Dave Inc (DAVE) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the third quarter ended September 30, 2024.

大家下午好，感謝大家參加今天的電話會議，討論 Dave 截至 2024 年 9 月 30 日的第三季財務業績。

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 先生和公司的財務長 Kyle Beilman 先生。

By now, everyone should have access to the third quarter 2024 earnings press release, which was issued earlier today.

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 年第三季度收益新聞稿。

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

新聞稿可在戴夫網站 Investors.dave.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。

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

在管理層發表講話後，我們將召開電話會議來回答您的問題。

Certain comments made during 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發表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 any forward-looking statements, which are being made only as of the date of this call.

請勿過度依賴任何前瞻性陳述，這些陳述僅截至本次電話會議之日作出。

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 adjusted net income as supplemental measures of performance of our business.

該公司的簡報還包括某些非公認會計準則財務指標，包括調整後的 EBITDA 和調整後的淨利潤，作為我們業務績效的補充指標。

All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules.

根據 SEC 規則，所有非 GAAP 衡量標準均已與最直接可比較的 GAAP 衡量標準進行了調整。

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

您可以在向 SEC 提供的收益新聞稿和 8-K 表格中找到調節表和其他重要資訊。

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

我現在想將電話轉給 Dave 的執行長 Jason Wilk 先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Today, I'm pleased to share our full third quarter results, building on the strong preliminary results we announced on November 5.

今天，我很高興在 11 月 5 日宣布的強勁初步業績的基礎上，分享我們第三季的完整業績。

We once again outperformed in the third quarter, achieving record revenue of nearly $93 million, up 41% from the year ago period.

第三季我們再次表現出色，創紀錄的營收近 9,300 萬美元，比去年同期成長 41%。

This marks our fourth consecutive quarter of accelerating year-over-year revenue growth, supported by double-digit percentage increases to both ARPU and monthly transacting members, which are quarterly records for both metrics.

這標誌著我們的收入連續第四個季度同比加速增長，這得益於 ARPU 和月度交易會員的兩位數百分比增長，這兩項指標均創季度記錄。

We also delivered another record quarter on variable margin, which expanded nearly 1,300 basis points year-over-year, driven by stellar credit performance enabled by Cash AI and our latest underwriting model, which was fully rolled out heading into the third quarter.

在 Cash AI 和我們最新的核保模型（該模型已在第三季度全面推出）實現的出色信用表現的推動下，我們的可變利潤率又創下了季度紀錄，同比增長了近 1,300 個基點。

Additionally, we achieved highly efficient CAC at greater levels of investment and significant operating leverage as we remain disciplined in managing our fixed costs.

此外，由於我們在管理固定成本方面保持嚴格，我們以更高水準的投資和顯著的營運槓桿實現了高效的 CAC。

All of this led to a 63% sequential increase in adjusted EBITDA to approximately $25 million for the quarter.

所有這些導致本季度調整後 EBITDA 環比增長 63%，達到約 2500 萬美元。

For reference, at the beginning of the year, $25 million was within the range of what we had guided for the entire fiscal year 2024, and I'm incredibly proud to have achieved it in just a single quarter.

作為參考，今年年初，2500 萬美元在我們為 2024 整個財年制定的指導範圍之內，我非常自豪能夠在短短一個季度內實現這一目標。

Given our record performance year-to-date and strong outlook for the remainder of the year, we are raising full year 2024 revenue and adjusted EBITDA guidance, which Kyle will discuss in a moment.

鑑於我們今年迄今創紀錄的業績以及今年剩餘時間的強勁前景，我們將提高 2024 年全年收入和調整後的 EBITDA 指導，凱爾稍後將對此進行討論。

Turning to the recent FTC matter, which we issued a statement last week as part of our preannouncement, we believe we have a strong defense and are prepared to vigorously defend ourselves.

談到最近的聯邦貿易委員會事件，我們上週在預告中發表了一份聲明，我們相信我們有強有力的辯護，並準備積極捍衛自己。

As a reminder, the FTC suit does not question our ability to charge subscription fees, optional tips or express fees, but rather, it pertains to our consumer disclosures and how the company acquires consent for the fees associated with our products where we believe we have always operated within the law.

提醒一下，聯邦貿易委員會的訴訟並不是質疑我們收取訂閱費、可選小費或快遞費的能力，而是涉及我們的消費者資訊揭露以及公司如何在我們認為有必要的情況下獲得與我們產品相關的費用的同意始終在法律範圍內運作。

As such, we have not made any changes to our financial forecast as a result of the FTC's action.

因此，我們並未因聯邦貿易委員會的行動而對我們的財務預測做出任何改變。

Our company was founded on the belief that far too many Americans are underserved by traditional financial institutions.

我們公司的成立是基於這樣的信念：太多的美國人沒有得到傳統金融機構的充分服務。

Dave provides critical financial support that traditional banks often don't offer, including free checking and savings accounts and access to credit without credit checks, late fees or interest.

戴夫提供傳統銀行通常不提供的重要財務支持，包括免費支票和儲蓄帳戶以及無需信用檢查、滯納金或利息的信貸。

Our members consistently share how much they rely on us to meet their essential needs with over 1.2 million App Store reviews and a 4.8 star rating on iOS.

我們的會員不斷分享他們是多麼依賴我們來滿足他們的基本需求，App Store 評論超過 120 萬條，iOS 評分為 4.8 顆星。

Our success is rooted in delivering meaningful value through innovative and accessible product experiences, a commitment that has driven our success, and we believe will continue to support our growth and profitability moving forward. transparency, compliance and customer trust are our highest priorities as we evolve to meet our members' needs.

我們的成功植根於透過創新且易於使用的產品體驗提供有意義的價值，這項承諾推動了我們的成功，我們相信將繼續支持我們的成長和獲利能力向前發展。在我們不斷發展以滿足會員需求的過程中，透明度、合規性和客戶信任是我們的首要任務。

Now I'd like to provide additional insight into the ongoing progress we've made executing on our growth strategy.

現在，我想就我們在執行成長策略方面所取得的持續進展提供更多見解。

This includes efficiently acquiring new members, engaging them through ExtraCash, and deepening our relationships through the Dave Card. We have continued to prioritize efficient member acquisition at increasing scale, driving consistent growth in our monthly transacting member base in a cost-effective manner.

這包括有效地獲取新會員、透過 ExtraCash 吸引他們，以及透過 Dave 卡加深我們的關係。我們繼續優先考慮擴大規模的高效會員獲取，以經濟高效的方式推動每月交易會員基數的持續成長。

In the third quarter, we acquired 4% more members compared to the prior year period despite spending nearly 10% less on marketing.

