Dave Inc. (DAVE) 2025 Q4 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 fourth quarter and full year ended December 31, 2025. Joining us today are Dave's CEO, Mr. Jason Wilk; and the company's CFO and COO, Mr. Kyle Beilman.

各位下午好，感謝各位參與今天的電話會議，討論 Dave 截至 2025 年 12 月 31 日止第四季及全年財務業績。今天與會者包括 Dave 的執行長 Jason Wilk 先生，以及公司財務長兼營運長 Kyle Beilman 先生。

By now, everyone should have access to the fourth-quarter and full-year 2025 earnings press release, which was issued today after the market closed. 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 for -- answer to your questions.

目前各位應已可取得 2025 年第四季及全年財報新聞稿，該新聞稿已於今日收盤後發布。新聞稿可於 Dave 官網的投資人關係專區 investors.dave.com 查閱。此外，本次電話會議亦將於公司網站提供網路重播。管理層發言結束後，我們將開放電話會議進行——回答各位的提問。

Certain comments made during this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

本次電話會議與網路直播中所作的部分評論，依據 1995 年《私人證券訴訟改革法》屬於前瞻性陳述。這些前瞻性陳述受若干已知與未知的風險與不確定性以及假設影響，可能導致實際結果與前瞻性陳述所反映者存在重大差異。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on 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.

這些前瞻性陳述亦受其他風險與不確定性影響，相關內容不時載於公司向美國證券交易委員會（SEC）提交的文件中。請勿過度依賴任何前瞻性陳述；該等陳述僅截至本次電話會議當日為準。除法律要求外，公司不承擔修訂或更新任何前瞻性陳述之義務。

The company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, non-GAAP gross profit, non-GAAP gross margin, adjusted earnings per share, and compensation expense, excluding stock-based compensation as supplement 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 and Form 8-K furnished to the SEC.

公司簡報亦包含若干非 GAAP 財務衡量指標，包括調整後 EBITDA、調整後 EBITDA 利潤率、調整後淨利、非 GAAP 毛利、非 GAAP 毛利率、調整後每股盈餘，以及剔除以股份為基礎之薪酬的薪酬費用，作為衡量本公司業務表現的補充指標。所有非 GAAP 指標均已依 SEC 規則與最直接可比的 GAAP 指標進行調節。您可於財報新聞稿及提交給 SEC 的 Form 8-K 中找到調節表及其他重要資訊。

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

接下來我想把電話會議交給 Dave 的執行長 Jason Wilk 先生。請開始。

Good afternoon and thank you for joining us. 2025 was the strongest year in Dave's history. Revenue grew 60% to $554 million, and adjusted EBITDA reached $227 million at a roughly 41% margin. To put the year in perspective, we entered 2025 with guidance of $415 million to $435 million in revenue and $110 million to $120 million in adjusted EBITDA.

各位下午好，感謝各位加入我們。2025 年是 Dave 歷史上最強勁的一年。營收成長 60% 至 5.54 億美元，調整後 EBITDA 達 2.27 億美元，利潤率約 41%。為了讓各位了解今年的表現，我們在進入 2025 年時給出的指引為營收 4.15 億至 4.35 億美元，以及調整後 EBITDA 1.10 億至 1.20 億美元。

We raised guidance every quarter and ultimately exceeded the midpoint of that original revenue guidance by 30% and nearly double the original EBITDA guidance. In dollar terms, we outperformed on revenue by $129 million and EBITDA by $112 million, meaning we had an 86% flow-through rate on our top-line outperformance for the year.

我們每一季都上調指引，最終營收較原先指引中位數高出 30%，而 EBITDA 幾乎是原先指引的兩倍。以金額計算，我們營收超出 1.29 億美元、EBITDA 超出 1.12 億美元，意味著我們在全年營收超預期的部分，達成了 86% 的流轉率（flow-through rate）。

Full-year adjusted EBITDA grew 162%, nearly 3 times the revenue growth rate, driven by gross margin expansion and the operating leverage embedded in our business model. I want to thank our incredibly talented and hard-working team for making that possible.

全年調整後 EBITDA 成長 162%，接近營收成長率的 3 倍，主要受毛利率擴張以及我們商業模式中內嵌的營運槓桿所帶動。我要感謝我們極具才華且努力不懈的團隊，讓這一切成為可能。

The two key takeaways in this call are, one, we once again demonstrated the durability of what we will now refer to as our growth algorithm, which is to sustain mid-teens member growth and low double-digit ARPU growth. ARPU spend at 36% year over year and multi-transaction members accelerated 19%, which positions us well heading into 2026. Our 2.9 million MTMs are still a small fraction of the overall 185 million customer TAM, and we believe we're still early in our journey to drive incremental ARPU through underwriting enhancements, new ExtraCash features and price optimization, and new credit products.

本次電話會議有兩個關鍵重點：第一，我們再次證明了我們現在稱之為「成長演算法」的韌性，也就是維持會員數中十位數（mid-teens）的成長，以及 ARPU 低雙位數的成長。ARPU 支出年增 36%，多次交易會員（multi-transaction members）加速成長 19%，使我們在邁入 2026 年時具備良好態勢。我們的 290 萬名 MTM 仍僅占整體 1.85 億名客戶 TAM 的一小部分；我們相信，透過承保能力強化、新的 ExtraCash 功能與價格最佳化，以及新的信貸產品來推動 ARPU 增量，我們仍處於旅程的早期階段。

The second takeaway is that credit performance resulting from CashAI v5.5 produced further improvement sequentially. Credit performance remains an input, not an output, to maximize gross profit dollars, which we again displayed in the fourth quarter. Gross profit and net monetization rate were both records in Q4, further demonstrating the improving unit economics underlying our growth.

第二個重點是，CashAI v5.5 所帶來的信貸表現較前一季進一步改善。信貸表現仍是用來最大化毛利金額的「輸入」，而非「輸出」；我們在第四季再次展現了這一點。第四季毛利與淨變現率（net monetization rate）皆創下新高，進一步證明支撐我們成長的單位經濟效益正在改善。

Now let me touch on the key drivers of our growth strategy, starting with efficient member acquisition, our first strategic pillar. In Q4, we acquired 867,000 new members, up 13% year over year, at a $20 CAC. Our strategy is to deploy marketing spend to maximize gross profit rather than minimize CAC.

接下來我將談談我們成長策略的關鍵驅動因素，首先是高效率的會員獲取，這是我們的第一個策略支柱。第四季我們新增 867,000 名新會員，年增 13%，CAC 為 20 美元。我們的策略是配置行銷支出以最大化毛利，而非將 CAC 最小化。

This approach, combined with our improved unit economics, drove a $48 increase year over year in annualized gross profit per MTM, significantly outpacing changes in CAC. Our gross profit payback period improved by nearly one month year over year to under four months, which gives us confidence to continue scaling MTMs throughout 2026.

