Affirm Holdings Inc (AFRM) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Affirm Holdings Financial Year 2024 First Quarter Earnings Conference Call. (Operator Instructions). As a reminder, this conference call is being recorded, and a replay of the call will be available on the firm's Investor Relations website for a reasonable period of time after the call. I would now like to turn the call over to Zane Keller, Director of Investor Relations. Thank you, and you may begin.

女士們、先生們，午安。謝謝你的支持。歡迎參加 Affirm Holdings 2024 財年第一季財報電話會議。 （操作員說明）。謹此提醒，本次電話會議正在錄音，電話會議的重播將在電話會議結束後的合理時間內在公司的投資者關係網站上提供。我現在想將電話轉給投資者關係總監 Zane Keller。謝謝您，您可以開始了。

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. 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.

謝謝你，接線生。在開始之前，我想提醒各位聽眾，今天的電話會議可能包含前瞻性陳述。這些前瞻性陳述受到許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列出的風險和不確定性，這些風險和不確定性可在我們的投資者關係網站上找到。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表今天的情況，本公司不承擔任何更新這些前瞻性聲明的義務或意圖，除非法律要求。

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. 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.

此外，今天的電話會議可能包括非公認會計準則財務指標。這些措施應被視為對 GAAP 財務措施的補充而不是替代。對於歷史非 GAAP 財務指標，可以在我們的收益補充幻燈片中找到與最直接可比較的 GAAP 指標的對賬，該投影片可在我們的投資者關係網站上找到。

Hosting today's call with me are Max Levchin, Affirm's Founder and Chief Executive Officer; and Michael Linford, Affirm's Chief Financial Officer. Before we begin today's call, we would like to remind investors that we will be holding an Investor Forum next Tuesday, November 14 from 2 to 5 p.m. Eastern Time. Both the live cast of the form as well as a replay are open to the public. Additional details about the forum, including registration information are available on our Investor Relations website. 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.

與我一起主持今天電話會議的是 Affirm 創辦人兼執行長 Max Levchin；以及 Affirm 財務長 Michael Linford。在開始今天的電話會議之前，我們想提醒投資者，我們將於下週二（11 月 14 日）下午 2 點至 5 點舉行投資者論壇。東部時間。此形式的現場表演和重播均向公眾開放。有關論壇的更多詳細信息，包括註冊信息，請訪問我們的投資者關係網站。按照我們前幾季的做法，我們將從馬克斯的簡短開場白開始，然後立即進行問答。就此而言，我將把電話轉給馬克斯開始。

Thank you, Zane. Thanks, everybody, for joining us today. I'll keep it very brief. We had a very strong fiscal Q1, put our outlook across all metrics. GMV growth accelerated sequentially. we significantly exceeded our own outlook for revenue less transaction costs. We continue to gain market share, kept our already strong economics quite good, drove positive credit outcomes, which matters to us the most. and added some funding capacity. Our plans now include continuing to invest in risk management, technology and product development and to turn our attention to growing the Affirm faster. Back to you, Zane.

謝謝你，贊恩。謝謝大家今天加入我們。我會保持簡短。我們的第一季財報非常強勁，我們對所有指標都進行了展望。 GMV增速環比加速。我們的收入減去交易成本大大超出了我們自己的預期。我們繼續獲得市場份額，保持我們本已強勁的經濟良好，推動積極的信貸成果，這對我們來說最重要。並增加了一定的融資能力。我們現在的計劃包括繼續投資於風險管理、技術和產品開發，並將我們的注意力轉向更快地發展 Affirm。回到你身邊，贊恩。

Thank you, Max. With that, we will now take your questions. Operator, please open the line for our first question.

謝謝你，麥克斯。現在我們將回答您的問題。接線員，請接通我們的第一個問題。

(Operator Instructions). Our first question is from Bryan Keane of Deutsche Bank.

（操作員說明）。我們的第一個問題來自德意志銀行的布萊恩·基恩。

Yes. Congrats on the solid results. Just thinking about what we had in to the second quarter here, given the outperformance in the first, especially in GMV and volume what kind of led to the outperformance? And then it looks like the growth rate will decelerate back a little bit after accelerating this quarter in the second quarter. Maybe you can just help us with that.

是的。祝賀取得了紮實的成果。想想我們在第二季度的表現，考慮到第一季的出色表現，特別是在 GMV 和銷售方面，是什麼導致了出色的表現？然後看起來第二季的成長率在本季加速之後會稍微減速。也許你可以幫助我們。

I think I'll take the -- why the growth. I think we've just been executing really well. As you saw in just the overall property leverage, we are firing in all pistons to the company. which I have to tell it feels very good. We're able to deliver a couple of really key initiatives on the product side. Our friends in Ottawa, in particular, we had several really strong ideas that's played out very well for us there. And so the Shopify volume accelerated again. which sort of speaks to maybe the way we operate the business.

我想我會回答為什麼會成長。我認為我們執行得非常好。正如您在整體財產槓桿中看到的那樣，我們正在向公司注入所有活塞。我不得不說這感覺非常好。我們能夠在產品方面提供一些真正關鍵的措施。特別是我們在渥太華的朋友，我們有幾個非常強烈的想法，這些想法在我們那裡得到了很好的表現。因此，Shopify 的銷售再次加速。這也許說明了我們經營業務的方式。

It sometimes seems like you signed a great partner, and that's the first of volume. But in reality, it takes us years to fully realize the opportunity for us when partnerships are this rich and with this much potential. So that's 1 example. Card grew quite well. as well. And so we're happy with those results. There's not one thing that I can stick a finger and say that this is the core reason for the GMV growth. But the other thing is that the demand for the product remains strong. We are still declining quite a number of applicants because we are trying to remain as thoughtful and productive in our credit outcomes, but the consumer demand for what we have to offer is continuing to pull us forward.

有時看起來你簽了一個很棒的合作夥伴，這是第一卷。但實際上，當合作關係如此豐富且潛力巨大時，我們需要數年時間才能充分認識到我們所面臨的機會。這就是 1 個例子。卡成長得很好。以及。所以我們對這些結果感到滿意。我不能說這是 GMV 成長的核心原因。但另一件事是對該產品的需求仍然強勁。我們仍在拒絕相當多的申請人，因為我們試圖在信貸結果方面保持深思熟慮和富有成效，但消費者對我們所提供服務的需求正在繼續推動我們前進。

The only thing I'd comment on for Q2 is both that is our largest quarter of the year. And so we just have a lot more mass in the comparable period. And we do expect that some of our programs, our largest enterprise partner programs are continuing to mature in a way that we would just expect a little bit less growth this year than we had last quarter.

我對第二季唯一要評論的是，這是我們今年最大的季度。所以在可比時期我們的品質大得多。我們確實預計我們的一些計劃，我們最大的企業合作夥伴計劃將繼續成熟，我們預計今年的成長將比上個季度少一些。

Got it. And then just as a quick follow-up, Michael, maybe you can talk a little bit about adjusted operating profit came in quite a bit ahead of expectations. Is that some timing of expense items that even out throughout the year? Or any -- anything to call out there for the margin in the first quarter versus for the quarters for the rest of the year?

知道了。然後，作為快速跟進，邁克爾，也許你可以談談調整後的營業利潤比預期提前了很多。這是否是全年支出項目的一些時間安排？或者有什麼可以指出第一季與今年剩餘時間季度的利潤率的情況嗎？

Yes, [indiscernible] the question. Yes. The adjusted operating income has come in well ahead of where we thought it was going to be for the quarter. And I think it shows the power of us and our technology orientation when we are able to control expenses and drive a little bit of extra growth, that growth and profitability, it's very, very strong. I think I put it in context we had 28% GMV growth or 37% revenue growth and our non-transaction operating expenses reduced on an absolute basis by $50 million year-on-year.

是的，[音訊不清晰]這個問題。是的。調整後的營業收入遠遠超出了我們對本季的預期。我認為，當我們能夠控制開支並推動一點額外成長時，這顯示了我們的力量和我們的技術導向，這種成長和獲利能力非常非常強勁。我認為，我們的 GMV 成長了 28%，營收成長了 37%，而且我們的非交易營運費用比去年同期絕對減少了 5,000 萬美元。

When that happens, obviously, you can print pretty strong results, I think due to our out-performance, we did raise the outlook for the full year. We're now expecting closer to 5%. And I think that we were driving leverage really across all 3 lines, G&A, sales and marketing and tech data and analytics. And those lines are all very leverageable in our business. We have been saying this for quite some time. And yes, that's also the area we invest in primarily in human capital. We want to make sure we maintain the ability to invest in the back half of the year, which is why we wouldn't expect to run at this level.

當這種情況發生時，顯然，你可以列印出相當強勁的業績，我認為由於我們的出色表現，我們確實提高了全年的前景。我們現在預計接近 5%。我認為我們確實在所有 3 條線上提高了槓桿率，即一般管理費用、銷售和行銷以及技術數據和分析。這些產品線在我們的業務中都非常有用。我們已經這麼說了有一段時間了。是的，這也是我們主要投資人力資本的領域。我們希望確保我們保持下半年的投資能力，這就是為什麼我們不希望以這樣的水平運作。

But no, there really wasn't any sort of timing benefit you will expect sales and marketing to creep up a little bit in Q2 as we invest into the holiday season. But other than that, we feel like Q1 was very close to run rate before we again, maintain some room to make some investments in the back half of the year.

但不，當我們投資假期時，您確實沒有任何時間上的好處，您可以期望第二季的銷售和行銷會有所成長。但除此之外，我們認為第一季非常接近運行速度，然後我們再次保持一定的空間在下半年進行一些投資。

The next question is from Michael Ng of Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I just have 2, first, as a follow-up to the first question around Shop Pay Installments, GMV growth acceleration. I was just wondering if you could talk a little bit about what functionally changes or ramps up over time, that allows you to drive this acceleration in GMV over 2 years since the initial partnership?

