Chime Financial Inc (CHYM) 2025 Q4 法說會逐字稿

Good afternoon. Welcome to Chime's fourth quarter fiscal 2025 earnings call. (Operator Instructions)

午安.歡迎參加 Chime 2025 財年第四季財報電話會議。（操作說明）

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

我謹將電話轉交給投資人關係和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 fourth quarter 2025 earnings conference call. Joining me today are Chris Britt, our co-founder and CEO, and Matt Newcomb, our CSO. Mark Troughton, our president, will participate in the Q&A.

各位下午好，感謝各位參加 CHIME 2025 年第四季財報電話會議。今天與我一起出席的有我們的共同創辦人兼執行長克里斯·布里特，以及我們的首席策略長馬特·紐科姆。我們的總裁馬克·特勞頓將參加問答環節。

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. 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 our actual results to differ materially from those described.

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業績的定義和調節表，請參閱我們發佈在投資者關係網站 investors.chime.com 上的盈利報告和盈利演示文稿。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，可能導致我們的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 10Q, filed on November 10, 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.

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 11 月 10 日提交的 10-Q 表格。前瞻性陳述僅代表我們的信念和假設。截至目前，上述聲明均已作出。除法律要求外，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.

這樣，我就把它交給克里斯了。

Thanks, David, and thank you all for joining us. I'm proud to report another strong quarter. In Q4, we again delivered results that exceeded our guidance closing out a momentous year. But before I get into the details, I want to reflect on 2025 and preview plans for a year of acceleration in 2026.

謝謝你，大衛，也謝謝各位的參與。我很自豪地報告，本季業績又表現強勁。第四季度，我們再次取得了超乎預期的業績，為意義非凡的一年畫上了圓滿的句號。但在我深入細節之前，我想回顧一下 2025 年，並​​展望一下 2026 年的加速發展計畫。

Despite headlines of a pressured consumer, we continue to see stability, consistent with what we reported last quarter. Member spending remained healthy in Q4, with steady growth across both discretionary and non-discretionary categories among our tenured cohorts and across all income levels. we're seeing higher average deposit balances and consistent use of our liquidity products with lower losses, including all-time low loss rates on MyPay, and importantly, no signs of increasing job loss within our member base.

儘管有媒體報告消費者面臨壓力，但我們仍然看到市場保持穩定，這與我們上個季度報告的情況一致。第四季會員支出維持健康成長，老會員和所有收入水準的會員在可自由支配支出和非可自由支配支出方面均穩步增長。我們看到平均存款餘額增加，流動性產品的使用率持續走高，損失降低，其中MyPay的損失率更是創歷史新低。更重要的是，我們的會員群體中沒有失業人數增加的跡象。

Our business is rooted in primary account relationships and every day, largely non-discretionary spend, so we're built for resilience. In times of uncertainty, our value proposition becomes even more compelling. Fee-free, access to liquidity, payroll on demand, high-yield savings, credit building, tools that help members build financial stability.

我們的業務以主要客戶關係和日常非自由支配支出為基礎，因此我們具備很強的韌性。在充滿不確定性的時期，我們的價值主張更具吸引力。免手續費、流動性取得、按需支付薪資、高收益儲蓄、信用建立、幫助會員建立財務穩定的工具。

In 2025, we delivered 31% revenue growth with strong operating leverage, including a 12-point year-over-year improvement in adjusted EBITDA margin to 10% in fourth quarter. In Q4, we also added approximately 500,000 net new active members, bringing our total to $9.5 million

2025 年，我們實現了 31% 的營收成長，並實現了強勁的營運槓桿，其中包括第四季度調整後 EBITDA 利潤率同比增長 12 個百分點至 10%。第四季度，我們新增了約50萬淨活躍會員，使我們的總收入達到950萬美元。

In 2025, our biggest unlock was Chime Core, our homegrown transaction processor and ledger. We're now 100% on our own tech stack after completing a multi-year migration in Q4. Chime Core strengthens our cost advantage with a cost to serve of roughly one-third of large banks and one-fifth of regional banks. Chime Core also reduces transaction processing costs by an estimated 60%, supporting our long-term gross margin target of 90%.

2025 年，我們最大的突破是 Chime Core，我們自主研發的交易處理器和帳本。經過四年的遷移，我們在第四季度實現了 100% 使用我們自己的技術堆疊。Chime Core 增強了我們的成本優勢，服務成本約為大型銀行的三分之一，區域性銀行的五分之一。Chime Core 也能降低交易處理成本約 60%，進而支持我們實現 90% 的長期毛利率目標。

But the bigger impact for us is velocity. Owning our own tech stack enables us to innovate faster and deliver the lowest cost products to our members. That unique advantage powered our 2025 product launches, extending our lead over traditional banks and fintechs as the most rewarding place for mainstream America to bank.

但對我們來說，更大的影響因素是速度。擁有我們自己的技術堆疊使我們能夠更快地進行創新，並為我們的會員提供成本最低的產品。這項獨特的優勢推動了我們在 2025 年推出的產品，進一步鞏固了我們相對於傳統銀行和金融科技公司的領先地位，使我們成為美國主流人群最值得信賴的銀行服務機構。

For example, ChimeCard, our new secured cashback credit card and first product built entirely on ChimeCard. Direct depositors earn 1.5% cash back on everyday spend, a 3% savings rate, which is seven times the national average, fee-free overdrafts, early access to pay, free credit building that increases average scores up to 70 points, and access to a free ATM network that's larger than the three biggest banks combined, all at no cost. No other company offers this breadth of services for everyday consumers, and we deliver it with an over 70% transaction margin.

例如，ChimeCard，我們全新的安全返現信用卡，也是我們第一個完全基於 ChimeCard 構建的產品。直接存款用戶可享有日常消費 1.5% 的現金回饋、3% 的儲蓄利率（是全國平均水平的七倍）、免手續費透支、提前支取工資、免費信用提升（平均信用評分最高可提高 70 分）以及使用比三大銀行總和還大的免費 ATM 網絡，所有這些都是免費的。沒有其他公司能為一般消費者提供如此廣泛的服務，而且我們的交易利潤率超過 70%。

Chime Card is already resonating at the top of the funnel and driving strong engagement. Over half of members in our new cohorts are adopting it, and those members are using it for over 70% of their Chime spend. This has resulted in credit spend as a percent of overall purchase volume increasing to 21% in December, up from 16% in September.

Chime Card 已經在銷售漏斗的頂端引起了共鳴，並推動了用戶的高度參與。我們新一批會員中超過一半的人正在使用它，而這些會員超過 70% 的 Chime 消費都用於它。這導致 12 月信用卡支出佔總購買金額的比例上升至 21%，高於 9 月的 16%。

As a reminder, spend on Chime Card earns us nearly 2x the take rate of our debit card, serving as a multi-year tailwind to revenue growth. MyPay, our on-demand payroll product, had a standout year. We scaled MyPay to over $400 million in revenue run rate in Q4, while generating transaction margin of nearly 60%, only one year after launch. We began 2025 with MyPay loss rates of 1.7%, and in Q4, we reached our steady state loss rate target of 1%. significantly faster than planned. With losses stabilized and a new variable pricing model in place, we can now scale both access and profitability.

提醒大家，使用 Chime 卡消費可獲得我們藉記卡近 2 倍的手續費，這將為多年的收入增長提供助力。我們的隨選薪資管理產品 MyPay 在過去一年取得了優異的成就。在推出僅一年後，MyPay 的第四季營收就超過了 4 億美元，同時交易利潤率接近 60%。2025年初，MyPay的損失率為1.7%，第四季度，我們比計畫提前很多就達到了1%的穩定損失率目標。隨著虧損趨於穩定，新的浮動定價模式也已到位，我們現在可以擴大服務範圍並提高獲利能力。

We're focused on making MyPay available to more members with higher limits and on driving growth in transaction profit dollars while maintaining MyPay as the low-cost product in the market. We also launched Chime Workplace, our employer financial wellness offering, bringing Chime into the enterprise channel with MyPay at work, we saw early traction in 2025, onboarding our first customers and channel partners, and we entered 2026 with strong momentum and a growing pipeline.

我們致力於讓更多會員能夠使用 MyPay，並提高其限額，同時推動交易利潤的成長，並保持 MyPay 作為市場上低成本產品的地位。我們也推出了 Chime Workplace，我們的雇主財務健康產品，將 Chime 帶入企業管道，並推出了 MyPay at work。我們在 2025 年看到了初步進展，迎來了我們的第一批客戶和通路合作夥伴，並且我們帶著強勁的勢頭和不斷增長的銷售管道進入了 2026 年。

More broadly, our progress across liquidity products showcases our structural repayment advantage that comes from deep primary account relationships and enables low-cost, low-credit risk liquidity offerings. Across SpotMe, MyPay, and Instant Loans, we exited the year at over $40 billion in annualized origination volume. In 2025, we also cemented our position as the primary bank account of choice for mainstream America. In terms of brand consideration, Chime is now number one for online banking among Americans earning up to $100,000 a year based on third-party survey data.

更廣泛地說，我們在流動性產品方面取得的進展，展現了我們源自於深厚的初級帳戶關係的結構性償付優勢，並使我們能夠提供低成本、低信用風險的流動性產品。SpotMe、MyPay 和 Instant Loans 三家公司全年的貸款發放總額超過 400 億美元。2025年，我們也鞏固了自己作為美國主流人群首選銀行帳戶的地位。根據第三方調查數據，就品牌考量而言，Chime 目前是年收入不超過 10 萬美元的美國人中網路銀行的首選。

In 2026, NerdWallet named Chime the best checking account and best online banking experience. And last year, Chime's National Consumer Survey recognized us as the number one brand in banking. Our marketing isn't just driving awareness, but also primary account intent. Recently, J.D. Power named Chime the leader in U.S. checking account openings ahead of all other financial institutions. They estimate that 13% of all new checking accounts opened in the U.S. were at Chime, nearly 50% more than the number two brand on the list, Chase, and above a long tail of other U.S. banking and fintech brands.

