Affirm Holdings Inc (AFRM) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Affirm Holdings Fiscal Year 2022 First Quarter Earnings Conference Call.

歡迎參加 Affirm Holdings 2022 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to Ron Clark, Vice President of Investor Relations, to begin.

我現在想把會議交給投資者關係副總裁 Ron Clark 開始。

Thanks, operator.

謝謝，接線員。

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

在開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述。

These forward-looking statements are subject to numerous risks and uncertainties including those set forth in our filings with the SEC, which are available on our Investor Relations website.

這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性，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 we make today.

實際結果可能與我們今天所做的任何前瞻性陳述大不相同。

These forward-looking statements speaks only as of today, and the company does not assume any obligation or intend to update them, except as required by law.

這些前瞻性陳述僅在今天發表，公司不承擔任何義務或打算更新它們，除非法律要求。

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

此外，今天的電話會議可能包括非公認會計準則財務指標。

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

這些措施應被視為對公認會計原則財務措施的補充，而不是替代。

Reconciliations to the most directly comparable GAAP measures can be found in today's earnings press release.

可以在今天的收益新聞稿中找到與最直接可比的 GAAP 指標的對賬。

which is available on our Investor Relations website.

可在我們的投資者關係網站上找到。

Hosting today's call are Max Levchin, Affirm's Founder and Chief Executive Officer; and Michael Linford, Affirm's Chief Financial Officer.

主持今天的電話會議的是 Affirm 的創始人兼首席執行官 Max Levchin；和 Affirm 的首席財務官 Michael Linford。

And with that, I'd like to turn the call over to Max to begin.

有了這個，我想把電話轉給 Max 開始。

Welcome, everyone, and thanks for joining us on today's call.

歡迎大家，感謝您加入我們今天的電話會議。

Q1 was yet another record quarter for Affirm as we continued to rapidly grow both sides of our network.

第一季度是 Affirm 的又一個創紀錄的季度，因為我們繼續快速發展我們的網絡雙方。

We increased GMV to more than $2.7 billion during the period, which we closed with some really great momentum.

在此期間，我們將 GMV 增加到超過 27 億美元，我們以非常強勁的勢頭收盤。

We achieved our first ever $1 billion GMV month in September and had over 102,000 active merchants and 8.7 million active consumers at the end of the first fiscal quarter.

我們在 9 月實現了有史以來第一個 10 億美元的 GMV 月，在第一財季末擁有超過 102,000 家活躍商家和 870 萬活躍消費者。

That said, we measure Affirm's results and impact in years and decades, not months and quarters.

也就是說，我們衡量 Affirm 的結果和影響的時間是幾年和幾十年，而不是幾個月和幾個季度。

This allows us to think strategically about delighting consumers and delivering value to our merchant partners while building an exciting brand on the foundation of trust.

這使我們能夠戰略性地思考如何取悅消費者並為我們的商業合作夥伴提供價值，同時在信任的基礎上建立一個令人興奮的品牌。

The seeds we planted years ago are just beginning to bear fruit.

我們多年前播下的種子才剛剛開始結出果實。

The growth of our network is accelerating and my confidence in Affirm's market position has never been stronger.

我們網絡的增長正在加速，我對 Affirm 市場地位的信心從未如此強烈。

Deep tech-powered partnerships with exceptional partners form a key part of our multiyear growth strategy.

與卓越合作夥伴的深度技術合作夥伴關係是我們多年增長戰略的關鍵部分。

These are beginning to scale up, and we are continuously investing in delivering even more value for our partners with new ideas and products.

這些開始擴大，我們不斷投資，以新的想法和產品為我們的合作夥伴提供更多的價值。

Our partnership with Shopify is showing really strong signs of scale and impact.

我們與 Shopify 的合作關係顯示出非常強大的規模和影響跡象。

We'll touch on the exact numbers in a moment, but glance at the active merchant number to get a good sense for how that is starting to take shape.

我們稍後會談到確切的數字，但看看活躍的商家號碼，就可以很好地了解它是如何開始形成的。

We continue to rapidly expand our partnership with Walmart.

我們將繼續迅速擴大與沃爾瑪的合作夥伴關係。

As recently announced, Affirm is providing Walmart consumers an efficient alternative to lay away for the holiday shopping season.

正如最近宣布的那樣，Affirm 正在為沃爾瑪消費者提供一種有效的替代方案，讓他們可以在假日購物旺季休整。

In November, Walmart and Affirm will be marketing together across a variety of digital and physical channels, including TV walls in over 3,900 Walmart stores.

11 月，沃爾瑪和 Affirm 將通過各種數字和實體渠道共同營銷，包括 3,900 多家沃爾瑪商店的電視牆。

Our deep engagement with this all-important partner helped meaningfully accelerate our GMV with Walmart over the last year.

在過去的一年裡，我們與這個非常重要的合作夥伴的深入合作極大地加速了我們與沃爾瑪的 GMV。

We see even more opportunities to serve Walmart and its consumers in the year ahead.

我們看到未來一年有更多機會為沃爾瑪及其消費者提供服務。

On the strength of our test results, we're also deepening our relationship with Amazon to help accelerate the growth of our network.

憑藉我們的測試結果，我們還加深了與亞馬遜的關係，以幫助加速我們網絡的發展。

Affirm will now serve as Amazon's only credit card alternative in the buy now, pay later space through the next 2 holiday seasons in the United States.

Affirm 現在將成為亞馬遜在“立即購買”中唯一的信用卡替代品，在美國接下來的 2 個假日季節支付以後的空間。

Eligible Amazon customers will have the opportunity to use Affirm at checkout on Amazon, providing them with a transparent and flexible way to pay at their own pace.

符合條件的亞馬遜客戶將有機會在亞馬遜結賬時使用 Affirm，為他們提供一種透明且靈活的方式來按照自己的節奏付款。

Affirm will also be embedded as a payment method in Amazon Pay's digital wallet and become available to all consumers and merchants that use Amazon Pay at checkout in the U.S.

Affirm 也將作為一種支付方式嵌入到 Amazon Pay 的數字錢包中，並可供在美國結賬時使用 Amazon Pay 的所有消費者和商家使用。

Finally, we continued to close, launch and expand our enterprise partnerships, broadening our network reach.

最後，我們繼續關閉、啟動和擴大我們的企業合作夥伴關係，擴大我們的網絡覆蓋範圍。

We launched American Airlines and Apple Canada; re-signed 3-year deals with Priceline and Signet; launched a deeper integration with Target, which more than doubled our current Target business; and closed brand-new partnerships with Newegg and Michaels.

我們推出了美國航空公司和蘋果加拿大公司；與 Priceline 和 Signet 重新簽訂了 3 年的合同；與 Target 進行更深層次的整合，使我們目前的 Target 業務翻了一番以上；並與 Newegg 和 Michaels 建立了全新的合作夥伴關係。

Platform and merchant partnerships and the strong growth of our consumer platform represent an incredible opportunity to expand the potential reach of our mission to hundreds of millions of people, and we are excited to bring them access to our honest financial products.

平台和商家合作夥伴關係以及我們消費者平台的強勁增長代表了一個難得的機會，可以將我們的使命的潛在影響範圍擴大到數億人，我們很高興讓他們能夠使用我們誠實的金融產品。

On a lighter note, I'm excited to share that we've launched our consumer holiday campaign just this week.

順便說一句，我很高興與大家分享我們剛剛在本週推出了消費者假期活動。

You might catch it on social media, while streaming TV and on billboards in several markets.

您可能會在社交媒體、流媒體電視和多個市場的廣告牌上看到它。

The campaign explores the stupid and stressful things that can happen around the busy holiday season, from questionable gift to a regrettable behavior, and juxtaposes that with Affirm, the smart choice for paying at your own pace with no late fees, no gotchas and no regrets.

該活動探討了在繁忙的假期期間可能發生的愚蠢和壓力的事情，從可疑的禮物到令人遺憾的行為，並將其與 Affirm 並列，這是按照自己的節奏付款的明智選擇，沒有滯納金，沒有陷阱，也沒有遺憾.

There's a lot to be proud of this quarter and even more to be excited about in the years to come.

本季度有很多值得驕傲的地方，未來幾年還有更多值得興奮的地方。

Affirm's core strengths lie in risk management, capital markets execution and putting our ability to solve hard technical problems toward building great products and creating consumer delight.

Affirm 的核心優勢在於風險管理、資本市場執行以及將我們解決技術難題的能力用於打造出色的產品和創造消費者的喜悅。

With the context of the great unbundling of the credit card, we gave you a sneak peek into parts of our product road map at our Investor Forum in September.

在信用卡大規模拆分的背景下，我們在 9 月的投資者論壇上讓您先睹了我們產品路線圖的部分內容。

Let me update you on the progress we've made on these product sets.

讓我向您介紹我們在這些產品集上取得的進展。

After being put through its paces by hundreds of Affirmers, our Debit+ card is out in the wild, being further tested by consumers as we make our way through our waitlist and get it ready for gen pop launch in the new year.

在經過數百名 Affirmers 的驗證後，我們的借記卡 + 卡已經上市，在我們通過候補名單並準備在新的一年推出流行音樂時受到消費者的進一步測試。

We also shipped the first version of our SuperApp.

我們還發布了 SuperApp 的第一個版本。

While it's still very early days and many versions will follow this one, I'm excited to see the meaningful increase in consumer engagement that it has already driven across products, particularly our shopping platform.

雖然現在還很早，很多版本都將跟隨這個版本，但我很高興看到它已經推動了跨產品的消費者參與度的顯著增加，尤其是我們的購物平台。

Cashback rewards and crypto savings are both live in a pilot mode, which you may have already seen in your app, or will soon.

現金返還獎勵和加密貨幣儲蓄都處於試點模式，您可能已經在您的應用程序中看到，或者很快就會看到。

We also launched Affirm in Australia last week with our long-time enterprise partner, Peloton.