第三季度，儘管行銷支出減少了近 10%，但與去年同期相比，我們的會員數量增加了 4%。

This led to a 14% year-over-year decrease in CAC to $15.

這導致 CAC 同比下降 14% 至 15 美元。

On a sequential basis, our CAC was down 2%, while member acquisition was up 19% as we continue to optimize our channel mix and as the market for digital media assets remains rational.

環比來看，我們的 CAC 下降了 2%，而會員獲取量則增長了 19%，因為我們繼續優化管道組合，並且數位媒體資產市場保持理性。

During the third quarter, we did not observe any impact to our CAC efficiency from the election cycle nor do we start to in Q4 through last week's election.

在第三季度，我們沒有觀察到選舉週期對我們的 CAC 效率有任何影響，從第四季度到上週的選舉，我們也沒有觀察到這種影響。

Overall, performance this quarter has remained strong.

整體而言，本季的業績依然強勁。

The second pillar of our growth strategy centers around enhancing engagement with our monthly transacting members, strategically positioning ExtraCash as the key entry point that sets the foundation for long-term member relationships.

我們成長策略的第二個支柱圍繞著加強與每月交易會員的互動，策略性地將 ExtraCash 定位為為長期會員關係奠定基礎的關鍵切入點。

As I mentioned earlier, this focus has delivered another quarter of strong results with MTMs growing 23% year-over-year to a new quarterly record of 2.4 million members.

正如我之前提到的，這種關注又帶來了一個季度的強勁業績，MTM 年成長 23%，達到 240 萬會員的新季度記錄。

Our ExtraCash-driven value proposition, coupled with our comprehensive banking product suite has been instrumental in driving growth.

我們的 ExtraCash 驅動的價值主張，加上我們全面的銀行產品套件，在推動成長方面發揮了重要作用。

Moreover, in the third quarter, we benefited from a full quarter's impact of our latest underwriting model, which supports better conversion and retention rates while improving credit performance as I'll get into in a moment.

此外，在第三季度，我們受益於最新承保模式的整個季度的影響，該模式支持更好的轉換率和保留率，同時提高信用績效，我稍後會介紹。

With the consistent growth of our member base and the ongoing expansion of our product capabilities, earlier today we announced that we entered into a nonbinding letter of intent to form a strategic partnership with what we believe to be one of the most highly respected sponsor banks in the fintech ecosystem.

隨著我們會員基礎的持續成長和產品能力的不斷擴展，今天早些時候，我們宣布與我們認為最受尊敬的保薦銀行之一簽訂了一份不具約束力的意向書，以建立戰略合作夥伴關係。金融科技生態系。

We anticipate that this new bank partner, whose parent is publicly traded, will leverage its scale, experience and strong compliance and risk management capabilities to sponsor our credit and banking products.

我們預計，這個新的銀行合作夥伴（其母公司是上市公司）將利用其規模、經驗以及強大的合規和風險管理能力來贊助我們的信貸和銀行產品。

We anticipate that this partnership will further diversify our key commercial relationships and better position us to launch next-generation products in support of Dave's mission of leveling the financial playing field for everyday Americans.

我們預計，這種合作關係將進一步豐富我們的主要商業關係，並使我們能夠更好地推出下一代產品，以支持戴夫為普通美國人創造公平金融競爭環境的使命。

With respect to ExtraCash, we generated another record quarter of originations, which grew 46% year-over-year to $1.4 billion.

ExtraCash 的季度發起額再次創紀錄，年增 46% 至 14 億美元。

This was driven largely by the increase in monthly transacting members as well as a 17% increase in average ExtraCash origination size.

這主要是由於每月交易會員的增加以及 ExtraCash 平均發起規模增加 17% 所致。

The new underwriting model, which we rolled out throughout Q2, played a big role in supporting the increase in average disbursement amount.

我們在第二季度推出的新承保模式對平均賠付金額的成長起到了很大的支撐作用。

Relative to Q2, ExtraCash originations grew 15%, which is the strongest sequential growth in originations in two years when the scale of originations was nearly half as large.

與第二季相比，ExtraCash 的發起量成長了 15%，這是兩年來最強勁的發起量連續成長，當時發起規模幾乎是第二季的一半。

Ultimately, we believe our ability to sustain meaningful growth in originations demonstrates both the depth and breadth of our TAM as well as our ability to address members' needs for short-term liquidity.

最終，我們相信，我們維持有意義的創始成長的能力證明了我們 TAM 的深度和廣度，以及我們滿足會員短期流動性需求的能力。

For the third quarter, our net receivables portfolio totaled $166 million at quarter end, which represents a $38 million increase from the end of Q2 despite growing originations by $174 million to $1.4 billion over the same period.

第三季度，我們的應收帳款投資組合淨額在季末總計為1.66 億美元，較第二季末增加了3,800 萬美元，儘管同期應收帳款金額增加了1.74 億美元至14 億美元。

We believe this continues to underscore the short-term, high-velocity nature of our product, enabling us to serve many customers efficiently without relying on a capital-intensive balance sheet or taking significant credit risk exposure at any one point in time.

我們相信，這繼續凸顯了我們產品的短期、高速性質，使我們能夠有效地為許多客戶提供服務，而無需依賴資本密集型資產負債表或在任何一個時間點承擔重大信用風險。

Moving to ExtraCash performance, our cash AI underwriting engine allows us to enhance liquidity access for our members while continuing to improve credit performance.

轉向 ExtraCash 績效，我們的現金 AI 承保引擎使我們能夠增強會員的流動性，同時繼續改善信用績效。

In Q3, we improved our 28-day delinquency rate to 1.78%, down 64 basis points year-over-year, over which time ExtraCash originations increased 46% as I mentioned a moment ago.

在第三季度，我們將 28 天拖欠率提高至 1.78%，年減 64 個基點，正如我剛才提到的，在此期間 ExtraCash 的起源增加了 46%。

Our 28-day delinquency rate in Q3 is down 25 basis points quarter-over-quarter and actually came in lower than Q1, which is historically our seasonally strongest quarter in terms of credit performance.

我們第三季度的 28 天拖欠率環比下降了 25 個基點，實際上低於第一季度，而第一季度是我們信用表現方面歷史上季節性最強的季度。

Throughout Q2 of this year, we rolled out a new underwriting model, which they trained on more than double the number of machine learning variables that were used to train our prior underwriting model that was launched in Q2 of 2023, which we believe bodes well for future performance.

今年第二季度，我們推出了一個新的承保模型，他們訓練的機器學習變數數量是我們先前在 2023 年第二季度推出的承保模型的兩倍多，我們相信這對未來的表現。

Credit performance in Q3 of this year benefited from a full quarter's impact of this new model, and this performance has persisted thus far in Q4, which we expect to continue going forward.

