Affirm Holdings Inc (AFRM) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to the Affirm Holdings first-quarter fiscal 2026 earnings call. (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.

午安.歡迎參加 Affirm Holdings 2026 財年第一季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音，會議結束後的一段合理時間內，您可以在我們的投資者關係網站上收聽會議錄音。

I'd like to turn the call over to Zane Keller, Head of Investor Relations. Thank you, and you may begin.

我謹將電話轉交給投資人關係主管贊恩‧凱勒。謝謝，你可以開始了。

Thank you, operator. Before we begin, I would like to remind everyone listening that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website. Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them, except as required by law.

謝謝接線生。在開始之前，我想提醒各位聽眾，今天的電話會議可能包含前瞻性陳述。這些前瞻性聲明受到許多風險和不確定因素的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定因素，這些文件可在我們的投資者關係網站上查閱。實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。這些前瞻性陳述僅代表截至今日的觀點，除法律要求外，本公司不承擔任何更新這些陳述的義務或意圖。

In addition, today's call may include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in our earnings supplement slide deck, which is available on our Investor Relations website.

此外，今天的電話會議可能包含非GAAP財務指標。這些措施應被視為對公認會計準則財務指標的補充，而不是替代。對於歷史非GAAP財務指標，與最直接可比較的GAAP指標的調節表可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, Affirms Chief Operating Officer; and Robert O'Hare, the firm's Chief Financial Officer. In line with our practice in prior quarters, we will begin with brief opening remarks from Max before proceeding immediately into your questions and answers.

今天與我一起主持電話會議的有：Affirm 的創辦人兼執行長 Max Levchin；Affirm 的營運長 Michael Linford；以及該公司的財務長 Robert O'Hare。按照我們前幾季的慣例，我們將首先由馬克斯作簡短的開場白，然後立即進入問答環節。

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

那麼，我將把通話交給馬克斯開始吧。

Thank you, Zane. As always, the better the quarter, the fewer the opening remarks, and this one was really great. So Actually, no, I have one piece of breaking news -- actual breaking news reports. Earlier this week, we extended our US agreement with Amazon for an additional five years through January 2021. We look forward to serving these customers going forward.

謝謝你，贊恩。一如既往，季度業績越好，開場白就越少，而這一季度的開場白真的非常精彩。所以，實際上，不，我有一條突發新聞——真正的突發新聞報道。本週早些時候，我們將與亞馬遜在美國的合作協議延長了五年，至 2021 年 1 月。我們期待未來繼續為這些客戶提供服務。

All right. Back to you, Zane.

好的。把機會交給你了，贊恩。

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

好的。謝謝你，馬克斯。接下來，我們將回答各位的問題。接線員，請接通我們的電話，我們第一個問題可以諮詢一下嗎？

(Operator Instructions)

（操作說明）

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great results. You've forgot one Chief fan, which is me, that's on the call. So guys, great quarter as always. Some companies are pointing towards the tricolor situation and are blaming that for poor execution in the funding markets, yet Affirm seems to be executing so well including that ABS deal that you just priced. So maybe any thoughts on what's happening in the funding market, and why you're still able to execute so well in the face of all these news. And great stuff again.

效果顯著。你漏掉了一位酋長隊的球迷，那就是我，我正在通話中。各位，和往常一樣，這個季度表現出色。有些公司將矛頭指向三色旗事件，並以此為由指責其在融資市場表現不佳，但 Affirm 的表現似乎非常出色，包括你剛剛定價的 ABS 交易。所以，您對目前的融資市場狀況有什麼看法？為什麼在所有這些新聞的影響下，您仍然能夠取得如此出色的業績？又是一部佳作。

Yeah. Thanks for the question. Yeah, we're really proud of our ability to execute in the ABS market and in the capital markets more broadly. We are expanding relationships with blue-chip for flow buyers, increasing their exposure to Affirm while continuing to scale our ABS program. I think, obviously, the performance of the asset is a major driver of the market's appetite for what we produce. What we produce is something very special and very unique, and it's highly valued in the debt capital markets.

是的。謝謝你的提問。是的，我們為自己在資產支持證券市場以及更廣泛的資本市場中的執行能力感到非常自豪。我們正在擴大與藍籌股買家的關係，增加他們對 Affirm 的參與度，同時繼續擴大我們的資產支持證券計劃。我認為，很顯然，資產表現是市場對我們產品需求的主要驅動因素。我們生產的產品非常特別，獨一無二，在債務資本市場中具有很高的價值。

And I'd be remiss if I didn't also call out our team. We have, I think, the best team in the world who does this every day in our ability to get in front of investors and make sure they understand what can be sometimes a complicated product and understand how it works and why our advantages are what they are, really does set us apart.

如果我不點名批評我們團隊，那就太失職了。我認為，我們擁有世界上最好的團隊，他們每天都在做這樣的工作：我們能夠與投資者溝通，確保他們理解我們有時可能很複雜的產品，理解它的運作方式，以及我們的優勢所在，這確實使我們脫穎而出。

Nate Svensen, Deutsche Bank.

內特‧斯文森，德意志銀行。

Nice results. I did want to ask about the PSP relationships. Obviously, you announced the Worldpay for platform signing. You had a nice little blurb in the letter on this. I think it would be helpful to hear a little bit more about how you're thinking about that PSP strategy holistically, what you're doing to expand those relationships, what we might expect to see in the future?

結果不錯。我確實想問關於PSP關係的問題。顯然，你們宣布了 Worldpay 平台簽約事宜。你在信裡寫了一小段關於這方面的介紹，寫得真好。我認為，如果您能更詳細地了解您是如何整體考慮支付服務提供者 (PSP) 策略的，您正在採取哪些措施來拓展這些關係，以及我們未來可能會看到什麼，將會很有幫助？

Thank you for the question. I think PSP is a really important channel for us. We are big fans of having lots of doors with Affirm logo on all of them, so that both the merchant and the consumer have their choice as to who they partner with who they walk through, and we will always be there to serve them. We had relationships we've announced and backed about in the past. This is just one of the recent ones that we signed in the quarter. So we felt the need to include it.

謝謝你的提問。我認為PSP對我們來說是一個非常重要的管道。我們非常喜歡在所有門上都印上 Affirm 的標誌，讓商家和消費者可以自由選擇與誰合作，而我們將始終為他們服務。我們過去曾公開宣布並支持一些合作關係。這只是我們本季簽下的眾多合約之一。因此我們覺得有必要把它加進去。

Probably kind of worth pointing out, most importantly, is really do help with the speed of integration. And so as a path to get on to more doors or into more merchants and sometimes even platforms within platforms, those -- that's what PSP relationships are. So could happen that's exactly what we try to accomplish there. It still requires us to execute on the front end, the consumer conversion has to be high. The approvals have to work, the credit has to perform. And so it's an important way to ensure we get there faster on integrations, but the products are no less and to develop and deliver that what we do with direct integrations.

值得一提的是，最重要的是，它確實有助於加快整合速度。因此，作為進入更多管道或更多商家，甚至進入平台內平台的途徑，這些途徑——這就是 PSP 關係。所以有可能會出現這種情況，而這正是我們努力想要實現的。這仍然需要我們在前端執行到位，消費者轉換率必須很高。審批流程必須有效，信貸必須發揮作用。因此，這是確保我們更快實現整合的重要途徑，但產品本身也毫不遜色，開發和交付產品的方式與我們透過直接整合的方式並無二致。

I don't know if Michael, you say.

我不知道麥可是不是…你說。

Yeah, a really small thing to add. Oftentimes, the platforms for us are the way we integrate more than they are the way we acquire sometimes it's also acquisition that happens there, but a pretty common mode is your top 100 e-commerce site and you leverage an existing platform partnership to get integrated.

