Dave Inc (DAVE) 2025 Q3 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 third quarter ended September 30, 2025. Joining us today are Dave's CEO, Mr. Jason Wilk, and the company's CFO and COO, Mr. Kyle Beilman. By now everyone should have access to the third quarter 2025 earnings press release, which was issued this morning.

各位早安，感謝大家參加今天的電話會議，討論戴夫截至 2025 年 9 月 30 日的第三季度財務業績。今天和我們一起參加節目的有 Dave 公司的執行長 Jason Wilk 先生，以及該公司的財務長兼營運長 Kyle Beilman 先生。現在所有人都應該可以查閱今天早上發布的 2025 年第三季財報新聞稿。

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. Following management remarks, we'll open the call to answer your questions. Certain comments made during this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

新聞稿可在Dave公司網站投資人關係欄位（investors.dave.com）查閱。此外，本次電話會議的網路直播回放也將在公司網站上提供。管理階層發言結束後，我們將開放問答環節，回答各位的問題。根據 1995 年《私人證券訴訟改革法案》，本次電話會議和網路直播中發表的某些評論屬於前瞻性陳述。

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. 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.

這些前瞻性陳述受到某些已知和未知風險及不確定性的影響，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。這些前瞻性陳述也受到其他風險和不確定性的影響，這些風險和不確定性會在公司不時向美國證券交易委員會提交的文件中描述。

Do not place undue reliance on any forward-looking statements which are being made only as of the date of this call, except as required by law, the company undertakes no obligation to revise or update any forward looking statements.

請勿過度依賴任何前瞻性陳述，這些陳述僅代表截至本次電話會議之日的資訊。除法律要求外，本公司不承擔任何修訂或更新任何前瞻性聲明的義務。

The company's presentation also includes certain non-GAAP financial measures included adjusted EBITDA, adjusted net income, non-GAAP gross profit, non-GAAP gross margin, and compensation expense, excluding stock-based compensation.

該公司的簡報還包括一些非GAAP財務指標，包括調整後的EBITDA、調整後的淨收入、非GAAP毛利、非GAAP毛利率和薪資支出（不包括股票選擇權費用）。

As supplemental measures of performance of our business, all non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation tables and other important information in the earnings press release in Form 8-K furnished to the SEC. I would now like to turn the call over to Dave's CEO, Mr. Jason Wilk. Please begin.

作為衡量我們業務績效的補充指標，所有非GAAP指標均已按照美國證券交易委員會的規定與最直接可比較的GAAP指標進行了調整。您可以在提交給美國證券交易委員會的 8-K 表格中的獲利新聞稿中找到調節表和其他重要資訊。現在我想把電話交給Dave公司的執行長Jason Wilk先生。請開始。

Good morning and thank you for joining. Q3 was another record quarter, and I want to thank our team for their dedication to delivering outstanding value for our members and shareholders. We grew revenue 63% year over year to $150.8 million.

早安，感謝各位的參與。第三季又是一個創紀錄的季度，我要感謝我們的團隊，感謝他們為我們的會員和股東創造了卓越的價值。我們營收年增 63%，達到 1.508 億美元。

Accelerated growth in monthly transacting members 17% to $2.77 million, expanded RPO by nearly 40%, and generated $58.7 million of adjusted EBITDA, all in service of our strategy to maximize gross profit dollars across the platform. Given our strong performance and clear momentum in the business, we are pleased to once again raise our 2025 revenue and adjust EBITDA guidance, which Kyle will touch on shortly.

月交易會員數量加速成長 17% 至 277 萬美元，RPO 成長近 40%，調整後 EBITDA 達到 5,870 萬美元，所有這些都是為了實現我們最大化平台毛利的策略。鑑於我們強勁的業績和清晰的業務發展勢頭，我們很高興再次提高 2025 年的營收和 EBITDA 預期，Kyle 稍後將對此進行詳細說明。

Before reviewing our strategic growth pillars, I'd like to make a few quick points I want every investor to take away from the call today. First, the importance of net credit revenue. Following last quarter's record results, we received a number of questions around delinquency metrics and loss for vision trends.

在回顧我們的策略成長支柱之前，我想先快速說明幾點，希望每位投資人都能從今天的電話會議中記住這些要點。首先，淨信用收入的重要性。繼上季創紀錄的業績之後，我們收到了許多關於違約指標和視力喪失趨勢的問題。

I want to clarify how we think about those dynamics to fully understand our economics, we are major focused on the net monetization rate per extra cash transaction, calculated as gross yield lasts 121 day losses, and net revenue per transaction. On those measures, we achieved record performance in Q2 and built upon that momentum with new all-time highs in Q3.

為了充分理解我們的經濟狀況，我想澄清一下我們是如何看待這些動態的。我們主要關注每筆額外現金交易的淨貨幣化率，計算方法是：毛收益持續 121 天的損失，以及每筆交易的淨收入。在這些指標上，我們在第二季取得了創紀錄的業績，並在第三季延續了這一勢頭，創下了歷史新高。

These are the metrics that drive gross profit and cash flow and led us to another quarter of record profits. Second, our new pricing is driving better credit economics despite controlled slightly higher loss rates. Earlier this year, we made a significant change in our pricing model, moving customers from an optional fee model to a mandatory one.

這些指標直接影響毛利和現金流，並使我們在另一個季度實現了創紀錄的利潤。其次，儘管損失率略有上升，但我們新的定價策略正在推動更好的信用經濟效益。今年早些時候，我們對定價模式進行了重大調整，將客戶的付費模式從可選模式改為強制模式。

The result was greater credit revenue retention as customers stand on our platform, resulting in better portfolio spreads. The larger and more predictable monetization rates gave us an opportunity to increase approval limits for new and existing customers, which helps with both conversion and monetization.

因此，客戶使用我們的平台後，信貸收入留存率更高，投資組合利差也更好。更大、更可預測的獲利能力使我們有機會提高新舊客戶的批准限額，這有助於提高轉換率和獲利能力。

These higher limits led to a controlled step up in loss rates as the impact was far outweighed by the gains we achieved in incremental growth spreads. The net result is better net monetization per transaction, higher member lifetime value, and stronger economics for the company while supporting better offers for our customers, a win-win.

由於我們在增量成長價差方面取得的收益遠遠超過了損失率上升所帶來的影響，因此這些更高的限額導致了損失率的逐步上升。最終結果是每筆交易的淨收益更高，會員終身價值更高，公司經濟效益更強，同時也能為我們的客戶提供更好的優惠，實現雙贏。

Third, CashAI v5.5 has started to deliver we expect continued improvements in credit performance as a result of the rollout of CashAI v5.5 in late Q3. CashAI v5.5, the latest evolution of our proprietary underwriting engine, was trained on our new fee structure and leverages nearly twice as many AI-driven features as the prior version.

第三，CashAI v5.5 已經開始發揮作用，我們預計隨著 CashAI v5.5 在第三季末的推出，信貸表現將持續改善。CashAI v5.5 是我們專有核保引擎的最新版本，它基於我們新的收費結構進行訓練，並利用了比先前版本多近兩倍的 AI 驅動功能。

V5.5 has driven stronger conversion, higher approval amounts, and improved credit outcomes in September and thus far in Q4, positioning up for further expansion in extra cash gross profit and revenue net of losses. Lastly, we'll be adding a section on our IR site highlighting how Dave thinks about credit performance, which will hopefully provide clarity for our stakeholders moving forward.

