Dave Inc (DAVE) 2023 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the third quarter ended September 30, 2023. Joining us today are Dave's CEO, Mr. Jason Wilk; and the company's CFO, Mr. Kyle Beilman.

大家下午好，謝謝大家參加今天的電話會議，討論 Dave 截至 2023 年 9 月 30 日的第三季財務業績。今天加入我們的是 Dave 的執行長 Jason Wilk 先生；以及公司財務長凱爾貝爾曼 (Kyle Beilman) 先生。

By now everyone should have access to the third quarter 2023 earnings press release, which was issued earlier today. The release is available in the Investor Relations section at Dave's website at https://investors.dave.com. In addition, this call will be available for webcast replay on the company's website. Following management's remarks, we'll open the call for your questions.

到目前為止，每個人都應該可以訪問今天早些時候發布的 2023 年第三季收益新聞稿。新聞稿可在 Dave 網站的投資者關係部分取得：https://investors.dave.com。此外，本次電話會議也將在公司網站上進行網路直播重播。在管理層發表講話後，我們將開始電話詢問您的問題。

Certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as the assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

根據《1995 年私人證券訴訟改革法案》，本次電話會議和網路廣播中的某些評論被視為前瞻性陳述。這些前瞻性陳述受到某些已知和未知的風險和不確定性以及可能導致實際結果的假設的影響。與這些前瞻性陳述中反映的內容有重大差異。

These forward-looking statements are also subject to risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call, except as required by law.

這些前瞻性陳述也受到該公司向 SEC 提交的文件中不時描述的風險和不確定性的影響。除非法律要求，否則請勿過度依賴任何前瞻性陳述，這些陳述僅截至本次電話會議之日作出。

The company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements. The company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA as supplemental measures of performance of our business.

本公司不承擔修改或公開發布任何前瞻性陳述的任何修改結果的義務。該公司的簡報還包括某些非公認會計準則財務指標，包括調整後的 EBITDA，作為我們業務績效的補充指標。

All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts and other important factors in the earnings press release and Form 8-K furnished to the SEC.

根據 SEC 規則，所有非 GAAP 衡量標準均已與最直接可比較的 GAAP 衡量標準進行了調整。您可以在向 SEC 提供的收益新聞稿和 8-K 表格中找到調節表和其他重要因素。

I would now like to turn the call over to Dave's CEO, Mr. Jason Wilk. Please go ahead.

我現在想將電話轉給 Dave 的執行長 Jason Wilk 先生。請繼續。

Thank you and good afternoon, everyone. I'm pleased to share with you that we delivered another quarter of strong performance in Q3. We continued to execute well against our strategic and financial objectives, while making significant progress towards profitability and beating our expectations on key financial and operational metrics.

謝謝大家，大家下午好。我很高興與您分享，我們在第三季又取得了強勁的業績。我們繼續良好地執行我們的策略和財務目標，同時在獲利能力方面取得重大進展，並超越了我們對關鍵財務和營運指標的預期。

Non-GAAP variable margin and non-GAAP variable profit expanded substantially, and we continue to generate operating leverage on our fixed cost base as we scale the business. As a result, our adjusted EBITDA in the quarter improved over 90% year-over-year to a loss of $2.5 million.

非公認會計準則可變利潤率和非公認會計準則可變利潤大幅增長，隨著業務規模的擴大，我們繼續在固定成本基礎上產生營運槓桿。因此，本季調整後 EBITDA 年成長超過 90%，虧損 250 萬美元。

Based on these strong trends, we have raised our full year 2023 guidance across the board for non-GAAP revenue, non-GAAP variable margin and adjusted EBITDA. The midpoint of our guidance implies that we will turn adjusted EBITDA positive in this fourth quarter, which is one-to-three quarters faster than expectation we set in mid '22.

基於這些強勁趨勢，我們全面上調了 2023 年全年非 GAAP 收入、非 GAAP 可變利潤率和調整後 EBITDA 的指引。我們指導的中點意味著我們將在第四季度將調整後的 EBITDA 轉為正數，這比我們在 22 年中期設定的預期快一到三個季度。

During our second quarter earnings call last year, we also set expectations around the levers we plan to employ to solidify our path to profitability. Since then, I'm incredibly proud of how we have rallied as a team and executed so strongly in order to deliver on our commitments despite the challenging market conditions.

在去年第二季的財報電話會議上，我們也對計畫採用的鞏固獲利之路的槓桿設定了預期。從那時起，我對我們作為一個團隊如何團結起來並如此強有力地執行以在充滿挑戰的市場條件下兌現我們的承諾感到無比自豪。

First, we committed to focusing on enhancing member lifetime value and expanding variable margins to improve the magnitude and durability of our variable profit base unit economics.

首先，我們致力於提高會員終身價值和擴大可變利潤，以提高可變利潤基礎單位經濟的規模和持久性。

Second, we committed to a conversion focused marketing campaigns on channels with the highest proven returns, maximizing the efficiency of our investments. Finally, we committed to rationalizing expenses and driving operating leverage from our fixed cost structure as we grew the business.

其次，我們致力於在具有最高回報的管道上開展以轉化為重點的行銷活動，從而最大限度地提高我們的投資效率。最後，隨著業務的發展，我們致力於合理化開支並從固定成本結構中提高營運槓桿。

Our Q3 results demonstrate the substantial progress we've made against these objectives. First, we expanded our non-GAAP variable margin by 1600 basis points based on initiatives that Kyle will get into in a moment. We also integrated the product experiences, our ExtraCash in Dave Card business, as we said, and as a result, nearly doubled Dave Card's spend volumes and achieved double digit growth in ARPU.

