Dave Inc (DAVE) 2024 Q1 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 first quarter ended March 31st, 2024. Joining us today are Dave CEO; Mr. Jason Wilk, and the company's CFO, Mr. Kyle Beilman.

大家早安，謝謝大家參加今天的電話會議，討論 Dave 截至 2024 年 3 月 31 日的第一季財務業績。 Jason Wilk 先生與公司財務長 Kyle Beilman 先生。

By now everyone should have access to the first quarter 2024 earnings press release, which was issued earlier today. Release is available at the Investor Relations section of today's website dot eight.com. In addition, this call will also be available for webcast replay on the company's website. Following management's remarks, we'll open the call to 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 2024 年第一季財報新聞稿。發布資訊可在今天網站 dot 8.com 的投資者關係部分取得。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 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。實際結果改變的假設的影響。

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 do not place undue reliance on forward-looking statements, which are being made only as of the date of this call. Except as required by law, the Company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

這些前瞻性陳述也受到本公司不時向美國證券交易委員會提交的文件中所述的其他風險和不確定性的影響，請勿過度依賴前瞻性陳述，這些陳述僅在本次電話會議之日作出。除法律要求外，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。

The company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA, some supplemental measurements of performance of our business all non-GAAP measurements have been reconciled to the most direct directly comparable GAAP measures in accordance with the SEC rules. You'll find reconciliation charts and other important information in the earnings press release Form 8-K furnished by the SEC.

該公司的簡報還包括某些非GAAP 財務指標，包括調整後的EBITDA、我們業務績效的一些補充指標，所有非GAAP 指標均已根據SEC 規則與最直接、可直接比較的GAAP 指標進行了調整。您可以在 SEC 提供的收益新聞稿 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. Please go ahead.

我現在想將電話轉給 Dave 執行長 Jason Wilk 先生。請繼續。

Thank you and good morning, everyone. Dave strong business performance from last year continued into 2024 as we exceeded our growth and profitability targets in the first quarter, revenue grew by 25% year-over-year. Our second consecutive quarter of accelerating revenue growth and our operating expenses declined on a year-over-year basis for the fourth consecutive quarter as we continue to lean into the operating leverage inherent in our business model.

謝謝大家，早安。 Dave 去年強勁的業務表現持續到 2024 年，我們在第一季超越了成長和獲利目標，營收年增 25%。由於我們繼續依靠業務模式固有的營運槓桿，因此我們的收入連續第二季加速成長，營運支出連續第四個季度同比下降。

As a result, we posted our second consecutive quarter of profitability, generating $13.2 million of adjusted EBITDA in the first quarter, representing a nearly $18 million improvements relative to Q1 of last year and a 32% improvement sequentially.

因此，我們連續第二季實現盈利，第一季調整後 EBITDA 為 1,320 萬美元，比去年第一季增加了近 1,800 萬美元，比上一季增加了 32%。

As a result, we have raised our adjusted EBITDA guidance for 2024 to reflect these outstanding results as we further expand our multi transacting member base beyond the $2.1 million member inflection point at which we achieved profitability in 4Q of last year.

因此，我們提高了 2024 年調整後 EBITDA 指引，以反映這些出色的業績，因為我們進一步擴大了多交易會員基礎，超越了去年第四季度實現盈利的 210 萬美元會員拐點。

We are one of the pioneers in leveraging AI and machine learning techniques within financial services, harnessing the power of AI as an additional source of operating leverage across the business with our internally developed cash, AI underwriting engine and our AI-enabled chatbot called DGPG.

我們是在金融服務中利用人工智慧和機器學習技術的先驅之一，透過我們內部開發的現金、人工智慧承保引擎和名為DGPG 的人工智慧聊天機器人，利用人工智慧的力量作為整個業務運作槓桿的額外來源。

Cash. I underwrites our members cash flow data as we're able to detect income and spending patterns as well as employment signals at a granular level, extra cash is short duration lends itself to cash flow underwriting as we have originated nearly $100 million extra cash advances and since inception with steadily improving loss rates, providing a tremendous opportunity for cash uses machine learning to continually optimize.

現金。我承保我們的會員現金流量數據，因為我們能夠在粒度級別檢測收入和支出模式以及就業訊號，額外現金的持續時間較短，適合現金流承保，因為我們已經發放了近1 億美元的額外現金預付款，並且自成立以來，損失率穩步提高，為現金利用機器學習不斷優化提供了巨大的機會。

We believe cash is time-tested and data rich ability to underwrite effectively through multiple economic cycles creates a powerful [moat] that continues to distinguish day from new and existing competitors. With cash, we've demonstrated our ability to consistently grow origination volume while improving loss rates further validating our ability to continue to scale while creating more opportunities for member value and improve monetization moving forward.

我們相信，現金是經過時間考驗的，數據豐富，能夠在多個經濟週期中有效承保，從而創造了一條強大的[護城河]，繼續將日與新的和現有的競爭對手區分開來。透過現金，我們已經證明了我們有能力持續增加發起量，同時提高損失率，進一步驗證了我們繼續擴大規模的能力，同時為會員價值創造更多機會並提高未來的貨幣化水平。

Meanwhile, Dave GPT. has helped us reduce member success related costs, while increasing member satisfaction and supporting member retention, which is a win-win for our members and for our cost structure.

同時，戴夫·GPT。幫助我們降低會員成功相關成本，同時提高會員滿意度並支持會員保留，這對我們的會員和我們的成本結構來說是雙贏的。

In the first quarter of 2024, we extended our live chat hours of operation based on the strong resolution rates we have been achieving with JVPT. This increased the mix of member contacts that we are handling through the highly cost effective DGPT, platform, while contributing to a 14% sequential increase in our member success net promoter scores in the quarter.

基於我們與 JVPT 取得的強勁解決率，2024 年第一季我們延長了即時聊天的營運時間。這增加了我們透過極具成本效益的 DGPT 平台處理的會員聯繫組合，同時使我們的會員成功淨推薦分數在本季度環比增長了 14%。

Overall, we are continuing to invest deeply in AI as part of our strategy to maximize efficiency, generate operating leverage and further differentiate ourselves in the marketplace with that said, I'd now like to provide more detail on the first quarter and our continued progress on Dave growth strategy of acquiring new members efficiently engaging them effectively with interest rate credit via extra cash and deepening our relationship with them via Dave Karp BANKING engagements.

總體而言，我們將繼續深入投資人工智慧，作為我們策略的一部分，以最大限度地提高效率、產生營運槓桿並進一步在市場上脫穎而出，話雖如此，我現在想提供有關第一季度和我們持續進展的更多詳細資訊關於戴夫的成長策略，即透過額外現金有效地獲取新會員，使他們有效地參與利率信貸，並透過戴夫·卡普銀行業務加深我們與他們的關係。

We continue to focus on acquiring members efficiently as one of our key competitive differentiators. We've made considerable progress, strengthening new member conversion as well as existing member retention and reactivation over the past year, which is translating into greater lifetime value of our members.

我們繼續專注於有效地獲取會員，將其作為我們的關鍵競爭優勢之一。過去一年裡，我們在加強新會員轉換以及現有會員保留和重新激活方面取得了長足進步，這正在轉化為我們會員更大的終身價值。

Given that our cash remained highly efficient in the first quarter of $16, which is consistent with the level we achieved in the year ago period. So, returns on our marketing investments, banding alongside member lifetime value.

