Chime Financial, Inc. (CHYM) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Chime's first quarter fiscal 2026 earnings call. Following the speakers' remarks, we will open the line for your questions. As a reminder, this conference is being recorded, and a replay of this call will be available on our Investor Relations website for a reasonable period of time after the call. I'd like to turn the call over to Peter Stabler, Vice President of Investor Relations. Thank you.

下午好，歡迎參加 Chime 2026 會計年度第一季財報電話會議。在講者致詞結束後，我們將開放線路供各位提問。提醒各位，本次會議將被錄音，且本次電話會議的重播將在會後一段合理期間內於我們的投資人關係網站提供。我想把電話交給投資人關係副總裁 Peter Stabler。謝謝。

You may begin.

您可以開始。

Good afternoon, everyone, and thank you for joining us for Chime's First Quarter 2026 Earnings Conference Call. Joining me today are Chris Britt, our Co-Founder and CEO; and Matt Newcomb, our CFO. Mark Troughton, our President, will participate in Q&A. 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.

各位下午好，感謝各位參加 Chime 2026 年第一季財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Chris Britt，以及財務長 Matt Newcomb。總裁 Mark Troughton 將參與問答環節。提醒各位，我們將在本次電話會議中揭露非 GAAP 財務衡量指標。GAAP 與非 GAAP 結果之間的定義與調節表，可在我們的財報新聞稿與財報簡報中找到，相關資料已發布於我們的投資人關係網站 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 actual results to differ materially from those described. Many of those risks and uncertainties are described in our SEC filings, including our Form 10-K filed on March 6, 2026. 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.

我們也將在本次電話會議中發表前瞻性陳述，包括關於我們的業務、未來展望與目標的陳述。此類陳述受已知與未知風險及不確定性影響，可能導致實際結果與所述內容存在重大差異。許多此類風險與不確定性已在我們向 SEC 提交的文件中說明，包括我們於 2026 年 3 月 6 日提交的 Form 10-K。前瞻性陳述僅代表截至陳述作出之日我們的信念與假設。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

接下來，我把時間交給 Chris。

Thanks, Peter, and thank you all for joining us today. 2026 is off to a strong start. In Q1, we delivered strong active member growth, continued taking share from the largest banks, achieved GAAP profitability and accelerated product velocity. Last month, we launched Chime Prime, our new premium membership tier. Prime offers higher cash back rewards, high-yield savings, greater access to liquidity and premium perks for members who make Chime their primary financial partner.

謝謝 Peter，也感謝各位今天加入我們。2026 年開局強勁。第一季我們實現了強勁的活躍會員成長，持續從大型銀行手中取得市占，達成 GAAP 獲利，並加速產品推出節奏。上個月，我們推出 Chime Prime，這是我們全新的高級會員等級。Prime 為將 Chime 作為主要金融夥伴的會員提供更高的現金回饋獎勵、高收益儲蓄、更高的流動性可得性，以及高級禮遇。

Early signs are encouraging, and I'll share more in a moment. The strength of our brand and offerings have never been clearer. We added nearly 700,000 active members in Q1, bringing total active members to a record 10.2 million. Consumers are drawn to Chime's expanding product suite and low-fee model. As a result, Chime again ranked number 1 in US checking account openings per J.D. Power's Q1 survey and 50% ahead of the next competitor, while members earning $75,000-plus remained our fastest-growing segment. Unaided brand awareness also continues to rise among consumers earning up to $100,000. Turning to the quarter. Revenue grew 25% year-over-year, exceeding the high end of our guidance range.

初步跡象令人鼓舞，我稍後會分享更多。我們品牌與產品的強勁程度從未如此清晰。第一季我們新增近 70 萬名活躍會員，使活躍會員總數創新高達 1,020 萬。消費者被 Chime 不斷擴大的產品組合與低費用模式所吸引。因此，依據 J.D. Power 第一季調查，Chime 再次在美國支票帳戶開戶數排名第一，且領先下一名競爭對手 50%；同時，年收入 75,000 美元以上的會員仍是我們成長最快的族群。未提示品牌知名度在年收入不超過 100,000 美元的消費者中也持續上升。回到本季表現，營收年增 25%，超出我們指引區間的上緣。

Coupled with strong cost discipline, we delivered over 13 points of adjusted EBITDA margin expansion year-over-year, demonstrating the powerful fixed cost leverage in our business model. Q1 also marked our first quarter of positive GAAP EPS, a major milestone for our shareholders. And we expect to deliver positive GAAP EPS for our full year results.

在強勁的成本紀律配合下，我們的調整後 EBITDA 利潤率年對年擴張超過 13 個百分點，展現我們商業模式中強大的固定成本槓桿效應。第一季也標誌著我們首次實現 GAAP 每股盈餘（EPS）為正，這是對股東而言的重要里程碑。我們也預期全年將交出 GAAP EPS 為正的成績。

Our Q1 results highlight our core competitive advantages, primary relationships, our trusted brand, a low cost to serve and rapid innovation powered by ChimeCore now accelerated with AI. Understandably, the health of the American consumer is a major focus for investors today, fueled by geopolitical uncertainty, high energy costs and overall affordability concerns.

第一季的結果凸顯我們核心競爭優勢：主要往來關係、值得信賴的品牌、低服務成本，以及由 ChimeCore 驅動並在 AI 加速下的快速創新。可以理解的是，在地緣政治不確定性、高能源成本與整體可負擔性疑慮的推動下，美國消費者的健康狀況是投資人當前關注的重點。

We look closely at our members' behavior, and as we've reported for the past several quarters, we continue to see broad consumer resilience. Even with fuel spending up, overall purchase volumes and saving rates remain strong and consistent, and average account balances among our recurring direct depositors continue to grow, aided in part by year-over-year growth in the average tax refund.

我們密切觀察會員行為；正如過去幾季所報告的，我們仍看到消費者整體展現韌性。即使燃油支出上升，整體消費交易量與儲蓄率仍維持強勁且一致；而在持續定期直接存款的會員中，平均帳戶餘額也持續成長，部分受惠於平均退稅金額的年對年增加。

And we've yet to see any meaningful changes in the number of our members receiving unemployment benefits. In terms of lending, our credit loss rates continue to improve, reflecting the strength of our short duration loan portfolio underwritten by recurring direct deposits and our ability to rapidly fine-tune our lending risk models. These factors dramatically lower our loan portfolio risk and are what separate us from other lending businesses.

此外，我們尚未看到會員領取失業救濟金的人數出現任何顯著變化。在放款方面，我們的信用損失率持續改善，反映出我們以定期直接存款為基礎承作的短天期貸款組合之韌性，以及我們快速微調放款風險模型的能力。這些因素大幅降低我們貸款組合的風險，也是我們與其他放款業者的關鍵差異。

Turning to our 2026 priorities. As we mentioned last quarter, our first priority is to extend our lead as the best financial partner for everyday Americans. This starts by leveraging our proprietary tech stack and cost-to-serve advantage to provide products and services that enable our members to unlock financial progress while maintaining our position as the market's low-cost leader. Our membership tiers embody our central brand promise of offering the most rewarding fee-free banking experiences in the market for everyday Americans. At the same time, they reinforce a simple idea: the more members engage with Chime as their primary financial partner, the more value they unlock.

接著談我們 2026 年的優先事項。如同上季提到的，我們的第一優先是擴大我們作為日常美國人最佳金融夥伴的領先地位。這首先要運用我們自有的技術堆疊與服務成本優勢，提供能讓會員在維持我們市場低成本領導者地位的同時，解鎖財務進步的產品與服務。我們的會員等級體現了核心品牌承諾：為日常美國人提供市場上最具回饋、且免手續費的銀行體驗。同時也強化一個簡單概念：會員越把 Chime 當作主要金融夥伴，能解鎖的價值就越多。

Our membership tiers drive deeper direct deposit relationships, increased product usage and expanded ARPAM as evidenced again this quarter. Building on the success of Chime Plus, our basic membership tier that rewards members who set up direct deposit, we're really excited about the launch of Chime Prime, which offers an even richer set of rewards to members making at least $3,000 of qualifying direct deposits per month.

我們的會員等級推動更深的直接存款關係、更高的產品使用度，以及更高的每活躍會員平均營收（ARPAM），本季再次得到印證。在 Chime Plus（我們的基礎會員等級，獎勵設定直接存款的會員）成功的基礎上，我們對 Chime Prime 的推出感到非常興奮；Prime 為每月符合資格的直接存款至少 3,000 美元的會員提供更豐富的獎勵組合。

And as with Chime Plus, there are no fees. Chime Prime members unlock a market-leading 5% cash back on the category of their choice when they spend with their Chime Card. Categories include groceries, restaurants, gas, utilities, or travel.

而且與 Chime Plus 一樣，沒有任何費用。Chime Prime 會員在使用 Chime Card 消費時，可在自選類別享有市場領先的 5% 現金回饋。類別包括雜貨、餐廳、加油、水電瓦斯，或旅遊。

So for example, a family spending $1,500 on groceries per month would receive $75 in cash back on Chime Prime. Prime also includes 3.75% APY on savings, a rate 9x the national average, up to 70 points of credit score improvement, higher levels of liquidity through MyPay and instant loans and premium travel and lifestyle perks like access to exclusive airport lounges and special access to concerts. Early results show that our new Prime tier is increasing direct deposit intent and improving retention among existing direct depositors.

例如，一個家庭每月在雜貨上花費 1,500 美元，使用 Chime Prime 將可獲得 75 美元現金回饋。Prime 也包含儲蓄 3.75% 年化收益率（APY），為全國平均的 9 倍；最高可提升 70 點信用分數；透過 MyPay 與即時貸款提供更高水準的流動性；以及高級旅遊與生活風格禮遇，例如使用專屬機場貴賓室與演唱會特別入場權。初步結果顯示，我們新的 Prime 等級正在提升直接存款意願，並改善既有直接存款會員的留存。

Prime members are also more likely to adopt Chime Card for everyday spend, helping to drive a continued shift we're seeing from debit to credit spending, which delivers a higher take rate for us. The benefits from this more premium tier deepens our relationship with higher-earning members who are becoming a larger portion of our member base.

Prime 會員也更可能將 Chime Card 用於日常消費，這有助於推動我們持續觀察到的消費從簽帳卡（debit）轉向信用卡（credit）的趨勢，而這能為我們帶來更高的抽成率。這個更高級等級所帶來的效益，也加深了我們與高收入會員的關係，而高收入會員正成為我們會員基礎中占比更高的一群。

Turning to our short-term liquidity products. Q1 was another strong quarter for MyPay, which is already a $400 million-plus run-rate business. We rolled out our variable MyPay pricing plan and expanded access to earned wages earlier in the pay cycle, addressing our most frequent member requests while at the same time, retaining our leadership as the low-cost provider in the market. With higher origination volumes, improved yields, and low, steady loss rates, MyPay transaction profit was up over ten-fold year-over-year.

