Affirm Holdings Inc (AFRM) 2026 Q2 法說會逐字稿

Good afternoon, welcome to the Affirm Holdings second-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.

下午好，歡迎參加 Affirm Holdings 2026 財年第二季財報電話會議。（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 now like to turn the call over to Zane Keller, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管贊恩凱勒。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.

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。

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. In addition, today's call will include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures.

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。此外，今天的電話會議還將包括非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。

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

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。今天與我一起主持電話會議的有 Affirm 的創始人兼首席執行官 Max Levchin；Affirm 的首席營運官 Michael Linford；以及 Affirm 的首席財務官 Rob O'Hare。按照我們前幾季的慣例，我們將首先由 Max 作簡短的開場白，然後立即進入問答環節。

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

接下來，我將把通話交給馬克斯開始。

Thank you, Zane. Not a lot to add to the results, which were excellent once again. Obviously, it's my biased opinion. But I did want to take a moment to announce that we will convene our next investor forum on May 12 this year. So (technical difficulty) at the event you'll hear from the larger subset of our management team, where we'll talk about our commercial and product initiatives and update our medium-term financial framework and the plenty of (technical difficulty) references.

謝謝你，贊恩。結果一如既往地出色，沒什麼好補充的了。顯然，這是我的個人觀點。但我還是想藉此機會宣布，我們將在今年5月12日召開下一次投資者論壇。因此（技術難題）在本次活動中，您將聽到我們管理團隊大部分成員的發言，我們將討論我們的商業和產品計劃，更新我們的中期財務框架以及大量的（技術難題）參考資料。

Please look for additional information, including registration details on our Investor Relations website as we get closer to the event. Back to you, Zane.

隨著活動臨近，請關注我們投資者關係網站上的更多信息，包括註冊詳情。把機會交給你了，贊恩。

Thank you, Max. For those of you that are interested in attending the upcoming investor forum in person, please reach out to us, and we will do our best to accommodate your request. Now let's get to your questions. Operator, please begin the Q&A session.

謝謝你，馬克斯。如果您有興趣親自參加即將舉行的投資者論壇，請與我們聯繫，我們將盡力滿足您的要求。現在我們來回答您的問題。操作員，請開始問答環節。

(Operator Instructions) Andrew Jeffrey, William Blair.

（操作說明）安德魯·傑弗裡，威廉·布萊爾。

Appreciate it. Great to see the solid results here. Max, could you talk a little bit about the dynamic of -- the dynamics of your growth, namely the top five merchants, growing 23% and blending down as a concentration. As I recall, they had been growing faster than overall GMV. Can you just talk a little bit about what you're seeing. The new merchant ads look great, the transaction per active look great. Is the business truly widening out? Is that the right way we should be interpreting those results?

謝謝。很高興看到如此顯著的成果。Max，可以談談你們的成長動態嗎？特別是前五大商家的成長情況，成長了 23%，但集中度卻在下降。我記得，它們的成長速度一直超過了整體GMV的成長速度。你能簡單描述一下你所看到的嗎？新的商家廣告看起來很棒，每個活躍用戶的交易量也很棒。企業真的在擴張嗎？我們這樣解讀這些結果是否正確？

I might offer Rob up as the interpreter of these results, just because to be completely transparent. I -- well, I mostly look at the growth of the business through the lens of things like transactions per user, active consumers, active merchant numbers are really important to us. Generally speaking, of course, we want to have less concentration, more diversity.

為了完全透明起見，我可能會推薦羅布來解釋這些結果。我——嗯，我主要從用戶交易量、活躍消費者數量、活躍商家數量等角度來看待業務成長，這些對我們來說非常重要。當然，總的來說，我們希望降低集中度，增加多樣性。

But we also are frequently driven or drafting behind the growth and promotional initiatives of our partners, big and small. So I think it's a little bit difficult to sort of piece it out, but I imagine Rob has a much more detailed answer.

但我們也經常受到合作夥伴（無論大小）的成長和推廣計劃的推動或支持。所以我覺得很難把事情理清，但我相信羅布會有更詳細的解釋。

And tactically, Andrew, I would just point you to the fact that the top five that we disclosed for Q2 of FY26 is actually a different subset of merchants that we're comparing to in fiscal '25 in the same period. So I think all the more reason not to read too much into that stat. Obviously, there's -- it's been well publicized that we have a large merchant partner that was transitioning off of the Affirm integration.

從策略上講，安德魯，我想指出的是，我們公佈的 2026 財年第二季前五名實際上與我們在 2025 財年同期進行比較的商戶子集不同。所以我認為更不應該過度解讀這個統計數據。顯然，眾所周知，我們有一家大型商家合作夥伴正在逐步停止與 Affirm 的整合。

And so that weighed on that metric, we have a new top five as a result of that. So I think that really this crispiest answer we can give there. But otherwise, I mean we're -- the business is growing quite well, and we're quite happy with the diversification, as Max alluded to, that we see in the GMV.

因此，這項因素影響了該指標，也因此產生了新的前五名。所以我覺得這就是我們能給的最簡潔明了的答案了。但除此之外，我的意思是，我們的業務發展得相當不錯，而且正如 Max 所提到的，我們對 GMV 的多元化感到非常滿意。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

I was wondering, Max, if you could give us an overview of what you're seeing out there in terms of consumer trends, credit trends, overall economic health at such a tumultuous moment. And maybe also comment on what you've seen sort of quarter-to-date?

馬克斯，我想問你，在當前這個動盪的時期，你能否給我們概述一下你觀察到的消費者趨勢、信貸趨勢以及整體經濟狀況。或許還可以談談你對本季至今所見所聞的看法？

So the one-line answer is the consumer we see to date is quite healthy. So they're (technical difficulty) and willing to pay us back. They're borrowing money. Obviously, the growth numbers are out there in this print. So we are not seeing -- again, our consumer is now reaching quite a large subset of North Americans and growing nicely in the UK, but we're not everyone. We don't always say yes to a loan.

所以，一句話的答案是：我們目前看到的消費者群體相當健康。所以他們（技術上遇到了困難）願意償還我們。他們在藉錢。顯然，成長數據都已在這份報告中公佈了。所以，我們並沒有看到——再說一遍，我們的消費者現在覆蓋了北美相當大一部分人群，並且在英國也發展良好，但我們並不是所有人。我們並非總是會同意貸款。

So it's a little bit selective, but we feel pretty good about both the demand and the ability and willingness to repay. I don't have anything dramatic or alternative to offer on the state of affairs in the current quarter either. I think we're not seeing a big deviation from what I just said about the past one.

所以它有點選擇性，但我們對需求、償還能力和意願都感覺相當樂觀。對於本季的情況，我也沒有什麼驚天動地或替代方案可以提出。我認為我們目前的情況與我剛才所說的上一期的情況並沒有太大出入。

Great. I think no news is good news. I appreciate your comments.

偉大的。我認為沒有消息就是好消息。感謝您的評論。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Very nice results. This one might be for Rob, but I was just hoping we could unpack sort of puts and takes in the RLTC margin, just looking back over the last year or so, there have been a ton of tailwinds both kind of structural to the company as well as sort of outside of your control, very favorable funding market tailwinds. And just wondering if you could kind of talk to the trajectory of margins as you see them from here.

結果非常好。這個問題可能是問羅布的，但我只是希望我們能分析一下 RLTC 保證金的買賣情況。回顧過去一年左右的時間，有許多利多因素，既有公司結構性的，也有你無法控制的，例如非常有利的融資市場利好因素。我想問您能否談談您目前對利潤率走勢的看法。

It seems like if we look at the guidance in the remainder of the year, it seems like you're kind of still expecting to be hovering around 4%. As we think about -- you had a very large beat on gain on sale this quarter, 0% loans have been increasing as a percentage of the mix. And so just maybe wondering in your perspective, like should we be anchoring more to kind of the 4% range that you're kind of talking about for the second half of the year versus being comfortably above 4% over the last couple of quarters? And just any kind of meaningful puts and takes as you see it from here.

從今年剩餘時間的預期來看，你們似乎仍然預期成長率會在 4% 左右徘徊。我們認為—本季度您的銷售收益大幅超出預期，0% 貸款在貸款組合中所佔比例不斷上升。所以我想問的是，從您的角度來看，我們是否應該將下半年的成長目標更多地設定在您所說的 4% 的範圍內，而不是像過去幾個季度那樣保持在 4% 以上？從你的角度來看，任何有意義的買賣交易都行。

Yes, sure. I mean, as we outlined in the guide, I mean, we do expect to see RLTC take rates that are slightly above 4%. I think that's true in both Q3 and Q4 in the guidance that we provided. So we're going to stick to that, obviously, and that's the plan that we'll execute against. I think to your point on the puts and takes, I mean, I would probably frame it very closely to what we saw in Q2, to be honest.

當然可以。我的意思是，正如我們在指南中概述的那樣，我們預計 RLTC 的接受率將略高於 4%。我認為，我們在第三季和第四季的業績指引中都證實了這一點。所以，我們顯然會堅持這個計劃，並且會按照這個計劃執行。關於你提到的買賣交易，說實話，我可能會把它描述得與我們在第二季度看到的情況非常接近。

We did see benefits on the transaction cost side, particularly on funding costs as we've seen cost of funds come in, particularly within the ABS market. So we would expect that trend to continue. We typically don't guide to specific transaction cost line items or even revenue line items. But in total, I think the take rates and the dynamics will be pretty similar to what we saw from a trend perspective in Q2 where there is a little bit of softening on a year-over-year basis in terms of revenue take rates.

我們在交易成本方面確實看到了好處，尤其是在融資成本方面，因為我們看到資金成本上升，尤其是在資產支持證券 (ABS) 市場。因此，我們預計這種趨勢將會持續下去。我們通常不會提供特定的交易成本明細，甚至也不會提供具體的收入明細。但總的來說，我認為分成率和動態將與我們在第二季度從趨勢角度看到的非常相似，即收入分成率同比略有下降。

Again, it's important to remember that we've driven a lot of 0% mix, and we think that's really good for the network. And then we are seeing really nice benefits on the transaction cost with funding costs being the clearest example there.