鑑於我們的現金在第一季保持了 16 美元的高效率，這與我們去年同期達到的水平一致。因此，我們的行銷投資回報與會員終身價值結合。

Relative to the prior quarter, our cash rose by $1 as a result of seasonally softer demand for extra cash as tax refunds often support the liquidity needs of our member base. During the first quarter being an election year, we are keeping a watchful eye on potential election impacts on our tax.

與上一季相比，我們的現金增加了 1 美元，原因是額外現金需求季節性疲軟，因為退稅通常可以滿足我們會員基礎的流動性需求。第一季是選舉年，我們正在密切關注選舉對我們稅收的潛在影響。

So, we have not experienced any thus far. The member acquisition environment has remained very constructive thus far in Q2 and we remain optimistic about our ability to drive efficient member growth moving forward. That said, we will continue to exercise discipline as November approaches as we remain committed to our goal of ensuring our return hurdles are met with the marketing dollars we deployed.

所以，到目前為止我們還沒有經歷過任何事情。到目前為止，第二季的會員獲取環境仍然非常有建設性，我們對我們推動高效會員成長的能力保持樂觀。也就是說，隨著 11 月的臨近，我們將繼續遵守紀律，因為我們仍然致力於確保我們部署的行銷資金能夠滿足退貨障礙的目標。

Second pillar of our growth strategy is driving greater MTM engagement through the extra cash product as a starting point for the member journey. Our multi transacting member base continues to grow, with MTMs up 14% year-over-year and 6% sequentially to a record $2.2 million.

我們成長策略的第二個支柱是透過額外現金產品作為會員旅程的起點，推動更大的 MTM 參與度。我們的多交易會員群持續成長，MTM 年成長 14%，季增 6%，達到創紀錄的 220 萬美元。

This growth was favorably impacted by the meaningful progress we've made strengthening member retention and reactivation as well as the successful implementation of our next-generation subscription billing system, which has helped to enhance subscriber retention. It is expected to enable to expand subscription opportunities in the future.

這一增長得益於我們在加強會員保留和重新激活方面取得的有意義的進展，以及我們下一代訂閱計費系統的成功實施，這有助於提高訂閱者保留率。預計未來將能擴大認購機會。

For the second consecutive quarter, we dispersed over $1 billion in extra cash advances to our members increasing originations, 32% year-over-year and 2% sequentially. This sustained growth, particularly during a seasonally softer quarter, is a testament to the strength of our proprietary cash a underwriting model, which allows us to effectively underwrite more Dave members for higher extra cash event sizes while improving upon credit performance.

我們連續第二季向會員發放了超過 10 億美元的額外現金預付款，金額較去年同期成長 32%，較上季成長 2%。這種持續成長，特別是在季節性疲軟的季度，證明了我們專有現金承保模式的實力，這使我們能夠有效地承保更多戴夫會員以獲得更高的額外現金活動規模，同時改善信用績效。

Our 28-day delinquency rate remained significantly below Q1 2023 at 1.83%, a 77-basis point improvement year-over-year this extends our track record of improving our already stellar credit performance, differentiate ourselves from incumbents.

我們的28 天拖欠率仍顯著低於2023 年第一季的1.83%，年比提高了77 個基點，這延續了我們改善本已出色的信用表現的記錄，使我們與現有企業區分開來。

As mentioned on prior calls, we remain focused on investments in our cash and our underwriting model to expand credit access for our members as we aim to scale the member base while continuing to improve our ability to evaluate credit risk credit performance in the first quarter, benefits from the additional liquidity, which tax refunds provided to our members as a result of that dynamic.

正如先前的電話會議中所提到的，我們仍然專注於現金和承保模式的投資，以擴大會員的信貸管道，因為我們的目標是擴大會員基礎，同時繼續提高我們評估第一季信用風險信用表現的能力，受益於額外的流動性，這種動態為我們的會員提供了退稅。

We expect our 28-day delinquency rate to normalize through the rest of the year, consistent with historical patterns, still well below 2023 levels on a linked-quarter basis attributable to the sustained improvements we've made to the risk management.

我們預計，我們的 28 天拖欠率將在今年剩餘時間內正常化，與歷史模式一致，但由於我們對風險管理的持續改進，仍遠低於 2023 年環比水準。

Lastly, under the third pillar of our guiding framework, deepening member relationships by driving top of wallet spending through our data card offering. Our approach has been to leverage extra cash to drive cross attach of the Dave part by making the extra cash funds available more quickly and inexpensively incentive the daypart. These products are naturally complementary, which we expect to more fully leverage going forward by making members' experiences on either product even better when they use both products.

最後，在我們指導框架的第三個支柱下，透過我們的數據卡產品推動錢包支出，加深會員關係。我們的方法是利用額外的現金來推動戴夫部分的交叉附加，透過更快速、更便宜地激勵白天部分提供額外的現金資金。這些產品自然是互補的，我們希望在未來能更充分地利用這一點，讓會員在使用這兩種產品時獲得更好的體驗。

Our strategy is proving effective with cross attach rates up approximately 10% on a year-over-year basis. This is an efficient way for us to drive trial with a data card and an important step in building the trust required to win direct deposit relationships.

事實證明，我們的策略是有效的，交叉附加率比去年同期成長了約 10%。這是我們推動數據卡試用的有效方式，也是建立贏得直接存款關係所需的信任的重要一步。

Direct deposit relationships are notably impactful. Given the five to six X transaction revenue RPU increase, we typically capture once a direct deposit relationship has been established. We're still in the early innings of winning direct deposit and top award spending behavior with our members, which is a strategic focus for us in 2024.

直接存款關係的影響尤為顯著。鑑於交易收入 RPU 增加五到六倍，我們通常會在建立直接存款關係後進行捕獲。我們仍處於贏得會員直接存款和最高獎勵消費行為的早期階段，這是我們 2024 年的策略重點。

Overall, our Dave card continues to gain traction with spending volume in the first quarter, up 34% year-over-year and 7% sequentially to a record $394 million average transaction per MTM posted 15% year-over-year increase based on our continued focus on driving members to spend the extra cash on the daypart as well as improvements in extra cash engagements.

總體而言，我們的 Dave 卡在第一季的消費量方面繼續受到關注，同比增長 34%，環比增長 7%，每 MTM 平均交易額達到創紀錄的 3.94 億美元，同比增長 15%。於推動會員在一天中花費額外的現金以及改善額外現金的參與。

This metric declined on a sequential basis due to the full quarter impact of days new subscription billing system, which caused a higher proportion subscriber only MTN who transact one time per month. We believe there is plenty of room to continue growing this metric as we begin capitalizing on the opportunity to incentivize direct deposit engagement.