此一作法結合我們改善的單位經濟效益，使每位 MTM 的年化毛利較去年增加 48 美元，顯著超過 CAC 的變動幅度。我們的毛利回收期（payback period）較去年縮短近一個月，降至四個月以內，這讓我們有信心在 2026 年持續擴大 MTM 規模。

Our second strategic pillar, engaging members with ExtraCash, continued to drive substantial growth. Originations reached a record $2.2 billion, up 50% year over year, driven by 19% MTM growth and a 20% increase in average ExtraCash size of $214. CashAI v5.5, which was trained on our new fee structure and leverages nearly twice as many AI-driven features as our prior model, has now delivered a full quarter of performance.

我們的第二個策略支柱是透過 ExtraCash 提升會員參與度，並持續帶動可觀成長。放款額（originations）創下 22 億美元新高，年增 50%，主要由 19% 的 MTM 成長以及平均 ExtraCash 金額提升 20% 至 214 美元所驅動。CashAI v5.5 係以我們新的費用結構進行訓練，並運用近乎前一代模型兩倍的 AI 驅動特徵，目前已完整呈現一整季的表現。

Our Q4 28-day past due rate improved 12% sequentially to 1.89%, outperforming our guidance of below 2.1% for the quarter. Leveraging direct visibility from connected bank accounts, CashAI maintains disciplined risk controls while delivering what we believe are the largest average disbursements in the single-pay credit market. This differentiated underwriting capability strengthens our value proposition to support additional customer growth, allowing us to compound more training data for our AI models, creating a powerful flywheel that strengthens our moat.

我們第四季 28 天逾期率（28-day past due rate）較前一季改善 12% 至 1.89%，優於我們對該季低於 2.1% 的指引。藉由連結銀行帳戶所帶來的直接可視性，CashAI 在維持嚴謹風險控管的同時，提供我們認為在單次償還（single-pay）信貸市場中最高的平均撥款金額。此一差異化的承保能力強化了我們的價值主張，以支持進一步的客戶成長，並讓我們得以累積更多 AI 模型訓練資料，形成強大的飛輪效應，進一步鞏固我們的護城河。

Our third strategic pillar is deepening engagement through Dave Card. Total card spend grew 17% year over year to $534 million. High-margin subscription revenue grew 92% year over year, benefiting from the full impact of our $3 monthly subscription fee for new members. As a proportion of our MTM base acquired under the new subscription pricing increases, we expect subscription revenue to become a more meaningful contribution to total revenue.

我們的第三個策略支柱是透過 Dave Card 加深參與度。卡片總消費額年增 17% 至 5.34 億美元。高毛利的訂閱收入年增 92%，受惠於我們對新會員每月 3 美元訂閱費的完整影響。隨著在新訂閱定價下取得的 MTM 基礎占比提升，我們預期訂閱收入將對總營收做出更具意義的貢獻。

Before turning it over to Kyle, I want to provide a few strategic updates. On Coastal Community Bank, we remain on track to begin transitioning ExtraCash receivables to the new off-balance sheet funding structure next quarter, which will begin unlocking meaningful liquidity and reduce our cost of capital. Kyle will provide additional details shortly.

在交給 Kyle 之前，我想提供幾項策略更新。關於 Coastal Community Bank，我們仍按計畫於下季開始將 ExtraCash 應收款轉移至新的表外（off-balance sheet）資金結構，這將開始釋放可觀的流動性並降低我們的資本成本。Kyle 稍後將提供更多細節。

Turning to our Pay-in-4 product, we are well into internal testing and expect to begin customer testing as early as next month. We believe this direct-to-consumer offering, which will not accrue compound interest or charge late fees, will be far superior and differentiated from traditional credit cards offered to our target market, which are optimized for customers who carry large balances at high APRs and incur excessive late fees.

至於我們的 Pay-in-4 產品，我們已進入內部測試的後期，並預期最快於下個月開始進行客戶測試。我們相信，這項直接面向消費者的產品不會計收複利或收取逾期費，將明顯優於並有別於提供給我們目標客群的傳統信用卡；傳統信用卡通常針對持有高額餘額、承擔高 APR 且產生過高逾期費的客戶進行最佳化。

Leveraging CashAI, we believe we can meaningfully differentiate our offering through superior underwriting and product experience while enhancing every aspect of our strategic pillars. We don't expect meaningful Pay-in-4 revenue in 2026 as we remain focused on optimizing unit economics before scaling in 2027.

透過運用 CashAI，我們相信能藉由更優異的核保能力與產品體驗，實質性地差異化我們的產品，同時強化我們策略支柱的各個面向。由於我們仍專注於在 2027 年擴張前先優化單位經濟效益，我們預期 2026 年不會有顯著的 Pay-in-4 收入。

Next, regarding the DOJ matter, the case is currently in the discovery phase, and we have no material updates. We continue to vigorously defend that we believe we were in compliance with applicable law at all times.

接著，關於司法部（DOJ）事項，該案件目前處於證據開示（discovery）階段，我們沒有任何重大更新。我們將持續積極抗辯，並相信我們在任何時點皆遵循適用法律。

Lastly, I want to quickly touch on our thoughts on potential AI disruption in the software industry. From a defensibility perspective, we believe Dave has a sizable moat. We've invested significant time and capital in building the necessary regulatory and operational infrastructure and relationships across bank partnerships, payments infrastructure, compliance, capital markets, and a large network of customized vendor integrations to operate at scale.

最後，我想快速談談我們對軟體產業可能受到 AI 顛覆的看法。從可防禦性角度來看，我們認為 Dave 擁有相當可觀的護城河。我們已投入大量時間與資本，建立必要的監管與營運基礎設施，以及涵蓋銀行合作夥伴、支付基礎設施、法遵、資本市場，並具備龐大的客製化供應商整合網路等關係，以支援規模化營運。

Additionally, and most importantly, we have established a massive proprietary data set on credit performance and servicing interactions to refine our models, which is impossible to replicate without significant user scale and capital investment to absorb losses.

此外，也是最重要的一點，我們已建立龐大的專有資料集，涵蓋信用表現與服務互動，用以精進我們的模型；若沒有顯著的用戶規模與可吸收損失的資本投入，這是不可能被複製的。

Second, in a scenario in which AI creates dislocation in the economy, leading to lower incomes or higher unemployment and government-assisted income, while origination per user could potentially decrease slightly, we believe this will be more than offset by the large increase in Americans looking for and for whom we can underwrite for short-term liquidity.