V5.5 版本在 9 月和第四季迄今推動了更強勁的轉換率、更高的審批金額和更好的信貸結果，為進一步擴大額外現金毛利和扣除虧損後的收入奠定了基礎。最後，我們將在投資者關係網站上增加一個版塊，重點介紹戴夫對信貸表現的看法，希望這能為我們的利害關係人未來的發展提供更清晰的思路。

Now to turn to a few highlights from our strategic pillars. Starting with our first strategic growth pillar of efficient acquisition, while CAC per new member remains stable quarter over quarter at $19 CAC per new MTM declined given the improvements we've made to new member conversion.

接下來，我們來看看我們戰略支柱中的幾個亮點。首先，我們以高效獲取作為第一個策略成長支柱，雖然每位新會員的 CAC 保持季度穩定在 19 美元，但由於我們對新會員轉換率的改進，每個新 MTM 會員的 CAC 有所下降。

We are increasingly optimizing our marketing investments by device and channel, prioritizing investments that yield the highest gross profit returns rather than the lowest. The higher LTVs we are generating on the new fee and subscription model have further accelerated our gross profit payback periods by nearly one month, year over year, now under four months.

我們正日益以設備和管道優化行銷投資，優先考慮毛利回報最高的投資，而不是毛利回報最低的投資。新收費和訂閱模式下更高的客戶終身價值 (LTV) 使我們的毛利回收期比去年同期縮短了近一個月，現在不到四個月。

Moving to our second strategic pillar of further strengthening engagement with our members through credit, extra cash originations through 49% year over year, surpassing $2 billion for the first time as a result of MTM growth and the 20% growth in average origination size.

接下來是我們的第二個策略支柱，即透過信貸進一步加強與會員的聯繫，額外現金發放額年增 49%，首次超過 20 億美元，這得益於按市值計價的增長和平均發放規模增長 20%。

The growth in origination size reflects a modest impact from v5.5, which enables us to offer higher approval amounts. In September, which captured most of the v5.5 impact, the average extra cash size was $213 which we believe positions us well for continued origination growth and monetization gains in Q4 and beyond.

貸款發放規模的成長反映了 v5.5 版本帶來的適度影響，這使我們能夠提供更高的批准額度。9 月份，v5.5 版本的影響最為顯著，平均額外現金額為 213 美元，我們相信這將使我們在第四季度及以後繼續實現業務成長和貨幣化收益。

The third strategic pillar of our strategy is deepening engagement and monetization through Dave cards. In Q3, total card spend grew 25% year over year to $510 million, reflecting growth in MTMs and increases in card spend per active banking customer. High margin subscription revenue grew 57% year over year as they completed the rollout of a $3 monthly subscription fee for new members in late Q2.

我們策略的第三個策略支柱是透過 Dave 卡加深用戶參與度和實現獲利。第三季度，信用卡總支出年增 25% 至 5.1 億美元，反映出 MTM 的成長以及每位活躍銀行客戶的信用卡支出增加。隨著他們在第二季末完成新會員每月 3 美元訂閱費的推出，高利潤訂閱收入年增 57%。

We expect the incremental subscription revenue to flow entirely to the bottom line with little to no impact on member conversion or retention. Existing MTMs remain grandfathered for now, and we expect subscription revenue to become an increasing contributor in the quarters ahead as more MTMs are acquired under the new monthly pricing structure.

我們預期新增訂閱收入將全部轉化為利潤，對會員轉換率或留存率幾乎沒有影響。現有的 MTM 目前仍保留原有模式，我們預計隨著更多 MTM 根據新的月度定價結構獲得，訂閱收入將在未來幾季成為越來越重要的收入來源。

Lastly, I'd like to provide few operational updates. First, on Community Bank, which is assuming bank sponsorship for days extra cash and banking products from our existing provider. In early Q3, we began onboarding new members onto Coastal and reached full onboarding for all new members in early Q4. Over the coming months, we'll begin migrating existing members to coastal as well.

最後，我想提供一些營運方面的最新資訊。首先是社區銀行，它將承擔我們現有銀行供應商提供的額外現金和銀行產品的銀行贊助。第三季初，我們開始讓新會員加入 Coastal，並在第四季初完成了所有新會員的全面入職。在接下來的幾個月裡，我們將開始把現有成員遷移到沿海地區。

That brings you to our second update. We're thrilled to welcome Parker Barrile as our Chief Product Officer. Park will lead the next chapter of our product strategy focused on deepening member engagement through new product developments and strengthening our AI and credit capabilities.

這就引出了我們的第二次更新。我們非常高興地歡迎 Parker Barrile 加入我們，擔任首席產品長。Park 將領導我們產品策略的下一階段，重點是透過新產品開發加深會員參與度，並加強我們的人工智慧和信貸能力。

To wrap things up before passing to Kyle, this is another incredible quarter for us. We are really excited and optimistic about our future and what we can deliver in the years ahead. Over to you, Kyle.

在把麥克風交給凱爾之前，我想總結一下，這對我們來說又是精彩的一節。我們對我們的未來以及未來幾年所能取得的成就感到非常興奮和樂觀。接下來就看你的了，凱爾。

Thanks, Jason, and good morning everyone. Today I'm going to focus on the core drivers of this quarter's performance, a concise overview of credit and our updated outlook for more detailed review and discussion of our KPIs, please refer to our earnings supplements available on our IR site. Let's get started with the key trends and achievements that shaped our results.

謝謝傑森，大家早安。今天我將重點介紹本季業績的核心驅動因素、信貸概況以及我們更新後的展望。如需更詳細地檢視和討論我們的關鍵績效指標，請參閱我們投資者關係網站上提供的收益補充資料。讓我們先來看看影響我們最終結果的關鍵趨勢和成就。

Our growth algorithm continues to strengthen we accelerated MTM growth through successful product and marketing initiatives that drove higher conversion rates and member reactivation, but retention has remained consistent.

我們的成長演算法持續增強，我們透過成功的產品和行銷舉措加速了 MTM 的成長，從而提高了轉換率和會員重新激活率，但會員留存率一直保持穩定。

On the ARPU side of the equation, underwriting improvements combined with a new pricing model to drive higher extra cash offers, consistent growth of Dave card spending volume, as well as the growing population of members on our new subscription price point were the key factors driving growth.

從 ARPU 的角度來看，承保改進和新的定價模式推動了更高的額外現金優惠，Dave 卡消費量的持續增長，以及採用我們新訂閱價格點的會員人數不斷增長，這些都是推動增長的關鍵因素。

Combined, we grew revenue by more than 60% for the second consecutive quarter, and with our growing operating leverage achieved nearly 40% EBITDA margins, exceeding the rule of 100 for the second consecutive quarter. As Jason previously alluded to, our credit performance demonstrates the strong fundamentals underlying our growth.

合併後，我們的營收連續第二季成長超過 60%，隨著營運槓桿的提高，我們的 EBITDA 利潤率接近 40%，連續第二季超過了 100 法則。正如傑森之前提到的那樣，我們的信貸表現反映了我們成長的強勁基本面。

We've set new high water marks across unit level net monetization rates, total unit dollar net monetization, and portfolio net revenue. Importantly, we achieve these improvements while growing originations by nearly 50% in the quarter, demonstrating our improved unit economics and volume growth are working in concert to drive gross profit expansion.

我們在單位淨貨幣化率、單位淨貨幣化總額和投資組合淨收入方面都創下了新的歷史新高。重要的是，我們在本季貸款發放量增加近 50% 的同時實現了這些改進，這表明我們改善的單位經濟效益和銷售成長正在共同推動毛利成長。

A key driver of this growth is the new pricing model and underwriting paradigm that we transitioned to earlier this year. This new model generates significantly higher growth spreads and broader approval sizes for members. This change increases credit losses relative to our prior approach.