接著談我們的短期流動性產品。第一季 MyPay 再度表現強勁，年化運行規模已超過 4 億美元。我們推出 MyPay 的浮動定價方案，並將可提領已賺取薪資的時間點提前到薪資週期更早階段，回應會員最常見的需求，同時維持我們作為市場低成本供應商的領先地位。在更高的放款起始量、改善的收益率，以及低且穩定的損失率帶動下，MyPay 的交易利潤年對年成長超過 10 倍。

We're also making great progress with instant loans, which we believe positions the product to become a meaningful contributor to transaction profit growth over the coming quarters. Members qualifying for Chime Prime are prequalified for instant loans, and continued optimization of our underwriting models is enabling us to broaden member access while we reduce loss rates.

我們在即時貸款方面也取得重大進展；我們相信這使該產品在未來幾季有望成為交易利潤成長的重要貢獻來源。符合 Chime Prime 資格的會員可預先取得即時貸款的預核資格，而我們持續優化承作模型，讓我們在降低損失率的同時，能擴大會員可使用範圍。

Our first priority at North Star is to help our members unlock financial progress. In service of this goal, our product road map for this year will expand to meet even more of their everyday financial needs with investing, joint accounts, and custodial accounts all coming soon. With a broader portfolio of products, we believe we'll continue to deepen our member relationships.

我們 North Star 的第一優先事項，是協助會員解鎖財務進步。為了達成此目標，我們今年的產品路線圖將擴展，以滿足更多日常金融需求；投資、聯名帳戶與監護帳戶都將於近期推出。隨著產品組合更完整，我們相信將能持續加深會員關係。

The evidence at the cohort level is clear and compelling. The longer a Chime member stays with us, the greater the average product attach rate, purchase volume and transaction profit. This compounding dynamic is the core of our long-term growth model. Our second priority is scaling Chime Enterprise, our expanded earned wage access and suite of financial wellness tools completely free to employees through their employers. As we've mentioned, the sales cycle for enterprise accounts tend to be long, but our pipeline and customer count is growing steadily.

從同群（cohort）層級的證據來看，結論清楚且具說服力：Chime 會員與我們往來時間越長，平均產品附加率、消費交易量與交易利潤就越高。這種複利式的動態是我們長期成長模型的核心。我們的第二優先事項是擴大 Chime Enterprise 規模；這是我們擴展後的已賺取薪資提領服務與一套財務健康工具，透過雇主提供給員工且完全免費。如同我們先前提到的，企業客戶的銷售週期通常較長，但我們的商機管線與客戶數量正穩定成長。

We're excited to announce that we've signed 4 new employer partners in Q1, including First Student, the largest provider of student transportation in the nation with over 65,000 employees. As we prepare to roll out with First Student, our Workday partnership will support seamless integration and implementation. Our third priority is to deeply embed AI across Chime and into the member experience.

我們很高興宣布，我們在第一季（Q1）簽下了 4 家新的雇主合作夥伴，其中包括 First Student——全美最大的學生運輸服務供應商，員工超過 65,000 人。隨著我們準備與 First Student 展開上線推廣，我們與 Workday 的合作夥伴關係將支援順暢的整合與導入。我們的第三項優先事項，是在 Chime 全面深度嵌入 AI，並融入會員體驗。

For a full-stack fintech like Chime, with proprietary data, integrated infrastructure, deep bank partnerships and a trusted brand, AI compounds our structural advantage and further differentiates us from incumbent banks. As the primary account for millions of members, we have a real-time view of their financial lives, paychecks, spending, bills, balances, all flowing through our platform.

對於像 Chime 這樣的全棧式金融科技公司而言，憑藉專有數據、整合式基礎設施、深度的銀行合作夥伴關係以及值得信賴的品牌，AI 會放大我們的結構性優勢，並進一步讓我們與傳統銀行區隔。作為數百萬會員的主要帳戶，我們能即時掌握他們的財務生活：薪資入帳、消費、帳單、餘額，全部都在我們的平台上流動。

And because ChimeCore powers everything from the ledger to the app experience, we can take action, not just provide insights. With the member's permission, we can move money to where it earns more, extend credit in the moment it's needed, and stop unwanted charges before they post, capabilities no third-party app could replicate.

而且由於 ChimeCore 驅動從總帳到 App 體驗的一切，我們不只是提供洞察，還能採取行動。在會員授權下，我們可以把資金移動到能獲得更高收益的地方、在需要的當下提供信貸，並在不想要的扣款入帳前就加以阻止——這些能力是任何第三方 App 都無法複製的。

With Jade, our AI copilot rolling out now, we're bringing this to life. Jade will help us move from reactive tools to proactive financial management, helping members spend smarter, save more, pay bills on time, borrow responsibly and build long-term wealth. Early results from scaled beta testing have been encouraging and we'll continue to expand access over the coming months.

隨著我們的 AI 副駕 Jade 正在推出，我們正把這些能力落地。Jade 將協助我們從被動式工具走向主動式財務管理，幫助會員更聰明地消費、存更多錢、準時繳帳單、負責任地借款，並建立長期財富。擴大規模的 Beta 測試初步結果令人鼓舞，我們將在未來幾個月持續擴大開放使用。

While AI will accelerate innovation across the industry, it won't replicate the foundations of our model, bank partnerships, payment networks and compliance infrastructure. As choice expands, consumers will choose the platform that delivers the best products at the lowest cost from a brand that they trust. AI is already transforming the way we work. In product and engineering, AI-powered development is quickly becoming the norm. 84% of the code we shipped in March was developed with AI, up from 29% just 4 months ago.

雖然 AI 將加速整個產業的創新，但它無法複製我們模式的基礎：銀行合作夥伴關係、支付網路與合規基礎設施。隨著選擇增加，消費者會選擇能以最低成本提供最佳產品、且值得信賴的品牌平台。AI 也已在改變我們的工作方式。在產品與工程方面，AI 驅動的開發正迅速成為常態。我們在 3 月交付的程式碼中，有 84% 是在 AI 協助下開發的，而就在 4 個月前這個比例還只有 29%。

That's driving a meaningful increase in velocity. We're now taking the next step with Archimedes, our AI-native software factory where we can move from idea to a shipped product with AI agents doing the majority of the development. More broadly, Archimedes represents a fundamental shift in how we build at Chime, from AI assisting humans to AI at the center of how we design and develop products, while maintaining the quality, control, and compliance our platform requires. AI is driving operating leverage at scale, increasing levels of output while keeping headcount flat. We're at a unique moment where AI is unlocking entirely new possibilities in financial services.

這正在帶來顯著的速度提升。我們現在正透過 Archimedes 邁出下一步——這是我們的 AI 原生軟體工廠，能讓我們從想法到產品上線，由 AI 代理完成大部分開發工作。更廣泛而言，Archimedes 代表 Chime 在建置方式上的根本轉變：從 AI 協助人類，轉為以 AI 作為產品設計與開發的核心，同時維持我們平台所需的品質、控管與合規。AI 正在規模化地帶來營運槓桿，在人力規模持平的情況下提升產出。我們正處於一個獨特的時刻，AI 正在為金融服務解鎖全新的可能性。

Because we're not burdened by legacy systems, we can move faster, build better, and lead this transformation. With our platform, model and momentum, we're uniquely positioned to shape what comes next. AI isn't just a tailwind for our business. It's an accelerant of our core advantages, further expanding what we can deliver for our members and for our business. I'll turn it over to Matt to cover our financial results and provide an updated outlook for Q2 and the full year.

由於我們不受傳統遺留系統所累，我們能更快行動、打造更好的產品，並引領這場轉型。憑藉我們的平台、模式與動能，我們具備獨特優勢來塑造下一步的發展。AI 不只是我們業務的順風，更是加速器，強化我們的核心優勢，進一步擴大我們能為會員與公司帶來的價值。接下來我把時間交給 Matt，請他說明我們的財務結果，並提供第二季（Q2）與全年最新展望。

Thanks, Chris. In Q1, our fourth quarter as a public company, we again demonstrated both strong execution and the resiliency of our model. We're continuing to execute on multiple dimensions of growth with 19% growth in active members, 5% growth in average revenue per active member or ARPAM, and a 9 percentage point improvement in transaction margin in Q1. These are compounding growth levers, and together drove 41% growth in transaction profit in the quarter. We're the clear number 1 share gainer in a massive market with a radical cost-to-serve advantage and a technology and product innovation advantage that continues to extend our lead over the competition.

謝謝，Chris。第一季是我們作為上市公司的第四個季度，我們再次展現了強勁的執行力與我們模式的韌性。我們持續在多個成長面向推進：活躍會員成長 19%、每位活躍會員平均收入（ARPAM）成長 5%，以及第一季交易毛利率提升 9 個百分點。這些都是可複利的成長槓桿，合計推動本季交易利潤成長 41%。在一個龐大的市場中，我們是明確的市占提升第一名，具備顛覆性的服務成本優勢，以及持續擴大領先的技術與產品創新優勢。

And powered by our deeply engaged primary account relationships, we have a durable, low credit risk, 70% plus transaction margin business that we're scaling over a largely fixed OpEx base. These are the ingredients of a business model with strong long-term earnings power, and in Q1, we again demonstrated our rapid progress along that path. Our Q1 adjusted EBITDA margin of 18% improved over 1,300 basis points year-over-year. Our incremental adjusted EBITDA margin was 73% in the quarter, and we were GAAP profitable. Given the strength in the business, we are raising full year guidance.

在高度投入的主要帳戶關係驅動下，我們擁有一個具耐久性、低信用風險、交易毛利率超過 70% 的業務，並在大致固定的營運費用（OpEx）基礎上擴張規模。這些要素構成了一個具備強大長期獲利能力的商業模式，而在第一季我們再次展現了沿著這條路徑快速前進的成果。我們第一季調整後 EBITDA 利潤率為 18%，年增超過 1,300 個基點。本季增量調整後 EBITDA 利潤率為 73%，且我們在 GAAP 口徑下實現獲利。鑑於業務表現強勁，我們上調全年指引。

And, having exhausted our prior repurchase program, we are also announcing an additional $200 million share repurchase authorization. While markets are volatile, our long-term earnings power is not, and this authorization allows us to continue to opportunistically take advantage of market dislocations in our share price. Let me dive into more detail on our Q1 operating results, starting with Active Members. We have a consistent track record as the leading share gainer in a market of nearly 200 million Americans making up to $100,000. In Q1, we added nearly 700,000 net new active members quarter-over-quarter.