上週，我們還與我們的長期企業合作夥伴 Peloton 在澳大利亞推出了 Affirm。

Extending our international reach by partnering with our merchants wherever they do business is an important facet of our growth strategy, and we see many more markets to come.

通過與我們的商家合作來擴大我們的國際影響力，無論他們在哪裡開展業務是我們增長戰略的一個重要方面，我們看到更多的市場即將到來。

Stay tuned.

敬請關注。

Finally, Adaptive Checkout, the reinvention of our core business, is fully live in the market, has delivered an over 25% conversion lift and has already been adopted by 44% of eligible merchants.

最後，自適應結賬是我們核心業務的再造，已全面投放市場，轉化率提高了 25% 以上，並且已被 44% 的合格商家採用。

Let me go back to something I touched on briefly a moment ago.

讓我回到我剛才簡要談到的事情上。

Affirm's core strength can be summed up to one thing: our extraordinary team.

Affirm 的核心實力可以歸結為一件事：我們非凡的團隊。

It's hard to overstate just how much of our success to date is rooted in the exceptional level of talent and sheer grit of our people.

很難誇大我們迄今為止的成功有多少植根於我們員工的卓越才能和純粹的勇氣。

The key strategic insight leading to the creation of the great unbundling thesis was the fear and loathing of the credit card by the millennial generation as they came of age after the financial crisis.

導致創建偉大的分拆理論的關鍵戰略洞察力是金融危機後千禧一代對信用卡的恐懼和厭惡。

Related to this was the dramatic rerouting of the flow of intellectual capital.

與此相關的是智力資本流動的戲劇性改道。

In the prior decade, the best and brightest technical minds flocked to Wall Street to learn and earn.

在過去的十年裡，最優秀、最聰明的技術人才湧向華爾街學習和賺錢。

Suddenly, they created something else professionally.

突然間，他們專業地創造了其他東西。

They needed a mission, a chance to fix the problems of the financial system that have failed their families.

他們需要一個使命，一個解決金融體系問題的機會，這些問題已經讓他們的家人失望了。

Our mission is at the very core of who we are.

我們的使命是我們的核心。

Combined with a firm belief that any solution to societal problems must be self-sustaining and profitable to stand the test of time, it has allowed us to attract amazing talent since the very early days of Affirm, many of whom are still here today a decade later.

再加上我們堅信任何解決社會問題的方法都必須能夠自我維持和盈利才能經受住時間的考驗，這使我們能夠從 Affirm 的早期階段就吸引到了不起的人才，其中許多人至今已經十年了之後。

The output of our engineering team is the key reason why we have become the partner of choice for so many giants of commerce.

我們工程團隊的輸出是我們成為眾多商業巨頭首選合作夥伴的關鍵原因。

Our partners rely on us to show up with solutions for scale, speed and reliability and to work tirelessly and intelligently to deliver results.

我們的合作夥伴依靠我們來展示規模、速度和可靠性的解決方案，並依靠我們孜孜不倦、聰明地工作來交付成果。

Our risk and data science teams were founded on the belief that traditional credit scoring excluded far too many people from access to credit and the conviction that alternative data sources can be utilized in creative and compliant ways to dramatically expand this axis without compromising risk performance.

我們的風險和數據科學團隊基於這樣的信念，即傳統的信用評分排除了太多人獲得信貸的機會，並堅信可以以創造性和合規的方式利用替代數據源，在不影響風險績效的情況下顯著擴展這一軸。

A very similar origin story is alive and well today in our legal and compliance team.

今天，在我們的法律和合規團隊中，一個非常相似的起源故事依然鮮活。

Several of them hail from key supervising regulators like FDIC, the Fed and the CFPB.

其中一些來自 FDIC、美聯儲和 CFPB 等主要監管機構。

Our commitment to winning the right way with no fine print and no late or hidden fees is what brought them to Affirm.

我們致力於以正確的方式贏得勝利，沒有精美的印刷品，沒有滯納金或隱藏費用，這正是他們選擇 Affirm 的原因。

This update will become prohibitively long if I were to properly highlight each team and their contributions to our many successes so far.

如果我要適當地突出每個團隊及其對我們迄今為止的許多成功所做的貢獻，那麼這次更新將變得非常長。

So, I hope you will indulge me with just one anecdote featuring a great many Affirmers.

所以，我希望你能用一個有很多肯定者的軼事來沉溺於我。

As we readied the rollout of Shop Pay Installments powered by Affirm in the late spring of this year, we needed a way to onboard several hundred thousand Shopify merchants to review them for eligibility, identify and solve corner cases, vet them for regulatory and compliance issues.

當我們在今年春末準備推出由 Affirm 提供支持的 Shop Pay 分期付款時，我們需要一種方法來吸引數十萬 Shopify 商家來審查他們的資格、識別和解決極端案例、審查他們的監管和合規問題.

Of course, eventually, this would all be done by machine learning models, examining the site content and scoring it, but to build this type of model, you need reasonable prior knowledge from previously approved merchants, and we hadn't yet accumulated enough of that at the time.

當然，最終這一切都將通過機器學習模型完成，檢查網站內容並對其進行評分，但是要構建這種模型，您需要從之前批准的商家那裡獲得合理的先驗知識，而我們還沒有積累足夠的知識。當時那個。

At the regular reviewer capacity, merchant ops would take several months, and we wanted to launch in 3 weeks.

在常規審稿人能力下，商家操作需要幾個月的時間，而我們希望在 3 週內啟動。

We had about 1,000 employees at the time.

當時我們有大約 1,000 名員工。

If a large percentage would manually review a few hundred shops each, we would be ready to launch within the time allotted and collect an excellent trading set of data to build the models for automated approval.

如果很大一部分人會手動審查數百家商店，我們將準備在分配的時間內啟動並收集一組優秀的交易數據來構建模型以進行自動審批。

With a day, we had organized robust online training classes for our "volunteer reviewers", a leaderboard for those competing on review productivity, and [Operation Shopapalooza] was up and running.

一天之內，我們為我們的“志願審稿人”組織了強大的在線培訓課程，為那些在審稿效率上競爭的人設置了一個排行榜，[Operation Shopapalooza] 已經啟動並運行。

Execs and interns alike would finish their already busy workdays, pick up their next batch of Shopify merchant URLs and get reviewing.

高管和實習生都將完成他們已經很忙的工作日，拿起他們的下一批 Shopify 商家 URL 並進行審核。

Meanwhile, our machine learning team ship new software tools every day to help automate more and more of the reviewer tasks.

同時，我們的機器學習團隊每天都會發布新的軟件工具，以幫助自動化越來越多的審閱者任務。

I maintained a respectable top 20-ish position on the productivity leaderboard, but got completely overrun by Michael and his team a few days before the wrap, only to watch him get left behind by the machine learning folks who had automated the review process after 2 weeks.

我在生產力排行榜上保持了可觀的前 20 名位置，但在結束前幾天被邁克爾和他的團隊完全超越，只是看到他被機器學習人員甩在後面，他們在 2 後自動化了審查過程週。

We have the data.

我們有數據。

We've built the models, and we were ready to launch.

我們已經建立了模型，並準備發布。

It's easy to dismiss this episode as a pandemic era, Zoom-addled, startup antic, but I think it's very revealing.

很容易將這一集視為大流行時代，Zoom 上癮，初創公司的滑稽動作，但我認為它非常具有啟發性。

We have assembled perhaps the most formidable fintech team ever.

我們組建了可能是有史以來最強大的金融科技團隊。

And in addition to talent, even 10 years in, we have maintained the startup grit and are never afraid to roll up our sleeves to achieve our goals.

除了人才，即使是 10 年來，我們仍然保持著創業的勇氣，從不害怕捲起袖子來實現我們的目標。

I want to thank Affirmers for another excellent quarter and a great beginning to an important year for our company.

我要感謝 Affirmers 又一個出色的季度，並為我們公司重要的一年開了個好頭。

It's a privilege to lead this team and an honor to work with all of you.

領導這個團隊是一種榮幸，與你們所有人一起工作是一種榮幸。

Now off to Michael, who will take us through the numbers.

現在轉到邁克爾，他將帶我們了解這些數字。

Thanks, Max, and good afternoon, everyone.

謝謝，Max，大家下午好。

Our Q1 results demonstrate the powerful impact that our team and our investments in technology are having on our business.

我們的第一季度業績證明了我們的團隊和我們對技術的投資對我們的業務產生的強大影響。

But before I get into the results for the quarter, I want to share some details about our expanded agreement with Amazon.

但在我了解本季度的結果之前，我想分享一些關於我們與亞馬遜擴大協議的細節。

Although we just announced our original relationship with Amazon at the end of August, the results we've seen have enabled us to expand beyond our test that began earlier this year.

儘管我們剛剛在 8 月底宣布了與亞馬遜的最初合作關係，但我們所看到的結果使我們能夠超越今年早些時候開始的測試。

We are now ramping towards general availability, which we expect to achieve by the end of the calendar year.

我們現在正在逐步實現普遍可用性，我們預計將在日曆年年底前實現。

Our expanded agreement makes Affirm the only credit card alternative in the BNPL space in the United States through January 2023.

我們的擴展協議使 Affirm 在 2023 年 1 月之前成為美國 BNPL 領域唯一的信用卡替代品。

We are also excited to announce that Affirm will be embedded as a payment method in Amazon Pay at all eligible U.S. merchants.

我們還很高興地宣布，Affirm 將作為一種支付方式嵌入到所有符合條件的美國商家的 Amazon Pay 中。

The initial term of our amended agreement will go through January 2025.

我們修改後的協議的初始期限將持續到 2025 年 1 月。

Together with the team at Amazon, we crafted an agreement that aligns our interest with equity grants tied to our growth.

我們與亞馬遜的團隊一起制定了一項協議，將我們的利益與與我們的增長相關的股權贈款保持一致。

Amazon will receive an initial grant of 1 million penny warrant and an additional 6 million that vests over the initial term of the contract when certain performance conditions are met.

