Affirm Holdings Inc (AFRM) 2021 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Affirm Holdings Fiscal Second Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，女士們，先生們。謝謝你的支持。歡迎參加 Affirm Holdings 2021 財年第二季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I'd now like to turn the call over to Rob O'Hare, Senior Vice President of Finance, to begin.

我現在想把電話轉給財務高級副總裁 Rob O'Hare，開始。

Thanks, operator. Before we begin, I would like to remind everyone 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, including our prospectus filed on January 14, 2021. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them, except as required by law.

謝謝，接線員。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。這些前瞻性陳述受到眾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，包括我們於 2021 年 1 月 14 日提交的招股說明書。實際結果可能與任何我們今天做出的前瞻性陳述。這些前瞻性陳述僅在今天發表，公司不承擔任何更新它們的義務或意圖，除非法律要求。

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

此外，今天的電話會議可能包括非公認會計準則財務指標。這些措施應被視為對公認會計原則財務措施的補充而非替代。可以在今天的收益新聞稿中找到與最直接可比的 GAAP 措施的對賬，該新聞稿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。

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。

Thanks, Rob. Thank you all for joining us for our first earnings call as a public company. We are pleased with the results for the quarter, which included revenue growth of 57% year-over-year and a 55% year-over-year increase in quarterly gross merchandise volume to a record $2.1 billion as our product offerings continue to resonate with consumers and merchants alike.

謝謝，羅伯。感謝大家加入我們作為上市公司的第一次財報電話會議。我們對本季度的業績感到滿意，其中包括收入同比增長 57%，季度商品總量同比增長 55%，達到創紀錄的 21 億美元，因為我們的產品繼續與消費者和商家一樣。

In the second quarter, we also grew active consumers by 52% and our merchant base by 90% from the prior year. Michael will provide more details on our second quarter performance in a few minutes, but since this is our first earnings call, I'd like to spend some time providing a brief overview of Affirm, the industry tailwinds driving our growth and our strategic initiatives.

在第二季度，我們的活躍消費者也比去年增長了 52%，我們的商家基礎也增長了 90%。邁克爾將在幾分鐘內提供有關我們第二季度業績的更多詳細信息，但由於這是我們的第一次財報電話會議，我想花一些時間簡要概述 Affirm、推動我們增長和戰略舉措的行業順風。

Affirm was founded almost a decade ago with the mission to build honest financial products that improve lives. We knew that consumers were tired of the constant penalties like late fees and deferred interest from credit cards. And we knew that merchants needed new payment solutions that could help them attract and retain customers while avoiding discounts and promotional gimmicks, which can dilute their brands and their bottom lines.

Affirm 成立於近十年前，其使命是打造誠實的金融產品來改善生活。我們知道消費者已經厭倦了信用卡滯納金和延期利息等持續的處罰。我們知道，商家需要新的支付解決方案，以幫助他們吸引和留住客戶，同時避免折扣和促銷噱頭，這會稀釋他們的品牌和利潤。

Since the beginning, we focused on building a new kind of payment network, the first to align its own success with the success of both consumers and merchants. Affirm wins when our consumers and our merger partners win. In the last 12 months, we've empowered 4.5 million consumers to take control of their finances, enabling them to pay for the things they want and need over time, almost anywhere in the U.S. We've also helped merchants drive growth by adding new customers, accelerating sales and increasing conversion. We've enabled over $12.7 billion in transactions in the past 4.5 years, and we've never charged a late fee or $0.01 of deferred interest.

從一開始，我們就專注於建立一種新型的支付網絡，首先將自身的成功與消費者和商家的成功結合起來。當我們的消費者和我們的合併合作夥伴獲勝時，肯定會獲勝。在過去的 12 個月中，我們已授權 450 萬消費者控制他們的財務，使他們能夠隨著時間的推移在美國幾乎任何地方支付他們想要和需要的東西。我們還幫助商家通過添加新產品來推動增長客戶，加速銷售並提高轉化率。在過去的 4.5 年中，我們實現了超過 127 億美元的交易，我們從未收取滯納金或 0.01 美元的遞延利息。

Our approach has led to trusted relationships on both sides of the commerce ecosystem. Our payment platform has enabled us to advance our mission and enhance the role we play at the center of commerce for both consumers and merchants.

我們的方法在商業生態系統的雙方都建立了值得信賴的關係。我們的支付平台使我們能夠推進我們的使命並增強我們在消費者和商家的商業中心所扮演的角色。

Before I go into the details of what we have built so far and where we're headed, I wanted to give you a sense for how consumers feel about Affirm in their own words. For example, a military mom, who otherwise would not have been able to attend the graduation of her kids, told us, "To make it to their graduations, I was able to get tickets through Affirm and make payments on such expensive plane tickets that I would not normally be able to get. It's been so nice. Payments are reasonable and the app is easy to use."

在詳細介紹我們迄今為止所構建的內容以及我們的發展方向之前，我想讓您了解消費者對 Affirm 的看法。例如，一位無法參加孩子畢業典禮的軍人媽媽告訴我們，“為了參加他們的畢業典禮，我能夠通過 Affirm 獲得機票並支付如此昂貴的機票費用，我通常無法獲得。真是太好了。付款合理，應用程序易於使用。”

Another satisfied consumer, "For a company to be completely honest about no late fees and working with you on timing of payments is a godsend. I couldn't thank Affirm enough for being such a great company." We have received many more testimonials such as these which validate our founding mission and empower us to deliver on that mission every single day.

另一位滿意的消費者說：“對於一家公司來說，完全誠實地表示沒有滯納金並與您合作確定付款時間是天賜之物。我非常感謝 Affirm 成為一家如此出色的公司。”我們收到了更多諸如此類的推薦信，這些推薦信證實了我們的創始使命，並使我們每天都能完成該使命。

Our platform consists of 3 core solutions: a point-of-sale payment solution for consumers, a merchant commerce technology solution and our Affirm app. Our point-of-sale payment solution gives consumers control and flexibility at merchant checkout. After selecting Affirm as a payment option, consumers enter up to 5 pieces of information and then choose how they wish to pay. Payment schedules include biweekly and monthly options and terms range from as little as 6 weeks to as long as 48 months.

我們的平台由 3 個核心解決方案組成：面向消費者的銷售點支付解決方案、商家商務技術解決方案和我們的 Affirm 應用程序。我們的銷售點支付解決方案讓消費者在商戶結賬時擁有控制權和靈活性。選擇確認作為支付選項後，消費者最多輸入 5 條信息，然後選擇他們希望的支付方式。付款時間表包括雙周和每月選項，期限從短至 6 周到長至 48 個月不等。

Our merchant technology solutions help merchants from small businesses to the world's largest retailers, more efficiently reach new consumers and drive incremental sales. Not only do we enable merchants to address affordability and increase their customers' purchasing power, we also provide them with valuable, high-quality data that they cannot get elsewhere. This includes item-level data, prepayment data, consumer behavior data and repeat purchase data. These insights can be used to more efficiently target customers, tailor promotions and achieve a greater return on marketing spend.

我們的商家技術解決方案可幫助從小型企業到全球最大零售商的商家，更有效地接觸新消費者並推動銷售增長。我們不僅使商家能夠解決可負擔性問題並提高客戶的購買力，我們還為他們提供有價值的、高質量的數據，而這些數據是他們在其他地方無法獲得的。這包括項目級數據、預付款數據、消費者行為數據和重複購買數據。這些洞察力可用於更有效地定位客戶、定制促銷活動並獲得更大的營銷支出回報。

And third, the Affirm app also knows our marketplace is where consumers can discover relevant merchants and get exclusive offers tailored to their spending and shopping habits. In addition to being a great tool for consumers, it's also valued by merchants. Merchants love that their outreach can be highly targeted through placement on our app, making it a great vehicle for customer acquisition. The app also offers consumers an Affirm virtual card that can be used almost anywhere in the U.S., a simple interface where they can manage their payments and a place to open a high-yield savings account. In the December quarter, approximately 1.2 million transactions originated from Affirm Properties, twice as many as we saw in the same period last year and approximately 1/3 of our overall transaction volume.

第三，Affirm 應用程序還知道我們的市場是消費者可以發現相關商家並獲得針對他們的消費和購物習慣量身定制的獨家優惠的地方。除了對消費者來說是一個很好的工具外，它也受到商家的重視。商家喜歡通過放置在我們的應用程序上來高度定位他們的外展活動，使其成為獲取客戶的絕佳工具。該應用程序還為消費者提供了一張可以在美國幾乎任何地方使用的 Affirm 虛擬卡，一個簡單的界面，他們可以在其中管理他們的付款，以及一個開設高收益儲蓄賬戶的地方。在 12 月季度，大約 120 萬筆交易來自 Affirm Properties，是我們去年同期的兩倍，約占我們總交易量的 1/3。

As we look to expand our current network, there are several strong tailwinds powering our business and combining to create a massive and durable opportunity for Affirm. Consumers, particularly millennials and Gen Z, have lost trust in financial institutions and increasingly prefer more flexible and innovative digital payment solutions in lieu of traditional credit payment options. In 2020, these younger generations represented over 160 million U.S. consumers with more than $2.5 trillion in estimated spending power.

當我們尋求擴展我們當前的網絡時，有幾個強大的順風為我們的業務提供動力，並結合起來為 Affirm 創造了一個巨大而持久的機會。消費者，尤其是千禧一代和 Z 世代，已經對金融機構失去了信任，越來越喜歡更靈活和創新的數字支付解決方案，而不是傳統的信用支付方式。 2020 年，這些年輕一代代表了超過 1.6 億美國消費者，估計消費能力超過 2.5 萬億美元。

Additionally, every element of commerce is moving online. Even as total worldwide retail sales declined by 3% in 2020, retail e-commerce boomed, increasing by 27.6%. The significant change in consumer behavior, coupled with the fact that the cost to acquire a customer and convert to sale are 2 of the biggest challenges facing merchants, are fueling demand for Affirm.

此外，商業的每一個元素都在網上移動。儘管 2020 年全球零售總額下降了 3%，但零售電子商務卻蓬勃發展，增長了 27.6%。消費者行為的顯著變化，加上獲取客戶和轉化為銷售的成本是商家面臨的兩個最大挑戰，正在推動對 Affirm 的需求。

By continuing to leverage our core strengths and competitive advantages, we believe we can capture an even larger portion of the ecosystem we've set out to reinvent. Our proprietary technology is custom-built from the ground up so we don't have the constraints of legacy systems. This means we can efficiently respond to changes in the world, scale quickly and innovate on new products. And we've maximized the value of our data to benefit our consumers and merchants, leveraging item-level data, repayment data, consumer behavior data and repeat purchase data to more finely priced transactions and personalize experiences, all while managing risk.