2026年，NerdWallet 將 Chime 評為最佳支票帳戶和最佳網路銀行體驗。去年，Chime 的全國消費者調查將我們評為銀行業第一品牌。我們的行銷不僅旨在提高品牌知名度，更重要的是提升客戶購買意願。最近，J.D. Power 將 Chime 評為美國支票帳戶開戶量領先的金融機構，領先所有其他金融機構。據估計，美國所有新開支票帳戶中有 13% 是在 Chime 開設的，比排名第二的 Chase 高出近 50%，並且遠超其他眾多美國銀行和金融科技品牌。

Our momentum in 2025, combined with the launch of Chime Core, sets the foundation for accelerating product velocity in 2026. This year, we're focused on three priorities to advance our growth agenda. First, we're going to extend our lead as the best financial partner for everyday consumers. In the coming weeks, we'll launch a new premium membership tier with an even more rewarding value proposition for our most engaged and higher-earning members, including those making more than $100,000 a year. It will deliver higher savings rates, exclusive perks, and even better rewards, all fee-free, while maintaining our advantaged unit economics.

我們在 2025 年取得的進展，加上 Chime Core 的推出，為 2026 年加快產品開發速度奠定了基礎。今年，我們將重點放在三個優先事項，以推進我們的成長計劃。首先，我們將進一步鞏固我們作為一般消費者最佳金融合作夥伴的領先地位。在接下來的幾周里，我們將推出新的高級會員級別，為我們最活躍、收入最高的會員（包括年收入超過 10 萬美元的會員）提供更豐厚的獎勵。它將提供更高的儲蓄率、專屬優惠和更豐厚的獎勵，所有這些都無需手續費，同時保持我們優越的單位經濟效益。

We're also expanding our product suite to meet the needs of our fastest growing segment, members earning $75,000 a year and more, by introducing new value propositions to address more complex needs, deepen engagement, and drive long-term growth and profitability. For example, we'll launch joint accounts as well as teen accounts and custodial accounts so members can more easily manage shared family finances.

我們也正在擴展產品組合，以滿足我們成長最快的細分市場（年收入 75,000 美元及以上的會員）的需求，推出新的價值主張，以滿足更複雜的需求，加深參與度，並推動長期成長和獲利能力。例如，我們將推出聯名帳戶、青少年帳戶和監護人帳戶，以便成員可以更輕鬆地管理家庭共同財務。

This summer, we'll be expanding into investing, automated and self-directed, and we will support Trump accounts. These offerings provide members with new and accessible ways to build wealth. With tax season underway, we're increasing awareness of Trump accounts among millions of eligible everyday Americans. broadening access, and participation at scale. That translated into strong early traction, with tens of thousands of members initiating enrollment through tax filing with Chime in the first week alone.

今年夏天，我們將拓展投資業務，包括自動化和自主投資，我們將支持川普帳戶。這些產品為會員提供了新的、便利的財富累積途徑。隨著報稅季的到來，我們正在提高數百萬符合條件的普通美國民眾對川普帳戶的認識，擴大其獲取途徑和參與規模。這轉化為強勁的早期發展勢頭，僅在第一周就有數萬名會員透過 Chime 報稅開始註冊。

Our second priority is accelerating momentum in our enterprise channel. Chime is transforming the direct-to-employer earned wage access industry by delivering a full suite of financial tools and pay-on-demand for free for employers and employees. We've seen a strong response from the market, including a growing roster of employer partners and channel partnerships like Workday and UKG.

我們的第二要務是加快企業通路的發展動能。Chime 正在改變直接面向雇主的工資提取行業，它為雇主和僱員免費提供一整套金融工具和按需支付服務。我們看到了來自市場的強烈反響，包括不斷增長的雇主合作夥伴和通路合作夥伴，例如 Workday 和 UKG。

Our offering is resonating with employees. Among early cohorts, adoption is high, and these members are transacting more and retaining better than new cohorts in our direct-to-consumer channel. In 2026, our focus is scale, expanding to more employers and building enterprise into an evergreen customer acquisition channel. We're off to a strong start, and we recently announced several new employer partners and expect additional announcements in the very near future.

我們的方案受到了員工的歡迎。在早期用戶群中，採用率很高，這些成員的交易量更大，留存率也比我們直接面向消費者管道中的新用戶群更高。2026 年，我們的重點是規模化，擴展到更多雇主，並將企業打造成為永不過時的客戶獲取管道。我們開局良好，最近宣布了幾個新的雇主合作夥伴，預計在不久的將來還會發布更多公告。

And finally, we'll continue to deeply embed AI across Chime and into the member experience. A lot's been written about the financial literacy gap in our country, and it's real. More than half of US adults lack basic financial knowledge. And even when people are educated, they often lack the tools, the support, and consistency needed to act and turn good intentions into lasting financial progress. And that's why we're excited to expand our consumer AI offering.

最後，我們將繼續把人工智慧深度融入 Chime 的各個方面以及會員體驗中。關於我們國家金融知識普及程度的差距，已經有許多文章進行了探討，而且這種差距是真實存在的。超過一半的美國成年人缺乏基本的金融知識。即使人們受過教育，他們也常常缺乏行動所需的工具、支持和堅持，無法將良好的意願轉化為持久的財務進步。正因如此，我們很高興能夠擴展我們的消費者人工智慧產品。

Chime's relationship with our members is fundamentally different than most fintechs. The majority of our members rely on Chime as their primary account, and our average member engages with us five times per day. We sit at the center of our members' financial lives, and that depth of engagement allows us to not just provide insights, but to take intelligent real-time action with and on behalf of our members.

Chime 與會員之間的關係與大多數金融科技公司有著本質上的不同。我們的大多數會員都將 Chime 作為他們的主要帳戶，我們的會員平均每天與我們互動五次。我們處於會員財務生活的中心，這種深度參與使我們不僅能夠提供見解，還能代表會員採取明智的即時行動。

In Q2, we'll launch the next generation of our consumer AI offering, Jade, with a vision of delivering an always-on financial co-pilot embedded in-app, providing personalized guidance that helps members take action automatically and make smarter financial decisions. We're currently testing Jade with employees, which gives us valuable feedback ahead of launch. With Jade, we'll move from reactive tools to more proactive financial management, helping members spend smarter, save more, pay bills on time, borrow responsibly, and build long-term wealth, transforming the way mainstream consumers manage their finances.

第二季度，我們將推出下一代消費者人工智慧產品 Jade，其願景是提供一個始終在線的、嵌入應用程式的財務助手，提供個人化指導，幫助用戶自動採取行動並做出更明智的財務決策。我們目前正在對員工進行 Jade 的測試，這為我們在正式發布前提供了寶貴的回饋。借助 Jade，我們將從被動的工具轉向更積極主動的財務管理，幫助會員更明智地消費、節省更多、按時支付賬單、負責任地借貸並積累長期財富，從而改變主流消費者管理財務的方式。

Beyond Jade, AI is already transforming how we operate. Over the past three years, we've reduced our cost to serve by nearly 30% and increased our RPAM by 23%. all while improving customer satisfaction levels. AI has driven step change efficiency across customer support, reduced fraud rates by 30% since 2023, and meaningfully increased internal productivity. We've boosted developer throughput, cut code review times, and more than doubled marketing creative output while reducing production costs. In disputes, automation has reduced time to decision by 30% while maintaining over 99% accuracy. delivering faster, high-quality resolutions for our members.

除了 Jade 之外，人工智慧已經在改變我們的營運方式。過去三年，我們的服務成本降低了近 30%，RPAM 提高了 23%，同時客戶滿意度也提高了。人工智慧推動了客戶支援效率的飛躍式提升，自 2023 年以來詐欺率降低了 30%，並顯著提高了內部生產力。我們提高了開發人員的效率，縮短了程式碼審查時間，並將行銷創意產出提高了一倍以上，同時降低了生產成本。在爭議解決方面，自動化將決策時間縮短了30%，同時保持了99%以上的準確率，從而為我們的成員提供了更快、更高品質的解決方案。

This is the leverage of a technology-first financial services company embracing AI at scale, grounded in relentless member obsession. We innovate faster, deliver better experiences, and operate at a fraction of the cost of legacy players. This allows us to deliver more value to our members, and these advantages compound as we grow. Last year, we generated nearly $2.2 billion in revenue with approximately 1,500 employees. As we shared on our last call, we expect to continue to scale without needing to add headcount.

這是以科技為先的金融服務公司大規模應用人工智慧，並以對會員的執著關注為基礎所帶來的優勢。我們創新速度更快，提供更好的體驗，營運成本僅為傳統企業的幾分之一。這使我們能夠為會員提供更多價值，而且隨著我們的發展，這些優勢會不斷累積。去年，我們創造了近 22 億美元的收入，員工約 1500 人。正如我們在上次電話會議上所說，我們預計在無需增加人手的情況下繼續擴大規模。

I'll now turn it over to Matt to cover Q4 and our 2026 outlook.

現在我將把發言權交給 Matt，讓他來介紹第四季和我們對 2026 年的展望。

Thanks, Chris. Q4 capped off a landmark year for Chime, our shareholders, and our financial position. We went public, strengthened our balance sheet, and continued to drive strong financial results.

謝謝你，克里斯。第四季為 Chime、我們的股東以及我們的財務狀況畫上了里程碑式的句號。我們成功上市，增強了資產負債表，並持續取得強勁的財務表現。

In 2025, we delivered 31% revenue growth and significant operating leverage, growing our adjusted EBITDA margin by 12 percentage points year over year in Q4, each ahead of our guidance. And we expect to maintain this momentum in 2026 with a clear line of sight to strong growth and further operating leverage, including gap profitability for the balance of the year, an important milestone that we expect to achieve ahead of previous internal expectations. But first, Let's discuss Q4, our third consecutive quarter of strong results as a public company, when we again exceeded our prior guidance on both top and bottom lines.

2025 年，我們實現了 31% 的營收成長和顯著的營運槓桿效應，第四季度調整後的 EBITDA 利潤率年增 12 個百分點，均超出我們的預期。我們預計在 2026 年將保持這一勢頭，並清晰地看到強勁增長和進一步運營槓桿作用，包括在今年剩餘時間內實現缺口盈利，這是一個重要的里程碑，我們預計將比之前的內部預期提前實現。但首先，讓我們來討論一下第四季度，這是我們作為一家上市公司連續第三個季度業績強勁，我們在營收和利潤方面再次超過了之前的預期。

We grew revenue by 25% year-over-year and transaction profit by 31% year-over-year in Q4, compounding growth even as we fully lapped 2024's launch of MyPay. We've done this by continuing to execute across multiple dimensions of growth. Active members, average revenue per active member, or RPAM, and transaction margin.

