Affirm Holdings Inc (AFRM) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Affirm Holdings' Third Quarter fiscal 2024 earnings call. (Operator Instructions) As a reminder, this conference 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.

早安，歡迎參加 Affirm Holdings 的 2024 財年第三季財報電話會議。 （操作員說明）謹此提醒，本次會議正在錄音，電話會議的重播將在電話會議結束後的合理時間內在我們的投資者關係網站上提供。

I'd now like to turn the call over to Zane Keller, Director, Investor Relations. Thank you. You may begin.

我現在想將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. 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 指標的調整表，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.

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。

In line with our practice in prior quarters, we will begin with brief opening remarks from Max before proceeding immediately into Q&A.

按照我們前幾季的做法，我們將以 Max 的簡短開場白開始，然後立即進行問答。

On that note, I will turn the call over to Max to begin.

就此而言，我將把電話轉給馬克斯開始。

Thank you, Zane. Thank you for joining us today. (inaudible) our mission. As you can do, we're trying something new, a premarket open earnings call, live from New York and our awesome remote work be damned, very well-attended office in Manhattan. We're excited to see some of you in person later this week. But for now, as you can tell, we had another excellent quarter. I think it's all in our note.

謝謝你，贊恩。感謝您今天加入我們。 （聽不清楚）我們的使命。正如你所能做的那樣，我們正在嘗試一些新的東西，一個在紐約現場直播的上市前公開財報電話會議，以及我們位於曼哈頓的令人驚嘆的遠端工作，該辦公室人滿為患。我們很高興本週晚些時候能見到你們中的一些人。但就目前而言，正如您所知，我們又度過了一個出色的季度。我想這一切都在我們的筆記裡。

So let's jump straight into Q&A. Back to you, Zane.

那麼讓我們直接進入問答環節。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。

Our first question comes from the line of Rob Wildhack with Autonomous Research.

我們的第一個問題來自 Rob Wildhack 與 Autonomous Research 的對話。

Maybe one on the quarter and then one bigger picture question, too. But near term, the slides called out that the majority of the benefit from pricing initiatives will be realized by the end of this fiscal year. That all makes sense. But wondering if you could quantify how much the pricing initiatives have been helping volume growth in recent periods.

也許是一個關於本季的問題，然後是一個更大的問題。但從近期來看，投影片指出，定價措施的大部分收益將在本財年末實現。這一切都是有道理的。但想知道您是否可以量化近期定價舉措對銷售成長的幫助程度。

It's hard to quantify, to be completely honest. We don't couple these measures super tightly because it's very dangerous to decide that one thing leads to the other. So we have a wider APR range, obviously, it serves us well in the world of increased rates, but we still underwrite every transaction. We still decide which transaction's going on, et cetera. And so I would struggle to put a distinct number on it, certainly wouldn't want to make any prognostications about the future impact. Obviously, we are very keen on growing. We're still growing really well. We benefit from the pricing quite nicely. But ultimately, we are in the risk measurement and management business here. And so we will, first and foremost, do no harm to that as we grow.

老實說，這很難量化。我們不會將這些措施緊密結合起來，因為決定一件事導致另一件事是非常危險的。因此，我們有更廣泛的年利率範圍，顯然，它在利率提高的世界中對我們很有幫助，但我們仍然承保每筆交易。我們仍然決定進行哪項交易等等。因此，我很難給出一個明確的數字，當然也不想對未來的影響做出任何預測。顯然，我們非常渴望成長。我們仍然成長得很好。我們從定價中受益匪淺。但歸根究底，我們從事的是風險衡量和管理業務。因此，首先也是最重要的是，隨著我們的成長，我們不會對其造成損害。

Maybe the only thing I'd add, if you look at the letter, we bridged for you the year-over-year change in our revenue less transaction cost measure. And you can see that the revenue growth roughly offset the increase in funding costs, other transaction costs and the incremental provision cost. And the real governor here for us is making sure that we post positive unit economics. And so the way to think about it is the revenue was what we needed to offset the change in rates in the business. And we feel like we've done that allows us to be back to more business as usual.

也許我唯一要補充的是，如果您查看這封信，我們會為您彌補收入減去交易成本衡量標準的同比變化。你可以看到收入的成長大致抵消了融資成本、其他交易成本和增量撥備成本的增加。對我們來說，真正的管理者是確保我們發布正面的單位經濟效益。因此，思考這個問題的方法是，我們需要收入來抵銷業務費率的變化。我們覺得我們已經做到了這一點，讓我們能夠恢復正常的業務。

Okay. And then bigger picture, Max, you've talked a lot about unbundling the credit card, but elsewhere in the industry, you've got Capital One tying up with Discover and kind of a rebundling of the credit card. So I'd love to get your thoughts on how you think that could impact the industry more broadly? And then also, if you see this kind of rebundling as a new or unique competitor to Affirm in any way?

好的。然後從更大的角度來看，Max，您已經談論了很多關於分拆信用卡的問題，但在行業的其他地方，您已經讓第一資本與 Discover 合作，並重新捆綁了信用卡。所以我很想聽聽您的想法，您認為這會如何更廣泛地影響整個產業？另外，您是否將這種重新捆綁視為 Affirm 的新的或獨特的競爭對手？

First of all, I think that is singularly the most impactful and interesting thing that's happened in financial services, probably in the last 10 years. So like huge kudos to Capital One foreseeing the opportunity and executing on it like nothing, but extreme respect for the leadership team there for being -- having the hotspot to go do this.

首先，我認為這可能是過去 10 年來金融服務領域發生的最具影響力和最有趣的事情。因此，對第一資本預見到機會並執行它的巨大讚譽，但對領導團隊的極大尊重——擁有這樣做的熱點。

I think creating another network given Discover's reach is especially powerful and so lots of good things to sort of -- from their point of view, I think, to do that.

我認為鑑於 Discover 的影響力，創建另一個網絡尤其強大，因此從他們的角度來看，我認為要做到這一點有很多好處。

I think -- any incremental network building, whether it's open or not entirely open is a good thing for us because it just creates more plurality in the market and validates the idea, frankly, with even our investors that there's still a chance to build another giant network. That's certainly the business we're trying to have here. I'm not sure the products that are intended to run on top of this newly, whatever the name is going to be Discover, Capital One network, is meant to be any different from what happens currently on Visa and Mastercard.

我認為——任何增量網絡建設，無論是開放的還是不完全開放的，對我們來說都是一件好事，因為它只會在市場上創造更多的多元化，並驗證這個想法，坦率地說，即使是我們的投資者，仍然有機會建立另一個網路巨型網路。這當然是我們想要在這裡開展的業務。我不確定打算在此基礎上運行的新產品（無論名稱為 Discover、Capital One 網路）是否與 Visa 和 Mastercard 目前的情況有什麼不同。

As you know, ours is fundamentally different. We look at SKU level data and integrate directly with merchants at a much richer degree of bandwidth to make sure that we can underwrite transactions and equally importantly, offer APR subsidies to consumers to motivate purchasing.

如您所知，我們的情況根本不同。我們查看SKU層級的數據，並以更豐富的頻寬直接與商家集成，以確保我們可以承保交易，同樣重要的是，為消費者提供年利率補貼以激勵購買。

So I think the network itself is a little bit more of the same, but I do think that the actual deal is a profoundly interesting thing, certainly from the Capital One point of view.