通過繼續利用我們的核心優勢和競爭優勢，我們相信我們可以在我們已經著手重塑的生態系統中佔據更大的份額。我們的專有技術是從頭開始定制的，因此我們沒有遺留系統的限制。這意味著我們可以有效地應對世界變化、快速擴展並在新產品上進行創新。我們已經最大化數據的價值，以使我們的消費者和商家受益，利用商品級數據、還款數據、消費者行為數據和重複購買數據來進行更精細定價的交易和個性化體驗，同時管理風險。

Further, our ability to service all transactions from low AOV to high AOV, online and off-line, our flexible payment terms and the breadth and depth of our merchant and partner network set us apart. As a result, we see strong consumer satisfaction. In calendar year 2020, approximately 67% of purchases were made by repeat Affirm users. And we're proud to have earned a Net Promoter Score of 78, a score that is on par with some of the most admired tech brands and significantly higher than the scores of traditional financial institutions.

此外，我們為從低 AOV 到高 AOV、在線和離線的所有交易提供服務的能力、靈活的支付條款以及我們的商家和合作夥伴網絡的廣度和深度使我們與眾不同。因此，我們看到了強烈的消費者滿意度。在 2020 日曆年，大約 67% 的購買是由重複確認用戶進行的。我們很自豪能夠獲得 78 分的淨推薦值，這個分數與一些最受推崇的科技品牌相當，並且明顯高於傳統金融機構的分數。

We can accommodate and partner with merchants regardless of industry size, AOV or customer profile. During the quarter, we generated significant traction with new merchants, growing our affiliate merchant base to over 650 paying merchants. Our merchant wins range from Alice and Olivia, Tom Ford International, to Neiman Marcus and Williams-Sonoma, to some of the largest brands in the world. We recently signed an agreement with American Airlines and expect to be available on aa.com in the American Airlines app soon. Most excited about the new 3-year agreement with Walmart that we signed in January. This wide range of marquee brands demonstrates our broad merchant appeal.

無論行業規模、AOV 或客戶檔案如何，我們都可以容納並與商家合作。在本季度，我們對新商家產生了巨大的吸引力，將我們的附屬商家基礎擴大到 650 多家付費商家。我們的商家贏得的範圍包括 Alice 和 Olivia、Tom Ford International、Neiman Marcus 和 Williams-Sonoma，以及一些世界上最大的品牌。我們最近與美國航空公司簽署了一項協議，預計很快將在美國航空公司應用程序中的 aa.com 上提供。最令人興奮的是我們在 1 月份與沃爾瑪簽署的為期 3 年的新協議。種類繁多的大牌品牌展示了我們廣泛的商家吸引力。

We also added new strategic partnerships in the quarter that increase our access to millions more consumers and hundreds of thousands of merchants. For example, we recently launched with Adyen, a global omnichannel payment platform for many of the world's leading businesses as well as Inntopia, positioning Affirm as a leader in the ski resort and ticketing space. Additionally, we continue to make progress on our partnership with Shopify, first announced last summer. We are currently in beta with nearly 100 merchants and have been very pleased with our results so far. Our partnership with Shopify is enabled through our point-of-sale API products, which allows partner platforms to deliver buy-now-pay-later with a customized user experience to the merchants and consumers that are on their platform. The deeper integration for external commerce platforms enables us to offer Affirm as a service to any partner.

我們還在本季度增加了新的戰略合作夥伴關係，增加了我們接觸數百萬消費者和數十萬商家的機會。例如，我們最近與 Adyen 合作推出了全球全渠道支付平台，為許多世界領先企業以及 Inntopia 提供服務，將 Affirm 定位為滑雪勝地和票務領域的領導者。此外，我們在與去年夏天首次宣布的 Shopify 合作方面繼續取得進展。我們目前與近 100 家商家處於測試階段，到目前為止，我們對我們的結果非常滿意。我們與 Shopify 的合作夥伴關係是通過我們的銷售點 API 產品實現的，該產品允許合作夥伴平台向其平台上的商家和消費者提供具有定制用戶體驗的“先買後付”。外部商務平台的更深層次的集成使我們能夠向任何合作夥伴提供 Affirm 服務。

Similarly, in December, Rakuten, a leading cash-back shopping platform, debuted with us as the launch partner for our marketplace API, which allows consumer shopping platforms to offer their customers Affirm financing via virtual carts. We're excited to augment our strong merchant and consumer networks through these large, high-growth partners like Shopify, Rakuten and many others.

同樣，在 12 月，領先的現金返還購物平台樂天作為我們的市場 API 的啟動合作夥伴首次亮相，該 API 允許消費者購物平台通過虛擬購物車為其客戶提供 Affirm 融資。我們很高興通過 Shopify、Rakuten 等大型高增長合作夥伴來增強我們強大的商家和消費者網絡。

Just a few weeks ago, we made our first strategic acquisition, purchasing PayBright, one of Canada's leading buy-now-pay-later providers. We expect PayBright's complementary merchant relationships and first-mover advantage in Canada to enable us to expand our scale and reach across North America. We're very pleased with our results on the acquisition so far with GMV performance in Canada exceeding our expectations quarter-to-date with growth in both split-pay and pay-monthly offerings. Key merchants driving this growth include Samsung, both online and in-store, as well as Hudson's Bay, Canada's largest department store retailer.

就在幾週前，我們進行了第一次戰略收購，收購了加拿大領先的先買後付提供商之一 PayBright。我們預計 PayBright 在加拿大的互補商戶關係和先發優勢將使我們能夠擴大我們在北美的規模和影響力。我們對迄今為止的收購結果感到非常滿意，加拿大的 GMV 表現超出了我們本季度迄今為止的預期，分薪和按月支付的產品均有所增長。推動這一增長的主要商家包括在線和實體店的三星，以及加拿大最大的百貨公司零售商哈德遜灣。

As we look ahead, we believe we can address not only the $600 billion of e-commerce spent in the U.S., but the $7.6 trillion of card spent, processed online and off-line at merchants in the United States. Furthermore, by continuing to bring merchants new, high-quality and loyal customers, we believe we can address a large portion of the estimated $1 trillion they spend on customer acquisition.

展望未來，我們相信我們不僅可以解決在美國花費 6000 億美元的電子商務，還可以解決在美國商家在線和離線處理的 7.6 萬億美元卡的花費。此外，通過繼續為商家帶來新的、高質量和忠誠的客戶，我們相信我們可以解決他們在客戶獲取上花費的估計 1 萬億美元中的很大一部分。

We have successfully demonstrated how our solutions can enable and accelerate commerce for larger, more considered purchases. A key principle of our next phase of growth is to expand into higher frequency purchases by investing in our split-pay product, ramping up our partnership with Shopify and making strategic investments in marketing.

我們已經成功地展示了我們的解決方案如何為更大、更深思熟慮的購買啟用和加速商務。我們下一階段增長的一個關鍵原則是通過投資我們的分付產品、加強與 Shopify 的合作夥伴關係以及對營銷進行戰略投資來擴大購買頻率。

We also made our first foray into brand marketing in the second quarter with a holiday campaign that featured Keke Palmer and focused on the benefits of Affirm over traditional credit cards. The campaign was amplified by Jimmy Kimmel Live, The Late Show with James Corden, Hasan Minhaj, Whitney Cummings, Ashley Park and other prominent personalities.

我們還在第二季度首次涉足品牌營銷，推出了以 Keke Palmer 為特色的假日活動，重點關注 Affirm 相對於傳統信用卡的好處。 Jimmy Kimmel Live、James Corden、Hasan Minhaj、Whitney Cummings、Ashley Park 和其他知名人士的晚間秀放大了該活動。

During the holiday season, Affirm was prominently featured in more than 100 merchants' marketing and advertising. The response to these marketing efforts has been very positive, and we have seen a 10-point increase in brand awareness quarter-over-quarter. We believe these actions combined position us well to increase engagement with both consumers and merchants, leading to increased transaction volume on our platform.

在節日期間，Affirm 在 100 多家商家的營銷和廣告中脫穎而出。對這些營銷工作的反應非常積極，我們看到品牌知名度環比增長了 10 個百分點。我們相信，這些行動結合在一起，使我們能夠很好地增加與消費者和商家的互動，從而增加我們平台上的交易量。

We also see significant opportunity to develop new products that can define the future of commerce and plan to continue making investments to drive growth. Take our savings product, for example. We've seen an interesting halo effect where our savings account growth has benefited from marketing and communications to our customer base that are focused on other products. And while our savings product isn't a large part of our business right now, it is great to see our existing consumers use savings accounts to deepen their engagement with Affirm and to see how new consumers start their permanent relationship with a non-lending product.

我們還看到了開發新產品的重大機會，這些新產品可以定義商業的未來，併計劃繼續投資以推動增長。以我們的儲蓄產品為例。我們已經看到了一個有趣的光環效應，我們的儲蓄賬戶增長得益於營銷和與專注於其他產品的客戶群的溝通。雖然我們的儲蓄產品目前還不是我們業務的重要組成部分，但很高興看到我們現有的消費者使用儲蓄賬戶來加深他們與 Affirm 的互動，並了解新消費者如何與非借貸產品建立永久關係.

In addition, we've introduced split pay across our point of sale, merchant platforms and in our app. The split-pay product, which is suited to higher frequency, lower AOV purchases, showed approximately 71% higher repeat transaction rate than our core installment loan product over the November-December holiday period. And while we got our start in the high AOV segment and have expanded into the lower AOV, more frequent purchase area, we believe there's ample opportunity to further expand our use cases, eventually, even addressing the largest category of all: daily spend.

此外，我們還在我們的銷售點、商家平台和我們的應用程序中引入了分期付款。適合更高頻率、更低 AOV 購買的分期付款產品在 11 月至 12 月假期期間的重複交易率比我們的核心分期貸款產品高約 71%。雖然我們從高 AOV 細分市場起步，並已擴展到較低 AOV、更頻繁的購買領域，但我們相信有足夠的機會進一步擴展我們的用例，最終甚至解決最大的類別：日常支出。

We expect all of this and more to further our ability to expand our consumer and merchant base, help our merchants grow their revenue on our platform and develop new innovative solutions to establish the ubiquity of our network and breadth of our platform.

我們希望所有這一切以及更多能夠進一步增強我們擴大消費者和商家基礎的能力，幫助我們的商家在我們的平台上增加收入，並開發新的創新解決方案，以建立我們網絡的普遍性和我們平台的廣度。

Finally, I want to thank all of our Affirm-ers for their incredible dedication to our mission over the last 9 years. Each day, you strive to put consumers back in control of their finances, aimed to be a powerful revenue accelerator for merchants. I'm so grateful for you and so proud of how we're transforming commerce.

最後，我要感謝我們所有的肯定者，他們在過去 9 年中為我們的使命做出了令人難以置信的奉獻。您每天都在努力讓消費者重新掌控自己的財務狀況，旨在成為商家強大的收入加速器。我非常感謝您，並為我們如何改變商業而感到自豪。

With that, I'd now like to turn the call over to Michael to discuss our second quarter financial results.

有了這個，我現在想把電話轉給邁克爾討論我們第二季度的財務業績。

Thanks, Max, and good afternoon, everyone. Before we get into our fiscal second quarter 2021 results, I first want to talk about our business model and capital funding models.

