Chime Financial, Inc. (CHYM) 2026 Q2 法說會逐字稿

Please stand by. Your program is about to begin. Good afternoon, and welcome to Chime Financial Inc.'s second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call 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 now like to turn the call over to Peter Stabler, Vice President of Investor Relations. Thank you. You may begin.

請稍候。您的節目即將開始。下午好，歡迎參加 Chime Financial Inc. 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音，會後一段合理期間內，將可於我們的投資人關係網站收聽重播。現在我想把電話交給投資人關係副總裁 Peter Stabler。謝謝。您可以開始了。

Good afternoon, everyone, and thank you for joining us for Chime's second 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 the Q&A session. 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 earnings presentation posted on our IR website at investors.chime.com.

各位下午好，感謝各位參加 Chime 2026 年第二季財報電話會議。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 結果之定義與調節表，請參閱我們的財報新聞稿與財報簡報，均已發布於投資人關係網站 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 these risks and uncertainties are described in our SEC filings, including our Form 10-Q filed on May 7, 2026.

我們也將在本次電話會議中作出前瞻性陳述，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。其中許多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 5 月 7 日提交的 Form 10-Q。

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. I'll now hand the call over to Chris.

前瞻性陳述僅代表我們在作出該等陳述當日的信念與假設。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。現在我把電話交給 Chris。

Thanks, Peter, and thank you all for joining us today. Q2 was an exceptionally strong quarter with outperformance across key areas of our business. Active members grew 20% and revenue increased 27% on a year-over-year basis. We accelerated growth of both card purchase volume and payment revenue, and our enterprise team signed on a top US employer for our Chime workplace solution.

謝謝你，Peter，也感謝各位今天加入我們。第二季表現格外強勁，我們在業務的關鍵領域均超出預期。活躍會員年增 20%，營收年增 27%。我們加速了卡片消費交易量與支付收入的成長，企業團隊也為我們的 Chime Workplace 解決方案簽下了一家美國頂尖雇主。

Our strong momentum is translating to the bottom line. with adjusted EBITDA margin expanding to 15% for the quarter, up 12 points year-over-year. We also posted our second consecutive quarter of GAAP net income. Our results illustrate that Chime is emerging as the clear market leader in brand of choice for banking mainstream America. We continue to take share of primary accounts from large legacy banks, while deepening relationships with our over 10 million active members.

我們的強勁動能也反映在獲利表現上，本季調整後 EBITDA 利潤率擴大至 15%，較去年同期提升 12 個百分點。我們也連續第二季實現 GAAP 淨利。我們的業績顯示，Chime 正逐步成為「美國主流大眾首選的銀行品牌」的明確市場領導者。我們持續從大型傳統銀行手中取得主要帳戶市占，同時深化與超過 1,000 萬名活躍會員的關係。

The momentum from recent product launches and our ambitious product road map, gives us confidence in our ability to achieve our vision to be the market leader in primary bank accounts in the US, enabling financial progress for millions of Americans who are frustrated with incumbent bank brands. Our new Chime Prime membership tier was a big contributor to success this quarter.

近期產品推出所帶來的動能，以及我們雄心勃勃的產品藍圖，使我們對實現願景充滿信心：成為美國主要銀行帳戶的市場領導者，協助數以百萬計對既有銀行品牌感到挫折的美國人取得財務進步。我們全新的 Chime Prime 會員等級，是本季成功的重要貢獻者。

Launched in early April, Chime Prime membership is available to any member making $3,000 or more of qualifying direct deposits per month. With 5% cash back rewards in the category of their choice, a 3.75% savings API, higher MyPay limits, automatic qualification for an instant loan credit building and lifestyle perks like Priority Pass lounge access, we believe Chime Prime offers one of the most rewarding ways for mainstream America to manage their everyday spending. The core premise of Chime Prime is to provide even more value to members who engage with us deeply and to broaden our appeal to an even wider range of consumer segments.

Chime Prime 於 4 月初推出，凡每月符合資格的直接存款達 3,000 美元或以上的會員皆可加入。提供可自選類別的 5% 現金回饋、3.75% 的儲蓄 API、更高的 MyPay 額度、自動符合即時貸款的信用建立資格，以及 Priority Pass 貴賓室使用權等生活禮遇；我們相信 Chime Prime 是美國主流大眾管理日常支出的最具回饋方式之一。Chime Prime 的核心理念，是為與我們深度互動的會員提供更多價值，並擴大我們對更廣泛消費者族群的吸引力。

For months in, it's clear that, that strategy is working. Once again, our fastest-growing segment is among consumers with more than $75,000 in annual income. At the same time, the percentage of new direct depositors that reach chime prime status is higher than ever. Chime Prime is encouraging members to expand their relationship with us with more members than ever making Chime their primary financial partner. And because Prime members spend more have higher product attach rates, and are more likely to adopt our Chime card, they generate substantially higher ARPAM, more than double the average Chime member.

推出數月後，已清楚顯示這項策略正在奏效。我們成長最快的族群再次來自年收入超過 75,000 美元的消費者。同時，新加入直接存款的用戶達到 Chime Prime 身分的比例也創下新高。Chime Prime 正鼓勵會員擴大與我們的合作關係，讓比以往更多的會員把 Chime 視為其主要金融夥伴。而且由於 Prime 會員消費更多、產品附加率更高、也更可能採用我們的 Chime 卡，因此其 ARPAM 顯著更高，超過一般 Chime 會員平均值的兩倍。

Looking ahead, We'll continue to add new features to make Chime Prime even more compelling. For example, later this quarter, we plan to roll out a revolving unsecured line of credit in beta, offering a new flexible liquidity product for prime members with larger liquidity needs. Overall, we're thrilled with Chime Prime's early momentum and expected to become a sustained driver of our expansion into higher earning consumer segments. Turning to recent product news.

展望未來，我們將持續新增功能，使 Chime Prime 更具吸引力。例如，本季稍晚我們計畫以 Beta 形式推出循環型無擔保信用額度，為有較大流動性需求的 Prime 會員提供新的彈性資金產品。整體而言，我們對 Chime Prime 早期的強勁動能感到非常振奮，並預期它將成為我們擴展至更高收入消費者族群的長期成長動力。接著談談近期產品消息。

Last month, we announced the launch of Chime Invest, marking an important evolution for us from spending and savings towards helping our member build long-term wealth. While there are plenty of investment apps out there, what differentiates Chime Invest is its seamless integration into the banking app that millions of Americans rely on for their everyday money management.

上個月，我們宣布推出 Chime Invest，這標誌著我們從「消費與儲蓄」邁向協助會員建立長期財富的重要演進。市面上雖有許多投資 App，但 Chime Invest 的差異化在於：它可無縫整合至數百萬美國人日常依賴的銀行 App，用於日常資金管理。

Almost 40% of Americans don't have any equity ownership, so we're eager to play a role in helping more consumers participate in the upside of our country's economic growth. We cannot only help our members get started but unlike stand-alone investment apps, we can create a more consistent habit of investing when a paycheck arrives in your Chime account.

近 40% 的美國人沒有任何股票資產持有，因此我們很希望能在協助更多消費者參與我國經濟成長上行成果方面扮演角色。我們不僅能協助會員開始投資；且不同於獨立的投資 App，當薪資匯入您的 Chime 帳戶時，我們能建立更一致的投資習慣。

Chime Invest includes managed portfolios created by a registered investment adviser and free self-directed investing that enables members to choose individual equities and ETFs. We're also excited to support truck accounts pending rollover guidance from the treasury, and we congratulate them on their successful launch last month.

Chime Invest 包含由註冊投資顧問建立的代管投資組合，以及免費的自助式投資功能，讓會員可選擇個別股票與 ETF。我們也很高興能支援 Truck 帳戶（仍待財政部發布轉入指引），並祝賀他們上個月成功上線。

With nearly 80% of members already using our high-yield savings product, we're confident that we can drive adoption and consistent usage of Chime invest early in our members' financial journey. We believe this will give Chime members a better shot at long-term wealth creation because, of course, time in the market matters more than timing the market.

由於近 80% 的會員已在使用我們的高收益儲蓄產品，我們有信心在會員財務旅程的早期階段，推動 Chime Invest 的採用並形成穩定使用。我們相信這將讓 Chime 會員更有機會創造長期財富，因為當然，在市場中的時間比擇時進出市場更重要。

Like Chime Prime, we expect Chime Invest to play an important role in attracting and retaining a broader segment of consumers to our expanding portfolio of products. Now transitioning to Chime Enterprise. I'm proud to report some exciting wins for the team. Earlier this week, we announced that Allied Universal one of the largest employers in the US with approximately 320,000 North American-based employees has signed on to offer Chime Workplace, our employee financial wellness suite featuring MyPay at work.

如同 Chime Prime，我們預期 Chime Invest 將在吸引並留住更廣泛的消費者族群方面扮演重要角色，並帶動我們持續擴張的產品組合。現在轉到 Chime Enterprise。我很自豪向各位報告團隊取得一些令人振奮的成果。本週稍早，我們宣布 Allied Universal（美國最大的雇主之一，約有 320,000 名北美員工）已簽約提供 Chime Workplace；這是我們的員工財務健康方案套件，包含在職 MyPay。

This partnership represents a transformative win and demonstrates that our workplace value proposition can attract the largest employers in the country. We also recently signed a national retailer with about 35,000 employees and we'll have more to share in the coming weeks when we launch that partnership. With this growing momentum and strong pipeline, we expect Chime Enterprise to become a meaningful contributor to member growth in 2027.

這項合作代表一項具變革性的勝利，並證明我們的職場價值主張能吸引全美最大的雇主。我們近期也簽下了一家全國性零售商，約有 35,000 名員工；在未來幾週我們啟動該合作時，將分享更多資訊。在這股持續增長的動能與強勁的案源管線支持下，我們預期 Chime Enterprise 將在 2027 年成為會員成長的重要貢獻者。

Turning to our liquidity products, where we continue to see great performance. MyPay transaction profit grew 3x year-over-year, driven by strong origination volumes of $4.5 billion for the quarter and a sequential improvement in loss rate. And we're particularly excited about the performance of instant loans, our low-cost and flexible installment loan product.

