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，大家好，感謝大家參加 Affirm Fiscal Holdings 2025 年第一季會議。

(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.

先生，請繼續。

Thank you operator.

謝謝接線生。

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

在我們開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。

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.

這些前瞻性陳述受多種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所述及的風險和不確定性，這些文件可在我們投資者關係網站上查閱。

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觀點，除法律要求外，本公司不承擔更新這些前瞻性聲明的任何義務或意圖。

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.

這些指標應被視為 GAAP 財務指標的補充，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 財務指標與最直接可比較的 GAAP 指標的對賬，可以在我們的收益補充幻燈片中找到，該幻燈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 的創辦人兼執行長 Max Levchin； Affirm 營運長 Michael Linford；以及 Affirm 的財務長 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

按照我們前幾季的慣例，我們將首先由 Max 發表簡短的開場白，然後立即進入問答環節

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

關於這一點，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.

正如各位所見，這又是一個令人難以忘懷的季度。

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

我會堅持少評論的傳統，只要效果好就好。

We're firing all pistons.

我們正在全力以赴。

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

我們正準備迎接一個真正美好的假期。

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

一切看起來都很棒，展開引擎飛越大西洋等等等等。

Back to you, Zane.

回到你身邊，贊恩。

Great.

偉大的。

Thank you, Max.

謝謝你，馬克斯。

With that, we will now take your questions.

現在我們來回答你們的問題。

Operator, please open the line for our first question.

接線員，請接通電話回答我們的第一個問題。

(Operator Instructions)

（操作員指令）

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Hey, guys.

嘿，大家好。

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

這是很好的結果，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?

您能否將全年收入的成長解釋為 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.

該業務繼續擁有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產生的利息收入賺取更多利潤。

I think that benefit has largely played through.

我認為這項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.

我們繼續在資本市場享受利益，從而影響銷售收益等方面。

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，我們也可以以改進的形式進一步提高商家費用，就像您在 Visa Flexible Credentials 中看到的那樣。

And those flow through all flow through to the bottom.

這些流經的液體都會流到最底層。

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

因此我認為收入的提高也會影響利潤。

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.

我認為你們正計劃將部分過剩的 RLTC 重新投資於成長。

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

那麼，也許您可以進一步擴展這個想法？

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充足的利潤空間可以進行投資，而且我們會以放棄收入（0% 或 APR 激勵優惠）的形式進行投資。

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來實現這一點，我們希望降低損益表。

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

但總體而言，仍有大量的利益流出。

Great.

偉大的。

Thank you, Michael.

謝謝你，麥可。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Hi, this is actually Nate on for Jason.

嗨，我實際上是由 Nate 代替 Jason 主持。

But nice to start results here.

但很高興能在這裡開始取得成果。

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

馬克斯，我認為，你之前談過，RLTC 利潤率高於 4% 意味著你批准的低於 3% 的人不夠多。

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.

就像在這裡看第二季度一樣，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?

所以我很好奇，我能否更了解您目前的承保狀況，以及您預計 RLTC 利潤率的具體趨勢如何？

Great question.

好問題。

Thank you.

謝謝。

Our posture is largely unchanged.

我們的姿態基本上沒有改變。

We obviously monitor the results all the time.

我們顯然一直在監控結果。

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，並沒有出現重大的上升或下降趨勢。

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.

我們能夠享受第一季非常健康的消費者數量成長，因為我們發現自己擁有資本來投入一些增量審批。

We'll continue tuning that as we go forward.

我們將在未來繼續進行調整。

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

你說得對，第二季通常是低點。

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

我們對目前看到的情況感到滿意。

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.

但是，我們總是從擁有真正強勁的信用業績的角度來考慮，而其他一切都與之無關。

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.

其餘一切都是由目標而非數字驅動的。

Michael?

麥可？

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

而且我認為，我們對於今年下半年的利潤率其實也相當樂觀。

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，正如您所說，達到 3.8%。

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

我們相信，本季我們將實現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.

但我們在今年下半年也將有強勁的表現。

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

我只想在資本方面稍微雙擊一下。

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，目前的資本市場對我們來說確實是具有建設性的，這確實會導致某些季度（包括第二季）的表現略優於我們認為的第二季的運行率。

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.

但是，就全年而言，我們希望業務成長率能達到 3% 到 4% 之間的較高水準。

John Hecht, Jefferies.

傑富瑞的約翰‧赫克特 (John Hecht)。

Good afternoon, guys.

大家下午好。

Congratulations on another good quarter.