我們第三季的結果證明了我們在實現這些目標方面取得了實質進展。首先，根據凱爾稍後將採取的舉措，我們將非 GAAP 可變利潤率擴大了 1600 個基點。正如我們所說，我們還將產品體驗、我們的 ExtraCash 整合到了 Dave Card 業務中，因此，Dave Card 的支出量幾乎翻了一番，並實現了 ARPU 的兩位數增長。

Second, we reduced quarterly marketing spend by one-third and still managed to substantially grow member acquisition as we reduced our CAC by nearly 50%. And finally, we've driven substantial operating leverage as our fixed cash expenses declined modestly while our non-GAAP variable profit more than doubled. The net result of this progress is that we reduced our adjusted EBITDA loss from [$28.5] million in the second quarter of 2022 to $2.5 million in the last quarter approaching breakeven.

其次，我們將季度行銷支出減少了三分之一，但由於我們將 CAC 減少了近 50%，因此仍然大幅增加了會員獲取量。最後，由於我們的固定現金支出小幅下降，而我們的非公認會計準則可變利潤增加了一倍多，因此我們推動了龐大的營運槓桿。這項進展的最終結果是，我們將調整後的 EBITDA 虧損從 2022 年第二季的 2,850 萬美元減少到上季的 250 萬美元，接近損益兩平。

In addition to the progress we've made on our financials, we remain true to our values of being member centric, and we remain committed to progressing on our mission to build products that level of financial playing field.

除了我們在財務方面的進展之外，我們仍然恪守以會員為中心的價值觀，並且我們仍然致力於推進我們的使命，打造具有金融競爭環境的產品。

Moving forward, we are excited to continue driving profitability out of our model that will enable us to grow and make impact for current and prospective members through ongoing growth and product development, ultimately allowing us to make further progress towards our mission.

展望未來，我們很高興能夠繼續提高我們的模式的盈利能力，這將使我們能夠透過持續的成長和產品開發來成長並為當前和潛在的會員產生影響，最終使我們能夠在實現我們的使命方面取得進一步進展。

Now with that said, I'd like to dive a little bit deeper into the quarter and our progress against our strategic growth initiatives of acquiring new members efficiently, engaging them effectively and deepening our relationship with them via Dave Card engagement.

話雖如此，我想更深入地了解本季度以及我們在有效獲取新會員、有效吸引他們並透過 Dave Card 參與加深與他們的關係的策略性成長計劃方面取得的進展。

Diving into our first strategic growth initiative, we once again drove meaningful member growth despite significantly reducing marketing spend relative to last year. As we've discussed in prior quarters, we strive to acquire customers by marketing three banking services with the ability to instantly access short term credit with no interest and no credit check, a message that strongly resonates with our millennial and Gen Z audience.

深入實施我們的第一個策略性成長計劃，儘管與去年相比行銷支出大幅減少，但我們再次推動了有意義的會員成長。正如我們在前幾季所討論的那樣，我們努力透過行銷三種銀行服務來獲取客戶，這些服務能夠立即獲得無息且無需信用檢查的短期信貸，這一資訊與我們的千禧世代和Z世代受眾產生了強烈共鳴。

In the third quarter, we added 821,000 new members while decreasing CAC by 30% on a year-over-year basis. On a sequential basis, we reduced marketing spend by 7% and still managed to grow member acquisition by 11% due to a 17% improvement in CAC.

第三季度，我們新增會員 821,000 名，而 CAC 同比下降 30%。環比而言，我們的行銷支出減少了 7%，但由於 CAC 提高了 17%，會員獲取量仍然增加了 11%。

We attribute our CAC efficiency improvement to our continued platform improvements, channel optimization and enduring product market fit, coupled with a more rational competitive dynamics in the market for advertising inventory. These CAC efficiencies have persisted us far in the fourth quarter, which bodes well for marketing performance.

我們將CAC效率的提升歸功於我們持續的平台改善、通路優化和持久的產品市場契合，以及廣告庫存市場更合理的競爭動態。這些 CAC 效率在第四季一直保持著我們的優勢，這對行銷業績來說是個好兆頭。

Our second key strategic growth initiative is to engage members by delighting them with instant access of up to $500 of ExtraCash using our proven AI-driven underwriting models. Our Monthly Transacting Members base remained roughly flat sequentially to $1.9 million. To unpack this a bit more, our Dave Card and ExtraCash monthly actives grew healthily sequentially.

我們的第二個關鍵策略成長計畫是透過使用我們經過驗證的人工智慧驅動的承保模型即時獲取高達 500 美元的 ExtraCash 來吸引會員。我們的每月交易會員基數與上一季基本持平，為 190 萬美元。為了進一步說明這一點，我們的 Dave Card 和 ExtraCash 每月活躍度連續健康成長。

However, as we mentioned last quarter, we began to transition our $1 per month subscribers to a new billing system, which has created a near term headwind to overall MTMs as we include $1 subscribers in this metric. We expect to complete this migration in the fourth quarter, and we're excited about the flexibility that this new system will provide us to potentially pursue further subscription opportunities.

