Green Dot Corp (GDOT) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Green Dot Corp. Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) You may note this event is being recorded. I would now like to turn the conference over to Tim Willi, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

下午好，歡迎來到 Green Dot Corp. 2022 年第四季度收益電話會議。 （操作員說明）在今天的演示之後，將有機會提問。 （操作員說明）您可能會注意到正在記錄此事件。我現在想將會議轉交給投資者關係和企業發展高級副總裁 Tim Willi。請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing Green Dot's fourth quarter 2022 financial and operating results. Following our remarks, we'll open the call for your questions. Our most recent earnings release that accompanies this call and webcast can be found at ir.greendot.com. As a reminder, our comments may include forward-looking statements and expectations regarding future results and performance. Please refer to the cautionary language in the earnings release and in Green Dot's filings with the Securities and Exchange Commission, including our most recent Form 10-K and 10-Q for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements. During the call, we will make reference to our financial measures that do not conform with generally accepted accounting principles.

謝謝，大家下午好。今天，我們正在討論 Green Dot 2022 年第四季度的財務和經營業績。在我們發表評論之後，我們將開始徵集您的問題。可在 ir.greendot.com 上找到我們隨本次電話會議和網絡廣播發布的最新財報。提醒一下，我們的評論可能包括前瞻性陳述以及對未來結果和業績的預期。請參閱收益發布和 Green Dot 提交給美國證券交易委員會的文件中的警示性語言，包括我們最近的 10-K 和 10-Q 表格，以了解有關可能導致實際結果與前瞻性結果大不相同的因素的更多信息- 看起來陳述。在電話會議期間，我們將參考我們不符合公認會計原則的財務措施。

For the sake of clarity, unless otherwise noted, all numbers we talk about today will be on a non-GAAP basis. Information may be calculated differently than similar non-GAAP data presented by other companies. Quantitative reconciliation of our non-GAAP financial information to the directly comparable GAAP financial information appears in today's press release. The content of this call is property of the Green Dot Corporation and is subject to copyright protection. Now I'd like to turn the call over to George.

為清楚起見，除非另有說明，否則我們今天談論的所有數字都將基於非公認會計原則。信息的計算方式可能不同於其他公司提供的類似非 GAAP 數據。我們的非 GAAP 財務信息與直接可比的 GAAP 財務信息的定量調節出現在今天的新聞稿中。本次通話的內容是 Green Dot Corporation 的財產，受版權保護。現在我想把電話轉給喬治。

Good afternoon, everyone, and thank you for joining our fourth quarter and full-year 2022 earnings call. Today, we will cover the following topics. We will review our fourth quarter and full-year earnings along with our accomplishments for 2022. I will provide a preview of our 2023 guidance and priorities for the coming year. Jess will provide you more details on 2022 results and 2023 guidance, and I will share some closing comments before opening it up for your questions. Let's jump in. Our fourth quarter financial results came in at or above the high end of our guidance range. Non-GAAP revenue of $337 million was up 5% year-over-year. EBITDA margins were 10.5% and non-GAAP EPS of $0.34 per share was up 26%. For the full year, we finished with non-GAAP revenue of $1.43 billion, up 3% year-over-year. EBITDA margins of 17%; non-GAAP EPS of $2.59 per share, up 17%, and free cash flow of $193 million.

大家下午好，感謝您參加我們的第四季度和 2022 年全年財報電話會議。今天，我們將討論以下主題。我們將回顧我們的第四季度和全年收益以及我們在 2022 年取得的成就。我將預覽我們 2023 年的指導方針和來年的優先事項。 Jess 將為您提供有關 2022 年結果和 2023 年指導的更多詳細信息，我將在開始回答您的問題之前分享一些結束評論。讓我們開始吧。我們第四季度的財務業績達到或高於我們指導範圍的高端。非 GAAP 收入為 3.37 億美元，同比增長 5%。 EBITDA 利潤率為 10.5%，非 GAAP 每股收益為 0.34 美元，增長 26%。全年，我們的非美國通用會計準則收入為 14.3 億美元，同比增長 3%。 EBITDA 利潤率為 17%；非美國通用會計準則每股收益為 2.59 美元，增長 17%，自由現金流為 1.93 億美元。

As I recap 2022, first, let me say, I am proud of our team and the focus and hard work they put into moving Green Dot forward. Let me take you through a few highlights. First, our fundamental performance. We finished the year ahead of initial guidance due to a combination of solid revenue performance, diligence in managing costs, and improvements in key operational areas such as fraud and customer care. Second, our technology transformation. We completed our first platform conversion in the fourth quarter and are moving forward on remaining conversions.