亞馬遜將獲得 100 萬美分認股權證的初始贈款，以及在滿足某些績效條件時在合同初始期限內歸屬的額外 600 萬美分認股權證。

Given Amazon's massive consumer base, we expect this partnership to help create a step change in our network scale.

鑑於亞馬遜龐大的消費者基礎，我們希望這種合作夥伴關係有助於我們的網絡規模發生重大變化。

To ensure continued alignment on that goal, Amazon has the opportunity to vest up to an additional 15 million warrants with a $100 strike price tied to the scale-up of our user network over the next 7 years.

為確保繼續實現這一目標，亞馬遜有機會額外授予多達 1500 萬份認股權證，行使價為 100 美元，這與我們未來 7 年用戶網絡的擴大相關。

We're excited to deepen our relationship with Amazon to deliver an exceptional consumer experience while delivering shareholder value.

我們很高興加深與亞馬遜的關係，在提供股東價值的同時提供卓越的消費者體驗。

This deal is another proof point in our leadership as the enterprise partner of choice.

這筆交易再次證明了我們作為首選企業合作夥伴的領導地位。

Enterprises pick Affirm because we are the technology leader.

企業選擇 Affirm 是因為我們是技術領先者。

And now we have integrated relationships with partners representing approximately 60% of U.S. e-commerce.

現在，我們已經與代表美國電子商務約 60% 的合作夥伴建立了合作關係。

This is a big win, and we are just getting started.

這是一個巨大的勝利，我們才剛剛開始。

Now let me turn to the quarter's results.

現在讓我談談本季度的結果。

Looking at the big picture, we continue to expand 2-sided network while delivering strong top line growth and industry-leading unit economics.

縱觀全局，我們繼續擴大雙邊網絡，同時實現強勁的收入增長和行業領先的單位經濟效益。

Zooming in, we scaled both our consumer and merchant networks dramatically, growing active consumers by 124% to 8.7 million and increasing active merchants to a staggering 102,000 from to just 6,500 a year ago.

放大後，我們大幅擴展了消費者和商家網絡，活躍消費者增長了 124%，達到 870 萬，活躍商家從一年前的 6,500 家增加到驚人的 102,000 家。

GMV grew 84% and revenue grew 55%, both ahead of our outlook.

GMV 增長 84%，收入增長 55%，均超出我們的預期。

Excluding our largest merchant, that growth was even stronger.

不包括我們最大的商人，這種增長更加強勁。

GMV grew 138% and revenue increased 99%.

GMV 增長 138%，收入增長 99%。

That top line growth generated strong unit economics with revenue less transaction costs up 103% to $112 million or 4.1% of GMV, a 38 basis point increase.

營收增長帶來強勁的單位經濟效益，收入減去交易成本後增長 103% 至 1.12 億美元或 GMV 的 4.1%，增長 38 個基點。

Even as we significantly grew our network, we also improved our capital efficiency, demonstrating our disciplined approach to scaling.

即使我們顯著擴大了網絡，我們也提高了資本效率，展示了我們嚴謹的擴展方法。

The equity capital we use to fund our loans decreased on a dollar basis by 36% from last year to just $140 million, representing less than 3% of our $5 billion total platform portfolio.

我們用於為貸款提供資金的股本以美元計算比去年下降了 36%，至僅 1.4 億美元，占我們 50 億美元總平台投資組合的不到 3%。

Given our strategic progress and strong Q1 results, we have raised our outlook for GMV, revenue and revenue less transaction costs for fiscal year '22, which I will discuss in detail in a moment.

鑑於我們的戰略進展和強勁的第一季度業績，我們提高了對 22 財年 GMV、收入和收入減去交易成本的展望，稍後我將詳細討論。

Before I do that, let's walk through the results.

在我這樣做之前，讓我們來看看結果。

Unless stated otherwise, all comparisons refer to our first fiscal quarter of '22 versus Q1 of fiscal '21.

除非另有說明，否則所有比較均指我們 22 財年第一季度與 21 財年第一季度的比較。

Active consumers increased 124% to 8.7 million, which corresponds to a 1.6 million sequential increase from Q4.

活躍消費者增長 124% 至 870 萬，與第四季度相比環比增長 160 萬。

And over the past 2 quarters, we have added 3.3 million net new consumers to our network.

在過去的兩個季度中，我們的網絡新增了 330 萬淨新消費者。

One of the key drivers of the strong Q1 performance was the ramp of our partnership with Shopify, which has enabled merchants to provide consumers with a fast, seamless pay-over-time product.

強勁的第一季度業績的關鍵驅動因素之一是我們與 Shopify 合作夥伴關係的提升，這使商家能夠為消費者提供快速、無縫的按時付費產品。

After making Shop Pay Installments widely available in June, we have worked closely with Shopify to drive merchant uptake and consumer adoption.

在 6 月廣泛推出 Shop Pay 分期付款後，我們與 Shopify 密切合作，以推動商家的使用和消費者的採用。

As part of that effort, in the first quarter, we ran a limited time promotion for Shopify merchants to demonstrate the impact of Shop Pay Installments.

作為這項工作的一部分，我們在第一季度為 Shopify 商家進行了限時促銷，以展示 Shop Pay 分期付款的影響。

The success of that promotion and the ramp of our partnership accelerated the growth of our network.

該促銷活動的成功以及我們合作夥伴關係的增加加速了我們網絡的發展。

While Shopify was a significant driver of user growth, we also experienced broad-based adoption across other merchants and categories.

雖然 Shopify 是用戶增長的重要推動力，但我們也經歷了其他商家和類別的廣泛採用。

Our recently acquired PayBright and Returnly businesses also contributed to a combined 120,000 new consumers sequentially from Q4 and 1.3 million from last year.

我們最近收購的 PayBright 和 Returnly 業務也為第四季度的新增消費者和去年的 130 萬新增消費者做出了貢獻。

Our partnership with Shopify also drove more than a 15x increase in active merchants, from 6,500 in the prior year to more than 102,000 in Q1.

我們與 Shopify 的合作也推動了活躍商家的 15 倍以上增長，從去年的 6,500 家增加到第一季度的 102,000 多家。

On a sequential basis, active merchants, which is calculated over a trailing 12-month time frame, grew 3.5x from the June ending quarter.

連續 12 個月計算的活躍商家比 6 月末季度增長了 3.5 倍。

While a relatively small impact to growth, I would also note that PayBright and Returnly added about 2,600 incremental merchants.

雖然對增長的影響相對較小，但我還注意到 PayBright 和 Returnly 增加了約 2,600 家增量商家。

Moving to GMV.

轉移到 GMV。

We grew GMV 84% in our first quarter to over $2.7 billion, exceeding our outlook.

我們第一季度的 GMV 增長了 84%，超過 27 億美元，超出了我們的預期。

This growth reflects traction across all products and verticals and our ability to serve a diverse set of merchants and consumers across a wide set of transaction types and sizes.

這一增長反映了所有產品和垂直領域的吸引力，以及我們為各種交易類型和規模的不同商家和消費者提供服務的能力。

Importantly, our strong growth reflects not only the new merchant partnerships we've signed, but also the deep partnerships we are forging with our existing merchants.

重要的是，我們的強勁增長不僅反映了我們簽署的新商戶合作夥伴關係，還反映了我們與現有商戶建立的深度合作夥伴關係。

Excluding our largest merchant, our GMV with merchants that have been on Affirm's platform for 12 months or longer grew 70%, reflecting an increased share of cart within this group of merchants.

不包括我們最大的商家，我們與在 Affirm 平台上使用 12 個月或更長時間的商家的 GMV 增長了 70%，這反映了這組商家中購物車的份額增加。

We delivered triple-digit GMV growth in several categories.

我們在幾個類別中實現了三位數的 GMV 增長。

Our travel business grew eightfold from last year's suppressed baseline, reaching a new high watermark.

我們的旅遊業務比去年低迷的基線增長了八倍，達到了新的高水位。

Our strong position among broadline retailers, including Walmart and Target, drove a 170% increase in GMV for this category compared to last year.

我們在包括沃爾瑪和塔吉特在內的廣泛零售商中的強勢地位推動該類別的 GMV 與去年相比增長了 170%。

The apparel category also remained a real bright spot, growing 128% year-over-year, which, in our view, shows the value of strong low AoV offerings when paired with high AoV products.

服裝類別也仍然是一個真正的亮點，同比增長 128%，在我們看來，這顯示了強大的低 AoV 產品與高 AoV 產品搭配時的價值。

To sum it up, the quality, depth and breadth of our merchant partners as well as our ability to address a wider range of transaction types are key areas of strength for Affirm, and they're delivering results.

總而言之，我們商家合作夥伴的質量、深度和廣度以及我們處理更廣泛的交易類型的能力是 Affirm 的關鍵優勢領域，他們正在取得成果。

In addition to helping our integrated merchant partners drive conversion, our direct-to-consumer virtual card product also delivered triple-digit growth, growing 119%, demonstrating strong adoption of our offerings, particularly among returning consumers.

除了幫助我們的綜合商戶合作夥伴推動轉化外，我們的直接面向消費者的虛擬卡產品還實現了三位數的增長，增長了 119%，表明我們的產品得到了廣泛的採用，尤其是在回頭客中。

We had a strong quarter outside the U.S. as our Canadian business added over $100 million of GMV.

我們在美國以外的季度表現強勁，因為我們的加拿大業務增加了超過 1 億美元的 GMV。

We serve a wide range of merchants and large enterprises in Canada, including Apple, which launched in the first quarter and has exceeded our expectations to date.

我們為加拿大的眾多商家和大型企業提供服務，包括蘋果公司，該公司於第一季度推出，迄今為止超出了我們的預期。

Beyond Canada, we see a great opportunity to expand internationally by bringing our products to more of the regions that our merchant partners serve.

在加拿大以外，我們看到了通過將我們的產品帶到我們的商家合作夥伴服務的更多地區來進行國際擴張的絕佳機會。

As part of that strategy, we are excited to deepen our relationship with Peloton by launching in Australia.