由於新訂閱計費系統對整個季度的影響，該指標環比下降，導致每月交易一次的僅 MTN 訂閱者比例較高。我們相信，隨著我們開始利用激勵直接存款參與的機會，這項指標還有很大的空間持續成長。

Pulling together the progress we've made across extra cash, the current subscriptions, we recorded a 10% increase in RPU in Q1 on a year-over-year basis due to improvements in both extra cash engagement and monetization as well as growth in Descartes RPU. Rpu declined 5% sequentially in Q1 due to seasonally lower demand for extra cash during tax refund season as well as a full quarter impact under the new subscription billing system, which increased the mix of subscriber only MTMs who typically generate the lowest RPU.

綜合我們在額外現金和當前訂閱方面取得的進展，由於額外現金參與度和貨幣化的改善以及笛卡爾的增長，我們第一季的 RPU 同比增長了 10% RPU。第一季的RPU 環比下降了5%，因為退稅季節對額外現金的需求季節性下降，以及新訂閱計費系統對整個季度的影響，這增加了通常產生最低RPU 的僅訂閱者MTM 的組合。

To wrap things up before I pass it over to Kyle, our outlook remains very positive. Our strategy and value proposition are squarely aligned with the needs of target customers and the macro backdrop remains supportive of our growth.

在我將其交給凱爾之前先總結一下，我們的前景仍然非常樂觀。我們的策略和價值主張與目標客戶的需求完全一致，宏觀背景仍然支持我們的成長。

Our team is executing well, and I'm proud of the great work that we're delivering. We remain focused on identifying and executing on product improvements to expand member RPU and lifetime value as well as continuing to grow our monthly transacting member base.

我們的團隊執行良好，我為我們所做的出色工作感到自豪。我們仍然專注於確定和執行產品改進，以擴大會員 RPU 和終身價值，並繼續擴大我們的每月交易會員基礎。

Beyond the 2.1-million-member inflection point at which we achieve profitability, we plan to do this while remaining disciplined with our costs and utilizing our world-class technology, including the use of AI to deliver substantial operating leverage, we look forward to further delivering value to our customers and shareholders as we solidify Dave as a superior banking solution for everyday Americans.

除了我們實現盈利的 210 萬會員拐點之外，我們計劃在實現這一目標的同時保持成本控制並利用我們的世界一流技術，包括使用人工智慧來提供可觀的營運槓桿，我們期待進一步我們將Dave 鞏固為普通美國人的卓越銀行解決方案，為我們的客戶和股東創造價值。

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

接下來，我將把電話轉給卡爾，向您介紹我們的財務表現。

Kyle.

凱爾.

Thank you and good morning, everyone. As Jason mentioned, our first quarter results represent new records across many of our key metrics. Our business continued to demonstrate significant operating leverage by driving higher revenue, largely through expanded RPU and member retention. We've also improved our cost structure through efficient marketing spend, strong credit performance and the optimization of our variable and fixed costs now to dive a little deeper into our results.

謝謝大家，早安。正如傑森所提到的，我們第一季的業績代表了我們許多關鍵指標的新記錄。我們的業務透過提高收入（主要是透過擴大 RPU 和會員保留率）繼續展現出顯著的營運槓桿作用。我們也透過高效的行銷支出、強勁的信用表現以及可變和固定成本的優化來改善我們的成本結構，以便更深入地了解我們的業績。

Revenue in Q1 was $73.6 million, up 25% from Q1 of last year. This revenue growth was driven by the 14% increase in MTM.s and a 10% increase in RPO. The MNTM. growth was driven by the continued efficiency of our member acquisition strategy. In addition to improvements in member retention and reactivation, we achieved that led to strong existing member engagement increases in extra cash engagement and growth in debit card spend led to the uplift in RPO.

第一季營收為 7,360 萬美元，比去年第一季成長 25%。這一收入成長是由 MTM.s 成長 14% 和 RPO 成長 10% 推動的。 MNTM。成長是由我們的會員獲取策略的持續有效所推動的。除了會員保留和重新激活方面的改進之外，我們還實現了現有會員參與度的強勁增長、額外現金參與度的增加以及借記卡支出的增長，從而提高了 RPO。

Non-GAAP variable profit in Q1 increased 47% to $49.9 million, representing a 68% margin relative to our GAAP revenue up approximately 1,000 basis points from Q1 of last year. I would like to note that we revised our variable margin calculation to reflect non-GAAP variable profit as a percentage of GAAP revenue in prior disclosures, variable margin reflected non-GAAP variable profit as a percentage of non-GAAP revenue.

第一季非 GAAP 可變利潤增長 47% 至 4,990 萬美元，相對於我們的 GAAP 收入而言，利潤率為 68%，較去年第一季增長約 1,000 個基點。我想指出的是，我們修改了可變利潤計算，以反映非 GAAP 可變利潤佔 GAAP 收入的百分比，在先前的揭露中，可變利潤反映了非 GAAP 可變利潤佔非 GAAP 收入的百分比。

We made this change to align with the basis upon which our revenue guidance is predicated with respect to the improvement we experienced on variable margin. The sustained increase into 2024 was driven largely by the continued optimization of our cash and a underwriting engine, which has injected the credit performance of nearly $100 million unique extra cash advances originated since our inception.

我們做出這項改變是為了與我們的收入指引所依據的基礎保持一致，即我們在可變利潤率方面所經歷的改善。 2024 年的持續成長主要是由於我們的現金和承保引擎的持續優化所推動的，自我們成立以來，該引擎已註入了近 1 億美元的獨特額外現金墊款的信用業績。

We believe this provides us with a significant competitive advantage in evaluating credit risk the resulting improvement in credit loss experience has allowed us to reduce loss rates while increasing the revenue we can generate per extra cash advance additionally, our variable margin performance in Q1 was bolstered by our 2023 focus on vendor stack efficiency as we further optimized our usage of the payment networks and renegotiated contracts with several key vendors.

我們相信，這為我們在評估信用風險方面提供了顯著的競爭優勢，由此帶來的信用損失體驗的改善使我們能夠降低損失率，同時增加每筆額外現金墊款可以產生的收入，此外，我們在第一季的可變保證金表現得到了增強我們 2023 年的重點是供應商堆疊效率，因為我們進一步優化了支付網路的使用並與幾個主要供應商重新談判了合約。

Moving to first quarter operating expenses, our provision for credit losses decreased 18% to $9.9 million compared to $12 million in Q1 of last year as a percentage of extra cash originations, the provision declined to 0.9% in the first quarter compared to 1.5% in the year ago period. This decrease in loss provision relates to the ongoing underwriting improvements we've made to cash AI,

轉向第一季的營運支出，我們的信貸損失準備金下降了18%，至990 萬美元，而去年第一季為1200 萬美元，佔額外現金來源的百分比，第一季的準備金下降至0.9 %，而去年第一季為1.5%。損失準備金的減少與我們對現金人工智慧所做的持續承保改進有關，

As, Jason, mentioned, compared to the first quarter of last year, our 28-day delinquency rate improved by 77 basis points to 1.83%, which represents a 30% improvement while we grew originations by 32% year-over-year to over $1 billion for the second consecutive quarter.

正如Jason 所提到的，與去年第一季相比，我們的28 天拖欠率改善了77 個基點，達到1.83%，這意味著改善了30%，同時我們的貸款發起量同比增長了32%，超過了去年同期的水平。

Going forward, we anticipate provision expenses will increase consistent with historical patterns as we expect to grow originations and as seasonal dynamics normalize but for the avoidance of doubt, we expect our provision for credit losses for the remainder of the year to remain lower than 2023 levels, consistent with the improvements in credit performance we've been experiencing processing and servicing costs during the first quarter were $7.7 million compared to $7.1 million in the year ago period, representing 8% year-over-year growth.

