Dave Inc (DAVE) 2024 Q2 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 second quarter ended June 30, 2024.

大家早安，謝謝大家參加今天的電話會議，討論 Dave 截至 2024 年 6 月 30 日的第二季財務業績。

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；以及公司財務長凱爾貝爾曼 (Kyle Beilman) 先生。

By now, everyone should have access to the second quarter 2024 earnings press release, which was issued yesterday.

到目前為止，每個人都應該可以看到昨天發布的 2024 年第二季財報新聞稿。

The release is available in the Investor Relations section of Dave's website at https://investors.dave.com. In addition, this call will also be available for webcast replay on the company's website.

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。

Following management 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公司不時向 SEC 提交的文件中所述的其他風險和不確定性的影響。

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

請勿過度依賴前瞻性陳述，這些陳述僅截至本次電話會議之日作出。

Except as required by law, the company undertakes no obligation to revise or update any forward-looking statements.

除法律要求外，本公司不承擔修改或更新任何前瞻性聲明的義務。

The company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA and 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，包括調整後的 EBITDA 和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's CEO, Mr. Jason Wilk.

我現在想將電話轉給 Dave 的執行長 Jason Wilk 先生。

You may begin.

你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

We continued to outperform expectations in the second quarter, delivering 31% revenue growth and materially improved profitability compared to the year ago period.

第二季我們的業績持續超出預期，營收成長 31%，獲利能力較去年同期大幅提升。

This marks our third consecutive quarter of accelerating year-over-year revenue growth, which we accomplished while managing to reduce operating expenses for the fifth consecutive quarter.

這標誌著我們連續第三個季度實現收入同比加速成長，同時我們連續第五個季度設法減少營運支出。

This resulted in achieving another record quarter of adjusted EBITDA.

這使得調整後 EBITDA 季度再創新高。

Given our performance year-to-date and strong outlook for the remainder of the year, we are raising the bottom end of our revenue guidance and increasing adjusted EBITDA guidance for 2024.

鑑於我們今年迄今的業績以及今年剩餘時間的強勁前景，我們正在提高收入指引的下限，並提高 2024 年調整後 EBITDA 指引。

This upper revision is further supported by continued growth in our monthly transacting member base, which reached 2.3 million members.

我們的每月交易會員數量持續成長，達到 230 萬會員，進一步支持了這項上調。

Turning to the second quarter, I'd like to share more about our continued progress in executing on our growth strategy.

談到第二季度，我想分享更多有關我們在執行成長策略方面的持續進展的資訊。

This includes efficiently acquiring new members, engaging them through extra cash and deepening our relationships to the Dave Card. Our commitment to efficient member acquisition is paying off as we continue to reduce marketing spend when compared to year-ago periods, yet still expand our monthly transaction member base as I'll discuss in more detail in a moment.

這包括有效地獲取新會員、透過額外現金吸引他們以及加深我們與戴夫卡的關係。我們對高效會員獲取的承諾正在得到回報，與去年同期相比，我們繼續減少行銷支出，但仍然擴大我們的每月交易會員基礎，我稍後將更詳細地討論。

In the second quarter, we acquired 3% fewer members relative to the year ago period, but with nearly 30% less marketing investment.

第二季度，我們的會員數量比去年同期減少了 3%，但行銷投資卻減少了近 30%。

This was driven by a 26% year-over-year decrease in CAC to $15 as we continue to optimize our marketing ROI in pursuit of profitable growth.

這是由於我們繼續優化行銷投資回報率以追求利潤成長，CAC 年減 26% 至 15 美元。

On a sequential basis, we ramped up marketing spend by 18% to capitalize on the seasonal demand pattern for extra cash while reducing CAC by 7% at this higher level of investment.

我們將行銷支出較上季增加了 18%，以利用額外現金的季節性需求模式，同時在此較高投資水準下將 CAC 減少 7%。

As we navigate an election year, we are closely monitoring its potential impact on customer acquisition costs.

在選舉年中，我們正在密切關注其對客戶獲取成本的潛在影響。

While we didn't observe election impacts in Q2 nor have we thus far in Q3, we'll remain disciplined as a member nears to ensure our marketing investments achieve or exceed our internal return hurdles.

雖然我們沒有觀察到第二季的選舉影響，也沒有觀察到第三季的選舉影響，但隨著會員臨近，我們將繼續遵守紀律，以確保我們的行銷投資達到或超過我們的內部回報障礙。

The environment for member acquisition has remained constructive in Q3, which adds to our confidence in sustaining efficient growth at higher levels of scale.

第三季的會員獲取環境仍然具有建設性，這增強了我們在更高規模上維持高效成長的信心。

The second pillar of our growth strategy is to drive greater MTM engagement while using our extra cash product as the primary entry point of our member journey.

我們成長策略的第二個支柱是推動更大的 MTM 參與度，同時使用我們的額外現金產品作為我們會員旅程的主要切入點。

This focus has yielded impressive results with MTM growing 18% year-over-year to a record 2.3 million members.

這項重點已經取得了令人印象深刻的成果，MTM 會員數量年增 18%，達到創紀錄的 230 萬人。

Our focused efforts to strengthen new member conversion, existing member retention and dormant member reactivation contributed meaningfully to this growth.

我們專注於加強新會員轉換、現有會員保留和休眠會員重新激活，為這一增長做出了有意義的貢獻。

Given the size and consistent growth of our member base as well as how our product capabilities have been expanding, we have been evaluating additional potential sponsor banks since late last year in an effort to diversify our key partner relationships.

考慮到我們會員基礎的規模和持續成長，以及我們產品能力的不斷擴展，自去年年底以來，我們一直在評估其他潛在的贊助銀行，以努力使我們的主要合作夥伴關係多樣化。

Dave is an attractive partner opportunity for the many reputable and qualified sponsor banks in the market given our scale and growth trajectory.

考慮到我們的規模和成長軌跡，對於市場上許多信譽良好且合格的保薦銀行來說，Dave 是一個有吸引力的合作夥伴機會。

These discussions have been constructive thus far, and we will report back when we have material updates on our progress.

到目前為止，這些討論都是建設性的，當我們獲得有關進展的重大更新時，我們將進行報告。

Extra cash delivered another strong quarter with originations reaching $1.2 billion.

額外的現金帶來了另一個強勁的季度，發起額達到 12 億美元。

Originations grew 37% year-over-year and 13% sequentially, driven by our cash AI underwriting engine and reflecting strong continued demand for extra cash coming out of the seasonally softer tax refund season in Q1.

在我們的現金人工智慧承保引擎的推動下，發起額年增 37%，環比成長 13%，反映出第一季退稅季季節性疲軟對額外現金的持續強勁需求。

Despite the solid growth, our net receivables portfolio totaled just $128 million at quarter end.

儘管成長強勁，但截至季末我們的淨應收帳款組合總額僅為 1.28 億美元。

We believe this highlights the short duration, high velocity nature of our product, which allows us to serve a vast number of everyday Americans without the need for a capital-intensive balance sheet.

我們相信，這凸顯了我們產品的持續時間短、速度快的特點，這使我們能夠為大量的美國人提供服務，而無需資本密集的資產負債表。

Cash AI enables us to expand access to liquidity for our members and increase average disbursement amounts without compromising credit performance.