在回顧 2022 年時，首先讓我說，我為我們的團隊以及他們為推動 Green Dot 前進所付出的專注和辛勤工作感到自豪。讓我帶您了解一些亮點。第一，我們的基本性能。由於穩健的收入表現、管理成本的勤奮以及在欺詐和客戶服務等關鍵運營領域的改進，我們提前完成了最初的一年。第二，我們的技術改造。我們在第四季度完成了第一次平台轉換，並正在推進剩餘的轉換。

The first conversion went well, and we intend to complete the rest of the conversions by midyear. Third, we had notable business wins. We had a significant business win in our BaaS division in late 2022, which we look forward to announcing soon, along with continued wins in our Green Dot Network and rapid PayCard channels. This was a result of hard work and coordination by our teams over the course of 2022 as they work together to ensure that our new customers fully understood the vision and capabilities we will have when we complete our technology conversions.

第一次轉換進展順利，我們打算在年中完成其餘轉換。第三，我們取得了顯著的商業勝利。 2022 年底，我們在 BaaS 部門取得了重大業務勝利，我們期待很快宣布這一點，同時我們的 Green Dot Network 和快速 PayCard 渠道也將繼續取得勝利。這是我們團隊在 2022 年期間努力工作和協調的結果，因為他們共同努力確保我們的新客戶充分理解我們在完成技術轉換後將擁有的願景和能力。

Our focus on business development will accelerate with the previously announced appointment of Chris Rupple as Chief Revenue Officer and as we move beyond our intense focus on technology changes. Given the significant roll-off of stimulus in 2021, the tremendous work and investment we put into our technology platform, and the changes in CEOs during the year. Again, I am very proud of what our teammates at Green Dot accomplished in 2022. Before turning to our plan and priorities for 2023, I want to address our guidance. As you have seen in our press release, we have provided our 2023 guidance at the midpoint for revenue of $1.4 billion, EBITDA of $185 million, and EPS of $1.85 per share. This guidance is disappointing, and I want to address the underlying drivers upfront.

隨著先前宣布任命 Chris Rupple 為首席營收官，以及我們超越對技術變革的高度關注，我們對業務發展的關注將加快。鑑於 2021 年刺激計劃的顯著退出、我們在技術平台上投入的大量工作和投資，以及這一年 CEO 的變動。再一次，我為我們在 Green Dot 的隊友在 2022 年取得的成就感到非常自豪。在談到我們 2023 年的計劃和優先事項之前，我想談談我們的指導。正如您在我們的新聞稿中看到的那樣，我們提供了 2023 年收入 14 億美元、EBITDA 1.85 億美元和每股 EPS 1.85 美元的中點指引。該指南令人失望，我想提前解決潛在的驅動因素。

First, we previously announced the loss of certain partners and those accounts started rolling off in the fourth quarter of 2022 but will have their most significant impact on 2023. While we have on accounts that are meaningful, they will not start contributing until late 2023 and into 2024. Second, our classic retail business has underperformed our expectations in the second half of 2022, causing us to recalibrate the outlook for the business in 2023. Third, we are seeing changes in consumer behavior likely resulting from heightened inflation. A greater percentage of purchase volume is going to core needs like groceries and fuel. This lowers our interchange revenue and consumers appear to be more actively seeking out surcharge-free ATM networks weakening our ATM revenues.

首先，我們之前宣布了某些合作夥伴的損失，這些賬戶在 2022 年第四季度開始減少，但將在 2023 年產生最重大的影響。雖然我們有一些有意義的賬戶，但他們要到 2023 年底才會開始貢獻，並且到 2024 年。其次，我們的經典零售業務在 2022 年下半年的表現不及我們的預期，導致我們重新調整 2023 年的業務前景。第三，我們看到消費者行為可能因通脹加劇而發生變化。更大比例的購買量用於核心需求，如雜貨和燃料。這降低了我們的交換收入，消費者似乎更積極地尋求無附加費的 ATM 網絡，削弱了我們的 ATM 收入。

Fourth, the movement in the short end of the yield curve as we move through the back half of 2022 will result in less benefit and will pressure net interest income in 2023 versus 2022 due to the legacy nature of our partner agreements. Fifth, the cost savings from the technology conversion will be less than expected as we have adjusted our conversion schedule to accommodate partner needs and new account onboarding. We continue to expect cost savings in the back half of 2023 with substantial benefit in 2024. Last, we will continue to invest in compliance-related activities, go to bank, and the capture of earned wage access business within our Rapid Pay card channel. We are intensely focused on managing costs, including headcount, other non-employee costs, and third-party vendor management. We undertook the unpleasant task of reducing our headcount in early 2023 and are continuing to work on all areas of our cost structure. Several issues negatively impacting our outlook have a clear line of sight to resolution with several directly under our control.