謝謝，Max，大家下午好。在我們了解 2021 財年第二季度的業績之前，我首先想談談我們的商業模式和資本融資模式。

We measure our success across a number of merchant and consumer KPIs, including gross merchandise value, or GMV; the total dollar amount of all transactions on our platform in the period, net of refund; active consumers, defined as a consumer who engages in at least 1 transaction on our platform in the previous 12 months; and transactions per active consumer, the average number of transactions that an active consumer has conducted on the platform in the previous 12 months.

我們通過許多商家和消費者 KPI 衡量我們的成功，包括商品總價值或 GMV；在此期間我們平台上所有交易的總美元金額，扣除退款；活躍消費者，定義為在過去 12 個月內在我們平台上進行至少 1 次交易的消費者；每個活躍消費者的交易，一個活躍消費者在過去 12 個月內在平台上進行的平均交易數量。

As Max has mentioned, our business model is aligned with the interest of both consumers and merchants. We've proven that aligning incentives can result in great outcomes for our consumers, our merchants and Affirm. We generate revenue in several different ways. First, merchant partners are charged a fee on each transaction processed through the Affirm platform. We refer to this as the merchant discount rate, or MDR. We also generate revenue through interest earned on consumer loans we hold on our balance sheet purchased from our originating bank partners.

正如 Max 所說，我們的商業模式符合消費者和商家的利益。我們已經證明，調整激勵措施可以為我們的消費者、商家和 Affirm 帶來巨大的成果。我們以幾種不同的方式產生收入。首先，商戶合作夥伴對通過 Affirm 平台處理的每筆交易收取費用。我們將此稱為商家折扣率，或 MDR。我們還通過從我們的原始銀行合作夥伴購買的資產負債表上持有的消費貸款所賺取的利息來產生收入。

In recent quarters, roughly 54% of our loans by GMV, carried an interest rate borne by the consumer. A smaller portion of our revenue comes from interchange fees earned when consumers use our virtual card for purchases on or offline. While virtual card revenue has contributed roughly 5% of our total revenue in recent periods, it represents an important product capability that allows consumers to use Affirm's products at any U.S. merchant that accepts a credit card. Additionally, we sell a portion of the loans originating in our platform to third-party investors and recognize a gain or loss on the sale of these loans.

最近幾個季度，我們按 GMV 計算的貸款中約有 54% 的利率由消費者承擔。我們收入的一小部分來自消費者使用我們的虛擬卡在線或離線購買時賺取的交換費。雖然虛擬卡收入在最近幾個時期貢獻了我們總收入的大約 5%，但它代表了一項重要的產品功能，允許消費者在任何接受信用卡的美國商家處使用 Affirm 的產品。此外，我們將源自我們平台的部分貸款出售給第三方投資者，並確認出售這些貸款的收益或損失。

Lastly, we earn a fee for providing loan services on behalf of third-party investors that have purchased consumer loans from us. Our transaction costs are made up of: loss-on-loan purchase commitment; a loss incurred on a subset of loans, which we purchased from our originating bank partner at a price that is above the loan's fair market value (this mainly occurs with 0% APR loans and loans with below-market interest rates); provision for credit losses, which consists of amounts charged against income during the period to maintain an allowance for all future expected credit losses; funding costs, which consists of the interest expense we incur on our borrowings and the amortization of fees and other costs incurred in connection with our funding facilities and consolidated securitization; and lastly, processing and servicing expense, which consists primarily of payment processing fees, third-party customer support and collection expenses, salaries and personnel-related costs of our customer care team and allocated overhead.

最後，我們為向我們購買消費貸款的第三方投資者提供貸款服務而賺取費用。我們的交易成本包括： 貸款損失購買承諾；我們以高於貸款公平市場價值的價格從我們的發起銀行合作夥伴處購買的貸款子集產生的損失（這主要發生在 0% APR 貸款和低於市場利率的貸款）；信用損失準備金，包括在該期間從收入中扣除的金額，以保留對所有未來預期信用損失的準備金；融資成本，包括我們因借款而產生的利息費用以及與我們的融資便利和綜合證券化相關的費用和其他成本的攤銷；最後是處理和服務費用，主要包括支付處理費用、第三方客戶支持和收款費用、我們的客戶服務團隊的工資和人事相關成本以及分配的間接費用。

We fund our business through 3 primary channels: warehouse credit facilities where we borrow against loans retained in our balance sheet; forward flow relationships where we sell loans to third-party investors; and securitization vehicles, where we bundled consumer loans into structured debt offerings.

我們通過 3 個主要渠道為我們的業務提供資金：倉庫信貸工具，我們藉用資產負債表中保留的貸款；我們向第三方投資者出售貸款的遠期流動關係；和證券化工具，我們將消費貸款捆綁到結構化債務發行中。

In January 2021, we entered into our first revolving credit agreement with the syndicated commercial banks for an unsecured revolving credit facility to further enhance our corporate liquidity, though the facility remains undrawn to date. We currently have no other drawn corporate debt on our balance sheet.

2021 年 1 月，我們與銀團商業銀行就一項無抵押循環信貸融資簽訂了第一份循環信貸協議，以進一步提高我們的企業流動性，儘管該融資迄今仍未提取。目前，我們的資產負債表上沒有其他已提取的公司債務。

Our funding model is built to be durable and resilient, as demonstrated during the pandemic. Not only were we able to retain our existing funding, but we added over $2 billion of additional committed capital and introduced 2 securitization programs into our ecosystem in calendar year 2020. We were able to do this in large part because of the high-quality assets we produce, which generate predictable servicing and interest income. Additionally, the assets we hold in our balance sheet are short in duration and thus do not need to withstand multiple credit cycles.

正如大流行期間所證明的那樣，我們的籌資模式具有持久性和彈性。我們不僅能夠保留現有資金，而且在 2020 日曆年增加了超過 20 億美元的額外承諾資本，並在我們的生態系統中引入了 2 個證券化計劃。我們能夠做到這一點在很大程度上是因為高質量的資產我們生產，產生可預測的服務和利息收入。此外，我們在資產負債表中持有的資產期限較短，因此不需要承受多個信貸週期。

Our performance during COVID-19 highlighted the quality of our assets and the capabilities of our proprietary risk management and underwriting approach.

我們在 COVID-19 期間的表現突出了我們資產的質量以及我們專有的風險管理和承保方法的能力。

As of December 31, 2020, our delinquency rates, as a percentage of our loan portfolio and excluding the impact of our payment deferral program, were approximately 41% lower as compared to June 30, 2020, and 63% lower as compared to December 31, 2019.

截至 2020 年 12 月 31 日，我們的拖欠率（作為我們貸款組合的百分比，不包括我們的付款延期計劃的影響）與 2020 年 6 月 30 日相比降低了約 41%，與 12 月 31 日相比降低了 63% , 2019 年。

In addition, as of December 31, 2020, our trailing 3-month gross charge-off, as a percentage of loan portfolio and excluding the impact of our payment deferral program, were approximately 53% lower as compared to June 30, 2020, and 67% lower as compared to December 31, 2019.

此外，截至 2020 年 12 月 31 日，與 2020 年 6 月 30 日相比，我們過去 3 個月的總沖銷佔貸款組合的百分比且不包括我們的付款延期計劃的影響，比 2020 年 6 月 30 日低約 53%，並且與 2019 年 12 月 31 日相比，下降了 67%。

As a result of our consistent loan performance and strong investor demand for our assets, we have been able to expand our platform at scale, while decreasing the equity capital requirement of our loan business. While we added $1.5 billion to our total platform loan portfolio in calendar year 2020, the relative equity capital required to service the portfolio decreased from 10% as of December 31, 2019, to 8% as of December 31, 2020.

由於我們始終如一的貸款業績和投資者對我們資產的強勁需求，我們能夠大規模擴展我們的平台，同時降低我們貸款業務的股本資本要求。雖然我們在 2020 日曆年為我們的總平台貸款組合增加了 15 億美元，但為該組合提供服務所需的相對股本從 2019 年 12 月 31 日的 10% 下降到 2020 年 12 月 31 日的 8%。

Turning now to our fiscal second quarter results for the 3-month period ending December 31, 2020. GMV increased 55% year-on-year to $2.1 billion. The increase in GMV was driven primarily by the 90% expansion of our active merchant base to approximately 7,890 at the end of the quarter from approximately 4,148 active merchants in the same time last year, and organic growth in active consumers which grew approximately 52% year-on-year to $4.5 million.

現在來看我們截至 2020 年 12 月 31 日止 3 個月期間的第二財季業績。GMV 同比增長 55% 至 21 億美元。 GMV 的增長主要是由於我們的活躍商戶基礎從去年同期的約 4,148 個活躍商戶擴大 90% 至本季度末的約 7,890 個，以及活躍消費者的有機增長，每年增長約 52% - 同比增至 450 萬美元。

Providing a little more color on the composition of GMV, we typically assess our GMV mix across a few different dimensions. First, 0% versus interest-bearing GMV. For the quarter ended December 31, 2020, 0% APR loans accounted for 46% of our total GMV compared to 40% for the 3 months ended December 31, 2019.

在 GMV 的構成上提供更多色彩，我們通常會在幾個不同的維度上評估我們的 GMV 組合。首先，0% 與計息 GMV。截至 2020 年 12 月 31 日的季度，0% APR 貸款占我們總 GMV 的 46%，而截至 2019 年 12 月 31 日的 3 個月為 40%。

Affirm versus non-Affirm-initiated transactions. We track the portion of transactions originated on our Affirm's owned properties to assess the strength of our consumer network. For the 3 months ended December 31, 2020, 32% of our transactions occurred on the Affirm's property compared to 26% in the same quarter last fiscal year.

確認與非確認發起的交易。我們跟踪源自我們 Affirm 自有物業的交易部分，以評估我們消費者網絡的實力。在截至 2020 年 12 月 31 日的 3 個月中，我們 32% 的交易發生在 Affirm 的財產上，而上一財年同一季度這一比例為 26%。

Industry diversification. We believe the diversity of our merchant partners provides our business with a unique competitive offering as we are not tied to any one sector of the economy. During the 3 months ended December 31, 2020, no one segment accounted for more than 31% of our volume. Over the last 12 months, the largest and fastest-growing segments were sporting goods and outdoors, which includes merchants such as Peloton, Mirror and Rad Power Bikes; and home and lifestyle, which includes merchants such as Purple, Wayfair and West Elm. Both of these segments had pandemic tailwinds.

產業多元化。我們相信，我們的商業合作夥伴的多樣性為我們的業務提供了獨特的有競爭力的產品，因為我們不依賴於任何一個經濟部門。在截至 2020 年 12 月 31 日的 3 個月內，沒有一個分部占我們銷量的 31% 以上。在過去 12 個月中，最大和增長最快的細分市場是體育用品和戶外用品，其中包括 Peloton、Mirror 和 Rad Power Bikes 等商家；以及家居和生活方式，其中包括 Purple、Wayfair 和 West Elm 等商家。這兩個部分都有大流行的順風。

Conversely, our small segment over the last 12 months was travel and ticketing, which declined 47% year-on-year and fell from 11% of our volume in calendar year 2019 to only 3% in calendar year 2020. Notable merchants in this space include marquee brands such as Expedia, Priceline and Delta Vacations.