今年第三季的信貸表現受益於這一新模式整個季度的影響，而這種表現在第四季度一直持續，我們預計這種情況將持續下去。

Turning to the third and final pillar in our growth strategy, strengthening member relationships by driving engagement through the Dave Card. Our strategy leverages the power of our market-leading ExtraCash offering to build deeper, long-term banking relationships with our members.

轉向我們成長策略的第三個也是最後一個支柱，透過戴夫卡推動參與來加強會員關係。我們的策略利用市場領先的 ExtraCash 產品的力量與我們的會員建立更深入、長期的銀行關係。

During the third quarter, Dave Card spending volume was up 19% year-over-year to $407 million, driven by a combination of strong growth in banking active customers as well as card spend per banking active customer.

第三季度，由於銀行活躍客戶以及每位銀行活躍客戶的卡片支出強勁成長，Dave Card 支出金額較去年同期成長 19% 至 4.07 億美元。

This strength in spending volume was supported by solid growth in both ExtraCash disbursements to Dave checking accounts as well as in external funding into the Dave ecosystem.

支出量的強勁增長得益於向 Dave 支票帳戶支付的 ExtraCash 以及向 Dave 生態系統提供的外部資金的穩健增長。

Over the past 8 quarters, we have primarily focused our resources on expanding ExtraCash and optimizing the levers supporting this product to drive overall profitability.

在過去的 8 個季度中，我們主要將資源集中在擴大 ExtraCash 和優化支援該產品的槓桿上，以提高整體獲利能力。

While we remain committed to enhancing and refining ExtraCash, in 2025 we plan to allocate more of our R&D resources towards elevating the Dave Card experience to encourage greater adoption and top-of-wallet spending behavior.

雖然我們仍然致力於增強和完善 ExtraCash，但到 2025 年，我們計劃分配更多研發資源來提升 Dave 卡體驗，以鼓勵更多的採用和錢包頂部的消費行為。

Our combined efforts in ExtraCash, Dave Card and subscriptions resulted in a strong 14% year-over-year increase and an 11% sequential increase in ARPU during the third quarter, which we believe highlights our ability to continue expanding the monetization of our growing member base.

我們在 ExtraCash、Dave 卡和訂閱方面的共同努力導致第三季度 ARPU 同比強勁增長 14%，環比增長 11%，我們相信這突顯了我們繼續擴大不斷壯大的會員貨幣化的能力。

These gains were largely due to the progress we've made increasing average ExtraCash disbursement amounts, which is the primary driver of our average revenue per ExtraCash origination, which was up 15% year-over-year and 6% sequentially.

這些收益主要歸功於我們在增加平均 ExtraCash 支付金額方面取得的進展，這是我們每次 ExtraCash 發起的平均收入的主要驅動力，同比增長 15%，環比增長 6%。

With respect to ExtraCash monetization, it's worth noting that the flexibility of our business model and the strength of the underlying member demand allows us to continue to optimize the structure of the monetization.

在ExtraCash變現方面，值得注意的是，我們業務模式的靈活性和底層會員需求的強度使我們能夠持續優化變現結構。

As you may recall, in 2023, we successfully transitioned from a tier-based fee structure to one that is percent based, which improved our average revenue per ExtraCash disbursement and new member conversion without any adverse impact to ExtraCash engagement or retention.

您可能還記得，2023 年，我們成功地從基於等級的費用結構轉變為基於百分比的費用結構，這提高了我們每筆ExtraCash 支出和新會員轉換的平均收入，而不會對ExtraCash 的參與度或保留率產生任何不利影響。

As the next step in this evolution, we are testing a simplified mandatory fee structure and user experience that would remove both optional tips and optional instant transfer fees to Dave checking accounts.

作為這一演變的下一步，我們正在測試簡化的強制性費用結構和用戶體驗，這將消除戴夫支票帳戶的可選小費和可選即時轉帳費用。

After issuing over 115 million ExtraCash originations, we believe we have sufficient data to assess the willingness of what members will pay for access to this service.

在發行了超過 1.15 億個 ExtraCash 後，我們相信我們有足夠的數據來評估會員為獲得這項服務而付費的意願。

This new structure has several benefits.

這種新結構有幾個好處。

One, given optional fee decline as customers season on our platform, we believe that the new fee model we are evaluating should scale better, allowing us to increase average ExtraCash approval amounts and engagement.

第一，考慮到隨著客戶在我們平台上的使用量增加，可選費用會下降，我們相信我們正在評估的新費用模式應該能夠更好地擴展，從而使我們能夠提高ExtraCash 的平均批准金額和參與度。

Second, improved investor clarity with respect to our business model.

其次，提高了投資人對我們業務模式的了解。

And lastly, even though we feel strongly about the significant customer benefit that optional fees bring to consumers in need, there is no question that these fees have become more of a focus for regulators as many companies have chosen to implement this experience in various ways.

最後，儘管我們強烈感受到可選費用為有需要的消費者帶來的重大客戶利益，但毫無疑問，這些費用已成為監管機構更加關注的焦點，因為許多公司選擇以各種方式實施這種體驗。

If testing is successful, we expect to be in a position to share more about our progress on this initiative during our next quarterly earnings release.

如果測試成功，我們預計將能夠在下個季度收益發布期間分享更多有關此計劃的進展。

2024 has been an exceptional year thus far, highlighted by record performance quarter after quarter.

到目前為止，2024 年是不平凡的一年，一個又一個季度創紀錄的業績凸顯了這一點。

We believe it's clear that our strategic focus on increasing access to ExtraCash, through product and underwriting enhancements, winning deeper wallet share of our members' banking needs, and expanding our base of members benefiting from these products has positioned us well for the future.

我們相信，很明顯，我們的策略重點是透過產品和核保增強來增加獲得ExtraCash 的機會，贏得會員銀行業務需求中更深的錢包份額，並擴大受益於這些產品的會員基礎，這使我們在未來處於有利地位。

We're proud of the strong execution from our team and the meaningful product improvements we've implemented to increase member value and engagement, leading to increased ARPU and lifetime value, all while remaining disciplined on cost management.

我們為團隊的強大執行力以及為提高會員價值和參與度而實施的有意義的產品改進感到自豪，從而提高 ARPU 和終身價值，同時保持嚴格的成本管理。

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 afternoon, everyone.

謝謝大家，大家下午好。

As Jason highlighted, the third quarter further demonstrated the strength and scalability of our business with record results across nearly all key metrics.

正如傑森所強調的那樣，第三季進一步證明了我們業務的實力和可擴展性，幾乎所有關鍵指標均創紀錄的業績。

We achieved substantial operating leverage by accelerating revenue growth and remaining disciplined with our fixed cost base.

