Affirm Holdings Inc (AFRM) 2025 Q2 法說會逐字稿

Good afternoon.

午安.

Welcome to Affirm Holdings Inc., second quarter fiscal 2025 earnings call.

歡迎參加 Affirm Holdings Inc. 2025 財年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded, and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call.

（操作員指示）提醒一下，本次電話會議正在錄音，電話會議結束後的合理時間內，我們將在我們的投資者關係網站上提供電話會議重播。

I would now like to turn the call over to Zane Keller, Director of Investor Relations.

現在，我想將電話轉給投資者關係總監 Zane Keller。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，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，除非法律要求，否則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 earning 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 指標的對帳可以在我們的收益補充幻燈片中找到，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 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 questions and answers.

按照前幾季的慣例，我們將首先由 Max 致簡短的開場白，然後立即進入問答階段。

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。

Another great quarter, so I do not feel a strong need to expound at any length on the numbers.

這又是一個偉大的季度，因此我覺得沒有必要對這些數字進行詳細的闡述。

They speak for themselves.

他們的話不言而喻。

I do want to take a moment to thank my frequent partner in crime and our President, Libor, whose name is not, in fact, pronounced Libor, though that would make for an epic joke.

我確實想花點時間感謝我的犯罪夥伴和我們的總裁 Libor，事實上，他的名字並不發音為 Libor，儘管這會成為一個史詩般的笑話。

He's been here at Affirm for 10 years.

他已在 Affirm 工作 10 年了。

And he and I met over 30 years ago, both of us studying Computer Science at the University of Illinois at Urbana-Champaign.

我和他30多年前就相識了，當時我們都在伊利諾大學厄巴納-香檳分校學習電腦科學。

And Affirm isn't even our first rodeo together, but be remiss in not taking a moment to thank him for not only putting up with me for 10 years, but more importantly, keeping our engineering product operations and perhaps most importantly, credit efforts humming along with his typical Eastern European grumpy call.

而且 Affirm 甚至不是我們第一次一起參加活動，但如果我們沒有花一點時間感謝他，那真是太失禮了，因為他不僅忍受了我 10 年，而且更重要的是，讓我們的工程產品運營，也許最重要的是，信貸工作順利進行，儘管他那典型的東歐式脾氣暴躁。

Thank you, Libor.

謝謝你，Libor。

Here's to many more years together.

祝福我們在未來的日子裡能夠繼續在一起。

Back to you, Zane.

回到你身邊，贊恩。

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) Ramsey El-Assal, Barclays.

(操作員指示) 巴克萊銀行，Ramsey El-Assal。

Hi.

你好。

Thanks for taking my question this evening.

感謝您今晚回答我的問題。

Terrific results.

非常棒的結果。

I wanted to ask about the noticeable increase in 0% loans and just ask you about how you're deploying those.

我想問一下零利率貸款明顯增加的原因，以及您是如何部署這些貸款的。

Are you opening new merchant doors with them?

您是否正在與他們一起開拓新的商家大門？

Are there particular verticals you're targeting?

您所針對的是否有特定的垂直市場？

Is it for existing partners?

是否適用於現有的合作夥伴？

Like is there a sort of a strategy behind it or is it just more broad-based?

這背後是否存在某種策略，還是只是更廣泛的策略？

The very short answer is all the above, but it's a great question.

簡短的回答就是以上所有，但這是一個很好的問題。

Thank you, Ramsey, for asking it.

謝謝拉姆齊提出這個問題。

First of all, these are programs where merchants and sometimes manufacturers donate, if you will, parts of their margin to our borrowers to give them essentially interest-free or sometimes reduced interest loans.

首先，在這些計劃中，商家，有時是製造商，會將部分利潤捐給我們的借款人，為他們提供基本上無息或有時低息的貸款。

And it's very powerful for a good reason, not paying interest at all.

它非常強大，而且有一個很好的理由，那就是根本不支付利息。

Obviously, it's a compelling reason for someone to pull the trigger on buying.

顯然，這是一個讓某人下定購買決心的令人信服的理由。

When our merchants turn towards growth like they frequently do in calendar or fourth quarter, they look for ways to do promotions.

當我們的商家像在日曆或第四季經常做的那樣追求成長時，他們會尋找促銷的方式。

There are a handful of well-understood ways of doing it.

有多種易於理解的方法可以實現這一目標。

One such way is discounts.

其中一種方式就是折扣。

You're typical 10%, 20% off which compromises pricing integrity and teaches consumers to wait for the next 10% sale.

典型的 10%、20% 的折扣會損害定價的完整性，並讓消費者等待下一次 10% 的折扣。

Channeling the same promotional dollars into reduced APRs or zero APRs is very powerful because on the one hand, allows them to say, hey, here's a reason to buy, well, at the same time saying, the price is the price, we're not discounting.

將相同的促銷資金用於降低 APR 或零 APR 非常有效，因為一方面，他們可以說，嘿，這是一個購買的理由，同時又可以說，價格就是價格，我們不會打折。

And so our long-term merchants know this really well.

我們的長期商家非常了解這一點。

Some of our earliest merchants really pioneered this practice.

我們最早的一些商人確實開創了這種做法。

We've since really industrialize this by creating tools where they can do this essentially with very little work on our part.

從那時起，我們透過創建工具真正實現了這一工業化，這些工具基本上不需要我們做太多的工作就可以完成。

And so that's what's on display.

這就是所展示的內容。

And we said, I think, in the last quarterly call that that's a thing we're going to lean into, and we've delivered on that very strongly.

我認為，在上次季度電話會議上，我們說過這是我們將要傾向的事情，而且我們已經非常有力地實現了這一目標。

The thing that's really worth highlighting here that maybe doesn't meet the eye immediately, we now have a very sizable audience that is direct to consumer in our app and with our card.

這裡真正值得強調的是，也許並不會立即引起人們的注意，我們現在擁有一個非常龐大的受眾群體，他們透過我們的應用程式和卡片直接面向消費者。

And for a long time, these promotions were largely available on our merchants points of sale online.

長期以來，這些促銷活動主要在我們的商家線上銷售點上進行。

We have now offered them an opportunity to bring these promotions, essentially syndicate them across the entirety of Affirm's surfaces, which is to say they're available in our app, on our card, and across many of the wallets where we're integrated.

我們現在為他們提供了帶來這些促銷活動的機會，基本上是將它們聯合到 Affirm 的所有介面上，也就是說，它們可以在我們的應用程式、我們的卡上以及我們整合的許多錢包中使用。

So you can see to the beginning of the Affirm Network syndication strategy really play out where the offers that we negotiate with merchants on our consumer's behalf are available across all the programs.

因此，您可以看到 Affirm Network 聯合策略的開始真正發揮作用，我們代表消費者與商家協商的優惠適用於所有計劃。

And you'll see this narrative repeated in things like Universal Financing Programs that I'm sure we'll talk about in a second.

您會在諸如“全民融資計劃”之類的計劃中看到這種說法反覆出現，我相信我們馬上就會討論這個主題。

But it's really, really important to us.

但這對我們來說確實非常重要。

The network is valuable because it is aware of the SKUs, aware of the transactions, and delivers great unique reasons for people to buy, for consumers to buy on every surface where we play.

網路的價值在於它了解SKU，了解交易，並為人們的購買提供獨特的理由，讓消費者在我們玩的每個表面上進行購買。

So we will see more of this, you'll see things that are not immediately visible to the naked eye as we lead into the strategy.

因此，我們將會看到更多這樣的情況，隨著我們引入戰略，你會看到肉眼無法立即看到的東西。

Thank you, thank you for that.

謝謝你，謝謝你。

One follow up from me.

我還有後續事宜。

You came in above your 3% to 4% RLTC guide this quarter.

本季您的 RLTC 超過了 3% 到 4% 的指導水準。

I think you've indicated in the past you'd move to reinvest that excess RLTC rather than just letting it flow through to profits.

我認為您過去曾表示過，您將多餘的 RLTC 重新投資，而不是僅僅讓其轉化為利潤。

What does that look like right now?

現在看起來怎麼樣？

Does that mean opening up the credit box a bit more, maybe subsidizing some of these 0% loans?

這是否意味著進一步放寬信貸限制，或許對一些零利率貸款提供補貼？

Does that then flow through to higher volumes?

那麼這是否會流向更高的音量？

What should we be looking out for in terms of the P&L impact of that reinvestment of the excess RLTC?

就超額 RLTC 再投資對損益的影響而言，我們該關注什麼？

Yeah, I think certainly leaning into 0% and in some cases, subsidizing 0% and even the 0% product is slightly lower margin for us than our interest-bearing products.

是的，我認為傾向 0%，在某些情況下，補貼 0%，甚至 0% 產品的利潤率也會比我們的有利息產品略低。

So taking a program that historically has been interest-bearing and introducing some 0% into that program would be slightly margin diluted but we think a great thing for our network in terms of what it does for reaching a broader cross section of consumers.

因此，將一個歷史上一直有利息的計劃引入 0% 的利率會稍微稀釋利潤，但我們認為，這對我們的網路來說是一件好事，因為它可以幫助我們接觸到更廣泛的消費者。

So yeah, I think the growth in 0% in a quarter where we had really, really strong RLTC margins, I mean that's not a coincidence, that's something that we're actively trying to do more of.

是的，我認為在我們的 RLTC 利潤率非常非常強勁的季度中增長率為 0%，這不是巧合，而是我們正在積極嘗試做的事情。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, I appreciate you taking the question.

嘿，感謝您回答這個問題。

I wanted to kind of follow up sort of on the last two questions combined.

我想對最後兩個問題進行綜合的跟進。

I know you're talking about leaning into 0% loans.

我知道您正在談論零利率貸款。

I'm wondering if you could talk a little bit about just the RLTC margin profile of some of that incremental growth.

我想知道您是否可以稍微談談 RLTC 利潤率的部分增量成長。

I know that's a lever that you guys have to manage the margin.

我知道這是你們管理利潤的一個槓桿。

I guess where are you in that strategy and how -- obviously, there was some kind of, I think you called out a couple benefits to the margin from some of the loan sales this quarter.

我想問一下您在該策略中處於什麼位置以及如何——顯然，我認為您指出了本季部分貸款銷售給利潤率帶來的一些好處。

But just kind of where do you kind of see a tipping point from a margin perspective where you start to lean in a lot harder?

但是從利潤率的角度來看，您認為臨界點在哪裡，在那個時候您會開始更加努力？

And are you doing that?