接著談談我們的流動性產品，該領域持續展現優異表現。MyPay 交易利潤年增 3 倍，主要受本季 45 億美元的強勁放款起始量帶動，且損失率亦較前一季改善。我們也特別對即時貸款的表現感到振奮；這是我們低成本且具彈性的分期貸款產品。

Originations grew nearly 70% quarter-over-quarter to $300 million with strong loss rate performance seen across our cohorts, particularly among repeat borrowers. Based on the momentum we're seeing, we expect instant loans to exit Q3 with an annualized revenue run rate of more than $100 million.

放款額較前一季成長近 70%，達到 3 億美元；我們各期客群的損失率表現強勁，尤其是重複借款人。基於我們目前看到的動能，我們預期即時貸款在第三季結束時的年化營收運行率將超過 1 億美元。

Our Intel product has the highest NPS across our product offerings and is the foundation of a new lending platform for us. Looking ahead, we see enormous growth potential in expanded loan eligibility, limits and duration as we extend our lending footprint into higher income segments with larger liquidity needs. At the core of our competitive advantage is our success in developing primary account relationships.

我們的 Intel 產品在所有產品中擁有最高的 NPS，並且是我們全新放貸平台的基礎。展望未來，隨著我們將放貸版圖延伸至收入更高、流動性需求更大的族群，我們在擴大貸款資格、額度與期限方面看見巨大的成長潛力。我們競爭優勢的核心，在於我們成功建立主要帳戶關係。

These recurring direct deposits drive more precise underwriting and an advantaged loan repayment position. The significant scale of our spending and lending platform put us in a strong position to report on the financial health of mainstream American consumers.

這些經常性的直接存款使我們能更精準地進行授信審核，並在貸款回收上取得更有利的位置。我們支出與放貸平台的顯著規模，使我們能以強勢地位就美國主流消費者的財務健康狀況進行報告。

While geopolitical uncertainties drive headlines, as with recent quarters, we continue to see strong evidence of a healthy consumer. Adjusted for inflation, direct depositor income, account balances, and discretionary and nondiscretionary spending continue to grow, and we see no signs of stress across the performance of our liquidity products.

儘管地緣政治不確定性成為新聞焦點，但如同近幾季，我們仍持續看到消費者健康的強勁證據。經通膨調整後，直接存款者的收入、帳戶餘額，以及可選與非可選支出皆持續成長；我們在流動性產品的表現上也未見任何壓力跡象。

On AI, we continue to scale Jade, our AI financial partner to more members who are using it to understand what's happening with their money and help them make better decisions. For example, last week, Jade flagged that my food delivery spend was running above my normal pattern and asked if I wanted to set a limit. I accepted, and now Jade tells me when I'm on pace to exceed it.

在 AI 方面，我們持續擴大 Jade（我們的 AI 財務夥伴）服務規模，讓更多會員使用它來了解自己的資金狀況並協助做出更好的決策。例如，上週 Jade 提醒我外送餐飲支出高於平常模式，並詢問我是否要設定上限。我接受了，現在 Jade 會在我可能超過上限的進度時提醒我。

While no single transaction is going to change your life, we all know that smart money moves compound over time and collectively lead to financial progress. AI will continue to make financial advice more widely available than ever and increasingly free. But what I'm most excited about with Jade is the AI-driven personalized advice and actions that can only take place from within your primary bank account. We'll be sharing more on Jade soon. To sum up, Q2 was another strong quarter.

雖然單筆交易不會改變你的人生，但我們都知道，聰明的理財行動會隨時間累積並產生複利效應，最終共同帶來財務進步。AI 將持續讓理財建議以前所未有的方式更廣泛可得，且愈來愈接近免費。但我對 Jade 最興奮的是：由 AI 驅動的個人化建議與行動，只有在你的主要銀行帳戶內部才能發生。我們很快會分享更多關於 Jade 的內容。總結來說，第二季又是一個強勁的季度。

Our results and raised full year outlook reflect the momentum in our business and the strength of our strategy. We recently announced an internal reorganization that will reduce our workforce by approximately 10% while these decisions are incredibly difficult, they will create a flatter and faster organization. We continue to see that smaller teams with fewer layers that use AI are shipping faster and getting even more work done. AI also continues to drive outsized efficiency gains as we see in our cost to serve. In our roadshow, we highlighted our 3 times to 5 times cost-to-serve advantage relative to incumbents.

我們的業績與上調的全年展望，反映了業務動能與策略的強度。我們近期宣布內部重組，將把人力規模縮減約 10%；儘管這些決策極其艱難，但將打造更扁平、更快速的組織。我們持續看到：使用 AI、層級更少的小型團隊交付速度更快，且能完成更多工作。AI 也持續帶來顯著的效率提升，這可從我們的服務成本中看見。在我們的路演中，我們強調相較於傳統業者，我們在服務成本上具備 3 倍到 5 倍的優勢。

And if you look at where we we've now reduced our cost to serve by an average of 10% for each of the last four years. This is a reflection of our digital-first model, enhanced further by AI. We're still early in our journey to become the leader in primary accounts for everyday Americans. The opportunity ahead is significant, and we believe that we're well positioned to win. I'll now turn it over to Matt to cover our financial results and updated outlook.

而且如果你看我們目前的進展，過去四年我們每一年平均都將服務成本降低 10%。這反映了我們以數位優先的模式，並在 AI 的加持下進一步強化。我們要成為服務美國一般民眾的主要帳戶領導者，這段旅程仍在早期。前方機會龐大，我們相信自己具備良好條件取得勝利。接下來我把時間交給 Matt，請他說明我們的財務結果與更新後的展望。

Thanks, Chris. Q2 was one of our strongest quarters yet as a public company, showcasing the impact from investments we've made in prior quarters across member acquisition, brand, product innovation and technology. Chime Prime is the latest results of these investments, which in Q2 helped us accelerate revenue growth, accelerate actives growth, including direct depositor growth, accelerate volume growth and accelerate ARPAM growth.

謝謝，Chris。第二季是我們成為上市公司以來最強勁的季度之一，展現了我們在前幾季於會員獲取、品牌、產品創新與技術上的投資所帶來的影響。Chime Prime 是這些投資的最新成果，並在第二季協助我們加速營收成長、加速活躍用戶成長（包含直接存款者成長）、加速交易量成長，以及加速 ARPAM 成長。

Meanwhile, we are also demonstrating the structural operating leverage in our model. In Q2, we grew adjusted EBITDA margin 12-percentage-points year-over-year to 15%, with 60% incremental margin and delivered our second consecutive quarter of positive GAAP EPS. As we've shown quarter after quarter, ours is a business model with strong long-term earnings power and now near-term profits. We expect these strong results to continue and are raising our guidance for the year, which I'll touch on in a minute.

同時，我們也在展現我們模式中的結構性營運槓桿。第二季，我們的調整後 EBITDA 利潤率年增 12 個百分點至 15%，增量利潤率達 60%，並連續第二季實現 GAAP EPS 為正。正如我們一季又一季所展現的，我們的商業模式具備強勁的長期獲利能力，且如今也具備短期獲利。我們預期這些強勁表現將持續，並上調全年指引，我稍後會提到。

In Q2, we drove strong results across multiple dimensions of growth, active members, ARPAM and transaction profit. Starting with active members. We continue to demonstrate that Chime is the leader in new checking account openings in the US and in Q2, accelerated active member growth to 20% year-over-year. As a reminder, we have a seasonal business.

第二季，我們在多個成長面向都交出強勁成果，包括活躍會員、ARPAM 與交易利潤。先從活躍會員談起。我們持續證明 Chime 是美國新開立支票帳戶的領導者，且在第二季將活躍會員年增率加速至 20%。提醒一下，我們的業務具有季節性。

In particular, tax refund related activity drives a pull forward of member acquisition and reengagement into Q1, resulting in seasonally higher quarter-over-quarter net adds each Q1 and lower net adds each Q2. This Q2, we added approximately 200,000 net new active members quarter-over-quarter, twice as many as we added last Q2 and $1.7 million over the last 12 months or most ever. We ended June with 10.4 million total active members.

特別是與退稅相關的活動會把會員獲取與再互動提前到第一季，導致每年第一季的季增淨新增較高、第二季的淨新增較低。本季第二季，我們季增約新增 20 萬名活躍會員，為去年第二季新增數的兩倍；過去 12 個月累計新增 170 萬名，創歷史新高。我們在 6 月底的活躍會員總數為 1,040 萬。

This accelerating momentum was due to a number of factors, but I'll highlight two. First, Chime Prime.which brings together the best of Chime into a new membership tier is clearly resonating across our member base, particularly higher earners. As Chris noted, in Q2, we added more members depositing at least $3,000 per month than ever before. We've also seen higher retention rates for existing direct depositors since Prime's launch. Second is the continued positive impact from our early engagement initiatives.

這股加速動能來自多項因素，我將強調其中兩點。第一，Chime Prime 將 Chime 的精華整合為新的會員等級，顯然在我們的會員基礎中引起共鳴，尤其是高收入族群。如 Chris 所提，第二季我們新增每月存入至少 3,000 美元的會員數創下新高。自 Prime 上線以來，我們也看到既有直接存款者的留存率更高。第二，是我們早期互動（early engagement）計畫持續帶來的正面影響。

Such as enabling instant funding and mobile check deposits for new members, which make it easy to get started with Chime. These initiatives are helping us driving more members to Chime and have improved our payback periods to 5 to 6 quarters. But the real power is in the combination. We've made it easier than ever to get started with Chime.

例如為新會員提供即時入金與行動支票存款功能，讓開始使用 Chime 變得更容易。這些計畫正協助我們帶動更多會員加入 Chime，並將投資回收期改善至 5 到 6 個季度。但真正的威力在於兩者的結合。我們讓開始使用 Chime 變得前所未有地容易。

And now with Chime Prime, we are clearly showing our members that the more they do with Chime, the more they get from Chime. The result in Q2 was accelerating direct depositor growth, with particular strength in late-stage direct deposit conversions, which hit a record high in the quarter. With this momentum, we now expect to add 1.8 million net new active members in 2026, our largest cohort ever and well above our original goal of $1.4 million for the year. Second is ARPAM. Our direct deposit relationships give us a high-quality, deeply engaged member base and drive strong and sticky ARPAM.

