Dave Inc (DAVE) 2023 Q4 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the fourth quarter and full year ended December 31, 2023.

大家早安，感謝大家參加今天的電話會議，討論 Dave 截至 2023 年 12 月 31 日的第四季度和全年財務業績。

Joining us today are Dave's CEO, Mr. Jason Wilk, and the company's CFO, Mr. Kyle Beilman.

今天加入我們的是 Dave 的執行長 Jason Wilk 先生和公司的財務長 Kyle Beilman 先生。

By now everyone should have access to the fourth quarter and full year 2023 earnings press release, which was issued earlier today.

到目前為止，每個人都應該可以查看今天早些時候發布的第四季度和 2023 年全年收益新聞稿。

The release is available in the Investor Relations section of Dave's website at https://investors.dave.com.

新聞稿可在 Dave 網站的投資者關係部分取得：https://investors.dave.com。

In addition, this call will also be available for webcast replay on the company's website.

此外，本次電話會議也將在公司網站上進行網路直播重播。

Following management's remarks, we'll open the call for your questions.

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.

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。

These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

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與這些前瞻性陳述中反映的結果有重大差異的假設的影響。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC.

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其他風險和不確定性的影響。

Do not place undue reliance on any forward-looking statements, which are being made only at the date of this call.

請勿過度依賴任何僅在本次電話會議之日做出的前瞻性陳述。

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statement.

除法律要求外，本公司不承擔修改或公開發布任何前瞻性聲明的任何修改結果的義務。

The company's presentation also includes certain non-GAAP financial measures included adjusted EBITDA as supplemental measures of performance of our business.

該公司的簡報還包括某些非公認會計準則財務指標，其中包括調整後的 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.

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。

You'll find reconciliation charts and other important information in the earnings press release and Form 8-K furnished to the SEC.

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資訊。

I would now like to turn the call over to Dave CEO, Mr. Jason Wilk.

我現在想將電話轉給 Dave 執行長 Jason Wilk 先生。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

We generated exceptional results in 2023 and surpassed our guidance on all metrics, exceeding both our original guidance from beginning of last year, as well as our increased guidance in Q2 and Q3.

我們在 2023 年取得了出色的業績，並超越了我們對所有指標的指導，超過了我們去年年初的最初指導，以及我們在第二季度和第三季度增加的指導。

Dave had a record fourth quarter and most importantly, achieved profitability having generated $10 million of adjusted EBITDA and positive GAAP net income for the fourth quarter.

Dave 第四季業績創歷史新高，最重要的是，第四季實現了 1000 萬美元的調整後 EBITDA 和正 GAAP 淨利潤，實現了盈利。

Further, we accelerated revenue growth while simultaneously lowering operating expenses and leaning into the operating leverage inherent in our business model.

此外，我們加快了收入成長，同時降低了營運費用，並利用了我們業務模式固有的營運槓桿。

I'd like to start the call by reflecting on Dave's journey.

我想透過回顧戴夫的旅程來開始這通通話。

We launched in 2017 with a mission to build products that level the financial playing field.

我們於 2017 年成立，其使命是打造公平的金融競爭環境的產品。

At the foundation of day, we hold the belief that technology can be used to revolutionize the cost and access of credit and banking.

最初，我們堅信科技可以徹底改變信貸和銀行業務的成本和獲取管道。

By embracing big data and without relying on legacy credit bureaus, we experienced rapid product market fit for our first product ExtraCash, operating members incident interest free credit to cover gas and groceries.

透過採用大數據並且不依賴傳統信用機構，我們的第一個產品 ExtraCash 經歷了快速的產品市場適應，營運會員可以享受無息信貸來支付天然氣和食品雜貨。

This delivered highly efficient growth over the next several years before turning profitable in 2019.

這在未來幾年實現了高效成長，並於 2019 年實現盈利。

We then began strategically investing in our digital-first Dave checking account in 2020 as we believe to create natural synergies with ExtraCash and that our target market was in significant need of affordable banking services.

然後，我們在 2020 年開始對我們的數位優先 Dave 支票帳戶進行策略性投資，因為我們相信與 ExtraCash 能夠產生自然的協同效應，並且我們的目標市場非常需要負擔得起的銀行服務。

In mid 2022, we began to focus on the levers that will drive sustainable improvements in the unit economics of our business, including enhancing member lifetime value, expanding variable margin, optimizing our marketing investments and driving operating leverage from our fixed cost structure.

