Chime Financial Inc (CHYM) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Chime's second-quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded, and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call.

午安.歡迎參加 Chime 2025 財年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，電話會議結束後，我們將在合理的時間內在我們的投資者關係網站上提供電話會議的重播。

I'd like to turn the call over to David Pearce, Vice President of Investor Relations and Capital Markets. Thank you. You may begin.

我想將電話轉給投資者關係和資本市場副總裁戴維·皮爾斯 (David Pearce)。謝謝。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Chime's second-quarter 2025 earnings conference call. Joining me today are Chris Britt, our Co-Founder and CEO; and Matt Newcomb, our CFO. Mark Troughton, our COO, will participate in the Q&A.

大家下午好，感謝您參加 Chime 2025 年第二季財報電話會議。今天與我一起出席的還有我們的共同創辦人兼執行長 Chris Britt 和我們的財務長 Matt Newcomb。我們的營運長 Mark Troughton 將參與問答環節。

As a reminder, we will disclose non-GAAP financial measures on this call. Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings release and our earnings presentation posted on our IR website at investors.chime.com.

提醒一下，我們將在本次電話會議上揭露非公認會計準則財務指標。我們的 GAAP 和非 GAAP 結果之間的定義和對帳可以在我們的收益報告和發佈於我們的 IR 網站 investors.chime.com 上的收益報告中找到。

We will also make forward-looking statements on this call, including statements about our business, future outlook and goals. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described. Many of those risks and uncertainties are described in our SEC filings, including our final prospectus filed on June 12, 2025.

我們還將在本次電話會議上做出前瞻性陳述，包括有關我們的業務、未來前景和目標的陳述。此類聲明受已知和未知的風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異。我們向美國證券交易委員會提交的文件中描述了許多此類風險和不確定性，包括我們於 2025 年 6 月 12 日提交的最終招股說明書。

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. We disclaim any obligation to update any forward-looking statements, except as required by law.

前瞻性陳述僅代表我們截至作出該陳述之日的信念和假設。除非法律要求，我們不承擔更新任何前瞻性聲明的義務。

With that, I'll hand it over to Chris.

說完這些，我就把它交給克里斯。

Thanks, David, and thank you all for joining our first earnings call as a public company.

謝謝，大衛，也感謝大家參加我們作為上市公司的首次財報電話會議。

As you'll hear today, we're off to a very strong start. I'd like to begin by expressing my gratitude to our members for placing their trust in us and to our employees for their hard work and dedication that brought us to this moment. Over the past few decades, major industries like transportation, hospitality and retail that were once dominated by legacy players have been upended by customer-obsessed technology companies.

正如您今天所聽到的，我們有一個非常好的開始。首先，我要感謝我們的會員對我們的信任，也感謝我們的員工的辛勤工作和奉獻精神，使我們走到了今天。在過去的幾十年裡，交通、旅館和零售等主要產業曾經由傳統企業主導，但後來被以客戶為中心的科技公司顛覆。

New entrants offered consumers better experiences at lower prices, earning the trust of millions, and in the process, established a new generation of beloved brands. Their digital-first business models allowed them to quickly and efficiently reach massive scale. This same transition is happening now in consumer banking, and I'm proud that Chime has emerged as a clear leader with a mission to unlock financial progress for our members.

新進業者以更低的價格為消費者提供更好的體驗，贏得了數百萬人的信任，並在此過程中建立了新一代受人喜愛的品牌。他們的數位優先商業模式使他們能夠快速且有效率地實現大規模。同樣的轉變現在也發生在消費銀行領域，我很自豪 Chime 已經成為一個明確的領導者，肩負著為我們的會員開啟金融進步的使命。

We created Chime to help everyday people, starting with those earning up to $100,000 a year, who've been overlooked by traditional banks, not the unbanked, but the unhappily banked. Today, we're already the primary financial partner for millions, but our ambition is much bolder: to become the largest provider of primary account relationships in the US.

我們創建 Chime 是為了幫助普通人，首先是那些年收入高達 10 萬美元、被傳統銀行忽視的人，他們不是沒有銀行帳戶的人，而是那些不高興擁有銀行帳戶的人。今天，我們已經成為數百萬人的主要金融合作夥伴，但我們的抱負更加大膽：成為美國最大的主要帳戶關係提供者。

And we're doing that as a technology company with a scalable and low-cost operating model, with a combination of recurring payments revenue, high gross margin, and very low credit risk. We've earned the trust of our members and will support them in all areas of their financial lives across spending, saving, building credit, borrowing, investing, and more.

作為一家科技公司，我們採用可擴展且低成本的營運模式，結合經常性付款收入、高毛利率和極低的信用風險來實現這一目標。我們贏得了會員的信任，並將在消費、儲蓄、建立信用、借貸、投資等財務生活的各個方面為他們提供支持。

With our modern tech stack and radical cost-to-serve advantage, we can deliver innovative, personalized experiences to address each of these needs for free or low cost. And by utilizing AI built on our uniquely rich data set, we're becoming an even more indispensable partner, deeply attuned to our members' individual needs, anticipating what's next and guiding their financial progress every step of the way.

憑藉我們現代化的技術堆疊和徹底的服務成本優勢，我們可以免費或低成本地提供創新、個人化的體驗來滿足這些需求。透過利用基於我們獨特豐富資料集所建構的人工智慧，我們正在成為一個更不可或缺的合作夥伴，深度了解我們會員的個人需求，預測下一步發展並引導他們每一步的財務進步。

Our vision isn't just aspirational. It's grounded in an attractive business model that's driving rapid growth at scale and strong operating leverage. In Q2, we achieved 37% year-over-year revenue growth, an acceleration relative to our seasonally strong Q1, when tax refund activity drives higher levels of re-engaged active members, purchase volume, and revenue.

我們的願景不僅僅是理想。它以極具吸引力的商業模式為基礎，推動著規模的快速成長和強大的營運槓桿。在第二季度，我們的營收年增了 37%，相對於季節性強勁的第一季度而言，這一增長有所加快，因為第一季的退稅活動推動了重新參與的活躍會員、購買量和收入的增加。

Our adjusted EBITDA margin rose to 3% in Q2, an 18 percentage points increase over the last two years. In Q2, we grew Active Members 23% year over year to 8.7 million with the majority relying on Chime as their primary account relationship. Among US adults earning up to $100,000 annually, Chime is the top destination for those switching their direct deposit, thanks to our scalable referral-driven acquisition model.

我們的調整後 EBITDA 利潤率在第二季上升至 3%，比過去兩年增加了 18 個百分點。在第二季度，我們的活躍會員數量年增 23%，達到 870 萬，其中大多數依靠 Chime 作為主要帳戶關係。對於年收入高達 100,000 美元的美國成年人來說，由於我們可擴展的推薦驅動獲取模式，Chime 是那些轉換直接存款的人的首選目的地。

Despite our scale, with less than 5% penetration, we're barely scratching the surface of the opportunity to serve nearly 200 million everyday Americans earning up to $100,000. Banking for this large segment of everyday people is an area ripe for disruption. In a recent shareholder letter, one of our nation's top bank CEOs reported that for low balance accounts, which make up the majority of their accounts, their costs to serve them are far greater than the revenue they earn.

儘管我們的規模很大，但滲透率還不到 5%，我們僅僅觸及了為近 2 億每天收入不超過 10 萬美元的美國人提供服務的機會的表面。為這龐大的日常人群提供銀行服務是一個容易顛覆的領域。在最近的一封給股東的信中，我國一家頂級銀行的執行長報告說，對於佔其帳戶大部分的低餘額帳戶，服務這些帳戶的成本遠高於其賺取的收入。

The reasons? First, high-cost structures, due to a combination of an in-person approach to service delivery, physical branches, and legacy tech. And second, their net interest margin, or NIM-driven business model, which doesn't work for everyday Americans with low, average balances and who often don't fit their credit box. Without NIM to cover their high-fixed-cost structures, incumbents charged consumers over $18 billion in estimated fees in 2023, 95% of which were paid by everyday American households.

原因是什麼？首先，由於採用面對面服務交付方式、實體分公司和傳統技術，導致結構成本高。其次，他們的淨利差，或 NIM 驅動的商業模式，並不適用於那些平均餘額較低且通常不符合信用要求的普通美國人。由於沒有淨利息收益率 (NIM) 來涵蓋其高固定成本結構，現有業者在 2023 年向消費者收取的費用預計超過 180 億美元，其中 95% 由普通美國家庭支付。

These are the people who are unhappy with their bank relationship and are coming to Chime. We pioneered a business model that succeeds when we earn our members' trust by designing products that are helpful, easy, and free. If they can't be free, we aim to be the lowest cost provider. This approach leads to top-of-wallet, primary account relationships, giving us a level of engagement and payments-based monetization that we believe is among the highest in consumer fintech.

這些人對他們與銀行的關係不滿意，所以才向 Chime 求助。我們開創了一種商業模式，透過設計實用、簡單且免費的產品贏得會員的信任，我們獲得了成功。如果它們不能免費，我們的目標是成為成本最低的提供者。這種方法可以實現錢包頂部、主要帳戶關係，使我們達到一定的參與度和基於支付的貨幣化水平，我們認為這是消費者金融科技中最高的。

Chime is not a bank. Our member deposits reside in regulated, FDIC-insured accounts at our partner banks. We are an asset-light technology company, obsessed with addressing our members' most critical financial needs. Our early progress has been fueled by four distinct competitive advantages that we believe will continue to expand as we grow. These are our low-cost structure, our track record of product innovation, our primary account relationship, and our beloved brand.

Chime 不是銀行。我們的會員存款存放在我們合作銀行受監管的、聯邦存款保險公司 (FDIC) 承保的帳戶中。我們是一家輕資產科技公司，致力於滿足會員最關鍵的財務需求。我們早期的進步得益於四個獨特的競爭優勢，我們相信隨著我們的成長，這些優勢將繼續擴大。這些是我們的低成本結構、我們的產品創新記錄、我們的主要客戶關係以及我們心愛的品牌。

I'll now spend a few minutes walking through the progress we've made in each of these four areas in Q2. Our first competitive strength is our significant cost advantage, which allows us to serve customers at 1/3 the cost of a large bank and 1/5 the cost of a regional bank. This is fueled by our digital-first, bank partnership model and vertically integrated tech stack.