第四季度，我們的營收年增 25%，交易利潤年增 31%，即使在 MyPay 於 2024 年正式推出之前，我們仍然實現了複合成長。我們透過在多個成長維度上持續推進而實現了這一目標。活躍會員數、每位活躍會員的平均收入（RPAM）和交易利潤率。

In Q4, we added approximately 500,000 net new active members quarter over quarter and $1.5 million year over year. Of course, our actives aren't just any actives. They're deeply engaged, a result of our relentless focus on serving our members in a primary account capacity. Our average active member transacts with us 55 times per month. That is very different from other fintech's with single point solutions whose comparable metric is often in single digits. We have a fundamentally different customer relationship.

第四季度，我們較上季新增約 50 萬名活躍會員，較去年同期成長約 150 萬美元。當然，我們的活性成分並非普通的活性成分。他們參與度很高，這得益於我們始終堅持以主要客戶的身份為會員提供服務。我們的活躍會員平均每月與我們交易 55 次。這與其他提供單一解決方案的金融科技公司截然不同，後者的可比較指標通常只有個位數。我們與客戶的關係從根本上來說是不同的。

Primary accounts drive consistent and resilient top-of-wallet spend, provide us an underwriting advantage through our privileged repayment position, and give us a unique opportunity to cross-sell and deepen engagement even further over time. This results in consistent, durable, and long-lasting member cohorts.

主要客戶能夠持續穩定地帶來高額消費，憑藉我們優先償還的地位，為我們帶來承保優勢，並為我們提供了一個獨特的交叉銷售機會，隨著時間的推移，還能進一步加深客戶關係。這樣就能形成穩定、持久、長期的成員群。

Our oldest cohorts are now nearly a decade old and are generating more transaction profit now than they did pre-COVID, and that's net of churn. And our cohort performance is getting even better. Building on our success in H1 with our early engagement initiatives, which made it easier to get started with Chime, in Q4, we improved the quality of our new cohorts in several other areas.

我們最老的客戶群現在已經接近十年了，他們現在創造的交易利潤比新冠疫情前還要多，而且這還是在扣除客戶流失率之後。而且我們團隊的表現越來越好。上半年，我們透過早期參與計畫取得了成功，使用戶更容易上手 Chime。在此基礎上，我們在第四季度從其他幾個方面提高了新用戶群的品質。

First, in Q4, we saw a record high number of new members convert to direct deposit. Second, We continue to grow engagement. Our new cohorts are attaching to more products faster, including with many of the products we launched and scaled in 2025, like our new Chime card, MyPay, outbound instant transfer, and instant loans. Members using six or more products each month now make up 15% of our actives, up from 5% two years ago. Finally, fueled by these increasing levels of product attach, we've also grown monetization. This is particularly true in our newest cohorts. We're seeing members do more of their spend on Chime Card compared to prior cohorts that transacted more on debit.

首先，在第四季度，我們看到新會員轉為直接存款的數量創下歷史新高。第二，我們持續提升用戶參與。我們的新用戶群體正在更快地使用更多產品，包括我們在 2025 年推出和擴展的許多產品，例如我們的新 Chime 卡、MyPay、出境即時轉帳和即時貸款。每月使用六種或以上產品的會員現在占我們活躍會員的 15%，而兩年前這一比例為 5%。最後，在產品依附度不斷提高的推動下，我們的獲利能力也得到了提升。這一點在我們最新一批學員中尤其明顯。我們發現，與之前更多使用借記卡進行交易的用戶群體相比，現在的用戶更多地使用 Chime 卡進行消費。

Chime Card earns us approximately 175 basis points on purchase volume compared to under 100 basis points on debit. Taken together, we've strengthened the quality of our new member cohorts while continuing to acquire at attractive tax. Yielding five to six quarter transaction profit payback periods, and LTV to CACs of over 8x.

Chime Card 的消費額可賺取約 175 個基點，而藉記卡的消費額則不到 100 個基點。綜上所述，我們提高了新成員群體的質量，同時繼續以優惠的稅收政策進行收購。交易利潤回收期為五到六個季度，LTV 與 CAC 比超過 8 倍。

In Q4, overall RPAM increased 5% year-over-year and 21% over two years to $257, driven by the strength in both payments and platform-related revenue. Our tenured cohorts have reached RPAMs of nearly $400. In terms of transaction volumes, we continue to see very steady spend trends, consistent with a resilient consumer. Combined purchase and OIT volumes grew 16% in Q4, fueling payments and OIT revenue growth of 21% year-over-year, an acceleration from Q3 driven by higher take rates on ChimeCard and OIT.

第四季度，整體 RPAM 年成長 5%，兩年內成長 21%，達到 257 美元，這主要得益於支付和平台相關收入的強勁成長。我們資深團隊成員的 RPM 已接近 400 美元。從交易量來看，我們持續看到非常穩定的消費趨勢，這與消費者的韌性相符。第四季度，購買和 OIT 交易量合計成長 16%，推動支付和 OIT 收入年增 21%，較第三季度加速成長，這主要得益於 ChimeCard 和 OIT 交易率的提高。

Platform-related revenue increased 47% year-over-year, or 37% year-over-year excluding OIT. One additional contributor to RPAM growth is instant loans, are up to $1,000 installment loan products with terms of three to 12 months. Instant loans complement our short-term liquidity product offerings to meet our members' larger, more episodic liquidity needs.

平台相關營收年增 47%，若不計 OIT，則較去年同期成長 37%。RPAM 成長的另一個推動因素是即時貸款，即最高 1000 美元的分期貸款產品，期限為 3 至 12 個月。即時貸款是我們短期流動性產品的補充，旨在滿足會員更大、更頻繁的流動性需求。

We originated approximately $400 million of instant loans in 2025. And as of Q4, 10% of active members had an open loan. We expect instant loans to scale further in 2026. And like we've demonstrated with SpotMe and MyPay, unit economics improved significantly as the portfolio matures. We've seen as much as 50% lower loss rates for repeat borrowers compared to first-time borrowers.

2025年，我們發放了約4億美元的即時貸款。截至第四季度，10%的活躍會員有未償還貸款。我們預計即時貸款將在 2026 年進一步擴大規模。正如我們在 SpotMe 和 MyPay 上所證明的那樣，隨著投資組合的成熟，單位經濟效益顯著提高。我們發現，與首次借款人相比，再次借款人的損失率最多可降低 50%。

In Q4, we increased transaction margin to 72%, up from 69% in Q3, a result of delivering on two critical strategic priorities that we committed to as part of our IPO last summer, completing our Chime Core migration and reducing MyPay loss rates to 1%. In addition to the velocity and innovation benefits that Chime Core unlocks, the final stage of our migration also drove a 200-basis point increase in our gross margin, helping us close in on our long-term target of 90%.

第四季度，我們的交易利潤率從第三季度的 69% 提高到 72%，這得益於我們實現了去年夏天在 IPO 時承諾的兩項關鍵戰略重點：完成 Chime Core 遷移，並將 MyPay 的損失率降低到 1%。除了 Chime Core 帶來的速度和創新優勢外，我們遷移的最後階段還使我們的毛利率提高了 200 個基點，幫助我們接近了 90% 的長期目標。

This improvement, alongside our faster than expected progress to our 1% steady state loss rate target on MyPay, helped us grow annualized transaction profit to $1.7 billion in Q4, up 31% year over year. Finally, alongside our strong growth, we've continued to drive operating leverage with $57 million of adjusted EBITDA in Q4.

這項改進，加上我們在 MyPay 方面比預期更快地實現了 1% 的穩定狀態損失率目標，幫助我們在第四季度實現了年化交易利潤 17 億美元，同比增長 31%。最後，在強勁成長的同時，我們繼續推動營運槓桿，第四季度調整後 EBITDA 達到 5,700 萬美元。

In Q4, non-GAAP OpEx as a percent of revenue fell nine percentage points year over year. Our adjusted EBITDA margin growth accelerated further with 12 percentage points improvement year over year in Q4, the largest margin improvement of any quarter in 2025.

第四季度，非GAAP營運支出佔營收的百分比年減了9個百分點。第四季度，我們調整後的 EBITDA 利潤率年增 12 個百分點，進一步加速成長，這是 2025 年所有季度中利潤率增幅最大的一次。

In our first call as a public company, We committed to delivering an uptick in profitability in the back half of 2025, and that's exactly what we did. The 57% incremental adjusted EBITDA margin we delivered in Q4 exceeded our initial guide, as well as the higher bar we set for ourselves on our last call. So, meaningful progress last year, but we're even more excited about the opportunity ahead.

在作為一家上市公司的第一次電話會議上，我們承諾在 2025 年下半年實現盈利增長，而我們也確實做到了。我們在第四季度實現了 57% 的增量調整後 EBITDA 利潤率，超過了我們最初的預期，也超過了我們在上次電話會議上為自己設定的更高目標。所以，去年取得了實質進展，但我們對未來的機會更加感到興奮。

We believe we're extremely well positioned entering 2026. with a number of tailwinds that will support both continued strong top-line growth, even faster transaction profit growth, and further bottom-line margin expansion this year.

我們相信，進入 2026 年，我們已經做好了非常充分的準備，許多有利因素將支持今年繼續強勁的營收成長、更快的交易利潤成長以及進一步的淨利潤率擴張。

First, we're the market leader in account openings and the number one brand in banking. In 2026, we expect to continue delivering steady and predictable growth in our core business, powered by a growing member base and their resilient, every day, non-discretionary spend. Second, we have several strong top-line tailwinds exiting 2025, including Chime Card driving higher take rates, a new variable MyPay pricing model unlocking further scale and higher monetization, and our Instant Loans products ramping across our member base with strengthening unit economics.

首先，我們在開戶量方面是市場領導者，也是銀行業排名第一的品牌。預計到 2026 年，在不斷增長的會員基礎及其穩定的日常非隨意性支出的推動下，我們的核心業務將繼續保持穩定和可預測的成長。其次，到 2025 年底，我們將迎來幾個強勁的營收成長動力，包括 Chime Card 推動更高的交易費率，新的 MyPay 可變定價模式釋放了更大的規模和更高的盈利能力，以及我們的即時貸款產品在會員群體中不斷擴大規模，單位經濟效益不斷增強。

Third, our new products and go-to-market priorities that Chris outlined, including new premium membership tiers, investment accounts, joint accounts, and Chime Enterprise, will set the stage for continued growth in 2026 and in years to come. And finally, we'll do all of this without needing to grow our headcount, thanks to efficiencies from Chime Core and our ongoing AI initiatives.