現金人工智慧使我們能夠在不影響信用表現的情況下擴大會員的流動性並增加平均支付金額。

In Q2, we continued to improve our 28-day delinquency rate to 2.03%, down 80 basis points year-over-year.

第二季度，我們繼續將 28 天拖欠率改善至 2.03%，年減 80 個基點。

This equates to 28% improvement in credit performance over a period where we accelerate extra cash origination volume growth for the third consecutive quarter.

這相當於我們連續第三季加速額外現金發放成長期間，信貸績效提高了 28%。

We also rolled out a new underwriting model throughout the second quarter, which further optimizes the data used to manage credit risk within our cash AI underwriting engine.

我們也在第二季推出了新的核保模式，進一步優化了現金人工智慧核保引擎中用於管理信用風險的數據。

Credit performance has remained strong thus far in Q3, which we expect to continue in part because of the full quarter's benefit from this new model.

迄今為止，第三季的信貸表現仍然強勁，我們預計這種情況將持續下去，部分原因是整個季度都受益於這種新模式。

The third and final pillar of our growth strategy is to foster deeper member relationships through Dave Card engagement.

我們成長策略的第三個也是最後一個支柱是透過 Dave Card 的參與來培養更深層的會員關係。

We believe offering quicker, more cost-effective extra cash transfer to the Dave Card is an efficient way for us to drive trial with the Dave Card. This trial is an important step in building the trust required to win direct deposits, which can generate 5 times to 6 times higher bank ARPU relative to non-DT users.

我們相信，向 Dave 卡提供更快、更具成本效益的額外現金轉帳是我們推動 Dave 卡試用的有效方式。該試驗是建立贏得直接存款所需的信任的重要一步，相對於非 DT 用戶，直接存款可使銀行 ARPU 高出 5 至 6 倍。

Our Dave Card continued to demonstrate strong performance with spending volume climbing 28% year-over-year to reach $388 million in the second quarter.

我們的 Dave Card 持續表現強勁，第二季支出金額年增 28%，達到 3.88 億美元。

There is an untapped potential to further elevate this metric as we strategically incentivize direct deposit adoption.

隨著我們策略性地激勵直接存款的採用，進一步提升此指標的潛力尚未開發。

Please note, we are no longer reporting out on average transaction for MTM as we believe data card spending per MTM, which can be calculated from our existing disclosure is also a sufficient proxy for member engagement in our banking product.

請注意，我們不再報告 MTM 的平均交易量，因為我們相信每 MTM 的數據卡支出（可以根據我們現有的揭露計算得出）也足以代表會員對我們銀行產品的參與度。

Our combined efforts in extra cash, Dave Card and subscriptions yielded a strong 11% year-over-year increase in ARPU during the second quarter due to improvements in both extra cash engagement and monetization as well as growth in Dave Card ARPU.

由於額外現金參與度和貨幣化的改善以及 Dave Card ARPU 的成長，第二季度我們在額外現金、Dave Card 和訂閱方面的共同努力使 ARPU 同比強勁增長 11%。

Sequentially, ARPU increased 7% from Q1 as extra cash ARPU normalized coming out of a tax refund season, which typically experience seasonally lower demand for extra cash.

隨後，由於額外現金 ARPU 在退稅季節結束後正常化，ARPU 較第一季增加了 7%，而退稅季節通常對額外現金的需求會季節性下降。

I am proud of the positive impact we have had on our members financial lives as well as our Dave team who remains dedicated to serving the majority of Americans partly served by incumbent banks, including those early in their banking journey and those living paycheck to paycheck.

我為我們對會員的財務生活以及我們的戴夫團隊產生的積極影響感到自豪，他們仍然致力於為大多數由現有銀行提供服務的美國人提供服務，包括那些剛剛進入銀行業的人以及那些靠工資過活的人。

Our strategic focus remains on increasing customer value, expanding our member base and leveraging our disruptive technology to drive operational efficiency.

我們的策略重點仍然是增加客戶價值、擴大我們的會員基礎並利用我們的顛覆性技術來提高營運效率。

We look forward to delivering exceptional value to our members and shareholders as we further solidify Dave's position as a premier banking solution for everyday Americans.

我們期待為我們的會員和股東提供卓越的價值，進一步鞏固 Dave 作為普通美國人首選銀行解決方案的地位。

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

接下來，我會將電話轉給凱爾，並向您介紹我們的財務表現。

Kyle?

凱爾？

Thank you, and good morning, everyone.

謝謝大家，大家早安。

As Jason highlighted, we continue to demonstrate the strength and scalability of our business during the second quarter, where our results represent new high watermarks across most all key metrics.

正如傑森所強調的那樣，我們在第二季度繼續展示我們業務的實力和可擴展性，我們的業績代表了大多數關鍵指標的新高水位。

We achieved substantial operating leverage by accelerating revenue growth and remaining disciplined with our fixed cost base, which we believe has been further supported by our internally developed cash AI underwriting engine and our AI-enabled chatbot called DaveGPT.

我們透過加速收入成長並維持固定成本基礎的紀律，實現了巨大的營運槓桿，我們相信我們內部開發的現金人工智慧核保引擎和名為 DaveGPT 的人工智慧聊天機器人進一步支持了這一點。

As you may recall, we raised our full year adjusted EBITDA guidance during the first quarter based on the strong performance in that period.

您可能還記得，我們​​根據第一季的強勁表現提高了全年調整後 EBITDA 指引。

During the second quarter, we continued to execute well, enabling us to once again raise adjusted EBITDA guidance for the full year.

第二季度，我們繼續表現良好，使我們能夠再次提高全年調整後 EBITDA 指引。

Q2 revenue reached $80.1 million, representing a 31% year-over-year increase.

第二季營收達到 8,010 萬美元，年增 31%。

This was fueled by 18% growth in MTMs and ARPU expansion of 11%.

這是由 MTM 增長 18% 和 ARPU 增長 11% 推動的。

New member acquisition remained efficient, allowing our marketing dollars to go further, while improved retention and reactivation further boosted our MTM base.

新會員的獲取仍然高效，使我們的行銷資金能夠進一步發揮作用，同時保留率和重新激活率的提高進一步增強了我們的 MTM 基礎。

The ARPU increase was due to both increased extra cash utilization as well as stronger engagement with the Dave Card.

ARPU 的增加是由於額外現金利用率的增加以及戴夫卡的參與度增強。

Non-GAAP variable profit in Q2 increased 57% on a year-over-year basis to $51.8 million, representing a 65% margin relative to GAAP revenue, up approximately 1,100 basis points from Q2 of last year.

第二季非 GAAP 可變利潤年增 57%，達到 5,180 萬美元，相對於 GAAP 收入的利潤率為 65%，比去年第二季度增長約 1,100 個基點。

Our sustained improvements to variable margins have been driven largely by the continued optimization of our cash AI underwriting engine, which has ingested the credit performance of over $105 million unique extra cash transactions since our inception.

我們對可變利潤率的持續改進很大程度上得益於我們現金人工智慧核保引擎的持續優化，自我們成立以來，該引擎已經吸收了超過 1.05 億美元的獨特額外現金交易的信用表現。

We believe this continues to expand the competitive advantage we have in evaluating portfolio risk.