2022 年中期，我們開始專注於推動業務單位經濟效益可持續改善的槓桿，包括提高會員終身價值、擴大可變利潤、優化我們的行銷投資以及從固定成本結構中提高營運槓桿。

I'm proud to say that we delivered on each of these objectives and execute on our profitability goal.

我很自豪地說，我們實現了所有這些目標並執行了我們的獲利目標。

Compared to Q2 2022, our variable margins are up

與 2022 年第二季相比，我們的可變利潤率上升

[2,200 basis points].

[2,200 個基點]。

Our CAC has decreased by over 50%, and we have grown revenue by [60%] while reducing our fixed expense base.

我們的 CAC 下降了 50% 以上，我們的收入成長了 [60%]，同時減少了固定費用基礎。

Moreover, we further expanded member lifetime value through stronger retention and the growth of our banking product as a natural complement to our core ExtraCash product.

此外，我們透過更強的保留率和銀行產品的成長進一步擴大了會員終身價值，作為我們核心 ExtraCash 產品的自然補充。

So still in the early innings of our efforts, we have also continued to find avenues to deepen our relationships with members such as with direct deposit, fees where the key levers have solidified our path to profitability several quarters ahead of schedule.

因此，在我們努力的初期，我們也繼續尋找加深與會員關係的途徑，例如透過直接存款、收費等關鍵手段，提前幾季鞏固了我們的獲利之路。

And while we continue to make strategic investments in the growth of our business, we expect the company to remain adjusted EBITDA profitable going forward.

在我們繼續對業務成長進行策略性投資的同時，我們預計該公司未來將保持調整後的 EBITDA 獲利。

Importantly, we believe the core values that got us here today will be the same core values that enable us to grow profitably from here and expand the impact we have in the financial lives of our everyday Americans.

重要的是，我們相信我們今天走到這一步的核心價值將與我們能夠從這裡實現盈利增長並擴大我們對普通美國人的金融生活的影響的核心價值觀相同。

Foundational to these core values as being deeply member-centric and committed to furthering our mission to build products that met with the financial playing field.

這些核心價值的基礎是深深以會員為中心，並致力於推動我們的使命，打造符合金融競爭環境的產品。

With that said, I'd now like to dive into the quarter and our progress against our growth strategy of acquiring new members efficiently, engage them effectively with interest-free credit and deepening our relationship with them via Dave card banking engagement.

話雖如此，我現在想深入了解本季度以及我們在有效獲取新會員的成長策略方面取得的進展，透過無息信貸有效地吸引他們，並透過 Dave 卡銀行業務加深我們與他們的關係。

Acquiring members efficiently is a major differentiator for Dave.

有效地獲得會員是 Dave 的一個主要優勢。

We did this especially well throughout the year as we grew our member base while reducing marketing spend.

我們全年在這方面做得特別好，因為我們擴大了會員基礎，同時減少了行銷支出。

Our ExtraCash short term liquidity offering continues to resonate with consumers and are largely millennial and Gen Z target demographic who use our ExtraCash product for essential staples such as gas and groceries.

我們的 ExtraCash 短期流動性產品繼續引起消費者的共鳴，主要是千禧世代和 Z 世代目標族群，他們使用我們的 ExtraCash 產品購買天然氣和雜貨等必需品。

This demographic has traditionally been difficult for incumbent banks to reach cost effectively.

傳統上，現有銀行很難有效地實現這一目標。

And our marketing efforts are bolstered by strong word of mouth, leading to consistent organic member acquisition.

我們的行銷工作得到了強大口碑的支持，從而實現了持續的有機會員獲取。

In the fourth quarter, we added 683,000 new members at a CAC of $15, which is the lowest quarterly CAC we've achieved since the beginning of the pandemic in the second quarter of 2020.

第四季度，我們以 15 美元的 CAC 增加了 683,000 名新會員，這是自 2020 年第二季大流行開始以來我們實現的最低季度 CAC。

We attribute the strength of our CAC in the fourth quarter to the brand refresh and created investments we made in mid 2023 and a continued push to drive efficiency, which led to a 14% reduction in CAC quarter over quarter and 12% year over year.