是的，補充一點小內容。對我們來說，平台往往是我們整合業務的方式，而不是我們收購業務的方式。有時也會發生收購，但比較常見的模式是，你與排名前 100 名的電子商務網站建立現有的平台合作關係，從而實現整合。

We're still highly involved in the sale, highly involved in the configuration of the financing program is offered on that site. What's so important is our breadth of products requires and frankly, allows us to make more of those connections than what we think other people can do in the industry.

我們仍然深度參與銷售，並深入參與該網站提供的融資方案的配置。重要的是，我們廣泛的產品線要求（坦白說，也使我們能夠）建立比業內其他人所能建立的更多的聯繫。

Yeah. That's much more like what we said, what I was trying to say.

是的。這更接近我們之前說的，也是我想表達的意思。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

This is Cassie Chan on for Jason. I just wanted to ask or get a finer point on the RTC trend as a percentage of GMV. I mean First, can you just -- obviously, you guys had a really good quarter for that, around 4.2%. Can you just put a finer point in terms of why your full-year '26 guide is unchanged for that metric?

這裡是 Cassie Chan 為 Jason 報道。我只是想問一下，或者更詳細地了解 RTC 佔 GMV 的百分比趨勢。我的意思是，首先，你們能不能——顯然，你們本季業績非常好，成長了約 4.2%。您能否更詳細地解釋為什麼您2026年的全年指引在該指標上保持不變？

And based on your second quarter guide, you're expecting that to be like near 4%. So is it fair to assume that's decelerating in the back half of the year? And are there any particular factors that we should be looking for just because of that, i.e., is there a Walmart, higher 0%? Like, are those the factors that are contributing to those trends?

根據你們第二季的業績指引，預計這一數字將接近 4%。那麼，是否可以合理地假設下半年增速會放緩？那麼，是否有一些我們應該關注的特定因素，例如，沃爾瑪的利率是否更高（0%）？這些因素是造成這些趨勢的原因嗎？

I think most broadly, we're really focused on 4% being an upper bound for revenue less transaction cost take rates. And I think when we're running consistently above 4%, we're always looking for ways to make sure that we're doing everything we can to expand the network, either through incremental GMV or incremental reach with users and with merchants.

我認為總體而言，我們真正關注的是將 4% 作為扣除交易成本後的收入分成率的上限。我認為，當我們持續保持 4% 以上的成長率時，我們一直在尋找各種方法來確保我們盡一切努力來擴大網絡，無論是透過增加 GMV，還是透過增加用戶和商家的覆蓋範圍。

So I think it's really a philosophical target that we have that we stay pretty close to 4% on the high end. There will be puts and takes within given quarters just given different capital markets transactions and other sort of idiosyncratic things that can happen in a given quarter. But I think long term, we think 3% to 4% is the right range.

所以我認為，我們真正想要實現的理念是，將上限保持在 4% 左右。在特定季度內，由於不同的資本市場交易以及特定季度內可能發生的其他一些特殊情況，必然會出現買入和賣出的情況。但我認為從長遠來看，3%到4%是合適的範圍。

And right now, with the setup that we have and the product mix that we have, we have been fortunate to run slightly above 4%. But really, that goal is to make sure that we're maximizing growth and profitability. And so that's why 4% we think is the right target for this year.

而目前，憑藉我們現有的設備和產品組合，我們很幸運地實現了略高於 4% 的利潤率。但實際上，我們的目標是確保實現成長和獲利最大化。所以，這就是為什麼我們認為今年的合適目標是 4%。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I just wanted to ask, clearly, the data seems to be suggesting at least your data is that the spending environment for the consumer remains pretty da*n healthy. I know you called out sporting goods and outdoor and those kinds of things. But when you also look at the 30-day delinquency trends, it would just continue to suggest that they're relatively healthy.

我只是想問一下，很明顯，數據似乎顯示（至少你們的數據）消費者的消費環境仍然非常健康。我知道你提到了體育用品、戶外用品以及類似的東西。但如果你再看 30 天逾期率趨勢，你會發現情況仍然相對健康。

So the question really that I have is that a function more of natural selection for your underwriting and your technology that you're able to use per user? Or do you really think and see the overall health of kind of the less affluent consumer being as strong as what your data suggests.

所以我真正的問題是，你們的承保和技術是否更依賴自然選擇，以便為每個用戶提供服務？或者，您真的認為並看到，相對不那麼富裕的消費者的整體健康狀況像您的數據所顯示的那樣強勁嗎？

I would not call our underwriting practices a natural selection, just for the record. I think it's highly unnatural. It's very carefully constructed mathematically. We take a lot of pride in just how good it is. It's very hard to speak about kind of the broad universe in a sense that we're still a tiny, tiny percentage of spend. So it takes this with the greatest old. I'm sure soon enough, I'll be opining on the state of American Shopper on this TV show or another. And I always try to point out that we were still significant sample, but we're still a pretty tight sample.

需要說明的是，我不會把我們的承保做法稱為自然選擇。我覺得這非常不自然。它的數學結構非常嚴謹。我們為它的卓越品質感到非常自豪。很難從某種意義上說，在整個領域內，我們仍然只佔消費總額的一小部分。所以，這是和最古老的事物一起發生的。我相信不久之後，我就會在某個電視節目上對《美國購物者》的現狀發表看法了。我總是試著指出，我們的樣本仍然具有重要意義，但樣本量仍然相當小。

That's said, our consumer is borrowing, paying us back, shopping fairly healthily, et cetera. So generally speaking, everything you said is exactly as we see it. I have one factoid for you that may serve as a proof point that I probably know what I'm talking about. So we've been looking at data from government employees because of the shutdown to understand what it practically means for the ecosystem and us, in particular. And we do not see any loss of repayment. In other words, the delinquencies and defaults in that group are just fine like in line with the rest of the general population, but we see a few basis points of a demand slowdown.

也就是說，我們的消費者在藉貸、還款、購物等方面都相當健康等等。總的來說，你說的話和我們看到的完全一致。我有一個事實可以證明，我可能知道自己在說什麼。由於政府停擺，我們一直在研究政府員工的數據，以了解這對生態系統以及我們本身究竟意味著什麼。我們預計不會有任何還款損失。換句話說，該群體中的拖欠和違約情況與一般人群的情況一樣好，但我們看到需求放緩了幾個基點。

And given we're growing at 40% year over year, a couple of basis points is not a thing that I let sleep over, but actually very gratifying to know that a relatively small percent of the population, given that how small percentage we are of the overall commerce, we can still detect that with reasonable physical significance tells me that all the monitoring we're doing at the macro level to make sure that we don't miss some sort of a negative signal in the macro trends is going to be just fine. Like given this is a fairly small thing to notice, but we were able to ascertain it pretty clearly.

鑑於我們每年增長 40%，幾個基點的變化我並不在意，但令人欣慰的是，考慮到我們在整體商業中所佔比例很小，即使只佔人口的一小部分，我們仍然能夠以合理的物理意義檢測到這種變化，這說明我們在宏觀層面上所做的所有監測，以確保我們不會錯過宏觀趨勢中的任何負面信號，都是完全有效的。雖然這是一件很容易被注意到的小事，但我們還是能夠很清楚地確定這一點。

So right now, things are fine. We're looking all the time, but maybe a little bit more carefully right now.

所以目前一切都很好。我們一直在關注，但現在可能會更加仔細。

Harry Barlett, Rothschild & Co.

哈里·巴特利特，羅斯柴爾德公司

Nice quarter. I just want to touch on PSPs. I mean I just -- perhaps maybe you can talk about the economics here whether there's any difference between what you do with kind of direct merchant integrations when you're kind of enabled as default. And also, how are you thinking about PSP as part of your international expansion, whether this kind of accelerates that process.