我們透過加速收入成長和維持固定成本基礎的紀律，實現了巨大的營運槓桿。

We expanded our variable margins significantly and improved marketing efficiency at scale.

我們顯著擴大了可變利潤，並大規模提高了行銷效率。

Given our strong third quarter performance, we are increasing our full year revenue guidance and once again increasing our adjusted EBITDA guidance for the third consecutive quarter.

鑑於我們第三季的強勁表現，我們正在提高全年收入指導，並連續第三個季度再次提高調整後的 EBITDA 指導。

We surpassed the high end of our most recent full year adjusted EBITDA guidance range through the third quarter of this year.

截至今年第三季度，我們已經超過了最近全年調整後 EBITDA 指導範圍的上限。

As we shared in our preliminary results announcement on November 5, third quarter revenue reached $92.5 million, representing a 41% year-over-year increase.

正如我們在 11 月 5 日發布的初步業績公告中所分享的那樣，第三季營收達到 9,250 萬美元，年增 41%。

This growth was fueled by 23% growth in MTMs and ARPU expansion of 14%.

這一增長是由 MTM 增長 23% 和 ARPU 增長 14% 推動的。

Our ability to acquire new members efficiently has amplified the impact of our marketing investments, while strengthened retention and reactivation initiatives have driven additional growth in our MTM base.

我們有效獲取新會員的能力擴大了行銷投資的影響，而加強保留和重新激活計劃則推動了我們 MTM 基礎的進一步增長。

The ARPU increase was due to both increased ExtraCash engagement and monetization as well as stronger engagement with and monetization of the Dave Card.

ARPU 的成長歸因於 ExtraCash 參與度和貨幣化的增加，以及 Dave 卡的參與度和貨幣化的增強。

Non-GAAP variable profit in Q3 increased 72% year-over-year to $64.2 million, representing a 69% margin relative to GAAP revenue, which is an all-time high and up approximately 1,300 basis points from Q3 of last year.

第三季非 GAAP 可變利潤年增 72%，達到 6,420 萬美元，相對於 GAAP 收入而言，利潤率為 69%，創歷史新高，比去年第三季度增長約 1,300 個基點。

Our sustained improvements to variable margin have been driven by lower provision expense as a percentage of GAAP revenue as a result of significant improvements in credit performance driven by Cash AI.

我們對可變利潤率的持續改善是由於現金人工智慧推動信貸績效顯著改善，撥備費用佔 GAAP 收入的比例降低，從而推動了我們對可變利潤率的持續改進。

These improvements enabled us to continue to lower loss rates while increasing the revenue generated per ExtraCash origination.

這些改進使我們能夠繼續降低損失率，同時增加每次 ExtraCash 產生的收入。

Our variable margin performance in Q3 was further enhanced by the strides we made in optimizing payment processing costs, along with the benefits of two key vendor contracts renegotiated in Q4 of last year as well as in Q3 of this year.

我們在優化支付處理成本方面取得的進步，以及去年第四季和今年第三季重新談判的兩個關鍵供應商合約的好處，進一步增強了我們在第三季的可變利潤表現。

Now turning to operating expenses.

現在轉向營運費用。

Our provision for credit losses improved, decreasing 14% year-over-year to $13.7 million from $16 million in the prior year period, while ExtraCash originations grew by 46% over that time.

我們的信貸損失準備金有所改善，年減 14%，從去年同期的 1,600 萬美元降至 1,370 萬美元，而 ExtraCash 的發放量同期增長了 46%。

As a percentage of ExtraCash originations, the loss provision fell to 1% from 1.7% the prior year, which we believe underscores the power of our Cash AI underwriting engine, which continues to make more precise and predictive credit risk decisions through the incorporation of more model variables and the performance of the more than 115 million unique ExtraCash disbursements originated to date.

作為ExtraCash 起源的百分比，損失準備金從上一年的1.7% 下降至1%，我們認為這突顯了我們的Cash AI 承保引擎的強大功能，該引擎通過整合更多信息，繼續做出更精確和更具預測性的信用風險決策。

The improvement in loss provision expense exceeded our own internal forecast and more than offset the calendar dynamic related to the day of the week on which the quarter ended, which we highlighted last quarter.

損失撥備費用的改善超出了我們自己的內部預測，並且遠遠抵消了與本季度結束的星期幾相關的日曆動態，我們在上個季度強調了這一點。

This calendar day dynamic caused the 30% sequential growth in net receivables balance given the quarter ended on a Monday, while ExtraCash originations grew by 15%.

鑑於該季度於週一結束，這種日曆日動態導致淨應收帳款餘額環比增長 30%，而 ExtraCash 起源增長了 15%。

As Jason mentioned, credit performance in Q4 remains strong, though we expect the same day of the week dynamic to impact the loss provision in Q4, which ends on a Tuesday, and from an accounting standpoint, offset some of the strong underlying performance.

正如傑森所提到的，第四季度的信貸表現仍然強勁，儘管我們預計一周中同一天的動態會影響第四季度的損失撥備（該季度於週二結束），並且從會計角度來看，抵消了一些強勁的基本表現。

Processing and servicing costs in Q3 increased 21% year-over-year to $8.6 million compared to $7.1 million in the year ago period, while ExtraCash originations grew by 46%.

第三季的處理和服務成本年增 21%，達到 860 萬美元，而去年同期為 710 萬美元，而 ExtraCash 的發起量成長了 46%。

As a percentage of origination volume, these costs improved to 0.6% from 0.8% as a result of efficiencies we realized with payment processors as well as a large vendor contract we renegotiated effective August 1.

作為發起量的百分比，這些成本從 0.8% 降低到 0.6%，這是由於我們與支付處理商實現了效率提高以及我們重新談判的大型供應商合約於 8 月 1 日生效。

We expect to realize a full quarter's benefit of this renegotiated contract beginning in Q4.

我們預計從第四季開始，這份重新談判的合約將實現整個季度的效益。

Advertising and marketing costs decreased approximately 10% year-over-year to $12.5 million compared to $13.9 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 10% 至 1,250 萬美元，而去年同期為 1,390 萬美元，因為我們能夠以較低的支出水準實現 MTM 成長目標。

The 14% year-over-year reduction in CAC to $15 allowed us to acquire 4% new members in the quarter for 10% less marketing spend.

CAC 年減 14% 至 15 美元，使我們能夠在本季以減少 10% 的行銷支出獲得 4% 的新會員。

We expect marketing investments in Q4 to remain at a comparable level to that of Q3 as we plan to continue capitalizing on the strong demand we're experiencing and the attractive LTV to CACs we're generating on our investments.

