Affirm Holdings Inc (AFRM) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for joining us for this Affirm Fiscal Holdings first quarter 2025.

女士們、先生們，美好的一天，感謝您參加我們的 2025 年第一季財政控股確認會。

(Operator Instructions) It is now my pleasure to turn the floor over to Mr. Zane Keller.

（操作員指示）現在我很高興將發言權交給 Zane Keller 先生。

Please go ahead, sir.

請繼續，先生。

Thank you operator.

謝謝運營商。

Before we begin, I would like to remind everyone listening that today's call may contain forward-looking statements.

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。

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.

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。

Actual results may differ materially from any forward-looking statements that we make today.

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。

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.

這些前瞻性陳述僅代表今天的情況，除非法律要求，否則公司不承擔任何更新這些前瞻性聲明的義務或意圖。

In addition, today's call may include non-GAAP financial measures.

此外，今天的電話會議可能包括非公認會計準則財務指標。

These measures should be considered as a supplement to and not a substitute for GAAP financial measures.

這些措施應被視為對 GAAP 財務措施的補充而不是替代。

For historical non-GAAP financial measures reconciliations to the most directly comparable GAAP measures can be found in our earnings supplement slide deck, which is available on our investor relations website.

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; Michael Linford, Affirm's Chief Operating Officer; and Rob O'Hare, 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； Michael Linford，Affirm 營運長；以及 Affirm 財務長 Rob O'Hare。

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.

謝謝你，贊恩。

It was another killer quarter, as you all can see.

正如你們所看到的，這是另一個殺手季度。

I will stick to the tradition of having fewer comments so long as the results are good.

只要結果好，我就會堅持少評論的傳統。

We're firing all pistons.

我們正在發射所有活塞。

We're getting ready for a really good holiday season.

我們正在為一個非常美好的假期做好準備。

Everything looks very nice, spreading the engines to fly across the Atlantic, et cetera, et cetera.

一切看起來都非常好，展開引擎飛越大西洋，等等。

Back to you, Zane.

回到你身邊，贊恩。

Great.

偉大的。

Thank you, Max.

謝謝你，麥克斯。

With that, we will now take your questions.

現在我們將回答您的問題。

Operator, please open the line for our first question.

接線員，請接通我們的第一個問題。

(Operator Instructions)

（操作員說明）

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Hey, guys.

嘿，夥計們。

Nice set of results here, and thanks for the question.

這裡有一組不錯的結果，感謝您的提問。

Just could you unpack the uplift to revenue as a percentage of GMV for the full year and then RLTC coming up nice from 10 basis points to 20 basis points and what are the drivers of that?

您能否將收入的成長分解為全年 GMV 的百分比，然後 RLTC 從 10 個基點上升到 20 個基點，其驅動因素是什麼？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

The business continues to have really strong unit economics.

該業務仍然擁有非常強勁的單位經濟效益。

We're able to earn more through both the interest income from the pricing initiatives.

我們能夠透過定價措施的利息收入賺取更多收入。

I think that benefit has largely played through.

我認為這種好處已基本發揮出來。

We continue to enjoy benefits in the capital markets, so impacting things like gain on sale.

我們持續享受資本市場的好處，進而影響銷售收益等事情。

And, of course, we have further upside with merchant fees in the form of improvements like with you're seeing with Visa Flexible Credentials.

當然，我們在商家費用方面還有進一步的優勢，以改進的形式，就像您在 Visa 靈活憑證中看到的那樣。

And those flow through all flow through to the bottom.

那些流經的流全部流到底部。

So I think about the revenue improvements flowing through to the margin as well.

因此，我也會考慮收入的提高會影響到利潤率。

Yes, I understand.

是的，我明白。

I thought I would assume that you guys were planning on reinvesting some of the excess RLTC back in for growth.

我想我會假設你們計劃將一些多餘的 RLTC 重新投資以實現成長。

So, maybe if you just kind of expand upon the thought there?

那麼，也許你只是擴展一下那裡的想法？

We still want to do that.

我們仍然想這樣做。

I think we're still in a position where we've got a healthy amount of margin that we can invest in and we will do that and we'll do that in the form of foregone revenue you know 0% or APR incentive offers.

我認為我們仍然擁有可投資的健康利潤，我們將這樣做，並且我們將以放棄收入（你知道 0％）或年利率激勵優惠的形式做到這一點。

We'll also do that in the form of operating expense investments, we want to make down the P&L.

我們也將以營運費用投資的形式做到這一點，我們希望降低損益表。

But overall, there's still a healthy amount of benefit flowing through.

但整體而言，仍有大量的好處在流動。

Great.

偉大的。

Thank you, Michael.