所以我認為網路本身有點相同，但我確實認為實際交易是一件非常有趣的事情，當然從第一資本的角度來看。

Our next question comes from the line of Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

So just coming off very strong GMV growth performance here in the quarter, obviously, well ahead of your guide, up 36%. I think the midpoint for the fourth quarter is implying more like 25%. Year-over-year comps a little bit harder, but I think from a seasonal perspective, you might expect typically stronger quarter-over-quarter growth in GMV in Q4 than what's implied in the guide.

因此，本季的 GMV 成長表現非常強勁，顯然遠遠超出了您的指導，成長了 36%。我認為第四季的中點大約是 25%。同比比較有點困難，但我認為從季節性角度來看，您可能會預計第四季度 GMV 的季度環比增長通常會比指南中暗示的更強勁。

So just wondering if there's any particular call-outs or any plans to tighten underwriting or more cautious to you on the consumer? Or just any additional color there would be great.

所以只是想知道是否有任何特別的呼籲或任何計劃收緊承保或更謹慎地對待消費者？或者只是任何額外的顏色都會很棒。

I'm sure Michael will have some words in a second, but let me tell you how I feel. We don't run the business on a quarter-by-quarter basis. It is just a fundamentally wrong way to look at a payments company that wants to be around 100 years from now. Like what do you get to next quarter, we're trying to grow. We're trying to make sure that we grow really well. Yes, carefully, we take risk. But most importantly, the fact that we have a forecast to share with you or a guide to share with you for next quarter has fairly little impact on our planned growth initiatives on some randomly chosen time boundary that is not measured in quarters.

我確信麥可很快就會說些什麼，但讓我告訴你我的感受。我們不會按季度經營業務。對於一家希望在 100 年後繼續發展的支付公司來說，這是一種根本錯誤的方式。就像下個季度會發生什麼一樣，我們正在努力成長。我們正在努力確保我們成長得很好。是的，小心翼翼，我們承擔風險。但最重要的是，我們有一個與您分享的預測或與您分享下個季度的指南，這一事實對我們在一些隨機選擇的時間範圍內計劃的增長計劃影響相當小，這些時間範圍不是以季度為單位來衡量的。

So I think it's just really important to know that -- I certainly do not think of Q4 numbers through -- from a growth point of view, like you definitely care about other numbers like risk, et cetera, that's really important, but growth is measured in years, and that's certainly how we think about it from the product point of view.

因此，我認為了解這一點非常重要——我當然不認為第四季度的數字——從成長的角度來看，就像你肯定關心風險等其他數字一樣，這確實很重要，但成長是以年為單位來衡量，這當然是我們從產品角度來考慮的方式。

Yes. And then just a couple of things about the quarter. So fiscal Q4 is a seasonally stronger quarter. We see strength in categories like travel ticketing, and you see that reflected in our guide. Our guide at the high end does imply faster year-on-year growth in Q4 of this year than we had in last year. So that's a year-on-year acceleration in growth. And of course, last year in Q4, as you point out, it was a pretty tough comp because it grew quite quickly from Q3.

是的。然後是有關本季的一些事情。因此，第四財季是一個季節性強勁的季度。我們看到了旅行票務等類別的優勢，您會在我們的指南中看到這一點。我們的高端指南確實意味著今年第四季的同比成長比去年更快。所以這是同比增長加速。當然，正如您所指出的，去年第四季度，這是一個非常艱難的競爭，因為它比第三季度增長得相當快。

Some context there, as we called out in our shareholder letter last year. We did have some new deals with travel merchants like Cathay Pacific and Booking.com. And we had some expansion projects with merchants like Royal Caribbean. And yes, we also launched the adoption of 36% APR caps in many merchants. All those things contributed to a really strong Q4 last year, making the comp very hard. If you look at a 2-year growth rate, the higher -- the high end of our guide implies about 58% growth, which is a slight decel from Q3, but really isn't all that material.

正如我們去年在股東信中所指出的那樣，其中有一些背景。我們確實與國泰航空和 Booking.com 等旅遊商家達成了一些新協議。我們與皇家加勒比等商家進行了一些擴張項目。是的，我們也在許多商家實施了 36% 的年利率上限。所有這些因素都促成了去年第四季的強勁表現，使得比賽變得非常困難。如果你看一下 2 年成長率，我們指南的高端意味著大約 58% 的成長率，這比第三季略有下降，但實際上並不是那麼重要。

Okay. No, that's good color. I wanted to also ask just on Affirm Card. I think it said in the shareholder letter that the recent cohorts are actually using the product more than some of the initial cohorts. I think conceptually, we might have thought that the early adopters would kind of be the heaviest users, but just curious to get your take on that, Max. And then just any thoughts you guys might have on how card GMV might trend in Q4.

好的。不，這個顏色很好。我也想在確認卡上詢問。我認為股東信中說，最近的群體實際上比一些最初的群體更多地使用該產品。我認為從概念上講，我們可能認為早期採用者會是最重的用戶，但只是想知道你對此的看法，Max。然後是你們對第四季度卡牌 GMV 趨勢的任何想法。

So, great question. And that is definitely something that I keep a much closer eye on than even quarterly measure. This is a day by day, week by week, my last conversation before I walked into this one was with one of our card leaders right outside this room, just to give you a sense for where I spend my time.

所以，很好的問題。這絕對是我比季度指標更密切關注的事情。這是日復一日、週復一周的日子，在我走進這個房間之前，我的最後一次談話是在這個房間外面與我們的一位卡領導進行的，只是為了讓你了解我在哪裡度過了我的時間。

So you're totally right. It would seem to reason that early adopters would just convert and put their card -- put our card at the top of their wallet and go and you should see some normalization that has not happened. I didn't necessarily predicted that way, but the reason for it is simple. I didn't say one of the analysts now said it, but it's a unique product.

所以你是完全正確的。似乎有理由認為，早期採用者只會轉換並放置他們的卡 - 將我們的卡放在他們的錢包頂部，然後你應該會看到一些尚未發生的標準化。我不一定會這樣預測，但原因很簡單。我沒有說現在有一位分析師這麼說，但它是一款獨特的產品。

Every time you launch a new product, you are teaching the market or teaching the consumer anyway, a bunch of new modalities that they have not experienced yet, which is for some people a tool there, and for some people a vision that they're trying to pursue. And I hope I'm in the latter, but perhaps sometimes in a former category, too.

每當你推出新產品時，你都是在向市場或消費者傳授一系列他們尚未體驗過的新模式，這對某些人來說是一種工具，對某些人來說是一種他們正在經歷的願景。我希望我屬於後者，但有時也許也屬於前者。

As you offer the product to the market, you get consumer feedback. And we have 1 million cards out there now with lots and lots of feedback and some people love it, and some people have issues, which we are very attentive to.

當您向市場提供產品時，您會得到消費者的回饋。我們現在有 100 萬張卡片，有很多回饋，有些人喜歡它，有些人有問題，我們非常關注。

The last quarter, we've launched unaccountable number of tweaks and fixes to the user interface, most importantly, and just made the card more and more comprehensible and easy to use and easier to understand than just eliminating surprise user experiences and an end. And so as we do that, we find another point, another 3 points of usage where people say, "Oh, okay, so now I get what I'm supposed to do in a gas station or now I'm supposed to do this in a restaurant".