你是正在這麼做嗎？

Or was the ramp in 0% more a function of some of these kind of merchant-driven promotions this quarter?

或者說，0% 的增幅更多是本季度某些商​​人推動的促銷活動的結果？

Yeah.

是的。

I'll start, and then Rob can pile on.

我先開始，然後 Rob 可以接著講。

I think we definitely think long term we want to be in between 3% and 4%.

我認為，從長期來看，我們肯定希望將這一比例保持在 3% 至 4% 之間。

That doesn't mean that we would do things that we don't think are good for the business.

但這並不意味著我們會做那些我們認為對業務不利的事情。

And so we think about investing dollars or trying to drive incremental growth.

因此，我們考慮投資或嘗試推動增量成長。

We still want to do it in a way that makes good financial sense.

我們仍然希望以財務上合理的方式來實現這一目標。

So when we think about the credit question that was asked earlier, it's important to us that we don't dilute our performance on credit overall as that's a thing that's allowed us to execute so well in the capital markets.

因此，當我們考慮先前提出的信用問題時，對我們來說重要的是不要降低我們的整體信用表現，因為這就是讓我們在資本市場上表現如此出色的原因。

And we've learned how important that is over the past several years and really have come to value the capital markets appreciation for our execution there.

我們在過去幾年中認識到了這一點的重要性，並且真正開始重視資本市場對我們執行力的讚賞。

And so we're really thoughtful about things that we do want to do.

因此，我們對於自己想做的事情非常認真。

The framework of 3% to 4% remains the long term.

3%至4%的框架仍是長期的。

It doesn't mean a quarter might be above and the bar for investment inside of a quarter is still really high.

這並不意味著一個季度內的投資門檻可能會高於這個數字，而且一個季度內的投資門檻仍然很高。

We think it's really important that we're putting dollars to work in ways that make sense.

我們認為，以合理的方式利用資金確實非常重要。

The reason we like, for example, investing in expanding really compelling APR offers like 0% and fixed APR offers is because of the positive selection that we do get from credit.

例如，我們之所以喜歡投資擴大真正引人注目的 APR 優惠（如 0% 和固定 APR 優惠），是因為我們確實從信貸中獲得了積極的選擇。

So as Rob mentioned, those are actually a slightly lower profile overall but with also a lower credit loss profile, which is obviously attractive to the overall portfolio.

正如 Rob 所提到的，這些資產總體而言實際上略低一些，但信用損失狀況也較低，這顯然對整體投資組合具有吸引力。

Yeah.

是的。

And also, I think we're still fine-grained in terms of where we can set cutoffs for 0% that we don't need to make a huge or long-term bet.

而且我認為我們在設定 0% 截止點方面仍然很細緻，我們不需要進行巨額或長期的賭注。

We can iterate on setting the right approval thresholds to make sure that we're attracting the sorts of consumers that we want to attract and that we're running these programs at the margin profile we want to run out.

我們可以反覆設定正確的批准門檻，以確保我們能夠吸引我們想要吸引的消費者，並且我們在我們想要的利潤率下運行這些項目。

Matt O'Neill, FT Partners.

馬特·奧尼爾（Matt O’Neill），FT Partners。

Thanks so much for the question.

非常感謝您提問。

I was just curious, entering the quarter, I believe you were pointing to a 3.8% RLTC margin, and this quarter benefited from $60 million collectively between the securitization and loan sales.

我只是好奇，進入本季度，我相信您指出的 RLTC 利潤率為 3.8%，而本季度證券化和貸款銷售共受益於 6000 萬美元。

Did those two amounts kind of come and contribute together as expected?

這兩筆款項是否如預期聚集在一起並共同貢獻？

Or was that a bigger-than-expected benefit?

或者說這是一個超出預期的收益？

I'm just trying to sort of parse the expected versus realigned impact to the margin in the quarter.

我只是想分析一下預期與重新調整對本季利潤率的影響。

Yeah.

是的。

Thanks for that question.

謝謝你的提問。

I think it's really important to be really clear on this.

我認為明確這一點非常重要。

When we gave the guidance, we talked in November, we talked about the capital markets pipeline as being a key part of our confidence in that guide, if you recall.

如果你還記得的話，當我們在 11 月給予指導時，我們談到了資本市場管道是我們對該指導充滿信心的關鍵部分。

And that was in reference to the deals that we were working on and had confidence we would execute.

這是指我們正在進行的交易，我們有信心能夠執行。

So not all of those deals were incremental to our outlook.

因此，並非所有這些交易都會對我們的前景產生增量影響。

It is the case that the pricing we were able to execute at was better than we thought, but not all of the benefit that we had associated with those deals was unexpected.

事實上，我們能夠執行的定價比我們想像的要好，但這些交易帶給我們的好處並非都是出乎意料的。

We planned on doing those transactions and we had a certain meaningful portion of that already in the number.

我們計劃進行這些交易，並且我們已經在數字中確定了其中一定比例的有意義的交易。

But it helps explain why we were ahead of our goals, which were already set, we think on the high end of the range.

但它有助於解釋為什麼我們能夠提前實現我們已經設定的目標，我們認為這些目標處於較高水平。

Thanks so much.

非常感謝。

And as a follow-up, I know it's a delicate subject on wallet partners, but it was mentioned in the release.

作為後續行動，我知道這對錢包合作夥伴來說是一個敏感話題，但在發布會上提到了這一點。

So I figured I would ask, is there anything there that came in better than sort of expectation or plan or any sort of revised outlook as we turn into calendar '25 here with respect to wallet partners?

因此，我想我會問，在錢包合作夥伴方面，隨著我們進入 25 年日曆，是否有比預期或計劃或任何修訂後的前景更好的消息？

Thank you, and appreciate the movie quotes.

謝謝你，也很欣賞電影裡的台詞。

Finally, someone who cares.

終於，有人關心我了。

So generally speaking, very pleased with the wallet integrations.

所以總的來說，我對錢包整合非常滿意。

They're shaping up to be a really meaningful part of the business.

他們正逐漸成為企業中真正有意義的一部分。

Across the Board, the metrics on these integrated wallets are really strong.

總體而言，這些整合錢包的指標非常強勁。

We see good repeats.

我們看到了好的重複。

They add to the transaction per user averages.

它們增加了每個用戶的平均交易量。

They add to conversion metrics that we track internally.

它們增加了我們內部追蹤的轉換指標。

They are creative on the credit quality side of the equation.

他們在信用品質方面富有創造力。

So all in all, we're quite happy with what's happening there.

總的來說，我們對那裡發生的事情感到非常滿意。

A really important piece of our work sort of echoing a little bit to the answer to Ramsey's question, we've been quietly busy making sure that our consumer offers are harmonized across wallets and not wallet integrations.

我們的工作中真正重要的部分與拉姆齊問題的答案有些相似，我們一直在默默地忙於確保我們的消費者服務在各個錢包之間是協調的，而不是錢包集成。

And that's really been just driving quite a lot of nice engagement.

這確實推動了很多良好的參與。

And the purpose of that, of course, is to make sure that consumers understand that whatever door they choose, if there's an Affirm logo on that door, they're going to get the same quality of service, they're going to get the same offers, same rates, et cetera.

當然，這樣做的目的是確保消費者明白，無論他們選擇哪種門，如果門上有 Affirm 標誌，他們將獲得相同品質的服務、相同的優惠、相同的價格等等。

And so that's been a really important, although kind of somewhat behind-the-scenes effort that also contributed to the wallet efforts.

所以這是一個非常重要的努力，雖然有點幕後努力，但也為錢包努力做出了貢獻。

I don't think we are at liberty to offer any updates to the forecast or models related to this thing, but we're certainly quite pleased with what's happening so far.

我認為我們不能隨意提供與此事相關的預測或模型的任何更新，但我們對目前的情況感到非常滿意。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey, guys.

嘿，大家好。

Amazing quarter, as always.

一如既往，令人驚奇的季度。

Can you maybe -- Max and team, can you give us an update on the UK launch, specifically, you're moving into a territory where your incumbent is a market leader.

馬克斯和團隊，你能否向我們介紹一下英國發布會的最新情況，具體來說，你們正在進入一個你們現任公司處於市場領先地位的領域。

So given that your product is much more diverse than just paying for, how do you think the share, market share evolution can go there over time?

那麼，鑑於您的產品比單純的付費產品更加多樣化，您認為隨著時間的推移，市場份額將會如何演變？

And how much share can you take from the incumbent over time in Europe?

隨著時間的推移，您能從歐洲現任政府手中奪取多少份額？

Thank you.

謝謝。

I think it's a little early to prognosticate share taking.

我認為現在預測份額還為時過早。

I will note that by all public sources we took share in the US from our various competitors here quite nicely.

我要指出的是，根據所有公開來源的消息，我們在美國從各個競爭對手那裡奪取了相當好的市場份額。

So at least past experience bodes well.

因此至少過去的經驗是好的。

You're totally right.

你完全正確。

We do have a diverse array of term offerings and the ability to deliver these really sophisticated subsidized APRs even for longer terms.

我們確實擁有多種多樣的定期貸款產品，並且有能力提供更長期的真正複雜的補貼 APR。

There's definitely very real market pull.

這確實具有非常真實的市場吸引力。

One of my meetings today was actually with a prospective merchant that's quite a meaningful player in the UK.

我今天的其中一次會面實際上是與一位在英國具有相當重要意義的潛在商家進行的。

And it's very clear that the market is hungry for things like 24-month loans and 36-month loans because the incumbent banks who provide that sort of product are just not really willing to approve, from what I can tell, at all.

很明顯，市場對 24 個月期貸款和 36 個月期貸款非常渴求，因為據我所知，提供此類產品的現有銀行根本不願意批准。

But I'm sure some people get a loan but most don't.

但我確信有些人會獲得貸款，但大多數人沒有。

And our pure-play competitors are just not in that space in any kind of a meaningful way.

而我們的純粹業務競爭對手尚未以任何有意義的方式進入該領域。

And we're coming in loaded for that effort and excited to deliver our value.

我們已做好了充分準備來做這些努力，並且很高興能夠實現我們的價值。

And it seems like the merchants are impatiently asking us not will you, but how quickly and how much can we do together.

而商人們似乎不耐煩地問我們願不願意做，而是問我們能多快做、做多少。

So very excited about the opportunity.

我對於這個機會感到非常興奮。

I think the last we talked, I joked that we have dozens and dozens of transactions.

我記得上次我們談話時我開玩笑說我們有幾十筆交易。

At this point, it's still dozens and dozens, but many, so that's better, and more than a handful of merchants now.