謝謝你，麥可。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Hi, this is actually Nate on for Jason.

嗨，這實際上是內特為傑森做的。

But nice to start results here.

但很高興在這裡開始結果。

I think, Max, you previously talked about RLTC margins above 4% means you're not approving enough people below 3%.

我想，Max，你之前談到 RLTC 利潤率高於 4% 意味著你沒有批准足夠多的低於 3% 的人。

It's not enough.

這還不夠。

I mean it's not great enough leverage.

我的意思是它的槓桿作用不夠大。

Just like looking at 2Q here like the guide implies a margin about 3.8% on RLTC and 2Q is typically a low point in terms of margins.

就像這裡的第二季度一樣，指南暗示 RLTC 的利潤率約為 3.8%，而第二季度通常是利潤率的低點。

So just curious like can I get some more color on like your current underwriting posture and like where you expect RLTC margin specifically to trend?

所以我只是好奇，我可以了解您目前的承保狀況以及您預計 RLTC 利潤率的具體趨勢嗎？

Great question.

很好的問題。

Thank you.

謝謝。

Our posture is largely unchanged.

我們的姿勢基本上沒有改變。

We obviously monitor the results all the time.

顯然我們一直在監控結果。

And on any given week, we are tuning settings this in that way, but there's not been a major movement upwards or downward from the approval standpoint.

在任何一周，我們都會以這種方式調整設置，但從批准的角度來看，沒有出現重大的向上或向下的變化。

You're exactly right.

你說得完全正確。

We were able to enjoy some very healthy consumer growth in the numbers in Q1 because we found ourselves with capital to put forward towards some incremental approvals.

我們能夠在第一季享受一些非常健康的消費者數量成長，因為我們發現自己有資本來進行一些增量批准。

We'll continue tuning that as we go forward.

我們將繼續對其進行調整。

And you're right, Q2 is typically low points.

你是對的，第二季通常是低點。

We feel good about what we're seeing in front of us right now.

我們對現在所看到的感覺很好。

But again we always dance from the point of view of having really strong credit results and everything else kind of falls out of that.

但我們總是從擁有真正強大的信用結果的角度出發，而其他一切都會因此而下降。

We won't compromise on that.

我們不會在這一點上妥協。

Everything else is driven by goals versus numbers.

其他一切都是由目標而不是數字驅動的。

Michael?

麥可？

And look I think we actually are pretty optimistic on the margin in the back half of the year as well.

我認為我們實際上對今年下半年的利潤率也非常樂觀。

I don't want to skip that point.

我不想跳過這一點。

The results in Q2 are going to be strong, the 3.8% as you suggested.

第二季的結果將會很強勁，如您所建議的 3.8%。

We're going to have good unit economics this quarter, we believe.

我們相信，本季我們將擁有良好的單位經濟效益。

But we're also going to have strong performance in the back half of the year as well.

但我們在下半年也將有強勁的表現。

I just want to double click a little bit on the capital side.

我只想在首都一側雙擊一點。

I do think there is really constructive capital markets out there for us right now and that does cause certain quarters, including Q2 to maybe a little bit outperform what we would consider to be more of a run rate quarter for Q2.

我確實認為，現在對我們來說確實存在建設性的資本市場，這確實會導致某些季度（包括第二季）的表現可能會比我們認為的第二季的運行率季度稍好一些。

But again, for the full year, this is where we want the business to be, in the higher end of the 3% to 4% range.

但同樣，對於全年而言，這就是我們希望業務達到的水平，處於 3% 至 4% 範圍的高端。

John Hecht, Jefferies.

約翰‧赫克特，傑弗里斯。

Good afternoon, guys.

下午好，夥計們。

Congratulations on another good quarter.

恭喜又一個美好的季度。

I guess one of the trends we're seeing out there now is a pretty big pickup in secondary market activity.

我想我們現在看到的趨勢之一是二級市場活動的大幅回升。

I think that's tied to kind of interest rate movements and credit trends and so forth.

我認為這與利率變動和信貸趨勢等有關。

How does that impact your thinking about kind of what balance sheet management, retention versus sale and so forth, given those trends?

考慮到這些趨勢，這對您對資產負債表管理、留任與銷售等問題的思考有何影響？

Yes.

是的。

So, the market forward flow whole loan purchasers is really strong right now.

因此，目前市場上的遠期流動整體貸款購買者確實很強勁。

The credit performance that we've delivered over the past year and a half combined with the real understanding of the value of the short duration asset and the disciplined managers that we have at Affirm have put us in a really strong position and where we think at or near the top of the pack of producers of these assets.