上個季度，我們對使用者介面進行了無數的調整和修復，最重要的是，讓卡片變得越來越容易理解、易於使用和理解，而不僅僅是消除令人驚訝的使用者體驗和結束。因此，當我們這樣做時，我們發現了另一個點，另外 3 個使用點，人們會說：「哦，好吧，所以現在我明白了我應該在加油站做什麼，或者現在我應該這樣做在一家餐館」。

And like these are real examples like a restaurant pay later mode is a little bit trickier because you might get a tip. And so the number you see on your bill is not the same number, et cetera, et cetera. And so as we just go and make the card smoother and smoother, we find new usage. That's why we think the usage increased.

就像這些都是真實的例子一樣，餐廳稍後付款模式有點棘手，因為你可能會得到小費。因此，您在帳單上看到的號碼與您看到的號碼不同，等等。因此，當我們不斷讓卡片變得越來越平滑時，我們發現了新的用途。這就是我們認為使用量增加的原因。

One interesting stat, we were roughly 6% pay now. Last quarter, we are closing in on 10% paying out this quarter. Still incidentally, those are not top of wallet numbers, like that's still climbing, but that's a really good clip, and we're going to keep growing until we get more. We think there's a lot more consumer spend to capture from the card and that's certainly what we are aiming for.

一個有趣的統計數據是，我們現在的薪資約為 6%。上個季度，本季我們的支付率接近 10%。順便說一句，這些並不是最重要的數字，就像仍在攀升一樣，但這是一個非常好的剪輯，我們將繼續增長，直到我們獲得更多。我們認為該卡可以吸引更多的消費者支出，這當然是我們的目標。

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

我們的下一個問題來自 Dan Dolev 和 Mizuho 的對話。

I just have one question. With rising interest rates, I'm actually surprised to see how resilient GMV is and margins are going up. Like what is driving this resiliency? I mean it's pretty amazing to see that.

我只有一個問題。隨著利率上升，我真的很驚訝地看到 GMV 的彈性和利潤率的上升。是什麼推動了這種彈性？我的意思是看到這一點真是太神奇了。

Thank you. That's a very nice complement. So we said it before, I sometimes tweet about it, but I'm not sure people read my tweets, maybe a good thing. Higher for longer, is, okay, with us. We are not super rate-sensitive so long as rates move in subtle increments, 25 bps up or down just doesn't change our cost of capital in a dramatic way. And our resilience is not secret, it's just the fact that the business isn't ultimately all that sensitive to minor rate movements.

謝謝。這是一個非常好的補充。所以我們之前說過，我有時會發推文，但我不確定人們會讀我的推文，也許是件好事。更高、更長時間，對我們來說是可以的。只要利率以微妙的增量變動，我們就不會對利率超級敏感，上下 25 個基點就不會顯著改變我們的資本成本。我們的韌性並不是什麼秘密，只是事實上，業務最終對微小的利率變動並不那麼敏感。

I think other lending businesses speaking differently. Ours has this really nice property where we are just not that rate-sensitive. And we are very, very comfortable operating the business at this growth, at the rates that the Fed has set for us, and we'll continue growing with or without rate cuts.

我認為其他貸款企業的說法有所不同。我們擁有非常好的房產，但我們對利率不那麼敏感。我們非常非常放心地按照聯準會為我們設定的成長率經營業務，無論降息與否，我們都將繼續成長。

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布萊恩‧基恩 (Bryan Keane)。

Max, I just want to ask about Affirm Card. I know it was down a little bit sequentially, but it sounds like that was mostly seasonality. And just as we think about the longer picture trajectory of the card and the adoption of the card, how do you think about volume growth on Affirm Card? Just trying to get a sense of what the trajectory will look like given you probably have a pretty good idea of what the pipeline looks like.

麥克斯，我只是想問一下關於確認卡的事。我知道它連續下降了一點，但聽起來這主要是季節性的。就像我們思考卡的長期發展軌跡和卡片的採用一樣，您如何看待 Affirm 卡的銷售成長？鑑於您可能對管道的外觀非常了解，只是想了解軌蹟的外觀。

It is entirely seasonal. That's certainly the correct assumption. I think we talked about it last quarter, so it should not be in any way a surprise. Very happy with the clip. We're still not promoting it nearly as aggressively as we feel we could because, as I just said, we have a bunch more to do just on the user interface and product improvements.

這完全是季節性的。這當然是正確的假設。我想我們上個季度就討論過這個問題，所以這應該不會讓人感到驚訝。對剪輯非常滿意。我們仍然沒有像我們所認為的那樣積極地推廣它，因為正如我剛才所說，我們在使用者介面和產品改進方面還有很多工作要做。

I'm not sure I will offer a specific shape of the curve for the card growth just now given that it's still in this hyper-growth stage, so easier to be wrong than right. But we have a huge number of things to ship there. We're still experimenting very actively with various kinds of rewards. Obviously, we want to be careful with margins, but it's a product that we're very excited about. We feel that it's just has lots and lots of room to grow.

我不確定我是否會提供卡牌增長曲線的具體形狀，因為它仍處於高速增長階段，所以錯誤比正確更容易。但我們有大量的東西要運送到那裡。我們仍在積極嘗試各種獎勵。顯然，我們希望謹慎對待利潤，但這是一個讓我們非常興奮的產品。我們認為它有很多很多的成長空間。

I think one sort of a good measure, like we really started to just offer it widely just -- if you wanted to stretch it 2 years ago, if you wanted to sort of take it a little bit more narrowly a year ago, it's now very squarely trending towards multibillion dollar business. So just from a pure like where have you been, where are you going.

我認為這是一個很好的措施，就像我們真的開始廣泛提供它一樣——如果你想在兩年前擴大它，如果你想在一年前縮小它的範圍，那麼現在就是了非常直接地趨向數十億美元的業務。所以純粹是從你去過哪裡、要去哪裡這樣的角度出發。

I'm not sure if there are any other financial services companies that can figure at that launch a card product for the first time and end up in multibillion dollars within 12 to 18 months. And so we have a lot of features to roll out. I promised myself I'll never pre-announce things on these calls, so I won't, but we've got some really cool stuff coming.

我不確定是否有其他金融服務公司能夠在首次推出信用卡產品後在 12 至 18 個月內獲得數十億美元的收入。因此，我們有很多功能需要推出。我向自己保證，我永遠不會在這些電話會議上預先宣布事情，所以我不會，但我們即將推出一些非常酷的東西。

Yes. And the only thing I'd add, Bryan, is if you look at spend on a trailing 12-month basis to capture cancel out some of that seasonality, we actually saw a spend per user increasing at a pretty healthy clip from Q2 to Q3. So we feel very, very good about the engagement on the product right now.

是的。 Bryan，我唯一要補充的是，如果您查看過去12 個月的支出，以捕捉抵消部分季節性的影響，我們實際上看到從第二季度到第三季度，每個用戶的支出以相當健康的速度成長。所以我們現在對產品的參與度感覺非常非常好。

Got it. Got it. And the adjusted operating margin keeps kind of beating expectations. And I think in the fourth quarter, we're guiding of 15% to 17%. Can you just talk about what you're seeing on the margin? And is that a good jumping off point as we go into next year? Or are there some other puts and takes to think about?

知道了。知道了。調整後的營業利益率略高於預期。我認為第四季我們的目標是 15% 到 17%。您能談談您在邊緣看到的情況嗎？當我們進入明年時，這是一個很好的起點嗎？或者還有其他一些需要考慮的地方嗎？

It's a great question. Yes, I think this year has been a real year where we've been able to drive pretty meaningful operating leverage in the business. That's a function of us really driving strong growth in our unit economics with the revenue less transaction costs growing very quickly and are flat or even reducing fixed operating expenses. And so we would expect some of those trends to play out. However, we do still feel very optimistic about the opportunities ahead of us. So there's lots of exciting things that we're working on that will need resources.