作為該戰略的一部分，我們很高興通過在澳大利亞推出來加深與 Peloton 的關係。

Our business with Peloton globally remained strong in the first quarter, with GMV more than doubling compared to the more normal quarter ending September 2019.

我們與 Peloton 的全球業務在第一季度保持強勁，與截至 2019 年 9 月的更正常季度相比，GMV 增加了一倍以上。

As a reminder, in late calendar year 2020, Peloton transitioned to capturing transactions upon shipment versus authorization, which makes our Peloton GMV comparison skewed through the first half of our fiscal '22.

提醒一下，在 2020 年末，Peloton 轉變為在發貨時捕獲交易而不是授權，這使得我們的 Peloton GMV 比較在 22 財年上半年出現了偏差。

Peloton's concentration declined to 8% of our GMV this quarter compared to 29% in the year ago quarter.

本季度 Peloton 的集中度下降至我們 GMV 的 8%，而去年同期為 29%。

And given our strong broad-based growth, no other merchant partner accounted for more than 5% of our GMV.

鑑於我們強勁的廣泛增長，沒有其他商業合作夥伴占我們 GMV 的 5% 以上。

While we are still in the early stages of our partnership with Shopify, we are already seeing some of the trends associated with the rapid growth of our Split Pay offering, which currently power Shop Pay Installments.

雖然我們仍處於與 Shopify 合作的早期階段，但我們已經看到了與我們的 Split Pay 產品快速增長相關的一些趨勢，該產品目前為 Shop Pay 分期付款提供動力。

First, growth in lower AoV categories has accelerated, resulting in an expected AoV decline from $661 1 year ago to $402 in Q1.

首先，較低 AoV 類別的增長加速，導致 AoV 預期從 1 年前的 661 美元下降到第一季度的 402 美元。

Additionally, we are seeing continued growth in frequency as transactions per active consumer rose 8% to approximately 2.3%.

此外，隨著每位活躍消費者的交易量增長 8% 至約 2.3%，我們看到頻率持續增長。

Finally, we expect the growth in our Split Pay business, which has a generally lower merchant discount rate than our 0% APR business, to drive lower total revenue yield as a percentage of GMV, albeit with lower total transaction costs once we reach scale.

最後，我們預計拆分支付業務的增長（其商戶折扣率通常低於我們的 0% APR 業務）將推動總收入佔 GMV 的百分比降低，儘管一旦我們達到規模總交易成本會降低。

Now turning to the financials.

現在轉向財務。

The strength in GMV helped us deliver strong Q1 revenue growth.

GMV 的強勁幫助我們實現了強勁的第一季度收入增長。

Net revenue of $269 million grew 55% year-over-year and also exceeded our Q1 outlook.

2.69 億美元的淨收入同比增長 55%，也超出了我們第一季度的預期。

Total network revenue grew 13%, but that figure masks much stronger underlying results.

網絡總收入增長了 13%，但這個數字掩蓋了更強勁的基本業績。

Excluding merchant fees earned from our largest merchant partner in Q1, total revenue growth was 99% and total network revenue growth was 81%.

不包括第一季度從我們最大的商戶合作夥伴那裡賺取的商戶費用，總收入增長為 99%，總網絡收入增長為 81%。

As a percentage of GMV, revenue was 10%, consistent with our outlook.

作為 GMV 的百分比，收入為 10%，與我們的展望一致。

The 190 basis point decline from last year was driven by the mix shift away from longer duration, 0% APR loans.

與去年相比下降了 190 個基點，這是由於從長期、0% APR 貸款的組合轉變。

On the expense side, we achieved significant leverage on transaction costs.

在費用方面，我們實現了對交易成本的顯著影響。

Total transaction costs of $157 million grew 33% year-over-year compared to revenue growth of 55%.

總交易成本為 1.57 億美元，同比增長 33%，而收入增長 55%。

With the mix shift I described a moment ago, loss on loan purchase commitment declined 22%, while improvements in our capital program limited the growth of funding cost to 62%, despite growing liabilities we used to fund our loans by 76%.

隨著我剛才描述的組合轉變，貸款購買承諾的損失下降了 22%，而我們資本計劃的改進將資金成本的增長限制在 62%，儘管我們用來為貸款提供資金的負債增加了 76%。

Provision for credit losses grew at 120%, driven by the provision releases in the comparable period, but also reflecting the credit loosening initiated earlier this year.

受可比期間撥備釋放的推動，信貸損失準備金增長了 120%，但也反映了今年早些時候開始的信貸放鬆。

Our credit outlook and position remains the same as we described in our investor forum.

我們的信用前景和頭寸與我們在投資者論壇中描述的一樣。

We expect to continue to see the impact of credit loosening resulting in intentionally higher allowances, which in turn drive provisions for credit losses in each period.

我們預計將繼續看到信貸鬆動的影響導致有意提高準備金，這反過來又會推動每個時期的信貸損失準備金。

The robust top line growth and leverage in transaction costs resulted in higher revenue less transaction costs, which grew 103% to $112 million or 4.1% of GMV.

強勁的收入增長和交易成本的槓桿作用導致收入減少交易成本，增長 103% 至 1.12 億美元或 GMV 的 4.1%。

With the strong growth in unit economics, as well as the massive opportunities we see, we are continuing to invest for the long term.

隨著單位經濟的強勁增長以及我們看到的大量機會，我們將繼續進行長期投資。

As Max discussed in Q1, we continued to invest in building our team.

正如 Max 在第一季度所討論的那樣，我們繼續投資建設我們的團隊。

We are also investing in marketing to build our brand and scale our network.

我們還投資於營銷以建立我們的品牌並擴大我們的網絡。

This resulted in higher personnel costs and stock-based comp in technology and data analytics as well as sales and marketing.

這導致技術和數據分析以及銷售和營銷方面的人員成本和基於庫存的成本增加。

In Q1, total operating expenses outside of transaction costs grew $190 million, driven by an $87 million increase in stock-based compensation, primarily due to the IPO in January.

第一季度，除交易成本外的總運營費用增長了 1.9 億美元，主要是由於 1 月份的首次公開募股，股票薪酬增加了 8700 萬美元。

Excluding SPC, these expenses grew 125%.

不包括 SPC，這些費用增長了 125%。

GAAP operating loss was $166 million compared to a loss of $33 million last year.

GAAP 運營虧損為 1.66 億美元，而去年虧損 3300 萬美元。

Adjusted operating loss was $45 million in the quarter compared to an $8 million loss in the prior year.

本季度調整後的經營虧損為 4500 萬美元，而去年同期為 800 萬美元。

Turning to our balance sheet.

轉向我們的資產負債表。

We delivered another strong quarter of GMV growth while continuing to drive greater efficiency from a capital perspective.

我們實現了另一個強勁的季度 GMV 增長，同時從資本角度繼續提高效率。

Total platform portfolio grew from $3 billion to $5 billion at the end of Q1, and we increased our overall funding capacity from $4.2 billion last year to $7.3 billion.

到第一季度末，總平台組合從 30 億美元增長到 50 億美元，我們的整體融資能力從去年的 42 億美元增加到 73 億美元。

Our disciplined approach also drove a reduction in the equity capital we use to fund our business from $220 million to just $140 million, despite growing our loans in the balance sheet by more than $800 million year-over-year.

儘管我們在資產負債表中的貸款同比增長了 8 億多美元，但我們嚴謹的方法也推動了我們用於為我們的業務提供資金的股本從 2.2 億美元減少到僅 1.4 億美元。

Accordingly, as a percentage of total platform portfolio, equity capital required fell to an all-time low of 3% from 8% last year.

因此，作為總平台投資組合的百分比，所需的股權資本從去年的 8% 降至 3% 的歷史最低點。

Now looking to the year ahead, we expect the strategic progress we made in fiscal Q1 as well as the strength we are experiencing in consumer and merchant adoption to help drive even stronger results for fiscal '22.

現在展望未來一年，我們預計我們在第一財季取得的戰略進展以及我們在消費者和商家採用方面所經歷的實力將有助於推動 '22 財年取得更強勁的業績。

Accordingly, we are raising our outlook for the year.

因此，我們提高了對今年的展望。

We now expect GMV to increase between 58% and 61% from fiscal year '21 to between $13.13 billion to $13.38 billion.

我們現在預計 GMV 將從 21 財年增長 58% 至 61% 至 131.3 億美元至 133.8 億美元之間。

We expect revenue of $1.225 billion to $1.250 billion, representing year-over-year growth of 41% to 44%.

我們預計收入為 12.25 億美元至 12.50 億美元，同比增長 41% 至 44%。

We expect transaction costs of $645 million to $655 million, resulting in revenue less transaction cost of $580 million to $595 million.

我們預計交易成本為 6.45 億美元至 6.55 億美元，因此收入減去交易成本為 5.8 億美元至 5.95 億美元。

Finally, we expect an adjusted operating loss as a percentage of total revenue of 12% to 14% as we continue to invest in the long-term growth of our business.

最後，隨著我們繼續投資於業務的長期增長，我們預計調整後的經營虧損佔總收入的百分比為 12% 至 14%。

We expect weighted average shares of approximately 290 million for the year, consistent with our prior outlook.

我們預計今年的加權平均股票約為 2.9 億股，與我們之前的展望一致。

While these financial results do not include the benefit of our recently signed partnership with Amazon, we have included the impact of penny warrants previously mentioned with 1 million vesting upon signing and 6 million vesting quarterly over the 3-year contractual period.

雖然這些財務結果不包括我們最近與亞馬遜簽署的合作夥伴關係的好處，但我們已經包括了前面提到的便士認股權證的影響，簽署時有 100 萬股歸屬，3 年合同期內每季度有 600 萬股歸屬。

And given the same trends, we are also raising our outlook for our second fiscal quarter ending December 31, 2021.

鑑於同樣的趨勢，我們也提高了對截至 2021 年 12 月 31 日的第二財季的展望。

We now expect GMV to grow 71% to 76% to $3.55 billion to $3.65 billion; total revenue of $320 million to $330 million; total transaction costs of $143 million to $148 million; revenue less transaction cost of $178 million to $183 million, adjusted operating loss as a percentage of revenue of 5% to 7% and weighted average shares outstanding of 285 million.