現在，我將花幾分鐘時間介紹我們在第二季度在這四個領域的進展。我們的第一大競爭優勢是顯著的成本優勢，這使得我們能夠以大型銀行的三分之一、區域性銀行的五分之一的成本為客戶提供服務。這是由我們的數位優先、銀行合作模式和垂直整合的技術堆疊所推動的。

The recent introduction of ChimeCore, our proprietary transaction processing core and ledger, has enhanced our cost advantage and accelerated our product development velocity. In Q2, we successfully transitioned all new debit and savings accounts onto our new system.

我們最近推出的專有交易處理核心和分類帳 ChimeCore 增強了我們的成本優勢並加快了我們的產品開發速度。在第二季度，我們成功地將所有新的金融卡和儲蓄帳戶轉移到了新系統上。

Our tech stack was also designed to centralize our data, which facilitates the deployment of AI to improve member experiences, while also significantly reducing our cost to serve. In May, we launched our GenAI voicebot to all members, which more than doubled our satisfaction scores compared to our legacy voice system. AI-powered tools now fully automate the majority of our support interactions and do the work of thousands of human agents.

我們的技術堆疊也旨在集中我們的數據，這有助於部署人工智慧以改善會員體驗，同時也顯著降低我們的服務成本。5 月份，我們向所有會員推出了 GenAI 語音機器人，與傳統語音系統相比，其滿意度得分提高了一倍以上。人工智慧工具現在可以完全自動化我們的大部分支援互動並完成數千名人工代理的工作。

As a reminder, since 2022, we've reduced our cost to serve by nearly 30%, and over time, we think AI can power nearly all of our support interactions. AI is improving the way banking services are delivered, and we believe we're at the forefront.

提醒一下，自 2022 年以來，我們已將服務成本降低了近 30%，隨著時間的推移，我們認為人工智慧可以為我們幾乎所有的支援互動提供支援。人工智慧正在改善銀行服務的提供方式，我們相信我們處於領先地位。

Our second competitive advantage is our track record of developing some of the most impactful product innovations in consumer banking and payments for everyday people. Last year, we launched MyPay, another hit product enabling members to access their earned wages on demand. MyPay is now an over $300 million annual revenue run-rate product and another key driver of new member growth.

我們的第二個競爭優勢是我們在消費銀行和日常支付領域開發一些最具影響力的產品創新的記錄。去年，我們推出了另一款熱門產品 MyPay，讓會員可以按需取得自己賺得的薪水。MyPay 目前已成為年營收超過 3 億美元的產品，也是新會員成長的另一個關鍵驅動力。

In terms of risk, we made faster progress than planned on improving MyPay loss rates in Q2, which led to transaction margins for this product tripling in the quarter, and we expect further progress in the quarters ahead. Going forward, we think there's much more to do with MyPay, including our enterprise version offered through Chime Workplace, our employee financial wellness solution for employers.

在風險方面，我們在第二季度改善 MyPay 損失率方面取得了比計劃更快的進展，這使得該產品的交易利潤率在本季度增長了兩倍，我們預計未來幾季將取得進一步進展。展望未來，我們認為 MyPay 還有很多發展空間，包括透過 Chime Workplace 提供的企業版，以及我們為雇主提供的員工財務健康解決方案。

We expect to announce some of our early enterprise partnerships in the weeks and months ahead. Because of our strong performance across the business, including MyPay, we've raised our expectations for revenue growth and adjusted EBITDA for the rest of 2025 relative to our previous internal expectations, which I'll have Matt walk through later.

我們預計將在未來幾週和幾個月內宣布一些早期的企業合作夥伴關係。由於包括 MyPay 在內的整個業務的強勁表現，我們提高了對 2025 年剩餘時間的收入增長和調整後 EBITDA 的預期，相對於我們之前的內部預期，稍後我會讓 Matt 介紹一下。

In Q2, we also started scaling Instant Loans, our installment loan product which allows pre-approved members to borrow up to $1,000 at affordable rates, repaid over a three- and six-month period. Early results are encouraging, and we observe higher engagement and retention among members who take an Instant Loan, reinforcing our long-term core spending relationship. Loss rates have been in line with our internal expectations, as we continue our measured rollout.

在第二季度，我們也開始擴大我們的分期貸款產品 Instant Loans，該產品允許預先批准的會員以可承受的利率借入高達 1,000 美元的貸款，並在三至六個月內償還。早期結果令人鼓舞，我們觀察到使用即時貸款的會員的參與度和保留率更高，從而加強了我們長期的核心支出關係。隨著我們繼續有計劃地推出，損失率一直符合我們的內部預期。

The final Q2 product update was our continued rollout of Chime+, our free, premium membership tier. Chime+ showcases the products our members unlock with direct deposit, like SpotMe and MyPay combined with enhanced benefits including exclusive cashback deals, a higher interest rate of 3.75% on savings and dedicated member support.

第二季的最終產品更新是我們繼續推出免費的高級會員等級 Chime+。Chime+ 展示了我們的會員透過直接存款解鎖的產品，例如 SpotMe 和 MyPay，並結合了增強的福利，包括獨家現金返還優惠、3.75% 的更高儲蓄利率和專門的會員支援。

Early results here are promising. We're already seeing Chime+ lead to higher direct deposit conversion and member retention rates. Chime+ is just the beginning of a broader effort to show our members that as they engage more, they get more with Chime.

早期結果令人鼓舞。我們已經看到 Chime+ 帶來更高的直接存款轉換率和會員保留率。Chime+ 只是我們更廣泛努力的開始，旨在向我們的會員表明，隨著他們參與的增多，Chime 會為他們帶來更多收益。

Our third competitive differentiator is our success in earning primary account relationships with the majority of our active members. Our approach has resulted in what we believe are among the highest levels of engagement, long-term retention, and customer lifetime values in consumer fintech. In Q2, our average active member did 55 transactions per month with us and engaged with our app an average of 5 times per day, positioning Chime at the center of their financial lives.

我們的第三個競爭優勢是我們成功地與大多數活躍會員建立了主要帳戶關係。我們相信，我們的方法已經實現了消費者金融科技領域最高水準的參與度、長期保留率和客戶終身價值。在第二季度，我們的平均活躍會員每月與我們進行 55 筆交易，平均每天使用我們的應用程式 5 次，這使得 Chime 成為他們財務生活的中心。

Our real-time view into the state of the everyday American consumer is showing healthy member spending and stable account balances. Even in an uncertain macro environment, our model focused on non-discretionary spend and short duration liquidity products as well as our privileged repayment position is incredibly resilient.

我們對美國日常消費者狀況的即時觀察顯示，會員支出狀況良好，帳戶餘額穩定。即使在不確定的宏觀環境下，我們專注於非自由支配支出和短期流動性產品的模型以及我們的特權償還地位也具有極強的彈性。

We grew our active members 23% year over year in Q2, while also reducing our member acquisition costs. We continued to see that over 50% of new members came to Chime from organic and member-driven channels, including referrals. And our members don't just like Chime, they love Chime. They are passionate about us and want to tell their friends about us.

我們第二季的活躍會員年增了 23%，同時也降低了會員獲取成本。我們繼續看到，超過 50% 的新會員透過有機和會員驅動的管道（包括推薦）加入 Chime。我們的會員不只是喜歡 Chime，他們也熱愛 Chime。他們對我們充滿熱情並想向他們的朋友介紹我們。

Our final competitive advantage is the market-leading and trusted brand we've built in banking and payments. We're now a clear leader with unaided brand awareness of 40%, rivaling the two largest traditional banks in the US and the go-to brand for the most critical financial needs of everyday Americans.

我們最後的競爭優勢是我們在銀行和支付領域建立的市場領先和值得信賴的品牌。我們目前是當之無愧的領導者，獨立品牌知名度達到 40%，可與美國最大的兩家傳統銀行相媲美，並且是滿足美國人日常最關鍵金融需求的首選品牌。

Our brand-building initiatives connect with culture. And in April, we celebrated Financial Progress Month, featuring partnerships with Deion Sanders, aka Coach Chime; and WrestleMania. In June, we announced our newest brand ambassador, Cooper Flagg, the NBA's number one Draft pick, with content that went viral on TikTok. We believe our combination of competitive advantages is only growing stronger as we demonstrated in Q2.

我們的品牌建立舉措與文化息息相關。四月份，我們慶祝了財務進步月，並與 Deion Sanders（又名 Coach Chime）和摔角狂熱大賽建立了合作關係。6 月，我們宣布了我們最新的品牌大使，NBA 狀元秀庫珀·弗拉格 (Cooper Flagg)，其內容在 TikTok 上瘋傳。我們相信，正如我們在第二季所展示的那樣，我們的競爭優勢組合只會變得更加強大。

And with that, I'll hand it to our CFO, Matt, to discuss our financial results and outlook.

接下來，我將把它交給我們的財務長馬特，討論我們的財務表現和前景。

Thanks, Chris. Good afternoon, everyone. Thank you all for joining us today. I'm excited to discuss our second-quarter results and outlook.

謝謝，克里斯。大家下午好。感謝大家今天的參與。我很高興討論我們的第二季業績和展望。

As Chris noted, we had a great second quarter with revenue of $528 million, up 37% year over year and continued adjusted EBITDA margin expansion. Given the strong performance across the business, we are raising our expectations for both revenue and adjusted EBITDA for the second half of the year relative to our previous internal expectations.

正如克里斯所說，我們在第二季度表現優異，營收達到 5.28 億美元，年增 37%，調整後的 EBITDA 利潤率繼續擴大。鑑於整個業務的強勁表現，我們提高了對下半年收入和調整後 EBITDA 的預期，相對於我們先前的內部預期。

Our Q2 financial performance was strong across the board. Payments revenue was $366 million, up 19% year over year, slightly ahead of purchase volume growth of 18%. Platform revenue totaled $162 million, up 113% year over year, as we continued to see very strong MyPay performance.