第二，在一種情境下，若 AI 造成經濟錯位，導致收入下降或失業率上升，以及政府補助性收入增加，雖然每位用戶的放款（origination）可能略為下降，我們相信這將被更多尋求短期流動性、且我們能為其進行核保的美國人數大幅增加所遠遠抵銷。

Overall, we believe our business will continue to benefit from AI innovation. AI technology allows us to make CashAI more powerful, build to market more valuable products for our members with an efficient team, and support speed and scalability across all aspects of our operations, all of which are expected to lead to more growth opportunities and operating leverage for our business.

整體而言，我們相信我們的業務將持續受惠於 AI 創新。AI 技術使我們能讓 CashAI 更強大，以精實的團隊打造並推向市場對會員更有價值的產品，並在營運各層面支援速度與可擴展性；預期這些都將為我們的業務帶來更多成長機會與營運槓桿。

Looking ahead to 2026, we believe our growth algorithm remains durable. Our momentum combined with disciplined investment and the continued evolution of CashAI to improve ExtraCash credit performance and enable new credit products help position us to deliver the growth and profitability embedded in our full-year outlook.

展望 2026 年，我們相信我們的成長演算法仍具韌性。我們的動能，加上有紀律的投資，以及 CashAI 持續演進以改善 ExtraCash 的信用表現並促成新的信貸產品，將有助於我們實現全年展望中所隱含的成長與獲利能力。

With that, I'll turn the call over to Kyle for additional detail.

接下來，我把電話交給 Kyle 進一步說明。

Thanks, Jason. And good afternoon, everyone. Today, I'm going to walk through the core drivers of our fourth-quarter and full-year performance, a concise overview of credit, our balance sheet and capital allocation updates, and our 2026 outlook. Let's start with the key trends that shaped our results.

謝謝，Jason。各位下午好。今天我將說明我們第四季與全年表現的核心驅動因素、信用概況的精要回顧、資產負債表與資本配置的最新進展，以及我們對 2026 年的展望。先從塑造我們成果的關鍵趨勢談起。

Our growth algorithm remains incredibly strong. We accelerated MTM growth for the third consecutive quarter, driven by efficient member acquisition, higher conversion and reactivation rates from successful product and marketing initiatives, and continued strong retention.

我們的成長演算法依然非常強勁。在高效率的會員獲取、成功的產品與行銷計畫帶動更高的轉換與再啟用率，以及持續強勁的留存所驅動下，我們已連續第三個季度加速 MTM 成長。

On the ARPU side, underwriting enhancements, including the impact of CashAI v5.5, combined with our updated pricing model and a growing mix of members on our new subscription tier were key drivers of growth. In the fourth quarter, we delivered revenue of $163.7 million, up 62% year over year and 9% sequentially. For the full year, revenue reached $554.2 million up 60%, driven by each component of our growth algorithm performing above expectations.

在 ARPU 方面，核保強化（包括 CashAI v5.5 的影響）、更新後的定價模型，以及採用我們新訂閱層級的會員占比提升，都是成長的關鍵驅動因素。第四季我們實現營收 1.637 億美元，年增 62%，季增 9%。全年營收達 5.542 億美元，年增 60%，主要受惠於成長演算法的各個組成要素皆優於預期。

As Jason alluded to earlier, our credit performance demonstrated the strong fundamentals underlying our profitable growth. In the fourth quarter, our 28-day delinquency rate improved 14 basis points sequentially to 2.19%. Our 28 days past due or DPD metric, which we introduced last quarter, improved 26 basis points or 12% sequentially to 1.89%, well below the initial guidance we provided last quarter and the preliminary results that we shared last month.

如 Jason 先前提到，我們的信用表現展現了支撐獲利性成長的強勁基本面。第四季，我們的 28 天逾期率較前一季改善 14 個基點至 2.19%。我們在上季引入的「逾期 28 天（28 days past due，DPD）」指標，較前一季改善 26 個基點（或 12%）至 1.89%，明顯低於我們上季提供的初始指引，以及我們上月分享的初步結果。

The DPD metric more closely aligns with industry standards and removes noise associated with assets with different duration profiles. Note that we will stop reporting on the 28-day delinquency rate in 2026 as we fully transition to 28 DPD as our core delinquency rate metric.

DPD 指標更貼近產業標準，並可排除因資產期限結構不同所帶來的雜訊。請注意，隨著我們在 2026 年全面轉換以 28 DPD 作為核心逾期率指標，我們將停止揭露 28 天逾期率。

Seasonally, the first quarter typically reflects our lowest delinquency and loss rates due to the additional liquidity members receive from tax refunds, and performance to date in Q1 is tracking consistent with that pattern. Given these improvements in credit, alongside the expansion we're seeing on ARPU, our net monetization rate defined as ExtraCash revenue net of 121-day losses as a percentage of origination expanded 29 basis points year over year to an all-time high of 4.8%. And average revenue per ExtraCash origination net of losses grew 27% year over year.

就季節性而言，第一季通常反映我們最低的逾期與損失率，因為會員會因退稅而獲得額外流動性；截至目前，第一季的表現與此模式一致。在信用改善的同時，加上我們在 ARPU 方面看到的擴張，我們的淨變現率（定義為 ExtraCash 營收扣除 121 天損失後，占放款金額的百分比）年增 29 個基點至歷史新高 4.8%。且每筆 ExtraCash 放款在扣除損失後的平均收入年增 27%。

Gross profit reached $121.9 million in Q4, up 68% year over year. Gross margin was 74%, up approximately 300 basis points year over year and 500 basis points sequentially. The sequential improvement was primarily driven by a lower provision as a percentage of revenue, reflecting continued improvements in credit performance from CashAI v5.5 and a favorable quarter-end calendar dynamic as Q4 ended on a Wednesday rather than a Tuesday in Q3.

第四季毛利達 1.219 億美元，年增 68%。毛利率為 74%，年增約 300 個基點，季增 500 個基點。季增改善主要來自備抵提列占營收比重下降，反映 CashAI v5.5 帶來的信用表現持續改善，以及有利的季末日曆因素——第四季結束於週三，而第三季結束於週二。

For the full year, gross profit was $401.5 million, up 68%, with a gross margin of 72%, up approximately 400 basis points year over year. Looking ahead, we expect gross margins in the low 70s range in 2026, up from our previously guided range of upper 60s to low 70s, supported by improving credit performance and growing subscription revenue mix.

全年毛利為 4.015 億美元，年增 68%，毛利率為 72%，年增約 400 個基點。展望未來，我們預期 2026 年毛利率將落在 70% 出頭區間，高於我們先前指引的 60% 高段至 70% 低段區間，並將受惠於信用表現改善與訂閱營收組合占比提升。

It's important to note that Q1 ends on a Tuesday, which typically marks the intra-week peak in outstanding receivables and as a result drives higher provision for credit losses despite favorable underlying credit trends. All else equal, the Tuesday close creates adverse impacts to the provision, both sequentially and year over year.