我們在過去一年半中所交付的信用表現，加上對短期資產價值的真正理解以及我們在 Affirm 擁有的紀律嚴明的經理，使我們處於非常有利的地位，並且我們認為或接近這些資產生產商的頂端。

Alongside that, the dynamics on the supply side of that capital with trends like the private credit trend have created an environment that's very, very good for us.

除此之外，資本供給方面的動態以及私人信貸趨勢等趨勢為我們創造了一個非常非常好的環境。

And so we will continue to benefit from that.

因此，我們將繼續從中受益。

But like when the whenever we have one funding channel that is in high demand or we can maybe benefit from in the near term, we're still very careful to make sure that we create a stable funding base across all of our channels.

但是，就像每當我們有一個需求量很大的融資管道或我們可以在短期內受益時，我們仍然非常謹慎地確保我們在所有管道上建立一個穩定的融資基礎。

You've seen our ABS execution also be very consistent and that has served us very well.

您已經看到我們的 ABS 執行也非常一致，這對我們很有幫助。

And in fact our ABS execution helps our forward flow execution.

事實上，我們的 ABS 執行有助於我們的正向流程執行。

The two work together.

兩人一起工作。

And the I would not read the very constructive forward flow market as a suggestion that we don't want to continue to grow our ABS business as well, which, of course for our revolving deals are still consolidated onto the balance sheet.

我不會將非常有建設性的遠期流動市場視為我們不想繼續發展我們的 ABS 業務的建議，當然，對於我們的循環交易來說，該業務仍然合併到資產負債表上。

What I do think is true is that the warehouse funding channel for us is a channel that we can continue to maintain but not grow as a percentage of total platform portfolio given the robust forward flow and ABS market reception.

我確實認為，鑑於強勁的遠期資金流和 ABS 市場的接受度，我們的倉庫融資管道是一個我們可以繼續維持的管道，但在總平台投資組合中所佔的百分比不會增長。

Perfect.

完美的。

Thanks.

謝謝。

James Faucette, Morgan Stanley

詹姆斯‧福賽特，摩根士丹利

Great.

偉大的。

Thank you very much.

非常感謝。

I wanted to just quickly touch base on kind of the outlook for 0% promotions as we go into the holiday season.

我想快速談談假期季節到來時 0% 促銷的前景。

Typically, this would be where we'd see some strength.

通常，這將是我們看到一些優勢的地方。

And I'm wondering kind of tying that back to the RLTC commentary, a lot of times because of the MDR differences that can provide some RLTC benefit as well.

我想知道是否可以將其與 RLTC 評論聯繫起來，很多時候是因為 MDR 差異也可以提供一些 RLTC 好處。

So, just help us think through that potential as a driver and promotion for the holiday season?

那麼，請幫助我們思考一下作為假期季節的推動者和促銷活動的潛力？

Thanks.

謝謝。

Sure.

當然。

We're certainly no strangers to leveraging 0s and we are seeing really great excitement from the merchants as we head into the holidays.

我們當然對利用 0 並不陌生，而且當我們進入假期時，我們看到商家非常興奮。

Don't really want to give any numerical guidelines here, but suffice to say, feel very good about it, seeing a lot of demand.

我不想在這裡給出任何數字指導，但足以說，感覺非常好，看到了很多需求。

See, what else can I share?

看看我還能分享什麼？

Certainly, successfully using it as a way of enticing new consumers to give us a try.

當然，成功地利用它作為吸引新消費者嘗試的一種方式。

I think that's an important lever that we have been quite successful in.

我認為這是我們相當成功的一個重要槓桿。

Obviously, there's plenty of surfaces where merchants are excited to advertise that they have a gimmick free, late fee free promotion where you also pay no interest.

顯然，商家在許多方面都興奮地宣傳他們有免費的噱頭、免費的促銷活動，你也不用支付利息。

And so we expect to draft behind our best merchant partners advertising campaigns, which are always beneficial to our cause.

因此，我們希望在我們最好的商業合作夥伴背後起草廣告活動，這總是有利於我們的事業。

So lots of goodness to come.

所以會有很多美好的事情到來。

I think we'll also see I alluded to that in my letter.

我想我們也會看到我在信中提到過這一點。

We are in a process of harmonizing our financial programs, which is the fancy term we use for various promos, both fixed APRs, reduced APRs, and 3% APRs.

我們正在協調我們的財務計劃，這是我們對各種促銷活動使用的奇特術語，包括固定年利率、降低年利率和 3% 年利率。

You will see consistency across multiple channels, card and digital wallets included, which is going to be very exciting because those are higher frequency, at least some of them are card obviously a huge outlier there.

