Affirm Holdings Inc (AFRM) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Affirm Holdings Fiscal Year 2022 Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call.

下午好，女士們，先生們。謝謝你的支持。歡迎參加 Affirm Holdings 2022 財年第三季度收益電話會議。 （操作員說明）提醒一下，本次電話會議正在錄音，電話會議的重播將在電話會議結束後的一段合理時間內在我們的投資者關係網站上提供。

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

我現在想將電話轉給財務高級副總裁 Rob O'Hare。謝謝你。你可以開始了。

Thanks, operator. Before we begin, I would like to remind everyone listening that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intend 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。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。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. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in today's earnings press release, which is available on our Investor Relations website. Hosting today's call are Max Levchin, Affirm's Founder and Chief Executive Officer; and Michael Linford, Affirm's Chief Financial Officer.

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。對於歷史非 GAAP 財務指標，與最直接可比的 GAAP 指標的對賬可以在今天的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站上找到。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, and thank you, everyone, for listening in. We delivered excellent results in fiscal Q3. Active merchants grew by more than 16-fold year-over-year. Active consumers grew by 137% year-over-year with greater frequency and engagement. Our total transactions increased by 162% year-over-year.

謝謝，Rob，謝謝大家的聆聽。我們在第三財季取得了出色的成績。活躍商家同比增長超過 16 倍。活躍消費者同比增長 137%，頻率和參與度更高。我們的總交易量同比增長 162%。

Highlighting the trust we're building with consumers, 81% of all transactions were from repeat Affirm users. This is the highest repeat rate that we've ever reported. We accomplished this while another 1.5 million consumers joined our movement to replace confusing outdated financial products with new honest ones.

突出我們與消費者建立的信任，所有交易中有 81% 來自重複確認用戶。這是我們報告的最高重複率。我們做到了這一點，而另外 150 萬消費者加入了我們的運動，用新的誠實產品取代令人困惑的過時金融產品。

Our GMV was up to $3.9 billion, growing 73% year-over-year and almost doubling, excluding Peloton. Total revenue was $355 million, a 54% increase year-over-year. And revenue less transaction costs, a key measure of our unit economics, was $182 million or 4.7% of GMV. We continue to grow with our existing partners and add new ones.

我們的 GMV 高達 39 億美元，同比增長 73%，幾乎翻了一番，不包括 Peloton。總收入為 3.55 億美元，同比增長 54%。收入減去交易成本（衡量我們單位經濟的關鍵指標）為 1.82 億美元，佔 GMV 的 4.7%。我們將繼續與現有合作夥伴一起發展並增加新的合作夥伴。

Just a couple of operating highlights since the beginning of Q3. The Travel and Ticketing segment has been outperforming expectations, and volume more than doubled year-over-year. Our long-term partners, Expedia, Vrbo and Priceline were all in the top 10 by volume in Q3. The quarter also marked the general availability of Affirm on American Airlines and the launch of our very first Canadian travel merchant. We are excited to continue growing our network of relationships in this segment.

自第三季度開始以來，只有幾個運營亮點。旅行和票務部門的表現超出預期，銷量同比增長一倍以上。我們的長期合作夥伴 Expedia、Vrbo 和 Priceline 在第三季度均進入前 10 名。本季度還標誌著 Affirm 在美國航空公司的普遍可用性以及我們第一個加拿大旅行商的推出。我們很高興繼續在這一領域發展我們的關係網絡。

Affirm continues to be the strategic partner of choice for enterprises and platforms. Adding to existing collaborations with Verifone and Adyen, we partnered with Fiserv and Global Payments to make signing and launching new merchants frictionless. We're also excited to announce a new agreement with Stripe, unlocking streamlined distribution of a Affirm's honest financial products to millions of merchants.

Affirm 繼續成為企業和平台的首選戰略合作夥伴。除了與 Verifone 和 Adyen 的現有合作之外，我們還與 Fiserv 和 Global Payments 合作，讓簽約和推出新商戶變得順暢。我們也很高興地宣布與 Stripe 達成一項新協議，為數百萬商家解鎖 Affirm 的誠實金融產品的簡化分銷。

Since the launch of our partnership with Shopify just a year ago, we have seen significant uptake of Split Pay, our biweekly paying for product. We have expanded our agreement with Shopify to bring Affirm's monthly offering to the platform. We plan to start rolling out Adaptive Checkout and simple interest-bearing installments by the end of our '22 fiscal year. As part of this expansion, I'm also pleased to report that we have extended our exclusive relationship with Shopify. Lots more details in the press release that we have just filed.

自一年前我們與 Shopify 建立合作夥伴關係以來，我們已經看到 Split Pay（我們的雙週產品支付）的大量使用。我們擴大了與 Shopify 的協議，將 Affirm 的月度產品引入該平台。我們計劃在 22 財年末開始推出自適應結賬和簡單的計息分期付款。作為此次擴展的一部分，我也很高興地報告我們已經擴展了與 Shopify 的獨家合作關係。我們剛剛提交的新聞稿中有更多詳細信息。

This marks our fifth straight beat quarter and proud we are of all of them. That said, we operate Affirm with a longer horizon in mind. Our goals are to deliver value for our customers and improve the lives of consumers. And ultimately, in doing so, generate cash flow to reinvest in our business and create value for our shareholders. As you will see in Michael's report, we have already delivered profits on an adjusted operating income basis, and this quarter makes it 3 out of the last 5. You'll see in our guide that we still expect to invest in the next quarter, but let me make something very clear.

這標誌著我們連續第五個節拍，我們為他們所有人感到自豪。也就是說，我們在經營 Affirm 時考慮到了更長遠的視野。我們的目標是為客戶創造價值並改善消費者的生活。最終，這樣做會產生現金流，以對我們的業務進行再投資，並為我們的股東創造價值。正如您將在邁克爾的報告中看到的那樣，我們已經在調整後的營業收入基礎上實現了利潤，本季度在過去 5 個季度中排名第 3。您將在我們的指南中看到，我們仍希望在下一季度進行投資，但讓我說得很清楚。

Our plan is to achieve a sustained profitability run rate on an adjusted basis by the end of the next fiscal year. That is to say, we expect to generate revenue that consistently exceeds our adjusted operating expense starting July 1, 2023. We do not expect our plan for reaching profitability to compromise growth, just as we demonstrated this quarter. We also do not plan to raise any new equity capital because we believe Affirm is fully funded to profitability. We will share our full fiscal year '23 outlook and full year guidance in our next earnings report.

我們的計劃是在下一個財政年度結束前在調整後的基礎上實現持續的盈利運行率。也就是說，我們預計從 2023 年 7 月 1 日開始，我們的收入將持續超過調整後的運營費用。正如我們本季度所展示的那樣，我們預計實現盈利的計劃不會影響增長。我們也不打算籌集任何新的股本，因為我們相信 Affirm 已為盈利提供了充足的資金。我們將在下一份收益報告中分享我們完整的 23 財年展望和全年指導。

But to say a little more here, we do not see net working revenue growth and margin as quantities in conflict with each other. Indeed, our growth, combined with strong unit economics, is what propels us towards profitability. Consumer demand for our products is significant, and we only expect it to increase, and the value we create for our customers goes directly to their bottom line.

但在這裡多說一點，我們不認為淨營業收入增長和利潤率是相互衝突的數量。事實上，我們的增長，加上強勁的單位經濟，是推動我們實現盈利的動力。消費者對我們產品的需求很大，我們只希望它會增加，我們為客戶創造的價值直接影響到他們的底線。

Meanwhile, the market penetration in the U.S. is still in the low single digits. And at the growth scale we have already achieved, the increasing rate of repeat transactions at 81% today affords us several advantages, most importantly, economies of scale and fixed and transactional costs, meaningful underwriting improvements and opportunities to deliver new products to our consumers and merchant partners at a very low marginal cost.

與此同時，美國的市場滲透率仍處於低個位數。在我們已經實現的增長規模下，如今重複交易率不斷上升至 81%，這為我們帶來了多項優勢，最重要的是，規模經濟、固定和交易成本、有意義的承保改進以及向我們的消費者和消費者提供新產品的機會，以及商夥伴以極低的邊際成本。

This is why the bookings of this quarter's results are so important. We nearly doubled our network volume, ex Peloton, while managing our unit economics to 4.7% of GMV. This is well ahead of our long-term model of 3% to 4%. We grow our network GMV responsibly and deliberately with unit economics always firmly in mind. This is especially so because as a vertically integrated network, we manage the risk embedded in our transactions. We covered our approach to credit underwriting in the past, but I'd still like to speak briefly about our credit risk management.

這就是為什麼本季度業績的預訂如此重要的原因。我們的網絡量（前 Peloton）幾乎翻了一番，同時將我們的單位經濟效益管理到 GMV 的 4.7%。這遠遠超過了我們 3% 到 4% 的長期模型。我們始終牢記單位經濟學，負責任地、有意識地發展我們的網絡 GMV。尤其如此，因為作為一個垂直整合的網絡，我們管理著我們交易中的風險。我們過去曾介紹過我們的信用承銷方法，但我仍然想簡單談談我們的信用風險管理。

Every time you want to use Affirm to buy something, you have to apply to be approved for that specific transaction. We make it easy and convenient for you to apply, but we will still look at the state of your finances at that very moment, including, among other things, your recent credit usage and then decide. If we believe you won't be able to pay off your loan, we will, in fact, decline your application with compassion and transparency without fail.

每次您想使用 Affirm 購買東西時，您都必須申請獲得該特定交易的批准。我們讓您的申請變得簡單方便，但我們仍會查看您當時的財務狀況，包括您最近的信用使用情況，然後再做出決定。如果我們認為您無法償還貸款，我們實際上會以同情和透明的方式拒絕您的申請。

As a reminder, we do not charge late fees or [line revolving]. In other words, we have a structural incentive to decline a transaction that we believe to be a bad financial decision for you because approving it is guaranteed to be a bad financial decision for us. And at our scale of transactions over $10 million last quarter alone, the dials we get to turn to control credit risk are highly fine grade.

提醒一下，我們不收取滯納金或 [線路循環]。換句話說，我們有結構性的動機拒絕我們認為對您來說是一個糟糕的財務決定的交易，因為批准它對我們來說肯定是一個糟糕的財務決定。僅在上個季度，我們的交易規模就超過 1000 萬美元，我們用來控制信用風險的指標非常好。

Another key structural advantage is the very short weighted average life of our loans, which is about 5 months. As the economic cycle changes, the loans we made in the past will have a rapidly diminishing impact on Affirm's future financial performance. Given our structural incentives to engage in responsible lending, deep commitment to strong network unit economics and a high degree of control over risk, we strongly believe we are well positioned for success in a downturn.

另一個關鍵的結構性優勢是我們貸款的加權平均期限非常短，約為 5 個月。隨著經濟周期的變化，我們過去提供的貸款對 Affirm 未來財務業績的影響將迅速減弱。鑑於我們從事負責任貸款的結構性激勵措施、對強大網絡單位經濟的堅定承諾以及對風險的高度控制，我們堅信我們已為在經濟低迷時期取得成功做好了充分準備。

During the very brief recession of 2020, we saw applications nearly quadruple at many of our merchants. We believe paying over time without late fees and gotchas will be in greater demand during a downturn. It is our mission to improve people's lives, and we will be prepared to meet this demand. But again, our approach is only to extend credit that we believe can and will be repaid.

在 2020 年非常短暫的經濟衰退期間，我們看到許多商家的申請量幾乎翻了兩番。我們相信，在經濟低迷時期，隨著時間的推移支付不收取滯納金和陷阱的需求將更大。改善人們的生活是我們的使命，我們將準備好滿足這一需求。但同樣，我們的方法只是提供我們認為能夠並且將會得到償還的信貸。

The multibillion dollar business we have today is the result of years of trial and error, ideation and execution. One of the many attractive properties of operating a network at scale is that it can be very cost effective to deliver new products and services to a large active audience. Not all of our new offerings will result in our next $1 billion revenue line, but we are committed to finding the ones that do.

