Chime Financial Inc (CHYM) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to third quarter fiscal 2025 earnings call. (Operator Instructions) I'd like to turn the call over to David Pearce, Vice President of Investor Relations and Capital Markets. Thank you. You may begin.

午安.歡迎參加2025財年第三季財報電話會議。（操作員指示）我想把電話轉交給投資人關係與資本市場副總裁大衛‧皮爾斯。謝謝。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Chime's third 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 Q&A.

各位下午好，感謝各位參加 Chime 2025 年第三季財報電話會議。今天與我一同出席的有我們的聯合創始人兼首席執行官克里斯·布里特，以及我們的首席財務官馬特·紐科姆；我們的首席營運官馬克·特勞頓將參與問答環節。

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.

再次提醒大家，我們將在本次電話會議上揭露非GAAP財務指標。有關我們 GAAP 和非 GAAP 結果的定義和調節表，請參閱我們的收益報告和收益演示文稿，這些資料已發佈在我們的投資者關係網站 investors.chime.com 上。

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.

我們也將在本次電話會議上發表前瞻性聲明，包括關於我們業務、未來展望和目標的聲明。此類聲明存在已知和未知的風險和不確定性，可能導致實際結果與所述結果有重大差異。

Many of those risks and uncertainties are described in our SEC filings, including our Form 10-Q filed on August 11, 2025. 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. With that, I'll hand it over to Chris.

這些風險和不確定性中的許多都已在我們的美國證券交易委員會文件中進行了描述，包括我們於 2025 年 8 月 11 日提交的 10-Q 表格。前瞻性陳述僅代表我們截至作出該等陳述之日的信念和假設。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。這樣，我就把它交給克里斯了。

Thanks, David, and thank you all for joining us. Q3 was another strong quarter for us, and I'm so proud to lead this talented team that has made Chime an industry leader in banking mainstream America. Month after month, more everyday people are choosing to move their banking relationship to Chime than any other fintech or bank. In fact, just last month, JD Power reported that in Q3, more people opened a checking account at Chime than any other US company.

謝謝你，大衛，也謝謝各位的參與。第三季度對我們來說又是強勁的一個季度，我非常自豪能夠領導這支才華橫溢的團隊，正是他們讓 Chime 成為美國主流銀行業中的行業領導者。每個月，選擇將銀行業務轉移到 Chime 的普通用戶數量都超過了其他任何金融科技公司或銀行。事實上，就在上個月，JD Power 報告稱，在第三季度，在 Chime 開設支票帳戶的人數超過了其他任何一家美國公司。

And we're still just getting started. We're [up to $9.1 million] active members in a market of nearly [$200 million people] earning up to $100,000 per year. We're at a $2 billion dollar revenue run rate in an over $400 billion dollar market.

我們才剛起步。我們擁有高達 910 萬美元的活躍會員，而我們的市場規模接近 2 億人，年收入最高可達 10 萬美元。我們在一個超過 4000 億美元的市場中，實現了 20 億美元的年化收入。

There's a secular shift happening in mainstream America towards digital banking that's helpful, easy, and free, and Chime is leading the way. Our strong Q3 financial and operating results demonstrate our progress. We delivered 29% year over year revenue growth, despite lapping the initial launch of our blockbuster new product, MyPay.

美國主流社會正在發生一場向便利、輕鬆、免費的數位銀行服務的長期轉變，而 Chime 正引領著這一潮流。我們強勁的第三季財務和營運業績證明了我們所取得的進展。儘管我們的重磅新產品 MyPay 的首次推出搶佔了先機，但我們仍然實現了 29% 的年收入成長。

We also improved our adjusted EBITDA margin by 9 points year over year. Both revenue and adjusted EBITDA exceeded guidance for the quarter. Driving this growth was a 21% year over year increase in active members to $9.1 million, a sequential increase of approximately [400,000] from Q2. Given this momentum, we're raising our Q4 and full year guidance for revenue and adjusted EBITDA.

我們的調整後 EBITDA 利潤率也比去年同期提高了 9 個百分點。本季營收和調整後 EBITDA 均超出預期。推動這一成長的是活躍會員數量年增 21%，達到 910 萬美元，比第二季度環比增長約 40 萬。鑑於這一發展勢頭，我們上調了第四季度和全年營收及調整後 EBITDA 的預期。

Despite the headlines about macro risk and consumer health, we see continued resilience among our members. Our business is powered by long-lasting primary account relationships. We maintain low credit risk through our short duration liquidity products underwritten by recurring direct deposits. Over the last decade, our business has proven to be resilient across macro cycles.

儘管宏觀風險和消費者健康問題頻頻見諸報端，但我們仍然看到會員展現出強大的韌性。我們的業務發展得益於與主要客戶建立的長期合作關係。我們透過定期直接存款承銷的短期流動性產品來維持較低的信用風險。過去十年，我們的業務已經證明其能夠抵禦宏觀週期波動。

In fact, time can shine most when times are tough. In softer macro environments, consumers often become more value conscious, and we believe that Chime offers the most compelling banking experience and the best value. Our members continue to show strong financial health, with steady growth in spending among tenured cohorts, higher average deposit balances, and consistent use of our liquidity products with lower loss rates.

事實上，時間在艱難時期最能體現其價值。在宏觀經濟環境較為疲軟的情況下，消費者往往會更注重性價比，我們相信 Chime 能提供最具吸引力的銀行體驗和最佳價值。我們的會員持續展現強勁的財務健康狀況，老會員的支出穩定成長，平均存款餘額增加，並且持續使用我們的流動性產品，損失率降低。

Importantly, we're not seeing any signs of unemployment pressure within our member base. Today, I'll share some highlights from Q3 and what continues to set Chime apart, including our category leading products, trusted brand, and cost to serve advantage. Starting with product. In September, we launched our new Chime card, our latest innovation to make Chime the best checking account for mainstream America.

重要的是，我們沒有看到會員群體中出現任何失業壓力跡象。今天，我將分享第三季的一些亮點，以及Chime持續脫穎而出的原因，包括我們領先業界的產品、值得信賴的品牌以及服務成本優勢。從產品開始。9 月，我們推出了全新的 Chime 卡，這是我們最新的創新舉措，旨在使 Chime 成為美國主流人群的最佳支票帳戶。

This new card makes fee-free banking with Chime even more rewarding. With 1.5% cash back on everyday spend categories for direct depositors, and a titanium card option, we're now delivering an even more premium banking experience for our members.

這張新卡讓Chime的免手續費銀行服務更加划算。我們現在為會員提供更優質的銀行服務體驗，包括：直接存款用戶在日常消費類別中可獲得 1.5% 的現金回饋，以及鈦金卡選項。

Chime Card builds on the strength of Chime Plus, which offers our direct deposit members a 3.5% interest rate on savings, eight times the national average. It also offers fee-free overdrafts, access to your paycheck on demand with Mya, free credit building, and priority member support.

Chime Card 建立在 Chime Plus 的優勢之上，Chime Plus 為我們的直接存款會員提供 3.5% 的儲蓄利率，是全國平均水平的八倍。它還提供免費透支、透過 Mya 隨時支取工資、免費建立信用記錄以及優先會員支援。

We don't believe any incumbent offers consumers anywhere near this level of utility and value, including higher earners. In fact, in Q3, members making [75,000] or more annually were our fastest growing consumer segment. The new Chime card is a secured credit card that helps our members earn rewards while improving their credit score.

我們認為，目前沒有任何一家現有企業能夠為消費者（包括高收入消費者）提供接近這種實用性和價值的產品和服務。事實上，在第三季度，年收入達到或超過 75,000 的會員是我們成長最快的消費群體。全新的 Chime 卡是一張擔保信用卡，可以幫助我們的會員在提高信用評分的同時賺取獎勵。

Because it's a credit card, we earn 175 basis points of interchange, which is over 50% higher than our average Q3 take rate. The results in the first few months are promising. New members who've adopted Chime card are already using it for 80% of their spend. Portfolio-wide spend on our credit card products represents only 16% of total purchase volume as of Q3. So we're very excited about the growth potential as volume shifts to credit spend.

因為這是一張信用卡，所以我們可以獲得 175 個基點的交換費，比我們第三季的平均手續費率高出 50% 以上。前幾個月的成果令人鼓舞。新用戶使用 Chime 卡消費的比例已達 80%。截至第三季度，我們信用卡產品的整體支出僅佔總購買量的 16%。因此，隨著消費量轉向信用卡消費，我們對成長潛力感到非常興奮。

We've also enhanced our short-term liquidity products, including MyPay. In the year since we first rolled out this product, MyPay has proven to be another essential feature that's loved by our members for its convenience and low cost. MyPay is now in over $350 million dollar annual run rate product, with a transaction margin of over 45%.

我們也增強了短期流動性產品，包括 MyPay。自我們首次推出該產品以來的一年裡，MyPay 已證明是另一項重要功能，因其便利性和低成本而深受會員喜愛。MyPay 目前已進入年營業額超過 3.5 億美元的市場，交易利潤率超過 45%。

We've more than quadrupled MyPay transaction margin in just the last two quarters. These results are a case study in product innovation, only possible due to Chime's primary direct deposit relationships. In terms of our brand leadership, Chime continues to gain momentum, setting us apart from both legacy players and potential new entrants.

在過去的兩個季度裡，MyPay 的交易利潤率增加了四倍多。這些成果是產品創新的案例研究，而這只有透過 Chime 的主要直接存款關係才有可能實現。就品牌領導地位而言，Chime 持續保持成長勢頭，使我們與傳統企業和潛在的新進業者都拉開了差距。

In Q3, our unaided awareness in the online banking category reached 41%, up 12 points since 2023, with the fastest growth among Americans earning $50,000 to $100,000 annually. Chime now only trails the two largest banks in unaided awareness for online banking, and is head of Wells Fargo, Citi, and every other national bank.