第三，克里斯概述的我們的新產品和市場推廣重點，包括新的高級會員等級、投資帳戶、聯名帳戶和 Chime Enterprise，將為 2026 年及未來幾年的持續成長奠定基礎。最後，由於 Chime Core 的效率提升和我們正在進行的 AI 計劃，我們無需增加員工人數就能完成所有這些工作。

Turning to our guide. In Q1, we expect revenue between $627 million and $637 million, resulting in year-over-year revenue growth between 21% and 23%. We expect adjusted EBITDA between $90 and $95 million, an adjusted EBITDA margin of 14% to 15%. For full year '26, we expect revenue between $2.63 billion and $2.67 billion, resulting in year-over-year revenue growth between 20% and 22%, an adjusted EBITDA between $380 million and $400 million, an adjusted EBITDA margin between 14% and 15%. This represents eight to nine points of margin expansion year-over-year and an incremental adjusted EBITDA margin of over 55%.

轉向我們的嚮導。第一季度，我們預計營收在 6.27 億美元至 6.37 億美元之間，年增 21% 至 23%。我們預計調整後 EBITDA 在 9,000 萬至 9,500 萬美元之間，調整後 EBITDA 利潤率為 14% 至 15%。預計 2026 年全年營收將在 26.3 億美元至 26.7 億美元之間，年增 20% 至 22%，調整後 EBITDA 將在 3.8 億美元至 4 億美元之間，調整後 EBITDA 利潤率將在 14% 至 15% 之間。這意味著利潤率年增了 8 到 9 個百分點，調整後的 EBITDA 利潤率提高了 55% 以上。

And, as mentioned previously, we expect to be GAAP profitable for the balance of the year. There are a few things to keep in mind about our Q1 and full year outlook.

如同先前所提到的，我們預計今年剩餘時間將實現GAAP獲利。關於我們第一季和全年的展望，有幾點需要注意。

First, we have a seasonal business. Specifically, Q1 is tax refund season, what we like to call the most wonderful time of the year. Each Q1 With the increased activity resulting from members receiving their tax refunds, we see seasonally higher purchase volume, RPAM, transaction margin, and net new active member additions. And in HQ2, we see a normalization of these seasonal trends, with significantly fewer net new active member additions than in other quarters, and lower sequential purchase volume, payments revenue, and transaction margins.

首先，我們的業務具有季節性。具體來說，第一季是退稅季，我們喜歡稱之為一年中最美好的時光。每季第一季度，隨著會員收到退稅，活躍度增加，我們看到購買量、RPAM、交易利潤率和新增活躍會員數量都出現季節性增長。在第二總部，我們看到這些季節性趨勢趨於正常化，淨新增活躍會員數量明顯少於其他季度，且環比購買量、支付收入和交易利潤率均有所下降。

This Q1, we also expect to benefit from larger-than-usual tax refunds resulting from the One Big Beautiful Bill Act, which would magnify the seasonality. It's still early, we haven't yet hit the peak of tax season, and the timing of this year's refunds are a bit later than in years prior. That said, so far refunds are tracking higher, in line with our expectations.

今年第一季度，我們也預計將受益於《一項偉大的法案》帶來的比平常更大的退稅，這將放大季節性因素。現在還早，我們還沒有迎來報稅季的高峰期，而且今年的退稅時間比往年稍晚一些。也就是說，到目前為止，退款情況符合預期，而且高於預期。

More broadly, for the full year, we will continue making progress across our growth frameworks. active members, RPAM, and transaction margin. As the market share leader in new account openings, we expect to maintain strong momentum in net new active member additions this year.

更廣泛地說，在全年，我們將繼續在各項成長框架中取得進展，包括活躍會員數、RPAM（註冊投資經理）和交易利潤率。作為新開戶市場份額的領導者，我們預計今年將保持淨新增活躍會員數量的強勁勢頭。

For the full year, our goal is to add approximately $1.4 million net new actives at attractive ROI, building on the increasingly strong cohort quality we saw in Q4. We will also continue to drive RPAM growth as we scale Chime Card, MyPay, and Instant Moans, helping us grow LTVs and reinforce our strong cohort quality.

全年目標是在第四季度不斷增強的客戶群品質的基礎上，以可觀的投資回報率新增約 140 萬美元的淨活躍用戶。我們將繼續推動 RPAM 成長，同時擴大 Chime Card、MyPay 和 Instant Moans 的規模，幫助我們提高 LTV 並鞏固我們強大的用戶群品質。

And finally, we expect transaction margins to remain consistent with Q4-25 level as we realize the ongoing benefits of lower transaction processing costs from our Chime Core migration. From an OpEx perspective, as Chris noted, we're excited about our roadmap this year and plan to invest in sales and marketing behind our new product launches, particularly in Q2 when we plan to launch our new premium membership tier.

最後，隨著 Chime Core 遷移帶來的交易處理成本降低的持續效益，我們預期交易利潤率將與 2025 年 4 月的水準保持一致。從營運支出角度來看，正如 Chris 指出的那樣，我們對今年的路線圖感到興奮，並計劃投資於新產品發布背後的銷售和行銷，尤其是在第二季度，我們計劃推出新的高級會員等級。

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

接下來，我將進入問答環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Tien-tsin Huang, JP Morgan.

黃天津，摩根大通。

Thanks. Great results here, guys. I want to ask a couple of member questions if that's okay. Just curious, and thanks for the outlook and all the detail that you gave. I know there's been a lot of talk in the past about widening the product funnel. I'm just curious if you're getting the member behavior or reaction that you're looking for from those actions and how you might do that differently in '26 versus '25 in terms of member growth focus. And I heard, Chris, you talked about the premium tiering and the new strategies there. I think that's great. I'm curious, are you solving for new member growth there or higher engagement, retention, that kind of thing as you're thinking about, you know, the outlook in '26 and beyond?

謝謝。各位，成績很棒！如果可以的話，我想問幾個成員問題。只是好奇問問，感謝您提供的觀點和所有細節。我知道過去有很多關於拓寬產品通路的討論。我只是好奇，你是否從這些行動中獲得了你想要的會員行為或反應，以及在 2026 年與 2025 年相比，在會員增長方面你會採取哪些不同的做法。克里斯，我聽說你談到了高級會員分級制度和相關的新策略。我覺得這很棒。我很好奇，您在考慮 2026 年及以後的發展前景時，是在著眼於如何提高新會員數量，還是提高會員參與度、留存率等等？

Thanks, Tien-tsin. Yeah, maybe just as a setup. And a reminder for folks on the call, a little over a year ago, we kicked off a series of initiatives to try to make the top of the funnel even wider, if you will. So, we did things like made it easier to fund a Chime account, to get access to certain features like credit building and our outbound instant transfer feature right out of the gate.

謝謝你，田進。是啊，或許只是個鋪墊。提醒一下參加電話會議的各位，一年多前，我們啟動了一系列舉措，旨在進一步拓寬銷售漏斗的頂端。因此，我們採取了一些措施，例如簡化 Chime 帳戶的儲值流程，讓使用者能夠立即使用某些功能，例如建立信用記錄和我們的即時轉帳功能。

And I mean, I think there's no question that this has been a positive development for our top of the funnel numbers, and you can see it in the results. In the prepared remarks, we talked about the J.D. Power survey that showed Chime is opening up more checking accounts than any player in the industry, 50% higher than the number two player, Chase.

我的意思是，我認為這無疑對我們的銷售漏斗頂端數據來說是一個積極的進展，你可以從結果中看出這一點。在準備好的演講稿中，我們談到了 J.D. Power 的一項調查，該調查顯示 Chime 開設的支票帳戶數量比業內任何其他公司都多，比排名第二的 Chase 高出 50%。

And so going forward, we intend to continue to be the market leader in terms of new checking account openings. We're going to do that, I think, with... We're excited about the new product innovations that we'll be rolling out and some of these new channels that I'm sure we'll talk about more on the call to ignite our growth. And we're going to do that while continuing to manage towards increasing levels of profitability.

因此，展望未來，我們計劃繼續保持新開立支票帳戶數量的市場領先地位。我認為我們會這樣做…我們對即將推出的新產品創新感到興奮，也對一些新的管道充滿期待，我相信我們會在電話會議上詳細討論這些管道，以促進我們的成長。我們將繼續努力提高獲利水平，同時實現這一目標。

We're also seeing that these new cohorts that we're bringing in are delivering high-quality members into the fold. And maybe Matt can talk to some of that. what we're seeing on that front.

我們還發現，我們引入的這些新成員為團隊帶來了高品質的成員。或許馬特可以談談這方面的狀況，以及我們目前看到的情況。

Thanks, Chris. Yeah, I agree. We feel really good about the overall pace of, you know, headline net new actives. But I think what's, you know, most exciting and really what's even more important for the business is the quality of our new active cohorts. That's continuing to get stronger and stronger.

謝謝你，克里斯。是的，我同意。我們對整體的新增活躍用戶數量成長速度感到非常滿意。但我認為，最令人興奮，對業務而言也更重要的，是我們新活躍用戶群的品質。這種趨勢還在不斷增強。

As we mentioned, we've been setting record highs in terms of the number of new members converted to direct deposit. Our earlier engagement initiatives have been a contributor to that. We've continued to drive very meaningful lifts in engagement, and we're also driving higher monetization. That's particularly true among our newest cohorts that are adopting Chime Card at a very strong rate. So, we're feeling very good, and I think the proof is in the pudding. You're seeing that in our cohort metrics. Our transaction profit payback periods are strengthening. They're now at five to six quarters. That supports a long-term LTV to CAC of over 8x.

正如我們之前提到的，新會員轉為直接存款的人數屢創新高。我們早期的參與活動對此有所貢獻。我們持續推動用戶參與度顯著提升，同時也推動更高的獲利能力。這一點在我們最新一批用戶中尤其明顯，他們採用 Chime Card 的速度非常快。所以，我們感覺非常好，我認為事實勝於雄辯。從我們的用戶群體指標可以看出這一點。我們的交易利潤回收期正在縮短。他們現在已經完成了五到六個季度。這支援長期客戶終身價值與客戶獲取成本比超過 8 倍。

And then at the enterprise level, the strong cohort performance is translating into a very strong growth and profitability, which again, we're balancing goals there alongside our growth target. So again, we feel very good, not just about the quantum, but also importantly, the quality of our active member growth to enter the year.