需要特別注意的是，第一季結束於週二，這通常是週內應收帳款餘額的高峰，因此即使基本信用趨勢有利，仍會推升信用損失備抵提列。在其他條件相同下，週二結帳會對備抵提列造成不利影響，無論是相較前一季或相較去年同期。

To touch on a few other P&L items, advertising and activation costs were $19.7 million in Q4, up 34% year over year, as we leaned into user acquisition given the significant returns and sub-four-month payback periods we continue to generate on our marketing dollars. As we look to 2026, the first quarter is typically our softest from a marketing efficiency standpoint due to tax refund dynamics. As a result, we are moderating marketing investment in Q1 to offset seasonal softness in ExtraCash demand.

再談幾項損益表（P&L）項目，第四季廣告與啟用成本為 1,970 萬美元，年增 34%，因為在我們持續於行銷支出上創造顯著報酬、且回收期不到四個月的情況下，我們加大了用戶獲取投入。展望 2026 年，第一季通常是行銷效率相對最弱的季度，主要受退稅動態影響。因此，我們在第一季將適度降低行銷投資，以抵銷 ExtraCash 需求的季節性走弱。

While average tax refund amounts appear modestly higher year over year, likely reflecting recent tax reform, we are not seeing demand impact outside of normal seasonal patterns. For the remainder of the year, we plan to moderately expand marketing investment above fourth-quarter 2025 levels.

雖然平均退稅金額看起來較去年同期略有提高，可能反映近期稅制改革，但我們未觀察到超出正常季節性模式的需求影響。在今年其餘時間，我們計畫將行銷投資在 2025 年第四季水準之上適度擴大。

Turning to fixed costs, compensation expenses in Q4 declined 7% year over year and were roughly flat sequentially. Excluding stock-based compensation, fixed expenses as a percentage of revenue improved to approximately 19%, down roughly 800 basis points year over year, highlighting the operating leverage inherent in our platform. Taking all this together, fourth-quarter GAAP net income was $66 million compared to $16.8 million in the prior-year period.

接著看固定成本，第四季薪酬費用年減 7%，季比約持平。若排除股份基礎給付，固定費用占營收比重改善至約 19%，年減約 800 個基點，凸顯我們平台內建的營運槓桿。綜合以上，第四季 GAAP 淨利為 6,600 萬美元，去年同期為 1,680 萬美元。

Adjusted EBITDA reached a record $72.3 million, up 118% year over year, representing a 45% margin, an expansion of approximately 1,100 basis points. For the full year, adjusted EBITDA was $226.7 million at a 41% margin with a flow-through rate of 86% from gross profit.

調整後 EBITDA 達到創紀錄的 7,230 萬美元，年增 118%，代表 45% 的利潤率，擴張約 1,100 個基點。全年調整後 EBITDA 為 2.267 億美元，利潤率 41%，自毛利的流轉率（flow-through rate）為 86%。

Regarding our Coastal Community Bank funding arrangement, we remain on track to begin transitioning ExtraCash receivables under the new op balance sheet structure next quarter. Upon full implementation, we expect to unlock over $200 million in incremental liquidity, reduce our cost of capital, and enable us to repay our existing credit facility by midyear. We anticipate the fees paid to Coastal under this new arrangement will be recognized as an operating expense. As a result, the associated expense will reduce non-GAAP gross profit, and gross margin will be added back for adjusted EBITDA purposes.

關於我們與 Coastal Community Bank 的資金安排，我們仍按計畫於下個季度開始在新的營運公司資產負債表（op balance sheet）架構下，逐步轉移 ExtraCash 應收款項。在全面落地後，我們預期可釋放超過 2 億美元的新增流動性、降低資本成本，並使我們能在年中前償還現有的信貸融資。我們預期在此新安排下支付給 Coastal 的費用將被認列為營業費用。因此，相關費用將降低非 GAAP 毛利，而在調整後 EBITDA 的計算中，毛利率影響將被加回。

When you combine our year-end cash position with the incremental liquidity expected from the Coastal transition and our continued free cash flow generation, our forecasted cash balance at the end of the year represents a meaningful double-digit percentage of our current enterprise value, providing significant flexibility to execute on our capital allocation priorities.

當把我們年末現金部位、預期因 Coastal 轉換帶來的新增流動性，以及我們持續產生的自由現金流合併考量時，我們預測的年末現金餘額將相當於目前企業價值的具意義的兩位數百分比，為我們執行資本配置優先事項提供顯著彈性。

To that end, our Board has approved an increase in our share repurchase authorization from $125 million to $300 million. We believe this expanded program reflects our confidence in the intrinsic value of our shares and our firm commitment to returning capital to shareholders while continuing to invest in profitable growth. Given the current market backdrop, we expect to begin executing aggressively against this authorization in the near term.

為此，我們董事會已核准將股票回購授權額度由 1.25 億美元提高至 3 億美元。我們相信，這項擴大的計畫反映了我們對公司股票內在價值的信心，以及我們在持續投資於獲利性成長的同時，向股東返還資本的堅定承諾。鑑於目前的市場環境，我們預期在短期內將積極執行此項授權。

Now let's turn to our outlook. First, as Jason alluded to, we've established a medium-term baseline growth algorithm where we expect MTM and ARPU growth rates to be in the mid-teens and low double digits, respectively. Given the size of our TAM and the additional product expansion opportunities ahead, we believe this algorithm is a sustainable baseline for the next several years while also giving ourselves the ability to outperform.

接下來談談我們的展望。首先，如 Jason 所提到的，我們已建立一個中期的基準成長模型（growth algorithm），預期 MTM 與 ARPU 的成長率分別落在約 15% 的中段（mid-teens）與低兩位數（low double digits）。考量我們 TAM 的規模以及未來更多的產品擴張機會，我們相信這套模型在未來數年可作為可持續的基準，同時也讓我們具備超越該基準的能力。

For 2026, we expect revenue to be in the range of $690 million to $710 million, representing year-over-year growth of approximately 25% to 28%. We expect adjusted EBITDA to be in the range of $290 million to $305 million. In addition, for the first time, we are introducing adjusted earnings per share guidance, reflecting our focus on driving per share denominated value creation as a result of our focus on opportunistic share repurchases at scale. For 2026, we expect adjusted EPS to be in the range of $14 to $15. This guidance assumes estimated annual effective tax rate of approximately 23% for 2026.