我們預計第四季度的行銷投資將保持與第三季相當的水平，因為我們計劃繼續利用我們正在經歷的強勁需求以及我們透過投資產生的對 CAC 有吸引力的 LTV。

Looking at compensation and headcount, our compensation-related expenses grew by $7.6 million to $30.7 million in Q3 from $23.1 million in the prior year period due largely to an increase in stock-based compensation related to certain performance-based restricted stock units in Q3.

從薪酬和員工人數來看，我們的薪酬相關費用從去年同期的2,310 萬美元增加到第三季的3,070 萬美元，成長了760 萬美元，這主要是由於與第三季某些基於業績的限制性股票單位相關的股票薪酬的增加。

The specific impact related to these awards in Q3, which were tied to the delivery of certain adjusted EBITDA targets, was $5.6 million.

第三季與這些獎勵相關的具體影響（與某些調整後 EBITDA 目標的實現相關）為 560 萬美元。

We expect an additional $6.2 million of expense related to these awards through the end of Q1 of 2025.

我們預計到 2025 年第一季末，與這些獎項相關的額外費用將達到 620 萬美元。

Excluding stock-based compensation expense, compensation and benefits increased by 5% year-over-year and on a percentage of revenue basis decreased to 19% from 25% in the year ago period, which we believe further underscores the operating leverage inherent in our business model.

不包括股票薪酬費用，薪酬和福利年增 5%，佔收入的百分比從去年同期的 25% 下降至 19%，我們認為這進一步凸顯了我們固有的經營槓桿商業模式。

Other operating expenses increased $8.1 million to $24.4 million in the third quarter from $16.3 million in the year ago period.

第三季其他營運費用從去年同期的 1,630 萬美元增加 810 萬美元至 2,440 萬美元。

The Q3 figure includes a $7 million accrual for legal settlements and litigation expenses related to the FTC matter, which Jason mentioned earlier in the call.

第三季的數字包括與 FTC 事件相關的 700 萬美元應計法律和解費用和訴訟費用，Jason 在電話會議中早些時候提到過這一點。

Excluding the impact of this reserve, other operating expenses increased by approximately $1 million over the past year.

排除該儲備金的影響，去年其他營運費用增加了約100萬美元。

As a percentage of revenue, other operating expenses, excluding the legal settlement and litigation accrual, fell to 19% of revenue in the quarter, down from 25% in the same period last year.

從佔收入的比例來看，不包括法律和解和訴訟應計費用的其他營運費用佔收入的比例從去年同期的 25% 下降至 19%。

GAAP net income for the third quarter improved to $0.5 million, which includes the $7 million accrual for legal settlement and litigation expenses.

第三季 GAAP 淨利潤增至 50 萬美元，其中包括應計法律和解和訴訟費用 700 萬美元。

This compares to a GAAP net loss of $12.1 million in the year ago period.

相比之下，去年同期 GAAP 淨虧損為 1,210 萬美元。

Adjusted net income, which excludes the legal settlement and litigation accrual, stock-based compensation, as well as changes in fair value to certain noncash liabilities was $21.1 million in Q3 compared to an adjusted net loss of $5.6 million in the third quarter of last year.

第三季調整後淨利（不包括法律和解和訴訟應計費用、股票補償以及某些非現金負債公允價值變動）為 2,110 萬美元，而去年第三季調整後淨虧損為 560 萬美元。

Adjusted EBITDA for the third quarter was $24.7 million compared to an adjusted EBITDA loss of $2.5 million during the prior year period, which is attributable to revenue growth, margin expansion, CAC efficiency and improved operating leverage.

第三季調整後 EBITDA 為 2,470 萬美元，而去年同期調整後 EBITDA 虧損為 250 萬美元，歸因於營收成長、利潤率擴張、CAC 效率和營運槓桿改善。

Through consistent execution, we have achieved adjusted EBITDA profitability for 4 consecutive quarters with a 63% sequential increase.

透過一致的執行，我們已連續 4 個季度實現調整後 EBITDA 獲利能力，季增 63%。

Looking ahead, we expect continued adjusted EBITDA profitability, although the trajectory may be uneven as we plan to strategically allocate marketing investments as well as account for an increase in the provision for credit losses in Q4 and throughout 2025, driven by the quarter end timing dynamics I mentioned earlier, which may more than offset the solid credit performance we expect to continue to persist.

展望未來，我們預計調整後的EBITDA 獲利能力將持續成長，儘管軌跡可能會不均衡，因為我們計劃策略性地分配行銷投資，並考慮到第四季度和整個2025 年信貸損失撥備的增加，這是由季度末時間動態推動的我之前提到過，這可能足以抵消我們預計將繼續持續的穩健信貸表現。

Now I will turn to the balance sheet.

現在我要談談資產負債表。

As of quarter end, we had approximately $76.7 million of cash and cash equivalents, restricted cash and other highly liquid securities compared to $89.7 million as of the end of Q2.

截至季末，我們擁有約 7,670 萬美元的現金和現金等價物、限制性現金和其他高流動性證券，而截至第二季末為 8,970 萬美元。

The decrease in cash was driven largely by the $37.7 million increase in ExtraCash receivables outstanding at quarter end due to higher ExtraCash originations as well as the dynamic related to the day of the week on which the quarters ended.

現金減少的主要原因是季度末未償還的 ExtraCash 應收帳款增加了 3770 萬美元，原因是 ExtraCash 來源增加以及與季度結束的星期幾相關的動態。

The amount drawn on our credit facility remained at $75 million as of the end of Q3 as we continue to rely on balance sheet cash to fund ExtraCash originations versus our credit facility.

截至第三季末，我們的信貸額度提取金額仍為 7,500 萬美元，因為我們繼續依靠資產負債表現金為 ExtraCash 的發起提供資金，而不是我們的信貸額度。

Subsequent to quarter end, we amended our credit facility with Victory Park Capital.

季度末後，我們修改了 Victory Park Capital 的信貸安排。

The amendment increased the advance rate within the facility by 250 basis points following the 800-basis point increase in September of 2023, and it adjusted eligibility criteria and concentration limits to expand our borrowing capacity.

該修正案繼 2023 年 9 月提高 800 個基點後，將貸款預付利率提高了 250 個基點，並調整了資格標準和集中度限制，以擴大我們的借貸能力。

There is no impact to the cost of funds on the $75 million outstanding and the cost of any future draws will remain at the same spread over the benchmark rate.

7,500 萬美元未償資金的資金成本不會受到影響，未來任何提款的成本將維持與基準利率相同的利差。

The facility size and maturity remain unchanged at $150 million and December 15, 2026, respectively.

融資規模和期限維持不變，分別為 1.5 億美元和 2026 年 12 月 15 日。

We believe this amended facility underscores the confidence our lender has in the strength of our business and financial performance.