我們將第四季度 CAC 的優勢歸因於我們在 2023 年中期進行的品牌更新和投資以及持續推動提高效率，這導致 CAC 環比下降 14%，同比下降 12%。

CACs have remained efficient in the first quarter of 2024, typically the softest period for marketing due to tax refunds supporting our member bases liquidity needs, thereby moderating response rates to our advertising.

CAC 在 2024 年第一季仍然保持高效，通常是行銷最疲軟的時期，因為退稅支持了我們會員的流動性需求，從而降低了對我們廣告的回應率。

The second pillar of our growth strategy to drive engagement of MTMs with ExtraCash engagement being the primary starting point of our member journey.

我們成長策略的第二個支柱是推動 MTM 的參與，而 ExtraCash 的參與是我們會員旅程的主要起點。

In the fourth quarter, our monthly transacting member base grew 9% sequentially and 11% year-over-year based on solid growth among Dave Card, ExtraCash and sufficient multi actives.

第四季度，由於 Dave Card、ExtraCash 和充足的多重活躍業務的穩健成長，我們的月度交易會員數量環比增長 9%，同比增長 11%。

In the fourth quarter, we successfully transitioned our $1 multi subscription program to a new billing system, which resolved a temporary headwind to multi transacting member engagement in Q2 and Q3 and gives us the flexibility to pursue expanded subscription opportunities going forward.

在第四季度，我們成功地將1 美元的多重訂閱計劃過渡到新的計費系統，這解決了第二季度和第三季度多重交易會員參與的暫時阻力，並使我們能夠靈活地尋求未來擴大的訂閱機會。

In Q4, we also achieved a significant company milestone of dispersing over $1 billion per quarter in ExtraCash advances to our members, representing 11% growth from 3Q and 29% growth from last year.

第四季度，我們也實現了公司的一個重要里程碑，即每季向會員發放超過 10 億美元的 ExtraCash 預付款，較第三季成長 11%，較去年成長 29%。

We achieved this by both growing our base of ExtraCash active members and by more effectively underwriting these members for higher advances without compromising our credit performance, which I'll get into in a moment.

我們透過擴大 ExtraCash 活躍會員基礎以及更有效地為這些會員承保更高的預付款來實現這一目標，同時又不影響我們的信用表現（我稍後會對此進行討論）。

Higher advance sizes, combined with our new percent base express fee structure we fully implemented in early Q4 enabled us to grow are up 4% quarter over quarter.

更高的預付款規模，加上我們在第四季度初全面實施的新的百分比基本快遞費用結構，使我們能夠季度環比增長 4%。

Further ExtraCash product enhancements, some of which are currently in testing give us a confidence we can continue to grow monetization moving forward.

ExtraCash 產品的進一步增強（其中一些目前正在測試中）讓我們有信心繼續提高盈利能力。

It's also worth reinforcing that the ExtraCash product structure is highly scalable, allowing us to grow originations without the need for a sizable capital intensive balance sheet or take on significant credit risk exposure at any one point in time, even with $1 billion in ExtraCash originations in Q4, our net receivables balance was only $113 million at quarter-end due to the short duration high-velocity nature of the product.

另外值得強調的是，ExtraCash 產品結構具有高度可擴展性，使我們能夠在無需規模龐大的資本密集型資產負債表的情況下擴大創始規模，也無需在任何一個時間點承擔重大信用風險敞口，即使在2019 年ExtraCash 創始規模達10 億美元。第四季度，由於該產品的短期高週轉特性，我們的季末淨應收帳款餘額僅為 1.13 億美元。

To expand on the topic of credit performance, our 28-day delinquency rate in Q4 has once again reached a record low, improving 139 basis points year over year to just 2.19% despite 29% growth in origination volumes.

擴大信貸表現話題，我們第四季的 28 天拖欠率再次創下歷史新低，儘管貸款量增長了 29%，但同比下降了 139 個基點，僅為 2.19%。

The ongoing investments we have made in our proprietary AI enabled risk management engine, which we refer to as CashAI continue to bear fruit.

我們對專有的人工智慧風險管理引擎（我們稱之為 CashAI）的持續投資不斷取得成果。

The fact that we have seen record lows in 28-day delinquency rates and overall loss performance in both the third and fourth quarters, while most other consumer finance asset classes are exhibiting March credit deterioration as a testament to the effectiveness of CashAI.

事實上，我們在第三季和第四季都看到了28 天拖欠率和整體損失表現的歷史新低，而大多數其他消費金融資產類別在3 月都出現了信用惡化，這證明了CashAI 的有效性。

As mentioned on prior calls, we typically experience both the lowest delinquency rate and the softer demand for ExtraCash during the first quarter.