我只有兩個問題，首先，作為第一個問題的後續，圍繞商店支付分期付款、GMV 增長加速。我只是想知道您是否可以談談隨著時間的推移，哪些功能會發生變化或提升，從而使您能夠在最初的合作夥伴關係兩年多的時間內推動 GMV 的加速增長？

And what can that tell us about how you approach some of these enterprise partnerships? And then I have a quick follow-up.

關於您如何處理其中一些企業合作夥伴關係，這可以告訴我們什麼？然後我會進行快速跟進。

I'm known to give a long-winded answer, so I'll actually try to keep this one shorter. The very short-hand answer is optimization. Both companies are very numerically driven. We spent an incredible amount of energy just EV testing, various forms of presentation of the products we offer to consumers try to simplify things, try to fine-tune everything from -- how do we explain interest if this interest to pay? How do we make sure people understand that there is no interest in products like paying for just all of that.

眾所周知，我會給出一個冗長的答案，所以我實際上會盡量縮短這個答案。最簡單的答案就是優化。兩家公司都非常注重數位驅動。我們花了令人難以置信的大量精力進行電動車測試，我們向消費者提供各種形式的產品展示，試圖簡化事情，嘗試微調一切——如果這種利息值得支付，我們如何解釋利息？我們如何確保人們明白人們對產品沒有興趣，例如只為所有這些付費。

And if you have -- one of the sort of obvious truisms, if you will, if you have a significant amount of volume already, even 1% or 2% increase in end-to-end conversion just creates millions or tens of millions of dollars of incremental GMV. So it's never a -- sometimes it is sort of a brilliant unlock where we say, "Oh, we forgot there's this thing we can try and it works." but 9 out of 10 times it's really just optimizing existing consumer experience, finding ways of presenting the offer a little bit more funnel, so consumer understands there is a budget, perhaps more than the budget to be realized because we can tell them, here's what we are willing to approve you for, et cetera. And then just doing that over and over again, has compounding effects. So there's not a -- the secret sauce is in the work not in secret.

如果你有——一種明顯的不言而喻的道理，如果你願意，如果你已經擁有大量的交易量，即使端到端轉換增加1% 或2%，也只會創造數百萬或數千萬的轉換。美元增量 GMV。所以這從來都不是——有時這是一種絕妙的解鎖，我們會說，“哦，我們忘記了有這個東西我們可以嘗試，而且它有效。”但九成的情況其實只是優化現有的消費者體驗，尋找更多管道來呈現優惠的方法，讓消費者了解有一個預算，也許比要實現的預算更多，因為我們可以告訴他們，這就是我們願意批准您，等等。然後一遍又一遍地這樣做，就會產生複合效應。所以不存在——秘密武器是在工作中而不是秘密。

Great. That's really helpful. And then maybe just a quick on Affirm Card. $224 million of GMV accelerating from the $130 million last quarter. Could you just talk a little bit about how you're approaching driving growth there. The user growth seemed like it was steady at that $75,000 per month? And anything you could tell us around the mix of Affirm card GMV and how that may have changed relative to last quarter?

偉大的。這真的很有幫助。然後也許只是快速確認卡片。 GMV 較上季的 1.3 億美元成長 2.24 億美元。您能否簡單談談您如何推動那裡的成長？用戶成長似乎穩定在每月 75,000 美元？您能否告訴我們有關 Affirm 卡 GMV 的組合以及相對於上季度可能發生的變化？

So I don't want to steal too much of Libor's show next week to quote my third movie, I'd love all of you to come and give me notes when we do Investor Forum a week from now, but the shorthand is -- the mix remained largely in line with what we said last quarter. It's still more split pay or split transactions versus paying full. We'll talk a lot about things like cohort retention and usage over time and a little bit about lifetime value next week. So there's a lot to share, and I don't want to spoil the party too much.

因此，我不想在下週的倫敦銀行同業拆借利率 (Libor) 節目中過多引用我的第三部電影，我希望大家在一周後舉辦投資者論壇時能來給我做筆記，但簡寫是——該組合與我們上季度所說的基本一致。與全額支付相比，更多的是分割付款或分割交易。下週我們將討論很多關於群組保留和使用的問題，以及一些關於生命週期價值的問題。所以有很多東西要分享，我不想過度破壞聚會。

The growth is quite strong. It is managed to the number that we want. We have internal goals that we are driving card numbers, too. We won't run out of opportunities there for some time. We also want to make sure that we don't paint ourselves into a corner in the following sense. The product is a new idea. This is not something that existed before. We have lots of intellectual property protection around some of the stuff that we invented, both kind of what meets the eye and what's under the -- under the hood there. And every time you launch a new product, even if it is exceptional uptake, which we think this one does, you are educating a consumer. You have to look for long-term effects.

成長相當​​強勁。它被管理到我們想要的數量。我們的內部目標是提高信用卡數量。在一段時間內我們不會失去那裡的機會。我們也想確保我們不會在以下意義上將自己陷入困境。該產品是一個新的想法。這不是以前存在的東西。我們對我們發明的一些東西有很多智慧財產權保護，無論是表面上的東西還是幕後的東西。每次你推出新產品，即使它的受歡迎程度很高（我們認為這個產品確實如此），你也在教育消費者。你必須尋找長期影響。

One of my many nighttime jobs is to read consumer feedback that comes to me directly from the card, and it's now a very steady stream of content. And a lot of it is about sort of getting in touch with RPMs and saying, hey, there's a wrinkle on a card that people still don't fully understand how do we fix this.

我的許多夜間工作之一就是閱讀直接從卡片上收到的消費者回饋，現在它是一個非常穩定的內容流。其中很多都是關於與 RPM 取得聯繫並說，嘿，卡片上有一個問題，人們仍然不完全理解我們如何解決這個問題。

Again, sort of in service of that let's get 3% more conversion, we'll get 5% more conversion. The card is so new every time we find some major comprehension unlock, we find ourselves in another 10% gain. So it's gratifying to unblock -- fix a mistake we made or unblock a comprehension detail and suddenly have a lot more volume.

再說一次，為了讓我們的轉換率增加 3%，我們將獲得 5% 的轉換率。每次我們發現一些主要理解解鎖時，這張卡都是新的，我們發現自己又獲得了 10% 的收益。因此，解除封鎖是令人欣慰的——修正我們犯的錯誤，或者解除封鎖一個理解細節，然後突然增加了很多音量。

So we will continue growing users quite deliberately. We'll be very, very focused on unblocking all the quirks of these interfaces, doing all the educating that we have to do before we start sending a card to everybody as they sign up.

因此，我們將非常有意識地繼續增加用戶。我們將非常非常專注於消除這些介面的所有怪癖，在我們開始向每個人註冊時發送卡片之前，進行所有我們必須做的教育工作。

But over the long period of time, I fully expect to get to a place that is hey welcome to Affirm. the cards in the mail, like that's not going to happen any time in the immediate or even foreseeable future. But the long-term point of the card, it is the best way of experiencing Affirm. We will build all of our product road maps on this idea of you should have this card. It is the best thing ever and you should just have one of these, even if you've transacted with Affirm for the first time yesterday.

但在很長一段時間內，我完全希望能夠到達一個歡迎 Affirm 的地方。郵寄的卡片，就好像這種情況在近期甚至可預見的將來都不會發生。但長期點的卡，才是體驗Affirm的最好方式。我們將根據您應該擁有這張卡的想法來建立我們所有的產品路線圖。這是有史以​​來最好的事情，即使您昨天第一次與 Affirm 進行交易，您也應該擁有其中一個。

Great. That's all very clear.

偉大的。這一切都非常清楚。

The next question is from Dan Dolev of Mizuho.

下一個問題來自瑞穗銀行的 Dan Dolev。

Guys. Great results. so proud. Max, the B2B initiatives in the Amazon partnership, I think it was last week, got a lot of excitement and a lot of press. Can you maybe tell us what makes you so excited about this kind of the opportunity sizing it and maybe talking whether or not there will be other B2B partners? And then I have a very quick follow-up.

夥計們。很好的結果。很自豪。 Max，亞馬遜合作夥伴關係中的 B2B 舉措，我認為是上週，引起了很多興奮和很多媒體的關注。您能告訴我們是什麼讓您對這種機會如此興奮，並討論是否還會有其他 B2B 合作夥伴嗎？然後我會進行非常快速的跟進。

Thank you, Dan. We are very proud too, but I really appreciate hearing that. The team works very hard. I know a bunch of Affirm folks are listening, you nailed it this quarter. Thank you for your hard work.

謝謝你，丹。我們也非常自豪，但我真的很高興聽到這個消息。團隊工作非常努力。我知道一群肯定的人正在聽，你這個季度就做到了。感謝你的努力。

The B2B thing that we started showing is certainly not a one-off. In fact, when we start reviewing the opportunity, my ask to team was, please come back to me with a plan of what this looks like in a market. Sort of what's the true opportunity across many, many possible platforms, not just one.

我們開始展示的 B2B 東西當然不是一次性的。事實上，當我們開始審查這個機會時，我對團隊的要求是，請給我一個關於市場狀況的計劃。跨越很多很多可能的平台（而不僅僅是一個）的真正機會是什麼。

So yes, you should expect us to do more. Obviously, we will speak to it when we're good and ready. The current product, as you see it today, is for sole proprietorships. And it's this interesting space where the efficiency of the lending market to that user is really, really poor. And so as a result, the consumer typically borrows money either on their personal financial devices, which is just for a variety of reasons a bad idea, or through all kinds of just unoptimized old-school sort of 19th Century lending platforms. And there's no reason why that should be this way given our expertise in underwriting, in particular, underwriting consumers.