相反，過去 12 個月我們的小部分是旅行和票務，同比下降 47%，從 2019 日曆年占我們交易量的 11% 下降到 2020 日曆年的僅 3%。該領域的知名商家包括 Expedia、Priceline 和 Delta Vacations 等知名品牌。

The strong GMV growth drove an increase in total revenue of $74.1 million or 57% compared to the same period last year. Total revenue as a percentage of GMV was 10%, an increase of approximately 14 basis points compared to the same period last year. Total transaction costs increased 23% year-on-year, significantly less than the 57% annual growth in revenue to $114.1 million.

與去年同期相比，強勁的 GMV 增長推動總收入增加了 7410 萬美元或 57%。總收入佔GMV的比例為10%，與去年同期相比增加了約14個基點。總交易成本同比增長 23%，遠低於 57% 的年收入增長 1.141 億美元。

Transaction costs as a percentage of GMV were 5.5%, a decrease of approximately 141 basis points compared to the same period last year. The increase was primarily driven by a 59% increase in loss and loan purchase commitment due to a significant increase in the proportion of 0% loans purchased from our originating bank partners during the period and a 48% increase in funding costs, primarily due to a 99% increase in our average debt balances, corresponding to our 81% increase in average loans held for investment, and partially offset by a significantly lower average market interest rate.

交易成本佔GMV的比例為5.5%，較去年同期下降約141個基點。這一增長主要是由於在此期間從我們的發起銀行合作夥伴處購買的 0% 貸款的比例顯著增加，以及融資成本增加了 48%，導致損失和貸款購買承諾增加了 59%，這主要是由於我們的平均債務餘額增加了 99%，對應於我們持有的用於投資的平均貸款增加了 81%，部分被顯著降低的平均市場利率所抵消。

Our debt balances included only funding debts in fiscal year Q2 2020, and now will also include our fixed rate notes held by securitization trust issued during the current fiscal year; and a 44% increase in processing and servicing expenses, primarily due to an increase in third-party loan servicing and collection costs and an increase in payment processing fees due to an increase in servicing activity and payments volume. These increases were partially offset by a 42% decrease in provision for credit losses due to lower credit losses and improved credit quality.

我們的債務餘額僅包括 2020 財年第二季度的融資債務，現在還將包括我們在本財年發行的證券化信託持有的固定利率票據；處理和服務費用增加 44%，主要是由於第三方貸款服務和收款成本增加，以及由於服務活動和支付量增加導致支付處理費用增加。由於信用損失減少和信用質量提高，信用損失準備金減少了 42%，部分抵消了這些增長。

For all loans which we retain on our balance sheet, we are required to hold an allowance for credit losses. The provision for credit losses is generally determined by the change in estimates for future losses and the net charge-offs that occur in the period.

對於我們保留在資產負債表上的所有貸款，我們需要持有信用損失準備金。信用損失準備一般根據未來損失估計的變化和當期發生的淨沖銷確定。

During the 3 months that ended December 31, 2020, a stronger-than-expected credit performance of the existing portfolio and an improved credit outlook resulted in a decrease in the allowance for credit losses. This decrease was offset by allowances recorded on loans retained during the period with higher credit quality and a similarly improved credit outlook as the balances of loans held for investment continued to increase, resulting in provision expense of $17.5 million for the 3 months ended December 31, 2020.

在截至 2020 年 12 月 31 日的 3 個月內，現有投資組合的信貸表現強於預期以及信貸前景改善導致信貸損失準備金減少。這一減少被在較高信用質量期間保留的貸款記錄的備抵和類似改善的信用前景所抵消，因為持有用於投資的貸款餘額繼續增加，導致截至 12 月 31 日的 3 個月的撥備費用為 1,750 萬美元， 2020 年。

The combination of the decrease in allowance for credit losses in the 3 months ended December 31, 2020, and the overall credit quality improvement relative to the 3 months ended December 31, 2019, led the provision for credit losses to decrease by $12.7 million or 42% compared to the 3 months ending December 31, 2019, despite the growth in the balance of loans held for investment.

截至 2020 年 12 月 31 日止 3 個月信用損失準備金的減少，以及相對於截至 2019 年 12 月 31 日止 3 個月的整體信用質量改善，導致信用損失準備金減少 1270 萬美元或 42 % 與截至 2019 年 12 月 31 日止的 3 個月相比，儘管持有用於投資的貸款餘額有所增長。

Total revenue less transaction cost was $89.9 million in the second quarter, up 141% year-on-year. As a percentage of total revenues, total revenue less transaction cost was 44% as compared to 29% in the prior year period. Total revenue less transaction costs as a percentage of GMV was 4%, an increase of approximately 155 basis points compared to the same period last year. This increase was driven by a release of allowance for credit losses due to strong credit performance in our loan portfolio, which resulted in lower provision expense.

第二季度總收入減去交易成本為 8990 萬美元，同比增長 141%。作為總收入的百分比，總收入減去交易成本為 44%，而去年同期為 29%。總收入減去交易成本佔 GMV 的百分比為 4%，與去年同期相比增加了約 155 個基點。這一增長是由於我們的貸款組合中信貸表現強勁而釋放了信貸損失準備金，這導致撥備費用降低。

Technology and data analytics expense increased by $10 million or 32% year-on-year. This increase was primarily due to an increase in engineering, product and data science personnel costs as well as to an increase in the data infrastructure and hosting costs. These increases were partially offset by a decrease in underwriting data provider costs.

技術和數據分析費用同比增長 1000 萬美元或 32%。這一增長主要是由於工程、產品和數據科學人員成本的增加以及數據基礎設施和託管成本的增加。這些增長部分被承保數據提供商成本的下降所抵消。

Sales and marketing expense increased by $31.5 million or 411% year-on-year. This increase was primarily due to $17 million of noncash expense associated with the amortization of an asset associated with our commercial agreement with Shopify, which was executed in July 2020. Additionally, there was a $10.7 million increase in brand and consumer marketing, driven by our holiday shopping and brand activation marketing campaign, which resulted in a meaningful inclusion in over 100 merchants' marketing advertising over the holidays. Furthermore, we incurred $0.8 million of onetime marketing costs and professional fees resulting from our initial public offering.

銷售和營銷費用同比增加 3150 萬美元或 411%。這一增長主要是由於與我們與 Shopify 的商業協議相關的資產攤銷相關的 1700 萬美元非現金費用，該協議於 2020 年 7 月執行。此外，在我們的推動下，品牌和消費者營銷增加了 1070 萬美元。假日購物和品牌激活營銷活動，在假日期間有意義地包含在 100 多家商家的營銷廣告中。此外，我們因首次公開募股而產生了 80 萬美元的一次性營銷成本和專業費用。

General and administrative expenses increased by $10.2 million or 33% year-on-year. This increase was primarily due to an increase of $4.5 million in personnel costs as we grew headcount in our finance, legal, operations, and administrative organizations. Additionally, professional fees increased by $4.3 million during the period to support the PayBright acquisition, our initial public offering and regulatory and compliance programs. G&A expenses included $2 million of onetime costs associated with our initial public offering and the acquisition of PayBright.

一般和行政費用同比增加 1,020 萬美元或 33%。這一增長主要是由於我們在財務、法律、運營和行政組織中增加員工人數而增加了 450 萬美元的人事成本。此外，在此期間，專業費用增加了 430 萬美元，以支持 PayBright 收購、我們的首次公開募股以及監管和合規計劃。 G&A 費用包括與我們的首次公開募股和收購 PayBright 相關的 200 萬美元一次性費用。

Operating loss in the second quarter was $31.7 million as compared to $32.6 million in the prior year period. Excluding our noncash Shopify expenses, depreciation and amortization, stock-based compensation expenses and onetime costs associated with our initial public offering and the acquisition of PayBright, adjusted operating loss was $1.8 million as compared to $21.1 million in the year ago period. In the second quarter, net loss increased to $31.6 million from $31 million in the same period last year.

第二季度的經營虧損為 3170 萬美元，而去年同期為 3260 萬美元。不包括我們的非現金 Shopify 費用、折舊和攤銷、股票補償費用以及與我們的首次公開募股和收購 PayBright 相關的一次性費用，調整後的經營虧損為 180 萬美元，而去年同期為 2110 萬美元。第二季度，淨虧損從去年同期的 3100 萬美元增加到 3160 萬美元。

Subsequent to the end of the quarter, on January 15, 2021, we closed our initial public offering of 28.3 million shares of a Class A common stock at an offering price of $49 per share. The proceeds before expenses to us on the IPO were approximately $1.3 billion.

在本季度末，2021 年 1 月 15 日，我們以每股 49 美元的發行價完成了 2830 萬股 A 類普通股的首次公開發行。我們在 IPO 中扣除費用前的收益約為 13 億美元。

A couple of things to keep in mind when thinking about our fiscal third quarter. In December, Peloton began delaying the capture of transactions based on shipment date, which is a change from the previous approach of capturing funds at check-out. This change resulted in approximately $83.9 million of GMV, not captured in the current period, shifting a significant amount of revenue from our fiscal second quarter into future fiscal quarters. The effects of this are reflected in our guidance below.

在考慮我們的第三財季時要記住幾件事。 12 月，Peloton 開始延遲根據發貨日期捕獲交易，這與之前在結賬時捕獲資金的方法有所不同。這一變化導致約 8,390 萬美元的 GMV 未在本期獲得，將大量收入從我們的第二財季轉移到未來財季。其影響反映在我們下面的指導中。

Additionally, our third quarter results will be the first to include the financial impact of the PayBright acquisition.

此外，我們的第三季度業績將首次包含收購 PayBright 的財務影響。

We are providing the following guidance for our fiscal third quarter and fiscal year '21 based upon our current assumptions. For our fiscal third quarter ending March 31, 2021, we expect GMV of $1.8 billion to $1.85 billion, revenue of $185 million to $195 million, transaction costs of $125 million to $130 million, revenue less transaction costs of $60 million to $65 million, adjusted operating loss of $47.5 million to $52.5 million and a share count of 226 million.

根據我們當前的假設，我們為我們的第三財季和 21 財年提供以下指導。對於我們截至 2021 年 3 月 31 日的第三財季，我們預計 GMV 為 18 億美元至 18.5 億美元，收入為 1.85 億美元至 1.95 億美元，交易成本為 1.25 億美元至 1.3 億美元，收入減去交易成本為 6000 萬美元至 6500 萬美元，調整後營業虧損為 4750 萬美元至 5250 萬美元，股票數量為 2.26 億美元。

For our fiscal year 2021, ending June 30, 2021, we expect GMV of $7.25 billion to $7.35 billion, revenue of $760 million to $780 million, transaction costs of $500 million to $510 million, revenue less transaction costs of $260 million to $270 million, adjusted operating loss of $120 million to $130 million and a share count of 155 million.