我們今天擁有的價值數十億美元的業務是多年試錯、構思和執行的結果。大規模運營網絡的眾多吸引人的特性之一是，向大量活躍的受眾提供新產品和服務非常具有成本效益。並非我們所有的新產品都會為我們帶來下一個 10 億美元的收入線，但我們致力於尋找能夠實現這一目標的產品。

Last September, we shared some of our product plans with you. We've continued to execute on this road map. So let me briefly run through some of which shipped in Q3. Throughout the quarter, we delivered several iterations of the Affirm SuperApp, the single platform for the growing family of Affirm consumer offerings. Each such iteration delivered results, improving user engagement by about 3% and adding over 1% to our in-app transaction volume.

去年 9 月，我們與您分享了我們的一些產品計劃。我們繼續執行此路線圖。因此，讓我簡要介紹一下第三季度發布的一些內容。在整個季度中，我們交付了 Affirm SuperApp 的多次迭代，這是面向不斷增長的 Affirm 消費者產品系列的單一平台。每次這樣的迭代都產生了結果，將用戶參與度提高了約 3%，並使我們的應用內交易量增加了 1% 以上。

These numbers may seem trivially small in comparison to some of our headline growth metrics, but obsessing over user experience that compounds, and we have many more iterations planned. We also rolled out a Chrome browser extension, a convenient way to pay with Affirm at online stores, where we're not yet directly integrated using a single-use Visa card while shopping in your desktop browser.

與我們的一些主要增長指標相比，這些數字可能看起來微不足道，但對複合用戶體驗的痴迷，我們計劃了更多的迭代。我們還推出了 Chrome 瀏覽器擴展程序，這是一種在在線商店使用 Affirm 付款的便捷方式，在您的桌面瀏覽器中購物時，我們還沒有使用一次性 Visa 卡直接集成。

We brought Adaptive Checkout to many new transactional services, including our own Affirm Anywhere product, Chrome browser extension, and as I mentioned, it will be available on Shopify. We also added Bitcoin interest to the popular Affirm savings account, a super simple way for our savings account holders to hold cryptocurrency by choosing to receive their savings yield in Bitcoin.

我們將 Adaptive Checkout 引入了許多新的交易服務，包括我們自己的 Affirm Anywhere 產品、Chrome 瀏覽器擴展程序，正如我所提到的，它將在 Shopify 上提供。我們還在流行的 Affirm 儲蓄賬戶中添加了比特幣利息，這是我們的儲蓄賬戶持有人通過選擇以比特幣獲得儲蓄收益來持有加密貨幣的一種超級簡單的方式。

Debit+. By now, I suspect some of you might actually have the Debit+ app and the companion card that comes with it. So you have already seen what's the first version can do. You can split lower value transactions into 4 payments after the swipe and use the automatic pre-approval button to plan larger transactions and feel confident in your spending power. There are many more features coming over the summer and beyond, most importantly, longer-term and interest-bearing loans and Affirm rewards, but if you want a Debit+, it's here and ready.

借記+。到目前為止，我懷疑你們中的一些人可能實際上擁有 Debit+ 應用程序和隨附的配套卡。所以你已經看到了第一個版本可以做什麼。您可以在刷卡後將較低價值的交易分成 4 筆付款，並使用自動預批准按鈕來計劃較大的交易，並對您的消費能力充滿信心。夏季及以後還有更多功能，最重要的是，長期和有息貸款以及確認獎勵，但如果您想要藉記卡+，它就在這裡準備好了。

We know this because even with this minimalist version, we are seeing an order of magnitude higher engagement among Debit+ users as compared to non-Debit+ Affirm users an average of more than 2 transactions per week. And the Debit+ experience will continue to improve as we release regular updates to our growing user base. We are inviting tens of thousands of users per day to get their cards and expect to exhaust our now sizable waiting list. We appreciate your patience and open Debit+ to all eligible Affirm users in fiscal Q4.

我們知道這一點，因為即使使用這個極簡版本，我們也看到 Debit+ 用戶的參與度比非 Debit+ Affirm 用戶高出一個數量級，平均每週交易超過 2 筆。隨著我們向不斷增長的用戶群發布定期更新，Debit+ 體驗將繼續改善。我們每天邀請數以萬計的用戶來領取他們的卡，並希望用完我們現在龐大的等待名單。感謝您的耐心等待，並在第四季度向所有符合條件的 Affirm 用戶開放 Debit+。

Eligible here means a certain level of usage history and good standing with Affirm. It is super early, and I am still neck-deep in UX optimizations, but I'm truly thrilled to begin what we think will be the era of Debit+, the simplicity of debit and a flexibility to pay at your own pace with no late or hidden fees.

這裡的合格意味著一定程度的使用歷史和在 Affirm 的良好信譽。現在還為時過早，我仍然在 UX 優化方面深諳此道，但我真的很高興能開始我們認為將是 Debit+ 的時代，即藉記卡的簡單性和按您自己的節奏付款的靈活性，不晚或隱藏費用。

Affirm continues to succeed because of our exceptional team. I've said it before, and I'll say it again, it is a privilege to lead this company. And I would like to thank all of Affirmers for marking another waypoint in our journey and to thank you, our shareholders, for your continued support. As you can see, we remain focused on what ultimately matters, results.

由於我們卓越的團隊，Affirm 繼續取得成功。我以前說過，我會再說一遍，領導這家公司是一種榮幸。我要感謝所有確認者在我們的旅程中標記了另一個航點，並感謝您，我們的股東，您一直以來的支持。如您所見，我們仍然專注於最終重要的事情，即結果。

Now over to Michael to review those in detail.

現在讓邁克爾詳細審查這些內容。

Thanks, Max, and good afternoon, everyone. Our Q3 results and really our performance over the last several quarters demonstrate our ability to deliver impressive growth and attractive unit economics despite a volatile market environment. Once again, we outperformed our outlook for both growth and profitability, and our unit economics were strong.

謝謝，Max，大家下午好。我們的第三季度業績以及過去幾個季度的實際表現表明，儘管市場環境動盪，我們仍有能力實現令人印象深刻的增長和有吸引力的單位經濟效益。再一次，我們的增長和盈利能力都超出了我們的預期，我們的單位經濟也很強勁。

We continue to grow both sides of our network. Active consumers increased 137% year-over-year, while active merchants increased to nearly 210,000. Total transactions grew 162% year-over-year and more than 80% from repeat users. Transactions per user, our key frequency metric, increased 19% year-over-year or more than doubling our active user base. And along with that growth, we achieved profitability on a non-GAAP basis, delivering $4 million in adjusted operating income.

我們繼續發展我們網絡的雙方。活躍消費者同比增長 137%，而活躍商家增加到近 210,000 人。總交易量同比增長 162%，重複用戶增長超過 80%。每個用戶的交易，我們的關鍵頻率指標，同比增長 19% 或超過我們的活躍用戶群的兩倍。隨著這一增長，我們在非公認會計準則基礎上實現了盈利，調整後的營業收入達到了 400 萬美元。

We grew GMV 73% and nearly doubled GMV when including Peloton. Our revenue increased by 54%, and our measure of unit economics, revenue less transaction costs, reached 4.7% of GMV. This was a particularly strong result and well above our long-term targeted range of 3% to 4% of GMV. Our outperformance was driven by strong revenue growth, excellent capital markets execution and better-than-expected credit performance.

包括 Peloton 在內，我們的 GMV 增長了 73%，GMV 幾乎翻了一番。我們的收入增長了 54%，而我們衡量單位經濟學的收入減去交易成本達到了 GMV 的 4.7%。這是一個特別強勁的結果，遠高於我們 3% 至 4% 的 GMV 的長期目標範圍。強勁的收入增長、出色的資本市場執行和好於預期的信貸表現推動了我們的出色表現。

While the provision for credit losses increased year-over-year, as a reminder, last year's provision was net negative, given the release of excess COVID-related loan allowance. We also continue to drive greater capital efficiency gains across our funding program, as equity capital we used to fund our loans decreased to 2.4% of our platform portfolio versus 4.9% last year.

提醒一下，雖然信貸損失準備金同比增加，但由於與 COVID 相關的超額貸款準備金釋放，去年的準備金為淨負數。我們還繼續在我們的融資計劃中推動更大的資本效率收益，因為我們用於為貸款提供資金的股權資本從去年的 4.9% 下降到我們平台投資組合的 2.4%。

With the strong growth of our business and continued momentum, we are raising our outlook for fiscal year '22, which I'll discuss more in a moment. Before I do that, let me walk you through our third quarter results in greater detail. Unless stated otherwise, all comparisons refer to our third fiscal quarter of '22 versus Q3 of fiscal '21.

隨著我們業務的強勁增長和持續的發展勢頭，我們正在提高對 22 財年的展望，稍後我將對此進行更多討論。在此之前，讓我更詳細地向您介紹我們的第三季度業績。除非另有說明，否則所有比較均指我們 22 財年第三季度與 21 財年第三季度的比較。

We had another great quarter for consumer growth. Active consumers increased 137% to 12.7 million and increased nearly 1.5 million sequentially from fiscal Q2. This growth helped drive 10.5 million transactions in the quarter, a 162% year-over-year increase. Despite adding users at this aggressive pace, we also saw frequency increase as transactions per active consumer grew to 2.7%, up 19% year-over-year.

我們在消費者增長方面又迎來了一個很好的季度。活躍消費者增長 137% 至 1270 萬，較第二財季環比增長近 150 萬。這一增長幫助推動了本季度的 1050 萬筆交易，同比增長 162%。儘管以如此激進的速度增加用戶，但隨著每位活躍消費者的交易量增長至 2.7%，同比增長 19%，我們也看到頻率增加。

In the third quarter, active merchants grew to nearly 210,000 from just 11,500 last year, thanks to the continued scaling of our partnership with Shopify. On a sequential basis, active merchants, which we calculate over a trailing 12-month time frame, grew by 39,000 or [22%] from the December ending quarter.

由於我們與 Shopify 的合作夥伴關係不斷擴大，第三季度活躍商家從去年的 11,500 增加到近 210,000。在連續的基礎上，我們在過去 12 個月的時間範圍內計算的活躍商家比 12 月末的季度增長了 39,000 或 [22%]。

Turning to GMV. We grew GMV 73% to $3.9 billion in our third quarter, a $1.7 billion increase from last year. As a testament to the increasing depth and breadth of our network, no single merchant accounted for more than 10% of either revenue or GMV for both the 3 and 9 months ending March 31. This demonstrates the continued diversification of our business, which we believe is a key area of strength and resilience for Affirm.

轉向GMV。第三季度，我們的 GMV 增長了 73%，達到 39 億美元，比去年增加了 17 億美元。作為我們網絡深度和廣度不斷增加的證明，在截至 3 月 31 日的 3 個月和 9 個月內，沒有一個商家佔收入或 GMV 的比例超過 10%。這表明我們的業務持續多元化，我們相信這一點是 Affirm 力量和彈性的關鍵領域。

Shifting to GMV by vertical. Travel and Ticketing increased to $390 million, up 122% from last year, topping last quarter's high mark. With the recent easing of mass mandates and travel restrictions, we see extraordinary demand to book travel now and pay over time with Affirm. We also remain enthusiastic about consumer demand for live events.

垂直轉移到 GMV。旅行和票務增至 3.9 億美元，比去年增長 122%，超過上一季度的高點。隨著最近大規模命令和旅行限制的放寬，我們看到現在預訂旅行並隨著時間的推移通過 Affirm 付款的巨大需求。我們也對消費者對現場活動的需求保持熱情。

General merchandise grew to over $670 million, 448% above last year, driven by our deepening relationships with the world's largest retailers, which also increases the seasonality of our business. We saw roughly a $200 million sequential decline in GMV within the category, which was in line with our expectations, given the seasonally strong holiday shopping season in the December quarter.

由於我們與世界上最大的零售商的關係加深，這也增加了我們業務的季節性，綜合商品增長到超過 6.7 億美元，比去年增長 448%。鑑於 12 月季度季節性強勁的假日購物季，我們看到該類別的 GMV 連續下降約 2 億美元，這符合我們的預期。

Sporting goods and outdoors declined to $425 million, down 21% from last year or 20% sequentially from fiscal Q2, driven by a roughly 40% decline in Peloton, offset by growth with other connected fitness merchants.