再次強調，我們實現了大量的 0% 混合比例，我們認為這對網路來說真的很好。然後，我們看到交易成本方面也獲得了非常好的好處，其中融資成本就是最明顯的例子。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Great numbers here. And it feels like some others in the space are trying to play catch up and maybe getting a little bit more aggressive over the past couple of quarters, in terms of pursuing more prominent presentment, looking to win new merchants, in some cases, offering cash back incentives to consumers. So I'm just wondering what you're actually seeing in the field?

這些數字很棒。感覺這個領域的其他一些公司正在努力追趕，並且在過去幾個季度可能變得更加積極主動，例如追求更突出的展示效果，爭取贏得新的商家，在某些情況下，還向消費者提供現金返還獎勵。所以我想知道你在實地考察中實際上看到了什麼？

Is this having any discernible impact on Affirm's merchant pricing just in terms of like-for-like take rates, your go-to-market strategy, anything along those lines? Because I think there's a big debate in the investment community on that right now, but your numbers seem to speak for themselves.

這是否對 Affirm 的商家定價（例如，同類交易費率）、市場推廣策略等方面產生了任何明顯的影響？因為我認為目前投資界對此有很大的爭議，但你的數據似乎已經說明了一切。

We do. We like to speak with numbers. Short answer to the question is, no. I think -- this is like a social science theory, so discount appropriately. But we are probably one of the noisiest environments as far as information headed for consumers' heads maybe ever, certainly in my lifetime. Like there's news every day and some of it reads like science fiction and some of it is science fiction or at least slop.

是的。我們喜歡用數字說話。簡而言之，答案是否定的。我認為——這就像社會科學理論一樣，所以應該適當地降低其影響。但就消費者獲取的資訊而言，我們可能正處於有史以來最吵雜的環境之一，至少在我有生之年是如此。就像每天都有新聞，有些讀起來像科幻小說，有些就是科幻小說，或至少是垃圾。

And so the -- you can have a deal and here's five paragraphs of explanation when it's valid and it's 5%, but only if it's Tuesday and like the sort of promotional go-to-market that we're seeing from a lot of our competitors just doesn't seem to make a dent in what we sell, which is always like on the nose, brain that simple, you are getting no

所以——你可以享受5%的折扣，但前提是必須在星期二，而且我們很多競爭對手都在搞這種促銷活動，這種促銷方式似乎對我們的銷量毫無影響。我們的產品總是直截了當，簡單明了，你根本享受不到任何優惠。

interest. If you buy this thing, you can split it into 12 parts or 24 parts or 6 parts and you'll be paying no interest at all. I think 0% sells as well as they do, not just because it's free money or free loan, it's because it's so easy to understand. And the thing that we've built over the last decade plus is when Affirm says, no interest, we actually mean no interest and there's no asterisks, there's no explanation as to what might happen if you are a penny shorter or day late.

興趣。如果你買這個東西，你可以把它分成 12 份、24 份或 6 份，而且你完全不用支付利息。我認為 0% 利率的貸款之所以賣得這麼好，不僅是因為它是免費的錢或免費的貸款，更是因為它很容易理解。過去十多年來，我們一直致力於實現這樣的目標：當 Affirm 說「零利率」時，我們真的就意味著零利率，沒有任何附加條件，也不會解釋如果你少付一分錢或晚付一天會發生什麼。

And so our calling card has kind of become our moat, has become associated with us, which is inherently defensible position. We don't get into conversations with merchants around what if it's 0%, but it's not really 0%, like there's a lot of sort of details to hash out if your offers are not super crisp and transparent, and that's exactly what we do. So no -- we saw no effect in the sort of some of the more ultra-aggressive, whatever was 50% cash back or I lost track of the exact offers, but we did not see any (technical difficulty).

因此，我們的名片就成了我們的護城河，與我們緊密相連，這本身就是一種可防守的立場。我們不會和商家討論“如果優惠是 0%，但實際上並非 0% 怎麼辦”，例如如果你的優惠不夠清晰透明，就有很多細節需要敲定，而這正是我們所做的。所以，沒有——我們沒有看到任何效果，尤其是一些特別激進的優惠活動，比如50%現金返還之類的，具體返還多少我記不清了，總之我們沒有看到任何影響。（技術難題）

And just a quick follow-up. I'm looking at the GMV categories and that other category, you're now up to 15% of total. I think it's basically your second largest vertical, (technical difficulty) for your second largest. It's growing triple digits. Can you unpack what's actually in there? What are some of the major pieces are any of them getting to the size where you'd maybe start breaking them out on their own?

還有一個後續問題。我正在查看 GMV 類別，以及另一個類別，您現在已經佔到總數的 15%。我認為它基本上是你第二大的垂直結構，（技術難度）也是你第二大的。它正以三位數的速度成長。你能把裡面到底裝的是什麼嗎？有哪些主要部件？它們當中有沒有哪些部件已經達到可以單獨出售的規模？

Sure. It's actually a great question, although Rob is rolling his eyes. We anticipated it because it is a juicy number, and yet it is nondescript. So it's actually -- if you wanted to look for diversification in the business, I wouldn't look at top five, I would look at the other. So if we broke it out into categories, you would see all sorts of cats and dogs of really exciting categories like I have a fledgling sticker empire.

當然。這確實是個好問題，雖然羅布翻了個白眼。我們預料到了，因為它是一個很有吸引力的數字，然而它卻平淡無奇。所以實際上——如果你想在業務上尋求多元化，我不會只專注於前五名，我會關注其他公司。所以如果我們把它分成不同的類別，你會看到各種令人興奮的類別，例如我有一個初具規模的貼紙帝國。

And you really can't classify that other than novelty or other. And that's the -- that's what you see there. It's a huge number of relatively small merchants that are realizing that there is advantage if they do not offer Affirm, and so as that sort of knowledge spreads across the merchant base, it becomes somewhat more difficult to invent new categories for them.

你真的無法把它歸類為新奇事物或其他類型。這就是——這就是你在那裡看到的。大量的規模相對較小的商家意識到，如果不提供 Affirm 服務，將會有優勢。隨著這種觀念在商家群體中傳播開來，為他們創造新的類別就變得更加困難了。

And if you decide, well, we're going to have to be very, very precise, then you either end up in a giant bucket called other, what we chose or you start doing things like stickers and either novelty items or something that. So it just really is the long tail, and we're excited to serve them all.

如果你決定，好吧，我們必須非常非常精確，那麼你最終要么被放到我們選擇的「其他」這個大桶裡，要么你開始做貼紙、新奇物品或其他類似的東西。所以，這真的只是長尾效應，我們很高興能為他們所有人服務。

And as we've seen certain categories get to a critical mass within other, we have broken them out. So services is a good example. We started breaking that out, I believe, two-quarters ago now. And so if and when we get to critical mass within other, we'll continue to be very disclosive there.

我們看到某些類別在其他類別中達到了臨界規模，所以我們將它們單獨列出來。服務業就是一個很好的例子。我相信，我們大概在兩個季度前就開始拆分這個數據。因此，如果我們在其他領域達到臨界規模，我們將繼續保持高度透明。

If my sticker (technical difficulty) what really takes.

如果我的貼紙（技術故障）真的需要什麼。

Nate Svensson, Deutsche Bank.

內特‧斯文森，德意志銀行。

There's a lot of exciting press releases from Affirm intra-quarter. I guess I wanted to ask on the bank charter news. I think that was pretty interesting. Just hoping you could talk more about the decision to potentially go down that path. It seems like there's been some evolution in your thinking on that particular topic over time. So maybe just more color on what you see the benefits from that being, what new products and services can be unlocked? And then I guess, any sense on the time frame or hurdles to clear as you have to get that secured?

Affirm公司本季發布了許多令人興奮的新聞稿。我想問的是銀行章程的新聞。我覺得這很有趣。只是希望您能多談談當初決定走這條路的原因。看來隨著時間的推移，你對這個特定問題的看法有所轉變。所以，您能否更詳細地闡述您認為這樣做的好處是什麼，可以解鎖哪些新產品和服務？那麼，您能否大致估算一下，在確保安全的前提下，大概需要多長時間，或是會遇到哪些障礙？

Sure. I would quibble with the evolution of thinking merely because we answered this question a bunch of times, obviously, before we disclosed that we have applied. We've always been pretty clear there kind of -- one, a reason to have a bank charter is regulatory certainty. You operate as a bank partner, you want to know that your bank partner is on excellent footing that there are no hidden rocks for that particular bank.

當然。我之所以對這種思維演變提出異議，只是因為在我們透露我們已經申請之前，我們已經多次回答過這個問題。我們一直以來都很清楚這一點——獲得銀行牌照的一個原因是監管確定性。作為銀行合作夥伴，您肯定希望了解您的銀行合作夥伴的財務狀況良好，沒有任何潛在的隱患。

And if you own a subsidiary you would presumably understand a lot better and that's the primary motivation of why we apply it. Obviously, the climate at the regulatory bodies that issue such approvals has changed and that's something that we track very carefully. The timeline is certainly years. So I would step away from any model modifications. We don't know if we get approved.

如果你擁有一家子公司，你大概會更了解這一點，而這正是我們應用它的主要原因。顯然，頒發此類批准的監管機構的氛圍已經發生了變化，這是我們非常密切關注的事情。時間跨度肯定長達數年。所以我建議不要對模型做任何修改。我們不知道能否獲得批准。

We don't know exactly when we do, if when we would, we would if we did, and there are all sorts of timelines that are prescribed by approver, to prepare, then to open, then to stay in a de novo period and then finally, to operate sort of with fewer restrictions. So it's definitely a long-term investment in regulatory certainty.

我們不知道具體什麼時候會這樣做，如果會的話，我們會怎麼做，審批人規定了各種各樣的時間表，從準備、開業，到進入全新運營期，最後到在限制較少的情況下運營。所以這無疑是對監管確定性的長期投資。

Down the road, you can start imagining products that are only possible with a bank charter in your available tools, that so far away, it's really not what we're talking about right now. But it is a great investment in our regulatory stability for the years to come, assuming actually end up in the approved category.