恭喜您又一個季度取得良好業績。

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增加。

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，這會對您關於資產負債表管理、保留與銷售等方面的思考產生什麼影響？

Yes.

是的。

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

因此，目前市場遠期流動整體貸款購買者非常強勁。

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取得的信貸業績，加上對短期資產價值的真正理解，以及 Affirm 的紀律嚴明的管理人員，使我們處於非常有利的地位，我們認為或者接近這些資產生產商的領先地位。

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，資本供應方面的動態以及私人信貸趨勢等趨勢創造了對我們非常有利的環境。

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，每當我們有一個需求量很大的融資管道或我們可能在短期內受益時，我們仍然會非常小心，確保在所有管道上建立穩定的融資基礎。

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，這對我們非常有幫助。

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

事實上我們的 ABS 執行有助於我們的前向流程執行。

The two work together.

兩人一起合作。

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.

而且，我不會將非常建設性的遠期流動市場解讀為我們不想繼續發展 ABS 業務的暗示，當然，對於我們的循環交易而言，這仍然合併到資產負債表中。

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，對我們來說，倉庫融資管道是一個可以繼續維持的管道，但考慮到強勁的遠期流動和 ABS 市場接受度，其在整個平台投資組合中的百分比不會增長。

Perfect.

完美的。

Thanks.

謝謝。

James Faucette, Morgan Stanley

摩根士丹利 James Faucette

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.

隨著假期臨近，我想快速了解 0% 促銷的前景。

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

通常，這就是我們能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.

我想將其與 RLTC 評論聯繫起來，很多時候是因為 MDR 差異也可以為 RLTC 帶來一些好處。

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

那麼，您能幫助我們思考一下它作為假期季節的推動力和促銷活動的潛力嗎？

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.

我們對利用 0 並不陌生，隨著假期的臨近，我們看到商家們表現出了極大的興奮。

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

我真的不想在這裡給出任何數字指導，但可以說，看到很多需求，感覺非常好。

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，我們成功地利用它來吸引新消費者嘗試我們的產品。

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，商家們會不遺餘力地宣傳他們推出了一項無噱頭、免滯納金的促銷活動，而且你還無需支付利息。

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家合作夥伴背後起草廣告活動，這總是對我們的事業有益的。

So lots of goodness to come.

未來還會有更多好事發生。

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了這一點。

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.

我們正處於協調財務計劃的過程中，這是我們對各種促銷活動使用的術語，包括固定 APR、降低 APR 和 3% APR。

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.

您將看到跨多個管道的一致性，包括卡片和數位錢包，這將非常令人興奮，因為它們的頻率更高，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.

綜合考慮所有這些因素，我們預期銷售量還會繼續成長。

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.

我可能還要補充一點，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相當樂觀的前景，使我們處於非常積極的地位。

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

我確實認為過去幾年我們受到了一些限制，需要做一些迎頭趕上的事情。

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這些商家見面，以非常有競爭力的價格和非常積極的態度進行銷售。

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

這確實是一個非常好的處境。

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

我們顯然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.

但與幾年前相比，我們現在所處的情況已經大不相同，我們實際上覺得現在我們可以非常積極地採取行動。

Great.

偉大的。

Thanks.

謝謝。

Vincent Caintic, BTIG

Vincent Caintic，BTIG

Hi.

你好。

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

Wanted to go back to the discussion about margins.

想重新討論關於利潤的話題。

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收入利潤率預期現已超過 20％，而第二財季預期為 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% 處於 3% RLTC 的中高水準。

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

您認為未來的發展前景和運行速度會如何？

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展望，當然也不會觸及我們一直以來的 3% 到 4% 的框架。

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

所以就像知道那些還跟原來一樣。

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，我們的利潤率已經超出了我們一年前在投資者論壇上提出的框架，我們很清楚這一點。

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推動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，即實現損益表的盈利。

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一個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，我們將能夠更新我們預期的長期業務發展方向。

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所發表的聲明，我認為我們可以在第一季電話會議上重複這一點。

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.

我們認為這項業務仍有更大的經營槓桿，並相信我們可以繼續提高利潤率。

Okay.

好的。

Great, very helpful.

非常好，非常有幫助。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey, guys.

嘿，大家好。

Thanks for taking my question.

感謝您回答我的問題。

Great results as always.

一如既往的優異成績。

Max, we noticed that active consumer growth accelerated again.

馬克斯，我們注意到活躍消費者成長再次加速。

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

能否稍微談談加速背後的因素？

Thank you.

謝謝。

Hi, Dan.

你好，丹。

Thank you for the question.

感謝您的提問。

Consumers love Affirm, just more coming our way.