體育用品和戶外用品下降至 4.25 億美元，比去年下降 21%，比第二財季下降 20%，主要是由於 Peloton 下降約 40%，但被其他相關健身商家的增長所抵消。

PayBright, which we acquired on January 1, 2021, nearly tripled GMV, posting annual growth of 198%. We are excited about our prospects and the success we're driving in Canada as well as other expansion opportunities currently on our road map.

我們於 2021 年 1 月 1 日收購的 PayBright 的 GMV 幾乎翻了三倍，年增長率達到 198%。我們對我們的前景和我們在加拿大取得的成功以及目前我們路線圖上的其他擴張機會感到興奮。

Now turning to the financials. Total net revenue grew 54% to $355 million, well above our outlook of at least $335 million. Network revenue grew 29%, while interest income increased 42% and gain on loan sale increased 221%. Revenue as a percentage of GMV contracted 116 basis points to 9.1%, driven by product mix away from longer duration 0% loans and towards short-term Split Pay loans.

現在轉向財務。總淨收入增長 54% 至 3.55 億美元，遠高於我們至少 3.35 億美元的預期。網絡收入增長 29%，利息收入增長 42%，貸款銷售收益增長 221%。收入佔 GMV 的百分比收縮 116 個基點至 9.1%，這是由於產品組合從長期 0% 貸款轉向短期分期付款貸款。

Split Pay GMV grew over 215% year-on-year and accounted for roughly 20% of GMV in the third quarter compared to just over 10% last year. In our earnings supplement posted to our IR website, you will see that merchant revenue take rates have remained relatively constant for each of our offerings despite our hyper growth.

Split Pay GMV 同比增長超過 215%，佔第三季度 GMV 的約 20%，而去年這一比例略高於 10%。在我們發佈到我們的 IR 網站的收入補充中，您會看到，儘管我們的高速增長，但我們每項產品的商家收入獲取率保持相對穩定。

Our strong top line growth and the leverage we achieved on nonprovision transaction costs drove a 37% increase in revenue less transaction costs to $182 million or 4.7% at GMV, well above our 3% to 4% long-term target. Total transaction cost of $172 million grew 78% year-over-year compared to revenue growth of 54%.

我們強勁的收入增長和我們在非撥備交易成本方面實現的槓桿推動收入減去交易成本後增長 37%，達到 1.82 億美元或 GMV 的 4.7%，遠高於我們 3% 至 4% 的長期目標。總交易成本為 1.72 億美元，同比增長 78%，而收入增長 54%。

Excluding provision for credit losses, which was negative in the prior year period, transaction cost as a percentage of GMV declined 1.6 points to 2.7%. A shift away from longer duration 0% APR loans, loss on loan purchase commitments declined 24%, while improvements in our capital programs helped limit the growth in funding costs to just 8%.

剔除去年同期為負的信用損失準備金，交易成本佔 GMV 的百分比下降 1.6 個百分點至 2.7%。從較長期限的 0% APR 貸款轉向，貸款購買承諾的損失下降了 24%，而我們資本計劃的改進有助於將融資成本的增長限制在 8% 以內。

Funding costs were an area of considerable leverage in the quarter, declining to 0.4% of GMV, down from 0.6% in the prior year period. Provision for credit losses grew from negative $1 million a year ago to $66 million, as the year-ago figure included a significant release of excess COVID-related loan allowance, while this year's figure reflects the intentional normalization of credit that we've discussed over the past several quarters.

資金成本在本季度是一個相當大的影響因素，從去年同期的 0.6% 下降至 GMV 的 0.4%。信貸損失準備金從一年前的負 100 萬美元增加到 6600 萬美元，因為去年的數字包括大量釋放與 COVID 相關的超額貸款準備金，而今年的數字反映了我們已經討論過的有意的信貸正常化過去幾個季度。

Credit performance was better than expected across all credit segments. As small optimizations across our Split Pay and large enterprise programs yielded very favorable outcomes, this led to lower allowance rates on new originations across a large percentage of our GMV. Allowance for losses as a percentage of loans held for investments declined for the second consecutive quarter to 6.4%.

所有信貸領域的信貸表現都好於預期。由於我們對拆分薪酬和大型企業計劃進行的小規模優化產生了非常有利的結果，這導致我們大部分 GMV 中新發起的津貼率較低。損失準備金佔投資貸款的百分比連續第二個季度下降至 6.4%。

The outperformance in revenue less transaction costs and greater operating leverage allowed us to drive better-than-expected adjusted operating income in the period. Our non-GAAP technology and data analytics expense reflects lower-than-expected personnel costs. Affirm has a robust pipeline that calls for more talented engineers than we had the ability to hire in the period. However, we were able to partially address this need from technical talent in early Q4 with the hiring of over 100 engineers for Affirm, primarily from [FAST] in early April.

收入減去交易成本和更大的經營槓桿率的優異表現使我們能夠在此期間推動好於預期的調整後營業收入。我們的非公認會計原則技術和數據分析費用反映了低於預期的人員成本。 Affirm 擁有強大的管道，需要比我們在此期間僱用的更多有才華的工程師。但是，我們能夠在第四季度初通過為 Affirm 僱傭 100 多名工程師（主要來自 4 月初的 [FAST]）部分解決了技術人才的這一需求。

We also continued building our brand through sales and marketing investments, but the majority of these expenses were noncash in nature. Excluding these noncash expenses that are fully outlined in our GAAP reconciliation tables posted on our IR website, our sales and marketing expense decreased by $1.7 million or 5% year-over-year, which represents an annual decrease of 5 points as a percentage of revenue. Excluding transaction costs, non-GAAP operating expense grew by $48.9 million or 38%. Adjusted operating income was $4 million in the quarter or 1.1% of revenue, which was significantly above our outlook.

我們還通過銷售和營銷投資繼續建立我們的品牌，但這些費用大部分是非現金性質的。不包括在我們的 IR 網站上發布的 GAAP 對賬表中全面列出的這些非現金費用，我們的銷售和營銷費用同比減少 170 萬美元或 5%，佔收入的百分比每年減少 5 個百分點.不計交易成本，非公認會計原則的運營費用增長了 4890 萬美元或 38%。本季度調整後的營業收入為 400 萬美元，佔收入的 1.1%，遠高於我們的預期。

GAAP total operating expenses, excluding transaction costs, grew by $66 million or 19%, driven by $102 million increase in warrant expense, partially offset by an $80 million reduction in stock-based compensation. GAAP operating loss was $227 million, which compares to a loss of $209 million last year. The $227 million operating loss number includes $217 million of equity-related costs stemming from a previously granted warrant to enterprise partners and stock-based compensation.

GAAP 總運營費用（不包括交易成本）增長 6600 萬美元或 19%，原因是認股權證費用增加 1.02 億美元，部分被股票薪酬減少 8000 萬美元所抵消。 GAAP 經營虧損為 2.27 億美元，而去年虧損 2.09 億美元。 2.27 億美元的經營虧損數字包括 2.17 億美元的股權相關成本，這些成本源自先前授予企業合作夥伴的認股權證和基於股票的補償。

Before I move to our rates outlook, I'd like to discuss our funding program. We fund the business to optimize for stable, consistent access to deep and diverse pools of capital. We ended the quarter with nearly $9 billion in funding capacity across our 3 main channels: warehouse lines, forward-flow agreements with whole loan buyers and ABS securitizations. 53% of the capacity is off-balance sheet, and all of our bilateral relationships are fully committed and generally in multiyear agreements, with only 31% of this capacity maturing in the next 12 months.

在談到我們的利率展望之前，我想先討論一下我們的融資計劃。我們為企業提供資金，以優化穩定、一致地獲得深度和多樣化的資金池。在本季度末，我們通過 3 個主要渠道獲得了近 90 億美元的融資能力：倉庫線、與整體貸款買家的遠期流動協議和 ABS 證券化。 53% 的產能在資產負債表外，我們所有的雙邊關係都完全承諾並且通常在多年協議中，只有 31% 的產能在未來 12 個月內到期。

Since the beginning of the fiscal year, we have brought on $2.5 billion in new funding capacity from new and existing capital partners. In addition to that $2.5 billion, subsequent to the quarter-end, we closed our $500 million 2022 A revolving ABS transaction. And last week, we also added a new multiyear $500 million forward-flow partnership with a large Midwest-based insurance company. We expect to continue to add capital through both scheduled commitment increases from existing partners and onboarding new partners. Our capital program is structured to be resilient, flexible and generate increased velocity as we scale.

自本財年開始以來，我們從新的和現有的資本合作夥伴那裡獲得了 25 億美元的新融資能力。除了這 25 億美元之外，在本季度末之後，我們還完成了 5 億美元的 2022 A 循環 ABS 交易。上週，我們還與一家位於中西部的大型保險公司建立了新的多年期 5 億美元的前向流動合作夥伴關係。我們希望通過現有合作夥伴的計劃承諾增加和新合作夥伴的加入來繼續增加資本。我們的資本計劃結構具有彈性、靈活性，並隨著我們的擴展而產生更高的速度。

Let me quickly recap each of our channels. Our warehouse lines are on-balance sheet facilities with spreads ranging from 1.65% to 4%, and we were able to advance up to nearly 90% against the loans we pledged. These bankruptcy remote facilities are nonrecourse to our parent company and generally used to fund shorter-duration collateral. They also serve as a loan aggregation mechanism for our ABS securitization program. We generally maintain these facilities at low utilization rates. This stood at 37% at the end of the quarter, providing us significant excess capacity.

讓我快速回顧一下我們的每個頻道。我們的倉庫線是資產負債表上的設施，利差從 1.65% 到 4% 不等，我們能夠為我們所承諾的貸款墊付近 90%。這些破產遠程設施對我們的母公司無追索權，通常用於為短期抵押品提供資金。它們還作為我們的 ABS 證券化計劃的貸款匯總機制。我們通常以低利用率維持這些設施。在本季度末，這一比例為 37%，為我們提供了顯著的過剩產能。

Our forward-flow program represented close to half of the overall capacity across a range of diverse partners and provides highly efficient off-balance sheet funding. These programs allow us to earn most revenue upfront and additional revenue over time via servicing income. Further, loans sold to third parties via the forward-flow program do not require an allowance for credit losses on the balance sheet or any related provision expense on the income statement.

我們的前向流動計劃佔眾多不同合作夥伴的總產能的近一半，並提供高效的表外資金。這些計劃使我們能夠通過服務收入獲得大部分前期收入和額外收入。此外，通過前向流動程序出售給第三方的貸款不需要在資產負債表上計提信用損失準備金或在損益表上計提任何相關準備費用。

Finally, in terms of our ABS securitization program, we have closed 9 securitization transactions that represent roughly $8 billion of volume since launching the program in mid-2020. Our deals have performed really well, and we just achieved our first AAA rating as part of our most recent transaction.

最後，就我們的 ABS 證券化計劃而言，自 2020 年年中啟動該計劃以來，我們已經完成了 9 筆證券化交易，交易量約為 80 億美元。我們的交易表現非常好，作為我們最近交易的一部分，我們剛剛獲得了第一個 AAA 評級。

Just as we have attracted many leading e-commerce merchants and platforms to Affirm, we have also attracted a diverse set of blue chip investors to our capital program. This is a real competitive advantage for Affirm. We believe our scale and asset quality will ensure that this advantage continues into the future. Affirm is strongly positioned to continue to drive outsized growth in the ABS market, which is highly liquid with over $1.5 trillion outstanding across all asset classes.

正如我們吸引了許多領先的電子商務商家和平台加入 Affirm 一樣，我們也吸引了各種各樣的藍籌投資者加入我們的資本計劃。這對 Affirm 來說是一個真正的競爭優勢。我們相信，我們的規模和資產質量將確保這一優勢在未來繼續保持。 Affirm 有能力繼續推動 ABS 市場的大幅增長，該市場流動性強，所有資產類別的未償資產超過 1.5 萬億美元。

Now let me share some color on our outlook, which you can see on Slide 26 of our earnings supplement. We expect the progress we've made thus far in fiscal year '22 to continue to drive strong growth in our fourth quarter. Consistent with the public guidance issued earlier this week, we expect the trends observed in Peloton GMV in fiscal Q3 to continue through Q4. We now expect our Split Pay offering to contribute at least 20% of fiscal year '22 GMV, with the largest contributor of this volume coming from Shop Pay Installments.