而在企業層面，強勁的客戶群表現正在轉化為非常強勁的成長和獲利能力，我們同樣在努力平衡這些目標與我們的成長目標。所以，我們再次感到非常滿意，不僅是數量上的滿意，更重要的是，我們今年活躍會員成長的品質也非常好。

And maybe just to follow up on the other questions you asked, Sinjin, you know, I don't think we would do much in the way of anything different. We really like this opportunity to have more active members in the mix and have them have a relationship with Chime because we know that the point in which in someone's life that they make a conversion to direct deposit is different. It might be the result of a life change or a new job. And so, the more people that we can have relationships with so that we're in the mix at that moment of time, we think that's a great place to be.

辛金，或許我想就你之前提出的其他問題做個補充，你知道，我認為我們不會做任何改變。我們非常喜歡這個機會，讓更多活躍會員加入進來，並讓他們與 Chime 建立聯繫，因為我們知道，每個人選擇轉為直接存款的時間點都不一樣。這可能是生活變故或新工作的結果。因此，我們與越多的人建立聯繫，從而在那一刻參與其中，我們認為那將是一件好事。

And as it relates to the question about the new product, you know, sort of membership tiering, that's really just based on our... analysis of our member base and the fact that we can see we're growing among our higher income level members. We're growing at a nice clip and we want to make sure that we have products and services that really deliver great value to them. So that's what you should expect to see in the new tiers. Members who give us more of their direct deposit are going to get an even more rewarding experience using China as their primary bank account.

至於關於新產品的問題，例如會員分級，這實際上只是基於我們對會員基礎的分析，以及我們看到高收入會員群體正在成長的事實。我們發展勢頭良好，我們希望確保我們的產品和服務能夠真正為他們帶來巨大的價值。這就是新等級制度中你將會看到的內容。使用中國作為主要銀行帳戶的會員，如果能增加直接存款金額，將會獲得更多回報。

So yeah, I guess it's intended to open up that segment of the market even further and make sure that we give ourselves the best chance of retaining those higher income members as well.

所以，我想這旨在進一步開拓這部分市場，並確保我們能最大限度地留住那些高收入會員。

I like it. Chris, anything to call out on the competitive landscape, thinking about what you're seeing from your peers, and is that impacting member behavior at all? And I'm especially curious as we go into tax season if you're seeing any change in customer acquisition strategy from the group.

我喜歡。克里斯，你對當前的競爭格局有什麼看法？想想你從同行觀察到的情況，這是否對會員行為產生了任何影響？隨著報稅季的臨近，我特別想知道貴公司在客戶獲取策略方面是否有任何變化。

Well, I think, like Matt said, tax season is always a great one for us. We have a tax prep service. We're seeing huge engagement with that. We're continuing to see lots of, even though it's early, we're seeing lots of tax refunds into the accounts. We're seeing people signing up for Trump accounts and kicking off that process within the tax filing process, which is really exciting. And I just think a great development for our country, particularly the kind of everyday consumers that we serve.

嗯，我覺得就像馬特說的那樣，報稅季對我們來說總是很棒的。我們提供報稅服務。我們看到大家對此非常感興趣。雖然現在還早，但我們已經看到很多退稅款項進入帳戶。我們看到有人註冊了川普帳戶，並在報稅過程中啟動了這一流程，這真的很令人興奮。我認為這對我們國家來說是一項巨大的發展，尤其對我們服務的普通消費者更是如此。

Yeah, of course, you know, we're always looking across the competitive landscape. Most of the primary checking account relationships in America reside at the big banks, and we continue to outperform relative to those players. And, of course, we're always keeping an eye on other fintech's that are trying to get into the area of the business that I think we've been able to prove some success in. So, we're monitoring, but we feel really good about the position that we enjoy right now.

當然，我們始終關注著競爭格局。美國大部分主要支票帳戶都集中在大型銀行，而我們相對於這些銀行的表現持續優於它們。當然，我們始終關注著其他試圖進入我們已取得一定成功的金融科技領域的公司。所以，我們正在密切關注，但我們對目前所處的地位感到非常滿意。

Nice job, guys. Thanks.

幹得漂亮，夥計們。謝謝。

James Fawcett, Morgan Stanley.

詹姆斯‧福西特，摩根士丹利。

Thank you so much and appreciate all the color here. Wanted to ask you just on kind of the activity levels and continuing to add users at a pretty good clip but wondering how we should think about that in context of your efforts to really ungated more products to more of your customers, what you're learning from that process, how we should expect refinement during '26. And I guess really what we're kind of looking at is, you know, is there a possibility that we could even see some acceleration from a pretty consistent rate of member growth?

非常感謝，也很喜歡這裡繽紛的色彩。我想問一下關於活躍度以及用戶持續快速增長的問題，但我想知道我們應該如何看待這個問題，尤其是在您努力讓更多客戶能夠真正使用更多產品的情況下，您從這個過程中學到了什麼，以及我們應該如何期待在 2026 年進行改進。我想我們真正想探討的是，會員成長率保持相當穩定，是否有可能出現加速成長的情況？

Right. Thanks for the question, James. Like we said, we feel really good about the efforts and the impact of opening up the top of the funnel and Matt sort of shared some of the highlights. You know, our payback periods on our customer acquisition are as good as they've been in a really long time and getting better. So we feel like these early engagement initiatives are absolutely, you know, playing out well for us.

正確的。謝謝你的提問，詹姆斯。正如我們所說，我們對打開銷售漏斗頂端的努力和影響感到非常滿意，Matt 也分享了一些亮點。你知道嗎，我們客戶獲取方面的投資回報週期已經達到了多年來的最佳水平，而且還在不斷改善。因此，我們覺得這些早期參與措施對我們來說絕對非常有效。

We don't anticipate any, you know, major changes to them. We're constantly trying to figure out ways to make it even easier to fund an account and to get engaged and to get access to services that are appealing to you. We're going to continue to innovate and test services that allow our members to gain access to trial, temporarily getting access to higher level tiers if you're not quite qualified for it yet.

我們預計它們不會有任何重大變化。我們一直在努力尋找方法，讓您更容易為帳戶充值、參與互動並獲得您感興趣的服務。我們將繼續創新和測試各項服務，讓我們的會員能夠獲得試用權限，如果您目前還不具備更高級別的資格，則可以暫時獲得更高級別的訪問權限。

So we think there's going to be lots of ways to give people a taste of all the benefits of Chime so that when they have that moment, that life moment when it's time to convert a primary banking account relationship that we're hopefully on that consideration set for them. And at the same time, we're seeing huge success building a brand and not just awareness of the brand, but the building a brand that is trusted and stands for really a new way to manage your money that's authentically helpful and easy, and in most cases, free.

所以我們認為會有很多方法讓人們體驗到 Chime 的所有好處，這樣當他們有人生中需要轉換主要銀行帳戶關係的時刻時，我們希望 Chime 能夠成為他們的考慮對象。同時，我們看到在品牌建立方面取得了巨大的成功，不僅僅是品牌知名度，而是打造了一個值得信賴的品牌，代表了一種真正有幫助、簡單易用，而且在大多數情況下都是免費的全新理財方式。

Yeah, makes a lot of sense. And then I want to touch quickly on credit. You know, credit mix seems to be improving nicely, especially following the Chime Card relaunch. Any color there? And in particular, how has customer response been to rewards on the secured card? Are you seeing incremental spend per user or other things? And I'm just wondering, if and how this may tie into some of the plans you have to be attractive even to consumers that are making above $100,000 a year. Thanks, everybody.

沒錯，很有道理。然後我想簡單談談信貸問題。你知道，信貸組合似乎正在穩步改善，尤其是在 Chime Card 重新推出之後。那裡有顏色嗎？具體來說，顧客對擔保信用卡獎勵的反應如何？您觀察到用戶平均消費或其他方面的成長嗎？我只是想知道，這是否以及如何與你們的一些計劃聯繫起來，以吸引年收入超過 10 萬美元的消費者。謝謝大家。

Thanks, James, for the question. This is Matt. Yeah, we're really thrilled about the early progress on Shine Card. Again, that's our new secured rewards credit card. And we do think this is going to be a multi-year road tail end for us. As I think you know, this card earns us nearly 2x the take rate So it's a really exciting opportunity for us to continue to improve our unit economics.

謝謝詹姆斯的提問。這是馬特。是的，我們對Shine Card的早期進展感到非常興奮。再次強調，這是我們新推出的擔保獎勵信用卡。我們認為這將是我們未來幾年的漫長旅程。如您所知，這張卡的轉換率幾乎是普通卡的兩倍，所以這是一個讓我們繼續提高單位經濟效益的絕佳機會。

If you just take a look at credit mix as a percentage of purchase volume, you saw that increase from 16% when we launched the card in September to 21% in December. So a 30% increase just in the past few months. And in particular, we're really seeing very strong adoption among our newest cohorts. our newest cohorts, over half of them, half of our new members are spending with a Chime card.

如果只看信用卡佔消費額的百分比，你會發現這個比例從9月我們推出信用卡時的16%上升到12月的21%。光是過去幾個月就成長了30%。尤其值得一提的是，我們看到最新一批用戶對Chime卡的接受度非常高。在我們最新一批用戶中，超過一半的新會員都在使用Chime卡消費。

Those that do adopt it are using it for over 70% of their Chime spend. And on your question, these members are spending more than members who've not adopted Chime card. So, net-net, we're seeing really strong credit mix for these new cohorts. The credit mix of new cohorts specifically is close to 50%.

採用該功能的用戶，其 Chime 消費額的 70% 以上都用於該功能。至於你的問題，這些會員的消費額比沒有使用 Chime 卡的會員高。總而言之，我們看到這些新群體的信貸組合非常強勁。新一批學生的信貸組合比例接近 50%。

And on a go-forward basis, we think there's a lot of opportunity to continue to drive this higher, including through this year's product roadmap, and specifically our new premium memberships here, where we're going to offer even better rewards and exclusive perks while maintaining pretty similar take rates overall.

展望未來，我們認為有很多機會可以繼續推動這一趨勢，包括透過今年的產品路線圖，特別是我們新的高級會員資格，我們將提供更好的獎勵和專屬特權，同時保持整體上相當相似的佣金率。

That's great, Matt. Thanks.

太好了，馬特。謝謝。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Thanks for taking the question. Great to see things play out as anticipated in the business. I thought I might drill down a little bit into instant loans because it feels like that product is moving a little bit more front and center for Chime. It's an area where we've spent a lot of time and are very bullish, just broadly speaking, short-term consumer liquidity products, which are so much better than alternatives in the market. Of course, instant loans and MyPay included.