第三季度，我們對網路銀行類別的無提示認知達到 41%，比 2023 年提高了 12 個百分點，其中年收入 5 萬至 10 萬美元的美國人增長最快。Chime 目前在用戶對網路銀行的認知度方面僅次於兩家最大的銀行，並且領先富國銀行、花旗銀行以及其他所有國家銀行。

And just last month, Chime released their latest national survey and ranking of the top US brands by category. For the first time, Chime was ranked the number one banking brand in the US, according to consumers, for 2025 ahead of all major banks and fintechs, and we're not even a bank. The final advantage I want to recap is the significant progress we've made in our cost to serve.

就在上個月，Chime 發布了最新的全國調查和美國頂級品牌類別排名。根據消費者的評價，Chime 首次被評為美國 2025 年排名第一的銀行品牌，領先所有主要銀行和金融科技公司，而我們甚至都不是一家銀行。最後我想重申我們所取得的顯著進步，即我們在降低服務成本方面取得的重大進展。

Chime's cost to serve is roughly [1/3 to 1/5] of an incumbent bank, and this advantage continues to improve. Over the last two years, we've reduced our cost to serve by 20% while growing RAM by 18%. Our continued operating leverage is clear in our Q3 financials, which Matt will discuss. With our scaled model and the growing benefits, we're realizing from AI, we don't believe we need to grow OpEx nearly as fast as we have historically to fuel our growth.

Chime 的服務成本大約是現有銀行的 [1/3 到 1/5]，而且這一優勢還在不斷提高。過去兩年，我們在將記憶體增加 18% 的同時，將服務成本降低了 20%。我們在第三季財務數據中清楚地體現了持續的經營槓桿效應，Matt 將會對此進行討論。隨著我們規模化的商業模式和人工智慧帶來的日益增長的效益，我們認為我們不需要像過去那樣快速地增加營運支出來推動成長。

In fact, we expect to keep headcount flat over the next year. This should translate to significantly slower OpEx growth in 2026 versus 2025. A major contributor to our cost to serve improvement has been our investment in Chime Core, our proprietary transaction processing core and ledger.

事實上，我們預計未來一年員工人數將保持不變。這意味著 2026 年的營運支出成長速度將比 2025 年顯著放緩。我們降低服務成本的主要貢獻因素是我們對 Chime Core 的投資，Chime Core 是我們專有的交易處理核心和帳簿。

I'm excited to announce today that we've completed our migration ahead of schedule, and we're now 100% on our own technology stack. [Chime Core] sets us apart from both traditional banks and FinTechs that rely on costly and often inflexible third-party solutions. Not only does [Chime Core] provide efficiency gas that Matt will share, but it will continue to accelerate shipping velocity, proprietary innovation, and our AI advantage. [Chime 4] allowed us to launch our new Chime card, a key driver of growth for 2026 and beyond.

我很高興地宣布，我們已提前完成遷移，現在我們100%採用了自主研發的技術堆疊。 [Chime Core] 讓我們有別於那些依賴成本高昂且往往缺乏彈性的第三方解決方案的傳統銀行和金融科技公司。[Chime Core] 不僅能提供 Matt 將要分享的效率提升，還將持續加快產品交付速度、推進專有創新並增強我們的 AI 優勢。 [Chime 4] 使我們能夠推出全新的 Chime 卡，這將成為 2026 年及以後成長的關鍵驅動力。

And with Chime Co fully live, it unleashes the next era of innovation for Chime to extend our lead as the go to banking platform for everyday Americans. Our near term product roadmap includes a new, more premium membership tier that we'll launch to reward our most engaged and higher earning members joint accounts, custodial accounts, and investment products, and that's just some of what we have on the docket for 2026.

隨著 Chime Co 的全面上線，Chime 開啟了創新的新時代，進一步鞏固了我們作為美國普通民眾首選銀行平台的領先地位。我們近期的產品路線圖包括推出新的、更高級的會員級別，以獎勵我們最活躍、收入最高的會員；聯名帳戶、託管帳戶和投資產品；而這只是我們 2026 年計劃的一部分。

These new innovations will give our members even more reasons to rely on Chime for all aspects of their financial lives across spending, savings, borrowing, investing, and more. I also want to share a few updates on other emerging growth areas including our early engagement programs and Chime Enterprise.

這些創新措施將使我們的會員更有理由信賴 Chime，讓他們在消費、儲蓄、借貸、投資等各個方面都能安心使用 Chime 管理財務生活。我也想分享一些關於其他新興成長領域的最新進展，包括我們的早期參與計劃和 Chime Enterprise。

Our early engagement strategy is all about making it easier to use Chime right out of the gate, and it's helping us drive strong member acquisition at increasingly attractive unit economics. We've ungated our credit building features, added more deposit options like inbound instant transfers and funding with Apple Pay. We continue to experiment with offering MyPay before members' direct deposit, and it made it easier to transfer money from Chime with outbound instant transfers or OIT service.

我們的早期用戶參與策略旨在讓用戶能夠輕鬆上手 Chime，這有助於我們以越來越有吸引力的單位經濟效益實現強勁的會員獲取。我們已開放信用建立功能，並增加了更多存款選項，例如即時轉帳和使用 Apple Pay 進行充值。我們繼續嘗試在會員直接存款之前提供 MyPay 服務，這使得透過 Chime 進行即時轉帳或 OIT 服務轉帳變得更加容易。

In Q3, the combination of these new initiatives helped reduce CA while allowing us to monetize relationships earlier and in new ways. There's more work to do, but we're also encouraged by the early signs of success, converting these new Chime members to direct depositors over time, especially those who want to try before they buy.

第三季度，這些新措施的結合幫助我們減少了客戶獲取成本，同時使我們能夠更早以新的方式實現客戶關係的貨幣化。還有很多工作要做，但我們也因早期的成功跡象而受到鼓舞，隨著時間的推移，這些新的 Chime 會員逐漸轉化為直接存款用戶，尤其是那些想先試用再購買的用戶。

Lastly, on Chime Enterprise, I'm incredibly bullish about the impact this new business unit will have on our growth. We're seeing early traction in the employer channel, bringing Chime solutions to employees of our enterprise partners.

最後，關於 Chime Enterprise，我對這個新業務部門將對我們的成長產生的影響非常樂觀。我們在雇主管道看到了初步成效，將 Chime 解決方案帶給了企業合作夥伴的員工。

We recently announced partnerships with both Workday and UkG, two of the largest global human capital management platforms. These integrations allow their employer customers to seamlessly offer chime workplace to their employees.

我們最近宣布與 Workday 和 UkG 這兩家全球最大的人力資本管理平台建立了合作關係。這些整合使他們的雇主客戶能夠無縫地向員工提供 Chime Workplace。

And in Q3, we signed several new employer partners including Maxwell Group, Ubiquity, and EED. While still early days for time Enterprise, employee adoption rates of direct deposit have far exceeded our expectations. Enterprise sales cycles can be long, but I'm excited by the momentum in our pipeline.

第三季度，我們與多家新的雇主合作夥伴簽約，包括 Maxwell Group、Ubiquity 和 EED。雖然 Time Enterprise 的發展仍處於早期階段，但員工採用直接存款的比例遠遠超出了我們的預期。企業銷售週期可能很長，但我對我們目前的銷售動能感到興奮。

Our business continues to fire on all cylinders and is poised to deliver an exceptional 2026. That said, we do not believe our current stock price reflects the strength of our business. So today we're announcing a $200 million share repurchase authorization, which we expect to implement in the coming months. We continue to have a robust cash position and a strong outlook on free cash flow generation, putting us in a great position to buy back shares at attractive values while continuing to invest in the growth of our business.

我們的業務持續蓬勃發展，並已做好準備，在 2026 年取得卓越的成績。儘管如此，我們認為目前的股價並不能反映我們業務的實力。因此，今天我們宣布一項 2 億美元的股票回購授權，預計在未來幾個月內實施。我們擁有充足的現金儲備和強勁的自由現金流前景，這使我們能夠以極具吸引力的價格回購股票，同時繼續投資於業務成長。

We are well on our way to deliver on our vision to transform the way mainstream Americans bank, helping millions achieve lasting financial progress. I'm deeply proud of this generational company we're building. We have a brand that's loved and already rivals the largest banks in the world, with more consumers choosing us than any other institution. The future of banking belongs to Chime. With that, I'll turn it over to Matt.

我們正朝著實現我們的願景穩步前進，即改變美國主流人群的銀行業務方式，幫助數百萬人實現持久的財務進步。我為我們正在打造的這家能夠傳承幾代人的公司感到無比自豪。我們擁有一個深受喜愛的品牌，其影響力已經可以與世界最大的銀行相媲美，選擇我們的消費者比選擇其他任何機構的消費者都多。銀行業的未來屬於Chime。接下來，我將把麥克風交給馬特。

Thanks, Chris. Good afternoon, everyone. Thank you all for joining us today. I'm excited to discuss our strong third quarter results and outlook. In Q3, we delivered 29% year over year revenue growth, and our adjusted EBITDA margin rose to 5%, up 9% points year over year.

謝謝你，克里斯。大家下午好。感謝各位今天蒞臨。我很高興與大家討論我們強勁的第三季業績和展望。第三季度，我們的營收年增 29%，調整後的 EBITDA 利潤率上升至 5%，較去年同期成長 9 個百分點。

These results exceeded our previous guidance, and with this momentum, we're raising guidance for Q4 and full year 2025. The platform we're building at Chime gives us multiple ways to win in the large market we serve. I'd like to provide a few highlights about our strong performance across actives, purchase volume, RAM, and transaction margin in Q3.

這些業績超出了我們先前的預期，憑藉這一勢頭，我們提高了對 2025 年第四季和全年業績的預期。我們在 Chime 建構的平台為我們提供了多種在我們所服務的大型市場中取得成功的方式。我想重點介紹一下我們在第三季活躍用戶數、購買量、RAM 和交易利潤率方面的強勁表現。

First, we continue to see strong new active member growth at attractive and improving union economics. In Q3, thanks in part to our early engagement initiatives, we grew active members by 21% year over year, approximately 400,000 sequentially, while reducing [CA] by over 10% year over year for the third consecutive quarter.