第四，由於我們合作夥伴協議的遺留性質，隨著我們在 2022 年下半年移動，收益率曲線的短端移動將導致收益減少，並將對 2023 年與 2022 年相比的淨利息收入造成壓力。第五，技術轉換節省的成本將低於預期，因為我們調整了轉換計劃以適應合作夥伴的需求和新客戶的入職。我們繼續期望在 2023 年下半年節省成本，並在 2024 年獲得實質性收益。最後，我們將繼續投資於與合規相關的活動，去銀行，並在我們的快速支付卡渠道中獲取賺取工資的業務。我們非常注重管理成本，包括員工人數、其他非員工成本和第三方供應商管理。我們在 2023 年初承擔了裁員這一令人不快的任務，並將繼續在成本結構的所有領域開展工作。對我們的前景產生負面影響的幾個問題有明確的解決方案，其中有幾個問題直接在我們的控制之下。

We expect to exit 2023 as a leaner, more nimble operation with much heavy lifting behind us operating in a marketplace that offers bales opportunities for growth. Our efforts today in reducing our cost structure, enhancing our technology platforms, onboarding new customers, along with the abatement of inflationary pressures on consumers in a moderating interest rate environment, each served to position our company well as we head into 2024. Our specific priorities and goals for 2023 are to meet or exceed our financial targets and to put the company on track to grow both revenue and earnings in 2024. This means 2023 must and will be all about execution. In prior calls, I have talked about our vision and the vast market opportunity that is in front of us. We are focused on leveraging our differentiated assets and new technology infrastructure to be a next-generation financial services platform. But we must have more than a vision.

我們預計將在 2023 年退出，作為一個更精簡、更靈活的運營，我們身後有許多繁重的工作，在一個提供捆包增長機會的市場上運營。我們今天在降低成本結構、增強我們的技術平台、吸引新客戶以及在緩和的利率環境下減輕消費者的通脹壓力方面所做的努力，每一項都有助於我們在進入 2024 年時做好定位。我們的具體優先事項2023 年的目標是達到或超過我們的財務目標，並使公司走上正軌，在 2024 年實現收入和收益的增長。這意味著 2023 年必須而且將完全取決於執行力。在之前的電話中，我談到了我們的願景和擺在我們面前的巨大市場機會。我們專注於利用我們的差異化資產和新技術基礎架構成為下一代金融服務平台。但我們必須擁有的不僅僅是願景。

We must execute and deliver on the initiatives that move us toward that vision as efficiently as possible. That is what 2023 is all about executing. I have made it clear to my executive team and the company as a whole that execution will be our #1 focus. Our execution must improve, and we will build on the momentum that has been generated in 2022. The market and our investors deserve transparency and the ability to understand the accountability that we will hold ourselves to. I am often asked by investors, how do I judge your success? How do I know when you're accomplishing goals? As we move through 2023, I intend to continually update you on these key operational initiatives and how we are doing. It is my firm intent to make sure that you know what we are working on when we intend to complete it when it's completed and what it will mean. I will walk you through my checklist as we move through the year.

我們必須盡可能有效地執行和交付推動我們實現這一願景的舉措。這就是 2023 年的全部內容。我已經向我的執行團隊和整個公司明確表示，執行將是我們的第一要務。我們的執行力必須得到改善，我們將在 2022 年產生的勢頭的基礎上再接再厲。市場和我們的投資者應該獲得透明度，並能夠理解我們將承擔的責任。我經常被投資者問到，我如何判斷你的成功？我怎麼知道你什麼時候完成目標？隨著 2023 年的到來，我打算不斷向您介紹這些關鍵的運營舉措以及我們的進展情況。我的堅定意圖是確保您知道我們正在做的事情，當我們打算完成它時，當它完成時，它意味著什麼。在我們度過這一年的過程中，我將向您介紹我的清單。

These are complicated undertakings and it won't be easy, but we have been doing this work to prepare ourselves for this moment. Many Green Dot employees and the executive management team are listening to this call. I have consistently spoken with them about the topic of execution as we worked through our planning for 2023. They are now hearing me share it with you. It's clear what we need to do this year. So let's summarize my priorities and the boxes that we need to check as we go through 2023. First, it is our technology transformation. This is our #1 priority for the year and is essential to us achieving our vision. The transformation is a complicated process that requires the focus and effort of the entire organization. We completed the first conversion in the fourth quarter and have the remaining conversion slated for the first and second quarters. When completed, this will result in a minimum of $35 million in annual expense savings, which will become visible as we exit 2023 and more fully realized in 2024. Also, and more importantly, on a longer-term basis, we will have a platform that will provide us with much more robust and efficient product development, risk management, and customer care capabilities to leverage across our franchise.