所以，是的，您應該期待我們做得更多。顯然，當我們準備好時我們會談論它。正如您今天所看到的，目前的產品是針對獨資企業的。正是在這個有趣的領域，該用戶的借貸市場效率非常非常低。因此，消費者通常要么透過個人金融設備借錢（出於多種原因，這不是一個好主意），要么透過各種未經優化的老式 19 世紀借貸平台借錢。鑑於我們在核保方面的專業知識，特別是承保消費者方面的專業知識，沒有理由這樣做。

So expanding our models to small -- very small sole proprietorship type business underwriting was not a huge challenge. The actual work began something like more than a year ago, where we primarily just tested, will our underwriting work as well as it does in consumer if we expand it into very small businesses.

因此，將我們的模型擴展到小型——非常小的獨資企業類型的業務承保並不是一個巨大的挑戰。實際工作大約一年多前就開始了，我們主要只是測試瞭如果我們將其擴展到非常小的企業，我們的承保工作是否會像在消費者中一樣有效。

And obviously, we feel confident enough to start rolling it out with the largest e-commerce player. And so I feel very positive about it, we'll be very deliberate. It's a new business for us. Nothing is -- we will not do anything that damages our stellar credit performance. That's certainly, as always, job #1.

顯然，我們有足夠的信心開始與最大的電子商務公司一起推出它。所以我對此感到非常積極，我們會非常謹慎。這對我們來說是一項新業務。沒有什麼－我們不會做任何有損我們良好信用表現的事情。一如既往，這當然是首要任務。

But exciting. There's lots of merchants that have very sizable side hustles, if you will, where they sell their goods or goods on their platform to sole prop's that either use them or resell them and they too need some honest financial services and here we are for that.

但令人興奮。如果你願意的話，有很多商人都有非常大的副業，他們在他們的平台上出售他們的商品或商品，以獨家使用它們或轉售它們，他們也需要一些誠實的金融服務，而我們就是為此而服務的。

That's super helpful. And maybe as a quick follow-up for you or for Michael. I mean I was -- what caught my eye in the shareholder letter was the ability to sustain 3% to 4% revenue less transaction cost. We all know that the key pushback from clients that we were talking to.

這非常有幫助。也許可以作為您或邁克爾的快速跟進。我的意思是，在股東信中引起我注意的是能夠維持 3% 到 4% 的收入減去交易成本。我們都知道我們所交談的客戶的主要阻力。

It sounds like you guys have figured out a way to for this not to be a problem anymore. So maybe just kind of walk us a little bit through sort of the path to making sure that this -- these 3% to 4% is sustainable even in a higher for longer environment?

聽起來你們已經找到了一個方法，讓這件事不再是問題。那麼，也許只是引導我們了解確保這 3% 到 4% 即使在更高、更長期的環境中也是可持續的？

Yes. We're really proud that we were towards the high end of our long-term range in the quarter when we were obviously up against a substantially lower rate environment. And we feel like we're settling into the higher for longer. I think there's maybe a few things to call out.

是的。我們感到非常自豪的是，當我們明顯面臨利率大幅降低的環境時，我們在本季已經接近了長期範圍的高端。我們感覺到我們在更高層次的適應時間更長了。我認為也許有一些事情需要注意。

The first is that we've done a really good job of making sure our assets have the right economic content in them. In our letter, we do plot what the yield of our asset is and also where our funding costs have gone. And you can see that, certainly, you see a pretty big inflection towards the end on the Affirm asset yield, and that's reflection of our pricing initiatives, but also the really strong credit controls that we've had in place over the past year. And it always starts there. You got to get the asset yield right.

首先，我們在確保我們的資產具有正確的經濟內容方面做得非常好。在我們的信中，我們確實繪製了我們資產的收益率以及我們的融資成本的去向。當然，您可以看到，確認資產收益率在接近尾聲時出現了相當大的變化，這反映了我們的定價舉措，也反映了我們在過去一年中實施的真正強有力的信貸控制。它總是從那裡開始。你必須獲得正確的資產收益率。

But then the second piece that's really important is we've been executing really well in the capital markets. We have added forward flow partners to the mix, which, of course, helps the [end period] earning power as you can sell loans and earn the gain on sale, which is really important for us to do.

但第二件真正重要的事情是我們在資本市場上的表現非常好。我們在組合中添加了遠期流量合作夥伴，這當然有助於[期末]盈利能力，因為您可以出售貸款並賺取銷售收益，這對我們來說非常重要。

And maybe notably is that the percentage of loans sold in our first quarter was more in line with historical averages than we had been in the prior quarter, which was a pretty depressed level. And so what you're seeing is the benefit of the improvement to the asset yield and the benefit of the capital markets execution. which in turn is a benefit of the discipline that we've had on the asset yield, right?

也許值得注意的是，我們第一季出售的貸款百分比比上一季更符合歷史平均水平，這是一個相當低迷的水平。所以你看到的是資產報酬率提高的好處和資本市場執行的好處。這反過來又是我們對資產收益率實行紀律的好處，對吧？

Those 2 things are very much linked. And you're seeing it really shine right now where our engagement with capital markets partners is really positive. Max mentioned that we went and saw many folks over the past couple of months. And that the discipline that we've had is really giving us a credit there.

這兩件事是密切相關的。現在您會看到它確實閃閃發光，我們與資本市場合作夥伴的互動非常積極。馬克斯提到，過去幾個月我們去看了很多人。我們所遵守的紀律確實為我們贏得了榮譽。

And so that's what gives us confidence that this rate environment is one that we can operate well in. We've done the work to get the asset yield there need to be. We're getting credit for it in the capital market. And our focus is really around at this point, continuing to scale the network. We've earned the right to do that.

因此，這讓我們相信這種利率環境是我們能夠良好運作的環境。我們已經完成了獲得所需資產收益率的工作。我們因此在資本市場上獲得了讚譽。我們的重點實際上是在這一點上，繼續擴展網路。我們已經贏得了這樣做的權利。

Amazing results.

驚人的結果。

The next question is from Andrew Bauch of Wells Fargo.

下一個問題來自富國銀行的安德魯·鮑赫。

Just wanted to ask a general state of the consumer kind of question. I know that the student loan forgiveness or forbearance is coming due. And so any kind of updated thoughts on how you think that impacts overall demand?

只是想問消費者的一般狀況。我知道學生貸款減免或寬恕即將到期。那麼對於您認為如何影響整體需求有什麼最新的想法嗎？

And then maybe like a higher level question, as macro is deteriorating, I mean it has deteriorated. And in the past, you've said that there is a reasonable possibility that BNPL becomes a more preferred payment method. in more challenging economic times.

然後也許就像一個更高層次的問題，隨著宏觀經濟正在惡化，我的意思是它已經惡化了。過去，您曾說過 BNPL 有可能成為更受歡迎的支付方式。在更具挑戰性的經濟時期。

Just trying to get a sense of how things kind of played out the way that you had anticipated in both those opportunities?

只是想了解一下事情是如何按照您在這兩個機會中預期的方式進行的嗎？

Well, lots to go there. So on the student loan, that's an easy one. So we started -- we said it for 2 quarters in a row before this one we [indiscernible] got very seriously. Obviously, nobody had sort of real sense for exactly what it would look like.

嗯，那裡有很多值得去的地方。因此，就學生貸款而言，這是一件容易的事。所以我們開始了——我們連續兩個季度都這麼說了，在這之前我們[音頻不清晰]變得非常認真。顯然，沒有人真正了解它到底是什麼樣子。

I give Dan props last quarter because he really something that predicted pretty precisely what we thought what happened to student loan repayment impact on our ability to approve people. And the point is we've been looking at it for months and months and months and incorporated underwriting changes to make sure we are prepared for the student loan repayment resumption.

上個季度我對丹表示支持，因為他確實非常準確地預測了我們認為學生貸款償還對我們審批人員能力的影響。關鍵是我們已經研究了好幾個月了，並納入了承保變更，以確保我們為恢復學生貸款償還做好準備。

At this point, they've been effectively back the obligations for a month and a little bit. We feel that we handled it really well. We can see it in our credit prints that it had no material impact on us. In fact, the slight increase that we saw was seasonality exactly as we predicted.

至此，他們實際上已經償還了一個月多一點的義務。我們覺得我們處理得很好。我們可以從我們的信用記錄中看到它對我們沒有實質影響。事實上，我們看到的小幅成長是季節性的，正如我們預測的那樣。

So we did a really good job preparing for that and largely I think it's behind us. I think just more broadly that is -- that has been our strength as a company. We take underwriting as the single most important thing, we cannot make a mistake on and we obsess over it. We look at all the metrics, all the time, we call indiscernible alarm fires every time, some metric ever so lightly off to make sure that we know exactly why it is. And that's what has allowed us to maintain this level of performance in credit.

因此，我們為此做了非常好的準備工作，我認為這在很大程度上已經過去了。我認為更廣泛地說，這一直是我們作為一家公司的優勢。我們把核保視為最重要的事情，我們不能犯錯，我們對此非常著迷。我們一直在查看所有指標，每次都會發出難以辨別的警報，有些指標甚至會輕微偏離，以確保我們確切地知道原因。這就是我們能夠維持這種信用績效水準的原因。

I'm not sure I agree that the economy has deteriorated that it's a very broad statement. There are definitely signs of stress going back as far as April of '22. It's generally speaking, for our consumer not been a dramatic change in their ability to pay their bills back because the consumer remains effectively fully employed.

我不確定我是否同意經濟已經惡化，這是一個非常廣泛的說法。早在 22 年 4 月，就有明確的壓力跡象。一般來說，對於我們的消費者來說，他們償還帳單的能力並沒有發生巨大的變化，因為消費者仍然有效地充分就業。

Obviously, the most recent unemployment numbers start to show some very modest cracks in the full employment number, but still very, very strong relative to what we would consider to be a serious area of concern, and we tune our models to both internally sourced data of actual repayment and the macroeconomic inputs such as job prints is what we consider as we try to forecast the not very distant future. The reason we don't need to forecast a very distant future is because the terms of our loans are really, really short.