現在讓我分享一些關於我們前景的顏色，您可以在我們的收益補充的幻燈片 26 中看到。我們預計我們在 22 財年迄今取得的進展將繼續推動我們第四季度的強勁增長。與本週早些時候發布的公共指導一致，我們預計 Peloton GMV 在第三財季觀察到的趨勢將持續到第四季度。我們現在預計，我們的 Split Pay 產品將至少貢獻 22 財年 GMV 的 20%，其中最大的貢獻者來自 Shop Pay 分期付款。

We expect a sequential increase in total operating expenses outside of transaction costs, driven by the recent hiring of the engineering team from FAST in April and marketing campaigns currently planned in the latter half of the quarter. As always, our outlook assumes the current forward interest rate curve.

我們預計，由於最近 4 月份從 FAST 聘請了工程團隊以及目前計劃在本季度後半段進行的營銷活動，除交易成本外，總運營費用將連續增加。與往常一樣，我們的展望假設當前的遠期利率曲線。

Finally, our outlook does not assume a material impact from the rollout of Debit+. For our fourth quarter ending June 30, 2022, we expect GMV of $3.95 billion to $4.05 billion, revenue of $345 million to $355 million, transaction cost of $185 million to $190 million, revenue less transaction cost of $160 million to $165 million, adjusted operating margin of negative 15% to negative 11% and a weighted average share count of 290 million.

最後，我們的展望並未假設 Debit+ 的推出會產生重大影響。對於我們截至 2022 年 6 月 30 日的第四季度，我們預計 GMV 為 39.5 億美元至 40.5 億美元，收入為 3.45 億美元至 3.55 億美元，交易成本為 1.85 億美元至 1.9 億美元，收入減去交易成本為 1.6 億美元至 1.65 億美元，調整後的運營利潤率為負 15% 至負 11%，加權平均股數為 2.9 億股。

For our fiscal year ending June 30, 2022, we now expect GMV of $15.04 billion to $15.14 billion, revenue of $1.33 billion to $1.34 billion, transaction costs of $692 million to $697 million, revenue less transaction cost of $638 million to $643 million, adjusted operating margin of negative 7.6% to negative 6.6% and a weighted average share count of approximately 283 million.

對於我們截至 2022 年 6 月 30 日的財政年度，我們現在預計 GMV 為 150.4 億美元至 151.4 億美元，收入為 13.3 億美元至 13.4 億美元，交易成本為 6.92 億美元至 6.97 億美元，收入減去交易成本為 6.38 億美元至 6.43 億美元，調整後營業利潤率為負 7.6% 至負 6.6%，加權平均股數約為 2.83 億股。

Now I'll turn it over to Max for some closing remarks.

現在我將把它交給 Max 做一些結束語。

Before we open for Q&A, I thought it would be helpful to quickly recap the state of play and our plans for Affirm. First, we are laser-focused on scaling the network, increasing our consumer reach and frequency, going deeper with our existing partners and adding new ones. Our opportunities remain fast with significant under-penetrated markets to reach.

在我們開始問答之前，我認為快速回顧一下比賽狀態和我們的 Affirm 計劃會很有幫助。首先，我們專注於擴展網絡，增加我們的消費者覆蓋面和頻率，與我們現有的合作夥伴進行更深入的合作並增加新的合作夥伴。我們的機會仍然很快，有大量未充分滲透的市場有待觸及。

Second, we will continue investing in our technology, people and brand and doing so with discipline. We have roughly $3 billion in dry powder, and we firmly believe that we are among the most efficient allocators of capital in the industry.

其次，我們將繼續投資於我們的技術、人員和品牌，並有紀律地這樣做。我們擁有大約 30 億美元的干粉，我們堅信我們是業內最有效的資本分配者之一。

Third, as I already mentioned, with excellent unit economics, consistent focus on risk management and a diversified capital access strategy, our plan is to achieve a sustained profitability run rate on an adjusted basis by the end of the next fiscal year.

第三，正如我已經提到的，憑藉出色的單位經濟學、對風險管理的一貫關注和多元化的資本准入戰略，我們的計劃是在下一財年末在調整後的基礎上實現持續的盈利運行率。

And finally, at our core, we are builders, excited by the prospect of solving problems and improving lives. We will leverage our scale and reach to introduce brand new concepts to our merchants and consumers, like Debit+, as we continuously expand our product and revenue lines.

最後，在我們的核心，我們是建設者，對解決問題和改善生活的前景感到興奮。隨著我們不斷擴展我們的產品和收入線，我們將利用我們的規模和影響力向我們的商家和消費者介紹全新的概念，例如 Debit+。

While the macro environment is uncertain, at Affirm, the picture has never been clearer. We are a category leader with massive growth and rapidly expanding market opportunities as the secular trend towards honest, transparent financial products continues. Affirm is in an enviable position, given the depth and breadth of our partner network and our unwavering commitment to financial responsibility.

雖然宏觀環境不確定，但在 Affirm，情況從未如此清晰。隨著誠實、透明金融產品的長期趨勢持續，我們是一個擁有巨大增長和迅速擴大市場機會的類別領導者。鑑於我們合作夥伴網絡的深度和廣度以及我們對財務責任的堅定承諾，Affirm 處於令人羨慕的位置。

As the category begins to go mainstream, the opportunities we can capture are only expanding. We have an incredible team and an inspiring mission. We will continue to scale, drive attractive unit economics and deliver on our mission to improve lives and focus on results. We will now open the line for questions.

隨著該類別開始成為主流，我們可以抓住的機會只會擴大。我們有一個令人難以置信的團隊和一個鼓舞人心的使命。我們將繼續擴大規模，推動具有吸引力的單位經濟效益，並履行我們改善生活和關注結果的使命。我們現在將打開問題線。

(Operator Instructions) Our first question comes from the line of Moshe Orenbuch with Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Moshe Orenbuch。

Great. And I think that the -- Max, the comments that you made about the success with respect to the large merchants and the impact that that's had, maybe you could kind of expand on that. Because obviously, you've got things that are going on that would potentially be able to add others. And yet, you've also got things like what you mentioned with respect to the Chrome browser that could allow for situations where Affirm is not -- it doesn't have a kind of dedicated relationship with the merchant. And so I guess as we look out over the next several years, how should we think about the biggest areas for growth for the company?

偉大的。而且我認為-- Max，您對大型商家的成功及其所產生的影響發表的評論，也許您可以對此進行擴展。因為很明顯，你有一些正在發生的事情可能會增加其他人。然而，你也得到了像你提到的關於 Chrome 瀏覽器的東西，它可能允許 Affirm 不存在的情況——它與商家沒有一種專門的關係。所以我想，當我們展望未來幾年時，我們應該如何考慮公司最大的增長領域？

So the cool thing about building a network -- first of all, thank you for the question, sorry. You've been listening to our sales con for a while. So great question. So the thing about building a network is you have to continuously balance the consumer side and the merchant side. So if we are signing on more and more consumers, we are implicitly adding more places where they might want to go shopping.

所以建立一個網絡很酷——首先，謝謝你的問題，對不起。你聽我們的銷售騙局已經有一段時間了。這麼好的問題。所以建立一個網絡的事情是你必須不斷地平衡消費者端和商家端。因此，如果我們與越來越多的消費者簽約，我們就隱含地增加了更多他們可能想去購物的地方。

So it's essential for us to continue launching direct-to-consumer payment products. Because if someone says, "Hey, I'm a big fan of brand X, and I came from a store [maybe] Peloton, where I'm not likely to repeat over and over," we have to offer them coverage. Otherwise, they will churn, they will (inaudible) active consumer.

因此，我們必須繼續推出直接面向消費者的支付產品。因為如果有人說，“嘿，我是 X 品牌的忠實粉絲，而且我來自一家商店 [也許] Peloton，我不太可能一遍又一遍地重複，”我們必須為他們提供報導。否則，他們會流失，他們會（聽不清）活躍的消費者。

And so the browser extension and the app, which has a marketplace feature in it and the card itself, all the things we're building consumer sites, were all fundamentally about retaining consumers and meeting them where they want to go, where they want to shop. And so that will continue happening, and we see that as both an engagement driver and a revenue driver. Obviously, the products are a little bit different, where we don't have a direct integration with the merchant. But it does not, in any way, reduce our commitment and just attention to innovation on the merchant side.

因此，瀏覽器擴展程序和應用程序，其中包含市場功能和卡片本身，我們正在構建消費者網站的所有東西，從根本上來說都是為了留住消費者，並在他們想去的地方與他們見面，他們想去的地方店鋪。所以這將繼續發生，我們認為這既是參與驅動因素，也是收入驅動因素。顯然，產品有點不同，我們沒有與商家直接集成。但這絕不會降低我們對商家創新的承諾和關注。

We have a whole bunch of stuff. I purposely kept my remarks a little bit shorter this time around, but there's a long list of things that we shipped that have to do with merchants. And I really did not give any credit to those teams just because I wanted to keep it quick. But we're continuously rolling out really interesting stuff like the Adaptive Checkout is a really good example of -- it's just a very, very fundamental piece of tech that we put together.

我們有一大堆東西。這次我故意讓我的發言時間短一點，但是我們運送的東西有一長串與商人有關。而且我真的沒有因為我想保持快速而對那些團隊給予任何信任。但我們不斷推出非常有趣的東西，比如自適應結賬是一個非常好的例子——它只是我們整合的一項非常非常基礎的技術。

It is the future of this (inaudible) industry. Consumers do not need to go through many different funnels. They just need to pick the right product for them, better yet, we should be there helping them pick the right product. That's what Adaptive Checkout does. It literally figures out what is the best way of paying for something. So that will continue happening.

這是這個（聽不清）行業的未來。消費者不需要經過許多不同的渠道。他們只需要為他們挑選合適的產品，更好的是，我們應該在那裡幫助他們挑選合適的產品。這就是自適應結賬的作用。它從字面上弄清楚什麼是支付某事的最佳方式。所以這將繼續發生。

And part of why we need to continue hiring engineers, you only maintain strong unit economics if you're able to offer something that no one else can sell. competition on price sucks if you have a commodity that everybody else has. If you're building stuff that no one else got, you can actually sell it at a good price and not worry about someone undercutting you.

我們需要繼續招聘工程師的部分原因是，只有當你能夠提供其他人無法銷售的東西時，你才能保持強勁的單位經濟效益。如果您擁有其他人都擁有的商品，那麼價格競爭就會很糟糕。如果您正在構建其他人沒有的東西，您實際上可以以優惠的價格出售它，而不必擔心有人削弱您。

Got it. And as a follow-up question, Michael, one of the questions that we get most often from investors is, in the face of a rising rate environments, obviously, you have some products where the consumer is the primary one that's been charged, and either that's merchants -- charged to the merchant, particularly the 0% category. Could you talk a little bit about your plans as to how to kind of manage the rising interest rate environment for each of those products and maybe what you've also done to date, if anything?

知道了。作為一個後續問題，邁克爾，我們最常從投資者那裡得到的問題之一是，面對利率上升的環境，很明顯，你有一些產品，其中消費者是主要的被收費對象，並且要么是商家 - 向商家收費，特別是 0% 類別。您能否談談您的計劃，即如何管理每種產品的利率上升環境，以及您迄今為止還做了什麼，如果有的話？

Yes. We really haven't had to take any action to date. If you look at the merchant fee rate slide in our supplement, you'll see, again, relatively constant merchant fees. We view that as a real marker of success. In the face of pretty heavy competition, we're able to maintain and even grow, in some cases, the merchant fee side. And of course, as we talk a lot about on the APR side and the consumer side, those rates are strong enough to allow us to deliver really compelling unit economics.