對於 2026 年，我們預期營收將介於 6.90 億至 7.10 億美元，年增約 25% 至 28%。我們預期調整後 EBITDA 將介於 2.90 億至 3.05 億美元。此外，我們也首次提供調整後每股盈餘（adjusted EPS）指引，反映我們聚焦於透過大規模、機會型的股票回購，推動以每股為基礎的價值創造。對於 2026 年，我們預期調整後 EPS 將介於 14 至 15 美元。此指引假設 2026 年的估計年度有效稅率約為 23%。

Our outlook is built on a continuation of what we proved in 2025, mid-teens MTM growth, continued ARPU expansion driven by origination size, pricing, subscription mix, and a disciplined investment posture. We plan to make modest and incremental investments in new product development and go-to-market capabilities that we believe will drive future growth while continuing to expand annual adjusted EBITDA margins.

我們的展望建立在延續 2025 年已證明的成果之上：MTM 約 15% 中段的成長、由放款規模、定價、訂閱組合所帶動的 ARPU 持續擴張，以及審慎的投資態度。我們計畫在新產品開發與市場進入（go-to-market）能力上進行小幅、循序的投資，我們相信這將帶動未來成長，同時持續擴大年度調整後 EBITDA 利潤率。

In closing, the execution we demonstrated throughout 2025, raising guidance every quarter, accelerating MTM growth, significantly expanding margins, and improving credit performance while scaling originations provide a strong foundation for 2026. We believe our competitive moat continues to strengthen through CashAI, and we have significant opportunities to drive shareholder value with our strong balance sheet and compelling product roadmap for many years to come.

總結來說，我們在 2025 年全年的執行表現——每季上調指引、加速 MTM 成長、顯著擴大利潤率，以及在擴大放款規模的同時改善信用表現——為 2026 年奠定了堅實基礎。我們相信，透過 CashAI，我們的競爭護城河持續強化；憑藉強健的資產負債表與具吸引力的產品藍圖，未來多年我們仍有大量機會為股東創造價值。

And with that, we'll conclude our prepared remarks. Operator, let's open the line for questions.

以上為我們的事先準備發言。接線員，請開放提問。

(Operator Instructions) Andrew Jeffrey, William Blair.

(接線員指示) Andrew Jeffrey，William Blair。

Hi, good afternoon, guys. Nice results. It's great to see the flywheel, Jason, as you described it, spooling up. I wonder if you could give us a sense sort of how close you think you are to kind of optimizing credit outcomes and gross profit growth, namely driven by average ExtraCash loan size and whether as you approach what you think the limit is under 5.5, whether you start to roll out 6.0 and I guess, how seamless that transition will be? I don't want to get too far ahead of ourselves here, but I'm just trying to think ahead about how the growth algorithm perpetuates over time.

嗨，大家午安。表現不錯。Jason，如你所描述，很高興看到飛輪效應正在加速運轉。我想請你們談談，你們認為距離把信用結果與毛利成長最佳化還有多近——主要是由 ExtraCash 平均貸款金額所驅動——以及當你們接近你們認為在 5.5 版本下的上限時，是否會開始推出 6.0 版本？另外，我想了解這個轉換會有多順暢？我不想在這裡講得太超前，但我只是想提前思考，這套成長模型如何隨時間持續運轉。

Yes. Thanks a lot, Andrew. It was a fantastic quarter. Look, I think we plan for this year with our growth algorithm to continue chipping away at average origination size growth. We think there's a lot of room left to run in v5.5, but we will start to be testing v6.0 later this year. And as we rolled out v5.5, you could see that we can test those new models pretty rapidly.

是的。非常感謝你，Andrew。這是一個非常出色的季度。你看，我們對今年的規劃是依照這套成長模型，持續逐步推升平均放款金額的成長。我們認為在 v5.5 上仍有很大的成長空間，但我們會在今年稍晚開始測試 v6.0。而且從 v5.5 的推出過程你也可以看到，我們能相當快速地測試這些新模型。

We started testing the first versions of v5.5 early in the summer, and we had our first full month rolled out in September. And I think that's just a real testament to how fast the duration is of our ExtraCash portfolio. Our book turns over every 8 to 10 days. And when you combine that with our CashAI algorithm that is able to look at cash flow data, it's just sort of an unparalleled position to sit within short duration consumer credit compared to our peers that are doing longer duration installment lending or open line credit card.

我們在夏季初就開始測試 v5.5 的第一批版本，並在 9 月完成首次整月的全面上線。我認為這充分證明了我們 ExtraCash 投資組合的存續期間非常短，因此迭代速度很快。我們的資產組合每 8 到 10 天就會周轉一次。再加上我們的 CashAI 演算法能夠分析現金流資料，使我們在短天期消費者信貸領域相較同業（例如做較長天期分期貸款或開放式信用卡額度者）具備幾乎無可比擬的優勢。

Okay. I look forward to seeing the progress there. And if I might, one follow up. To the extent that Dave Card is important for ecosystem monetization, any thoughts on sort of how to perhaps incentivize behavior such as disbursement of ExtraCash balances into Dave Card accounts? Would that be something that's worth investing some CAC on, or do you think that's sort of a natural maturation process that just takes place but with time?

了解。我很期待看到你們在這方面的進展。如果可以的話，我再追問一題。若 Dave Card 對生態系變現很重要，你們是否有想法去激勵某些行為，例如把 ExtraCash 的撥款金額轉入 Dave Card 帳戶？這會是值得投入一些獲客成本（CAC）的事情嗎？還是你們認為這是一個自然成熟、隨時間推進就會發生的過程？

We've seen historically about 30% of all ExtraCash dollars flow on to the Dave Debit Card. We see that as a meaningful way for us to drive our third pillar of our strategy, which is to deepen engagement with our members. We do plan on new credit products helping to also deepen that relationship.

從歷史數據來看，大約有 30% 的 ExtraCash 資金會流向 Dave Debit Card。我們認為這是推動我們策略第三支柱——加深會員互動——的一個重要方式。我們也規劃讓新的信用產品進一步加深這段關係。

The debit card is strategic to our longer-term roadmap, but I'd say our more near-term roadmap is focused on new short-term credit opportunities like the Pay-in-4 product, which we're very excited about testing with existing employees right now in-house and expect to start testing with customers sometime in April.

簽帳金融卡在我們較長期的產品藍圖中具有策略性地位，但我會說，我們更近期的藍圖聚焦在新的短期信貸機會，例如 Pay-in-4 產品；我們目前非常期待，正在內部與現有員工進行測試，並預期在 4 月的某個時間開始與客戶測試。

So excited to continue to see more products being shipped with CashAI. And I think that's where we really have a lot of differentiation, not a ton of differentiation within debit other than giving customers discounts to adopt the product. And I do suspect that over the many years we do more for our members within credit, the chance we have to win more of their direct deposit will grow over time.