而現在透過 Chime Prime，我們也清楚向會員展現：他們在 Chime 做得越多，就能從 Chime 得到越多。第二季的結果是直接存款者成長加速，尤其在後期階段的直接存款轉換表現強勁，並在本季創下歷史新高。在此動能下，我們目前預期 2026 年將新增 180 萬名淨新增活躍會員，這將是我們史上最大的單一年度客群，且明顯高於我們原先對全年 140 萬的目標。第二個面向是 ARPAM。我們的直接存款關係帶來高品質、深度參與的會員基礎，並推動強勁且黏著度高的 ARPAM。

In Q2, we accelerated ARPAM growth to 6% year-over-year, reaching $260 in the quarter. Notably, in Q2, we accelerated our ARPAM growth while also accelerating active member growth, driving both stronger quantity and quality concurrently. In particular, we saw strength with Chime Prime members who to date have over twice the ARPAM of our average active member.

第二季，我們將 ARPAM 年增率加速至 6%，本季達到 260 美元。值得注意的是，第二季我們在加速 ARPAM 成長的同時，也加速了活躍會員成長，代表我們同時提升了數量與品質。特別是 Chime Prime 會員表現強勁；截至目前，他們的 ARPAM 超過我們平均活躍會員的兩倍。

Chime Prime improves both conversion to and retention of direct deposit relationships drives greater wallet share and helps generate more payments and platform revenue, even net of rewards costs. On the payment side, Chime Prime helped us accelerate purchase and OIT volume growth to 20% year-over-year in Q2.

Chime Prime 同時提升直接存款關係的轉換率與留存率，帶動更高的錢包占比，並有助於產生更多支付與平台營收，即使扣除獎勵成本後亦然。在支付方面，Chime Prime 協助我們在第二季將消費與 OIT 交易量年增率加速至 20%。

While we are a nominal payments business, which benefits from some degree of inflation, the acceleration in transaction volumes did not just come from higher gasoline prices like many others have reported. Ours is much more broad-based. Year-over-year growth in purchase and OIT volumes, excluding gasoline sales, also accelerated to 19%. Chime Prime is also driving Chime card adoption, which earns higher interchange rates. With credit mix now 27% of total purchase volume.

雖然我們名義上是一家支付業務，能在一定程度上受惠於通膨，但交易量的加速成長並不只是來自汽油價格上漲（如同許多公司所報告的那樣）。我們的成長更為廣泛、分散。若排除汽油銷售，購買交易與 OIT 交易量的年增率也加速至 19%。Chime Prime 也正在帶動 Chime 卡的採用，而這可帶來較高的交換手續費率。目前信用卡組合已占總購買交易量的 27%。

Fueling this growth, we saw incredibly strong member response to Prime's 5% cash-back category of choice for rewards offering. This strong engagement, particularly in the gas category, resulted in modestly higher contra revenue rewards cost than we anticipated in Q2, but we expect those costs to settle lower going forward. In fact, so far in Q3, payments revenue net take rates are pacing to grow 2 basis points year-over-year. More broadly, we're excited about cash back rewards as another lever to maximize growth in transaction profit dollars. We're very pleased with the impact right out of the gate.

推動這項成長的因素之一，是我們看到會員對 Prime「自選 5% 現金回饋類別」獎勵方案的回應極為強勁。這種高度參與（尤其是在加油類別）使得第二季的抵減收入之獎勵成本略高於我們原先預期，但我們預期未來這些成本將回落並趨於較低水準。事實上，截至目前第三季，支付收入的淨抽成率（net take rates）正朝著年增 2 個基點的方向推進。更廣泛而言，我們對現金回饋獎勵感到振奮，因為這是另一個可用來最大化交易利潤金額成長的槓桿。我們對其一推出就帶來的影響感到非常滿意。

In Q2, we effectively traded 1 basis point of take rates for 5 points of volume growth acceleration, which accelerated payments and OIT revenue growth to 21% in the quarter. But we think there is still much more to go. We remain very excited about the multiyear opportunity to expand take rates net of rewards costs as we continue to shift more volume to credit.

在第二季，我們實際上以抽成率下降 1 個基點，換取交易量成長加速 5 個百分點，從而使當季支付與 OIT 收入成長加速至 21%。但我們認為後續仍有更大的成長空間。隨著我們持續將更多交易量轉向信用卡，我們仍對未來多年在扣除獎勵成本後提升淨抽成率的機會感到非常期待。

Chime Prime also drives platform revenue, which grew 48% year-over-year in Q2. As Chris noted, Prime members are prequalified for instant loans, our 3 to 12 month installment loan product. This helps fuel origination volume growth up nearly 70% quarter-over-quarter to $300 million in Q2. And we continue to see cohorted loss rates perform very well with substantially lower loss rates for repeat borrowers. In addition, we continue to drive strong MyPay results with $4.5 billion of origination volumes in Q2 at loss rates of 90 basis points.

Chime Prime 也帶動平台收入，第二季平台收入年增 48%。如 Chris 所提，Prime 會員可預先取得即時貸款的資格，我們的即時貸款為 3 至 12 個月期的分期貸款產品。這有助於推動放款起始量（origination volume）季增近 70%，第二季達到 3 億美元。我們也持續看到分群（cohorted）損失率表現非常良好，且重複借款人的損失率顯著更低。此外，我們持續推動 MyPay 的強勁表現，第二季起始量達 45 億美元，損失率為 90 個基點。

All in all, we more than tripled MyPay transaction profit dollars year-over-year to $73 million in Q2. We've also started testing higher MyPay limits, yet another lever to grow transaction profit dollars and expect to roll these out in the coming months. Finally, I'm excited to announce a new $500 million warehouse facility with Goldman Sachs to fund the continued growth of our liquidity products. This facility is a testament to the strong progress we've already made scaling our liquidity products at low loss rates. The third dimension of growth is transaction profit.

總體而言，我們在第二季將 MyPay 的交易利潤金額年增逾三倍，達到 7,300 萬美元。我們也已開始測試更高的 MyPay 額度，這是另一個用來提升交易利潤金額的槓桿，並預期在未來幾個月推出。最後，我很高興宣布，我們與高盛（Goldman Sachs）簽訂了一項新的 5 億美元倉儲融資（warehouse facility），以支持我們流動性產品的持續成長。這項融資安排證明了我們在以低損失率擴大流動性產品規模方面，已取得強勁進展。第三個成長面向是交易利潤。

Our low-cost operating model has enabled us to offer what we believe is the most compelling breadth of services for mainstream consumers, which, as of Q2, we delivered a 73% transaction margin. Transaction margin grew 4-percentage-points year-over-year, driven by strong loss rate performance. Along with the growth in actives and ARPAM, overall transaction profit grew 36% year-over-year in Q2. Importantly, this isn't flash in the pan growth. We believe this is durable growth, underpinned by cohorts of deeply engaged, long-lasting primary account relationships.

我們的低成本營運模式，使我們能為主流消費者提供我們認為最具吸引力、最廣泛的服務組合；截至第二季，我們實現了 73% 的交易毛利率（transaction margin）。交易毛利率年增 4 個百分點，主要由強勁的損失率表現所帶動。隨著活躍用戶與 ARPAM 的成長，第二季整體交易利潤年增 36%。重要的是，這並非曇花一現的成長。我們相信這是可持續的成長，其基礎來自一批批高度投入、長期維繫的主帳戶關係（primary account relationships）客群。

Across our cohorts, we see over 100% dollar-based transaction profit retention, net of churn. Our cohorts nearly triple in RPM as they mature as members attached to more products over time. And strengthened further by Prime, LTV to CACs are now up to 9 times. These attractive unit economics are what drive the structural operating leverage in our business. Strong margin expansion, concurrent with meaningful investments in growth.

在各個分群中，我們看到以金額計的交易利潤留存率（dollar-based transaction profit retention）在扣除流失後仍超過 100%。隨著會員逐步成熟並隨時間綁定更多產品，我們的分群 RPM 幾乎成長至三倍。在 Prime 的進一步強化下，LTV 對 CAC 的倍數目前已提升至 9 倍。這些具吸引力的單位經濟效益，正是推動我們業務結構性營運槓桿的原因。在進行具意義的成長投資同時，實現強勁的利潤率擴張。

Non-GAAP OpEx as a percent of revenue fell by 8-percentage-points year-over-year, with operating leverage across all OpEx categories. Q2 adjusted EBITDA margin of 15% was up 12-percentage-points year-over-year, with incremental margins of 60%. We delivered $102 million of adjusted EBITDA and $28 million of net income. Our second consecutive quarter of positive GAAP EPS. Turning to our guidance.

非 GAAP 營業費用（OpEx）占收入比重年減 8 個百分點，且在所有 OpEx 類別均展現營運槓桿。第二季調整後 EBITDA 利潤率為 15%，年增 12 個百分點，增量利潤率（incremental margins）為 60%。我們實現調整後 EBITDA 1.02 億美元，以及淨利 2,800 萬美元。這是我們連續第二季 GAAP EPS 轉正。接下來談我們的財測指引。

In the third quarter, we expect revenue between $680 million and $690 million, resulting in year-over-year revenue growth between 25% and 27%. We expect adjusted EBITDA between $105 million and $110 million, an adjusted EBITDA margin of between 15% and 16%. For the full year, we expect revenue between $2.725 billion and $2.745 billion, resulting in year-over-year revenue growth between 25% and 26%. And we expect full year adjusted EBITDA of between $465 million and $475 million and an adjusted EBITDA margin of 17%. We now expect an incremental adjusted EBITDA margin north of 60% for 2026.

在第三季，我們預期營收介於 6.8 億至 6.9 億美元，對應營收年增率介於 25% 至 27%。我們預期調整後 EBITDA 介於 1.05 億至 1.10 億美元，調整後 EBITDA 利潤率介於 15% 至 16%。就全年而言，我們預期營收介於 27.25 億至 27.45 億美元，對應營收年增率介於 25% 至 26%。我們預期全年調整後 EBITDA 介於 4.65 億至 4.75 億美元，調整後 EBITDA 利潤率為 17%。我們目前預期 2026 年的增量調整後 EBITDA 利潤率將高於 60%。

Note that our outlook includes the impact of our recent restructuring announcement. While we will reinvest a portion of payroll savings, this restructuring will also drive further operating leverage, particularly as we head into 2027, and we expect to keep payroll costs flat relative to 2026. Specifically, in Q3 '26, we expect to recognize approximately $16 million to $20 million of net cash restructuring charges, partially offset by a reversal of approximately $9 million to $12 million in noncash stock-based compensation expense for an expected impact to net income of $6 million to $9 million. Before we open it up for questions, I'd like to say a few personal words. After a decade at Chime, I've decided it's the right time to step down as CFO and spend more time with my family, now a family of five.