對於我們截至 2021 年 6 月 30 日的 2021 財年，我們預計 GMV 為 72.5 億美元至 73.5 億美元，收入為 7.6 億美元至 7.8 億美元，交易成本為 5 億美元至 5.1 億美元，收入減去交易成本為 2.6 億美元至 2.7 億美元，調整後的經營虧損為 1.2 億美元至 1.3 億美元，股票數量為 1.55 億股。

Thank you again for joining the call today. We are now happy to answer any questions you may have. Operator, please open the line for questions.

再次感謝您今天加入電話會議。我們現在很樂意回答您的任何問題。接線員，請打開電話提問。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 James Faucette。

Wanted to ask just on consumer behavior, Max, and kind of what you're seeing there in terms of engagement and how people are kind of moving between originating or finding things through the Affirm platform versus through merchants where you already have acceptance? Just trying to see where there's some cross benefits there from your perspective on what you can track?

想問一下消費者行為、Max 以及您在參與度方面看到的情況，以及人們如何在通過 Affirm 平台發起或查找事物與通過您已經接受的商家之間移動？只是想從您可以跟踪的角度看那裡有一些交叉利益？

And then quickly, Michael, you made some -- you highlighted some of the improvements in loan performance, et cetera, on various metrics. Can you maybe give a little bit of color as to what you think the key drivers of those improvements are?

然後很快，邁克爾，你做了一些 - 你強調了貸款績效等方面的一些改進，在各種指標上。您能否就您認為這些改進的關鍵驅動因素提供一些顏色？

So I think we said it in the prepared remarks, which I'm sure one could use to watch paint dry. On the order of 1/3 of our transactions are now originated on Affirm properties. And vast majority of that are existing users coming back and using Affirm as a starting point in their shopping journey. And so I think that sort of speaks for itself. Part of our value proposition to the end customer isn't just, hey, you find us as the checkout counter, and we are a better, more transparent, perhaps even lower-priced way to pay, but also a great way to discover merchants that offer sometimes 0 interest and in our case, it'd be true 0 interest transactions and also just have very interesting things to share with the customers. And so the Affirm platform in the form of our app, the marketplace is growing very nicely and we are investing in that area very heavily. Michael, you want to add? I think you're still muted, Michael.

所以我想我們在準備好的評論中已經說過了，我相信人們可以用它來觀察油漆乾燥。現在，我們大約 1/3 的交易源自 Affirm 屬性。其中絕大多數是現有用戶回來並使用 Affirm 作為他們購物之旅的起點。所以我認為這不言自明。我們對最終客戶的價值主張的一部分不僅僅是，嘿，您找到我們作為收銀台，我們是一種更好、更透明、甚至價格更低的支付方式，也是發現商家的好方法有時提供 0 利息，在我們的例子中，這將是真正的 0 利息交易，並且還有非常有趣的東西可以與客戶分享。因此，我們的應用程序形式的 Affirm 平台，市場發展得非常好，我們在該領域進行了大量投資。邁克爾，你想補充嗎？我認為你仍然保持沉默，邁克爾。

So, James, in response -- yes. Sorry. In response to your second question, James. The quantifiables are around the DQs and the gross charge-offs both of which are down materially to last year. The key drivers are a function of the credit posture that we took this summer, right? So even though our book turns over fast, we are -- we still have a meaningful portion of the portfolio through the period from originations to Q1. And that credit posture was obviously tighter than where we were in the prior period.

所以，詹姆斯，作為回應——是的。對不起。詹姆斯，回答你的第二個問題。可量化指標圍繞 DQ 和總沖銷，兩者均大幅下降至去年。關鍵驅動因素是我們今年夏天採取的信貸狀況的函數，對吧？因此，即使我們的賬簿翻閱速度很快，我們仍然 - 在從發起到第一季度的這段時間裡，我們仍然擁有投資組合的重要部分。而且這種信貸狀況顯然比我們之前時期的情況要緊。

We also, of course, continue to make improvements to our underwriting model, and so what you're seeing there is just really good performance. I wouldn't expect us to continue at these levels. I think we're certainly -- having taken a more loose credit posture coming out of the summer. But I think that's the biggest drive for the results in this period.

當然，我們還繼續改進我們的承保模式，因此您所看到的只是非常好的表現。我不希望我們繼續保持這些水平。我認為我們肯定 - 從夏天開始採取了更加寬鬆的信貸姿態。但我認為這是這一時期業績的最大推動力。

And quick -- sorry, I interrupted you, Max. Go ahead.

很快——對不起，我打斷了你，馬克斯。前進。

I just want to -- I always love to give answers about numbers. And so the one thing that I can tell you about the transactions originated on our platform, the year-on-year growth there was north of 100%. So not only is the Affirm-originated transactions are growing, they are a triple-digit growth matter right now.

我只是想——我總是喜歡給出關於數字的答案。所以我可以告訴你的關於源自我們平台的交易的一件事是，那裡的同比增長率超過了 100%。因此，不僅由 Affirm 發起的交易正在增長，它們現在也是三位數的增長問題。

Got it. Got it. And sorry, back to Michael. When you said, we wouldn't expect those to be at this -- remain at this level. Were you meaning in reference to kind of your credit box or the -- or the performance and delinquency? Just trying to clarify what you meant by we wouldn't -- we shouldn't expect them to remain at this level?

知道了。知道了。對不起，回到邁克爾。當你說的時候，我們不期望那些會處於這個 - 保持在這個水平。你的意思是指你的信用箱或 - 或表現和拖欠？只是想澄清你所說的我們不會——我們不應該期望他們保持在這個水平？

Yes. Our delinquencies and charge-off rates are really at historic lows. And that's not how we intend to run the business.

是的。我們的拖欠和沖銷率確實處於歷史低位。這不是我們打算經營業務的方式。

Our next question comes from Ramsey El-Assal with Barclays Investment Bank.

我們的下一個問題來自巴克萊投資銀行的 Ramsey El-Assal。

I was wondering if you could give us some additional color on your expectations for the Shopify agreement in terms of the pace of the rollout, the magnitude of the eventual P&L impact? Or any other commentary there would be helpful?

我想知道您是否可以就您對 Shopify 協議的推出速度、最終損益影響的程度等方面的期望，給我們一些額外的色彩？或者任何其他評論會有幫助？

We're going to keep doing this, aren't we? Sorry about that. They're 2 different mute buttons. Both Michael and I keep -- yes. Sorry, sorry, No. It's entirely me and -- this is, in fact, my first rodeo on this one. Normally I'm confident with my mute buttons, but this one isn't it.

我們將繼續這樣做，不是嗎？對於那個很抱歉。它們是 2 個不同的靜音按鈕。邁克爾和我都保留——是的。對不起，對不起，不。這完全是我，事實上，這是我第一次參加這個牛仔競技表演。通常我對靜音按鈕很有信心，但不是這個。

So back to Shopify. The long and short of it is, it's an enormous platform. And the reason we were picked as their exclusive partner was because we are -- if I do say so myself, we have an exceptional engineering team and we build things well and we take care and take the time necessary. So we'll continue testing the systems. We improved our -- I think we added another 1/3 all the way up to almost 100 merchants to our beta program, just since we saw each other in the road show, and we're very happy with how these tests are going. We're quite pleased with the conversion rates. We're getting the integration, tightness, the uptime on all the metrics that we care about are doing well.

所以回到 Shopify。總而言之，它是一個巨大的平台。我們被選為他們的獨家合作夥伴的原因是因為我們是——如果我自己這麼說的話，我們有一支出色的工程團隊，我們把事情做好，我們會小心翼翼，花必要的時間。所以我們將繼續測試這些系統。我們改進了我們的 - 我認為我們在我們的測試計劃中增加了 1/3 到近 100 個商家，就在我們在路演中看到對方之後，我們對這些測試的進展情況感到非常滿意。我們對轉化率非常滿意。我們正在獲得我們關心的所有指標的集成、緊密性和正常運行時間都做得很好。

That said, I think it's foolish to overpromise and underdeliver. So when we turn on fully, we expect it to be massive. It will definitely only turn on when we feel like it is ready for prime time, including the scalability that it takes to accomplish such an enormous amount of volume. So I would not expect something overnight, but we will absolutely take our time, and we have tried to be conservative in our internal forecast as well as what we tell publicly about when to expect this to happen.

也就是說，我認為過度承諾和交付不足是愚蠢的。因此，當我們完全打開時，我們預計它會很大。它肯定只會在我們覺得它已經準備好迎接黃金時段時才會開啟，包括完成如此巨大的交易量所需的可擴展性。所以我不會指望一夜之間會發生什麼，但我們絕對會慢慢來，我們試圖在我們的內部預測以及我們公開談論什麼時候會發生這種情況時保持保守。

Okay. And then I wanted to ask also in the quarter, the yields -- the GMV performance was amazing. The yields on the merchant network revenue came in a little bit below our model. I'm just curious about what the drivers there are? I'm thinking primarily mix, but I was just curious if there were any other call-outs?

好的。然後我還想在本季度詢問收益率——GMV 的表現令人驚嘆。商家網絡收入的收益率略低於我們的模型。我只是好奇那裡的驅動程序是什麼？我想主要是混音，但我只是好奇是否還有其他標註？

It's probably Michael. Press the right mute button.

應該是邁克爾。按右靜音按鈕。

Yes, it's a good question. There's 2 things to think about. One is the seasonality. In our calendar Q4, our fiscal Q2, the holiday shopping season tends to have a little bit of lower average order values and lower revenue yields. It's actually up, I think, about 10 basis points year-on-year for the same period. So I think the seasonality is probably the biggest driver, which is really the mix that you see during the season. There's nothing material with respect to any sort of merchant pricing or mix shift around the end merchants to report there. It's more around just where the transactions tend to be this time of year.

是的，這是個好問題。有兩件事要考慮。一是季節性。在我們的日曆 Q4，我們的財政 Q2，假日購物季節往往有一點點較低的平均訂單價值和較低的收入收益率。我認為，它實際上在同一時期同比上漲了約 10 個基點。所以我認為季節性可能是最大的驅動因素，這實際上是你在賽季中看到的混合。關於最終商家的任何類型的商家定價或混合轉移，沒有任何材料可以在那里報告。它更多地圍繞著每年這個時候交易往往發生的地方。

Our next question comes from Matt O'Neill with Goldman Sachs.

我們的下一個問題來自高盛的馬特奧尼爾。

I guess, Max, I wanted to touch on the sort of long-term strategic. So understanding where the business is starting today and then the sort of higher AOV, a clear glide path moving into the low AOV. You've started to build out your own properties vis-à-vis the sort of customer acquisition channel and sort of purchasing through the app and website. You also built a savings account. So just curious, what else is on the road map? Any kind of hints or guidepost to what we can be thinking about what may come next for a more comprehensive suite of sort of consumer services? And then I'll just ask my follow-up now.