不錯的街區。我只想簡單談談PSP。我的意思是，或許你可以談談這裡的經濟效益，當你預設啟用直接商家整合時，你所做的操作與你現在所做的操作之間是否存在任何差異。另外，您如何看待 PSP 作為您國際擴張的一部分，它是否會加速這一進程？

Sure. Maybe on the first point, just around economics, I would say these end up being typically bespoke negotiations between us and the platform. And so it's hard to sort of encapsulate them in a single sentence or two. I think they're more different than they are similar, and we don't really want to get into the specifics of commercial deals here.

當然。或許關於第一點，僅就經濟方面而言，我認為這些最終通常會成為我們與平台之間量身定制的談判。因此，很難用一兩句話來概括它們。我認為它們之間的差異大於相似之處，我們也不想在這裡深入探討商業交易的具體細節。

In terms of expanding internationally, I mean, I think yeah, obviously, Shopify in a lot of ways, it has been a huge distribution partner for us and really helps us access the long tail of smaller merchants in a really efficient and profitable way. So that's obviously a very key part of our international expansion. I'm not sure if you would count them as a PSP or not, but I think they bring a lot of the same benefits that we see with some of the PSP partnerships that we also have.

就國際擴張而言，我的意思是，是的，顯然，Shopify 在許多方面都是我們重要的分銷合作夥伴，它確實幫助我們以非常高效和盈利的方式接觸到大量的小型商家。所以這顯然是我們國際擴張的關鍵組成部分。我不確定你是否會把它們算作支付服務提供者 (PSP)，但我認為它們帶來了與我們一些支付服務提供者合作夥伴關係中看到的許多相同的好處。

Moshe Orenbuch, TD Cohen.

莫舍·奧倫布赫，TD·科恩。

Great. So very gratifying another 0.5 million Affirm card members in the quarter. Could you talk a little bit about what the factors are that drive how rapidly that can penetrate. And maybe since you did mention that you're testing cash flow underwriting, what kind of impact that could have on your ability to approve transactions and see growth in volume per card?

偉大的。本季新增 50 萬 Affirm 卡會員，真是令人欣慰。能否談談影響其滲透速度的因素有哪些？既然您提到您正在測試現金流承保，那麼這會對您批准交易的能力以及每張卡的交易量增長產生什麼樣的影響呢？

Certainly, we'll try to avoid prognosticating about just how huge this whole thing can be. But obviously, it might be very child at least right now. Cash flow underwriting is really helpful for younger consumers and just folks who are kind of overlooked by the rest of the ecosystem, it's not to be confused for necessarily at least going deeper into the credit stack.

當然，我們會盡量避免預測這件事最終會發展到何種規模。但很顯然，至少現在看來，它可能還很幼稚。現金流承保對年輕消費者和那些被其他信貸機構忽視的人真的很有幫助，但這並不意味著一定要更深入地了解信貸體系。

Obviously, traditionally, it's used for moving folks that you really cannot get against signal from the basics of their credit file, but that's both true typically for slightly older consumers in a lower credit strata, but really pronouncedly true for the younger millennials and Gen Z. They typically refuse to borrow on average fee to borrow more on credit cards. And so a perfect customer for us on the flip side, don't borrow enough, therefore, very hard to read anything from profile. And so this is just a good unlock.

顯然，傳統上，信用卡被用來幫助那些信用記錄基本資訊無法有效識別的人群，但這通常適用於信用等級較低的年長消費者，但對於年輕的千禧世代和Z世代來說尤其如此。他們通常不願意支付高額費用就去用信用卡借更多錢。因此，對我們來說完美的客戶，另一方面，借款量不夠，因此很難從個人資料中看出任何資訊。所以這只是一次不錯的解鎖。

So do we think it's going to help us grow a little bit early days, so I don't want to put a number on it, but unlock. The growth of card is regulated by a couple of factors or willingness to market it. So first of all, it's entirely marketed internally. I've said it 100 times, but that is repeating like we've spent no time marketing it outside Affirm repeat customer, which gives us a little bit of advantage in figuring out who might be the perfect customer for this thing.

所以我們認為這會幫助我們在早期階段取得一些發展，因此我不想給出一個具體的數字，但解鎖。卡片的成長受多種因素或市場推廣意願的影響。首先，它完全是在內部進行市場推廣。我已經說過 100 遍了，但這就像我們沒有花時間在 Affirm 的老客戶之外進行市場推廣一樣，這讓我們在弄清楚誰可能是這款產品的完美客戶方面略佔優勢。

We're still not really driving it full thrust, not because we don't want to not because we don't care, but because we've been just very, very deliberate about opening it to many segments of our users, including some of the slightly lower credit quality. So we've maintained slightly higher credit quality in the card on average.

我們仍然沒有全力推進這項服務，不是因為我們不想做，也不是因為我們不在乎，而是因為我們一直非常謹慎地向許多用戶群體開放這項服務，包括一些信用品質稍低的用戶。因此，我們平均而言保持了較高的信用卡信用品質。

As we get more comfortable with our ability to underwrite everyone for this -- at this point, it's not a new product for us, but it's so much newer than the rest of the system. As we get better and better underwriting, more confidence with many cohorts, and these things do take quarters and years, we will continue marketing it to the general population. At the limit, we expect the card to be a thing that will offer to every single user we've acquired at the point of sale and elsewhere with some modulation of the product itself some of the new stuff that we haven't really shown yet is just various features within the card that make it more suitable for this or that segment of consumer.

隨著我們越來越有信心為所有人提供承保——目前，這對我們來說並不是一個新產品，但它比系統的其他部分要新得多。隨著我們的承保能力越來越強，對更多群體越來越有信心（這些都需要幾個季度甚至幾年的時間），我們將繼續向大眾推廣該產品。最終，我們希望這張卡能夠為我們在銷售點和其他地方獲得的每一位用戶提供一些產品本身的改進，一些我們尚未真正展示的新功能只是卡內的各種特性，使其更適合特定或特定消費群體。

So I'm pretty excited about that. But generally speaking, I would look at the current active base and sort of the overall file of consumers we have and use that as the natural limit of how big the card will be. We certainly want it to be the preferred way of interacting with our product.

所以我對此感到非常興奮。但總的來說，我會查看目前的活躍用戶群以及我們擁有的消費者總數，並以此作為確定信用卡規模的自然上限。我們當然希望它成為用戶與我們產品互動的首選方式。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Nice to see the Amazon agreement extended, including HP, there's only a brief description in there. So I was just wondering if you could give us some more color on that extension broadly, how that conversation progressed. And anything new or interesting that might have come out of the new agreement?

很高興看到亞馬遜的合作協議得以延長，惠普也包括在內，不過協議內容只有簡短的描述。所以我想知道您能否更詳細地介紹一下這次延期，以及那次談話是如何進行的。新協議中是否有任何新的或有趣的內容？

I think the biggest thing is that we are going to be able to continue to work with them over the next five years. That's a pretty long-term commitment from both the companies. I think we both are really happy with the service we provide to those consumers and the value they get out of it. I know we are. And that's really the biggest thing for us. And I think the conversation around renewals and ongoing for the better part of the year, and we're just really happy to have this behind us and focus on serving consumers now.

我認為最重要的是，我們將能夠在未來五年內繼續與他們合作。這是兩家公司做出的相當長期的承諾。我認為我們倆都對我們為消費者提供的服務以及他們從中獲得的價值感到非常滿意。我知道我們是。這對我們來說才是最重要的。我認為關於續約的討論已經持續了大半年，我們很高興終於結束了這場討論，現在可以專注於服務消費者了。

Okay. And then the slide 16 with the merchant fee rates. It does look like that the core 0% longer-term rates or the yellow line the only one that's trending a little bit lower the last few quarters. Could you just give us some more color on what's going on there?