您將看到多個頻道（包括卡片和數位錢包）之間的一致性，這將非常令人興奮，因為這些頻道的頻率更高，至少其中一些是卡，顯然是一個巨大的異常值。

And then with all those things combined, we just expect more of that volume.

然後，將所有這些因素結合起來，我們只期望更多的數量。

And I'll maybe add, I think the strong unit economics in the business right now combined with a pretty favorable outlook that we have on the next quarters to come puts us in a position where we get to be pretty aggressive.

我可能會補充一點，我認為目前業務中強勁的單位經濟效益加上我們對未來幾季的相當有利的前景，使我們處於一個非常積極進取的位置。

I do think we were constrained over the past couple of years where we had a little bit of catch up to do.

我確實認為我們在過去幾年中受到了限制，我們需要做一些追趕。

We're very front-footed right now in our ability to meet those merchants where they are to price very competitively and to be very aggressive.

我們現在非常有能力與那些定價非常有競爭力並且非常激進的商家見面。

And that's a really good position to be in.

這是一個非常好的位置。

We're obviously very mindful about the economics of these promotions and so we're careful about them.

顯然，我們非常關注這些促銷活動的經濟效益，因此我們對此非常謹慎。

But we're in a very different spot than we were a couple of years ago where we actually feel like we can be pretty aggressive here right now.

但我們現在的處境與幾年前截然不同，我們實際上覺得我們現在可以非常積極。

Great.

偉大的。

Thanks.

謝謝。

Vincent Caintic, BTIG

文森凱恩蒂克，BTIG

Hi.

你好。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Wanted to go back to the discussion about margins.

想回到關於利潤的討論。

So it was nice to see the guidance for the adjusted operating income margin now above 20% and then the guidance for the fiscal second quarter of the 21% to 23%.

因此，很高興看到調整後營業利潤率的指導現在超過 20%，然後第二財季的指導為 21% 至 23%。

So I wonder if you could maybe discuss sort of what are you expecting in terms of longer-term operating income margins where you think you can operate?

所以我想知道您是否可以討論一下您對您認為可以經營的長期營業利潤率的期望？

It seems like the 21% to 23% is sort of in that mid-to high 3% RLTC.

看起來 21% 到 23% 屬於中高 3% 的 RLTC。

Where do you think that can get and the run rate going forward?

您認為未來的運行率會達到什麼水準？

Thank you.

謝謝。

So we're not updating our long-term outlook and certainly not going to touch the 3% to 4% framework that we've had out there forever.

因此，我們不會更新我們的長期前景，當然也不會觸及我們一直存在的 3% 到 4% 的框架。

So like just know that those are those are still as they were.

所以就像只知道那些還是原來的樣子。

But it is obvious that we're running above the margin framework that we put out just about a year ago at the investor forum and that's not lost on us.

但很明顯，我們的運行速度高於大約一年前在投資者論壇上提出的保證金框架，我們並沒有忽視這一點。

We think part of that's because the pace at which we were able to drive operating leverage in the business exceeded our own expectations.

我們認為部分原因是我們提高業務營運槓桿的速度超出了我們自己的預期。

And part of that's because we now have our eyes set on achieving the next financial milestone, which is profitability down the P&L.

部分原因是我們現在著眼於實現下一個財務里程碑，即損益表的獲利能力。

And we still feel like we're in a really good position to do that.

我們仍然覺得我們處於非常有利的位置來做到這一點。

And I think once we do, I think we'll be in a position to update where we would expect the business to be longer-term.

我認為一旦我們這樣做了，我認為我們將能夠更新我們對業務的長期預期。

But I would also reiterate a statement that we made last summer and I think we can repeat it on the Q1 call.

但我還要重申我們去年夏天發表的聲明，我認為我們可以在第一季電話會議上重複這項聲明。

We expect to continue to grow margins from here.

我們預計利潤率將持續成長。

We think there's still more operating leverage in this business and believe that we can continue to grow margins from here.

我們認為該業務仍有更多的營運槓桿，並相信我們可以繼續提高利潤率。

Okay.

好的。

Great, very helpful.

太棒了，非常有幫助。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey, guys.

嘿，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Great results as always.

一如既往的好成績。

Max, we noticed that active consumer growth accelerated again.

麥克斯，我們注意到活躍消費者的成長再次加速。

Can you maybe touch a little bit on the factors behind the acceleration?

能否談談加速背後的因素？

Thank you.

謝謝。

Hi, Dan.

嗨，丹。

Thank you for the question.

謝謝你的提問。

Consumers love Affirm, just more coming our way.

消費者喜歡 Affirm，而且還會有更多的產品出現。

The probably the most important lever, jokes aside, is we have the margin.

拋開笑話不談，最重要的槓桿可能是我們有利潤。

Obviously, you saw the outsized print last quarter.