推動這一成長的關鍵因素是我們今年稍早過渡到的新定價模式和承保模式。這種新模式能為成員帶來更高的成長幅度以及更廣泛的審批規模。與我們之前的做法相比，這項變更會增加信貸損失。

However, the incremental growth spread more than offsets these losses, delivering superior net monetization per transaction, which was the intended outcome of this strategic shift. To put the impact in perspective year over year, the total monetization rate, net of losses, and net revenue per extra cash transaction net of losses are up 45 basis points and 32% respectively.

然而，增量成長帶來的收益足以彌補這些損失，從而實現了每筆交易更高的淨貨幣化收益，這正是此次策略轉變的預期結果。為了更直觀地了解其同比影響，扣除損失後的總貨幣化率和扣除損失後的每筆額外現金交易的淨收入分別增長了 45 個基點和 32%。

In terms of delinquency rate, our Q3 28 day delinquency rate improved 7 basis points sequentially to 2.33%. In September, our 28 day delinquency rate was 2.19%. Reflecting the initial benefits from our new underwriting model, CashAI v5.5, as a reminder, the 28-day delinquency rate measures the percentage of a calendar month's originations that remain outstanding 28 days after the month ends.

就逾期率而言，我們第三季的 28 天逾期率季比改善了 7 個基點，達到 2.33%。9 月份，我們的 28 天逾期率為 2.19%。為了反映我們新的核保模式 CashAI v5.5 的初步優勢，提醒一下，28 天逾期率衡量的是一個日曆月發放的貸款中，在月底後 28 天仍未償還的貸款所佔的百分比。

Not necessarily those that are delinquent. As currently defined, the 28-day delinquency rate can be noisy, particularly when the portfolio composition shifts. This recently happened as part of the v5.5 model change where we intentionally increased limits for members on monthly income cycles such as Social Security recipients.

不一定是那些違法犯罪的人。根據目前的定義，28 天逾期率可能存在波動，尤其是在投資組合組成發生變化時。最近，在 v5.5 版本模型變更中，我們有意提高了按月收入週期計算的成員（例如社會安全金領取者）的限額。

To provide a clearer picture that controls for these duration dynamics, we are introducing a 28 day days past due or DPD metric. For now, we will continue to publish both metrics to track early indicators of the lost outcomes of each of our quarterly vintages.

為了更清晰地展現這些持續時間動態，我們引入了 28 天逾期天數 (DPD) 指標。目前，我們將繼續發布這兩項指標，以追蹤每季業績損失的早期指標。

In Q3, the 28-day DPD improved 11 basis points sequentially to 2.15%. And in September following the CashAI v5.5 rollout, the DPE rate improved to 2.04% with further improvements to net revenue per transaction and monetization rate net of losses.

第三季度，28 天 DPD 環比改善 11 個基點至 2.15%。9 月 CashAI v5.5 推出後，DPE 率提高到 2.04%，每筆交易的淨收入和扣除虧損後的貨幣化率也進一步提高。

These signals reinforce our confidence in the upgrades from the new model and support our expectation for further improvements in credit performance during Q4. Another important point to call out is around the provision. In addition to growth in the originations and the sequential improvement in credit performance, a portion of the change in the Q3 provision was attributable to quarter end timing.

這些訊號增強了我們對新模型升級的信心，並支持我們對第四季度信貸表現進一步改善的預期。另一點要強調的是供應方面的問題。除了貸款發放量的成長和信貸表現的持續改善外，第三季撥備變化的一部分是由於季度末時間所致。

Q3 ended on a Tuesday, which is the high point of intra-week receivables, definitionally increasing the reserve calculation and thereby increasing the provision. Had Q3 ended on a Monday, consistent with last quarter, the provision would have been roughly $2 million lower. This timing effect is separate from the improvements in economics we're seeing which, as I've previously described, are very strong.

第三季於週二結束，這是周內應收帳款的高峰期，從定義上講，這將增加準備金的計算，從而增加撥備。如果第三季像上一季一樣在星期一結束，那麼撥備金額將減少約 200 萬美元。這種時機效應與我們正在看到的經濟改善無關，正如我之前所描述的那樣，經濟改善非常強勁。

Looking ahead, we expect the provision expense as a percentage of originations to improve in Q4, supported by both continued improvement in credit performance and a more favorable quarter end calendar with Q4 closing on a Wednesday. Working down the P&L of bit, we grew non-GAAP gross profit by 62% year over year to $104.2 million.

展望未來，我們預計第四季度撥備支出佔貸款發放額的比例將有所改善，這得益於信貸表現的持續改善以及第四季度末日期（週三）更為有利的季度末安排。透過損益表的分析，我們實現了非GAAP毛利年增62%，達到1.042億美元。

Non-GAAP gross margin came in at 69% for Q3, consistent with our target range of high 60s to low 70s for periods outside of the Q1 tax season. With respect to expenses, as we previewed on the Q2 call, we increased marketing spend to take advantage of the favorable LTV to tax that we're generating from our media spend to drive additional growth.

非公認會計準則第三季毛利率為 69%，與我們在第一季報稅季之外的時期設定的 60% 多到 70% 出頭的目標範圍一致。關於支出方面，正如我們在第二季電話會議上預告的那樣，我們增加了行銷支出，以利用媒體支出帶來的有利的客戶終身價值 (LTV) 稅收，從而推動進一步成長。

We expect to sustain the rough magnitude of the Q3 spend through year end. On the fixed cost base, there are also a few noteworthy items to call out. Compensation related expenses declined 18% year over year, driven primarily by lower stock-based compensation.

我們預計到年底，支出規模將與第三季大致持平。在固定成本方面，也有一些值得注意的項目需要特別指出。薪酬相關支出較去年同期下降 18%，主要原因是股票選擇權激勵支出減少。

In Q3 of last year there was elevated stock-based compensation tied to performance-based restricted stock units linked to adjusted EBITDA targets that were achieved. Excluding stock-based compensation, compensation-related expenses grew by roughly 3% year over year. Other operating expenses increase 5% year over year, excluding the impact of non-recurring illegal settlement charges.

去年第三季度，與業績掛鉤的限制性股票單位的股票薪酬有所增加，這些股票單位與已實現的調整後 EBITDA 目標掛鉤。剔除股票選擇權費用後，與薪酬相關的支出較去年同期成長約 3%。其他營運費用年增 5%，不包括非經常性非法和解費用的影響。

Also, a $4.5 million legal settlement charge this quarter has been excluded from adjusted EBITDA. Taking all this together, GAAP net income increased to $92 million up $91.5 million year over year. This increase includes a $33.6 million income tax benefit primarily related to the release of a valuation allowance on our deferred tax assets.

此外，本季 450 萬美元的法律和解費用已從調整後的 EBITDA 中剔除。綜合以上因素，GAAP淨收入年增9150萬美元，達到9,200萬美元。此次成長包括 3,360 萬美元的所得稅優惠，主要與釋放我們遞延所得稅資產的估值準備金有關。

Adjusted net income, which excludes non-recurring items, stock-based compensation, and non-cash fair value adjustments, increased 193% year over year to $61.6 million. Similarly, adjusted EBITDA reached $58.7 million, growing 137% year over year, with 85% slowed through from gross profit.

經調整後的淨收入（不包括非經常性項目、股票選擇權費用和非現金公允價值調整）年增 193%，達到 6,160 萬美元。同樣，調整後的 EBITDA 達到 5,870 萬美元，年增 137%，其中 85% 的增幅來自毛利。

One other brief update before turning to guidance regarding our new funding arrangement with Coastal Community Bank, we remain on track to begin transitioning extra cash receivables under the new off-balance sheet structure in early 2026.