從長遠來看，你可以開始設想一些只有擁有銀行執照才能使用的工具開發的產品，但這還很遙遠，並不是我們現在要討論的重點。但假設最終真的被列入批准類別，這將是對我們未來幾年監管穩定性的一項巨大投資。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great results, as always. Just a quick question on the ABS deals, the execution there seems to be really, really strong. Maybe if you can make a few comments. And if I can squeeze just a very quick one on the AI, that was a big surprise. I just want to know how much of this AI Boost is actually contemplated in the guide and if it's fully rolled out great results.

一如既往，效果很棒。關於資產支持證券交易，我有個小問題，那裡的執行情況似乎真的非常出色。或許您可以發表一些意見。如果我能在人工智慧身上快速取得一分，那將是一個很大的驚喜。我只想知道指南中究竟考慮了多少關於AI Boost的內容，以及它是否已經全面實施並取得了良好的效果。

I think Dan is asking about the guide. I'm not allowed to speak to the guide. In terms of the guide, we're not -- we have a pretty nice trajectory with those two product lines, but we haven't called out specifically how much is in the GMV guide there. It's definitely early days for the Boost AI. I was trying to sneak into the letter exactly how few merchants have adopted Boost AI.

我想丹是在問導遊的事。我不被允許和導遊說話。就指南而言，我們還沒有——我們這兩個產品線的發展軌跡相當不錯，但我們還沒有具體說明它們在 GMV 指南中佔了多少份額。Boost AI目前還處於早期階段。我試圖在信中透露究竟只有極少數商家採用了 Boost AI。

Adapt AI has been around for a couple of years. It's generally speaking, batteries included part of the product. Boost AI is new and it's super cool because it does automated A/B testing, but it also has a channel -- it is a channel for incremental merchant dollars. Like the thing that I tried to describe and ultimately got edited down a little bit more.

Adapt AI已經存在好幾年了。一般來說，電池是產品的一部分。Boost AI 是一款全新的產品，它非常酷，因為它能夠自動進行 A/B 測試，而且它還有一個管道——一個為商家帶來額外收入的管道。就像我試圖描述但最終又經過一些刪減的東西一樣。

Boost AI allows a merchant to say, you know what, I have $100,000 more dollars, I'd like to put into Affirm's specific promotions, 0% or just reduced APRs, you guys go an A/B test who would be the most likely to convert with that kind of offer in front of them, go deployed, I don't need to know exactly what happens. I just want to maximize my dollar-for-dollar investment into sales.

Boost AI 允許商家說：「你知道嗎，我又多了 10 萬美元，我想投入到 Affirm 的特定促銷活動中，比如 0% 利率或降低年利率，你們可以進行 A/B 測試，找出哪些人最有可能在這種優惠面前轉化，然後部署，我不需要確切地知道發生了什麼。」我只想讓我的每一分錢投資都能最大程度地轉化為銷售額。

So it looks more and more like an advertising model versus a cost of acceptance model, which is exciting because it just gives our machine learning engineers a lot more freedom to really do some amazing things for our merchant customers. So super excited about the product. It is pretty early. We're not breaking out what it does for our numbers, so it tells a lot.

因此，它看起來越來越像廣告模式，而不是接受成本模式，這令人興奮，因為它給了我們的機器學習工程師更大的自由，讓他們能夠真正為我們的商家客戶做一些了不起的事情。我對這款產品超興奮。現在時間還很早。我們沒有單獨列出它對我們各項數據的影響，所以它能說明很多問題。

And then as for the ABS deal we just did and just generally, the market is still very constructive and the team is executing really well out there. The last deal we just priced was done with a spread of under 100 basis points. It's really remarkable. We haven't done that since 2021. And the weighted-average yield on the deal was below 4.6%.

至於我們剛完成的 ABS 交易，總的來說，市場仍然非常樂觀，團隊在市場上的執行力也非常好。我們剛完成的上一筆交易的價差不到 100 個基點。這真是太了不起了。自 2021 年以來，我們就沒再這樣做過了。該交易的加權平均收益率低於 4.6%。

Again, we haven't seen that kind of cost of financing since the (technical difficulty). And so we're operating and executing in the capital markets really the best we've seen post the rate movement part of the world. And it's a reflection of two things. One is just the continued confidence that the market has and our ability to control credit outcomes and deliver the kind of returns that we signed up to deliver. And of course, just really excellent (technical difficulty).

再說一遍，我們從那時起就沒見過這種融資成本了。（技術難題）因此，我們在資本市場的運作和執行，確實是利率變動後全球範圍內我們所見過的最好的。這反映了兩件事。一是市場持續的信心，二是我們控制信用結果並實現我們承諾的回報的能力。當然，真的非常棒。（技術難題）

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

The first question kind of asked about growth (technical difficulty) and growth your specific (technical difficulty).

第一個問題大致詢問了成長（技術難度）以及你具體的成長情況。（技術難題）

You're really breaking up. You're really, really breaking up. We cannot understand what you're saying.

你們真的要分手了。你們真的要分手了。我們聽不懂你在說什麼。

All right. Sorry. Can you hear me now?

好的。對不起。現在能聽到我說話嗎？

We can. Much better, much better.

我們可以。好多了，好多了。

Okay. You talked about the growth in your merchants and both in the number of merchants and the growth at the merchants, but the both the Affirm Card and international expansion are kind of two areas in which you can get significant growth in addition to that. Could you just give us like some update how the attach rate and related stats on the Affirm Card.

好的。您談到了商家的成長，包括商家數量和商家本身的成長，但 Affirm 卡和國際擴張是您可以在此基礎上獲得顯著成長的兩個領域。能否提供一些關於 Affirm 卡附加率及相關統計數據的最新資訊？

But can you just flesh that out for us as to how those are going and what you -- how you see the development over the course of the next several quarters? And sorry for this background noise.

您能否詳細說明這些進展情況，以及您如何看待未來幾季的發展？抱歉，背景噪音有點大。

No worries at all. So the Card is just continuing to grow very quickly. GMV year-over-year for the quarter we're reporting was up just under 160%. Active cardholders went up 121%. 0% deals on the Card went up 190% year-over-year. So like the -- it's not the only growth engine, but it's a big growth engine for our metrics. And it's not material to the overall business.

完全不用擔心。所以這張卡牌遊戲正在持續快速成長。本季GMV年成長近160%。活躍持卡人數量增加了 121%。該卡的 0% 利率折扣年增了 190%。所以，雖然它不是唯一的成長引擎，但它是我們各項指標的重要成長引擎。而且這對公司整體業務來說並不重要。

It's no longer kind of a cool novelty product for our die hard users. It's helping us create more die hard users. So the Card is doing really well. We have a lot more planned for the Card. So we don't intend to slow down, if you will. Probably my personal focus on the product side of things is still predominantly on the Card and adjacent things in the Card. And then on the international, I'm happy to speak more.

它不再是鐵桿用戶眼中的那種很酷的新奇產品了。這有助於我們培養更多鐵桿用戶。所以這張卡表現非常出色。我們為這張卡還有很多計劃。所以，我們並不打算放慢腳步。就產品方面而言，我個人的關注點可能仍然主要集中在信用卡及其相關產品上。至於國際業務，我很樂意進一步探討。

And there's definitely some stuff in the letter, just talking to those numbers and more on the Card specifically. International, I don't know if you saw, we announced a couple of really nice deals in the UK specifically. A couple are US brands lighting us up or think that they will light us up soon in the UK. So we're -- and obviously, Shopify announcement was a little while ago, that scaling.

信里肯定提到了一些內容，主要是關於那些數字以及這張卡片的具體資訊。國際朋友們，不知道你們有沒有看到，我們在英國推出了一些非常好的優惠活動。有幾個美國品牌正在英國掀起熱潮，或認為它們很快就會在英國掀起熱潮。所以，我們——顯然，Shopify 的公告發布已有一段時間了，內容是關於規模擴張。

We're still actually not at sort of peak run rate there. So we expect to improve those numbers. Wayfair, we just announced literally a couple of days ago that we are live in the UK in the kind of a beta, pre-beta type of thing, but that's going to scale up, and they've been a partner in the US for a very long time. We have a bunch more.

我們目前還沒有達到那種峰值運行速度。因此，我們預計這些數據會有所改善。Wayfair，我們幾天前剛宣布，我們在英國以測試版或預測試版的形式上線，但規模將會擴大，而且他們一直是我們在美國的合作夥伴很長時間了。我們還有很多。

VMO2 Is obviously, I think it's the largest or certainly one of the first or second largest voice company -- selling company in UK. So we announced that. We have a whole long pipeline of sales happening there, and we're excited about that. So -- and then there's more countries to come for sure. So both international and the card are still significant drivers. The card is much larger than international. International is now growing consistently at a pace that excites us.

VMO2 顯然，我認為它是英國最大的語音服務銷售公司，或至少也是第一或第二大公司。所以我們就宣布了這件事。我們在那裡有很多銷售機會，我們對此感到非常興奮。所以——而且肯定還會有更多國家加入。因此，國際市場和信用卡仍然是重要的驅動因素。這張卡比國際卡大很多。國際市場目前正以令我們振奮的速度持續成長。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

One question on the updated outlook. As we see it now, you're kind of pointing to a slowdown in GMV growth to 30% in the third, 25% in the fourth quarter. I know a long time between now and the end of the fiscal year, but could you just talk us through the cadence there? And if there are any specific call-outs for the decel in the coming quarters?

關於更新後的展望，有一個問題。從目前的情況來看，您似乎預示著 GMV 成長速度將在第三季放緩至 30%，第四季放緩至 25%。我知道距離本財年結束還有很長一段時間，但您能否為我們簡要介紹一下這段時間的節奏？如果未來幾季有任何關於減速的具體要求，會是什麼？

No specific call-outs. I mean, we are obviously comping the transition with a large retail partner. Obviously, we had that headwind for comp perspective this quarter as well and grew at 36%. So really nothing specific to call out in terms of drivers for the decel. Yes, we'll leave it there.

沒有特別指出的問題。我的意思是，我們顯然是與一家大型零售合作夥伴共同完成過渡的。顯然，本季我們在同業比較方面也面臨不利因素，但仍實現了 36% 的成長。所以就減速的驅動因素而言，真的沒有特別需要指出的。是的，我們就到此為止。

And then one more on funding. We see -- you had the new forward flow deal, but we also see some of the headlines in concern around private credit, many of whom are Affirm loan buyers. So just what's the current temperature from the forward flow and loan buyer channel right now?