我們現在預計 GMV 將增長 71% 至 76% 至 35.5 億美元至 36.5 億美元；總收入為 3.2 億至 3.3 億美元；總交易成本為 1.43 億美元至 1.48 億美元；收入減去交易成本 1.78 億美元至 1.83 億美元，調整後的經營虧損佔收入的百分比為 5% 至 7%，加權平均流通股為 2.85 億股。

In closing, I want to add my thanks to the Affirmers who helped deliver such strong results.

最後，我要感謝那些幫助實現如此強勁結果的肯定者。

Our team is the best part of my job here, and their continued ingenuity and hard work enables us to impact the lives of millions of consumers.

我們的團隊是我在這里工作中最好的部分，他們持續的創造力和辛勤工作使我們能夠影響數百萬消費者的生活。

Max and I will now open up the line for questions.

Max 和我現在將打開電話提問。

(Operator Instructions) The first question comes from James Faucette with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 James Faucette。

I'm wondering, Michael, you talked about previously expanding the credit box and the benefits that you get, you seem to be repeating that.

我想知道，邁克爾，你之前談到過擴大信用額度和你獲得的好處，你似乎在重複這一點。

Can you just talk about how that's progressed thus far?

你能談談到目前為止進展如何嗎？

And how we should anticipate that, impacting things like reserves, et cetera, going forward?

以及我們應該如何預測這一點，影響諸如儲備之類的事情，等等？

Yes.

是的。

So again, I think consistent with, as we talked about it at the investor forum, we ran the business at a very tight level coming out of COVID and have been on a path over the past year of slowly relaxing the credit box.

因此，我再次認為，正如我們在投資者論壇上所討論的那樣，我們在 COVID 之後以非常緊張的水平經營業務，並且在過去一年中一直走在緩慢放寬信用額度的道路上。

We've also seen the impact of mix in our business that would show up as well.

我們還看到了混合對我們業務的影響，這種影響也會顯現出來。

But the governor for us is always that revenue transaction costs.

但對我們來說，總督始終是收入交易成本。

We think about credit as a thing that we control and, two, it's not something that happens to us.

我們認為信用是我們可以控制的事情，第二，這不是發生在我們身上的事情。

That being said, we're generally very conservative in how we think about provisioning and the allowance that we maintain.

話雖如此，我們通常對我們如何考慮撥備和我們維持的津貼非常保守。

We always want to be careful here.

我們總是想在這裡小心。

And we do expect that some of that conservatism may show up in the Q2 guidance we've given for revenue less transaction costs, where we do think that we're probably on the more conservative end of the allowance as we sit here today.

而且我們確實預計，其中一些保守主義可能會出現在我們為收入減去交易成本而給出的第二季度指導中，我們確實認為我們今天坐在這裡可能處於更保守的津貼端。

Got it.

知道了。

Makes sense.

說得通。

And then, Max, I wanted to ask you is like when you look at kind of the growth in the messaging and availability of Affirm and you look at all the merchants that you're reaching now, how are you thinking about measuring that in terms of as it relates to transactions per active user and how you'd like to see that track?

然後，Max，我想問你，當你看到 Affirm 的消息傳遞和可用性的增長以及你現在接觸到的所有商家時，你是如何考慮用術語來衡量的的，因為它與每個活躍用戶的交易有關，以及您希望如何查看該跟踪？

And what kind of expectations should we have as be having as investors?

作為投資者，我們應該有什麼樣的期望？

A great question.

一個很好的問題。

So for a little while, as much as I enjoy setting obnoxious goals and try to beat them, I think we should expect the denominator to overwhelm the numerator.

所以有一段時間，儘管我喜歡設定令人討厭的目標並試圖擊敗它們，但我認為我們應該期待分母壓倒分子。

We signed a bunch of really powerful partnerships with massive distribution tailwinds built into them.

我們簽署了一系列非常強大的合作夥伴關係，其中內置了巨大的分銷順風。

And so no matter how good we are at rolling out products to drive huge repeats, I suspect the second derivative there is going to get overwhelmed by the second derivative of just the shared user growth.

因此，無論我們多麼擅長推出產品以推動巨大的重複，我懷疑那裡的二階導數將被僅共享用戶增長的二階導數所壓倒。

So for a time, the transactions per user, my guess will be hard to predict simply because the ramp-up of things like Amazon and even Shopify, which is still quite early, would be a little bit tricky to predict.

因此，有一段時間，我的猜測是每個用戶的交易量很難預測，因為亞馬遜甚至 Shopify 之類的東西還很早，很難預測。

That said, we want the transactions per user to be up into the right as much as possible.

也就是說，我們希望每個用戶的交易盡可能正確。

I think the real step change in, and Michael will probably not let me talk about this next quarter, but I hope to start talking about it a little later, there's going to be a very -- in my opinion, at least, there's going to be a very different number of transactions per user for those that take on our Debit+ product and the ones that haven't yet.

我認為真正的步驟發生了變化，邁克爾可能不會讓我談論下個季度，但我希望稍後再開始談論它，將會有一個非常 - 至少在我看來，會有對於那些使用我們的 Debit+ 產品的用戶和尚未使用的用戶而言，每個用戶的交易數量是非常不同的。

The Debit+ consumers are -- and we expect them, we ask them, we welcome them to use the product daily.

Debit+ 消費者是——我們期待他們，我們要求他們，我們歡迎他們每天使用該產品。

And the idea there is to really start tracking into as often as you use your debit card.

這個想法是真正開始跟踪您使用借記卡的頻率。

Obviously, that won't be 100% of our user base for quite some time, especially as the user base itself grows.

顯然，在相當長的一段時間內，這不會是我們用戶群的 100%，尤其是隨著用戶群本身的增長。

But we'll start talking about our super users or power users and what they're really experiencing as an important metric for us.

但我們將開始談論我們的超級用戶或超級用戶，以及他們真正體驗到的東西，作為我們的一個重要指標。

Those are the ones that we really expect to just have outsized [DPU] numbers.

這些是我們真正希望擁有超大 [DPU] 數字的那些。

The next question comes from Bryan Keane from Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Keane。

Congrats on the results and the progress.

祝賀結果和進展。

I wanted to ask about the Amazon extension here.

我想在這裡詢問亞馬遜擴展。

Just want to be clear, what is new from previous?

只是想清楚，以前有什麼新東西？

It looks like the exclusivity for 1 year in the warrants.

它看起來像認股權證中的 1 年排他性。

And then secondly, just trying to think about timing, but it sounds like Amazon will happen this holiday season, so are we just being conservative not putting it into the quarterly numbers because we don't know how big it will be?

其次，只是想考慮時間，但聽起來亞馬遜會在這個假期發生，所以我們只是保守地不把它放在季度數字中，因為我們不知道它會有多大？

Just a little thought process around that.

只是一個小小的思考過程。

Thank you.

謝謝你。

So I think we are the sole, dedicated buy now, pay later partner through Jan '23.

所以我認為我們是唯一的、專注的現在購買、稍後付款的合作夥伴，直到 23 年 1 月。

That's important and powerful.

這很重要也很強大。

Our last 8-K, I think, said very, very explicitly this is a nonexclusive pilot.

我認為，我們上一個 8-K 非常非常明確地說，這是一個非排他性飛行員。

So the most important qualitative change here is Amazon had their pick obviously and partners in the space.

所以這裡最重要的質變是亞馬遜顯然有他們的選擇和該領域的合作夥伴。

They tested, they tested us, we passed the test.

他們測試了，他們測試了我們，我們通過了測試。

We passed the test with flying colors and better.

我們以優異的成績通過了測試。

And so I think that that's a very important qualitative matter here.

所以我認為這是一個非常重要的定性問題。

The Amazon Pay and vetting is new.

亞馬遜支付和審查是新的。

That was not in the last conversation, which is important.

那不是在最後一次談話中，這很重要。

We said it before, I'll say it again, the war for wallet placements to be a tender inside the important wallets is really kind of the next page in the history of financial services from payments, and it's important for us to be embedded in important wallet.

我們之前說過，我再說一遍，讓錢包放置成為重要錢包內的投標的戰爭真的是支付金融服務歷史上的下一個頁面，對我們來說，融入其中很重要重要的錢包。

And frankly, the fact that we are ramping pretty quickly to this holiday season was not explicit in our last announcement.

坦率地說，我們正在迅速進入這個假期的事實在我們上次的公告中並沒有明確說明。

I think at the time, we may have classified it as a hope, hope and then strategy, which should be live in this holiday season presently.

我想當時，我們可能把它歸類為希望、希望、然後是策略，應該在這個假期裡直播。

That's the qualitative matters.

那是質量問題。

Michael can describe the details of the financial arrangements as well.

邁克爾也可以描述財務安排的細節。

Yes.

是的。

Yes, the warrants are new.

是的，認股權證是新的。

We think it's an important piece of aligning incentives.

我們認為這是調整激勵措施的重要組成部分。

If you think about the posture of the relationship, when you're dealing with someone as large and with as much scale as Amazon, it's a good thing to have them invested in the outcomes that are good for you, and that's how we thought about it as we worked on that and then.

如果您考慮這種關係的狀態，當您與像亞馬遜一樣規模龐大的人打交道時，讓他們投資於對您有利的結果是一件好事，這就是我們的想法我們一直在努力，然後。

In terms of why not have it in the forecast, yes, that's exactly right.

至於為什麼不在預測中，是的，這是完全正確的。

Our approach to building forecast and giving guidance is we need to see it before we commit to it.

我們建立預測和提供指導的方法是我們需要在承諾之前先看到它。

And we're just now beginning the process of fully ramping this out.

我們現在才剛剛開始全面推進這一進程。

So over the next couple of weeks and then throughout the rest of the holiday season, we'll have a pretty good read and be prepared to give you some pretty clear guidance coming into the next quarter.