在介紹我們與 Coastal Community Bank 的新融資安排之前，還有一個簡短的更新：我們仍按計劃於 2026 年初開始根據新的表外結構過渡額外的現金應收款。

This change is expected to meaningfully reduce our direct funding obligations, lower our cost of capital, and unlock substantial liquidity to pursue capital allocation opportunities. It will also allow us to fully retire our existing warehouse debt facility by mid 2026. With that, let's turn to the guidance. Based on our Q3 results and favorable outlook, we are once again raising our 2025 outlook.

預計這項變更將大幅減少我們的直接融資義務，降低我們的資本成本，並釋放大量流動性以尋求資本配置機會。這將使我們能夠在 2026 年年中之前完全償還現有的倉儲債務融資。接下來，我們來看指導意見。基於我們第三季的業績和良好的前景，我們再次上調了2025年的業績預期。

We expect revenue to range from $544 million to $547 million and adjusted EBITDA to range from $215 million to $218 million. This revised outlook reflects not only the tailwinds from the new fee model and underwriting improvements we've achieved, which significantly increased net monetization per transaction, but also the fact that all aspects of our growth strategy are performing exceptionally well.

我們預計營收將在 5.44 億美元至 5.47 億美元之間，調整後 EBITDA 將在 2.15 億美元至 2.18 億美元之間。這項修訂後的展望不僅反映了我們取得的新收費模式和承保改進帶來的利好，這些改進顯著提高了每筆交易的淨貨幣化額，而且還反映了我們增長戰略的各個方面都表現得異常出色。

Monthly transacting members are accelerating, ARPU is rising, and overall market demand and conditions are favorable. All key building blocks supporting our optimistic outlook. And with that we'll conclude our prepared remarks. Operator, please open the line for questions.

月交易會員數加速成長，ARPU值上升，整體市場需求和條件良好。支撐我們樂觀前景的所有關鍵要素。至此，我們的發言就結束了。接線員，請開通提問線。

(Operator Instructions). Jacob Stephan from Lake Street Capital Markets.

（操作說明）來自 Lake Street Capital Markets 的 Jacob Stephan。

Hey guys, appreciate you taking the questions. Great quarter here. Maybe you could kind of start off talking a little bit about delinquency rates, obviously we saw 28-day delinquencies drop. What is it specifically kind of about CashAI v5.5, either, qualitative or quantitatively, that you know you guys are able to kind of outperform in this category.

各位，感謝你們回答問題。本季表現出色。或許你可以先談談逾期率，顯然我們看到 28 天逾期率下降了。CashAI v5.5 究竟有哪些特別之處，無論是定性方面還是定量方面，您認為你們在這個類別中能夠脫穎而出？

Yeah, hey Jacob, good morning. So with CashAI as we've talked about extensively, the amount of inputs we have in that model that stem from our customers' cash flow data is just a massive data set we have, and we factor in CashAI v5.5, which has 200 more variables input in there.

嗨，雅各布，早安。正如我們之前深入討論過的 CashAI，該模型中的輸入數據來自我們客戶的現金流數據，這是一個龐大的數據集，而 CashAI v5.5 中又增加了 200 個變數輸入。

And we marry that with the super short duration cycles that we're able to learn from, that leads to just superior credit performance and gives us a lot of confidence that credit is an input to our model, not an output, and the company is very in control over loss rates.

我們將這一點與我們能夠從中學習的超短週期相結合，從而實現了卓越的信貸表現，並讓我們非常有信心，信貸是我們模型的輸入，而不是輸出，公司對損失率有著很強的控制力。

Got it and maybe you could just kind of touch on, some of the broader consumer trends, obviously you guys have a pretty significant, lead on several other loan providers, but, maybe you could just kind of, talk to the shortness of the duration, the short duration of your book and you know what trends are you seeing in in consumers currently.

明白了，也許您可以稍微談談一些更廣泛的消費趨勢，顯然你們在其他幾家貸款機構中擁有相當大的領先優勢，但是，也許您可以談談您貸款期限較短的問題，以及您目前觀察到的消費者趨勢。

Well we do track a proprietary index we've built using the cash flow data we have access to, and for all intents and purposes we're seeing normalcy across spend, income, merchant types, the consumer at this end of the spectrum on the K curve looks very healthy in our opinion, and I think where you can see a lot of that show up is just in the stableness of our CAC at $19 which is flat sequentially.

我們確實追蹤了一個我們利用所掌握的現金流數據構建的專有指數，而且就所有意圖和目的而言，我們看到支出、收入、商家類型都處於正常狀態，我們認為，K曲線末端的消費者看起來非常健康，我認為這一點可以從我們19美元的客戶獲取成本(CAC)的穩定性中看出，該成本環比持平。

But importantly it's down if you look at it on an MTM basis which we're able to leverage better conversion as a result of new improvements in CashAI to get better approvals for customers as they enter in the front door, which is a great trade-off for us, but I think we're seeing everything be very healthy for the business.

但重要的是，從按月結算 (MTM) 的角度來看，它有所下降。由於 CashAI 的新改進，我們能夠更好地利用轉換率，在客戶進入大門時獲得更好的審批，這對我們來說是一個很好的權衡，但我認為我們看到一切對業務都非常健康。

Okay, and maybe just kind of one last one as we look at Q4 here, help us think through kind of customer acquisition cost. Do you kind of expect it to remain stable, or do you have, higher spend in Q4 to take advantage of some of these consumers?

好的，在我們展望第四季的時候，或許可以再問最後一個問題，請幫我們思考一下客戶獲取成本。您預計市場將保持穩定，還是在第四季度增加支出以吸引部分消費者？

Hey Jacob, it's Kyle. Good morning. So in terms of cap and spend, we'd largely expect things to look pretty consistent in Q4 as they did in Q3. Q4 is more of a peak season from an overall market spend perspective, so CPMs do rise, and we try to sort of match our spend to the most opportunistic points of the calendar where we can really optimize that spend from a CPM perspective. But by and large I would expect and overall levels of media spend to be pretty consistent in Q4.

嘿，雅各布，我是凱爾。早安.因此，就資本和支出而言，我們預計第四季度的情況將與第三季的情況基本保持一致。從整體市場支出角度來看，第四季度更像是旺季，因此 CPM 會上升，我們會盡量將支出與日曆中最有利的時機相匹配，以便從 CPM 的角度真正優化支出。但總的來說，我預計第四季媒體支出整體水準將相當穩定。

Okay, very helpful, nice quarter guys.

好的，非常感謝，夥計們。

Thank you so much.

太感謝了。

Hal Goetsch from B. Riley Securities.

來自 B. Riley Securities 的 Hal Goetsch。

And a great quarter guys. It's terrific execution. I wanted to ask about in the transition coast on the balance sheet, when do you think it will be like a complete transition, and the balance sheet will look very different. The second part would be, could you tell us a little bit about the deliverables for your new executive hire and product. Thanks.

夥計們，這四分之一局打得真棒。執行得非常出色。我想問一下關於資產負債表轉型期的問題，您認為什麼時候才能完成轉型，資產負債表才會看起來截然不同。第二部分是，您能否簡單介紹一下您新聘主管和產品將要交付的成果？謝謝。

So just to start with the balance sheet question, Hal how we are in the process of the coastal migration I think as we talked about on the call, all new customers are now on boarding onto the bank and we're going to begin the process of transitioning existing customers here imminently and we expect that to be completed in in early 2026 and you know the transition of the balance sheet will be a fast follow to that so you know targeting.