目前，商家數量仍然有幾十家，但已經很多了，這樣更好，而且已經不只一小撮商家了。

So we're still in the testing phase.

所以我們仍處於測試階段。

We're seeing all the metrics that we need to track to feel confident rolling it out widely.

我們看到了需要追蹤的所有指標，以便有信心廣泛推廣它。

In a letter, you'll note that I mentioned that Shopify is our first major enterprise scale integration that's going to be live in the UK relatively soon, so we're definitely the right time to check in on uptake with a wide group of merchants as soon as that goes, I don't know, pre-announcement (multiple speakers) I can speak to it freely now.

在一封信中，你會注意到，我提到 Shopify 是我們的第一個主要企業規模集成，它將很快在英國上線，所以我們絕對是向廣大商家了解接受情況的最佳時機，一旦它發布，我不知道，預先宣布（多位發言者）我現在可以自由地談論它。

Sorry.

對不起。

Kyle Peterson, Needham & Co.

凱爾彼得森（Kyle Peterson），Needham & Co.

Great.

偉大的。

Thanks for taking the question and nice results here.

感謝您提出這個問題並取得了很好的結果。

Wanted to ask on the funding mix moving forward.

想詢問未來的資金組合狀況。

Are you guys looking to expand and add more of these deals?

你們是否希望擴大並增加更多這類交易？

Kind of like the Sixth Street partnership seems like a really good win.

有點像是與第六街的合作，這看起來是一場真正的勝利。

Are you guys looking at more deals kind of similar to this or how should we think about the mix of funding moving forward between Warehouse, ABS, and some of these forward flow agreements?

你們是否正在考慮更多與此類似的交易，或者我們應該如何看待倉庫、ABS 以及一些遠期流動協議之間的融資組合？

Yeah.

是的。

We are really proud of the progress that we've made in capital markets.

我們為在資本市場的進步感到自豪。

This quarter, our team has really executed very well out there.

本季度，我們的團隊表現非常出色。

The partnership with Sixth Street is really an incredible leap forward for our program.

與第六街的合作對於我們的專案來說確實是一個令人難以置信的飛躍。

It's a big program though.

但這是一個很大的項目。

So I wouldn't expect us to do in the super near term a bunch more like that in that size and scale.

因此，我並不指望我們在短期內能做更多類似規模的事。

It's a pretty big partnership and we spend a lot of time thinking about who and how we were going to partner there.

這是一個相當大的合作關係，我們花了很多時間思考與誰合作以及如何合作。

That being said, I think it is reflective of a very constructive market that really does value the asset that we create.

話雖如此，我認為這反映出一個非常有建設性的市場，它確實重視我們創造的資產。

And so we're going to continue to take advantage of that.

因此我們將繼續利用這一點。

We are very thoughtful around scaling our capital program.

我們非常重視擴大我們的資本計劃。

We think about where we'll be in 3 and 5 and maybe even 10 years and make decisions that are constructive towards enabling the kind of scale that we're building to.

我們思考 3 年、5 年甚至 10 年後我們會是什麼樣子，並做出有建設性的決定，以實現我們正在建立的規模。

So at the Investor Forum last November, 1.5 years ago, we talked about getting to $50 billion in GMV.

因此，在一年半前的 11 月投資者論壇上，我們討論了實現 500 億美元的 GMV。

And so the team is hard at work in enabling the capital program scale to allow us to deliver against that goal.

因此，團隊正在努力擴大資本計畫規模，以使我們能夠實現這一目標。

And then I'll be here before we know it.

然後我就會在我們不知不覺中到達這裡。

And when it is, we'll take an eye towards the next milestone and continue to scale the capital program.

當它實現時，我們將著眼於下一個里程碑，並繼續擴大資本計劃。

And to get to those kind of scale points, it's important that we are thoughtful that we aren't leaning towards the flavor of the year with respect to the capital markets and are designing a program that is durable and can survive multiple economic scenarios and conditions.

為了達到這樣的規模點，重要的是我們要深思熟慮，不要傾向於資本市場的年度特徵，而是要設計一個持久的、能夠在多種經濟情景和條件下生存的計劃。

And what it means is, yes, the forward flow market, in particular, partnerships with private credit and insurance companies, are really attractive right now, and we're going to continue to take advantage of those as much as we can.

是的，這意味著，遠期流動市場，特別是與私人信貸和保險公司的合作，現在非常有吸引力，我們將繼續盡可能地利用這些優勢。

But we're also thoughtful around making sure that we have a good reputation and good execution in the ABS markets consistently.

但我們也在深思熟慮，確保我們在 ABS 市場始終享有良好的聲譽和良好的執行力。

And the two really do work with one another.

他們兩人確實互相合作。

About the only program for us that is less a piece of real scale enablement is our warehouse business.

對我們來說，唯一一個不具備實際規模支援的專案是我們的倉庫業務。

And that's mostly because of the attractive financing that we get in the ABS market combined with, obviously, the good economics we have in the forward flow world.

這主要是因為我們在 ABS 市場獲得了具有吸引力的融資，同時顯然也結合了我們在正向流動領域擁有的良好經濟狀況。

Great.

偉大的。

Thank you.

謝謝。

And then I guess just a quick follow-up on Sixth Street, in particular, sort of the shareholder letter, you guys mentioned that's expected to start ramping up in second half of '25.

然後我想我只是對第六街進行快速跟進，特別是股東信，你們提到預計將在25年下半年開始增加。

Is that like a phased launch that they will start smaller and the volumes will ramp?

這是否像分階段推出一樣，先從較小的規模開始，然後逐漸增加產量？

Or once the volume start, should we -- is that a fairly steady run rate?

或者一旦音量開始上升，我們應該——這是一個相當穩定的運行率嗎？

Or how should we think about the contribution and the ramp time with Sixth Street?

或者我們應該如何考慮第六街的貢獻和上升時間？

Yeah, it should ramp over the course of the next year.

是的，明年這數字將會上升。

So we're not planning on turning it up all the way to its maximum levels overnight.

因此我們不打算在一夜之間將其調至最高水平。

We'll be very thoughtful about scaling it carefully over the course of next year.

明年我們將非常謹慎地擴大其規模。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Hey, guys.

嘿，大家好。

Active customers were up 23% year over year.

活躍客戶較去年同期成長23%。

I think you noted in the letter that's four quarters of accelerating growth.

我想您在信中提到了連續四個季度的加速成長。

I wanted to ask, A, where that is coming from; B, how much it benefits from things like the 0% APR growth; and then C, I guess, how sustainable do you think that is in the 20%-plus range.

我想問，A，那是從哪裡來的； B，它從 0% 年利率成長等方面受益多少；然後 C，我猜，您認為這個數字在 20% 以上的範圍內能持續多久？

I think the root causes of these accelerations are multiple quarters, maybe even multiple years in the making.

我認為這些加速的根本原因是多個季度，甚至可能是多年的累積。

We were actually quite focused on increasing our active consumers, and it's gratifying to see the results compound.

我們實際上非常專注於增加活躍消費者，看到成果的不斷增加令人欣慰。

Probably the most impactful project in that effort were our focus on direct-to-consumer.

這項努力中最有影響力的項目可能是我們對直接面向消費者的關注。

So the card, obviously, is a great product to increase engagement.

因此，顯然，這張卡是增加參與度的絕佳產品。

Be awaken, if you will, dormant consumers that have transacted with us some time in the past but haven't used this in a while because bringing them back is a really important effort.

如果可以的話，請喚醒那些曾經與我們進行過交易但很久沒有使用過這項服務的休眠消費者，因為讓他們回來是一項非常重要的工作。

It also does not hurt to continue expanding e-commerce coverage.

繼續擴大電子商務覆蓋範圍也沒有壞處。

The more counters, if you will, the more checkouts were on the better the probability that someone who used Affirm before will say, hey, I remember that product.

櫃檯越多，結帳的人數就越多，以前使用過 Affirm 的人說「嘿，我記得那個產品」的可能性就越大。

It was great, better than my credit card.

這真是太棒了，比我的信用卡還好。

I should use them again.

我應該再次使用它們。

So all of those things add up to just a little bit more conversion, just a little bit better reengagement for the avoidance of doubt, it is not some sort of a dramatic credit machinations behind machines, which people always suspect was you just opened up the box and it should be apparent in the credit results, but for the avoidance of doubt, we have been very steady handed on credits.

因此，所有這些因素加起來只是多了一些轉化，多了一些更好的重新參與，為了避免疑問，它不是機器背後某種戲劇性的信用陰謀，人們總是懷疑你只是打開了盒子，它應該在信用結果中顯而易見，但為了避免疑問，我們一直非常穩定地處理信用。

Yeah, the best I can offer is it was a very deliberate prioritization on our part about a year ago to focus on active consumers.

是的，我能提供的最好的資訊是，大約在一年前，我們就非常慎重地將重點放在活躍消費者身上。

And like everything else we do here when we focus on something, it typically takes a little while, but the results compound.

就像我們在這裡專注於某件事時所做的其他事情一樣，它通常需要一點時間，但結果會越來越好。

Okay, thanks.

好的，謝謝。

And then on the non-GAAP operating expenses, sales and marketing, in particular, it looks like that was up quite a bit sequentially.

然後，就非 GAAP 營業費用、銷售和行銷費用而言，看起來比去年同期成長了不少。

You've typically not done a lot of direct sales and marketing.

您通常不會進行大量的直接銷售和行銷。

So just wondering what the driver was there and if you expect non-GAAP sales and marketing to stay at that like $30 million level going forward.

所以我只是想知道驅動因素是什麼，以及您是否預計非 GAAP 銷售和行銷未來將保持在 3000 萬美元的水平。

Thanks.

謝謝。

We did make some investments in the quarter to support some new program launches, but the marketing spend that we had, to Max's earlier point, it really wasn't focused on direct user acquisition.

我們確實在本季度進行了一些投資來支持一些新項目的推出，但正如 Max 之前所說，我們的行銷支出實際上並沒有集中在直接用戶獲取上。

We continue to see most of the user acquisition coming from point-of-sale, as Max alluded to.

正如 Max 所提到的，我們繼續看到大多數用戶獲取來自銷售點。

So really not a change in strategy.

因此其實這並不是策略的改變。

In terms of the go-forward spend, we haven't broken out the OpEx into the various cost centers.

就未來支出而言，我們還沒有將營運支出分解到各個成本中心。

But you can see from the guide, we do expect OpEx to be roughly in line with Q2 in both Q3 and Q4.