好的。然後是第 16 張投影片，其中列出了商家手續費率。看起來，核心的 0% 長期利率（黃線）是過去幾季唯一呈下降趨勢的利率。能再詳細說說那裡發生了什麼事嗎？

We did make an adjustment to a single merchants program that was a very high proportion of 0% loans and very long-dated as well. So I think that's a pretty one-off adjustment that happened in the book but with a pretty significant merchant.

我們對一項針對單一商家的貸款計劃進行了調整，該計劃中 0% 利率貸款的比例非常高，而且貸款期限也很長。所以我認為這只是書中發生的一次性調整，但涉及一位非常重要的商人。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Okay. Great. Roughly half of the GMV growth this quarter came from direct point-of-sale merchant integrations and one-third from direct to consumer. So just wondering how you see that mix evolving through the next few quarters, particularly as wallet partners scale. Nice job on the quarter.

好的。偉大的。本季 GMV 成長中約有一半來自直接銷售點商家集成，三分之一來自直接面向消費者。所以我想知道您如何看待未來幾季這種組合的發展趨勢，尤其是在錢包合作夥伴規模擴大的情況下。這季度表現不錯。

Thank you. I said it before and I'll repeat again, we love every door where Affirm logo is visible, but we want to leave the choice of the wallet, the type of checkout to the end consumer and to some extent, to the merchant. But our job is to be available everywhere. That's why we integrate with every wallet basically out there and certainly love our direct regressions.

謝謝。我之前說過，現在再說一遍，我們喜歡所有能看到 Affirm 標誌的門，但我們希望將錢包的選擇權、結帳方式的選擇權留給最終消費者，並在某種程度上留給商家。但我們的工作就是隨時隨地都能聯絡我們。這就是為什麼我們幾乎與市面上所有錢包都進行了集成，而且我們非常喜歡我們的直接回歸功能。

I think we have been on the shape of our focus on direct-to-consumer products for quite some time. The cards obviously is a really important piece of the ecosystem but also our app has served both as a way to plan loans and in addition to sourcing them obviously, but also increasingly so as a promotional service for our merchant partners to advertise their reduced APRs or 0% APRs. Hopefully, some of you saw we ran a major three-day promo which we should have called the Big nothing Day, but I got over old and that was called zero days, and we'll find out what that is named next time.

我認為我們已經有一段時間專注於直接面向消費者的產品了。信用卡顯然是生態系統中非常重要的一部分，但我們的應用程式不僅可以用於規劃貸款，還可以用於尋找貸款，而且越來越像是促銷服務平台，供我們的商家合作夥伴宣傳其降低的年利率或 0% 年利率。希望你們中的一些人看到了我們開展了一項為期三天的大型促銷活動，我們本應該稱之為“大空無日”，但我年紀大了，它被叫做“零日”，下次我們再看看它叫什麼。

But either way, it was a extra gains a really, really great 0% offers by our many, many merchant partners. And so that growth, I don't think we're quoting it in the letter explicitly but we're putting a fair amount of wood behind that ball. And so we'll continue doing so. I wouldn't be prepared to tell you the new breakdown X quarters from now, but we're certainly very much investing in engaging our consumers directly in every manageable way, and they'll need both more events like the Big nothing. And new products and new features as well.

但無論如何，我們眾多商家合作夥伴都為我們帶來了額外的收益，包括非常非常棒的 0% 優惠。所以，雖然我們在信中沒有明確提及這種成長，但我們正在為此投入大量精力。所以我們會繼續這樣做。我現在還無法告訴你 X 個季度後的具體細分情況，但我們肯定會投入大量資源，以各種可行的方式直接與消費者互動，而他們也需要更多像「大虛無」這樣的活動。還有新產品和新功能。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I wanted to follow up just on that 0%. I mean, first, I guess, is -- but they were very interesting statistics in the release about the FICO uplift you see when new Affirm users that Affirm users that land initially with 0%. I'd love to hear how you think about how aggressively you intend to lean in there? And what you think the mix of 0% can be over a multiyear period?

我只想跟進一下那個 0%。我的意思是，首先，我想是——但發布會上有一些非常有趣的統計數據，關於新 Affirm 用戶（最初信用評分為 0%）的 FICO 提升情況。我很想聽聽你打算以多大的力度介入這件事？那麼，你認為在多年時間內，0%的比例會是什麼樣的呢？

And also, just anything you can share from you're zero days learning and kind of what the -- we noticed that you'd held it, but kind of what was the intentions there? And what are we trying to drive, et cetera?

另外，您能否分享一下您在零日學習期間的經歷，以及—我們注意到您舉辦過零日學習，但您的初衷是什麼？我們究竟想要推動什麼，等等？

I'll start, but I'm confident my compatriots here have opinions and versions of sort of their own. So a big part of what makes the Affirm network unique, because we know what is being sold a lot of the time, all the way down to not just the skew but the color, certainly, we know the price and what's in the basket and all sorts of good stuff like that. And so being able to figure out how to target the right financial offer for the end borrower with OLED information is really powerful. And being able to bring that value in a differentiated way to the merchant as a promotional mechanism that is uniquely tailored to each borrower as they see in a firm checkout, is just a really, really efficient way of driving new sales for retailers.

我先來，但我相信我的同胞們也有他們自己的見解和版本。因此，Affirm 網路之所以獨特，很大程度上是因為我們經常知道正在銷售什麼，不僅知道商品的傾斜度，還知道顏色，當然，我們知道價格、購物籃裡有什麼以及各種各樣的好東西。因此，能夠利用 OLED 資訊來確定如何為最終借款人提供合適的金融方案是非常強大的。能夠以差異化的方式將這種價值帶給商家，作為一種促銷機制，這種機制可以根據每個借款人的獨特需求量身定制，就像他們在實體店結帳時看到的那樣，這是一種非常非常有效的推動零售商新銷售的方式。

And so I'll give a sort of -- I wouldn't go I can train answer, but it's sort of the other side of the coin. I think the answer you may be looking for is what do we do with consumers and I'm happy to talk to that. And some of the obvious deals attract higher credit quality. There's plenty of positive self selection. We saw exactly what you might expect there. I'm sure I don't remember the exact FICO drift upwards we saw, but it was there. All the things.

所以我會給出一種——我不會說我可以訓練答案，但這算是硬幣的另一面。我想您可能想問的答案是，我們該如何對待消費者，我很樂意討論這個問題。而一些顯而易見的交易會吸引更高信用等級的買家。有很多正向的自我選擇。我們看到的情況和你預想的完全一樣。我肯定記不清我們看到的 FICO 信用評分上升的具體幅度了，但它確實存在。所有的一切。

We saw increased activity in the consumer side, et cetera, cetera. I haven't talked to that at length as well. But maybe the most important purpose behind Big nothing Days. I'm going to keep calling them that until people get used to it. It was called zero days. But I just -- I love -- Michael, by the way, the perpetrator Big nothing then I think it's like maybe the best thing that we come up with.

我們看到消費者方面的活動增加，等等。我也沒有就此進行深入討論。但或許《虛無之日》背後最重要的目的在於…我會一直這麼稱呼他們，直到大家習慣為止。它被稱為零日漏洞。但我只是——我愛——順便說一句，邁克爾，那個罪魁禍首，我覺得這可能是我們能想到的最好的事情了。

But the reason we were so excited about it and we saw everything we really wanted to see letter from the participating proof to the ecosystem that Affirm can do more than just fulfill the demand at the very bottom of the funnel, driving awareness about merchants offering these deals to commit Affirm users on the card through all the wallet integrations we have, et cetera, et cetera.