感謝您回答這個問題。很高興看到商業運作如預期發展。我想深入探討即時貸款，因為感覺這款產品正在成為 Chime 的核心業務之一。我們在這個領域投入了大量時間，並且總體上非常看好短期消費流動性產品，這些產品比市場上的其他替代品要好得多。當然，也包括即時貸款和MyPay。

Could you just sort of frame up for us how the credit performance is in that particular product, what the growth opportunity is, and maybe just your perspective on how this suite of liquidity products really enhances consumer value? Because I think there's some confusion or some pushback in the market about fairness and implied APRs and all the kind of stuff that folks don't like about payday loans and revolving credit. So, kind of a far-reaching question, but I'd just love to get some perspective on your products in particular and overall view.

您能否為我們介紹一下該產品的信貸表現、成長機會，以及您對這一系列流動性產品如何真正提升消費者價值的看法？因為我認為市場上對公平性、隱含年利率以及人們不喜歡的發薪日貸款和循環信貸等種種方面存在一些困惑或抵觸情緒。所以，這個問題可能有點寬泛，但我很想了解貴公司的產品以及整體狀況。

Yeah, sure. Excuse me, this is Mark. Just to frame Instant Loan, Instant Loan is an installment loan product that, as Matt indicated earlier, that our members use for their larger, more episodic needs. So unlike MyPay or SpotMe, which tend to be intrapay period liquidity, this is This is longer duration. It's anything from three months up to a year we're testing right now.

當然可以。打擾一下，我是馬克。簡單介紹一下即時貸款，即時貸款是一種分期貸款產品，正如 Matt 之前指出的那樣，我們的會員可以使用該產品來滿足他們較大、更臨時的需求。因此，與 MyPay 或 SpotMe 等傾向於在支付期間提供流動性的服務不同，這是持續時間更長的服務。我們目前正在測試的時間跨度從三個月到一年不等。

And right now, we're looking at limits anywhere between $300 and $1,000. So it's really used for sort of larger, longer-term liquidity requirements amongst our members. And this is something we've been testing, and you guys have heard us talking about this. We've been testing this for some time now. really refining the risk models and making sure we have this really solid. We're very excited about the performance in 25.

目前，我們看到的限額在 300 美元到 1000 美元之間。所以它實際上是用來滿足我們成員較大、較長期的流動性需求的。這是我們一直在測試的東西，你們也都聽我們談論過這件事。我們已經測試了一段時間，不斷完善風險模型，確保其非常可靠。我們對25屆的成績感到非常興奮。

You know, we did $400 million of originations, and we reached a 10% product attach by the end of Q4. And like all our lending products, Instant Loan is only available to our direct deposit members who've been with us for a period of time. So, this is a product where we're actually able to use this privileged data we have in terms of their behavior and our privileged position at the top of the repayment stack to sort of manage the risk here and therefore actually offer rates that are unmatched for these members in the market.

你知道，我們完成了 4 億美元的貸款發放，到第四季末，我們的產品附加率達到了 10%。與我們所有的貸款產品一樣，即時貸款僅開放給已在我們這裡開戶一段時間的直接存款會員。因此，在這個產品中，我們能夠利用我們掌握的關於客戶行為的特權數據，以及我們在還款體系頂端的特權地位來管理風險，從而為這些會員提供市場上無與倫比的利率。

So, you know, as you, like any lending product here, what tends to happen is as you start off and certainly with your first-time loans, you tend to have higher losses. But what we've really seen here, as Matt has indicated, is as much as a 50% reduction in our repeat loans. And we actually expect the loan performance on instant loan to mirror the trajectory that we've seen with SpotMe and MyPay over the years. So, you know, it's not at the point where it really is ready to scale. You started to see some of that in Q4, and you will see that throughout '26.

所以，你知道，就像任何貸款產品一樣，通常的情況是，當你剛開始貸款時，尤其是第一次貸款時，損失往往會比較高。但正如 Matt 所指出的，我們真正看到的是重複貸款減少了 50%。我們預計即時貸款的貸款表現將與我們多年來在 SpotMe 和 MyPay 上看到的軌跡一致。所以，你知道，它還沒有真正達到可以大規模推廣的程度。第四季你開始看到一些這樣的跡象，而且在整個 2026 年你都會看到這種情況。

And it really has become a sort of growth platform for us that we think is going to be a much more meaningful contributor to transaction profit over time.

它確實已經成為我們的一種成長平台，我們認為隨著時間的推移，它將對交易利潤做出更有意義的貢獻。

Having said that, you know, these are riskier loans. They're longer duration, higher limit. So, you know, you're not going to see the sort of attached rates that you would see with something like MyPay. But, you know, if you were to look at the APRs on a product like this, this is This is well within the sort of lending, you know, 36% APR cap. So this is not a, to compare this to a payday loan or even some of the sort of more creative products out there would be a huge injustice to this, you know, to this product. In fact, it's such a great product. This is actually our highest NPH product that we have today in our portfolio. And, you know, we're really, really excited about its prospects for '26.

話雖如此，你也知道，這些都是風險較高的貸款。它們的持續時間更長，上限更高。所以，你知道，你不會看到像 MyPay 那樣的附加費率。但是，你知道，如果你看一下這類產品的年利率，你會發現這完全在貸款年利率上限 36% 的範圍內。所以，將它與發薪日貸款，甚至是一些更具創意的產品相提並論，對這款產品來說都是極大的不公平。事實上，這真是一款很棒的產品。這其實是我們目前產品組合中NPH含量最高的產品。你知道，我們對它在 2026 年的前景感到非常非常興奮。

Yeah, it sounds that way. And just to be clear, Matt, will instant loans be transaction profit margin accretive in 26? Or comparable to the rest of the company, I guess, the way to ask the question?

是的，聽起來確實如此。馬特，我再確認一下，即時貸款在 2026 年能否提高交易利潤率？或者說，與公司其他部門相比如何？

Yeah, we do expect this to be a contributor to transaction profit dollars, particularly as we exit the year.

是的，我們預計這將成為交易利潤的貢獻者，尤其是在年底之際。

Okay, but perhaps lower margin. with opportunity to improve going forward?

好的，但利潤率可能較低。未來是否有機會改善？

Yeah, look, I think from a marketing perspective, it will look different than other parts of our liquidity products. But, you know, this is also, as Mark mentioned, something that will continue to improve over time as our portfolio matures, as the portfolio shifts to more repeat borrowers or longer duration. Again, very kind of very similar playbook that we saw with SpotMe and MyPay. where unit economics just gets better and better over time.

是的，你看，我認為從行銷的角度來看，它會與我們流動性產品的其他部分有所不同。但是，正如馬克所提到的那樣，隨著我們的投資組合日趨成熟，投資組合轉向更多回頭客或更長的期限，這種情況也會隨著時間的推移而不斷改善。這與SpotMe和MyPay的模式非常相似，都是隨著時間的推移，單位經濟效益不斷提高。

Well, you've proven that out. Nice job. Thanks.

嗯，你已經證明了這一點。幹得漂亮。謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, guys. Great results. Thank you for taking the question. I was hoping to zero in on some of the commentary around the new variable pricing model for MyPay. Obviously, really great traction getting the margin profile to where it is and the losses down to 1%. With the new variable pricing model, could you talk about your expectations for how that will impact both the ARPU and the transaction margin starting in the first quarter and then maybe you can elaborate a little bit on some of the commentary around expanding access.

嘿，夥計們。效果顯著。感謝您回答這個問題。我原本希望能專注於關於 MyPay 新浮動定價模式的一些評論。顯然，利潤率大幅提升，虧損降至 1%，這確實取得了巨大的進展。鑑於新的浮動定價模式，您能否談談您預計該模式將如何影響第一季的 ARPU 和交易利潤率？然後，您能否就擴大服務範圍的一些評論再做進一步闡述？

You know, how should we think about that in the context of obviously higher revenue from higher pricing? You know, is there room to maybe tweak up the losses to expand access? Would you expect a lot of that to flow to the bottom line and ultimately to the margin? Just how you think about some of those moving pieces. Thank you.

你知道，在價格上漲帶來更高收入的背景下，我們該如何看待這個問題？你知道，有沒有可能調整損失率以擴大覆蓋範圍？你認為這些收益中有多少會轉化為利潤，最終提高利潤率？你如何看待這些變化中的一些因素。謝謝。

Thanks, Will. Yeah, maybe just to tee this up a bit, I think we're really excited about the tailwind that we have with MyPay from a revenue perspective going into '26 here. We think it's one of many tailwinds that we have. We talked about Chime Card adoption, talked about instant loans, but we are excited about some of these changes, both on the revenue side, but also in terms of opening up the availability to more folks. So maybe I'll pass over to Mark since he oversees that part of the business.

謝謝你，威爾。是的，或許可以先鋪墊一下，我認為我們對 MyPay 在 2026 年的營收成長勢頭感到非常興奮。我們認為這是我們擁有的眾多有利因素之一。我們討論了 Chime 卡的普及，也討論了即時貸款，但我們對其中一些變化感到興奮，無論是在收入方面，還是在讓更多人能夠使用方面。所以也許我會把這部分工作交給馬克，因為他負責這部分業務。

Thanks, Chris. Hey, Will. As we indicated in the prepared remarks, my pay really was breakout for us in '25. $200 million in revenue, transaction profit margin, by the end of Q4, almost 60%. And that's really in the first year of this as a lending product, which we were very excited about.

謝謝你，克里斯。嘿，威爾。正如我們在準備好的演講稿中指出的那樣，我的薪水確實是我們在 2025 年取得突破性的成就。到第四季末，營收達到 2 億美元，交易利潤率接近 60%。而這只是該產品作為貸款產品推出的第一年，我們對此感到非常興奮。

You know, I think, as you know, we started my payoff with a fixed fee pricing model. So, it was three of you received your advance within up to 24 hours, and it was a $2 fixed fee if you did it immediately. What we realized pretty quickly was that we were trying to scale the product, trying to give access to bigger limits to more people faster. that fixed fee actually became a hindrance to our ability to be able to do that. And so we shifted it to a variable pricing model that really will allow us to leverage this much more as a growth platform and sort of scale MyPay over time. We did that in a series of actions, really, that started in Q4 last year and culminated in the middle of January this year. So, you would already have seen some of the increase in my pay yield already in Q4 over Q3, there is more to come in Q1 and beyond.