首先，我們看到工會經濟狀況良好且不斷改善，新活躍會員數量持續強勁成長。第三季度，由於我們早期的參與舉措，我們的活躍會員數量同比增長 21%，環比增長約 40 萬，同時連續第三個季度將 [CA] 同比減少了 10% 以上。

This has resulted in faster paybacks. Recent cohorts are trending to a five to six quarter transaction profit payback, a reduction from the seven-quarter payback we've seen previously. Of course, the real magic in our business is the stickiness of our cohorts for years and years beyond tax payback, which drives an LTD attack profile of [8 X] or higher powered by the consistent recurring engagement of our primary account relationships. Industry data suggests the average life of a checking account is over 15 years. Our oldest cohorts are now nearly a decade old and showing no signs of slowing down.

這使得投資回報更快。最近幾批產品交易的利潤回收期為五到六個季度，比之前看到的七個季度回收期有所縮短。當然，我們業務真正的魔力在於，我們的客戶群在納稅還款後仍能保持多年的粘性，這推動了 LTD 攻擊規模達到 [8 X ] 或更高，這得益於我們主要客戶關係的持續不斷的互動。產業數據顯示，支票帳戶的平均壽命超過15年。我們最年長的幾批員工現在已經快十年了，而且沒有放慢腳步的跡象。

Second, purchase volume. We have a resilient payments-based revenue model driven by our members' top of wallet, recurring, and largely non-discretionary spend. Like Chris mentioned, despite the concerns over macro, we're seeing very consistent spend trends among our tenured cohorts. I want to quickly highlight a product enhancement that is having a positive impact on the business, outbound instant Transfers or OIT.

其次，是購買量。我們擁有穩健的基於支付的收入模式，這種模式主要依靠會員的日常消費、經常性消費以及大部分非可自由支配的支出。正如克里斯所提到的那樣，儘管宏觀經濟狀況令人擔憂，但我們看到資深員工的支出趨勢非常穩定。我想快速重點介紹一項對業務產生正面影響的產品改進，即出站即時轉帳 (OIT)。

While the majority of our members use Chime as their primary account, some also maintain secondary accounts for activities like investing or peer to peer payments, especially those who are new to Chime. Historically, funding those accounts meant visiting these other apps and pulling funds using their timecards.

雖然我們的大多數會員都使用 Chime 作為他們的主要帳戶，但有些人也保留了輔助帳戶，用於投資或點對點支付等活動，尤其是那些 Chime 的新手。從歷史上看，為這些帳戶充值意味著存取這些其他應用程式並使用他們的考勤卡提取資金。

These transactions are included in our purchase volume or PV. With OIT members can now push money instantly to external accounts directly from the TriMap, offering a faster, more convenient member experience. OIT volume is not included in PV.

這些交易都計入我們的採購量或PV中。借助 OIT，會員現在可以直接從 TriMap 即時向外部帳戶轉賬，從而提供更快、更便捷的會員體驗。OIT 容量不包含在 PV 中。

We're seeing members shift volumes to this new experience. Since launching in January, OIT volume has scaled rapidly to $640 million in Q3. This mix shift to OIT tempers our reported PV growth but actually serves as a tailwind for our overall business. We earn a 1.75% fee on these OIT transactions, far higher than our take rate on debit purchase volume transactions.

我們看到會員們正在將使用量轉移到這種新體驗上。自 1 月推出以來，OIT 的交易量迅速成長，第三季達到 6.4 億美元。這種向 OIT 的產品組合轉變雖然抑制了我們報告的 PV 成長，但實際上對我們的整體業務起到了推動作用。我們從這些 OIT 交易中賺取 1.75% 的費用，遠高於我們從金融卡消費交易中獲得的手續費。

In Q3, purchase volume totaled $32.3 billion, up 15% year over year, and $32.9 billion up 18% year over year when combined with OIT volume. This drove payments revenue growth of 16% year over year in Q3 and 20% when combined with OIT revenue, which is included in platform revenue, a very consistent pace of growth with the first half of the year.

第三季採購額總計 323 億美元，年增 15%；若加上 OIT 採購額，則為 329 億美元，年增 18%。這推動了第三季支付收入年增 16%，加上包含在平台收入中的 OIT 收入，年增 20%，與上半年的成長速度非常一致。

Third, average revenue per active member or RAM. Primary account relationships drive our already strong RAM, and it continues to power higher alongside increasing levels of product attached. In Q3, [RPAM] grew 6% year over year to [245], and we continue to see growth across every cohort, with our season cohorts now at over 350 RAM.

第三，每位活躍會員的平均收入（RAM）。主要客戶關係推動了我們原本就強大的 RAM，並且隨著相關產品數量的不斷增加，這種關係持續增強。第三季度，[RPAM]年增6%至[245]，我們繼續看到每個群體都在成長，我們的季度群體現在已超過350 RAM。

This growth coincides with continued growth in attach rates across our expanding product ecosystem. In Q3, 13% of our active members use six or more products on a monthly basis, up from 5% two years ago. This segment of members has an RRA of 466, nearly double our average active member and up 15% over the last two years.

這一增長與我們不斷擴展的產品生態系統中附加率的持續增長相吻合。第三季度，13% 的活躍會員每月使用六種或更多產品，高於兩年前的 5%。這部分會員的 RRA 為 466，幾乎是我們平均活躍會員的兩倍，並且在過去兩年中增長了 15%。

Then another way, not only is the breadth of Chime's opportunity massive, with $9.1 million actives among $200 million everyday Americans, but so is the depth. We're serving our members across multiple areas of their financial lives, and there are so many more areas left to go.

換句話說，Chime 的機會不僅範圍廣，在 2 億美元的普通美國人中擁有 910 萬活躍用戶，而且深度也很大。我們正在為會員提供全方位的財務服務，還有很多領域需要我們去拓展。

Finally, we continue to make progress on transaction margin. A few highlights to call out on this front. First, as Chris mentioned, we completed our migration to Chime Core, a massive unlock for future product velocity and continued cost efficiency. We expect this final step of our migration to increase our gross margin to close to 90% in Q4.

最後，我們在交易保證金方面繼續取得進展。這方面有幾點值得一提。首先，正如 Chris 所提到的，我們完成了向 Chime Core 的遷移，這極大地提高了未來的產品速度和持續的成本效益。我們預計遷移的最後階段將使我們第四季的毛利率提高到接近 90%。

Second, MyPay loss rates fell below 120 basis points in Q3. A more than 20 basis points sequential improvement from Q2, representing continued faster than planned progress to our 1% loss rate target. MyPay transaction margin is now over 45%. Moving to the rest of our P&L, we continue to drive strong operating leverage in our business.

其次，MyPay 第三季的損失率降至 120 個基點以下。與第二季度相比，環比改善超過 20 個基點，表明我們在實現 1% 的損失率目標方面繼續以比計劃更快的速度取得進展。MyPay交易利潤率目前超過45%。從損益表的其他部分來看，我們繼續在業務中實現強勁的營運槓桿。

In Q3, non-GAAP OpEx grew just 7% year over year, down from 14% growth in H1 and the slowest rate in years, even as we continue to put substantial growth capital work at [8 X LTD] to cap. As a percentage of revenue, non-GAAP OpEx fell by 14% points year over year in Q3, with continued operating leverage across every OpEx category.

第三季度，非GAAP營運支出年增僅7%，低於上半年的14%，是多年來的最低增速，即便我們繼續投入大量成長資本[8 X LTD]來達到上限。第三季度，非GAAP營運支出佔營收的百分比年減了14個百分點，所有營運支出類別持續維持營運槓桿效應。

Along with our progress on MyPay transaction margin, this translated to a significant acceleration of our adjusted EBITDA margin growth, improving 9% points year over year in Q3, well ahead of what we delivered in H1. And we expect this trend to continue in Q4, where we now expect 11% points improvement to our adjusted EBITDA margin year over year and an incremental margin in the mid-fifties, even higher than the mid-40s we guided to last quarter.

隨著 MyPay 交易利潤率的提高，我們的調整後 EBITDA 利潤率成長顯著加快，第三季年增 9 個百分點，遠超上半年水準。我們預計這一趨勢將在第四季度繼續，目前我們預計調整後的 EBITDA 利潤率將年增 11 個百分點，增量利潤率將達到 50% 左右，甚至高於我們上季度預測的 40% 左右。

More specifically on our outlook, we're pleased to raise our fourth quarter in full year guidance, driven by continued broad-based strength in the business. In the fourth quarter, we expect revenue between $572 million and $582 million resulting in year over year revenue growth between 20 %and 23%. This exceeds our previous guidance, which forecasts 20% growth at the midpoint.

具體來說，就我們的展望而言，我們很高興上調第四季度和全年業績預期，這得益於業務持續全面強勁的成長。預計第四季營收將在 5.72 億美元至 5.82 億美元之間，年增 20% 至 23%。這超過了我們先前的預期，先前預期的中位數為成長 20%。

We expect adjusted EBITDA between $43 million and $48 million and an adjusted EBITDA margin of 8%. This also exceeds our previous guidance of 6% margin at the midpoint. There are a few things to keep in mind about Q4. First, we expect to see steady progress on active member growth at attractive ROI with continued positive results from our early engagement strategies.

我們預計調整後 EBITDA 在 4,300 萬美元至 4,800 萬美元之間，調整後 EBITDA 利潤率為 8%。這也超過了我們之前給出的6%的中點利潤率預期。關於第四季度，有幾點要注意。首先，我們預期活躍會員成長將穩定提升，並獲得可觀的投資報酬率，同時我們早期的參與策略也將持續取得正面成果。

We expect to continue to see strong growth in OIT and therefore a continued mixed shift of revenue from payments to platform in Q4. This, of course, is a positive for our financials, given the higher take rates on OIT volume. As you'll recall, we are now lapping last year's launch of MyPay, which began ramping in Q3 '24.

我們預計 OIT 將繼續保持強勁成長，因此第四季營收將繼續從支付轉向平台，實現混合成長。當然，考慮到 OIT 交易量的較高成交率，這對我們的財務狀況來說是件好事。您應該還記得，我們​​現在已經超越了去年推出的 MyPay，該產品於 2024 年第三季開始逐步推廣。

We'll fully lap the launch in Q4 '25, which is what is driving some further normalization of our top-line growth rate in our Q4 guide. Finally, as part of our termination agreement with our third-party processor, Galileo, we will incur a one-time expense of approximately $33 million excluded from adjusted EBITDA.