正如先前電話中提到的，我們通常會在第一季經歷最低的拖欠率和對 ExtraCash 的需求疲軟。

Given the additional liquidity provided to members from tax refunds.

鑑於退稅為會員提供了額外的流動性。

While we expect the seasonal pattern to recur in Q1 of this year, we are well versed in managing business performance and calibrating our marketing spend as the tax season unfolds.

雖然我們預計今年第一季會出現季節性模式，但我們非常擅長管理業務績效並隨著納稅季節的展開調整我們的行銷支出。

Finally, to discuss the third pillar of our growth strategy of deepening our relationships with members by driving top of wallet spending behavior through direct deposit.

最後，討論我們成長策略的第三個支柱，即透過直接存款推動錢包消費行為，從而加深與會員的關係。

Our approach as been leverage ExtraCash to drive cross attached to the Dave Card by making the ExtraCash funds available more quickly and inexpensively as send to the Dave Card.

我們的方法是利用 ExtraCash 驅動與 Dave 卡的交叉連接，使 ExtraCash 資金在發送到 Dave 卡時更快、更便宜。

This is an efficient way for us to drive trial with the Dave Card, an important step in building the trust required to win direct deposit.

這是我們推動戴夫卡試用的有效方式，也是建立贏得直接存款所需信任的重要一步。

We made solid progress on this trial building strategy throughout the year with cross attach rates from ExtraCash into our Dave Card, reaching approximately 50% among our ExtraCash actives, driving Dave Card's spending growth throughout the year.

我們全年在這項試點建設策略上取得了紮實的進展，ExtraCash 與我們的 Dave 卡的交叉附加率達到了 ExtraCash 活躍用戶的約 50%，推動了 Dave Card 全年的支出成長。

In Q4, spending volume reached $369 million, a 41% year-over-year increase and 8% sequentially.

第四季支出達 3.69 億美元，年增 41%，季增 8%。

With direct deposit penetration remaining fairly consistent quarter over quarter, average transaction for MTM remained roughly flat sequentially at

由於直接存款滲透率逐季保持相當穩定，MTM 的平均交易量與上一季基本持平

[6.4].

[6.4]。

We're still in the early innings of winning direct deposit and top of wallet spending behavior with our members, which is a primary strategic focus of ours for 2024.

我們仍處於贏得會員直接存款和高額消費行為的早期階段，這是我們 2024 年的主要策略重點。

We remain intent on this opportunity since on average members generate 5x to 6x higher banking ARPU once we acquire a direct deposit relationship.

我們仍然關注這個機會，因為一旦我們獲得直接存款關係，會員平均會產生 5 到 6 倍的銀行 ARPU。

As a result of our solid progress within both ExtraCash and Dave Card engagement, we recorded a 9% increase in ARPU in fourth quarter year-over-year and a 2% increase sequentially, highlighting our ability to continue to expand monetization of our monthly transacting member base.

由於我們在 ExtraCash 和 Dave Card 業務方面取得了紮實進展，我們第四季度的 ARPU 同比增長 9%，環比增長 2%，這凸顯了我們繼續擴大每月交易貨幣化的能力會員基地。

We remain focused on identifying and executing on additional ARPU opportunities for our business throughout the year.

我們全年仍致力於為我們的業務識別和執行額外的 ARPU 機會。

In summary, 2023 was a pivotal year for Dave.

總而言之，2023 年對戴夫來說是關鍵的一年。

Not only did we grow our business considerably, but we did so while reducing expenses, expanding margins and delivering greater value to our members through consistent product enhancements.

我們不僅大幅發展了我們的業務，而且還透過持續的產品改進降低了開支、擴大了利潤並為我們的會員提供了更大的價值。

We feel strongly about the potential of our credit first acquisition model to drive ExtraCash engagement while deepening cross attach into Dave banking and a broader top of wallet spending relationship.

我們強烈感受到我們的信用優先收購模式的潛力，可以推動 ExtraCash 參與，同時加深 Dave 銀行業務的交叉連接和更廣泛的錢包支出關係。

Our 2023 results showcase this winning formula in its early innings and highlight our team's ability to execute and deliver on its goals.