但您可以從指南中看到，我們確實預計第三季和第四季的營運支出將與第二季大致持平。

So it's going to be a pretty similar OpEx envelope as we look ahead to the next two quarters.

因此，展望未來兩個季度，營運支出範圍將會非常相似。

Richard Smith, JPMorgan.

摩根大通的理查史密斯。

Hey, guys.

嘿，大家好。

Congrats on the quarter.

恭喜本季取得佳績。

I was hoping to dig in a little bit on some AI.

我希望能夠深入了解一些人工智慧。

You mentioned, I guess, the chatbot and the shareholder letter.

我想，您提到了聊天機器人和股東信。

I was curious how you guys are thinking about AI and whether it can be used for more commercial purposes, I don't know, products that face off against consumers.

我很好奇你們是如何看待人工智慧的，以及它是否可以用於更多的商業目的，我不知道，針對消費者的產品。

And then the second piece of that question is how AI has changed your thinking on headcount in which you can get done with your current size of your staff and if that's changed over the last 12 months.

然後問題的第二部分是人工智慧如何改變您對員工人數的看法，您可以根據目前的員工規模完成哪些工作，以及這種看法在過去 12 個月中是否發生了變化。

Thank you.

謝謝。

Thank you, Reggie.

謝謝你，雷吉。

Good questions both.

這兩個問題都很好。

So we try to -- I mean we're all contrarians here.

所以我們嘗試——我的意思是我們都是反對者。

So when the industry zigs, we zag.

因此，當產業發生逆轉時，我們也會走彎路。

We don't talk that much about AI, but we've been using machine learning and artificial intelligence since inception.

我們很少談論人工智慧，但自成立以來我們一直在使用機器學習和人工智慧。

All of our underwriting and broad fighting is all built on what is now called AI.

我們所有的承保和廣泛的戰鬥都建立在現在所謂的人工智慧之上。

We have a lot of really cool stuff that doesn't meet the eye that we just don't brag about too much.

我們有很多很酷的東西，雖然不引人注目，但我們不會過度吹噓。

But for what it's worth, a lot of the most modern transformer architecture approaches to model building is something we're actively investing in internally for all the things -- all the same things we accomplished with more traditional machine learning and even some sort of really innovative stuff.

但無論如何，我們正在積極內部投資許多最現代的變壓器架構模型建構方法——所有這些都是我們透過更傳統的機器學習甚至一些真正創新的東西完成的。

And it's the kind of thing where I'd love to dig into it and probably have the call would get very bored of my rants.

這是我很想深入研究的事情，而且很可能別人會對我的咆哮感到厭煩。

But I literally spent part of my morning looking at a completely novel transform architectural design that we think we're going to pick up some really interesting results from in fighting fraud.

但我確實花了上午的部分時間研究一種完全新穎的變換架構設計，我們認為我們將從中獲得一些非常有趣的成果，以打擊詐欺。

So that's internally in terms of -- actually, the underwriting and anti-fraud type stuff.

因此，從內部而言，這實際上是承保和反詐欺類型的東西。

We are engaged in deploying AI tools for productivity purposes, which is absolutely a productivity or operating leverage enhancer across the team, thereby giving us choices in hiring and allowing us to focus on hiring specialists sort of higher caliber versus more entry-level jobs, not just in customer service, but in things like engineering, et cetera, et cetera.

我們致力於部署人工智慧工具來提高生產力，這絕對可以提高整個團隊的生產力或營運槓桿，從而讓我們在招聘方面有更多選擇，讓我們能夠專注於招募更高水平的專家，而不是更多的入門級工作，不僅僅是在客戶服務方面，還包括工程等領域。

And so pretty excited about that.

我對此感到非常興奮。

Fine example I think I may have given before, but one of my fair ones.

我想我以前可能舉過很好的例子，但這只是一個公平的例子。

We have 300,000-something active merchants.

我們有30多萬活躍商家。

The total number of merchant contracts we have signed is in hundreds of thousands.

我們簽訂的商家合約總數有幾十萬份。

Any time we're asking ourselves, can we launch this new product, do our merchant contract allow us to do that.

任何時候我們都在問自己，我們是否可以推出這個新產品，我們的商家合約是否允許我們這樣做。

So some human somewhere is going to open up 300,000 documents.

因此，某個地方的某個人將要開啟 30 萬份文件。

And that's not going to be easy if you ask an equivalent of a well-trained LLM, you can answer that question in a second.

這並不容易，如果你問一個相當於受過良好訓練的法學碩士的人，你可以在一秒鐘內回答這個問題。

And so that's a fine example of where our legal team befits from generative AI without the need to expand the headcount.

這是一個很好的例子，說明我們的法律團隊無需擴大員工人數即可從生成式人工智慧中獲益。

So we're doing that in legal, we're doing that in compliance.

所以我們是在合法的、合規的情況下這麼做的。

We're doing it in accounting, marketing, et cetera.

我們在會計、行銷等領域都這麼做。

So all of that is exciting and happening.

所以所有這些都是令人興奮的並且正在發生。

And then on the consumer side, I'm going to bite my tongue not to preannounce anything.

從消費者方面來說，我會保持沉默，不會預先宣布任何消息。

But obviously, the tools that the opportunities that come out of GenAI are pretty awesome, and we'll have our say and products to show for it already.

但顯然，GenAI 帶來的工具和機會非常棒，而且我們已經有發言權和產品來展示它了。

Got it.

知道了。

And I guess if I could just kind of follow up if you get a final point.

我想我可以繼續跟進，看看你是否得出了最終結論。

You guys gave some operating leverage targets this year.

你們今年給了一些經營槓桿目標。

I guess how much -- and even at your Analyst Day, like how much AI is kind of baked into that leverage?

我猜想，甚至在分析師日，人工智慧在多大程度上融入了這種槓桿作用？

Is this still -- did you contemplate that fully?

這仍然是——您是否充分考慮過這個問題？

Or how should we think about that?

或者說我們該如何思考這個問題？

Do you follow my question?

你明白我的問題了嗎？

I think so.

我認為是這樣。

Rob, do you want to opine?

羅布，你想發表意見嗎？

Yes, again, I think.

是的，我再次這麼認為。

What we're doing with AI has sort of been an inherent part of how we've operated the business.

我們在人工智慧方面的努力已經成為我們業務運營的一個固有組成部分。

And as Max said, since inception.

正如馬克斯所說，自一開始就是如此。

And so we really did take a hard look at driving efficiency in the business that was over two years ago now.

因此，我們確實認真研究了兩年前的業務效率提升問題。

And we've asked and demanded for operating leverage in every operating plan that we've built.

我們在製定的每個營運計劃中都要求並考慮營運槓桿。

And so I think finding ways to do more with less is just part of how we've been operating.

因此，我認為找到用更少的資源做更多事情的方法只是我們運作方式的一部分。

So it's hard to really quantify, Reggie, but we're always looking to sort of be as efficient as we can and to scale the business without adding tons of employees.

所以這很難量化，雷吉，但我們總是希望盡可能提高效率，並在不增加大量員工的情況下擴大業務規模。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Nice set of results here.

這裡的結果很不錯。

In the shareholder letter, you talk about the redesign of the Affirm app and focusing on the utility.

在致股東信中，您談到了 Affirm 應用程式的重新設計以及對實用性的關注。

Maybe if you can just give us a little bit more color on what you've learned about the redesign and how Affirm is becoming more of a marketplace.

也許您可以向我們詳細介紹一下您對重新設計的了解以及 Affirm 如何變得更具市場吸引力。

And what kind of other opportunities that's kind of leading to when we think about the Affirm Card longer term, getting to that level of reuse and scale that you talked about in the past?

那麼，當我們從長遠角度考慮 Affirm Card 時，這還會帶來哪些其他機會，達到您過去談到的重複使用和擴展水平？

And it got edited a little bit in the final hours of the letter writing but many of the changes we built last quarter, which is what the letter is referring to, have only rolled out now for this one, are still rolling out.

在寫這封信的最後幾個小時，我們對它進行了一些編輯，但我們上個季度做出的許多改變（也就是這封信所提到的）現在才開始實施，並且仍在實施中。

We don't change UX willy-nilly.

我們不會隨意改變使用者體驗。

So you'll see a few more -- like the apples will look different, for example.

因此，你會看到更多——例如，蘋果看起來會有所不同。

It still looks almost the same today, but some bits are different, more obvious changes will happen on the UX front.

今天它看起來仍然幾乎一樣，但是有些部分不同，更明顯的變化將發生在 UX 方面。

If you sort of follow the app carefully, you'll see that we're leaning in more and more into this notion that the Affirm network is this really rich collection of merchants that at any given time are offering these staggering 0% deals either funded by the retailer or the manufacturer or both.

如果你仔細關注該應用程序，你會發現我們越來越傾向於這種觀點，即 Affirm 網路是一個非常豐富的商家集合，他們隨時提供由零售商或製造商或兩者資助的驚人的 0% 優惠。

And our consumers have come to expect that the Affirm app is a place where they can find these deals.

我們的消費者已經開始期望 Affirm 應用程式是他們能夠找到這些交易的地方。

And for a while, it was kind of an organic thing that we sort of put together because people asked -- I used to go on Reddit and read people asking the question, hey, where can I find on Affirm 0% deal?

有一段時間，這是我們自然而然地組織起來的事情，因為人們會問——我曾經在 Reddit 上看到人們問這樣的問題，嘿，我在哪裡可以找到 Affirm 的 0% 折扣？

At that point, it gave me the idea we really -- you should be able to find Afirm 0% deals maybe in the Affirm app, that would be good place.

那時，我突然想到，我們真的——你應該能夠在 Affirm 應用程式中找到 Afirm 0% 的優惠，那將是一個好地方。

So we started there with a catalog and our deal tab in the app is a little bit of that, and we're now fielding close to hundreds of thousand searches per week and rising rapidly in the app looking for these 0% deals.

因此，我們從目錄開始，應用程式中的交易標籤就是其中的一部分，現在我們每週處理近數十萬次搜索，並且在應用程式中尋找這些 0% 交易的數量迅速增加。

Obviously, it naturally leads to an opportunity to say, hey, someone would want to be featured there.

顯然，這自然會帶來一個機會，那就是說，嘿，有人想在那裡露面。

And we're very careful not to go for a bit pit our merchants against each other.

我們非常小心，避免讓商家之間互相對抗。

It's not a comparison shopping engine or anything like that.