顯然，最近的失業數據開始顯示充分就業數據出現了一些非常溫和的裂縫，但相對於我們認為嚴重關注的領域來說仍然非常非常強勁，並且我們根據內部來源的數據調整了我們的模型當我們試圖在預測不遠的未來時，我們會考慮實際還款和宏觀經濟投入（例如工作印刷）。我們之所以不需要預測很遙遠的未來，是因為我們的貸款期限非常非常短。

And so we have to be right about what's going to happen to our consumer in the near term, much more than we have to predict the world economic future.

因此，我們必須正確了解消費者近期將發生的事情，這比我們對世界經濟未來的預測重要得多。

As far as the BNPL popularity, we're certainly seeing a stronger demand as we had seen in quite some time. It does help that we are the only player of scale that is willing to write monthly installment loans. The Pay in 4 was a pretty cool idea when it was all fun and games and 0 interest rates to underwrite people for 6 months loans and 12-month loans, you have to be quite a bit more detail oriented and thoughtful in our modeling, and that is our strength and the source of our overall superiority.

就 BNPL 的受歡迎程度而言，我們確實看到了相當長一段時間以來的更強勁的需求。我們是唯一願意按月發放分期貸款的規模企業，這確實有幫助。 Pay in 4 是一個非常酷的想法，因為它充滿樂趣和遊戲，並且以 0 利率為人們承保 6 個月貸款和 12 個月貸款，您必須在我們的建模中更加註重細節和深思熟慮，並且這是我們的優勢，也是我們整體優勢的來源。

We feel very good about our ability to continue performing in those loans as well as the shorter-term stuff. It seems that offering the full spectra of product really does drive consumer preference. But obviously, still a very, very competitive market, and we're not going to declare victory just yet, but it does seem that BNPL has remained the consumer favourite, certainly the Affirm version of BNPL remained a consumer favourite even as the economic party may have gotten a little bit cooler.

我們對繼續履行這些貸款以及短期貸款的能力感到非常滿意。看來提供全系列的產品確實可以提高消費者的偏好。但顯然，仍然是一個競爭非常非常激烈的市場，我們還不會宣布勝利，但 BNPL 似乎仍然是消費者的最愛，當然，即使經濟黨，BNPL 的肯定版本仍然是消費者的最愛可能已經變得有點涼了。

No, understood. I look forward to seeing you guys next week.

不，明白了。我期待下週見到你們。

The next question is from Jason Kupferberg of Bank of America.

下一個問題來自美國銀行的 Jason Kupferberg。

I know the shareholder letter mentioned that you've seen some disparate GMV trends among some of the various categories that you serve. So I'm wondering just as you look at the guide, the updated guide for fiscal '24, are you assuming any material change in the more discretionary categories?

我知道股東信中提到，您已經看到您所服務的一些不同類別中存在一些不同的 GMV 趨勢。因此，我想知道，當您查看該指南（24 財年的更新指南）時，您是否認為更自由裁量的類別會發生任何重大變化？

No, we're really not. So as per the usual, we try to hold what we're seeing right now when we provide our guidance. And we don't really assume things are going to get materially better or worse because we -- we really don't try to prognosticate too much about where the economy is going.

不，我們真的不是。因此，與往常一樣，當我們提供指導時，我們會盡力保持目前所看到的情況。我們並沒有真正假設事情會變得更好或更糟，因為我們真的不會試圖過度預測經濟的走向。

We do see some positive trends right now you're seeing categories that were real decliners over the past couple of quarters return to something that looks more like flat or certainly less decline. and we think that's a good healthy sign. And obviously, we still have exposure to some of the largest platforms in e-commerce, and that does -- that breadth of exposure allows us to get pretty wide category coverage.

我們現在確實看到了一些積極的趨勢，你會看到過去幾季真正下降的類別回到了看起來更像持平或下降幅度較小的狀態。我們認為這是一個良好的健康跡象。顯然，我們仍然接觸到一些最大的電子商務平台，而且確實如此——這種接觸的廣度使我們能夠獲得相當廣泛的品類覆蓋範圍。

And so the more operative question for us is are consumers going to be outspending and we certainly feel like the evidence is right now that they are.

因此，對我們來說更實際的問題是消費者是否會超支，我們當然認為現在有證據表明他們確實如此。

Okay. Max, you touched briefly on decline rates. And I'm just wondering if you've seen any notable change in those decline rates? Not just in terms of the sheer percent of loan requests that you're declining, but just how that might vary across different slices of your demographic? Or are you seeing certain consumers coming back with more loan requests more frequently?

好的。麥克斯，您簡單地談到了下降率。我只是想知道您是否發現這些下降率有任何顯著變化？不僅是您拒絕的貸款請求的絕對百分比，而且還包括您的不同人口群體之間的差異如何？或者您看到某些消費者更頻繁地提出更多貸款請求？

I'll start by reminding that decline for us is kind of the point of last resort. So for a huge percentage of underwriting decisions what we try to do and do pretty well is say, yes, and, and is we need you to make a down payment. We think that you should borrow not $800 for example, but $600. And if you have $200 to make it on payment, that would be wonderful.

首先我要提醒的是，拒絕對我們來說是最後的手段。因此，對於很大比例的承保決定，我們試圖做並且做得很好的是，是的，並且，我們需要您支付首付。例如，我們認為您不應該借 800 美元，而應該借 600 美元。如果你有 200 美元可以付款，那就太好了。

And so that's -- that's just an important thing to keep in mind. So when sort of we look at our approval rates, they've largely remained broadly the same. Obviously, between sort of groups of consumers, if you stratify them by credit, they generally remain the same. By definition, the credit mix of the inputs has not really not really changed all that much.

所以，這是需要牢記的重要事情。因此，當我們看看我們的支持率時，它們基本上保持不變。顯然，在不同類型的消費者群體之間，如果你按信用對他們進行分層，他們通常保持不變。根據定義，投入的信貸組合併沒有真正發生太大變化。

So very broadly, the answer is no, we're not seeing anything dramatic. The only thing that's really difficult to mention, we said last quarter, we're on track to broaden our EPR range from 0% to 36%. Obviously, before we were between 0% and 30% as we broadened it to 36. The natural consequence of that is we're able to approve a little bit more books. And that is a great tool to have.

從廣義來說，答案是否定的，我們沒有看到任何戲劇性的事情。唯一真正難以提及的事情是，我們在上個季度表示，我們預計將 EPR 範圍從 0% 擴大到 36%。顯然，之前我們的比例在 0% 到 30% 之間，後來我們將其擴大到 36 種。這樣做的自然結果是我們能夠批准更多的書籍。這是一個很棒的工具。

Obviously, the #1 job that we have vis-a-vis consumers is to offer them access to credit in a transparent, fairly priced way. Having a wider range of prices available to us does allow us to say yes to more people.

顯然，我們面對消費者的首要任務是以透明、價格合理的方式為他們提供信貸。擁有更廣泛的價格範圍確實可以讓我們接受更多的人。

So all these [good] people, you'll see us probably on the margin be slightly more approveful that's a new word. I made that up. [indiscernible] ago, but being able to price the risk and allows us to say yes more often.

所以所有這些[好]人，你會發現我們可能會稍微更贊成這是一個新詞。這是我編出來的。 [音訊不清晰]以前，但能夠對風險進行定價並允許我們更頻繁地說「是」。

The next question is from Rob Wildhack of Autonomous Research.

下一個問題來自 Autonomous Research 的 Rob Wildhack。

I wanted to ask about the higher allowance quarter-over-quarter, maybe follow on from that last question. Can you speak to the drivers there?

我想問季度間更高的津貼，也許是上一個問題的延續。你能和那裡的司機談談嗎？

And then given the short duration that you're emphasizing, I'm curious the degree to which you think of changes in the allowance is proactive, i.e., we losen credit versus reactive, i.e., things kind of started looking worse than we expected?

然後考慮到您強調的持續時間很短，我很好奇您認為津貼變化的程度是主動的，即我們失去了信用而不是被動的，即事情開始看起來比我們預期的更糟？

It's definitely not reactive, meaning things look worse. It's very mathematical for us. So we make an estimate of the losses for all the loans we have on the balance sheet at any point in time. and we make sure that we have an allowance appropriate to support that.

它絕對不是被動的，這意味著事情看起來更糟。這對我們來說非常數學化。因此，我們對資產負債表上任何時間點的所有貸款的損失進行估計。我們確保有適當的津貼來支持這一點。

As you change the mix of on and off balance sheet quarter-over-quarter, so the increase in sold loans does drive the math to be higher this period given the fact that you're selling more early-stage loans. And so you naturally have a little bit of shift there.

當你按季度改變表內和表外的組合時，考慮到你出售更多的早期貸款，出售貸款的增加確實會導致這一時期的數學數字更高。所以你自然會有一點轉變。

But we don't view that as a bad thing. It's certainly not a reflection of underlying credit performance. We think the underlying credit performance remains exactly where we would like it to be and whether we have the kind of unit economics that we had this quarter, which is really strong at the high end of our 3% to 4% range. obviously, we're very comfortable with the amount of provision needed to support the growth in allowance.

但我們並不認為這是一件壞事。這當然不是基本信用表現的反映。我們認為，基本信貸表現仍處於我們希望的水平，以及我們是否擁有本季的單位經濟效益，即在 3% 至 4% 範圍的高端確實強勁。顯然，我們對支持津貼增長所需的撥款金額感到非常滿意。

Okay. And then maybe one on the regulatory front. The CFPB has been pretty active with respect to buy now, pay later and even fintech more broadly. So what are your latest thoughts on their role? And then how do you see that evolving going forward?