此外，在用盡先前的回購計畫後，我們也宣布新增 2 億美元的股票回購授權。儘管市場波動，我們的長期獲利能力並不波動，而這項授權讓我們能在股價出現錯位時，持續把握機會進行回購。接下來我將更詳細說明第一季營運結果，先從活躍會員開始。我們在一個近 2 億、年收入最高 10 萬美元的美國人所構成的市場中，長期保持作為市占提升領先者的一貫紀錄。第一季，我們的活躍會員淨新增接近 70 萬人，較上一季增加。

Some of this growth was driven by particularly strong seasonal tailwinds. As a reminder, each year in Q1, tax refund related activity drives seasonally higher levels of reengaged Active Members. This year, we saw the number of members using our embedded tax filing service grow over 50% year-over-year. Also, this year's later start to tax season concentrated more of this reengagement later in the quarter.

其中一部分成長來自特別強勁的季節性順風。提醒一下，每年第一季，與退稅相關的活動會帶動重新活躍的活躍會員數在季節性上升。今年，我們使用內嵌報稅服務的會員數年增超過 50%。此外，今年報稅季開始得較晚，使得更多這類重新活躍集中在本季後段。

That said, our overall growth algorithm continues to perform well, with several other drivers contributing to this quarter's strong performance. First, our top of funnel remains strong. Our brand awareness continues to grow, and new value propositions like Chime Card's cash back rewards on everyday spend are clearly resonating with members. Looking ahead, we're excited about the opportunity to use rewards more broadly to drive both new member growth and retention and expect to continue to experiment this year. Second, our early engagement initiatives, which make it easier to get started with Chime continue to be successful.

即便如此，我們整體的成長演算法仍持續表現良好，還有其他多項驅動因素共同促成本季的強勁表現。第一，我們的漏斗頂端依然強勁。我們的品牌知名度持續提升，而像 Chime Card 在日常消費提供現金回饋獎勵等新的價值主張，顯然正在引起會員共鳴。展望未來，我們對於更廣泛運用獎勵來推動新會員成長與留存的機會感到振奮，並預期今年將持續進行實驗。第二，我們的早期互動（early engagement）計畫持續成功，讓會員更容易開始使用 Chime。

These initiatives have enabled us to engage members we wouldn't have otherwise engaged, driving all-time high activation rates, lowering our CACs, and improving our payback periods to 5 to 6 quarters. We're also finding that they are increasingly an on-ramp to more deeply engaged direct deposit relationships, not just lightly engaged members. Given this progress, we believe we are on track to exceed our original goal of 1.4 million net new actives for 2026. Second is ARPAM. We have a high-quality member base.

這些計畫讓我們能觸及原本不會被我們成功啟動的會員，推動啟用率創下歷史新高、降低獲客成本（CAC），並將回收期改善至 5 到 6 個季度。我們也發現，這些計畫愈來愈成為更深度的薪資直接入帳關係的入口，而不只是輕度互動的會員。基於這些進展，我們相信我們有望超越原先設定的 2026 年活躍會員淨新增 140 萬人的目標。第二項是 ARPAM。我們擁有高品質的會員基礎。

We serve the majority of our members in the primary account capacity, which gives us deep levels of engagement, strong retention, and high levels of ARPAM. As our members' primary account relationship, we've also earned both the trust and mind share to drive strong product cross-sell. 15% of our active members use 6 or more products each month and their ARPAM is north of $500, double our average. In Q1 specifically, overall ARPAM increased 5% year-over-year to $263, driven by strength in both payments and platform revenue. Combined payments and OIT revenue increased 19% year-over-year.

我們以主要帳戶的角色服務大多數會員，這使我們具備深度互動、強勁留存，以及較高的 ARPAM。作為會員的主要帳戶關係，我們也贏得了信任與心佔率，從而推動強勁的產品交叉銷售。15% 的活躍會員每月使用 6 項或以上產品，其 ARPAM 超過 500 美元，是我們平均值的兩倍。就第一季而言，整體 ARPAM 年增 5% 至 263 美元，主要由支付與平台收入的強勁表現所帶動。合計支付與 OIT 收入年增 19%。

Resilient member spend trends, along with larger tax refund deposits drove PV and OIT volume growth of 15%. We're also continuing to drive strong adoption of Chime Card across both new and existing members. As of March, nearly half of our members are using a secured credit card, either our legacy credit builder card or increasingly our new Chime Card on a monthly basis. That's up from just over 1/3 of members in September prior to our Chime Card launch. This progress has increased the portion of total purchase volume that is on credit to nearly 25% in March, up from 16% in September.

具韌性的會員消費趨勢，加上更大額的退稅入帳，帶動 PV 與 OIT 交易量成長 15%。我們也持續推動 Chime Card 在新會員與既有會員中的強勁採用。截至 3 月，將近一半的會員每月使用擔保型信用卡，包含我們既有的信用建立卡，或愈來愈多使用我們新的 Chime Card。相較之下，在 Chime Card 上線前的去年 9 月，使用者比例僅略高於三分之一。這些進展使得總購買交易量中以信用卡完成的占比在 3 月接近 25%，高於 9 月的 16%。

Chime Card is a win-win. Members benefit from cash back rewards on their everyday spend, and we benefit from the higher net interchange rates we earn on credit. And as Chris noted, we're excited for Chime Prime's potential to drive Chime Card adoption even higher. Platform-related revenue increased 50% year-over-year, driven by continued strong performance across our liquidity products. Our success earning direct deposit relationships enables us to offer liquidity products profitably, at low cost, and with low risk.

Chime Card 是雙贏。會員可在日常消費中獲得現金回饋獎勵，而我們則受益於信用交易所賺取的更高淨交換手續費率。正如 Chris 所提到的，我們也對 Chime Prime 有望進一步推動 Chime Card 採用率提升感到振奮。平台相關收入年增 50%，主要由我們流動性產品持續強勁的表現所帶動。我們在建立直接存款關係方面的成功，使我們能以低成本、低風險且具獲利性的方式提供流動性產品。

In Q1, we completed the rollout of our new variable pricing model for MyPay, while also maintaining loss rates at our steady-state target of 1%. Together, this grew our MyPay transaction margin to 62%, and overall MyPay transaction profit dollars to $64 million, up 10x year-over-year. We're also seeing strong performance for instant loans, our 3- to 12-month installment loan products. We're scaling access. In Q1, we originated $180 million of instant loans.

在第一季，我們完成了 MyPay 新的可變定價模型上線，同時將損失率維持在 1% 的穩態目標。這使得 MyPay 交易毛利率提升至 62%，MyPay 整體交易利潤金額達到 6,400 萬美元，年增 10 倍。我們也看到即時貸款（我們 3 至 12 個月的分期貸款產品）表現強勁。我們正在擴大可使用範圍。第一季我們發放了 1.8 億美元的即時貸款。

We're also offering longer duration loans to repeat borrowers, which come with better economics. In Q1, we doubled origination volume quarter-over-quarter for 9- and 12-month loans, and we're driving lower loss rates. We continue to see loss rates improve as much as 50% for repeat borrowers compared to first-time borrowers. Taken together, we're very excited about the progress with this product and its path to becoming a meaningful driver of transaction profit growth over the coming quarters.

我們也向重複借款人提供更長期限的貸款，這類產品具備更佳的經濟效益。第一季，我們 9 個月與 12 個月期貸款的放款量較前一季翻倍，且我們正推動更低的損失率。相較於首次借款人，我們持續看到重複借款人的損失率最多可改善 50%。綜合而言，我們對此產品的進展及其在未來幾季成為交易利潤成長重要驅動因素的路徑感到非常振奮。

Third is transaction profit. Our low-cost operating model has enabled us to offer what we believe is the most compelling directive services for mainstream consumers, delivered at over 70% transaction margin. We don't believe any incumbent offers consumers anywhere near the level of utility and value that Chime offers, including for higher earners. In Q1, as a result of our recent transition to ChimeCore as well as continued strong loss rate performance, we improved our transaction margin to 76%, up 9 percentage points year-over-year. Together with our growth in actives and ARPAM, overall transaction profit grew 41% year-over-year to $491 million.

第三是交易利潤。我們的低成本營運模式，使我們能以超過 70% 的交易毛利率，向主流消費者提供我們認為最具吸引力的指令式服務。我們不認為任何既有業者能向消費者提供接近 Chime 所提供的效用與價值，包括對高收入族群亦然。第一季，受惠於我們近期轉換至 ChimeCore 以及持續強勁的損失率表現，我們將交易毛利率提升至 76%，年增 9 個百分點。結合活躍用戶與 ARPAM 的成長，整體交易利潤年增 41% 至 4.91 億美元。

So we're compounding growth across multiple dimensions and we're driving this growth with strong unit economics. We continue to acquire members efficiently with 5- to 6-quarter transaction profit payback period. But just as important is the durability of our cohorts driven by our deeply engaged, long-lasting primary account relationships. Our cohorts are underpinned by everyday reoccurring nondiscretionary spend. Our cohorts double in ARPAM as they season as members attached to more products over time, and our cohorts see over 100% dollar-based transaction profit retention, net of churn.

因此，我們在多個面向持續複利式成長，並以強勁的單位經濟效益推動這些成長。我們仍能以高效率獲取會員，交易利潤回收期為 5 至 6 個季度。但同樣重要的是，我們的分群（cohorts）具備耐久性，這來自於高度黏著、長期的主帳戶關係。我們的分群由日常、經常性、非可選擇性支出所支撐。隨著會員時間推移並綁定更多產品，我們的分群 ARPAM 會翻倍成長，且在扣除流失後，我們的分群仍可達到超過 100% 的以美元計交易利潤留存率。

Taken together, this drives LTV to CAC of over 8x. It's these unit economics that allow us to drive strong operating leverage while continuing to make meaningful investments in growth. In Q1, non-GAAP OpEx as a percent of revenue fell 5 percentage points year-over-year with leverage across all OpEx categories. And in Q1, we grew our adjusted EBITDA margin to 18%, up 13 percentage points year-over-year at an incremental margin of over 70%. In total, we delivered $119 million of adjusted EBITDA and $53 million of GAAP net income.