因此，在接下來的幾週以及整個假期的剩餘時間裡，我們將進行很好的閱讀，並準備好在下一季度為您提供一些非常明確的指導。

Excellent.

優秀的。

And just one follow-up on the shop relationship.

並且只是對商店關係的一項後續行動。

How much further do we have to go before we get to a full run rate by quarter or maybe some of the things that might happen to get us there?

在我們按季度達到全速運行之前，我們還需要走多遠，或者可能發生一些可能讓我們到達那裡的事情？

Obviously, it's off to a great start, but trying to figure out how much more room there is to grow just to get to a run rate.

顯然，這是一個良好的開端，但試圖弄清楚還有多少增長空間只是為了達到運行速度。

Is that a quarter or 2?

那是四分之一還是二？

Or is that going to be a several year process?

或者這將是一個幾年的過程？

So I'll give a qualitative answer, as is my custom, and Michael may or may not want to add a little bit more.

所以我會按照我的習慣給出一個定性的答案，邁克爾可能想也可能不想再添加一點。

But probably the most important thing to understand about us as a company, we don't build a thing and start selling it and roll it out, and that's it.

但對於我們作為一家公司來說，了解我們最重要的一點可能是，我們不會建造一個東西然後開始銷售它並推出它，僅此而已。

But the reason Shopify partnered with us, the reason all these great enterprise look at us and say this is the right partner for us is because we come into a relationship with a plan to build more stuff.

但是 Shopify 與我們合作的原因，所有這些偉大的企業都看著我們並說這是適合我們的合作夥伴的原因是因為我們與建立更多東西的計劃建立了關係。

If you look at the pace of growth at Walmart, which has been a partner for numerous years, it's growing at an accelerating clip.

如果你看看多年來一直是合作夥伴的沃爾瑪的增長速度，它正在加速增長。

It's not because somehow things have ripened on a tree and now they're ready to pick.

這並不是因為某種東西已經在樹上成熟了，現在它們已經準備好採摘了。

It's because we continue to invest in the relationship and build [NewCo].

這是因為我們繼續投資於這種關係並建立 [NewCo]。

It's like the whole sort of DNA of the firm is, let's build things that help us grow faster.

就像公司的整個 DNA 一樣，讓我們構建有助於我們更快成長的東西。

So we are in control of that growth.

所以我們控制著這種增長。

It makes it a little bit harder to predict, too.

這也使得預測變得有點困難。

But if we do it right, it will accelerate.

但如果我們做得對，它會加速。

That's probably the most important takeaway.

這可能是最重要的收穫。

And if Michael wants to commit to a forecasting schedule, but I just want to make sure that, that part is clear.

如果邁克爾想承諾一個預測時間表，但我只是想確保這一點，那部分是明確的。

I would just add on a qualitative comment that we're not yet fully optimized there.

我只想添加一個定性評論，我們還沒有在那裡完全優化。

I mean we're really excited with the traction that we are seeing.

我的意思是，我們對所看到的牽引力感到非常興奮。

But there's a lot of work left to do.

但是還有很多工作要做。

And I think that we've got many precedents here as we think about enterprise ramps.

而且我認為，當我們考慮企業坡道時，我們在這裡有很多先例。

They don't happen in weeks and months, they happen in quarters and oftentimes even years, and that's the horizon with which we're investing effort to optimize those programs.

它們不會在幾周和幾個月內發生，它們會在幾個季度甚至幾年內發生，這就是我們正在努力優化這些程序的範圍。

So we think there's still a lot of work to do, and we're definitely not near the peak.

所以我們認為還有很多工作要做，而且我們肯定還沒有接近高峰。

The next question comes from Jason Kupferberg from Bank of America.

下一個問題來自美國銀行的 Jason Kupferberg。

Yes, I just want to start on Amazon as well.

是的，我也想從亞馬遜開始。

Should we expect that you'll monetize the Amazon volume more on the consumer side than the merchant side?

我們是否應該期望您在消費者方面比商家方面更多地通過亞馬遜銷量獲利？

Will these mostly be interest-bearing loans?

這些主要是有息貸款嗎？

And is there the opportunity to perhaps use the third-party manufacturer model that you use with Walmart?

是否有機會使用您在沃爾瑪使用的第三方製造商模型？

And then just on the exclusivity element.

然後只是在排他性元素上。

We're was just wondering if Affirm is any way subject to that as well in terms of doing business with any of Amazon's competitors?

我們只是想知道，在與亞馬遜的任何競爭對手開展業務方面，Affirm 是否也受制於這一點？

I didn't see anything about that in the 8-K, but I just wanted to check.

我在 8-K 中沒有看到任何關於此的內容，但我只是想檢查一下。

Yes.

是的。

On your first question, the product that is currently live on Amazon.com is an interest-bearing product, which is skewed towards consumer monetization.

關於您的第一個問題，目前在 Amazon.com 上發布的產品是一種產生利息的產品，偏向於消費者貨幣化。

Although, of course, we will monetize that either by keeping on the balance sheet.

當然，儘管我們將通過保留資產負債表來將其貨幣化。

We're selling it to capital partners on a forward flow basis.

我們以正向流動的方式將其出售給資本合作夥伴。

And so I won't necessarily hit the interest income line on the income statement.

所以我不一定會達到損益表上的利息收入線。

That's the part that's live today.

這就是今天直播的部分。

However, we have the opportunity and desires to eventually broaden the whole portfolio for Amazon.com, but also importantly, with inside of Amazon Pay, where that relationship is going to start with a wide set of products.

然而，我們有機會並希望最終擴大 Amazon.com 的整個產品組合，但更重要的是，在 Amazon Pay 內部，這種關係將從一系列產品開始。

As for the questions around the nature of our unique relationship, we are not obligated to not serve any partner.

至於圍繞我們獨特關係性質的問題，我們沒有義務不為任何合作夥伴服務。

We generally don't agree to that in any context, I think it's very important for our network to remain open.

在任何情況下，我們通常都不同意這一點，我認為我們的網絡保持開放非常重要。

Okay.

好的。

Great.

偉大的。

And then just as a follow-up, I wanted to see if we can get an update just on the non-Peloton GMV growth guidance for the year.

然後，作為後續行動，我想看看我們是否可以僅獲得有關本年度非 Peloton GMV 增長指南的更新。

I wasn't sure if the -- followed the GMV raise is coming on the non-Peloton side because I think previously, you were talking about 70% to 75% for the fiscal year and wanted to see what that looks like now.

我不確定 GMV 加薪是否會出現在非 Peloton 方面，因為我認為以前，你在談論本財年的 70% 到 75% 並且想看看現在的情況。

Yes.

是的。

We're not going to update any sort of forward-looking number for Peloton except to say that the Q1 results for us on Peloton did exceed our internal estimates and there's certainly nothing that we've seen to suggest that we should be changing our outlook overall in light of where that business is at.

我們不會更新 Peloton 的任何前瞻性數字，只是說我們在 Peloton 的第一季度業績確實超出了我們的內部估計，而且我們肯定沒有看到任何跡象表明我們應該改變我們的前景總體而言，根據該業務所在的位置。

The next question comes from Ramsey El-Assal from Barclays.

下一個問題來自巴克萊的 Ramsey El-Assal。

I also wanted to ask a clarifying question on Amazon.

我還想在亞馬遜上問一個澄清問題。

Is the use of Affirm on the platform for baskets over $50 or for individual products on Amazon that are priced higher than $50?

平台上的 Affirm 是否用於超過 50 美元的購物籃或亞馬遜上價格高於 50 美元的單個產品？

It's a bit of a nuance, but it actually makes a difference when we try to kind of put pen to paper and model it out.

這有點細微差別，但是當我們嘗試將筆放在紙上並對其進行建模時，它實際上會有所不同。

Initially, it will be for baskets over $50.

最初，它將適用於超過 50 美元的籃子。

The way that integration works today is it's at the checkout.

今天集成的工作方式是在結帳時。

And as we work to get the up-funnel presentment, that will probably be limited to a more narrow set of items.

當我們努力獲得漏斗上的展示時，這可能會僅限於一組更窄的項目。

I see.

我知道了。

Okay.

好的。

And I wanted also to ask about travel and ticketing as a percentage of total GMV.

我還想詢問旅行和票務佔總 GMV 的百分比。

It looked like it fell this quarter to about 10% versus about 14% last quarter.

看起來本季度下降至約 10%，而上一季度約為 14%。

I'm figuring a lot of that problem may have to do with mix and the Shopify ramp.

我認為很多問題可能與混合和 Shopify 坡道有關。

But I'm just I guess trying to figure out whether there's also some kind of Delta impact in there?

但我只是想弄清楚那裡是否還有某種三角洲影響？

And then I guess, what expectations around the travel recovery are included in your guidance?

然後我想，您的指導中包含對旅行複甦的哪些期望？

So the travel business did have a slight sequential decline period-on-period, which probably is a result of COVID, but there's also a really strong seasonality in that business.

因此，旅遊業務確實環比略有下降，這可能是 COVID 的結果，但該業務也有很強的季節性。

And of course, that seasonality has been heavily impacted by all of the COVID trends.

當然，這種季節性受到所有 COVID 趨勢的嚴重影響。

The year-on-year growth, of course, is still extremely strong, given the low baselines.

當然，鑑於基線較低，同比增長仍然非常強勁。

I think we've been pretty careful not to put too much risk in the guidance around travel.

我認為我們一直非常小心，不要在旅行指南中投入太多風險。

So we don't -- we're not really assuming any sort of further resurgence in travel.

所以我們不 - 我們並沒有真正假設旅行會進一步復甦。

We've talked about last year that travel of 10% was a good number for us, and we think that's still probably the case.

去年我們談到 10% 的旅行對我們來說是一個不錯的數字，我們認為情況可能仍然如此。

The next question comes from Tim Chiodo from Credit Suisse.

下一個問題來自瑞士信貸的 Tim Chiodo。

I want to dig in a little bit on Shop Pay Installments.