這些都是複雜的工作，並不容易，但我們一直在做這項工作，為這一刻做好準備。許多 Green Dot 員工和執行管理團隊都在傾聽這一呼籲。在我們制定 2023 年計劃時，我一直與他們談論執行的話題。他們現在正在聽我與您分享。今年我們需要做什麼很清楚。因此，讓我們總結一下我的優先事項和我們在 2023 年需要檢查的方框。首先，這是我們的技術轉型。這是我們今年的第一要務，對我們實現願景至關重要。轉型是一個複雜的過程，需要整個組織的專注和努力。我們在第四季度完成了第一次轉換，其餘轉換計劃在第一季度和第二季度進行。完成後，這將導致每年至少節省 3500 萬美元的費用，這將在我們 2023 年退出時變得明顯，並在 2024 年更充分地實現。此外，更重要的是，從長遠來看，我們將擁有一個平台這將為我們提供更強大和高效的產品開發、風險管理和客戶服務能力，以利用我們的特許經營權。

Second is expense management. While we made progress in 2022, there is still work to be done. We are stewards of shareholder capital, and I take that very seriously. Building a culture of stewardship, which includes accountability and expense management is central to that evolution. Beyond the initial cost savings of the technology conversions, I am focused on maximizing the scale and cost advantages of our vertical integration and using that as a tool to win customers and gain market share. Last, a more disciplined approach to expense management and capital allocation will enable us to make investments in the company that will drive attractive growth and shareholder returns. I am focused on earnings growth and return on capital. They are both central to the creation of shareholder value.

二是費用管理。雖然我們在 2022 年取得了進展，但仍有工作要做。我們是股東資本的管家，我非常重視這一點。建立一種包括問責制和費用管理在內的管理文化是這種演變的核心。除了技術轉換的初始成本節省外，我還專注於最大限度地提高垂直整合的規模和成本優勢，並將其用作贏得客戶和獲得市場份額的工具。最後，更嚴格的費用管理和資本分配方法將使我們能夠對公司進行投資，從而推動有吸引力的增長和股東回報。我專注於收益增長和資本回報率。它們都是創造股東價值的核心。

Next up is the onboarding of new business. As mentioned previously, we signed a significant new customer in the BaaS business. We have also signed almost 1,300 new clients in our pay card business, and we signed 16 new partners in our Green Dot network. And we still have a strong pipeline in both of these channels. Onboarding these relationships is an important priority as it will demonstrate to the market our ability to bring new customers on board. Fourth is to build business pipelines and win more customers. While we win in the marketplace, particularly in our Green Dot Network and Rapid PayCard channels, we need to build stronger pipelines around our BaaS and retail embedded finance offerings. We are committed to optimizing how we build our business pipelines and winning more business. As our Chief Revenue Officer, Chris Rupple's top priorities are to better understand and manage our business development efforts and to create more alignment and collaboration across Green Dot to more fully leverage our assets to win business.

接下來是新業務的入職。如前所述，我們在 BaaS 業務領域簽署了一個重要的新客戶。我們還在支付卡業務中籤署了近 1,300 個新客戶，並在我們的 Green Dot 網絡中籤署了 16 個新合作夥伴。我們在這兩個渠道中仍然擁有強大的渠道。建立這些關係是一個重要的優先事項，因為它將向市場展示我們吸引新客戶的能力。四是打造業務管道，贏得更多客戶。雖然我們在市場上取勝，特別是在我們的綠點網絡和 Rapid PayCard 渠道中，但我們需要圍繞我們的 BaaS 和零售嵌入式金融產品建立更強大的渠道。我們致力於優化我們構建業務渠道的方式並贏得更多業務。作為我們的首席營收官，Chris Rupple 的首要任務是更好地理解和管理我們的業務發展工作，並在 Green Dot 之間建立更多的一致性和協作，以更充分地利用我們的資產來贏得業務。

This entails not only better managing our teams when pursuing and pitching business, but also identifying where there are new market opportunities and allocating resources to capitalize on those opportunities. It is our people who will accomplish these priorities. So we need to ensure we are building a world-class, high-performing workforce aligned on our mission, purpose, and priorities and fiercely committed to achieving the goals we have set forth as an organization. A strong culture of high performance, diversity, and accountability translates to a talented workforce that is committed to serving our customers and partners while being responsible stewards of shareholder capital. We will be focused in 2023 in building this culture at the company with a particular focus on management leadership competencies. With that, let me turn it over to Jess to discuss the numbers and go through our guidance. Jess?