我們第二季的財務表現全面強勁。支付收入為 3.66 億美元，年增 19%，略高於 18% 的購買量增幅。平台營收總計 1.62 億美元，年增 113%，因為我們繼續看到 MyPay 的強勁表​​現。

Gross profit was $461 million, yielding an 87% gross margin; and transaction profit, which is gross profit less transaction and risk loss, was $363 million, yielding a 69% transaction margin, driven in part by faster-than-planned progress on MyPay loss rates.

毛利為 4.61 億美元，毛利率為 87%；交易利潤（毛利減去交易和風險損失）為 3.63 億美元，交易利率為 69%，部分原因是 MyPay 損失率的進展速度快於計劃。

Finally, we continued driving operating leverage with $16 million of adjusted EBITDA in Q2, a 3% margin, representing an 18 percentage points improvement over the last two years.

最後，我們持續提高經營槓桿，第二季調整後 EBITDA 為 1,600 萬美元，利潤率為 3%，比過去兩年提高了 18 個百分點。

Given this is our first earnings call, I'd like to take a step back and help connect our mission, strategy, and member-aligned business model to our financials. We believe there are four core elements that are critical to understanding our financial model.

鑑於這是我們的第一次財報電話會議，我想退一步，幫助將我們的使命、策略和以會員為中心的商業模式與我們的財務狀況聯繫起來。我們認為，有四個核心要素對於理解我們的財務模型至關重要。

First, we have a payments-based revenue model driven by recurring, largely non-discretionary member spend. Second, we have multiple levers enabling us to drive rapid growth at scale across active members, average revenue per active member or ARPAM, and transaction margin. Third, our success earning primary account relationships drives strong unit economics, with an estimated LTV to CAC of roughly 8x. Finally, our high transaction margin and a largely fixed OpEx base drive strong operating leverage and incremental margins.

首先，我們有一個基於支付的收入模式，由經常性的、基本上是非自由支配的會員支出所驅動。其次，我們擁有多種槓桿，使我們能夠推動活躍會員、每活躍會員平均收入或 ARPAM 以及交易利潤的快速成長。第三，我們成功贏得主要客戶關係，推動了強勁的單位經濟效益，預計 LTV 與 CAC 的比例約為 8 倍。最後，我們的高交易利潤率和基本固定的營運支出基礎推動了強勁的營運槓桿和增量利潤率。

Let me jump into each of these themes. We have an asset-light payments-based business. 69% of our revenue in Q2 was payments revenue earned from interchange-based fees on the purchase volume generated by Chime members using their Chime-branded debit and secured credit cards. We believe the combination of scale and growth we've achieved on our purchase volume is unmatched in the industry. We are now one of the largest and fastest growing card portfolios in the US.

讓我來逐一討論一下這些主題。我們擁有輕資產支付業務。第二季度，我們 69% 的收入來自 Chime 會員使用其 Chime 品牌金融卡和擔保信用卡產生的購買量所產生的基於交換的費用。我們相信，我們在採購量上所取得的規模和成長在業界是無與倫比的。我們目前是美國規模最大、成長最快的信用卡組合之一。

In Q2, Purchase Volume totaled $32 billion, up 18% year over year, coming off our seasonally strong Q1 when members received their tax refunds. The important thing to understand is, because our members use Chime as a primary account, this purchase volume is highly resilient and habitual, concentrated in essential, everyday, non-discretionary items like food, gas, and utilities. This drives durable, long-lasting cohorts in our business.

第二季度，購買量總計 320 億美元，年增 18%，這得益於我們第一季的旺季表現，當時會員收到了退稅。需要理解的重要一點是，由於我們的會員使用 Chime 作為主要帳戶，因此這種購買量具有高度彈性和習慣性，集中在食品、汽油和水電費等必需的、日常的、非自由支配的物品上。這推動了我們業務的持久和長久的團隊。

It also gives us what we think is a very unique business model in our category. Compared to many consumer fintechs that primarily generate revenue from lending, consumer charges, or trading fees, our model generates high-quality, recurring, and in our case, high-margin payments revenue. Our model is very low credit risk. Mid-teens percent of revenue was from credit and liquidity products as of Q2. And where we do extend credit, it's in a low risk way.

它還為我們提供了我們認為在我們的類別中非常獨特的商業模式。與許多主要透過貸款、消費者收費或交易費產生收入的消費者金融科技公司相比，我們的模式可以產生高品質、經常性且在我們的情況下高利潤的支付收入。我們的模型信用風險非常低。截至第二季度，百分之十幾的收入來自信貸和流動性產品。當我們提供信貸時，我們採用的是低風險的方式。

Small dollar and highly diffuse among our member base; short duration, with average repayment periods of less than a week on SpotMe and less than two weeks on MyPay and underwritten by direct deposits, which gives us both a data and first-in-line repayment advantage. We think our model is analogous to SMB payment and usage-based SaaS businesses, which monetize a core payments relationship and then deepen this engagement by cross-selling value-added services.

金額小且在我們的會員群體中高度分散；期限短，SpotMe 的平均還款期不到一周，MyPay 的平均還款期不到兩週，並且由直接存款承保，這使我們在數據和第一還款方面都具有優勢。我們認為我們的模式類似於 SMB 支付和基於使用情況的 SaaS 業務，它們將核心支付關係貨幣化，然後透過交叉銷售增值服務來深化這種參與。

The second theme is our multi-dimensioned growth opportunity, across active members, ARPAM, and transaction margin. In Q2, we grew active members to 8.7 million, up 23% year over year, while simultaneously bringing down CACs by over 10% year over year. One quick note, we see seasonality in our Active Members as well. Tax refund activity in Q1 results in a larger number of members re-engaging with us on an active basis, resulting in seasonally high quarter-over-quarter net adds in Q1, and lower net adds in Q2.

第二個主題是我們的多元成長機會，涵蓋活躍會員、ARPAM 和交易利潤。在第二季度，我們的活躍會員數量增長至 870 萬，年增 23%，同時 CAC 同比下降了 10% 以上。需要注意的是，我們的活躍會員也存在季節性。第一季的退稅活動導致更多會員重新積極與我們互動，導致第一季淨增人數較上一季出現季節性高位，而第二季淨增人數則有所下降。

23% year-over-year active member growth in Q2 was in line with growth in Q1 and an acceleration from 2024. Great progress, yet still early days in our journey to serve the nearly 200 million everyday people making up to $100,000 annually in the US.

第二季活躍會員年增 23%，與第一季的成長持平，並從 2024 年開始加速成長。雖然我們取得了巨大的進步，但為美國每年收入高達 10 萬美元的近 2 億普通民眾提供服務的旅程仍處於早期階段。

Second is our ARPAM profile, which, we believe, is among the highest in consumer fintech despite very little of our revenue coming from mandatory fees. Our high ARPAM is driven by our deep engagement and a top-of-wallet card position. As we've expanded our platform, we've grown ARPAM significantly. In Q2, we grew ARPAM by 12% year over year to $245, fueled by the continued breakout success of MyPay. We think there is still a massive opportunity ahead, certainly as we continue to add new products to our platform, but even as we continue to drive adoption across our existing product base.

第二是我們的 ARPAM 概況，儘管我們的收入只有很少一部分來自強制性費用，但我們相信，我們的 ARPAM 在消費者金融科技領域仍是最高的。我們的高 ARPAM 是由我們的深度參與和頂級錢包卡地位所推動的。隨著我們平台的擴展，ARPAM 也得到了顯著發展。在第二季度，由於 MyPay 的持續突破性成功，我們的 ARPAM 年增 12%，達到 245 美元。我們認為未來仍有巨大的機會，當然，我們會繼續在平台上添加新產品，但即使我們繼續推動現有產品群的採用。

In Q2, our most engaged active members, those using six or more products each month, generated over twice as much ARPAM as our average active member.

在第二季度，我們最活躍的會員（每月使用六種或更多產品的會員）產生的 ARPAM 是我們平均活躍會員的兩倍以上。

Finally, transaction margin. Our gross profit margin less transaction and risk losses, including losses related to our liquidity products such as MyPay and SpotMe. In Q2, our gross margin was 87% and our transaction margin was 69%. Over the last several years, driven by our investments in technology and increasing scale, we've grown our transaction margin substantially, from 66% in 2022 to 74% in 2024.

最後，交易保證金。我們的毛利率減去交易和風險損失，包括與我們的流動性產品（如 MyPay 和 SpotMe）相關的損失。第二季度，我們的毛利率為 87%，交易利潤率為 69%。過去幾年，在科技投資和規模擴大的推動下，我們的交易利潤率大幅提高，從 2022 年的 66% 提高到 2024 年的 74%。

Starting in Q3 '24, we brought our transaction margin down with the initial launch of MyPay, a positive, but lower margin product compared to the rest of our business. A great example of the power of primary account relationships, we've already scaled MyPay, which we believe is the lowest cost earned wage access product in the market, to an over $300 million annual revenue run-rate product.

從 2024 年第三季開始，我們首次推出 MyPay，從而降低了交易利潤率。與我們的其他業務相比，MyPay 是一款積極但利潤率較低的產品。作為主要帳戶關係力量的一個很好的例子，我們已經將 MyPay 擴展至年收入超過 3 億美元的運行率產品，我們認為這是市場上成本最低的工資獲取產品。

Now as is typical for new credit products, and similar to what we saw when we rolled out SpotMe several years ago, as MyPay begins to mature, as cohorts season and as our underwriting improves, we're seeing MyPay economics improve substantially, and that's happening even faster than we planned.

現在，正如新信貸產品的典型情況一樣，與我們幾年前推出 SpotMe 時看到的情況類似，隨著 MyPay 開始成熟，隨著用戶群體的增加以及承保能力的改善，我們看到 MyPay 經濟狀況大幅改善，而且這種情況比我們計劃的還要快。

While our regular quarterly reporting will focus on overall levels of transaction and risk loss, we wanted to highlight a few additional details of our MyPay economics today, given how rapidly the product is maturing. In Q1, MyPay loss rates were just north of 160 basis points of advanced volume. In Q2, we drove loss rates of approximately 140 basis points, great progress toward our steady-state loss rate target of approximately 1% for our existing MyPay product.