它不是一個比較購物引擎或類似的東西。

It's really a place to showcase the exciting offers that our retailers are bringing out to Affirm shoppers.

這確實是一個展示我們的零售商向 Affirm 購物者推出的令人興奮的優惠的地方。

And so we keep it leading to that, we keep on seeing better conversion.

因此，我們繼續保持這種狀態，並不斷看到更好的轉換。

I think a quarter or two ago, I rattled off the search to transaction initiation rate is like 25%.

我想在一、兩個季度前，我快速搜尋到的交易啟動率大概是 25%。

Last I looked, it's clipped 30%.

上次我看的時候，它被削減了 30%。

So people are using this really effectively to find reasons to say yes to buy.

因此人們正在非常有效地利用這一點來尋找購買的理由。

And so we'll keep doing that.

我們會繼續這樣做。

There are a couple more things coming into the app that are probably better experience than described by me.

應用程式中還有另外一些東西，它們的體驗可能比我描述的更好。

So I'll stop myself from revealing too much, but it's entirely about just making the card a more convenient thing.

所以我不會透露太多，但這完全是為了讓卡片變得更方便。

Like I've talked about in the past that as much as I love my favorite child of the card, there's still so much to do in terms of user interface improvements.

就像我過去談到的那樣，儘管我很喜歡我最喜歡的卡片，但在使用者介面改進方面還有很多工作要做。

We just updated a little bit of the transaction planning flow so you can really quickly figure out what your purchasing power is and what will happen if you swipe a card without asking for a loan upfront, et cetera.

我們剛剛更新了一些交易計劃流程，以便您可以快速了解您的購買力，以及如果您在不預先要求貸款的情況下刷卡會發生什麼，等等。

So all of that, it's a long list of features that we're building.

所有這些，就是我們正在建立的一系列功能。

But all of it is all about just finding one, two, three more points of growth for the card.

但這一切都只是為了給卡片找到一、二、三個增長點。

It's already obviously growing really well, but we're not going to be -- I wouldn't be happy if it slows down.

顯然，它已經發展得非常好，但我們不會——如果它放緩，我不會高興。

So we just have to keep more coming.

因此我們必須繼續推出更多產品。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Well, I know, Max, you said at the outset, the numbers kind of speak for themselves, which they do.

嗯，我知道，馬克斯，你一開始就說過，數字本身就能說明一切，事實也確實如此。

So I'm curious, like with things are going well on credit and funding and volume growth and profitability, really, what are the one or two biggest items that you're spending the bulk of your time focusing on driving improvement in?

所以我很好奇，例如信貸和融資以及銷售成長和獲利能力都進展順利的情況下，您實際上花費大部分時間致力於推動改進的一兩個最大項目是什麼？

That list is long.

這個清單很長。

You can give me more than one or two.

你可以給我一兩個以上。

I'm trying to prioritize.

我正在嘗試確定優先次序。

Let's see.

讓我們來看看。

I mean we're ultimately live and die by conversion and uptake.

我的意思是，我們最終的生存和死亡取決於轉變和吸收。

And up to a point, you can do this by having blanket sort of great terms and more 0%, et cetera.

在某種程度上，您可以透過採用一攬子優厚條件以及更多 0% 等來做到這一點。

At some point, you have to personalize where it's not enough to say to someone, your purchasing power increased.

在某些時候，你必須個性化，光是告訴別人你的購買力增加了是不夠的。

You have to speak to your purchasing power that a particular merchant is waiting for you, et cetera.

您必須向您的購買力說出某個商家正在等待您，等等。

And so there's always opportunity to find that efficient frontier offering someone access to credit without overextending them.

因此，總有機會找到有效前沿，為人們提供獲得信貸的機會，而不會使他們透支太多。

Like one thing that -- again, I'm sure I'm repeating myself at this point, but we're not in the business of making consumers spend more money.

就像一件事——我再次確認我現在在重複自己的話，但我們的業務並不是讓消費者花更多的錢。

In fact, we're in a business of hopefully helping consumers pay less for access to credit, but we are more than excited to take over more of our consumer spend.

事實上，我們的業務是希望幫助消費者以更少的花費獲得信貸，但我們更高興的是承擔更多的消費者支出。

In the last letter, I think I said that we want to get the card to 20 million cardholders averaging $7,500 per year of spend.

在上一封信中，我想我說過，我們希望將該卡推廣至 2000 萬持卡人，平均每年消費 7,500 美元。

Those are somewhat arbitrary numbers, they're just -- they multiply out to a big number, and we're hoping to get bigger and bigger.

這些都是任意的數字，它們只是——它們乘以一個大數字，我們希望它變得越來越大。

So anything we can do to personalize the experience to give people a chance to feel like this is the best alternative they have to their debit or their credit card is what we're busy with.

因此，我們可以盡一切努力來個性化體驗，讓人們有機會感覺到這是他們借記卡或信用卡的最佳替代品，這正是我們正在做的事情。

That's in the US Internationally, obviously, there's more than a little to do.

這是在美國，從國際上看，顯然還有很多事情要做。

In the UK, we are doing well there, and there's lots to do, but the initial results are really pleased but not satisfied.

在英國，我們做得很好，還有很多事情要做，但初步結果確實令人高興但並不滿意。

I think it's the internal terminology I used and et cetera.

我認為這是我使用的內部術語等等。

So I think those are kind of the maybe things that are top of mind.

所以我認為這些可能是人們最關心的事情。

At any given time, there's always something exciting going on here.

無論何時，這裡總是會發生一些令人興奮的事情。

There's definitely some pretty fascinating things happening.

確實有一些非常有趣的事情發生了。

I just answered Regie's question with GenAI that I spent a little bit of my time on.

我剛剛用 GenAI 回答了 Regie 的問題，我花了一點時間。

Again, not in the service of anything, but we have set out to build a good financial product.

再說一遍，我們不是為了什麼，只是要打造一款好的金融產品。

So there's just a lot to build in new product categories.

因此，還有很多新的產品類別需要開發。

Right.

正確的。

And maybe just a follow-up on card.

也許只是一張後續卡片。

I mean now it's up to 8% or just over 8% of total GMV.

我的意思是現在它已經占到總 GMV 的 8% 或略高於 8%。

I'm wondering if you've seen any change in consumer behavior with the product in terms of Pay Now versus Pay Later or any newer merchant categories that you're seeing increased traction in terms of usage of the card?

我想知道，就“立即付款”和“稍後付款”而言，您是否發現消費者使用該卡的行為發生了變化，或者您是否看到任何較新的商家類別在卡的使用方面有所增加？

No, we have not, but we're very actively working on expanding it.

沒有，但是我們正在積極地致力於擴大它。

So the card is really great for some of the transactions that it covers today, and it's not optimal at all or not as good as it should be anyway for other kinds.

因此，對於今天涵蓋的一些交易而言，這張卡確實很棒，但對於其他類型的交易而言，它根本不是最佳的，或者沒有達到應有的水平。

And so I spent a meaningful amount of my time trying to answer the question of how do we get to that $7,500 per user.

因此我花了大量的時間來嘗試回答這個問題：我們如何實現每位用戶 7,500 美元的收入。

And obviously, there's only so many couches and bicycles you're going to buy per year.

顯然，你每年能購買的沙發和自行車的數量是有限的。

There's a lot of other kinds of transactions.

還有許多其他類型的交易。

And so everything we do here is in the service for the card in particular, answering the question, how else can we be useful to you?

因此，我們在這裡所做的一切都是為了卡片服務，回答這個問題：我們還能為您提供什麼幫助？

Where else can we have an honest financial product that doesn't charge you late fees, doesn't compound all the good things we do doesn't charge you any interest at all if the merchants interested in getting you to say yes.

我們在哪裡還能擁有這樣一種誠實的金融產品？

And so that's -- one way to answer this question is how can we be useful to you in groceries?

那麼，回答這個問題的一種方法是，我們如何在食品雜貨方面為您提供幫助？

How can we be useful to you when you're buying medicine?

當您購買藥品時我們能為您提供什麼協助？

And we just launched was GoodRx and it's in the letter, I think, that's a category that we really think is very important, helping people buy what is a progressively more expensive part of their life medication is something that we're quite proud about and excited to do more.

我們剛剛推出了 GoodRx，我認為，在信中，這是一個我們真正認為非常重要的類別，幫助人們購買他們生活中越來越昂貴的藥物是我們感到非常自豪並很高興能做更多的事情。

And so each one of these categories is something that you have to think through and the modalities of purchase can be different.

因此，您必須仔細考慮每個類別，並且購買方式也可能有所不同。

You can sort of imagine easily what it looks like to use Affirm Card at a a restaurant versus a general merchandise store versus a specialty electronics store.

您可以輕鬆想像在餐廳、百貨公司和專業電子產品商店使用 Affirm Card 的感覺。

So those are the areas of possible impact and we are seeing -- at this point, the car is big enough where we can observe usage.

因此，這些都是可能受到影響的區域，我們看到——此時，汽車足夠大，我們可以觀察使用情況。

Find areas where conversion is not as high as it is in other and ask ourselves what can we do to improve the experience.

找到轉換率不如其他區域的地方，並問自己可以做些什麼來改善體驗。

But that's actually probably one of the areas that I'm most excited about and spending a lot of my time on trying to anticipate how can we improve conversion uptake in places where it's not as high as it can be.

但這實際上可能是我最興奮的領域之一，我花了很多時間試圖預測如何在轉換率不夠高的地方提高轉換率。

Vincent Caintic, BTIG.

文森特凱恩蒂克（Vincent Caintic），BTIG。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my questions.

感謝您回答我的問題。

Max, you spoke earlier about taking share in the US this quarter.

馬克斯，您之前談到了本季在美國佔據的份額。

And I think it's interesting when I contrast Affirm's strong growth and your RLTC margin versus some of the credit cards, for instance, that I cover providing maybe weaker 2025 guidance in GMV and calling for tighter credit underwriting.

我認為，當我將 Affirm 的強勁增長和 RLTC 利潤率與我所涵蓋的一些信用卡進行對比時，這很有趣，例如，它們提供的 2025 年 GMV 指導可能較弱，並呼籲更嚴格的信用承保。

I'm wondering what you're seeing in terms of being able to capture maybe even more share through the course of 2025.

我想知道您認為到 2025 年是否能夠佔據更多的份額。

Are you seeing opportunities with merchants and maybe different behaviors from customers as these other lenders pull back?

隨著其他貸款機構的退出，您是否看到了商家帶來的機會以及客戶行為的差異？

And what are you expecting?