綜合而言，這使得 LTV 對 CAC 超過 8 倍。正是這些單位經濟效益，讓我們在持續進行具意義的成長投資同時，仍能推動強勁的營運槓桿。第一季，非 GAAP 營業費用（OpEx）占營收比重年減 5 個百分點，且各項 OpEx 類別皆展現槓桿效益。同時，第一季我們將調整後 EBITDA 利潤率提升至 18%，年增 13 個百分點，增量利潤率超過 70%。整體而言，我們實現 1.19 億美元的調整後 EBITDA，以及 5,300 萬美元的 GAAP 淨利。

Turning to our guidance. In the second quarter, we expect revenue between $633 million and $643 million, resulting in year-over-year revenue growth between 20% and 22%. We expect adjusted EBITDA between $72 million and $77 million, and an adjusted EBITDA margin between 11% and 12%. For the full year, we expect revenue between $2.66 billion and $2.69 billion, resulting in year-over-year revenue growth between 22% and 23%. And we expect full year adjusted EBITDA of between $416 million and $431 million, and an adjusted EBITDA margin of 16%.

接著談我們的財測指引。第二季，我們預期營收介於 6.33 億至 6.43 億美元，對應年增 20% 至 22%。我們預期調整後 EBITDA 介於 7,200 萬至 7,700 萬美元，調整後 EBITDA 利潤率介於 11% 至 12%。全年方面，我們預期營收介於 26.6 億至 26.9 億美元，對應年增 22% 至 23%。我們預期全年調整後 EBITDA 介於 4.16 億至 4.31 億美元，調整後 EBITDA 利潤率為 16%。

We now expect an incremental adjusted EBITDA margin of approximately 60% for 2026. There are a few things to keep in mind about our second quarter and full-year guide. As a reminder, we have a seasonal business. Many of our metrics, including Active Members, transaction volumes and ARPAM benefits from tax refund-related activity in Q1. In particular, because tax refund-related activity drives more members to reengage with us in the first quarter, we benefit from seasonally high quarter-over-quarter net adds each Q1, but lower net adds each Q2.

我們目前預期 2026 年的增量調整後 EBITDA 利潤率約為 60%。關於第二季與全年指引，有幾點需要留意。提醒一下，我們的業務具有季節性。我們許多指標，包括活躍會員、交易量與 ARPAM，都會在第一季受惠於退稅相關活動。特別是，由於退稅相關活動會帶動更多會員在第一季重新與我們互動，因此我們每年第一季通常會受惠於季節性較高的季對季淨新增，但第二季的淨新增則較低。

We expect to see this typical seasonality again this Q2. We also see seasonally elevated transaction margin in Q1 due to higher purchase volume, as well as those lower utilization and higher repayment rates on our liquidity products. As such, we expect transaction margin to normalize from 76% in Q1 to between 70% and 72% for the rest of the year. Finally, while we'll continue driving operating leverage at attractive incremental margins, as we've noted previously, we are investing in the sales and marketing and member support costs to support the recent launch of our Chime Prime premium membership tier this year, particularly in Q2. With that, I'll open it up to Q&A.

我們預期本季第二季也會再次出現這種典型的季節性。我們也在第一季看到交易毛利率季節性偏高，原因包括較高的購買交易量，以及我們流動性產品較低的使用率與較高的還款率。因此，我們預期交易毛利率將從第一季的 76% 正常化，於今年其餘期間落在 70% 至 72% 之間。最後，雖然我們將持續以具吸引力的增量利潤率推動營運槓桿，但如先前所述，我們今年將投資於銷售與行銷以及會員支援成本，以支援近期推出的 Chime Prime 高級會員等級，尤其是在第二季。接下來我把時間交給問答。

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JPMorgan.

黃天賜（Tien-Tsin Huang），摩根大通（JPMorgan）。

Hi, great. Really great results here, guys. Nice to talk to you all. Just Matt, you went through a lot with the ads. So I won't ask you to go through it again, but just thinking about drafting off of the strong tax rebate season and some of the initiatives you guys have put in as you're thinking around, additions and how it's going to track for the rest of the year?

嗨，很好。各位這次的結果真的很棒。很高興和大家交流。Matt，你剛剛談了很多關於廣告的內容，所以我就不請你再重複一遍了。不過我想延伸問一下：在強勁的退稅季帶動之下，加上你們已經推動的一些措施，當你們思考會員新增以及今年剩餘時間的走勢時，會怎麼看？

Has that changed at all? And it does feel like you've gotten a little bit more momentum on instant loans and it's showing up already. So how impactful might that be here as we recast our forecast for the rest of the year? Thanks.

這方面有任何改變嗎？另外，感覺你們在即時貸款上也有更多動能，而且已經反映在數據上了。當我們重新調整對今年剩餘時間的預測時，這可能會有多大的影響？謝謝。

Thanks, Tien-Tsin. Yes, we're really pleased with the continued momentum that we're seeing on our actives growth. As I mentioned, our overall growth algorithm remains really strong. Top of funnel remains very healthy. Our brand awareness continues to grow.

謝謝你，Tien-Tsin。是的，我們對活躍用戶成長所展現的持續動能感到非常滿意。如我提到的，我們整體的成長算法仍然非常強勁。漏斗頂端（top of funnel）依然非常健康。我們的品牌知名度也持續提升。

You're seeing this result corroborated by third-party data, J.D. Power, came out with their latest survey in Q1 where Chime again ranked number 1 by a large margin in terms of checking account openings. I think our product velocity is really helping us as well. New products like Chime Card and more recently, Chime Prime are clearly resonating with members. And all of this also supports our early engagement initiatives.

你也可以從第三方數據看到這一點的印證。J.D. Power 在第一季發布了最新調查，Chime 在支票帳戶開戶方面再次以大幅差距排名第一。我認為我們的產品推出速度也確實在幫助我們。像 Chime Card 以及更近期的 Chime Prime 這些新產品，顯然都引起會員共鳴。而這些也同樣支撐我們的早期互動（early engagement）計畫。

We're continuing to see great progress that led to shorter payback periods and LTV to CAC north of 8x. That being said, we also saw that some of the -- we also saw some outsized seasonal tailwinds on actives growth in the quarter as well. And as a reminder there, every Q1 we see seasonally high reengagement related to tax refunds. In this quarter, there are really sort of 2 factors that magnified this. We saw a later start to tax season than in years prior, and that concentrated more of the reengagement later in the quarter.

我們持續看到很好的進展，帶來更短的回收期，以及 LTV 對 CAC 超過 8 倍。不過話說回來，我們在本季的活躍用戶成長上也確實看到一些超出以往的季節性順風。提醒一下，每年第一季我們都會因退稅而出現季節性較高的重新互動。本季有兩個因素放大了這個效果：其一是今年報稅季開始得比往年更晚，使得更多重新互動集中在本季後段。

As a reminder, we measure monthly actives as of the last month of the quarter. And then we also saw a really strong engagement with our embedded tax filing service this year. So in sum, we're continuing to see broad momentum, but it is true some of the performance in terms of net adds in Q1 was related to seasonal factors. But in aggregate, we're feeling very good about exceeding the $1.4 million annual target that we set out at the beginning of the year and broadly speaking, to follow the similar seasonal trends that we've seen in years prior. Maybe I'll pass it to Mark to touch on instant loans.

再提醒一下，我們衡量月活躍用戶是以季度最後一個月為準。此外，今年我們的內嵌式報稅服務也帶來非常強的互動。因此總結來說，我們仍看到廣泛的動能，但第一季在淨新增方面的部分表現確實與季節性因素有關。不過整體而言，我們對於超越年初設定的 140 萬年度目標感到非常有信心，並且大致上會延續過往幾年類似的季節性趨勢。或許我把時間交給 Mark 來談談即時貸款。

Tien-Tsin, it's Mark. I think on instant loans, we've been very pleased with the progress there. And just to give you an indication there, we originated $180 million in the quarter of instant loans. We expect that to accelerate going forward. Just to remind everybody, Chime Prime members automatically qualify for instant loans.

Tien-Tsin，我是 Mark。我認為在即時貸款方面，我們對那裡的進展非常滿意。也給你一個指標，我們本季即時貸款的放款額為 1.8 億美元。我們預期未來會加速成長。也提醒大家，Chime Prime 會員會自動符合即時貸款資格。

So we do expect some significant growth to come from the instant loan product. In addition to Chime Prime, we're continuing to offer a longer duration loans to our repeat borrowers. Those borrowers operate at 50% better loss rates. And so the model that we've developed here over the last 12 to 18 months seems to be working well. In terms of what it can do overall, we're not giving sort of specific guidance.

因此，我們確實預期即時貸款產品將帶來顯著成長。除了 Chime Prime 之外，我們也持續向重複借款人提供期限更長的貸款。這些借款人的損失率表現好 50%。因此，我們在過去 12 到 18 個月建立的模型看起來運作良好。至於整體能做到什麼程度，我們不提供具體指引。

And I do think this will still be small compared to MyPay. But I think it's fair to say that we expect instant loans can become a material contributor to transaction profit over the coming quarters.

而且我確實認為，與 MyPay 相比，這仍會是較小的部分。但我想可以合理地說，我們預期即時貸款在未來幾季可成為交易利潤的重要貢獻來源。

That's great stuff. Thank you, guys.

太棒了。謝謝各位。

James Faucette, Morgan Stanley.

Morgan Stanley 的 James Faucette。

Thank you so much. Apologies for the background noise. A couple of quick questions here. You mentioned that the above $75,000 income over was kind of your fastest-growing segment. Can you just help us understand how you think about segmentation? And as part of that, I thought the comments around products attached, were also very compelling.

非常感謝。抱歉有背景噪音。我這裡有幾個簡短問題。你提到年收入 75,000 美元以上是你們成長最快的客群。能否協助我們理解你們如何看待分眾？另外，關於產品綁定（attached）的評論也非常有說服力。

How is -- how do those numbers as they come in at that higher income bracket, what is their attach rate or pacing compared to maybe a rest of the customer base as a whole?

這些較高收入級距的客戶進來之後，他們的綁定率或採用節奏，相較於整體客群其餘部分如何？

Thanks, James. It's Chris here. Yes. We're really excited about the progress that we're making across really a wide range of segments that we serve. We reported again, I think this is the third quarter in a row where we've announced that specifically the $75,000-plus segment of income is the fastest growing for us.

謝謝你，James。我是 Chris。是的，我們對於在我們服務的廣泛客群中所取得的進展感到非常興奮。我們再次報告，我想這是連續第三季我們宣布，年收入 75,000 美元以上的族群是我們成長最快的。

We really have a mainstream service here that appeals to consumers across income segments. And I think we not only see it in our own data, but we also see it in the J.D. Power data, the external data that said that we open up the most checking accounts. When you double-click into reports, they actually break out by income levels, and you see Chime also near the top of the list for higher-earning demos as well. So when we look at the sort of higher income demo specifically, we see retention rates that are similar to -- or right at the same level as the rest of the portfolio.