你知道，我想，如你所知，我們最初是以固定費用定價模式開始我的回報計劃的。所以，你們三人中有三人最快在 24 小時內收到了預付款，如果立即辦理，則需支付 2 美元的固定費用。我們很快意識到，我們當時正試圖擴大產品規模，讓更多人更快獲得更高的額度。而固定費用實際上阻礙了我們實現這一目標。因此，我們將其改為浮動定價模式，這將真正使我們能夠更好地利用它作為成長平台，並隨著時間的推移擴展 MyPay 的規模。我們實際上是透過一系列行動來實現這一目標的，這些行動始於去年第四季度，並在今年一月中旬達到頂峰。所以，您應該已經看到我的薪資收益率在第四季度比第三季度有所成長，第一季及以後還會有更多成長。

Having said that it's still very early days. With respect to the latest pricing changes, we haven't even had our first full calendar month yet. So I think it's fair to say that this is meeting our expectations, and we're excited by the impact of this. But we're not going to be giving specific guidance on the MyPay impact individually for 2026, but it is built into our overall revenue and EBITDA guidance for the year.

話雖如此，現在下結論還為時過早。關於最新的價格變動，我們甚至還沒有迎來第一個完整的自然月。所以我覺得可以公平地說，這達到了我們的預期，我們對它的影響感到興奮。但我們不會就 MyPay 對 2026 年的具體影響給出具體指引，但它已納入我們全年的整體收入和 EBITDA 指引中。

And I think what you're going to see with us, to come back to the second part of your question, we do see opportunities going forward for us, instead of necessarily maintaining that 1% loss rate, for us to really optimize MyPay more effectively from a and experience and a transaction profit perspective. So this is going to be a strong growth platform for us going forward. And we're going to continue to do that while maintaining this lowest cost product in the market.

我認為，回到你問題的第二部分，你會看到我們未來有機會，我們不必維持 1% 的虧損率，而是可以從用戶體驗和交易利潤的角度更有效地優化 MyPay。所以這將成為我們未來強勁的成長平台。我們將繼續這樣做，同時維持市場上最低的產品成本。

That's great. Appreciate that caller and then just on the user growth, obviously pretty strong this quarter. And I hear the commentary on your expectations for the full year. I'm just wondering if you could talk a little bit about the trajectory of CHIME Enterprise over time with some of the recent partners and sounds like more to announce in the near future. How are you thinking about, you know, when CHIME Enterprise could be a more meaningful contributor to the user growth? And is that something we could see as we progress through the year? Thank you and nice job today.

那太棒了。感謝來電者，另外，用戶成長方面，本季顯然非常強勁。我聽到了大家對全年預期的一些看法。我只是想問您能否談談 CHIME Enterprise 的發展軌跡，以及最近的一些合作夥伴，聽起來近期還會有更多消息公佈。您認為 CHIME Enterprise 何時才能為使用者成長做出更有意義的貢獻？隨著年數的增加，我們是否會看到這種情況？謝謝，今天幹得漂亮！

Sure. I'll continue with that one. You know, in terms of Enterprise, We continue to be really excited, and there's a reason that it's one of our priorities for 2026 with Chris out behind the plant. We're seeing the value prop resonating really well with employers.

當然。我將繼續研究那個。你知道，就企業發展而言，我們仍然感到非常興奮，這也是為什麼它成為我們 2026 年的優先事項之一，而克里斯還在工廠後面負責這項工作。我們發現這種價值主張與雇主們的共鳴非常好。

So it's a broader suite rather than just in a way JAXA is totally free with some very extensive offerings out there. And we find that any employer that we speak to really has a solid install base of CHIME members, which gives us a strong differentiator.

所以它是一個更廣泛的套件，而不僅僅是 JAXA 完全免費且功能非常全面的產品。我們發現，我們接觸過的任何雇主都擁有相當數量的 CHIME 會員，這使我們具有強大的差異化優勢。

So I think you started seeing that manifesting itself in this steady drumbeat of employers that we've been announcing, and we just announced another few partners here earlier this week. Look, it is a new go-to-market motion for us, and it does take longer than ramping up our consumer channel, but we have a solid pipeline. We expect to be making some more announcements here in the near future.

所以我想你們已經開始看到這一點，我們一直在穩步宣布新的雇主加入，而且就在本週早些時候，我們又宣布了幾個新的合作夥伴。你看，這對我們來說是一種全新的市場推廣方式，而且確實比擴大消費者通路需要更長的時間，但我們有穩固的通路基礎。我們預計近期將在此發布更多公告。

We're not giving specific guidance related to ads from enterprise, but again, those are included in our overall guidance. One piece of data I can share is that at our employer partners, we are not only seeing strong adoption, but what we're actually seeing is higher monetization and greater retention on our enterprise members than we're actually seeing in our direct-to-consumer channel. So this is something we continue to be excited about.

我們沒有針對企業廣告提供具體指導，但這些內容都包含在我們的整體指導中。我可以分享的一項數據是，在我們的雇主合作夥伴中，我們不僅看到了強勁的採用率，而且我們實際看到的是，我們的企業會員的貨幣化程度和留存率都比我們在直接面向消費者的管道中看到的要高。所以，我們對此一直感到興奮。

That's great. Thanks for the questions.

那太棒了。謝謝大家的提問。

Jeff Cantwell, Seaport Research.

Jeff Cantwell，Seaport Research。

Hey, thanks a lot. I wanted to ask one on your LTV, the CAC. I want to see if you could drill into that customer acquisition cost side of the equation. Can you maybe talk about what the trend is right now? Because you added 500,000 active members this quarter. It's really strong. So I'm curious whether you made any changes in terms of how you require customers. And then related to that, can you maybe unpack or help us understand what's driving that 8X LTV to pack? You're highlighting it in the deck. Is that more the impact when we're spending the new products and the penetration is driving LTV higher, or how should we be thinking about LTV versus CAC?

嘿，非常感謝。我想問一下關於你們的LTV（生命週期價值）和CAC（客戶帳戶成本）的問題。我想看看您能否深入分析一下客戶獲取成本這部分問題。能談談目前的趨勢嗎？因為你們本季新增了 50 萬活躍會員。它真的很強。所以我很好奇，你們在客戶需求上是否有所改變。另外，您能否解釋一下或幫助我們理解是什麼因素導致 8X LTV 打包？你在簡報中重點強調了這一點。當我們投入資金購買新產品，產品滲透率推高了客戶終身價值 (LTV) 時，這種影響是否更為顯著？或者我們應該如何看待 LTV 與 CAC 之間的關係？

Thanks. Yeah, thanks for the question, Jeff. So what I would say first on the new customer acquisition side is very consistent trends that we've seen in the past. Over 50% of new actives continue to come to Chime via organic and member-driven channels like referrals. That continues to be the star of our show.

謝謝。是的，謝謝你的提問，傑夫。首先，關於新客戶獲取方面，我想說的是，我們過去看到的趨勢非常一致。超過 50% 的新活躍用戶仍然透過自然成長和會員驅動的管道（如推薦）加入 Chime。那仍然是我們節目的亮點。

We've actually made some gains on the CAC side year over year. You know, CAC for the full year in 2025 is actually down about 10% relative to the prior year. A lot of the early engagement initiatives that Chris mentioned earlier about making it easier to get started with Chime were big contributors to that.

實際上，我們在 CAC 方面取得了一些同比進步。你知道嗎，2025 年全年的 CAC 實際上比前一年下降了約 10%。Chris 先前提到的許多早期參與舉措，旨在讓用戶更容易上手 Chime，這些舉措對此做出了巨大貢獻。

So feeling really good, I think, about the overall trajectory on CAC. I think probably even more so are we feeling good about the LTV gains. that we're seeing. And that, I think, is probably the primary driver here of the strong print on overall LTV to CAF north of 8X. A few of the contributors to that have been the overall step-up in transaction margin resulting from our Chime Core migration that's driven a step-up. An additional benefit has certainly been our MyPay loss rate improvements. You've seen that build into our transaction margin as well. And then third, again, particularly among our new cohorts, Chime Card has really resonated. Again, where new cohorts are seeing close to 50% credit mix. And of course, credit earns nearly 2x the take rate compared to debit. So yeah, I guess in summary, we're making strong progress on both sides, both CAC and LTV.

所以我覺得，就 CAC 的整體發展軌跡而言，我感覺非常好。我認為，我們對目前看到的LTV成長感到更加滿意。我認為，這可能是導致整體 LTV 與 CAF 超過 8 倍的強勁表現的主要驅動因素。造成這種情況的部分原因是，由於我們遷移到 Chime Core，交易利潤率整體上有所提高。另一個好處無疑是MyPay的損失率有所改善。您也已經看到這部分成本計入了我們的交易利潤率。第三，尤其是在我們的新用戶群中，Chime Card 真的引起了強烈的共鳴。同樣，新一批學生的信貸組合比例接近 50%。當然，信用卡的手續費幾乎是藉記卡的兩倍。所以，總的來說，我們在 CAC 和 LTV 兩方面都取得了顯著進展。

Appreciate it. I would ask you one on RPM. As you're thinking about 2026, do you mind just telling us what is the right growth assumption you have for RPM? It seems like you have, I'm hearing you, you have good product momentum right now across instant loans and MyPay and others. So maybe just talk about that and what you see as the more immediate drivers impacting RPM over the course of 2026.

謝謝。我想問你一個關於轉速的問題。在您考慮 2026 年的時候，能否告訴我們您對 RPM 的合理成長預期是多少？聽起來你們確實做到了，我聽你們說，你們目前在即時貸款、MyPay 等產品方面都擁有良好的發展勢頭。所以，或許可以談談這一點，以及你認為在 2026 年期間對 RPM 產生更直接影響的因素。

Yeah, I think, Jeff, a lot of the similar drivers that I mentioned will flow through to 2026 as well from an RPM perspective. So, you know, Chime Card, I think, is probably a great one to start with. Again, put in 2x take rate. This new MyPay pricing and monetization model that we have will also be a contributor to RPM growth we expect this year. And instant mode as well is a third contributor to RPM growth this year. So multiple exciting tailwinds of products that we've already launched and are really scaling. And then beyond that, we're also very excited about the new product roadmap that Chris mentioned, again, across new membership tiers, investing products, joint accounts, and others.