我們 2023 年的成績在早期就展示了這個獲勝公式，並突顯了我們團隊執行和實現目標的能力。

Entering 2024, we believe we have a clear roadmap to continue expanding profitability while still investing in our business to support long-term growth.

進入 2024 年，我們相信我們有一個明確的路線圖，可以繼續擴大盈利能力，同時仍然投資於我們的業務以支持長期成長。

We look forward to delivering on our goals of Dave members as well as our shareholders as we solidify our position as a superior banking solution for everyday Americans.

我們期待實現戴夫成員和股東的目標，鞏固我們作為普通美國人卓越銀行解決方案的地位。

With that, I'll 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，讓您了解我們的財務業績，凱爾？

Thank you and good morning, everyone.

謝謝大家，早安。

As Jason mentioned, our fourth quarter results represent new high watermarks across nearly all of our key metrics.

正如傑森所提到的，我們第四季的業績代表了我們幾乎所有關鍵指標的新高水位。

As you may recall, we raised our guidance during the third quarter to account for our year-to-date outperformance.

您可能還記得，我們​​在第三季提高了指導，以解釋我們今年迄今的優異表現。

During the fourth quarter, we continued to execute well, enabling us to exceed our guidance and achieve adjusted EBITDA and net income profitability for the period.

第四季度，我們繼續表現良好，使我們能夠超越我們的指導，並實現調整後的 EBITDA 和淨利潤。

We continue to unlock material operating leverage by driving higher revenue and variable profit, largely through expanded ARPU and member retention while also improving our cost structure through efficient marketing spend, strong credit performance and the optimization of our variable and fixed costs.

我們繼續透過推動更高的收入和可變利潤（主要是透過擴大ARPU 和會員保留率）來釋放實質營運槓桿，同時也透過高效的行銷支出、強勁的信用表現以及優化我們的可變和固定成本來改善我們的成本結構。

Now to dive a little deeper into our results.

現在更深入地了解我們的結果。

Total GAAP revenue in Q4 was $73.2 million, up 23% from Q4 of last year.

第四季 GAAP 總營收為 7,320 萬美元，比去年第四季成長 23%。

Revenue growth was primarily driven by an 11% increase in MTMs and a 9% increase in non-GAAP ARPU.

營收成長主要是由 MTM 成長 11% 和非 GAAP ARPU 成長 9% 推動的。

The MTM growth was driven by our conversion focus member acquisition strategy.

MTM 的成長是由我們以轉化為重點的會員獲取策略所推動的。

In addition to the significant improvements in member retention, we achieved throughout the year.

除了會員保留率的顯著提高之外，我們在這一年中還取得了一些成果。

Increases in ExtraCash engagement and the growth in Dave Card's spend led to the uplift in ARPU.

ExtraCash 參與度的增加和 Dave Card 支出的成長導致了 ARPU 的提升。

Non-GAAP variable profit in Q4 increased 80% to $45.9 million, representing a 61% margin relative to our non-GAAP revenue, up approximately 2,000 basis points from Q4 of last year.

第四季非 GAAP 可變利潤成長 80%，達到 4,590 萬美元，相對於我們的非 GAAP 收入而言，利潤率為 61%，比去年第四季增長約 2,000 個基點。

The sustained increase in variable margin throughout 2023 was driven by ongoing improvements we've made to our variable cost structure.

2023 年可變利潤率的持續成長得益於我們對變動成本結構的持續改善。

A significant portion of this relates to our 2023 focus on vendor stack efficiency as we successfully optimize our usage of the payment networks and renegotiating contracts with several key vendors.

其中很大一部分與我們 2023 年對供應商堆疊效率的關注有關，因為我們成功優化了支付網路的使用並與幾個主要供應商重新談判合約。

Credit performance also continued to improve, which had a positive impact on variable profit.

信貸表現也持續改善，這對可變利潤產生了正面影響。

The ongoing development and optimization of CashAI has allowed us to reduce credit losses while also generating higher revenue per advance and lowering credit losses.

CashAI 的持續開發和優化使我們能夠減少信用損失，同時還可以產生更高的每筆預付款收入並降低信用損失。

Moving to fourth quarter operating expenses, our provision for credit losses decreased 28% to $14.5 million compared to $20.2 million in Q4 of last year.

至於第四季的營運支出，我們的信貸損失準備金下降了 28%，至 1,450 萬美元，而去年第四季為 2,020 萬美元。

As a percentage of ExtraCash originations, the provision declined to 1.4% in the fourth quarter compared to 2.5% in the year ago period.