但我們如此興奮的原因，以及我們從參與者的證明信中看到的一切，都表明 Affirm 不僅可以滿足漏斗底部的需求，還可以透過我們所有的錢包整合等方式，提高商家對這些優惠的認知度，從而讓更多 Affirm 用戶使用該卡。

We wanted to demonstrate that we can move the needle for the merchant ecosystem by deploying their essentially marketing dollars in the most targeted way possible. And this is this quarter's action not last. So we'll package it up and give you a full view of what happened, but we accomplished those goals and then some. It was a great success on many fronts. From my point of view, the most important one was the value of these custom direct deals with merchants where they let us have a little bit more of their margin as they pursue targeted, highly efficient promotions has worked, and we intend to do it again and again and again.

我們想證明，透過以最有針對性的方式部署商家的行銷資金，我們可以為商家生態系統帶來改變。而且這只是本季的行動，並非最後一次。所以我們會把事情經過整理好，讓大家全面了解情況，但我們不僅實現了這些目標，而且還超出了預期。它在許多方面都取得了巨大成功。在我看來，最重要的是與商家達成的這些客製化直接交易的價值，他們允許我們獲得更多利潤，同時開展有針對性、高效的促銷活動，這種做法已經奏效，我們將一次又一次地這樣做。

Two things to add, how aggressively we want to lean in vary. We've been talking about this for quite a while. You should expect us to continue to lean in here very heavily. We think this is a really important part of rounding out the consumer value proposition in the network.

需要補充兩點，我們想要積極參與的程度因人而異。我們已經討論這個問題很久了。你們應該預料到我們會繼續大力投入這項工作。我們認為這是完善網路中消費者價值主張的一個非常重要的組成部分。

And second, this is worth repeating over and over again. The reason we are a bit tongue in cheek with the name of things like the Big nothing is because our 0% loans do not have anything else in them. There are no late fees, there's no reminder fees. There's no SNUs fees. We're the only person who can stand up to an offer with the level of approvals that we do, an honest and true transparent offering that's a very unique thing, and we're big fans of doing more of the thing that you're best positioned uniquely able to do, and this is that.

其次，這一點值得一再強調。我們之所以用「大無」之類的名字來開玩笑，是因為我們的 0% 利率貸款不包含任何其他內容。沒有滯納金，也沒有提醒費。沒有SNU費用。我們是唯一一家能夠以我們這樣的審批水平來應對報價的公司，我們提供的是誠實、真實、透明的報價，這非常獨特。我們非常支持你去做你最擅長的事情，而這就是你最擅長的事情。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Good quarter. I don't think you guys disclosed as much on AOV as you used to, and maybe it's not as important of a factor. But I'm wondering -- I know the transaction count per customer is up pretty meaningfully year over year. I'm wondering if you can just talk about kind of the interaction types, our -- the characteristics of the transaction is changing.

本季表現不錯。我認為你們現在披露的平均訂單價值（AOV）資訊不如以前多了，也許它不再是一個那麼重要的因素了。但我很疑惑——我知道每位顧客的交易筆數同比有相當大的增長。我想請您談談互動類型，以及交易的特徵正在改變。

Have they been consistent? I remember a couple of years back, you were talking about how for instance, groceries was a growing element of what the customers are using. Any trends there that are worth just pointing out?

他們一直都這樣做嗎？我記得幾年前，你曾談到，例如，食品雜貨是顧客使用物品中一個日益重要的組成部分。有哪些值得一提的趨勢嗎？

I don't think we're there's definitely everything to hide on the AOVs and I think it's there. If you going page 7 of the supplement, correctly, down a little bit quarter over quarter, but last quarter to the one before was a little bit up, and it's all hovering in the $270, $260 range. So it's trended down a little bit over the last, call it, two, three fiscal years, mostly as we expanded into lower AOV -- naturally lower AOV areas.

我不認為我們已經掌握了所有關於AOV的信息，而且我認為這些信息確實存在。如果你翻到增刊第 7 頁，你會發現，與上一季相比略有下降，但上一季與前一季相比略有上升，目前都在 270 美元到 260 美元之間徘徊。因此，在過去的兩到三個財政年度裡，它的趨勢略有下降，主要是因為我們擴展到了 AOV 較低的地區——自然而然地，AOV 較低的地區。

This particular quarter, as I was sort of eyeballing the results for, frankly, talking points to the media, I saw that we saw some better growth than maybe I expected in things like apparel and beauty products, which tend to skew slightly lower AOV. And so that's -- the puts and takes of the AOV is always a consequence of which industries are experiencing growth and also fashion and beauty grew 30% in the quarter.

本季度，我當時正在仔細查看業績，坦白說是為了給媒體一些談資。我發現，在服裝和美容產品等領域，我們的成長比我預期的要好一些，而這些領域的平均訂單價值往往略低。因此，AOV 的漲跌始終是哪些行業正在經歷成長的結果，而時尚和美容行業在本季度增長了 30%。

It's also in to supplement page 10. So that's where the mix changes entirely based on which consumer shopping trend is premier.

它也包含在第 10 頁的補充說明中。因此，根據哪種消費購物趨勢占主導地位，產品組合會發生徹底變化。

And I think the question behind the question is really around what's the share spend we're capturing with consumers. And with pretty stable AOVs and pretty meaningful growth and frequency, we feel really good that we're taking more meaningful share of consumer spending.

我認為這個問題背後的真正問題是，我們從消費者那裡獲得了多少份額的支出。由於平均訂單價值 (AOV) 相當穩定，且成長和購買頻率都相當顯著，我們感到非常欣慰，因為我們正在獲得消費者支出中更有意義的份額。

We see that obviously mostly like the best example of that is the card, but we're seeing that even on the consumers who tend to use us, not through the direct-to-consumer channels, but through the other channels. And that's a really healthy sign for the resilience of the network and the loyalty that consumers are giving us.

我們看到，最明顯的例子就是信用卡，但我們也看到，即使是那些傾向於使用我們服務的消費者，不是透過直接面向消費者的管道，而是透過其他管道，也存在這種情況。這對於網路韌性和消費者對我們的忠誠度來說，是一個非常健康的跡象。

Jeff Cantwell, Seaport Research.

Jeff Cantwell，Seaport Research。

Most might have been asked. Wanted to ask you, can you maybe talk about your operating margins. The full-year guide now more than 7.5%. Last quarter, you guided the full year is more than 6%. So that's coming up.

大多數人可能都被問過這個問題。我想問一下，能否談談貴公司的營業利益率？全年指引值目前超過 7.5%。上個季度，您預測全年成長率將超過 6%。所以接下來就該談到這一點了。

My question is, where is the additional operating leverage coming from? What are you leaning into there? And then just wanted to ask you one on the expenses. Do you mind giving us a feel for what to expect for G&A sales and marketing type of data analytics? And how does it look over the remainder of the year? I just want to make sure we have them right in our models.

我的問題是，額外的經營槓桿來自哪裡？你傾向哪一方面？然後我還想問你一個關於費用方面的問題。您能否簡單介紹一下一般及行政管理銷售和行銷類型的資料分析大概會是什麼樣的？那麼今年剩餘時間的情況如何呢？我只是想確保我們的模型中這些數據是正確的。

Yes. Thanks for the question. I mean, in terms of where the operating leverage coming from really, it's a function of growth. You'll notice in our updated FY26 outlook, we are taking revenue less transaction cost dollars up, and so those incremental dollars, a good portion of them are flowing down to the operating income line. And really, that's driving the leverage that you're seeing and the updated outlook. It's really not a function of any sort of cost cutting or anything else in the OpEx space. It's really a function of growth, which we think is a really healthy way to grow. And it's been a key driver for us over the last couple of years now as we've driven pretty incredible operating leverage.

