Sezzle Inc (SEZL) 2026 Q2 法說會逐字稿

( Operators Instructions )

( 操作員指示 )

Please note, this event is being recorded.

請注意，本次活動正在錄音。

I would now like to turn the conference over to Charlie Yoakin, CEO and Executive Chairman. Please go ahead.

我現在把電話會議交給 Sezzle 的執行長兼執行董事長 Charlie Yoakin。請開始。

Thank you, and good afternoon, everyone, and welcome to Sezzle's second quarter 2026 earnings call.

謝謝，各位下午好，歡迎參加 Sezzle 2026 年第二季財報電話會議。

I'm Charlie Yoakin, CEO and Executive Chairman of Sezzle. I'm joined today by our CFO, Lee Brady, my co-founder and company President, Paul Paradis, and head of IR in corporate development, Jack Fagan.

我是 Sezzle 的執行長兼執行董事長 Charlie Yoakin。今天與我一同出席的有我們的財務長 Lee Brady、我的共同創辦人兼公司總裁 Paul Paradis，以及企業發展部投資人關係主管 Jack Fagan。

In conjunction with this conference call, we filed our earnings announcement with the SEC and have posted it along with our earnings presentation on our investor website at sezzle.com.

配合本次電話會議，我們已向美國證券交易委員會（SEC）提交財報公告，並已將公告及財報簡報上傳至我們在 sezzle.com 的投資人網站。

To retrieve the documents, please go to the Investor Relations section of our website.

如需取得文件，請前往我們網站的投資人關係（Investor Relations）專區。

Please be advised of the cautionary note on forward-looking statements and the reconciliation of GAAP to non-GAAP measures included in the presentation, which also covers our statements on today's call.

請留意簡報中關於前瞻性陳述的警示說明，以及 GAAP 與非 GAAP 指標的調節表；這些內容同樣適用於我們今天電話會議中的陳述。

Okay, with the boilerplate completed, let's get started.

好的，例行聲明已完成，讓我們開始。

We know you can now see that 2026 is off to a great start.

大家現在可以看到，2026 年開局非常強勁。

I was remarking to our leadership team earlier this past quarter that our volume growth curves look a lot like they did back in 2020 and 2021, which was an amazing growth period for the company.

我在剛過去的這一季稍早對我們的領導團隊提到，我們的交易量成長曲線看起來很像 2020 與 2021 年，那是公司一段令人驚豔的高速成長期。

My tip off to that was our May GMV surpassing our December holiday GMV.

讓我察覺到這點的線索，是我們 5 月的 GMV 超過了 12 月假期旺季的 GMV。

In recent years, it had taken until August for the same sort of event to occur.

近幾年來，要到 8 月才會出現同樣的情況。

And as many of.

而且如同許多的。

Volume isn't our North Star, but it's a nice secondary indicator that our solutions are taking hold.

交易量並不是我們的北極星指標，但它是一個很好的次要指標，顯示我們的解決方案正在被市場採用。

In the second quarter, we made more strides toward improving those solutions and executing on their growth.

在第二季，我們在改善這些解決方案並推動其成長執行方面又更進一步。

We brought more consumers on the subscription platform in the quarter than we have ever done before.

本季我們導入訂閱平台的消費者數量，創下歷來單季新高。

And we improved the subscription offering, deepening the relationship with the customer once they've joined.

我們也強化了訂閱方案，讓客戶加入後能與我們建立更深的關係。

Sezzle Cash is a new offering only available to subscribers that allows them to smooth their cash flow needs with a product that feels familiar with the pay in four or pay in five payback period.

Sezzle Cash 是一項僅提供給訂閱者的新產品，讓他們能以一個熟悉的產品形式來平滑現金流需求，其還款期類似「分四期付款」或「分五期付款」。

Now the customer can access funds at an extremely low cost relative to alternatives and budget for the payback.

現在客戶可以以相較替代方案極低的成本取得資金，並為還款做好預算規劃。

As we're supporting our customers with products like Sezzle Cash, they become more loyal to our brand because we keep nailing the offering. In layman's terms.

當我們以 Sezzle Cash 這類產品支持客戶時，他們對我們品牌的忠誠度會提高，因為我們持續把產品做對。用白話說。

Our products get stickier, which is a damn good thing.

我們的產品黏著度更高了，這真的是一件非常棒的事。

We're also winning outside the product ecosystem.

我們也在產品生態系之外持續獲勝。

On slide 3, you'll see we continue to receive accolades by outlets that have recognized us before.

在第 3 張投影片上，你會看到我們持續獲得先前就曾肯定過我們的媒體頒發的獎項。

The CNBC named us one of the world's top fintech companies for 2026.

CNBC 將我們評選為 2026 年全球頂尖金融科技公司之一。

Newsweek included us on its America's best online platforms and US News recognized us as one of the best companies to work for in 2026.

Newsweek 將我們列入「美國最佳線上平台」，而《U.S. News》也將我們評為 2026 年最佳雇主公司之一。

We don't do this for the awards. But when the same outlets keep coming back, it tells us the product is working for our consumers and the culture is working for our team. Both of those matter.

我們不是為了得獎而做這些事。但當同樣的媒體一再回頭肯定我們，這告訴我們：產品對消費者有效、文化對團隊有效。兩者都很重要。

Now to the results.

接著看業績表現。

Second quarter GMV grew 37.9% year-on-year to a record $1.3 billion and total revenue grew 51.7% to $149.7 million.

第二季 GMV 年增 37.9%，達到創紀錄的 13 億美元；總營收年增 51.7%，至 1.497 億美元。

Net income was $40.8 million.

淨利為 4,080 萬美元。

A 27.2% profit margin, and adjusted EBITDA was $58 million, a 38.8% margin. Total revenue less transaction-related costs came in at 63.5% of total revenue, right in the upper half of the 55% to 65% range that we target.

淨利率 27.2%，調整後 EBITDA 為 5,800 萬美元，利潤率 38.8%。總營收扣除交易相關成本後，占總營收的 63.5%，落在我們目標 55% 至 65% 區間的上半部。

Given the strength in the first half and the momentum we're seeing across the platform, we are raising full year guidance again.

鑑於上半年表現強勁，以及我們在整個平台上看到的動能，我們再次上調全年財測指引。

We now expect total revenue growth of 35% targeting the upper bound of our prior 30% to 35% range. We are raising adjusted net income guidance to $185 million from $180 million and adjusted net income per diluted share to $5.25 from $5.10.

我們現在預期總營收成長 35%，目標為先前 30% 至 35% 區間的上緣。我們將調整後淨利指引由 1.80 億美元上調至 1.85 億美元，並將稀釋後每股調整後淨利由 5.10 美元上調至 5.25 美元。

Lee will give you more detail later in the call.

Lee 稍後會在電話會議中提供更多細節。

The engagement story behind those numbers is in the bottom right of the slide.

支撐這些數字的互動（engagement）故事在投影片右下角。

Active subscribers reached 854,000, up an incredible 76.4% year-over-year.

活躍訂閱者達到 854,000 人，年增驚人的 76.4%。

An average quarterly purchase frequency hit a record 7.2 times compared to 6.1 times in the second quarter of last year.

平均季度購買頻次創下 7.2 次的新高，相較去年第二季的 6.1 次。

Subscribers are our highest lifetime value users, and frequency is the metric that tells us whether the ecosystem is actually working.

訂閱者是我們終身價值最高的用戶，而購買頻次是用來判斷生態系是否真正運作的指標。

Both are moving in the right direction.

兩者都朝著正確方向前進。

Turning to Slide 4.

接著看第 4 張投影片。

We added 140,000 net new subscribers in the quarter. That's the largest quarter-over-quarter and year-over-year subscriber gain we've had since we launched the subscription program. That didn't happen by accident.

本季我們淨新增 140,000 名訂閱者。這是自我們推出訂閱計畫以來，單季環比與年比最大的訂閱者增量。這並非偶然。

As you can see on the chart, marketing spend was $19.4 million in the quarter.

如圖表所示，本季行銷支出為 1,940 萬美元。

We have said before that we would push marketing as far as we can while staying inside a six-month payback period, and the second quarter is us doing exactly that.

我們之前曾表示，只要能維持在六個月回收期內，我們就會盡可能加大行銷投入，而第二季我們正是這麼做。

Based on the core data we have so far. Payback is still under six months.