我們將在 2025 年第四季全面完成產品發布，這也推動了我們第四季業績指引中營收成長率的進一步正常化。最後，作為我們與第三方處理商 Galileo 的終止協議的一部分，我們將產生約 3,300 萬美元的一次性費用，該費用不計入調整後的 EBITDA。

We originally expected to recognize this expense in Q1 '26, but with our Chime core migration concluding ahead of schedule, we now expect to recognize this in Q4. We will maintain a contractual relationship with Galileo through March 2026.

我們原本預計在 2026 年第一季確認這筆費用，但由於 Chime 核心遷移提前完成，我們現在預計在第四季度確認這筆費用。我們將與 Galileo 保持合約關係至 2026 年 3 月。

For the full year, we expect revenue of $2.163 billion to $2.173 billion, and adjusted EBITDA of $113 million to $118 million above our prior guidance. So, we're pleased with our strong Q3 results and outlook for Q4, but we're even more optimistic about 2026 and beyond.

我們預計全年營收為 21.63 億美元至 21.73 億美元，調整後 EBITDA 將比我們先前的預期高出 1.13 億美元至 1.18 億美元。因此，我們對第三季強勁的業績和第四季度的展望感到滿意，但我們對 2026 年及以後更加樂觀。

While we won't give formal guidance for 2026 until our next earnings call, we believe the strong progress we're seeing across the business is setting the stage for continued strong top-line growth, additional transaction margin expansion, and substantially slower OpEx growth, resulting in a step up in our adjusted EBITDA margin that is above our previous expectations.

雖然我們不會等到下次財報電話會議才給出 2026 年的正式業績指引，但我們相信，公司各部門取得的強勁進展將為持續強勁的營收成長、進一步的交易利潤率擴張以及營運支出成長大幅放緩奠定基礎，從而使我們調整後的 EBITDA 利潤率高於我們之前的預期。

Specifically, we expect our ['26] incremental adjusted EBITDA margin to be above the mid-50s we're guiding to for Q4 this year. Finally, as a reminder, our full IPO lock-up ends on Friday morning, the beginning of the second full trading day following today's earning announcement.

具體而言，我們預計 2026 年新增調整後 EBITDA 利潤率將高於我們今年第四季預期的 50% 左右。最後提醒大家，我們的IPO全面禁售期將於週五上午結束，也就是今天財報發布後的第二個完整交易日的開始。

With that, I will open it up to Q&A.

接下來，我將開放問答環節。

(Operator Instructions)

（操作說明）

[Ting Sing Kong], JP Morgan.

[Ting Sing Kong]，摩根大通。

Thanks so much. Really nice results, guys. So happy to see it. On the, Member growth, want to ask about that and what you're seeing competitively there, any change in competitiveness. It sounds like cap was still an improvement there, but I'm curious what you're seeing on the ground and any learnings from widening the funnel, that kind of thing. Thank you.

非常感謝。結果真不錯，夥計們。看到這個真是太高興了。關於會員成長，我想問您在這方面看到的競爭情況，以及競爭格局是否有任何變化。聽起來封頂措施仍然有所改進，但我很好奇你在實際操作中看到了什麼，以及從擴大管道等方面獲得了什麼經驗教訓。謝謝。

Hey Kinjin, thanks for the question. Yeah, look, we continue to see really strong momentum, and we feel good about our competitive position as you heard in the opening statement, we are the number one destination for people that are switching their direct deposits for people that make up to about $100,000 a year and.

嘿，Kinjin，謝謝你的提問。是的，你看，我們繼續看到非常強勁的發展勢頭，而且正如你在開場白中聽到的那樣，我們對自己的競爭地位感到滿意。對於年收入高達 10 萬美元的人來說，我們是他們轉換直接存款方式的首選目的地。

And just in the past couple weeks JD Power reaffirmed our leadership in that area. So I think it's fair to say that we've broken out as a top brand in banking, and that fuels a lot of our growth in business, including our referral channel, our organic channel, which continue to power over 50% of our new active member growth.

就在過去幾週，JD Power 再次肯定了我們在該領域的領先地位。所以我覺得可以公平地說，我們已經躋身銀行業頂級品牌之列，這推動了我們業務的快速成長，包括我們的推薦管道和自然成長管道，這些管道持續為我們新增活躍會員貢獻超過 50% 的成長。

In the opening statement we talked about 21% growth in our active members, but if you look. At the last 12 months, we've added $1.6 million actives and that's an acceleration from the $1.2 million actives that we delivered in the 12 months trailing 324, so.

在開場白中，我們談到了活躍會員數量增加了 21%，但如果你仔細觀察。在過去的 12 個月裡，我們新增了 160 萬活躍用戶，比前一年（324 年）的 12 個月新增的 120 萬活躍用戶有所成長。

So good top of the funnel growth and we're continuing to see strong conversion rates on the direct deposit right out of the gate, which of course is what we're always optimizing for, but at the same time we're seeing positive impact from our early engagement strategy which makes it easier for people to start using chime even if you're not ready to direct deposit on day one, for example, things like making it easier to fund.

因此，漏斗頂端的成長勢頭良好，我們繼續看到直接存款的轉換率從一開始就非常強勁，這當然是我們一直在優化的目標，但與此同時，我們也看到了早期參與策略的積極影響，該策略使人們更容易開始使用 Chime，即使您第一天不打算使用直接存款，例如，使充值更容易。

To build your credit and even use a version of MyPay before you start doing direct deposits. So, we're feeling good about the results from these initiatives and maybe Matt, I don't know if you want to share any color on the some of those results. Yeah.

為了建立信用記錄，甚至可以在開始使用直接存款之前使用 MyPay 的某個版本。所以，我們對這些措施的成果感到滿意，馬特，我不知道你是否願意分享其中的一些成果。是的。

I think thanks Chris. The high level here is that the combination of these early engagement initiatives is really already having a positive impact on the business. We're seeing. Among new checking account openings, a record number of people activating with us out of the gate. We're seeing lower cap, as Chris mentioned, down 10% over 10% year over year for the third consecutive quarter.

我想謝謝你，克里斯。從整體來看，這些早期參與措施的結合確實已經對業務產生了積極影響。我們看到了。在新開立的支票帳戶中，我們創下了開戶即啟動帳戶人數的新紀錄。正如克里斯提到的那樣，我們看到資本有所下降，連續第三個季度同比下降 10%。

At the same time, we're monetizing at higher rates. So our recent cohorts continue to engage with us in new ways. They're attaching to more products early in their tenure. I think you see this in the overall growth of our RPAM.

同時，我們的獲利能力也在不斷提高。因此，我們最近的幾批學員繼續以新的方式與我們互動。他們在任期早期就與更多產品建立了聯繫。我認為這一點可以從我們RPAM的整體成長中看出。

But we're also seeing specifically for those members who haven't yet engaged with us in a direct deposit capacity, we're seeing for that segment of members, their average transaction profit is up about 20% versus last year. So, combined with what Chris mentioned, which is, continued strong conversion to direct deposit among those people that are ready to do so right out of the gate.

但我們也注意到，對於那些尚未與我們進行直接存款交易的會員來說，他們的平均交易利潤比去年增長了約 20%。所以，再加上克里斯提到的情況，即那些一開始就準備好使用直接存款的人繼續強勁地轉向直接存款。

The results of all of this has actually been an improvement to our cohort performance, and more specifically, there are most recent quarterly cohorts are tracking to closer to a five to six quarter transaction profit cap payback compared to closer to seven quarters in previous cohorts.

所有這些結果實際上都提高了我們團隊的業績，更具體地說，最近幾季的團隊的交易利潤上限回收期接近五到六個季度，而之前的團隊則接近七個季度。

Got it. No.

知道了。不。

Thanks

謝謝

For your complete answer. No, thank you guys.

完整答案如下。不，謝謝大家。

James Fawcett, Morgan Stanley.

詹姆斯‧福西特，摩根士丹利。

Thanks, wanted to ask, a couple of follow-up questions to that. It seems like, payment volume per per users is down a little bit, but we haven't really seen a big increase in the pace of quarterly user or quarterly ads. Some of that softness seems to be or some of that like kind of sequential change seems to be, engaging, perhaps it is. Or at least that's what it was previously, is that still the primary dynamic or any other nuance around consumer health within the base that that we should be sensitive to?

謝謝，我還想問幾個後續問題。看起來，每個用戶的支付額略有下降，但我們還沒有真正看到季度用戶數或季度廣告收入大幅增加。那種柔和的特質，或者說那種循序漸進的變化，似乎很有吸引力，也許確實如此。或者至少以前是這樣，現在這仍然是主要動態嗎？或者說，在消費者健康方面，我們是否應該注意其他細微差別？

Yeah, let me touch on that. Thanks for the question, James. I think the other point to, call out here is first number one, we're actually seeing very consistent overall transaction volumes, year-to-date. The one thing that is a newer trend. Is the very fast adoption of outbound instant transfers for OIT. This is what we talked about in the prepared remarks a little bit earlier.

是的，我來談談這個問題。謝謝你的提問，詹姆斯。我認為這裡需要強調的另一點是，第一，我們實際上看到今年迄今為止的整體交易量非常穩定。這是比較新的趨勢。OIT 出境即時轉帳的快速普及。這就是我們之前在準備好的發言稿中談到的內容。

This is grown even faster than our own internal expectations. So, as we mentioned earlier, OIT enables members to instantly push money to secondary accounts directly from the yap. Historically, the only way to move funds instantly was for our members to go to their secondary accounts and pull money using their chime cards. That's a transaction that's very similar to a purchase transaction and it earns us interchange.

它的成長速度甚至超過了我們自身的預期。正如我們之前提到的，OIT 使會員能夠直接從 yap 立即向輔助帳戶轉帳。從歷史上看，會員們想要立即轉移資金的唯一方法是登入他們的輔助帳戶，使用他們的門禁卡提取資金。這筆交易與購買交易非常相似，我們可以從中獲得交換費。

The result of this is a is a mixed shift from payments to platform revenue, and that's because the volume from the historical way to make instant transfers is included in purchase volume. Whereas OIT is separate from purchase volume and captured in platform revenue. So, the much better and far more like for like way to look at this is to take a look at combined purchase volume and OIT volume. And when you do that, what you see is that while payments revenue grew 16% year over year in Q3.