展望未來，我們預計撥備支出將按照歷史模式增加，因為我們預計來源會增加，並且季節性動態正常化，但為了避免疑問，我們預計今年剩餘時間的信貸損失撥備將保持低於2023 年的水準與信貸績效的改善一致，我們第一季的處理和服務成本為 770 萬美元，而去年同期為 710 萬美元，較去年同期成長 8%。

While we grew revenue by 25% over the same period as a percentage of origination, volume, processing and servicing costs improved nearly 20 basis points to 0.7% compared to 0.9% in the year ago period this improvement was largely driven by the structural improvements we've made to our payment's infrastructure from late 2022 through the middle of 2023. We expect to sustain these improvements going forward and realize modest scale synergies as we can continue to grow the business.

雖然我們的營收同期成長了25%，佔原產地、數量、加工和服務成本的百分比下降了近20 個基點，達到0.7%，而去年同期為0.9%，但這項改善主要是由我們的結構性改進所推動的。

Advertising and marketing expenses decreased 3% to $9.1 million during the first quarter compared to $9.4 million in the year ago period as we were able to achieve our MTM growth targets at lower levels of acquisition and spend.

第一季廣告和行銷費用下降 3%，至 910 萬美元，而去年同期為 940 萬美元，因為我們能夠以較低的收購和支出水準實現 MTM 成長目標。

As Jason mentioned, our tack of $16 in the first quarter remains highly efficient and was in line with the CapEx we achieved in a year ago period, we expect marketing investment over the coming quarters to expand in order to capitalize on the higher levels of demand for extra cash as we emerge from the seasonally slower first quarter, we believe we can achieve higher returns on investment and greater scale throughout the remainder of the year.

正如 Jason 所提到的，我們第一季 16 美元的策略仍然非常高效，並且與我們一年前實現的資本支出一致，我們預計未來幾個季度的營銷投資將擴大，以便利用更高水平的需求隨著我們擺脫季節性放緩的第一季的額外現金，我們相信我們可以在今年剩餘時間內實現更高的投資回報和更大的規模。

Compensation expense was $24.6 million in the first quarter compared to $24.4 million in the year ago period as a percentage of revenue, compensation expense declined from 41% in Q1 of 2023 to 33% in Q1 of 2024, demonstrating the significant operating leverage benefits that our technology platform affords us the benefits of which will continue to compound as we scale from here, as Jason alluded to, AI plays a major role in how we're able to consistently grow our revenue base while keeping compensation expenses largely flat since mid 2022.

第一季的薪資費用為2,460 萬美元，而去年同期為2,440 萬美元，佔收入的百分比，薪資費用從2023 年第一季的41% 下降到2024 年第一季的33%，這表明我們的營運槓桿帶來了顯著的收益技術平台為我們提供的好處將隨著我們的規模不斷擴大，正如Jason 所提到的，人工智慧在我們如何能夠持續增長我們的收入基礎，同時自2022 年中期以來保持薪酬支出基本持平方面發揮著重要作用。

We believe cash AI is a highly scalable system such that we can scale extra cash originations exponentially without the need to make significant additions to our credit team within member success we're able to service millions of members with an efficiently sized team.

我們相信現金人工智慧是一個高度可擴展的系統，這樣我們就可以成倍地擴展額外的現金來源，而無需在會員成功的過程中對我們的信貸團隊進行大量擴充，我們就能夠通過規模高效的團隊為數百萬會員提供服務。

Thanks in large part to Dave GPT. Finally, we have integrated AI based tools within our engineering team which has enhanced the productivity of our engineers and allowed us to grow that function only modestly over the last two years. While we have grown the broader business significantly,

很大程度上要感謝 Dave GPT。最後，我們在工程團隊中整合了基於人工智慧的工具，這提高了我們工程師的生產力，並使我們在過去兩年中僅適度擴展該功能。雖然我們顯著發展了更廣泛的業務，

Other operating expenses decreased 9% to $16.9 million in the first quarter compared to $18.5 million in the year ago period. This improvement was largely based on our ability to execute on cost rationalization opportunities with our fixed cost base.

第一季其他營運支出下降 9%，至 1,690 萬美元，去年同期為 1,850 萬美元。這項改進很大程度取決於我們利用固定成本基礎執行成本合理化機會的能力。

In addition to the benefits of a key vendor contract renegotiation, which occurred in the fourth quarter of 2023 GAAP net income for the first quarter improved to $34.2 million compared to a GAAP net loss of $14 million in the first quarter of 2023.

除了 2023 年第四季發生的關鍵供應商合約重新談判的好處外，第一季 GAAP 淨利潤增至 3,420 萬美元，而 2023 年第一季 GAAP 淨虧損為 1,400 萬美元。

We have also started disclosing adjusted net income or loss, which adjusts our GAAP net income or loss for stock-based compensation, changes in fair value of certain non-cash liabilities as well as any one-time gains and or losses such as a $33 million gain on the discounted repurchase of the FTX. convertible note during the first quarter.

我們也開始揭露調整後的淨收入或損失，這調整了我們基於股票的薪酬的 GAAP 淨收入或損失、某些非現金負債公允價值的變化以及任何一次性收益和/或損失，例如 33 美元FTX折價回購帶來的100萬美元收益。第一季的可轉換票據。

With that context, adjusted net income for the first quarter of 2024 was $8.1 million compared to an adjusted net loss of $7.3 million in the first quarter of 2023. Adjusted EBITDA for the first quarter of 2024 was $13.2 million compared to an adjusted EBITDA loss of $4.5 million during the year ago period.

在此背景下，2024 年第一季調整後淨利為810 萬美元，而2023 年第一季調整後淨虧損為730 萬美元。 EBITDA 虧損為1,320 萬美元。

This improvement was once again due to a combination of revenue growth and variable margin expansion, rationalized marketing spend and tight cost controls across the business we're very proud that we have expanded our adjusted EBITDA profitability for the second consecutive quarter and grown it by 32% sequentially.

這種改善再次歸功於收入增長和可變利潤擴張、合理化的營銷支出和整個業務嚴格的成本控制的結合，我們非常自豪我們已經連續第二個季度擴大了調整後的EBITDA 盈利能力，並將其增長了32 % 依序。

We expect to continue growing adjusted EBITDA over time, albeit not on a linear trajectory as among other factors, we optimize marketing investment levels on an ongoing basis based on the efficiency of our tests and the overall expected return profile of that spend.

我們預期調整後的 EBITDA 會隨著時間的推移而繼續成長，儘管與其他因素一樣不是呈線性軌跡，但我們會根據測試的效率和支出的整體預期回報情況持續優化行銷投資水準。

Now turning to the balance sheet as of March 31st, 2024, we had approximately $101.5 million of cash and cash equivalents, marketable securities investments and restricted cash compared to $157.3 million at December 31st, 2023.