根據目前我們掌握的核心數據。回收期仍低於六個月。

That tells us something important about the virality and the value of the subscription suite. When we put more dollars to work, consumers convert and they stick.

這告訴我們一件重要的事：訂閱套件的病毒式擴散效應與價值都很強。當我們投入更多資金，消費者會轉化並且留下來。

I'd like to note that this was a deliberate step up to test out higher levels of marketing spend and not a new run rate.

我想特別說明，這是為了測試更高行銷支出水準而刻意提高的投入，並非新的常態支出水準。

We tested to see how far channels could stretch until we became less comfortable with the ROI.

我們測試各個渠道能拉到多高，直到我們對投資報酬率（ROI）感到不那麼安心為止。

We found that we could push levels of spend higher and still stay at the sub six-month payback.

我們發現，即使把支出水準推得更高，仍能維持低於六個月的回收期。

But even with that, we feel more comfortable with better ROIs on marketing spend.

但即便如此，我們仍更偏好在行銷支出上取得更好的 ROI。

I have always had a strong feeling that business is a bit art and a bit science.

我一直強烈認為，經營是一半藝術、一半科學。

And while the science says, yes, you can do this or even yes, you should do this, perhaps, our gut is telling us that we feel more comfortable with stronger return curves at lower levels of marketing spend.

即使從科學角度來看，答案是「可以這麼做」，甚至可能是「應該這麼做」，但我們的直覺告訴我們：在較低的行銷支出水準下，若能有更強的回報曲線，我們會更安心。

You can expect. A lower level of spend in Q3, all things being equal, but for us, it's never that simple. As we have just recently launched Sezzle Cash and are about to launch Sezzle Send.

你可以預期。在其他條件相同下，第三季的支出水準會較低，但對我們而言，事情從來沒那麼簡單。因為我們最近才剛推出 Sezzle Cash，並且即將推出 Sezzle Send。

The mandate to the team hasn't changed. If they find places to put dollars to work that stay within our payback threshold, we're going to test them.

對團隊的授權並沒有改變。如果他們找到能在我們回收期門檻內讓資金發揮效益的投放機會，我們就會去測試。

And even with that step up in spend in this quarter, we're still raising our bottom line guidance because the consumers we added this quarter begin paying back in the third and fourth quarters.

即使本季支出有所增加，我們仍上調了底線指引，因為我們在本季新增的消費者會在第三與第四季開始回本。

The other half of the equation is making the subscription itself worth more every quarter.

方程式的另一半，是讓訂閱本身每一季都更值得。

On last quarter's call, we announced the Sezzle Mobile plan, giving Sezzle Anywhere subscribers an unlimited 5G plan on AT&T's network starting at $29.99. At the end of the second quarter, we added another benefit, access to Sezzle cash.

在上一季的電話會議上，我們宣布了 Sezzle Mobile 方案，讓 Sezzle Anywhere 訂閱者可在 AT&T 的網路上使用起價 29.99 美元的無限 5G 方案。第二季末，我們又新增了一項福利：可使用 Sezzle Cash。

A new cash advance product that gives Anywhere subscribers a way to cover short-term liquidity needs through Pay-in-4 or Pay-in-5 with no down payment required.

這是一項新的現金預支產品，讓 Anywhere 訂閱者可透過 Pay-in-4 或 Pay-in-5 來滿足短期流動性需求，且不需要支付首付款。

Add in card-linked offers, more points and rewards and early access to beta products and the subscription keeps getting harder to walk away from.

再加上卡片連結優惠、更多點數與獎勵，以及搶先體驗 Beta 產品，這項訂閱就愈來愈難以放棄。

And as an added benefit in the coming quarter, Anywhere consumers will enjoy no service fees on federal cents.

此外，在接下來的一季，Anywhere 消費者將享有在 Sezzle Cent 上免收服務費。

However, we aren't only building value for subscribers, we're expanding what every consumer gets because retention and engagement matter across the whole base.

不過，我們不只是在為訂閱者打造價值；我們也在擴大每位消費者都能獲得的內容，因為留存與參與度對整個用戶基礎都很重要。

A lot of this we're doing through partnerships, which lets us bring benefits to everyday shoppers quickly rather than building everything ourselves as seen on Slide 5.

其中很大一部分是透過合作夥伴來完成，這讓我們能快速把福利帶給日常購物者，而不是像投影片 5 所示那樣凡事都自己打造。

That includes CardLink offers that reward virtual card spending at partner merchants, an expansion of cash back across more merchants.

這包括 CardLink 優惠：在合作商戶使用虛擬卡消費即可獲得回饋，以及將現金回饋擴展到更多商戶。

And daily actions like gamified surveys, trivia and giveaways that give consumers a reason to open the app even when they aren't shopping.

以及像是遊戲化問卷、益智問答與抽獎等每日活動，讓消費者即使不在購物時也有理由打開 App。

And on the monetization side, we're converting engagement we already have into revenue without changing the user experience.

在變現方面，我們把既有的參與度轉化為營收，而不改變使用者體驗。

The more value our consumers get from Sezzle, the more valuable they become to us.

消費者從 Sezzle 獲得的價值越多，他們對我們而言就越有價值。

Consumer value and shareholder value move together here, and that's the test we apply to every product decision.

在這裡，消費者價值與股東價值是同步前進的，而這就是我們用來檢驗每一項產品決策的標準。

You'll also see the merchant side of this.

你也會在商戶端看到這一點。

When we launched On Demand, we said it would help us win enterprise merchants because it lets us offer more competitive pricing to merchants with thinner margins.

當我們推出 On Demand 時，我們說它將幫助我們拿下企業級商戶，因為它讓我們能對毛利較薄的商戶提供更具競爭力的定價。

Enterprise sales cycles are long, so this takes time, but the strategy is starting to bear fruit.

企業銷售週期很長，因此需要時間，但這項策略已開始開花結果。

Recent enterprise wins include Poshmark, Gymshark, Debenhams, and several others.

近期拿下的企業客戶包括 Poshmark、Gymshark、Debenhams 等，以及其他數家。

Acquiring users and driving engagement matters in any consumer business, but what matters just as much to us is the pace at which we ship.

在任何面向消費者的企業中，獲取用戶並提升參與度都很重要，但對我們而言同樣重要的是產品交付的速度。

As you'll see on Slide 6, the second quarter was another busy one for our product and engineering teams.

如投影片 6 所示，第二季對我們的產品與工程團隊而言又是忙碌的一季。

We rolled out Sezzle Cash in June through a phased launch, reaching the full population of eligible Sezzle Anywhere subscribers by the end of the quarter.

我們在 6 月以分階段方式推出 Sezzle Cash，並在季末覆蓋到所有符合資格的 Sezzle Anywhere 訂閱者。

And coming in August, we plan to launch Sezzle Send, a peer-to-peer money transfer product that lets consumers send money by phone number. And either pay in full or use pay in five. The recipient receives the full amount upfront and doesn't need to be a Sezzle consumer to get the money.

而在 8 月，我們計畫推出 Sezzle Send，一項點對點轉帳產品，讓消費者可透過電話號碼匯款。並且可選擇一次付清或使用 Pay-in-5。收款人可立即收到全額款項，且不需要是 Sezzle 用戶也能收款。

So every send is a potential introduction to the platform.

因此，每一次轉帳都可能成為對平台的介紹。

Slide 7 goes deeper on both. Up to this point, almost everything we've built has been anchored to a purchase. Sezzle Cash and Sezzle Send aren't. They're about liquidity and moving money, everyday financial needs that have nothing to do with a checkout page.

投影片 7 會對兩者做更深入的說明。到目前為止，我們打造的幾乎所有東西都以「購買」為核心。Sezzle Cash 與 Sezzle Send 並非如此。它們關乎流動性與資金移轉，是與結帳頁面無關的日常金融需求。

We are continually expanding beyond our original point of sale offering and our never-ending race to increase the value of our platform to our stakeholders.

我們持續擴展，超越最初的銷售點（POS）產品，並在永無止境的競賽中提升平台對利害關係人的價值。

Sezzle Cash and Sezzle SEN do three things for us: drive virality, increase attraction to the platform and improve retention to the platform by bringing consumers back into Sezzle for reasons other than shopping and by offering more value to them.