我們相信，這將繼續擴大我們在評估投資組合風險方面的競爭優勢。

The resulting improvement and credit loss experience has also allowed us to reduce loss rates while increasing the revenue we generate per extra cash origination Additionally, our variable margin performance in Q2 was bolstered by the progress we made in 2023 and optimizing payment processing costs and a key vendor contract we renegotiated in Q4 of last year.

由此產生的改善和信用損失經驗也使我們能夠降低損失率，同時增加每筆額外現金來源產生的收入此外，我們在2023 年取得的進展以及優化支付處理成本和一個關鍵因素支撐了我們第二季度的可變利潤表現。

Now turning to second quarter operating expenses.

現在轉向第二季的營運支出。

Our provision for credit losses improved, decreasing approximately 9% year-over-year to $14.4 million, while extra cash originations grew by 37% over that time.

我們的信貸損失準備金有所改善，年減約 9% 至 1,440 萬美元，而額外現金來源在此期間增加了 37%。

As a percentage of extra cash originations, the loss provisions fell to 1.2% from 1.8% in the prior year.

損失準備金佔額外現金來源的百分比從前一年的 1.8% 降至 1.2%。

We believe these positive results underscore the effectiveness of our cash AI underwriting system.

我們相信這些正面的結果凸顯了我們現金人工智慧承保系統的有效性。

As Jason noted, credit performance in Q3 remained strong this far, which we expect to persist going forward.

正如傑森所指出的那樣，第三季的信貸表現迄今為止仍然強勁，我們預計這種情況將持續下去。

Despite the conviction we have in our credit performance, we anticipate our provision for credit losses to increase in Q3 and Q4 relative to Q2, both in absolute dollars and as a percentage of extra cash originations due to the calendar dynamics related to the day of the week on which the next two quarters end.

儘管我們對我們的信貸表現充滿信心，但我們預計第三季和第四季的信貸損失撥備將相對於第二季有所增加，無論是絕對美元還是由於與當天相關的日曆動態而導致的額外現金來源的百分比。

Typically, extra cash disbursements are highest over the weekend days, which causes the extra cash receivables to peak on Mondays and Tuesdays.

通常，額外現金支出在周末最高，這導致額外現金應收帳款在周一和周二達到高峰。

Extra cash settlements are typically highest on Thursdays and Fridays, which causes the receivables balance to trough on Fridays.

額外現金結算通常在周四和周五最高，這導致應收帳款餘額在周五降至低谷。

Given that Q3 and Q4 and on a Monday and Tuesday, respectively, we expect higher receivables balances at those quarter ends, even after adjusting for our expectation of continued growth in extra cash originations.

鑑於第三季和第四季以及週一和週二，我們預計這些季度末的應收帳款餘額將更高，即使在調整了我們對額外現金來源持續增長的預期之後也是如此。

The higher expected receivables balance will likely drive a higher reserve for unrecoverable advances, resulting in a correspondingly higher provision for credit losses.

較高的預期應收帳款餘額可能會導致不可收回預付款準備金增加，從而導致信用損失撥備相應增加。

Staying on the topic of credit performance, it's important to understand how our 28-day delinquency rate develops into a charge-off rate, which is different for extra cash relative to other financial products that are revolving in nature or paid off in multiple installments.

繼續討論信用表現的話題，重要的是要了解我們的 28 天拖欠率如何發展為沖銷率，對於額外現金而言，沖銷率與其他本質上循環或分期付款的金融產品不同。

Extra cash receivables are charged off for accounting purposes in instances where they remain uncollected for 121 days since the disbursement date.

如果額外的現金應收款自支付之日起 121 天仍未收到，則出於會計目的，將予以沖銷。

For example, the most recent quarterly vintage that has fully developed into 121 or more days since disbursement is Q4 of 2023.

例如，自支付以來已完全發展到 121 天或以上的最近一個季度年份是 2023 年第四季。

The 28-day delinquency rate for that vintage was 2.19%, and the ultimate static pull charge-off rate for that same quarterly vintage was 1.44%, which excludes the double-digit percentage of recoveries we typically generate after the point of accounting charge-offs.

該年份的 28 天拖欠率為 2.19%，同一季度年份的最終靜態拉銷率為 1.44%，其中不包括我們通常在會計費用點後產生的兩位數回收百分比。

While assessing charge-offs relative to big gross receivables balance, may make sense for financial products, which are evolving or are those with multiple installments, we believe this approach can be misleading for a product such as extra cash, which involves a single repayment.

雖然評估相對於巨額應收帳款餘額的沖銷對於不斷發展的金融產品或分多次分期付款的金融產品可能有意義，但我們認為這種方法可能會誤導諸如額外現金等涉及單次還款的產品。

The single repayment model used for extra cash implies that all receivables, which are paid fall out of the gross receivables balance, whereas in the case of revolving or installment-based products, the remaining principal would persist within the gross receivables balance.

用於額外現金的單一還款模式意味著所有已支付的應收帳款均不屬於應收帳款總額餘額，而對於循環或分期付款產品，剩餘本金將保留在應收帳款總額餘額內。

This should help us clarify our view that evaluating static pool credit performance is a more reliable way to track the progress we continue to make and optimizing our credit risk management and portfolio economics.

這應該有助於我們澄清我們的觀點，即評估靜態池信用績效是追蹤我們繼續取得的進展並優化我們的信用風險管理和投資組合經濟學的更可靠的方法。

Processing and servicing costs in Q2 increased 8% year-over-year to $7.8 million compared to $7.2 million in the year ago period.

第二季的處理和服務成本年增 8%，達到 780 萬美元，去年同期為 720 萬美元。

However, as a percentage of origination volume, these costs improved to 0.7% from 0.8%, demonstrating another aspect of our operating efficiency as originations increased 37% over that same period.

然而，這些成本佔始發量的百分比從 0.8% 提高到 0.7%，這表明我們營運效率的另一個方面，同期始發量增加了 37%。

Advertising and marketing costs decreased approximately 28% year-over-year to $10.7 million compared to $15 million in the prior year period as we were able to achieve our MTM growth goals at lower levels of spend.

廣告和行銷成本年減約 28%，從去年同期的 1,500 萬美元降至 1,070 萬美元，因為我們能夠以較低的支出水準實現 MTM 成長目標。

This efficiency is reflected in the 26% year-over-year decrease in CAC to $15.

這種效率體現在 CAC 年減 26% 至 15 美元。

We anticipate increasing marketing investments in Q3 to capitalize on the strong demand we're experiencing and the attractive LTV to CAC returns we're generating on those investments.

我們預計第三季將增加行銷投資，以充分利用我們正在經歷的強勁需求以及我們透過這些投資產生的有吸引力的 LTV 與 CAC 回報。

Now looking at compensation and headcount.

現在正在考慮薪酬和員工人數。

Our compensation-related expenses grew by 2% to $24.5 million in Q2 from $23.9 million in the prior year period.

第二季度，我們的薪資相關費用從去年同期的 2,390 萬美元成長了 2%，達到 2,450 萬美元。

However, as a percentage of revenue, compensation expense declined to 31% from 39%, further underscoring the operating leverage inherent in our business model resulting from the investments that we have made in our technology platform.

然而，薪資支出佔收入的比例從 39% 下降至 31%，進一步凸顯了我們對科技平台的投資所帶來的業務模式固有的營運槓桿。

Other operating expenses decreased approximately 16% to $17 million in the second quarter from $20.2 million in the year ago period, largely due to a $4.4 million legal settlement-related expense in the year ago period.