顯然，您在上個季度看到了超大的印刷品。

This quarter is no slouch either.

本季的情況也不樂觀。

We feel great about the bottom line economics and we're able to reinvest them in deeper approvals, more compelling new consumer deals.

我們對經濟效益感到滿意，並且能夠將其重新投資於更深入的批准、更引人注目的新消費者交易。

We're also just getting smarter and smarter about re-engaging consumers that had one transaction a year, two transact, three times a year or you just saw we clipped five transactions a year, which is a new front digit for us on that one.

我們也越來越聰明地重新吸引那些一年進行一次交易、兩次交易、一年三次的消費者，或者你剛剛看到我們每年減少了五次交易，這對我們來說是一個新的前面數字。

So just many different efforts.

所以只有很多不同的努力。

We focused very deliberately on active users this quarter and -- sorry I keep repeating this, but every time Affirm team decides to do something, it is rarely overnight, but it is never not successful.

本季我們非常刻意地關注活躍用戶——抱歉，我一直在重複這一點，但每次 Affirm 團隊決定做某事時，很少會一蹴而就，但絕不會不成功。

We have a very good track record of delivering on a goal we set in front of us.

我們在實現我們設定的目標方面擁有良好的記錄。

We're never the 0 to 60 in half a second, but once we get going, there's no stopping us.

我們永遠不會在半秒內完成從 0 到 60 的任務，但一旦我們開始行動，就沒有什麼可以阻止我們。

And so this quarter's explicit goal was we want more new users, we want more active users, we want higher frequency, and all of that has happened and we're not stopping.

因此，本季的明確目標是我們想要更多的新用戶，我們想要更多的活躍用戶，我們想要更高的頻率，所有這些都已經發生，我們不會停止。

We'll have a lot more of that in store.

我們還會有更多這樣的東西。

Amazing.

驚人的。

Thanks, Max.

謝謝，馬克斯。

Robert Wildhack, Autonomous Research.

羅伯特·懷爾德哈克，自主研究。

Hi, guys.

嗨，大家好。

Maybe just to start, I wanted to get your certainly early thoughts on the UK launch.

也許只是為了開始，我想了解您對英國發布的早期想法。

I mean how have the conversations there gone with merchants?

我的意思是，那裡與商人的對話進展如何？

And I'm curious why you think or what you think is your right to win in that already pretty competitive market.

我很好奇你為什麼認為或你認為你有權利在這個競爭已經相當激烈的市場中獲勝。

Yes.

是的。

So, it was actually, if I do say so myself, a little unbelievable.

所以，如果我自己這麼說的話，其實有點難以置信。

So we've been pre-selling in the UK.

所以我們一直在英國預售。

I think I'm now allowed to say that word.

我想我現在可以說這個字了。

For a long-time, we were on offense with the right word to use.

很長一段時間，我們都對正確的用詞感到不滿。

But we've been in the market initially quietly and then less quietly talking to merchants.

但我們最初悄悄地進入市場，然後就不那麼悄悄地與商家交談。

That includes the folks we know from the US and Canada markets sort of bringing them or bringing Australia along for the right in the UK.

這包括我們從美國和加拿大市場認識的人，他們將他們或澳洲帶入了英國。

And then, of course, we've built a sales team in the UK.

當然，我們也在英國建立了一支銷售團隊。

We have an amazing leader in the UK market named Ruth, who has been with us for over a year now, leading the sales effort.

我們在英國市場有一位出色的領導者，名叫露絲，她已經在我們這裡工作了一年多，領導銷售工作。

And she was just really, really instrumental to the initial reception we're getting, which is very strong.

她對我們最初的反應非常非常有幫助，這種反應非常強烈。

And the merchants that talked to us, both of those groups basically bring out two key reasons why they can't wait for us to get very active in UK market.

與我們交談的商人，這兩個群體基本上都提出了他們迫不及待地希望我們在英國市場變得非常活躍的兩個關鍵原因。

One, the longer-term monthly payment products, so six months on, not the paying for 45 day product, but three months, six months, 12 months on and on and on, it's just not well served.

第一，長期的月付產品，所以六個月後，不是45天付款的產品，而是三個月、六個月、12個月等等，只是服務不好。

It is not really a well addressed need in the UK and people there need their prams and their couches and their TVs just as much as they do in the US.

在英國，這並不是一個真正得到很好解決的需求，那裡的人們需要嬰兒車、沙發和電視，就像他們在美國一樣。

Right now, the only competitor in that space really are banks and no comment on how well liked that is.

目前，該領域唯一的競爭對手實際上是銀行，並且沒有評論它有多受歡迎。

And so we're very excited to deliver.