結果是支付收入向平台收入的混合轉變，這是因為過去即時轉帳方式的交易量包含在購買量中。而 OIT 與購買量無關，併計入平台收入。因此，更好、更公平的比較方法是查看採購量和 OIT 總量的合併資料。當你這樣做時，你會發現，儘管第三季支付收入比去年同期成長了 16%。

Payments and OIT platform revenue combined grew 20% year over year in Q3, and that's been a very consistent pace of growth compared to what we saw in Q1 and Q2. We don't have to talk about a little bit what we're seeing on the consumer.

第三季支付和 OIT 平台營收合計年增 20%，與第一季和第二季相比，這是一個非常穩定的成長速度。我們不必多談論我們在消費者身上觀察到的一些現象。

Yeah, I mean that consistent growth that that Matt mentioned, I think, as it relates to broader consumer health, I think despite what you hear in the headlines around macro risk and the health of consumers, among our members, we're seeing, and this is obviously a very mainstream consumer.

是的，我指的是馬特提到的持續增長，我認為，就更廣泛的消費者健康而言，儘管你經常在新聞頭條上聽到關於宏觀風險和消費者健康方面的消息，但在我們的會員中，我們看到，而且這顯然是一個非常主流的消費者群體。

We're seeing spending that's remaining robust and we're not seeing signs of a pullback as you all know about 70% of our members' purchase volume goes to everyday essential purchases. And when we look at our most tenured members, the growth in their discretionary spending is actually outpacing the growth in their essential spending.

我們看到消費依然強勁，沒有出現下滑的跡象，大家都知道，我們會員約 70% 的購買量都用於日常必需品。當我們觀察資歷最老的會員時，會發現他們的可自由支配支出成長速度實際上超過了他們的基本支出成長速度。

So, we think that that suggests a healthy consumer, someone who's confident to spend on those non-essential items and we're seeing, year over year increases in in categories like restaurants and DoorDash and Uber Eats. Our members are willing to pay to order in, and they're, but they're also going out, they're using Lyfts, they're using Ubers. We're seeing double-digit growth in places like Amazon, Costco, triple digit growth in newer entrants like TikTok, Shop.

所以，我們認為這表明消費者心態健康，他們有信心在這些非必需品上花錢，而且我們看到，像餐廳、DoorDash 和 Uber Eats 這樣的類別的消費額逐年增長。我們的會員願意付費點外賣，他們也確實這麼做了，但他們也會外出用餐，他們會使用 Lyft 或 Uber。我們看到亞馬遜、Costco 等平台實現了兩位數的成長，而 TikTok、Shop 等新興平台則實現了三位數的成長。

And at the same time, we're seeing continued increases in our members' average balances which are up nearly double-digit year after year. So, I think despite all the noise, our data suggests that consumers are healthy, consumers are remaining employed, and in general appear to be on pretty steady ground.

同時，我們看到會員的平均餘額持續成長，每年都維持著近兩位數的成長。所以，我認為儘管各種噪音不斷，但我們的數據表明，消費者狀況良好，就業狀況良好，總體而言，市場似乎相當穩定。

Great, appreciate that, Chris. Then I just quick question, the margin improvement was really impressive, and it looks like some of that is coming from the improved loss rates on MyPay, but can you give us some updated thinking on how we should be, anticipating the path of margin expansion from here. You also highlighted kind of changing in the move to Chime cores that are also contributing, but just I'm trying to contextualize on what that means on a go forward basis.

太好了，謝謝你，克里斯。那麼我還有一個小問題，利潤率的提升確實令人印象深刻，而且看起來部分原因是 MyPay 的損失率有所改善，但是您能否就我們應該如何預測利潤率的未來擴張路徑，給我們一些最新的見解？您也強調了遷移到 Chime 核心所帶來的某種變化，Chime 核心也在做出貢獻，但我只是想了解這在未來意味著什麼。

Yeah, thanks, James. So, as I mentioned earlier, I think one of the nearest term highlights from a margin perspective is going to be the uplift that we expect to see in our gross margin as a result of the migration to Chime [Corp]. And again, more specifically there, what we expect is our gross margin to get to right close to 90% here in Q4 and of course that flows through to transaction margin as well.

謝謝你，詹姆斯。正如我之前提到的，我認為從利潤率的角度來看，近期最值得關注的亮點之一，就是遷移到Chime後，我們預期毛利率將會提升。[公司]。更具體地說，我們預計第四季的毛利率將接近 90%，當然，這也會影響到交易利潤率。

On MyPay loss rates, we are, thrilled with the progress that we're that we're making there. As we mentioned earlier, the trajectory we've been on here is certainly faster than we planned. We went from, close to 1.7% loss rate in Q1 to 1.4% loss rate in Q2, and in Q3 that fell below. 1.2% loss rate. So great progress and we expect more progress from here. We talked about a 1%, more steady state loss rate for this product. We're well on our way to that and expect that, to hit that here in the, coming few quarters.

關於 MyPay 的損失率，我們對目前的進展感到非常滿意。正如我們之前提到的，我們目前的發展軌跡肯定比我們所計劃的還要快。第一季我們的虧損率接近1.7%，第二季降至1.4%，第三季則進一步降至1.2%以下。取得了巨大進展，我們期待未來能取得更多進展。我們討論過該產品更穩定的 1% 的損耗率。我們正朝著這個目標穩步前進，預計在接下來的幾季內就能實現這個目標。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Thank you, appreciate it. Great progress on on MyPay. A couple questions on that product as well as, instant loans, I guess, Matt, where do you think transaction margin at 1% is in MyPay? And I guess is kind of a follow-up on that, if you get there quickly and it seems like you're on that trajectory. Then do you kind of say hey look maybe we're not growing this business fast enough and review through the underwriting criteria what is the dynamic in your view as you look out on the future of MyPay and then I just wanted to get an update on the on the on the short-term loan product.

謝謝，感激不盡。MyPay專案進展順利。關於該產品以及即時貸款，我還有幾個問題。 Matt，你認為MyPay中1%的交易利潤率是多少？我想這算是對那件事的後續，如果你很快就能達到目標，而且看起來你正朝著那個方向前進。那麼，您是否會說，嘿，也許我們這項業務的成長速度不夠快，並審查承保標準？在您看來，展望 MyPay 的未來，發展趨勢是什麼？然後，我只是想了解短期貸款產品的最新情況。

Yeah, sure. I'll pick up the first part of that. I think, what happens, when you launch a new lending products is typically your first cohorts is you're going through your underwriting criteria tend to have higher loss rates. So, there's a couple of dynamics we're seeing with respect to MyPay.

當然可以。我來接手第一部分。我認為，當你推出新的貸款產品時，通常第一批客戶（也就是正在經歷承保標準的客戶）的損失率會比較高。所以，關於 MyPay，我們看到了一些動態變化。

The first one is, obviously, is these cohort season, and we have more lost performance data on MyPay. We're seeing a natural reduction in loss rates. I think, secondly, as you've indicated, we, this product's been out for just over a year, and we continue to iterate on those underwriting models to make better and better, last decisions.

第一個顯然是本季的學員，我們在 MyPay 上遺失了更多績效數據。我們看到損失率自然下降。其次，正如您所指出的，我們的產品推出至今已有一年多時間，我們一直在不斷迭代這些核保模型，以做出越來越好的最終決定。

So, I think those are two of the things that are driving, improvement on the loss rates. I think, we're not expecting to start to go and, Of this more broadly in a way that would actually start to compromise those gross margins. I think that's a really important point here. In fact, we actually see op opportunity for us to continue to expand those gross margins over time. Maybe I'll pass it over to Matt just, with respect to that 1%, the 1% target.

所以，我認為這兩件事是降低賠付率的主要驅動因素。我認為，我們預計不會開始走下坡路，更廣泛地說，不會以某種方式真正損害這些毛利率。我認為這一點非常重要。事實上，我們看到了一個機會，可以隨著時間的推移繼續擴大毛利率。或許我會把這件事交給馬特，就為了那1%的目標。

Yeah, obviously that represents, continued. Margin expansion, transaction margin expansion on not hey, we aren't giving a specific, target there just yet, and of course, transaction margin also is dependent on, the usage of the product and of course the top-line as well.

是的，這顯然代表著，繼續。利潤率擴張、交易利潤率擴張……嘿，我們目前還沒有給出具體的目標，當然，交易利潤率也取決於產品的使用情況，當然也取決於營收。

So, we're going to continue to look to make improvements to this really already loved product for us and I think the message we're trying to deliver today is that we're really pleased with the unit economic performance and expect even. More to come.

因此，我們將繼續努力改進這款我們非常喜愛的產品，我認為我們今天想要傳達的訊息是，我們對單位經濟效益非常滿意，並期望未來能夠取得更大的成功。更多內容敬請期待。

Yes, a $350 million dollar run rate product in just a year, great margins, and we've done this while being the lowest cost product in the market with lots of daylight between us and the pricing of other offerings, so really excited about this one.

是的，這款產品一年內年銷售額就達到了 3.5 億美元，利潤率很高，而且我們還是市場上成本最低的產品，與其他產品的價格差距很大，所以我們對此感到非常興奮。

Oh, okay, and then the instant loan product, short-term loan product is that should we expect to hear more about that next year?

哦，好的，那麼即時貸款產品、短期貸款產品，我們明年會聽到更多關於這方面的消息嗎？

Yes, I think, instant loans, I think as we've indicated before, it's it's something we've been working on here for, [12 to 18] months, and it's something we've rolled out on a conservative basis. We've been, very excited about the progress with that product. It's actually our highest NPS product today. In fact, our NPS on instant loans is around [80%, 80 points]. So, our members love it. I think that is something that we will continue to roll out and expand. It's not something that we're giving, separate guidance on, yet at this stage.