第二季其他營運費用從去年同期的 2,020 萬美元下降約 16% 至 1,700 萬美元，主要是由於去年同期的法律和解相關費用為 440 萬美元。

Excluding this impact, other operating expenses grew modestly as a result of overall business growth.

排除此影響，其他營運費用由於整體業務成長而小幅成長。

GAAP net income for the second quarter improved to $6.4 million compared to a GAAP net loss of $22.6 million in the year ago period.

第二季 GAAP 淨利潤增至 640 萬美元，而去年同期 GAAP 淨虧損為 2,260 萬美元。

Beginning this year, we started disclosing adjusted net income or loss, which adjusts our GAAP net income or loss for stock-based compensation, changes in fair value to certain noncash liabilities as well as any onetime gains or losses such as the $33 million gain on the discounted repurchase of the FTX convertible note during the first quarter.

從今年開始，我們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、某些非現金負債的公允價值變化以及任何一次性損益，例如3300 萬美元的收益第一季 FTX 可轉換票據的折扣回購。

With that context, adjusted net income for Q2 was $13.7 million compared to an adjusted net loss of $15.8 million in the second quarter of 2023.

在此背景下，第二季調整後淨利為 1,370 萬美元，而 2023 年第二季調整後淨虧損為 1,580 萬美元。

Adjusted EBITDA for the second quarter of 2024 was $15.2 million compared to an adjusted EBITDA loss of $13.1 million during the prior year period.

2024 年第二季調整後 EBITDA 為 1,520 萬美元，而去年同期調整後 EBITDA 虧損為 1,310 萬美元。

We continue to attribute this improvement to a combination of revenue growth, margin expansion, CAC efficiency, and improved operating leverage.

我們繼續將這一改善歸因於收入成長、利潤率擴張、CAC 效率和營運槓桿改善的綜合作用。

Our consistent execution has driven adjusted EBITDA profitability for three consecutive quarters with a 15% sequential increase from Q1.

我們一貫的執行力連續三個季度推動調整後 EBITDA 獲利能力，較第一季季增 15%。

Looking ahead, we expect to continue to grow adjusted EBITDA profitability, though the trajectory may be nonlinear as we plan to opportunistically make marketing investments and as the provision for credit losses increases in the back half of the year, given quarter-end timing dynamics I mentioned a moment ago.

展望未來，我們預計調整後的 EBITDA 盈利能力將繼續增長，儘管由於我們計劃機會主義地進行營銷投資，並且考慮到季度末的時間動態，下半年信貸損失準備金增加，軌跡可能是非線性的剛才提到過。

Now turning to the balance sheet.

現在轉向資產負債表。

As of June 30, we had approximately $89.7 million of cash and cash equivalents, marketable securities, investments and restricted cash compared to $101.5 million as of the end of last quarter.

截至 6 月 30 日，我們擁有約 8,970 萬美元的現金和現金等價物、有價證券、投資和限制性現金，而截至上季末為 1.015 億美元。

The decrease in cash was driven by an increase in advanced receivables outstanding at quarter end due to higher extra cash originations in the period.

現金減少的原因是季度末未償預收帳款增加，原因是該期間額外現金來源增加。

As of the end of the quarter, our net receivables balance was $127.8 million, an increase of approximately $22.8 million sequentially.

截至本季末，我們的應收帳款淨額餘額為 1.278 億美元，比上一季增加約 2,280 萬美元。

It's important to think about this net receivables balance relative to the $1.2 billion of origination volume during Q2 as we believe this underscores our ability to grow extra cash originations, capital efficiency, given the short duration and high velocity of the portfolio.

重要的是要考慮相對於第二季12 億美元的發起量的淨應收帳款餘額，因為我們認為，考慮到投資組合的期限短和高週轉率，這強調了我們增加額外現金發起和資本效率的能力。

The amount drawn on our credit facility remained at $75 million as of the end of Q2 as we continue to rely on our balance sheet cash during the second quarter to fund extra cash originations versus our credit facility.

截至第二季末，我們的信貸額度提取金額仍為 7,500 萬美元，因為我們在第二季繼續依靠資產負債表現金來為我們的信貸額度提供額外的現金來源。

Overall, with our strong balance sheet, we continue to believe we have ample liquidity to execute on our growth plan going forward.

總體而言，憑藉我們強勁的資產負債表，我們仍然相信我們有充足的流動性來執行未來的成長計劃。

And now turning to our guidance.

現在轉向我們的指導。

We're raising the bottom end of our full year 2024 revenue guidance by $5 million to a range between $310 million and $325 million, representing growth of 20% to 25% compared to the full year of 2023.

我們將 2024 年全年營收指引的下限提高 500 萬美元，達到 3.1 億至 3.25 億美元之間，與 2023 年全年相比成長 20% 至 25%。

With regards to profitability, we are raising our full year adjusted EBITDA guidance for the second consecutive quarter to a range between $40 million to $50 million.

在獲利能力方面，我們將連續第二季將全年調整後 EBITDA 指引提高至 4,000 萬美元至 5,000 萬美元之間。

This compares to the guidance we provided last quarter of $30 million to $40 million and our original guidance at the start of the year of $25 million to $35 million.

相比之下，我們上季度提供的指導為 3000 萬美元至 4000 萬美元，而年初的指導為 2500 萬美元至 3500 萬美元。

Overall, our outlook remains positive, and we believe we are well positioned for continued success.

總體而言，我們的前景仍然樂觀，我們相信我們已經做好了持續成功的準備。

And with that, I will hand it back over to Jason to conclude our call.

至此，我將把它交還給傑森來結束我們的通話。

Thanks, Kyle.

謝謝，凱爾。

Our strong performance this quarter reinforces the continued positive trajectory of our company.

我們本季的強勁表現鞏固了我們公司持續的積極發展軌跡。

I'm confident that our team will continue to drive growth and achieve new milestones in 2024 and beyond.

我相信我們的團隊將在 2024 年及以後繼續推動成長並實現新的里程碑。

Operator, we can now open the call for questions.

接線員，我們現在可以開始提問。

(Operator Instructions)

（操作員說明）

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

Thanks so much.

非常感謝。

Good morning, Jason.

早上好，傑森。

Good morning, Kyle.

早安，凱爾。

How are you?

你好嗎？

Doing well.

做得很好。

Good morning, Devin.

早上好，德文。

Good.

好的。

So obviously, really nice step-up in extra cash volume this quarter, up 13% sequentially, 37% year-over-year.

顯然，本季額外現金量確實大幅成長，季增 13%，年增 37%。

I know there can be a seasonal bump in the second quarter, but it looks like this was driven by both more originations and then higher average advances.

我知道第二季度可能會出現季節性增長，但看起來這是由更多的發起和更高的平均進步推動的。

So great to get just a little more color around the trends you're seeing with your customer base right now and then more broadly, the ability and comfort to take up the average advance size higher from here?

很高興能夠圍繞您現在在客戶群中看到的趨勢提供更多的色彩，然後更廣泛地了解從這裡開始更高的平均提前尺寸的能力和舒適度？

Devin, this is Kyle.

德文，這是凱爾。

Thanks again for joining the call.

再次感謝您加入通話。

I'd say, overall, we're feeling really good just about the overall demand dynamics that we're seeing.