然而，正如我們上季度提到的，我們開始將每月 1 美元的訂閱者過渡到新的計費系統，這對整體 MTM 造成了短期阻力，因為我們將 1 美元的訂閱者納入此指標。我們預計在第四季度完成此遷移，我們對這個新系統將為我們提供潛在的進一步訂閱機會的靈活性感到興奮。

Turning to our ExtraCash business, we once again drove a significant increase in ExtraCash origination volume, which was up 23% year-over-year and 7% sequentially to $932 million. This growth is largely driven by increases in ExtraCash transacting members. This performance highlights the strong demand for ExtraCash, both from new and existing members as our origination volume metric approaches nearly $1 billion per quarter.

談到 ExtraCash 業務，我們再次推動 ExtraCash 發起量大幅成長，年增 23%，季增 7%，達到 9.32 億美元。這一增長主要是由 ExtraCash 交易會員的增加所推動的。這項業績突顯了新會員和現有會員對 ExtraCash 的強勁需求，因為我們的發起量指標接近每季近 10 億美元。

Despite the increase in origination volume, our net receivables balance remains low at only $97 million, once again highlighting how the short duration of ExtraCash allows us to serve a vast number of everyday Americans without the need for a sizable capital-intensive balance sheet, nor significant credit risk exposure at any one point in time.

儘管發起量有所增加，但我們的淨應收帳款餘額仍然很低，僅為9700 萬美元，這再次凸顯了ExtraCash 的短期服務如何使我們能夠為大量的美國人提供服務，而無需大量的資本密集資產負債表，也不需要任何一個時間點的重大信用風險敞口。

Furthermore, our 28-day delinquency rate improved 165 basis points compared to the third quarter of 2022 and 41 basis points sequentially despite challenging macroeconomic conditions and step-change growth in origination volume.

此外，儘管宏觀經濟條件充滿挑戰且發起量大幅成長，但我們的 28 天拖欠率較 2022 年第三季提高了 165 個基點，較上季提高了 41 個基點。

This third quarter figure represents the lowest ever 28-day delinquency rate in our company's history. Despite the previous low occurring in the first quarter, which typically exhibits the seasonally strongest credit performance, given the additional liquidity provided to members from tax refunds.

第三季的數據代表了我們公司歷史上最低的 28 天拖欠率。儘管先前的低點出現在第一季度，但鑑於退稅為會員提供了額外的流動性，第一季通常表現出季節性最強的信貸表現。

Our strong credit performance is attributable to the ongoing investments we're making in our proprietary AI-enabled risk management and payment system. Over the past few quarters, we've launched two new underwriting models focused on different member segments of our portfolio. The combined effect has been incredibly positive as versus sustainably driving higher levels of conversion, retention and net monetization.

我們強勁的信用表現歸功於我們對專有的人工智慧風險管理和支付系統的持續投資。在過去的幾個季度中，我們推出了兩種新的承保模式，專注於我們投資組合的不同會員群。綜合效應非常積極，持續推動更高水準的轉化、保留和淨變現。

Moving to our third strategic growth initiative. We are constantly working to create a deeper payments relationship with our members by accelerating adoption of our Dave Debit Card through the synergies that exist with ExtraCash. We aspire for our members to utilize our full suite of banking services, complemented by our market leading short-term liquidity feature of ExtraCash.

轉向我們的第三個策略成長計劃。我們不斷努力與我們的會員建立更深層的支付關係，透過與 ExtraCash 的協同效應加速我們的 Dave 借記卡的採用。我們希望我們的會員能夠利用我們的全套銀行服務，並輔以我們市場領先的 ExtraCash 短期流動性功能。

Our Dave Card metrics continue to display progress with improved cross attach rates from ExtraCash into our Dave Card business, which is demonstrated by the 73% year-over-year increase and 12% sequential increase in Dave's corresponding volume in the third quarter.

我們的 Dave Card 指標繼續顯示出進展，ExtraCash 到我們 Dave Card 業務的交叉附加率有所提高，第三季度 Dave 相應交易量同比增長 73%，環比增長 12% 就證明了這一點。

Our average transaction per Monthly Transacting Member increased 39% year-over-year and 13% since the second quarter to [6.4] for another record quarter. We plan to continue executing on our strategy and driving further adoption of the banking heading into 2024.

我們每位每月交易會員的平均交易量年增 39%，自第二季以來成長 13%，達到 [6.4]，再創紀錄的季度。我們計劃在 2024 年繼續執行我們的策略並推動銀行業務的進一步採用。

Pulling together our solid progress within both ExtraCash and Dave Card, we recorded a 9% increase in ARPU during the quarter on a year-over-year basis and an 8% increase sequentially, which highlights our ability to effectively monetize our core Monthly Transacting Member base.

綜合我們在 ExtraCash 和 Dave Card 方面取得的紮實進展，本季度我們的 ARPU 同比增長 9%，環比增長 8%，這凸顯了我們有效利用核心每月交易會員貨幣化的能力。

As we look to the fourth quarter into 2024, we expect to see incremental improvements in ExtraCash ARPU, resulting from the new percent-based express fee pricing structure, which we introduced to new and existing members over the last few months.

展望 2024 年第四季度，我們預計 ExtraCash ARPU 將會逐步改善，這得益於我們在過去幾個月向新會員和現有會員推出的新的基於百分比的快遞費用定價結構。

This new structure is exhibiting favorable, early signs for ExtraCash monetization and create even greater synergies with the Dave card, which should support monetization on that side of our business as well. All said, we continue to deliver significant value for our members and deepen relationships with them as we seek to become the primary banking destination for everyday Americans.