然後還有一個關於資金方面的問題。我們看到——你們達成了新的遠期交易，但我們也看到一些關於私人信貸的擔憂新聞，其中許多是 Affirm 貸款的購買者。那麼，目前正向交易和貸款買家管道的市場行情如何呢？

Yes. I think it's still extremely constructive. I think the conversations we're having with our partners is usually around having to disappoint them on how much allocation we can give them right now. And that's -- it's a qualitative read, but tends to be the conversation we're having today. The -- I think a lot of the conversation about the market more broadly really doesn't pick up the specifics of what Affirm's asset creates and the kind of people that we partner with.

是的。我認為這仍然非常有建設性。我認為我們與合作夥伴之間的對話通常都圍繞著這樣一個問題：我們現在能給他們的資源分配量有限，這讓他們很失望。而這——雖然是定性分析，但往往是我們今天正在進行的對話的主題。我認為，關於市場的許多更廣泛的討論並沒有真正抓住 Affirm 的資產所創造的具體價值以及我們與之合作的人群類型。

We've been very selective about how and who we partner with. And that puts in a position, we think, to have a very durable set of partners who are really excited to continue to go deeper with us.

我們對合作夥伴的選擇非常謹慎。我們認為，這使我們擁有了一群非常穩定的合作夥伴，他們非常樂意與我們繼續深入合作。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Could you just comment on what you're seeing out there in the regulatory environment? Like are you hearing anything about potential caps on BNPL rates? And if so, how would a firm react to that?

您能否談談您目前在監管環境下觀察到的情況？你有沒有聽過關於「先買後付」利率可能設上限的消息？如果真是這樣，公司會如何反應？

Certainly not hearing about potential caps on BNPL rates specifically. Obviously, a very dynamic set of conversations happening at the federal level about credit card rates. One good rule of thumb about realities, if you will, whenever Republicans are in the White House, you can expect more attentive and active attorneys general from all 50 states, both red and blue because they feel that you would expect a more relaxed posture by the federal regulators.

當然，目前還沒有聽說會具體限制「先買後付」利率上限。顯然，聯邦層級正在就信用卡利率問題展開一系列非常活躍的討論。關於現實，有一條很好的經驗法則：每當共和黨人入主白宮，你就可以期待所有 50 個州（無論紅州還是藍州）的司法部長們更加盡職盡責、積極主動，因為他們認為你會期望聯邦監管機構採取更加放鬆的態度。

And whenever Democrats win, the White House, the executive branch starts -- puts more attention into various laws and regulations at the federal level. And then the state attention typically fades a little bit and it has as much to do with the employment of the people that work in these agencies, both at state and federal level and the overall posture of the various political elements we have.

每當民主黨人贏得白宮，行政部門就會開始更加關注聯邦層級的各種法律法規。然後，國家關注度通常會逐漸下降，這與州和聯邦各級機構工作人員的就業情況以及我們所擁有的各種政治力量的整體態度有很大關係。

And so right now, just from a practical perspective, obviously, we're tracking all the things, both federal and state level, and have an active conversation with all of our regulators, generally speaking, have positive and (technical difficulty) relationships with them. It doesn't hurt that we don't charge late fees, don't screw our customers, typically do the right thing as much as we can and then (technical difficulty).

所以現在，從實際角度來看，顯然，我們正在追蹤聯邦和州層面的所有事情，並與所有監管機構積極溝通，總的來說，我們與他們保持著積極和（技術困難）的關係。我們不收取滯納金，不坑害客戶，通常盡力做對的事，這些都沒什麼壞處。（技術難題）

So nothing sort of to exciting to report. Obviously, we felt compelled to apply for an industrial loan company and bank charter. So clearly, we believe that the sort of really grown-up regulators, FDIC in particular, we expect them to see us as a good actor that's prepared for the big weeks or the beginning of the big weeks. So generally speaking, we feel pretty good about it. But we are all regulated, always regulated by 51 distinct entities, federal and 50 states, and that's part of the job.

所以沒什麼特別令人興奮的事情要報告。顯然，我們感到有必要申請工業貸款公司和銀行牌照。所以很明顯，我們相信像 FDIC 這樣真正成熟的監管機構，特別是 FDIC，會把我們視為一個優秀的參與者，為關鍵的幾週或關鍵幾週的開始做好了準備。總的來說，我們感覺還不錯。但我們都受到監管，始終受到 51 個不同的實體（聯邦政府和 50 個州）的監管，這是工作的一部分。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I just want to jump in a little bit on the big nothing. And the question really is on the derivative benefits. You called out the Affirm Card sign-ups. So I kind of understand that. My bigger question is kind of the uplift in credit quality that comes with that consumer set. And then how do you apply those learnings to kind of everyday shopping for Affirm? Because the -- clearly, the GMV uplift across the board was pretty significant for those three-days.

我只是想稍微插一句嘴，說說這件小事。而真正的問題在於衍生收益。你指出了 Affirm 信用卡註冊的問題。我大概能理解。我更關心的是，這群消費者的信用品質提升幅度如何。那麼，你該如何將這些經驗應用到日常的 Affirm 購物中呢？因為——很明顯，這三天內，所有商品和服務的交易總額都出現了相當顯著的成長。

Yes. And by the way, not to sort of -- I'll take the compliment, but I will point out, this is our first rodeo with that particular one, and we expect to get better and smarter (technical difficulty) nothing. And we're planning the next one and we're super excited about all the things we're going to do differently and just smarter. So there's more money that one understands, we're sure about that. In terms of -- I don't always refer to The Big Lebowski, sometimes I refer to the rest of the (technical difficulty).

是的。順便說一句，我並不是想——我會接受讚揚，但我要指出，這是我們第一次使用那個特定的設備，我們期望得到更好、更聰明的（技術難題）什麼都沒有。我們正在籌劃下一個項目，我們對所有將要做出的改變和更明智的嘗試都感到非常興奮。所以，我們確信，實際存在的金額遠遠超過人們的想像。至於──我並不是總是指《謀殺綠腳趾》，有時我會指其他作品。（技術難題）

So on the GMV boost, the conversion boost is really powerful. It's in the letter. You can see how well it did for us. It does skew higher credit quality because of the self-selection that always happens in reduced APR, 0% APR, it did have excellent second order effects. We saw outsized actually, the gains in card holder growth were outpaced the gains in GMV, which is kind of interesting.

因此，就 GMV 提升而言，轉換率提升非常顯著。信裡寫著呢。你可以看到它對我們效果有多好。由於在年利率降低（0% 年利率）的情況下總是會出現自我選擇現象，因此它確實提高了信用質量，並且產生了極佳的二階效應。實際上，我們看到持卡人數量的成長速度超過了GMV的成長速度，這很有趣。

I think that's right, if I remember correctly. I think the card growth was to handle and GMV went up 15%. No, I don't want to put myself without looking at the tear sheet, but the card grew even better than the GMV. So all of that was really solid. One thing that's worth knowing it's not in the question, but it should be. We have really good evidence, just lots and lots of months of data showing that folks that come in through a 0% APR loan are quite happy to use us for both interest-bearing and noninterest-bearing products.

我想應該是這樣，如果我沒記錯的話。我認為信用卡成長能夠應對，GMV成長了15%。不，我不想在沒看業績表的情況下妄下結論，但這張卡的成長甚至比GMV還要好。所以所有這些都非常可靠。有一點值得注意，雖然這個問題裡沒有提到，但它應該要提到。我們有非常確鑿的證據，數月的數據表明，透過 0% 年利率貸款進入我們這裡的客戶，無論是有息產品還是無息產品，都非常樂意使用我們的服務。

There's a sort of an industry myth that you self-select into an APR and then you react violently when it changes upwards. That is not the case with the Affirm consumer. And you can sort of debate exactly why, but it is factually correct that people who sign up with a 0% deal, do not mind other offers that we give them. That's a -- because it's so effective, we're obviously very hard at work telling merchants about how this effective this is and inviting them into the next big nothing, et cetera. I said lots of things. I feel like I may have answered the question.

業界有一種誤解，認為貸款利率是自己選擇的，當利率上漲時，貸款人就會反應激烈。但Affirm用戶的情況並非如此。你可以就此展開辯論，但事實是，那些以 0% 利率註冊的人，並不介意我們提供的其他優惠。那是因為——因為它非常有效，我們顯然正在努力告訴商家這種做法有多有效，並邀請他們進入下一個大領域等等。我說了很多話。我覺得我可能已經回答了這個問題。

Matt Coad, Truist Securities.

Matt Coad，Truist Securities。

One more maybe on like the other bucket in terms of new verticals that may enter that other bucket. There were some press releases over the quarter about entering B2B through the partnership with QuickBooks Payments and then maybe moving into the rent vertical as well. And I know it's kind of like early days for both. But I just was hoping that you guys could talk about the growth opportunity there.

或許還有另一個類別，就像其他類別一樣，新的垂直領域可能會進入這個類別。本季發布了一些新聞稿，宣布將透過與 QuickBooks Payments 的合作進軍 B2B 市場，然後可能會進軍租賃市場。我知道對雙方來說，現在都還處於起步階段。但我只是希望你們能談談那裡的發展機會。

And then kind of how you think about underwriting, especially in rents and how that may differ from your current book of payments and underwriting?

那麼，您是如何考慮承保的，尤其是在租金承保方面，以及這與您目前的付款和承保情況有何不同？

Yes. So I'll take it in the inverse order. But super important. The rent test is a very, very small test. It is definitely not our MO to take what is essentially a subscription product and turn it into a differently contour subscription product. So the product cannot be you want to pay your 12-month rent over 18 months, like that doesn't help our consumers. It's not the right product to build. That's not what this is.

是的。所以我將按相反的順序來回答。但非常重要。租金測試只是一個非常非常小的測試。我們絕對不會把本質上是訂閱產品的東西變成另一種輪廓訂閱產品。所以，產品不能讓你把 12 個月的房租分 18 個月支付，這對我們的消費者沒有幫助。這不是應該開發的產品。事情並非如此。

The test we are running is, if we allowed you to time shift e.g., you get paid on the 16th, but your rent is due on the 15th, that's a strain on your personal finances, what if we allowed you to move that or split it into two parts. So that's the thing we're testing. Very small, the number of loans we are allowing through is countable on several people's hands sort of thing, at least in the very first portion of this and deliberately so.