作為 ExtraCash 起源的百分比，第四季度撥備下降至 1.4%，而去年同期為 2.5%。

This decrease in loss provision relates to the ongoing underwriting improvements, we've made the CashAI that I just referenced and aligns with our outperformance on the 28-day delinquency rate for Q4.

損失撥備的減少與持續的核保改進有關，我們已經制定了我剛才提到的 CashAI，並與我們在第四季度 28 天拖欠率方面的優異表現保持一致。

As Jason mentioned, compared to the fourth quarter of last year, our 28-day delinquency rate improved by 139 basis points to 2.19%.

正如 Jason 所提到的，與去年第四季相比，我們的 28 天拖欠率改善了 139 個基點，達到 2.19%。

While we grew originations by 29% to surpass $1 billion in the quarter for the first time in our company's history.

本季我們的創收額成長了 29%，在公司歷史上首次超過 10 億美元。

Processing and servicing costs during the fourth quarter decreased by 10% to $7.5 million compared to $8.3 million in the year ago period.

第四季的處理和服務成本下降了 10%，達到 750 萬美元，而去年同期為 830 萬美元。

As a percentage of origination volume, processing and servicing costs improved roughly 30 basis points to 0.7% compared to 1% in the year-ago period.

加工和服務成本佔原產量的百分比從去年同期的 1% 下降了約 30 個基點，達到 0.7%。

We believe these gains are sustainable driven by technology investments we've made in our payment's infrastructure and improved contractual terms with key vendors.

我們相信，這些收益是可持續的，得益於我們在支付基礎設施方面進行的技術投資以及與主要供應商改進的合約條款。

Advertising and marketing expenses decreased 16% to $10 million during the fourth quarter compared to $11.9 million in the year ago period.

第四季廣告和行銷費用下降 16%，至 1,000 萬美元，而去年同期為 1,190 萬美元。

Since Q4 of 2022 we have reduced CAC by 12% as we deployed conversion focused marketing spend, supported by channel and creative optimizations for long-tail marketing investments made during the second quarter of 2023 and ongoing improvements to our reporting and attribution infrastructure.

自2022 年第四季以來，我們部署了以轉化為重點的行銷支出，並在2023 年第二季度進行的長尾行銷投資的管道和創意優化以及對報告和歸因基礎設施的持續改進的支持下，CAC 降低了12%。

During the first quarter, which is typically the softest quarter for marketing efficiency, given the tax refund dynamics, we plan to be situationally efficient with reduced marketing spend in order to help offset some of the seasonal softness in demand for ExtraCash as Jason noted earlier.

第一季通常是行銷效率最疲軟的季度，考慮到退稅動態，我們計劃透過減少行銷支出來提高效率，以幫助抵消 ExtraCash 需求的季節性疲軟，正如 Jason 之前指出的那樣。

Compensation expense was $23.5 million in the fourth quarter compared to $22.1 million in the year ago period.

第四季薪資費用為 2,350 萬美元，而去年同期薪資費用為 2,210 萬美元。

A marginal increase relative to the 23% growth in GAAP revenue exhibited over the same period.

與同期 GAAP 收入 23% 的成長相比，略有成長。

As a percentage of GAAP revenue, compensation expense declined from 37% in Q4 of 2022 to 32% in Q4 of 2023.

薪資支出佔 GAAP 收入的百分比從 2022 年第四季的 37% 下降至 2023 年第四季的 32%。

We've also made investments to further leverage AI within our ecosystem to build more scalability into our operating model.

我們也進行了投資，以進一步利用我們的生態系統中的人工智慧，為我們的營運模式建立更多的可擴展性。

We recently rolled out Dave GPT, our AI chat bot, which has produced very solid initial results, including reducing member success related costs by 13%, while also increasing contact related NPS scores by 28% in just its first three months.

我們最近推出了AI 聊天機器人Dave GPT，它已經產生了非常可靠的初步結果，包括將會員成功相關成本降低了13%，同時在短短的前三個月內將聯繫相關NPS 分數提高了28% 。

This is another example of how we're utilizing cutting-edge technology to improve member experiences.

這是我們如何利用尖端技術改善會員體驗的另一個例子。

We're also creating more operating efficiency within our business.