這是一個很好的問題。是的，我認為今年是真正的一年，我們能夠在業務中推動相當有意義的營運槓桿。這是我們真正推動單位經濟強勁成長的功能，營收減去交易成本成長非常快，固定營運費用持平甚至減少。因此，我們預計其中一些趨勢將會出現。然而，我們仍然對眼前的機會感到非常樂觀。因此，我們正在做很多令人興奮的事情，這需要資源。

And so we definitely not want folks to think that we're going to be much above our framework that we gave investors in November. We think we continue to have revenue growth rate numbers that are well above our 20% threshold that we put out there in November. And we expect us to live within the operating -- adjusted operating income framework that we put out in November.

因此，我們絕對不希望人們認為我們將遠遠超出我們 11 月向投資者提供的框架。我們認為我們的收入成長率數字仍然遠高於我們 11 月提出的 20% 的門檻。我們預計我們將生活在我們 11 月推出的調整後的營運收入框架內。

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

我們的下一個問題來自摩根士丹利的 James Faucette。

Thanks for doing it this morning. I appreciate the call out on increasing exposure given the credit performance and the yields that you're generating right now, which seems like it could create some potential for near-term delinquency increases. But I'm wondering, is there a framework of how we should be thinking about GMV versus credit right now? It seems like if we look at the 30-day plus DQs on some of your prior deals that there's still a fair way to go to a high watermark. So just how should we think about that balance of driving volume growth versus where some of these other delinquency measures and credit measures may move?

謝謝你今天早上所做的事。鑑於目前的信用表現和收益率，我很欣賞增加風險敞口的呼聲，這似乎可能會造成近期拖欠率增加的潛力。但我想知道，是否有一個框架來指導我們現在應該如何考慮 GMV 與信用？如果我們看看你們之前的一些交易的 30 天以上的 DQ，似乎仍然有一個公平的方法可以達到高水位。那麼，我們應該如何考慮推動銷售成長與其他一些拖欠措施和信貸措施可能發生的變化之間的平衡呢？

Good question, thank you, James. So what I meant in my note is that we are over earning, as Michael would put it, which means that we have capital to invest in growth. That does not necessarily mean loosening. In fact, summer, in particular, is a seasonally high delinquency rate time. And so there will be undoubtedly seasonal fluctuations in delinquencies, more likely up than down. We're very, very concerned with delinquencies at any given time just because of that's single most important part of the job here.

好問題，謝謝你，詹姆斯。因此，我在筆記中的意思是，正如邁克爾所說，我們的利潤已經超額，這意味著我們有資本投資於成長。這並不一定意味著放鬆。事實上，夏季尤其是拖欠率高的季節。因此，拖欠率無疑會出現季節性波動，上升的可能性大於下降的可能性。我們非常非常擔心任何特定時間的拖欠行為，因為這是這裡工作中最重要的部分。

But having a little extra money on hand to invest doesn't always mean so let's take a little bit more risk. What it does mean, for example, that, but also you could invest that in APR subsidies, which go towards the higher credit quality borrowers and create positive selection bias in the credit portfolio. And so we'll definitely reinvest the extra gains. We will still maintain an extremely vigilant watch over credit. As we've always said and we'll continue to say and behave, we don't use credit as a growth driver or limiter. Credit is a thing we manage entirely discretely. There's not a conversation about, well, if we just tighten a little bit, the growth will slow down, and we don't want that.

但手頭上有一點額外的錢可以投資並不總是意味著所以讓我們承擔更多的風險。例如，它的含義是，您也可以將其投資於年利率補貼，這些補貼將流向信用品質較高的借款人，並在信貸投資組合中產生積極的選擇偏差。因此，我們肯定會將額外收益再投資。我們仍將對信用保持高度警覺。正如我們一直所說，並將繼續這樣說和採取的行動，我們不會將信貸用作成長動力或限制器。信用是我們完全獨立管理的事情。沒有人討論，如果我們稍微收緊一點，成長就會放緩，而我們不希望這樣。

We want growth as much as we can responsibly handle but not before we have credit results that we like, and most importantly, our capital markets partners like. And so we'll look at, we'll manage that entirely separately and we'll find all the intelligent ways that we can possibly grow. And I don't think we're supposed to offer a framework for that, but I just want to double stress, there's no coupling there, and there should not be coupling there.

我們希望在我們能夠負責任地處理的範圍內實現成長，但前提是我們能獲得我們喜歡的信貸結果，最重要的是，我們的資本市場合作夥伴也喜歡這種結果。因此，我們將考慮，我們將完全單獨管理它，我們將找到所有可能成長的智慧方式。我不認為我們應該為此提供一個框架，但我只是想加倍強調，那裡沒有耦合，也不應該有耦合。

Great. That's great answer there, Max. And then I wanted to ask a follow-up on the Affirm Card, and clearly, a lot of work going into the user interface and points where you can reduce friction. In previous comments, you've talked about some of the things that you're doing on the customer service side, and I think have also called out even using AIS systems to help improve those customer support costs.

偉大的。這是很好的答案，馬克斯。然後我想詢問確認卡的後續情況，顯然，在用戶界面和可以減少摩擦的地方做了很多工作。在先前的評論中，您談到了您在客戶服務方面所做的一些事情，我認為您甚至還呼籲使用 AIS 系統來幫助改善這些客戶支援成本。

I just want to hear from you, where we're at on that process and kind of what are the additional things that can be done to bring down cost of support versus reducing upfront usage friction and where you feel like you're at on that process?

我只是想聽聽您的意見，我們在這個過程中處於什麼位置，以及可以採取哪些額外措施來降低支持成本而不是減少前期使用摩擦，以及您覺得自己在這方面的進展如何過程？

Great, complex question to spend the next 30 minutes diving into all that stuff. That's what I like talking about. So on the card, I think I mentioned this before, so it shouldn't come as a surprise, but we have a whole -- we think of these things in work streams. So we have a work stream called SUX, so surprise user experience. And the card is a new product, as I've mentioned just now, and there's plenty of surprises that we do not want our consumers to have with the card on.

這是一個很好、很複雜的問題，需要在接下來的 30 分鐘內深入研究所有這些內容。這就是我喜歡談論的。所以在卡片上，我想我之前提到過這一點，所以這不應該讓人感到驚訝，但我們有一個整體——我們在工作流程中考慮這些事情。所以我們有一個叫做SUX的工作流程，讓使用者體驗驚喜。而且這張卡是一種新產品，正如我剛才提到的，有很多驚喜是我們不希望我們的消費者在這張卡上得到的。

So we've been very, very busy just polishing the rough edges. And that's a long list. And if you use the card, you will see what we've done there. It's -- some of it is very apparent and some of it is a little bit more sophisticated, but just to give you like a glimpse into this. Because the card sometimes runs over Visa rails, sometimes runs over our own, there are situations where you have to match a transaction or somebody, for example, wants a partial refund, et cetera.