我們相信，這項修改後的貸款強調了我們的貸款人對我們的業務實力和財務表現的信心。

And now to turn to guidance.

現在轉向指導。

We are raising our full year 2024 revenue guidance to range between $340 million and $343 million.

我們將 2024 年全年營收指引上調至 3.4 億美元至 3.43 億美元之間。

This compares to our previous guidance of $310 million to $325 million and represents growth of 31% to 32% compared to the full year of 2023.

相較之下，我們先前的指引為 3.1 億至 3.25 億美元，與 2023 年全年相比成長 31% 至 32%。

With respect to profitability, we are raising our full year 2024 adjusted EBITDA guidance for the third consecutive quarter to a range between $71 million and $74 million.

在獲利能力方面，我們連續第三個季度將 2024 年全年調整後 EBITDA 指引提高至 7,100 萬美元至 7,400 萬美元之間。

This compares to the guidance we provided last quarter of $40 million to $50 million and our original guidance at the start of the year from $25 million to $35 million.

相比之下，我們上季度提供的指導為 4000 萬美元至 5000 萬美元，而年初的指導為 2500 萬美元至 3500 萬美元。

Overall, our outlook remains incredibly positive, and we believe we are well positioned to continue driving growth and profitability from here.

總體而言，我們的前景仍然非常樂觀，我們相信我們處於有利地位，可以繼續推動成長和獲利。

And with that, we'll now open it up for questions.

至此，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Our first question will be coming from Devin Ryan of Citizens JMP.

我們的第一個問題將來自 Citizens JMP 的 Devin Ryan。

Obviously, great results here.

顯然，這裡取得了很好的結果。

I want to start with the new sponsor bank announcement from this morning.

我想從今天早上的新贊助商銀行公告開始。

Love to just get a walkthrough, if you can, how those economics compare to the existing relationship you have.

如果可以的話，我喜歡了解這些經濟學與您現有關係的比較。

And then you mentioned opportunities to collaborate to launch next-generation banking and credit products, so I'm not sure if that's just kind of a broader statement or whether that suggests there are some new products this relationship is going to open the door to that maybe wasn't available before.

然後你提到了合作推出下一代銀行和信貸產品的機會，所以我不確定這是否只是一種更廣泛的聲明，或者是否表明這種關係將為一些新產品打開大門也許以前不可用。

If that is the case, I would love to just hear about anything that you can share there and even more broadly about the product roadmap with the new relationship.

如果是這樣的話，我很想聽聽您可以在那裡分享的任何內容，甚至更廣泛地了解新關係的產品路線圖。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

First, on the cost piece, we believe that the costs are comparable between the two banks, and so we're feeling good about the economics there.

首先，在成本方面，我們認為兩家銀行的成本相當，因此我們對那裡的經濟狀況感覺良好。

We hammered out a very detailed LOI, which took us a little while to get here, but should help clear a clean pathway to getting the definitive agreement done.

我們敲定了一份非常詳細的意向書，雖然我們花了一些時間才到達這裡，但應該有助於為達成最終協議掃清一條乾淨的道路。

As far as our mention of the next-generation credit and banking products, we have talked about our interest in getting a new credit product in market next year, and this bank can be a very key partner in our ability to get that off the ground.

就我們提到的下一代信貸和銀行產品而言，我們已經談到了明年在市場上推出新信貸產品的興趣，而這家銀行可以成為我們實現這一目標的非常關鍵的合作夥伴。

Okay.

好的。

Terrific.

了不起。

And then just one last one about just Dave Card spend.

最後一項是關於戴夫卡的支出。

Obviously, some nice growth there.

顯然，那裡有一些不錯的增長。

What are some of the things you guys are contemplating to I guess drive that into a bigger contributor to the business?

我想你們正在考慮哪些事情來推動業務對業務做出更大的貢獻？

I heard the comments around kind of leaning in on investment further accelerating in 2025 and kind of moving to top of wallet.

我聽到了一些關於 2025 年投資將進一步加速以及轉向錢包頂部的評論。

I'd just love to hear about maybe if there's low-hanging fruit of things you guys can do or how you would frame kind of the opportunity to really drive a material change in the contribution from that part of the business.

我只是想聽聽你們是否可以做一些容易實現的事情，或者你們將如何建立機會來真正推動這部分業務的貢獻發生實質性變化。

Yes.

是的。

Thanks, Devin.

謝謝，德文。

As we mentioned on the call, we really have spent the last couple of years just focused on the ExtraCash product and getting the business to improve our margins and profitability.

正如我們在電話中提到的，過去幾年我們確實專注於 ExtraCash 產品並讓業務提高我們的利潤和盈利能力。

And so we haven't done a lot from a banking incentive perspective to get the cross attach other than offering a small discount on those instant transfer fees.

因此，從銀行激勵的角度來看，除了對即時轉帳費用提供小額折扣外，我們沒有做太多事情來獲得交叉附加。

And so I think there's a lot of opportunity to continue to merge the ExtraCash and banking products together to win more of the ExtraCash originations to be spent on the Dave Card. And knowing why customers are coming to the Dave product in general for ExtraCash, it is for things like gas, groceries, rent.

因此，我認為有很多機會繼續將 ExtraCash 和銀行產品合併在一起，以贏得更多的 ExtraCash 資金用於 Dave 卡。並且知道為什麼客戶通常會使用 Dave 產品來獲得 ExtraCash，因為它是為了天然氣、雜貨、租金等。

And so we think that given the healthy economics we have across the business, including subscription and ExtraCash monetization, that we're not as reliant on the margin from interchange such as our competition.

因此，我們認為，鑑於我們整個業務的健康經濟狀況，包括訂閱和 ExtraCash 貨幣化，我們並不像我們的競爭對手那樣依賴交換的利潤。

And therefore, we are excited to explore things like rewards as a way to drive further attach rate to the product and get it to be more top of wallet versus other neobanks.

因此，我們很高興探索諸如獎勵之類的東西，以此來進一步推動產品的附加率，並使其比其他新銀行更受青睞。

Hal Goetsch of B. Riley Securities.

B. Riley 證券公司的 Hal Goetsch。

I've got two questions on credit performance.

我有兩個關於信用表現的問題。

It just seems to be really outstanding.

看起來真的很出色。

Could you just give us any large level color on Cash AI and how it's performing so well?

您能為我們介紹一下 Cash AI 的具體情況以及它為何表現如此出色嗎？

And the other one is just other commentary on customer acquisition costs.

另一個只是對客戶獲取成本的其他評論。

It just seems to be getting better.

情況似乎正在好轉。

What is the environment allowing this to happen?

什麼樣的環境允許這種情況發生？

If you could give us any more detail on this, that would be terrific.

如果您能給我們更多詳細信息，那就太好了。

Jason, do you want to take that or I'm happy to.