我們確實提供一個主流服務，能吸引各收入層級的消費者。我想我們不僅在自家數據中看到，也在 J.D. Power 的外部數據中看到：我們開立的支票帳戶數量最多。當你深入查看報告時，他們其實會按收入水準拆分，你也會看到 Chime 在高收入族群的排名同樣接近前段。因此，當我們特別看較高收入族群時，我們看到的留存率與整體投資組合相近——或幾乎相同。

So just as a reminder, a 90-plus percent retention rates after the first year, and we see very high levels of product attached that are similar to all of our cohorts as they continue to age and just a reminder on that, we have some information in the supplemental that shows how our cohorts continue to drive outsized ARPAM as they age. The more tenured cohorts are doing over $400 of ARPAM and we see that of our member base that attach 6 or more products actually generate $500 or more of ARPAM.

提醒一下，第一年後的留存率超過 90%，而且我們看到非常高的產品綁定程度，與我們所有同批次（cohort）客群在持續成熟（age）過程中的表現相似。也再提醒一下，我們在補充資料中提供了一些資訊，顯示我們的 cohort 隨著時間推移持續帶動更高的 ARPAM。資歷較深的 cohort 的 ARPAM 超過 400 美元，而我們也看到在會員基礎中，綁定 6 個以上產品的會員實際上可產生 500 美元以上的 ARPAM。

So obviously, a higher earning customer has the ability to spend more, which is the key driver of our economic model, but it also gives us an ability to offer a wider range of products, including lending and credit products. And now with our Chime Prime product, which gives you 5% in a category of your choice and 3.75% APY, this is extremely powerful and something that is broadly compelling. And so I think we now have even more reasons for our members to stick with us for life.

因此，很明顯地，較高收入客戶有更高的消費能力，而這是我們經濟模型的關鍵驅動因素；同時也讓我們能提供更廣泛的產品，包括放款與信用產品。現在有了 Chime Prime 產品，讓你在自選類別享有 5% 回饋，並提供 3.75% 的年化收益率（APY），這非常有力且對大眾具有廣泛吸引力。因此我認為，我們現在有更多理由讓會員終身留在我們這裡。

And I think that's particularly relevant to these higher earnings segments as well.

而我認為這對這些高收入族群也特別相關。

That's great to hear. And then I wanted to follow up on one of the other comments you made in terms of accelerating product development and the benefits that you're getting from some of the AI development tools, et cetera. How should we think about kind of what that accelerated product road map can look like? I mean -- and really I'm trying to think about it from a business and financial standpoint, does this help accelerate? Is it more so that it improves your ability to attract members, et cetera?

很高興聽到。接著我想追問你提到的另一點：加速產品開發，以及你們從一些 AI 開發工具等獲得的效益。我們應該如何看待這個加速後的產品路線圖會是什麼樣子？我的意思是——我主要想從商業與財務角度理解：這是否有助於加速成長？還是更偏向提升你們吸引會員的能力等等？

Or should we think about it more as accelerating incremental products for your members and that instead of really accelerating member growth per se, that it's really about finding incremental ways to serve existing members et cetera?

或者我們應該把它視為：為會員加速推出增量產品；與其說是加速會員成長本身，不如說是找到更多方式來服務既有會員等等？

Well, I think we really see it as a force multiplier for us. It starts with the way that we actually get work done around here. We talked in our intro remarks about Archimedes, which is our software factory that allows our developers to basically run what is essentially a multi-agent development pipeline so we can build products much faster from idea into production with AI handling the vast majority of that work. So we're going to be able to get more products into the hands of our members even faster.

我想我們確實把它視為我們的「力量倍增器」。它從我們實際如何在這裡完成工作開始。我們在開場致詞中談到 Archimedes，這是我們的軟體工廠，讓開發者基本上能運行一個本質上是多代理（multi-agent）的開發管線，因此我們可以更快地把產品從想法推進到上線，AI 會處理其中絕大多數的工作。所以我們將能更快把更多產品交到會員手上。

We've got a really exciting road map for the rest of the year that we've outlined with investing in joint accounts and custodial accounts and the thing that I think we're most excited about is the progress that we're making on our actual AI copilot called Jade, which is going to allow our members to not just get financial advice, but -- and tips, but also to -- given our unique position of having -- enjoying this primary account relationship, we can give advice and then allow with their permission to take action on the behalf of our members to help them make financial progress.

我們對今年剩餘時間有一個非常令人興奮的路線圖，包含投資於聯名帳戶與監護帳戶（custodial accounts）。而我認為我們最興奮的是，我們在自家 AI 副駕駛（copilot）「Jade」上的進展；它將讓會員不只是獲得理財建議與提示，還能——鑑於我們在主要帳戶關係上的獨特位置——先提供建議，並在會員授權下代表會員採取行動，幫助他們取得財務進展。

So you should expect to see exciting developments on that front. And I think it's going to give us one more reason for consumers to come to Chime, use us as a primary bank account and I think over time, you're going to see that this technology advantage that we have relative to incumbents is going to only expand in the coming quarters as we deploy these AI tools, both in development and in the consumer product itself.

因此，你應該會看到這方面令人振奮的發展。我認為這也會再多提供一個理由，讓消費者選擇 Chime、把我們當作主要銀行帳戶使用。我也認為，隨著我們在未來幾季部署這些 AI 工具——不論是在開發端或消費者產品本身——你將會看到我們相對於傳統業者（incumbents）的技術優勢只會持續擴大。

That's great color and commentary there, Chris. Thank you so much.

Chris，這些補充與評論很有幫助。非常感謝。

Sure. Thank you.

當然。謝謝。

Adam Frisch, Evercore.

Evercore 的 Adam Frisch。

Thanks, guys. Great results here. Two questions for you. One, the fiscal year guide was increased more than the 1Q beat, which is great to see. So the business momentum is pretty obvious. Matt, was the second quarter guide more conservatism given the seasonality there and not a read on decelerated momentum in the business or anything like that into the second half?

謝謝各位。這次結果很不錯。我有兩個問題。第一，全年財測指引上調的幅度大於第一季超預期的幅度，這很棒。所以業務動能相當明顯。Matt，第二季指引是否因季節性因素而更保守，而不是反映業務動能放緩或下半年有任何減速的跡象？

And my second question was for Chime Prime, what are the early adoption, eligibility or activation rates? Anything you can tell us about, if you're seeing kind of a lift, in direction deposit conversion and all that kind of good stuff that would go along with that program?

第二個問題是關於 Chime Prime：早期採用情況、符合資格比例或啟用率如何？你們能否分享一些資訊，例如是否看到直接存款（direct deposit）轉換率提升，以及該計畫可能帶來的其他正向效果？

Thanks, Adam, Matt here. I'll talk first about the guide, and then I'll hand it over to Chris to talk a little bit about our early results on Chime Prime. As you mentioned, we're really pleased with really the broad-based business strength we're seeing and the momentum heading into the rest of the year. And just as you said, we're raising our expectations on both revenue and adjusted EBITDA for the full year. As it relates to Q2 specifically, a couple of points to keep in mind.

謝謝你，Adam。我是 Matt。我先談指引，然後再交給 Chris 談談 Chime Prime 的早期成果。如你所提，我們對目前看到的廣泛業務強勁表現，以及邁向今年剩餘時間的動能感到非常滿意。也正如你所說，我們上調了全年營收與調整後 EBITDA 的預期。至於第二季（Q2）本身，有幾點需要留意。

First, on the top line, we do face a more difficult year-over-year growth comparable in Q2.

第一，在營收端，第二季面臨較具挑戰的年對年比較基期。

In the year ago period, we saw a 500 basis point revenue growth acceleration from Q1, which is primarily due to how we were scaling MyPay at the time. So if you were to actually look at Q1 and Q2 on a 2-year stack basis, what you see is that revenue growth in Q2 is very comparable to Q1. On top of that, with the launch of Chime Prime, that will also lead to some higher rewards costs beginning in Q2. So those are 2 factors as it relates to top line. On bottom line, 2 things to point out.

在去年同期，我們看到相較第一季營收成長加速 500 個基點，主要是因為當時我們正在擴大 MyPay 的規模。因此，如果你用兩年疊加（2-year stack）的方式看第一季與第二季，你會看到第二季的營收成長與第一季非常接近。此外，隨著 Chime Prime 上線，第二季起也會帶來較高的獎勵成本。以上是與營收端相關的兩個因素。在獲利端（bottom line），有兩點要指出。

On a sequential basis, we do expect to see our normal step down from Q1 seasonally high transaction margin. We mentioned in our prepared remarks that we expect transaction margin to land in the 70% to 72% zone for the remaining quarters of the year. And also, as we telegraphed last quarter, we expect to invest behind our Chime Prime launch in Q2, both in sales and marketing and member support. On an incremental basis, we expect adjusted EBITDA margins in the low 50s in Q2. So from a phasing perspective, this is all in line with our plans.

以季比來看，我們確實預期交易毛利率會從第一季季節性偏高的水準回落，這是我們一貫的季節性走勢。我們在事先準備的發言中提到，我們預期今年剩餘季度的交易毛利率將落在70%到72%的區間。另外，正如我們上季已經預告的，我們預期在第二季會加大對 Chime Prime 上線的投資，包含銷售與行銷以及會員支援。以增量的角度來看，我們預期第二季調整後 EBITDA 利潤率將在50%出頭。因此從費用與利潤的分期（phasing）角度來看，這都符合我們的計畫。

And again, to reiterate, we're raising our expectations for the full year on both revenue and adjusted EBITDA. And on the full year, just as you said, not only are we flowing through our outperformance from Q1, we're raising our expectations for the remainder of the year as well.

再重申一次，我們上調了全年在營收與調整後 EBITDA 兩方面的預期。而就全年而言，正如你所說，我們不僅把第一季的超預期表現延續反映進來，也同時上調了今年剩餘期間的預期。

Maybe I'll talk about Chime Prime results. Thanks for the question on that. It's really early days, but we're feeling really good. Just as a reminder, we launched Chime Prime to the public on April 2. So a bit early to get a read, but we are seeing already that it is demonstrated to be effective in driving higher levels of direct deposits.