現在來看看截至 2024 年 3 月 31 日的資產負債表，我們擁有約 1.015 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 2023 年 12 月 31 日為 1.573 億美元。

The decrease in cash was driven by the repurchase of the $71 million convertible note issued to FTX. ventures. Excluding the impact of this note repurchase transaction, our cash position increased during the first quarter of 2024.

現金減少是由於回購向 FTX 發行的 7,100 萬美元可轉換票據所致。冒險。排除本次票據回購交易的影響，我們的現金部位在 2024 年第一季有所增加。

As at quarter end, our net receivables balance was $104.9 million, a decrease of approximately $7.9 million sequentially it's important to think about this net receivables balance relative to over $1 billion of origination volume during Q1, as we believe this underscores our ability to grow extra cash originations in a capital-efficient manner. Given the short duration and high velocity of the portfolio,

截至季末，我們的應收帳款淨額餘額為1.049 億美元，比上一季減少約790 萬美元，重要的是要考慮相對於第一季超過10 億美元的發起量的淨應收賬款餘額，因為我們相信這強調了我們額外成長的能力以資本效率高的方式產生現金。鑑於投資組合的久期短、週轉率高，

The amount drawn on our credit facility remained at $75 million as of the end of Q1 as we continue to rely on our balance sheet cash during the first quarter to fund extra cash originations growth versus our credit facility, given the cost of capital difference compared to the returns on corporate cash.

截至第一季末，我們的信貸額度提取金額仍為7500 萬美元，因為我們繼續依靠第一季的資產負債表現金來為我們的信貸額度的額外現金來源增長提供資金，考慮到與信貸額度相比的資本成本差異公司現金回報。

Overall, we believe we have ample liquidity to execute our growth plan moving forward, and we continue to believe that Dave is well positioned to achieve profitability objectives we have laid out without the need to raise additional equity capital.

總體而言，我們相信我們有充足的流動性來執行我們未來的成長計劃，我們仍然相信戴夫有能力實現我們制定的獲利目標，而無需籌集額外的股本。

Now turning to guidance, we continue to expect full year 2024 revenue to range between $305 million and $325 million dollars, representing growth of 18% to 25% compared to full year 2023 as a reminder, we are now providing our revenue guidance on a GAAP basis rather than the non-GAAP revenue basis to which we had guided in prior years.

現在轉向指導，我們繼續預計 2024 年全年收入將在 3.05 億美元至 3.25 億美元之間，與 2023 年全年相比增長 18% 至 25%，提醒您，我們現在提供基於 GAAP 的收入指導的基礎，而不是我們前幾年指導的非公認會計準則收入基礎。

We have raised our 2024 adjusted EBITDA guidance to a range between $30 million to $40 million, representing a $40 million to $50 million improvement compared to 2023. We continue to expect our adjusted EBITDA to remain positive on a quarterly basis. Going forward, though the growth may not be linear, as I mentioned.

我們已將 2024 年調整後 EBITDA 指引上調至 3,000 萬至 4,000 萬美元，與 2023 年相比提高了 4,000 萬至 5,000 萬美元。展望未來，正如我所提到的，成長可能不是線性的。

Finally, we expect to make modest and carefully calibrated investments in product development and data capabilities throughout the rest of 2024, which will further position us for long-term growth in the years ahead.

最後，我們預計在 2024 年剩餘時間內對產品開發和數據能力進行適度且經過仔細調整的投資，這將進一步為我們在未來幾年的長期成長奠定基礎。

Overall, our outlook remains positive, and we are well positioned to execute on our growth plan and objectives throughout the main remainder of 2024 and beyond and with that, I'll now hand it back over to Jason to conclude our call for the first quarter was a great start to the year for a company.

總體而言，我們的前景仍然樂觀，我們有能力在 2024 年剩餘時間及以後執行我們的成長計劃和目標，現在我將把它交還給 Jason 來結束我們對第一季度的呼籲對於一家公司來說，這是今年的一個好開始。

Our team has done a fantastic job to get us here and look forward to continuing our momentum throughout 2024. Operator, we can now open the call for questions.

我們的團隊做得非常出色，讓我們來到了這裡，並期待在 2024 年繼續保持我們的勢頭。

(Operator Instructions)

（操作員說明）

And our first question comes from the line of Devin Ryan from JMP Securities. Your question, please.

我們的第一個問題來自 JMP 證券的 Devin Ryan。請提出你的問題。

Great. Good morning, Jason and Kyle How are you doing?

偉大的。早安，傑森和凱爾，你們好嗎？

Well, Devin, good morning.

嗯，德文，早安。

Morning, So, first question here on originations. Obviously, as you guys highlighted, they grew modestly despite kind of normal seasonal dynamics. So I'm curious, was there just not seasonality in the industry because of the market backdrop? Or would you kind of characterize that as more of a Dave specific dynamic either because of higher average advances or adding members or other efforts to drive engagement? And then also just curious, because you kind of grew through normal seasonality. What does that suggest for kind of a normal, maybe seasonal rebound into the second quarter?

早上好，所以，第一個問題是關於起源的。顯然，正如你們所強調的那樣，儘管存在正常的季節性動態，但它們的增長還是適度的。所以我很好奇，這個行業是否因為市場背景而沒有季節性？或者您是否會將其描述為更多戴夫特有的動態，要么是因為更高的平均進步，要么是增加成員或其他努力來推動參與？然後也只是好奇，因為你是透過正常的季節性成長的。這對於第二季度的正常（也許是季節性）反彈意味著什麼？

Thanks. I'm happy to take the first part of the question. So, Devin, I think it's a little bit of both. We've done a lot of great work on optimizing their cash AI engine to optimize for higher advanced payments for our customers, which is increasing engagement.

謝謝。我很高興回答問題的第一部分。所以，德文，我認為兩者都有一點。我們在優化現金人工智慧引擎方面做了很多出色的工作，為客戶提供更高的預付款，從而提高了參與度。

But I also think that there is a tougher macro backdrop going on with things like credit cards and personal loans still tightening their belt on credit originations, which leads to more volume on extra cash. I think that helped us beat some of the season and seasonality dynamics.

但我也認為，宏觀背景更加嚴峻，信用卡和個人貸款等仍在收緊信貸發放，這導致額外現金量增加。我認為這幫助我們克服了一些季節和季節性的動態。

Yes, just to jump in and add to that, I think to Jason's point, a lot of the improvements that we continue to make to extra cash and cash AI is really augmented customer retention and reengagement opportunities with our existing non transacting MTMs for us to gotten kind of reacquire into engaged MTM.s.

是的，我想補充一點，我認為傑森的觀點是，我們繼續對額外現金和現金人工智慧進行的許多改進確實增強了客戶保留和重新參與機會，我們現有的非交易 MTM 使我們能夠有點重新進入參與的MTM.s。

And so that just bolster the overall and the performance of the book on but I say it from a macro standpoint or an industry-wide standpoint, we did see relatively consistent performance in terms of total cash refund inflows into the customer accounts, which just leads me to believe that it was more I think what we were doing on our end to drive reengagement than something it has changed dramatically in the macro.