先來說說資產負債表的問題，Hal，我們目前在沿海遷移方面進展如何？正如我們在電話會議上討論的那樣，所有新客戶現在都已加入銀行，我們很快就會開始現有客戶的過渡工作，預計在 2026 年初完成。你知道，資產負債表的過渡將緊隨其後，所以你知道，目標是…

End of first quarter, early second quarter I think is a good timeline for us to make that full migration of the funding arrangement with coastal, but yeah, we're looking forward to that. We think it's going to be a super attractive outcome for us as we we've talked about and free up a lot of cash for us to pursue, more strategic capital allocation opportunities, but Jason, you want to take the question about Parker?

我認為第一季末、第二季初是我們完成與沿海地區融資安排全面過渡的合適時間，是的，我們很期待這一點。我們認為這將對我們來說是一個非常有吸引力的結果，正如我們之前討論過的，這將釋放出大量現金，讓我們能夠追求更具戰略意義的資本配置機會。但是傑森，你想回答一下關於帕克的問題嗎？

Sorry, what was the question about Parker. How?

抱歉，關於帕克的問題是什麼來著？如何？

Yeah, what we just, what can we, what are the deliverables from Parker this first, 24 months to 36 months, a day that we could just for on vacation, thanks.

是的，我們能做什麼，帕克在這最初的 24 個月到 36 個月裡能交付什麼成果，我們有一天可以去度假，謝謝。

Well, I say we're excited to have Parker come in and accelerate product velocity. He's seen some of the best companies in the world at scale, and we think we can benefit from some of these new opportunities we have coming out, such as the buy now pay later product we've talked quite a bit about.

嗯，我覺得我們很高興帕克能加入我們，加快產品迭代速度。他見識過世界上一些最優秀的公司是如何大規模發展的，我們認為我們可以從即將推出的一些新機會中受益，例如我們已經多次談到的「先買後付」產品。

Excited just to get him and see. He's got a fantastic executive presence and we're excited about his ability to deliver on long-term product roadmap, credit performance, as well as just bring in a high performing team as well.

迫不及待想見到他。他擁有出色的領導才能，我們對他實現長期產品路線圖、信貸業績以及組建一支高績效團隊的能力感到非常興奮。

Right good thanks.

好的，謝謝。

Devin Ryan from Citizens Bank.

來自 Citizens Bank 的 Devin Ryan。

Thanks. Good morning, everyone agreat quarter. Just want to touch on, operating leverage and just, where you guys are right now, obviously, putting up tremendous results and tremendous kind of operating leverage in the business model here at, roughly 40% EBITDA margin. So as you think about kind of where this model can go.

謝謝。大家早安，這季過得很棒。我想簡單談談經營槓桿，以及你們目前所處的位置，顯然，你們在商業模式中取得了巨大的成果和巨大的經營槓桿，EBITDA 利潤率約為 40%。所以，當你思考這個模型未來的發展方向。

I appreciate your to be going into some new product areas and there is some growth investment and at the same time you can kind of toggle marketing, but how do you think about where this company can be over the next few years as you expand? Is there more room from here or is this kind of the right place to be where you can balance both that growth investment and growth really.

我很欣賞你們進軍一些新的產品領域，也看到了你們在成長方面的投入，同時你們還可以靈活調整行銷策略。但是，隨著你們的擴張，你們認為公司在未來幾年會發展成什麼樣子呢？從這裡還有發展空間嗎？或者說，這裡已經是能夠平衡成長投資和真正成長的最佳位置了？

Hey Devin, good morning. Thanks for joining. I think by and large we like where we're at from an overall margin perspective, from EBITDA margin perspective specifically, I think this is a sort of nice balance between delivering significant profitability.

嘿，德文，早安。謝謝參與。總的來說，我認為我們對目前的狀況感到滿意，從整體利潤率的角度來看，特別是從 EBITDA 利潤率的角度來看，我認為這在實現顯著盈利能力方面取得了一種很好的平衡。

But also giving us the opportunity to invest in some more R&D to deliver these new products that Jason was alluding to that Parker will be obviously a very critical component of delivering. But yeah, look, I think we are, excited about these new opportunities, and that is going to come along with a little bit more investment and resources to make sure that we can, fully execute on those opportunities.

但這同時也給了我們機會，讓我們能夠投入更多研發資源，以交付傑森提到的這些新產品，而派克顯然將是交付過程中一個非常關鍵的組成部分。是的，你看，我認為我們對這些新機會感到興奮，而這將需要更多的投資和資源，以確保我們能夠充分掌握這些機會。

So we're super excited about that. But yeah, I mean just to answer the question, I think the margin profile here is something that we're quite happy with and would like to make further investments to set the company up for its next phase of growth.

所以我們對此感到非常興奮。是的，我的意思是，為了回答這個問題，我認為目前的利潤率狀況令我們相當滿意，並且希望進行進一步投資，為公司進入下一個成長階段做好準備。

Got it thank you and a follow-up on the buy now pay later opportunity appreciate you know we're still kind of early days there, but, how much does kind of your existing business model and extra cash product and just the data you have on your customers give you an advantage you feel like in the marketplace meaning.

明白了，謝謝。關於「先買後付」的後續事宜，感謝您的跟進。我們目前還處於起步階段，但是，您認為您現有的商業模式、額外的現金產品以及您擁有的客戶數據，在市場上能為您帶來多大的優勢？

You have the opportunity to potentially provide this product to customers that are already using a buy now pay later product, but you do have an informational advantage as well as, relative to some of the other products out there. Just curious kind of like how you're thinking about it and then also if you have a sense of how many of your current customers are using some type of buy now pay later product already.

您有機會向已經在使用「先買後付」產品的客戶提供此產品，而且相對於市面上的其他一些產品，您還具有資訊優勢。我只是好奇你是怎麼考慮這個問題的，還有，你是否了解目前有多少客戶已經在使用某種「先買後付」的產品。

Yeah, thanks a lot, Devin. So I'd say there's three points. So to answer your last question, we do see in our transaction data, which is a huge advantage, that roughly 60% of our members are currently engaging in some form of a BNPL transaction today, which is a significant opportunity in which Dave has 0% market share in a space we feel we have a very strong right to play in.

是啊，非常感謝你，德文。所以我覺得有三點。所以，為了回答你的最後一個問題，我們從交易數據中看到，這是一個巨大的優勢，大約 60% 的會員目前正在進行某種形式的先買後付交易，這是一個重要的機會，而 Dave 在這個領域擁有 0% 的市場份額，我們認為我們完全有權在這個領域發揮作用。

Second, we feel like we can really differentiate with our cash flow with cash AI underwriting, given we are, we will be the only BNPL company in leveraging cash flow data. If you think about traditional BNPL, the merchant checkout, there'd be too much friction to try and get someone to connect a bank account there.

其次，我們覺得憑藉現金流人工智慧承保技術，我們的現金流能夠真正脫穎而出，因為我們將是唯一一家利用現金流數據的先買後付 (BNPL) 公司。如果你考慮傳統的先買後付模式，也就是商家結帳流程，你會發現讓用戶在那裡關聯銀行帳戶會有太多摩擦。

And so most of these guys are still leveraging alternative bureau underwriting of which to assess the customer, and we feel like our ability to use cash AI to approve more people increase limits is a real advantage for us.