傑森，你想接受還是我很樂意接受。

Yes, I'm happy to.

是的，我很高興。

Hal, as Kyle alluded to in the call, we've had now a full quarter of testing with some of our new models with regards to ExtraCash and Cash AI.

Hal，正如凱爾在電話中提到的那樣，我們現在已經對 ExtraCash 和 Cash AI 的一些新模型進行了整整一個季​​度的測試。

And there's now just several hundred more data points in there that the AI has been learning from.

現在人工智慧已經從中學習了數百個數據點。

And as I said, we've had a full quarter of benefit of having that fully rolled out.

正如我所說，我們已經從全面推出這項技術中獲得了整整一個季​​度的收益。

So that's I think we're seeing great impact there on lower loss rates.

所以我認為我們看到了對降低損失率的巨大影響。

That also impacts marketing as well as we can the stronger offers we can offer people for their first ExtraCash, the better they can convert to.

這也會影響行銷，我們為人們的第一筆 ExtraCash 提供的優惠越多，他們的轉換效果就越好。

The better underwriting also helps with retention.

更好的承保也有助於保留。

And so Cash AI really is a lever to pull across all dimensions from conversion to existing ARPU loss rates as well as retention to drive higher LTV.

因此，Cash AI 確實是一個槓桿，可以跨越從轉換到現有 ARPU 損失率以及保留率的所有維度，以推動更高的 LTV。

And we're just feeling really good about that product in general.

總的來說，我們對該產品感覺非常好。

Just one other quick thing I would add to that is, as we've gotten better and better at retention and our MTM retention rates are now at all-time highs, that has the benefit of supporting credit performance as well.

我要補充的另一件事是，隨著我們在保留方面做得越來越好，我們的 MTM 保留率現在處於歷史最高水平，這也有利於支持信用績效。

If you look at the sort of average time on book of an ExtraCash user in Q3 of this year versus say a year ago, it's up substantially.

如果你看看今年第三季 ExtraCash 用戶的平均預訂時間與一年前相比，你會發現它大幅上升。

And so as you might imagine, Hal, as the longer someone that is around on the platform, the better they perform on credit.

正如你可能想像的那樣，哈爾，某人在平台上待的時間越長，他們的信用表現就越好。

And so we see that as like I'd say an overall tailwind and something that's quite durable as well.

所以我們看到，就像我想說的那樣，整體上順風順水，而且也相當持久。

And so overall, between Cash AI and just the longer customer tenure, that's supporting what you're seeing on the loss rate side.

總的來說，現金人工智慧和更長的客戶使用期限之間，這支持了你在損失率方面看到的情況。

Jacob Stephan of Lake Street Capital Markets.

湖街資本市場的雅各史蒂芬。

Congrats on the quarter and all the progress here.

恭喜本季以及這裡的所有進展。

I guess first one for me, I just kind of want to get a sense on how you're thinking about kind of balancing topline growth and also just EBITDA growth or margin expansion as we kind of look at Q4 and 2025.

我想對我來說第一個是，我只是想了解一下，當我們展望第四季度和 2025 年時，您是如何考慮平衡營收成長和 EBITDA 成長或利潤率擴張的。

Yes, Jacob, I'm happy to take it.

是的，雅各布，我很樂意接受。

I mean, look, I think our view is that we're our outlook remains incredibly strong.

我的意思是，我認為我們的前景仍然非常強大。

We think we're serving a really big market here with best-in-class products and solutions.

我們認為我們正在透過一流的產品和解決方案為一個非常大的市場提供服務。

And we think that that really just lays the groundwork for really solid growth for many years to come.

我們認為這確實為未來許多年的真正穩健成長奠定了基礎。

Again, just feeling very good about the outlook, as I mentioned in my remarks.

正如我在演講中提到的，我再次對前景感到非常滿意。

But in terms of sort of balancing that and profitability, I mean we look at a key lever in the profitability equation is our marketing investments and how do we invest in marketing at the level of returns that are acceptable to us and use that as sort of the governing function around marketing investment, which is a big, like I said, a big driver of the profitability equation.

但就平衡盈利能力而言，我的意思是，我們關注盈利能力方程式中的一個關鍵槓桿是我們的營銷投資，以及我們如何以我們可以接受的回報水平投資營銷，並將其用作圍繞營銷投資的治理功能，正如我所說，這是獲利方程式的一個重要驅動因素。

We're happy with the returns that we're seeing.

我們對所看到的回報感到滿意。

We're still in this call it sub six month payback on a gross profit basis, which is really, really attractive, and we can deliver solid, really solid topline growth as you saw in Q3, while maintaining really strong levels of profitability as well.

我們仍然處於以毛利為基礎的不到六個月的投資回報期，這確實非常有吸引力，而且我們可以實現穩定、非常穩定的營收成長，正如您在第三季度看到的那樣，同時保持非常強勁的獲利水準。

We had 27% EBITDA margins in the quarter.

本季我們的 EBITDA 利潤率為 27%。

Our flow-through from gross profit to EBITDA is incredibly high.

我們從毛利到 EBITDA 的流量非常高。

I think if you look at Q3 of last year, the amount of total revenue growth that flowed through to EBITDA was more than 100%.

我認為如果你看看去年第三季度，流入 EBITDA 的總營收成長量超過 100%。

And so we would expect that to kind of provide somewhat of a signal around what future growth will look like from here where, again, a lot of those incremental gross profit dollars should fall directly down to the bottom line and support overall levels of EBITDA and earnings growth and margin expansion.

因此，我們預計這將在某種程度上提供有關未來成長情況的訊號，其中大量增量毛利應直接降至底線，並支持 EBITDA 和 EBITDA 的總體水平。

I hope that helps to answer the question.

我希望這有助於回答這個問題。

Yes.

是的。

Very helpful.

非常有幫助。

And then just one more.

然後還有一個。

I know you guys kind of alluded to it on the call a little bit, but the new fee model, you kind of said that maybe instant transfer fees and tips would be going away.

我知道你們在電話中提到了一點，但是新的收費模式，你們說也許即時轉會費和小費將會消失。

And I'm guessing that's going to be coupled with a subscription price increase like you guys have talked about in the past, but maybe help us kind of piece through that a little bit.

我猜這將伴隨著訂閱價格的上漲，就像你們過去談論的那樣，但也許可以幫助我們解決這個問題。

We're still working through the details of our subscription pricing planning.

我們仍在研究訂閱定價計畫的細節。

We did deprioritize that a little bit in favor of working on this new mandatory fee model.

我們確實稍微降低了優先級，轉而支持這種新的強制收費模式。

And to be clear, Jacob, it would be a fee for access to ExtraCash which would be separate from whatever we're doing with subscriptions.