因此，這只是增強了本書的整體表現，但我從宏觀角度或整個行業的角度來看，我們確實看到了客戶帳戶總現金退款流入方面相對一致的表現，這只是導致我相信，我認為我們所做的更多是為了推動重新參與，而不是宏觀方面發生的巨大變化。

Got it. Okay. I appreciate the color, guys. And then I'm another one here. Just on origination. So continuing to see the average size tick up a bit and did again from the prior quarter to $159 transaction. I know this has been a focus of the firm, so good to see that, where do you see that going over time, assuming a reasonable backdrop continues? and then kind of how should we think about the interplay with that and revenue per advance? Neil, or credit as well? And then also how important are higher advances, higher advances to your kind of your differentiation story for your customers?

知道了。好的。我很欣賞這個顏色，夥計們。然後我就是這裡的另一個人了。就起源而言。因此，平均交易規模繼續小幅上升，與上一季相比再次達到 159 美元。我知道這一直是公司的重點，很高興看到這一點，假設合理的背景持續下去，您認為隨著時間的推移，這種情況會發生什麼？然後我們應該如何考慮它與預付款收入之間的相互作用？尼爾，還是信用？然後，更高的進步、更高的進步對於你為客戶提供的差異化故事有多重要？

I think part of that has to do with just time on books. So, the longer customers retain the engine gets better. So, naturally, as retention improves, we can see advancements continue to scale up over time.

我認為部分原因與閱讀的時間有關。因此，客戶保留引擎的時間越長，效果就越好。因此，自然地，隨著保留率的提高，我們可以看到進步隨著時間的推移而不斷擴大。

So, I'd expect that number to keep growing as we do a better job with the with the cash engine as well as keeping the retention continue to improve the retention.

因此，我預計隨著我們在現金引擎方面做得更好以及保持保留率繼續提高保留率，這個數字將繼續增長。

In terms of monetization Devin, we expect to continue to grow monetization as we increased the average of the origination size, which is just overall kind of accretive to RPU. So it is a focus of ours to kind of pull people up the limit curve as we just.

就貨幣化 Devin 而言，我們預計隨著我們增加原始規模的平均值，貨幣化將繼續增長，這總體上會增加 RPU。因此，我們的重點是像我們一樣將人們拉上極限曲線。

Yes, to Jason's point, there's or there's a benefit of time on book, but there's also just better risk splitting opportunities that we have within the portfolio to fund that on your optimal amount to get to each customer and ensuring that we're providing the most value through the product that we can by kind of pulling people up the limit spectrum and there is monetization benefits to that for the company.

是的，就傑森的觀點而言，帳面上的時間確實有好處，但我們在投資組合中也有更好的風險分攤機會，可以根據您為每個客戶提供的最佳金額提供資金，並確保我們提供我們可以透過將人們拉到極限範圍來實現產品的最大價值，這對公司來說有貨幣化的好處。

So, yeah, it is a focus of ours. We expect that number to continue to grow throughout the year based on a number of initiatives that we have within that part of the business. So and we yes, we would expect that to kind of increase as we move forward from here.

所以，是的，這是我們的重點。基於我們在這部分業務中採取的一系列舉措，我們預計這一數字將在全年持續成長。所以，是的，我們預計隨著我們從這裡向前邁進，這一數字會有所增加。

Kevin, just to highlight, we changed the monetization to present based pricing last year. So, the scale does work well, as we scaled origination amounts that should lead to increased monetization to just further the point from?

凱文，我想強調一下，去年我們將貨幣化改為基於目前的定價。那麼，這個規模確實運作良好，因為我們擴大了發起金額，這應該會導致貨幣化的增加，從而進一步推動這一點？

Yeah, exactly. Okay. Thank you, if I can just ask another one here on spend. So obviously another nice quarter of volume growth, I think up 7% from last quarter, up 34% year-over-year. I'd love to just get a little bit more flavor around expectations to continue to drive customer engagement, spend activity, kind of what specifically you're doing in the strategy. And Jason, I know you also alluded to kind of some strategies to drive more direct deposit usage. So just love to kind of hear more broadly about that. Thanks,

是的，完全正確。好的。謝謝，如果我可以在這裡詢問另一位關於支出的問題。顯然，銷量成長又一個不錯的季度，我認為比上個季度增長了 7%，同比增長了 34%。我很樂意圍繞繼續推動客戶參與度、消費活動以及您在策略中具體做的事情的期望獲得更多風味。傑森，我知道您也提到了一些推動更多直接存款使用的策略。所以只是想更廣泛地聽到這一點。謝謝，

Sure. So right now, we're really not doing too much. I would say it's mostly just customer messaging about the benefits of banking with Dave highlighting no overdraft fees, no minimum balance fees from an incentive perspective, all we're really doing at this point is offering customers a slight discount on their instant transfer fee for the advance of they send it to the date card, which does lead to a pretty meaningful engagement. And as noted that cross attach is up 10%.

當然。所以現在我們確實沒有做太多。我想說，這主要是向客戶傳達有關銀行業務好處的信息，戴夫強調從激勵的角度來看，沒有透支費用，沒有最低餘額費用，我們目前所做的就是為客戶的即時轉賬費用提供小幅折扣。如前所述，交叉連接增長了 10%。

So, we'll continue to lead in there. But we are excited to start looking at different ways to incentivize customers to set up direct deposit we know the RPU is worth five to six X, we can convert somebody. And so we're certainly not leaning in there. There are enough we'll be testing some various strategies here in Q2 and leaning in further in Q3 to see what the sort of upper bound of opportunity lies within extra cash to sort of direct deposit cross attach.

因此，我們將繼續在這方面處於領先地位。但我們很高興開始尋找不同的方式來激勵客戶建立直接存款，我們知道 RPU 價值五到六倍，我們可以轉換某人。所以我們當然不會傾向於那裡。我們將在第二季測試一些不同的策略，並在第三季進一步研究，看看在額外現金中進行直接存款交叉附加的機會上限是什麼。

Got it. Okay. I will leave it there and let someone else ask, but I appreciate it guys.

知道了。好的。我會把它留在那裡，讓別人問，但我很感激你們。

Thanks for that.

感謝那。

Gary prestopino from Barrington Research.

巴靈頓研究中心的加里‧普雷斯托皮諾。

Good, morning all a couple of questions here from. First of all, Jason, you talked about, and I couldn't write it down for us, not talking about some changes, too, the subscriber model in terms of I think maybe I'm reading into this, but what you are charging per month. I mean, could you go into that a little bit more and how those changes now played out in the quarter?

大家好，早安，有幾個問題。首先，傑森，你談到了，我無法為我們寫下來，也沒有談論一些變化，訂戶模型，我想也許我正在閱讀這個，但是你正在收費每月。我的意思是，您能否進一步討論這些變化在本季的表現如何？

There was no actual change and good morning, Gray. There was no actual change to the price. It is still $1. We are looking at various price points to test drive Q2 and Q. three in the three to $5 price point range, but nothing that we've solidified. It's not something that's in our financial model today.

沒有實際的變化，早安，格雷。價格沒有實際變動。仍然是 1 美元。我們正在考慮各種價位，在 3 美元到 5 美元的價位範圍內試駕 Q2 和 Q.3，但我們還沒有確定任何內容。這不屬於我們今天的財務模型。

The subscription billing optimization we talked about as more of a new billing platform which got the system in a position to be able to test new price points. So, that's really what we highlighted in the call. It has nothing to do with new additional monetization.