是的。謝謝你的提問。我的意思是，就經營槓桿的真正來源而言，它取決於成長。您會注意到，在我們更新的 2026 財年展望中，我們將收入減去交易成本後的金額上調，因此，這些新增金額中的很大一部分都計入了營業收入。而這其實正是你所看到的槓桿效應和更新後的前景的驅動因素。這真的與任何形式的成本削減或其他營運支出方面的問題無關。這其實是成長的必然結果，我們認為這是一種非常健康的成長方式。在過去幾年裡，它一直是我們的關鍵驅動力，因為我們實現了相當驚人的營運槓桿。

We typically stop short of giving details around the various OpEx lines individually. We'd like to just guide to a margin. There can be opportunities that arise for investments over the course of a year. So we typically haven't steered folks towards targets for those line items and we're not going to start this quarter.

我們通常不會單獨提供各個營運支出項目的詳細資訊。我們只想引導到一定的利潤空間。一年中可能會出現投資機會。因此，我們通常不會引導大家設定這些專案的目標，而且本季我們也不會開始這麼做。

Got it. give a shot. The related one, on your GMV in Q2, the guidance range there, it's $13 billion to $13.3 billion. There's a lot of moving pieces to the business. So just a follow-up to Adam's question. Maybe talk a little bit more about the GMP guide and how that might break out in terms of contribution from interest-bearing versus Corex versus NX, et cetera. Where you're seeing growth the strongest right now as you think about the volumes this quarter? And any further thoughts on the remainder to would be great as well.

明白了。試試看。關於您第二季的GMV，給出的預期範圍是130億美元至133億美元。這個行業涉及很多環節。這是對亞當問題的後續問題。或許可以再多談談 GMP 指南，以及它在計息、Corex、NX 等各方面的貢獻是如何細分的。考慮到本季的銷量，您認為目前成長最強勁的領域是什麼？對於剩餘部分，也歡迎大家提出任何想法。

Yeah. We really, again, haven't gone into those details typically. I would say, obviously, we're talking a lot about leaning into 0% here on this call. We ran the 0% promotional days. So expect that 0% monthly installment loans continues to be our fastest-growing loan product. That's been true for a couple of quarters now. And so I think we would expect those trends to continue.

是的。我們通常不會深入探討這些細節。顯然，在這次電話會議上，我們主要討論的是盡可能接近 0% 的利率。我們進行了0%折扣促銷活動。因此，預計 0% 月供貸款仍將是我們成長最快的貸款產品。這種情況已經持續了兩個季度了。所以我認為這些趨勢還會持續下去。

Zachary Gunn, FT Partners.

Zachary Gunn，FT Partners。

So I just wanted to ask on the product side. So we've seen some earned wage access companies talk about pushing in the BNPL, and that it's a very logical area given the amount of overlap they see with customers using EWA and BNPL. And just given the focus and traction that you all have with the firm card and these kind of consumer products, was there a world where a firm could look at EWA as a potential product down the road? Or just curious if that's on the road map or something that's been thought about at all.

所以我只是想問一下產品方面的問題。所以我們看到一些預支工資公司正在討論推廣先買後付 (BNPL) 服務，考慮到他們發現使用預支工資和先買後付的客戶有很多重疊，這是一個非常合乎邏輯的領域。鑑於你們在公司信用卡和這類消費產品方面所取得的成就和進展，未來是否有可能出現公司將 EWA 視為潛在產品的情況？或者只是好奇這是否在計劃之中，或者是否曾經考慮過。

I've learned the hard way to not pre-announce products on these calls. They tend to take longer than I want them to. And so I'll stop myself short of any pre-announcements. I do think that we have a relatively durable moat in terms of both the data and the process of building lending products. I think the only way to access is the form of lending but it typically average is something like eight days, if I remember correctly.

我從慘痛的教訓中吸取了教訓，以後不應該在這些電話會議上預先宣布產品資訊。它們往往比我預想的要花費更長時間。因此，我不會提前發布任何公告。我認為，無論從數據或貸款產品開發流程來看，我們都擁有相對穩固的競爭優勢。我認為獲得貸款的唯一途徑是藉貸，但如果我沒記錯的話，平均需要八天左右。

And so it's a slightly less complicated problems you're lending at no interest, no late fees and no other forms of revenue other than merchant discount over 36 months, you better be pretty sure you know what you're doing to say nothing of access to capital and balance sheet management. So I think we're relatively safe from that cohort of competition.

因此，這是一個稍微簡單一些的問題：你以零利率、零滯納金、除商家折扣外沒有其他收入來源的方式借出 36 個月的貸款，你最好非常確定自己知道在做什麼，更不用說獲得資金和資產負債表管理了。所以我覺得我們相對來說不會受到那類競爭對手的影響。

But we certainly -- I mean, I refer you to our stated mission, which has been the same for 15 years, and that is to build honest financial products that improve lives. We will not short the option of building any financial products over the course of our hopefully a very long lifetime. So watch the space, we'll announce fund things at some point, soon.

但我們當然——我的意思是，請您參考我們15年來始終如一的既定使命，那就是打造能夠改善人們生活的誠實金融產品。在我們希望能夠擁有的漫長人生中，我們絕對不會錯過建構任何金融產品的選擇權。請關注，我們將在不久的將來公佈資金相關事宜。

Joel Rakers, William Blair.

喬爾·雷克斯，威廉·布萊爾。

Attach for the Affirm card seems to be kind of steadily marching higher. And I was just kind of curious if you could give us some insight around what you're observing in terms of top-of-wallet behavior on the Affirm card. And if there's any kind of like substitution dynamic that you're seeing versus traditional bank cards. That's my first question.

Affirm 卡的附加費用似乎正在穩步上升。我只是有點好奇，您能否就您觀察到的 Affirm 卡在錢包頂部消費行為方面的情況，給我們一些見解。如果你觀察到某種替代動態，例如與傳統銀行卡相比，是否存在這種替代動態的話。這是我的第一個問題。

We're seeing really nice trends in both overall discretionary spend capture as well as a higher starting points for each new cohort. And I'll stop short of giving any specific answers to how we're doing relative to other bank cards. I think we're capturing spend in a rapid enough clip where I'm sure it's coming out of spend elsewhere. As I'm sure you know, it is not our business to push for, even entice consumers, into more spending. We are capturing the spend that wouldn't have happened because they're not willing to use credit cards and revolve and in some cases, perhaps cannibalizing existing credit card volume. Although, obviously, we would have to earn or keep with merchants if we were purely responsible for substitution.

我們看到，無論是整體可自由支配支出的獲取情況，或是每個新群體的起始點，都呈現出非常好的趨勢。至於我們與其他銀行卡相比表現如何，我不會給出任何具體答案。我認為我們捕捉到的消費數據夠快，我相信這些消費是從其他方面的支出中減少出來的。我相信您也知道，我們不會去推動，甚至引誘消費者增加消費。我們正在捕捉那些原本不會發生的消費，因為他們不願意使用信用卡和循環信用額度，在某些情況下，甚至可能蠶食現有的信用卡交易量。當然，如果我們只是負責替代品，那麼我們就必須從商家那裡獲得收入或維持生計。

So I think we're doing really well there. I think the two or three quarters ago now, I said something on the lines of 10 million active cards. per year of discretionary spend is the goal. We are just under one-third of the way to the former and on the order of one-third to one-half of the weight to the latter. So we're in great progress from my point of view, but we've got a pretty long way to go. And hopefully, by the time we get to the target number of the first of these two metrics, the overall consumer base of a firm will be meaningfully larger and so we can just move the goalpost.