因此，大多數公司仍然利用替代信用機構的核保方式來評估客戶，而我們覺得，我們利用現金人工智慧來批准更多人提高信用額度的能力對我們來說是一個真正的優勢。

And then lastly, we believe that letting people have the opportunity to be in PL whatever they want is a huge opportunity where we see a lot of friction with people having to select an e-commerce merchant and figure out who's going to be at checkout when you go shopping versus just paying to have the flexibility to shop and be in anywhere is a great opportunity and we unique to the market.

最後，我們認為讓人們有機會隨心所欲地使用自有品牌是一個巨大的機會。我們看到，人們在購物時必須選擇電商商家，還要弄清楚誰會在結帳時處理訂單，而僅僅付費就能靈活地在任何地方購物，這本身就是一個巨大的機遇，也是市場上獨一無二的。

That's great appreciate the call. Thanks, guys.

太好了，謝謝你的來電。謝謝各位。

Yeah.

是的。

Joseph Vafi from Canaccord. Please go ahead.

來自 Canaccord 的 Joseph Vafi。請繼續。

Good morning. This is [Paolo Fanon] for Joseph. Thanks for taking the questions. I have two quick ones here. First one may be on the date card. How did adoption, trend in Q3, and, what percentage of your member base now has the date card?

早安.這是[保羅法農]寫給約瑟的。謝謝您回答問題。我這裡有兩個簡短的問題。第一個可能在約會卡上。第三季採用率如何？趨勢如何？目前有多少百分比的會員擁有約會卡？

So we did see a 25%, 25% growth in Q3, spend about $510 million now, which we feel very good about the growth there continues to be a lot of synergy between extra cash origination growth and the growth of Dave card, giving people can access extra cash instantly and cheaper by using our card.

因此，我們在第三季實現了 25% 的成長，支出約為 5.1 億美元，我們對這一成長感到非常滿意。額外現金發放成長與 Dave 卡的成長之間存在著很大的協同效應，人們可以使用我們的卡立即獲得額外的現金，而且成本更低。

As far as what percentage of our customers are using the Dave card, it is a significant amount. We don't disclose that today, but we do disclose the total transaction volume again, which is at 510. I think it's important to point out we don't need to win direct deposit for our business to work.

至於有多少客戶使用 Dave 卡，這個比例相當可觀。我們今天不予披露，但我們再次披露總交易量，為 510。我認為有必要指出，我們的業務並不需要贏得直接存款服務才能正常運作。

We very much view the Dave card to be incremental to customer retention and lifetime value, and we're going to continue to chip away at new product ideas to win more there, but we feel like the most we've really developed is around cash and the underwriting and our roadmap is more heavily focused on credit expansion versus direct deposit penetration.

我們非常看好 Dave 卡對客戶留存率和終身價值的提升，我們將繼續努力開發新產品創意，以贏得更多客戶，但我們感覺我們真正取得最大進展的是現金和承保方面，我們的路線圖更側重於信貸擴張，而不是直接存款滲透率。

That's great. Thanks, Jason and one on the extra cash product, did you Did you disclose what the approval rate was in Q3 and how it is trending so far in Q4?

那太棒了。謝謝Jason，關於額外現金產品，您是否透露了第三季度的審批通過率以及第四季度目前的趨勢？

We don't discuss approval rates, but we did note that our approval rate is at all-time highs, which is driving efficiencies in our total MGM conversion, which is why cashAI is stable at 19, but we did allude to MTM cap being down, not a number we do disclose.

我們不討論批准率，但我們確實注意到我們的批准率處於歷史最高水平，這提高了我們整體 MGM 轉換效率，這也是 cashAI 穩定在 19 的原因，但我們確實暗示了 MTM 上限有所下降，這不是我們公開的數字。

But an important health metric that allows us to be more scalable and leads to more profitability and also leads to faster paybacks with us hitting sub four months for the first time and probably on the life of the life of the business.

但一項重要的健康指標讓我們能夠更具規模化，帶來更高的獲利能力，並帶來更快的投資回報，我們首次實現了不到四個月的投資回報期，而且很可能在企業的整個生命週期內都是如此。

Great, thank you. That's all for me. Thanks.

太好了，謝謝。我就說這些了。謝謝。

(Operator Instructions). Jeff Cantwell from Seaport Research. Please go ahead.

（操作說明）來自 Seaport Research 的 Jeff Cantwell。請繼續。

Hey, thanks. On the updated 2025 guidance, when we look at the implied guide for Q4, you're raising the fourth quarter revenue guide up versus the prior. Do you mind talking about what motivated the increase in the guide, maybe talking about what you're seeing with MTMs in our food or byproduct with extra cash, etc.

嘿，謝謝。關於更新後的 2025 年業績指引，當我們查看第四季度的隱含指引時，你們提高了第四季度的收入指引，比之前有所提高。您能否談談是什麼促使您提高指導價？例如，您是否看到了食品或副產品中 MTM 的使用情況，或者能否利用額外的收入等等？

That might have been different versus where things stood three months ago any extra details on what's motivating the change in the guidance for revenue would be great. And do you have any early thoughts on how the revenue might look for 2026? I'm curious if you could give us an early read on next year, if at all possible Thanks.

這可能與三個月前的情況有所不同，如果能提供更多關於促使營收預期發生變化的細節信息，那就太好了。您對 2026 年的收入前景有什麼初步看法嗎？如果可以的話，我很想知道您能否提前透露明年的情況。謝謝。

Hey Jeff, good morning. So in terms of the guidance, like, we have obviously one fewer quarter with the annual guide, this period versus to last obviously, but I think you know just taking a step back as we talked about on the call, MTMs are accelerating. MTM growth is accelerating. ARPU is expanding.

嘿，傑夫，早安。所以就業績指引而言，顯然，由於年度業績指引比上一季少了一個季度，但我認為，正如我們在電話會議上討論的那樣，退一步來看，MTM（按市值計價）正在加速增長。MTM的成長正在加速。ARPU值正在成長。

Basically, all aspects of the growth model are firing on all cylinders right now and I think we have just a lot of optimism with the trajectory of the business, and I think you're seeing that reflected. In the revised guidance, so, I would say no major difference in terms of you know where we're at now necessarily versus last quarter, it's just more of a continuation of the trends that we've been seeing over the last year plus now where again.

基本上，成長模式的各個方面目前都運作良好，我認為我們對公司的發展軌跡非常樂觀，而這一點也已經體現出來了。所以，在修訂後的指導方針中，我認為，就我們現在所處的位置而言，與上個季度相比，並沒有什麼重大變化，只是延續了過去一年多以來我們所看到的趨勢。

MTMs are trending very favorably and ARPU is expanding rapidly and that's supporting the top-line growth as we've talked about the unit economics are improving based on the new underwriting paradigm that we're in with the higher growth spreads and net yields that we're seeing within the portfolio and all that's just flowing down through to the to the bottom line.

MTM 趨勢非常有利，ARPU 正在快速成長，正如我們之前討論過的，這支撐了營收成長，基於我們目前所處的新承保模式，單位經濟效益正在改善，我們看到投資組合中出現了更高的成長利差和淨收益率，所有這些都最終轉化為利潤。

So that's really what's showing up in the guide. We have not provided or we're not be providing any specific color around 2026. I mean, overall our view is just that this is a very big market that we're serving. And we like to think that we can continue to grow MTMs as we serve that market over time and that from an ARPU perspective.

這就是指南中實際顯示的內容。我們沒有提供，也不會在 2026 年前後提供任何特定顏色。我的意思是，總的來說，我們認為我們服務的是一個非常大的市場。我們相信，隨著時間的推移，隨著我們服務於該市場，從每位用戶平均收入（ARPU）的角度來看，我們可以繼續發展 MTM。

We are very early on from what we ultimately want to ship to this customer from a product perspective, and that should lead to additional ARPU growth over time. So we view that the growth algorithm for the business is very durable and that there is still a lot of upside from here for us to drive growth over the next several years.