所以我們一直非常非常忙，只是拋光粗糙的邊緣。這是一個很長的清單。如果您使用該卡，您將看到我們在那裡所做的事情。其中一些是非常明顯的，而另一些則稍微複雜一些，但只是為了讓您一睹這一點。由於該卡有時會通過 Visa 軌道運行，有時會通過我們自己的軌道運行，因此在某些情況下您必須匹配交易或某人想要部分退款等。

And so just a logic around transaction matching going back sometimes 30 days, et cetera, is fairly complicated. And the more intelligent you are in transaction matching, the better you can serve somebody, somebody who calls your [CAPS] with you and saying, "Hey, this transaction, I have to cancel it, showed up not as described. I have a chargeback, whatever". If you know exactly what it is, the call will go faster and the consumer will be happier. And so that sounds like a small thing, but it's a major cost reducer, for example. And there's like 3 dozen more where they came from.

因此，僅圍繞交易匹配（有時可以追溯到 30 天等）的邏輯就相當複雜。你在交易配對方面越聰明，你就越能為某人提供更好的服務，那些打電話給你的[CAPS] 並說：「嘿，這筆交易，我必須取消它，與描述的不一樣。如果您確切地知道它是什麼，那麼通話會更快，消費者也會更高興。這聽起來像是一件小事，但它卻是一個主要的成本降低因素。他們來自的地方還有大約三打。

On the AI side of things, because I'm always terrified of sounding like too much of a nerd, because I am, we try to make sure our AI strategy is technology that is real versus PR, which is what we're encountering a lot in industry right now or at least pure PR. And so we've been, generally speaking, fairly quieting dismiss about it. But we've been investing really heavily in this idea that most -- certainly, GenZ consumers really love chatting versus calling and they have no problem chatting with an AI, especially if the AI is intelligent.

在人工智慧方面，因為我總是害怕聽起來像個書呆子，因為我就是，我們試圖確保我們的人工智慧策略是真實的技術而不是公關，這就是我們遇到的現在在工業界有很多，或者至少是純粹的公關。因此，一般來說，我們一直相當平靜地對此不屑一顧。但我們一直在這個想法上投入了大量資金，毫無疑問，Z 世代消費者確實更喜歡聊天而不是打電話，而且他們與人工智慧聊天沒有任何問題，特別是如果人工智慧是智慧的。

There's lots and lots of really complex things. One is, obviously, everybody sort of knows hallucination is a thing in AI, and you have to be very careful. But there's a bunch of really smart solutions that people in the industry have come up with, us, including where hallucination is not a problem, and we can very, very quickly satisfy a query certainly around a question of what do you do or what's your policy or what do I do as a consumer, if I have an issue or a problem, et cetera.

有很多很多非常複雜的事情。顯然，每個人都知道人工智慧中存在幻覺，你必須非常小心。但是，我們這個行業的人們已經提出了很多非常聰明的解決方案，包括幻覺不是問題的地方，我們可以非常非常快速地滿足圍繞“你做什麼或你做什麼”的問題的詢問。者我該怎麼做，如果我有問題，等等。

And that's been working really, really well. And the -- it's very early, like we expect to do a lot more there. No one has yet to lose their job to be replaced by robot at a firm. So that's not a short-term cost saving. But in terms of our ability to scale our customer service and base as we employ AI more and more, that's certainly going to be a saving over the next 1, 2, 3 years. We expect for consumers to always be able to reach a human. I think that's really important. But by the time they get to a human, they want to hear someone who's an expert, who has a really deep understanding of what's happening with that particular account, that transaction, whatever dispute or questions they may have.

這確實非常有效。現在還很早，就像我們期望在那裡做更多事情一樣。目前還沒有人因公司失業而被機器人取代。所以這不是短期的成本節省。但隨著我們越來越多地採用人工智慧，就我們擴大客戶服務和基礎的能力而言，這肯定會在未來 1、2、3 年節省開支。我們期望消費者始終能夠聯繫到真人。我認為這非常重要。但當他們聯繫人工時，他們希望聽到專家的聲音，他們對特定帳戶、交易、他們可能遇到的任何爭議或問題有真正深入的了解。

And you can prework a lot of that with AI. And so that's where we're spending a lot of our cycles and like super excited about that. Again, we try to not talk too much about it because it's just the cacophony of everybody being AI-powered is a little too low right now. But it's a really exciting tech, and we're super (inaudible) deployed.

你可以透過人工智慧預先完成很多工作。這就是我們花費大量週期的地方，對此我們感到非常興奮。再次強調，我們盡量不要過度談論它，因為現在每個人都接受人工智慧驅動的聲音有點太低了。但這是一項非常令人興奮的技術，而且我們已經進行了超級（聽不清楚）部署。

Our next question comes from the line of Reginald Smith with JPMorgan.

我們的下一個問題來自雷金納德史密斯與摩根大通的對話。

Congrats on the quarter. I had two questions. The first, and I'm not sure if you guys have disclosed this, but I was curious if there's a way to talk about like where you're seeing your Affirm Card or the type of customers you're resonating with, within your base, so thinking about income or credit band. Is there a way to kind of talk about that? Were you seeing traction in particular in any given segment? And then I have a follow-up question.

恭喜本季。我有兩個問題。第一個，我不確定你們是否已經透露了這一點，但我很好奇是否有一種方法可以談論您在哪裡看到您的確認卡或您在您的基地內與您產生共鳴的客戶類型，所以考慮收入或信用範圍。有沒有辦法談這個？您是否在任何特定細分市場中看到了特別的吸引力？然後我有一個後續問題。

Two questions. Obviously, this is essentially a transaction card or a transactor card for habitual revolver. I think that's probably the best way to describe the near perfect product market fit with the card. We have all the expectations and designs to do -- to address many other bands of credit. But the idea of someone saying, "I don't want to be in debt in a way that I can't predict. I like the ability to finance some things and to not finance others very explicitly", that is the purpose of the card. That's the marketing message. That's the story we tell to our consumers when they say, why do I need a have the card. And so that is the user.

兩個問題。顯然，這本質上是一張交易卡或一張習慣左輪手槍的交易卡。我認為這可能是描述該卡近乎完美的產品市場契合度的最佳方式。我們有所有的期望和設計要做——解決許多其他的信貸問題。但是有人說，“我不想以我無法預測的方式負債。我喜歡為某些事情提供融資而不是非常明確地為其他事情提供融資的能力”，這就是該計劃的目的卡。這就是行銷訊息。當消費者說「為什麼我需要一張卡」時，我們就是這樣告訴他們的。這就是用戶。

The user says, hey, some things need to be paid over time and some things need to be paid for right now. And I don't want to comingle the two. I'm not going to pay interest on a cup of coffee. That is the buyer. And that's what we have today, and you can see it in all the stats.

用戶說，嘿，有些東西需要隨著時間的推移而付費，有些東西需要立即付費。我不想把兩者混為一談。我不會為一杯咖啡支付利息。那就是買家。這就是我們今天所擁有的，你可以在所有統計數據中看到它。

Okay. That's helpful. And then thinking about you guys break out quarterly the number of kind of new transactors, you also give like a mix of volume. I was curious, and my guess is that it probably doesn't track your volume mix. But if you were to think about where your new customers have come in, whether it's paying for core 0 or installment, what's that mix?

好的。這很有幫助。然後考慮一下你們每季公佈的新交易者數量，你們也給了交易量的組合。我很好奇，我的猜測是它可能不會追蹤你的音量組合。但如果你想一下你的新客戶來自哪裡，是支付核心 0 還是分期付款，那是什麼組合？

And then the second piece of that question is, in cases or intents where you're not the only BNPL solution on a website, how does that impact, I guess, new user adoption? Is there any [slippage] your impact from being, I guess, the exclusive of BNPL provider on certain platforms in terms of acquiring new customers, if that makes sense.