我們還在我們的業務中創造了更高的營運效率。

While we believe that we can continue to grow and achieve operating leverage without needing to make any material additions to our headcount, we plan to make carefully calibrated investments in product development and data capabilities throughout 2024.

雖然我們相信我們可以繼續成長並實現營運槓桿，而無需對員工人數進行任何實質增加，但我們計劃在 2024 年對產品開發和數據能力進行仔細調整的投資。

These investments will be designed to bolster our long-term growth trajectory while maintaining a lean and disciplined approach to our expense management.

這些投資旨在支持我們的長期成長軌跡，同時保持精實和嚴格的費用管理方法。

Other operating expenses were $15.8 million in the fourth quarter compared to $18 million in the year ago period, representing a year-over-year decline of 12%.

第四季其他營運費用為 1,580 萬美元，而去年同期為 1,800 萬美元，年減 12%。

This improvement is based on a reduction and rationalization of our fixed costs, which continues to amplify the operating leverage we achieved throughout 2023.

這項改進是基於我們固定成本的減少和合理化，這將繼續擴大我們在 2023 年全年實現的營運槓桿。

Other operating expenses also benefited from sustainable improvements we've made to some of our key variable costs within this line item.

其他營運費用也受益於我們對該行項目中的一些關鍵變動成本所做的可持續改進。

More specifically, we renegotiated two key vendor contracts that support our banking product, the first in Q1 of 2023 and the second in Q4 of 2023, where we expect to benefit from a full year's impact of these changes in 2024.

更具體地說，我們重新談判了支持我們銀行產品的兩份關鍵供應商合同，第一份合約於2023 年第一季度簽訂，第二份合約於2023 年第四季度簽訂，我們預計將從2024年這些變化的全年影響中受益。

GAAP net income for the fourth quarter improved to $0.2 million compared to a GAAP net loss of $21.5 million in the fourth quarter of 2022.

第四季 GAAP 淨利潤增至 20 萬美元，而 2022 年第四季 GAAP 淨虧損為 2,150 萬美元。

Adjusted EBITDA for the fourth quarter was $10 million compared to a loss of $12.8 million during the year ago period.

第四季調整後 EBITDA 為 1,000 萬美元，而去年同期虧損 1,280 萬美元。

As Jason mentioned, this improvement was due to a combination of revenue growth and variable margin expansion, rationalized marketing spend and lower tax and tight cost controls across the business.

正如傑森所提到的，這種改善是由於收入成長和可變利潤擴張、合理化的行銷支出以及整個企業的稅收降低和嚴格的成本控制相結合。

We are very proud that Dave has achieved profitability and has done so sustainably with disciplined execution and a long-term value-maximizing orientation.

我們非常自豪戴夫已經實現盈利，並且透過嚴格的執行和長期價值最大化的導向可持續地實現這一目標。

So while our growth trajectory will not be linear, we expect Dave to remain adjusted EBITDA profitable going forward.

因此，雖然我們的成長軌跡不是線性的，但我們預計戴夫未來將保持調整後的 EBITDA 獲利。

Now turning to the balance sheet.

現在轉向資產負債表。

As of December 31, 2023, we had approximately $157 million of cash and cash equivalents, marketable securities investments and restricted cash compared to $171 million at September 30, 2023.

截至 2023 年 12 月 31 日，我們擁有約 1.57 億美元的現金和現金等價物、有價證券投資和限制性現金，而截至 2023 年 9 月 30 日為 1.71 億美元。

As of year-end, our net receivables balance was $113 million, an increase of roughly [$16 million] sequentially.

截至年底，我們的應收帳款淨額餘額為 1.13 億美元，比上一季增加約 [1,600 萬美元]。

The amount drawn on our credit facility remained at $75 million as of the end of Q4 as we continue to rely on our balance sheet cash in the fourth quarter to fund ExtraCash originations versus our credit facility.

截至第四季末，我們的信貸額度提取金額仍為 7,500 萬美元，因為我們繼續依靠第四季度的資產負債表現金來為 ExtraCash 的發放提供資金，而不是我們的信貸額度。

Subsequent to year end, we announced the repurchase of our convertible note that we issued to FTX Ventures with an original principal balance of $100 million.

年底後，我們宣布回購我們向 FTX Ventures 發行的可轉換票據，原始本金餘額為 1 億美元。

Dave repurchased the note for a discounted purchase price of $71 million or 67% of the $105.5 million outstanding balance as of December 31, 2023, which equates to approximately a $35 million discount relative to par value.