是的。到目前為止，我們真的不需要採取任何行動。如果您查看我們補充文件中的商戶費率幻燈片，您會再次看到相對穩定的商戶費率。我們認為這是成功的真正標誌。面對相當激烈的競爭，我們能夠保持甚至增長，在某些情況下，商家費用方面。當然，正如我們在 APR 方面和消費者方面談論的很多，這些費率足以讓我們提供真正引人注目的單位經濟效益。

And that's the lens through which we look at this question. And it is true that as rates go up, there is pressure on the funding side of our business. But it is a mistake to think about that as a flow-through on a linear basis. We have many different funding channels with staggered maturities and very different structures.

這就是我們看待這個問題的視角。誠然，隨著利率上升，我們業務的資金方面面臨壓力。但將其視為線性基礎上的流通是錯誤的。我們有許多不同的融資渠道，期限交錯，結構也大不相同。

And as I mentioned, for example, we just onboarded a new forward-flow partner, who is an insurance company, has a very different view of rates and how they think about that versus, say, access to quality assets over time. That allows us to manage it in the nearer term. I think in the very long run, so going out more than a year, you would expect us to need to start to take action, but that's more of a long-term thing than anything we deal with tactically in the near term.

正如我所提到的，例如，我們剛剛加入了一個新的前向流動合作夥伴，他是一家保險公司，對費率以及他們如何看待這一點與例如隨著時間的推移獲得優質資產有著截然不同的看法。這使我們能夠在近期內對其進行管理。我認為從長遠來看，所以離開一年多，你會期望我們需要開始採取行動，但這更像是一個長期的事情，而不是我們在短期內從戰術上處理的任何事情。

Our next question comes from the line of Dan Perlin with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Dan Perlin。

Lots of good stuff here. I wanted to just touch on -- and I suspect you're going to kind of shed light in a little bit, but I wanted to touch on this path to profitability on an adjusted operating income basis. My question is when you think about it or when you kind of laid this plan out, how much of this is really a function of some of the scale-driven benefits that you've been able to accrue over the past several years versus really management's desire to kind of reach profitability sooner?

這裡有很多好東西。我想談談 - 我懷疑你會稍微闡明一下，但我想在調整後的營業收入基礎上談談這條盈利之路。我的問題是，當您考慮它或製定此計劃時，其中有多少是您在過去幾年中能夠積累的一些規模驅動收益與真正管理層的收益的函數希望盡快實現盈利？

And then the second piece of that is, is there anything in the macro environment that's compelling you to want to pull that forward? Or is this really in line with your long-term plan that we may or may not have been really aware of?

然後第二部分是，在宏觀環境中是否有任何東西迫使你想要推動它向前發展？或者這是否真的符合我們可能或可能沒有真正意識到的長期計劃？

Good question. So first of all, the most important thing to take away is that it really is the scale that's allowing us to get there. I mean if you look back a few quarters, you'll see that we were sort dangerously flirting with profitability without ever seeing it outlapped. I think it was a useful and intelligent thing to do to tell the market, hey, we know exactly when it's going to happen, here's a date. But it's not the same thing as saying, oh, I wish we got to get there fast. So let's pull some tricks and do unnatural things. Not at all.

好問題。所以首先，最重要的是，它確實是讓我們到達那裡的規模。我的意思是，如果你回顧幾個季度，你會發現我們有點危險地與盈利能力調情，卻從未看到它被超越。我認為告訴市場這是一件有用且明智的事情，嘿，我們確切地知道它什麼時候會發生，這是一個日期。但這與說，哦，我希望我們能快點到達那裡不是一回事。所以讓我們拉些花樣，做一些不自然的事情。一點也不。

And so in that sense, it really is the function -- the difficult thing was to build a product that commands a price and maintains a good margin and to be disciplined about credit. You can grow [nx] faster if you just approve everyone, and some of our competitors do that. And it's a lot easier, but you then have to deal with bad losses. We are not okay with bad losses or losses that we can't control.

所以從這個意義上說，它確實是功能——困難的是製造一種產品，它可以控制價格並保持良好的利潤率，並在信用方面受到紀律處分。如果您批准所有人，您可以更快地發展 [nx]，而我們的一些競爭對手就是這樣做的。這要容易得多，但你必須處理嚴重的損失。我們不能接受糟糕的損失或我們無法控制的損失。

And so those are all things that we've always done, and that's the scale advantage that we have today is the variable revenue or adjusted -- I'm going to trip up on my accounting terms, Michael will correct me later. But at a certain scale, your fixed costs get overwhelmed by your variable revenue is basically what's happening here.

所以這些都是我們一直在做的事情，這就是我們今天擁有的規模優勢是可變收入或調整後的收入——我將在我的會計條款上犯錯，邁克爾稍後會糾正我。但是在一定規模上，您的固定成本會被可變收入壓倒，這基本上就是這裡發生的事情。

So yes, the statement about profitability is fundamentally about telling the market, we've always had a plan, we know where we're going, here's save the dates. We'll continue to invest. We are not doing unnatural things to get there.

所以是的，關於盈利能力的聲明基本上是關於告訴市場，我們一直有一個計劃，我們知道我們要去哪裡，這裡保存日期。我們將繼續投資。我們並沒有做不自然的事情來到達那裡。

Yes. No, that's fantastic. Just a quick follow-up on the engagement here, again, very impressive, you said, 2.7% in the current quarter. Last quarter, it was 2.5%. So that's all happening at the time you've got this massive active customer increase. The question I have here is, are you finding that in that repeat usage, the 81% versus kind of 75% last quarter, are the consumers using the same product again as they come in as a Split Pay user and they're always a Split Pay user?

是的。不，那太棒了。只是對這裡的參與度進行快速跟進，再次，非常令人印象深刻，你說，本季度為 2.7%。上個季度為 2.5%。因此，這一切都發生在您獲得大量活躍客戶增加的時候。我在這裡的問題是，您是否發現在重複使用中，81% 與上一季度的 75% 相比，消費者是否再次使用相同的產品，因為他們作為 Split Pay 用戶進入並且他們總是拆分付費用戶？

Or are they finding that within that 81%, there's some diversification and they may even mature into other products? I know you able to not steer them, but to incentivize them, I guess, or maybe educate them into other options that may even be better for them?

或者他們是否發現在這 81% 中存在一些多樣化，甚至可能成熟到其他產品？我知道你不能引導他們，但要激勵他們，我猜，或者可能教育他們接受其他可能對他們更好的選擇？

It's a great question. There's definitely a lot more to unpack there than I suspect the time allows. Here's just like bullet points that are sort of easy to rattle off. So the probability of repeating at the same store is, generally speaking, highest for a majority of stores. There are some unique stores where you're just not going to come back because you already have a (inaudible). But vast majority of time, especially for some of the largest partnerships, it is highly likely that you will repeat at the store where you came from.

這是一個很好的問題。肯定比我懷疑時間允許的要多得多。這就像很容易喋喋不休的要點一樣。因此，一般來說，大多數商店在同一家商店重複的概率最高。有一些獨特的商店你不會再回來了，因為你已經有一個（聽不清）。但絕大多數時候，特別是對於一些最大的合作夥伴來說，你很可能會在你來自的商店重複。

Two, there is definitely propensity to repeat on the same product initially. But as each cohort matures and we have more opportunities to teach them what else Affirm can do for them, it widens. Three, there's a fundamental difference between the behavior of people that have our app and the ones that don't. Like that is just a profoundly different behavioral pattern, and I could write a small science paper on that one. But once you're using the app, you're basically starting to think of Affirm as a replacement for your purchasing device. Let's use that. Let's see what else can I say very quickly.

第二，最初肯定有重複相同產品的傾向。但隨著每個群體的成熟，我們有更多機會教他們 Affirm 還能為他們做些什麼，它會擴大。第三，擁有我們應用程序的人和不擁有我們應用程序的人的行為之間存在根本區別。就像那隻是一種截然不同的行為模式，我可以就此寫一篇小的科學論文。但是，一旦您使用該應用程序，您基本上就會開始將 Affirm 視為您購買設備的替代品。讓我們使用它。讓我們看看我還能說些什麼。

The last thing that's worth knowing, so Adaptive Checkout, which I sort of bragged about a little earlier, is basically -- you can think of it as a router for financial tools. We have sort of unpacked the credit card. The idea of like hey, just swipe your card, we'll figure it out later, it's actually a really convenient user interface, it's terrible for you as a sort of financial position, personally, but it's a really, really nice user interface.

最後一件值得知道的事情，即我早些時候吹噓過的自適應結賬基本上是——你可以把它想像成金融工具的路由器。我們已經打開了信用卡的包裝。像嘿，刷你的卡，我們稍後會弄明白的想法，它實際上是一個非常方便的用戶界面，這對你個人來說是一種財務狀況很糟糕，但它是一個非常非常好的用戶界面。

And the big thing that we have to accomplish here was to continue offering you the choice. But we kind of have to guide you to a good decision because they're -- already we have a lot of choices and you are used to be no choice at all for your credit card. So Adaptive Checkout is that idea. It's kind of just where you say, "Hey, here's 3 choices. This one is no interest at all. This one is a little bit longer term, but has some interest, et cetera."

我們必須在這裡完成的最重要的事情是繼續為您提供選擇。但是我們必須引導您做出正確的決定，因為它們已經 - 我們已經有很多選擇，而您過去對於您的信用卡根本沒有選擇。所以自適應結賬就是這個想法。這就像你說的那樣，“嘿，這裡有 3 個選擇。這個根本沒有興趣。這個有點長期，但有一些興趣，等等。”

As we deploy that across more and more services, you will see more product cross-pollination, and we're right in the middle of just pushing that very, very hard. Like literally, I'm watching the first numbers coming in from some of the deployments outside of our own products. And probably next quarter, we'll start talking about what that cross-pollination really looks like.

隨著我們在越來越多的服務中部署它，你會看到更多的產品交叉授粉，而我們正處於非常非常努力地推動這一點的過程中。就像字面意思一樣，我正在觀察來自我們自己產品之外的一些部署的第一批數字。可能在下個季度，我們將開始討論異花授粉的真正樣子。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

I wanted to ask about on your credit performance. You said it had been a little bit better than you had thought, Michael. And can you talk a little bit about how you're managing that right now, especially with the changing environment? Are you being more restrictive at different points? Or are you finding that, that isn't necessary yet? Just wondering how you're -- just wondering if you can give a little color in terms of how you're managing the credit applications and going out of credit right now?

我想問一下你的信用表現。你說這比你想像的要好一點，邁克爾。你能談談你現在是如何管理的嗎，尤其是在不斷變化的環境中？你是否在不同的點上更加嚴格？或者你是否發現，那還沒有必要？只是想知道你現在怎麼樣 - 只是想知道你是否可以就你現在如何管理信用申請和退出信用提供一點顏色？

I'll start, and Michael will probably give a more precise answer. So we always manage it exactly the same way. We have not at all changed our approach. We look at both vertical and horizontal slices. We ask the question, how is this [bouyant of] American Society is doing, Canadian, Australian? How are they overall in terms of their job security and sort of the policy set sort of this horizontal slice? And then vertically, we ask the question, how is this -- how are the sales in this [emerging] category?

我會開始，邁克爾可能會給出更準確的答案。所以我們總是以完全相同的方式管理它。我們根本沒有改變我們的方法。我們同時查看垂直和水平切片。我們問一個問題，加拿大、澳大利亞的這個美國社會的 [bouyant] 做得如何？他們在工作保障和該水平切片的策略集排序方面總體如何？然後垂直地，我們問這個問題，這是怎麼回事 - 這個[新興]類別的銷售情況如何？

We know what folks are selling. We know if it's selling better or worse, which means that the advertising campaigns that drive consumer demand can reach audiences that are potentially overextended already and maybe shouldn't be borrowing. So all of that feeds into the policy setting. And then we tune it, but we tune it all the time. It's not a thing that we sort of get together and say, all right, it's been a quarter, let's talk about it. Like we talk about it literally every Monday morning.

我們知道人們在賣什麼。我們知道它的銷售情況是好是壞，這意味著推動消費者需求的廣告活動可以接觸到可能已經過度擴張並且可能不應該借錢的受眾。因此，所有這些都會影響到政策設置。然後我們調整它，但我們一直在調整它。這不是我們聚在一起說的事情，好吧，已經四分之一了，讓我們談談吧。就像我們每週一早上都會談論它一樣。

There is a triage conversation about credits with our Head of Risk in the room, with the executive team and we review all of our numbers. And say, hey, how do we feel about the American consumer at the highest level? And then we dive deep into here's this product, here's old Split Pay, how is it doing on Shopify? And so that's what we're doing.