Sezzle Cash 與 Sezzle SEN 對我們有三項作用：帶動病毒式擴散、提升平台吸引力，並透過讓消費者因購物以外的理由回到 Sezzle、同時提供更多價值，來改善平台留存。

As we continue to increase our value to the consumer, we'll continue to earn more share in their wallet.

隨著我們持續提升對消費者的價值，我們也將持續在他們的錢包份額中取得更多占比。

Although Sezzle Cash just launched, the initial signal is encouraging.

雖然 Sezzle Cash 才剛推出，但初步訊號令人鼓舞。

The average advance size is approximately $165 and nearly 10% of eligible new subscribers are requesting an advance as their first transaction in the Sezzle Anywhere ecosystem.

平均預支金額約為 165 美元，且近 10% 符合資格的新訂閱者在 Sezzle Anywhere 生態系中的第一筆交易就是申請預支。

That tells us the product is pulling in consumers we might not have reached through our traditional offering alone.

這告訴我們，該產品正在吸引一些僅靠我們傳統產品可能觸及不到的消費者。

On Sezzle Send.

關於 Sezzle Send。

I think most of us on this call use the money transfer product.

我想在座多數人都使用過轉帳產品。

So we all understand the virality of these platforms.

所以我們都理解這類平台的病毒式擴散特性。

Our twist is to take the burden off the transfer.

我們的做法是把負擔從轉帳者身上移開。

A consumer can send 100% of the money to their friend upfront and repay us through Payin5.

消費者可以先把 100% 的款項立即轉給朋友，然後透過 Payin5 來償還我們。

And because the recipient doesn't need a CSL account to get the money, every send is a potential low-cost acquisition in a new acquisition channel our consumers drive for us.

而且因為收款人不需要 CSL 帳戶就能收款，每一次轉帳都可能成為低成本獲客的機會，形成一個由我們的消費者替我們推動的新獲客渠道。

For Sezzle Anywhere subscribers, we waived the service fee on PAN 5 entirely in Sezzle Send. And for non-subscribers, the fee is de minimis, around $3 for $100. Unlike Sezzle Cash, we made the send product available to non-subscribers because of the virality it can help us create.

對 Sezzle Anywhere 訂閱者，我們在 Sezzle Send 中完全免除 Pay-in-5 的服務費。而對非訂閱者，費用極低，大約每 100 美元收 3 美元。不同於 Sezzle Cash，我們讓非訂閱者也能使用 Send 產品，因為它能幫助我們創造病毒式擴散。

But even though the fee for non-subs is small, it's still another reason to be a subscriber and another screen in our app where we can convert the consumer into a subscriber.

但即使非訂閱者的費用很小，這仍是成為訂閱者的另一個理由，也是我們 App 裡另一個可以把消費者轉化為訂閱者的頁面。

I'll add the caveat I'd want to hear as an investor. As with any new lending product, we're being conservative early and still fine-tuning the underwriting.

我補充一點，這是我作為投資人也會想聽到的提醒。和任何新的放款產品一樣，我們在初期會採取保守策略，並仍在微調授信審核。

So I'll spoil part of Lee's narrative and tell you now that our guidance does not assume material upside from Sezzle Cash and assumes zero contribution from Sezzle Cent.

所以我先透露 Lee 敘述中的一部分：我們的指引並未假設 Sezzle Cash 帶來顯著上行，且假設 Sezzle Cent 的貢獻為零。

A couple items about Sezzle Cent. First, we've already got about 100K users on the waitlist.

關於 Sezzle Cent 有兩點。第一，我們的候補名單上已經有大約 10 萬名用戶。

Our users are excited about it.

我們的用戶對它感到興奮。

And second. It's the first product we produced where the vast majority of the build was AI driven and a small team has taken it from concept to launch ready in a matter of weeks rather than months, a product that moves real money between real people built by AI.

第二。這是我們推出的第一個產品，其絕大部分開發是由 AI 驅動；一個小團隊在數週而非數月內就把它從概念推進到可上線狀態——一個由 AI 打造、能在真實的人與人之間移轉真實資金的產品。

A couple of years ago, that would have been a research project.

幾年前，這會是一個研究專案。

For us, it was one quarter's worth of work, which leads us to Slide 8.

對我們而言，這是一季的工作量，這也帶我們進入投影片 8。

AI is embedded across this platform now, and I want to give you real numbers rather than talking points.

AI 現在已嵌入整個平台，我想提供真實數字，而不只是一些說法。

On the consumer side, our AI support chatbot is deflecting 68% of consumer inbounds.

在消費者端，我們的 AI 支援聊天機器人已分流了 68% 的消費者進線。

And I'd note that the bot is scoring a higher CSAT than our human agents on those answers.

我也要指出，在這些回覆上，機器人的 CSAT 評分高於我們的人類客服專員。

That frees our people up for the complex issues that generally need a person.

這讓我們的人力能騰出時間處理通常需要真人介入的複雜問題。

Our AI shopping assistant within our Discover tab is driving a 3.6 times product click-through rate versus control.

我們在 Discover 分頁內的 AI 購物助理，相較於對照組帶來 3.6 倍的產品點擊率。

And it's now live for 80% of Settle Anywhere users with plans to expand to all consumers.

目前已對 80% 的 Settle Anywhere 使用者上線，並計畫擴展至所有消費者。

Internally, we've become an organization that effectively requires AI in the workflow.

在內部，我們已成為一個在工作流程中實質上需要 AI 的組織。

It's the expectation for every employee, and the team has taken that to heart.

這已成為每位員工的期待，而團隊也確實把這件事放在心上。

As new models roll out, I expect all of our internal KPIs. Not just a few listed on the right side of the slide to get better and our teams to do more with the same headcount.

隨著新模型推出，我預期我們所有的內部 KPI。不只是投影片右側列出的少數幾項，都會變得更好，而我們的團隊能在相同人力編制下做得更多。

My first boss out of school told me, speed, quality, and cost picked two out of three.

我剛出社會時的第一位主管告訴我：速度、品質、成本，三者只能選其二。

With AI, Acezzle is taking all three.

有了 AI，Acezzle 三者兼得。

That brings me to slide 9. We're building fast, shipping quickly, and putting more product in front of consumers every quarter, and that pace compounds.

接著我來到第 9 頁投影片。我們快速開發、迅速出貨，每一季把更多產品帶到消費者面前，而這樣的節奏會持續複利累積。

It shows up directly in the year-over-year engagement metrics.

這也直接反映在年對年互動指標上。

MODS increased 234,000 year-over-year to 982,000.

MODS 年對年增加 234,000，達到 982,000。

Quarterly purchase frequency reached a new high of 7.2 times, up 1.1 turns.

季度購買頻率創新高至 7.2 次，增加 1.1 次。

And repeat usage was 97.2% of total orders, up 80 basis points.

重複使用占總訂單的 97.2%，提升 80 個基點。

While these numbers continue to step up every quarter, the one I'd like to point out to you is the bottom left. The average quarterly revenue per monetized user increased 16.2%.

雖然這些數字每一季都在提升，但我想特別指出的是左下角。每位變現使用者的平均季度營收增加了 16.2%。

Growth is coming from a larger user base, but it's also coming from consumers who engage with us more often and generate better economics over time.

成長來自更大的使用者基礎，但也來自更頻繁與我們互動、並隨時間推移帶來更佳經濟效益的消費者。

Those two things working together are the whole model.

這兩件事相互作用，就是整個模式的核心。

It's multiplication, not addition. A bigger base and a more valuable consumer within it compound on each other, and that's what we're building for over the long run.

這是乘法，而不是加法。更大的基礎與其中更有價值的消費者彼此複利增長，這就是我們長期要打造的方向。

We are still early in what Sezzle can become for the value-focused consumer, but the flywheel is getting stronger every quarter.

對於重視價值的消費者而言，Sezzle 未來能成為什麼，我們仍處於早期階段，但這個飛輪每一季都在變得更強。

With that, I'll turn it over to Lee to walk you through the numbers in more detail.

接下來我把時間交給 Lee，請他帶大家更詳細地看數字。

Thanks, Charlie. I will get started on slide 10. It's exciting to see the hard work and effort put in by our team that says will pay off.

謝謝，Charlie。我將從第 10 頁投影片開始。看到團隊投入的辛勤努力與付出將會開花結果，令人振奮。

Q2 revenue increased 51.7% year over year, net income rose 47.7% year over year, and adjusted net income expanded by 58.4% year over year.