我們正在進行的測試是，如果我們允許你調整付款時間，例如，你的工資在 16 號發放，但房租在 15 號到期，這會給你的個人財務帶來壓力，如果我們允許你調整付款日期或將其分成兩部分支付，情況會怎樣？這就是我們正在測試的內容。非常少，我們批准的貸款數量屈指可數，至少在最初階段是這樣，而且這是我們有意為之。

This is not an area we think obviously going to happen. So we'll find out, we'll test, but put nothing in your model for now. On the Intuit side, that's actually super exciting, and it's not B2B. What it is, is there is a whole facet of the services world that gets built through QuickBooks. And until just now or whenever it launches, you would pay for these services with a credit card.

我們認為這並非一個顯而易見的領域。所以我們會找出答案，我們會進行測試，但目前不要把任何東西放到你的模型裡。對 Intuit 而言，這其實非常令人興奮，而且它並非 B2B 業務。實際上，服務業的一個整體層面是透過 QuickBooks 建構起來的。直到現在或是這項服務推出之前，你都需要用信用卡支付這些服務的費用。

The service provider would tell you, it's going to cost you $5,000. And off you go, you decide if you want it as soon as we launch, which is on a fairly accelerated timeline, you'll -- the service provider will tell you, I can make this $5,000 over the course of six-months. So all you have to do is use Affirm, you already know the name. It will be in your invoice.

服務提供者會告訴你，這要花費你 5000 美元。然後你就可以開始行動了，你可以決定是否要在我們推出後立即使用（我們的推出時間表相當迅速），服務提供者會告訴你，我可以在六個月內賺到 5000 美元。所以你只要使用 Affirm 就行了，你已經知道它的名字了。會顯示在您的發票上。

And so it is the usual Affirm, if you will, B2B2C, Intuit is a fantastic aggregator of small service providers businesses that bill consumers, we will be included in those invoices, and the consumer will be educated that they can pay overtime for these services. And we feel like we have unlocked another side of transactions that until recently were just not exposed to buy now, pay later, also super excited about that. And there's a lot more to do there, but that's the first step.

所以，這和 Affirm 的典型模式類似，B2B2C，Intuit 是一個非常棒的小型服務提供者聚合平台，這些服務提供者會向消費者收費，我們會被包含在這些發票中，消費者也會被告知他們可以為這些服務支付加班費。我們感覺我們已經解鎖了交易的另一面，即先買後付，直到最近這種模式才被人們所了解，對此我們也感到非常興奮。還有很多工作要做，但這只是第一步。

Yes. And then just the other point I would make on the other category to your first question, we do include our wallet partnerships in others. So as Max alluded to, there is sort of the long tail of merchants, but then wallets would be another part of other that is pretty high growth for us today.

是的。關於你第一個問題的另一個類別，我還有一點要補充，我們確實將錢包合作夥伴關係也包含在其他類別中。正如 Max 所暗示的那樣，商家群體雖然存在長尾效應，但錢包是另一個成長速度相當快的領域。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Given the value you generate for merchants with the 0% offers, what are your thoughts around the potential to continue to raise pricing there? It seems like there is an excess buffer between your fees to the merchant and the lower revenues they avoid by not having to initiate a 25% or 30% off sale. It seems like pricing did tick up to the long term, piece of this book flat for the short term, at least on page 16 of the deck. So maybe some color there on the mix between long term and short term and the potential to raise prices?

鑑於 0% 優惠為商家創造了價值，您認為是否有可能繼續提高這些優惠的價格？似乎你向商家收取的費用和商家因無需發起 25% 或 30% 的折扣促銷而避免的較低收入之間存在多餘的緩衝空間。從長遠來看，價格似乎有所上漲，但就短期而言，這本書的價格保持平穩，至少在牌組的第 16 頁是如此。那麼，或許可以就長期和短期因素之間的關係以及漲價的可能性提供一些見解？

Great question. I would say, I think it does vary a bit by merchant size, and we have had nice traction with a couple of our go-to-market packages that we use for some of the platforms that help us aggregate distribution into smaller merchants. We actually have seen nice uptick of merchants starting with a base package and then moving into a higher converting package that includes more 0% offerings in their financing program.

問得好。我認為，這確實會因商家規模而略有不同，我們針對一些幫助我們將分銷管道整合到小型商家的平台推出的幾個市場推廣方案已經取得了不錯的進展。我們確實看到越來越多的商家先選擇基礎套餐，然後升級到轉換率更高的套餐，這些套餐的融資方案中包含更多 0% 利率的折扣。

So I think that is working for us in terms of the go-to-market motion. And then honestly, I think with some of the larger merchants, it's really on us to prove that 0% offerings drive conversion. And I think those conversations take time and are going to be a function of the success that we drive. And then it's on us to make sure that we're being compensated for what we're delivering to the merchant.

所以我認為這在市場推廣方面對我們是有效的。說實話，我認為對於一些大型商家來說，我們真的需要證明 0% 的折扣可以提高轉換率。我認為這些對話需要時間，而且將取決於我們所取得的成功。然後，我們就有責任確保我們為商家提供的服務獲得相應的報酬。

Yes. And really small add, I think flat pricing in a declining rate environment is actually the same thing as raising price.

是的。另外補充一點，我認為在利率下降的環境下實施固定價格實際上與提高價格是一樣的。

Yes. What's the mix between short term and long term on the 0% book?

是的。0%利率債券中短期債券和長期債券的比例是多少？

We haven't disclosed that.

我們尚未披露此事。

Okay. If I could just squeeze in one more. The loss provisions ticked up a few basis points. Nothing crazy at all. I'm just trying to figure out why the stock might be down a couple of bucks here in the after hours. Did you see something in the quarter? Is it taking advantage of some strength this quarter and being proactive? Or just some color around that would be great.

好的。如果我能再擠出一個就好了。損失準備金略微上升了幾個基點。一點也不瘋狂。我只是想弄清楚為什麼這支股票在盤後交易中會下跌幾美元。你在四分之一英里處看到什麼了嗎？公司是否正在利用本季的優勢採取積極主動的策略？或是在周圍加些顏色也不錯。

I think I already said it, consumer is healthy. We are not seeing any disturbance in the force which give us freedom to optimize for RLTC. And so you can see the RLTC number is just shy of the upper side of the long-term goal. We manage credit to a NICO number. And if you look at the chart of the NICO curve, you'll see that these are like super tightly run lines that are just one on top of the other.

我想我已經說過了，消費者是健康的。我們沒有看到任何擾動，這使得我們可以自由地優化 RLTC。因此，你可以看到 RLTC 數值略低於長期目標的上限。我們透過NICO號碼管理信用。如果你看 NICO 曲線圖，你會發現這些曲線就像一條非常緊密的線，一條疊在另一條線上。

That's what I look at when I worry or don't worry about credit results. So that's -- the North Star is NICO doing, okay, and it certainly is right now. So I'm not sure I can help you interpret why the stock is down. So that's not -- I'm not the person. But yes, we're managing credit very, very attentively at all times.

這就是我擔心或不擔心信用結果時會參考的因素。所以，這就是——NICO 的北極星正在做的事情，好的，而且它現在確實正在做。所以我不太確定我能幫您解釋為什麼股價會下跌。所以，我不是那個人。是的，我們始終非常非常謹慎地管理信貸。

I think you guys are doing a great job.

我覺得你們做得非常棒。

Thank you.

謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I actually want to follow up with one of the answers you gave just a moment ago in terms of the behavior of those that are coming in for 0% promotions versus maybe others. Can you give any more detail in terms of their frequency of engagement, what products they're tending to be attracted to. It seemed like you were suggesting they would use also interest-bearing and maybe gravitate towards the card.

我其實想就你剛才給的一個答案做個後續討論，關於那些獲得 0% 晉升的員工與其他員工的行為有何不同。您能否提供更多關於他們參與頻率、他們傾向於選擇哪些產品等方面的詳細資訊？你似乎暗示他們也會使用計息貸款，並且可能會傾向於選擇信用卡。

But just help us understand like where you're seeing success, continuing to engage with those customers and what that behavior looks like, say, versus those that come in either through kind of interest-bearing or very short duration, 0%?

但請您幫我們了解一下，您在哪些方面取得了成功，如何繼續與這些客戶互動，以及他們的行為是什麼樣的，例如，與那些透過有息貸款或期限非常短（0%）貸款方式進入市場的客戶相比？

Everything you just said sort of answers your own question a little bit already. The very last thing you said is not what I said, and I don't want to imply that. In other words, I would not encourage you to think of short-term zeros as a great feeder into something else. What I was trying to say is zeros, writ large, short and long term. And obviously, longer-term zeros are a higher form of value.

你剛才說的其實已經部分回答了你自己的問題。你說的最後一句話和我說的不一樣，我無意暗示這一點。換句話說，我不建議你把短期零收益看成是獲得其他收益的絕佳途徑。我想表達的是，無論從短期或長期來看，結果都是零。顯然，長期零收益是一種更高的價值。

If you're getting a 10-months 0% loan or 12-months 0% loan for a large ticket purchase. That's an extraordinary deal like that's exactly sort of the conversation with merchants around don't run at 25% off sale, pay us 11% and offer 12-months, plus or minus 0% loans on your large items. So -- and you're right, though, I did suggest that a zero as the first loan does not preclude, in fact, does not seem to bear any relevant as to your propensity to take out an interest-bearing loan, which is mostly just a freedom for us to correctly price the transactions whenever merchant do or do not subsidize the interest rate.

如果您要購買大件商品，需要申請 10 個月 0% 利率貸款或 12 個月 0% 利率貸款。這簡直是天賜良機，就像商家們正在討論的那樣：不打七五折，付給我們 11% 的佣金，然後為你的大型商品提供 12 個月左右的 0% 貸款。所以——你說得對，我的確說過，第一筆貸款為零並不排除，實際上，似乎與你申請有息貸款的傾向沒有任何關係，這主要只是讓我們在商家補貼或不補貼利率時，能夠正確地為交易定價的一種自由。

Because maybe the shorter form of the summary here is consumers we sign do not fold by and large, into only transact with X type of transaction, only transaction with Y type of transaction, they cross-pollinate nicely. To the sort of, who is more engaged, that's a great question. We're not -- I'm not sure I want to talk too much about it.