從產品角度來看，我們目前還處於非常早期的階段，距離我們最終想要交付給這位客戶的產品還很遠，但隨著時間的推移，這應該會帶來額外的 ARPU 成長。因此，我們認為該業務的成長演算法非常穩健，並且在未來幾年內，我們仍有很大的成長空間。

Got it. That's helpful and then on your monthly transacting members, that's now $2.8 million this quarter. So that's a sequential and versus last year. Do you mind digging in a little more in terms of where you're finding new MTMs right now? Walk us through where the new 200,000 MTMs are coming from. It'd be great if you could help us understand that.

知道了。這很有幫助，而且就你們的月度交易會員而言，本季已經達到了 280 萬美元。所以這是與去年同期相比的比較數據。您能否再詳細說說您目前是從哪裡找到新的 MTM 的？請您詳細介紹一下這20萬台新MTM設備來自哪裡。如果您能幫助我們理解這一點，那就太好了。

And then also when we compare MTMs versus your total members, that's at about 20%. That's been pretty consistent over the past several quarters. I guess my question is, do you think there's opportunity to guide? Greater conversion of your total members to become monthly transactors, or is that low 20% sort of the right way to think about it going forward? How do you see that playing out from here? Thanks.

此外，當我們將 MTM 會員數與會員總數進行比較時，發現 MTM 會員數佔比約為 20%。過去幾個季度以來，情況一直相當穩定。我想問的是，你認為現在有機會擔任指導角色嗎？提高會員總數轉換為每月交易者的轉換率，還是說 20% 這個較低的轉換率才是未來發展的正確方向？你覺得接下來事情會如何發展？謝謝。

I'd say that total conversion of our entire base, which is over $13 million now, we feel very good about that being a pool of which we can continue to fish from to convert more customers. The $2.77 million MTMs we just reported on are not the same $2.77 million every single quarter. It is people that come in and out of that total $13 million.

我認為，我們整個客戶群的總轉換率已經超過 1,300 萬美元，我們對此感到非常滿意，相信我們可以繼續從這個客戶群中挖掘更多客戶。我們剛才報導的 277 萬美元 MTM 值並不是每季都是相同的 277 萬美元。這1300萬美元的總支出是由人來來去去的。

So we're still continuing to drive more strategies to convert more people and hopefully we can increase that 20% penetration rate over time. As far as the new MTMs, we're just continuing to see a lot of efficiencies in the existing marketing channels. Word of mouth is still very strong at a third of our acquisition, and we're seeing a lot of pockets of growth within television.

因此，我們仍在繼續推行更多策略來轉換更多用戶，希望隨著時間的推移，我們能夠將滲透率提高到 20%。至於新的MTM（行銷行銷工具），我們持續看到現有行銷管道的效率大幅提升。口碑傳播仍然非常有效，占我們客戶獲取量的三分之一，而且我們看到電視領域有許多成長點。

Which we think is a very challenging channel to scale for most companies, and Dave has found a lot of ways to unlock that, which I think is a real testament to our brand and the very strong message we can go to market with. And the rest of our channels continue to perform well across social digital streaming.

我們認為，對於大多數公司來說，這是一個很難規模化的管道，而戴夫已經找到了很多方法來突破這個限制，我認為這真正證明了我們的品牌實力以及我們可以向市場傳遞的非常強大的信息。我們的其他頻道在社群數位串流媒體領域也持續表現良好。

It's sort of business as usual with no meaningful concentration in in any one channel, which gives us a lot of confidence in 2026 and beyond and as we talked about, you mentioned conversion, we're just seeing much stronger conversion at the front door as a result of cash AI improvements, and that's another way for us to help insulate CAC sensitivities moving forward is just further improvements to conversion.

目前一切照舊，沒有任何管道出現明顯的集中化趨勢，這讓我們對 2026 年及以後充滿信心。正如我們剛才提到的，您提到了轉換率，由於現金 AI 的改進，我們看到前端轉換率大幅提升。這也是我們降低未來 CAC 敏感性的另一種方法，那就是進一步提高轉換率。

Okay, great, thanks very much.

好的，太好了，非常感謝。

Gary Prestopino from Barrington Research.

來自巴林頓研究公司的加里‧普雷斯托皮諾。

Hi, Jason Kyle how are you doing?

嗨，Jason Kyle，你好嗎？

Great, doing well. How are you?

很好，做得很好。你好嗎？

Great, thank you, couple of questions here just for my sake, just to be clear, this monthly subscription fee change for $3 that's for new members who are accessing the extra cash advance option. It's not just for new members who sign up.

太好了，謝謝。我這裡還有幾個問題，只是為了弄清楚，這個每月訂閱費增加 3 美元是針對選擇額外現金預支選項的新會員的。這不僅適用於新註冊的會員。

That's correct. It's about for new MTMs that we convert. That's how to think about that that number and existing members of the $1 have been grandfathered in still help to be able to convert more of those people to higher subscription or revenue over time, but we didn't want to rock the boat on retention or conversion, so we just focused on the new customers, which will continue to grow.

沒錯。這是關於我們轉換的新 MTM 的相關資訊。正是這樣想的：那些享受 1 美元優惠的現有會員仍然能夠幫助我們隨著時間的推移將更多的人轉化為更高的訂閱用戶或收入，但我們不想在用戶留存率或轉換率方面做出任何改變，所以我們只專注於新客戶，而新客戶的數量將會繼續增長。

And then could you and some other question alluded to this with the extra cash advance and the Dave card. Well, can you, if you don't give that conversion. Publicly, could you talk about how that has changed over the last year in terms of members putting their extra cash advance on the Dave card.

然後，你和其他一些人是否也提到了這一點，例如額外的現金預支和戴夫卡？如果你不進行這種轉換，你就做不到。在公開場合，您能否談談過去一年來會員使用 Dave 卡提取額外現金的情況發生了哪些變化？

We have said about 30% of total customers are sending extra cash to the Dave part. That's been pretty consistent over time, looking for more ways to improve that. That's been a pretty steady state conversion we've seen and are happy with is again we view the Dave card as a way to drive incremental retention of our members and it continues to trend nicely with extra cash origination growth.

我們曾表示，約有 30% 的客戶會額外匯款給 Dave 。這一點一直比較穩定，我們正在尋找更多方法來改進它。我們看到轉換率一直保持穩定，對此我們感到滿意。我們再次將 Dave 卡視為提高會員留存率的一種方式，隨著額外現金發放量的增長，其趨勢也繼續保持良好。

Okay, that's great, thanks and then in terms of, new products you've been talking about BMPL in particular, are you, have you developing that product, you have it in beta, where are you and what are your thoughts on introducing it into the market?

好的，太好了，謝謝。關於您提到的新產品，特別是 BMPL，您是在開發這款產品嗎？它目前處於測試階段嗎？您覺得把它推向市場有什麼計畫？

We are with internal testing with a handful of employees as of now and so excited to hit that milestone and expect to have customers start testing the product in the first quarter and depending on what we see and like and the conversion and the loss of performance, we'll determine the pace at which we ramp that product next year.

目前我們正在進行內部測試，只有少數員工參與，我們非常興奮能夠達到這個里程碑，並預計在第一季客戶將開始測試產品。我們將根據我們看到的、喜歡的、轉換率和性能損失情況，來決定明年擴大該產品規模的速度。

Okay, thank you.

好的，謝謝。

Mark Palmer from Benchmark.