這不僅需要在追求和推銷業務時更好地管理我們的團隊，還需要確定哪裡有新的市場機會並分配資源以利用這些機會。我們的員工將完成這些優先事項。因此，我們需要確保我們正在建設一支世界一流、高績效的員工隊伍，與我們的使命、宗旨和優先事項保持一致，並堅定地致力於實現我們作為一個組織設定的目標。高績效、多元化和問責制的強大文化轉化為一支才華橫溢的員工隊伍，他們致力於為我們的客戶和合作夥伴服務，同時負責股東資本的管理。我們將在 2023 年專注於在公司建立這種文化，特別關注管理領導能力。有了這個，讓我把它交給 Jess 來討論這些數字並通過我們的指導。傑斯？

Thank you, George, and good afternoon, everyone. With the press release and slide deck, you should have all the necessary financial numbers and metrics. Let me provide some qualitative commentary about each segment to help you better understand the quarter and what's going on in the business. Turning first to the Consumer Services segment comprised of our retail and direct-to-consumer channels. Like prior quarters, aggregate revenue declines largely remain a function of a decrease in active accounts in both channels. As a reminder, the declines are driven by very distinct dynamics within each channel as well as a small amount of stimulus benefit that still had a lingering impact in the early part of the fourth quarter that we believe is now fully behind us. I covered the unique channel dynamics last quarter, and I'll quickly repeat those today.

謝謝喬治，大家下午好。通過新聞稿和幻燈片，您應該擁有所有必要的財務數字和指標。讓我對每個細分市場提供一些定性評論，以幫助您更好地了解本季度以及業務中發生的事情。首先轉向由我們的零售和直接面向消費者渠道組成的消費者服務部門。與前幾個季度一樣，總收入下降在很大程度上仍然是兩個渠道活躍賬戶減少的結果。提醒一下，下降是由每個渠道內非常不同的動態以及在第四季度初期仍然產生揮之不去的影響的少量刺激利益推動的，我們認為現在已經完全過去了。我在上個季度介紹了獨特的渠道動態，今天我將快速重複這些內容。

We believe our retail channel is facing headwinds associated with the secular change in consumer foot traffic and the competitive environment as consumers now have numerous direct-to-consumer options. In our direct channel, the declines are driven by two factors: First, we made a very deliberate decision at the beginning of 2021 to deemphasize legacy brands while we invest solely in Go2Bank brand from scratch. Second, we pulled back our marketing spend for GotuBank in the first half of 2022, which had a negative impact on account growth plans for 2022. With the natural attrition of the legacy brands and muted first-half marketing spend, overall accounts are down year-over-year in our draft channel. That said, we put the marketing dollars back to work while many of our competitors have pulled back, and we are encouraged by what we are seeing in the Go2Bank brand as we exited the year. Now turning to the results and some color around the metrics and performance.

我們認為，我們的零售渠道正面臨與消費者客流量的長期變化和競爭環境相關的不利因素，因為消費者現在有許多直接面向消費者的選擇。在我們的直接渠道中，下降是由兩個因素驅動的：首先，我們在 2021 年初做出了一個非常慎重的決定，不再強調傳統品牌，而我們從頭開始只投資 Go2Bank 品牌。其次，我們在 2022 年上半年縮減了 GotuBank 的營銷支出，這對 2022 年的客戶增長計劃產生了負面影響。隨著傳統品牌的自然流失和上半年營銷支出的減少，整體客戶同比下降-在我們的選秀頻道中超過一年。也就是說，我們將營銷資金重新投入使用，而我們的許多競爭對手都撤退了，我們對今年結束時在 Go2Bank 品牌中看到的情況感到鼓舞。現在轉向結果以及圍繞指標和性能的一些顏色。

The year-over-year decline in active accounts moderated a bit in the fourth quarter as we have essentially lapped the impact of stimulus payments in 2021. The sequential year-over-year improvement came from our direct channel as we able to put the marketing dollars back to work in the second half of 2022. The year-over-year decline in revenue in the Consumer segment also moderated in the fourth quarter. As we see the rate of decline in actives moderate, we are also seeing encouraging trends in the average revenue per active account and associated metrics like GDV and purchase volume per active account. For the Consumer segment, revenue per active account was up 15%, both in the quarter and for the full year in both direct and retail, posting double-digit growth. The growth in revenue per active account remains driven in part by the retention of accounts that are more highly engaged and drive more volumes as well as continued growth in our overdraft products.