我們談論的訂閱計費優化更多的是一個新的計費平台，它使系統能夠測試新的價格點。所以，這確實是我們在電話會議中所強調的。它與新的額外貨幣化無關。

Gary, I think there, just to add to that, the important dynamic to call out that we touched on in the in our notes was just that we had an increase in subscriber only MTMs in the quarter, which is just, I think, a reflection of the benefits of the new billing system that we rolled out.

加里，我想補充一點，我們在筆記中提到的重要動態是，我們在本季度僅訂閱者的 MTM 有所增加，我認為這只是一個反映我們推出的新計費系統的好處。

So that's that was the dynamic that we wanted to kind of expand upon in the notes, like I said,

這就是我們想要在筆記中擴展的動態，就像我說的，

Okay, on the quarterly delinquency rate on down fairly dramatically year-over-year and sequentially because it isn't your feeling? I know you've got this great model and all that. But is it your feeling that as you are proliferating more in the market and getting more positive on a press or whatever that you are starting to drive a little bit stronger, socioeconomic kind of individual to the day of platform?

好的，季度拖欠率同比和連續大幅下降，因為這不是您的感覺？我知道你有這個很棒的模型等等。但是，您是否感覺，隨著您在市場上的擴張以及在媒體或其他方面變得更加積極，您開始推動更強大的社會經濟類型的個人走向平台的時代？

I would say as we expand our set of channels from marketing we are seeing a broader consumer and tend to tick up in age as we look at channels like television and but ultimately, I would I would look at the delinquency performance improvement, really just as a testament to the extra cash AI engine, which is all AI driven and is continuously looking at the previous performance of the book and looking at the real-time events we have on the customer, most notably real-time access to their checking account data, which we know their income and sort of employment status.

我想說，當我們擴大行銷管道時，我們看到了更廣泛的消費者，當我們查看電視等管道時，年齡往往會增加，但最終，我會專注於拖欠績效的改善，實際上就像額外現金人工智慧引擎的證明，該引擎完全由人工智慧驅動，並且不斷查看帳本的先前表現並查看我們對客戶的實時事件，最顯著的是實時訪問他們的支票賬戶數據，我們知道他們的收入和就業狀況。

And also I'd add to that real quick, Gary and Jason touched on the time on book dynamic as we've increased the our retention rate of our customer base over time on the average tenure of origination has also gone up, which leads to a better performance on the delinquency rates because as you can expect, the longer that someone's with the company or the customer, the better performance that we see on the credit side. So, and we expect that to also just further support that performance moving forward as retention continues to improve.

我還想補充一點，加里和傑森談到了圖書動態的時間，因為隨著時間的推移，我們提高了客戶群的保留率，平均起始期限也有所增加，這導致拖欠率方面的表現更好，因為正如您所期望的那樣，某人在公司或客戶工作的時間越長，我們在信貸方面看到的表現就越好。因此，我們預計，隨著保留率的不斷提高，這也將進一步支持業績的發展。

And I mean do you have a metric you can share with us on a recurring extra cash on?

我的意思是，您是否有一個可以與我們分享的關於經常性額外現金的指標？

We have not called that out explicitly, but the number of existing customer repeat originations in a given month or quarter is in excess of 95%.

我們沒有明確指出這一點，但在給定月份或季度內現有客戶重複發起的數量超過 95%。

Okay. That's a good step on what else could I wanted to ask here? Oh, yeah, you said the attach rates on the Dave card with the extra cash are about 10 grew 10%. I think when we first started talking you were at about 30% of extra cash advances on the date card, where are you now?

好的。這是很好的一步，我還想在這裡問什麼？哦，是的，你說戴夫卡上額外現金的附加費率大約是 10 增長了 10%。我想當我們第一次開始談論時，你在約會卡上預支了大約 30% 的額外現金，你現在在哪裡？

Pretty consistent. Gary, it's right around the 30% of originations get sent to the Descartes and about 50% of new customers are trialing that Dave card with a with an extra cash origination within their first couple of months as a customer,

相當一致。加里，大約 30% 的起源被發送到笛卡爾，大約 50% 的新客戶在成為客戶的頭幾個月內嘗試使用帶有額外現金來源的戴夫卡，

Okay, and then just lastly, I want to get ahead of the skis here. But you too often we talk about the fact that 20% adjusted EBITDA margin was a target of the company. It looks like you're at 17.6% this quarter and really in the early stages of your of your lifespan here on it, any changes to that potential target there, given what how well you are performing?

好吧，最後，我想領先這裡的滑雪板。但我們經常談論這樣一個事實：20% 的調整後 EBITDA 利潤率是公司的目標。看起來你本季的目標是 17.6%，實際上正處於你生命週期的早期階段，考慮到你的表現如何，潛在目標有什麼變化嗎？

And Gary, I don't recall putting a specific long-term EBITDA target out there for the company certainly not something that we've established as part of our outlook on. I certainly I don't want to comment too much on that 20% day. I think there's just a ton of operating leverage built into the business model that as we continue to grow yes, that there's a significant margin potential here that is, I would say, in well well in excess of 20% or that's not something that we've discussed as a management team as part of our disclosures.

蓋瑞，我不記得為公司設定了具體的長期 EBITDA 目標，這當然不是我們在展望中設定的目標。我當然不想對那 20% 的日子發表太多評論。我認為商業模式中內建了大量的營運槓桿，隨著我們的不斷發展，是的，這裡有巨大的利潤潛力，我想說，遠遠超過 20%，或者這不是我們所希望的。的一部分，我們作為管理團隊進行了討論。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Zachary Gunn from FT partners.

來自《金融時報》合作夥伴的紮卡里·岡恩。

And our next question comes from the line of Zachary Gunn from FT partners. Your question, please.

我們的下一個問題來自《金融時報》合作夥伴的 Zachary Gunn。請提出你的問題。

Hi there, and thanks for taking my question. I guess is on the deck that you've fully rolled out the percentage based fee structure to our numbers in 4Q. I know that's a change from the previous period dollar fuel fee structure. We're just curious if you're seeing kind of any headwinds and larger origination sides. Is there any changes in consumer behavior with that? Any commentary there would be great.

您好，感謝您提出我的問題。我想你們已經在第四季全面推出了基於百分比的費用結構。我知道這與上一時期的美元燃油費結構有所不同。我們只是好奇您是否看到任何阻力和更大的起源面。消費者行為是否因此而改變？任何評論都會很棒。

Thank you for joining the call and Zachary, appreciate I appreciate it on. But look, I think that nothing really to speak of there. It's been a positive change for us from a monetization standpoint. That just brings more consistency to the monetization as we scale up origination sizes.

感謝您加入通話，扎卡里，謝謝，我很感激。但你看，我認為那裡沒什麼好說的。從貨幣化的角度來看，這對我們來說是一個正面的改變。當我們擴大原始規模時，這只會為貨幣化帶來更多的一致性。

And we've seen customers respond well. And what we like about the model is that it just really incentivizes us and aligns us with our customers to be able to pull them up the limit curve and kind of it provides the right incentives to for us to continue to do that on so yes, it's been it has been a positive change.