請注意，我們的展望已納入近期重組公告的影響。雖然我們將把部分薪資節省再投資，但這項重組也將帶來進一步的營運槓桿，特別是邁向 2027 年之際；且我們預期相較於 2026 年，薪資成本將維持持平。具體而言，在 2026 年第三季，我們預期將認列約 1,600 萬至 2,000 萬美元的淨現金重組費用，部分將由約 900 萬至 1,200 萬美元的非現金股票基礎薪酬費用回轉所抵銷，對淨利的預期影響為 600 萬至 900 萬美元。在開放提問之前，我想說幾句個人的話。在 Chime 工作十年後，我決定現在是卸任 CFO、花更多時間陪伴家人的合適時機；如今我們已是一家五口。

It has been the opportunity and privilege of my career to have helped build this company from some of its earliest days, and there is so much more ahead. I make this transition when Chime's opportunity is as big as it's ever been. At a moment when the business has incredible momentum, a strong foundation for continued growth and an extraordinarily talented team carrying it forward. I'll be working closely with Chris, Mark and the broader team over the coming months to ensure a smooth handoff. Chris and Ryan, thank you for your trust.

能夠協助在公司早期階段打造這家公司，是我職涯中最重要的機會與榮幸，而未來仍有更多值得期待。我選擇在 Chime 的機會比以往任何時候都更大的時刻進行交接。在業務動能極為強勁、具備持續成長的堅實基礎，且有一支極其優秀的團隊承接向前之際。在接下來幾個月，我將與 Chris、Mark 以及更廣泛的團隊密切合作，確保順利交接。Chris 和 Ryan，感謝你們的信任。

And to all my Chime colleagues, thank you for your partnership, your dedication to this great company and for making time such a special place to build.

也向所有 Chime 的同事致謝，感謝你們的合作夥伴精神、對這家優秀公司的投入，以及讓這段時光成為一個特別的建設旅程。

I want to thank you, Matt, for your leadership over the past 10 years. Matt has really been central to Chime's success and a close friend and partner to me since the very early days. He's worked tirelessly to build and scale Chime for a decade and has now decided to take a well-deserved break.

Matt，我要感謝你在過去 10 年的領導。Matt 一直是 Chime 成功的核心人物，從非常早期開始就是我親密的朋友與夥伴。他十年如一日不懈努力，打造並擴張 Chime，如今也決定好好休息，這是他應得的。

While he will support us through the search for our next CFO and the transition, this will be his last earnings call, and I want to take the opportunity to thank him for everything you've done for us. We've kicked off an executive search and our President, Mark Troughton, who many of you know, will be President and Interim CFO until we find a permanent CFO replacement.

在我們尋找下一任 CFO 並完成交接期間，他仍會支持我們；但這將是他最後一次財報電話會議，我也想藉此機會感謝他為我們所做的一切。我們已啟動高階主管招募流程，而我們的總裁 Mark Troughton（在座許多人都認識）將在找到正式 CFO 接任人選之前，擔任總裁兼代理 CFO。

With that, we'll open it up to Q&A.

接下來，我們開放進入問答環節。

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JP Morgan.

JP Morgan 的 Tien-Tsin Huang。

It takes a lot. All the best to you, Matt. You're definitely going to be missed. And thanks for all the help over the years. In terms of the question, I was thinking about what to ask, maybe I'll ask if it's okay, on the reorg and the reduction in force.

這需要很大的投入。Matt，祝你一切順利。你一定會讓大家非常想念。也謝謝你這些年來的所有協助。關於問題，我在想要問什麼；如果可以的話，我想問一下關於重組以及裁員（人力縮減）。

It's not easy, Chris. I know you mentioned that. Curious why now what outcomes are you solving for? It sounds like product velocity, more opportunity to invest, and you'll give some back as well in the form of earnings. But maybe just if you can help organize that for us, that would be great to start. Thank you.

這不容易，Chris。我知道你提到過。我好奇為什麼是現在？你們希望解決什麼問題、達成什麼結果？聽起來像是提升產品推進速度、增加投資空間，並且也會以獲利的形式回饋一部分。但如果你能幫我們把這些脈絡整理一下，作為開頭會很棒。謝謝。

Yeah, thanks, Tien-Tsin. I appreciate it. I think as you can see from these results we just reported, we are truly taking this action from a position of strength. And the way we thought about it is we want to make sure that we are well positioned for this next chapter of growth.

好的，謝謝你，Tien-Tsin。我很感謝。我想從我們剛公布的這些業績結果你也看得出來，我們採取這項行動確實是站在優勢地位上做出的決定。我們的思考方式是：要確保我們能為下一階段的成長篇章做好充分準備。

And I think we always need to be willing to evolve the organization and be willing to make changes to stay lean to be flat flatter and to be more effective. We're seeing it inside of our company today that smaller teams move faster than ever using AI and all the super powers that, that can provide small tightknit teams. We know that we can do even more than ever with lean organizations.

而且我認為，我們必須始終願意讓組織進化，並願意做出改變，保持精實、保持扁平化（更扁平），並提升效率。我們今天在公司內部也看到，運用 AI 以及它能賦予小而緊密團隊的各種超能力，小團隊比以往任何時候都更快。我們知道，透過精實的組織，我們能比以往做得更多。

And it also -- when you have these smaller teams and fewer layers, it allows us to fight bureaucracy that naturally happens when companies start to grow. So we like smaller teams, fewer layers, more accountability and like not indicated, while there will be some -- certainly some OpEx savings here, we're also going to reinvest some of the savings for the next leg of growth.

此外——當你有更小的團隊與更少的層級時，也能讓我們對抗公司成長過程中自然產生的官僚作風。所以我們喜歡更小的團隊、更少的層級、更高的責任歸屬；而且如同先前所提，雖然這裡確實會有一些——當然會有一些營運費用（OpEx）節省，但我們也會把部分節省再投資到下一階段的成長。

Yes, thanks, Chris. Just to add to that, there will be some reinvestment, but this is another driver of operating leverage going forward. And I would say particularly so as we head into 2027 when we expect to keep payroll costs flat relative to 2026.

是的，謝謝你，Chris。補充一下，確實會有一些再投資，但這也是未來營運槓桿的另一個驅動因素。我會說，尤其是當我們邁向 2027 年時，我們預期相較於 2026 年，薪資成本將維持持平。

Yes, sounds clear. Thanks for going through that. Just my quick follow-up then. It sounds like the health of the consumer is quite good across our base. It looks like the spend per active is improving. Can we infer from that, that there's stronger spending power in the base? Is that mix? Is that a switch in the product that's being utilized here? Just maybe any other color you can add on the health of the consumer? Thanks.

好的，聽起來很清楚。謝謝你說明。那我快速追問一下。聽起來我們用戶基礎中的消費者健康狀況相當不錯。看起來每位活躍用戶的支出正在改善。我們能否由此推論，基礎客群的消費能力更強？這是組合（mix）因素嗎？還是使用的產品發生了轉換？關於消費者健康狀況，你還能補充一些細節嗎？謝謝。

Yeah, , I'll take that. I think similar to what you're seeing across the Board from other companies, other banking platforms that are reporting, is that while consumers are saying that they feel cautious what we're seeing is actually a different story. We're seeing broad growth in spend across the Board, across segment types. So overall spending is up discretionary spending is up in things like entertainment and food delivery and online shopping, savings balances are up for sure. And while it is true that we see faster growth among the higher income segments inside of the portfolio of Chime members.

好的，我來回答。我想，跟你在其他公司、其他正在公布業績的銀行平台所看到的情況類似：雖然消費者口頭上說自己感到謹慎，但我們實際看到的卻是另一個故事。我們看到整體支出在各個面向、各類客群都呈現廣泛成長。所以整體支出上升、可選消費也上升，例如娛樂、外送餐飲、線上購物；儲蓄餘額也確實上升。而且確實，我們看到在 Chime 會員投資組合中，高收入族群的成長更快。

There's no question that the growth is really broad-based. So the stories of the consumer demise four or five quarters in now, we hear it over and over, but we continue to see a very healthy consumer this quarter once again. And again, we have -- we enjoy these primary account relationships. And if and when we ever saw a bump in behavior, uptick in unemployment would be the first ones to see it. and we just don't see it. So I would just say resilient and strong consumer spend and health across the Board is the behavior we're seeing for sure.

但毫無疑問，成長其實是相當廣泛的。關於「消費者走向衰退」的說法，已經四、五個季度了，我們一再聽到，但本季度我們再次看到消費者非常健康。而且，我們擁有——我們享有這些主要帳戶關係。如果行為出現任何波動、失業率上升，我們會是第一批看到的人；但我們就是沒有看到。所以我會說，我們確實看到的是：消費支出與消費者健康狀況在各方面都具韌性且強勁。

James Faucette, Morgan Stanley.

Morgan Stanley 的 James Faucette。

Thanks so much. I wanted to ask, I'll put both my questions together because I think they're probably related comments around attracting users that are income above $75,000 a year, et cetera, seems pretty important. And just wondering if there are particular products that you can attribute to that kind of attraction and I guess, related to that, I'm interested to hear that you're going to start trialing at least a revolving credit product. Just more details on that and how we should think about that type of products potential contribution to growth, et cetera?

非常感謝。我想問——我把兩個問題一起問，因為我覺得它們可能相關：你們提到吸引年收入高於 75,000 美元的用戶等，似乎相當重要。想請問是否有特定產品可以歸因於這類吸引力？另外也相關的是，我很有興趣聽到你們將開始試行至少一個循環信用（revolving credit）產品。能否提供更多細節，以及我們應如何看待這類產品對成長的潛在貢獻等？

Thanks for the question, James. Yes, I think it's the combination of products that are continuing to drive just broader interest in Chime, including among higher income segments. Obviously, the Chime Prime product with 5% cash back and 3.75% APY and a whole host of perks like Priority Pass lounge access, these are really -- this is a really powerful combination of services, especially when you include some of the liquidity products we have there a guaranteed access to our instant loan product and now most recently with our launch of investments and Chime Invest and all the services available through there. We just continue to see that we are growing at the fastest clip among the 75,000 plus income statement -- income segment once again. So we feel really good about that.