我想說，總的來說，我們對所看到的整體需求動態感覺非常好。

I think as you can see in our customer acquisition costs were at multiyear lows despite the ramp-up in marketing spend sequentially.

我認為，正如您所看到的，儘管行銷支出連續增加，但我們的客戶獲取成本仍處於多年來的低點。

We're also seeing really favorable trends with respect to existing member retention and reactivation of dormant customers.

我們也看到了在現有會員保留和休眠客戶重新激活方面非常有利的趨勢。

So I think it's just overall the demand patterns are looking really solid at this point and gives us a lot of confidence going into the second half of the year.

因此，我認為總體而言，目前的需求模式看起來非常穩固，這給我們進入下半年帶來了極大的信心。

In terms of overall ability to increase origination size and therefore, monetization moving forward, I think we feel very comfortable that we still have room to run there.

就增加發起規模的整體能力以及因此向前推進的貨幣化而言，我認為我們感到非常滿意，因為我們仍然有空間運作。

We rolled out a new model in the second quarter that both allows us to ramp up average advanced size as well as lower our loss rate performance, and we're going to continue to lean into that in the second half and feel that there is further upside there as we move through the rest of the year.

我們在第二季推出了一種新模型，既可以提高平均高級規模，又可以降低我們的損失率表現，我們將在下半年繼續關注這一點，並認為還有進一步的發展當我們度過今年剩下的時間時，那裡的情況會上升。

And Devin, just to add to that real quick, we're able to do this because of the high velocity nature of the product.

Devin，我要補充一點，我們之所以能夠做到這一點，是因為該產品的高速特性。

As you know, the average amount people use actually cash flow is around 10 days.

如您所知，人們實際使用現金流的平均金額約為 10 天。

And so we're able to test and learn on those new models.

因此我們能夠測試和學習這些新模型。

So rapidly that we can gain a lot of confidence so quickly compared to traditional credit providers that have to wait a long time with their vintages to season.

與傳統信貸提供者相比，我們能夠如此迅速地獲得很大的信心，因為傳統信貸提供者必須等待很長時間才能獲得其年份的季節。

All right.

好的。

Terrific.

了不起。

Thank you.

謝謝。

And then a question on the CFPB proposal announced in July.

然後是關於 7 月宣布的 CFPB 提案的問題。

You obviously issued a press release around your position, so we'll have to see how it all plays out.

顯然，你發布了一份圍繞你的立場的新聞稿，所以我們必須看看這一切會如何進行。

But if we were to play out a scenario where there are changes to the regulatory framework for the industry.

但如果我們要設想一個產業監管框架改變的場景。

And I think on one hand, you have COPD, which an overdraft could be really positive.

我認為一方面，你患有慢性阻塞性肺病，透支可能非常積極。

It feels like if the large banks have to lower overdraft fees and there was a Wall Street Journal article in early July, talking about the impact on that.

感覺就像大型銀行必須降低透支費用一樣，七月初《華爾街日報》有一篇文章談到了對此的影響。

So I'd love to maybe get a little color there.

所以我很想在那裡得到一點顏色。

But then on the more recent proposal, it would seem to squeeze a number of marginal players in the space.

但根據最近的提議，它似乎擠壓了該領域的一些邊緣參與者。

So I just love to think about some of the levers at your disposal around the monetization model, and then maybe just the elasticity of pricing to the extent there is any changes on that front.

因此，我只是喜歡考慮圍繞貨幣化模型可以使用的一些槓桿，然後可能只是考慮定價的彈性，以達到這方面的任何變化。

So kind of maybe touch on both proposals and the implications on the business since there's a lot for I think the market on pack right now.

因此，也許會涉及這兩個提案及其對業務的影響，因為我認為目前市場上有很多東西。

Thank you.

謝謝。

Yeah, great question, Devin.

是的，很好的問題，德文。

So on the first part around the proposed overdraft regulation, we think we sit in a really good spot there, just given our lower cost to serve as we pointed out for the first time in our supplement, how much lower our cost to serve is compared to traditional bank.

因此，在圍繞擬議透支監管的第一部分，我們認為我們處於一個非常好的位置，正如我們在補充材料中首次指出的那樣，我們的服務成本較低，相比之下，我們的服務成本低了多少到傳統銀行。

And that Wall Street Journal article you're mentioning specifically references how much it cost the banks to operate, which means they have to charge a certain amount of fees just to break even on a checking account.

您提到的《華爾街日報》文章特別提到了銀行的營運成本，這意味著他們必須收取一定數量的費用才能在支票帳戶上實現收支平衡。

By our calculation, it's about $300 per year for a major bank to break even on a basic checking account.

根據我們的計算，一家大銀行的基本支票帳戶每年大約需要 300 美元才能達到收支平衡。

Therefore, they have to make up for that with minimum balance overdraft fees.

因此，他們必須以最低餘額透支費用來彌補。

And so if overdraft were to go away or be significantly limited, prices have to go up in different areas.

因此，如果透支要消失或受到顯著限制，不同地區的價格就必須上漲。

And so we think that continuing to lean in on our lower cost to serve puts us in a significant advantage to have lower fees, yet still have great gross margins as we have today.

因此，我們認為，繼續依靠較低的服務成本使我們具有顯著的優勢，可以降低費用，但仍然擁有像今天一樣很高的毛利率。

On the proposed EWA, yeah, we did issue a statement that we don't believe we're subject to this role.

關於擬議的 EWA，是的，我們確實發表了一份聲明，表示我們不認為我們受制於這個角色。

If it were to become effective, we feel very strongly in our position as an overdraft product similar to traditional banks, albeit at significantly cheaper fees.

如果它生效，我們將非常強烈地感受到我們作為類似於傳統銀行的透支產品的地位，儘管費用便宜得多。

And if the rule were to pass, yeah, I agree that it could squeeze some players out there that are continuing to offer unlicensed credit that is not regulated.

如果該規則獲得通過，是的，我同意它可能會擠壓一些繼續提供不受監管的未經許可的信貸的參與者。

Dave is a federally regulated overdraft product, and we spent a lot of time developing and building our business in a very compliant way leading up to going public.

Dave 是一款受聯邦監管的透支產品，我們花了很多時間以非常合規的方式開發和建立我們的業務，直到上市。

Thank you.

謝謝。

And can you maybe just on the price elasticity as well of just the overall platform?

您能否只考慮整個平台的價格彈性？

So I think that plays in here, too, that there's potentially other levers around the business model that the world wouldn't stay static.

所以我認為這也在這裡發揮作用，商業模式周圍可能還有其他槓桿，世界不會保持靜止。

Devin, this is Kyle.

德文，這是凱爾。

Just to jump in here.

只是為了跳到這裡。

I think what we've shown and what our results have shown is that there is a high willingness from customers to pay for the product that we offer.

我認為我們所展示的以及我們的結果所展示的是客戶非常願意為我們提供的產品付費。

And I think that given the evolving landscape, we have flexibility, should we need to evolve what we're doing from a pricing standpoint.

我認為，考慮到不斷變化的情況，我們有靈活性，我們是否需要從定價的角度改進我們正在做的事情。

So just point back to the ARPA trends that we've seen over the past, call it, six quarters as we continue to ramp up origination size.

因此，只要回顧一下我們過去看到的 ARPA 趨勢，即我們繼續擴大發起規模的六個季度。

Monetization has also increased.