您期待什麼？

How will this play out over the course of calendar 2025?

在 2025 年，這種情況將會如何發展？

Definitely not the easiest thing in a world to predict, right?

這絕對不是世界上最容易預測的事情，對吧？

These things are a little bit -- they're both slow moving and quite dynamic, especially as seen through the lens of things like credit reporting.

這些事情都有點——它們既緩慢發展又相當動態，特別是透過信用報告的角度來看。

Obviously, any time lenders pulled back in a credit card space at least is often related to their forward-looking view as it is about them dealing with mistakes of their path.

顯然，任何時候貸款機構在信用卡領域撤退至少通常與他們的前瞻性觀點有關，因為這與他們處理道路上的錯誤有關。

So any time somebody offers a conservative guidance on credit issuance, they may be speaking about their overall view of the consumer, thinking that people are going to spend less money or they're may be overextended.

因此，每當有人對信貸發放提出保守的指導時，他們可能正在談論他們對消費者的整體看法，認為人們將花更少的錢，或者他們可能會過度擴張。

But as often as not, they're also speaking to the fact that they overextended that consumer in their portfolio and are now dealing with having to average into reasonable yield and loss rates.

但很多時候，他們也在談論這樣一個事實，即他們在投資組合中過度押注了該消費者，現在必須平均獲得合理的收益和損失率。

Because of how our product works, we have much less of a concern in that damage.

由於我們的產品工作原理，我們不太擔心這種損害。

We underwrite every transaction, the typical term is much shorter.

我們承保每筆交易，通常期限要短得多。

We get to assess the consumers' financial health in the moment and do our best to help them.

我們會及時評估消費者的財務狀況並盡力幫助他們。

But if we think that they're sending themselves, the answer can't be, sure, just put it all that into the big bucket and revolve away.

但如果我們認為他們是在把自己送出去，那麼答案就不可能是，當然，只是把所有東西都放進大桶裡，然後旋轉走開。

So because we have this discipline and we try to extend it to our borrower, it's a lot easier for us to feel good about the state of the consumer, given our numbers, we're not apologizing for the mistakes of the past because the past looking.

因此，因為我們有這種紀律，我們試圖將它擴展到我們的借款人，所以我們更容易對消費者的狀況感到滿意，根據我們的數據，我們不會為過去的錯誤道歉，因為過去的情況就是這樣。

So I do think that as -- if the reports and the forecast are to be believed, some of these lenders will go back and we'll be there to help these customers because we should be.

因此我確實認為——如果報告和預測可信的話，一些放貸者將會回來，我們會幫助這些客戶，因為我們應該這樣做。

It's our job.

這是我們的職責。

Again, if I sound like I'm hesitating, it's not that I don't have the confidence in our ability, it's always very difficult to figure out what's going to happen next and we picked this business and the structure of our product specifically so that we can react very quickly to whatever macroeconomic wins might bring.

再說一次，如果我聽起來像是在猶豫，那並不是因為我對我們的能力沒有信心，而是我們總是很難弄清楚接下來會發生什麼，我們選擇了這項業務和我們的產品結構，以便我們能夠對宏觀經濟勝利可能帶來的任何結果做出快速反應。

Right now, US consumers really healthy.

目前，美國消費者確實很健康。

They're shopping.

他們正在購物。

They are paying their loans back.

他們正在償還貸款。

The economy is basically fully employed, which is really solid.

經濟基本上實現了充分就業，這確實很穩健。

We're not afraid of hire for longer because we've been able to operate at these rates quite successfully.

我們並不擔心租用時間延長，因為我們已經能夠以這樣的價格成功運作。

So everything was good.

所以一切都很好。

We'll continue lending because it seems like a really good business decision for us.

我們將繼續提供貸款，因為這對我們來說似乎是一個非常好的商業決策。

Should things change, we will be there to pull back smartly.

一旦情況發生變化，我們就會迅速撤退。

We don't grow based on credit.

我們的發展不依賴信貸。

We issue credit based on our needs to print healthy credit results for our capital partners.

我們按需發放信貸，為資本合作夥伴贏取健康的信貸成果。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

And actually, a follow-up on that.

事實上，這是對此的後續行動。

You said, for instance, you're not afraid of hire for longer.

例如，您說過，您不怕僱用時間更長。

It seems like every day we get some new macro or political use to think about whether it's the CFE director departure or tariffs or interest rates were higher for longer.

似乎每天我們都會看到一些新的宏觀或政治應用，去思考是否是歐洲期貨交易所董事離職，還是關稅或利率在較長時間內維持高位。

Wanted to get your thoughts on maybe what's important and impactful to Affirm from what's coming out of Washington.

想聽聽您的看法，就華盛頓發布的消息來看，哪些對 Affirm 來說是重要的、有影響力的。

I think we are sufficiently self-aware to know that we are on the receiving end of what's coming out of Washington.

我想我們有足夠的自我認知，知道華盛頓所採取的行動對我們造成了影響。

So our job is to help consumers buy and merchants sell and we're pretty good at that job.

因此，我們的工作是幫助消費者購買、幫助商家銷售，我們在這項工作上做得相當出色。

The rates don't says this and again, I think we've shown that we will thrive in any rate environment we've seen so far.

利率並沒有顯示這一點，而且我認為我們已經證明，無論在何種利率環境下，我們都能蓬勃發展。

Regulatorily, we have not help back nor do we expect to do something new and unnatural based on the administration because we are guided by a mission and a sense of right and wrong that's internal to who we are versus to what's on the latest headlines, and we'll continue lending, we'll continue not charging late fees and not compounding interest in ranging against deferred interest and things like that.

在監管方面，我們沒有得到任何幫助，也不期望根據管理情況做一些新的和不自然的事情，因為我們受到使命和是非觀念的引導，這是我們自身而不是最新頭條新聞所決定的，我們將繼續放貸，我們將繼續不收取滯納金，也不會對遞延利息和諸如此類的事情進行複利。

And so none of that is going to change and there's absolutely no need for us to reexamine any of our core values.

所以這一切都不會改變，我們也沒有必要重新檢視我們的任何核心價值。

Things like tariffs are super hard to predict, but they tend to have inflationary impact on the economy.

關稅等因素很難預測，但它們往往會對經濟產生通膨影響。

And when inflation was raging, we were there to help our customers afford things that they needed to buy and we'll continue to be there for them, et cetera.

當通貨膨脹肆虐時，我們會幫助我們的客戶負擔得起他們需要購買的東西，我們會繼續為他們提供服務等等。

So I think if I -- I don't mean to sound overly sanguine because every day is a new day and we keep our eyes and the on the dials hence, put them at a steering wheel.

所以我認為如果我——我並不是想聽起來過於樂觀，因為每一天都是新的一天，我們都會盯著儀表板，把它們放在方向盤上。

But we lend in Democratic and Republican administrations in red and blue states all the time and certainly have no plans to change any of that.

但是，我們一直在紅州和藍州支持民主黨和共和黨政府，絕對沒有計劃改變這一點。

John Hecht, Jefferies.

傑富瑞的約翰‧赫克特 (John Hecht)。

You did talk about some of the goals within the Card segment and debt.

您確實談到了信用卡部門和債務方面的一些目標。

But I guess what I'm wondering is, what have you learned so far when it comes to customer interaction and kind of overall RevPAR per customer when it comes to that product layered upon the Buy Now, Pay Later products that might have brought them into the network?

但我想知道的是，當談到客戶互動以及基於先買後付產品的每位客戶整體 RevPAR 時，您到目前為止了解到了什麼，這些產品可能會將他們帶入網絡？

I think I've said it before and it bears repeating, card is not in and of itself a booster to our usage.

我想我以前說過，而且值得重複一遍，卡本身並不能促進我們的使用。

It's a filter in a sense that people that will eventually become our best consumers, people that really buy into the value proposition of Affirm, the 0% deals, discounted APRs, the no fees like everything we stand for, if you opt into the card you're leaning into Affirm and choosing to become essentially what we think is going to be a lifetime relationship.

從某種意義上說，它是一種過濾器，最終會成為我們最佳消費者的人，真正接受 Affirm 價值主張的人，0% 優惠、折扣 APR、免費等我們所代表的一切，如果您選擇使用該卡，您就會傾向於 Affirm 並選擇成為我們認為的終身關係。

And so the card is this, do you want to embrace Affirm fully?

這張卡是這樣的，你想完全接受 Affirm 嗎？

Here it is.

這裡是。

Please go for it.

請努力吧。

And so I don't think it's for everyone, but it is our best customers choosing to do more with us.

因此，我認為它不適合所有人，但我們最好的客戶選擇與我們進行更多合作。

And the good news is that we have -- we see no shortage of those, and maybe eventually it will be just all of our customers, consumers that's an important thing.

好消息是，我們看到這些並不缺乏，也許最終這對我們所有的客戶、消費者來說都是一件重要的事情。

So as we look at the card stats, they're all staggeringly strong.

因此，當我們查看卡片統計數據時，我們會發現它們都非常強大。

It's our best economics.

這是我們最好的經濟學。

It's our best margin, it's our best engagement.

這是我們最好的利潤，也是我們最好的參與。

It's our best transactions per year.

這是我們每年最好的交易。

So all of that is really strong. but it's also not a surprise.

所以這一切都非常強大。但這也不足為奇。

It's not like, oh, we discovered that these card people are amazing.

這並不是說，哦，我們發現這些卡片人很了不起。

Like they were already on track to be our best customers.

就好像他們已經有望成為我們最好的客戶了。

Now they're just becoming our best customers that much faster.

現在他們正以更快的速度成為我們最好的客戶。

So I think that's an important background to understand about that consumer.

所以我認為這是了解消費者的重要背景。

We are leaning in very heavily into making sure that they never regret their choice.

我們竭盡全力確保他們永遠不會後悔自己的選擇。

So there will be more and more things to like about the card program. we have other variants of the products that are available in the carton mind.

因此，該卡計劃將會越來越受到人們的青睞。我們還有其他變體的產品可供您選擇。

We think we have another type of program to offer types of program to offer to folks that are slightly different than today's consumer that takes up the car.

我們認為，我們還有另一種類型的計劃可以提供給那些與今天的汽車消費者略有不同的人。

So the journey is just beginning.

旅程才剛開始。

There's many more things to build.

還有很多東西要建造。

But generally speaking, these are the best consumers.

但整體來說，這些都是最好的消費者。

We didn't necessarily know we have.