我想深入了解 Shop Pay 分期付款。

Just wanted to see if you could give us some context on the pricing dynamic there when you're offering the product into Shopify merchants.

只是想看看您在向 Shopify 商家提供產品時是否可以向我們提供有關定價動態的背景信息。

Are they being presented at different price based on their size or their AoV or a specific vertical or category they're in?

他們是否根據他們的大小或他們的 AoV 或他們所在的特定垂直或類別以不同的價格呈現？

Are the larger Shopify merchants able to negotiate this?

較大的 Shopify 商家可以協商嗎？

Just wanted to see if you could bring to life how that works.

只是想看看你是否可以實現它的工作原理。

And then I have a quick follow-up also related to Shop Installments.

然後我有一個關於商店分期付款的快速跟進。

Obviously, there's quite a lot of nuance for merchants' relationship with Affirm and Shopify as they get up and scale.

顯然，商家與 Affirm 和 Shopify 的關係隨著他們的成長和擴大而存在很多細微差別。

So generally speaking, there is a rate that merchants encounter as we bring our product to market.

所以一般來說，當我們將產品推向市場時，商家會遇到一個費率。

And depending on some of the -- some of the other parts of the relationship with the shop, they may or may not see changes to it.

並且取決於與商店關係的某些其他部分，他們可能會或可能不會看到它的變化。

But generally speaking, it's reasonable to expect that the largest merchants on Shopify probably have a human that talks about the prices and some of the smaller ones have a price that they can click to accept and everything.

但一般來說，可以合理地預期 Shopify 上最大的商家可能會有一個人來談論價格，而一些較小的商家有一個他們可以點擊接受的價格等等。

Perfect.

完美的。

Okay.

好的。

The follow-up is more around the GMV guide.

後續更多的是圍繞 GMV 指南。

I apologize if I missed it, but I know that last quarter when you gave the initial guide for the year, you mentioned that Split Pay, including shop would be roughly 10% to 15% of the total mix of GMV.

如果我錯過了，我深表歉意，但我知道上個季度當您提供年度初始指南時，您提到拆分支付（包括商店）將大約佔 GMV 總組合的 10% 到 15%。

Is that still roughly the portion that we should be expecting?

這仍然是我們應該期待的大致部分嗎？

Or did that maybe move a little higher?

還是可能會移動得更高一點？

Yes.

是的。

We're not updating the guide for that number, but what we will say is that in Q1, we were right in the middle of that range for Split Pay overall.

我們沒有更新該數字的指南，但我們要說的是，在第一季度，我們整體處於拆分支付範圍的中間。

The next question comes from Andrew Jeffrey from Truist.

下一個問題來自 Truist 的 Andrew Jeffrey。

This is [Doug] stepping on for Andrew.

這是 [Doug] 為 Andrew 加油。

Generally thinking about the industry, is it moving -- in your view, is it moving more towards direct integrations?

從總體上考慮這個行業，它是否正在發展——在您看來，它是否更傾向於直接整合？

And related to that, how do we think about Mastercard's announcement today launching an open-loop BNPL product?

與此相關的是，我們如何看待萬事達卡今天宣布推出開環 BNPL 產品的消息？

So I think, generally speaking, it's a fairly varied landscape out there.

所以我認為，一般來說，這是一個相當多樣化的景觀。

So if you are a platform hosting numerous merchants or serving merchants as, for example, on the back end, whether it's processing or other types of merchant services, those are natural points for direct integration for Affirm.

因此，如果您是一個託管眾多商家或為商家提供服務的平台，例如在後端，無論是處理還是其他類型的商家服務，這些都是 Affirm 直接集成的自然點。

And that's -- I think that's something that you can expect to continue.

那就是 - 我認為這是你可以期待繼續的事情。

Obviously, we pride ourselves on our engineering jobs.

顯然，我們為自己的工程工作感到自豪。

So when we come to these partnerships, we come in with a view to make it more efficient, make it faster, introduce new transactional semantics, which may be potential for consumers and merchants.

因此，當我們建立這些合作夥伴關係時，我們的目的是提高效率，加快速度，引入新的交易語義，這對消費者和商家來說可能具有潛力。

And I think all of that is just something that we certainly intend to continue doing.

我認為所有這些都是我們當然打算繼續做的事情。

In terms of Mastercard's announcement really change our world at all, to be honest, in the sense that our network's differentiation is ability to see and benefit from the SKUs embedded in transactions, being able to utilize some end-to-end connectivity that we have being both user.

就萬事達卡的聲明而言，說實話，從某種意義上說，萬事達卡的聲明確實徹底改變了我們的世界，從某種意義上說，我們網絡的差異化在於能夠看到嵌入交易中的 SKU 並從中受益，能夠利用我們擁有的一些端到端連接既是用戶。

And to map it to traditional networks, issue acquirer and then our group, we're all 3 at all times, which allows us to build some pretty unique products and services.

並將其映射到傳統網絡、問題收單機構和我們的團隊，我們始終都是 3，這使我們能夠構建一些非常獨特的產品和服務。

And so I think the Mastercard announcement and this one before that were all targeted at bringing along other credit issuers that may want to play in the BNPL space, which I think is good in general, moving away from revolving credit towards installments, close-ended loans is just healthier for the end consumer.

因此，我認為萬事達卡的公告和之前的公告都旨在吸引其他可能希望在 BNPL 領域發揮作用的信貸發行人，我認為總體而言這很好，從循環信貸轉向分期付款，封閉式貸款對最終消費者來說更健康。

So it's positive for the industry.

因此，這對行業來說是積極的。

I'm glad that Mastercard is stepping up to support it.

我很高興萬事達卡正在加緊支持它。

We'll continue building our unique thing, and I'm glad to see the industry moving towards products that we pioneered.

我們將繼續打造我們獨特的產品，我很高興看到行業朝著我們開創的產品發展。

The next question comes from Andrew Bauch from SMBC.

下一個問題來自 SMBC 的 Andrew Bauch。

Active customer growth continues to trend pretty strongly quarter-over-quarter.

活躍的客戶增長繼續保持強勁的季度環比趨勢。

So maybe I was just wondering has anything evolved in your strategy?

所以也許我只是想知道你的策略有什麼變化嗎？

Is still kind of word of mouth?

還是那種口碑？

Or are you guys being a little bit more aggressive on the customer acquisition front?

還是你們在客戶獲取方面更加激進？

So by far, the most important growth of consumers for us comes from our merchant partners.

到目前為止，對我們來說最重要的消費者增長來自我們的商家合作夥伴。

A IO just -- we said it before and I'll say it again.

一個 IO 只是 - 我們之前說過，我會再說一遍。

Our #1 growth strategy is signing best, most popular, most successful merchants in delivering conversion and uplift for them so that they and Affirm can benefit together.

我們的#1 增長戰略是簽約最好、最受歡迎、最成功的商家，為他們提供轉化和提升，以便他們和 Affirm 可以共同受益。

So that's what we'll continue doing.

這就是我們將繼續做的事情。

Our growth is -- that budget is largely represented in our engineering budget to put it in financial terms perhaps.

我們的增長是 - 該預算主要體現在我們的工程預算中，也許可以用財務術語來表示。

You'll see us step out a little bit of our comfort zone.

你會看到我們走出了一點我們的舒適區。

That is to say, it was never done a national regional marketing campaigns and super cool.

也就是說，它從來沒有做過一個全國性的區域營銷活動，超級酷。

Very comfortable territory for me maybe 3 or 4 years ago, something that we have to learn a couple of years ago.

對我來說可能是 3 或 4 年前非常舒適的領域，這是我們幾年前必須學習的東西。

And now, look at us, we've taken out pretty things like TV commercials.

現在，看看我們，我們已經刪除了電視廣告等漂亮的東西。

And so you'll see us do more of that.

所以你會看到我們做的更多。

That is fundamentally about teaching the end consumer that BNPL is here.

這從根本上講是為了讓最終消費者知道 BNPL 就在這裡。

It's important half of Americans we surveyed and we do the service all the time have now expressed interest in using products like ours and the other half doesn't know what it is, which means that it's on us to educate the market and explain what this is and how it's fundamentally different from your credit card, it's less scary, much more on your side.

很重要的一點是，在我們調查的和我們一直提供服務的美國人中，有一半表示有興趣使用像我們這樣的產品，而另一半不知道它是什麼，這意味著我們有責任教育市場並解釋這是什麼是以及它與您的信用卡有何根本不同，它不那麼可怕，更多的是在您身邊。

And then within that narrative how Affirm is unique in the sense that we don't charge late fees.

然後在這個敘述中，在我們不收取滯納金的意義上，Affirm 是如何獨一無二的。

We don't do nasty things like deferred interest and all the various other gimmicks.

我們不做令人討厭的事情，比如遞延利息和所有其他各種噱頭。

And so that is something that we'll continue doing.

所以這是我們將繼續做的事情。

And one of the things that we've learned sort of in the context of understanding how to tell our own story, perhaps where we learned it is as we got larger and more sophisticated, we partnered with a huge number of our merchants, in particular, our enterprise partners, to promote our product in the context of their offerings.

在理解如何講述我們自己的故事的背景下，我們學到的一件事，也許是我們學到的地方，因為我們變得越來越大，越來越複雜，我們與大量的商人合作，特別是，我們的企業合作夥伴，在他們的產品範圍內推廣我們的產品。

So if you look at Affirm 5, 6 years ago, the idea of saying, hey, here's a really compelling deal, be it a bicycle or a couch or an article of clothing, ride now, pay later is something that you'll see from a bike vendor, something that I might encounter in my spare time.

因此，如果您查看 5、6 年前的 Affirm，您會看到這樣的想法：嘿，這是一個非常引人注目的交易，無論是自行車、沙發還是一件衣服，現在騎車，以後付款來自自行車供應商，我在業餘時間可能會遇到的東西。

Brew now, pay later, another line I've seen recently.

現在釀造，稍後付款，我最近看到的另一條線。

We tend to have a lot of our partners in the coffee space given my personal addiction and so on and so forth.