謝謝你的問題，James。是的，我認為是多項產品的組合，持續推動市場對 Chime 更廣泛的興趣，包括在較高收入族群之中。很明顯，Chime Prime 產品提供 5% 現金回饋與 3.75% 年化收益率（APY），以及一系列福利，例如 Priority Pass 貴賓室使用權；再加上我們的部分流動性產品——例如可保證使用我們的即時貸款產品——以及最近推出的投資服務、Chime Invest 與其中提供的各項服務，這些組合起來非常有力。我們持續看到，在年收入 75,000 美元以上的收入族群中，我們再次以最快速度成長。所以我們對此感到非常樂觀。

And I think you can see it in the results. You see that these higher income consumers now have more motivation to put more deposits into Chime. We're seeing more consumers, more of our new direct depositors than ever on an absolute basis are now qualifying for this $3,000 deposit plus tier that you get with Chime Prime benefits. So I think you should expect to continue to see more products and services that appeal to a broader segment of consumers, including higher income consumers. And maybe, Mark, do you want to talk about the line of credit launch?

而且我想你也能從結果中看出來。你會看到，這些較高收入的消費者現在更有動機把更多存款放到 Chime。我們看到，按絕對數量計算，我們的新直接存款用戶中，符合每月 3,000 美元以上存款級距（可享 Chime Prime 權益）的人數比以往任何時候都更多。所以我認為你應該預期，我們會持續推出更多能吸引更廣泛消費者族群（包括高收入消費者）的產品與服務。另外，Mark，你要不要談一下信用額度（line of credit）的推出？

Sure. Thanks, Chris. James, I think on the line of credit, we've said for sometime that there is a huge opportunity in our member base for low-cost high-quality lending products. And the focus of line of credit is to meet the needs of these higher income members.

當然。謝謝你，Chris。James，關於信用額度，我們一段時間以來一直在說：在我們的會員基礎中，低成本、高品質的放貸產品存在巨大機會。而信用額度的重點，是滿足這些較高收入會員的需求。

In particular, those that are looking for a more flexible type of liquidity. A significant portion of our member base actually prefers a revolving facility to a reducing balance installment type loan and minor credit is going to offer these members, the convenience of having that line of credit attached to their checking account, where it will be always on and where they can access it just with a swipe of the card.

特別是那些在尋求更具彈性的流動性的人。我們會員中有相當一部分其實更偏好循環額度，而不是餘額遞減的分期型貸款；而我們的信用額度將為這些會員提供便利：把信用額度直接連結到他們的支票帳戶，隨時可用（always on），並且只要刷卡就能動用。

So just to reiterate, line of credit is a Chime Prime product. It will only be available to members of direct deposits more than $3,000 a month. And again, we're doing exactly what we've done with SpotMe and MyPay and instant loans and we're going to leverage that privileged account data and that position at the top of the repayment stack to drive longer relationships and better transaction profit margins.

所以再重申一次，信用額度是 Chime Prime 的產品。它只會提供給每月直接存款超過 3,000 美元的會員。同樣地，我們會完全比照 SpotMe、MyPay 與即時貸款的做法，運用我們具優勢的帳戶資料，以及在還款順位（repayment stack）最上層的位置，來推動更長期的關係與更好的交易獲利率。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

I want to touch on MyPay for a moment again just because it continues to show strength, but you've talked about a few different levers. I know over the past few quarters, one of them being flexing loss rates up slightly just with higher limits, lower eligibility requirements. We saw loss rates decline again. And I saw I think 0.9%, obviously a good sign. But has your view changed at all on having more flexible limits. How should we think about the potential upside for MyPay from here going forward?

我想再花一點時間談談 MyPay，因為它持續展現強勁表現，但你們也提到過幾個不同的槓桿。我知道在過去幾個季度，其中一個槓桿是隨著更高的額度、較低的資格門檻，將損失率稍微往上調整。我們看到損失率又再次下降。而我看到我想是 0.9%，顯然是個好跡象。但你們對於提供更彈性的額度這件事，看法有任何改變嗎？我們應該如何看待 MyPay 從現在往後的潛在上行空間？

Yeah, that's a great question. I'll pick that one up. MyPay had another fantastic quarter. The originations were up 15% year-over-year. We had revenue up 47% year-over-year. Loss rates came in again below 1%. The result of that was the transaction profit margin of 64% and a tripling of our transaction profit year-over-year. So we feel really good about that as you've indicated. As you look forward, we definitely see more opportunity on MyPay. And as an example, we've actually just rolled out access to higher limits that MyPay up to $1,000, literally, that happened this week.

是的，這是個很好的問題。我來回答這題。MyPay 又迎來了一個非常出色的季度。放款（originations）年增 15%。營收年增 47%。損失率再次低於 1%。因此交易利潤率達到 64%，我們的交易利潤年增三倍。所以如你所說，我們對此感到非常振奮。展望未來，我們確實看到 MyPay 還有更多機會。舉例來說，我們其實剛剛推出更高額度的 MyPay 使用權限，上限提高到 1,000 美元，真的就是這週才上線。

And these higher limits will provide our members even greater access to the liquidity they need. And in turn, it will drive greater monetization for time. Our focus is on optimizing for transaction profit rather than loss rates. So you will likely see a slight increase in my pay loss rates for Q3 and Q4, but that will be much more than compensated for by increases in higher transaction profit. I also think it's with reminding everyone that MyPay still operates at a price level that is half part our competitors. I think it's just important to keep that in mind because I think it demonstrates the power of our low-cost model and our privilege to deposit relationships.

而這些更高的額度將讓我們的會員更容易取得他們所需的流動性。同時也會帶動更高的變現能力。我們的重點是最佳化交易利潤，而不是損失率。因此你很可能會在第三季與第四季看到 MyPay 的損失率略有上升，但這將會被更高的交易利潤增幅遠遠抵銷。我也認為值得提醒大家的是，MyPay 目前的定價水準仍然只有競品的一半左右。我覺得這點很重要，因為它展現了我們低成本模式的威力，以及我們在存款關係上的優勢。

That's really fair. All right. Just one quick follow-up. Just on the enterprise side, it was great to see the announcement there of a large partner. So maybe just a quick update on any attached or adoption trends with early partners and what the pipeline looks like going forward there. And I also just want to reiterate and thank Matt for everything, Matt, you've been a huge help. So good luck to you.

這很合理。好。再追問一個很快的問題。在企業端方面，很高興看到你們宣布了一個大型合作夥伴。所以也許請你們簡單更新一下：早期合作夥伴的綁定（attach）或採用（adoption）趨勢如何，以及接下來的管線（pipeline）展望如何。另外我也想再次重申並感謝 Matt 所做的一切，Matt，你幫了很大的忙。祝你一切順利。

Let me start by just saying how proud I am of the enterprise team and the great progress that they've been making and really excited about the pipeline we have. Why don't you cover this one, Mark?

我先說，我對企業團隊感到非常自豪，他們取得了很大的進展；同時也對我們目前的管線感到非常興奮。Mark，你來回答這題如何？

Sure. The progress this quarter was great. We've been saying for some time that the Chime workplace offering is a broader employee wellness offering. It is fee-free to both employers and employees. And we think it's much stronger than some of these expensive point solutions in wage access products.

當然。本季的進展非常好。我們已經說了一段時間，Chime Workplace 方案是一個更廣泛的員工福祉（wellness）方案。對雇主與員工都不收費。而我們認為它比一些昂貴的、單點式的薪資預支（wage access）產品解決方案要強得多。

And I think you've seen that this quarter. What you see here is a resonating yes from the market. And we're really excited about Allied and the second retailer that we will be -- whose details will be sharing once we actually roll it out. The pipeline is strong. It continues to grow.

我想你們在本季也看到了這點。你們看到的是市場給出「很有共鳴、願意採用」的回應。我們對 Allied 以及第二家零售商都非常興奮——第二家零售商的細節會在我們實際推出後再分享。管線很強。而且持續成長。

We expect to have some more exciting announcements enterprise in the coming months. As it relates to the future, we don't expect enterprise to be a meaningful contributor to member growth in '26. So we do see it being a meaningful contributor to direct to positive growth in '27. We're not giving specific guidance related to sort of adoption and conversion at this point. But we will certainly be including the impact of enterprise in our overall member growth guidance for '27.

我們預期未來幾個月企業端還會有更多令人振奮的公告。就未來而言，我們不預期企業端會在 2026 年對會員成長做出顯著貢獻。因此我們確實認為它會在 2027 年成為「直接帶動正向成長」的重要貢獻者。目前我們不提供與採用率與轉換率相關的具體指引。但我們一定會在 2027 年整體會員成長指引中納入企業端的影響。

Will Nance, Goldman Sachs.

Will Nance，高盛。

Guys, thank you for taking the question. First of all, Matt, it's been a pleasure working with you. It sounds like you got your hands full at home, but leaving some big shoes to fill. Second, congrats on all the great business developments. Congrats on that credit line in particular. I was hoping you could talk a little bit about some of the trends that you're seeing in customer acquisition and direct deposit attach.

各位，謝謝讓我提問。首先，Matt，能與你合作一直很愉快。聽起來你在家裡也忙得不可開交，但你留下了很難填補的空缺。其次，恭喜你們在業務上有很多很棒的進展。尤其恭喜那條信貸額度。我想請你們談談你們在客戶獲取（customer acquisition）以及直接存款綁定（direct deposit attach）方面看到的一些趨勢。

JPMorgan said on their earnings call this past quarter, they added 1.7 million checking accounts last year. You're basically guiding to that same number as the largest bank in the country. So how are you thinking about the momentum there? Is the sustainability of customer acquisition?

摩根大通在上一季的財報電話會議上提到，他們去年新增了 170 萬個支票帳戶。你們的指引基本上也指向同樣的數字，而他們是全美最大的銀行。所以你們如何看待這股動能？客戶獲取的可持續性如何？

And then more importantly, on direct deposit attach, also threw out a stat, I think it was late-stage direct deposit conversion. Maybe just help unpack that and talk about the quality of the account growth that you're adding. Thanks for taking the question.

然後更重要的是，在直接存款綁定方面，你們也提到一個數據，我想是「後期階段的直接存款轉換」（late-stage direct deposit conversion）。能否幫我們拆解一下，並談談你們新增的帳戶成長品質如何？謝謝讓我提問。

Thanks, Will, and I appreciate the kind words there. So we are seeing a ton of momentum on the member growth side. Just as a quick reminder, as you will recall, our business has seasonality. We always see a much more muted quarter-to-quarter growth in actives from Q1 to Q2. and that's just due to tax refund related activity.