好的。然後也許是監管方面的一個。 CFPB 在立即購買、稍後付款甚至更廣泛的金融科技方面一直非常積極。那麼您對他們的角色有何最新想法？那麼您如何看待未來的發展？

Yes. So we've always viewed them as one of our key regulators. I spent a fair amount of time on the Advisory Board a few years ago, so on.

是的。因此，我們一直將它們視為我們的關鍵監管機構之一。幾年前，我在顧問委員會度過了相當多的時間，等等。

So obviously, being subject to supervision from CFPB from our point of view, is a formalization of the relationship between Affirm and Bureau. We think we may be somewhat unique in this, but we think it's a positive step for the industry, most importantly, sort of normalizes the engagement with the regulatory bodies. It's also good for consumers for obvious reasons and good for us. because we think it levels the playing field in quite a number of senses.

顯然，從我們的角度來看，接受 CFPB 的監管，是 Affirm 和 Bureau 之間關係的正式化。我們認為我們在這方面可能有些獨特，但我們認為這對產業來說是積極的一步，最重要的是，在某種程度上使與監管機構的接觸正常化。出於顯而易見的原因，這對消費者也有好處，對我們也有好處。因為我們認為它在許多方面都創造了公平的競爭環境。

We've been in contact with the Bureau for a long, long time and certainly expect to continue to be engaged with them. Our priorities remain exactly what they have been. We are everything, if not transparent and clear with the end borrower, and that certainly aligns very well with the mission of the Bureau. So I feel generally speaking, feel quite good about the regulatory engagement.

我們與該局保持了很長一段時間的聯繫，當然希望繼續與他們保持接觸。我們的優先事項仍然保持原來的樣子。我們就是一切，即使對最終借款人來說不是透明和清晰的，這當然與主席團的使命非常吻合。所以總的來說，我對監管參與感覺很好。

The next question is from Ramsey El-Assal of Barclays.

下一個問題來自巴克萊銀行的拉姆齊·阿薩爾。

I wanted to ask about the competitive landscape in general. It seems like the stability and the merchant fee rates that you guys lay out in the slide presentation points to a pretty rational environment there. But you mentioned taking some market share. How are your conversations with merchants going -- merchant partners going? And how is the sales pipeline kind of progressing in that context?

我想問一下整體競爭格局。你們在幻燈片簡報中列出的穩定性和商家費率似乎表明那裡的環境相當合理。但你提到要佔據一些市場。您與商家（商家合作夥伴）的對話進度如何？在這種情況下，銷售通路的進展如何？

It's more rational now than it was before. I wouldn't call it fully rational just yet. I think it's harder. With every passing moment so long as we agree that the overall economic reality is not on a positive direction.

現在比以前更理性了。我還不會稱之為完全理性的。我認為這更難。只要我們一致認為總體經濟現實並未朝著正面的方向發展，每時每刻都會如此。

And as I said in the previous question, we have not seen sort of a dramatic turn for the worst, but we are very, very active in managing credit. It is a competitive advantage for us. And I think if I'm completely honest, it's a bit of a soft spot for some of the competition.

正如我在上一個問題中所說，我們還沒有看到最壞情況的戲劇性轉變，但我們在信貸管理方面非常非常積極。這對我們來說是一個競爭優勢。我認為，如果我完全誠實的話，對於某些競爭對手來說，這有點軟弱。

And so what this does to merchants, if our competitors are rational is they have to tighten approval dramatically. They can't separate risk as well as we can. The only way to not have losses, you just decline indiscriminately a lot more.

因此，如果我們的競爭對手是理性的，這對商家的影響就是他們必須大幅收緊審批。他們無法像我們一樣隔離風險。避免損失的唯一方法就是不加選擇地拒絕更多。

Our strength is ability to separate good and bad risk and therefore, we can maintain high approvals, that has served us really, really well over the years. And I have lots of stories to tell from the earliest days of Affirm where some extremely valuable logo merchant would come to us and say, "Well, the competitor of yours just showed up and they offered us half the price. So we're going to cut you and go there " And during those times, I would sort of stress and worry that this means everything is broken about this company.

我們的優勢在於區分好風險和壞風險的能力，因此，我們可以保持高度認可，多年來這對我們來說非常非常好。我有很多故事要講，從 Affirm 成立初期開始，一些非常有價值的標誌商人會來找我們說：「好吧，你們的競爭對手剛剛出現，他們給我們提供了一半的價格。所以我們要去剪掉你然後去那裡」在那些時候，我會有點壓力和擔心，這意味著這家公司的一切都崩潰了。

And we always maintain with much urging and occasional head slapping for Michael. We maintained the discipline of saying, look, this is not a rational deal we will not sign it. And most often, those merchants would come back to us and say, actually, the weirdest thing happened, we are paying a much lower price, but the approval is stuck. And it's not an accident if you are good at managing risk, you know how to price it. And if you know how to price it you can then deliver it at a fair price to both the consumer and the merchant.

我們總是不斷地催促邁克爾，偶爾還會拍拍他的頭。我們堅持這樣的紀律：看，這不是一項理性的協議，我們不會簽署它。最常見的是，那些商人會回來告訴我們，實際上，最奇怪的事情發生了，我們支付的價格要低得多，但審批卻被卡住了。如果您擅長管理風險，並且知道如何定價，那麼這並非偶然。如果您知道如何定價，您就可以以公平的價格將其交付給消費者和商家。

And so as it becomes a little bit harder or for some folks, obviously a lot harder to underwrite, it's a little bit easier to prove to our partners that being rational on the pricing side, it is really important.

因此，當它變得有點困難，或者對於某些人來說，顯然更難承保時，向我們的合作夥伴證明定價方面的理性會更容易一些，這非常重要。

So this [conclusion] will become a little bit easier to sort of break it down even more, and I promise I'll stop in a second, but it's obviously a super important topic that I spent a fair amount of time on.

因此，這個[結論]將變得更容易進一步分解，我保證我會立即停止，但這顯然是一個非常重要的主題，我花了相當多的時間。

The thing that really becomes interesting is you talked to folks that run these merchant companies, and some of them are still very, very focused on bottom line. Others are on top line, and sometimes it's a function of having inventory, sometimes it's a function of trying to beat growth targets for investing purposes. Depending on that, their goals change. And the thing that we're really, really good at is tuning financial offers for consumers to meet merchants financial targets.

真正有趣的是，你與經營這些商業公司的人進行了交談，其中一些仍然非常非常關注利潤。其他人則處於頂線，有時是因為擁有庫存，有時是為了投資目的而試圖超越成長目標。根據情況，他們的目標會改變。我們真正非常擅長的是調整消費者的財務優惠，以滿足商家的財務目標。

If they are -- if the merchant is very focused on driving inventory out of the warehouse or off their virtual shelves, we're very good at creating consumer offers at no APR, fixed low APR that we can dynamically price for the merchant and the consumer and make those transactions happen.

如果是的話——如果商家非常專注於將庫存從倉庫或虛擬貨架上趕走，我們非常擅長以無年利率、固定的低年利率為消費者提供優惠，我們可以為商家和客戶動態定價。消費者並使這些交易發生。

If the merchant is very focused on their bottom line, we're very comfortable working with them to reduce or to drive their MDRs down to ensure that their costs are under a huge degree of control and passing the cost onto the consumer.

如果商家非常關注他們的利潤，我們非常願意與他們合作，減少或降低他們的 MDR，以確保他們的成本得到很大程度的控制，並將成本轉嫁給消費者。

Because we are so transparent with pricing to both sides, it's never a mystery and never sort of a black box negotiation where everybody feels like they've been somehow hurt by this whole process. We're very, very clear with our merchants here's exactly what you can get the current environment with the current approvals. And over the years that's built a reputation for us that just work time and time again. And so the conversations have always been rational with the merchants that we have and that's why you see our MDRs quite stable and our merchant base quite well retained.

因為我們對雙方的定價都非常透明，所以這從來都不是一個謎，也不是一種黑箱談判，每個人都覺得他們在整個過程中受到了某種傷害。我們對我們的商家非常非常清楚，這正是您在當前環境下透過目前批准可以獲得的內容。多年來，這為我們贏得了一次又一次的良好聲譽。因此，我們與商家的對話始終是理性的，這就是為什麼我們的 MDR 相當穩定，我們的商家基礎也得到了很好的保留。

A couple of things just to add. The market will continue to be competitive. This is a growing category for a reason consumers are seeking out alternatives and -- and so we expect the market to continue to be competitive. We expect to continue to be rational in the space of competitors who want to be less rational, but we expect competition -- and then specifically to answer your question around the pipeline, we don't disclose any pipeline stats, but we feel good about the level of commercial activity right now.

有幾件事需要補充。市場將持續競爭。這是一個不斷增長的類別，因為消費者正在尋找替代品，因此我們預計市場將繼續具有競爭力。我們希望在競爭對手想要不那麼理性的領域繼續保持理性，但我們預計會有競爭——然後專門回答您有關管道的問題，我們不會透露任何管道統計數據，但我們對此感覺良好目前的商業活動水準。

There's lots of great conversations happening, and we remain in conversations today that we probably couldn't have had a few years ago, given some of the irrationality. So we think that's a good thing, but those are conversations in pipeline. So there's certainly nothing concrete there.

有很多很棒的對話正在發生，而且我們今天仍在進行一些幾年前可能不可能的對話，因為存在一些非理性。所以我們認為這是一件好事，但這些對話正在進行中。所以那裡肯定沒有什麼具體的東西。

Fantastic. And then a quick follow-up for me. In the shareholder letter, you mentioned some improvements at checkout with Affirm at a brick-and-mortar big-box partner, and also, I think, expanding the partnership with VeriFone. How should we think about that physical opportunity, the brick-and-mortar opportunity?