我也許可以談談 Chime Prime 的成果，謝謝你問到這點。現在真的還很早，但我們感覺非常好。提醒一下，我們是在4月2日向大眾正式推出 Chime Prime。所以要下定論還稍早，但我們已經看到它確實有效，能帶動更高水準的直接存款（direct deposits）。

So that's a plus, obviously, because as a reminder, you have to do $3,000 of direct deposit to get access to those benefits, including that hefty cash back on Prime of 5%. The other thing that we're excited about is just looking at the retention rates among people who qualify for Prime, we're already seeing that in the first month or so here that it does appear to drive higher levels of direct deposit retention. And at the same time, we're seeing overall continued increase in the adoption of Chime Card. In other words, Prime -- members who qualify for Prime are more likely to be adopting Chime Card. They're taking it up at a higher rate which is a great tailwind for our mix of payments volume, which is increasingly shifting towards credit.

這當然是個加分，因為再提醒一次，你必須達到3,000美元的直接存款，才能取得這些福利，包括 Prime 高達5%的現金回饋。另一個讓我們興奮的點是，從符合 Prime 資格的人群留存率來看，我們在這第一個月左右就已經看到，它似乎能帶動更高水準的直接存款留存。同時，我們也看到 Chime Card 的採用率持續提升。換句話說，Prime——符合 Prime 資格的會員更可能採用 Chime Card，他們的採用率更高，這對我們的支付量組合是很大的順風，因為該組合正日益轉向信用卡（credit）。

So these are all really, really great tailwinds for us. We've got lots of exciting marketing campaigns and product initiatives this -- over the next few months. In fact, you'll see tomorrow, during the NBA game, you'll see our first spot with our newest brand ambassador, John Cena, America's champ, he's going to talk about all the great benefits of Chime Prime and is very relevant to the consumers we serve. So yes, feeling like great progress on that front and continued great tailwinds on this mix of spend towards credit.

所以這些對我們來說都是非常、非常好的順風。我們在接下來幾個月會有許多令人興奮的行銷活動與產品計畫。事實上，你明天在 NBA 比賽期間會看到我們第一支廣告，邀請我們最新的品牌大使 John Cena——美國冠軍——他會談到 Chime Prime 的各項優勢，而且與我們服務的消費者高度相關。所以，是的，我們覺得這方面進展很棒，同時在支出組合持續往信用卡傾斜上，也有很強的順風。

Great. Thanks, guys.

很好。謝謝各位。

Will Nance, Goldman Sachs.

Goldman Sachs 的 Will Nance。

Yeah, thanks for taking the question. Maybe I could just follow up a little bit on some of the commentary around Chime Prime. And specifically on unit economics, you're clearly embedding some incremental customer acquisition costs in the second quarter. How are you thinking about the impact of that push as it relates to net adds specifically and particularly in 2Q? I mean, is there any expectation of an offset to some of the seasonal weakness that you alluded to earlier in the second quarter? And just more broadly, what are you looking at to gauge success?

是的，謝謝讓我提問。我想就你們對 Chime Prime 的一些評論再追問一下，特別是單位經濟（unit economics）方面。你們顯然在第二季納入了一些額外的客戶取得成本。你們如何看待這波推進對淨新增（net adds）的影響，尤其是在第二季？我的意思是，是否預期它能抵消你們先前提到的第二季季節性疲弱？更廣泛地說，你們會看哪些指標來衡量成功？

And then maybe if I could just sneak in a numerical question for Chime Prime. I think you previously talked about like a 175 net interchange for the new card taking into account the higher rewards rate, is something in like the 130 to 140 range on the new card. Is that the right way to think about it? Just correct me if I'm wrong there.

另外我想再插問一個關於 Chime Prime 的數字問題。我記得你們之前提過，新卡在考量較高回饋率後，淨交換費（net interchange）大概是175個基點，而新卡可能會落在大約130到140的區間。這樣理解對嗎？如果我說錯請糾正我。

Thanks for the questions, Will. This is Matt. I'll chime in on both of those. So yes, as we discussed, we're really excited about this launch. We are ramping up a bit of investment behind the launch.

謝謝你的問題，Will。我是 Matt。我來回答這兩題。是的，如同我們討論過的，我們對這次上線非常興奮。我們正在加大一些對上線的投資。

That's going to be really across a wide range of marketing efforts. And so that's certainly part of our plans and OpEx phasing for the year. As it relates specifically to the cadence of net adds over the quarter, I think the best baseline expectation is to take a look at the cadence of seasonal net new adds that we've seen over the last few years. Again, Q1 being the outsized one, Q2 being the seasonally lower net adds quarter whereas Q3 and Q4 in the middle. So I think that is the right cadence to expect for us.

這會涵蓋相當廣泛的行銷活動。因此這確實是我們年度計畫與營業費用（OpEx）分期的一部分。至於本季淨新增的節奏，我認為最好的基準預期是參考過去幾年我們看到的季節性淨新增節奏。同樣地，第一季通常特別突出，第二季是季節性淨新增較低的一季，而第三季與第四季則介於中間。所以我認為這就是你可以預期我們的正確節奏。

As it relates to take rates, we've discussed in the past how, yes, Chime Card earns around 175 basis points. We've now launched both Chime Prime as well as a new 2% category of your choice cash back offer on Chime Plus. That's an improvement from the previous Plus offering. The way to think about take rates is on our plus offering for take rates to be in that 175 basis point zone whereas Chime Prime will be slightly below that, not as low as what you alluded to, but slightly below those ranges.

至於抽成率（take rates），我們過去討論過，Chime Card 大約可賺取175個基點。我們現在同時推出了 Chime Prime，以及在 Chime Plus 上新增「自選類別2%現金回饋」的新方案，這比先前的 Plus 方案有所提升。理解抽成率的方式是：我們的 Plus 方案抽成率會在約175個基點的區間，而 Chime Prime 會略低於此，不會像你提到的那麼低，但會稍微低於那些區間。

Those are the ranges we see today. I'll have to caveat that things will shift a bit and fluctuate a bit over time as members choose the categories that they choose to spend in, but that's sort of the appropriate range to think about for us today.

這些是我們目前看到的區間。我也要補充說明，隨著時間推移，因會員選擇不同的消費類別，數字會有些變動與波動，但就目前而言，這大致是適合用來理解我們的區間。

No, that's awesome. Glad I asked on the Chime Prime side. And then just maybe sticking with the take rate commentary. I was wondering if you could help pick apart some of the sequential moves in take rates from 4Q to 1Q. I know there's been -- I mean, you just alluded to some of the movements in the rewards offerings.

不，這很棒。我很高興我問了 Chime Prime 的部分。接著也許延續抽成率的討論，我想請你協助拆解一下抽成率從第四季到第一季的季比變動。我知道其中有——你剛也提到一些回饋方案調整帶來的變化。

But I also know there's some seasonal factors that impacted in the first quarter. So if you could just unpack that and specifically in the context of credit mix going up several points sequentially from 4Q to 1Q. What are some of the offsets that drove the take rate this quarter? Thank you.

但我也知道第一季有一些季節性因素造成影響。所以如果你能把這些因素拆開說明，尤其是在信用卡組合占比從第四季到第一季季比上升好幾個百分點的背景下，本季有哪些抵消因素影響了抽成率？謝謝。

Yes, great question. There's really sort of 3 factors to keep it mind as it relates to take rates, specifically in Q1. We talked about one already, which is, of course, credit mix and how the continued adoption of Chime Card is continuing to drive higher credit mix. In Q1, that landed right around 25% of total spend, up from about 16% before we launched Chime Card in September. And on that front, what I'll say is, we're certainly continuing to see momentum both on new members but also existing members.

是的，這問題很好。就第一季的抽成率而言，主要有三個因素需要記住。我們已經談到其中一個，當然就是信用卡組合占比，以及 Chime Card 持續被採用如何推動更高的信用卡組合占比。在第一季，信用卡支出約占總支出的25%，高於我們在9月推出 Chime Card 之前約16%的水準。就這點而言，我想說的是，我們在新會員與既有會員兩端都持續看到動能。

New members coming into Chime, nearly 60% of them are spending with Chime Card. And among those, they're spending about 70% of their Chime spend on the card. And for existing members, we're seeing that those who have adopted Chime Card are using it for an increasing portion of their Chime spent. So good momentum on that front. And again, that's helping to drive take rates up in the quarter.

新加入 Chime 的會員中，接近60%會使用 Chime Card 消費；而在這些人之中，他們約有70%的 Chime 消費是用這張卡完成。至於既有會員，我們看到已採用 Chime Card 的會員，正把它用在其 Chime 消費中越來越高的比例。因此這方面動能良好。而且再次強調，這有助於推升本季的抽成率。

The second thing to point out as you did, Will, is seasonality. So interchange rates are another metric in our business that are affected by tax refund related seasonality in Q1. More specifically, because outsized deposit volumes from tax refunds result in purchase volume with higher ticket prices, what you see is interchange rates because there's both a variable and a fixed component, are actually a bit lower each Q1. Again, that's a very typical seasonal pattern. We saw that again this year.

第二點，如你所說，Will，是季節性。因此交換費率（interchange rates）也是我們業務中的另一個指標，會受到第一季與退稅（tax refund）相關的季節性影響。更具體地說，由於退稅帶來的存款量偏高，會導致單筆金額（ticket size）較高的購買量，因此你會看到交換費率（因為同時包含變動與固定組成）在每個第一季其實會略低。這是非常典型的季節性型態，我們今年也再次看到。

So as I would encourage you to do with the rest of our business, you really got to look at things on a year-over-year basis. And then lastly, as we shared in our prepared remarks, we are doing more to experiment with member rewards to drive both new member growth and retention. That includes not just the cash back rewards on Chime Card, which is clearly doing well and resonating with members, but it's also included in initiatives like limited time cash back and referral offers, introductory bonuses and other initiatives. These types of member rewards are accounted for as contra revenue, which makes the calculated net take rate of payments revenue and purchase volume look a touch lower. That, of course, is all included in our transaction profit payback period.

所以我會鼓勵你和看待我們其他業務一樣，真的要用年對年（year-over-year）的角度來看。最後，如同我們在事先準備的發言中分享的，我們正在加大對會員獎勵的實驗，以推動新會員成長與留存。這不僅包括 Chime Card 的現金回饋獎勵——顯然表現很好、也引起會員共鳴——也包括限時現金回饋與推薦（referral）優惠、首刷/導入獎金（introductory bonuses）以及其他措施。這類會員獎勵在會計上會作為營收抵減（contra revenue）處理，因而使以支付營收與購買量計算出的淨抽成率看起來略低一些。當然，這些都已納入我們的交易獲利回收期（transaction profit payback period）之中。

In the scheme of things, it's a fairly small amount, but we are excited about the potential. So that's one additional factor to keep in mind as it relates to take rates.

整體來看，這是一筆相當小的金額，但我們對其潛力感到振奮。因此，這是與抽成率（take rates）相關時需要留意的另一個額外因素。

Andrew Jeffrey, William Blair.