雖然我們的定期季度報告將重點關注交易和風險損失的總體水平，但考慮到產品成熟的速度，我們今天想強調 MyPay 經濟的一些額外細節。在第一季度，MyPay 的損失率略高於預付款額的 160 個基點。在第二季度，我們將損失率控制在約 140 個基點，距離我們現有 MyPay 產品約 1% 的穩定損失率目標取得了巨大進展。

This progress, combined with continued strong usage rates, is what enabled us to triple MyPay transaction margin quarter over quarter in Q2. We expect continued progress over the coming quarters, which is driving accelerated adjusted EBITDA margin growth in our guidance, which I'll discuss shortly.

這項進步加上持續強勁的使用率，使得我們在第二季度的 MyPay 交易利潤率環比增長了兩倍。我們預計未來幾季將繼續取得進展，這將推動我們指導中的調整後 EBITDA 利潤率加速成長，我很快就會對此進行討論。

The third theme is our strong unit economics. The combination of our highly engaged primary accounts, our ability to effectively cross-sell and increase ARPAM, and our strong long-term retention rates and transaction margin drive long-lasting cohorts of transaction profit. We have cohorts now nearing a decade old and still going strong. Our unit economics illustrate why we believe primary accounts are the most valuable relationships in financial services, driving differentiated lifetime values relative to single-point solutions with more cursory levels of engagement.

第三個主題是我們強大的單位經濟。我們高度參與的主要帳戶、有效交叉銷售和增加 ARPAM 的能力以及強大的長期保留率和交易利潤率相結合，推動了長期的交易利潤。我們的團隊成員如今已接近十年，並且依然保持強勁勢頭。我們的單位經濟學說明了為什麼我們相信主要帳戶是金融服務中最有價值的關係，相對於參與程度較為粗略的單點解決方案，它推動了差異化的終身價值。

These differentiated LTVs drive strong and sustained returns on our investments in new member acquisition, enabling us to generate an estimated LTV to CAC of approximately 8x in our business today.

這些差異化的 LTV 為我們在新會員獲取方面的投資帶來了強勁而持續的回報，使我們能夠在今天的業務中實現 LTV 與 CAC 的約 8 倍的估計值。

The final theme is about how our high transaction margin and a largely fixed OpEx base enable us to drive strong operating leverage and incremental margins. In 2024, our incremental adjusted EBITDA margin was 46%. In contrast to incumbent banks, our digital, asset-light platform allows us to efficiently scale our services over a growing active member base without needing to make massive investments in infrastructure or people.

最後一個主題是關於我們的高交易利潤率和基本固定的營運支出基礎如何使我們能夠實現強大的營運槓桿和增量利潤率。2024 年，我們的增量調整後 EBITDA 利潤率為 46%。與現有銀行相比，我們的數位輕資產平台使我們能夠在不斷增長的活躍會員群中有效地擴展我們的服務，而無需在基礎設施或人員方面進行大量投資。

In addition, our OpEx base is heavily concentrated in discretionary investments in growth. These factors make our OpEx base very scalable and have allowed us to drive strong operating leverage across every OpEx category. In Q2, non-GAAP OpEx represented 66% of revenue, an 11 percentage points improvement year over year and a 19 percentage points improvement over the last two years. That operating leverage has translated to meaningful adjusted EBITDA margin expansion, which we expect to accelerate in H2.

此外，我們的營運支出基礎主要集中在成長方面的自由支配投資。這些因素使我們的營運支出基礎具有很強的可擴展性，並使我們能夠在每個營運支出類別中發揮強大的營運槓桿作用。第二季度，非公認會計準則營運支出佔收入的 66%，年增 11 個百分點，比過去兩年提高 19 個百分點。這種經營槓桿已轉化為有意義的調整後 EBITDA 利潤率擴張，我們預計這一增長將在下半年加速。

Turning briefly to our balance sheet, we remain well capitalized. Net of transaction expenses and tax withholding payments made on vested RSUs, we raised $448 million in proceeds from our IPO. As of the end of Q2, we had $1.1 billion in unrestricted cash and marketable securities on our balance sheet. We also had $444 million available to draw under our revolving credit facility.

簡單回顧一下我們的資產負債表，我們仍然資本充足。在扣除交易費用和已歸屬 RSU 的預扣稅款後，我們從 IPO 中籌集了 4.48 億美元的收益。截至第二季末，我們的資產負債表上有 11 億美元的非限制現金和有價證券。我們還擁有 4.44 億美元的循環信貸額度可供提取。

Finally, turning to our third-quarter and full year outlook, we're pleased to provide guidance that exceeds our previous internal expectations, driven by the broad business strength we're seeing. In the third quarter, we expect revenue between $525 million and $535 million, resulting in year-over-year revenue growth between 24% and 27%. We expect adjusted EBITDA between $12 million and $17 million, and an adjusted EBITDA margin between 2% and 3%.

最後，談到我們的第三季和全年展望，我們很高興提供超出我們先前內部預期的指導，這得益於我們所看到的廣泛業務實力。我們預計第三季營收在 5.25 億美元至 5.35 億美元之間，年增 24% 至 27%。我們預計調整後的 EBITDA 在 1,200 萬美元至 1,700 萬美元之間，調整後的 EBITDA 利潤率在 2% 至 3% 之間。

For fiscal year 2025, we expect revenue between $2.135 billion and $2.155 billion, resulting in year-over-year revenue growth between 28% and 29%, and adjusted EBITDA between $84 million and $94 million, an adjusted EBITDA margin of 4%.

對於 2025 財年，我們預計營收在 21.35 億美元至 21.55 億美元之間，年增 28% 至 29%，調整後的 EBITDA 在 8,400 萬美元至 9,400 萬美元之間，調整後的 EBITDA 利潤率為 4%。

I'd also highlight a few things about H2. In H2, we expect our revenue growth to be driven predominantly by the continued growth of active members, following the strong growth and ROI we see to start the year. As a reminder, we began scaling MyPay in Q3 of last year. As a result, we expect platform revenue year-over-year growth rates to see some natural normalization in the second half of the year as we lap this initial roll out.

我還想強調一下有關 H2 的幾點。繼年初強勁的成長和投資回報率之後，我們預計下半年的營收成長將主要由活躍會員的持續成長所推動。提醒一下，我們從去年第三季開始擴展 MyPay。因此，我們預計，隨著我們完成初步推廣，平台收入年增率將在下半年自然恢復正常。

What's really exciting is that driven by our progress on MyPay economics, we expect the strong top line growth we've driven over the last year to begin to really flow through to the rest of our P&L, with accelerating adjusted EBITDA margin growth in the back of the year.

真正令人興奮的是，在 MyPay 經濟方面取得進展的推動下，我們預計過去一年推動的強勁營收成長將開始真正惠及我們其餘的損益表，並在今年稍後加速調整後的 EBITDA 利潤率成長。

We expect adjusted EBITDA margin to grow between 5 and 6 points year over year in Q3, ahead of both Q1 and Q2, with further expansion in Q4. On an incremental adjusted EBITDA margin basis, we expect to return to the mid-40s or higher by Q4, faster than we previously anticipated, and great progress toward our long-term adjusted EBITDA margin target of 35% or higher.

我們預計第三季調整後的 EBITDA 利潤率將年增 5 至 6 個百分點，高於第一季和第二季度，第四季將進一步擴大。在增量調整後的 EBITDA 利潤率基礎上，我們預計到第四季度將恢復到 45% 左右或更高，比我們之前預期的要快，並且朝著 35% 或更高的長期調整後 EBITDA 利潤率目標邁出了一大步。

And with that, I'll turn it back to Chris to wrap us up.

好了，現在請克里斯來為我們做個總結。

Thanks, Matt. Before we turn to your questions, I want to reiterate how proud I am of this team for raising the bar for core banking services in America. Our member-aligned model, track record of product innovation, and proprietary tech stack now enhanced with AI are meaningfully improving the user experience for everyday consumers while helping us build a loved and trusted generational brand.

謝謝，馬特。在回答您的問題之前，我想重申一下，我為這個團隊提高了美國核心銀行服務的標準而感到自豪。我們的會員一致模式、產品創新記錄以及現在透過人工智慧增強的專有技術堆疊正在顯著改善日常消費者的用戶體驗，同時幫助我們打造一個受人喜愛和信賴的世代品牌。

With that, I'll open it up for questions.

好了，現在我可以開始回答問題了。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Congrats again on the IPO and the first public earnings call for you guys. Glad to be on it. Just wanted to start maybe and ask you for an update on the strategy of widening the funnel and lifting restrictions. I know that was talked about during the roadshow and it's early, but are you getting the results that you wanted? Any interesting learnings or impact to gross adds or product attach retention, that kind of thing?

再次恭喜你們成功 IPO 並召開首次公開財報電話會議。很高興能參與其中。也許只是想開始並請您提供有關擴大管道和解除限制的策略的最新資訊。我知道路演期間已經討論過這個問題，現在還為時過早，但你們得到了想要的結果嗎？有什麼有趣的經驗教訓或對總附加價值或產品附加保留的影響嗎？

Yes, sure. Thanks, Tien-Tsin. I appreciate the kind words. I think coming out of a really strong Q1, which is obviously always a seasonally strong quarter for us, we continue to see great progress at the top of the funnel, 23% growth year over year in terms of actives with lower CAC down about 10%. And so we're growing these primary accounts, while also successfully trying to drive earlier engagement.