第二季營收年增 51.7%，淨利年增 47.7%，調整後淨利年增 58.4%。

Growth did not come at the sacrifice of margins, as we have always said that we will not grow for growth's sake.

成長並非以犧牲利潤率為代價，因為我們一直強調不會為了成長而成長。

We take bottom line profitability seriously, if not more so than top-line growth.

我們非常重視底線獲利能力，甚至不亞於對營收成長的重視。

Total revenue less transaction-related costs as a percentage of total revenue increased 240 basis points to 63.5%, which is at the upper end of our 55% to 65% target range.

總營收扣除交易相關成本占總營收的比例提升 240 個基點至 63.5%，位於我們 55% 至 65% 目標區間的上緣。

Revenue growth plus EBITDA margin puts us right at a score of 91 for the rule of 40, exceeding our 82 score for Q1.

營收成長加上 EBITDA 利潤率，使我們在「40 法則」下的分數正好達到 91，超過第一季的 82 分。

On Slide 11, you can see the strong momentum in our business. Q2 GMV grew 15.1% sequentially, 37.9% year-over-year and exceeded our Q4 2025 holiday season peak.

在第 11 頁投影片，你可以看到我們業務的強勁動能。第二季 GMV 季增 15.1%、年增 37.9%，並超越我們 2025 年第四季假期旺季的高峰。

Q2 revenue rose 51.7% as revenue yield expanded 110 basis points year-over-year to 11.7%.

第二季營收成長 51.7%，因營收收益率年增 110 個基點至 11.7%。

For 2026, we expect our revenue yield will be similar to 2025's yield of 11.4%.

對於 2026 年，我們預期營收收益率將與 2025 年的 11.4% 類似。

Therefore, we project our revenue yield will continue to step down sequentially for the remainder of 2026 with Q4 being the seasonal low point.

因此，我們預估 2026 年剩餘期間的營收收益率將持續呈現逐季下滑，而第四季將是季節性低點。

Turning to our unit economics on slides 12 through 14. As a reminder, transaction related costs is a non-GAAP measure that combines transaction expense, provision for credit losses and net interest expense. You might also hear us refer to revenue less transaction related costs as net transaction margin or gross margin.

接著看第 12 至第 14 頁投影片的單位經濟。提醒一下，交易相關成本是一項非 GAAP 指標，包含交易費用、信用損失準備以及淨利息費用。你也可能聽到我們把「營收扣除交易相關成本」稱為淨交易毛利或毛利。

For those that listened to our Q1 earnings call, you heard us belabor the point about the seasonality in our business regarding the revenue yield and provision.

如果你有收聽我們第一季財報電話會議，你會聽到我們反覆強調，關於營收收益率與提列準備在我們業務中的季節性。

As a quick reminder, revenue yield. Tends to be the highest in Q1 and lowest in Q4, while the provision for credit losses typically reaches its lowest point in Q1 and rises throughout the year.

快速提醒一下：營收收益率。通常第一季最高、第四季最低；而信用損失準備通常在第一季達到最低點，並在全年逐步上升。

This is evident on slide 13. You can see that transaction expense and net interest expense are relatively static as a percentage of GMV compared to the provision for credit losses.

這在第 13 頁投影片上很明顯。你可以看到，相較於信用損失準備，交易費用與淨利息費用占 GMV 的比例相對穩定。

Again, Q1 tends to be a seasonal low point in the provision led by the tax refund season.

同樣地，第一季通常是提列準備的季節性低點，主要受退稅季帶動。

The increase in the provision is not unexpected, and I want to remind everyone of two things when we consider provision and its impact on our financials.

準備金的增加並不令人意外；在我們考量準備金及其對財務報表的影響時，我想提醒大家兩點。

First, we target a 55% to 65% net transaction margin, which is inclusive of the provision. And second, we expect the full-year provision to be in the range of 2.5% to 3% of GMV.

第一，我們的淨交易毛利目標為 55% 至 65%，其中已包含準備金。第二，我們預期全年信用損失準備將落在 GMV 的 2.5% 至 3% 區間。

We are good on both accounts.

這兩點我們都達標。

We finished Q2 with a net transaction margin of 63.5%, which is at the high end of our target range. And we expect the provision for credit losses will be in the 2.5% to 3% range for 2026.

第二季我們的淨交易毛利為 63.5%，位於目標區間的高端。我們也預期 2026 年的信用損失準備將落在 2.5% 至 3% 的區間。

So yes, we can have a provision in a quarter that goes above the 3% level.

所以，是的，我們某一季的準備金可能會高於 3% 的水準。

Before moving on, I want to emphasize the increase in provision was expected due to seasonality and our push to bring on new users.

在往下之前，我想強調：由於季節性以及我們推動新增使用者的策略，準備金的上升是預期之內。

As Charlie noted in his comments, we had a record quarter over quarter and year over year gain in the number of net new subscribers.

如 Charlie 在評論中提到，我們在淨新增訂閱者數方面，創下了季對季與年對年的單季增幅紀錄。

As a result, we had more new consumers utilizing the platform and with new users comes higher provisioning.

因此，有更多新消費者使用平台；而新使用者增加通常會帶來較高的準備提列。

Our hyper focus on cost does not stop at the unit economic line. It also extends to our non-transaction related operating expenses as shown on slide 15.

我們對成本的高度聚焦不僅止於單位經濟這一層。也延伸到我們的非交易相關營運費用，如第 15 頁投影片所示。

Non-transaction related operating expenses consist of personnel, third-party tech and data, marketing, and G&A.

非交易相關的營運費用包括人事、第三方技術與數據、行銷，以及一般與行政（G&A）。

The bulk of the expense is driven by personnel and marketing. Like last quarter, we more than doubled our marketing spend year over year. As Charlie noted earlier, as long as the math works for a less than six-month payback, we will continue spending.

費用的大宗主要由人事與行銷所驅動。與上季相同，我們的行銷支出年增超過一倍。如 Charlie 先前所提，只要回收期的數學算得過、少於六個月，我們就會持續投入支出。

I'm guessing the marketing spend might be more than most people modeled for, but the results speak for themselves.

我猜行銷支出可能高於多數人模型中的預期，但結果不言自明。

New highs in active consumers, subscribers, and GMV.

活躍消費者、訂閱用戶與 GMV 均創新高。

Further, we were still able to raise our net income and EPS guidance while removing the low end of our revenue guidance despite the significant growth in marketing and expenditure.

此外，儘管行銷與支出顯著成長，我們仍能在移除營收指引下緣的同時，上調淨利與 EPS 指引。

A large incremental increase in spending can be a headwind initially but will start paying dividends for us over the coming quarters.

支出的大幅增量起初可能形成逆風，但在接下來幾個季度將開始為我們帶來回報。

On an apples-to-apples basis, we do expect our core marketing spend to decrease from Q2 to Q3. However, we are in the middle of launching two important products, Sezzle Cash and Sezzle Send. We have done little to no marketing for either of these, so it will require some basic awareness expense.

在可比基礎下，我們確實預期核心行銷支出將從第二季下降至第三季。不過，我們正處於兩項重要產品 Sezzle Cash 與 Sezzle Send 的推出中。我們對這兩項產品幾乎沒有做行銷，因此需要一些基本的知名度推廣費用。

And we will let the payback map dictate the magnitude of the spend.

而我們會讓回收期地圖（payback map）來決定支出的規模。

We did incur minor costs related to our corporate strategic projects during the quarter. On May 11th, the U.S. District Court granted in part and denied in part the defendant's motion to dismiss our antitrust suit.

本季我們確實產生了與公司策略性專案相關的少量成本。5 月 11 日，美國地方法院就被告提出的駁回我們反托拉斯訴訟之動議，作出部分准許、部分駁回的裁定。

Most notably, the court denied the motion to dismiss our claims of monopolization and attempted monopolization under the Sherman Act and the parallel claims under Minnesota Antitrust Law and the Minnesota Deceptive Practices Act.

最值得注意的是，法院駁回了針對我們依《謝爾曼法》提出的壟斷與企圖壟斷主張之駁回動議，以及依明尼蘇達州反托拉斯法與明尼蘇達州欺騙性商業行為法提出的平行主張之駁回動議。

We are now entering the discovery phase, which is expected to go through 2027.