貨幣化程度也有所提升。

And I think that just points to the fact that customers are willing to pay for what we're offering.

我認為這只是表明客戶願意為我們提供的產品付費。

And that gives me a lot of confidence that we can continue to operate effectively regardless of what happens within the broader regulatory landscape.

這給了我很大的信心，無論在更廣泛的監管環境中發生什麼，我們都可以繼續有效運作。

Yeah.

是的。

I would say just to add to that we do like the optionality within our fee structure, which we can continue on today with our model, but should we be pressed there, we could always move to a mandatory fee model similar to traditional banks and discharge significantly in lower fees than the incumbent.

我想說的是，只是補充一點，我們確實喜歡我們的費用結構中的選擇性，我們今天可以繼續使用我們的模型，但如果我們受到壓力，我們總是可以轉向類似於傳統銀行的強制性費用模型並解除費用明顯低於現任者。

So either way, we think there's a lot of flexibility in the pricing to reach our desired ARPU level, which we feel very confident to continue moving forward.

因此，無論哪種方式，我們認為定價都有很大的靈活性，可以達到我們期望的 ARPU 水平，我們對此非常有信心繼續前進。

Okay.

好的。

I’ll leave it there.

我會把它留在那裡。

Thank you guys.

謝謝你們。

Appreciate it.

欣賞它。

Yeah.

是的。

Thanks, Devin.

謝謝，德文。

Jeff Cantwell, Seaport Research.

傑夫‧坎特韋爾，海港研究中心。

Hey, great.

嘿，太棒了。

Thanks guys.

謝謝你們。

I want to touch on.

我想談談。

These are medium-term questions.

這些都是中期問題。

First, on revenue growth, that was 31% this quarter, came in above the expectation.

首先，本季營收成長 31%，高於預期。

Can you talk about thinking further out how sustainable is, call it, 20% revenue growth, what your thoughts are there?

您能否談談進一步思考永續發展的程度，即 20% 的收入成長，您的想法是什麼？

Second is on adjusted EBITDA.

其次是調整後的 EBITDA。

It looks like you're very profitable here, 30 to second quarter positive adjusted EBITDA.

看起來你們的獲利能力非常好，第二季調整後的 EBITDA 為 30。

When we drill down, again, we can see the business expenses a little bit below, but you're also talking about the remainder of the year.

當我們再次深入研究時，我們可以看到下面一點的業務支出，但您也在談論今年剩餘的時間。

So can you help us understand how sustainable you think it is in terms of positive adjusted EBITDA over the next, call it, several quarters, and what the major callouts are there?

那麼，您能否幫助我們了解您認為未來幾季的正調整 EBITDA 的可持續性如何，以及主要的注意事項是什麼？

So, hey, Jeff, good morning.

所以，嘿，傑夫，早安。

Look, I think we feel very confident in our ability to continue to deliver 20%-plus growth for many quarters and hopefully, years to come.

聽著，我認為我們對自己有能力在許多季度（甚至未來幾年）繼續實現 20% 以上的成長充滿信心。

And so the 31% growth for the quarter was tremendous.

因此，該季度 31% 的成長是巨大的。

We hope to continue that.

我們希望繼續這樣做。

We're not committing to 30%-plus growth, but we feel that the company can continue at a very healthy trajectory at these levels and supported by our low CAC levels as well.

我們不承諾 30% 以上的成長，但我們認為公司可以在這些水平上繼續保持非常健康的軌跡，並得到我們較低的 CAC 水平的支持。

As far as that continued EBITDA, I think Kyle mentioned in the script that we plan to continue on as a positive EBITDA company, there may be some fluctuations in that based on marketing trends where we may take advantage of some increased marketing to take advantage of the demand.

就持續的 EBITDA 而言，我認為凱爾在劇本中提到，我們計劃繼續作為一家積極的 EBITDA 公司，根據行銷趨勢，可能會出現一些波動，我們可能會利用一些增加的行銷來利用需求。

But overall, we do want to maintain positive EBITDA moving forward to the company here on out and not have to access any additional capital.

但總的來說，我們確實希望公司能夠維持正的 EBITDA，並且不需要獲得任何額外的資本。

That’s great.

那太好了。

Super helpful.

超有幫助。

Third, is on Evolve and your bank practice.

第三，關於 Evolve 和您的銀行實踐。

Clearly in order to talk about the first two, you just discussed your revenue and profitability, that supposed to be viewing how things are going to be maintained optionally going forward.

顯然，為了討論前兩個問題，您剛剛討論了您的收入和盈利能力，這應該是考慮如何選擇性地繼續維護事物。

So can you comment on your relationship with Evolve.

您能評論一下您與 Evolve 的關係嗎？

Maybe talk about whether there's any contingency plans in place to finding new bank partners over time in the event something would happen that would change that relationship.

也許可以談談是否有任何應急計劃來隨著時間的推移尋找新的銀行合作夥伴，以防發生改變這種關係的事情。

Thanks.

謝謝。

Yeah.

是的。

So we noted in the call that we are evaluating a second bank partner, we'll report back when we've made material progress on our negotiations.

因此，我們在電話中指出，我們正在評估第二家銀行合作夥伴，當我們的談判取得實質進展時，我們將進行報告。

We think that we are a very attractive partner opportunity for many of the qualified sponsor banks that are out there.

我們認為，對於許多合格的贊助銀行來說，我們是一個非常有吸引力的合作夥伴機會。

There are several of them that have approached us and conversations are ongoing at this point.

其中有幾個人已經與我們聯繫，目前對話正在進行中。

And I just want to note that because of our established risk and compliance programs, we feel very well suited to be an attractive partner for these new firms.

我只想指出，由於我們既定的風險和合規計劃，我們感覺非常適合成為這些新公司有吸引力的合作夥伴。

And just to jump in there, I would also just say that our relationship with Evolve is still positive and healthy.

順便說一句，我也想說我們與 Evolve 的關係仍然是積極和健康的。

Nothing about what happened with the consent order there and some of the other challenges that they're facing as it impacted our business.

沒有提到那裡的同意令發生了什麼，以及他們在影響我們業務時面臨的一些其他挑戰。

We have a close relationship with their leadership team over there and are continuing to work positively in that partnership.

我們與他們的領導團隊有著密切的關係，並將繼續在這種夥伴關係中積極開展工作。

So the second bank is really just a risk mitigation step that we're taking, but nothing about the business has been impacted in any capacity to date.

因此，第二家銀行實際上只是我們正在採取的風險緩解措施，但到目前為止，該業務並未受到任何影響。

And I would just add that the risk mitigation has been part of the plan for quite some time.

我想補充一點，風險緩解已經成為該計劃的一部分已經有一段時間了。

These bank conversations have stemmed from last year.

這些銀行對話源自於去年。

This is nothing reactionary from the most recent news.

從最近的新聞來看，這並不是什麼反動的事情。

As we noted in the call, we've reached a significant customer scale at this point of 2.3 million paying members, and it's the right decision for risk to have some redundancy set up just in case.

正如我們在電話會議中指出的那樣，我們目前的客戶規模已經達到 230 萬付費會員，為了以防萬一，為了風險而設置一些冗餘是正確的決定。

Okay, great.

好的，太好了。

And then lastly, just a follow-up on Devin's question.