然後這個問題的第二個問題是，如果您不是網站上唯一的 BNPL 解決方案，我想這會如何影響新用戶的採用？我想，在獲取新客戶方面，作為某些平台上唯一的 BNPL 供應商，您是否會受到任何影響（如果這有意義的話）。

Yes. It's a good question, a lot of depth to this. I'll start my guess as Michael will have some stats that he is willing to share, may, maybe not. In terms of exclusivity versus not, we don't need exclusivity to win. We are very, very comfortable being right alongside other BNPL providers because we offer products that are quite unique. And so wherever an active checkout shows up, that is, generally speaking, what that particular customer base needs and so our ability to predict what might be best for that user is really good and et cetera, et cetera.

是的。這是個好問題，很有深度。我將開始我的猜測，因為邁克爾將有一些他願意分享的統計數據，可能也可能不願意。就排他性與非排他性而言，我們不需要排他性就能獲勝。我們非常非常樂意與其他 BNPL 供應商合作，因為我們提供非常獨特的產品。因此，無論何時出現主動結帳，也就是說，一般來說，特定客戶群需要什麼，因此我們預測最適合該用戶的能力非常好，等等。

We also have underwritten 50 million people in the United States alone. So the brand speaks for itself. We are unique or mostly unique at this point, which is actually to the good that we don't charge late fees, we don't compound interest. We don't have deferred interest, et cetera.

僅在美國，我們就為 5000 萬人提供了承保。所以品牌本身就說明了一切。在這一點上，我們是獨一無二的，或者基本上是獨一無二的，這實際上是有好處的，因為我們不收取滯納金，我們不收取複利。我們沒有遞延利息等。

And so our customer knows who we are, they seek us out. And even the ones that don't haven't an Affirm account yet, there's now a meaning to what Affirm stands for. And I think that takes a long time to persuade the market that we really are not lying or not kidding when we're saying there are no hidden fees, but it seems to be working at this point.

所以我們的客戶知道我們是誰，他們會來找我們。即使是還沒有 Affirm 帳號的人，現在 Affirm 的意思也有了意義。我認為需要很長時間才能說服市場，當我們說沒有隱藏費用時，我們真的沒有說謊或開玩笑，但目前看來它正在發揮作用。

And so in terms of exclusivity, not a hugely important thing. I'm confident that people who love their brand X competing product probably go through that door. So I'm sure we are not alone in the feeling of our users love us, but our users do seem to love us.

因此，就排他性而言，並不是一件非常重要的事。我相信熱愛自己品牌 X 競爭產品的人可能會穿過那扇門。所以我確信我們並不孤單地感覺到我們的用戶愛我們，但我們的用戶似乎確實愛我們。

And if you read my letter, I have a little bit of a dramatic story from a recent store trip where this woman was just, we couldn't have scripted it better. She was gushing about us and comparing us to the competitors say, "Oh, my god, you're so much better than everybody else and like so you're very familiar with the market and you made a choice." So I think from sort of anecdotally and in the numbers, we don't suffer from being side by side with anybody.

如果你讀過我的信，我在最近的一次商店之旅中有一個戲劇性的故事，這個女人只是，我們無法更好地編寫它。她滔滔不絕地談論我們，並將我們與競爭對手進行比較，她說：“哦，天哪，你比其他人都好得多，所以你對市場非常熟悉，而且你做出了選擇。”所以我認為，從一些軼事和數字來看，我們不會因為與任何人並肩作戰而感到痛苦。

I don't know if Michael has anything to add on the specifics of where we pick up the new users?

我不知道Michael對於我們在哪裡挑選新用戶的具體情況是否有任何補充？

No. I think it definitely tracks where we currently have distribution in the products that we have distributed there. Every time we're shown on a product display page, every time we're seeing a checkout, it's a chance to acquire a user, but also chance to reengage new users.

不。每次我們出現在產品展示頁面上，每次看到結帳時，這都是獲得用戶的機會，也是重新吸引新用戶的機會。

The only thing I would add is that it is the case that when we are launched side-by-side, maybe as a second or third BNPL product on an existing merchant site. We do see higher repeat rates there. And I think that's the power of our network on display. And oftentimes, merchants really quickly understand that adding us is incremental because of that.

我唯一要補充的是，當我們並排推出時，可能會作為現有商家網站上的第二個或第三個 BNPL 產品。我們確實看到那裡的重複率更高。我認為這就是我們網路所展現的力量。通常情況下，商家很快就會明白，增加我們是漸進式的。

Yes. Actually, one other thing that I should have said earlier, one of the niceties of being as large as we are, is our ability to sort of barge into some of the checkouts that used to be exclusive property of another player and say, "Hey, we're not telling you what to do, but we do have 50 million people, we've underwritten that at least a large percentage of really like this, you probably should add us alongside the competitor".

是的。事實上，我應該早些時候說的另一件事，像我們一樣大的好處之一，是我們有能力闖入一些曾經是其他玩家專有財產的結帳並說，“嘿，我們不會告訴你該怎麼做，但我們確實有5000 萬人，我們已經保證至少有很大一部分人真的喜歡這樣，你可能應該將我們與競爭對手一起添加」。

And I said it before and I'll say it again, the first fundraising deck that I've ever put together for this company, featured a mockup obviously, of a convenience store door that showed Visa, Mastercard, Amex, Affirm sort of the ultimate goal of this company is to be a brand that everybody just expects in a grocery store door.

我之前說過，我會再說一遍，我為這家公司製作的第一個籌款平台，顯然有一個便利商店門的模型，上面顯示了維薩卡、萬事達卡、美國運通卡、Affirm 之類的該公司的最終目標是成為每個人在雜貨店門口都期望的品牌。

We're starting to get there. We're not quite there yet, and I don't know if we're going to be there, certainly not next quarter, just if we go back to the we don't run the business by quarter thing. But that is the future we're trying to get to. And we're now in a place where merchants say, "Well, yes, I probably should add you guys because there's a lot of people who want to use Affirm".

我們正開始實現這個目標。我們還沒有完全做到這一點，我不知道我們是否會做到這一點，當然不是下個季度，只是如果我們回到我們不按季度經營業務的情況。但這就是我們正在努力實現的未來。現在，商家會說：「嗯，是的，我可能應該加入你們，因為有很多人想要使用 Affirm」。

No, that makes sense, and I appreciate that. The reason I ask is we, obviously, we've got a lot of questions about Walmart and then introducing their own thing. And I think it's good to hear how you guys compete or just how viable the product is even with a competing [brand and button]. So I appreciate the color there.

不，這是有道理的，我很欣賞這一點。我問的原因是，顯然，我們對沃​​爾瑪有很多疑問，然後介紹了他們自己的東西。我認為很高興聽到你們如何競爭，或者即使有競爭的[品牌和按鈕]，產品的可行性如何。所以我很欣賞那裡的顏色。

Our next question comes from the line of John Hecht with Jefferies.

我們的下一個問題來自約翰·赫克特和傑弗里斯的對話。

Just looking at AOV. Now I know AOV has been really impacted over the last several quarters by kind of a mix shift from some of the larger transaction partners that you've had. But I'm wondering what you're seeing at the point of sale now, and if you're seeing any trends for what users are using to buy now pay later for now relative to water in recent quarters and what that tells you about usage in the future.