我們現在正進入證據開示（discovery）階段，預計將持續至 2027 年。

The banking charter process continues to roll forward and we are planning to submit our application for a national bank charter this quarter.

銀行特許（charter）流程持續推進，我們計畫在本季提交申請全國性銀行特許。

I believe we have one of the cleanest income statements when it comes to add-backs and adjustments. You can see on slide 16 very little difference between net income and adjusted net income.

我認為就加回（add-backs）與調整項而言，我們的損益表是最乾淨的之一。你可以在第 16 頁投影片看到，淨利與調整後淨利之間幾乎沒有差異。

Most of the differences are attributable to discrete tax items recognized in each quarter.

差異大多可歸因於各季度認列的個別稅務項目。

Further, you can see the seasonality of our numbers with Q1 followed by Q4 as typically the best bottom line performing quarters.

此外，你也可以看到我們數字的季節性：通常第一季，其次第四季，是底線表現最好的季度。

We are well capitalized and positioned with plenty of liquidity and very low leverage as seen on Slide 17. At quarter end, we had over $205 million in liquidity between unrestricted cash and availability under our new $300 million line of credit.

如第 17 頁投影片所示，我們資本充足、定位良好，具備充裕流動性且槓桿非常低。截至季末，我們在不受限制現金與新設 3 億美元循環信用額度可用額度之間，合計流動性超過 2.05 億美元。

Our total debt to trailing 12-month adjusted EBITDA stands at only 0.5 times, and our total debt to equity is also only 0.5 times.

我們的總負債相對於過去 12 個月調整後 EBITDA 僅為 0.5 倍，而總負債對股東權益也僅為 0.5 倍。

I'm sure by now everyone has already checked out Slide 18 and therefore is quite aware of our updated guidance. We are really excited about the momentum in our business and believe some of that is captured in our updated guidance.

我相信到現在大家都已經看過第 18 頁投影片，因此也很清楚我們更新後的指引。我們對業務動能感到非常振奮，並相信更新後的指引已反映其中一部分。

I'll make a couple of comments before passing the call over to the operator for Q&A.

在把電話交給接線員進行問答之前，我先補充幾點。

Our guidance does not take into consideration subtle sin. As that product is just getting to the launchpad.

我們的指引未將 subtle sin 納入考量。因為該產品才剛要進入發射台。

Additionally, the guidance has very little impact from our recent launch of Suzzle Cash. Suzzle Cash has been a measured rollout in terms of marketing and risk, so it is still too early to put much emphasis on it in our guidance.

另外，指引幾乎未反映我們近期推出的 Suzzle Cash 的影響。Suzzle Cash 在行銷與風險方面採取審慎、循序的推廣，因此現在就把它在指引中放很重的比重仍為時過早。

I would now like to turn the call over to the operator for Q&A.

我現在想把電話交給接線員進行問答。

( Operators Instructions )

（接線員指示）

The first question comes from Mike Grundall with Norton Capital. Please go ahead.

第一個問題來自 Norton Capital 的 Mike Grundall。請開始提問。

Hi, this is Mike Pichujon from Mike Grundall. Thanks for taking the questions.

嗨，我是 Mike Pichujon，代 Mike Grundall 發問。謝謝讓我提問。

Maybe just on the bank charter, can you remind us what a typical timeline might look like for that application process?

先問一下銀行特許的部分，你能否提醒我們該申請流程一般的時間表大概會是什麼樣子？

Well, the OCC has been pounding the table that from application to conditional approval or conditional decision is around 120 days or basically, I guess, mandated at 120 days. But that's not the end of the process. You also have to go through FDIC approval and Fed approval.

嗯，OCC 一直強調，從申請到有條件核准或有條件決定大約是 120 天，或基本上我想是規定為 120 天。但那不是流程的終點。你還必須再經過 FDIC 核准以及聯準會（Fed）核准。

I would say our expectations are 12 to 18 months in total.

我會說我們的預期是總共 12 到 18 個月。

I think we're being a little bit conservative with that. But we view that as if we get our national charter in the next 18 months, we feel pretty good about the entire process.

我想我們在這方面稍微保守一些。但我們的看法是，如果能在未來 18 個月內取得全國性特許，我們對整個流程會感到相當有把握。

Got it. Makes sense.

了解。很合理。

And then on the new partnership funnel, if you could just characterize that maybe versus six months ago or a year ago, anything to call out there?

再來關於新的合作夥伴漏斗（pipeline），如果你能描述一下相較於六個月前或一年前的情況，有沒有什麼值得特別指出的？

Well, I would just say just in general, a lot stronger with a lot of nice enterprise names on the partnership side.

嗯，我會說整體而言強很多，合作夥伴端有不少很不錯的企業級名稱。

I think on-demand has a lot to do with that. And also our strong lifetime values of our consumers.

我認為 on-demand 在其中扮演很大角色。還有我們消費者很強的終身價值（LTV）。

That math all goes in the equation. On-demand goes in the equation for the merchant side.

這些數學都會納入方程式。對商戶端而言，on-demand 也會納入方程式。

It helps us model better pricing for merchants that are sensitive to cost, which brings many more merchants into the fold.

它幫助我們為對成本敏感的商戶更好地建模定價，從而把更多商戶納入體系。

And. On our side because our subscription products are, such strong products for us on the consumer side, we do model in, winning these merchant deals and what percentage of those consumers will go into those products. And that also helps us with, more aggressive pricing, more aggressive deal making.

而且。就我們這邊而言，由於我們的訂閱產品在消費者端對我們非常強，我們在建模贏得這些商戶合作案時，也會納入其中有多少比例的消費者會進入這些產品。這也幫助我們採取更積極的定價、更積極的交易談判。

And I think, all in all, I think that that's helping quite a bit. I don't know, Paul, anything to add to that?

我想整體來看，這確實帶來相當大的幫助。我不知道，Paul，你要補充什麼嗎？

I would just add to that, we started to be added alongside other BNPL providers over the last two, three years, early days, a merchant would commit to one exclusively. And so as we create successful case studies that show that adding a second or third brings incremental sales, it's accelerated the enterprise sales funnel. So we expect it to continue to improve.

我補充一下：過去兩三年我們開始被加入到其他 BNPL 供應商的選項中；在早期，商戶往往會獨家承諾只選一家。因此，當我們建立成功案例、證明加入第二家或第三家能帶來增量銷售時，就加速了企業級銷售漏斗。所以我們預期它會持續改善。

Thanks, guys.

謝謝，各位。

The next question comes from Hal Gutsch with BLV Securities. Please go ahead.

下一個問題來自 BLV Securities 的 Hal Gutsch。請開始提問。

Hey, guys. A couple of questions on the new products. And I know you partnered with Pagaya for some larger loan offerings. You've got Pay and FY. And we have the two new initiatives you just announced today. Could you tell us maybe what's embedded in your outlook for some of those products?

嘿，各位。關於新產品我有幾個問題。我知道你們與 Pagaya 合作推出一些較大額的貸款方案。你們有 Pay 和 FY。以及今天剛宣布的兩項新計畫。你們能否告訴我們，在你們對其中一些產品的展望中，大概納入了哪些假設？

Lee, I'll leave it to you on that one. We've already mentioned a couple of those, Hal, so Fezl's and Fezl's cash, not a lot, but Lee, anything to add to that?

Lee，這題我就交給你來回答。我們已經提到其中幾個了，Hal，所以是 Fezl 的以及 Fezl 的現金，金額不大；但 Lee，你還有什麼要補充的嗎？

Yeah, and I think, Hal, you were asking about Pagaya too. And Pagaya is helpful, but it's not, I'd say, not a material impact at this point.

對，而且我想，Hal，你也在問 Pagaya。Pagaya 是有幫助的，但我會說，就目前而言影響並不重大。

So, yeah, nothing insignificant from those. I would say that materially moved the needle.

所以，是的，這些都沒有什麼不容忽視的。我會說沒有任何一項在實質上改變局勢。

And on the marketing spend, are you suggesting that like the payoff is so good that you're going to continue this kind of maybe dollar spend or even take that up because the.

另外關於行銷支出，你的意思是回收效果非常好，所以你會繼續維持這種、可能是相同的美元支出水準，甚至提高，因為……

Numbers were pretty powerful sequentially in the seasonally week quarter, generally seasonally week. I mean, it was one of your largest dead-adds in a non-holiday quarter ever.