是的，當然。謝謝，Tien-Tsin。我很感激這些善意的話語。我認為，在第一季表現非常強勁之後，這對我們來說顯然是一個季節性強勁的季度，我們繼續看到漏斗頂端的巨大進步，活性成分同比增長 23%，而 CAC 下降了約 10%。因此，我們正在增加這些主要帳戶，同時也成功地嘗試推動更早的參與。

We talked about, as you indicated, was about our -- what we call our day one initiatives, trying to make Chime even easier to use right out of the gate. And so we have had some great success in terms of expanding our funding rails, making it easier to add money to an account as a new member, opening up Apple Pay, for example, mobile check deposit and also providing introductory access to certain value props that historically have been behind the paywall, if you will, of direct deposits.

正如您所說，我們討論的是我們的第一天計劃，試圖讓 Chime 一開始就更容易使用。因此，我們在擴大資金管道方面取得了巨大的成功，使新會員能夠更輕鬆地向帳戶中存錢，開放 Apple Pay，例如移動支票存款，並提供對某些價值道具的介紹性訪問，這些價值道具歷史上一直位於直接存款的付費牆後面。

So things like credit building and getting people using our P2P and these sorts of things before direct deposit. And the success has been great. We're seeing increased amounts of activation rates among enrollees and funding rates, which we feel good about sort of increasing the size of the pond to fish in. We're seeing higher adoption rates of our credit building -- credit builder card, which is good. As you know, that's a higher interchange product for us so it's good for the business as well, while also being helpful for our members.

因此，在直接存款之前，我們會進行信用建設，讓人們使用我們的 P2P 等類似的事情。並且取得了巨大的成功。我們看到登記者的啟動率和資助率都在增加，我們很高興看到釣魚池的規模擴大。我們看到信用建設卡的採用率越來越高，這是好事。如您所知，這對我們來說是一種更高交換率的產品，因此它對業務也有好處，同時也對我們的會員有幫助。

And I think this whole area of initiative is around the recognition that there isn't going to be a single path to converting people to direct deposit, which is always our number one goal. We know that some people are going to want to date a bit before they get married. And so we feel really good about this strategy, and I think you're seeing it in the numbers in terms of the ads at the top of the funnel.

我認為整個計劃都圍繞著這樣一個認識：讓人們接受直接存款並不是只有一種途徑，而這始終是我們的首要目標。我們知道有些人在結婚前會想約會一段時間。因此，我們對這項策略感到非常滿意，而且我認為您可以從漏斗頂部的廣告數字中看到這一點。

Okay, great. That's good summary there. Just my quick follow-up. I wanted to ask on MyPay, the transaction margin there, really impressive. Maybe give a little bit more on what's driving the momentum? Are you seeing higher attach usage? And curious about sustainability given, again, what you've learned so far?

好的，太好了。總結得很好。這只是我的快速跟進。我想問一下 MyPay，那裡的交易利潤率確實令人印象深刻。或許您可以進一步說明一下推動這股勢頭的因素是什麼？您是否看到更高的附件使用率？鑑於您目前所學的知識，您對永續性感到好奇嗎？

Yes, sure. Maybe I'll start and pass it over to Matt on the risk performance. But maybe just to level set, we're so excited about this product. We mentioned it's a $300 million run rate business already just about a year in. And if you just look at the actual offering itself, with MyPay, everyday people have the opportunity to access to $500 of their paycheck on demand for free before the paycheck actually arrives.

是的，當然。也許我會開始並將其交給馬特負責風險表現。但也許只是為了達到水平，我們對這個產品感到非常興奮。我們提到，這是一個營運僅一年就達到 3 億美元規模的業務。如果你只看實際的服務本身，使用 MyPay，人們每天都有機會在工資實際到達之前免費提取 500 美元的工資。

And if they want it instantly, they can get it for a low fee of $2. That's less than a couple of Starbucks. So the team has proven an ability to manage this product incredibly well in terms of the risk. But importantly for us is that not only is it a profitable product, it's getting better, but it's also a really key element of the suite of value propositions for why people come to Chime in the first place.

如果他們想要立即獲得，只需支付 2 美元的低費用即可獲得。這比幾家星巴克的價錢還少。因此，該團隊已證明其在風險方面具有出色管理該產品的能力。但對我們來說重要的是，它不僅是一個有利可圖的產品，而且它正在變得越來越好，而且它也是人們首先選擇 Chime 的一系列價值主張中的關鍵要素。

It continues to show in survey research and activation that this is one of the top reasons that people come to Chime. But maybe you want to talk to some of the success on the risk side, Matt?

調查研究和活化結果繼續表明，這是人們選擇 Chime 的主要原因之一。但是也許你想談談風險方面的一些成功案例，馬特？

Yes. Thanks, Chris. As Chris mentioned, we're very pleased with the continued progress on MyPay. And that's true both on the top line, but also on our margin and loss rate specifically. We did see attach rates on the product tick up sequentially quarter-over-quarter. That's driven by the continued strong interest in this product among our member base.

是的。謝謝，克里斯。正如克里斯所提到的，我們對 MyPay 的持續進展感到非常高興。這不僅體現在營業收入上，也體現在我們的利潤率和損失率上。我們確實看到該產品的附加率逐季度環比上升。這是因為我們的會員對產品持續保持著濃厚的興趣。

But what I will say there, too, there's also a little bit of seasonality here, seasonality with respect to the usage of our liquidity products. Utilization of liquidity products does tend to be a touch lower during Q1 after members have higher balances when they receive their tax refunds. But in general, we're seeing very strong and continued great product attach.

但我要說的是，這也有一點季節性，也就是我們在流動性產品使用方面的季節性。當會員收到退稅後餘額增加時，第一季流動性產品的使用率確實會略有下降。但總體而言，我們看到了非常強勁且持續出色的產品附加價值。

But as I mentioned in our earlier prepared remarks, what's really exciting is our faster-than-planned progress on loss rates. And that is, again, what drove loss rates to closer to 140 basis points in Q2 from just over 160 basis points in Q1. And again, great progress towards what we think is a more reasonable steady-state loss rate on this product of approximately 1%. And so when you put that together, the loss rates plus continued strong engagement, that's what's enabled us to triple our MyPay transaction margin quarter over quarter.

但正如我在之前的準備好的發言中提到的那樣，真正令人興奮的是我們在損失率方面取得的進展比計劃的要快。這再次導致損失率從第一季的略高於 160 個基點上升至第二季的接近 140 個基點。我們認為該產品的穩定狀態損失率約為 1%，這朝著更合理的方向邁進了一大步。因此，當你把這些因素綜合起來，損失率加上持續強勁的參與度，就使得我們的 MyPay 交易利潤率環比增長了兩倍。

In terms of what's driving that, I'd point out a couple of things. Number one, this is sort of the natural evolution of the new credit product as cohorts season, as the product matures, loss rates do tend to improve. So I think we're just sort of following a natural course there. But we're also improving our underwriting as we learn on this product and iterate on it over time.

就推動這現象的因素而言，我想指出幾點。首先，這是新信貸產品隨著季節變化而自然演變的過程，隨著產品的成熟，損失率確實會有所改善。所以我認為我們只是在遵循自然的進程。但隨著我們對該產品的了解和不斷迭代，我們也在改進我們的承保。

And if I sort of zoom out for a second, it's really the same playbook that we use for SpotMe, where we actually saw about a 50% improvement in loss rates today versus when we launched the $200 version of that product. So we're really excited about this progress. And again, that's a key reason behind why we've raised our expectations for adjusted EBITDA margin growth in the back half of this year relative to our previous internal expectations. And as I mentioned, we expect to return to the mid-40s or higher incremental adjusted EBITDA margin by Q4.

如果我稍微放遠一點，就會發現這實際上與我們為 SpotMe 使用的策略相同，與我們推出該產品 200 美元版本時相比，今天的損失率實際上提高了約 50%。所以我們對這項進展感到非常興奮。這也是我們提高今年下半年調整後 EBITDA 利潤率成長預期（相對於我們先前的內部預期）的關鍵原因。正如我所提到的，我們預計到第四季度增量調整後 EBITDA 利潤率將恢復到 40% 左右或更高。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I want to echo the congratulations on being public and all the work that's gone into getting to where you are today. I want to follow up on, Matt, just kind of your comments around loss rates on MyPay, et cetera, really impressive performance here in the last quarter. And I appreciate wanting to get those loss rates down to 1%.

我想再次祝賀你公開自己的身份，並祝賀你為達到今天的成就所付出的所有努力。馬特，我想跟進一下你對 MyPay 損失率等方面的評論，上個季度的表現確實令人印象深刻。我很感激能夠將損失率降至 1%。

But how are you thinking about the pace that makes sense to get them to those levels versus using MyPay as an effective way to grow and engage with new customers and expand engagement with existing customers? Just trying to make sure that we're kind of level set correctly in terms of how quickly we should expect that to continue to improve.

但是，您如何考慮以合理的速度讓他們達到這些水平，而不是使用 MyPay 作為發展和吸引新客戶以及擴大與現有客戶的互動的有效方式？只是想確保我們在預期繼續改善的速度方面設定了正確的水平。

Yes. Thanks for the question, James, and I appreciate the comments there as well. So a few thoughts here. You're exactly right. We control the dials here on MyPay loss rates. And I think the journey that we're on here is continuing to iterate between continued improvement in loss rates and making sure that the member experience on MyPay is best-in-class and everything that our members would expect.

是的。謝謝你的提問，詹姆斯，我也非常感謝你的評論。這裡有幾點想法。你說得完全正確。我們在這裡控制 MyPay 損失率。我認為，我們目前所走的路是在持續改善損失率和確保 MyPay 上的會員體驗是一流的以及滿足會員所期望的一切之間不斷迭代。

And so that certainly may mean that the trajectory on loss rates may or may not be linear. And we oftentimes want to make sure that we're looking at the holistic picture. If there's ways to offer a little bit more member impact on MyPay that can drive bigger impact to our overall business in terms of engagement, retention or direct deposit attach, those are trade-offs that we would make all day.

因此，這當然意味著損失率的軌跡可能是線性的，也可能不是線性的。我們常常希望確保我們看到的是整體情況。如果有辦法讓 MyPay 的會員產生更多影響，從而在參與度、保留率或直接存款附加方面對我們的整體業務產生更大的影響，那麼這些都是我們願意整天做的權衡。

That being said, given the faster progress that we've seen on this, I don't think you should think about that 1% loss rate as a long-term target. This is really a level that we could foresee getting to really in the quarters ahead, the medium term. And so we're quite excited about the progress here overall.