我們的風險主管在房間裡與執行團隊進行了關於信用分流的對話，我們審查了所有的數字。說，嘿，我們對最高級別的美國消費者有什麼看法？然後我們深入了解這個產品，這是舊的 Split Pay，它在 Shopify 上的表現如何？這就是我們正在做的事情。

And if it's performing a little bit better typically means that the precautionary steps we took were slightly less necessary than we expected -- at least 1 or 2 degrees to the right or to the left. It's never, let's pull a handbrake and we overtighten it or something like that. We really do not run it like a banquet. And so it's was very, very [evocative]. Michael would probably have better numerical answers.

如果它的表現好一點通常意味著我們採取的預防措施比我們預期的要少一些——至少向右或向左傾斜 1 或 2 度。從來沒有，讓我們拉手剎然後我們把它拉得太緊或類似的東西。我們真的不把它當作宴會來辦。所以它非常非常[令人回味]。邁克爾可能會有更好的數字答案。

No. I think the other thing, guys, is we look at the unit economics in the business whether you measure that to the financial statements, like we do in the revenue less transaction costs, or you look at on a horizontal basis. And we make sure that there's enough economic content, and we make sure that we make credit decisions consistent with that. The things we're always looking at is, based upon prior originations, how are they trending against the forecasted numbers. And given the very short duration of our asset, we're able to get that signal very quickly, feed it back into decisioning.

不。伙計們，我認為另一件事是，我們會查看業務中的單位經濟學，無論您是否將其衡量為財務報表，就像我們在收入減去交易成本時所做的那樣，或者您在水平的基礎上進行查看。我們確保有足夠的經濟內容，並確保我們做出與此一致的信貸決策。我們一直關注的事情是，根據先前的起源，它們與預測數字的趨勢如何。鑑於我們資產的持續時間很短，我們能夠非常迅速地獲得該信號，並將其反饋給決策。

And if you just look at where we're at right now, we did better on the revenue less transaction cost line in large part because we performed better. This is a bit of a counter-signal to what you're seeing in a lot of other companies right now, and we attribute that mostly to the fact that we're pretty careful on the front end, and we're very diligent about managing it, as Max alluded to.

如果你看看我們現在所處的位置，我們在收入減去交易成本方面做得更好，這在很大程度上是因為我們表現更好。這與您現在在許多其他公司看到的情況有點相反，我們將其主要歸因於我們在前端非常小心，而且我們非常勤奮正如 Max 所暗示的那樣，管理它。

Got it. I appreciate that. And then when we look at you're adding additional capital partners and commitments, et cetera, how are you feeling about where you're positioned now with kind of those commitments versus your growth targets? Is there a lot of cushion there? I know you haven't given guidance for next year. But obviously, I would assume that those carry into next year, et cetera. So just wondering if you can give a little bit of nuance and color of where you're at versus where you want to be on both capital commitment and how that relates to your growth ambitions generally?

知道了。我很感激。然後，當我們看到您正在增加額外的資本合作夥伴和承諾等時，您對這些承諾與您的增長目標相比，您現在的定位如何？那裡有很多墊子嗎？我知道你沒有給出明年的指導。但顯然，我會假設這些會持續到明年，等等。因此，只是想知道您是否可以在資本承諾以及這與您的總體增長野心之間的關係方面，就您所處的位置與您想要的位置提供一些細微差別和色彩？

Yes. I think the easiest way is we feel really, really good. We ended the quarter with $9 billion of capacity. We actually have over $10.1 billion as we sit here today. Additional capital that we talked about on the call, the '22 A deal and the ABS market as well as the onboarding of the new forward-flow partner, both of those 2 are just, we think, massive endorsements of the product. I think it's just -- it's a good time to remind everybody that there is widespread support for the asset we generate in the capital markets. And we have not seen that be a real difficulty.

是的。我認為最簡單的方法是我們感覺非常非常好。我們以 90 億美元的產能結束了本季度。我們今天坐在這裡，實際上擁有超過 101 億美元。我們在電話會議上談到的額外資本、'22 A 交易和 ABS 市場以及新的前向流動合作夥伴的入職，我們認為，這兩者都只是對該產品的大規模認可。我認為現在是提醒大家的好時機，我們在資本市場上產生的資產得到了廣泛的支持。我們還沒有看到這是一個真正的困難。

We have seen the overall macro market change. So that changes rates, it changes spread. But the asset underneath it, the asset we create continues to be something that all of our capital partners both understand and value and even the rating agent sees value, as I talked about, the AAA rating on the senior tranche in our last ABS deal. That suggests we're producing really quality assets, and it's linked back to the credit question.

我們已經看到了整體宏觀市場的變化。所以這改變了利率，它改變了傳播。但它下面的資產，我們創造的資產，仍然是我們所有資本合作夥伴都理解和重視的東西，甚至評級代理人也看到了價值，正如我所說，我們上次 ABS 交易中高級部分的 AAA 評級。這表明我們正在生產真正優質的資產，這與信用問題有關。

So if we keep our eye on the ball and produce good assets, like we have been and will continue to do, we feel really good about it. We're not giving guidance, like you said, for fiscal '23, but we feel very good about where we stand. If anything, I think you're going to see us continue to be slightly larger on capacity or lower in utilization because of the macro concerns, even though we actually don't have those as a management team.

因此，如果我們密切關注球並產生良好的資產，就像我們一直並將繼續做的那樣，我們會感覺非常好。就像你說的那樣，我們沒有為 23 財年提供指導，但我們對自己的立場感到非常滿意。如果有的話，我認為你會看到我們的產能繼續略大或由於宏觀問題的利用率降低，即使我們實際上沒有這些作為管理團隊。

Our next question comes from the line of Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

So yes, just a couple of things. Maybe I'll come back to the sustained profitability messaging. Just wondering if you can quantify that at all. I'm just thinking back to the Analyst Day last year when I think you guys had said that adjusted operating margin would get to the 0% to 10% range once revenue growth had slowed to 20% to 30%, GMV to 30% to 40%. So is that the right way to think about where you may exit fiscal '23? Just wondering how we should view that in light of the Analyst Day? Or do you feel like this is a little bit of a kind of updated messaging, just given how much the macro environment has changed?

所以是的，只是幾件事。也許我會回到持續盈利的信息。只是想知道你是否可以量化它。我只是回想起去年的分析師日，當時我認為你們說過，一旦收入增長放緩至 20% 至 30%、GMV 至 30% 至 30%，調整後的營業利潤率將達到 0% 至 10% 範圍40%。那麼這是考慮退出 23 財年的正確方法嗎？只是想知道我們應該如何看待分析師日？或者你覺得這有點像是一種更新的消息，只是考慮到宏觀環境發生了多少變化？

Yes. Thanks for the question, and I appreciate the way you word it. This is definitely, as we say, [an and]. This does not replace our prior nor is it meant to suggest that we think growth will slow. Quite the opposite, as Max talked about. And to be really clear, we do not think that the decisions we'll take in order to get us to that breakeven or better adjusted operating income will result in any sort of slowdown in growth period.

是的。謝謝你的問題，我很欣賞你的措辭。正如我們所說，這絕對是[an and]。這並不取代我們之前的觀點，也不意味著我們認為增長將會放緩。正如馬克斯所說，恰恰相反。並且要非常清楚，我們認為我們為使我們達到盈虧平衡或調整後的營業收入而做出的決定不會導致增長期出現任何形式的放緩。

In fact, the growth will allow us to achieve it, and the focus on unit economics will get us there inevitably. So don't -- please don't read into us suggesting that the growth rates will slow. Quite the opposite. We feel very good about the growth into next year. While we're not giving any guidance today, I think there are a few trends that are worth highlighting. The first is that, remember, we were experiencing the full year of both Shopify and Amazon. And that's just the full year with those deals, but the full year with expanded product rollouts.

事實上，增長將使我們能夠實現它，而對單位經濟學的關注將不可避免地讓我們實現這一目標。所以不要 - 請不要讀到我們暗示增長率會放緩。恰恰相反。我們對明年的增長感覺非常好。雖然我們今天沒有提供任何指導，但我認為有一些趨勢值得強調。首先，請記住，我們經歷了 Shopify 和亞馬遜的全年。這只是這些交易的全年，而是擴大產品推出的全年。

We talked about the expansion on Shopify to new products, including Adaptive Checkout, but also all the optimizations that Max talks so often about, where it's the sum of a lot of little things that we're doing with these large partners. That's going to be a key avenue for growth for us. And as always, we talk about Debit+ as the thing that will continue to be very incremental to any of the current run rate in the business. And so we feel really good about growth in the next year. We're not giving any guidance, but please don't hear our profitability target as any indication that we expect to slow down. Quite the opposite.

我們談到了 Shopify 對新產品的擴展，包括 Adaptive Checkout，以及 Max 經常談到的所有優化，這是我們與這些大型合作夥伴所做的許多小事的總和。這將是我們增長的關鍵途徑。與往常一樣，我們將 Debit+ 視為將繼續對當前業務中的任何運行速度產生巨大影響的事物。所以我們對明年的增長感覺非常好。我們沒有提供任何指導，但請不要將我們的盈利目標視為我們預計放緩的任何跡象。恰恰相反。

Very helpful. And then just on gross profit on revs less transaction expense. You're going to exit this year, I mean, based on your Q4 guide, just at or maybe a hair above the top end of the 3% to 4% longer-term range. And I know we'll have to wait until next quarter to get kind of a full complement of guidance. But is there any reason to believe, sitting here today, that you won't be able to comfortably stay in that range next fiscal year?

很有幫助。然後只是在轉速上的毛利潤減少了交易費用。我的意思是，根據您的第四季度指南，您今年將退出，僅在 3% 至 4% 的長期範圍的頂端之上，或者可能略高於頭髮。而且我知道我們必須等到下個季度才能獲得完整的指導。但是，有什麼理由相信，今天坐在這裡，下個財政年度你將無法舒適地保持在這個範圍內嗎？

Absolutely not. We feel very strong about our ability to deliver that in any market environment, and we'll continue to use that as the range talked about in the business. This quarter saw us pretty materially above that range. And again, I would characterize that as being a little bit warmer than we want it to be. 3%, 4% is a very good range for us. This is the fifth straight time we've hit our commitments, and we would expect to continue to do that, and we're committed to do 3% to 4%.

絕對不。我們對我們在任何市場環境中實現這一目標的能力感到非常強烈，我們將繼續使用它作為業務中討論的範圍。本季度我們看到我們大大高於該範圍。再一次，我將其描述為比我們想要的更溫暖。 3%、4% 對我們來說是一個非常好的範圍。這是我們連續第五次兌現承諾，我們希望繼續這樣做，我們承諾做到 3% 到 4%。

Our next question comes from the line of Ramsey El-Assal with Barclays.

我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I want to follow up on Jason's last question. In terms of the timing of the ramp of the Shopify expansion and also of the Stripe deal, will that -- should we think of that as just hitting 2023 rather than having an impact later this year? And in addition, how long is the shop renewal for? I think I saw in the press release multiyear. I'm not sure if you can tell us exactly how long it was for.

我想跟進 Jason 的最後一個問題。就 Shopify 擴張和 Stripe 交易的時間安排而言，我們是否應該認為這只是到 2023 年而不是在今年晚些時候產生影響？另外，店鋪續約時間是多久？我想我在新聞稿中看到了多年。我不確定你是否能準確地告訴我們它持續了多長時間。

Yes. Last question first. It's all the way through June of 2025. The timing -- we are in the midst of rolling out additional products with Shopify right now, as Max mentioned. It's uncertain if it will have any material impact in the next 6 weeks of the quarter, but feel good about it. I think that and the Stripe deal are much bigger going into fiscal '23. And then, Max, maybe you can provide some color on the Stripe deal?