所以我覺得我們在這方面做得非常好。我想大概兩三個季度前，我說過類似這樣的話：我們的目標是每年擁有1000萬張活躍信用卡，用於可自由支配的消費。我們距離前者還差不到三分之一的路程，距離後者也只差三分之一到二分之一的重量。所以從我的角度來看，我們取得了很大的進步，但我們還有很長的路要走。希望到我們達到這兩個指標中第一個指標的目標數值時，公司的整體消費者群體會顯著擴大，這樣我們就可以提高目標數值了。

Awesome. And then just as a last question, and just as it relates to the Amazon partnership, and I guess, the Shopify partnership, are you able to quantify like what share cart looks like today with those partners? Just so we kind of have an idea of like what the upward potential looks like for those opportunities going forward.

驚人的。最後一個問題，關於亞馬遜的合作關係，以及我想還有 Shopify 的合作關係，您能否量化一下目前與這些合作夥伴的共享購物車模式是什麼樣的？這樣我們就能大致了解這些機會未來的上漲潛力。

Yeah. So we definitely can't break down any of those numbers specifically here, but we feel like there is an awful lot of green space in both of those partnerships. They've both been able to be accretive to growth despite the company growing at really, really healthy clips. And we think that there remains a lot of things that we can work on together.

是的。因此，我們絕對無法在這裡具體分析這些數字，但我們感覺這兩個合作關係中都存在著很大的發展空間。儘管公司發展速度非常非常快，但他們兩人都為公司成長做出了貢獻。我們認為還有很多事情我們可以一起努力。

They're both really good examples of what we think is I think sometimes investors have a hard time really understanding the winning of a relationship, the start of a relationship isn't like a light switch flip that all of a sudden you turn the switch on and you get all the volume. These programs have a lot of investments that follows the launch in optimizing the program, whether that's bringing forward new products like Boost AI or doing connected accounts where we can share information about the user in a way that allows us solve for the most tailored and best solutions.

這兩個例子都很好地說明了我們認為投資者有時很難真正理解如何贏得一段關係，一段關係的開始並不像打開電燈開關那樣，突然間你打開開關就能獲得所有的交易量。這些專案在啟動後會投入大量資金進行優化，無論是推出像 Boost AI 這樣的新產品，還是建立互聯帳戶，以便我們能夠以最個性化和最佳解決方案的方式共享用戶資訊。

These pieces of work really do allow us to continue to grow share beyond just the network effects that you see in scale. And I think for both those parts, we would say that there's a lot of runway ahead of us.

這些工作確實使我們能夠繼續擴大市場份額，而不僅僅像規模效應那樣擴大網路份額。我認為就這兩方面而言，我們都還有很長的路要走。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Great quarter, guys. I'm multitasking tonight, so I apologize in advance, this question has been asked. But I was curious, as you guys move into, I guess, kind of different verticals and you highlighted service tightening and I guess, like automotive repair and things like that.

夥計們，這季度表現很棒。我今晚要同時處理多項任務，所以先提前道個歉，這個問題之前已經有人問過了。但我很好奇，隨著你們進入不同的垂直領域，你們重點介紹了服務改進，例如汽車維修等等。

As you move into like these services, how, if any way, does that change your underwriting? So obviously, you're underwriting the consumer, but I would imagine there's some risk related to the actual service provider as well. So I was curious how you guys think about that in my am I off-base with that? Or just if there's any changes that need to happen with the underwriting as you consider those factors.

當您開始提供此類服務時，這會對您的承保方式產生哪些影響（如果有的話）？顯然，你正在為消費者提供擔保，但我認為實際的服務提供者也存在一些風險。所以我很好奇你們是怎麼看待這個問題的，我的想法是不是錯了？或者，如果您考慮到這些因素，是否需要對承保方面進行任何更改。

It's a great question. You're thinking about it exactly right. That's actually what makes this business defensible in at least couple of different dimensions. It is not a guarantee. In fact, it's frequently a guarantee that it's not the case that a model that worked for you in a specific type of or set of skews will work just as well in another. Part of our defensive moats or -- I hate the term secret sauce, but this is probably one way to refer to it.

這是一個很好的問題。你的想法完全正確。實際上，正是這一點使得這家企業在至少幾個不同方面都具有可防禦性。這並不能保證什麼。事實上，通常情況下，在特定類型或一組偏差中對你有效的模型，在另一種類型或一組偏差中未必同樣有效。這是我們防禦護城河的一部分，或者——我討厭「秘方」這個詞，但這可能是指它的一種方法。

We don't just have great models that we build and great data to build them from. We have a really good very robust process by which we build new models or modify existing ones and the frequency with which we can ship these models and include new types of data, so we -- to incorporate new learnings from each new vertical, is very, very quick now. And that's actually quite a difficult thing to reproduce, even if tomorrow morning, somebody somehow got a hold of a significant amount of data without the process knowledge and the system development we've taken undertaking over the last 15 years, it's very difficult to build these things quickly.

我們不僅擁有建立出色模型所需的出色數據，還有建立這些模型所依賴的出色數據。我們擁有非常完善且穩健的流程，透過流程我們可以建立新模型或修改現有模型，並且我們可以以非常快的速度發布這些模型並納入新的資料類型，從而將來自每個新垂直領域的新知識融入其中。實際上，即使明天早上有人設法獲得了大量數據，但由於缺乏我們在過去 15 年裡所掌握的流程知識和系統開發經驗，要重現這種情況是非常困難的，也很難快速構建這些東西。

And so we feel comfortable entering new verticals in part because we've gotten so good at just rigorously taking on board new data, new kinds of descriptors of merchandise being sold in the case of service and its of merchandise, actually a service, et cetera, incorporating that signal into our models and regarding it back into the underwriting process and just improving our returns. And so years ago, entering a new vertical would have been a lot more of a, hey, can we figure out how to underwrite as quickly enough? We'll start overwhelming our NACO or our delinquencies.

因此，我們感到可以安心進入新的垂直領域，部分原因是我們已經非常擅長嚴格地吸收新數據、新的商品描述符（例如服務及其商品，實際上是一種服務等等），並將這些信號納入我們的模型，並將其反饋到承保過程中，從而提高我們的回報。因此，多年前，進入一個新的垂直領域更多的是，嘿，我們能否盡快找到承保方法？我們將開始處理大量未結案件或我們的拖欠款項。

We feel a lot more comfortable link claim to services or elective medical or auto parts or auto repair because we feel very good about our ability to incorporate new data very quickly into our model of necessary break out new ones and bifurcate the underwriting process, et cetera, et cetera. So it's actually a finishing an infrastructure maturity marker that we can point at the fact that we are willing to enter these new businesses fairly quickly.

我們感覺將索賠與服務、選擇性醫療、汽車零件或汽車維修聯繫起來會更加安心，因為我們對自己能夠非常迅速地將新數據納入我們的模型，從而在必要時拆分新數據並拆分承保流程等，感到非常滿意。所以，這實際上是基礎設施成熟度的一個標誌，我們可以指出，我們願意很快進入這些新業務領域。

Now that's kind of what I expected. Listen, great quarter, and I appreciate the insights as always, guys.

這跟我預想的差不多。聽著，這季度很棒，一如既往地感謝各位的真知灼見。

Jamie Friedman, Susquehanna International.

Jamie Friedman，薩斯奎哈納國際公司。

I wanted to ask about the continued hyper growth that you're seeing in 0% APRs. And if there's any way to observe the -- not only the behavior of where those are going in terms of your travel or larger ticket items, but the profile of those cohorts, like were they on the platform previously and moving here? Are they new to the platform? And any demographic data that you might have about them?