這些數字在季節性偏弱的季度中，按季比較其實相當強勁，整體來說也是季節性偏弱。我的意思是，這是你們在非假日季度中有史以來新增用戶數最高的季度之一。

I think it depends, Hal.

我想這要看情況，Hal。

Basically, the way we're viewing it is.

基本上，我們的看法是這樣。

I always like to look at visuals or think of visualizations, and I think we're hitting the gas in the car just to kind of see how the car reacted if we did it and just like what the cohort pumping through would look like. And so I think from that perspective, we're letting off the gas a little bit, all things being equal. But that's why we mentioned all things aren't equal because we have Sezzle Send launching, we have Sezzle Cash. Sezzle Cash, we haven't even started marketing externally yet. It's just marketing internally to our existing cohorts and. Customers, seeing pickup rates, seeing reactivation rates. So we're really not even spending externally on that product at this time. So, I think if you subtract several cash little send, I'd probably expect a lower level on the volume basis of marketing spend just because we wanted to pump that cycle through and see how the cohorts run out. But what we're seeing from the cohorts running out is it is a sub six months return on investment.

我一向喜歡用畫面來看或用視覺化來思考；我覺得我們就像在車上踩油門，主要是想看看車子在我們這麼做時會怎麼反應，以及讓這些 cohort（同批用戶）跑過去後會呈現什麼樣子。所以從這個角度來看，在其他條件不變的情況下，我們會稍微鬆一點油門。但我們才會說「其他條件不變」其實不成立，因為我們要推出 Sezzle Send，也有 Sezzle Cash。Sezzle Cash 我們甚至還沒開始對外行銷。目前只是對內、針對既有 cohort 做行銷，並且……觀察採用率、觀察再啟用率。所以就這個產品而言，我們目前其實沒有在外部投放行銷費用。因此，我想如果把 Sezzle Cash 和 Sezzle Send 扣掉，我大概會預期以量的角度來看，行銷支出水準會更低一些，因為我們只是想把這個循環跑一遍，看看各 cohort 的表現。但我們從 cohort 的表現看到的是，投資報酬回收期不到六個月。

That being said.

話雖如此。

I think we just feel a little bit more comfortable not going near the six month or not going as near the six month edge. So that's another reason it's a little bit the pullback. So some of it is just seeing the engine react. Some of it is just we feel a little bit more comfortable pulling it back. But then again, the reason I caveat is because now we got these two products launching and with those two products launching and pushing out a little bit more, that might be the offset that leads to a little bit higher spending level.

我想我們只是覺得更安心一些，不要太貼近六個月、或不要那麼靠近六個月的臨界點。所以這也是我們稍微回收一點的另一個原因。所以其中一部分是想看看引擎的反應。另一部分是我們覺得拉回來一點更安心。但我之所以要加註，是因為現在有兩個產品要上線；而這兩個產品上線、再多推進一些，可能會抵銷前述拉回，讓支出水準略高一些。

Does that make sense?

這樣有道理嗎？

Thanks, guys.

謝謝各位。

Thank you very much.

非常感謝。

The next question comes from Ryan Tamasawa with KBW. Please go ahead.

下一題來自 KBW 的 Ryan Tamasawa。請發問。

Thanks, everyone. Congrats on a good quarter.

謝謝各位。恭喜這一季表現不錯。

Also wanted to ask about the thought process around the marketing spend. Maybe just help us understand.

也想問一下你們對行銷支出的思考脈絡。也許可以幫我們理解一下。

Why pull back if the payback is so strong?

如果回收期這麼強，為什麼要拉回？

I know that a few of your peers that also focus on the lower income category have also been leaning heavily into customer acquisition. So curious if there were any signals that were suggesting pressure on the payback and why not run rate 2Q into the second-half. And then just looking at the second-half guidance, obviously still really solid growth, but I think maybe. The hope would have been that there would have been some more meaningful flow-through of the growth momentum in the second-half. So just help us understand what's driving the deceleration into -- sorry, in second-half revenue growth as well. Thanks.

我知道你們有些同業也同樣聚焦在較低收入族群，最近也都很積極投入客戶獲取。所以好奇是否有任何訊號顯示回收期承壓，以及為什麼不把第二季的 run-rate 延續到下半年。另外再看下半年指引，顯然成長仍然很扎實，但我想可能……原本會希望下半年能更有感地承接這股成長動能、帶來更明顯的流量/利潤傳導。所以也請幫我們理解一下，下半年營收成長放緩的原因是什麼——抱歉，是指下半年營收成長的放緩。謝謝。

Well, in marketing spend, again, it's just a level of comfort. The six-month is our edge.

嗯，關於行銷支出，再說一次，主要是舒適度的問題。六個月是我們的臨界點。

And the closer you get to your edge, the tighter the. The higher the risk reward, I guess, near that edge. So that's part of the reason for maybe a little bit of a pullback in our mind, but we also want to see it pulse through. Again, this takes six months to get the return.

而你越接近臨界點，風險就越……我想是越接近那個邊界時，風險報酬就越緊繃、越高。所以這是我們心中可能稍微拉回的一部分原因；但我們也想看它完整跑過一個週期。再說一次，這需要六個月才能看到回收。

And if you're off by 30%. It's not six months, it's seven something months, eight months. And you don't know that until you get a little bit further down the month on month on month line. And so that's why I was kind of the analogy of like pumping the gas on the car. We wanted to kind of hit the gas in the car, push that cycle through. Let's see how it looks as it cycles through. And as we start to feel more comfortable, confident.

如果你偏差了 30%。那就不是六個月，而是七個多月、八個月。而你要等到月復一月、一路往下看，才會知道。所以我才用「踩油門」的比喻。我們想在車上踩一下油門，把這個循環推過去。看看它在循環過程中的樣子。當我們開始覺得更安心、更有信心時。

I think maybe the next time we go about an exercise like this, we might need feather on it a little bit slower instead of just pumping on a cycle like that. And then as far as the guidance or the growth, I don't know, Lee, if you have any touch on that.

我想也許下一次我們再做類似的操作時，可能需要更慢、更細緻地「輕踩」油門，而不是像這樣用一個週期去猛踩。至於指引或成長部分，我不確定 Lee 你是否要補充。

Yeah, and just following up too on your comments on Mark, I think you kind of touched on it, Dan, was more of a smoothing, right? You don't want to accelerate too hard at one time. And so just a more steady process with it as well, just managing that. But from the guidance standpoint, yeah, I mean, we guided here, got rid of the low end of our revenue guidance, did bump up our bottom line guidance. So, yeah, second-half, you do the basic math, right? First half, we were up 40% year over year, 48% on net income. 40% on revenue and guiding kind of 30% up here in revenue for the top-line and then bottom line 40%. We feel very confident in those. We've talked about too not having some certain things in there at this point in time in our guidance.

對，另外也接續你對 Mark 的評論，我想你其實已經提到了，Dan，這更像是一種平滑化（smoothing），對吧？你不希望一次加速得太猛。所以也會用更穩健的節奏來推進，同時做好管理。但就指引而言，是的，我們這次給出的指引，已經把營收指引的下緣拿掉了，並且也上調了我們的獲利端指引。所以，是的，下半年你做基本的數學就知道：上半年我們年增 40%，淨利年增 48%；營收年增 40%，而我們對營收（top-line）的指引大概是年增 30% 左右，獲利端（bottom line）則是 40%。我們對這些都非常有信心。我們也提過，目前在指引中還沒有納入某些特定事項。

So that will to be determined as we go through the remaining quarters.

所以接下來幾季走著看，屆時再決定。

That's all very helpful. And then in terms of the -- Charlie, how you're thinking about the overall.

這些都很有幫助。那接著就——Charlie，關於你如何看待整體……

Growth algorithm for the business over the next year or so.

未來一年左右的業務成長演算法。

And also looking at this disclosure in the slide deck that I think is new, the average quarterly revenue per monetized user, looks like the mix of revenue growth in the quarter was, call it two-thirds user growth and one-third ARPU.

另外我也在看你們投影片簡報裡這項我認為是新的揭露：每位已變現用戶的平均季度營收（ARPU），看起來本季營收成長的組成大概是，約三分之二來自用戶成長、三分之一來自 ARPU。

Is that kind of a mix that you feel comfortable with going forward or should that maybe balance out heading into the back half of the year as you pull back on the marketing and baking in these new products, just trying to understand that growth algorithm? Thanks.