極好的。然後是我的快速跟進。在股東信中，您提到了在實體大型合作夥伴處與 Affirm 結帳時的一些改進，而且我認為還擴大了與 VeriFone 的合作夥伴關係。我們該如何看待實體機會、實體機會？

Does that kind of change now with Affirm card in terms of how you're thinking about monetizing sort of the physical transaction -- or are there still -- is there still another leg potentially that you can develop here by perfecting that physical affirmant checkout experience?

現在，就您如何考慮將實體交易貨幣化而言，確認卡片是否會帶來這種變化——或者仍然存在——您是否還可以透過完善實體確認結帳體驗來開發另一條腿？

Like you must have been spying on our conversation with Michael yesterday. He's -- so jokes aside, yes, the short answer is absolutely we've been caged in this e-commerce cage for a very long time and feel very good about our breaking out into the bigger wide open commerce space with large. Affirm works pretty well in store if the merchant is cooperating.

就像你昨天肯定在監視我們和麥可的談話一樣。他是——所以開玩笑吧，是的，簡短的回答是，我們絕對已經被關在這個電子商務的籠子裡很長一段時間了，並且對我們突破到更大、更開放的商業空間感到非常高興。確認如果商家配合的話，店內效果會很好。

So depending on where you go, you'll find us in a kiosk, you will find us on your phone, but speaking to the phone of a store associate, there's a bunch of modalities that we've developed over the years, and they all worked fairly well for existing users. And if the merchant helps, they can even help us with user acquisition.

因此，根據您去的地方，您會在資訊亭中找到我們，您會在手機上找到我們，但透過商店員工的電話交談，我們多年來開發了一系列模式，它們對於現有用戶來說，一切都運作得相當好。而如果商家幫忙的話，他們甚至可以幫助我們取得使用者。

The card just supercharges this thing, it's like a totally different level. Well, again, I'm going to bite my tongue on some of the cool stats that we were going to show off next week, but we'll talk a little bit about the success we're seeing off-line with the card.

這張卡只是給這個東西增壓，就像一個完全不同的水平。好吧，我再次對我們下週要展示的一些很酷的統計數據保持沉默，但我們會談談我們在離線狀態下看到的卡片的成功。

But even beyond that, we do think that there's work to be done, ideas to be tried offline even before the consumer gets the card. And that's a pretty exciting thing.

但除此之外，我們確實認為還有很多工作要做，甚至在消費者拿到卡片之前就需要離線嘗試一些想法。這是一件非常令人興奮的事情。

At this point, as Michael put it yesterday, WiFi or cell coverage in a store next to a store to solve a problem. And we do have a 8-ish-percent app download for existing users and a very, very high propensity to download our app just because the brand and the app reviews have been so strong.

此時，正如邁克爾昨天所說，商店旁邊商店的WiFi或手機覆蓋就解決了一個問題。我們的現有用戶確實有 8% 左右的應用程式下載量，並且下載我們應用程式的傾向非常非常高，因為我們的品牌和應用程式評論非常強烈。

So clearly good about what we'll do off-line. It is brick-and-mortar, which means that it moves a little bit slower, but the prize is worth the effort.

非常清楚我們將在線下做什麼。它是實體的，這意味著它的移動速度有點慢，但獎勵是值得付出努力的。

The next question is from James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福賽特。

A couple of follow-up questions on things you've already talked about Max and Michael. First, in terms of like the engagement with the merchants and that kind of thing. I'm wondering how active your conversations are beyond just kind of making available to them what their -- what they could do from a promotional perspective on interest rates, et cetera.

關於你已經談論過的麥克斯和邁克爾的事情有幾個後續問題。首先，在與商人的接觸等方面。我想知道你們的對話有多活躍，不僅僅是向他們提供他們可以從利率等促銷角度做什麼。

And the reason I ask is because in the period of rising interest rates and kind of normalizing retail activity. I would have thought we would have seen a bit more 0% promotional activity on the part of merchant partners to date. And -- and maybe I'm just missing it, et cetera, or its impact on your financials so far, but just wondering what that process looks like.

我問的原因是因為在利率上升和零售活動正常化的時期。我以為迄今為止我們會看到商業夥伴進行更多的 0% 促銷活動。而且 - 也許我只是想念它，等等，或者它到目前為止對你的財務的影響，但只是想知道這個過程是什麼樣的。

That's certainly a major part of the conversation. I think I sort of started answering this, and Michael has a lot of opinion on this one, so I'll call him in a second.

這當然是談話的主要部分。我想我已經開始回答這個問題了，邁克爾對此有很多意見，所以我稍後會打電話給他。

But the shorthand is it really depends on the merchant margin structure. If you're overall world view is [indiscernible] points of margin, lots of turns of inventory. You just don't have the margin capacity to drive these 0% deals unless the manufacturer is willing to contribute and we've sort of dropped the breadcrumbs of that idea for quite some time.

但簡而言之，這實際上取決於商家的利潤結構。如果你的整體世界觀是[音訊不清楚]的利潤點，大量的庫存週轉。你只是沒有足夠的利潤來推動這些 0% 的交易，除非製造商願意做出貢獻，而且我們已經放棄了這個想法相當長一段時間了。

And obviously, it's a massive sales and engineering effort where you're trying to tie more than just the consumer and the seller but also consumer and seller and a manufacturer or brand or some other third party that wants to subsidize the interest.

顯然，這是一項巨大的銷售和工程工作，你不僅要試圖將消費者和賣家聯繫起來，還要將消費者和賣家以及製造商、品牌或其他想要補貼利益的第三方聯繫起來。

So that's a fun design and engineering challenge, but we've been making very, very steady progress. There's a sort of a point in my letter about what we internally call mix card, which I think I referenced is the ability to combine multiple financing programs. if you have a manufacturer or a brand that's sponsoring a 0% deal, let's say, it's a TV manufacturer and you're buying that TV and a bag of cookies. and the cookies are not 0% sponsored, you have to be able to provide correct accounting for both sides of the transaction, but consumers think of it as a single basket.

所以這是一個有趣的設計和工程挑戰，但我們一直在取得非常非常穩定的進展。我的信中有一個觀點是關於我們內部所說的混合卡，我想我提到的是結合多個融資計劃的能力。如果您有一家製造商或品牌贊助 0％ 的交易，假設這是電視製造商，而您要購買那台電視和一袋餅乾。而且cookies不是0%贊助的，你必須能夠為交易雙方提供正確的會計，但消費者認為它是一個單一的籃子。

And so before we got the full distribution of the brand sponsored promotions that we call them, we have to deploy a robust implementation of mixed card accounting and sort of downstream transactional and capital markets work. So that took us fair amount of time and effort just to side of sort of how complex some of the stuff can be.

因此，在我們全面分發我們所說的品牌贊助促銷活動之前，我們必須部署強有力的混合卡會計實施以及下游交易和資本市場工作。因此，我們花費了大量的時間和精力來了解某些內容的複雜程度。

Now that we have that live, we have a variety of really rich conversations around hey let's have a 0% promotion, and no you don't have to directly fund the EPR discount Mr. Merchant. So that's one side of it. if your margin structure is -- I got 60% gross margin and maybe a subscription to support future revenue streams, of course, you want to do 0% deals and that becomes a much, much easier conversation.

現在我們已經直播了，我們圍繞著嘿讓我們進行 0% 促銷進行了各種非常豐富的對話，不，您不必直接為 EPR 折扣提供資金，商人先生。這是一方面。如果你的利潤結構是——我有 60% 的毛利率，也許還需要訂閱來支持未來的收入來源，當然，你想做 0% 的交易，這會變得非常非常容易。

So we have merchants of both kinds and everything in between. We work pretty closely with them. As the holidays roll along, people start becoming very concerned with driving inventory off the shelves, sometimes into the holiday, sometimes right after depending on sort of what they think will happen to them or what does happen to them around 5 days of sales around Thanksgiving. And so we'll certainly support all those.

所以我們有兩種類型的商人以及介於兩者之間的一切。我們與他們合作非常密切。隨著假期的臨近，人們開始變得非常關心如何將庫存從貨架上清空，有時是在假期前，有時是在假期後，這取決於他們認為會發生什麼，或者感恩節前後5 天的銷售情況會發生什麼事。所以我們一定會支持所有這些。

But big part of who we are is we're incremantally an engineering company. And so building these tools is what we enjoy the most. As we ship new tools, we immediately bring them to market to our merchant partners and offering them ways of driving more sales. And so we have quite a lot of fun stuff that we shipped in the last 60, 90 days, and all of that will get deployed into the holidays.

但我們的本質是不斷發展成為一家工程公司。因此，建立這些工具是我們最喜歡的事情。當我們推出新工具時，我們會立即將它們推向我們的商業合作夥伴，並為他們提供推動更多銷售的方法。因此，我們在過去 60、90 天內發布了許多有趣的東西，所有這些都將在假期中部署。

The only thing I'd add is we have been intentional around introducing fixed APR offers. This is low APRs, I think 5% and 10% APR offers into the merchant base. And those serve the same promotional role that is 0% served in a 0% rate environment. And I think those have been well received and have consumed a lot.

我唯一要補充的是，我們一直有意推出固定年利率優惠。這是較低的年利率，我認為 5% 和 10% 的年利率會向商家群體提供。這些服務與 0% 利率環境中的 0% 服務具有相同的促銷作用。我認為這些都受到了好評並且消耗了很多。

And then lastly, I just -- there's a merchant mix here that matters a lot in this conversation. The merchant platforms that are scaling the most right now have the most interest-bearing mix. And I think that probably distorts the trend I think you're pulling on which is a little bit below the surface and overwhelmed by just the mix across our merchant base. So as you sell less exercise bikes and you sell more general merchandise, those trends tend to play out that way.