我想，Max，我想談談長期戰略。因此，了解今天的業務從哪裡開始，然後是更高的 AOV，一條清晰的下滑路徑進入低 AOV。您已經開始建立自己的資產，以通過應用程序和網站進行客戶獲取渠道和購買。你還建立了一個儲蓄賬戶。所以只是好奇，路線圖上還有什麼？對於我們可以考慮的更全面的消費者服務套件接下來會發生什麼，有任何提示或指導嗎？然後我現在就問我的後續行動。

For Michael, just going back to James' question around the credit. Is the outperformance on the provision here, a byproduct of mix as far as getting maybe more growth from partners like Peloton, which maybe skew more affluent, higher FICO? And that's part of what we'll add back? Or was it the conservatism at the onset of the pandemic and now kind of working back out of that as we've got some more clarity around the hopeful recovery here?

對於邁克爾來說，回到詹姆斯關於功勞的問題。這裡提供的出色表現是否是混合的副產品，因為可能從 Peloton 等合作夥伴那裡獲得更多增長，這可能會導致更富裕、更高的 FICO？這就是我們要補充的一部分？或者是大流行開始時的保守主義，現在隨著我們對這裡有希望的複蘇有了更多的了解，現在正在努力解決這個問題？

Great questions. So if you're wondering why the dual mute thing is happening is because we're also on a Zoom call and my General Counsel and Legal Officer are staring directly in my face. And if I disclose any forward-looking statements, I'm going to get in trouble. So I can't really tell you anything about our -- I'll try to say a few things without breaking any rules. So one of the things that we're very excited about, and I think that's just an enormous unaddressed opportunity in the world of -- BNPL is not my favorite nomenclature, but the idea of transparent, easy to understand, cash-denominated or enumerated payments where consumer really understand what's going on is something that's ubiquitous. And it has a purpose in high AOV transactions, which obviously, we're very, very strong, and then low AOV, which is where we're now growing very well.

好問題。因此，如果您想知道為什麼會發生雙重靜音是因為我們也在進行 Zoom 通話，而我的總法律顧問和法務官正直盯著我的臉。如果我披露任何前瞻性陳述，我就會遇到麻煩。所以我真的不能告訴你關於我們的任何事情——我會盡量在不違反任何規則的情況下說幾件事。所以我們非常興奮的一件事，我認為這只是世界上一個巨大的未解決的機會——BNPL 不是我最喜歡的命名法，而是透明、易於理解、現金計價或枚舉的想法消費者真正了解正在發生的事情的支付是無處不在的。它的目的是高 AOV 交易，顯然，我們非常非常強大，然後是低 AOV，這是我們現在發展得非常好的地方。

There's an enormous other category that's being spent. And right now, people are still using their tired, old financial instruments with their overdraw and insufficient funds piece thrown all over it. And I think someone, and it might as well be us, will bring some light into that part of the tunnel as well. So we have really interesting ideas in that domain. The -- a lot of what you're seeing in our products and our services today will improve markedly.

還有一個巨大的其他類別正在被花費。而現在，人們仍在使用他們疲憊的、陳舊的金融工具，透支和資金不足。我認為有人，也可能是我們，也會為隧道的那部分帶來一些光明。所以我們在那個領域有非常有趣的想法。你今天在我們的產品和服務中看到的很多東西都會顯著改善。

One of the things that's really important to understand is that what we think the world sees today as sort of the combined BNPL sort of products is very much version, maybe 0.5, maybe 0.7, but there's a lot of improvement there. So you should expect us to iterate on the existing products very, very actively.

真正重要的要理解的一件事是，我們認為當今世界所看到的組合 BNPL 類產品的版本非常多，可能是 0.5，可能是 0.7，但那裡有很多改進。因此，您應該期望我們非常非常積極地迭代現有產品。

One of the things that is sort of in the content that we read before, which I don't want to sort of overlook, one of the things we have to do for Shopify that we take a lot of pride in is we basically rebuilt major parts of Affirm to actively service. So this idea of offering our product as a service that plugs into existing platforms in an organic way where the partner can offer these finance-related transactions have a single flip of a switch and all of their partner participants benefit. It's something that we intend to bring to market in really, really big ways. And we're doing it already. We built something like that to support Shopify, but there's also one that we've launched with Rakuten, which is quite a different platform and so on and so forth. And this is something that we are very excited about as technologists and also just by way of growing the business in a very different and new kind of way. I'll stop before I start speculating on which cryptocurrencies we're going to work with. Michael probably has more substantive answers to give.

我們之前讀過的內容中的一件事，我不想忽略，我們必須為 Shopify 做的一件令我們引以為豪的事情是我們基本上重建了專業部分地區確認積極服務。因此，這種將我們的產品作為服務提供的想法，以一種有機的方式插入現有平台，合作夥伴可以提供這些與金融相關的交易，只需輕輕一按，所有合作夥伴參與者都會受益。這是我們打算以非常非常大的方式推向市場的東西。我們已經在這樣做了。我們構建了類似的東西來支持 Shopify，但我們還與 Rakuten 一起推出了一個，這是一個完全不同的平台等等。這是我們作為技術人員非常興奮的事情，而且只是通過以一種非常不同和新的方式發展業務。在我開始推測我們將使用哪些加密貨幣之前，我會停下來。邁克爾可能有更實質性的答案要給出。

Yes. Just on the credit side, just to be really clear. I mean, clearly, as you do mix towards loans held -- loans outstanding for Peloton, you do see a credit improvement. But we see the same trends, kind of Peloton and not Peloton so that has less of an effect than the credit posture that we took this summer. And the thing that we'll always do is do our best to look at what the macro environment is and we'll try to take a credit posture that ensures that we'll run the business safely and can do the things that we need to do in the capital markets while still servicing our consumers and merchants. And so that the summer that looked like us being very careful and cautious, I think the provision release that you see this quarter, this reflects the fact that the reality is the consistent trend here on DQs and charge-offs point towards this portfolio being quite healthy. And that's also borne out by the kind of active participation we have going on in the capital markets right now.

是的。只是在信用方面，只是為了非常清楚。我的意思是，很明顯，當你混合持有的貸款——Peloton 的未償還貸款時，你確實看到了信用改善。但是我們看到了相同的趨勢，一種 Peloton 而不是 Peloton，因此與我們今年夏天採取的信貸態勢相比，它的影響較小。我們將始終做的事情是盡最大努力了解宏觀環境，我們將嘗試採取信用姿態，以確保我們能夠安全地經營業務並能夠做我們需要做的事情在為我們的消費者和商家提供服務的同時，在資本市場上做事。因此，看起來我們非常謹慎和謹慎的夏天，我認為您在本季度看到的撥備發布，這反映了這樣一個事實，即 DQ 和沖銷點的一致趨勢表明該投資組合相當健康。我們目前在資本市場上的積極參與也證明了這一點。

Our next question comes from Dan Perlin with RBC.

我們的下一個問題來自 RBC 的 Dan Perlin。

Congratulations on the first quarter out of the box, exciting stuff. I wanted to jump back in on Shop Pay Installments just for a second. I know you're in beta. I think you said 100 merchants today. I'm just wondering, what are -- can you talk about maybe some of the early stage kind of attributes that you're seeing from those merchants? Here, we're thinking about how that's going to influence this lower AOV channel acceleration, repeat usage, those types of metrics. Just anything, I guess, in the early stages there would be helpful?

祝賀第一季度開箱即用，令人興奮的東西。我想重新開始使用 Shop Pay 分期付款。我知道你處於測試階段。我想你今天說的是 100 個商人。我只是想知道，你能談談你從那些商人那裡看到的一些早期階段的屬性嗎？在這裡，我們正在考慮這將如何影響這種較低的 AOV 通道加速、重複使用以及這些類型的指標。我想，在早期階段會有什麼幫助嗎？

Rob, it will be a little too early to say too much. I guess the metric that I am most concerned with as a product CEO probably more than anything else is interim conversion. What we want to make sure is that when a consumer comes up for a transaction in Shop Pay Installments, powered by Affirm, they don't have an experience that makes them think, "Hmm, maybe I'll pull out my debit card instead next time because this was not smooth enough or wasn't simple or as simple as I thought it would be." And so we're very, very focused and this is also why it will take time. I don't want to over promise here. We want the experience of using Shop Pay Installments to be, ideally, the highest converting, smoothest experience for customers, but we have a lot of work to do there.

Rob，現在說太多還為時過早。我想我作為產品 CEO 最關心的指標可能是臨時轉換。我們要確保的是，當消費者在由 Affirm 提供支持的 Shop Pay 分期付款中進行交易時，他們沒有體驗讓他們認為，“嗯，也許我會拿出我的借記卡代替下一次，因為這不夠流暢，或者不像我想像的那樣簡單或簡單。”所以我們非常非常專注，這也是需要時間的原因。我不想在這裡過度承諾。我們希望使用 Shop Pay 分期付款的體驗在理想情況下成為客戶轉化率最高、最流暢的體驗，但我們還有很多工作要做。

That said, end-to-end conversion numbers are looking very good. I am looking into my chat box to make sure I'm not disclosing anything that I'm not allowed to say out loud, but we're feeling very, very good about those metrics.

也就是說，端到端轉換數字看起來非常好。我正在查看我的聊天框，以確保我沒有透露任何我不允許大聲說出來的內容，但我們對這些指標感覺非常非常好。

The other one, obviously, that really matters is share cards. Ultimately, we are as valuable to merchants as a percentage of transactions we cover for them. And end-to-end conversion is a driving metric there, but over time, it's consumer repeat rate and acceptance that influences share cards. And so I will give the qualitative numbers for now. Hopefully, next quarter, we can come back with some numbers that will be actually grounded in more than 100, which is, in Shopify's case, is really a handful of merchants. So it's a little too early to declare that.

顯然，另一個真正重要的是共享卡。最終，我們對商家的價值與我們為他們覆蓋的交易的百分比一樣。端到端轉換是那裡的一個驅動指標，但隨著時間的推移，影響共享卡的是消費者重複率和接受度。所以我現在將給出定性的數字。希望下個季度，我們可以返回一些實際基於 100 多個的數字，在 Shopify 的情況下，這實際上是少數商家。因此，現在宣布這一點還為時過早。

Understand. That's helpful, though. And Michael, can you just maybe speak to the funding capacity available relative to kind of the GMV growth that you guys are expecting? We seem to get that question a lot. Just making sure everyone understands the velocity of the balance sheet and how you're able to fund the significant growth in GMV in these levels?

理解。不過，這很有幫助。邁克爾，你能談談相對於你們所期望的 GMV 增長的可用資金能力嗎？我們似乎經常收到這個問題。只是確保每個人都了解資產負債表的速度，以及如何為這些水平的 GMV 的顯著增長提供資金？

Michael, unmute.

邁克爾，取消靜音。

That's a really good question. And you saw during this most recent quarter is a pretty healthy amount of securization volume. And for those who are tracking it, we actually did just -- price a securitization deal earlier this week for another $500 million in capacity. And we're doing that at pretty significantly enhanced capital efficiencies and at really attractive funding costs. So the capital markets remain kind of wide open to us right now and we intend to take advantage of that while they do remain open. We don't see any real constraints on funding and feel like we're in a really strong position there. We're both adding new partners, doing the securitizations and expanding existing ones. We feel really confident in the coverage we have.