因此，我們很期待看到更多結合 CashAI 的產品持續推出。我認為這正是我們真正具備高度差異化的地方；相較之下，簽帳金融卡本身的差異化不算大，除了提供折扣來鼓勵客戶採用產品之外。而我也確實認為，隨著未來多年我們在信貸領域為會員提供更多服務，我們爭取到更多會員直接存款（direct deposit）的機會，將會隨時間增加。

Okay, thank you. I look forward to using the Pay-in-4 product. Appreciate it.

了解，謝謝。我很期待使用 Pay-in-4 產品。感謝。

Yes, thanks so much.

是的，非常感謝。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Hi, everyone, thanks for taking the questions. Given the visibility you have into your member spending from the cash flow underwriting, are you able to size how much of your members' monthly spend that Dave is currently capturing? And then with the new Pay-in-4 product, how do you view that contributing to unlocking more of that wallet share and ultimately capturing more of everyday spend and moving more up wallet with your members? Thanks.

嗨，各位，謝謝讓我提問。鑑於你們透過現金流承銷能掌握會員支出狀況的可視性，你們是否能估算 Dave 目前捕捉到會員每月支出的多少比例？另外，針對新的 Pay-in-4 產品，你們如何看待它在提升錢包占有率（wallet share）、最終捕捉更多日常支出，以及在會員端「提升錢包層級」（moving more up wallet）方面的貢獻？謝謝。

So Ryan, ultimately, the Dave Card is capturing about 30% of our customers' ExtraCash spend. And so if you look at the overall direct deposit adoption of the company, we don't have significant penetration there, so it's hard to say what overall spend penetration we have of our customers' wallet share.

所以 Ryan，最終來看，Dave Card 目前大約攫取了我們客戶 ExtraCash 支出中的 30%。因此，如果你看公司整體的直接存款採用情況，我們在那方面的滲透率並不高，所以很難說我們在客戶錢包份額中的整體支出滲透率到底是多少。

But as far as the Pay-in-4 product, we look to that as another way to drive incremental engagement. We expect the limits of that product to be pretty significantly larger than ExtraCash, roughly 50% to 2x the limit; and so with that, tend to grow more within the credit TAM, which we see with our customers using things like other EWA products, other BNPL products, or traditional overdraft, which is still our primary competition here. Kyle, anything to add there?

但就 Pay-in-4 產品而言，我們把它視為推動額外互動的另一種方式。我們預期該產品的額度上限會顯著高於 ExtraCash，大約是其 50% 到 2 倍；因此，它會更多地在信貸 TAM（總可服務市場）中成長。我們看到客戶也會使用其他 EWA 產品、其他 BNPL 產品，或傳統透支（這仍是我們在這裡的主要競爭對手）。Kyle，你還要補充嗎？

Got it, and -- sorry, go ahead.

了解，然後——抱歉，你先說。

I think you largely covered it. But I think from an income perspective, we see customers have roughly $3,000 to $4,000 of income coming into their connected accounts with us. And if you look at the average ExtraCash amount today as a proportion of that total income, it's relatively small and see the overall spending potential to increase.

我覺得你基本上都涵蓋到了。不過從收入角度來看，我們看到客戶大約有 3,000 到 4,000 美元的收入流入他們與我們連結的帳戶。而如果你看目前平均 ExtraCash 金額占總收入的比例，其實相對很小，因此整體支出潛力仍有提升空間。

If you want to think about just total sort of credit origination and therefore how much wallet share is that capturing as a percentage of income, yes, we're in a very low penetration of that overall equation there and view the flex card to be a meaningful opportunity to capture more of that wallet share, as Jason mentioned.

如果你只從總體信貸發放（credit origination）來思考，進而看它占收入的錢包份額比例，是的，我們在那個整體方程式中的滲透率仍然非常低；正如 Jason 提到的，我們認為 flex card 是一個很有意義的機會，可以攫取更多錢包份額。

Got it. Yes, that $3,000 to $4,000, I think, is very helpful to contextualize the opportunity. And then just as a follow up, within the guidance, can you give any color on the range of 28-day DPD rates that you're baking into the guide for the year for that 25% to 28% growth?

了解。是的，我覺得那個 3,000 到 4,000 美元的數字，對於理解機會規模很有幫助。接著追問一下，在你們的指引（guidance）裡，能否提供一些顏色：你們在今年 25% 到 28% 成長的指引中，納入的 28 天 DPD 比率區間大概是多少？

Yes. I mean, roughly speaking, where we were at in Q4, we had about 1.89% DPD rate in Q4. So if you extrapolate that out to our 121-day loss metric, it implies about 1.3%. I'd say that's largely where we expect things to fall, and that roughly tracks to the low 70s gross margin guidance that we provided. And really, our approach with the loss rates isn't to think about managing them lower from here. It's how can we just continue to increase monthly transacting members with loss rates kind of sustaining in that level.

可以。大致來說，我們在第四季的 28 天 DPD 比率約為 1.89%。所以如果把它外推到我們的 121 天損失指標（loss metric），大概意味著約 1.3%。我會說這大致就是我們預期的落點，而這也大致對應到我們提供的 70% 出頭的毛利率指引。而且我們對損失率的做法，不是去想要從這裡把它再壓得更低。我們更關注的是：如何在損失率大致維持在這個水準的情況下，持續提升每月有交易的會員數。

Great. Thanks, guys.

很好。謝謝各位。

(Operator Instructions) Devin Ryan, Citizens Bank.

（接線員指示）Devin Ryan，Citizens Bank。

Hey there, guys. It's Neo Eloff on for Devin. Some quick questions. I guess on the Pay-in-4, it's great to hear that you see, I guess, kind of on the last question, how the revenue will compare over time relative to ExtraCash. Do you guys have any concern that the product itself will cannibalize a portion of ExtraCash as it begins to roll out?

嗨，各位好。我是 Neo Eloff，代替 Devin 發問。有幾個快速問題。關於 Pay-in-4，很高興聽到你們提到——我想呼應上一題——隨著時間推移，收入相對於 ExtraCash 的比較情況。你們是否擔心這個產品在開始推廣後，會侵蝕（cannibalize）一部分 ExtraCash？

We're anticipating some cannibalization but ultimately view those products to be pretty complementary. We do see pretty significant penetration of our customers using online BNPL today, which will be quite differentiated from. And with that, they're still using ExtraCash because the use cases are quite different. ExtraCash primarily used for bills, gas, groceries. And today, we don't view ourselves winning any of the discretionary spending that we do see our competition within BNPL winning. So expect some cannibalization but again, mostly view those to be pretty complementary.