是的，我認為，即時貸款，正如我們之前所指出的，是我們在這裡努力了[12到18個月]的事情，而且我們一直以保守的方式推出這項服務。我們對該產品的進展感到非常興奮。實際上，它是我們目前NPS最高的產品。事實上，我們即時貸款的淨推薦值約為[80%，80 分]。所以，我們的會員都很喜歡它。我認為這是我們將繼續推廣和擴大的項目。目前我們還沒有就此給出單獨的指導意見。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Thanks guys. Thanks guys. Really nice job on the quarter here. Some encouraging nuggets in the press release about enterprise showing direct deposit levels above expectations. It's obviously something that can drive a whole lot of goodness on the other side of that. I know it's still early days, but can you provide some color on the TAM from the two partnerships mentioned, maybe some color on the sales pipeline and any initial revenue and profit indications of members coming in from this channel. Thanks.

謝謝各位。謝謝各位。這季度做得真不錯。新聞稿中有一些令人鼓舞的消息，稱企業直接存款水準超出預期。顯然，這件事的另一端可以帶來許多好處。我知道現在還為時過早，但您能否提供一些關於上述兩個合作夥伴關係的潛在市場規模 (TAM) 的信息，以及銷售渠道和通過該渠道獲得的會員的初步收入和利潤指標方面的信息？謝謝。

Yeah, Mark oversees the Enterprise channel, so Mark, let me take that one.

是的，Mark負責企業管道，所以Mark，這部分交給我。

Thanks Chris. Hey, Adam. Adam, I think, as Chris indicated in the prepared remarks, we've, we continue to be really excited about the progress, broadly within enterprise. Just to, just for some context, we launched the product, at the end of April, beginning of May. So, it's a relatively new product. I think the way we've, this is a B2B motion.

謝謝克里斯。嘿，亞當。亞當，我認為，正如克里斯在準備好的演講稿中所指出的那樣，我們一直對企業內部的進展感到非常興奮。為了讓大家了解一下背景，我們是在四月底五月初發表了這款產品。所以，這是一款相對較新的產品。我認為我們採取的方式，這是B2B模式。

So, the way we've rolled that product out is we've really started with some smaller employers just to prove the adoption model and make sure that, make sure to go to market motion and employee engagement and all those sorts of things are working really well. And I think we've succeeded in that. And I think what we're seeing here really is, across these, three employers, we're seeing adoption rates that exceed.

所以，我們推出這款產品的方式是，我們先從一些規模較小的雇主開始，只是為了驗證採用模式，並確保市場反應、員工參與度以及所有這些方面都運作良好。我認為我們在這方面取得了成功。我覺得我們在這裡看到的是，在這三家雇主中，採用率都超過了預期。

What we would expect and what you're seeing other providers in the market have, and we think that the reason for that is because of the competitive advantages we have here, we're going to market with a broader value proper on financial wellness and not just around, a sort of GTE EWA product.

我們預期以及您在市場上看到的其他供應商所擁有的，我們認為原因在於我們在這裡擁有的競爭優勢，我們將以更廣泛的價值進入市場，真正關注財務健康，而不僅僅是圍繞 GTE EWA 產品。

And I think, so, in addition to those three partners, of course, we've just signed the strategic partnerships with Workday and [UK UKG], and we think that, these are important partnerships as we look to access employer and payroll data, and these are going to be important partners for us in terms of actually accessing a new employer, relationships. So we're excited about those two.

所以，除了這三個合作夥伴之外，我們當然也剛剛與 Workday 和 [UK UKG] 簽署了戰略合作夥伴關係，我們認為，在我們尋求獲取雇主和工資數據時，這些合作夥伴關係非常重要，而且就我們實際接觸新的雇主關係而言，這些合作夥伴也將非常重要。所以我們對這兩位都很期待。

The pipeline looks good at this stage. And the value prop we have is, appears to be resonating really well with the market. So, I think that's what's continuing to give us, excitement for the channel. We're not at the point here where we're ready to give separate guidance related to enterprise.

目前來看，這條管道狀況良好。我們所提供的價值主張似乎與市場產生了很好的共鳴。所以，我認為這正是這個頻道持續帶給我們興奮的原因。目前我們還沒有準備好就企業相關事宜提供單獨的指導。

This is B2B. We sell cycles are long, in particular with the bigger enterprises who are the ones that would likely have the more material impact on our outcome. But we do think medium to long-term, this would be a material driver of DDO growth for us, and we expect to see that coming in at, significantly lower tax than we have in our consumer channel.

這是B2B業務。我們的銷售週期很長，尤其是對於那些規模較大的企業而言，這些企業很可能會對我們的結果產生更實質的影響。但我們認為，從中長期來看，這將是我們DDO成長的重要驅動力，而且我們預計其稅收將比我們在消費者管道中的稅收低得多。

Okay, awesome. And then if I could just throw in one addendum here, congrats on getting [Chime Core] out and in production ahead of schedule. That's really cool, good stuff.

好的，太棒了。最後，如果我可以補充一點，恭喜你們提前完成了 [Chime Core] 的發布和生產。真酷，好東西。

Matt, if you could just provide some color on where you think the margin impact will be, I assume there's, it's been a little bit in the previous quarters as you rolled some things over, but how does it progress through the following quarters and then really looking forward to, future. Conversations like this where we can talk about Chime Core and you went faster or bigger or smarter because you're, you have that proprietary platform. So again, congrats on that. Thanks.

馬特，如果你能詳細說明一下你認為利潤率會受到哪些影響，那就太好了。我假設會有影響，因為前幾個季度你們把一些項目結轉過來，所以影響已經有所體現，但是接下來的幾個季度會如何發展，以及未來會如何發展呢？像這樣的對話，我們可以談論 Chime Core，你們因為擁有專有平台而發展得更快、更大或更聰明。再次恭喜你。謝謝。

Yeah, thanks we're thrilled to have this enormous milestone behind us with Chime Core and as I mentioned earlier, this is really setting the stage for kind of the next, really the next generation of product development for us, which we're thrilled about and of course also cost efficiency. On the cost efficiency side.

是的，謝謝。我們很高興 Chime Core 取得瞭如此巨大的里程碑式的成就，正如我之前提到的，這確實為我們下一代產品開發奠定了基礎，我們對此感到非常興奮，當然，成本效益也很重要。從成本效益的角度來看。

What we expect now is for, an uplift to our gross profit margin to close to 90% now starting in Q4 as a result of migrating to Chime Core and lowering our transaction processing costs, which is a key part of our cost of revenue. Why don't I pass it to Chris to talk a little bit more about, what Chime Core unlocks for us on a new product development side as well.

我們現在預計，由於遷移到 Chime Core 並降低交易處理成本（這是我們收入成本的關鍵部分），從第四季度開始，我們的毛利率將提升至接近 90%。不如我把麥克風交給 Chris，讓他再詳細談談 Chime Core 在新產品開發上為我們帶來的哪些突破。

Thanks, yeah, I really believe that Chime Core, when you look. When we look back a few years down the line here, you're going to look at Chime Core as being a key element of what has set us apart from a lot of the traditional incumbents as well as some of the other fintechs. It's.

謝謝，是的，當你仔細觀察時，我真的相信 Chime Core。幾年後回望過去，你會發現 Chime Core 是我們區別於許多傳統企業以及其他一些金融科技公司的關鍵因素。它是。

Of having full control over our tech stack is something that's really differentiated and allows us to launch exciting new products, the first of which is this Chime card product which we've rolled out to new members and are now in the process of rolling out across our existing member base, and the potential impact of that over the course of this year and going into [26] we think is really exciting when you think about the opportunity to move.

完全掌控我們的技術堆疊是一項真正的差異化優勢，使我們能夠推出令人興奮的新產品，第一個就是這款 Chime 卡產品，我們已經將其推廣到新會員，現在正在向現有會員推廣，我們認為，考慮到發展的機會，它在今年及之後可能產生的影響真的令人興奮。

More of our spend from debit onto the secured credit product that not only helps people build their credit but also gives them great rewards. So, we really believe that Chime Core is going to unlock a. Even more rapid, launch of new products and services and things like even more premium membership tiers so that we're.

我們將更多消費從金融卡轉移到擔保信貸產品，這不僅有助於人們建立信用記錄，還能為他們帶來豐厚的獎勵。所以，我們真的相信 Chime Core 將會解鎖一個…更快的速度推出新產品和服務，以及更多高級會員等級，以便我們能夠…

Providing even more value to consumers that can give us more of their paycheck and give us more of their spend, we're going to reward them with that with the new premium tier. We're going to launch joint accounts, custodial accounts, investment services. These are all things that can be enabled from this core platform that we now own and so we think the future is bright on the product side as a result of this investment we've made.

為了給那些願意把更多工資和更多消費交給我們的消費者帶來更多價值，我們將透過新的高級會員等級來獎勵他們。我們將推出聯名帳戶、託管帳戶和投資服務。這些都是我們現在擁有的核心平台所能實現的功能，因此我們認為，由於我們進行的這項投資，產品方面的未來一片光明。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great, thank you for taking the question. This is actually a little bit related thereto Adam's question in a way around, as we get to the time card, so the secured credit card offering you mentioned the higher interchange you mentioned allowing to your members to improve their credit score and there's some stats on the website around that it's pretty impressive, so it seems like a great win-win product for both the members and for Chime.

太好了，謝謝你回答這個問題。這其實在某種程度上與 Adam 的問題有點關係，因為我們談到了時間卡，您提到的擔保信用卡產品，以及您提到的更高的交易費率，可以讓您的會員提高他們的信用評分，網站上也有一些統計數據表明這一點非常令人印象深刻，所以這似乎對會員和 Chime 來說都是一個很好的雙贏產品。

As we've talked about in the past, there's always this concept of the graduation. So, someone comes on a credit builder, they're a great customer, they improve their credit score, and now their score is higher, and they might want to move on to a traditional credit card offering.

正如我們之前討論過的，畢業這個概念一直存在。所以，有人參加了信用提升計劃，他們是個很棒的客戶，他們的信用評分提高了，現在他們的評分更高了，他們可能想要轉而申請傳統的信用卡產品。

And you know not asking you to pronounce future products but to the extent you could just talk about maybe Chime Core can enable a traditional credit card or other concerns or reasons why you would or would not want to offer a traditional credit card to the members.