Andrew Jeffrey，William Blair。

Thank you. Good afternoon. I wanted to ask a little bit about learnings from variable pricing in MyPay. And if that's sort of a lever you can pull to drive monetization, obviously, the performance there has been terrific with the tenfold increase in transaction profit contribution. But I wonder if you could just elaborate a little bit on what you've seen and what the outlook is for those initiatives?

謝謝。午安。我想稍微請教一下 MyPay 的浮動定價帶來的學習與收穫。以及這是否算是一個你們可以用來推動變現的槓桿；顯然那邊的表現非常出色，交易利潤貢獻增加了十倍。但我想請你們再多談一點你們觀察到的情況，以及這些計畫的展望是什麼？

Yes, sure, I'll take that one up. Okay. At a high level, we've been very pleased with MyPay performance. $400 million business, now 62% transaction profit margins and still operating at a 1% loss ratio inside -- in a product that really has been on for less than 2 years. So from a pricing perspective, if you remember, as Chris outlined in the early remarks, the real reason we did this was so that you weren't limited by a fixed-fee model, the variable fee model enables us to actually give members access to greater MyPay limits earlier in the pay cycle.

好的，當然，我來回答這題。整體而言，我們對 MyPay 的表現非常滿意。這是一個 4 億美元的業務，目前交易利潤率達 62%，而且在一個實際上推出不到 2 年的產品中，內部仍維持 1% 的損失率。就定價而言，如果你還記得 Chris 在開場談到的重點，我們這麼做的真正原因，是為了不再受限於固定費率模式；浮動費率模式讓我們能在薪資週期的更早階段，就讓會員取得更高的 MyPay 額度。

And that effectively, to your point, enables us to actually accelerate advancing more MyPay to members. Now having said that, we obviously want to make sure we're advancing this to people who can actually repay us in this situation. What we're not wanting to do here is to create a debt burden that our members cannot handle. So that's been an important part of developing our underwriting model. And I think as you look at the yields, you guys will probably have noticed that if you look year-over-year, our yield on MyPay increased about 35% and if you looked at Q1 relative to Q3 last year, it increased about 20%, and that was really driven by the price change that came in starting in Q4 and then finishing in Q1.

而這也確實如你所說，讓我們能加速向會員提供更多 MyPay。話雖如此，我們當然也要確保我們是在向在此情境下確實有能力償還的人提供預支。我們不希望做的是，造成會員無法承擔的債務負擔。因此，這一直是我們建立核貸（underwriting）模型的重要部分。我想你們也可能注意到收益率的變化：若看年對年，我們 MyPay 的收益率提高了約 35%；若看今年 Q1 相較去年 Q3，則提高了約 20%，這主要是由 Q4 開始、並在 Q1 完成的價格調整所驅動。

And those are key contributors to that. So that takes year-over-year growth in the MyPay-to-MyPay profit. I think it's also important to continue to bear in mind that even at our 2.6% or 2.7% MyPay yield, we are half the cost of our newest competitors in the space. And that continues to be one of the reasons why we bring more people into upper funnel and continue to attract and retain members year after year after year. So I think we feel really good that we now have the pricing structure and the underwriting model in place to start to expand MyPay access to those who can handle it.

而這些都是關鍵的貢獻因素。因此，這帶動了 MyPay 的年對年成長，以及 MyPay 對 MyPay 利潤的提升。我也認為要持續記住一點：即便我們 MyPay 的收益率只有 2.6% 或 2.7%，我們的成本仍只有該領域最新競爭者的一半。這也持續是我們能把更多人帶進上層漏斗（upper funnel），並年復一年吸引與留住會員的原因之一。所以我認為，我們對於目前已具備的定價結構與核貸模型感到非常有信心，接下來可以開始擴大 MyPay 的可用性，提供給那些能夠負擔的人。

I appreciate that, Mark. And then as a follow-up, one of the things that I hear sort of keenly from investors is about the purchase volume per MAU KPI, which seems to me to kind of miss the point. Nonetheless, investors seem to care about it. And I know there were some seasonal factors influencing 1Q. Can you talk a little bit about your expectations for that KPI and whether it's something that should maybe get as much attention or not get as much attention as it seems to?

謝謝你，Mark。接著追問一下，我從投資人那邊很常聽到的一個重點，是每 MAU 的購買量（purchase volume per MAU）這個 KPI；在我看來，這個指標似乎有點抓錯重點。不過投資人似乎很在意。我也知道第一季有一些季節性因素在影響。你能談談你們對這個 KPI 的預期嗎？以及它是否真的應該像現在看起來那樣受到那麼多關注，或其實不需要那麼多關注？

I'll pick up that one. Thanks, Andrew. So at the highest level, what I would say first is, as we've shared the last few quarters, we're seeing very consistent overall trends in purchase volumes. And I would say that really is one of the key advantages of our business model and our focus on earning primary account relationships. Our spend is highly concentrated in nondiscretionary everyday categories.

我來回答這題。謝謝你，Andrew。從最高層次來說，我首先想說的是，正如我們過去幾季分享的，我們看到購買量整體趨勢非常一致。我會說，這其實是我們商業模式與我們專注於建立主要帳戶關係（primary account relationships）的關鍵優勢之一。我們的消費高度集中在非選擇性、日常必需的類別。

And that's been -- that's the type of spend that's very resilient across business cycles. If you take a look at our cohorts, our tenured cohorts, we're seeing very consistent growth in spending. That's true across both discretionary and nondiscretionary categories. It's true across income groups. At the same time, we're seeing account balances increase year-over-year.

而這類型的支出在各種景氣循環中都非常有韌性。若你看我們的分群（cohorts），特別是資歷較久的分群，我們看到支出成長非常穩定。這在選擇性與非選擇性類別都成立；在不同收入族群也都成立。同時，我們也看到帳戶餘額年對年增加。

Again, this is a healthy consumer willing and able to spend and that's translated into a pretty consistent pace of payments in OIT revenue growth. That grew 19% year-over-year in Q1. As it relates to the per active metric specifically, as we shared previously, the reason that purchase volume plus the OIT volume per active is down on a year-over-year basis is largely the result of these early engagement initiatives that have been very successful for us. They've helped us engage new members, we wouldn't have otherwise engaged. This has strengthened our unit economics.

同樣地，這反映的是健康的消費者，願意且有能力消費，而這也轉化為 OIT 收入成長相當一致的步調。Q1 的年對年成長為 19%。至於每位活躍用戶（per active）這個指標本身，如我們先前分享的，購買量加上每位活躍用戶的 OIT 量之所以在年對年基礎上下降，主要是我們那些非常成功的早期互動（early engagement）計畫所致。這些計畫幫助我們觸及並帶動原本不會互動的新會員，並強化了我們的單位經濟效益（unit economics）。

That being said, it has had the effect of diluting the headline purchase volume per active metric since these initiatives have driven faster growth of the newly engaged actives who aren't yet spending as much on Chime. It's creating a larger denominator. We do expect these trends to start to normalize in the back half of this year, in particular, as we start to lap last year's launch of these early engagement initiatives. So this is just to kind of hit your question head on, this is really just a phenomenon of the successful early engagement initiatives. It's not a reflection of any sort of concerning underlying spend trends.

不過話說回來，這確實會稀釋表面上的「每位活躍用戶購買量」指標，因為這些計畫帶動了「新近被帶動的活躍用戶」更快成長，而他們在 Chime 上的消費尚未那麼高，導致分母變大。我們預期這些趨勢會在今年下半年開始正常化，特別是當我們開始與去年推出這些早期互動計畫的時間點形成對比（lap）。所以直接回答你的問題：這主要是成功的早期互動計畫所造成的現象，並不反映任何令人擔憂的底層消費趨勢。

On that front, we see a lot of resilience and consistent trends.

在這方面，我們看到的是高度韌性與一致的趨勢。

Timothy Chiodo, UBS.

Timothy Chiodo，UBS。

Great. Thanks a lot. So on Chime Prime, I know the overall paybacks are very attractive 5 to 6 quarters, the LTV CAC is 8x or higher, those sort of great numbers. For Chime Prime, I heard you say obviously a much higher ARPAM. And I also heard that some of the early data suggest that the retention is even higher. So absent a meaningfully higher CAC, I would suggest really, really attractive LTV/CAC payback.

很好，謝謝。關於 Chime Prime，我知道整體回收期（payback）非常吸引人，大約 5 到 6 個季度，LTV/CAC 是 8 倍或更高，這些都是很棒的數字。對於 Chime Prime，我聽到你說 ARPAM 顯著更高。我也聽到一些早期數據顯示留存率甚至更高。所以如果 CAC 沒有顯著更高，我會認為 LTV/CAC 的回收會非常、非常吸引人。

So I was -- I was wondering if you could talk a little bit about that CAC and just how much higher it might be for these clearly more attractive customers and Chime think clearly that higher CAC is well worth it in the context of the ARPAM and the retention? Thanks.

所以我想請你談談 CAC，以及對於這些顯然更具吸引力的客戶，CAC 可能會高出多少？以及在 ARPAM 與留存率的背景下，Chime 是否明確認為較高的 CAC 是非常值得的？謝謝。

Tim, it's Matt here again. We're really excited about Chime Prime. As Chris mentioned, early signs of a lot of potential benefits across the business. That's true across retention, that's true across Chime Card attach, that's true across direct deposit conversion and attach. And so yes, we're very excited about the potential there.

Tim，我是 Matt。我們對 Chime Prime 感到非常興奮。如 Chris 提到的，早期跡象顯示它在整個業務上有很多潛在好處。這在留存上成立；在 Chime Card 的綁定（attach）上成立；在直接存款（direct deposit）的轉換與綁定上也成立。所以是的，我們對其潛力非常期待。

That being said, it's very early days here. We've just started to roll this out. It is too early to give you a sense, specifically on sort of what the unit economic equation specific to Chime Prime looks like. But again, we think this is a great add to our overall product mix and value props and we're excited to keep you posted in the coming quarters. Thank you.

不過，這目前仍是非常早期的階段。我們才剛開始推廣。現在要具體說明 Chime Prime 專屬的單位經濟方程式長什麼樣，還言之過早。但同樣地，我們認為這是對我們整體產品組合與價值主張（value props）的很棒補充，我們也很期待在接下來幾季持續向各位更新。謝謝。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Hey guys. This is Will Copps on for Patrick Moley. Thanks for the question. As it relates to Chime Enterprise, have -- are you thinking about any sort of future percentage of total member adds coming from the segment? And what's the CAC relative to other traditional channels for member acquisition?