我們預期會有一些互相侵蝕，但最終仍認為這兩個產品相當互補。我們確實看到目前有相當高比例的客戶在使用線上 BNPL，而這會是相當差異化的。在此同時，他們仍在使用 ExtraCash，因為使用情境差異很大。ExtraCash 主要用於帳單、加油、雜貨。而目前我們不認為自己有贏下任何我們看到 BNPL 競品所贏得的那部分非必需性（discretionary）支出。所以會有一些互相侵蝕，但同樣地，我們主要仍視其為互補。

We also would expect -- even though the monetization of the Pay-in-4 product will be slightly less than ExtraCash, because of the heavy demand from our customers and feedback around giving more duration, we do expect longer retention or higher retention of that product, and so would view actually LTV to be higher of Pay-in-4.

我們也預期——即使 Pay-in-4 的變現能力會略低於 ExtraCash——由於客戶需求很強、且回饋希望有更長的期限，我們確實預期該產品會有更長或更高的留存率，因此我們反而認為 Pay-in-4 的 LTV（客戶終身價值）會更高。

And so we actually wouldn't even mind if the -- if there was cannibalization given the higher LTV profile of the business. But importantly, I think with Pay-in-4, we do expect this to be a meaningful new UA go-to-market for us. And so it could unlock more incremental marketing scale, is that even if you look at it from that perspective, cannibalization is not as relevant.

因此，即便真的出現互相侵蝕，考量到這門業務較高的 LTV 結構，我們其實也不會介意。但更重要的是，我認為對 Pay-in-4 而言，我們確實預期它會成為我們一個重要的新 UA（用戶獲取）上市路徑（go-to-market）。所以它可能解鎖更多增量的行銷規模；從這個角度看，互相侵蝕就沒那麼相關了。

All right, great. Thanks. And then I guess my next question, maybe a smaller one, is on the subscription charges for Dave Card. So obviously, new members are now paying $3. Are the grandfathered accounts going to be changing over anytime soon, or will they remain at $1?

好，太好了。謝謝。接著我下一個問題，可能比較小：關於 Dave Card 的訂閱費。很明顯，新會員現在付 3 美元。那些被沿用舊方案（grandfathered）的帳戶，近期會改成新費率嗎？還是會維持 1 美元？

The goal remains --

目標仍然是--

The current plan right now is --

目前的計畫是--

Sorry, go ahead, Jason.

抱歉，你先說，Jason。

Yes. The current plan is for us --

是的。目前的計畫是我們--

I was just going to say --

我只是想說--

Go ahead, Kyle.

你先說，Kyle。

The current plan is for us to keep those folks at $1 per month, though we do see there being optionality around that in the future. But we'd like to compare that if and when we ever made a change with additional product value that we'd be delivering to those customers. So I would say no for now, but we'd reserve that right in the future to make a change there.

目前的計畫是讓這些用戶維持每月 1 美元，雖然我們也看到未來在這方面仍有一些選擇空間。但如果、以及當我們未來真的要做任何調整，我們希望能把它與我們將提供給這些客戶的額外產品價值相匹配。所以我會說目前不會，但我們保留未來在那裡做調整的權利。

Okay, awesome. Thank you, guys.

好的，很棒。謝謝各位。

Thank you.

謝謝。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Hey, guys, good afternoon. Great results here once again. Maybe we just kind of double-click on the balance sheet impact we're seeing, obviously, moving off balance sheet for ExtraCash but Pay-in-4. What does that mean for the balance sheet moving forward if that product is successful? And then maybe just as a follow up, as you roll out your guide here for 2026, guidance is -- I think it's an important part of the Dave story and investment case.

嗨，各位，下午好。這次成果再次非常亮眼。也許我們再深入看一下目前看到的資產負債表影響：很明顯 ExtraCash 正在移出資產負債表，但 Pay-in-4 呢？如果該產品成功，對未來資產負債表意味著什麼？另外追問一下，當你們推出 2026 年的指引時，指引——我認為——是 Dave 故事與投資論點中很重要的一部分。

So any changes or updates to the general philosophy around guidance relative to the market opportunity you've seen? Obviously, you've outperformed materially against your guidance and so maybe if you could kind of refresh us on your guidance philosophy and any learnings or updates to that philosophy versus a year ago. Thanks, guys.

所以，針對你們看到的市場機會，關於指引的一般哲學（philosophy）是否有任何變更或更新？很明顯你們的實際表現大幅超越指引，因此如果可以的話，能否請你們重新說明一下指引哲學，以及相較一年前有哪些學習或更新？謝謝各位。

Hey, Joe. It's Kyle. Thanks for joining and appreciate the question. Maybe just to start off on the balance sheet impact for Coastal with respect to the ExtraCash product, to recap for everyone, we have plan to move all of our receivables or the majority of our receivables to Coastal in an off-balance sheet structure where we maintain full economic exposure of the assets. We're just effectively paying them for utilizing their balance sheet.

嗨，Joe。我是 Kyle。謝謝參與，也感謝你的問題。先從 Coastal 對 ExtraCash 產品的資產負債表影響談起，幫大家回顧一下：我們計畫把我們所有的應收款（receivables）或大部分應收款，透過一個表外（off-balance sheet）架構移轉到 Coastal，同時我們仍保留資產的全部經濟曝險。我們實際上只是為了使用他們的資產負債表而向他們付費。

And so that should free up about $200 million at current levels of cash as those receivables migrate, so it's a really capital-efficient structure for us. We will plan to mimic that structure for the BNPL product as well. So it will require us to invest a little bit in the receivables there, but the overwhelming majority of those receivables will also sit at Coastal, so again, a very capital-efficient approach to growing that product.

因此，隨著這些應收款項逐步轉移，在目前的現金水位下，這應該能釋放約2億美元的資金，所以對我們而言這是一個資本效率非常高的結構。我們也計劃在BNPL產品上複製這種結構。因此我們需要在那邊的應收款項上投入一點資金，但其中絕大多數的應收款項也會放在Coastal，所以同樣地，這是一種以非常高的資本效率來擴張該產品的方法。

And then with respect to the guidance, as we've talked about in the past, our goal is to put out numbers that we have very high confidence in delivering upon. We think that's a really important part of our approach in building relationships and trust with the Street and we'd largely continue with that same approach for 2026. I will say kind of rewinding back to this time last year, we had just rolled out our new fee model and that we were optimistic around that.

接著關於財測指引，如同我們過去談到的，我們的目標是提供我們非常有信心能夠達成的數字。我們認為這是我們建立與華爾街之間關係與信任方式中非常重要的一部分，而我們在2026年大致也會延續同樣的做法。我想回到去年這個時候，我們剛推出新的費率模型，當時我們對此抱持樂觀。

We wanted to give ourselves a little bit of flexibility with the guidance and be a little bit maybe more conservative than we would have been otherwise just given the kind of the early innings of the performance data that we've seen to date. So that, I think, allowed us to outperform a bit more than what we had expected because the results of that were, I'd say, beyond expectation.