活躍賬戶的同比下降在第四季度有所緩和，因為我們基本上已經超過了 2021 年刺激付款的影響。連續的同比改善來自我們的直接渠道，因為我們能夠將營銷美元將在 2022 年下半年恢復運作。消費者部門的收入同比下降在第四季度也有所緩和。正如我們看到的活躍下降速度放緩，我們還看到每個活躍賬戶的平均收入和相關指標（如 GDV 和每個活躍賬戶的購買量）出現令人鼓舞的趨勢。對於消費者部門，每個活躍賬戶的收入在本季度和全年都增長了 15%，直銷和零售均實現了兩位數的增長。每個活躍賬戶的收入增長仍然部分是由於保留了更高度參與並推動更多交易量的賬戶以及我們透支產品的持續增長。

I would also like to point out that there is a favorable shift in our account mix between direct and retail. The direct channel is now approximately 30% of revenue in the consumer segment versus 24% at year-end 2020 prior to our launch of Go2Bank. Direct accounts have higher GDV and purchase volume and a direct deposit attach rate that is approximately 10x that of the retail channel, resulting in more favorable economics. As a direct business becomes a larger part of the consumer segment, it should continue to be positive for revenue per active account. Turning to segment profit and margins. While revenue was down double digits, segment profit in the fourth quarter was down just slightly year-over-year. We continue to work diligently to manage the cost structure in the retail business relative to its revenue trajectory while still being able to invest in key initiatives with our retail partners. Overall, the entire consumer segment continues to benefit from improvement in areas such as customer care and risk as well as growth from our overdraft products. As a result, margins were up in both channels, although to a lesser extent, in our direct channel as we continue to invest in the growth of Go2Bank.

我還想指出，我們的直銷和零售客戶組合發生了有利轉變。直接渠道目前約佔消費者領域收入的 30%，而在我們推出 Go2Bank 之前，2020 年底這一比例為 24%。直接賬戶具有更高的 GDV 和購買量，直接存款附加率約為零售渠道的 10 倍，從而帶來更有利的經濟效益。隨著直接業務在消費者領域的佔比越來越大，每個活躍賬戶的收入應該會繼續保持正增長。轉向部門利潤和利潤率。雖然收入下降了兩位數，但第四季度的分部利潤同比略有下降。我們繼續努力工作，以管理零售業務相對於其收入軌蹟的成本結構，同時仍然能夠與我們的零售合作夥伴一起投資於關鍵計劃。總體而言，整個消費者群體繼續受益於客戶服務和風險等領域的改善以及透支產品的增長。因此，隨著我們繼續投資於 Go2Bank 的增長，這兩個渠道的利潤率都有所上升，儘管在我們的直接渠道中的幅度較小。

Now let me provide a bit more color and insight into the performance of the direct channel. As I mentioned earlier, the decline in revenue in accounts is a function of a deliberate strategy to focus on building the Go2Bank brand and deemphasize legacy brands. As a real growth of Go2Bank is more than offset by the attrition in legacy portfolio. However, as we've mentioned on our last call, we are encouraged by what we are seeing in this channel, which comprises 30% of the overall consumer segment revenue. Since being launched in January of 2021, Go2Bank has gone from literally contributing nothing to representing approximately 45% of direct channel revenue in 2022. Revenue generated from Go2Bank was up 80% in 2022 from double-digit growth in both active accounts and direct deposit accounts. It's a dynamic market, and we're still early in the journey, but we remain encouraged by what we see with Go2Bank, its potential impact on the direct channel, and the overall consumer segment in the coming years.

現在讓我提供更多關於直接渠道性能的顏色和見解。正如我之前提到的，賬戶收入下降是一項深思熟慮的戰略，即專注於打造 Go2Bank 品牌並淡化傳統品牌。由於 Go2Bank 的實際增長被遺留投資組合的減少所抵消。然而，正如我們在上次電話會議中提到的那樣，我們對這個渠道所看到的情況感到鼓舞，該渠道佔整個消費者部門收入的 30%。自 2021 年 1 月推出以來，Go2Bank 從幾乎沒有貢獻到 2022 年約佔直接渠道收入的 45%。由於活躍賬戶和直接存款賬戶的兩位數增長，Go2Bank 產生的收入在 2022 年增長了 80% .這是一個充滿活力的市場，我們仍處於旅程的早期階段，但我們對 Go2Bank 所看到的情況、它對直接渠道的潛在影響以及未來幾年的整體消費者群體仍然感到鼓舞。

Now let me turn to the B2B segment, which is comprised of our BaaS and Pay card channels. Revenue growth was driven by BaaS and Pay card, while margins remain impacted by certain BaaS contracts that have a fixed profit component. Growth of one of our large VAS customers continues to power the top line in the BaaS channel, while the remaining portion of the business is still lapping the deconversion of a customer in early 2022, which also accounts for the bulk of the year-over-year decline in active accounts. Additionally, in the fourth quarter, we started to observe the roll-off of accounts from the nonrenewal BaaS partners that we previously announced. In our PayCard channel, we continue to experience strong year-over-year growth in active accounts, GDV, and purchase volume. As we've indicated in prior calls, the impact of the BaaS fixed profit structure continues to weigh on the aggregate segment margin.