來自 Benchmark 的 Mark Palmer。

Yes, good morning with regard to the average extra cash advance size, it nudged up from $206 to $207 between the second quarter and the third quarter, and you noted that it increased to $213 in September. Where could that figure go over time?

是的，早安。關於平均額外現金預支金額，第二季到第三季之間從 206 美元略微上升到 207 美元，您也提到 9 月上升到 213 美元。隨著時間的推移，這個數字會如何改變？

What are you comfortable with in terms of the rate at which the average loan size increases? How do you see that increasing organically, just with the evolution of the platform? Thank you.

您對平均貸款規模的成長速度能接受多少？您認為隨著平台的不斷發展，這種成長會如何自然而然地發生？謝謝。

Hey Mark, good morning. Look, I think we expect to continue to sort of chip away at that average origination size over time, I think if you rewind back to, over the last year or two, you've seen, sort of steady progress against that that metric, and we do see that to continue to be a source of ARPU expansion under the new pricing model moving forward.

嘿，馬克，早安。你看，我認為我們預計隨著時間的推移，平均貸款發放規模會繼續逐步縮小。如果你回顧過去一兩年，你會發現，在這個指標上，我們取得了穩定進展。而且我們認為，在新的定價模式下，這將繼續成為 ARPU 成長的來源。

We saw a nice lift there and in September as a result of the underwriting changes with v5.5, and there are certainly additional model optimizations that we're working on right now that we think will be, additive to average origination size.

我們看到，由於 v5.5 的核保變更，9 月的表現有了顯著提升。目前我們正在進行一些額外的模型優化，我們認為這些優化將有助於提高平均貸款發放規模。

There is also a dynamic where in Q3 our proportion of new customers is larger than Q2 just by virtue of marketing spend and the conversion benefits that we've talked about that creates a little bit of a short-term headwind on average origination sizes because you can imagine new customers' approval limits are lower than the average book but you know sort of as that.

此外，第三季新客戶的比例比第二季高，這僅僅是因為行銷支出和我們之前討論過的轉換率提升，但這會在短期內對平均貸款發放規模造成一些不利影響，因為你可以想像，新客戶的審批額度低於平均水平，但你知道，情況就是這樣。

Normalizes I would expect that to also be just a source of average limit increases as well and then in terms of just tailwinds as our base becomes more and more seasoned or average tenure of an MTM ticks up over time. That is also a source of origination size expansion. If you look at our, average customer tenure of an MTM, it's, close to two years at this point.

正常化後，我預計這也將成為平均限額增長的來源，然後隨著我們基礎越來越成熟或 MTM 的平均任期隨著時間的推移而增加，這也會成為順風。這也是發行規模擴大的原因之一。如果你看一下我們MTM客戶的平均使用時長，目前已經接近兩年了。

Which is up pretty significantly on a, if you look back over the last couple of years and so, as we do better at retention and reactivation, that that is also again a source of upside to the average origination number size number, but look, I think it is a fair thing to say that number can't continue to grow in the perpetuity and if we want to get into.

回顧過去幾年，這個數字已經大幅增長，而且隨著我們在客戶留存和重新激活方面做得更好，這也再次推高了平均貸款發放數量。但是，我認為可以公平地說，這個數字不可能永遠持續成長，如果我們想深入了解的話。

Other types of product categories to give our customers a little bit more flexibility around duration, hence the BNPL offering that we're super excited about to support those additional credit use cases, but yeah, and I'd say over the near to medium term very optimistic that we can continue to chip away at that origination size number.

我們還推出了其他類型的產品類別，以便讓我們的客戶在期限方面擁有更大的靈活性，因此我們非常興奮地推出了 BNPL 產品，以支援這些額外的信貸使用案例。是的，我認為在中短期內，我們非常樂觀地認為我們可以繼續逐步降低貸款發放規模。

Thanks very much.

非常感謝。

(Operator Instructions). Zachary Gunn from FT Partners.

（操作說明）來自 FT Partners 的 Zachary Gunn。

Hey there, thanks for taking my question. So I know this isn't go specifically, but if I back out subscription revenue and really look at the processing revenue, the yield on that as a percentage of origination volume has been steadily going up, and it continued to do so this quarter.

你好，謝謝你回答我的問題。我知道這並非具體情況，但如果我剔除訂閱收入，仔細查看處理收入，就會發現其收益率佔發起交易量的百分比一直在穩步上升，而且本季也繼續上升。

You just talk about what's driving that increase in the yield and, should we expect that to settle, continue to kind of increase just what's driving that? Thanks.

你剛才談到了是什麼因素推動了收益率的成長，以及我們是否應該預期收益率會趨於穩定，還是會繼續成長，那麼究竟是什麼因素推動了收益率的成長呢？謝謝。

And largely the changes to the rev gross revenue yield if you want to think about it, as a sort of service revenue as a percentage of overall originations has come from the pricing model change now that's more or less worked its way through the system, I would expect that to stabilize around the number that you that you're seeing today, but yeah, I'd say that increase over the last couple of quarters, really a result of the pricing evolution that we undertook in Q1.

如果你想把收入毛利率看作是服務收入佔總貸款額的百分比，那麼它的變化主要源於定價模式的改變，而這種改變現在已經或多或少地滲透到了整個系統中。我預計它會穩定在你今天看到的這個數字附近，但是，是的，我認為過去幾個季度的成長實際上是我們在第一季進行的價格調整的結果。

Got it. Okay, that's helpful and then just as a follow-up, when you have loans off balance sheet, can you just remind us, walk us through the economics, what the moving pieces will be in terms of accounting for credit losses or anything else we should be aware of?

知道了。好的，這很有幫助。那麼，作為後續問題，當貸款不在資產負債表內時，您能否提醒我們一下，給我們講解一下其中的經濟原理，在信用損失的會計處理方面有哪些需要考慮的因素，或者還有其他我們應該注意的事項？

Yeah, so basically how it's going to work is our receivables or a large portion of our receivables are going to sit with the bank at Coastal and so the funding obligations from us will be, drastically reduced. We will still have full economic exposure to the to the underlying assets. We're just going to basically be paying the bank for access to their balance sheet.

是的，基本上運作方式是，我們的應收帳款或大部分應收帳款將存放在Coastal銀行，因此我們的融資義務將大幅減少。我們仍將對標的資產承擔全部經濟風險。我們基本上就是要付錢給銀行，才能查閱他們的資產負債表。

So from a provision and overall accounting perspective on the on the P&L in particular, there won't be any real change. It should be very consistent. We'll continue to report out on the same metrics that we we do currently.

因此，從準備金和整體會計角度來看，特別是對損益表而言，不會有任何實質的變化。它應該非常一致。我們將繼續報告目前所報告的相同指標。

It's really just the fact that our balance sheet will reflect the fact that our, receivables will be sitting at the bank and that we won't have any debt obligations on the balance sheet with respect to a credit facility there. So from a net cash perspective, net cash should go up significantly as we make that transition.

實際上，我們的資產負債表將反映出我們的應收帳款將存放在銀行，而我們在資產負債表上不會有任何與該銀行信貸相關的債務義務。因此，從淨現金的角度來看，隨著我們完成這項轉型，淨現金應該會大幅增加。

Got it. Thanks.

知道了。謝謝。

And ladies and gentlemen, this concludes today's question-and-answer session and thus concludes today's call. We thank you for joining Dave Inc's third quarter results conference call. At this time, you may disconnect your lines. Take care.

女士們、先生們，今天的問答環節到此結束，今天的電話會議也到此結束。感謝您參加Dave Inc.第三季業績電話會議。此時，您可以斷開線路。小心。