因此，我們非常高興能夠交付。

Also doesn't hurt to be fee-free and not compounding interest and all that good stuff.

免手續費、不複利和所有這些好東西也沒什麼壞處。

So we expect a lot of demand for our longer term products.

因此，我們預計對我們的長期產品將有大量需求。

In fact, that's what we're really focusing on when we go to the UK.

事實上，這才是我們去英國真正關注的。

The other maybe slightly more subtle version of what's happening in the UK market, we are very clear about our business model.

英國市場發生的情況的另一個可能稍微微妙的版本是，我們非常清楚我們的商業模式。

We're just trying to help folks buy things and not confuse them with other things.

我們只是想幫助人們購買東西，而不是將它們與其他東西混淆。

The market may be well developed, but there's a lot of innovation, the kind that merchants don't necessarily enjoy.

市場可能很發達，但有很多創新，而商家不一定喜歡這種創新。

We're coming in as a pure player that is just going to be helpful for more sales and merchants are unequivocally excited about that.

我們作為一個純粹的參與者進來，這只會有助於更多的銷售，商家對此無疑感到興奮。

So very early, very excited.

所以很早，非常興奮。

I just spent some time with our launch partner, Managing Director at a company called Alternative Airlines.

我剛剛與我們的啟動合作夥伴、一家名為 Alternative Airlines 的公司的董事總經理一起度過了一段時間。

And we're crossing dozens and dozens of transactions and they're quite pleased with what they're seeing.

我們正在處理數十筆交易，他們對所看到的非常滿意。

And it hits exactly that need where it's longer-terms, higher tickets, people need a little bit more time to pay, et cetera.

它恰好滿足了長期、更高票價、人們需要更多時間付款等方面的需求。

So we're quite excited about UK, big anglophile, can't wait to ride my bike in outside London.

所以我們對英國非常興奮，大親英派，迫不及待在倫敦郊外騎自行車。

So I'll be spending a lot more time in London.

所以我會在倫敦度過更多的時間。

Yes.

是的。

Can I go bigger picture, Max.

我可以看更大的圖景嗎，麥克斯。

And relatedly I wanted to ask about the competitive landscape more broadly.

與此相關的是，我想更廣泛地詢問競爭格局。

I appreciate your thoughts on the UK.

我很欣賞你對英國的看法。

At the same time you have players from overseas who are showing up on Apple Pay and maybe drifting into some longer duration products.

同時，來自海外的玩家也出現在 Apple Pay 上，並且可能會轉向一些持續時間較長的產品。

I mean, it seems like the competitive boundaries of the last couple of years might be shrinking.

我的意思是，過去幾年的競爭界線似乎正在縮小。

Would you agree with that characterization?

您同意這種描述嗎？

And then how would you think about sustaining growth and expansion without igniting some kind of competitive race to the bottom?

那麼，您會如何考慮在不引發某種競爭的情況下維持成長和擴張？

I will needlessly remind you that in an extremely competitive US market, we are over one-third of the volume and more than half the revenue.

我無需提醒您，在競爭極其激烈的美國市場，我們佔了三分之一以上的銷售量和一半以上的收入。

There's a reason for that.

這是有原因的。

What we do is really, really hard and it also turns out to be really, really valuable.

我們所做的事情真的非常非常困難，但事實證明它也非常非常有價值。

These longer terms aren't just a what we should give people more time to pay, it would be great to do it without late fees.

這些較長的期限不僅僅是我們應該給人們更多的時間來付款，而且如果沒有滯納金的話那就太好了。

It's a huge competitive moat.

這是一條巨大的競爭護城河。

Underwriting is a very difficult thing to do.

核保是一件非常困難的事。

You have to have massive infrastructure to mine the data that you get.

您必須擁有龐大的基礎設施來挖掘您獲得的數據。

It's not enough to have and store the data.

僅僅擁有和儲存資料是不夠的。

You actually have to know what to do with it.

你實際上必須知道如何處理它。

You have a huge machine learning team.

您擁有龐大的機器學習團隊。

You have to have a compliance team to make sure the machine learning team uses the data in the ways that are permissible versus not and so on and so forth.

您必須擁有一個合規團隊，以確保機器學習團隊以允許與不允許的方式使用數據，等等。

And so our moat has been our willingness to do the hard difficult thing without compromise and we're bringing that to other markets.

因此，我們的護城河是我們願意不妥協地完成困難的事情，我們正在將其帶到其他市場。

The battle has been brought to us in the US, so we've held off the onslaught better than I think anybody expected and continue to do so.

這場戰鬥已經在美國發生，因此我們比任何人預期的都更好地抵禦了攻擊，並將繼續這樣做。

We're bringing the battle to them in Europe and in the UK, not the other way around.