是的。先說最後一個問題。一直到 2025 年 6 月。正如 Max 所說，我們現在正在通過 Shopify 推出更多產品。不確定它是否會在本季度接下來的 6 週內產生任何實質性影響，但感覺很好。我認為，進入 23 財年，Stripe 的交易規模要大得多。然後，Max，也許你可以為 Stripe 交易提供一些顏色？

Sure. Stripe deal is super-cool. Basically, one of the common delays, if you will -- when we sign a merchant to launch them, the customers always say, "Hey, how long is it going to be before we can go live," say, "Hey, we've got to put $200 script into your checkout and on your product page and off you go." And then we have to integrate with your payment system and plumb, if you will, the settlement and money transfer and everything.

當然。條紋交易非常酷。基本上，如果您願意的話，這是常見的延遲之一——當我們與商家簽約以推出它們時，客戶總是說，“嘿，我們要多久才能上線，”說，“嘿，我們必須將 200 美元的腳本放入您的結帳和產品頁面，然後就可以離開了。”然後我們必須與您的支付系統整合，如果您願意，我們還需要整合結算和匯款等等。

And if you have a deal with an existing payment provider for that merchant, Eg, FIS or Global Payments or Adyen or Stripe, which is the latest one, you can literally replace that whole back-end integration with, yes, we'll just route a firm transactions on the rail that has already been put in there by Stripe. And that's literally flipping a switch to an enormous number of merchants that have partnered with Stripe. It's literally millions in their case.

如果您與該商家的現有支付提供商達成交易，例如 FIS 或 Global Payments 或 Adyen 或 Stripe，這是最新的，您可以將整個後端集成替換為，是的，我們將只是在已由 Stripe 放入的鐵路上進行確定的交易。這實際上改變了與 Stripe 合作的大量商家的轉變。在他們的情況下，這實際上是數百萬。

We also have a bunch of really interesting projects planned with them that probably would be on the scope. Again, I would want you to not think of them as an immediately accretive thing, but it is a vast market opportunity that we're very, very excited. And as a longtime friend and fan of Stripe and full disclosure investor in the company, we're very happy with the partnership there.

我們還與他們一起計劃了許多非常有趣的項目，這些項目可能會在範圍內。同樣，我希望您不要將它們視為立即增值的東西，但這是一個巨大的市場機會，我們非常非常興奮。作為 Stripe 的老朋友和粉絲以及公司的全面披露投資者，我們對那裡的合作夥伴關係感到非常滿意。

Great. Sounds like a pretty...

偉大的。聽起來像一個漂亮的...

It's all about creating these avenues for more growth for many years forward. That's what this is all about.

這一切都是為了在未來的許多年里為更多的增長創造這些途徑。這就是一切。

Perfect. A follow-up from me. Sales and marketing expense was down quarter-over-quarter quite a bit. And I guess, first, how should we think about that line going forward in terms of where it might stand as a percentage of revenue. But in addition, as you ramp with the larger platforms and brands like Amazon, Shopify, et cetera, can you -- will that have a positive impact on your marketing spend? Can you rely on their brand and their marketing spend effectively to kind of take some of the pressure off your P&L?

完美的。我的後續行動。銷售和營銷費用環比下降不少。我想，首先，我們應該如何考慮這條線在收入中所佔的百分比。但此外，隨著您使用更大的平台和品牌，如 Amazon、Shopify 等，您能否對您的營銷支出產生積極影響？您能否有效地依靠他們的品牌和營銷支出來減輕損益表的壓力？

So first, on a non-GAAP basis, you did see sales and marketing come down quite a bit sequentially and really even on a year-on-year basis. That is mostly due to the timing of some marketing campaigns that we run. We talk a lot about this, but our marketing activity isn't tied to in-quarter revenue or GMV generation. The kind of investments that we've been making over the past year have really been around building a brand and building awareness in the consumer, which has a less direct and less tied to in-quarter performance measure.

因此，首先，在非公認會計原則的基礎上，您確實看到銷售和營銷連續下降，甚至同比下降。這主要是由於我們開展的一些營銷活動的時機。我們對此進行了很多討論，但我們的營銷活動與季度收入或 GMV 生成無關。我們在過去一年中所做的那種投資實際上是圍繞建立品牌和建立消費者意識，這與季度績效指標的直接關係和關聯性較低。

And that's why you're able to see, in this quarter, really strong growth despite pretty substantially less amount of sales and marketing on a non-GAAP basis. I think going forward, we're not prepared to give you any indication about the shape of the P&L or where we expect those lines to be. But obviously, as we work ourselves towards breakeven or better on adjusted operating income line, we would expect leverage across all of our fixed cost lines.

這就是為什麼你能夠在本季度看到真正強勁的增長，儘管在非公認會計準則基礎上的銷售和營銷數量大大減少。我認為，展望未來，我們不准備向您提供任何有關損益表形狀或我們期望這些線在哪裡的跡象。但顯然，隨著我們在調整後的營業收入線上努力實現盈虧平衡或更好，我們預計我們所有的固定成本線都會有槓桿作用。

Our next question comes from the line of Andrew Jeffrey with Truist Securities.

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

Certainly appreciate you taking the question and appreciate the conviction, Max, as usual. Michael, we get a lot of questions about the fin side of the business, not as much the tech side of the business. And a couple of things stand out to me, and I wanted to ask first about just the platform portfolio and funding mix, Slide 19.

像往常一樣，當然感謝您提出問題並感謝您的信念，Max。邁克爾，我們收到了很多關於業務財務方面的問題，而不是業務的技術方面。有幾件事對我來說很突出，我想首先問一下平台組合和資金組合，幻燈片 19。

The fact that equity capital required is actually down to 2%, there was a lot of talk about a securitization that didn't get done intra-quarter, for example. Is that a sustainable level? To me, that's super impressive, given -- especially given all the concerns about liquidity that seemed to be swirling around the market and around a firm in particular?

事實上，所需的股權資本實際上已降至 2%，例如，有很多關於在季度內沒有完成的證券化的討論。這是一個可持續的水平嗎？對我來說，這是非常令人印象深刻的，尤其是考慮到所有對流動性的擔憂似乎都在市場上，尤其是在一家公司周圍盤旋？

Yes. I appreciate the question. Yes. I think we've said that we'd like to be below 5% on a sustainable basis and feel like that's a good range to be at. You'll see an ebb and flow quarter-to-quarter based upon how much forward-flow or onetime deals might happen in this last quarter saw a securitization happened early in the quarter, which I guess folks weren't really attending to, that actually allowed us to move quite a bit of our 0% paper off the balance sheet.

是的。我很欣賞這個問題。是的。我認為我們已經說過我們希望在可持續的基礎上低於 5%，並且覺得這是一個很好的範圍。根據上一季度可能發生的遠期交易或一次性交易的數量，您會看到季度到季度的潮起潮落，因為在本季度初發生了證券化，我猜人們並沒有真正注意，那實際上允許我們將相當多的 0% 票據從資產負債表中移出。

And you can see that at the top bar on that chart, there you see on that slide. That will continue to be the way we want to operate. We want to be both durable and the quantum of capital that we have access to. We want to deliver the unit economics that we've signed up for and be very efficient with the shareholders' capital. We definitely never want to let growth be impacted by our capital program.

您可以在該圖表的頂部欄中看到，您可以在該幻燈片上看到。這將繼續是我們想要的運作方式。我們希望既耐用又擁有我們可以獲得的資本數量。我們希望提供我們已簽署的單位經濟，並在股東資本方面非常有效。我們絕對不想讓增長受到我們的資本計劃的影響。

So we're always going to be overfunded with excess capacity. And you've seen us do that this past quarter, and we'll do that into the future, while still delivering the strong units. So I would say that we'd be below 5%, but I don't know that would stay in the 2% range sustainably. And again, I just would reiterate that I think our team is doing a very good job executing in these pretty volatile markets. And we're pretty proud of the access to capital that we enjoy right now because we generate a high-quality asset.

因此，我們總是會因產能過剩而資金過剩。你已經看到我們在過去一個季度這樣做了，我們將在未來這樣做，同時仍然提供強大的單位。所以我會說我們會低於 5%，但我不知道這會持續保持在 2% 的範圍內。再說一次，我只想重申，我認為我們的團隊在這些相當動蕩的市場中執行得非常好。而且我們為我們現在享有的獲得資本感到非常自豪，因為我們產生了高質量的資產。

Yes. That's clear. I appreciate that. And then, Max, maybe a question. I know it's early on Affirm Debit+. But can you talk about any learnings or thoughts about inflows and the ability to drive direct deposit attach? And what you think the opportunity is for growth from more recurring spend on that product?

是的。這很清楚。我很感激。然後，Max，也許是一個問題。我知道 Affirm Debit+ 還早。但是你能談談關於流入和推動直接存款附加的能力的任何學習或想法嗎？您認為該產品的更多經常性支出帶來的增長機會是什麼？

See, I promised myself and Michael that I will not jump out with a bunch of cool stats. And yet, as an engineer, I'm prone to them. Here's a cool one. The #1 most visited physical retail used by consumers right now is Walmart groceries, which I think it's probably true for a lot of America. But it's, to me, a super anecdotal, so just ignore it, if you will. But it tells you that a subset of consumers that we have given the card to now use it to buy groceries, which I think that's probably the sort of warmest fuzziest news I've heard about the product so far. It's super-infant, very, very baby product.

看，我向自己和邁克爾保證，我不會帶著一堆很酷的數據跳出來。然而，作為一名工程師，我很容易受到他們的影響。這是一個很酷的。目前消費者使用的訪問量最大的實體零售店是沃爾瑪雜貨店，我認為這對很多美國人來說可能都是正確的。但對我來說，這是一個超級軼事，所以請忽略它，如果你願意的話。但它告訴你，我們已經給卡的一部分消費者現在用它來購買雜貨，我認為這可能是迄今為止我聽到的關於該產品的最溫暖、最模糊的消息。它是超級嬰兒，非常非常嬰兒產品。

It has, on the current UX (inaudible) something and it's going to be in the thousands before we're satisfied here. But the fact that people are using it to buy food is the best indicator I've heard. Like we want it to be top of wallet. We want it to be the thing that people take to go shopping for their family to give them financial flexibility. I have a lot of miles and commitment to this product to go.

在當前的 UX（聽不清）上，它有一些東西，而且在我們對此感到滿意之前，它會達到數千個。但人們用它來購買食物這一事實是我聽過的最好的指標。就像我們希望它成為錢包的頂部一樣。我們希望它成為人們為家人購物時攜帶的東西，以賦予他們財務上的靈活性。我有很多里程和對這個產品的承諾。

In terms of shareable statistics, it's growing at ridiculous rates right now, but it's also completely self-stimulated in the sense that we're finally opening up to a bunch of waitlist users. So of course, it's going to grow at crazy rates. At some point, it's going to even out, and then we'll know what the natural growth rate looks like. We will open it up to the entire Affirm base. Once the waitlist is cleared out, you'll just have a button in your Affirm app saying, "Hey, do you want your card." So we need a little bit more time to scale.

就可共享的統計數據而言，它現在正以荒謬的速度增長，但從某種意義上說，它也完全是自我刺激的，因為我們終於向一群候補名單用戶開放了。所以當然，它會以瘋狂的速度增長。在某個時候，它會趨於平衡，然後我們就會知道自然增長率是什麼樣的。我們將向整個 Affirm 基地開放。一旦候補名單被清除，您的 Affirm 應用程序中就會有一個按鈕，上面寫著“嘿，你想要你的卡嗎？”所以我們需要更多的時間來擴大規模。

And my team is alerting me that I misspoke earlier, in Q3, it was an interest-bearing, not 0%. In any event, it got off-sheet and priority execution. I wanted to make sure that got [red-inked], so they don't get attacked.

我的團隊提醒我，我早些時候在第三季度說錯了，這是計息，而不是 0%。無論如何，它得到了表外和優先執行。我想確保 [red-inked]，這樣他們就不會受到攻擊。

Our next question comes from the line of Dan Dolev with Mizuho.

我們的下一個問題來自丹·多列夫（Dan Dolev）和瑞穗（Mizuho）的觀點。

So just really quick, can you give us a sense of sort of the interplay between the reserves and the charge-offs? Charge-offs of rising reserves are -- seem to be coming down. Like how much of it is, Michael, like denominator/Split Pay difference -- mix difference? And then I have a quick follow-up.