因為或許更簡潔的總結形式是：我們簽約的消費者總體上不會只進行 X 類交易或只進行 Y 類交易，它們之間可以很好地相互融合。至於誰的參與度更高，這是一個很好的問題。我們不是——我不確定我是否想談太多這件事。

But a lot of our product strategy is shaped by the observations that consumers that come in through a particular type of a transaction, find us in more and more services. And a lot of how Boost AI and Adapt AI actually work, it's the fact that we are seeing consumers across multiple differentiated services. So you start typically the point of sale, you end up taking out the card, you might use Affirm from anywhere before that, which is sort of the cardless version of the card that was developed a couple of years prior.

但我們許多產品策略都是根據這樣的觀察結果制定的：透過特定類型的交易進入我們網站的消費者，會越來越多地在各種服務中找到我們。Boost AI 和 Adapt AI 的運作方式很大程度上取決於我們看到消費者使用多種差異化服務。所以，通常情況下，你會從銷售點開始，最終拿出卡，在此之前，你可能已經在任何地方使用過 Affirm，這是一種無卡版本的卡，是在幾年前開發的。

As you start compounding, if you will, these different kinds of Affirm use, your engagement goes up, your transactions per user goes up, your overall annual spend on Affirm goes up, and that's exactly what we want. So we are absolutely very attentive to what else might we offer you as you're increasing your transactions per user and your total Affirm spend? And the 0% deals of various kinds are super valuable because they have such an outsized impact on propensity to convert.

隨著你不斷累積這些不同類型的 Affirm 使用量，你的參與度會提高，每個用戶的交易量會提高，你在 Affirm 上的年度總支出也會提高，而這正是我們所希望的。因此，隨著您每用戶交易次數和 Affirm 總消費額的增加，我們非常關注還能為您提供哪些其他服務？各種 0% 優惠非常有價值，因為它們對轉換率有著巨大的影響。

Reginald Smith, JPMorgan.

雷金納德‧史密斯，摩根大通。

Congrats on the quarter. Most of my questions have been answered. I did have one. A question I get a lot from investors is whether your expansion into some of these newer categories, home improvement, medical, auto repair signals anything about, I guess, your base for your core retail BNPL business, whether it's competition or anything like that or maybe even a shrinking opportunity.

恭喜你本季取得佳績。我的大部分問題都已得到解答。我確實有一個。投資人常問我的一個問題是，你們向一些新興領域（如家居裝修、醫療、汽車維修）擴張是否預示著你們核心零售「先買後付」業務的基礎會受到怎樣的影響，例如競爭加劇，或者機會正在減少。

I guess, what would be your reaction or response to those questions. And then how did you decide or what was the signal that confirmed that now is the time to kind of make that move into those new verticals? And then lastly, is there any link or relationship between moves to those verticals, maybe getting a bank charter. I'm just curious whether the lower funding and the longer duration of deposits played any thinking or any role in that decision, if that?

我想，你對這些問題會有什麼反應或回答呢？那麼，你是如何決定或是說，是什麼訊號讓你確信現在是進軍這些新垂直領域的合適時機呢？最後，進入這些垂直領域與獲得銀行牌照之間是否有任何關聯或關係？我只是好奇，較低的資金投入和較長的存款期限是否對這項決定產生了任何影響？

I'll go backwards, Reggie. So short answer to the last one is no. We are not figuring any sort of a short-term reduction in cost of funds. We need to get approved. We need to go through de novo, we need to gather deposits from which we could lend and 10-years into the future, we can talk about, hey, now that we have a lot of deposits, can we leverage some of that to fund our own book.

我會倒著走，雷吉。所以，最後一個問題的簡短答案是：不。我們不打算在短期內降低資金成本。我們需要獲得批准。我們需要從頭開始，我們需要累積存款，以便將來可以放款。 10 年後，我們可以討論，嘿，既然我們現在有很多存款，我們能否利用其中的一些來為我們自己的貸款業務提供資金。

So that's very, very far away. That's not even a little bit related to these new categories. The way we choose new categories is entirely based on consumer pull. And because we have a card that works everywhere, Visa is accepted, we get a really high-fidelity daily print of, oh, check it out. People are using this for this thing.

所以那距離非常非常遠。這和這些新類別一點關係都沒有。我們選擇新品類的方式完全取決於消費者的需求。而且因為我們有一張到處都能用的卡，Visa 卡也被接受，所以我們每天都能獲得非常高保真的列印數據，哦，看看吧。人們用它來做這件事。

Well, that's interesting. We should maybe talk to some of the people that sell whatever that thing is. And we knew that auto parts and adjacent things has been a huge component of our growth for a very, very long time. It made a ton of sense to go talk to people that sell a lot of parts and ask them, okay, so if we integrate it directly instead of having our consumers come through the card door, what would that product look like?

嗯，這很有意思。或許我們應該跟那些賣那種東西的人談談。我們知道，汽車零件及相關產品長期以來一直是公司發展的重要組成部分。和銷售大量零件的人交談，問問他們，如果我們直接整合到產品中，而不是讓消費者透過刷卡進入，那麼產品會是什麼樣子，這非常有意義。

Would there be a reason for us to do something a little bit deeper? Would you be interested in sponsoring zeroes et cetera. So that's roughly how we pick new categories. And then the reason we went to new categories, the very short answer is we're building a network like Visa is accepted everywhere. Amex is accepted everywhere, et cetera.

我們是否有理由進行更深入的研究？您有興趣贊助 zeroes et cetera 嗎？這就是我們大致選擇新類別的方式。至於我們推出新類別的原因，簡而言之，就是我們正在建立一個像 Visa 一樣在世界各地都被接受的網路。美國運通卡在各地都被接受，等等。

We are -- we see ourselves as a 21st century version of American Express sometimes and the goal is to be on every convenience store door and all the doors, all the online doors, all the off-line doors, Affirm wants to be the universal acceptance mark. And so it's not a matter of which one do we choose? It's which one do we choose next. And some number of years from now, we hope to just be a thing that consumers expect to see at any retailer big and small, online and offline.

我們——我們有時把自己看作是 21 世紀的美國運通，我們的目標是讓 Affirm 的標誌出現在每一家便利商店的門上，出現在所有的線上門上，出現在所有的線下門上，Affirm 希望成為普遍接受的標誌。所以這不是我們選擇哪一個的問題嗎？接下來我們要選擇哪一個呢？幾年後，我們希望我們的產品能夠成為消費者在任何規模的線上線下零售商處都期望看到的商品。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

So just wondering if you could talk about the announcement with Fiserv earlier this quarter. Maybe just describe what you're trying to do there, the interest you're seeing in the product from banks, regional banks. Anything you can share on how the product would work in practice, unit economics?

所以我想問您是否可以談談本季早些時候 Fiserv 發布的公告。或許可以描述一下你正在嘗試做什麼，以及你看到的銀行，特別是地區性銀行對產品的興趣。關於產品在實際應用中的運作方式以及單位經濟效益，您能否分享一些資訊？

Definitely a little bit early to talk to the unit economics given we've just announced a partnership there. But it follows our partnership with FIS, and we're certainly not stopping there. We are seeing excellent interest, hence, the opportunity to partner more and broader in the community of folks providing services to such financial institutions.

鑑於我們剛剛宣布與該公司建立合作關係，現在談論單位經濟效益肯定還為時過早。但這是我們與 FIS 合作的延續，我們肯定不會止步於此。我們看到了極大的興趣，因此，有機會與為這類金融機構提供服務的群體進行更廣泛的合作。

We think that we should not be the only people issuing debit cards with buy now, pay later capacity on them and there's already on the order of 0.5 billion debit cards in America and many, many, many banks where people bank locally have a debit card, have a banking brand they love and don't feel like switching out of, and would love to see buy now, pay later capabilities from their bank.

我們認為我們不應該是唯一一家發行具有「先買後付」功能的借記卡的公司，而且美國已經有大約 5 億張借記卡，許多本地銀行都為人們提供借記卡，他們喜歡自己的銀行品牌，不想更換，並且希望他們的銀行也能提供「先買後付」功能。

Their bank on the other hand, does not have a software engineering team or an underwriting team or capital markets team. We do. We are excited to offer our platform to anyone who wants to be on it. The best way of reaching some of these folks, given their technical limitations is through their core banking software providers and their integration teams. That's what we're trying to do here.

另一方面，他們的銀行沒有軟體工程團隊、承銷團隊或資本市場團隊。是的。我們很高興向所有想加入我們平台的人提供這個平台。考慮到這些人的技術局限性，聯繫他們的最佳方式是透過他們的核心銀行軟體提供者及其整合團隊。這就是我們在這裡努力的方向。

And at some point, we'll hopefully start talking a little bit more about specifically who will go first, who will go second in the actual underlying financial institution customer, but we're just not quite there yet.

在某個時候，我們希望能夠更具體地討論一下，在實際的底層金融機構客戶中，誰會先入為主，誰會後入，但我們目前還沒有到那一步。

Got it. I understand. And can I ask you just a follow-up on Affirm Card just generally. I was wondering, Max, if you're thinking on the card has evolved as you've seen customer usage of the card. I think early on, you've certainly talked about it as wanting it to be like the customer's top of wallet everyday card. Is that how customers, consumers are using it today? Any evolution on that thinking?

知道了。我明白。我可以再問一下關於 Affirm 卡的一般性問題嗎？麥克斯，我想知道，隨著你觀察到客戶對這張卡的使用情況，你是否認為這張卡也隨之改變了。我認為你很早就說過，你希望它能成為顧客每天放在錢包最顯眼位置的卡片。這就是消費者如今的使用方式嗎？這種想法有新的發展嗎？

Actually, Michael said something a little while ago, which sort of seemed obvious after I heard him say it. We have 25 million active users, and we still keep on talking externally but also kind of internally as if we have exactly one product that fits them all, like no one at that sort of scale has, oh, yes, we got this one thing and everybody should just use that.