我知道我不是要你預測未來的產品，但你可以談談 Chime Core 是否可以支持傳統信用卡，或者其他一些你是否會或不會向會員提供傳統信用卡的原因。

Yeah, sure. Timothy, I'll pick that one up. As Chris indicated, our first priority really is getting as many of our members as we can on the timecard cause we see that as a significant opportunity. But, having said that, we know today that there is, significant demand amongst our member base for a more traditional credit card, one that offers higher levels of liquidity, and rewards. And [#1, #2].

當然可以。提摩西，我來取那個。正如克里斯所指出的，我們的首要任務是讓盡可能多的會員使用考勤卡，因為我們認為這是一個重要的機會。但是，即便如此，我們今天也知道，我們的會員群體對更傳統的信用卡有著很大的需求，而這種信用卡能夠提供更高的流動性和獎勵。和[#1，#2]。

We believe that with the superior transaction data we have on our members, where we see all the inflows and all the outflows, we get a really unique underwriting, opportunity and a lot of unique underwriting data. And because we sit at the top, we receiving direct deposit into our accounts, we also sit top of the repayment stack.

我們相信，憑藉我們擁有的關於會員的卓越交易數據（可以看到所有資金流入和流出），我們可以獲得真正獨特的承保機會和大量獨特的承保數據。因為我們處於頂端，我們的帳戶會直接收到存款，所以我們在還款順序中也處於頂端。

And we think these two factors actually give us a significant advantage to offer a really compelling, credit card to our members. So this is something that I think, Chime will do over time. But it is not something that we should be indexing on as a material contributor to 2026.

我們認為這兩個因素實際上給了我們很大的優勢，使我們能夠為會員提供真正具有吸引力的信用卡。所以我認為這是 Chime 未來會實現的功能。但這並非我們應該將其視為對 2026 年產生實質影響的因素。

I will also say that as we've indicated in the past, we intend to stay payments business. So, as we do this, we will do this in an asset-like way, in a way that doesn't, it doesn't create a lot of, overhead on the balance sheet.

我還要補充一點，正如我們過去所表明的那樣，我們打算繼續從事支付業務。所以，在進行這項操作時，我們將以資產管理的方式進行，這種方式不會在資產負債表上造成大量額外負擔。

Excellent thank you very clear.

非常感謝，解釋得很清楚。

Maybe I'll just one last point on that is, you talked about graduation risk. [11] of the points that we wanted to highlight is that when you look at Our newest active member cohorts, we're actually seeing the fastest growth among consumers in the [$75k to 100k] earning segment.

關於這一點，我可能還有最後一點要補充，您談到了畢業風險。 [11] 我們想強調的一點是，當我們觀察我們最新的活躍會員群體時，我們發現收入在 7.5 萬美元到 10 萬美元之間的消費者群體增長速度最快。

So, we think that the product today continues to get better and better, especially for those that, have more transaction activity and more deposit activity that they can do with us. So, we'll keep pushing on that and think about, future, more longer-term products like Mark just highlighted.

因此，我們認為如今的產品越來越好，特別是對於那些在我們這裡進行更多交易和存款活動的用戶而言。所以，我們會繼續推進這項工作，並考慮未來更具長期性的產品，就像馬克剛才提到的那樣。

Excellent thank you.

非常感謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey guys, thank you for taking the question. I also wanted to ask on the Chime card product roll out, I was wondering if you could talk a little bit about 22 things you mentioned that you mentioned some of the early progress in in rolling that out. I'm wondering if you could speak to just expectation. For attach rates on new cohorts and just the prioritization of Chime card for new customers, is it, it's our understanding that you're expecting that attach rate to be relatively high on new cohorts that, this is sort of the primary experience that you want to put in front of customers.

各位，謝謝你們回答這個問題。我也想問一下 Chime 卡產品的推出情況，您能否談談您提到的 22 件事，以及您在推出該產品方面取得的一些早期進展。我想請您談談期望方面的問題。對於新用戶群的附加率以及新客戶對 Chime 卡的優先考慮，我們的理解是，您期望新用戶群的附加率相對較高，因為這是您希望向客戶展示的主要體驗。

I was just wondering if you could confirm that and. Talk about whether attached rates are there, and then you mentioned the 175 basis points on the card for interchange was very helpful. I'm just wondering if you could share just a ballpark estimate of where you think the rewards cost could shake out for the direct deposit customers and just clarify the reward's going to be booked as part of transaction margin or would that be like a sales and marketing line? Thank you.

我只是想請您確認一下。說到是否有附加費率，然後你提到卡上的 175 個基點用於交換費，這很有幫助。我只是想問一下，您能否大致估算一下，對於直接存款客戶來說，獎勵成本大概會是多少？另外，能否澄清一下，獎勵會作為交易利潤的一部分來記賬，還是會作為銷售和行銷費用來記賬？謝謝。

Thanks, Will. I'll start, yeah, we started by rolling this out just to new members and we're really encouraged for the folks that select the Chime, the new Chime card, we're seeing 80% of their purchase volume within the chime ecosystem coming off as credit spends. That's obviously a really exciting development for us and we have, rewards and more premium.

謝謝你，威爾。我先來說，是的，我們最初只向新會員推出這項服務，我們非常欣慰地看到，選擇 Chime（新的 Chime 卡）的用戶，在 Chime 生態系統內的消費額有 80% 都是信用卡消費。這顯然對我們來說是一個非常令人興奮的進展，我們將獲得獎勵和更多優質服務。

A version of the actual physical card as well that I think are pretty compelling as well. It's still very early days in terms of rolling this out across our existing member base, but that's something that we're pushing hard right now. I don't know if you want to how much more detail you want to share in terms of.

我覺得實體卡牌的某個版本也相當吸引人。目前要將這項服務推廣到我們現有的會員群體中還處於非常早期的階段，但這正是我們目前正在努力推進的事情。我不知道你是否願意分享更多細節。

Expectations. Has it, yeah, I will, as it relates to your second question around the rewards expense, rewards are actually contra revenue. So, the [175-interchange] rate that we were referencing earlier is actually already net of our rewards expense. That that's the sort of all intake.

期望。有嗎？是的，我會的。至於你關於獎勵支出的第二個問題，獎勵其實是抵減收入。因此，我們之前提到的 [175-交換] 費率實際上已經扣除了我們的獎勵費用。這就是全部的攝取量。

Oh, that's awesome that's great okay and then I guess as a follow-up, really appreciate the disclosures around OIT just wondering if you could talk a little bit around, I guess attach and adoption rate. I guess it seems like we should be thinking about this, makeshift dynamic continuing and thinking about the payment volume proactive inclusive of this number.

哦，太棒了，太好了，好的。然後我想作為後續問題，非常感謝您披露有關 OIT 的信息，只是想知道您是否可以稍微談談附件和採用率。我想我們應該考慮一下這個問題，繼續維持這種臨時性的動態模式，並積極主動地考慮支付額，包括這個數字在內。

So just wondering is that is are you seeing that substitution effect level. Pull Out where you know the effectively the what was previously pulled is now fully migrated over to push or would you expect that you know to be something that grows you know pretty fast and faster than kind of sequential changes in payment volume for the next couple quarters.

所以我想知道的是，您是否觀察到了這種替代效應的程度。拉出是指您知道之前拉出的內容現在已經完全遷移到推送，或者您是否預期它會增長得很快，並且比未來幾個季度支付量的連續變化更快。

Yeah, the short story here is we do expect this to grow faster, for the next few quarters. Is that another way, we do expect a sort of mixed shift. From payments to platform to continue, you know this isn't a product that's you know used by the majority of our of our customers at all, in any way, but, it is by a, smaller set of our members, and of course it is, it has grown fast and so when you take a look at the impact on overall purchase volume rates we felt it was very important to, clarify this.

是的，簡而言之，我們預計未來幾季這數字會成長得更快。換句話說，我們預期會出現某種混合轉變。從付款到平台，您也知道，這不是我們大多數客戶使用的產品，而是一小部分會員在使用。當然，它的成長速度很快，因此，考慮到它對整體購買量的影響，我們認為有必要澄清這一點。

You know we are seeing that some of our newer cohorts are adopting this at higher rates than our existing members and so as that continues that that's why we expect this makeshift, again to continue here for the next few quarters.

你知道，我們發現一些新加入的成員比現有成員更快地接受了這種做法，因此，隨著這種情況的持續，我們預計這種臨時措施將在接下來的幾個季度繼續存在。

Got it no that's super helpful. I appreciate you guys flagging that, and thanks for taking the questions.

明白了，這太有幫助了。感謝各位指出這一點，也感謝你們回答問題。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Alright, thanks guys nice job on the quarter but when I think about as a follow-up to attach rates and thinking about RPA for a moment, I mean now that you're like you said, I mean your anniversary, the roll out the initial roll out of MyPay, just help us understand how to think about growth in our a going forward in your from your perspective both from a financial modeling perspective would be helpful but also really thinking about it from a perspective of the different products that can help drive it, and those that you're most excited about going forward in the next year or so.

好的，謝謝各位，這個季度做得很好。但是，關於附加費率和RPA（機器人流程自動化），我想就此進行一些後續討論。正如你們所說，現在是你們的周年紀念日，MyPay的首次推出，請你們從財務建模的角度，以及從能夠推動成長的不同產品的角度，幫助我們理解未來成長的思路。你們最看好哪些產品在未來一年左右的發展？

Yeah, well, maybe I'll touch just very briefly on sort of the near term, trajectory in RPA, and then I'll hand it over to Chris to talk about, some of the opportunities to continue to grow RPA over time, so the first thing I'd say is, as we mentioned, we are lapping the initial roll out of our, really blockbuster product my, this quarter.

是的，我可能會簡單地談談 RPA 的近期發展軌跡，然後把麥克風交給 Chris，讓他談談 RPA 未來持續發展的一些機會。首先我想說的是，正如我們所提到的，我們本季將推出我們真正意義上的重磅產品。

You should think about Q3 as sort of a partial lapping. We began rolling out by pay and Q3 of last year, whereas Q4 is when we fully lap the launch, and as a result of that, you should expect RAM growth just to moderate a bit in Q4 relative to Q3. I would say though, overall, at the cohort level we continue to see very, strong RAM growth.