最後，我只是 - 這裡的商人組合在這次對話中非常重要。目前規模最大的商家平台擁有最多的利息組合。我認為這可能扭曲了我認為你正在推動的趨勢，這種趨勢有點低於表面，並且被我們整個商業基礎的混合所淹沒。因此，當你銷售的健身自行車減少而銷售更多的日用百貨時，這些趨勢往往會以這種方式發揮作用。

That's great. That's really helpful. And then separately, on debit Plus and the like, how are you seeing -- clearly, like you're seeing a pickup in GMV and frequency of use, et cetera.

那太棒了。這真的很有幫助。然後分別在 debit Plus 等方面，您如何看待 - 顯然，就像您看到 GMV 和使用頻率等方面的上升一樣。

How is that use tracking versus your expectation of people using it for debit type transactions versus some sort of credit generating transaction?

使用追蹤與您對人們使用它進行借記類型交易和某種信用生成交易的期望有何不同？

That's definitely the start of the show next week. So I'll give you a light preview versus the very wholesome presentation, which you should expect next week. -- generally thinking it's tracking to expectations. What you hear a bunch about next week is it's becoming a very clear journey where we are teaching consumers about a new product. when they just sign up for the card.

這絕對是下週演出的開始。因此，我將給您一個簡短的預覽，而不是非常有益的演示，您應該在下週期待。 ——普遍認為它符合預期。下週你會聽到很多關於它正在成為一個非常明確的旅程，我們正在向消費者介紹新產品。當他們剛剛註冊該卡時。

So these are all repeat consumers. They're not -- we've never spent a penny marketing the card. There's no big billboards over [101] or anything like that. It's just the card that you get if you like Affirm and we offer it to you and we haven't pushed it particularly hard just yet.

所以這些都是回頭客。他們不是——我們從來沒有花一分錢來行銷這張卡。 [101] 上沒有大廣告看板或類似的東西。如果您喜歡“確認”，您將獲得這張卡，我們會向您提供它，而且我們還沒有特別努力地推動它。

When you do get it, the first sort of comprehension hurdle is, hey, this is just like Affirm where I ask for a loan and get approved, and it works, but now it works, I can consummate the transaction with a card.

當你得到它時，第一個理解障礙是，嘿，這就像確認我請求貸款並獲得批准一樣，它有效，但現在它有效，我可以用卡完成交易。

So first intellectual hurdle is it's Affirm on a piece of plastic, that's cool. So you can't expect that to become your daily spending instrument because Affirm today is for everything from dresses to fancy workout equipment, but it's not in your mind just yet for a cup of coffee.

所以第一個智力障礙是在一塊塑膠上確認，這很酷。所以你不能指望它成為你的日常消費工具，因為今天的 Affirm 可以購買從裙子到精美健身器材的所有商品，但你還不會想到它只是為了一杯咖啡。

Over time, you see folks slowly recognize that actually it's pretty cool. It provides some bio-protection unlike your debit card. It has a bunch of really need features like you can say, "Oh, this transaction was actually a little bit more than you wanted to spend. I can go back in time and split it, if that's appropriate. And so as people understand all the functionality of the card, which is not something that they pick up in a day or 2, actually, we have a whole bunch of work that we put in this quarter, if you have used the card before you kind of missed out on a whole bunch of really neat things that we shipped I think first-time user experience sort of the whole pile of features, helping people understand all the various things that they are capable of, we start graduating people to more and more transactions.

隨著時間的推移，你會發現人們慢慢意識到它實際上很酷。與借記卡不同，它提供了一些生物保護。它有很多真正需要的功能，就像你可以說，「哦，這筆交易實際上比你想要花的多一點。如果合適的話，我可以回到過去並分割它。所以當人們理解所有的事情時卡的功能，這不是他們在一兩天內就能掌握的東西，實際上，我們在本季度投入了大量工作，如果您在錯過某個機會之前已經使用過該卡我們提供了一大堆非常巧妙的東西，我認為首次用戶體驗類似於一大堆功能，幫助人們了解他們能夠做的所有事情，我們開始讓人們進行越來越多的交易。

And I'll bite my tongue on some of the really cool reveals. But we have -- so the tip of the spear, the consumers that really get it how it works are tracking better than expectations. I'm very, very excited about that group. And our job is really now taking the customer through hey, this is Affirm Card to this is actually something I could use instead of my debit card, it's good for everything. And that's doing really well.

我會對一些非常酷的揭露保持沉默。但我們已經——所以，真正了解其運作方式的消費者的矛尖，追蹤得比預期更好。我對這個團體感到非常非常興奮。我們現在的工作實際上是讓客戶了解嘿，這是確認卡，這實際上是我可以用來代替借記卡的東西，它對一切都有好處。這確實做得很好。

The card team will tell you that I occasionally message them in the middle of the night and mostly to find out that they're already working on the idea that I just had. And literally, my last message in the slide channel to the car team, okay, okay, I'll get out of your hair. You have thought of everything. So I'm very excited how well we're going. Lots of work to do, though, definitely, very, very far from done..

卡片團隊會告訴你，我偶爾會在半夜給他們發訊息，主要是為了發現他們已經在研究我剛才的想法了。從字面上看，我在幻燈片頻道中給汽車團隊的最後一條訊息是，好吧，好吧，我不會再打擾你們了。你已經想到了一切。所以我很興奮我們進展順利。不過，還有很多工作要做，但距離完成絕對非常非常遠。

The next question is from Andrew Jeffrey of Truist Securities.

下一個問題來自 Truist 證券公司的安德魯傑弗裡 (Andrew Jeffrey)。

I appreciate you guys taking the question a very thorough discussion of the business. So that's helpful. Max, can you talk a little bit about trends in Affirm's tender with your enterprise customers versus across the entire business and whether you're sort of closing that gap we've seen on Big Days like Amazon Prime Day, where apparently BNPL over samples.

我感謝你們對這個問題進行了非常徹底的業務討論。所以這很有幫助。 Max，您可以談談 Affirm 對您的企業客戶的投標與整個業務的趨勢，以及您是否正在縮小我們在亞馬遜 Prime Day 等大日子中看到的差距，顯然 BNPL 超過了樣品。

What I think you've talked about as being your total tender share? And maybe just an update there and how much runway there is in closing that and whether or not, ultimately, you can grow that beyond the total company?

我認為您所說的總投標份額是多少？也許只是一個更新，還有多少跑道可以關閉，以及最終您是否可以將其發展到超越整個公司？

Certainly, I don't think it is appropriate for me to comment on any 1 particular partner, although obviously, we feel we've done really well there. But if you look at share of card, as we call it, in our largest partners, we're far from done. The -- I refer you back to my one of my bragging points, Shopify partnership has been around for 3 years. And I think several folks in the analyst community have written that off as well, it's now stable and will grow some sort of a single-digit slow grower because they're fully integrated now, and yet the volume there keeps accelerating because both companies are excited to build new things and try to deliver more value to both merchants and consumers. And so we certainly have a lot more room to grow in all of our very large partnerships.

當然，我認為我不適合對任何一個特定的合作夥伴發表評論，儘管顯然，我們覺得我們在那裡做得非常好。但如果你看看我們最大的合作夥伴中我們所說的信用卡份額，我們還遠遠沒有完成。我想請您回顧一下我的吹噓點之一，Shopify 合作夥伴關係已經存在 3 年了。我認為分析師界的一些人也已經註銷了這一點，它現在很穩定，並將以某種方式緩慢增長，因為它們現在已經完全整合，但那裡的數量仍在加速，因為兩家公司都在很高興能夠創造新事物並嘗試為商家和消費者提供更多價值。因此，我們在所有大型合作關係中當然還有更大的發展空間。

Frankly, I think we have a lot of room to grow in small ones as well. The larger ones obviously pay off better because when you unlock something to the tune of 1% you're playing with billions instead of millions, so feel very good about there about that.

坦白說，我認為我們在小型方面也有很大的成長空間。越大的遊戲顯然回報越好，因為當你解鎖 1% 的東西時，你玩的是數十億而不是數百萬，所以對此感覺非常好。

The companies are enormous. They have lots of conflicting priorities. And so it will absolutely take longer than our average efforts, especially because -- the reason these company has chosen us because we are technologists and we build software really, really well. That means that majority of the integrations are complex.

這些公司規模龐大。他們有很多相互衝突的優先事項。因此，這絕對會比我們的平均努力花費更長的時間，特別是因為——這些公司選擇我們的原因是因為我們是技術專家，而且我們建立的軟體非常非常好。這意味著大多數整合都很複雜。

If you're a tiny company, and you take our standard API and implement it and will bring you live literally it can be done at this point in a self-service environment for small companies. That's pretty awesome. And I bragged about that in the letter as well. For a much larger partner, this is a real effort, and it takes quarters to get it right and make sure all the plumbing works and scales and handles things like Prime Days, which are enormous spikes of volume.

如果您是一家小公司，並且您採用我們的標準 API 並實施它，並且實際上可以在小型公司的自助服務環境中為您提供即時服務。那真是太棒了。我也在信中吹噓了這一點。對於規模大得多的合作夥伴來說，這是一項真正的努力，需要幾個季度才能做好，並確保所有管道都能正常工作、擴展並處理諸如 Prime Day 之類的流量高峰的事情。

And so once that's there. Deploying optimizations and changes and new initiatives is not a thing you can sort of flip a switch and see what happens. You have to follow the thoroughness and deliberate nature of such efforts.

一旦出現了。部署優化、變更和新舉措並不是您可以按一下開關看看會發生什麼的事情。您必須遵循此類努力的徹底性和深思熟慮的性質。

But when they do work, they are dramatically. And so we certainly have many more leaves to take. Obviously, I'm extremely biased, so sort of discount that appropriately. I do think the product we offer works better than credit cards. And credit cards are the dominant way to pay across all these merchants. We feel like we have a lot more shares to grab.