我們希望在指引上保留一些彈性，並且可能比原本會做得更保守一些，主要是因為截至目前我們看到的績效數據仍處於早期階段。因此我認為這讓我們能夠比預期表現得更好一些，因為結果可以說是超出預期。

But yes, just to recap, conservative approach to the guide, want to give ourselves the ability to outperform, and I think we've beat and raised every quarter for the last three-plus years now. And we'd like to be in a position to continue to do that moving forward as well.

不過是的，總結一下：對指引採取保守作法，希望保留超越預期的空間；而且我想我們在過去三年多以來每一季都做到「優於預期並上調指引」。我們也希望未來能持續維持這樣的狀態。

And just to put numbers behind that, we still believe in this growth algorithm we just talked about on the call, which is to sustain mid-teens user growth and mid-double-digit ARPU growth. As you think about last year, our ARPU is 36% as a result of the new fee model, so just significant outperformance as a result of that. And so we expect growth to return more to normalcy this year.

再用數字補充一下，我們仍然相信剛才在電話會議中談到的這套成長算法，也就是維持使用者中十位數（mid-teens）的成長，以及ARPU中雙位數（mid-double-digit）的成長。回顧去年，由於新的費率模型，我們的ARPU成長了36%，因此帶來非常顯著的超預期表現。所以我們預期今年的成長會回到較正常的水準。

Got it. Great results, guys. Thank you very much.

了解。各位表現很棒。非常感謝。

Thanks Joe.

謝謝你，Joe。

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

(接線員指示) Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions. Nice quarter. Nice guide. I just wanted to touch on the MTMs. Obviously, you saw an acceleration in growth here in Q4. Maybe along with the subscription price increase here, maybe you could just talk about kind of do you see customers leaving with the subscription at $3 a month and then coming back more often? Or is there any kind of comparison to the $1 per month subscription? Any color there is helpful.

嗨，各位。感謝你們回答問題。這一季表現不錯。指引也很好。我想稍微談一下MTM。很明顯你們在第四季看到成長加速。也許再加上訂閱價格上調，你們能否談談：在每月3美元的訂閱下，你們是否看到客戶流失後又更常回來？或者跟每月1美元訂閱相比，有沒有任何可比較之處？任何補充說明都很有幫助。

I think it's worth noting that we've been -- we're in testing with the higher price point subscription, testing everything from zero, $1, $3, and $5 price points for about six months, and we wanted to make sure that we were measuring both conversion and retention impact. We landed on the $3 because we saw no impact to retention or conversion, and so it gave us a lot of conviction to roll it out for new customers. And so I think that helps answer your question there.

我認為值得一提的是，我們一直在測試較高價格點的訂閱方案，過去大約六個月測試了從0、1、3到5美元等不同價格點，我們希望同時衡量轉換率與留存的影響。我們最後選擇3美元，因為我們看到對留存或轉換都沒有影響，因此讓我們很有信心把它推廣給新客戶。我想這也有助於回答你的問題。

Importantly, we didn't want to raise the price in existing members because we already increased revenue per user pretty significantly through the new fee model last year and so didn't feel the need, given the improvements in ARPU, that need to increase the subscription price as well. But I would expect that we'd have success there should we want to given the performance of the new customers on that model.

重要的是，我們不想對既有會員調漲價格，因為去年透過新的費率模型，我們已經把每位使用者的營收提高得相當顯著，因此在ARPU改善的情況下，並不覺得也需要再提高訂閱價格。但我預期如果我們想做的話，基於新客戶在該模型下的表現，我們應該也會成功。

That makes sense. And maybe could you kind of help us think, were -- was the acceleration in growth, I mean, was that better marketing strategy? Or do you think it was kind of economic-driven? Any color there?

了解。另外也許你們能幫我們思考一下，成長加速是因為更好的行銷策略嗎？還是你們認為是經濟因素驅動？有沒有任何補充說明？

I would say that was more driven by things that we have done from either an underwriting perspective or product improvements or marketing improvements as opposed to anything that we've seen in the macro. I mean, if you just look at the sort of the activity rate of MTM as a percentage of total account holders, we're growing that number faster than what we are, the total account base.

我會說這更多是由我們自身所做的事情所驅動，無論是承保（underwriting）面、產品改善或行銷改善，而不是我們在總體環境中看到的任何變化。我的意思是，如果你看MTM的活躍率（占總帳戶持有人比例），我們讓這個數字成長的速度，比我們整體帳戶基數成長的速度還要快。

And so I think that just speaks to the improvements that we're making in -- from a product perspective and conversion and retention to drive overall MTM growth. So we're excited to continue to invest in just making ExtraCash the number-one product in the market. And as Jason mentioned, we think that the Pay-in-4 product as well will give us another opportunity to acquire customers at the top of the funnel efficiently and drive additional retention as we're fulfilling more of their credit needs over time.

所以我認為這反映出我們在產品面、轉換與留存方面所做的改善，進而帶動整體MTM成長。因此我們很期待持續投資，讓ExtraCash成為市場上的第一名產品。正如Jason提到的，我們也認為Pay-in-4產品將為我們帶來另一個機會，能在漏斗頂端以高效率獲取客戶，並且隨著時間推進、我們滿足他們更多的信貸需求，進一步提升留存。

Got it. Maybe just one last one. Impact, kind of tax refund season is upon us here. I know you said Q1 is -- ends on a Tuesday, your guys' least favorite day. But maybe help us think through kind of any impact that you're seeing from kind of the tax refund cycle currently.

了解。最後再問一個。目前正值退稅季。我知道你們說第一季——在週二結束，是你們最不喜歡的一天。但也許請你們幫我們梳理一下，目前你們看到退稅週期對業務有什麼影響。

Jason, do you want to take that one?

Jason，你要回答這題嗎？

Yes. I think we're ultimately seeing pretty much a normal tax refund season. We are seeing refunds up about 10%. So nothing near what people were worried about seeing that we would potentially see significant refund increases over last year and ultimately through the quarter, seeing no significant business impacts, and that's just business as usual here.

好的。我想我們最終看到的退稅季基本上相當正常。我們看到退稅金額大約增加了10%。所以完全不像大家擔心的那樣，可能會看到相較去年大幅增加的退稅；而且整個季度下來，我們沒有看到任何顯著的業務影響，基本上就是一切如常。

Got it, very helpful. I appreciate it, guys.

了解，很有幫助。謝謝各位。

Thanks so much.

非常感謝。

Thank you so much. And this concludes our Q&A session. I will pass it back to Jason Wilk for closing remarks.

非常感謝。以上為我們的問答環節。我將把時間交回給Jason Wilk做結語。

Thanks, everyone. We appreciate it.

謝謝大家。我們非常感謝。

This concludes our conference. Thank you all for participating, and you may now --

本次電話會議到此結束。感謝各位參與，現在您可以——