事實上，麥可不久前說過一句話，我聽了之後覺得這句話其實很明顯。我們擁有 2500 萬活躍用戶，但我們仍然不斷地對外和對內地談論，好像我們只有一個產品可以滿足他們所有人的需求，好像沒有哪個公司達到這種規模，哦，是的，我們有這樣一款產品，每個人都應該使用它。

And it is -- the card is used fairly differently by different consumer categories. We have a category of consumers who is absolutely using the card as a top of wallet, every transaction. They're both power users, but they're also -- like they've completely been, I don't know the color of our logo is, I guess, kind of purple. So maybe they've been purple pilled, is that the word?

確實如此——不同消費族群對信用卡的使用方式截然不同。我們有一部分消費者，他們每次交易都把這張卡當成錢包裡的主卡。他們都是高級用戶，但他們也——就像他們完全是，我不知道我們的標誌顏色，我猜，有點像紫色。所以，也許他們已經被「紫藥丸」洗腦了，是這個字嗎？

But I'm making this up as I go along obviously, but the -- so that group exists, it's not small anymore, but it is a minority. Majority of our consumers still use the card as a considered purchase when the transaction really matters to them, they pull out their Affirm card. They also see Affirm logo. They might just go through the integrated path.

但我顯然是在憑空捏造，不過——所以這個群體確實存在，而且人數不再少，但仍然是少數群體。我們的大多數消費者仍然會在經過深思熟慮後才使用信用卡，當交易對他們來說非常重要時，他們會拿出他們的 Affirm 卡進行購買。他們還看到了Affirm的標誌。他們或許會選擇走綜合路徑。

If they're active Apple Pay, Google Pay, Chrome autofill, Shop Pay users, half a dozen huge wallet partnerships that we power. And all of those are available to them. And so they don't always reach for their card even if they have it in their wallet. And that group certainly thinks of us as a considered purchases. But again, within that group, there are people for whom $50 is a highly considered purchase.

如果他們是 Apple Pay、Google Pay、Chrome 自動填充、Shop Pay 的活躍用戶，以及我們支援的六大錢包合作夥伴。所有這些都對他們開放。因此，即使錢包裡有卡，他們也不一定會去掏卡。而且，該群體肯定認為我們是經過深思熟慮的購買對象。但同樣地，在這個群體中，也有一些人會認真考慮購買 50 美元。

And they actually -- if you turn to the first page of my section of the letter, we broke out just for the big nothing the GMV lift merchants saw by size of basket, which is kind of a really -- we don't really talk about it that much, but you can see there's like a nearly perfect linear curve as the size of the transaction increases the GMV uplift by offering 0% goes up as well.

實際上——如果你翻到我這部分信件的第一頁，我們專門列出了商家按購物籃大小看到的 GMV 提升，這其實是一個——我們不太常談論它，但你可以看到，隨著交易規模的增加，提供 0% 折扣帶來的 GMV 提升幾乎呈完美的線性曲線。

And that explains a lot about the sort of the customer differentiation. And so we will, at some point, start talking a little bit more about the customer segmentation that we have, a consumer segmentation that we have internally, definitely not prepared to give a lecture on this topic right now. But it's starting to bifurcate, trifurcate fairly rapidly into groups that we need to serve a little bit differently.

這就解釋了很多關於客戶差異化的問題。因此，在某個時候，我們會開始更多地談論我們內部的客戶細分和消費者細分，但現在我們絕對沒有準備好就此主題進行講解。但它正開始迅速分裂成兩派、三派，我們需要以略微不同的方式來服務這些派別。

And we're actually very, very excited about that. Like nothing is better than as a product person to know you have market pull and the market is teaching you, we need a card that does this. And then we have another group and they want something else entirely and building that is cheaper and cheaper thanks to all these programming techniques that we now have. So we're excited to build more software.

我們對此感到非常非常興奮。對於產品經理來說，沒有什麼比知道自己有市場號召力，而市場正在告訴你「我們需要一張能做到這一點的卡片」更好的了。然後我們還有另一組人，他們想要完全不同的東西，而且由於我們現在擁有的所有程式技術，建造起來的成本越來越低。所以我們很高興能夠開發更多軟體。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Last quarter, I know you mentioned you were in discussions with some key PSP partners really to become a default payment method. And I think you were already live with one. So maybe just touch a little more on the benefits you're seeing from that PSP default method and how these conversations have evolved, maybe just when you're in these conversations with PSPs, what's the pitch like to really convince them?

我知道您上個季度曾提到您正在與一些重要的支付服務提供者合作夥伴進行討論，以期成為預設支付方式。而且我覺得你當時已經跟其中一個住在一起了。那麼，能否再多談談您從 PSP 預設方法中看到的好處，以及這些對話是如何演變的？或許，當您與 PSP 進行這些對話時，您是如何推銷才能真正說服他們的？

It just goes right back to the thing I said earlier, 10-years ago, if you said Affirm should be right next to Visa, Mastercard, American Express Discover, your average payment processor would say, what firm, sorry, if you're on the phone or Zoom. That's not the question anymore today. Fortunately, our name has now a certain degree of weight. And becomes a conversation of, does this help my overall conversion?

這正好回到了我之前說的，10 年前，如果你說 Affirm 應該和 Visa、Mastercard、American Express 和 Discover 並列，一般的支付處理商會說，哪家公司？抱歉，如果你正在打電話或用 Zoom 會議的話。如今，這已不再是問題了。幸運的是，我們的名字現在有一定的分量了。這就引出了一個問題：這樣做是否有助於我的整體轉換率？

Does this -- how does this change my economics for -- as I pitch downstream merchant for my overall services. And so I'm not sure I'm prepared to break it out into a ton of detail, but the default on just means the consumer sees our logo as they select a way they're going to pay for a thing or a service. And for a large percentage of the merchants, both within these partnerships and outside, our logo is visible not just on the payment sheet but up funnel where the consumer finds out that Affirm is available and they can split their payments and expect no fees.

這會如何改變我的財務狀況——當我向下游商家推銷我的整體服務時。因此，我不確定我是否準備好詳細解釋，但預設開啟狀態意味著消費者在選擇支付商品或服務的方式時會看到我們的商標。對於很大一部分商家而言，無論是在這些合作關係內部還是外部，我們的標誌不僅出現在付款單上，而且出現在消費者發現 Affirm 可用、可以拆分付款且無需支付任何費用的支付流程中。

Okay. All right. I mean -- but I think that could be a key driver for you guys, assuming it's sticky and it actually resonates. I'm just curious if there's been progress. But anything more you could share on that. But then my other question is just around agentic. Yes, go ahead.

好的。好的。我的意思是——但我認為，如果它具有粘性並且能夠引起共鳴，那麼這可能是你們的關鍵驅動因素。我只是好奇是否有進展。關於這一點，您還有什麼可以分享的嗎？但我還有另一個問題，是關於代理性的。好的，請繼續。

Sorry. I mean I think we think about platforms really when we talk about PSPs as well. And so obviously, the Intuit announcement is one that we're incredibly excited about. I think the size of that platform is immense and it taught us to make sure that we maximize the opportunity and build the biggest program there that we can. So that's one that's been in the pipeline that we're excited to have out in the public today.

對不起。我的意思是，我覺得我們在談論PSP的時候，也會真正考慮到平台這個概念。因此，很顯然，我們對 Intuit 的這項公告感到無比興奮。我認為這個平台的規模非常龐大，它教會了我們一定要抓住這個機會，盡可能在那裡建立最大的專案。所以，這是我們一直在籌備的項目，今天我們很高興能把它公諸於世。

Right. That makes sense. I guess just a quick follow-up would be on any quick comments you can give us on your latest view around agentic commerce. I know it's not a quick topic, but just given that it's going to be -- it could become such an important part of the ecosystem. Maybe curious to hear what steps the company is taking just to make sure you're ready to capture this kind of spend.

正確的。這很有道理。我想快速跟進一下，您能否就您對代理商務的最新看法發表一些簡短的評論？我知道這不是一個可以快速討論的話題，但考慮到它將是一個重要主題——它可能會成為生態系統中非常重要的一部分。或許您很想知道該公司正在採取哪些措施，以確保您已準備好迎接這種規模的支出。

I'm laughing because it's Michael's turn to roll his eyes. We got the meaning of life question and short answer is there's no short answer. Let's see, still bullish, still think that it is hugely accretive for our financial product flavor to have agents that judge whether a financial service is a good one or a bad one. I think as the bots learn more and more about how things like deferred interest, late fees and compounding interest work, it's easier and easier to stand out because we don't do any of those things.

我笑是因為輪到麥可翻白眼了。我們被問到「人生的意義」這個問題，而簡短的回答是：沒有簡單的答案。嗯，我依然看好，仍然認為，如果能有代理人來判斷一項金融服務是好是壞，這對我們的金融產品來說是巨大的增值。我認為，隨著機器人對延期利息、滯納金和複利等概念了解得越來越多，我們之所以能脫穎而出，是因為我們根本不做這些事。

So I think all of that sort of structurally, we benefit from that. In terms of just being there and making sure that we are in the mix, we certainly are very, very active. I think we're -- I can't always keep track of exactly what announcements we made. So I'll punt on saying exactly where we'll pop up next or first or second, but we are certainly very engaged with the industry trying to understand what's the best way of delivering our products.

所以我認為從結構上看，我們都從中受益。就參與其中並確保我們有所作為而言，我們當然非常非常積極。我想我們——我不可能總是記住我們究竟發布了哪些公告。所以，我不會透露我們接下來會在哪裡出現，或第一個或第二個出現，但我們肯定會積極參與到行業活動中，努力了解交付我們產品的最佳方式。

But you should absolutely expect us to be in all those stories. I think I continue to maintain from the sort of pure consumer product perspective that there are purchases that are more like entertainment and they will continue being largely human-driven and purchases that are more sort of human computer partnership where AI will help you research the product you're going to buy and maybe even serve up the final decision for you and then you'll pull the trigger, but the person will still be human supervised.