消費者喜歡 Affirm，我們將繼續提供更多產品。

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

拋開笑話不說，可能最重要的槓桿是我們有利潤空間。

Obviously, you saw the outsized print last quarter.

顯然，您在上個季度看到了超大尺寸的印刷品。

This quarter is no slouch either.

本季的表現同樣不俗。

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

我們對底線經濟感到十分滿意，並且能夠將其重新投資於更深層的審批和更具吸引力的新消費者交易。

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.

我們在重新吸引消費者方面也變得越來越聰明，這些消費者每年只進行一筆交易，每年進行兩筆交易，每年進行三次交易，或者你剛才看到我們每年削減了五筆交易，這對我們來說是一個新的前鋒數字。

So just many different efforts.

因此，我們只能做出許多不同的努力。

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.

本季我們非常關注活躍用戶——抱歉我一直重複這一點，但每次 Affirm 團隊決定做某事時，很少是一夜之間，但從未不成功。

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有著非常好的記錄。

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

我們永遠無法在半秒鐘內從 0 加速到 60，但是一旦我們開始，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希望獲得更多新用戶，我們希望獲得更多活躍用戶，我們希望獲得更高的頻率，所有這些都已經發生了，我們不會停止。

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

我們將會儲備更多這樣的產品。

Amazing.

驚人的。

Thanks, Max.

謝謝，馬克斯。

Robert Wildhack, Autonomous Research.

羅伯特·懷爾德哈克（Robert Wildhack），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?

我的意思是與那裡的商家的對話進行得怎麼樣？

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

我很好奇您為什麼會這麼想，或者您認為在這個已經競爭相當激烈的市場中您有什麼權利獲勝。

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，這其實有點令人難以置信。

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

因此我們已在英國預售。

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.

長期以來，我們一直對使用正確的字詞持攻擊態度。

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

但我們一開始是悄悄進入市場的，後來就開始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.

其中包括我們了解的來自美國和加拿大市場的人們，他們將我們或澳洲帶到了英國。

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

當然，我們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 Ruth，她與我們共事已有一年多，負責領導銷售工作。

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

她對我們最初獲得的強烈反響確實起到了至關重要的作用。

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.

與我們交談的商家基本上都提出了兩個主要原因，說明為什麼他們迫不及待地希望我們積極進軍英國市場。

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，期限較長的按月付款產品，即六個月的付款產品，不是45 天的付款產品，而是三個月、六個月、12 個月等等，這種產品的效果並不好。

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滿足的需求，那裡的人們和美國人一樣需要嬰兒車、沙發和電視。

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

目前，該領域的唯一競爭對手實際上就是銀行，至於銀行的受歡迎程度如何，目前還不得而知。

And so we're very excited to deliver.

因此我們非常高興能夠實現這一目標。

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

免收費用、不複利以及所有那些好東西也不會有什麼壞處。

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

因此我們預計我們的長期產品將有很大的需求。

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

事實上，這正是我們去英國真正關注的重點。

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

關於英國市場正在發生的事情的另一個可能更微妙的版本是，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並且不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.

市場可能已經很發達，但也存在著許多創新，而商家不一定喜歡這些創新。

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.

我們以純粹的參與者身分進入市場，這將有助於增加銷售，商家對此也感到非常興奮。

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.

我剛剛和我們的啟動合作夥伴、Alternative Airlines 公司的董事總經理一起度過了一段時光。

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

我們已完成數十筆交易，他們對所看到的結果感到非常滿意。

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

它正好滿足了這種需求：期限較長、票價較高，人們需要更多的時間來付款，等等。

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

所以我們對英國感到非常興奮，我們是一個親英派，迫不及待地想騎自行車去倫敦郊區。

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

所以我會在倫敦待更多的時間。

Yes.

是的。

Can I go bigger picture, Max.

我可以看更大一點的圖嗎，馬克斯？

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.

我很欣賞您對英國的看法。

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，來自海外的玩家也開始使用 Apple Pay，他們或許會轉向一些使用時間較長的產品。

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?

那麼您如何看待維持成長和擴張，而不引發某種程度的競相壓價的現象呢？

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，我們的銷售量佔市場總量的三分之一以上，收入佔市場收入的一半以上。

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艱難，但也非常非常有價值。

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.

這些更長的期限不僅意味著我們應該給人們更多的時間來付款，而且如果不收取滯納金就更好了。

It's a huge competitive moat.

這是一個巨大的競爭護城河。

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所獲得的資料。

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.

您實際上必須知道該如何處理它。

You have a huge machine learning team.

你有一個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.