需要明確的是，Jacob，訪問 ExtraCash 需要付費，這與我們的訂閱操作是分開的。

And that fee, we expect and our goal is to maintain or exceed LTV over a longer period of time as a full replacement of instant transfer fees and tips.

我們期望這筆費用，我們的目標是在較長一段時間內維持或超過 LTV，作為即時轉會費和小費的完全替代。

Mark Palmer of the Benchmark Company.

基準公司的馬克·帕爾默。

Let me chime in and congratulate you on the very, very strong performance.

讓我插話並祝賀你非常非常出色的表現。

My question has to do with the increase in the ExtraCash origination size.

我的問題與 ExtraCash 原始規模的增加有關。

And it to a certain extent filters into the upgrade of the credit decisioning model as well.

這在一定程度上也滲透到了信用決策模型的升級。

To what extent was the increase in size due to returning customers whose credit profiles you knew and you were comfortable with?

規模的增加在多大程度上是由於您了解且滿意其信用狀況的回頭客所致？

And to what extent was it due to being able to offer larger loans to first-time borrowers given your increased confidence in credit decisioning?

鑑於您對信貸決策的信心增強，在多大程度上是因為能夠向首次借款人提供更多貸款？

I'm happy to jump in.

我很高興跳進去。

Thanks for the question and for being on the call, Mark.

感謝您的提問和接聽電話，馬克。

I'd say the primary driver of the growth, both sequentially and year-over-year is attributable to Cash AI's improved risk splitting on I would say existing customers.

我想說，成長的主要驅動力，無論是連續成長還是同比成長，都歸因於 Cash AI 對現有客戶的風險分擔的改善。

They represent the overwhelming majority of all ExtraCash originations within a given quarter.

它們代表了特定季度內所有 ExtraCash 發起的絕大多數。

We're talking well in excess of 95%.

我們談得很好超過95%。

And so when you in order to sort of move the needle on the overall size across the whole portfolio, that's the biggest driver.

因此，當你想要改變整個投資組合的整體規模時，這就是最大的驅動力。

That said, we have seen pretty significant improvements in the offers we're able to provide new customers as well.

也就是說，我們也看到我們能夠為新客戶提供的服務有了相當顯著的改善。

And Jason alluded to this earlier, but that's an important function and lever that we have to drive conversion of new customers by increasing the size of the offer at the front door in their first experience with us.

傑森早些時候提到過這一點，但這是一個重要的功能和槓桿，我們必須透過在新客戶第一次與我們接觸時增加前門優惠的規模來推動新客戶的轉換。

That is an important focal point of ours, but the average size has really been driven by existing customer expansion.

這是我們的一個重要焦點，但平均規模實際上是由現有客戶擴張所推動的。

Thank you.

謝謝。

And just one more broad question.

還有一個更廣泛的問題。

We're a week after the US elections.

美國大選已經過了一週。

What is your expectation with regard to what the regulatory environment may look like under a different government?

您對不同政府領導的監管環境有何期望？

Well, we certainly do anticipate an administration change, and so I would expect a more business-friendly environment, both from the CFPB and the FTC.

嗯，我們確實預期政府會發生變化，因此我希望 CFPB 和 FTC 能夠創造一個更有利於商業的環境。

But we'll see what happens as the administration turns over.

但我們會看看政府換屆後會發生什麼事。

But we're feeling very confident in our position, and the market seems to be in favor of that as well.

但我們對自己的立場非常有信心，市場似乎也支持這一點。

And our last question will be coming from Gary Prestopino of Barrington.

我們的最後一個問題將來自巴靈頓的加里·普雷斯托皮諾。

Most of my questions have been answered.

我的大部分問題都得到了解答。

But I wanted to just get a feel for was there any real change to what you're seeing as direct deposit on the Dave Card in terms of members using that service?

但我想了解一下，就使用該服務的會員而言，您所看到的戴夫卡上的直接存款是否有任何真正的變化？

We continue to not disclose on direct deposit.

我們仍然不透露直接存款的情況。

The metric we disclose obviously is total card spend, which we'll continue to report back on that.

我們公開的指標顯然是卡片支出總額，我們將繼續對此進行報告。

Direct depositors do make up a good portion of the overall card spend given the average direct depositor will spend about $1,000 a month on their card.

鑑於直接儲戶平均每月在其卡上花費約 1,000 美元，直接儲戶確實佔卡總支出的很大一部分。

A non direct deposit user will spend considerably less.

非直接存款用戶的支出將大大減少。

And direct deposit is something we're still very focused on.

直接存款是我們仍然非常關注的事情。

And as mentioned, 2025 we'll be putting more resources towards driving more bank primacy across the customer base.

如前所述，到 2025 年，我們將投入更多資源，推動銀行在客戶群中佔據主導地位。

Okay.

好的。

What about ExtraCash advances to the Dave Card?

ExtraCash 預支 Dave 卡怎麼樣？

Was that about still steady in the 30% of originations range?

是否仍穩定在 30% 的起源範圍內？

Yes.

是的。

Okay.

好的。

And then last question, and I don't know if you can answer this or not, I'm going to put you on the spot.

最後一個問題，我不知道你是否能回答這個問題，我會讓你陷入困境。

But given what's happened with the FTC and the change in administration, if this has been remanded to a California court and you don't settle, but you get a change in the whole FTC and you get a change in the leadership of the FTC, can that can this be dropped without having to go through a court proceeding?

但考慮到聯邦貿易委員會發生的事情和政府的更迭，如果這件事被發回加州法院，而你沒有達成和解，但整個聯邦貿易委員會都會發生變化，聯邦貿易委員會的領導層也會發生變化，是否可以在不經過法庭程序的情況下放棄這一點？

Or because it's been remanded to a court, you will may eventually have to go to court?

或者因為它已被發回法庭重審，您最終可能不得不上法庭？

Look, I think the overall process, it's within the legal system, as you mentioned.

聽著，我認為整個過程是在法律體系內的，正如你所提到的。

At this point, it's highly uncertain if an administration change is going to change the course of that or not at this point.

目前，政府更迭是否會改變這項進程仍有很大的不確定性。

Still a lot of unknowns, too early to say.

還有很多未知數，現在說還太早。

And there is a situation though where the FTC could decide that they don't want to sort of invest the resources in pursuing litigation with us.

但在某些情況下，聯邦貿易委員會可能會決定他們不想投入資源與我們提起訴訟。

But again, it's highly, highly uncertain, and we're anticipating going into litigation on the matter at this point.

但同樣，它具有高度、高度不確定性，我們預計此時將就此事提起訴訟。

And we feel good about our facts, Gary, as stated.

正如所說，加里，我們對我們的事實感到滿意。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。