現在讓我轉向 B2B 部分，它由我們的 BaaS 和支付卡渠道組成。收入增長是由 BaaS 和支付卡推動的，而利潤率仍然受到某些具有固定利潤部分的 BaaS 合同的影響。我們的一個大型 VAS 客戶的增長繼續推動 BaaS 渠道的收入增長，而業務的其餘部分仍在處理 2022 年初客戶的去轉換，這也占同比增長的大部分活躍賬戶年下降。此外，在第四季度，我們開始觀察到我們之前宣布的非續訂 BaaS 合作夥伴的賬戶減少。在我們的 PayCard 渠道中，我們的活躍賬戶、GDV 和購買量繼續實現強勁的同比增長。正如我們在之前的電話中指出的那樣，BaaS 固定利潤結構的影響繼續對總分部利潤率構成壓力。

If we look at the rest of the segment, excluding these arrangements, margins remain quite healthy, including margin expansion in the BaaS channel as we continue to see improvement in areas such as customer care, risk management, and supply chain. The Pay Card business had margin compression during the quarter from lower interchange rates due to the mix shift and higher ticket sizes, coupled with lower ATM fees and higher costs to support the solid growth in accounts and volume. We saw some of these trends reversed in January 2023. Now let me turn to the Money Movement segment, which is comprised of our tax processing business, and the Green Dot Network, which serves our own account base, but is seeing an increasing amount of volume from third-party partners. Overall revenue in the segment was down year-over-year from the decline in cash transfer volume through the Green Dot Network, principally from the impact of a decline in active accounts in our other segments, while tax revenue was very modest in the quarter due to the seasonal nature of the business.

如果我們看看該細分市場的其餘部分，不包括這些安排，利潤率仍然相當健康，包括 BaaS 渠道的利潤率擴張，因為我們繼續看到客戶服務、風險管理和供應鍊等領域的改善。 Pay Card 業務在本季度的利潤率受到壓縮，原因是由於混合轉移和更高的票證尺寸導致較低的交換率，加上較低的 ATM 費用和更高的成本以支持賬戶和數量的穩健增長。我們看到其中一些趨勢在 2023 年 1 月發生了逆轉。現在讓我談談由我們的稅務處理業務組成的貨幣流動部分，以及為我們自己的賬戶基礎提供服務的綠點網絡，但我們看到越來越多的來自第三方合作夥伴的數量。由於通過綠點網絡的現金轉移量下降，該部門的總收入同比下降，這主要是由於我們其他部門活躍賬戶減少的影響，而本季度的稅收收入非常溫和業務的季節性。

The rate of cash transfer declines for the Green Dot Network is less than our active account base as this channel is seeing momentum from growth in new and existing partners. The pace of decline has been moderating and on a sequential basis, transaction volumes and revenue have been reasonably consistent throughout the year, which is encouraging. Transactions from third-party programs had quarter-to-quarter growth throughout the year and now represent just over 50% of total transactions versus 45% in 2021 and 33% back in 2019. As we said before, we believe the Green Dot Network is a unique asset that is under-monetized, and other entities, some of which you may view as our competitors see the value in joining this network and providing convenient cash-in, cash-out access to their customers.

Green Dot Network 的現金轉移率下降低於我們的活躍賬戶基礎，因為該渠道正從新合作夥伴和現有合作夥伴的增長中獲得動力。下降的速度一直在放緩，並且在連續的基礎上，全年的交易量和收入一直相當穩定，這令人鼓舞。來自第三方程序的交易在全年中實現了季度環比增長，目前僅佔總交易的 50% 以上，而 2021 年和 2019 年分別為 45% 和 33%。正如我們之前所說，我們相信綠點網絡是一種未充分貨幣化的獨特資產，以及其他實體，您可能將其中一些視為我們的競爭對手，他們看到了加入該網絡並為其客戶提供方便的現金進出通道的價值。

Despite the decline in revenue, segment margins were up across both channels. It's worth pointing out that the margin expansion for the full year was driven by the Green Dot Network division, while tax margin has remained consistent. Our final segment, Corporate, and Other, reflects the interest income we earn in our bank, net of the revenue share on interest we pay to our VAS partners as well as salaries and administrative costs and some smaller intercompany adjustments. For the quarter, interest income net of partner interest sharing was up year-over-year from the increased yields on our cash and investment portfolio. As a reminder, our investment portfolio represents 2/3 of the interest-earning assets on our balance sheet. The average yield on that portfolio in the fourth quarter was approximately 185 basis points. Meanwhile, our cash earned an overnight rate of approximately 370 basis points. We have arrangements with certain partners that result in us sharing a substantial portion of the overnight rate on the associated deposits.