我們正在歐洲和英國向他們發起戰鬥，而不是相反。

I can't wait to ride my bike or at least watch some quality Tour de France racing there.

我迫不及待地想騎自行車，或至少在那裡觀看一些高品質的環法自行車賽。

Sorry the bike memes are a little thing.

抱歉，自行車迷因是小事。

I'll stop.

我會停下來。

(Operator Instructions)

（操作員說明）

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Hey, guys.

嘿，夥計們。

Congrats on the quarter.

恭喜本季。

I had two questions.

我有兩個問題。

One is super quick.

一是超級快。

I wanted to make sure, I guess, you issue a process that talked about increased scrutiny on sponsored banks.

我想，我想確保你們發布了一個關於加強對贊助銀行的審查的流程。

I wanted to make sure that that would not impact the growth of the Affirm card?

我想確保這不會影響確認卡的成長？

That should be a quick answer.

這應該是一個快速的答案。

But then, I think bigger picture, I'm curious if there are any like nuances in terms of underwriting consumers in the UK versus the US and how you guys go about kind of building out your underwriting knowledge there as you kind of enter that new market?

但是，我認為從更大的角度來看，我很好奇英國與美國的承保消費者之間是否存在任何類似的細微差別，以及當您進入新的環境時，您如何在那裡建立您的承保知識市場？

Great.

偉大的。

The short answer to your question is, no, it will not.

對你的問題的簡短回答是，不，不會。

We're very excited about rolling out of the card and are accelerating it of all things.

我們對推出該卡感到非常興奮，並正在加速它的發展。

I think regulatory scrutiny increasing is a thing you experience if you're small and unknown to the regulators.

我認為，如果你規模較小且監管機構不了解，你就會經歷監管審查的加強。

We've been big and getting much bigger quarter after quarter.

我們已經很大了，而且每個季度都在變得更大。

We're very familiar with all of our regulators.

我們對所有監管機構都非常熟悉。

We engage with them regularly.

我們定期與他們接觸。

We have invested in compliance appropriately and the regulatory scrutiny on us is what it is and they will continue doing.

我們在合規方面進行了適當的投資，對我們的監管審查就是這樣，他們將繼續這樣做。

And frankly, we're proud to have the engagement that we have.

坦白說，我們為我們的參與感到自豪。

And so, that part, we're going to be just fine.

所以，這部分，我們會沒事的。

We're not dependent on any one provider incidentally.

我們不順便依賴任何一家提供者。

So, we're quite careful to ensure that no matter what sort of ups and downs regulatory or otherwise appear on the horizon for our providers, we have ways to make sure that we're unaffected.

因此，我們非常謹慎地確保，無論我們的提供者即將面臨什麼樣的監管或其他方面的起伏，我們都有辦法確保我們不受影響。

On the UK underwriting, it's going to be great.

在英國承保方面，情況會很棒。

We have the infrastructure, we have the people, we have the knowledge and we have a decade of building an underwriting engine from nothing to something very, powerful.

我們有基礎設施、有人才、有知識，而且我們有十年的時間來建造一個從無到有、非常強大的承保引擎。

We're coming in very prepared, with a lot of experience.

我們準備充分，經驗豐富。

Our machine learning team, I think the tenure of the folks in it is the longest at Affirm.

我們的機器學習團隊，我認為裡面的人在 Affirm 的任期是最長的。

So the guy who runs our underwriting and machine learning test has been with the company almost as long as I have and he has seen the build out of the baby little Affirm ITACs 1.0 and is now sitting on POS v12 launch, if I remember correctly, and so he's just had an enormous amount of experience and the folks around him are trained by him and it's a brilliant team.

因此，負責我們承保和機器學習測試的人在公司工作的時間幾乎和我一樣長，他已經看到了小 Affirm ITACs 1.0 的構建，現在正在等待 POS v12 的發布，如果我沒記錯的話，所以他擁有豐富的經驗，他周圍的人都受到他的培訓，這是一支出色的團隊。

UK is a little bit different.

英國有點不同。

It's not enormously different.

這並沒有太大的不同。

We spent a lot of time consulting with the local equivalents of the credit reporting agencies.

我們花了很多時間諮詢當地信用報告機構的同等機構。

We know a lot of people who have lent money in the market to get the knowledge primed, but ultimately, we will build the engine the same way we did it in the US by scaling our loan book, looking at the results and fine tuning and gathering proprietary data that we can continue squeezing incremental value into the curve from.

我們知道很多人在市場上借錢來獲得知識，但最終，我們將像在美國那樣透過擴大貸款簿、查看結果和微調來建立引擎。中。

Thank you.