所以真的很快，你能給我們一種儲備和沖銷之間相互作用的感覺嗎？對不斷增加的儲備的沖銷——似乎正在下降。就像它有多少，邁克爾，像分母/分薪差異 - 混合差異？然後我有一個快速跟進。

Yes. I mean the allowance is always the current estimate as a percentage of loans held for sale, the current estimate of future losses. And so that 6.4% where we ended at, that's where we would expect it to be on a percentage basis. If you want more of a kind of a kind of backward-looking measure, that's where we show the delinquency performance. And you see that's trending on, I guess, it's Slide 21 of the supplement, you can see where that's trending.

是的。我的意思是，準備金始終是當前估計值佔持有待售貸款的百分比，是對未來損失的當前估計值。因此，我們以 6.4% 的百分比結束，這就是我們預期的百分比。如果您想要更多一種向後看的衡量標準，那就是我們展示拖欠表現的地方。我猜你看到這是趨勢，它是補充的幻燈片 21，你可以看到趨勢在哪裡。

Charge-offs are a bit difficult to get too much information out of, given that we charge off at 120 days. So it's pretty difficult to really get a sense of how credit performance is reflected through the charge-off line. And again, the short duration of our asset mix that doubly true.

考慮到我們是在 120 天后扣款的，扣款很難從中獲取太多信息。因此，很難真正了解信貸業績是如何通過沖銷線反映的。同樣，我們資產組合的短期持續時間也是如此。

Got it. Got it. And just one last data point, if I may. I don't know if I missed it, but can you give us like some GPV estimates for Shopify and Amazon?

知道了。知道了。如果可以的話，只有最後一個數據點。我不知道我是否錯過了它，但你能給我們一些關於 Shopify 和亞馬遜的 GPV 估計嗎？

Yes. Unfortunately, I can't. No. What we did say in the call...

是的。不幸的是，我不能。不，我們在電話中所說的...

No one is listening. It's okay.

沒有人在聽。沒關係。

Dan, you and I both know that's not true. The thing we said in the call -- the prepared remarks, which is true, is that no partner was more than 10% of GMV or revenue on a 3- and 9-month basis. So you can get some sense there. We also showed you the general merchandise category, which is inclusive of some of the largest retailers in the world, grew to over $670 million. So those are the stats we can share.

丹，你和我都知道那不是真的。我們在電話會議中所說的——準備好的評論是真實的，沒有合作夥伴在 3 個月和 9 個月的基礎上超過 10% 的 GMV 或收入。所以你可以在那裡有所了解。我們還向您展示了包括世界上一些最大零售商在內的一般商品類別增長到超過 6.7 億美元。所以這些是我們可以分享的統計數據。

Our next question comes from the line of Rob Wildhack with Autonomous Research.

我們的下一個問題來自自治研究的 Rob Wildhack。

Just as a percentage of funding debt, the funding costs in the quarter were quite a bit lower. Can you talk about what's going on there?

正如融資債務的百分比一樣，本季度的融資成本要低得多。你能談談那裡發生了什麼嗎？

Yes. I think that reflects a number of factors, I believe, so which is execution. Remember, the -- we talk about it a lot, but rates moving does impact us, but not in the near term. Most of our (technical difficulty) is locked in and committed. Very little of it is truly floating. And if you look at our warehouse (technical difficulty) that limits the amount of funding rate exposure that we have. And then just generally, we have a lot of very well-executed capital markets activity over the past 18 months that reflects in really strong performance.

是的。我認為這反映了許多因素，我相信，這就是執行。請記住，我們經常談論它，但利率變動確實會影響我們，但不會在短期內影響。我們的大部分（技術難度）都被鎖定並承諾。它很少是真正漂浮的。如果您查看我們的倉庫（技術難度），它限制了我們擁有的資金利率風險敞口。然後總的來說，在過去的 18 個月裡，我們有很多執行良好的資本市場活動，這反映了非常強勁的表現。

Got it. And then bigger picture, I think the Adaptive Checkout seems to be a real linchpin of all the deals that you've announced recently, specifically from the enterprise partners. And Max, you talked about it a little bit, but anything to add on why that product kind of stands out as being particularly interesting to those partners?

知道了。然後從更大的角度來看，我認為自適應結賬似乎是您最近宣布的所有交易的真正關鍵，特別是來自企業合作夥伴的交易。 Max，你談了一點，但有什麼要補充的，為什麼這種產品對那些合作夥伴特別感興趣？

Sure. A couple of different reasons, and we talked about this before, so I apologize if this is sort of old news. Vast majority of large enterprise partners that we have won picked us because we span the entire gamut of products possible. If you are just a Split Pay specialist, it's great. But if you sell both bicycles and bicycle tires, you will need 2 providers.

當然。有幾個不同的原因，我們之前討論過這個，所以如果這是一個舊消息，我很抱歉。我們贏得的絕大多數大型企業合作夥伴都選擇了我們，因為我們涵蓋了所有可能的產品。如果您只是一名 Split Pay 專家，那就太好了。但如果您同時銷售自行車和自行車輪胎，則需要 2 個供應商。

And if you are picking a technology partner and you want to scale, you want to be good at underwriting, you want them to have a good capital markets, you don't want to go out of business, we fit all those criteria really well. But the one thing that we do have is we have excellent, well-performing products that meet the price point that the consumers need.

如果您正在選擇技術合作夥伴並且想要擴大規模、想要擅長承銷、想要他們擁有良好的資本市場、不想倒閉，我們非常符合所有這些標準.但我們確實擁有的一件事是我們擁有滿足消費者所需價格點的優秀、性能良好的產品。

That doesn't -- [Having those] products is great, but you still may have to integrate those products with multiple clients. And I'd have to check out was this idea that what if we gave you just one single integration and we will guide the consumer to the right financial choice for them so that the consumer satisfaction actually accretes to both us and the brand that we are literally helping the person live a healthier financial life. And so it certainly resonated with our partners. It's certainly really resonated with us because it's extremely on mission.

那不是——[擁有那些]產品很棒，但您仍然可能需要將這些產品與多個客戶集成。我必須檢查一下這個想法，如果我們只給你一個單一的集成，我們將引導消費者為他們做出正確的財務選擇，這樣消費者的滿意度就會真正增加我們和我們的品牌從字面上幫助人們過上更健康的財務生活。因此，它肯定引起了我們的合作夥伴的共鳴。它確實引起了我們的共鳴，因為它非常具有使命感。

And it allows us to just continue driving savings in terms of paid interest to consumers and better conversion to the merchant. So it's almost a meta product. It's an infrastructure for multiple products that we've built in the past to live together in harmony in a single page. And it has been really well received by the market, you're right in that sense. And some merchants, by the way, are not really appropriate. If you only sell apparel within sort of a very tight $30 to $50 price range, you might not care about the ability to pay for things over 12 months.

它使我們能夠繼續在向消費者支付利息和更好地轉化為商家方面節省開支。所以它幾乎是一個元產品。它是我們過去構建的多種產品的基礎架構，可以在一個頁面中和諧地生活在一起。它受到市場的歡迎，從這個意義上說你是對的。順便說一句，有些商人並不合適。如果您只在 30 到 50 美元的價格範圍內銷售服裝，您可能不會關心 12 個月內的支付能力。

But if you are Walmarts or an Amazon or many, many, many other merchants that sell multiple SKUs in a fairly wide range of price points, Adaptive Checkout is the ideal product as you only integrated once. It has all the same properties of Affirm and it self-changes to meet the consumer need on the spot without the merchant having to configure anything. By the way, also supports things like 0% deals or it's something we're famous for it that we've done so well with for the last 10 years, it's all baked inside a single integration.

但是，如果您是沃爾瑪或亞馬遜或許多、許多、許多其他以相當廣泛的價格點銷售多個 SKU 的商家，那麼自適應結賬是理想的產品，因為您只需集成一次。它具有 Affirm 的所有相同屬性，並且可以自行更改以滿足現場消費者的需求，而無需商家進行任何配置。順便說一句，它還支持諸如 0% 交易之類的東西，或者這是我們在過去 10 年裡做得很好的東西，這一切都在一個單一的集成中完成。

Our last question comes from the line of Bryan Keane with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Bryan Keane。

Just a couple of quick ones. I guess just thinking about the tightening of the credit market. Has your transaction acceptance rate changed at all, given kind of where we are in the market? And then secondly, when we look at delinquencies, is there a reason why it's excluding Split Pay now on the slide on 21, maybe I missed that piece? And then where do you expect delinquencies to track at these levels kind of through the fiscal year?

只是幾個快速的。我想只是考慮信貸市場的收緊。考慮到我們在市場上的位置，您的交易接受率是否發生了變化？其次，當我們查看拖欠情況時，是否有理由在 21 日的幻燈片上排除分期付款，也許我錯過了那部分？然後，您希望在整個財政年度中跟踪這些水平的拖欠情況？

Sorry. I completely blanked on the first part of the question, but of course, it's (inaudible) in front of me. Sorry. So the transaction approval rate has not changed very much at all. And again, like we really manage this at a merchant to merchant, basket of risk level to basket of risk. There's multiple different acceptance rates. And they're really, really quite different.

對不起。我對問題的第一部分完全空白，但當然，它（聽不清）就在我面前。對不起。所以交易批准率根本沒有太大變化。再一次，就像我們真的在一個商人到一個商人，一籃子風險水平到一籃子風險的情況下進行管理一樣。有多種不同的接受率。他們真的，真的很不一樣。

Like it's just really important to think of Affirm as a -- if you need one number, it's a weighted average, and the weights are quite dramatically different from bucket to bucket. That said, the weighted average right now is roughly the same. The reason for it isn't because there aren't people paying more or less of their bills, but because the application rates that we have, the number of people asking us for a loan vastly exceed the ones that we're actually going to approve.

就像將 Affirm 視為一個非常重要的一樣 - 如果您需要一個數字，它是一個加權平均值，並且權重因桶而異。也就是說，現在的加權平均值大致相同。其原因不是因為沒有人支付更多或更少的賬單，而是因為我們擁有的申請率，要求我們貸款的人數大大超過了我們實際打算的人數批准。

And vastly is a little strong, but the approval rates have remained pretty good and remained the same. The point there is our job is to rank risks. We've been quite good historically and intend to remain in the future very, very good at rank ordering applicants that come through. We approve the ones we believe can pay their bills. And then after that, we stop.

並且極大地有點強，但支持率仍然相當不錯並且保持不變。我們工作的重點是對風險進行排序。從歷史上看，我們一直非常出色，並打算在未來非常非常擅長對通過的申請人進行排名。我們批准我們認為可以支付賬單的人。然後在那之後，我們停下來。

The number of people that ask that can't pay their bills does not seem to be changing very much. And so the approval rates, therefore, have remained roughly -- or the acceptance rates have remained roughly the same. I'll let Michael (inaudible) my way through this one. I'll let Michael take care of the other half.

要求無法支付賬單的人數似乎沒有太大變化。因此，批准率大致保持不變——或者接受率大致保持不變。我會讓邁克爾（聽不清）通過這個。我會讓邁克爾照顧另一半。

Yes. So the DQ chart does not exclude Split Pay. The vast majority of our balances on total platform portfolio basis are not Split Pay. The Split Pay asset is a 50-day asset, and we have $120 charge-off policy. So as you can imagine, the way that actually works with respect to the delinquency calculation doesn't really make sense to look at on a DQ basis. I think it's pretty misleading to look at it that way. In terms of where it's going, we would expect to continue to track at or below the '19 levels on a portfolio basis based upon our current projections.

是的。所以 DQ 圖表不排除 Split Pay。我們在整個平台投資組合基礎上的絕大多數餘額都不是拆分支付。 Split Pay 資產是 50 天的資產，我們有 120 美元的沖銷政策。所以你可以想像，關於拖欠計算的實際工作方式在 DQ 的基礎上看並沒有真正意義。我認為這樣看是很誤導人的。就其發展方向而言，根據我們目前的預測，我們預計將在投資組合的基礎上繼續追踪或低於 19 年的水平。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

女士們，先生們，今天的問答環節到此結束。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。享受你一天的剩餘時間。