這種新結構顯示出 ExtraCash 貨幣化的有利早期跡象，並與 Dave 卡產生更大的協同效應，這也應該支持我們業務這方面的貨幣化。總而言之，我們將繼續為我們的會員提供巨大的價值，並加深與他們的關係，因為我們力求成為普通美國人的主要銀行服務目的地。

We have successfully executed against our roadmap, and our execution in 2023 has positioned us to accelerate our path of profitability. As we are now on the verge of turning adjusted EBITDA positive in Q4 while continuing to generate double digit growth. We look forward to delivering on our goals for both Dave members as well as our shareholders as we solidify our position as a superior banking experience for everyday Americans.

我們已經成功執行了我們的路線圖，2023 年的執行使我們能夠加速獲利之路。我們現在正處於第四季度調整後 EBITDA 為正值的邊緣，同時繼續實現兩位數成長。我們期待為戴夫成員和股東實現我們的目標，鞏固我們為普通美國人提供卓越銀行體驗的地位。

With that, I will turn the call over to Kyle to take you through our financial results. Kyle?

接下來，我會將電話轉給凱爾，向您介紹我們的財務表現。凱爾？

Thank you, Jason, and good afternoon, everyone. We're pleased to report our third quarter results as we exceeded expectations across our key operational and financial metrics. We grew our non-GAAP variable profit by over 50% demonstrated the sustainability of our non-GAAP variable margin improvements and made significant progress on our path to profitability approaching breakeven on a non-GAAP adjusted EBITDA basis,

謝謝傑森，大家下午好。我們很高興地報告第三季業績，因為我們的關鍵營運和財務指標超出了預期。我們的非GAAP 可變利潤增長了50% 以上，證明了我們的非GAAP 可變利潤率改善的可持續性，並在實現非GAAP 調整後EBITDA 基礎上接近盈虧平衡的盈利能力方面取得了重大進展，

The KPIs underlying the key tenants of our strategy are also very positive versus Q3 of last year, CAC is down 30%. Originations are up 23%, exceeding $930 million. Our 28-day delinquency rate is at its lowest point in company history and cross attach into Dave Cards is strong with total Dave Card spend exceeding $340 million, up 73% year over year.

我們策略的主要租戶的 KPI 與去年第三季相比也非常積極，CAC 下降了 30%。原創資金成長 23%，超過 9.3 億美元。我們的 28 天拖欠率處於公司歷史上的最低點，而 Dave 卡的交叉附加強勁，Dave 卡總支出超過 3.4 億美元，同比增長 73%。

Now to dive a little deeper into our results. Total GAAP revenue in Q3 was $65.8 million, up 16% from Q3 of last year. Revenue growth was primarily driven by increases in ARPU from our monthly transacting member base. The RPU expansion has largely been driven by higher ExtraCash and Dave Card engagement amongst our total MTMs.

現在更深入地了解我們的結果。第三季 GAAP 總營收為 6,580 萬美元，比去年第三季成長 16%。營收成長主要是由我們每月交易會員基礎的 A​​RPU 成長所推動的。 RPU 的擴張主要是由我們所有 MTM 中 ExtraCash 和 Dave Card 參與度的提高所推動的。

From a product development standpoint, we're extremely focused on our user journey of delivering a best-in-class short term credit solution to drive member engagement and Dave Card adoption, which is driving the growth of ExtraCash and Dave Card actives and increasing ARPU and member lifetime value.

從產品開發的角度來看，我們非常專注於提供一流的短期信貸解決方案的用戶旅程，以推動會員參與度和 Dave 卡採用率，從而推動 ExtraCash 和 Dave 卡活躍度的增長並提高 ARPU和會員終身價值。

Non-GAAP variable profit in Q3 increased 51% to $37.3 million, representing a 55% margin relative to our non-GAAP revenue, up approximately 1,300 basis points versus Q3 of last year. The increase in variable margin has been driven by structural improvements across our business.

第三季非 GAAP 可變利潤成長 51%，達到 3,730 萬美元，相對於我們的非 GAAP 收入而言，利潤率為 55%，比去年第三季增長約 1,300 個基點。可變利潤率的成長是由我們整個業務的結構性改善所推動的。

First, credit performance continues to improve as a result of ongoing development and optimization of our AI enabled underwriting engine and supporting infrastructure, resulting in higher spreads and lower credit losses.

首先，由於我們不斷開發和優化人工智慧承保引擎和支援基礎設施，信用績效持續改善，從而提高了利差並降低了信用損失。

Additionally, we have driven efficiencies in how we utilize the payment networks to move money and reduce costs, resulting from contract negotiations with several key vendors. Our ability to sustain these non-GAAP variable margin levels has enabled another increase to our margin guidance for the year, which we'll be sharing more detail on later in the call.

此外，透過與幾家主要供應商的合約談判，我們提高了利用支付網路轉移資金和降低成本的效率。我們維持這些非公認會計原則可變利潤率水平的能力使我們今年的利潤率指導再次提高，我們將在稍後的電話會議中分享更多細節。

Moving to third quarter operating expenses, our provision for credit losses decreased 13% to $16 million compared to $18.4 million in Q3 of last year. As a percentage of ExtraCash originations, the provision declined to 1.7% in the third quarter compared to 2.4% in the year ago period.

談到第三季的營運支出，我們的信貸損失撥備下降了 13%，至 1,600 萬美元，而去年第三季的則為 1,840 萬美元。第三季撥備佔 ExtraCash 起源的百分比下降至 1.7%，去年同期為 2.4%。

The decrease in loss provision is attributable to the ongoing improvements we've made to our risk architecture as I referenced a moment ago. These gains are also evident in our 28-day delinquency performance, which tracks the delinquency rates of a given quarter's originations.