謝謝。

Is there anything you can talk about in terms of the nuance in that market that anecdotally like consumers are different from American consumers in any way payback spending anything you can share?

就該市場的細微差別而言，您有什麼可以談論的嗎？

Empirically not yet.

經驗上還沒有。

It's been like, I don't know, eight days of transactional data live or something along those lines.

我不知道，這就像八天的即時交易數據或類似的東西。

The first payment defaults haven't hit yet.

第一次付款違約尚未發生。

So we'll speak to that probably towards next quarter.

所以我們可能會在下個季度討論這個問題。

But I mean, as always, we measure seven times cut once.

但我的意思是，一如既往，我們一次測量七次切割。

So we'll be deliberate.

所以我們會刻意的。

We'll be very careful.

我們會非常小心。

We very cautiously rolled out our merchant rollout timeline is not or timeline or pipeline is not accidental.

我們非常謹慎地推出我們的商家推出時間表不是偶然的。

We know exactly what we'll do next.

我們清楚知道下一步要做什麼。

So far so good.

到目前為止，一切都很好。

And obviously we have a lot of early signals that we monitor.

顯然，我們監測到了很多早期訊號。

Most importantly, in fraud and abuse, we feel good about that.

最重要的是，在詐欺和濫用行為方面，我們對此感覺良好。

And again it's exactly the sort of thing that prognosticating now is pointless, but in 34 days from the first loan, we'll tell you exactly how the very first cohort is doing and we'll certainly be watching it like hawks and continue tracking all these metrics.

再說一次，這正是現在預測毫無意義的事情，但在第一筆貸款後的34 天內，我們將準確地告訴您第一批貸款的情況，我們肯定會像鷹一樣密切關注並繼續跟踪所有貸款這些指標。

Of course you will.

你當然會的。

Perfect.

完美的。

Thank you.

謝謝。

Jill Shea, UBS.

吉爾謝伊，瑞銀集團。

Thanks for taking the question.

感謝您提出問題。

You've noted in the shareholder letter that as it relates to funding that declining benchmark rates will be a tailwind to RLTC.

您在股東信中指出，由於與融資相關，基準利率下降將成為 RLTC 的順風車。

Can you just touch on your view on the path of funding costs in light of the current interest rate outlook?

根據目前的利率前景，您能否談談您對融資成本路徑的看法？

And maybe help us think about the magnitude and pacing of the benefit as we move through the year?

也許可以幫助我們思考這一年收益的大小和節奏？

Yes.

是的。

So the way to think about rate impacts on our business on the way down was really the same way on the way up.

因此，考慮利率下降對我們業務的影響的方式實際上與上升時的利率影響相同。

And the kind of full benefit or full impact on the P&L is about 40 basis points for every 100 basis points of rate movement.

利率每變動100個基點，對損益表的全部效益或全部影響約為40個基點。

But that takes about a year to a year and a half to play through.

但這需要大約一年到一年半的時間才能完成。

We were really experiencing still the rising rate, the impact of rising rates through the first part of this calendar year, even though rates had stopped moving well before that.

我們確實仍在經歷利率上升，以及今年上半年利率上升的影響，儘管利率在此之前就已經停止變化。

And so we would expect the declining rates to be tailwinds, but to be tailwinds marginally and take all the time to flow through the P&L.

因此，我們預期利率下降將是順風，但只是輕微的順風，並且需要所有時間來反映損益表。

But a good rule of thumb is 40 basis points of benefit in terms of cost for every 100 basis points of rate movement.

但一個好的經驗法則是，利率每變動 100 個基點，成本就會增加 40 個基點。

That being said, we do think because we're able to operate at the higher end of our margin structure right now.

話雖這麼說，我們確實這麼認為，因為我們現在能夠在利潤結構的較高端運作。

We would not anticipate flowing that through to margin.

我們預計不會將其流向利潤。

We would anticipate that to be part of what we're able to reinvest back in really compelling consumer and merchant offers.

我們預計這將成為我們能夠再投資於真正引人注目的消費者和商家優惠的一部分。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And that was our final question from our audience.

這是觀眾提出的最後一個問題。

Gentlemen, I'll turn it back to you for any additional or closing remarks that you have.

先生們，如果您有任何補充或結束語，我會將其轉回給您。

Thank you all for joining today.

感謝大家今天的加入。

We appreciate your time and look forward to speaking with you again next quarter.

感謝您抽出寶貴時間，並期待下個季度再次與您交談。

This does conclude today's teleconference, and we thank you all for your participation.

今天的電話會議到此結束，我們感謝大家的參與。

You may now disconnect your line.

現在您可以斷開線路。