考慮到我的個人嗜好等等，我們傾向於在咖啡領域擁有很多合作夥伴。

As we learn how to drive these consumer messages, we learn a lot about marketing.

當我們學習如何傳遞這些消費者信息時，我們會學到很多關於營銷的知識。

I also understood how to leverage the channels that our merchants have that are natural and native to them, how we can put both our intelligence and technology and dollars to work there.

我還了解如何利用我們的商家擁有的自然和原生渠道，我們如何將我們的智慧、技術和資金投入其中。

So all things kept equal, you will see us do even more of that because we found this to be very efficient.

所以一切都保持不變，你會看到我們做的更多，因為我們發現這非常有效。

I would not expect us to plunk millions of dollars into things like digital acquisition or mail drops or anything sort of the standard behaviors in the industry.

我不希望我們將數百萬美元投入到諸如數字採集或郵件投遞或任何行業標準行為之類的事情上。

And then I just want to touch upon Debit+.

然後我只想談談 Debit+。

I was one of the lucky ones to be like part of the beta program.

我是參與測試計劃的幸運兒之一。

And I noticed that, that program is upwards of 0.5 million people now.

我注意到，這個項目現在有超過 50 萬人。

So I thought that number was ultimately going to be a little bit less before the end of the year.

所以我認為這個數字最終會在今年年底之前減少一點。

So should we take that as an indication of stronger demand for Debit+ than what you had originally anticipated?

那麼，我們是否應該將其視為對 Debit+ 的需求比您最初預期的更強勁的跡象？

Or is there some other variable that we should be considering?

還是我們應該考慮其他一些變量？

I was literally embracing myself when you say something like, and then I got declined or something like that, but I'm glad I use my Debit+ 4 to 5 times a day, and I haven't been declined since the early alpha, but I'm still in the nightmare being declined for a card swipe comes to me from my teenage years, also in account of Affirm's history.

當你說類似的話時，我真的是在擁抱自己，然後我被拒絕或類似的話，但我很高興我每天使用我的 Debit+ 4 到 5 次，而且自早期 alpha 以來我沒有被拒絕，但是我仍然處於被拒絕的噩夢中，因為我從十幾歲開始刷卡，也是因為 Affirm 的歷史。

So it's hard to decide whether the pretty overwhelmingly positive support for Debit+ they've gotten from our users is more or less than we expected.

因此，很難確定他們從我們的用戶那裡獲得的對 Debit+ 的非常積極的支持是多於還是少於我們的預期。

I mean we really ran another e-mail to our entire user base saying, hey, Debit+ is actually real.

我的意思是我們真的向我們的整個用戶群發送了另一封電子郵件，說，嘿，Debit+ 實際上是真實的。

Like if you're in a waiting list, sit tight, it's coming and.

就像如果您在等待名單中，請坐好，它即將到來。

If you're not in the waiting list, maybe you should.

如果你不在候補名單上，也許你應該。

And then it moved.

然後它移動了。

I mean the waiting list grew by another double-digit percentage just on the strength of a single announcement within our own user base.

我的意思是，僅憑我們自己的用戶群中的一個公告，等候名單又增加了兩位數。

So we're going against the 0 cards 1 year ago.

所以我們要反對一年前的 0 卡。

So it will be infinite growth no matter what we slice it.

所以不管我們怎麼切，都是無限增長的。

So I think it will be great.

所以我認為它會很棒。

Ask me in a few quarters how well we're doing.

過幾個季度問我我們做得如何。

But all signs point to it will be good.

但所有跡像都表明它會很好。

But I will channel my inner Michael and say, put your Excel spreadsheet down and forecast nothing.

但我會引導我內心的邁克爾說，放下你的 Excel 電子表格，什麼也不做預測。

We will not know what this thing will look like for a while.

我們暫時不知道這東西會是什麼樣子。

We're not budgeting any volume, any revenue in.

我們沒有預算任何數量，任何收入。

It's a product that we're bringing out there because it's -- there's really nothing like it out there, forecasting it in the full there.

這是我們推出的產品，因為它 - 真的沒有像它一樣的東西，在那裡對其進行全面預測。

We think it's awesome.

我們認為這很棒。

I literally swipe my card buying a bag of beans yesterday and the guy next to me in line said, woah, that was so cool.

我昨天真的刷卡買了一袋豆子，我旁邊排隊的人說，哇，太酷了。

Of course, on purpose, I split a transaction right in front of them on my phone.

當然，我故意在他們面前用手機拆分交易。

And it was like, woah, man, what was that?

就像，哇，伙計，那是什麼？

And so when we have a few million of those happening, we'll be able to forecast how many more will have.

因此，當我們有幾百萬這樣的事情發生時，我們將能夠預測還會發生多少。

[And also, a lot can enjoy the experience].

[而且，很多人都可以享受這種體驗]。

Actually, can I ask you a question?

其實，我可以問你一個問題嗎？

Yes.

是的。

Absolutely.

絕對地。

Are you liking the card?

你喜歡這張卡嗎？

Do you like the card?

你喜歡這張卡嗎？

Do you like the user experience?

你喜歡用戶體驗嗎？

Yes.

是的。

The experience is pretty seamless.

體驗非常無縫。

The feature to Pay Back in 4 is pretty intuitive.

Pay Back in 4 的功能非常直觀。

And I feel like the overall smoothness of the app and moving from page to page is pretty easy.

而且我覺得應用程序的整體流暢性和從一個頁面移動到另一個頁面非常容易。

Excellent.

優秀的。

If you're on the [1 0 99] version, which may or not have been pushed to yet, you'll see like a 4x improvement in the loading speed of the transaction list on the front pane.

如果您使用的是 [1 0 99] 版本，該版本可能已被推送，也可能尚未推送，您會看到前面板事務列表的加載速度提高了 4 倍。

It's really, really embarrassing what it was until the 1 0 99 . But once you get to [1 1], it will be super fast.

在 1 0 99 之前的情況真的非常非常尷尬。但是一旦你到達 [1 1]，它會非常快。

Our last question comes from Chris Brendler from D.A. Davidson.

我們的最後一個問題來自 D.A. 的 Chris Brendler。戴維森。

Michael, it seems like the bigger issue, given all the success is going to be how you fund all this growth.

邁克爾，這似乎是一個更大的問題，因為所有的成功都將取決於你如何為所有這些增長提供資金。

And I'd just like to hear an update on how you're thinking about the funding picture.

我只是想听聽您對資金情況的看法的最新信息。

And also on the off-balance sheet securitization, that tends to create some challenges potentially on the balance sheet.

在資產負債表外證券化方面，這往往會給資產負債錶帶來一些潛在挑戰。

I don't see the securitization asset on there anymore, so how are you modeling that?

我再也看不到那裡的證券化資產了，那你是如何建模的呢？

And even as you open the credit box too, do you expect the securitizations to be as successful as credit losses start to normalize?

即使你也打開了信用箱，你是否認為證券化會像信用損失開始正常化一樣成功？

So your first question first, we grew total platform portfolio by about $2 billion.

因此，首先您的第一個問題是，我們的平台總投資組合增加了約 20 億美元。

We added about $820 million on the balance sheet, made up of about 100 -- $1.1 billion that we securitized on the balance sheet, about $250 million reduction in the warehouse funding, which is probably a little bit tighter even than we would like to run it.

我們在資產負債表上增加了大約 8.2 億美元，由我們在資產負債表上證券化的大約 100 - 11 億美元組成，倉庫資金減少了大約 2.5 億美元，這可能比我們想要運行的還要緊一些它。

That's what drove the really efficient equity capital required number that we posted this quarter.

這就是推動我們本季度發布的真正有效的股權資本需求數字的原因。

And of course, the rest of it grew off the balance sheet with the biggest piece being forward flow.

當然，其餘部分從資產負債表中增長出來，其中最大的部分是正向流動。

I think that strategy is going to continue to be in play.

我認為這種策略將繼續發揮作用。

Today, we closed another 0 coupon securitization or 0% financing program or securitization and continue to have real success in that market despite the rate movements and the loosening of the credit box.

今天，我們關閉了另一個 0 息票證券化或 0% 融資計劃或證券化，儘管利率變動和信貸盒放鬆，但我們繼續在該市場取得真正的成功。

So we're not convinced that we're going to have a real struggle there.

所以我們不相信我們會在那裡進行真正的鬥爭。

And yet, as we've always discussed, our approach to capital is to ensure that we've got multiple sources to fund the business, and we're not going to be wed to any on funding model or lever and continue to invest in growing capacity across all of our funding types.

然而，正如我們一直討論的那樣，我們的資本方法是確保我們有多種來源為業務提供資金，我們不會拘泥於任何資金模式或槓桿，並繼續投資於增加我們所有資金類型的能力。

The opportunity to grow deposits as an alternative, for instance, as you maybe pass forward 3 to 5 years, you don't want to be wholesale-funded, obviously.

例如，增加存款的機會作為替代方案，因為您可能會提前 3 到 5 年，顯然您不希望獲得批發資金。

So it seems like a huge opportunity and a potential solution to this problem of having too much growth.

因此，這似乎是一個巨大的機會，也是解決增長過多問題的潛在解決方案。

Yes.

是的。

I certainly appreciate the too much growth problem.

我當然很欣賞增長過多的問題。

Our capital team works really hard to share that we've cut adequate capacity and they wake up every day, ensuring that we can fund the business.

我們的資本團隊非常努力地分享我們已經削減了足夠的產能，他們每天都醒來，確保我們能夠為業務提供資金。

Today, our deposits are held by [customer] bank and not a source of funding for the business.

今天，我們的存款由 [客戶] 銀行持有，而不是業務的資金來源。

But we will always keep an eye on other alternative methods as we scale this business at a pretty rapid clip.

但是，隨著我們以相當快的速度擴展這項業務，我們將始終關注其他替代方法。

Ladies and gentlemen, this concludes today's call.

女士們，先生們，今天的電話會議到此結束。

You may disconnect your lines.

你可以斷開你的線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有愉快的一天。