正如我剛才提到的，損失撥備的減少歸因於我們對風險架構的持續改善。這些進步在我們的 28 天拖欠績效中也很明顯，該績效追蹤特定季度的拖欠率。

Compared to the third quarter of last year, the 28-day delinquency rate improved by 165 basis points to 2.42%, while we grew originations by 23% to $932 million. Processing and servicing costs during the quarter decreased by 26% to $7.1 million compared to $9.5 million in the year ago period.

與去年第三季相比，28 天拖欠率下降了 165 個基點，達到 2.42%，同時我們的資金來源成長了 23%，達到 9.32 億美元。本季的處理和服務成本下降了 26%，達到 710 萬美元，而去年同期為 950 萬美元。

On a percentage basis relative to origination volume, processing and servicing costs improved nearly 50 basis points to 0.8% compared to 1.3% in the year ago period. These gains are sustainable driven by technology investments we've made in our payments infrastructure and improved contractual terms with vendors as I also referenced a moment ago.

以相對於原產量的百分比計算，加工和服務成本下降了近 50 個基點，達到 0.8%，而去年同期為 1.3%。正如我剛才提到的，這些收益是由我們在支付基礎設施方面進行的技術投資以及與供應商改進的合約條款所推動的。

Advertising and marketing expenses decreased 42% to $13.9 million during the third quarter compared to $24.1 million in the year ago period. This 42% reduction in marketing spend led to an 18% reduction in member acquisitions since we were also able to reduce our tax by 30% over that period.

第三季廣告和行銷費用下降 42%，至 1,390 萬美元，去年同期為 2,410 萬美元。行銷支出減少 42%，導致會員獲取量減少 18%，因為我們在此期間還減少了 30% 的稅收。

This combined with along our marketing investments made during the second quarter enabled us to efficiently deploy our marketing dollars and significantly reduce spend during the third quarter while continuing to meaningfully grow our variable profit.

這與我們在第二季度進行的行銷投資相結合，使我們能夠有效地部署行銷資金，並在第三季大幅減少支出，同時繼續大幅成長我們的可變利潤。

Compensation expense decreased 5% to $23.1 million in the third quarter compared to $24.3 million in the year ago period, despite increasing non-GAAP revenue by 15% over the same period. As a percentage of non-GAAP revenue, compensation expense declined from 41% in Q3 of 2022 to 34% in Q3 of '23.

儘管非 GAAP 收入年增 15%，但第三季薪資支出下降 5%，至 2,310 萬美元，而去年同期為 2,430 萬美元。作為非 GAAP 收入的百分比，薪資支出從 2022 年第三季的 41% 下降到 2023 年第三季的 34%。

We continue to believe that we can execute on our plan without needing to make material additions to our overall headcount, given the scalability of our technology platform and overall operating model.

我們仍然相信，鑑於我們的技術平台和整體營運模式的可擴展性，我們可以執行我們的計劃，而無需對整體人員進行實質增加。

GAAP net loss for the third quarter improved to $12.1 million compared to a net loss of $47.5 million in the third quarter of 2022, representing a 75% improvement. Adjusted EBITDA loss for the third quarter was $2.5 million compared to a loss of $27.5 million during the year-ago period, representing a 91% improvement.

與 2022 年第三季 4,750 萬美元的淨虧損相比，第三季 GAAP 淨虧損改善至 1,210 萬美元，改善了 75%。第三季調整後 EBITDA 虧損為 250 萬美元，而去年同期虧損為 2,750 萬美元，改善了 91%。

The improvement in adjusted EBITDA was due primarily to the combination of our revenue growth and variable margin expansion, coupled with tight cost controls and lower marketing spend. As Jason mentioned, this puts us well on track to meet our goal of turning adjusted EBITDA profitable as early as the fourth quarter of this year, which would be one-to-three quarters faster than the expectation reset during mid 2022.

調整後 EBITDA 的改善主要歸功於我們的收入成長和可變利潤擴張，加上嚴格的成本控制和較低的行銷支出。正如 Jason 所提到的，這使我們有望實現最早在今年第四季實現調整後 EBITDA 獲利的目標，這將比 2022 年中期重置的預期快一到三個季度。

We're really proud of the work that our team has done to get us to this point and look forward to continue to build on our momentum in Q4 and throughout next year.

我們對我們的團隊為實現這一目標所做的工作感到非常自豪，並期待在第四季和明年繼續鞏固我們的勢頭。

Now turning to the balance sheet. As of September 30, 2023, we had approximately $171 million of cash and cash equivalents, marketable securities, short-term investments and restricted cash compared to $178 million as of June 30, 2023.

現在轉向資產負債表。截至 2023 年 9 月 30 日，我們擁有約 1.71 億美元的現金和現金等價物、有價證券、短期投資和限制性現金，而截至 2023 年 6 月 30 日為 1.78 億美元。

As of quarter end, our net receivables balance was $97 million, an increase of roughly $8 million sequentially. The amount drawn on our credit facility remained at $75 million as of the end of Q3 as we continued to rely on our balance sheet cash in the third quarter to fund ExtraCash originations versus our credit facility, given the cost of capital difference between our facility and our corporate cash.