謝謝你，Will，也謝謝你的好意。所以我們在會員成長方面確實看到很強的動能。先快速提醒一下，如你所記得，我們的業務具有季節性。我們一向會看到從第一季到第二季，活躍用戶（actives）的季對季成長較為溫和，這主要是因為退稅相關活動所致。

So the best way to look at our member growth is year-over-year, and we did have a strong showing on that front in Q2. We accelerated member growth to 20% year-over-year. We added twice as many active members in the quarter than we did in the quarter last year. And it is a record number of actives we've added now over the last 12 months, $1.7 million. I think what's driving this at a high level or a lot of the similar themes we talked about, the strong unaided brand awareness, our leading NPS score the Chime message continues to broadly resonate, I think, strengthened even further recently with Chime Prime.

因此，看待我們會員成長的最佳方式是看年對年，而我們在第二季在這方面表現強勁。我們將會員成長加速至年增 20%。本季新增的活躍會員數是去年同期的兩倍。而在過去 12 個月中，我們新增的活躍會員數也創下紀錄，達到 170 萬。我認為從宏觀層面來看，驅動因素與我們先前談到的許多主題相似：強勁的自然品牌知名度（unaided brand awareness）、領先的 NPS 分數、Chime 的訊息持續廣泛引起共鳴，而且我認為最近隨著 Chime Prime 更進一步強化。

And we also are just continuing to see the benefit of the early engagement initiative that we've discussed previously. But I think one of the things you're trying to emphasize is that it really is not just the quantity of new member growth. It's also the quality as well. Again, driven by Chime Prime we added the highest ever number of members making 3,000 or more in deposits. And as I mentioned, we're also seeing retention benefits from Chime Prime adoption as well.

我們也持續看到先前討論過的「早期互動」（early engagement）計畫所帶來的效益。但我想你要強調的一點是：這不只是新增會員的數量。也包括品質。同樣受 Chime Prime 驅動，我們新增了史上最多「存款達 3,000 美元或以上」的會員數。而如我提到的，我們也看到 Chime Prime 的採用在留存方面帶來好處。

And all this comes with really strong ROI, transaction profit payback periods of five to six quarters, to CACs of 9x in our recent cohorts. And it's this momentum that's giving us the confidence to raise our full year active member net add target to 1.8 million, which would be our largest cohort ever and is well ahead of our original goal for 1.4 million for the year. So we're seeing great progress across the Board. The direct depositor progress, in particular, is has been great to see. It's not just folks that are coming to us and choosing direct deposit right out of the gate.

而且這一切都伴隨著非常強的投資報酬率（ROI）：交易利潤回收期為 5 到 6 個季度，近期批次（cohorts）的 CAC 倍數達到 9 倍。也正是這股動能讓我們有信心把全年活躍會員淨新增目標上調至 180 萬，這將是我們史上最大的批次，且明顯高於我們原先全年 140 萬的目標。所以我們在各方面都看到很好的進展。尤其是直接存款用戶（direct depositor）的進展，看到這點非常令人振奮。不只是那些一開始就來到我們這裡並立刻選擇直接存款的人。

But now the Chime Prime maybe they've tried us out for a few months. Now we've given them even more reason to deepen their relationship and choose us as their direct deposit relationship. So great progress really across the Board.

但現在 Chime Prime 可能他們已經試用我們幾個月了。現在我們給了他們更多理由去深化彼此關係，並選擇我們作為他們的薪資直接入帳（direct deposit）關係。所以整體而言確實取得了很大的進展。

That's great. And then if I could just ask a follow-up on Chime Prime. I was wondering if you could talk through some of the learnings in the wake of the launch. And as you think about the customers that have access that membership tier. Are you seeing it come more from wallet share expansion within the base?

太好了。接著如果我可以就 Chime Prime 再追問一下。我想請你談談在推出之後的一些學習與觀察。以及當你們思考那些可使用該會員等級的客戶時，你們看到的成長更多是來自於既有客群內部的錢包占比（wallet share）擴張嗎？

Is this what's the mix of kind of net new versus wallet share expansion? And then how are you thinking about kind of marketing to the existing customer base to drive that wallet share expansion and ultimately drive that credit mix higher over time as we look forward?

也就是說，新客（net new）與錢包占比擴張大概各占多少？另外，針對既有客戶基礎，你們如何思考行銷方式以推動錢包占比擴張，並在往前看時，最終隨時間推升信用卡/信貸（credit）占比？

I'll take that. I think the results are really twofold. Among our existing member base, we are absolutely seeing real excitement and lots of adoption, and we can actually see that the portion of our member base that are not only signing up for this, but actually adding more deposits into their accounts. And that's driving additional engagement and spend. But we're also really excited about.

我來回答。我認為結果其實有兩個面向。在我們既有會員基礎中，我們確實看到非常高的興奮度與大量採用；而且我們也能看到，我們的會員中不僅有一部分正在註冊這項服務，還實際把更多存款加到他們的帳戶裡。這帶動了更多互動與消費。但我們也非常興奮的是。

We feel like we're still at the very early days of having Chime Prime really be a key formula in the top of the funnel growth formula. But the results have been awesome. We're seeing more people than ever depositing their first deposit more than $3,000. And you should expect to see this be a really key part of our value proposition going forward. And this is we are not going to stop.

我們覺得 Chime Prime 要成為漏斗頂端（top of the funnel）成長公式中的關鍵要素，現在仍然還在非常早期的階段。但成果非常棒。我們看到存入第一筆存款且金額超過 3,000 美元的人數比以往更多。而你們應該會看到，未來這將成為我們價值主張中非常關鍵的一部分。而且我們不會就此停止。

We're going to keep adding additional features to this membership tier that are going to make Chime even more broadly appealing and things like now that we're rolling out Chime Invest with managed portfolios, if you're more novice investor to offeree or direct equity purchases all inside of the app where you get your direct deposit. We really see ourselves just continuing to round out this complete financial services app to serve all of your needs, including for people that are at higher income levels. So really excited about what the future holds on this front.

我們會持續為這個會員等級加入更多功能，讓 Chime 對更廣泛的族群更具吸引力。像是我們正在推出具備代管投資組合（managed portfolios）的 Chime Invest；如果你是較新手的投資人，也可以選擇，或是在 App 內直接買賣個股（direct equity purchases），而且都在你進行薪資直接入帳的同一個 App 裡完成。我們真的認為自己會持續把這個完整的金融服務 App 補齊，來滿足你所有需求，也包括收入較高的人群。所以對於這方面的未來發展，我們非常期待。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you, and congratulations, Matt. It was good to see the loss rate declining in the second quarter. Obviously, as you guys indicated, the consumer is doing pretty well. May I ask, like, does that help give you sort of ammunition to expand the credit box? I know you guys talked about expanding the MyPay credit lines. But as we think about growth going forward, does that enable you to do more? And maybe what are some of the learnings as a result of all of this?

謝謝，恭喜你，Matt。很高興看到第二季的損失率（loss rate）在下降。顯然如你們所說，消費者狀況表現得相當不錯。我想請問，這是否讓你們更有「彈藥」去擴大授信範圍（expand the credit box）？我知道你們談到要擴大 MyPay 的信用額度。但就未來成長來看，這是否讓你們能做得更多？以及從這些變化中，你們有哪些學習與收穫？

Yeah, thanks, Sanjay. I think what you should see from this that we are continuing to optimize our credit models. And part of the play here is we continue to identify new pockets of activity. And a good example there is this new launch of $1,000 MyPay limits, essentially what we're doing there is we've identified broad pockets of people that we believe can handle at $1,000.

好的，謝謝你，Sanjay。我認為你們會看到的是，我們持續在優化我們的信用模型。而這個策略的一部分，是我們持續辨識新的活動區塊/客群（new pockets of activity）。一個很好的例子就是這次新推出的 1,000 美元 MyPay 額度；本質上我們做的是，我們辨識出一大群我們相信可以承擔 1,000 美元額度的人。

And so we're extending more to them. So that's the sort of repeat approach you have on my pay. On Instant loans, the same thing. We continue to see our overall loss rates actually come down. it's a little bit most this quarter because we had a big bump in originations of first-time instant loans. And those first-time borrowers have a significantly higher loss rate than our repeat borrowers, it's 50% lower. So we're seeing really improvement in loss rates and our underwriting capability across the Board.

因此我們對他們提供更高額度。所以這就是你在 MyPay 上會看到的那種可重複的做法。在即時貸款（Instant loans）方面也是一樣。我們持續看到整體損失率其實在下降；本季稍微高一點，主要是因為首次即時貸款的放款量（originations）大幅增加。而首次借款人的損失率顯著高於重複借款人，重複借款人的損失率低了 50%。所以我們確實看到損失率與承作/授信能力（underwriting capability）在整體上都有改善。

Thank you. And just my follow-up is that I think Matt talked about moderating rewards costs in the second half. Can you guys talk about what's driving that? Is that sort of an intentional move? Or is it a mix of redemptions? Just want to make sure I understand the dynamics there. Thank you.

謝謝。我接著追問一下：我想 Matt 提到下半年會讓獎勵成本（rewards costs）趨於溫和。你們能談談是什麼在驅動這件事嗎？這是刻意的調整嗎？還是與兌換（redemptions）的組合有關？我只是想確認我理解其中的動態。謝謝。

Yeah, I'll take that one, Sanjay. So yes, reward costs, just maybe to briefly summarize upfront here. Reward costs were modestly higher than we expected in Q2. That being said, the impact that we've seen from Prime has far outweighed the slightly higher rewards cost already and those rewards costs are already coming down in Q3. But let me give you a little bit more detail on this.

好的，Sanjay，這題我來回答。所以是的，關於獎勵成本，我先在這裡簡要總結一下。第二季的獎勵成本比我們預期略高。不過，我們從 Prime 看到的效益，已經遠遠超過這個略高的獎勵成本；而且獎勵成本在第三季也已經開始下降。但我再提供你一些更細的說明。

As I mentioned, we've seen really awesome response to this incredible collection of benefits that Prime provides. That has helped us accelerate direct depositor growth. It has captured more market share. And as Chris mentioned, we're appealing to a broader segment of the market, including higher earners. And that really is a key driver behind the transaction volume growth, active growth and ARPAM growth, the acceleration that we've seen.