我想問一下您觀察到的0%年利率貸款持續高速成長的情況。如果能夠觀察到——不僅是這些用戶在旅行或購買大宗商品方面的消費行為，還有這些用戶群的特徵，例如他們之前是否在該平台上，現在才來到這裡？他們是新用戶嗎？您是否有關於他們的任何人口統計數據？

I think we will probably I can't see the future, but I'm confident we will want to talk a lot about the three day of zeros that we just ran. I will remember to dig into the demographics. I can tell you that the credit quality is naturally higher just because there's a fair amount of self-selection and credit in general.

我想我們可能會…我無法預知未來，但我相信我們會想好好談談我們剛剛實現的連續三天零成長。我會記得深入研究人口統計。我可以告訴你，信用品質自然會更高，因為有相當多的自我選擇和普遍的信貸。

I think majority of participants in this event were existing consumers. We certainly marketed it not entirely internally, but significantly vast, vast majority of marketing about, hey, we have this cool new perm come to the app and you'll see all sorts of really cool offers. That was mostly went to our existing users. And so it's only natural to assume that the word had stayed pretty closely within the community.

我認為本次活動的參與者大多是現有消費者。我們當然也進行了市場推廣，雖然不是完全在內部進行，但絕大部分的市場推廣都是圍繞著「嘿，我們推出了一款很酷的新燙髮服務，快來應用裡看看吧，你會看到各種各樣非常棒的優惠」展開的。這些資金主要流向我們的現有用戶。因此，很自然地，我們可以推斷這個詞一直在社區內部廣泛流傳。

Yeah. I don't want to steal -- I mean I think the team put together a pretty incredible project, and it was a long time coming. We started thinking about this more than six months ago, maybe more like nine months ago. So it was quite a build up. A lot of new things have to be invented, most importantly, the sales motion to explain what his will look like to the merchants to explain how they're going to benefit. Obviously, we've said it before and a huge percentage of our zero offers are funded by merchants, and we obviously aspire for 100% of those to be funded by merchants.

是的。我不想剽竊——我的意思是，我認為團隊完成了一個非常了不起的項目，而且這個項目醞釀已久。我們早在六個多月前，或許更早九個月前就開始考慮這個問題了。所以，這之前確實醞釀很久了。需要發明很多新東西，最重要的是，要發明一種銷售方式，向商家解釋這將是什麼樣子，以及他們將如何從中受益。顯然，我們之前已經說過，我們很大一部分的零元優惠都是由商家資助的，我們當然也希望所有零元優惠都能由商家資助。

And so there was just a lot of different things that came together for this to be a thing. It worked really well. We intend to come back to it in a bigger, better way I'm not going to pay down to end, but it is definitely -- another one is coming. But we'll talk about the learnings probably in the next earnings call in some detail.

所以，這件事的發生是多種因素共同作用的結果。效果非常好。我們打算以更大、更好的方式回歸，我不會就此結束，但可以肯定的是——另一部作品即將問世。但我們可能會在下次財報電話會議上詳細討論這些經驗教訓。

Okay. And then if I could just ask about the RLTC rising 48 basis points to 4.2%. And I know that this was asked earlier, but -- and I know your goal is to like reinvest that. But some of that actually according to the shareholder letter was related to provision -- better provision performance. So yes, so I guess my question is, if you have any perspective as to when you'll return to that targeted range of 3% to 4%, that would be helpful.

好的。然後，我可否問一下關於RLTC上漲48個基點至4.2%的問題？我知道之前有人問過這個問題，但是──我也知道你的目標是把這筆錢再投資。但根據股東信，其中一些實際上與撥備有關——撥備績效有所提高。所以，我的問題是，如果您對何時能恢復到 3% 到 4% 的目標範圍有任何看法，那就太好了。

Yeah, we are maintaining our 4% target for fiscal '26, right? So I think that's an important marker. We tend to look at the business in longer-time horizons than just these 90-day quarters that we all report on. And it's also important to remember that when we talk about provision being favorable to revenue less transaction cost, that's as a percentage of GMV. And so upstream of that, there's also a point around on balance sheet versus off-balance sheet funding mix. And so changes there can have impacts in either direction, frankly, in terms of RLTC in a given quarter?

是的，我們維持2026財年4%的成長目標，對吧？所以我認為這是一個重要的標誌。我們往往會以比我們所有人都在報告的這 90 天季度更長的時間跨度來看待業務。此外，需要記住的是，當我們談到撥備有利於收入減去交易成本時，這是指 GMV 的百分比。因此，在此之前，還有一個關於資產負債表內融資與資產負債表外融資組合的問題。因此，坦白說，這方面的變化可能會對特定季度的 RLTC 產生雙向影響？

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

[Hope it's happening] a little bit this afternoon. Apologies if you covered it. But just kind of looking for an update on the competitive environment kind of by product and seeing if you're seeing any sort of benefits from capital markets getting a little more --

希望今天下午能稍微好轉一點。如果已經涵蓋了，我深表歉意。但我只是想了解一下競爭環境的最新情況，順便看看你是否從資本市場獲得更多收益中獲益。--

Yeah. We're fairly focused on our own product and other motions. So not a ton of updates on behalf of our steam competitors. The fact that we're live in the UK with Shopify and scaling that nicely. I'm sure giving some of our competitors a bit of a heartache, but that's -- it's good to have multiple tenders in every market to ensure the best products win.

是的。我們主要專注於我們自己的產品和其他運動。所以，我們的Steam競爭對手並沒有發布太多更新。事實上，我們已在英國上線 Shopify 服務，業務發展勢頭良好。我確信這會給我們的某些競爭對手帶來一些痛苦，但這很好——在每個市場進行多次招標是為了確保最好的產品勝出。

Our numbers speak for themselves, like we're growing well and maintaining profitability. And so we are executing well. As far as capital markets go, I should probably let Michael or Rob weigh in. But I think we would just price to deal it was quite good.

我們的數據本身就說明了一切，我們發展得很好，並且保持了盈利能力。所以，我們執行得很好。至於資本市場方面，我或許應該讓麥可或羅布來發表意見。但我認為，我們定價合理，交易結果相當不錯。

Yeah. I mean, the capital markets probably continue to be very constructive for our asset. I think there was a lot of activity in the ABS market over the past or four months. And we were really pleased with just the engagement that so many of our investors gave and the flight to quality that we're seeing here you've got a lot of investors dealing with a lot of headlines and a lot of going on.

是的。我的意思是，資本市場可能會繼續對我們的資產有非常積極的作用。我認為在過去一兩個月裡，ABS市場非常活躍。我們對眾多投資者的積極參與以及我們在這裡看到的優質資產湧入感到非常高興，因為有許多投資者正在應對大量的新聞報告和各種事件。

They want to focus in on names that they can trust to deliver the kind of results that we do. And that's why we get to partner with the blue-chip investors on what we consider to be best-in-class execution.

他們希望專注於那些值得信賴、能夠提供與我們一樣出色成果的公司。也因為如此，我們才能與藍籌投資人合作，共同打造我們認為一流的執行方案。

This now concludes our question-and-answer session. I would like to turn the floor back over to Zane Keller for closing comments.

我們的問答環節到此結束。現在我把發言權交還給贊恩·凱勒，讓他做總結發言。

Well, thank you, everyone, for your time today. We appreciate all the questions, and we'll speak to you again next quarter. Talk to you then.

謝謝大家今天抽出時間。感謝大家提出的所有問題，我們下個季度再和大家交流。到時候再跟你聊。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。