截至季末，我們的應收帳款淨額餘額為 9,700 萬美元，比上一季增加約 800 萬美元。截至第三季末，我們的信貸額度提取金額仍為7,500 萬美元，因為考慮到我們的信貸額度和我們的信貸額度之間的資本成本差異，我們在第三季繼續依靠資產負債表現金為ExtraCash起源提供資金。我們的公司現金。

That said, a few weeks ago, we announced that we had amended our credit facility to increase our capacity by $50 million to $150 million, an increase in the advance rate by approximately 800 basis points. And we were able to reduce our cost of funds by approximately 200 basis points. And additionally, extend the maturity date by an additional two years such that we now have over three years remaining on the term of the facility.

也就是說，幾週前，我們宣布修改了信貸安排，將我們的產能增加了 5,000 萬美元至 1.5 億美元，預付款率增加了約 800 個基點。我們能夠將資金成本降低約 200 個基點。此外，將到期日再延長兩年，這樣我們現在的貸款期限還剩三年多。

As highlighted in our earnings release today, the fact that our lending partner was willing to extend more capital at more favorable terms, despite the notably tighter conditions in the broader capital markets speaks volumes to the strength of our business unit economics and overall outlook.

正如我們今天的財報所強調的那樣，儘管更廣泛的資本市場條件明顯趨緊，但我們的貸款合作夥伴仍願意以更優惠的條件提供更多資本，這一事實充分說明了我們業務部門的經濟實力和整體前景。

Now turning to our guidance. Given our significant revenue improvements throughout the year, we now expect full year 2023 non-GAAP revenue to range between $257 million and $261 million, representing growth of 22% to 24% compared to last year.

現在轉向我們的指導。鑑於我們全年營收大幅成長，我們現在預計 2023 年全年非 GAAP 營收將在 2.57 億美元至 2.61 億美元之間，較去年成長 22% 至 24%。

Second, given our sustained levels of variable margin this year and the improvements that we've made to our variable cost structure, we are raising our full year 2023 non-GAAP variable margin guidance to range from 53% to 54%, which is up 1,200 to 1,300 basis points relative to 2022.

其次，考慮到我們今年可變利潤率的持續水平以及我們對可變成本結構所做的改進，我們將2023 年全年非GAAP 可變利潤率指引提高至53% 至54%，這一數字上升較 2022 年下降 1,200 至 1,300 個基點。

Finally, we are also raising guidance and now expect full year 2023 adjusted EBITDA to be a loss between negative $22 million to negative $17 million, reflecting a 75% to 80% improvement from 2022 and implying a range of negative $2 million to positive $3 million in the fourth quarter.

最後，我們也提高了指引，目前預計2023 年全年調整後EBITDA 虧損將在負2,200 萬美元至負1,700 萬美元之間，反映較2022 年改善75% 至80%，意味著負200 萬美元至正300 萬美元的範圍在第四季。

So significant improvements across our key financial metrics throughout the year have not only allowed us to raise our guidance but have left us well positioned to achieve our goal of achieving profitability in the coming months.

全年關鍵財務指標的顯著改善不僅使我們能夠提高指導，而且使我們能夠在未來幾個月實現盈利的目標。

I'll now pass it over to Jason to conclude our call.

我現在將其轉交給傑森來結束我們的通話。

I'd like to thank everyone for joining today's call and for the entire Dave team commitment to our strategy, which has led to our outperformance. Operator, we can now open the call for questions.

我要感謝大家參加今天的電話會議，感謝整個戴夫團隊對我們策略的承諾，這使我們取得了優異的業績。接線員，我們現在可以開始提問。

(Operator Instruction) Gary Prestopino, Barrington Research.

（操作員說明）Gary Prestopino，Barrington Research。

Hey, Dave. Hi, Kyle. How are you?

嘿，戴夫。嗨，凱爾。你好嗎？

I'm well, thanks, Gary. Appreciate that. Jumping on.

我很好，謝謝，加里。感謝。跳上去。

Well, a couple of things here. Can you maybe -- can we delve -- there's a number of things I wanted to delve into if you don't mind, but can we delve into what is really driving the improvement in CAC? I mean, you've cited a couple of things here, but I'd like you to elaborate a little bit of that because that's really great improvement on customer acquisition costs.

嗯，這裡有幾件事。如果您不介意的話，我們可以深入研究一下嗎？如果您不介意的話，我想深入研究很多事情，但是我們可以深入研究真正推動 CAC 改進的因素嗎？我的意思是，您在這裡引用了一些內容，但我希望您詳細說明一下，因為這確實極大地提高了客戶獲取成本。

I think there's a few things happening here, Gary. One, we think that the timely messages to help people get access to up to $500 in five minutes or less is really driving a chord with consumers right now given inflationary period driving up cost for consumers.

我認為這裡發生了一些事情，加里。第一，我們認為，考慮到通貨膨脹時期推高了消費者的成本，幫助人們在五分鐘或更短的時間內獲得高達 500 美元的及時資訊確實引起了消費者的共鳴。

Additionally, I think there's been a lot of channel optimization we've done to really do a lot of mixed media testing that make sure we are spending the right amounts on the right channels. We've also really doubled down on the channels that are the most efficient for us, scaling back in some other channels that could otherwise proven to not be as efficient at scale.

此外，我認為我們已經做了很多管道優化來真正進行大量混合媒體測試，以確保我們在正確的管道上花費正確的金額。我們也確實在對我們來說最有效的管道上加倍努力，縮減了其他一些管道的規模，否則這些管道可能被證明在規模上效率不高。

And lastly, we think overall, given on the macro side, given the pullback of the crypto industry, there's quite a bit of dollars that have been pulled out of the ecosystem, which is favorable for us just seeing a decrease in CPMs across the board. All that said, I think we have a nice tailwind behind us to continue to have efficient CAC for the foreseeable future.