Dave 以 7,100 萬美元的折扣購買價回購了該票據，即截至 2023 年 12 月 31 日未償餘額 1.055 億美元的 67%，相當於相對於票面價值約 3,500 萬美元的折扣。

Accounting for this repurchase as well as the impact from our operations and the increase in ExtraCash receivables in January, our cash and cash equivalents, marketable securities, investments and restricted cash as of January 31, 2024, was $75.3 million.

考慮到此次回購以及我們的營運和 1 月份 ExtraCash 應收帳款增加的影響，截至 2024 年 1 月 31 日，我們的現金和現金等價物、有價證券、投資和限制性現金為 7,530 萬美元。

Our decision to repurchase the note was based on the confidence we had and continue to have in our financial outlook and capital position as well as the compelling return profile of the transaction.

我們回購該票據的決定是基於我們對我們的財務前景和資本狀況以及交易令人信服的回報狀況的信心和繼續的信心。

As we have mentioned in the past, we continue to believe that Dave is well positioned to achieve its growth and profitability objectives without the need to raise additional equity capital and believe we have ample liquidity to execute on our growth plan moving forward.

正如我們過去所提到的，我們仍然相信戴夫有能力實現其成長和獲利目標，而無需籌集額外的股本，並相信我們有充足的流動性來執行我們未來的成長計畫。

Now turning to guidance.

現在轉向指導。

We expect full year 2024 GAAP revenue to range between $305 million and $325 million, representing growth of 18% to 25% when compared to 2023.

我們預計 2024 年全年 GAAP 營收將在 3.05 億至 3.25 億美元之間，較 2023 年成長 18% 至 25%。

Please note that we are now providing our revenue guidance on a GAAP basis rather than the non-GAAP revenue basis to which we have guided historically.

請注意，我們現在以 GAAP 為基礎提供收入指引，而不是我們過去所遵循的非 GAAP 收入指引。

We also expect 2024 adjusted EBITDA to range between $25 million and $35 million dollars, reflecting a $35 million to $45 million improvement relative to 2023.

我們也預期 2024 年調整後 EBITDA 將在 2,500 萬美元至 3,500 萬美元之間，較 2023 年增加 3,500 萬美元至 4,500 萬美元。

While we also expect our adjusted EBITDA to remain positive on a quarterly basis going forward.

同時我們也預期調整後的 EBITDA 將在未來每季維持正值。

We expect that the first quarter will experience the seasonal impacts from tax refunds, which both Jason and I mentioned earlier in the call.

我們預計第一季將經歷退稅的季節性影響，傑森和我在電話會議之前都提到過這一點。

Additionally, we are forecasting modest impact to our CAC, given that this is an election year.

此外，鑑於今年是選舉年，我們預計對 CAC 的影響不大。

Although, we have not seen that impact thus far in the first quarter.

儘管如此，我們在第一季尚未看到這種影響。

Finally, as I noted, we plan to make modest investments in product development and data capabilities in 2024, which should position us for long-term value, maximizing growth in the years ahead.

最後，正如我所指出的，我們計劃在 2024 年對產品開發和數據能力進行適度投資，這將使我們能夠實現長期價值，並在未來幾年內最大化成長。

We believe we have a defensible track record of being disciplined and rigorous in making strategic investments, first with ExtraCash and then with Dave card, which have both become accretive to our business model.

我們相信，我們在策略投資方面有著嚴格的紀律和嚴格的記錄，首先是 ExtraCash，然後是 Dave 卡，這兩項投資都對我們的業務模式起到了增值作用。

I will now hand it back over to Jason to conclude our call.

現在我將把它交還給傑森來結束我們的通話。

Thanks, Kyle. 2023 was an incredible year for our company.

謝謝，凱爾。 2023 年對我們公司來說是不可思議的一年。

I appreciate the hard work and dedication from the team and getting into at this point, and I look forward to another strong year in 2024.

我感謝團隊的辛勤工作和奉獻精神，並期待 2024 年又是一個強勁的一年。

Operator, we can now open the call for questions.

接線員，我們現在可以開始提問。

(Operator Instructions) And I'm showing no further questions at this time.

（操作員說明）我目前沒有提出任何進一步的問題。

I would now like to turn the call back to management.

我現在想將電話轉回給管理階層。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。