但當他們真正工作時，他們的表現卻非常驚人。因此，我們當然還有更多的時間要離開。顯然，我非常有偏見，所以適當地打折。我確實認為我們提供的產品比信用卡效果更好。信用卡是所有這些商家的主要支付方式。我們覺得我們還有更多的份額可以搶佔。

Okay. Helpful. And then I just -- and I've asked you this question before, the 91% of transactions from existing customers that KPI or that stat. Does that number over time for you to achieve your goals need to come down a lot just as far as greater acceptance and use across the base? And does Affirm Card help you get there? Or am I just barking up the wrong tree?

好的。有幫助。然後我——我之前問過你這個問題，91% 的交易來自現有客戶，KPI 或該統計數據。隨著時間的推移，為了實現您的目標，這個數字是否需要大幅下降，以提高整個基礎的接受度和使用率？確認卡可以幫助您實現這一目標嗎？還是我只是找錯樹了？

I certainly don't think you're barking up the wrong tree. It something that I look at a lot. The way I think about it is every consumer has a certain amount of spend that they're doing today, some of it from credit, some of it from cash. We are competing for that. We are not trying to create new debt where there wasn't some because we are -- obviously, we don't charge late fees, we don't compound interest, so we don't benefit from delinquencies, we don't benefit from overspending.

我當然不認為你找錯樹了。這是我常看的東西。我的想法是，每個消費者今天都有一定數量的支出，其中一些來自信貸，一些來自現金。我們正在為此競爭。我們不會試圖在沒有債務的地方創造新的債務，因為我們——顯然，我們不收取滯納金，我們不複利，所以我們不會從拖欠中受益，我們不會受益來自超支。

We are very careful not to overextend our consumers. Part of the mission is to create healthier financial realities for our customers not to push them into unsustainable spending. And so we are trying to shift spending onto our instruments.

我們非常小心，不要過度擴張我們的消費者。我們的使命之一是為我們的客戶創造更健康的財務現實，而不是迫使他們進行不可持續的支出。因此，我們正在努力將支出轉移到我們的工具上。

Depending on kind of how far you cast your eye in the future of Affirm, Obviously, first-time transactions, that number you're talking about will come down as we get to more and more customers underwritten by definition, that number will start trending up. So I don't know if I have a -- the right number is 78.37 that's the perfect one. And not at all. I look at it as an indicator of where we are.

取決於您對確認未來的關注程度，顯然，首次交易，您所說的數字將會下降，因為我們有越來越多的客戶根據定義承保，該數字將開始趨勢向上。所以我不知道我是否有一個——正確的數字是 78.37，這是一個完美的數字。完全不是。我將其視為我們所處位置的指標。

The reality of new versus repeating users for us. It's kind of a two-sided coin, if you will. New users are the highest risk loans we will write when you have never transacted with Affirm before, by definition, we don't know you as well as we do someone who has transacted already.

對我們來說，新用戶與重複用戶的現實情況。如果你願意的話，它有點像一枚雙面硬幣。新用戶是當您以前從未與 Affirm 進行過交易時我們會發放的風險最高的貸款，根據定義，我們對您的了解不如對已經進行過交易的人的了解。

And so wherever we take a more careful risk stance. And we have been in a relatively conservative one for quite some time, you can expect us to be deliberately careful with approving new consumers.

因此，無論我們在哪裡採取更謹慎的風險立場。相當長一段時間以來，我們一直處於相對保守的狀態，你可以期望我們在批准新消費者時會刻意謹慎。

On the other hand, we are very excited to take more and more share from our friends in the credit card world. And so we are delighted when the frequency goes up, which is, in fact, reflected in the percentage of transactions from repeat users. So there are multiple vectors on this metric. Not too obsessed with it. I care a lot more about overall GMV growth. credit metrics, obviously, are absolutely paramount. frequency of consumer is something that I look quite a lot about, although it's worth saying that at this point, we see very clear stratification of consumers.

另一方面，我們非常高興能夠從信用卡界的朋友那裡獲得越來越多的分享。因此，當頻率上升時，我們感到很高興，這實際上反映在重複用戶的交易百分比上。所以這個指標有多個向量。並沒有太沉迷於此。我更關心整體 GMV 成長。顯然，信用指標絕對是最重要的。消費者的頻率是我經常關注的問題，儘管值得一提的是，在這一點上，我們看到消費者的分層非常清晰。

People have chosen that Affirm is their primary spending device, and those numbers are very different from the average that we post. And at some point, I'm sure we'll start breaking that out, but not really this second.

人們選擇 Affirm 作為他們的主要支出手段，這些數字與我們發布的平均值有很大不同。在某個時候，我確信我們會開始解決這個問題，但不是現在。

Our last question is from Reggie Smith of JPMorgan.

我們的最後一個問題來自摩根大通的雷吉史密斯。

Congrats on the quarter. I guess the biggest variance this quarter, to my estimates was the interest income mines. And I noticed I've seen over the past few quarters that your mix of interest bearing transactions or volume has been growing.

恭喜本季。據我估計，本季最大的差異是利息收入。我注意到，在過去的幾個季度中，您的帶息交易或交易量組合一直在增長。

My question for you, what's -- how common are prepayments in your business? And I ask that because I'm trying to, I guess, get to the durability of that interest income. I know I think in quarters past, Mike has suggested that it took a while for the rates to kind of bleed in, it looks like we're seeing that now. So I'm just trying to figure out the durability there.

我想問您的問題是，預付款在您的業務中有多常見？我之所以這麼問，是因為我想，我正在努力實現利息收入的持久性。我知道，我認為在過去的幾個季度裡，麥克曾表示，利率需要一段時間才能體現出來，看來我們現在已經看到了這一點。所以我只是想弄清楚那裡的耐用性。

Yes. Prepayments on our business are common. They're understood price into all of our capital deals. And for the record, we think a good thing. Max mentioned it before, we think about consumer exposure as a real limiter and if a consumer prepays that it's an opportunity for us to transact with them again, and that's a good thing for us.

是的。我們的業務預付款很常見。它們是我們所有資本交易的理解價格。鄭重聲明，我們認為這是一件好事。馬克斯之前提到過，我們認為消費者曝光是一個真正的限制因素，如果消費者預付款，這對我們來說是再次與他們進行交易的機會，這對我們來說是一件好事。

It's a really healthy sign. I said differently, that prepayment risk for us is not really a risk versus the credit risk in the business. And so we don't view prepayments as really a problem at all.

這是一個非常健康的跡象。我的說法不同，對我們來說，提前還款風險並不是真正的風險與企業信用風險的比較。因此，我們根本不認為預付款是一個真正的問題。

I think a thing to remember about the product is just how short the duration is. And so prepayment risk in other asset classes is a real important thing, especially in a declining rate environment, given the long-term nature of those loans. But the way they are realized in here is so fast that it's really difficult for us to have a meaningful amount of the economics eroding or the interest income going away.

我認為關於該產品需要記住的一點是持續時間有多短。因此，考慮到這些貸款的長期性質，其他資產類別的提前還款風險確實很重要，尤其是在利率下降的環境下。但它們在這裡實現的方式是如此之快，以至於我們真的很難讓經濟受到大量侵蝕或利息收入消失。

So long as the originations are still there, right? So that's the more important variable in terms of what we can generate. It's not just the back book for us.

只要起源仍然存在，對嗎？因此，就我們可以產生的內容而言，這是更重要的變數。這不僅僅是我們的背書。

So I guess the punchline is that, that yield is pretty durable going forward among as you continue to originate is that the right way to think about it?

所以我想重點是，隨著你繼續創作，這種產量在未來相當持久，這是思考它的正確方式嗎？

Lots of little loans spitting off pretty nice rates, but not we own software firm oh my God, we just lost 29 years of interest, like nothing ever started applicable here.

很多小額貸款都提供相當不錯的利率，但不是我們自己的軟體公司哦天哪，我們只是失去了 29 年的利息，就像從來沒有任何東西開始適用於這裡一樣。

And yes, I think it's worth pointing out that I think what you saw in the past year was this rate shock hitting the business and there being a few quarters of depressed asset yield and you've seen us recover from it.

是的，我認為值得指出的是，我認為您在過去一年中看到的是利率衝擊對業務的打擊，並且資產收益率出現了幾個季度的低迷，您已經看到我們從中恢復過來。

So the business model isn't one that is completely impervious in the short term to these kinds of shocks. But over the medium term, we're able to really get the yield back in the asset get the execution in the capital markets to a level to where we can continue to scale the business like we want.

因此，這種商業模式在短期內並非完全不受此類衝擊的影響。但從中期來看，我們能夠真正收回資產的收益率，使資本市場的執行達到我們可以繼續以我們想要的方式擴展業務的水平。

Perfect. we've got an hour so not going to hold you guys any longer, I guess, [indiscernible] up on the call back.

完美的。我們有一個小時的時間，所以不會再耽誤你們了，我想，[音頻不清晰]在回電時。

We have no further questions in the conference -- in the question queue. And I would like to turn the call back to Zane Keller some closing remarks.

我們在會議中——問題隊列中沒有其他問題了。我想將電話轉回贊恩凱勒一些結束語。

Well, thank you everybody for joining the call today, and we look forward to speaking with you again next week at our Investor Forum. See you there.

好的，感謝大家今天參加電話會議，我們期待下週在投資者論壇上再次與您交談。到時候那裡見。

Thank you very much. Ladies and gentlemen, that then concludes today's event, and you may now disconnect your lines.

非常感謝。女士們、先生們，今天的活動到此結束，現在您可以掛斷電話了。