你應該把Q3看作是一種部分重疊。我們從去年第三季開始按付費用戶進行推廣，而第四季我們將全面跟進發布，因此，預計第四季度 RAM 的成長速度將比第三季度略有放緩。不過總的來說，從使用者群體層面來看，RAM 的成長依然非常強勁。

Our members are continuing to attach to more products over time that coincides with continued growth in ARPAM by cohorts across every cohort with our, most tenured cohorts now at over $350. Let me pass to Chris to talk about some of the other product opportunities we're excited about.

隨著時間的推移，我們的會員不斷購買更多產品，這與各會員群體 ARPAM 的持續成長相吻合，我們資歷最深的會員群體目前的 ARPAM 已超過 350 美元。讓我把麥克風交給克里斯，讓他來談談我們其他一些令人興奮的產品機會。

Yeah. I think naturally, as we show in the supplemental pack, you can see consistently that as our cohorts age, the [ARPAM] increases, and one of the things that we love about how that RPA increases is that it increases as a result of just more engagement, right, more spend, capturing more deposits over time, capturing more spend over time.

是的。我認為很自然地，正如我們在補充資料包中所展示的那樣，您可以持續地看到，隨著我們用戶群年齡的增長，[ARPAM] 也隨之增加。我們喜歡 RPA 成長的原因之一是，它的成長僅僅是由於參與度的提高、消費的增加、隨著時間的推移而獲得的存款和消費的增加。

And now with higher monetizing card transactions, we think there's an opportunity for that to continue to go even higher. Look across the board, we, one of the things we talked about on the roadshow is not only do we have the best suite of products we believe for the mainstream everyday consumer. But we also have the lowest cost products, so there, there's lots of opportunity for us on that side as well because we think that there's still, quite a bit of room between the way many competitors price their products and ours.

現在，隨著信用卡交易貨幣化程度的提高，我們認為這一比例還有機會繼續攀升。綜觀全局，我們在巡迴展上談到的一點是，我們不僅擁有我們認為最適合主流日常消費者的最好的產品組合。但我們的產品成本也是最低的，所以在這方面我們也有很多機會，因為我們認為，許多競爭對手的產品定價方式與我們的產品定價方式之間仍然存在相當大的空間。

So, we're going to continue to add new products to drive more attach and we think that's going to drive more engagement and we'll launch new products with prices that will continue to be market leading and. Really excited about the opportunity to drive more engagement and revenue over time.

因此，我們將繼續推出新產品，以提高用戶黏性，我們認為這將提高用戶參與度，我們將推出價格繼續保持市場領先地位的新產品。非常興奮有機會隨著時間的推移，提高用戶參與度和收入。

And what's the latest on MyPay day one? Just a quick update if you don't mind, and then we'll turn it back to the queue.

MyPay上線首日的最新進展如何？如果您不介意的話，我先簡單報告一下最新情況，然後我們會把它重新放回隊列。

Sure, MyPay day one is really one piece of this early engagement strategy that we've highlighted around making it easier to use us, right out of the gate, I wouldn't sort of over rotate on that opportunity, but early results are promising, I'll be on a fairly small scale at this point in time. We really think that there's.

當然，MyPay 的上線只是我們早期用戶參與策略的一部分，該策略旨在讓用戶從一開始就更容易使用我們的服務。我不會過度依賴這個機會，但早期結果令人鼓舞，目前我的規模還比較小。我們真的認為有。

This combination of being able to fund your account easily, being able to and have multiple ways to fund your account, to move money out of the account with OIT, to use our P2P service to to get, the more we can give people access to trial of our product, we think the better chance we have over time to convert them to long lasting primary accounts.

能夠輕鬆地為您的帳戶充值，並且有多種方式為您的帳戶充值，透過 OIT 將資金從帳戶中轉出，使用我們的 P2P 服務進行交易，我們認為，我們讓人們有機會試用我們產品的次數越多，隨著時間的推移，我們就越有可能將他們轉化為長期的主要帳戶。

So, we're going to continue to trial that, experience of MyPay day one for people who don't yet have a direct deposit relationship, and we'll also be adding other, trial experiences as well, but no major update to provide on that. It's still relatively small scale.

所以，我們將繼續試行 MyPay 的第一天體驗，讓那些還沒有直接存款關係的人也能體驗到 MyPay 的樂趣，我們還會添加其他試行體驗，但目前還沒有重大更新可以提供。規模仍然相對較小。

Okay, thanks guys.

好的，謝謝大家。

[Sanjay Shakahari, KPW].

[Sanjay Shakahari，KPW]

Hi, this is Vasuovi for Sanjay. Thanks for taking our question. Maybe could you just comment on the competitive environment a little bit? I know there are a number of different providers that are sort of trying to target the paycheck-to-paycheck consumer with short duration loans for customer acquisition. Can you tell when your customers are engaging with any of these third-party platforms and anything you sense in terms of change in competitive intensity in the market? Thank you.

大家好，我是Vasuovi，替Sanjay報上名。感謝您回答我們的問題。能否稍微談談競爭環境？我知道有很多不同的貸款機構都在試圖透過短期貸款來吸引那些月光族消費者，以獲取客戶。您能否判斷您的客戶何時與這些第三方平台互動，以及您是否感覺到市場競爭強度發生了任何變化？謝謝。

Yeah, sure. I'm happy to pick that one up. I think, maybe the first thing we should do to level set here is, our real competition of big banks. Number one, they have the vast majority of primary account relationships, and that is our primary com, that is by far our primary competition.

當然可以。我很樂意接受這個。我認為，為了釐清這一點，我們首先應該做的就是，真正與大型銀行競爭。第一，他們擁有絕大多數的主要客戶關係，而這正是我們的主要競爭對手，也是我們迄今為止最大的競爭對手。

The If you took all the rest of the fintech, we are much larger than all the rest of the fintech combined in terms of primary account relationships today. And so, I think, number one, we should index on the large banks.

如果把所有其他金融科技公司都算進去，就目前的主要客戶關係而言，我們的規模比所有其他金融科技公司加起來還要大得多。所以，我認為，首先，我們應該對大型銀行進行指數化調整。

Secondly, we're 3% penetrated today in our town. So, there's a lot of op opportunity here ahead of us. We continue to obviously watch, some of the smaller fintechs that are, approaching our members. There's very few, if any of them that are really making much progress on the primary account side, I think, to your point. Some of them are competing and offering liquidity, services, that would compete along with, say, Spot me or MyPay.

其次，目前我們鎮上的滲透率是 3%。所以，我們面前有很多機會。我們當然會繼續關註一些規模較小的金融科技公司，看看它們是否會聯絡我們的會員。我認為，正如你所說，他們當中很少有人，甚至可能根本沒有人在主帳戶方面取得多大進展。它們中的一些正在相互競爭，並提供流動性和服務，與 Spot me 或 MyPay 等公司競爭。

I think our perspective on that is, if you look at the price points that these members, these competitors are offering, they are far in excess of the rates we have, for MyPay and for Spar me. Having said that, we do see some of our members who may be doubling up and using these additional services in addition to what they get from time to access higher levels of liquidity.

我認為我們的觀點是，如果你看看這些會員、這些競爭對手提供的價格，你會發現它們遠高於我們MyPay和Spar me的費率。話雖如此，我們確實看到一些會員可能會同時使用這些額外的服務，以期獲得更高的流動性。

We like our position there because we top of the repayment stack and we get paid first. And we're going to continue to do this at very competitive rates. So, we're not seeing, as Chris indicated early on, even JD Pow has just confirmed that We, more members are switching to time than anywhere else, and that trend continues. So, we don't see these offerings, impacting, our acquisition of primary account relationships.

我們喜歡我們目前的位置，因為我們在還款順序中排在第一位，可以優先獲得償付。我們將繼續以極具競爭力的價格提供這項服務。所以，正如 Chris 早先指出的那樣，我們並沒有看到，甚至 JD Pow 也剛剛證實，We 的會員人數比其他任何地方都多，而且這種趨勢還在繼續。因此，我們認為這些產品和服務不會對我們獲取主要客戶關係產生影響。

Thank you for the color. And just for my follow-up, if I could ask on the model for [4Q] as we're thinking about new account ads, purchase volume goods, sort of anything to be mindful of from a seasonal perspective that you would tell us. Thank you.

謝謝你提供的色彩。最後，我想問一下關於 [4Q] 的模型，因為我們正在考慮新帳戶廣告、大量購買商品，以及從季節性角度來看，有什麼需要注意的地方嗎？謝謝。

Q4, when we see seasonality in our business, the sort of primary quarter to call out is, Q1 and therefore Q2 right after just from a tax refund perspective, that's really when we see the most seasonality across our metrics including, purchase volume proactive, including RA, including, new account ads, etc.

第四季度，當我們在業務中看到季節性時，最需要指出的是第一季度，因此緊隨其後的第二季度，僅從退稅的角度來看，那時我們在各項指標中都看到了最明顯的季節性，包括主動購買量、RA、新帳戶廣告等等。

Q4, I think seasonally tends to be a little bit higher spend on a proactive number basis just around the holidays, but not nearly as much as sort of a seasonally higher spend Q1, beyond that, I think, Q4 is a, pretty standard quarter for us, so we're excited to continue to grow, across both metrics actives and purchase one.

我認為，第四季在假日期間，主動購買量通常會略高一些，但遠不如第一季那麼高。除此之外，我認為第四季度對我們來說是一個相當標準的季度，所以我們很高興能夠繼續成長，無論是在主動購買量還是購買量這兩個指標上。

Thank you. We've reached our allotted time for questions. I will now turn the call back to Chris Britt for additional or closing remarks.

謝謝。提問時間已到。現在我將把電話轉回給克里斯·布里特，請他補充或作總結發言。

Thanks so much. I really want to appreciate everyone for and thank you all for joining us today we look forward to seeing you all out on the road hopefully sometime soon.

非常感謝。我衷心感謝大家，感謝各位今天加入我們，我們期待在不久的將來與大家在路上再次相見。

(Operator Instructions)

（操作說明）