最後，只是德文問題的後續。

On regulation, again, can you give us some more color on your thoughts about the CFPB's ruling.

再次，關於監管問題，您能否進一步闡述您對 CFPB 裁決的看法。

It seems like certain areas like PIPs are coming into focus, the all-in costs are in focus.

似乎 PIP 等某些領域正在成為焦點，總成本也成為焦點。

Can you comment on those areas in terms of what your position is and how that might play out for yourselves over time?

您能否就您的立場以及隨著時間的推移對您自己的影響如何對這些領域進行評論？

Thanks.

謝謝。

Look, we feel confident in our ability to keep offering the fees that we have.

看，我們對繼續提供現有費用的能力充滿信心。

They are completely optional, and they're also within an overdraft program as we set up the program as an overdraft product similar to how major banks are offering overdrafts as well.

它們是完全可選的，它們也在透支計劃內，因為我們將該計劃設置為透支產品，類似於主要銀行提供透支的方式。

So we don't think this ruling does apply to us.

所以我們認為這個裁決並不適用於我們。

We think that the callout they have around tipping seem mostly aimed at people that are forcing tipping on customers, which we have never done as a business.

我們認為，他們對小費的要求似乎主要是針對那些強迫顧客給小費的人，而我們作為一家企業從未這樣做過。

There are several firms out there that require you to disclose your tip ahead of being approved for credit or condition your credit approval based on how much you tipped last time, we do nothing on the such and so I'm actually a fan of seeing regulation around that piece because there is and has been some various activity, which is disappointing because shipping is in an optional state is a great way to monetize customers as many people can choose to pay when they can afford it and access it for free when they can't.

有幾家公司要求您在獲得信貸批准之前披露您的小費，或者根據您上次小費的金額來確定您的信用批准，我們對此不做任何事情，所以我實際上很喜歡看到監管圍繞著這一塊，因為現在和過去都有一些各種各樣的活動，這是令人失望的，因為運輸處於可選狀態是通過客戶獲利的好方法，因為許多人可以選擇在他們負擔得起的時候付款，並在可以的時候免費使用它't。

Okay, great.

好的，太好了。

Thanks for the color guys.

謝謝各位的顏色。

Appreciate it.

欣賞它。

Yeah, thanks, Jeff.

是的，謝謝，傑夫。

Jacob Stephan, Lake Street Capital Markets.

雅各史蒂芬，湖街資本市場。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Congrats one the quarter here as well.

也在這裡恭喜一個季度。

I just wanted to start out with the customer acquisition costs.

我只想從客戶獲取成本開始。

And obviously, you guys said that you're not seeing any impact from the election.

顯然，你們說你們沒有看到選舉有任何影響。

But maybe what is it that you're doing differently here to see that cost effectiveness in the new customer adds?

但也許您在這裡做了什麼不同的事情來看到新客戶增加的成本效益？

Well, we are continuing to see a positive trajectory in our word of mouth.

嗯，我們的口碑繼續呈現正面的軌跡。

That's been our largest form of acquisition since the beginning of the business.

這是我們自業務創立以來最大的收購形式。

We also see that we're doing very well across our channel distribution.

我們也發現我們的通路分銷做得非常好。

In the beginning of the company, we were quite focused on just word-of-mouth in a couple of digital channels.

在公司成立之初，我們非常關注幾個數位管道的口碑。

Now we are everywhere from TV, streaming, all the social channels, search affiliate.

現在，我們無所不在，從電視、串流媒體、所有社群管道、搜尋聯盟。

We have a very healthy distribution of all of our marketing dollars, and it's given us a lot of confidence to spend moving forward with seeing this reduction in CAC, which is not typical for a growth company at this stage.

我們對所有行銷資金進行了非常健康的分配，看到 CAC 的減少給了我們很大的信心來繼續支出，這對於現階段的成長型公司來說並不常見。

Got it.

知道了。

And maybe, Kyle, I think you pointed out that in Q3 here, we could see some elevated marketing spend, but maybe help us kind of size the magnitude of the increase.

也許，凱爾，我想你指出，在第三季度，我們可以看到行銷支出增加，但也許可以幫助我們確定增加的幅度。

Yeah.

是的。

Look, I think we haven't provided specific guidance on what the elevated level of marketing spend will be on a sequential basis or 2H as relative to 1H.

看，我認為我們還沒有就連續或 2H 相對於 1H 的營銷支出增加水平提供具體指導。

I wouldn't expect anything overly dramatic, but just healthy quarterly ramping, maybe consistent with what we saw last year as we work through the rest of the calendar at least from Q2 to Q3, just taking advantage of the more attractive demand environment over the summer periods with the go-to-market message there.

我不期望出現任何過於戲劇化的情況，但只是健康的季度增長，也許與我們去年看到的情況一致，因為我們至少從第二季度到第三季度都在處理日曆的其餘部分，只是利用了比去年更具吸引力的需求環境夏季期間，那裡有上市資訊。

But I'd say overall, what's really driving our decision-making around increasing marketing is just the LTV to CAC trends that we're seeing, our payback periods on a gross profit basis at this point are in the four to five-month range, just really attractive, and we're just leaning into that opportunity to drive attractive returns on that spend.

但我想說，總的來說，真正推動我們圍繞增加行銷做出決策的只是我們所看到的LTV 到CAC 的趨勢，目前我們以毛利為基礎的投資回收期在四到五個月的範圍內，真的很有吸引力，我們只是利用這個機會來推動這筆支出獲得有吸引力的回報。

I hope that helps to answer your question.

我希望這有助於回答您的問題。

Yeah, that makes sense.

是的，這是有道理的。

Just one last one for me here.

這裡只是給我最後一張。

Maybe just give us some more color kind of on the updated pricing on the subscriber plans.

也許只是給我們一些關於訂戶計劃的更新定價的更多資訊。

I know this has been a focus in the past, but any update there would be helpful.

我知道這在過去一直是一個焦點，但任何更新都會有所幫助。

So no official update.

所以官方沒有更新。

We're still evaluating the test results and don't have a firm timeline for a full rollout.

我們仍在評估測試結果，並且沒有全面推出的確切時間表。

It's important to note though that it's not in any of our guide it's not modeled in any upside.

值得注意的是，儘管它不在我們的任何指南中，但它並沒有以任何優點為模型。

So we're continuing to test, but nothing firm.

所以我們正在繼續測試，但還沒有確定的結果。

Okay, got it.

好的，明白了。

Thanks guys.

謝謝你們。

Thanks a lot.

多謝。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴林頓。

Hi, good morning.

嗨，早安。

Jason and Kyle.

傑森和凱爾。

Couple of questions here.

這裡有幾個問題。

Could you maybe discuss the attach rate of the extra cash to the Dave Card in terms of what you're seeing out there sequentially and year-over-year in terms of improvement?

您能否根據您所看到的連續和逐年改善情況來討論戴夫卡的額外現金附加率？

Sure.

當然。

Gary, this is Kyle.

加里，這是凱爾。

Happy to take the question and thanks so much for joining this morning.

很高興回答這個問題，非常感謝您今天早上的加入。

So we don't disclose this explicitly.

所以我們不會明確透露這一點。

But what we've seen over the last handful of quarters is roughly 30% attach rate from EC volume being sent to the Dave Debit Card. It's been relatively consistent, I'd say, over the last two to three quarters.