我們不一定知道我們擁有這個。

And as soon as they take up the card, we know they're here for a long time, and we're excited to serve them.

一旦他們拿起卡，我們就知道他們會在這裡很長時間，我們很高興為他們服務。

Okay.

好的。

That's very good context and helpful.

這是非常好的背景並且很有幫助。

Second question is related to expenses.

第二個問題與費用有關。

I mean you scaled a ton on expenses in the past year, especially the tech side and the G&A side. and now margins are better than I think anybody would have expected.

我的意思是，你在過去一年中大幅削減了開支，特別是技術方面和一般行政費用方面。現在利潤率比我想任何人預期的都要好。

How do we think about that trajectory of scaling in the next few quarters given the fact that margins are better, so you have an opportunity to reinvest maybe in some longer-term growth initiatives.

考慮到利潤率更高，我們如何看待未來幾季的擴張軌跡，因此您有機會對一些長期成長計畫進行再投資。

I guess just the question is how do we think about the trajectory of that scale?

我想問題只是我們如何看待這種規模的軌跡？

Yes.

是的。

Thanks for the question, John.

謝謝你的提問，約翰。

We have made investments, of course, to support launches like the UK, for example.

當然，我們已經進行了投資，以支持像英國這樣的國家的發射。

And so typically, what you'll find with Affirm is that the work that goes into getting a product or a program live happens several quarters before that product reaches public availability.

通常情況下，你會發現，在 Affirm 中，讓產品或程序上線所需的工作在該產品公開上市前的幾個季度就已完成。

So that was definitely the case with the UK.

英國的情況肯定也是如此。

I feel like we've done a really good job of investing ahead of these programs to make sure that we maintain really healthy growth rates in the medium and long term.

我覺得我們在這些項目之前的投資做得非常好，以確保我們在中長期保持真正健康的成長率。

I would also just say, I mean, it puts you to a couple of things.

我還想說，我的意思是，它會讓你做幾件事。

I mean the guide that we gave both for Q3 and Q4, you can see the implied non-GAAP operating expenses, they're pretty consistent with the level of spend that we had in the second quarter.

我的意思是，我們為第三季和第四季提供的指南，您可以看到隱含的非 GAAP 營運費用，它們與我們第二季的支出水準非常一致。

So in terms of the trajectory going forward, we do expect it to to be relatively flat from the Q2 levels.

因此，就未來的發展軌跡而言，我們確實預計它將與第二季度的水平相比相對持平。

There is a portion of our fixed operating expenses that is variable with transactions and/or GMV, just sort of general activity in the business.

我們的固定營運費用中有一部分會隨著交易和/或 GMV（即業務中的一般活動）的變化而變化。

So I think it does make sense that some of the operating expenses will scale a bit with GMV growth.

因此我認為部分營運費用隨著 GMV 成長而略有增加是有道理的。

So good spend.

真值得花。

We're happy to spend a bit more as the business grows to support customers and to make sure all of our infrastructure for the sites and for our merchants is up and running.

隨著業務的成長，我們很樂意多花一點錢來支援客戶並確保我們網站和商家的所有基礎設施都正常運作。

So yes, that's how we're thinking about it.

是的，我們就是這樣想的。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

I wanted to ask a little bit about durability of the funding cost improvements you're seeing.

我想問一下您所看到的融資成本改善的持久性。

Obviously, it's a good environment and you've made comments and demonstrated a firm's ability to improve loan sale execution and overall funding costs.

顯然，這是一個良好的環境，您已經發表了評論並展示了公司改善貸款銷售執行和整體融資成本的能力。

How much do you think what we're seeing today is structural?

您認為我們今天看到的情況有多少是結構性的？

In other words, what would carry through, through the next consumer recession or economic recession.

換句話說，什麼將會持續度過下一次消費衰退或經濟衰退。

How much is sort of cyclical sort of a sign of where we are currently in the economy?

這種週期性現像在多大程度上可以顯示我們目前的經濟狀況？

Yes.

是的。

I think humbly, we're definitely the beneficiaries of the market conditions.

我謙虛地認為，我們絕對是市場條件的受益者。

And so definitely can't.

所以絕對不能。

We can't ignore that the environment is very favorable for what we do.

我們不能忽視環境對我們所做的事情非常有利。

But we do think we're differentiated.

但我們確實認為我們是與眾不同的。

We think that the performance that we've been able to demonstrate on credit has really changed both the tone and depth of conversations with all stripes of capital partners, and we think that's very durable.

我們認為，我們在信貸方面所展現出的表現確實改變了與各類資本合作夥伴對話的基調和深度，而且我們認為這種變化非常持久。

The commitment we've made to our investors, both debt and equity around our focused execution on credit and our commitment to deliver against those commitments.

我們對我們的投資者（包括債務和股權投資者）所做的承諾都圍繞著我們專注於信貸的執行以及我們兌現這些承諾的承諾。

And job number 1 is, as Max always says, that commitment and the results that it generates that's who we are.

正如馬克斯常說的，我們的首要任務就是恪守承諾，並努力取得成果，這就是我們的本色。

It's how we're going to operate through any cycle, any macro volatility.

這是我們在任何週期、任何宏觀波動中的運作方式。

And what you're seeing right now is that kind of credit for the results that we're delivering, combined with the favorable market conditions resulting in just really excellent conditions for us execution-wise.

而您現在看到的是，我們所取得的成果與有利的市場條件相結合，為我們的執行創造了極其優越的條件。

And so it is the case that we're beneficiaries, but I don't want to be dismissive of the advantages that we get because of the good work, and we think that's pretty durable.

因此，我們是受益者，但我不想否認我們因為出色的工作而獲得的優勢，而且我們認為這種優勢是相當持久的。

Of course, I will note specifically in our fiscal Q2, we do benefit a little bit in terms of the average funding cost numbers that we show in our materials just from the timing of some originations.

當然，我要特別指出，在我們的第二財季，就我們在材料中顯示的平均融資成本數字而言，我們確實從一些發起的時間上受益匪淺。

And so I don't I wouldn't expect the calculation as we do it there to be the same in the future quarters.

因此，我並不期望我們在未來幾季進行的計算結果會是相同的。

But really, the fundamental trends, ignoring just kind of the math in the quarter, the fundamental trends are very real, and we think we can continue to sustain those.

但實際上，基本趨勢，忽略本季的數學計算，基本趨勢非常真實，我們認為我們可以繼續維持這些趨勢。

We get a question a lot about how much is actually just truly rate driven.

我們經常被問到，實際上有多少是真正由利率驅動的。

And I think we're not seeing any of the impact of rates right now in the business.

我認為我們目前還沒有看到利率對業務的任何影響。

And I think it's much more about spreads and credit execution and the overall capability of the asset.

我認為這更多是與利差、信貸執行以及資產的整體能力有關。

All right.

好的。

That's super helpful.

這非常有幫助。

And then, Max, if I could ask one on your baby, on the Affirm Card, which is performing very well.

然後，馬克斯，我是否可以就你的寶寶問一個關於 Affirm Card 的問題，這張卡表現得非常好。

I appreciate the comments on efforts to expand use cases.

我很欣賞對擴大用例的努力的評論。

And can you talk about sort of as a percentage, I know it's still early, but as a percentage of those 1.7 million card holders or so?

您能否談談具體百分比？

How many of those are sort of primary banking relationships for Affirm, I guess, as measured by direct deposit?

我想，以直接存款來衡量，其中有多少是 Affirm 的主要銀行關係？

I'm trying to get a sense of kind of what the lift is potentially there, too.

我也正在嘗試了解那裡可能存在的升力。

Not many right now.

目前還不多。

It's a, I guess good news, bad news.

我想，這是個好消息，也是個壞消息。

I'm not sure which one you're looking for, but there's plenty of room to to add to the services we offer to the consumer because majority of them do not really have a depository relationship with us.

我不確定您正在尋找哪一個，但是我們為消費者提供的服務還有很大的改進空間，因為大多數消費者實際上與我們並沒有存管關係。

We're not a bank.

我們不是銀行。

We're not particularly busy or engaged in gathering deposits from these consumers.

我們並不是特別忙於或致力於向這些消費者收取押金。

That said, the ones that are willing to trust us with some of their money, especially in a form of direct deposit, benefit from us understanding their total financial state that much better and their ability to borrow goes up.

也就是說，那些願意將部分資金信任給我們的人，尤其是以直接存款的形式，會因為我們更了解他們的整體財務狀況而受益，他們的借貸能力也會提高。

So it's a natural thing we do where we'll take your money if you'd like to deposit with us and we'll understand you that much better, and we'll be able to expand your access to credit with that understanding.

因此，如果您想在我們這裡存款，我們就會接受您的錢，這是我們很自然的事情，我們會更好地了解您，並且我們將能夠利用這種理解來擴大您的信貸管道。

So there's definitely more to do there, and we're a little bit remiss in updating the Street on the progress we're doing there, but that's going to change in the next few quarters.

因此，肯定還有很多事情要做，而且我們在向華爾街通報我們在這方面所取得的進展方面有些疏忽，但這種情況將在接下來的幾個季度內發生改變。

Timothy Chiodo, UBS.

瑞銀的提摩西‧奇奧多 (Timothy Chiodo)。

Often, investors look at the list of really, really strong partners that you have, obviously, Apple Amazon, Shopify, Walmart, Expedia.

通常，投資者會查看你擁有的非常非常強大的合作夥伴列表，顯然有 Apple、Amazon、Shopify、Walmart、Expedia。

It really doesn't get much better than that.

事實上，沒有比這更好的了。

And there's this question of who could be next.

還有一個問題：誰會是下一個。

And often, the answer is it's more the international opportunity with many of those large enterprise partners and customers.

通常，答案是，它更多的是與許多大型企業合作夥伴和客戶一起提供的國際機會。

And I realize you're likely not able to discuss your constructive discussions that you might be having with some of them.

我意識到您可能無法與他們中的一些人進行建設性的討論。

But if you could maybe just put some context around that opportunity in terms of if there are any limiting factors, if there's any maybe exclusive agreements or anything else that would preclude you from longer term being able to go outside the US with many of those in addition to the start you already have with Shopify?

但是，您能否介紹一下這個機會的背景，例如是否存在任何限制因素，是否存在任何獨家協議或其他任何因素，這些因素除了您已經在 Shopify 獲得的開端之外，還會妨礙您長期在美國以外開展業務？

I am sure I cannot speak to exact contracts and such, just because these things are understandably frequently confidential.