最後，我們認為總體而言，考慮到宏觀方面，考慮到加密產業的回調，有相當多的美元已退出生態系統，這對我們來說是有利的，因為 CPM 全面下降。話雖如此，我認為我們有一個良好的推動力，可以在可預見的未來繼續保持高效的 CAC。

Okay. What -- as you went through this process, what are some of your more efficient channels that you're using for acquiring customers? If you can elaborate on that and make that public?

好的。當您經歷這個過程時，您會使用哪些更有效的管道來獲取客戶？您能否詳細說明並公開？

I don't know that we disclosed the channels. It's a lot of the more notable names that you've heard of before. And the way that we build creative and optimize those channels, I think is what is really unique to Dave less so the channel mix.

我不知道我們公開了管道。其中有很多您以前聽說過的更著名的名字。我認為我們建立創意和優化這些管道的方式才是戴夫真正獨特的地方，而頻道組合也是如此。

Okay. And then on the extra CAC, you said you put some new, I guess, models -- added two new underwriting models or algorithms or whatever? Could you maybe elaborate what you're finding as you develop better history with this product that you've been able to positively change some of those algorithms or underwriting factors?

好的。然後在額外的 CAC 上，你說你添加了一些新的模型，我猜，添加了兩個新的承保模型或演算法或其他什麼？您能否詳細說明一下，當您使用該產品開發更好的歷史記錄時，您發現了什麼，您已經能夠積極改變其中一些演算法或承保因素？

Sure. Gary, I can happy to take this. This is Kyle. Thanks again for the question. And so one of the unique things about our business is just the velocity of our portfolio. So I think as you can appreciate, we turn the book over several times per month, just given the very short duration of ExtraCash.

當然。加里，我很樂意接受這個。這是凱爾。再次感謝您的提問。因此，我們業務的獨特之處之一就是我們的投資組合的速度。因此，我認為您可以理解，鑑於 ExtraCash 的持續時間非常短，我們每個月都會將這本書翻轉幾次。

And so with that, we're able to originate a substantial amount of transactions. And believe we've originated ExtraCash over $90 million times to date. And so with that opportunity, we have tons of data points on performance and the ability to just continue to optimize and risk split within the portfolio to find efficiencies and basically risk profile of customers more effectively.

這樣，我們就能夠發起大量交易。相信迄今為止，我們已經發起 ExtraCash 超過 9000 萬美元。因此，有了這個機會，我們擁有大量關於績效的數據點，並且能夠在投資組合中繼續優化和風險分攤，以更有效地找到客戶的效率和基本風險狀況。

We've also made a substantial amount of investments in our underlying payments infrastructure that supports ExtraCash, which I think is also another key part of our secret sauce and has allowed us to cut back on delinquencies. But overall, it's just been the dedicated focus from the team just to continue to optimize the portfolio. And we'd -- like I said, be in a unique position to do that, just given the velocity and the number of at-bats that we have based on the number of transactions were originated.

我們還對支持 ExtraCash 的底層支付基礎設施進行了大量投資，我認為這也是我們秘密武器的另一個關鍵部分，使我們能夠減少拖欠。但總的來說，團隊的專注重點只是繼續優化產品組合。正如我所說，我們處於一個獨特的位置來做到這一點，只要考慮到我們基於發起交易數量的速度和擊球數。

Are you finding in this environment Karl that -- Kyle, I'm sorry, that you're getting a lot more inquiries into ExtraCash in terms of short-term needs?

在這種環境下，您是否發現卡爾——凱爾，對不起，您收到了更多關於短期需求方面的關於 ExtraCash 的詢問？

See, generally speaking, demand is pretty favorable right now. I would consider it more normalized coming out of a high stimulus high, with a lot of extra backstopping that was coming in through a lot of the COVID relief and just looking a lot more similar to what things looked like pre-COVID, which I think is a more favorable overall environment for us to begin.

總的來說，現在的需求相當有利。我認為，從高刺激高點中出來的情況更加正常化，透過大量的新冠疫情緩解措施，提供了大量額外的支持，而且看起來與新冠疫情之前的情況更加相似，我認為是一個對我們開始更加有利的整體環境。

But I wouldn't say we're in an any sort of abnormal demand period based on anything that we've seen. It's just strong and consistent overall demand. And we've continued to add value to the product over time that's driving higher degrees of retention as well. So, yeah, overall positive and productive macro. But I wouldn't say abnormally favorable.

但根據我們所看到的情況，我不會說我們正處於任何異常需求時期。這只是強勁且持續的整體需求。隨著時間的推移，我們不斷增加產品的價值，這也推動了更高程度的保留。所以，是的，總體而言，宏觀經濟是積極且富有成效的。但我不會說異常有利。

Okay. And then as I'm just going through my notes here, you mentioned something about a new fee schedule. As well as I think it was, you're moving away from the dollar per month subscription. Did I get that right? Could you just talk a little bit about that?

好的。然後，當我剛剛瀏覽我的筆記時，您提到了有關新費用表的內容。正如我所認為的那樣，您正在放棄每月一美元的訂閱。我做對了嗎？你能簡單談談這個嗎？

Yes, sure. So first and foremost, on the fee structure. So historically, we had a clear dollar based fee structure. As you -- with respect to the ExtraCash express fee. So as limits went up, the express fees went up, but not linearly. They were just a feature that was for arbitrary as you went up the limit spectrum.