話雖如此，考慮到我們在這方面看到的更快進展，我認為你不應該將 1% 的損失率視為長期目標。這確實是我們可以預見在未來幾季、即中期內達到的水平。因此，我們對這裡取得的整體進展感到非常興奮。

Good, good. Yes, that should be really exciting. And then, Chris, I wanted to ask just in terms of, obviously, MyPay as a product has a lot of potential as a way to engage with enterprise. And I know that you've talked about enterprise and workplace initiatives to help grow engagement for potential Chime members, et cetera. Can you give us an update on that initiative and kind of the milestones we should be tracking over the coming quarters as to its progress?

很好，很好。是的，那一定非常令人興奮。然後，克里斯，我想問的是，顯然，MyPay 作為一種產品，在與企業互動方面具有很大的潛力。我知道您談到了企業和工作場所計劃，以幫助增加潛在 Chime 成員的參與度等等。您能否向我們介紹一下該計劃的最新進展以及我們在未來幾季中應該追蹤的進展里程碑？

Absolutely. Thanks, James. Appreciate it. For this one, I'm going to pass it over to Mark Troughton, our COO. He looks over this part of the business and is close to it. So why don't you take it, Mark?

絕對地。謝謝，詹姆斯。非常感謝。就這一點而言，我將把它交給我們的營運長馬克·特勞頓 (Mark Troughton)。他負責這部分業務，並且對此很了解。那你為什麼不接受它呢，馬克？

Thanks, Chris. James, I think just to level set for everybody on the call, Chime Workplace is the division of Chime where we deliver our products as a free employee financial wellness solution through large enterprises. And we use Workplace to partner with employers, and the goal here really is to unlock a new acquisition channel for partner account for Chime.

謝謝，克里斯。詹姆斯，我想只是為了讓電話會議中的每個人都了解情況，Chime Workplace 是 Chime 的一個部門，我們透過大型企業提供我們的產品作為免費的員工財務健康解決方案。我們使用 Workplace 與雇主合作，這裡的目標實際上是為 Chime 的合作夥伴帳戶開闢一個新的獲取管道。

I think it's fair to say that we continue to be increasingly excited about Chime Enterprise and Workplace. And we have a team there, a well-established team that actually pioneered the whole enterprise sale of earned wage access product. The team has built a strong pipeline. We have launched a number of partners.

我認為可以公平地說，我們對 Chime Enterprise 和 Workplace 的興奮程度持續上升。我們在那裡有一個團隊，一個成熟的團隊，實際上是整個企業銷售工資獲取產品的先驅。該團隊已經建立了強大的管道。我們已經推出了一些合作夥伴。

And I think it's fair to say that so far, what we're seeing there is, in terms of adoption and satisfaction, is actually exceeding our expectations. So we don't have any specific announcements to make today, but we hope to be sharing more here in the coming weeks and months.

我認為可以公平地說，到目前為止，就採用率和滿意度而言，我們所看到的實際上超出了我們的預期。因此，我們今天沒有任何具體的公告，但我們希望在未來幾週和幾個月內在這裡分享更多資訊。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Echo the other congrats on the call so far about the IPO and around the first quarter out of the gate, awesome to see. I wanted to ask on just some of the spending trends that you guys saw in the quarter. I think if we look at kind of spend volume per customer, that number has been down kind of low- to mid-single digits the last couple of quarters. And I know I think Tien-Tsin asked about the widening the funnel initiatives, and so I'm sure there's some mix dynamics going on there.

與迄今為止有關 IPO 和第一季開局的電話會議中其他祝賀一致，很高興看到這一點。我想問一下你們在本季看到的一些支出趨勢。我認為，如果我們看一下每個客戶的消費額，這個數字在過去幾個季度一直下降到低到中等個位數。我知道 Tien-Tsin 詢問了擴大漏斗計劃的問題，因此我確信那裡存在一些混合動態。

So wondering if you could talk about that trend and help us decompose that a little bit. What are you seeing on the underlying spend levels per customer? And just for modeling purposes, how would you kind of -- how would you help us think about kind of that metric on a go-forward basis?

所以想知道您是否可以談論這個趨勢並幫助我們稍微分解。您看到每位客戶的基本支出水準如何？僅出於建模目的，您將如何幫助我們在未來思考這種指標？

Sure. Maybe I'll take that. And then, Matt, if you have anything to add. Maybe just some context here, we are now at an over $130 billion run rate in terms of purchase volume across our portfolio. So back in '24, that would make us just on our debit card portion, the sixth largest debit issuer in America and growing at a rate that's -- compared to the rest of the top 10, our rate of growth is 9 times faster. So we've achieved very nice scale and also continue to grow.

當然。也許我會接受。然後，馬特，如果你還有什麼要補充的話。也許這只是一些背景資訊，就我們整個投資組合的購買量而言，我們現在的運行速度已超過 1300 億美元。因此，回到 24 年，僅就簽帳卡業務而言，我們就是美國第六大金融卡發行商，而且成長速度是前十名中其他金融卡發行商的 9 倍。因此，我們已經實現了非常好的規模，並且還在繼續成長。

It is true that as we add new actives at the top of the funnel and push our service offering so that people are able to engage with us in a lighter weight way out of the gate that on a per active basis, average spend per active came down a little bit. We think this is -- and early results show that this is an investment worth making because we know that not everyone is going to immediately convert to direct deposits. So we think that this is a good investment for us.

確實，隨著我們在漏斗頂部添加新的活動並推動我們的服務，以便人們能夠以更輕鬆的方式與我們互動，按每個活動計算，每個活動的平均支出略有下降。我們認為這是——早期結果表明這是一項值得進行的投資，因為我們知道並不是每個人都會立即轉換為直接存款。所以我們認為這對我們來說是一項很好的投資。

I'll also just highlight that we are a nominal payments business, so we've benefited from some inflationary tailwinds over the past few years. Inflation was something like 8% in 2022 and now down to a little under 3%, 2.7% in June. So that provides a little bit of headwinds in terms of like the actual spend per customer that happens.

我還要強調的是，我們是一家名義支付公司，因此過去幾年我們受益於一些通膨的順風。2022 年通膨率約 8%，現在已降至略低於 3%，6 月為 2.7%。因此，這對於實際發生的每位顧客的支出來說，帶來了一些阻力。

But we're going to continue to invest in what we have from the earliest days of this company from day one, which is developing people into primary direct deposit relationships because we know that that's the best way to develop aligned long-term relationships and be able to unlock the best product experience for them. So I think you may see a little bit of choppiness from quarter to quarter. But at the end of the day, the amount of spend that we have on our active member base is, I think, significantly higher than you'll typically see in the industry.

但我們將繼續投資從公司成立第一天起就擁有的東西，那就是培養人們建立主要的直接存款關係，因為我們知道這是發展長期關係的最佳方式，並能夠為他們帶來最佳的產品體驗。所以我認為你可能會看到季度與季度之間出現一些波動。但最終，我認為我們在活躍會員基礎上的支出金額明顯高於業內通常的水平。

Yes. Just to add to this, to quickly comment on the overall spend trends as well as -- we're seeing very steady trends. So if you take a look at our primary account users, our more tenured users, you're seeing continued growth among those users. So the per active metric that you referenced is really just driven by mix shift.

是的。補充一點，快速評論一下整體支出趨勢——我們看到的趨勢非常穩定。因此，如果您查看我們的主要帳戶用戶、我們的長期用戶，您會看到這些用戶的數量持續成長。因此，您引用的每個活動指標實際上只是由混合轉變所驅動的。

And so I think the high-level trend that you're seeing in our business of a steady spend, stable trends is very much aligned with, I think, what you're hearing around the industry at this point of a healthy consumer. And that's true both across discretionary and nondiscretionary categories.

因此，我認為您在我們的業務中看到的穩定支出、穩定趨勢的高層趨勢與您目前在行業中聽到的健康消費者的說法非常一致。這對於自由支配和非自由支配類別來說都是如此。

Of course, we are a heavily concentrated nondiscretionary spend business. We help our members pay for their everyday expenses, which is steady regardless of the cycle. But again, we're seeing steady trends really across the board.

當然，我們是一家高度集中的非自由支配支出業務的公司。我們幫助會員支付日常開支，無論週期如何，這些開支都是穩定的。但我們再次看到，整體趨勢確實保持穩定。

Awesome. Appreciate all that color. And then just on the MyPay outside the direct deposit base initiative, I was wondering if you could comment on some of the proposed bank fees that are out there. Does this have any impact on just the unit economics or cost structure of that product? And just any thoughts on whether that is meaningful enough to kind of change strategy or pricing there?

驚人的。欣賞所有這些顏色。然後，就直接存款基礎計劃之外的 MyPay 而言，我想知道您是否可以對目前提出的一些銀行費用發表評論。這對該產品的單位經濟或成本結構有影響嗎？您認為這是否足以改變策略或定價？

Yes. Maybe just to comment on that pricing proposal, one of the bank's proposed pricing for access to data. Look, we believe that consumers should have the ability to move their data to whatever service provider they want without having to incur fees for it. I think we're quite a bit different than most fintechs out there, in that we own the primary account relationship. So we are the ones that actually have the data and the majority of our deposits are coming to us from that direct deposit relationship.

是的。也許只是對該定價提案進行評論，這是銀行提出的訪問數據定價提案之一。我們相信，消費者應該有能力將他們的資料轉移到他們想要的任何服務提供者，而不必為此支付費用。我認為我們與大多數金融科技公司有很大不同，因為我們擁有主要帳戶關係。因此，我們才是真正擁有數據的人，而且我們的存款大多來自直接存款關係。

So I don't think that -- if that change were to happen, it wouldn't affect us. And it sounds like based on what the CFPB recently came out with that, that pricing actually isn't going to happen anyway or is unlikely to anytime soon.