是的，傑夫，我認為，從轉速的角度來看，我提到的許多類似驅動因素也會延續到 2026 年。所以，我覺得 Chime Card 可能是個不錯的入門選擇。再次，輸入 2 倍的轉換率。我們推出的這種新的 MyPay 定價和獲利模式也將有助於我們預期今年的 RPM 成長。即時模式也是今年 RPM 成長的第三個貢獻因素。因此，我們已經推出並正在迅速擴大規模的多款產品帶來了令人振奮的順風。除此之外，我們也對克里斯提到的新產品路線圖感到非常興奮，該路線圖涵蓋新的會員等級、投資產品、聯名帳戶等。

Great. Thanks very much.

偉大的。非常感謝。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Hi, guys. Really nice update here in execution. I want to hit operating leverage for a sec. Obviously, a lot of the algorithm depends on growth on the top line, but are the cost levers still the same heading into the next few years? And if you could talk about maybe the top few biggest levers, is core at the top of the list or has a lot of that been realized?

嗨，大家好。這次更新執行得非常好。我想短暫地實現營運槓桿。顯然，演算法的許多方面都依賴於營收成長，但未來幾年成本槓桿是否仍然相同？如果讓你談談最重要的幾個槓桿，核心是否名列榜首，或者說很多方面已經實現了？

Where is that leverage going to come from? And then on MyPay, loss has reached 100 basis points. Is there still room to improve further, or is this the level that you want as the right balance between growth and loss? Thanks.

這種影響力將從何而來？然後，在 MyPay 平台上，損失已經達到 100 個基點。是否還有進一步提升的空間，還是說這就是你認為的進步與退步之間合適的平衡點？謝謝。

Yeah, thanks for the question, Adam. So I think the high-level answer here is yes, we do continue to expect a continued trajectory of strong operative leverage. You've seen that across every part of our OPEX base. And you should expect to continue to see that across every part of our OPEX space this year.

是的，謝謝你的提問，亞當。所以我認為，從宏觀層面來說，答案是肯定的，我們仍然預期強勁的營運槓桿將繼續維持下去。您在我們營運支出基地的各個環節都看到了這一點。預計今年我們在營運支出領域的各個方面都會繼續看到這種情況。

As you mentioned in the remarks, now that we have Chime Core behind us, and of course a result of our ongoing AI initiatives, we can just do more. We can move faster. We can innovate more quickly and be more nimble. And that's allowing us to get more done without needing to grow our headcount. So we are excited about continued operating leverage, again, across the business.

正如您在演講中提到的，現在我們有了 Chime Core，當然這也是我們持續推動人工智慧計畫的結果，我們可以做得更多。我們可以加快速度。我們可以更快進行創新，更有彈性。這樣一來，我們就能在無需增加人手的情況下完成更多的工作。因此，我們對整個業務持續保持營運槓桿作用感到興奮。

Maybe I'll pass it to Mark to talk a little bit about might be a loss rate.

或許我會把它轉交給馬克，讓他稍微談談損失率的問題。

Yeah. I think your hypothesis is exactly right. We will continue, everything else being equal, we will continue to see improvements in those loss rates if we were just lending to the same people because we're going to get more and more efficient and we're still seeing meaningful improvements in our loss rates and our understanding. And we're also just benefiting from older, more tenured members who've had more loans. So there would be a natural decrease in loss rates for MyPay over time.

是的。我認為你的假設完全正確。我們將繼續這樣做，在其他條件不變的情況下，如果我們仍然向同樣的人放貸，我們將繼續看到損失率的改善，因為我們的效率會越來越高，而且我們仍然看到損失率和我們對損失的理解都有了顯著的改善。而且，我們也受惠於資歷更老、貸款更多的會員。因此，隨著時間的推移，MyPay 的損失率自然會下降。

I think what you're going to see us do, though, is reinvest some of those in growth of MyPay to continue to expand, attach an adoption rate, limit, and optimize overall transaction profit from MyPay. So, you know, my guess is you'll see something probably a little bit higher than that in future, but it'll be far more than compensated for by an increase in revenue.

但我認為，我們將把其中一部分資金再投資於 MyPay 的發展，以繼續擴大規模，設定採用率、限額，並優化 MyPay 的整體交易利潤。所以，我估計未來可能會比現在略高一些，但收入的成長將遠遠彌補這一損失。

Sorry, Mark. Did you say a little bit higher than 100 going forward, but more revenue to show for it?

抱歉，馬克。您是說未來會略高於 100，但會帶來更多收入嗎？

I think it's going to be in a range. It's going to be in a range a little bit below that to a little bit above it. I'm not giving a specific guidance with respect to where it would be. I think what we're really trying to do is to give you a sense of the, you know, conceptually how we're thinking about using myPageDrive greater transaction profit going forward rather than just meeting that 1% loss rate threshold.

我認為它會在一個範圍內。實際數值會在略低於這個數值到略高於這個數值的範圍內。我不會就具體位置給出具體指導。我認為我們真正想做的，是讓您了解，從概念上講，我們是如何考慮使用 myPageDrive 來獲得更大的交易利潤，而不僅僅是達到 1% 的虧損率閾值。

Got it. Maybe it flexes up a little bit when you have a big marketing campaign in a quarter, but it goes lower than that when you digest that growth. That's just the way the business is going to run. That makes sense.

知道了。如果某個季度進行大型行銷活動，股價可能會略有上漲，但消化掉這些成長後，股價就會下跌。公司就是這樣運作的。這很有道理。

Thanks, guys. Thank you.

謝謝各位。謝謝。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. I just want to follow up on some of the questions that were asked before. Maybe just one, on the strong uptake on the new products and initiatives, including the fact that you have stronger tax refunds this year. I'm just curious, as we think about what's embedded in the assumptions that you guys have, how much of that have you sort of factored in?

謝謝。我只是想就之前提出的一些問題做個後續說明。或許只有一點值得肯定，那就是新產品和新措施的強勁反響，包括今年更高的退稅額。我只是好奇，當我們思考你們的假設包含哪些內容時，你們考慮到了多少這些因素？

Yeah, thanks for the question, Sanjay. So, you know, we are, as I mentioned, expecting an outsized tax season this year as a result, again, of the One Big Beautiful Bill Act. We haven't yet seen the peak of tax season. The timing of refunds are a little bit later this year than we've seen in years past. But again, we do expect the magnitude to be higher. And so far, we are seeing that they are higher. If you take a look at the average tax refund as of the end of last week, it was up double digits compared to the average tax refund at the same time last year. So, we have more to go, more data to see here in the next few weeks. But so far, that's what we're seeing. And what we're seeing so far is embedded into our guide.

是的，謝謝你的提問，桑傑。所以，正如我之前提到的，由於《一項偉大的法案》的實施，我們預計今年的報稅季規模將異常龐大。我們還沒有迎來報稅季的高峰。今年的退款時間比往年稍晚。但我們預計實際幅度會更高。目前來看，這些數字更高。如果看一下上週末的平均退稅額，就會發現它比去年同期平均退稅額增加了兩位數。所以，我們還有更多工作要做，未來幾週我們會看到更多的數據。但就目前來看，情況就是這樣。我們目前所看到的內容都已納入我們的指南中。

Darrin Peller, Wolfe Research LLC.

Darrin Peller，Wolfe Research LLC。

Hey, thanks. Some of my questions were asked, but I want to home in a little bit more on the product velocity you guys have been putting out. Obviously, it was very strong with MyPay this year. When we think about the new products that will contribute, in your view, the most in 26, incrementally, above and beyond the pricing and the MyPay dynamic, beyond that, what are you most excited about in the year ahead? I guess related to that also on the CHIME enterprise or workplace, sounds like it's going really well in terms of users, you know, partners to add and employers to add, but is that incorporated in the $1.4 million of new users? I would hope that would actually be somewhat additive versus last year where I think you did about $1.5 million. So just how should we think about that too? Thanks, guys.

嘿，謝謝。我的一些問題已經被問到了，但我還想更深入地了解你們的產品發布速度。顯然，今年MyPay的表現非常強勁。當我們思考您認為在 2026 年中，除了定價和 MyPay 動態之外，哪些新產品將做出最大的貢獻時，您對未來一年最興奮的是什麼？我想，這和 CHIME 企業版或工作場所版也有關係，聽起來用戶數量增長非常順利，合作夥伴和雇主都在增加，但這是否包含在 140 萬美元的新用戶收入中呢？我希望這能比去年有所成長，去年你們的收入大約是 150 萬美元。那麼，我們該如何看待這個問題呢？謝謝各位。

Thanks for the question. Look, when we look out over the course of next year or this year, I should say, and what product initiatives we're most excited about having impact in terms of the revenue for the business, I think clearly the continued adoption of Chime Card is going to be a major tail end for the business. We're seeing it at the top of the funnel. We're also seeing more and more of our existing install active debit card using member base take this card as well.

謝謝你的提問。你看，當我們展望明年，或者應該說是今年，以及我們最期待哪些產品舉措能對公司的收入產生影響時，我認為很明顯，Chime Card 的持續普及將成為公司業務的一個重要增長點。我們在漏斗頂端就看到了這一點。我們也看到，越來越多的現有已安裝並啟動金融卡的會員也開始使用這張卡。

And then I think when we launch This next new premium tier, we believe that it's also going to continue to drive even more adoption of this core secured credit card and drive even more spend through that product category, which is going to be really helpful to the business. I would say those two initiatives are probably the two most likely to have an impact for 2026.

我認為，當我們推出下一個新的高階等級時，我們相信它將繼續推動更多人採用這種核心擔保信用卡，並透過該產品類別推動更多消費，這對業務來說將非常有幫助。我認為這兩項舉措可能是最有可能對 2026 年產生影響的兩項舉措。

I don't know what you'd add to that. No, I think that's correct. In terms of enterprise, I think as we indicated earlier, we're not going to give specific guidance related to enterprise ads. Those are included in our overall guidance. But this is a new business, so we're obviously going to be conservative in terms of what we're putting forward with respect to enterprise.

我不知道你還能補充什麼。不，我認為沒錯。至於企業方面，我認為正如我們先前所指出的，我們不會就企業廣告給予具體指引。這些都包含在我們的整體指導方針中。但這是一個新業務，所以我們在企業發展方面顯然會採取保守的做法。

Thank you. At this time, we've reached our allotted time for questions. I'll now turn the call back over to Chris for any additional or closing remarks.

謝謝。至此，我們的提問時間已到。現在我將把電話轉回給克里斯，讓他補充或作總結發言。

Great, thank you all for joining me today, and thanks to the CHIME team for incredible execution. We look forward to spending more time with you all soon.

太好了，感謝各位今天與我相聚，也感謝 CHIME 團隊出色的執行。我們期待很快能和大家共度更多時光。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。