是的，當然。首先，也是最重要的是費用結構。因此，從歷史上看，我們有一個明確的基於美元的費用結構。正如您——關於 ExtraCash 快遞費用。因此，隨著限額的增加，快遞費用也會增加，但不是線性增加的。它們只是一個在你達到極限範圍時任意使用的功能。

Starting earlier in the third quarter, we onboarded all new customers into a percent base pricing model. So allowing us to scale our fee structures up with origination size. We also pair that with a bigger discount for folks to send their ExtraCash funds to our Dave Card to further drive that trial and engagement with Dave spend account.

從第三季早些時候開始，我們讓所有新客戶採用百分比基礎定價模式。因此，我們可以根據發起規模擴大我們的費用結構。我們也為人們將 ExtraCash 資金發送到我們的 Dave 卡提供更大的折扣，以進一步推動 Dave 支出帳戶的試用和參與。

But overall, we're -- we think this change is helpful from a monetization perspective and also just helps to better align us with the customer to ensure that we're delivering the maximum value for ExtraCash in our new economics to support that. So has been a positive change and we expect it to be (inaudible) in the fourth quarter as we roll that out to all of our existing customers in the beginning part of the quarter.

但總的來說，我們認為這項變更從貨幣化的角度來看是有幫助的，也有助於我們更好地與客戶保持一致，以確保我們在新經濟中為ExtraCash 提供最大價值，以支持這一點。這是一個積極的變化，我們預計它將在第四季度實現（聽不清楚），因為我們將在本季度初向所有現有客戶推出這項變更。

So you're getting rid of the tiered structure. You're just going into an overall flat percentage?

所以你要擺脫分層結構。您剛剛進入整體持平百分比嗎？

Correct.

正確的。

Okay. And then what was the other thing there with the dollar per month membership fee, did you say you were stopping that? Or did I miss it?

好的。然後還有每月一美元的會員費，你說要停止嗎？還是我錯過了？

We're taking a close look at our subscription business overall, but the changes that we've made is we've built a new billing system and payments architecture underlying the subscription product that we started to rollout last quarter has presented a bit of headwinds just in terms of migrating users over into that new billing structure. That's -- like I said, put some put some headwinds around the number of MTMs.

我們正在仔細審視我們的整體訂閱業務，但我們所做的改變是，我們建立了一個新的計費系統和支付架構，該架構是我們上季度開始推出的訂閱產品的基礎，這帶來了一些阻力只是將用戶遷移到新的計費結構方面。正如我所說，這給 MTM 的數量帶來了一些阻力。

But what that does allow us to do is, gives us a lot more flexibility in the future to roll out perspective subscription offerings at a later date. So we're excited about that opportunity. But taking a close look at more of the specifics for 2024 around what that could look like.

但這確實讓我們能夠在未來更靈活地推出前瞻性訂閱產品。所以我們對這個機會感到很興奮。但要仔細研究 2024 年的更多具體細節。

Okay. And then just lastly, and I'll let somebody else jump in. I mean, you guys have done a great job of getting the cost structure down and driving efficiencies and growing the revenues through ExtraCash and Dave card.

好的。最後，我會讓其他人介入。我的意思是，你們透過 ExtraCash 和 Dave 卡在降低成本結構、提高效率和增加收入方面做得很好。

I mean, at this point, do you feel pretty confident that you really evolve the company to a step-change basis where -- as you can continue to grow revenues in this environment that your year over year losses and adjusted EBITDA will diminish and you could maybe a cleaner run rate of profitability for a full year.

我的意思是，在這一點上，您是否非常有信心真正將公司發展到一個階躍變化的基礎上——因為您可以在這種環境下繼續增加收入，您的逐年虧損和調整後的EBITDA將會減少，並且您全年的盈利率可能會更乾淨。

Certainly --

當然 -

EBITDA profits. I mean, I didn't mean (multiple speaker)

EBITDA 利潤。我的意思是，我不是這個意思（多個發言者）

Yeah. Well, I guess, I'll answer first part of your question, we feel like the improvements that we've made, first and foremost on the variable cost structure are sustainable and we've completely re-rated the unit economics based on the changes that we've made there.

是的。好吧，我想，我會回答你問題的第一部分，我們覺得我們所做的改進，首先是可變成本結構是可持續的，我們已經根據以下因素完全重新評估了單位經濟效益：我們在那裡所做的改變。

So feeling very good about the trajectory of just the optimization and monetization part of our existing unit economics. And overall, we still feel very confident in the overall growth opportunity and prospects to continue to grow the top line and feel like that our team is of sufficient size now for us to execute on our plan without making material additions to our overall fixed cost base in order to deliver that growth plan. So I think what that all leads us to is a very favorable outlook with respect to profitability moving forward.

因此，我們對現有單位經濟學的最佳化和貨幣化部分的發展軌跡感到非常滿意。總的來說，我們仍然對整體成長機會和繼續成長收入的前景非常有信心，並且感覺我們的團隊現在有足夠的規模來執行我們的計劃，而無需對我們的整體固定成本基礎進行實質性增加為了實現該成長計劃。因此，我認為這一切使我們對未來的獲利能力前景非常樂觀。

Okay. Thank you.

好的。謝謝。

Okay. And I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

好的。我沒有再提出任何問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。