有信心。本季度再次處於該範圍的較高端，也超出了我們在 2 月份提供指導的預期。然而，我們確實預測到下個季度，它佔 GMV 的百分比將連續下降。但同樣，我認為需要考慮的兩個因素是當我們的 GMV 連續增長並且我們使用我們的倉庫資金時，這意味著我們為預先發起的貸款提供準備金。

And we are a little bit back in how those earn. And that is very similar to what you saw in Q3. We were benefiting in Q3 from the origination and balance sheet strategy in Q2. And we'd anticipate a similar trend to play out for Q4 versus Q3. And then separately, it is just the case that we have a very volatile capital market. So our guidance is always going to try to assume what we think we have a high degree of confidence in.

我們在這些人的收入方面有點落後。這與您在第三季度看到的非常相似。我們在第三季度受益於第二季度的發起和資產負債表戰略。我們預計第四季度與第三季度將出現類似的趨勢。然後單獨來看，我們的資本市場非常不穩定。所以我們的指導總是會嘗試假設我們認為我們有高度信心的東西。

And we have a lot of sensitivity to our ability to execute there. And so when we think about building guidance in our forecast, we're pretty careful about making sure we have, in the model, the deals that we expect to be able to complete in the quarter.

我們對在那裡執行的能力非常敏感。因此，當我們考慮在我們的預測中建立指導時，我們非常小心地確保我們在模型中擁有我們預計能夠在本季度完成的交易。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自 James Faucette 與 Morgan Stanley 的對話。

Given your APR cap increases that I think you said across half of roughly your merchants, 2 things associated that with that. When do you expect that to be complete? And how much incremental application demand is that allowing you to convert? Any metrics you could share there?

考慮到你的 APR 上限增加，我認為你在大約一半的商家中說過，與此相關的兩件事。你預計什麼時候完成？有多少增量應用程序需求允許您進行轉換？您可以在那里分享任何指標嗎？

Yes. On the first, I don't think that we're ever going to get to 100%. So complete is probably like never. I mean, we're going to keep moving forward and try to continue to expand it, but we don't expect to ever be at 100% of our merchants for a variety of reasons we can go into. But we do anticipate continuing to make progress with respect to merchant amendments to allow us to go up to 36%.

是的。首先，我認為我們永遠不會達到 100%。如此完整可能從未有過。我的意思是，我們將繼續前進並嘗試繼續擴大它，但由於我們可以進入的各種原因，我們預計永遠不會達到 100% 的商家。但我們確實希望在商戶修正案方面繼續取得進展，使我們能夠達到 36%。

So we have a lot of wood left to chop, and we're going to keep working on that between now and the rest of this calendar year. When you think about what that does for approvals, it's a pretty simple answer with really complicated math. The simple answer is we try to maintain the same level of unit profitability. And so the extra revenue allows us to approve proportionately more and offsetting the associated credit losses you'd expect in those marginal populations.

所以我們還有很多木頭要砍，從現在到本日曆年的剩餘時間，我們將繼續努力。當您考慮這對批准有何作用時，這是一個非常簡單的答案，但數學非常複雜。簡單的答案是我們試圖保持相同水平的單位盈利能力。因此，額外的收入使我們能夠按比例批准更多，並抵消您在這些邊緣人群中預期的相關信貸損失。

And we do think about it on a portfolio basis. And so it is obviously something that allows us to create a lot more economic yield across the portfolio and approve more consumers as a result. It is also the case that we need some of that to offset the rising cost of funding and maintain the unit economics that we need. So not all of it will go to expanded approvals.

我們確實在投資組合的基礎上考慮它。因此，這顯然使我們能夠在整個投資組合中創造更多的經濟收益，並因此獲得更多消費者的認可。在這種情況下，我們也需要其中的一些來抵消不斷上升的資金成本並維持我們需要的單位經濟效益。因此，並非所有這些都將獲得擴大批准。

And certainly, there are a set of approvals that we simply can't and don't want to approve, right? We don't -- a consumer defaulting on a loan is a bad outcome that we seek to avoid. And so we're never going to recklessly approve a consumer who we think will. That being said, it is the current posture of the business given the credit tightening that we've done do allow us to be expansionary within a 36% cap.

當然，有一組我們根本不能也不想批准的批准，對吧？我們不會——消費者拖欠貸款是我們力求避免的糟糕結果。因此，我們永遠不會魯莽地批准我們認為會的消費者。話雖這麼說，鑑於我們已經完成的信貸緊縮確實允許我們在 36% 的上限內擴張，但這是目前的業務狀況。

Got it. Got it. And then -- I appreciate that. And then just quickly on trends. I know that you kind of mentioned that you'd seen strong services in travel, although a little bit of weaker performance in discretionary. Has that changed at all or worsened maybe for discretionary through April and the first few days of May?

知道了。知道了。然後——我很感激。然後快速了解趨勢。我知道你提到過你在旅遊方面看到了強大的服務，儘管在可自由支配方面表現稍差。在 4 月和 5 月的前幾天，這種情況是否完全改變或惡化？

I think the short answer is no, we're not seeing particularly significant movement in either direction. Travel remains very strong.

我認為簡短的回答是否定的，我們在任何一個方向上都沒有看到特別顯著的變化。旅行仍然很強勁。

Yes. And other color on the quarter. We mentioned our strength in direct-to-consumer, our guidance definitely points to that trend continuing where we also have strength in some of our largest partnerships that are either accelerating or still growing at very, very fast clips. And travel and ticketing remains a real bright spot.