各位好。我是代 Patrick Moley 提問的 Will Copps。謝謝讓我提問。關於 Chime Enterprise，你們是否在思考未來新增會員中，有多少比例會來自這個區隔？以及相較於其他傳統獲客管道，這邊的 CAC 如何？

Thank you.

謝謝。

Will, it's Mark here. I'll pick that up. I think Enterprise is progressing really well, as Chris indicated in the prepared remarks. The value prop is really strong. It's a broader financial wellness product.

Will，我是 Mark。我來回答。我認為 Enterprise 的進展非常順利，正如 Chris 在事先準備的發言中所指出的。其價值主張非常強，是一個更廣泛的財務健康（financial wellness）產品。

The EWA is totally fee free. And anytime we approach a large enterprise, we find that 5% to 10% of their employee base is really on direct deposit with Chime, which gives us an edge. So it's resonating really well in the market. It's still early days for us. These enterprise sales cycles are quite long and it takes a little while to get the boat out of the water.

EWA 是完全免手續費的。而且每當我們接觸大型企業時，我們發現他們的員工中有 5% 到 10% 其實已經在使用 Chime 進行直接存款，這讓我們更具優勢。因此它在市場上的共鳴非常好。對我們而言仍是早期階段。這些企業銷售週期相當長，需要一些時間才能把船從水裡推出去、真正動起來。

I think the good news is we think the boat is out of the water, and that's actually translating into a good pipeline here with a steady drumbeat of conversions, including some large ones like we're announcing today with First Student, which is the largest student transportation company in the US.

我認為好消息是，我們覺得船已經離開水面了，而這實際上正轉化為這裡良好的銷售管線，轉換節奏穩定、持續發生，其中也包括一些大型轉換案，例如我們今天與 First Student 一起宣布的合作；First Student 是美國最大的學生運輸公司。

So yes, the momentum is strong, as we've indicated, it's one of our priorities. We're not giving specific guidance with respect to enterprises contribution to net ads. We think the fact that it's a priority, we'll probably tell you that we believe it has the potential for it to be a meaningful contributor. But we're not giving specific guidance related to that.

所以是的，如我們所指出的，動能很強，這也是我們的優先事項之一。我們不會就企業端對淨新增（net ads）的貢獻提供具體指引。我們認為，既然它是優先事項，我們大概只能告訴你：我們相信它有潛力成為一個有意義的貢獻來源。但我們不會就此提供具體指引。

As it relates to CAC, the CAC on Enterprise is materially lower. But really, it's -- the CAC there really is the fixed cost of the Enterprise division and the sales cycle rather than a sort of variable CAC. So that CAC will start off higher, although considerably lower than our consumer channel, and then it will reduce as we get more ads through that same sales cost base. That's how we think of the Enterprise channel.

就 CAC 而言，企業端的 CAC 顯著更低。但實際上——企業端的 CAC 主要是企業事業部的固定成本以及銷售週期，而不是某種可變的 CAC。因此，這個 CAC 一開始會比較高，雖然仍然遠低於我們的消費者通路，之後會隨著我們在相同的銷售成本基礎上帶來更多新增而下降。這就是我們看待企業通路的方式。

Alex Markgraff, KeyBanc Capital Markets

Alex Markgraff，KeyBanc Capital Markets

Hi, guys. Thanks for taking my question or questions. More questions, maybe 2, if I can squeeze the second one in. First on Prime for Chris. I'm curious, when we think about the ramp of this offering and some of the forthcoming products or features that you mentioned outside of the really strong initial offering. How do you think about the catalyst that those forthcoming products represent, whether it's account types or at some point, more unsecured credit. Just be curious to understand how those connect as catalysts for the ramp as we think forward?

嗨，各位。謝謝你們回答我的問題——或問題們。可能會多一點問題，如果可以的話我想再塞第二個。第一個是給 Chris、關於 Prime。我很好奇，當我們思考這項產品的爬坡，以及你提到的、在非常強勁的初始方案之外即將推出的一些產品或功能時，你如何看待那些即將推出的產品所代表的催化劑作用？不論是帳戶類型，或是在某個時間點更多的無擔保信貸。我只是想了解，當我們往前看時，這些如何作為爬坡的催化劑彼此連結？

Yes, we think that the progress we've made year-to-date has been great. This new offering is incredibly compelling. I mean, if you think about the cost of fuel today, if you're a Chime member that selects the gas category and you're spending, say, $800 a month on gas, you're getting $40 cash back. It's a really, really powerful offering that I think is broadly appealing and that's very consistent with how we're thinking about our product road map. We want to create an even broader set of products for our members to engage with us and not just to avoid fees and not just to get access to short-term liquidity and credit building, but to also play a role in helping shape the long-term financial health and progress for our members.

是的，我們認為今年迄今為止取得的進展非常好。這個新方案極具吸引力。我的意思是，如果你想想現在的油價，如果你是 Chime 會員並選擇加油類別，而且你每月在汽油上花費例如 800 美元，你就能獲得 40 美元現金回饋。這是一個非常、非常有力的方案，我認為它具有廣泛吸引力，也非常符合我們對產品路線圖的思考。我們希望為會員打造更廣泛的一組產品，讓他們與我們互動，不只是為了避免手續費，也不只是為了取得短期流動性與建立信用，還要在協助會員塑造長期財務健康與進展方面扮演角色。

And that's why we'll be launching investment accounts and a combination of allowing people to buy equities directly, we'll have a robo offering for people who are maybe feeling a little less sophisticated or less comfortable investing in the market to try to get them moving in that direction. And we're really excited about using AI to guide people towards all of these exciting new products. We think that as we evolve them and we offer an even more comprehensive set of services that we can truly be even more broadly appealing to consumers even in the 100,000-plus category. We have the core products and services to meet their needs. So I think the combination of these services together will allow us to -- will be a catalyst to drive even more awareness of Chime's product offerings and open up new segments of the population.

這也是為什麼我們將推出投資帳戶，並結合讓人們直接購買股票；同時，我們也會提供機器人理財（robo）方案，給那些可能覺得自己不那麼成熟、或對市場投資不那麼有信心的人，嘗試引導他們朝那個方向前進。我們也非常期待運用 AI 來引導人們使用這些令人興奮的新產品。我們認為，隨著我們持續演進並提供更全面的一套服務，我們確實能對消費者更具廣泛吸引力，即使是在年收入 10 萬美元以上的族群。我們有核心產品與服務可以滿足他們的需求。因此，我認為這些服務的組合將使我們——將成為催化劑，推動更多人認識 Chime 的產品方案，並開啟新的人口細分市場。

We've heard of Chime to really take another look at it and I think you're already seeing the progress in the net asset that we're adding each quarter. So expect more and more product offerings coming down the pike, including more products in the area of credit and lending. We're going to keep pushing on those fronts as well. I think Mark mentioned that the Chime Prime tier comes with an instant approved instant loan product. And so we're going to continue to have credit and lending products to serve that segment as well and certainly down the line we anticipate having some form of an unsecured credit card product as well, but that's not something we have on the sort of short-term road map.

我們也聽到大家希望 Chime 真的再重新看一眼，而我想你已經在我們每季新增的淨資產上看到進展了。所以，預期會有越來越多的產品陸續推出，包括更多信用與放款領域的產品。我們也會持續在這些面向加大推進。我想 Mark 提到，Chime Prime 等級包含一個即時核准的即時貸款產品。因此，我們會持續推出信用與放款產品來服務那個族群；當然，從更長遠來看，我們也預期會有某種形式的無擔保信用卡產品，但那不是我們短期路線圖上的項目。

Understood. I appreciate that. And then maybe if I could squeeze one in, just on underwriting. Just having heard from some peers in the ecosystem, talked about step changes in underwriting model quality as a result of AI-related improvements. I'm just curious to maybe sort of a pulse check.

了解。謝謝你的說明。那如果我可以再塞一個問題，關於承保（underwriting）。我聽到生態系裡一些同業提到，因為 AI 相關改進，承保模型品質出現了階躍式提升。我只是想做個簡單的現況了解。

Obviously, you guys have made a ton of progress in hitting target loss rates around MyPay. But just sort of curious to pull check the maturity of models and if there are opportunities that you all see that didn't exist 12 months ago with respect to model quality? Thank you.

顯然你們在 MyPay 的目標損失率達成上已經取得很大進展。但我想了解一下模型成熟度的現況，以及就模型品質而言，是否存在一些你們看到、在 12 個月前還不存在的機會？謝謝。

Yes, I'll take that one up. I think, look, 2 things. One, it's important to just bear in mind the key advantages we have on the underwriting side. The first one is we -- as the primary account, we have a lot of unique data. Secondly, we're actually underwriting against a recurring direct deposits.

好的，我來回答。我想——有兩點。第一，重要的是要記住我們在承保方面的關鍵優勢。第一個是——作為主要帳戶（primary account），我們擁有大量獨特數據。第二，我們實際上是針對經常性的直接入帳（recurring direct deposits）來做承保。

So we sit top of the repayment stack. Those are two very, very significant advantages that we leverage. In addition to that, we obviously continue to use those data signals through increasingly sophisticated models. We've been using advanced machine learning on these things for some time. We do think there will be increased advantages with AI, and we will -- we want to continue to sort of lead that.

因此我們位於還款順位（repayment stack）的最上層。這兩點是我們所運用的非常、非常重要的優勢。除此之外，我們當然也持續透過愈來愈精密的模型來使用這些數據訊號。我們在這些方面使用先進機器學習已經有一段時間了。我們確實認為 AI 會帶來更大的優勢，而我們也——希望持續在這方面領先。

But I think if you have a look at our underwriting performance and you look at something like MyPay, a year ago, we were sitting at 1.7% loss rate, and now we're sitting around 1%. So I think that while there are still meaningful improvements ahead with AI, I think a lot of the advantage is coming from the unique data and the position we have in the recurring direct deposit stack.

但我認為，如果你看看我們的承保表現，像 MyPay 這樣的產品，一年前我們的損失率是 1.7%，現在大約在 1% 左右。所以我認為，雖然 AI 未來仍會帶來有意義的改進，但很大一部分優勢其實來自我們的獨特數據，以及我們在經常性直接入帳順位中的位置。

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

謝謝。此時，我們已達到預留的提問時間。我現在把電話會議交回給 Chris Britt，請他做任何補充或結語。

Great. Thanks again. I want to congratulate the team on a great quarter and looking forward to seeing you all on the road.

很好。再次感謝。我想祝賀團隊交出一個很棒的季度表現，也期待在路演行程上與各位見面。

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。感謝各位撥冗參與。您現在可以中斷連線。