這樣的組合是你們未來也覺得舒服的嗎？還是說，隨著你們在下半年回收行銷投入、並把這些新產品納入常態，這個比例可能會更趨於平衡？只是想理解一下那個成長演算法。謝謝。

I hear what you're saying, Ryan.

Ryan，我明白你的意思。

I guess from my perspective, I don't really totally focus on that kind of split. I guess when I'm focusing on us growing the business, it's really about.

我想就我的角度而言，我不會把重點完全放在那種拆分上。我想當我在關注我們如何成長業務時，重點其實是。

Launching products and executing on existing products in a way that is showing that it's providing interest and value to the consumer.

推出產品，並以能夠展現其對消費者提供興趣與價值的方式，去執行既有產品。

So we basically looked at like take up rates of products, attraction rates to products, like for instance, paying five, an absolute home run.

所以我們基本上會看像是產品採用率、產品吸引力指標；例如 Pay in 5，就是一個絕對的大成功。

We said it from the start.

我們從一開始就這麼說。

It seems like it doesn't make sense to maybe the credit card user who's not maybe a BMPL user.

對於可能不是 BNPL 用戶的信用卡用戶來說，這看起來也許不太合理。

But we saw it early with surveys. Our customers really want to pay in five.

但我們很早就從調查中看到了。我們的客戶真的很想用 Pay in 5。

We had really high engagement rates on the product. We launched it. We saw it play through.

這個產品的互動率非常高。我們推出了它。也看到它的成效一路展現出來。

I think with Sezzle Cash, we saw some of the same dynamics with surveys. And we played it through, a lot of our customers are uptaking it. I don't know if people caught the comment we made during the call, but Sezzle Anywhere, the subscribers when they first joined it.

我認為在 Sezzle Cash 上，我們也從調查中看到一些相同的動態。而我們也把它推進落地，很多客戶正在採用。我不知道大家有沒有注意到我們在電話會議中提到的一點：Sezzle Anywhere 的訂閱者在剛加入時。

10% of the customers that are joining Sezzle Anywhere, their first transaction is a Sezzle cash transaction.

加入 Sezzle Anywhere 的客戶中，有 10% 的人第一筆交易就是 Sezzle Cash 交易。

And I mean, I think that's pretty incredible, especially the fact that we're not even like leading with it at the moment. It shows how much interest there in that type of a cash flow product.

我的意思是，我覺得這非常驚人，尤其是我們目前甚至沒有把它當作主打。這顯示出大家對那種現金流產品的興趣有多高。

And then Sezzle Send, I think that's a product that we have a really good sense that the customer wants. I mean, the waitlist is already over 100,000 on the waitlist.

然後是 Sezzle Send，我認為這是一個我們很有把握客戶想要的產品。我的意思是，候補名單已經超過 100,000 人。

Which is really exciting. We've basically just launched the wait list. So the uptake on that is really exciting. And so with Sedzl Send, we have another avenue for providing value to existing customers, but also acquiring new customers because as those customers use our product with P2P, they can send it to new customers or new potential customers, non-Sedzl users to accept their funds and get introduced into our platform. So it creates a whole new channel for customer acquisition. So I think from my perspective.

這真的很令人振奮。我們基本上才剛推出候補名單。所以它的採用動能非常令人期待。因此，透過 Sezzle Send，我們有另一條路徑為既有客戶提供價值，同時也能獲取新客戶，因為當這些客戶用我們的 P2P 產品時，他們可以把款項發送給新客戶或新的潛在客戶、也就是非 Sezzle 用戶，讓對方收款並被引導進入我們的平台。因此它創造了一個全新的客戶獲取通路。所以我想就我的角度而言。

That breakdown that you mentioned is not even something I look at, but what I think about is just like what are home run type products. And I think what I feel good about with our business and our company is we've had just a very high percentage of home run products. We've had only a couple of products where I call them singles or strikeouts. Like it's just it's been a very high hit rate and I think we have a few more in the hopper with Sezzle Cash and Sezzle Send that are going to be home runs.

你提到的那個拆分其實不是我會去看的東西；我思考的是哪些是「全壘打型」產品。而我對我們的業務與公司感到有信心的一點是，我們的全壘打產品占比非常高。只有少數幾個產品我會稱之為一壘安打或三振出局。也就是說命中率非常高；而我認為我們還有幾個正在醞釀中的產品，像 Sezzle Cash 和 Sezzle Send，會是全壘打。

The next question comes from Kyle Peterson with Medium.

下一個問題來自 Medium 的 Kyle Peterson。

Good afternoon.

午安。

Thanks for taking the questions. I wanted to start out with some of the moving pieces on the take rate and the guide.

謝謝讓我提問。我想先從 take rate（抽成率/變現率）與指引中的一些變動因素談起。

I think you guys said 11.4 for the year.

我想你們說全年是 11.4。

About flat. And so I understand there's some seasonality there, but just trying to square at least some of the year-on-year impacts with some of these newer products like a Pay in 5, which I would think would be creative to take rate. So just wanted to see like how much is conservatism versus if there's any other mix or moving pieces that we should be mindful of?

大致持平。所以我理解其中有一些季節性，但我想把至少部分的年對年影響，和一些新產品（例如 Pay in 5）對照起來；我原本會認為它會對 take rate 有增益。所以想請教一下：這裡面有多少是保守估計？以及是否還有其他組合或變動因素是我們需要留意的？

Lee, do you want to take that one? Yes, you're right on the paying five can be accretive.

Lee，你要回答這題嗎？是的，你說得對，Pay in 5 可能會對 take rate 有增益。

But as we launch new products like Pagaya can be not accretive to the take rate, just the nature of how that is accounted for. And then also, as we launched special cash as well, so those can lower the take rates. While we still have very similar profitability and margin standpoint, the take rates on those can be a little lower.

但當我們推出像 Pagaya 這樣的新產品時，可能就不會對 take rate 有增益，這取決於其會計入帳方式的特性。另外，當我們也推出 Sezzle Cash 時，這些也可能會拉低 take rate。雖然從獲利能力與毛利率角度來看仍非常相近，但這些產品的 take rate 可能會稍微低一些。

Okay, that is helpful. And then I guess wanted to double click on the provision expectations moving forward.

好的，這很有幫助。接著我想更深入確認一下未來的備抵（provision）預期。

I know there's some seasonality there and then you guys also have some more new customers coming on board, but I guess is there any. Change on an apples-for-apples basis that you guys are seeing in either repayment rates or consumer credit health or anything like that, just want to be able to understand on a going-forward basis and kind of what you're seeing real time, especially with existing customers' performance.

我知道其中有一些季節性，而且你們也會有更多新客戶加入，但我想問是否有任何。在同口徑（apples-to-apples）比較下，你們在還款率、消費者信用健康狀況或類似指標上看到任何變化？我想理解未來走勢，以及你們即時看到的情況，特別是既有客戶的表現。

Yes, everything seems just.

是的，一切看起來都。

Normal, Kyle, I'd say. So nothing related to the customer profile or customer and the economy. But I'd say our prior guidance on that stance, 2.5 to 3 for the year, which basically explains that there's going to be a step up in the third quarter and fourth quarter.

很正常，Kyle，我會這麼說。所以沒有任何與客戶輪廓、客戶本身或經濟環境相關的異常。但我會說，我們先前對此的指引立場是全年 2.5 到 3，這基本上意味著第三季和第四季會有一個上升。

I think that everyone modeling can expect that and model for that.

我想所有在建模的人都可以預期這點，並把它納入模型。

The only caveat I'd say is like how these new products take up and we start to really start to push them externally.

我唯一要補充的是：這取決於這些新產品的採用情況，以及我們開始真正對外推廣它們的程度。

I'd say especially with virality around SES will send if that really does pick up a lot of new users. So basically, it's like trade-off with new users because new users have higher loss rates. So if new users pick up more than expected or more than modeled for many out there modeling, then I would expect if you have variability in your model, if you pick up new user growth, you're going to expect to have provision be higher than you have modeled for if you move that variable around.