所以我不認為——如果發生這種變化，它不會影響到我們。根據消費者金融保護局 (CFPB) 最近發布的消息，這種定價實際上不會發生，或者不太可能很快發生。

But as it relates to our MyPay day one, MyPay day one is just one experiment that we're trying at the top of the funnel, again, in the vein of trying to make interacting with Chime, getting access to some features from the early days available to members before they engage with direct deposit. Any potential changes would have essentially negligible impact on that product, which again is an experiment that's part of a broader suite of services available to people at the -- from the outset of the relationship.

但就我們的 MyPay 第一天而言，MyPay 第一天只是我們在漏斗頂部嘗試的一個實驗，同樣，是為了嘗試與 Chime 進行交互，讓會員在參與直接存款之前可以使用早期的一些功能。任何潛在的變化對該產品的影響基本上可以忽略不計，這又是一個實驗，它是從關係一開始就向人們提供的更廣泛的服務的一部分。

But we'll be learning more over the course of this quarter and beyond on the effectiveness of that product and how effective it is in getting people to ultimately sign up for direct deposit and primary account relationships.

但我們將在本季及以後進一步了解該產品的有效性，以及它在吸引人們最終註冊直接存款和主要帳戶關係方面的效果。

I think, Chris, just to add to that, it's maybe also worth just saying that, look, if we don't think this is going to happen. But even if charging for access to banking transactions became the industry norm, the reality is that is probably a net benefit to Chime as somebody who has a lot of primary account relationships. So we really don't see this idea of charging for access as having any sort of negative impact on Chime at all.

我認為，克里斯，補充一點，也許值得說的是，看，如果我們不認為這會發生。但即使對銀行交易收費成為行業常態，現實情況是，對於擁有大量主要帳戶關係的 Chime 來說，這可能是一種淨收益。因此，我們確實不認為這種收費訪問的想法會對 Chime 產生任何負面影響。

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作員指示） Darrin Peller，Wolfe Research。

Congrats on the first quarter out. I want to understand a little bit more your thought process going forward now that you've had some really good success for about a quarter to two quarters on the ungated new users, ungated to direct deposit that was touched on before. How do you think about the mix going forward around that, your strategy?

恭喜第一季結束。我想進一步了解您未來的思考過程，因為您已經在大約一個季度到兩個季度的時間裡在不受限制的新用戶、不受限制的直接存款方面取得了一些非常好的成功，這一點我們之前已經提到過。您如何看待未來的組合策略？

And then I guess, how does that play into what we should think about modeling CAC? It was obviously down, and there's been really good word of mouth that's been driving a very strong CAC for a while, down 10% year over year again. I guess, I'm just curious if that plays into it to some degree. But more importantly, just as an add-on, how do we model that? How do you want us to model that going forward?

然後我想，這與我們應該如何考慮建模 CAC 有什麼關係？它顯然是下降了，而且一直以來都有非常好的口碑，推動著一段時間內非常強勁的 CAC，但同比又下降了 10%。我想，我只是好奇這是否在某種程度上起到了作用。但更重要的是，作為附加元件，我們如何對其進行建模？您希望我們未來如何塑造這模式？

Thanks for your question, and I'll take it. If you want to add to that, you can. But like I said, we feel really good about this strategic decision to make Chime easier to use right out of the gate. And I think the key for us is a combination of giving people that are new to the story, new to the platform, giving them enough to get a taste of Chime services, but also, at the same time, make it clear that as you engage with Chime and you do more with us, you're going to get more from us.

感謝您的提問，我會回答。如果你想添加的話，你可以。但就像我說的，我們對這個策略決策感到非常滿意，它可以讓 Chime 更容易使用。我認為對我們來說關鍵在於讓那些剛接觸這個故事、剛接觸這個平台的人充分體驗 Chime 的服務，但同時，也要讓他們明白，隨著您與 Chime 的互動以及與我們合作的增多，您將從我們這裡獲得更多。

And that's really the strategy behind products like Chime+, which really is an effort to package all of the best features of Chime that you get when you engage with us as a primary account holder, using direct deposit, getting higher rates on your savings account, getting access to these core liquidity services of MyPay and SpotMe and additional benefits and services.

這實際上是 Chime+ 等產品背後的策略，它實際上是為了打包 Chime 的所有最佳功能，當您作為主要帳戶持有人與我們合作時，您可以使用直接存款、在儲蓄帳戶上獲得更高的利率、使用 MyPay 和 SpotMe 這些核心流動性服務以及其他福利和服務。

You're going to continue to see from us an investment into ways to make Chime more accessible for people out of the gate, but also even more rewarding to our members as they engage with us. So we think creating this larger pool of members to engage with us is a decision that makes sense. It's a natural one for us and especially as we layer on a suite of offerings that get better as you engage more, we think it's a natural win-win.

您將繼續看到我們不斷投資，使 Chime 更容易被人們使用，同時也為與我們互動的會員帶來更多回報。因此，我們認為創建更大的會員庫來與我們互動是一個明智的決定。這對我們來說是很自然的，特別是當我們提供一系列隨著您參與度增加而變得更好產品時，我們認為這是一個自然的雙贏。

We still have lots of people that come through the top of the funnel and have already decided that they want to switch their banking to Chime and others that are going to engage in a lighter weight way for a period of time. And look, the top of the funnel and the cost save on that side is the result of just great execution from our product and marketing team, opening up new channels, new video channels using AI at the top of the funnel, having even more success with member referral programs.

我們仍然有很多人透過漏斗頂部，已經決定將他們的銀行業務轉移到 Chime 和其他將在一段時間內以更輕量的方式參與的銀行業務。看看，漏斗頂部和那邊的成本節省是我們產品和行銷團隊出色執行的結果，在漏斗頂部使用人工智慧開闢了新的管道、新的視訊管道，並在會員推薦計劃中取得了更大的成功。

I mean, that's what's really driving our success at the top of the funnel and the efficiency that we're having in that area. And we're going to keep pushing on that because we really like the ROI on those investments.

我的意思是，這才是真正推動我們在漏斗頂端取得成功以及我們在該領域取得效率的因素。我們將繼續努力，因為我們真的很喜歡這些投資的投資報酬率。

What I'd add to that, Darrin, is in addition to the great progress on CAC is we're also driving higher LTVs. You're really seeing that in the growth in ARPAM, as an example, growing 12% year over year in Q2. And so when you put these things together, what you're seeing is improvement in our already strong unit economics, and they're translating to payback periods that are now more in the zone of five to six quarters for our most recent cohorts compared to seven quarters that we mentioned in our S-1 a few months ago. And those payback periods support longer-term LTV to CAC of 8x or higher.

達林，我想補充的是，除了 CAC 取得巨大進展之外，我們還在提高 LTV。以 ARPAM 為例，您確實看到了這一點，第二季年增了 12%。因此，當你把這些因素綜合起來時，你會看到我們已經很強大的單位經濟效益有所改善，而且它們轉化為回報期，對於我們最近的一批客戶來說，現在更多的是在五到六個季度的範圍內，而幾個月前我們在 S-1 中提到的是七個季度。這些回報期支持長期 LTV 與 CAC 達到 8 倍或更高。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I want to see if we could circle back to Chime Workplace again a little bit and dig into it a little bit just to bring it to life. So clearly, you've stated that it's going to be a great low CAC channel, brings in a lot of members. And I think the beauty of it is it kind of replenishes itself as those employees who have Chime accounts move on to other jobs, they can stay with you and it kind of replenishes. So it seems like a great channel.

我想看看我們是否可以稍微回到 Chime Workplace 並深入研究它以使其生動。所以很明顯，您已經說過這​​將是一個很棒的低 CAC 管道，會吸引很多會員。我認為它的美妙之處在於它可以自我補充，因為那些擁有 Chime 帳戶的員工轉到其他工作時，他們可以繼續留在你這裡，這樣它就可以自我補充。所以它看起來是一個很棒的頻道。

I wanted to see if you could bring to life a little bit more of the conversations with these large enterprise merchants. I know you mentioned there's a few over the next few weeks that you might be able to announce. But when you go in and speak to them, I mean, what is the status quo? Are they speaking to competitors? Are they maybe using a competitor? Is this totally new to them? Is there any pushback? Or it's just sort of inertia and where it falls on their priority list?

我想看看您是否可以讓與這些大型企業商家的對話更加生動一些。我知道您提到在接下來的幾週內您可能會宣布一些消息。但是當你進去和他們交談時，我的意思是，現狀是怎麼樣的？他們是在和競爭對手對話嗎？他們可能正在使用競爭對手嗎？這對他們來說是否是全新的？有沒有什麼阻力？或者這只是一種慣性，它在他們的優先列表中處於什麼位置？

Yes. Sure. That's a great question. I think in terms of, are they new to the category versus do they have an existing provider, I think a lot of them are new to the category because the penetration is still really low in this market. But there obviously are some that we're speaking to who have an existing provider and may be considering a switch. So I think that probably gives you an indication there.

是的。當然。這是一個很好的問題。我認為，就他們是該類別的新手還是他們有現有的供應商而言，我認為他們中的許多人都是該類別的新手，因為這個市場的滲透率仍然很低。但顯然，我們正在交談的一些人已經有了供應商，並且可能正在考慮更換供應商。所以我認為這可能給你一個暗示。

I think it's probably worth discussing what we think our sort of competitive advantages are and why we think they're actually open to the calls and why we think we actually stand a chance in this channel. And really, there's a few things. The first one is historically, this market has been approached by people who are just offering earn wage access. It's a sort of narrow point solution.

我認為可能值得討論一下我們認為我們的競爭優勢是什麼，為什麼我們認為他們實際上願意接受這些呼籲，以及為什麼我們認為我們實際上在這個管道中有機會。事實上，有幾件事。第一個是，從歷史上看，這個市場一直受到那些只提供賺取工資機會的人的青睞。這是一種窄點解決方案。

And really, our solution is much broader. It's offering broader financial wellness, part of which is earned wage access, but it goes beyond into credit building and savings and broader financial health. And so when we chat to an employer, we're actually able to address not only a portion of their employee base that's interested in earned wage access, which may be 30% or 40%, but actually, we're able to address 100% of their employee base, number one.