這是一個非常好的問題。你在最近一個季度看到的是相當健康的證券交易量。對於那些跟踪它的人來說，我們實際上只是在本週早些時候為另外 5 億美元的容量定價了一項證券化交易。我們這樣做的目的是顯著提高資本效率和非常有吸引力的資金成本。因此，資本市場目前對我們仍然開放，我們打算在它們仍然開放的同時利用這一點。我們沒有看到任何真正的資金限制，並且覺得我們在那里處於非常有利的位置。我們都在增加新的合作夥伴，進行證券化並擴大現有的合作夥伴。我們對我們擁有的覆蓋範圍充滿信心。

Our next question comes from Timothy Chiodo with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

On Shopify as well. Third one on this, so sorry to go there. But on the longer-term opportunity, maybe you could talk a little bit about the potential to expand that to higher AOV or perhaps other markets or regions with Shopify? And then more tactically, if you could just recap for everyone, the onboard mechanics, whether it's different for the new merchants, existing merchants, concepts around default on, opt in, opt out? And really the heart of the question that I think investors are trying to get to is how much of the Shopify volume could ultimately become addressable?

在 Shopify 上也是如此。第三個關於這個，很抱歉去那裡。但就長期機會而言，也許您可以談談將其擴展到更高 AOV 或其他市場或地區的潛力 Shopify？然後從戰術上講，如果您可以為每個人回顧一下板載機制，對於新商家、現有商家、默認開啟、選擇加入、選擇退出的概念是否有所不同？實際上，我認為投資者試圖解決的問題的核心是 Shopify 的交易量最終可以解決多少？

It's a great question. So I definitely should not, cannot speculate about other geographies just because it is something that -- I think we're very focused on our home markets now. That includes both U.S. and Canada. But that's one aspect of it. In terms of overall possible reach on Shop. The -- again, I think it's probably irresponsible to speculate exactly what that number is. But a big part of what we're testing with our partners in Ottawa is exactly how easy will it be for a merchant to sign up. In other words, the intent of this partnership is to make it an incredibly smooth and essentially a spontaneous experience for a merchant to say, "Oh, yes, shopping at someone's powered by Affirm. Of course, I want to do this."

這是一個很好的問題。所以我絕對不應該，不能僅僅因為它是這樣的——我認為我們現在非常專注於我們的本土市場，就推測其他地區。這包括美國和加拿大。但這是一方面。就 Shop 的整體可能覆蓋面而言。 - 再次，我認為推測這個數字是什麼可能是不負責任的。但我們與渥太華的合作夥伴一起測試的很大一部分內容就是商家註冊的難易程度。換句話說，這種合作夥伴關係的目的是讓商家說：“哦，是的，在由 Affirm 提供支持的人那裡購物。當然，我想這樣做。”

And so the intent is to get as much of the overall volume as possible. That, of course -- not everybody on Shopify sells low AOV items, that also includes high AOV items, as well. So that's -- that is where we're headed. But for the moment, we need to make sure that both the sign-up experience, the merchant -- underwriting merchant's acceptance and ultimately go live end-to-end conversion share cards are the sort of thing that we're all proud of.

因此，目的是盡可能多地獲得整體音量。當然，並不是 Shopify 上的每個人都銷售低 AOV 商品，也包括高 AOV 商品。所以這就是我們要去的地方。但就目前而言，我們需要確保註冊體驗、商家——承銷商家的接受以及最終上線的端到端轉換共享卡都是我們都引以為豪的事情。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Congrats on the first quarter as a public company. I wanted to ask about that travel area. The volumes obviously came off significantly. I think you said it was only 3% in 2020. When do you guys think -- or when do you -- have you modeled any kind of a spring back in that by even Q4 or is that going to be more of a fiscal year '22 phenomenon? And when does American Airlines start ramping up into there? That'll also help, I'm sure.

祝賀第一季度成為上市公司。我想問問那個旅遊區。交易量顯然大幅下降。我想你說 2020 年只有 3%。你們認為什麼時候——或者你們什麼時候——你們是否在第四季度之前模擬了任何形式的回彈，或者這將更像是一個財政年度'22現象？美國航空公司什麼時候開始涉足那裡？我敢肯定，這也會有所幫助。

I'll answer qualitatively and let Michael answer to the modeling parts of it. Michael start unmuting yourself now. So American, obviously, it's a very recent deal. And so we're super excited about it and we think it's going to be incredibly valuable for us; not to in any way, disparage or to diminish our existing extremely awesome partnership with Delta, which has been with us for quite some time, and we've been very happy with them. The entire travel industry took quite a hit in 2020. We actually invested very heavily in 2019 in building up both our feature set and our partnership set in travel. And in fact, 2020 was going to be the year of travel for Affirm, except it was the year of not travel for everyone.

我會定性地回答，讓邁克爾回答它的建模部分。邁克爾現在開始取消靜音。所以美國人，顯然，這是最近的交易。所以我們對此感到非常興奮，我們認為這對我們來說將是非常有價值的；不要以任何方式貶低或削弱我們與達美航空現有的極其出色的合作夥伴關係，這種合作關係已經與我們合作了很長時間，我們對他們感到非常滿意。整個旅遊行業在 2020 年遭受重創。實際上，我們在 2019 年投入了大量資金來建立我們在旅遊方面的功能集和合作夥伴關係。事實上，2020 年將是 Affirm 的旅行年，除了不是每個人都旅行的一年。

And so we expect, at some point, it will be quite a nice tailwind for us. Obviously, our attention to the airline industry and the American deal speaks to our intent. I am the -- probably not the right person to speculate about things like vaccine rollouts and what that really means. That said, I think I'm within bounds when I say that we are seeing increase in our travel volume. In other words, we are seeing first signs of recovery. I'm not sure if this is a great quantitative answer in the sense that I'm not prepared to say, and here's when I think it's going to get back to normal or go back to what we all wanted it to be. But I think the world is starting to wake up a little bit to the idea of getting on a plane and going to some places, and Michael will probably tell you how we're thinking about it in terms of planning and forecast.

所以我們預計，在某個時候，這對我們來說將是一個很好的順風。顯然，我們對航空業和美國交易的關註說明了我們的意圖。我可能不是推測疫苗推出等事情的合適人選，以及這意味著什麼。也就是說，當我說我們看到旅行量增加時，我認為我在範圍內。換句話說，我們看到了復甦的初步跡象。從某種意義上說，我不確定這是否是一個很好的定量答案，我不准備說，而現在我認為它會恢復正常或回到我們都希望它成為的樣子。但我認為世界已經開始對乘坐飛機去一些地方的想法有所了解，邁克爾可能會告訴你我們在計劃和預測方面是如何考慮的。

Yes. Just in terms of outlook, we don't have a particular moment in this fiscal year for it to turn on. We're pretty cautious here. We've talked about it being more of a fiscal year '22 thing. So after the summer into the fall. Obviously, we'll keep you up-to-date if that starts to change and the volume starts to take off. But for right now, we're being pretty cautious here.

是的。就前景而言，我們在本財年沒有特定的時刻可以開啟它。我們在這裡非常謹慎。我們已經談到它更像是 22 財年的事情。就這樣從夏天進入秋天。顯然，如果情況開始發生變化並且交易量開始騰飛，我們會及時通知您。但就目前而言，我們在這裡非常謹慎。

Got it. And just as a follow-up, thinking about MDRs, there's some concern that maybe MDR will have to kind of go lower in the industry as the BNPL penetration increases. And obviously, PayPal is pushing theirselves and talking a lot more about BNPL as they get into the space. So I guess the question is, Max, on overall MDRs, is it sustainable at these levels or will it be a natural phenomenon? Will -- as more volume comes on, maybe we'll see rates drop a little bit?

知道了。作為後續行動，考慮到 MDR，有人擔心隨著 BNPL 滲透率的增加，行業中的 MDR 可能不得不降低。顯然，隨著 BNPL 進入該領域，PayPal 正在推動自己並更多地談論 BNPL。所以我想問題是，就整體 MDR 而言，Max 在這些水平上是可持續的還是會成為一種自然現象？會 - 隨著更多交易量的增加，也許我們會看到利率下降一點？

I think it's very difficult to prognosticate about what we expect in the future from -- like obviously, we think ourselves very special and we provide a service that's relatively unique, even in a highly competitive industry, like the BNPL. A huge portion of what we do that others can't or don't is our ability to address the entirety of the transaction values. And so in the low AOV space, it's a little bit less of a risk management and more of a marketing-centric components and therefore, is more competitive. It's a little bit easier to be successful there versus a more complicated, more time-centric high AVPs. And so I think we've proven over the years that we're very good at all of those segments, and we've done well there.

我認為很難預測我們對未來的期望——顯然，我們認為自己非常特別，我們提供的服務相對獨特，即使在競爭激烈的行業，如 BNPL。我們所做的其他人不能或不能做的很大一部分是我們處理整個交易價值的能力。因此，在低 AOV 空間中，它少了一點風險管理，多的是以營銷為中心的組件，因此更具競爭力。與更複雜、更以時間為中心的高 AVP 相比，在那裡取得成功要容易一些。所以我認為多年來我們已經證明我們在所有這些領域都非常出色，而且我們在這方面做得很好。

As a technology and data-centric company, we provide a lot of value to merchants that goes well beyond "we'll help you close the transaction." So we have data services. We now have this really rich collection of Affirm-as-a-service offerings that we're bringing to market. Ultimately, we don't love competing on price. We love competing on value-added and on the sort of things we can do that others cannot. So I can't prognosticate about where the prices go, but I can tell you, we'll continue inventing things that others don't have.

作為一家以技術和數據為中心的公司，我們為商家提供的價值遠遠超出“我們將幫助您完成交易”。所以我們有數據服務。我們現在擁有這些非常豐富的“確認即服務”產品系列，並將其推向市場。歸根結底，我們不喜歡在價格上競爭。我們喜歡在增值和我們能做而其他人做不到的事情上競爭。所以我無法預測價格的走勢，但我可以告訴你，我們將繼續發明其他人沒有的東西。

Our next question comes from Andrew Jeffrey with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Max, maybe I'll build a little bit off Bryan's question from a competitive perspective. There are a number of players in the market. Can you elaborate on why you think Affirm wins? And particularly, what differentiates Affirm from peers? I mean, you're not really doing Pay in 4 for per se today. It's a much more complex model. And I wonder if you could just speak a little bit about why you think you have a competitive advantage? And maybe why Affirm is uniquely positioned to take big share exclusivity with the platforms like Shopify, notwithstanding?

Max，也許我會從競爭的角度對 Bryan 的問題稍加闡述。市場上有許多參與者。你能詳細說明為什麼你認為肯定會獲勝嗎？特別是，Affirm 與同行有何不同？我的意思是，您今天並沒有真正在 4 中進行支付。這是一個複雜得多的模型。我想知道您是否可以簡單談談為什麼您認為自己具有競爭優勢？也許為什麼 Affirm 具有獨特的優勢，可以在 Shopify 等平台上佔據很大份額，儘管如此？

So I'm not 100% sure what you meant by, we're "not doing Pay in 4." I think Pay in 4 be a trademark of PayPal's at this point. So we're not by way of not -- not using someone else's trademark, but we very much have a for interest rate installments product that we happen to market under the name of split pay, which competes in that very space. Ours is better because we don't charge late fees, and we are much more transparent and simpler. But that said, the sort of idea of taking an $80 item and splitting it into 4 easy payments of $20 is something that we do, and it's performing quite nicely.