我會說，特別是如果 Sezzle Send 的病毒式擴散真的帶來大量新用戶。所以基本上，這是一個與新用戶之間的取捨，因為新用戶的損失率較高。因此，如果新用戶成長高於預期或高於許多建模者所假設的水準，那麼我會預期：如果你在模型中調整了這個變數、提高新用戶成長，你就應該預期備抵會高於你原本模型所估的水準。

All right.

了解。

Thank you very much.

非常感謝。

The next question comes from Rana Kumar with Oppenheimer. Please go ahead.

下一個問題來自 Oppenheimer 的 Rana Kumar。請開始。

Hi. Thanks for taking my question. Great quarter. I just want to better understand just the puts and takes of the revenue yield. Obviously, it was up 110 basis points on my calculation year over year. Just want to understand like is that like mix, is that pricing? And then secondly, your. Your 2026 guidance assumes that there is going to be a sharp deceleration in revenue growth in 2H from the second quarter.

嗨。感謝讓我提問。本季表現很棒。我只是想更清楚了解營收收益率（revenue yield）的增減因素。顯然，按我的計算，年對年上升了110個基點。想了解這主要是組合因素，還是定價因素？其次，關於你們。你們的2026年指引假設下半年（2H）的營收成長會相較第二季出現明顯放緩。

Just want to understand the drivers there. Thank.

想了解背後的驅動因素。謝謝。

You. One of the key things that we pointed out heading into Q2 on our Q1 call was that we had an easy comp on the revenue yield in Q2, which drove that revenue growth this quarter.

不客氣。我們在第一季電話會議、展望第二季時指出的一個關鍵點是：第二季的營收收益率有一個較容易的比較基期（easy comp），這也帶動了本季的營收成長。

So if you saw that, I think it was like a 10 handle or so last year versus the 11 handle this year.

所以如果你有看到的話，我記得去年大概是10%左右的水準，而今年是11%左右的水準。

And we had a number of items change as far as. Types of fees or the rates that we had. And we mentioned on that call that going forward, I'd say more of a normalized, meaning that we weren't having much movement in terms of how we were charging and the fees that we did and the revenue items that were driving our revenue yield. So you see a more consistent, I guess you could say, from Q3, '4 and on. And thus, we talked about seeing a more normal performance and revenue yield from a seasonality. That being Q1 being the strongest and Q4 being the lowest, because you're not seeing a lot of movement in the puts and takes.

而且我們在一些項目上有變動，例如：費用類型或我們採用的費率。我們也在那通電話會議提到，往後我會說會更趨於常態化，也就是在我們收費方式、費用項目，以及推動營收收益率的營收項目上，不會有太多變動。因此你會看到從第三季、第四季以及之後會更一致。所以我們談到，從季節性角度來看，營收收益率會呈現較正常的表現。也就是第一季最強、第四季最低，因為你不會看到太多增減因素的變動。

And so that's why you'll see -- that's why you saw the -- it was down year-over-year in Q1, up in Q2, but now you'll see an easier, more normal comparison going forward here. But overall, for the year, we said it would be flattish for the year.

因此這就是你會看到——這也是為什麼你看到第一季年對年下降、第二季上升，但接下來你會看到更容易、也更正常的比較。但整體而言，對全年我們說過會大致持平。

The next question comes from Huang Nguyen with TD Cohen. Please go ahead.

下一題來自TD Cohen的Huang Nguyen。請提問。

Thanks for taking my questions.

感謝讓我提問。

I want to ask on, I guess, the charts on the on-demand number of users versus subscribers. So I think since you guys made the pivot, I think on-demand count continues to go down while subscriber count continues to go up.

我想問一下，我猜是你們圖表上按需（on-demand）使用者數與訂閱者（subscribers）之間的關係。我認為自從你們做了策略轉向之後，按需人數持續下降，而訂閱者人數持續上升。

And while subscriber.

而且雖然訂閱者。

Demand has been strong. Should we read this as a sign that once you kind of limit people's ability to use on-demand, a large percentage of these people eventually convert to subscribers?

需求一直很強。我們是否可以將此解讀為：一旦你們限制人們使用按需服務的能力，其中相當大比例的人最終會轉換成訂閱者？

Well, there is a portion that are converting. That's a good insight that as we diminish the push towards it. But I'd say really more of the change has been just what is presented. We used to like lead. With OnDemand as the lead product. Come and try Sezzle at a merchant site and you can pay as you go. Now that's really not the lead. The lead is join our subscription program. And then OnDemand, the place where that's still let, where we still have the lead for OnDemand is in merchant checkouts. So when we have these enterprise partnerships, some of these merchants coming on board. The way to pay is with essentially a transaction with the service fee, which is on demand. So that's really the only place -- or I shouldn't say only because there's always edge cases here and there. But the vast majority of the new cases for people entering on demand are at those checkouts. So I think it's more about what's being presented or led as the transition product for consumers that are moving into our mod products.

確實有一部分正在轉換。你提到的洞見很好：當我們降低對它的推動時，確實會有轉換。但我會說，變化更多來自於我們呈現給用戶的內容。我們過去比較像是以。按需（OnDemand）作為主打產品。到商戶網站來試用Sezzle，你可以按用量付費。但現在這已經不是主打了。主打是加入我們的訂閱方案。而按需（OnDemand）目前仍然作為主打的地方是在商戶結帳頁面。所以當我們有這些企業級合作夥伴、一些商戶加入時。付款方式基本上是透過一筆交易並收取服務費，這就是按需。所以這真的就是唯一的地方——當然我不該說唯一，因為總會有一些邊緣案例。但絕大多數新進入按需的案例，都是發生在那些結帳頁面。所以我認為這更多是關於呈現什麼、或以什麼作為引導，來讓消費者轉向我們的mod產品。

( Operators Instructions )

（接線員指示）

Well, thank you, operator. I'd like to leave you all with something Warren Buffett said back in 1,991. It's not a crazy idea. It's a simple one.

好的，謝謝接線員。我想用華倫・巴菲特在1991年說過的一段話作結。這不是什麼瘋狂的想法。而是一個簡單的想法。

He said, Someone's sitting in the shade today because someone planted a tree a long time ago.

他說：今天有人坐在樹蔭下，是因為很久以前有人種了一棵樹。

I thought that even though it's a simple concept and a simple quote, I think it nails one vector of our thinking at Saisal. We plan for long-term returns.

我覺得即使這是一個簡單的概念、簡單的一句話，但它精準點出了我們在Saisal思考的一個面向。我們規劃的是長期報酬。

Let's take a look at the tree we planted and the tree today, which is giving us all shade.

讓我們看看我們種下的那棵樹，以及今天這棵為我們所有人帶來樹蔭的樹。

Back in July of 2019, we listed on the Australian Stock Exchange.

在2019年7月，我們在澳洲證券交易所上市。

I wanted to share some of our results from the second quarter of that year, right before we went public about seven years ago.

我想分享一下大約七年前、我們上市前的那一年第二季的一些成果。

Just to give you an idea of how long-term growth plans play out.

只是讓大家了解長期成長規劃是如何落地的。

Our second quarter of 2019 GMV, $41.2 million versus $1.3 billion today, basically a 30x.

我們2019年第二季的GMV為4,120萬美元，而今天是13億美元，基本上成長了30倍。

Our second quarter 2019 revenue, $2.6 million versus $149.7 million today, nearly 60x.

我們2019年第二季的營收為260萬美元，而今天是1億4,970萬美元，接近60倍。

Our second quarter 2019 gross margin, a negative 260,000.

我們2019年第二季的毛利為負26萬美元。

This quarter, 95.1 million.

而本季為9,510萬美元。

As you can see, the long-term approach to growth works.

如你所見，長期的成長方法是有效的。

I'm going to calendar this one as a reminder to do this again in seven years.

我會把這件事記到行事曆上，提醒自己七年後再做一次。

I hope you'll all still be investors at that time.

我希望到那時你們仍然都是投資人。

And to that seven-year timeline, many members of our team have been here for that entire seven-year journey.

而就這個七年的時間軸而言，我們團隊中有許多成員在這整段七年的旅程中一直都在。

And to them and the rest of the team, a big thank you for your incredible work on getting us from there to here.

也要對他們以及團隊其他成員說聲非常感謝，感謝你們出色的工作，讓我們從那裡走到這裡。

We'll talk again next quarter.

我們下季再聊。

Thank you.

謝謝。

( Operators Instructions )

（接線員指示）