事實上，我們的解決方案更加廣泛。它提供更廣泛的財務健康，其中一部分是獲得工資的機會，但它不僅僅涉及信用建設和儲蓄以及更廣泛的財務健康。因此，當我們與雇主交談時，我們實際上不僅能夠解決對獲得應得工資感興趣的部分員工的問題，這部分員工可能是 30% 或 40%，而且實際上，我們能夠解決所有員工的問題，這是第一點。

Number two, if you just bring it back to the earned wage access piece, our belief here is that our offering is superior to the extent that we are offering up to 100% -- access to 100% of wages without any fees at all. Just to remind people on the call, the Workplace -- the Chime Workplace option actually is different to the consumer option.

第二，如果回到薪資取得部分，我們相信我們提供的服務是優質的，因為我們提供高達 100% 的薪資獲取服務——無需支付任何費用。只是為了提醒通話中的人們，工作場所——Chime 工作場所選項實際上與消費者選項不同。

We offer up to 100% of earned wages with no fee irrespective of whether you want to receive it immediately or delayed. That offering is absolutely unmatched in the market and really compares very favorably against other earned wage access providers who are charging $3 to $4 per draw, where members may be paying $40 a month, and with the top quartile may be paying in excess of $70 to $80 a month. So that's a strong advantage for us.

無論您希望立即領取還是延遲領取，我們都將免費提供高達 100% 的工資。該產品在市場上絕對無與倫比，與其他工資存取提供者相比確實非常有利，後者每次取款收費 3 至 4 美元，會員每月可能支付 40 美元，而最高四分之一會員每月可能支付超過 70 至 80 美元。所以這對我們來說是一個很大的優勢。

And then I think the third core advantage there for us is really the Chime brand and our installed base, where given our scale and our installed base of customers, we're able to drive greater adoption and satisfaction through this. So we think those are the advantages that are resonating today in those sales calls.

然後我認為我們的第三個核心優勢實際上是 Chime 品牌和我們的安裝基礎，鑑於我們的規模和客戶安裝基礎，我們能夠透過這種方式推動更高的採用率和滿意度。因此，我們認為這些是當今銷售電話中引起共鳴的優勢。

But as we indicated earlier, we're not at the point here where we're going to be discussing specific customers and partners that we've launched. But we do hope here in the coming weeks and months to be able to share more specifics with you of the progress in the channel.

但正如我們之前指出的，我們現在還不打算討論我們已經推出的特定客戶和合作夥伴。但我們確實希望在未來幾週和幾個月內能夠與您分享有關該管道進展的更多細節。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Great to be involved on this first public call. Matt, I had a couple of questions actually. One is housekeeping. Could you give us a sense of what you think interchange rates are going to look like? I know that's a function of mix between credit spend and debit spend as we think about building our models for the rest of the year? And then also, could you give us the fully diluted share count, just so we can calculate enterprise value correctly?

很高興能夠參與這次首次公開電話會議。馬特，實際上我有幾個問題。一是家務管理。您能否告訴我們您認為交換率將會是怎樣的？我知道這是信用支出和借記支出混合的函數，因為我們在考慮為今年剩餘時間建立模型？另外，您能否告訴我們完全稀釋的股份數量，以便我們能夠正確計算企業價值？

Yes. Thanks, Andrew. Appreciate the questions. So on the interchange rate side, I think what we're seeing there in general is a lot of stability. So what you're seeing on a year-over-year basis in Q2 was a -- with a slight uptick in rates relative to the year prior. But in general, our expectation is for stability across both debit and credit volumes.

是的。謝謝，安德魯。感謝您的提問。因此，就交換率方面而言，我認為我們總體上看到的是相當穩定的。因此，您會看到，第二季的年比利率與去年相比略有上升。但整體而言，我們期望藉記和貸記量都保持穩定。

Of course, credit earns significantly higher interchange rates versus debit. This is for our secured credit card, and so that remains a big opportunity for us as we continue to drive adoption of our credit building services for our members.

當然，信用卡的交換率明顯高於金融卡。這是針對我們的擔保信用卡的，因此，隨著我們繼續推動會員採用我們的信用建設服務，這對我們來說仍然是一個巨大的機會。

On the fully diluted share count question, what you'll see in our filing is a share count of approximately 100 -- I'm sorry, 370 million. That's our issued share count as of the end of Q2.

關於完全稀釋的股票數量問題，您會在我們的文件中看到股票數量約為 1 億——抱歉，是 3.7 億股。這是截至第二季末我們的已發行股票數量。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Congrats again. I had a question about ARPAM. Strong growth in the second quarter, excelled a bit versus 1Q. I know MyPay and other initiatives are going to help. Just curious how we should think about the growth trajectory over the course of the year and into next? Maybe, Matt, you could help us with sort of how the sequencing of that would play out over the course of that time.

再次恭喜。我有一個關於 ARPAM 的問題。第二季成長強勁，較第一季略有改善。我知道 MyPay 和其他舉措將會有所幫助。只是好奇我們該如何看待今年和明年的成長軌跡？也許，馬特，您可以幫助我們了解一下在這段時間內這些事情的順序是如何進行的。

Yes. Thanks, Sanjay. Happy to take that one. So a couple of quick thoughts on that. The first, what I would say is we've certainly benefited on the ARPAM side over the last year from the launch of MyPay. That's been a key contributor of our growth in ARPAM over the last four quarters.

是的。謝謝，桑傑。很高興接受這個。因此，我對此有幾點快速的想法。首先，我想說的是，過去一年 MyPay 的推出確實讓我們在 ARPAM 方面受益匪淺。這是我們過去四個季度 ARPAM 成長的關鍵因素。

Naturally, we are now facing the sort of one-year anniversary of the launch of MyPay. And as a result of that, you should expect some natural normalization of our ARPAM growth rate as we lap that initial launch, which again was in Q3 of last year. We ramped throughout the course of Q3.

當然，我們現在正迎來 MyPay 推出一週年紀念。因此，隨著我們完成首次發布（再次在去年第三季），您應該可以預期我們的 ARPAM 成長率會自然正常化。我們在整個第三季都取得了進展。

So in Q2 '25, we're sort of growing off of a lower base versus Q3. And so that's, I think, the progression there on the ARPAM side. What I just sort of say on top of that, of course, that we're really excited about is, again, after driving such strong top line from MyPay, what we're now expecting over the course of the second half is again for that strong top line to really start to flow through the rest of our P&L.

因此，在 2025 年第二季度，與第三季度相比，我們的成長基數較低。所以，我認為這就是 ARPAM 方面的進展。當然，除此之外，我想說的是，我們真正感到興奮的是，在 MyPay 取得如此強勁的營收之後，我們預計下半年強勁的營收將再次真正開始流入我們其他的損益表。

And again, that's a key reason why our guide is calling for an acceleration to our adjusted EBITDA margin growth in H2 relative to H1. As a reminder, we expect adjusted EBITDA margin expansion to accelerate about 5 to 6 points year over year in Q3. That's ahead of both Q1 and Q2 of this year. And we also expect even further expansion in Q4.

這也是我們的指南要求下半年調整後的 EBITDA 利潤率成長相對於上半年加速的關鍵原因。提醒一下，我們預計第三季調整後的 EBITDA 利潤率將年增約 5 至 6 個百分點。這高於今年第一季和第二季的水平。我們也預計第四季將進一步擴張。

And again, on an incremental adjusted EBITDA margin basis, we expect to return to the mid-40s or higher by Q4.

再次，在增量調整後的 EBITDA 利潤率基礎上，我們預計到第四季將回到 40 年代中期或更高。

That's very helpful. And I guess, like my follow-up was actually on the margin. I mean, Chris mentioned AI. Obviously, that could be quite enhancing to efficiency, the strong incremental margins that you have. What kind of timeline do you think we could expect to get to sort of the longer-term goals that you have on the operating margin? Like what do you think it can happen over an intermediate term?

這非常有幫助。我想，我的後續行動實際上處於邊緣狀態。我的意思是，克里斯提到了人工智慧。顯然，這可以大大提高效率，帶來強勁的增量利潤。您認為我們可以在什麼樣的時間表內實現您在營業利潤率方面的長期目標？您認為從中期來看會發生什麼事？

Yes. So as a reminder, we think that on a more steady-state basis, our adjusted EBITDA margin should approach 35% over time. And I think that the progress that we've made on EBITDA margin growth the first half of this year and our expectations for the back half of this year, again, returning to mid-40s or higher and gives us a strong line of sight to get to those levels.

是的。因此提醒一下，我們認為在更穩定的基礎上，我們的調整後 EBITDA 利潤率應該會隨著時間的推移而接近 35%。我認為，我們今年上半年在 EBITDA 利潤率成長方面取得的進展以及我們對今年下半年的預期將再次回到 40% 左右或更高，這為我們達到這些水平提供了強有力的指導。

The other thing I would say is the path that we take there, I think, also depends on our levels of growth investment. Such a significant portion of our OpEx are based off discretionary investments in growth. And so we have the dials there to trade off over time as well. So you should not think about that as a decade-long target for us. But of course, we're going to continue to invest in this business over the next couple of years as well.

我想說的另一件事是，我認為我們採取的道路也取決於我們的成長投資水準。我們的營運支出中很大一部分是基於對成長的自由投資。因此，隨著時間的推移，我們也會進行權衡。所以你不應該認為這是我們十年的目標。當然，未來幾年我們也將繼續投資這項業務。

And it appears that we have reached our allotted time for questions. I will now turn the call back to Chris Britt for closing remarks.

看來我們已經到了提問的時間了。現在我將把電話轉回給克里斯·布里特 (Chris Britt) 作結束語。

Appreciate it. And I just want to thank everyone for joining the call today. We look forward to spending more time with you in the weeks and months ahead.

非常感謝。我只想感謝大家今天參加電話會議。我們期待在未來幾週和幾個月裡與您有更多的相處時間。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。