是的。等色上季。我們提到了我們在直接面向消費者方面的實力，我們的指導明確指出這種趨勢仍在繼續，我們在一些最大的合作夥伴關係中也有實力，這些合作夥伴關係正在加速或仍在以非常非常快的速度增長。旅行和票務仍然是一個真正的亮點。

We continue to see weakness in sporting goods overall. Although as we get through the next quarter, we do have what used to be our largest partner, will now be less than 1% of our GMV going forward and becomes very trivial. And so some of the sporting goods headwind will become a lot less of an impact in the GMV growth rate of the business. And then obviously, categories like home and lifestyle and electronics continue to be in a pretty suppressed levels when thinking about their comparisons.

我們繼續看到體育用品整體疲軟。儘管隨著下個季度的到來，我們確實擁有曾經是我們最大的合作夥伴，但現在將不到我們未來 GMV 的 1%，並且變得非常微不足道。因此，一些體育用品的逆風對該業務的 GMV 增長率的影響將小得多。然後很明顯，在考慮比較時，家居和生活方式以及電子產品等類別繼續處於相當低的水平。

We do think that as you get to Q3 of next fiscal year, when we get to about 9 months from now, you will begin to lap a lot easier comps. And so we're optimistic that by the time we get there, some of those businesses will return to some solid growth. But for now, the headwinds there continue.

我們確實認為，當你進入下一財年的第三季度時，當我們從現在開始大約 9 個月時，你將開始輕鬆得多。因此，我們樂觀地認為，到那時，其中一些企業將恢復穩健增長。但就目前而言，那裡的逆風仍在繼續。

(Operator Instructions). Our next question comes from the line of Rob Wildhack with Autonomous Research.

（操作員說明）。我們的下一個問題來自 Rob Wildhack with Autonomous Research。

With Debit+ out in the wild now, can you give us some additional color on the unit economics there? And how they fit into the 3% to 4% RLTC as a percentage of GMV that you have in the core business?

隨著 Debit+ 的出現，你能給我們一些關於那裡的單位經濟學的額外顏色嗎？以及它們如何適應核心業務中 3% 到 4% 的 RLTC 作為 GMV 的百分比？

We do plan on giving a very detailed breakdown for investors later this year, not today. But again, think about the products, GMV, the stuff that looks like installment loans will sit within our framework today because they are very similar loans, and they should have similar economics, similar funding requirements, similar -- it's more of what we do every day.

我們確實計劃在今年晚些時候為投資者提供非常詳細的細分，而不是今天。但再一次，想想產品，GMV，看起來像分期貸款的東西今天會在我們的框架內，因為它們是非常相似的貸款，它們應該有相似的經濟學，相似的資金需求，相似——這更多是我們所做的每天。

The volume that we call pay now that comes out of the consumers' accounts a few days after they swipe the card, those will have different economics. Today, that's not the majority of the volume running on the card. But we'll watch that closely and give investors a way to think about modeling that as it becomes material.

消費者刷卡幾天后，我們稱之為支付的金額從消費者的賬戶中扣除，這將具有不同的經濟效益。今天，這不是卡上運行的大部分容量。但我們會密切關注這一點，並為投資者提供一種方式來考慮建模，因為它變得重要。

Okay. And then I noticed that you reaffirmed the commitment to positive adjusted operating income exiting this year. As you think about or look to that over the medium term, what's the current line of thinking on the level of reinvestment you need to continue to scale versus your ability to generate real operating leverage and start to drop some of that more and more to earnings?

好的。然後我注意到您重申了對今年調整後營業收入為正的承諾。當你在中期考慮或展望這一點時，當前關於你需要繼續擴大規模的再投資水平與你產生實際經營槓桿的能力以及開始越來越多地減少其中一些收益的能力的思路是什麼？

It's a good question. So as you saw in this quarter and our guidance kind of implies we expect to continue to drive real leverage in G&A. Sales and marketing on a non-GAAP adjusted basis will continue to be slightly volatile in that some of our co-marketing commitments are a little bit more episodic. So you'll see that number kind of bounce around a little bit. But over time, still showing real leverage.

這是個好問題。因此，正如您在本季度看到的那樣，我們的指導暗示我們希望繼續推動 G&A 的實際槓桿作用。非 GAAP 調整後的銷售和營銷將繼續略有波動，因為我們的一些聯合營銷承諾更加偶然。所以你會看到這個數字有點反彈。但隨著時間的推移，仍然顯示出真正的影響力。

But the area of the business that we do intend to continue to invest in is tech data analytics that enables growth in the business both in the near term, enabling us to add infrastructure and acquire more data, but also hire engineers and product managers to build product to change the world. And so we are going to keep doing that, and we intend to keep our foot on the gas with the technology side of the business and showing leverage in the other parts.

但我們確實打算繼續投資的業務領域是技術數據分析，它可以在短期內實現業務增長，使我們能夠添加基礎設施和獲取更多數據，同時還聘請工程師和產品經理來構建改變世界的產品。因此，我們將繼續這樣做，我們打算在業務的技術方面保持領先地位，並在其他方面發揮影響力。

We've not given a framework for what that means in terms of bottom line profitability growth or the trend of adjusted operating income, but we do intend to update investors on that later this year.

我們沒有給出一個框架來說明這對底線盈利能力增長或調整後營業收入的趨勢意味著什麼，但我們確實打算在今年晚些時候向投資者通報最新情況。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the call back to Zane Keller.

謝謝。女士們，先生們，我們的問答環節到此結束。我想把電話轉回 Zane Keller。

Well, thank you, everybody, for joining the call today, and we look forward to speaking with you again next quarter.

好吧，謝謝大家今天加入電話會議，我們期待下個季度再次與您交談。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。