只看AOV。現在我知道 AOV 在過去幾季確實受到了一些較大交易合作夥伴的混合轉變的影響。但我想知道您現在在銷售點看到了什麼，以及您是否看到了最近幾季用戶使用「先買後付」相對於水的趨勢，以及這告訴您有關使用情況的信息將來。

I'm going to disappoint you on this one. I don't know if I have any tricky observations to offer. It's important to note that those AOV trends are pretty stable, like the ebb and flow based on where we are and outliers, if you wanted to segment it, which we obviously do, you'd see it correlate to things like who launched what 0% sale and what new something is being sold where. And so it's a bit of a -- it's a ratio to compute, but it's not a metric that is profound to our business. Obviously, generally speaking, I think, AOVs trending down, somewhat down is a good thing that suggests that people are using us for more and more things that look like daily purchases.

在這一點上我會讓你失望的。我不知道我是否有什麼棘手的觀察可以提供。值得注意的是，這些AOV 趨勢非常穩定，就像基於我們所處位置和異常值的潮起潮落，如果你想對它進行細分（我們顯然是這樣做的），你會發現它與諸如誰推出了什麼0 之類的事情相關。所以它有點像——它是計算比率，但它不是對我們業務意義深遠的指標。顯然，一般來說，我認為 AOV 呈下降趨勢，稍微下降是一件好事，這表明人們正在使用我們來購買越來越多看似日常購買的東西。

Obviously, with Affirm Card, we would want the AOV to be approaching your typical debit transaction. That's sort of the most, I think, I have to say.

顯然，對於 Affirm Card，我們希望 AOV 接近您的典型借記交易。我想，我必須說，這是最多的。

Okay. That's helpful. And I guess maybe product mix, is there anything going on there that's evolving over the recent quarters that gives you a sense of changing customer dynamics?

好的。這很有幫助。我想也許是產品組合，最近幾季有什麼正在發生的變化讓你感覺到客戶動態的變化嗎？

No, not really. I think we continue to have a lot of ambition to serve as many transactions as possible. I think clearly, we have a strong position in the higher average order value, more considered purchases, the trend downward that Max is alluding to is a function of a lot of intentional effort. Some of that shows up in products like the card where we want to serve as many transaction types, including pay now. Some of that shows up in the kind of distribution that we're pursuing, which allows us to serve lower average order value, higher frequency transactions.

不，不是真的。我認為我們仍然有雄心壯志，為盡可能多的交易提供服務。我清楚地認為，我們在更高的平均訂單價值、更經過深思熟慮的購買方面佔據著強勢地位，麥克斯所指的下降趨勢是大量有意努力的結果。其中一些出現在像卡片這樣的產品中，我們希望在這些產品中提供盡可能多的交易類型，包括立即付款。其中一些體現在我們追求的分佈類型中，這使我們能夠提供較低的平均訂單價值和較高的交易頻率。

I think the -- not a surprise that as the AOV has moderated a little bit downward, you've seen frequency rising quite steadily. And so we know that the higher more continued purchases are ones where we have a really strong position in and we have some continued opportunity in serving up the smallest transaction size.

我認為，隨著 AOV 略有下降，您會看到頻率相當穩定地上升，這並不奇怪。因此，我們知道，持續購買量越高，我們就擁有真正強大的地位，我們有一些持續的機會來提供最小的交易規模。

Our next question comes from the line of Andrew Bauch with Wells Fargo.

我們的下一個問題來自富國銀行的安德魯·鮑赫 (Andrew Bauch)。

It's Lamar on for Andrew. I have a follow-up on the Affirm Card. And this one is specific to kind of like penetrating off-line commerce and kind of like some of the improvements that you've been making to the card over time.

拉馬爾替補安德魯。我對確認卡有後續行動。這是特定於滲透線下商務的，有點像你隨著時間的推移對卡所做的一些改進。

Is there any update that you can provide on, I guess, specific usage as it relates to certain vertical segments? Maybe some color on where you're seeing sustained strength and then maybe increasing strength over time from a use case perspective as you continue to make these improvements.

我想，您是否可以提供與某些垂直細分市場相關的具體用法的任何更新？也許在您看到持續強度的地方有一些顏色，然後隨著您繼續進行這些改進，從用例的角度來看，強度可能會隨著時間的推移而增加。

Sure. So generally speaking, as I mentioned just now, we're seeing a steady increase in pay now, which is good. That's just that people are comprehending the product better. There are obviously three different modalities to the fully connected card, which is preplanned transaction, swipe to pay now, and swipe and split later. Pay now increasing suggests that more people are connecting their accounts. They are maybe opening up for money accounts, et cetera. So that's all kind of to the good.

當然。所以總的來說，正如我剛才提到的，我們現在看到薪資正在穩步增長，這是好事。這只是人們更好地理解了產品。全連接卡顯然有三種不同的模式，即預先規劃交易、現在刷卡支付、稍後刷卡分割。現在工資的增加表明越來越多的人正在連接他們的帳戶。他們可能會開設貨幣帳戶等等。所以這都是好事。

We think that we're pretty focused on is making sure the card is really, really useful and valuable to you as a consumer in day-to-day transactions, be it groceries and gas and restaurants, et cetera. And so there's a lot of just some of work to do there to make sure that we are very close to fire and forget type transaction device, which is what do you expect to work in a multi-line checkout, et cetera. So that's what we're working on.

我們認為我們非常關注的是確保該卡對於您作為消費者在日常交易中確實非常有用和有價值，無論是雜貨、天然氣和餐廳等。因此，還有很多工作要做，以確保我們非常接近即發即忘型交易設備，這就是您期望在多行結帳等中工作的設備。這就是我們正在努力的方向。

We are seeing -- I think I took that out of the letter, but we were trying to flash a stat on how the restaurant usage is picking up a little bit. And so these are not sort of headline changing results, but we're quite happy with the way things are trending in that domain.

我們看到——我想我從信中刪除了這一點，但我們試圖提供一個統計數據，說明餐廳的使用情況如何有所回升。因此，這些並不是改變標題的結果，但我們對該領域的發展趨勢感到非常滿意。

But again, it's just really important to understand that the card is very, very early. I know we've been talking about it for a long time. It takes a long time to invent a new type of card. It's neither credit nor debit, it takes a long time to spec it, it took us a long time to build, it took us a long time to make sure we're comfortable with the various risk modalities that we're introducing with it. It's now going really well.

但同樣，了解這張卡是非常非常早的非常重要。我知道我們已經討論這個問題很久了。發明一種新型卡片需要很長時間。它既不是信貸也不是藉記，需要很長時間來規範它，我們花了很長時間來構建，我們花了很長時間來確保我們對我們引入的各種風險模式感到滿意。現在一切進展順利。

We're still very early. We have a lot of room to grow and a lot of features to add. And that's probably the most important thing. Like I would just judge the card in terms of what it's doing when it's no longer in the first part of the S curve.

我們還很早。我們有很大的成長空間，還有很多功能需要增加。這可能是最重要的事。就像我會根據這張卡不再處於 S 曲線第一部分時它正在做什麼來判斷它一樣。

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

我們的下一個問題來自巴克萊銀行的拉姆齊·阿薩爾 (Ramsey El-Assal)。

As you look to roll out into more international markets, is your current funding model agnostic when it comes to operating outside the U.S.? Do you have to find geographic-specific partners?

當您希望進軍更多國際市場時，您目前的融資模式在美國境外運作時是否不可知？您是否必須尋找特定地理區域的合作夥伴？

And then I guess on top of that, what about credit performance as you roll out these markets? Is there a period where models will need to season in sort of new geographies? Or is a lot of the intelligence in your U.S. model sort of transferable as you move into different geographies?