但你們絕對可以期待我們在所有這些故事中出現。我認為，從純粹的消費品角度來看，有些購買行為更像是娛樂，它們將繼續主要由人驅動；而有些購買行為更像是人機合作，人工智慧將幫助你研究你要購買的產品，甚至可能為你提供最終決定，然後你再做出購買決定，但這個過程仍然會受到人類的監督。

And then there will be a large transition to transactions that just don't need humans anymore, and those will be wonderful, and you want to make sure that you're included in those too and some form of a default selection is available and some of those conversations are certainly very active, not just between us but the industry.

然後，交易將大規模地向不再需要人工幹預的方向發展，這將非常棒，你也希望確保自己能夠參與其中，並且有某種形式的默認選項可用，而這方面的討論目前非常活躍，不僅在我們之間，而且在整個行業也是如此。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Jumped on a little bit late. But with the spike in the active merchant growth up to 42%, I know that was running in the low 20s for a while for a few quarters and then moved up last quarter and then again a significant move. Is that one relationship? Or is that multiple relationships? Just trying to get a better understanding of the growth there?

稍微晚了一點加入。但隨著活躍商家成長率飆升至 42%，我知道這個數字在幾個季度裡一直徘徊在 20% 左右，然後在上個季度有所上升，之後又出現了顯著增長。那是一種關係嗎？或者，這是多重關係？只是想更了解那裡的成長情況？

Yes. I would say the inflection in growth is being driven by some wallet partnerships that we have. We're including merchants from those wallet partnerships in that merchant count. So that has been an accelerant from a growth perspective.

是的。我認為成長拐點是由我們的一些錢包合作夥伴關係推動的。我們將透過這些錢包合作關係獲得的商家也計入商家數量。因此，從成長的角度來看，這起到了加速作用。

Got it. And how long does it take to get the corresponding volumes from those merchants from those wallets?

知道了。從這些錢包中的這些商家那裡獲取相應的交易量需要多長時間？

Well, I mean, obviously or maybe not obviously. I mean we're only counting the merchant, if they're active with us. We're not counting doors if the merchant isn't taking transactions from Affirm. So we're only counting active merchants, whether it comes through a wallet or it comes through a more direct integration with Affirm.

嗯，我的意思是，這顯然，或者也許並不那麼明顯。我的意思是，我們只統計那些在我們這裡活躍的商家。如果商家不接受 Affirm 的交易，我們就不會統計門市數量。因此，我們只統計活躍商家，無論付款是透過錢包還是透過與 Affirm 的更直接整合完成的。

Yes. And --

是的。和--

That is just a function of scaling with the merchant, right?

這只是商家規模擴張的函數，對吧？

Right, right. Yes, that's what I was thinking about is how fast it takes to scale with those particular merchants, maybe that they're not directly integrated. Okay. And then the other question just on -- that I had was on adjusted operating margins. Just thinking about the first half versus second half, obviously, strong margins in the first half.

對，對。是的，我一直在想的是與這些特定商家合作需要多快的速度，也許他們還沒有直接整合。好的。然後，我還有一個問題──關於調整後的營業利益率。僅從上半場和下半場來看，很明顯，上半場優勢很大。

And then looks like a slight deceleration in margin growth that you're just probably being a bit conservative there. But anything to think about in terms of the adjusted operating margins first half versus second half?

然後，利潤率成長似乎略有放緩，你可能在這方面有點保守了。但就上半年和下半年的調整後營業利潤率而言，有什麼需要考慮的嗎？

No. I mean I think we did have a really nice trajectory over the course of last year. So to your point, the margin expansion is a bit lower in Q4, for example, in the guide than it was in Q2. But we are approaching -- we're quite happy with the margin profile, and we're signing up for more FY26 margin expansion in this version of the guide than we had days ago.

不。我的意思是，我認為我們去年的發展軌跡確實非常好。所以正如您所說，例如，在第四季度，利潤率擴張幅度比第二季度要低一些（見指南）。但我們正在接近目標——我們對利潤率狀況相當滿意，我們預計，與幾天前相比，本版指南中 2026 財年的利潤率將進一步擴張。

So yes, I think it's just continued operating leverage and continuing to scale nicely, and most of that is driven by the strong growth that we're seeing in revenue less transaction costs.

所以，我認為這只是持續的經營槓桿作用和持續良好的規模擴張，而這主要得益於我們看到的收入（扣除交易成本後）的強勁增長。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Thanks for all the color and details. Most of my questions have been asked. I guess one thing I'm just curious about is, you're now -- forward flow agreements with private credit counterparties are an increasing part of the funding sources. I know you've been selling assets to off-balance sheet partners over time. But I'm wondering, is the characteristic of what the private credit partners want in such a way that it changes the mix of what you end up holding on balance sheet? Or is it all the same?

感謝您提供的豐富色彩和細節。我的大部分問題都已經被問過了。我想問的是，您現在與私人信貸交易對手簽訂的遠期融資協議，在融資來源中所佔比例越來越大。我知道你一直在向表外合作夥伴出售資產。但我很好奇，私人信貸合作夥伴的需求特性是否會改變你最終在資產負債表上持有的資產組合？或者它們其實都一樣？

No, definitely not. We still have an approach that says we allocate loans to partners on a vertical slice. And so our partners generally want broad exposure to everything that we originate and we're committed to not selecting particular assets for on and off. The only exception to that or asterisk is there's certain concentration limits or certain even test products that maybe don't get into our normal funding flows.

不，絕對不是。我們仍然採用按垂直領域劃分的方式向合作夥伴分配貸款。因此，我們的合作夥伴通常希望廣泛接觸我們推出的所有產品，而我們承諾不會針對特定資產進行投資或投資。唯一的例外或特殊情況是，某些濃度限製或某些測試產品可能無法進入我們正常的資金流。

But for the vast majority of the stuff that we originate, it's randomly allocated to partners and we just decide how much we're going to push to each partner. And I think the reason for that approach from a lot of our partners is when they think about partnering with us, they're not thinking about specific assets, our assets turn over way too fast for that.

但對於我們原創的大部分內容，我們會隨機分配給合作夥伴，我們只需決定向每個合作夥伴推送多少內容。我認為我們許多合作夥伴採取這種做法的原因是，當他們考慮與我們合作時，他們並沒有考慮具體的資產，因為我們的資產週轉速度太快了。

They're really thinking about partnering with us as a source of origination flow. And they spend a lot of time making sure that they have confidence in how the company will operate, not thinking about like a pool of assets like you might see with a longer-dated, longer duration personal loans.

他們真的在考慮與我們合作，作為我們內容創作的來源。他們會花很多時間確保自己對公司的運作方式有信心，而不是像長期個人貸款那樣，把公司看作是一池資產。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. So in agentic commerce, I want to circle back on the topic Darrin brought up. So broadly speaking, we can think about three-types. There's using ChatGPT to search and then clicking off. There's using ChatGPT to search and then staying within the interface and using an instant checkout button, if you will. And then, of course, there's the full agentic which, Max, I think you were alluding to.

偉大的。所以在代理商業中，我想回到達林提出的這個話題。總的來說，我們可以把類型分為三種。可以使用 ChatGPT 進行搜索，然後點擊退出。可以使用 ChatGPT 進行搜索，然後留在介面內，使用即時結帳按鈕。當然，還有完全的能動性，Max，我想你指的就是這個。

If we just can find this kind of conversation to the instant checkout portion, when we go into ChatGPT today, we can see the Apple Pay button, we can see the Stripe link button, and we can see pay with card. Is it possible that over time, we will see the Affirm button within that ChatGPT and other agentic platforms within that user interface for the, let's called it, the instant checkout type of transaction?

如果我們能找到這種與即時結帳部分相關的對話，那麼今天當我們進入 ChatGPT 時，我們就可以看到 Apple Pay 按鈕、Stripe 連結按鈕以及使用銀行卡付款的選項。隨著時間的推移，我們是否有可能在 ChatGPT 和其他代理平台的使用者介面中看到 Affirm 按鈕，用於我們稱為即時結帳類型的交易？

It's possible, but we're making no such announcements right now. I think it's really important to note that this is very, very early. The entire agentic commerce thing is still super early. But yes, I think there are -- there's absolutely room, let's go down that road, there's definitely room for Affirm button in all possible forms of commerce, including agentic commerce.

有可能，但我們目前不會發布任何此類公告。我認為非常重要的一點是，現在還為時過早。整個代理商業模式還處於非常早期的階段。但是，是的，我認為——絕對有空間，讓我們沿著這條路走下去，在所有可能的商業形式中，包括代理商業，肯定都有“確認”按鈕的空間。

If there's human supervision involved, you should hold us to the account -- to account of, hey, did you place your button there? And if you have not, why haven't you and when will you? I think that's a reasonable expectation from our shareholders or our analysts.

如果有人工監督，你們就應該追究我們的責任──追究我們的責任，例如，嘿，你們把按鈕放在那裡了嗎？如果你還沒有這樣做，為什麼還沒有？什麼時候會這樣做？我認為這是我們的股東或分析師的合理期望。

And also fully acknowledging that you can use virtual card, Affirm Card in that channel as well, but I was specific to the button, and I appreciate your answer there.

我也完全明白您也可以在該頻道使用虛擬卡，例如 Affirm 卡，但我指的是按鈕，感謝您對此的解答。

You can definitely -- I mean, last I checked, I actually haven't tried it in a little bit, but you can find Affirm on the Apple Pay, through the Apple Pay, if you go there. I think we're -- and we were -- who is not here with us, but I would be remiss without mentioning his mantra, and we love channel conflict. If you believe that you are a network, you better be included in every wallet.

當然可以——我的意思是，我上次查看的時候，其實我有一段時間沒試過了，但是如果你去 Apple Pay，就能找到 Affirm。我認為我們是——而且我們曾經是——雖然他不在我們身邊，但我如果不提一下他的口頭禪就太失職了，我們喜歡頻道衝突。如果你認為自己是一個網絡，最好讓所有錢包都收錄你。

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

我們的問答環節到此結束。我想把發言權交還給贊恩，讓他做總結發言。

Thank you for joining the call, everyone. We appreciate the wonderful list of questions you all submitted. I look forward to seeing many of you on the conference circuit and talk to you again soon.

感謝各位參加本次通話。非常感謝大家提交的精彩問題清單。我期待在各種會議上見到你們中的許多人，並儘快與你們再次交談。

Thank you. Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may disconnect your lines and have a wonderful day.

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