但我們在過去幾季中看到，發送至 Dave 金融卡的 EC 量的附加率約為 30%。我想說，在過去的兩到三個季度裡，情況相對穩定。

And we do have some product development stacked against that opportunity later this year that we hope to drive further attach rates there, which our view is that there's an opportunity there just to help further drive card adoption as well as increase the penetration of direct deposit within our overall MTM base.

我們確實在今年稍後針對這一機會進行了一些產品開發，我們希望進一步推動那裡的附加費率，我們認為那裡有機會幫助進一步推動卡的採用以及提高直接存款的滲透率我們的整體MTM 基礎。

So hopefully, some more to come on that strategy and performance there later this year.

因此，希望今年稍後能有更多關於該策略和績效的內容。

But yes, the attach rates are roughly 30%.

但是，是的，附加率大約是 30%。

And we do see definitively that when customers do attach to the Dave Card that retention does go up on those customers.

我們確實看到，當客戶確實使用戴夫卡時，這些客戶的保留率確實會提高。

So our strategy is playing out well there, and we want to find more ways to get people to adopt the card and then ultimately direct deposit.

因此，我們的策略在那裡發揮了良好的作用，我們希望找到更多方法讓人們採用該卡，然後最終直接存款。

And retention is going up, but obviously, transaction should rise commensurate as well, correct?

保留率正在上升，但顯然，交易量也應該相應上升，對嗎？

Transactions and overall ARPU.

交易和總體 ARPU。

So it's a really healthy opportunity for us to go after as it just increases lifetime value from both a tension and monetization standpoint.

因此，這對我們來說是一個非常健康的機會，因為從緊張和貨幣化的角度來看，它只會增加終身價值。

So yeah, something we're really focused on and again, have some product development stacked against that later this year that we're optimistic about.

所以，是的，我們真正關注的事情是，今年稍後我們會再次開發一些我們樂觀的產品。

Could you also comment on your progress on direct deposit of paychecks to the Dave Card?

您能否評論一下將薪​​水直接存入戴夫卡的進展？

We don't disclose direct deposit penetration.

我們不揭露直接存款滲透率。

We feel there's a model room to run on that metric still.

我們認為仍然有一個模型室可以按照該指標運行。

But extra cash to Dave Card is a good way for us to drive that initial trial of the card and ultimately, a good proxy to see how we're doing against direct deposits just to keep monitoring how we're doing on total transaction growth as you see a higher percentage of people from direct deposit would be adding up in that total monthly Dave Card spend.

但是，向戴夫卡提供額外現金是我們推動該卡初始試驗的一個好方法，並且最終是一個很好的代理，可以了解我們在直接存款方面的表現，以便繼續監控我們在總交易增長方面的表現，因為您會發現直接存款的人數會增加到戴夫卡每月總支出。

And then just lastly, you talked about rolling out a new underwriting model that's improved your loss ratios.

最後，您談到推出一種新的承保模式，可以提高您的損失率。

I know directionally, you're not going to tell us exactly what you did, but directionally, can you talk about where the proof points of this new model are benefiting you?

我知道，從方向上來說，您不會確切地告訴我們您做了什麼，但是從方向上來說，您能談談這個新模型的證據點對您有哪些好處嗎？

Yeah.

是的。

I mean I think it just shows up in our 28-day loss rate performance, Gary.

我的意思是，我認為這僅體現在我們 28 天的損失率表現中，加里。

As you can see, year-over-year, we continue to drive down those loss rates, which ultimately just drive the economics of the portfolio.

正如您所看到的，我們逐年繼續降低損失率，最終只會推動投資組合的經濟性。

So in the context of both the rising average revenue per origination as well as the reduction in the 28-day loss rate, and ultimately, our 120-day charge-off rates.

因此，在每次發起的平均收入不斷上升以及 28 天損失率以及最終 120 天沖銷率下降的背景下。

It's a really powerful equation there as we're able to drive both sides of that equation by further optimizing the model.

這是一個非常強大的方程，因為我們能夠透過進一步優化模型來驅動該方程的兩邊。

So I'd point to those as the proof points of how we're doing and the effectiveness of the strategy and the execution from the team.

因此，我將這些作為我們正在做的事情以及策略和團隊執行的有效性的證據。

Yeah, I asked the question, Ron.

是的，我問了這個問題，羅恩。

I guess what I'm trying to get at is what's changed in the focus of what you're doing, maybe just to give us an idea of how you've tweaked this.

我想我想要了解的是你正在做的事情的重點發生了什麼變化，也許只是為了讓我們了解你是如何調整這一點的。

Can you talk about that?

你能談談嗎？

I'd say it's just the addition of new data points into the model.

我想說這只是在模型中添加新的數據點。

We've added substantially more just data points into the overall model, I think that just allow us to better risk split within the portfolio.

我們在整體模型中添加了更多的公正數據點，我認為這只是讓我們能夠更好地在投資組合中劃分風險。

I'd say that's all we're willing to share at this point is just the introduction of more data points.

我想說的是，我們目前願意分享的只是引入更多數據點。

Sorry, Gary, just to add to that.

抱歉，加里，我想補充。

It's largely the same approach, just I'd say, a more robust and comprehensive model versus the prior versions.

我想說的是，與之前的版本相比，它基本上是相同的方法，是一個更強大、更全面的模型。

And then I think in the discussions with you that you were testing with giving individuals who have higher credit rating risk parameters, more bites at the apple for extra cash.

然後我認為在與您的討論中，您正在測試為具有較高信用評級風險參數的個人提供更多的蘋果以獲取額外的現金。

I think you're allowed one every two weeks.

我想你可以每兩週一次。

Is that starting to gain a little bit of traction or can you tell us how that testing is working?

這是否開始獲得一些關注？

Yeah.

是的。

So we've had an ongoing initiative here to give our higher -- we don't use credit score as a proxy but our internal scoring based on their transaction data that our highest-quality customers were giving assets to a little bit additional credit if they need it within the same paycheck period, and that is working quite well.

因此，我們在這裡有一個持續的舉措，以給予我們更高的——我們不使用信用評分作為代理，而是根據他們的交易數據進行內部評分，如果我們最高質量的客戶給予資產一點點額外的信用，他們在相同的薪水期內需要它，而且效果很好。

We're seeing increased ARPU on those customers and increased levels of retention.

我們看到這些客戶的 ARPU 值增加，且保留率也有所提高。

So overall, it's been a great strategy.

總的來說，這是一個很棒的策略。

We're not yet to a 100% rollout.

我們尚未實現 100% 部署。

We plan to do so hopefully, by the end of the year.

我們計劃在今年年底前實現這一目標。

Okay.

好的。

Thank you.

謝謝。

Yeah, I think just, Gary, to that point, what we would expect the impact to be is just higher average origination size per customer and that's driving average revenue per origination up as well.

是的，我認為，加里，就這一點而言，我們期望的影響只是每個客戶的平均發起規模更高，這也推動了每個發起的平均收入的上升。

So just upside from a monetization standpoint there.

因此，從貨幣化的角度來看，這是有好處的。

Okay.

好的。

Thank you.

謝謝。

And this concludes the question-and-answer session as well as today's program.

問答環節和今天的節目到此結束。

Everyone, have a great day.

大家，祝你有美好的一天。

You may now disconnect.

您現在可以斷開連線。