然後我想最重要的是，當你推出這些市場時，信用表現如何？是否有一段時間模型需要適應新的地區？或者，當您進入不同的地區時，美國模式中的許多情報是否可以轉移？

We'll take it into reverse order. So yes, right, we absolutely expect to be in a period of learning, one of our earliest venture capitalists called [pay intuition], where you put out some loan volume and you see how it pays back. Obviously, our next announced market is U.K. The credit behaviors and performance there has some similarities to the United States. It's a Western democracy that's built around credit reporting, both positive and negative, the same credit bureaus work there, similar data types, data formats work there, similar regulations apply, what you can cannot use for underwriting. And so our success in Canada, which is really good, suggests that we are able to transport the models across the border. U.K. will be another good test.

我們將按照相反的順序進行處理。所以，是的，對，我們絕對期望處於一個學習時期，我們最早的風險投資家之一稱為[支付直覺]，你放出一些貸款，然後你會看到它如何回報。顯然，我們宣布的下一個市場是英國，那裡的信貸行為和表現與美國有一些相似之處。這是一個圍繞信用報告建立的西方民主國家，無論是正面的還是負面的，同樣的信用局在那裡工作，相似的數據類型，數據格式在那裡工作，相似的法規適用，你不能使用什麼來承保。因此，我們在加拿大的成功非常好，這表明我們能夠跨境運輸模型。英國將是另一個很好的考驗。

We will be careful. We're not going to roll out $1 trillion of volume and hold our breath to see what happens. It will be gradual. But we feel very good about our ability to operate in United Kingdom in terms of credit performance, and we'll still take the time to make sure that it's good. Beyond that, we said nothing as to where we're going to go, but wherever we might show up next, you should expect us to -- part of why we will never presumably guide to some huge volume growth internationally on year 1 is because credit takes time to take ourself out and we will never skip that step.

我們會小心的。我們不會推出 1 兆美元的交易量，然後屏住呼吸看看會發生什麼。這將是漸進的。但就信用表現而言，我們對在英國開展業務的能力感到非常滿意，我們仍會花時間確保其良好。除此之外，我們沒有透露我們要去哪裡，但無論我們接下來可能出現在哪裡，你都應該期待我們——我們永遠不會在第一年在國際上實現巨大的銷量增長的部分原因是因為信用需要時間來擺脫困境，我們永遠不會跳過這一步。

And then as for funding, yes, I think it will require that we localize funding. We want to do that anyway to make sure that we've got some currency matching with the local market, but also just getting through all the different funding sources, credit postures will require some localization.

至於資金，是的，我認為這需要我們將資金在地化。無論如何，我們希望這樣做，以確保我們有一些與當地市場相符的貨幣，但也只是透過所有不同的資金來源，信貸狀況將需要一些本地化。

I think there are global synergies. The institutions we work with have a global footprint, and that really will help us, but it will require some localized funding sources as we get to launching, for example, in the U.K. later this year.

我認為存在全球協同效應。與我們合作的機構遍布全球，這確實會對我們有所幫助，但當我們今年稍後在英國推出時，它需要一些在地化的資金來源。

Great. And a quick follow-up for me. New merchant additions went up nicely this quarter, they've gone up nicely in prior quarters. Can you give us any further commentary about where you're seeing success there? Is it particular verticals, digital versus in-store? What is the driver? Or is it just a general rising tide type of situation with new merchant additions?

偉大的。並對我進行快速跟進。本季新增商戶數量成長良好，與前幾季相比也有良好成長。您能否進一步評論一下您在哪些方面取得了成功？是特定的垂直產業，數位還是實體店？司機是什麼？或者這只是新商家增加的普遍上漲趨勢？

It's more rising tide. We sort of -- I stopped the practice of calling out a bunch of brands because I felt like I was letting people down what I didn't flash some cool name brand in the next shareholder letter. So we always have a couple, but I'm sure you can understand it takes effort and time to convince them to use their name on a shareholder letter. So I stopped.

更是漲潮了。我們有點——我停止了呼喚一堆品牌的做法，因為我覺得我讓人們失望了，因為我沒有在下一封股東信中展示一些很酷的品牌。所以我們總是有幾個，但我相信你可以理解，說服他們在股東信中使用他們的名字需要努力和時間。所以我停了下來。

We are still chasing down great logos and adding them quite a lot. If you do some sleuthing in our app, you will probably find them through search. But frankly, where I'm most excited is everybody has a different acronym for it, but midsized businesses, businesses that have $10 million to $50 million in GMV are awesome because they are very growth-centric businesses.

我們仍在尋找優秀的徽標並大量添加它們。如果您在我們的應用程式中進行一些調查，您可能會透過搜尋找到它們。但坦白說，我最興奮的是每個人都有不同的縮寫，但中型企業，GMV 為 1000 萬至 5000 萬美元的企業非常棒，因為它們是非常以成長為中心的企業。

And when merchants grow, we grow faster. One of the things that we've noticed in independent of economic times in event of interest rates independent of almost any variable when merchants have a posture to grow their GMV and they sign up for Affirm, our growth within that merchant always exceeds theirs. And that's exactly what majority of midsized merchants want to do. They want to become larger sized merchants. And so we are always looking for both direct and channel-based sales to those folks. I spend a lot of my time talking to those CEOs trying to understand what they really need? How are they thinking about their -- what are we competing a little bit for their advertising budgets as well as kind of their growth budget.

當商家成長時，我們成長得更快。我們注意到的一件事是，在獨立於經濟時代的情況下，利率獨立於幾乎任何變量，當商家有意願增加其GMV 並且他們簽署了Affirm 協議時，我們在該商家中的增長總是超過他們的。這正是大多數中型商家想要做的。他們想成為規模更大的商人。因此，我們一直在尋找對這些人的直接銷售和基於通路的銷售。我花了很多時間與那些執行長交談，試圖了解他們真正需要什麼？他們如何看待他們的——我們在為他們的廣告預算以及他們的成長預算而競爭什麼。

And so just figuring out how they think, don't discount, use Affirm offer such as APRs, offer 0% sales, like all of that is really, really important to us. And so that's where I spend a lot of my time. That's where the company is spending a fair amount of the time. That said, there's always some cool logo, we probably flash if they would give us permission for it.

因此，只要弄清楚他們的想法，不要打折，使用年利率等確認優惠，提供 0% 的銷售額，所有這些對我們來說真的非常重要。這就是我花了很多時間的地方。這就是公司花費大量時間的地方。也就是說，總是會有一些很酷的標誌，如果他們允許的話，我們可能會閃光。

I just want to reemphasize something Max said that's really important is in addition to our direct sales, which we continue to invest in acquiring new logos, we are also partnering now more with people who can help distribute our product for us. And that has been a really successful strategy and gain distribution in some of the pockets that are harder to get to with a small sales force that we have.

我只是想再次強調 Max 所說的真正重要的一點是，除了我們的直接銷售（我們繼續投資於獲取新徽標）之外，我們現在還與可以幫助我們分銷我們產品的人們進行更多合作。這是一個非常成功的策略，並在一些我們擁有的小型銷售團隊難以獲得的領域中獲得了分銷。

There are no further questions at this time. I'd like to turn the floor back over to Zane Keller for closing comments.

目前沒有其他問題。我想把發言權交還給贊恩凱勒以供結束評論。

Thank you, everybody, for joining the call today. We look forward to speaking with you again next quarter.

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 teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。