如我提到的，我們看到市場對 Prime 所提供這一整套非常出色的福利組合反應非常好。這幫助我們加速薪資直接入帳用戶（direct depositor）的成長。也取得了更多市占。而且如 Chris 所說，我們正在吸引更廣泛的市場區隔，包括較高收入者。而這確實是交易量成長、活躍用戶成長以及 ARPAM 成長（我們看到的加速）的關鍵驅動因素。

I think not surprisingly, the 5% cash back offer in the category of your choice has been a real top draw, and that was particularly true in the gas category following all the appreciation we've seen in gas prices recently. And so that's really, I think, a big driver of what drove rewards costs modestly higher. And as a result, take rates slightly lower than we anticipated. But we do believe that's a one-off. As I mentioned, we are already seeing overall rewards cost us here in -- based off of July results, we expect 2 bps of year-over-year expansion in overall payments revenue blended take rates for Q3.

我想不意外地，「自選類別 5% 現金回饋」一直是最主要的吸引力之一；而在最近油價上漲之後，這點在加油（gas）類別尤其明顯。因此我認為，這就是導致獎勵成本略高的主要原因。也使得抽成率（take rates）略低於我們原先預期。但我們確實相信這是一次性的影響。如我提到的，根據 7 月的結果，我們已經看到整體獎勵成本在下降；我們預期第三季整體支付收入（payments revenue）的綜合抽成率（blended take rates）將年增擴張 2 個基點（bps）。

And so I think just maybe stepping back more strategically here, the take rate expansion opportunity remains just a huge uplift opportunity for us as we continue to shift more volume to credit. We're really excited about this as a multiyear tailwind for the business. and we're continuing to make great progress on that front. Credit mix reached 27% in Q2, up from 23% in Q1, and we see a lot of growth ahead. Our newest cohorts continue to adopt than card at high rates and have about 50% credit mix for those.

所以我想從更策略性的角度退一步看，隨著我們持續把更多交易量轉向信用（credit），抽成率擴張的機會對我們而言仍然是非常巨大的提升空間。我們對此作為公司多年的順風（multiyear tailwind）感到非常興奮，而且我們在這方面持續取得很好的進展。第二季信用占比達到 27%，高於第一季的 23%，我們看到前方仍有很大的成長空間。我們最新的客群（cohorts）仍以很高的比例採用該卡，且這些客群的信用占比約為 50%。

Adam Frisch, Evercore.

Adam Frisch，Evercore。

Thanks guys and Matt, congrats on your choice. It goes fast. So I hope you enjoy it. You raised the full year revenue midpoint by about $60 million EBITDA by roughly 47 against the second quarter beat of 32 and 27, respectively. So it seems like there's real incremental confidence in the back half beyond the flow-through. Some of that is a result of the RIF as you just explained a few minutes ago, but where else from your broad array of growth and operating leverage do you feel most comfortable with? And I have a quick follow-up.

謝謝各位，Matt，也恭喜你的選擇。時間過得很快。所以希望你能好好享受。你們把全年營收指引的中位數上調了大約 6,000 萬美元，EBITDA 上調約 4,700 萬；相較於第二季超預期（beat）分別是 3,200 萬與 2,700 萬。所以看起來除了自然的流入（flow-through）之外，你們對下半年似乎有實質的增量信心。其中一部分是你們幾分鐘前剛解釋的裁員（RIF）的結果，但在你們廣泛的成長動能與營運槓桿來源中，還有哪些部分是你們最有把握的？我還有一個簡短的追問。

Yeah, look, I think the big highlights to emphasize here is this acceleration in volume growth, prime being a big factor behind that. That has really inflected frankly, in Q2, and we're continuing to see really strong momentum here in the back half of the year. And so I think that's probably number one driver, I would point out about the raise for the back half and the flow-through to the rest of the P&L. The second is just continued momentum on our liquidity products. I think Mark went through that as well, but that's true across my pay as well as in few months.

是的，你看，我認為這裡要強調的幾個重點，是交易量成長加速，而 Prime 是背後的一個重要因素。坦白說，這在第二季已經出現明顯轉折，我們也持續在今年下半年看到非常強勁的動能。所以我認為，這大概是我會指出、關於下半年上調（展望）的第一大驅動因素，以及它對損益表其餘項目的傳導效應。第二點就是我們流動性產品的動能持續。我想 Mark 也提到了這點，而且這不僅體現在 MyPay，也體現在接下來幾個月的表現。

Okay. Cool. And I couldn't get through a Q&A without asking about enterprise, but still early days. Great to see '27 we'll see some benefit to new member adds. So what are the early takes, observations, et cetera, that you're seeing with some of your early partners? Thank you.

好的。很棒。我每次問答環節都忍不住要問一下企業端（enterprise），不過現在仍是早期階段。很高興看到你們提到到 2027 年會從新增會員中看到一些效益。那麼，對於一些早期合作夥伴，你們目前看到的初步看法、觀察等等是什麼？謝謝。

Hey, Adam, I'll pick that one up. I think we continue to see strong adoption and maybe even more than that, what we have -- what we are finding is that the usage and in of the direct depositors that we're acquiring through enterprise actually outperform what we see in our consumer channel. So the monetization there is looking very strong.

嗨，Adam，我來回答這題。我認為我們持續看到強勁的採用度，甚至不只如此——我們發現，透過企業端合作所獲得的直接存款用戶，其使用情況與參與度實際上優於我們在消費者通路看到的表現。因此，那邊的變現看起來非常強勁。

Andrew Jeffrey, William Blair.

William Blair 的 Andrew Jeffrey。

Hi. I appreciate the question. And congrats, Matt. I wanted to ask about Prime in particular, which seems to really be gaining momentum. Can you elaborate on how much Prime is a lever for sort of upgrades from existing members who increase the direct deposit limits, for example, versus a new member origination vehicle that attracts higher income users. I wonder how much sort of you think about each of those contributors from Prime?

嗨。謝謝讓我提問。也恭喜你，Matt。我想特別問一下 Prime，因為看起來它真的正在累積動能。你能否更詳細說明，Prime 在多大程度上是用來帶動既有會員升級（例如提高直接存款上限）的槓桿，與作為吸引高收入新用戶的新會員導入工具之間，各自的占比或作用？我想了解你們如何看待 Prime 這兩種貢獻來源。

Thanks for the question. It's really both. We are definitely seeing a strong uptick in existing members who elect to give us even more of their direct deposits. So they now have more reason to do that, and all those reasons just will just continue to get better and better. But I think the much larger opportunity, of course, is over time, the opportunity to expose this to many more consumers who may be considered Chime before, but weren't quite ready to engage.

謝謝你的問題。其實兩者都有。我們確實看到，選擇把更多直接存款交給我們的既有會員明顯增加。所以他們現在有更多理由這麼做，而這些理由也只會越來越多、越來越好。但我認為更大的機會當然是在長期——把這個產品推廣給更多消費者；他們可能以前考慮過 Chime，但還沒有準備好投入使用。

And like Matt indicated earlier, we really feel good about the decisions we made and we talked about over the prior quarters around allowing members -- new members to Chime to engage with us in a more significant way before getting direct deposit, right? Now you can fund the accounts, you can move money to friends, you can get access to a range of services before you direct deposit.

而且如同 Matt 先前提到的，我們對於前幾季所做、也曾討論過的決策感到很有信心：讓會員——也就是 Chime 的新會員——在設定直接存款之前，就能以更重要的方式與我們互動，對吧？現在你可以先為帳戶入金、可以把錢轉給朋友，也可以在設定直接存款之前先使用一系列服務。

But now we have more reasons than ever for people when that life change happens when the job switch happens or they just get set up with that one more fee from the incumbent bank, they're ready to make the switch, and there's a reason to give us their full direct deposit. So like I said, I think we are and our marketing and growth team would acknowledge us as well. It's still very early days of having Chime Prime B sort of the hero value prop to come into a Chime relationship.

但現在，當人生出現變化——例如換工作，或是又被傳統銀行多收了一筆費用——人們比以往任何時候都有更多理由準備轉換，而且也有理由把完整的直接存款交給我們。所以如我所說，我認為我們——我們的行銷與成長團隊也會同意——目前仍處於非常早期的階段，讓 Chime Prime 成為進入 Chime 關係的主打價值主張（hero value prop）。

So we think there's just a ton of runway ahead of us for that. And so I'm probably most excited about that opportunity. Because inevitably, more and more of the existing member base will continue to come over to this product because it's just got such an incredibly powerful set of benefits.

因此我們認為，這方面還有非常長的成長跑道。所以我大概對這個機會最感到興奮。因為可以預期的是，越來越多既有會員會持續轉向使用這個產品，因為它的權益組合真的非常強大。

Good stuff. I appreciate it. And just as a follow-up, I appreciate the extent to which improving my pay credit performance has driven transaction profit growth in the first half and margin for that matter. As we look to the second half and you lap some of those powerful gains, How do we think about transaction profit and perhaps the contribution from loan marks?

很棒。謝謝。另外追問一下：我理解 MyPay 信用品質改善在上半年推動了交易利潤成長，也帶動了利潤率。展望下半年，當你們開始面臨這些強勁改善的比較基期（lap）時，我們該如何看待交易利潤，以及可能來自放款評價（loan marks）的貢獻？

Yeah, I'll pick that one up. As we said, we still see, Yes, we are lapping some MyPay stuff. But the reality is we still see a lot of more opportunity on MyPay. As we've indicated, we're testing this new $1,000 MyPay. We've actually rolled it out this week. So we expect more goodness from my pay here in Q3 and Q4. I think that's probably the way to think about this. At the same time, as we've indicated, you'll probably see a slight uptick in the many loss rates in Q3 and Q4 as well. But we still think there's a lot of opportunity in MyPay.

好的，我來回答。如同我們所說，沒錯，我們確實會進入 MyPay 的比較基期。但實際情況是，我們仍然看到 MyPay 還有更多機會。如我們先前提到的，我們正在測試新的 1,000 美元 MyPay 額度。我們其實已在本週推出。因此我們預期在第三季與第四季，MyPay 仍會帶來更多正面貢獻。我認為大致可以這樣理解。同時，如我們所指出的，你們可能也會在第三季與第四季看到損失率略有上升。但我們仍認為 MyPay 還有很大的機會。

Alex Markgraff, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Alex Markgraff。

Chris, Matt. Thanks for the questions. Matt, it's been a pleasure. Maybe two for me for starting on Chime Invest. Just sort of curious, Chris, on the product vision, I know it's early, but just sort of thinking about the evolution of the offering and scope versus what we're seeing at launch.