我確信我無法談論具體的合約等，因為這些事情通常都是機密的。

The short answer is I don't think this is -- or sorry, to flip it around, it is currently a target-rich environment, to use a military term.

簡短的回答是，我不認為這是——或者抱歉，反過來說，用軍事術語來說，目前這是一個目標豐富的環境。

I think we have lots of opportunity internationally, but also domestically, we're still not at 100% of e-commerce, and we aspire to get to dangerously close to that number.

我認為我們在國際上有很多機會，但在國內，我們的電子商務尚未達到 100％，我們渴望接近這個數字。

And we are on precious few offline checkouts, and we certainly aspire to be a meaningful player in both.

我們參與了為數不多的線下結帳業務，我們當然渴望在這兩方面都發揮重要作用。

Obviously, the card consumers benefit from Affirm online and offline because the card works just about anywhere Visa is accepted.

顯然，持卡人可以從 Affirm 的線上和線下受益，因為該卡幾乎可以在任何接受 Visa 的地方使用。

But there's more we can do there, and we will.

但我們還可以做更多，而且我們會盡力。

But internationally, the pipelines of our sales team are currently quite well filled, and we feel very good about a lot of the conversations we have.

但在國際上，我們銷售團隊的管道目前已經被填滿了，我們對許多對話感到非常滿意。

Yes.

是的。

And maybe I'd add a small thing.

也許我還要補充一點小東西。

I don't think we think there's anything that limits our ability to go get those relationships except we have to go get them.

我認為沒有什麼可以限制我們建立這些關係的能力，除非我們必須去建立這些關係。

And as much as we have really good relationships and do something really unique for those partners.

我們與合作夥伴之間有著良好的關係，並且為他們做了一些非常獨特的事情。

The reality is we're today really only live and disparately so in the UK, and there's lots of other geographies that they our partners are talking to us about going into.

現實情況是，我們目前實際上只在英國開展業務，而且我們的合作夥伴正在與我們討論進入許多其他地區。

So we have to get there.

所以我們必須到達那裡。

We have to get live.

我們必須繼續生活。

We have to prove that we can deliver the same experience we do in the US.

我們必須證明我們可以提供與美國相同的體驗。

But I would answer your question directly that there is no limiting factor in our ability to scale with those kind of partners everywhere.

但我可以直接回答你的問題，沒有任何因素限制我們與世界各地的這類合作夥伴擴大規模。

Jamie Friedman, Susquehanna.

薩斯奎哈納的傑米·弗里德曼。

Did you share what percentage of the GMV is now made up offline like face to face?

您有沒有分享一下現在 GMV 中有多少比例是來自離線交易（例如面對面交易）？

I don't think we break that out.

我認為我們不會打破這一點。

Okay.

好的。

So maybe we'll wait for that for a fewer time.

因此我們或許會等待更短的時間。

I wanted to ask about market share.

我想問一下市場佔有率。

So periodically, though, you do Max share your own observations about market share.

因此，您確實會定期與 Max 分享您對市場份額的觀察。

I think you had shared one, I don't know, six months ago.

我認為您曾經分享過一個，我不知道，六個月前。

Do you have that number now?

你現在有這個號碼嗎？

And if not, maybe qualitatively, if you could talk to how you saw a market share shift in the quarter?

如果沒有，那麼從定性角度來說，您能否談談您如何看待本季的市佔率變化？

Yes.

是的。

Why don't I grab that one.

我為什麼不抓住那個？

So we did not break it out quantitatively.

因此，我們沒有對其進行定量分析。

We do share our estimates from time to time.

我們確實會不時分享我們的估計。

As you probably know, it's a bit of a difficult number to pin down.

您可能知道，這個數字有點難以確定。

And that being said, we do believe we're taking share in this market.

話雖如此，我們確實相信我們會在這個市場上佔有一席之地。

We think we are the fastest growing of all of our large competitors.

我們認為，我們是所有大型競爭對手中成長最快的。

We think that we had real traction versus the competitors who break out their North American businesses, where we were able to grow much more quickly with them.

我們認為，與在北美業務上取得突破的競爭對手相比，我們具有真正的吸引力，能夠與他們一起更快成長。

I think it's a function of a number of factors, but not the least of which is is something I think Tim alluded to, which is when you partner with the best who have good holiday periods, you are the beneficiary of that in terms of market share.

我認為這是多種因素共同作用的結果，但其中最重要的因素是蒂姆提到的，那就是當你與擁有良好假期的最佳公司合作時，你在市場份額方面就會受益。

Our distribution really did help us quite a bit last quarter and I think stand out versus our competition in North America.

上個季度，我們的分銷確實對我們有很大幫助，我認為我們在北美的競爭中脫穎而出。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

Great.

偉大的。

I wanted to ask quickly -- and I appreciate you guys have answered a lot already, knowing your approach to these calls.

我想快速問一下——我很感激你們已經回答了很多問題，了解你們對這些電話的處理方式。

So I appreciate that. looking at the delinquency improvement in December, that seems to be seasonal and you expect to get some continued benefit through the tax return season or at least that would also be typical.

我很感激。從 12 月拖欠情況的改善來看，這似乎是季節性的，您希望在報稅季節獲得一些持續的利益，或者至少這也是典型的。

You've also been clear that you intend to increase risk exposure at least some, but how should we be thinking about your target high watermark for like a KPI like delinquency rate?

您也明確表示，您打算至少在一定程度上增加風險敞口，但我們應該如何考慮像拖欠率這樣的 KPI 的目標高水位呢？

And how much incremental GMV do you think you can unlock along the way to whatever that target is?

無論這個目標是什麼，您認為您可以在實現這一目標的過程中解鎖多少增量 GMV？

So probably bears to start by saying, the targets we look at internally for delinquencies, et cetera, are more than anything about our capital relationships.

因此，首先要說的是，我們內部關注的拖欠等目標最重要的是我們的資本關係。

Like we understand what our partners require of us to feel good.

就像我們了解我們的伴侶需要我們做什麼才能感覺良好一樣。

There are always two numbers, right?

總是有兩個數字，對嗎？

There's yield, either for us or for them, it doesn't matter.

無論對我們還是對他們來說，都有收益，這並不重要。

And then there's delinquencies and defaults that kind of the signal of safety uncertainty.

然後出現拖欠和違約等安全不確定性的訊號。

And both of those numbers are fundamentally determined by us and our partners in concert and in constant conversation.

這兩個數字從根本上都是由我們和我們的合作夥伴共同努力並經過不斷溝通而確定的。

And so we don't really think ever in terms of, hey, let's take a little more risk and grow a little bit more.

所以我們從來沒有真正想過，嘿，讓我們承擔更多的風險，獲得更多的成長。

The risk we take is determined by those conversations.

我們所承擔的風險取決於這些對話。

The settings are very clear.

設定非常清晰。

The conversations are entirely in the context of credit, frankly, because our capital partners just don't care how fast we grow.

坦白說，這些對話完全是在信貸背景下的，因為我們的資本合作夥伴並不關心我們的成長速度有多快。

They are here for the yield and for the safety of our returns and the stability of the numbers, full stop.

他們來這裡是為了收益、為了我們的回報安全和數字的穩定，僅此而已。

They don't care if we grew 35% or 25% so long as they're able to deploy capital successfully, they feel great about our stewardship of their money.

只要他們能夠成功部署資本，他們就不會在意我們的成長是 35％ 還是 25％，他們就會對我們對其資金的管理感到滿意。

And so that's that entirely independently of our growth.

這與我們的成長完全無關。

It's exactly how it should be.

事實確實如此。

I think many of the company got in trouble in the past by saying all we need to do to grow is just be a little bit looser with the credit standards.

我認為過去很多公司都陷入了困境，因為他們說，要發展，我們所需要做的就是稍微放鬆一下信用標準。

That's the first step down into the preverbal hell of bad credit management, and we won't let that ever happen here.

這是陷入不良信用管理地獄的第一步，我們絕對不會讓這種事情發生。

So you're totally right that there's a seasonality to credit improvements and you can see it in the typical supplement chart that we show as sort of the DQs fluctuate up and down as the year goes.

因此，您完全正確，信用改善具有季節性，您可以在我們顯示的典型補充圖表中看到這一點，因為 DQ 隨著時間的推移而上下波動。

We keep our hands on the wheel and we move that number up and down or approvals up and down based on what we're seeing in the numbers, how we feel the seasonality is going.

我們密切關注著形勢，根據我們看到的數字以及我們對季節性變化的感覺，不斷調整該數字或批准量。

Sometimes seasonality can be delayed, which is sort of this last year was a little bit weird in that sense.

有時季節性可能會延遲，從這個意義上來說，去年的情況有點奇怪。

But again, like the two are separate conversations.

但同樣，這兩次談話是分開的。

Our growth internally is a major topic and it's entirely in the context of what merchants can we do a grade 0% program with where can we get into checkout where we aren't, who can launch sooner, who wants to run a program in our app who wants to extend a 0% deal.

我們的內部成長是一個主要話題，它完全取決於我們可以與哪些商家一起實施 0% 級計劃，我們可以在哪裡進入我們沒有的地方結帳，誰可以更快地啟動，谁愿意在我們的應用程式上運行程序，谁愿意延長 0% 交易。

They ran through the holidays, all the way through January.

他們在整個假期一直奔跑，直到一月。

Those are growth initiatives that we really love and enjoy doing and pushing and selling and all that, it is never ever in the conversation that, oh, by the way, shouldn't we get a little bit looser with credit because that will help our growth.

這些都是我們真正熱愛並樂於做、推和銷售的成長計劃，我們從來沒有想過，順便說一句，我們是否應該在信貸方面稍微放鬆一點，因為這將有助於我們的成長。

Like the day that happens, I am feeling at my job, Libor is failing at his.

就像那一天發生的那樣，我感覺我的工作很糟糕，而 Libor 在他的工作中也失敗了。

Just does not happen.

根本就不會發生。

So I strongly encourage everyone to not contemplate the two in concert just because it creates a false correlation where there isn't one.

因此，我強烈建議大家不要同時考慮這兩者，因為這會在沒有相關性的地方產生錯誤的相關性。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would like to turn the conference back over to Zane for closing remarks.

我想將會議交還給 Zane 並請他作最後發言。

Well, thank you all for joining the call today.

好吧，感謝大家今天的電話會議。

We look forward to speaking with you all again next quarter.

我們期待下個季度再次與大家交談。

Talk to you then.

到時候再聊。

Thank you.

謝謝。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開您的線路，感謝您的參與。