所以我不是 100% 確定你的意思，我們“沒有在 4 中付款”。我認為 Pay in 4 在這一點上是 PayPal 的商標。所以我們不是不使用別人的商標，但我們非常有一個利率分期付款產品，我們碰巧以分薪的名義上市，它在那個領域競爭。我們的更好，因為我們不收取滯納金，而且我們更加透明和簡單。但話雖如此，將 80 美元的物品分成 4 次 20 美元的簡單付款的想法是我們所做的，而且效果非常好。

I do agree that there are plenty of players in the space that do this particular product. The air becomes a little bit rarer if you start saying, well, what happens when you get to, let's say, $800. And that product -- $800 is too much to just put in a single transaction, probably $200 every 2 weeks is also a little bit uncomfortable from a cash flow perspective and that's where you end up having to do things that take 6 months, 12 months, et cetera. And we have products that span all of it from 6 weeks to 48 months. So in that sense, we offer consumers a choice and merchants an opportunity to offer a payment plan that is quite short for low AOV items and potentially as long as 4 years for higher AOV.

我同意這個領域有很多玩家在做這個特定的產品。如果你開始說，好吧，當你達到 800 美元時會發生什麼，空氣就會變得有點稀少。而且那個產品——800 美元對於單筆交易來說太高了，可能每兩週 200 美元從現金流的角度來看也有點不舒服，這就是你最終不得不做一些需要 6 個月、12 個月的事情的地方，等等。我們的產品從 6 周到 48 個月不等。因此，從這個意義上說，我們為消費者提供了一個選擇，也為商家提供了一個機會，為低 AOV 商品提供相當短的付款計劃，而對於較高 AOV 的商品可能長達 4 年。

That's sort of one of the key advantages, especially enterprise merchants where -- and platforms, which are, in fact, enterprise merchants or merchant aggregators, tends to want to partner with a provider that has excellence in technology, which we certainly bring in spades and someone who can service the totality of their customers and the totality of their products. And we are able to do all of that, and we are quite good and scalable in such matters. And so those are the 2 endpoints of why we've been selected by Shopify, why Rakuten, why other partners in the space have consistently chosen us.

這是關鍵優勢之一，尤其是企業商家，其中和平台，實際上是企業商家或商家聚合商，往往希望與擁有卓越技術的提供商合作，我們肯定會帶來黑桃以及可以為全部客戶和全部產品提供服務的人。我們能夠做到所有這些，並且在這些問題上我們非常出色且具有可擴展性。這就是為什麼我們被 Shopify 選中、為什麼是樂天、為什麼該領域的其他合作夥伴一直選擇我們的兩個端點。

The other one, which I feel never gets enough airplay, and so I'll just keep on repeating it. We're the only ones in the space that actually speaks to the end consumer truthfully. We don't charge late fees. We don't do deferred interest. We don't do any of the things that ultimately spurs somewhere between rolling their eyes at and just get very, very angry about. Consumer brand love is important to us, and it's very important to merchants, and fundamentally what drives your transaction. So we are very keen on continuing down that line as well because ultimately, merchants and merchant platforms want to partner with brands that add to their own brand love as opposed to potentially embarrass them. That's something that we feel very strongly about, and we continue to wish the industry would change and follow our lead. But for the moment, we are unique in that sense, and we take a great pride in that to continue winning deals because of that point of view.

另一個，我覺得播放量永遠不夠，所以我會繼續重複它。我們是該領域唯一真正與最終消費者真實對話的人。我們不收取滯納金。我們不做遞延利息。我們不會做任何最終會在他們翻白眼和對此感到非常非常憤怒的事情之間產生刺激的事情。消費者對品牌的喜愛對我們很重要，對商家也很重要，從根本上推動您的交易。因此，我們也非常熱衷於繼續沿著這條線走下去，因為最終，商家和商家平台希望與增加自己品牌喜愛的品牌合作，而不是讓他們尷尬。這是我們非常強烈的感受，我們仍然希望行業能夠改變並跟隨我們的領導。但就目前而言，我們在這個意義上是獨一無二的，我們為此感到非常自豪，因為這種觀點能夠繼續贏得交易。

Okay. That's helpful point of distinction for me. And then, Michael, just on the guidance, I was wondering if you could offer color. It would appear that 3Q GMV it's projected to slow a little bit and reaccelerate? Is there something in particular behind that?

好的。這對我來說很有幫助。然後，邁克爾，就指導而言，我想知道你是否可以提供顏色。看起來 3Q GMV 預計會稍微放緩並重新加速？這背後有什麼特別的嗎？

Yes. I think the biggest thing to think about in Q3 is that the Peloton capture issue we talked about in the prepared remarks, where we are seeing that take root. Ex-Peloton, we're seeing material acceleration. We saw a material acceleration in Q2, and we're projecting even more acceleration ex-Peloton Q3. So overall, very good consumer demand with Peloton, extremely strong, but the timing of the recognition of that GMV is going to be a function of when those orders ship.

是的。我認為在第三季度要考慮的最重要的事情是我們在準備好的評論中談到的 Peloton 捕獲問題，我們正在看到它紮根。 Ex-Peloton，我們看到了物質加速。我們在第二季度看到了實質性的加速，我們預計在第三季度之前會有更多的加速。因此，總體而言，Peloton 的消費者需求非常好，非常強勁，但識別 GMV 的時間將取決於這些訂單何時發貨。

Our last question comes from Chris Brendler with Seaport Global.

我們的最後一個問題來自 Seaport Global 的 Chris Brendler。

I'd like to talk about the regulatory -- sorry, the competitive environment from a little different perspective. It seems like there's a little of a land grab right now with buy-now-pay-later really taking off here in the U.S. and around the world. So my 2 questions along that front are: do you see any impact or do you see any instances where there's more than 1 provider and how does Affirm's sort of market share at the point-of-sale hold up when there is more than 1 provider?

我想談談監管——抱歉，從不同的角度談談競爭環境。現在似乎有一點土地掠奪，現在購買後付款真的在美國和世界各地起飛。所以我在這方面的兩個問題是：您是否看到任何影響，或者您是否看到有超過 1 個供應商的任何情況，以及當有超過 1 個供應商時，Affirm 在銷售點的市場份額如何保持?

And then my second question is more of a strategic question, is this Shopify deal, it seems super exciting and has a lot of potential. Do you expect to do more of these sort of mega deals where you're providing a little bit of equity incentive? Or is this kind of the one you're going to stake a claim in near term? Like how are you thinking about in these large marketplace transactions where there's a lot of volume, but potentially some equity cost as well?

然後我的第二個問題更像是一個戰略問題，這個 Shopify 交易是否看起來非常令人興奮並且有很大的潛力。您是否希望在提供一點股權激勵的情況下進行更多此類大型交易？或者這種類型的你將在短期內提出索賠？就像您如何看待這些有大量交易量但可能還有一些股權成本的大型市場交易？

Great questions. So on the former, I think history's always a good predictor of the past. And the, if you will, first round of payment network creation ultimately settled with 3 or 4 brands that are universally recognized depending on whether you include Discover or not, but Visa, Mastercard, Amex are certainly more or less on every checkout at this point. And so I think the expectation should be that there will be more than 1 BNPL brand that'll win. And the reality is we're all -- yes land grab does not sound especially positive, but I'd like to believe we're all taking over part of the credit card volume, and that is an enormous chunk of transaction volume, and there's quite a lot of growth for everyone. Obviously, we're biased in our favor. But all things being equal, I do expect to have multiple players at, at least some of the checkouts. And some of the deals that we sign are exclusive. Some of the deals are not. In some cases, we are added to an existing provider that we then have to work to demonstrate our worth by doing better than. So I think overall, we are happy with how that is developing. The question...

好問題。所以關於前者，我認為歷史總是對過去的一個很好的預測。而且，如果您願意，第一輪支付網絡創建最終會與 3 或 4 個普遍認可的品牌達成一致，具體取決於您是否包括 Discover，但此時每次結賬時 Visa、Mastercard、Amex 肯定或多或少.因此，我認為應該有超過 1 個 BNPL 品牌獲勝。現實是我們都是——是的，土地掠奪聽起來並不是特別積極，但我想相信我們都在接管部分信用卡交易量，這是交易量的巨大組成部分，並且每個人都有相當多的成長。顯然，我們偏向於我們的利益。但在所有條件相同的情況下，我確實希望有多個玩家，至少在一些結賬處。我們簽署的一些交易是獨家的。有些交易不是。在某些情況下，我們被添加到現有的提供商中，然後我們必須通過做得更好來證明我們的價值。所以我認為總的來說，我們對它的發展方式感到滿意。問題...

Another Shopify?

另一個 Shopify？

Sort of -- I'm sorry, I was going through my notes. I was busy with the first one. So the Shopify question is a good one. The two-part answer in very short form is we would love to do more mega deals. I think the structure of those deals are, by definition, unique and special. And so any form of speculation of what exactly -- what it would take to sign another Shopify is probably beyond the scope of this conversation. But that said, we are -- again, if I do say so myself, the perfect provider for these very, very large platforms, specifically because we have this enormous advantage in data and technology and are proven, scalable and robust. And so fundamentally, I don't think offering someone a chunk of your company if the mega partner doesn't believe you'll be able to withstand their mega volume is going to do anything. So the equity piece is not the reason somebody selects Affirm. It's because we're actually good at what we do, and we can take on billions and billions and dodge the ball.

有點——對不起，我正在檢查我的筆記。我忙於第一個。所以 Shopify 問題是一個很好的問題。非常簡短的兩部分答案是我們願意做更多的大型交易。我認為，根據定義，這些交易的結構是獨特而特殊的。因此，任何形式的猜測究竟是什麼 - 簽署另一個 Shopify 可能超出了本次對話的範圍。但話雖如此，如果我自己這麼說的話，我們是這些非常非常大的平台的完美供應商，特別是因為我們在數據和技術方面擁有巨大的優勢，並且經過驗證、可擴展和強大。因此，從根本上說，如果大型合作夥伴不相信你能夠承受他們的巨大交易量，我認為向某人提供你公司的大部分股份不會有任何作用。所以權益部分不是有人選擇肯定的原因。這是因為我們實際上擅長我們所做的事情，我們可以承擔數十億美元並躲避球。

There are no further questions at this time. I would like to turn the floor back over to Michael Linford for any closing comments.

目前沒有其他問題。我想把發言權轉回給邁克爾林福德，以徵求任何結束意見。

Thanks, everybody, for joining on our call, and we'll look forward to seeing you guys next quarter. Thank you.

感謝大家加入我們的電話會議，我們期待在下個季度見到你們。謝謝你。

This concludes tonight's call. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful evening.

今晚的電話到此結束。此時您可以斷開線路。感謝您的參與。度過一個美好的夜晚。