你必須有一個合規團隊來確保機器學習團隊以允許的方式使用數據，而不是不允許的方式等等。

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，我們的護城河就是我們願意不妥協地去做困難的事情，我們將這種精神帶到其他市場。

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展開，因此我認為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.

我們在歐洲和英國與他們展開戰鬥，而不是相反。

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

我迫不及待地想騎上我的自行車或至少去那裡看一些高品質的環法自行車賽。

Sorry the bike memes are a little thing.

抱歉，自行車表情包只是一件小事。

I'll stop.

我就停下來。

(Operator Instructions)

（操作員指令）

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Hey, guys.

嘿，大家好。

Congrats on the quarter.

恭喜本季取得佳績。

I had two questions.

我有兩個問題。

One is super quick.

一個是超級快。

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

我想確保你們發布的流程能夠討論對受資助銀行加強審查。

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 Affirm 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，從更大的角度來看，我很好奇英國和美國在承保消費者方面是否存在細微差別，以及你們在進入新市場時如何在那裡積累承保知識。

Great.

偉大的。

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

對你的問題的簡短答案是：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，並且正在加速推進一切工作。

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

我認為，如果你的公司規模較小且不為監管機構所知，那麼你就會面臨監管審查的加強。

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

我們的規模一直很大，每個季度都在不斷擴大。

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.

我們已經在合規方面進行了適當的投資，監管機構對我們的審查也是既定的，而且他們會繼續這樣做。

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

坦白說，我們很自豪能與你們合作。

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.

順便說一下，我們並不依賴任何一個供應商。

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供應商面臨什麼樣的監管或其他影響，我們都有辦法確保我們不受影響。

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

就英國承保而言，這將是非常棒的。

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.

我們擁有基礎設施，擁有人才，擁有知識，我們花了十年的時間將承保引擎從無到有建造得非常強大。

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

我們已經做好了充分的準備，並且擁有豐富的經驗。

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，我認為其中成員的任期是 Affirm 中最長的。

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，他見證了 Affirm ITACs 1.0 的構建，現在正致力於 POS v12 的發布，如果我沒記錯的話，所以他擁有豐富的經驗，他周圍的人也都由他培訓，他們是一支出色的團隊。

UK is a little bit different.

英國有點不同。

It's not enormously different.

並沒有太大的不同。

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

我們花了很多時間與當地的信用報告機構進行諮詢。

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取知識，但最終，我們將以在美國做的方式構建引擎，通過擴大貸款規模，觀察結果並進行微調，收集專有數據，我們可以繼續從中擠出增量價值到曲線中。

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?

您能否談談該市場的細微差別，例如，從傳聞來看，該市場的消費者與美國消費者在回報消費方面有何不同？

Empirically not yet.

從經驗上看還沒有。

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

就像是，我不知道，八天的交易數據是即時或類似的東西。

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.

因此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，像往常一樣，我們測量七次，切割一次。

So we'll be deliberate.

因此我們會深思熟慮。

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了我們的商家推出時間表，或者時間表或管道並非偶然。

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.

再次重申，現在預測這種事情是毫無意義的，但在第一次貸款發放後的34 天內，我們會準確地告訴你第一批貸款的表現，我們肯定會像鷹一樣密切關注並繼續跟踪所有這些指標。

Of course you will.

你當然會的。

Perfect.

完美的。

Thank you.

謝謝。

Jill Shea, UBS.

瑞銀的吉爾謝伊（Jill Shea）

Thanks for taking the question.

感謝您回答這個問題。

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

您在致股東信中指出，就融資而言，基準利率下降將對 RLTC 有利。

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

您能否根據目前的利率前景談談對融資成本走勢的看法？

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

或許可以幫助我們思考一年中福利的規模和節奏？

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，在利率下降過程中思考利率對業務的影響的方式與在利率上升過程中思考利率對業務的影響的方式實際上是一樣的。

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.

每變動 100 個基點的利率，對損益表的整體收益或整體影響約為 40 個基點。

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

但這個過程大約需要一年到一年半的時間。

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.

儘管利率在之前就已經停止變動，但我們在今年上半年仍然在經歷利率上升及其影響。

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帶來順風，但順風幅度很小，而且需要很長時間才能流經損益表。

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，成本就會產生 40 個基點的報酬。

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

話雖如此，我們確實認為，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.

我們不會預期將其流向保證金。

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

我們期望這將成為我們能夠重新投資於真正有吸引力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，如果你們還有什麼補充或結束語的話，我將把時間交還給你們。

Thank you all for joining today.

感謝大家今天的參加。

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

我們感謝您的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了。