Chris、Matt。謝謝讓我提問。Matt，與你合作很愉快。我有兩個問題，先從 Chime Invest 開始。Chris，我有點好奇你們對產品的願景；我知道現在還很早，但想請你談談，相較於目前的上市版本，你們如何看待這個產品在供給內容與範疇上的演進。

It's a big category of the sort of well management bucket. So just be curious on the evolution there? And then any indication of account flows that you could share that could help us think about where -- how members are out getting these sort of invest dollars today. And I have a quick follow-up afterwards.

這是一個屬於財富管理（wealth management）範疇中的大類別。所以想請教你們對後續演進的看法？另外，你們是否能分享一些帳戶資金流向的指標，幫助我們理解——會員目前是從哪裡把這些投資資金轉出來、或原本放在哪裡？我之後還有一個簡短的追問。

Yes, I'll take that. I'm so excited about expanding our platform beyond just checking accounts and savings and some of the short duration lending products that we are obviously very well known for. We now have this opportunity to help our members build long-term wealth. And when we did surveys among our member base, it's 60% or 70% are already active investors, but more than half of everyone surveyed said that they would like to open up an investment account with Chime. So and we already have almost 80% of our members using us for savings.

好的，我來回答。我非常興奮能把我們的平台從不只是支票帳戶、儲蓄帳戶，以及我們顯然非常知名的一些短天期借貸產品，進一步擴展。我們現在有機會幫助會員建立長期財富。而且當我們在會員族群中做調查時，有 60% 或 70% 已經是活躍投資人，但在所有受訪者中，超過一半表示他們希望在 Chime 開立投資帳戶。此外，我們已經有將近 80% 的會員使用我們的儲蓄功能。

And increasingly, a lot of consumers think of their brokerage account as a way to do savings. So we obviously need to be there for them. The interest among our existing member base is incredibly strong. And like I said in the prepared remarks, the magic here is going to be the seamless integration that consumers will have with the bank account and the place that you get your direct deposit.

而且愈來愈多消費者把自己的券商帳戶視為一種儲蓄方式。所以我們顯然需要在那裡為他們提供服務。既有會員族群的興趣非常強烈。而且如我在事先準備的發言中所說，這裡的關鍵（magic）將會是：消費者能在銀行帳戶與接收直接存款的地方之間，享有無縫整合的體驗。

Because when you have that, you can seamlessly move money in a more consistent way and set up that habit, hopefully at a really, really early age, which is as an aside, why we're so excited about Trump accounts, and we'll support them when the rollovers are clearer. But yes, we decided to make it really simple, really integrated. You can start with $1, if you want.

因為當你具備這些，你就能更順暢、更持續地移動資金並建立習慣——希望是在非常、非常早的年齡就開始。順帶一提，這也是為什麼我們對 Trump 帳戶感到非常興奮；等到轉換（rollovers）的規則更清楚時，我們也會支持。但沒錯，我們決定把它做得非常簡單、非常整合。如果你願意，你可以從 1 美元開始。

If you're less sophisticated, we've got managed portfolios, for you depending on your risk tolerance and other considerations. And if you'd rather buy individual securities, you can do that, too. In terms of our expectations, we see this as an opportunity to provide existing members more reasons to engage with us for the long term and deepen engagement and drive more wallet share.

如果您的投資經驗相對沒那麼成熟，我們也提供依據您的風險承受度及其他考量所設計的代管投資組合。如果您更想購買個別證券，您也可以這麼做。就我們的預期而言，我們將此視為一個機會：為既有會員提供更多理由與我們長期互動，深化參與度，並提升錢包占比。

And we also just think that this is another key product that alongside prime and instant loans and all these other products that will accelerate our expansion into these higher income and higher LTV number of segments. And we already see that, right? The prime members that we have are demonstrating ARPAMs that are 2 times the rest of our broader member base.

而且我們也認為，這是另一項關鍵產品，將與 Prime、即時貸款以及其他所有產品並肩，推動我們加速擴張到這些收入更高、LTV 更高的客群。而我們已經看到這一點了，對吧？我們的 Prime 會員所展現的 ARPAM 是我們更廣泛會員基礎其他會員的 2 倍。

So we're really excited about this and feel like it's just a natural extension. We're not endeavoring to create a day trading app or something like that, but we do think that, obviously, getting exposure to the market at an early age is key to building long-term wealth creation.

所以我們對此非常興奮，也覺得這只是很自然的延伸。我們並不是要打造一個當沖交易 App 或類似的東西，但我們確實認為，顯然，在年輕時就接觸市場，對於建立長期的財富累積至關重要。

So of course, we have to be in this area.

所以當然，我們必須在這個領域布局。

That's great. Thank you. Maybe just one more, just kind of coming back to some comments from last quarter on sales and marketing. I think there were some comments on spending a bit more around prime, just looking on a dollar basis, kind of flattish but also seeing the benefit from Prime this quarter and the strong net adds. Just sort of curious, is there anything that really positively surprised. And as we think about those comments from last quarter on the incremental spend, anything to think about kind of in the second half year on that front.

太好了。謝謝。也許再問一個，回到上季關於銷售與行銷的一些評論。我記得有提到在 Prime 方面會多花一些費用；以金額來看大致持平，但本季也看到 Prime 帶來的效益以及強勁的淨新增。我只是好奇，有沒有什麼特別正向、出乎意料的地方。另外，回想上季提到的增量支出，下半年在這方面有沒有什麼需要留意的？

Yeah, This is Matt, Alex. So as we indicated in prior quarters, we expected to have a marketing push around major product launches. We've done that historically, for example, with a were not first rolled out, and we've also done that here with Chime Prime and expect to continue to push this as we work to integrate this further into the top of funnel, like Chris mentioned. So I think that's sort of the overall trajectory fairly similar to how we had previously guided.

是的，我是 Matt，Alex。如同我們在前幾季所指出的，我們預期在重大產品發表時會有一波行銷推進。我們過去一直是這麼做的，例如在某項產品首次推出時我們就這麼做過；這次在 Chime Prime 上也同樣如此，並且如 Chris 提到的，隨著我們進一步把它整合到漏斗上端，我們預期會持續推進。所以我認為整體走向大致與我們先前的指引相當一致。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Hey, guys, good afternoon and I'll add my congrats, and we'll miss you, Matt. It's been a pleasure learning the Chime model and having you walk us through it in detail. appreciate it a lot. Maybe just kind of we just focus on enterprise a little bit and the large win here with Allied. Could we maybe unpack that win the sales cycle there, the implications for your pipeline, seeing a very large employer like this sign on. Any other color that this may add to the momentum in signing more customers even this year? And then I have a quick follow-up.

各位好，下午好，我也要致上祝賀，我們也會想念你，Matt。很高興能了解 Chime 的模式，也謝謝你一路以來詳細帶我們走過，真的非常感謝。我想先把焦點放在企業端，尤其是這次與 Allied 的大型勝利。能否請你們拆解一下這筆案子的贏單、銷售週期，以及像這樣的大型雇主簽約對你們管線的意涵？這是否能為今年甚至今年內簽下更多客戶的動能提供一些額外的觀察？然後我還有一個簡短的追問。

Yeah, sure. I'll pick that one up. The finding someone like Allied involves a lot of different sort of demand generation tactics that we employ within the enterprise channel. And those include outbound, inbound marketing, sales calls and obviously, you're sort of responding to RFPs. And these things typically particularly for a large employer like that, these things can run anywhere between 6 to 12 months.

好的，當然。我來回答這題。拿下像 Allied 這樣的客戶，涉及我們在企業通路所採用的多種需求開發策略。其中包括外呼、內部導流行銷、銷售電話，當然也包括回應 RFP（提案邀請書）。而這些事情通常——特別是對這樣的大型雇主而言——整個流程可能介於 6 到 12 個月。

And so I'm not going to go into too many specifics on Allied itself. But I think the sales cycles in these B2B deals are long. Once you get through the sales cycle, of course, you still have to implement and then drive adoption. Now the good news about the sales cycles is that once you're in there, they are self-generating, and you essentially have a captive audience with a really high switching costs.

因此我不會深入 Allied 本身太多細節。但我認為這些 B2B 交易的銷售週期確實很長。即便走完銷售週期，當然還需要導入落地，然後推動採用。不過銷售週期的好消息是，一旦你進入體系，它們會自我驅動；你基本上擁有一個受眾相對封閉、且轉換成本非常高的客群。

And so the thing that makes them hard to achieve is also the thing that actually gives them real longevity. And over time, we believe, will result in a significantly more efficient tax on real high-value direct deposit customers.

所以，使它們難以達成的因素，也正是讓它們具有真正長期性的因素。而我們相信，隨著時間推進，這將帶來在獲取真正高價值的直接存款客戶方面顯著更高的效率。

Great. Thanks for that. And then maybe just -- I may have missed it, but the revenue model around Chime Invest, some comments there versus being a retention tool and revenue versus retention and how you're seeing it strategically.

很好。謝謝你的說明。接著也許再問一下——我可能漏聽了——關於 Chime Invest 的營收模式，你們對它作為留存工具的看法，以及營收與留存之間的取捨，從策略上你們是怎麼看的？

Chime Invest is obviously a great new add to the platform. You should think about this primarily as an engagement driver as opposed to a direct revenue generator here in the short term in any sort of substantial or super material way. So as Chris mentioned, we're excited to really add this whole new category of benefit for our members, directly integrated with the place that they manage their money each day.

Chime Invest 顯然是平台上一個很棒的新功能新增。短期內，您應該主要把它視為提升互動的驅動因素，而不是在短期內以任何顯著或非常重大的方式直接帶來營收的工具。因此如 Chris 所提到的，我們很興奮能為會員新增這一整個全新的福利類別，並且直接整合到他們每天管理資金的地方。

Thank you. This does conclude the question-and-answer portion of today's call. And I'd like to turn it back over to Chris Britt for any closing remarks.

謝謝。以上為今天電話會議的問答環節。接下來我想把時間交回給 Chris Britt，請他做結語。

I just want to congratulate the team on an awesome quarter. And I think the performance demonstrates that the future is bright here, and we're just getting started. So looking forward to seeing you all out on the road soon. Thank you.

我只想祝賀團隊交出一個非常出色的季度。我認為這樣的表現證明了我們的未來一片光明，而我們才剛剛開始。期待很快在路演行程上與各位見面。謝謝。

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

謝謝各位女士、先生。今天的會議到此結束。感謝各位撥冗參與，您現在可以斷線。