我們看到客戶反應良好。我們喜歡這個模型的地方在於，它真正激勵了我們，使我們與客戶保持一致，能夠將他們拉上極限曲線，並且它為我們繼續這樣做提供了正確的激勵，所以是的，這是一個積極的變化。

Yes, I would just add that the customer is less price-sensitive and more credit responsive. And so that as Carl mentioned, the process-based pricing has allowed us to better scale the limit for the members. So, it's been a good business, member value exchange.

是的，我只想補充一點，客戶對價格的敏感度較低，而對信用的敏感度較高。因此，正如卡爾所提到的，基於流程的定價使我們能夠更好地調整會員的限額。所以，這是一次很好的商業、會員價值交換。

Got it. that makes sense and then just as a follow-up on you mentioned improved credit performance. And I get that there's some benefit in the quarter from tax refunds and seasonality. But can you maybe just give us some commentary on the credit box. Are you holding at the same? I know there's comments about the macro being challenging, sort of anything in terms of what you're seeing with the credit box right now.

知道了。這是有道理的，就像您提到的信用績效改善的後續行動一樣。我知道本季退稅和季節性因素帶來了一些好處。但您能給我們一些關於信用框的評論嗎？你也同樣堅持嗎？我知道有人評論說宏觀經濟具有挑戰性，就像你現在在信用箱中看到的那樣。

So I think Q1 performance is really just demonstrative of the continuous improvements that we've made to our underwriting system over time. We've originated extra cash nearly $100 million times to date. And so that's just a significant amount of performance data for us to continue to refine our models.

因此，我認為第一季的表現實際上只是我們隨著時間的推移對承保系統進行的持續改進的體現。迄今為止，我們已經發放了近 1 億美元的額外現金。因此，這只是我們繼續完善模型的大量性能數據。

And so that just allows us to have a better risk split between the portfolio, find new ways to segment customers to, again sort of align the right amount or the right offer with the right risk profile of our customer base.

這樣一來，我們就可以在投資組合之間進行更好的風險劃分，找到新的方法來細分客戶，再次將正確的金額或正確的報價與我們客戶群的正確風險狀況相結合。

So on, yes, we're continuing to feel very good about the performance there and our outlook for performance for a number of reasons as we continue just refine the model as I spoke of others, the benefits of just average time on book going up over time. That's supportive of better delinquency performance.

是的，我們繼續對那裡的表現和我們的表現前景感到非常滿意，原因有很多，因為我們繼續完善模型，就像我談到其他人一樣，平均閱讀時間增加的好處隨著時間的推移。這支持了更好的拖欠表現。

And that's just a really important and key focus of ours to continue to drive performance out of the out of the portfolio here. So it's up, yes, we're feeling good overall about the trajectory of it. Moving into the throughout the rest of the year.

這只是我們的一個非常重要和關鍵的焦點，以繼續推動我們的投資組合的績效。所以，是的，我們對它的發展軌跡整體感覺良好。進入今年剩餘時間。

So, listen, thanks so much for that.

所以，聽著，非常感謝。

Great day.

很好的一天。

And our next question is a follow-up question from Devin Ryan from JMP Securities. Your question, please?

我們的下一個問題是來自 JMP 證券的 Devin Ryan 的後續問題。請問你的問題？

Yeah, thanks, guys, for taking a follow-up here on. So just one on marketing, and you've heard obviously the commentary you'll look to ramp that a little bit and we can back into some overall expense numbers just based on the revenue and EBITDA guide.

是的，謝謝各位，你們對此進行了跟進。就行銷而言，您顯然已經聽到了評論，您會希望稍微增加一點，我們可以根據收入和 EBITDA 指南返回一些總體支出數字。

But just how should we thinking about that? Is that going to come through in the way of promotions or kind of targeted ad placements and then how do you guys because you guys have been obviously running pretty lean here over the last year and done a great job on getting to the very strongly positive adjusted EBITDA and even GAAP profitability recently?

但我們該如何思考這個問題呢？這是否會透過促銷或有針對性的廣告投放的方式來實現，然後你們怎麼樣，因為你們在過去的一年裡顯然在這裡運行得相當精益，並且在實現非常強烈的積極調整方面做得很好最近的 EBITDA 甚至 GAAP 獲利能力？

But how much can you really lean in on marketing, if you want to turn that back on where you can really benefit? And from that investment, how should we think about the return on investment before you start to hit maybe diminishing returns? And I ask the question, obviously, because we look at your CACLTV. performance and it would seem support more marketing that you can get the benefit off of that So just love to hear a little bit more about that components of it. Where does that come from?

但是，如果您想將行銷轉向真正能夠受益的地方，那麼您到底能在多大程度上依賴行銷呢？在投資開始出現收益遞減之前，我們該如何考慮投資報酬率？顯然，我問這個問題是因為我們看你們的 CACLTV。性能，它似乎支持更多的營銷，你可以從中受益，所以只是喜歡聽到更多關於它的組成部分。這是從哪裡來的？

And then how you're thinking about it more broadly, traditionally, you want me to take that?

那你希望我如何從更廣泛、更傳統的角度來思考這個問題？

So, Devin, like, as we mentioned in the notes, we expect to ramp marketing spend throughout the remainder of the year as we come out of the seasonally softer period in Q1 with tax refunds and I'd say the overwhelming majority of that spend will come in the form of top of funnel marketing spend across our key channels where we have very effective tracking in place to manage the efficiency of that spend.

因此，德文，就像我們在筆記中提到的那樣，隨著我們走出第一季的季節性疲軟時期並獲得退稅，我們預計將在今年剩餘時間內增加行銷支出，我想說其中絕大多數支出將以我們關鍵管道的漏斗頂部行銷支出的形式出現，我們有非常有效的追蹤來管理該支出的效率。

We do expect that to be a growth catalyst for us moving through the rest of the year on our returns are very solid. We look at things on a kind of a gross profit based a payback period. Our payback periods are sub six months at this point.

我們確實預計，這將成為我們今年剩餘時間的成長催化劑，因為我們的回報非常穩健。我們以基於投資回收期的毛利來看待事物。目前我們的投資回收期不到六個月。

And so it is an opportunity for us to lean into more spend there to drive value creation through that investment. That's how we think about marketing is through the lens of and investment not and that's not an expense necessarily and we kind of evaluate it based on the return profiles of those investments. So, we do expect like I said the ramp things up here on moving into Q2 and through the remainder of the year, but certainly on yes, to do it in a disciplined way to drive returns.

因此，這對我們來說是一個機會，可以在這方面投入更多支出，透過投資推動價值創造。這就是我們透過投資而不是投資的角度來看待行銷的方式，這不一定是費用，我們根據這些投資的回報情況來評估它。因此，我們確實希望像我所說的那樣，在進入第二季度和今年剩餘時間裡，事情會有所進展，但當然是，以一種有紀律的方式來推動回報。

Got it. Okay. Thanks for the color. Appreciate it.

知道了。好的。謝謝你的顏色。欣賞它。

Thank you. This does conclude the question-and-answer session as well as today's program. Everyone have a great day. You may now disconnect.

謝謝。問答環節和今天的節目到此結束。每個人都度過了愉快的一天。您現在可以斷開連線。