儘管收入下降，但兩個渠道的分部利潤率均有所上升。值得指出的是，全年利潤率的增長是由綠點網絡部門推動的，而稅收利潤率保持一致。我們的最後一個部分，公司和其他，反映了我們在銀行賺取的利息收入，扣除我們支付給增值服務合作夥伴的利息收入份額以及工資和管理成本以及一些較小的公司間調整。本季度，由於我們的現金和投資組合收益率增加，扣除合作夥伴權益分享後的利息收入同比增長。提醒一下，我們的投資組合佔資產負債表上生息資產的 2/3。第四季度該投資組合的平均收益率約為 185 個基點。與此同時，我們的現金獲得了大約 370 個基點的隔夜利率。我們與某些合作夥伴有安排，導致我們分享相關存款隔夜利率的很大一部分。

Given our mix of investments in cash, that means we are paying out a higher rate on revenue share than we are earning on those deposits. It takes time for our investments to roll off and as overnight rates rise, so does the pressure on the net earnings of interest. With respect to salaries and general and administrative expenses, we were roughly flat year-over-year. Salaries and related compensation were down, while expenses tied to our technology transformation were up. Before turning to guidance, I also want to let you know that we intend to post an investor deck to our IR website in the near future. This depth presents 4 years of annual data not only for our 3 main operating segments, but the 6 divisions that make up those segments. We believe this should be informative and help investors better understand the dynamics, economics, and trends in the business. This information will only be updated annually, so I intend to continue to provide color each quarter on the various segments and divisions.

考慮到我們的現金投資組合，這意味著我們支付的收入份額高於我們從這些存款中獲得的收入。我們的投資需要時間才能減少，而且隨著隔夜利率上升，利息淨收益的壓力也會增加。在工資和一般及行政費用方面，我們與去年同期大致持平。工資和相關薪酬下降，而與我們的技術轉型相關的費用卻增加了。在轉向指導之前，我還想讓你知道我們打算在不久的將來在我們的 IR 網站上發布一個投資者平台。這一深度不僅展示了我們 3 個主要運營部門的 4 年年度數據，還展示了構成這些部門的 6 個部門。我們認為這應該提供信息，幫助投資者更好地了解業務的動態、經濟和趨勢。此信息只會每年更新一次，因此我打算繼續在每個季度提供有關各個細分市場和部門的顏色。

Now I'd like to turn to our guidance. As George mentioned in his opening comments, we are disappointed with our guidance, and we're working diligently to ensure that we position the company for growth in 2024 and beyond. As George mentioned, our guidance for fiscal year 2023 is a revenue range of $1.38 billion to $1.46 billion, adjusted EBITDA in the range of $180 million to $190 million, and non-GAAP EPS of $1.77 to $1.93. I'll discuss guidance in 3 areas. First, I'll give color on 2023 and the moving parts, so you can have some clarity about how we think about the opportunity to elevate core earnings power beyond 2023. Second, I'll provide color around the outlook in terms of its cadence throughout the year and how we think about the segments. Last, I'll touch upon guidance and communication policies on a go-forward basis to ensure we're consistent with our communications to the market.

現在我想談談我們的指導。正如喬治在開場白中提到的那樣，我們對我們的指導感到失望，我們正在努力確保我們為公司在 2024 年及以後的增長做好準備。正如喬治提到的，我們對 2023 財年的指導是收入在 13.8 億美元到 14.6 億美元之間，調整後的 EBITDA 在 1.8 億美元到 1.9 億美元之間，非 GAAP 每股收益在 1.77 到 1.93 美元之間。我將討論 3 個方面的指導。首先，我將給出 2023 年和移動部分的顏色，這樣您就可以清楚地了解我們如何考慮將核心盈利能力提升到 2023 年之後的機會。其次，我將根據其節奏為前景提供顏色全年以及我們如何看待這些細分市場。最後，我將在前進的基礎上談及指導和溝通政策，以確保我們與市場的溝通保持一致。

With respect to 2023, our guidance reflects a reduction in adjusted EBITDA of approximately $55 million at the midpoint. There are a handful of discrete factors that really drive this decline, and we believe that several of them have a path to resolution as we exit the year and head into 2024. My comments are not intended to provide guidance for 2024, but we know that many analysts and investors tend to build out estimates over a 2-year period. This commentary is intended to help you understand some of the major puts and takes between 2022 and 2023, that could help inform you as you think about building out your models for 2024. The first headwind is the loss of 2 BaaS and the nonrenewal of a program in retail. In aggregate, these loss programs represent a revenue and EBITDA headwind of approximately $90 million and $40 million, respectively, split roughly in half between our B2B and consumer segments. We have one sizable new partner of BaaS coming on in 2023, and the prospective revenue and earnings should replace what is being lost over time. However, we will only get a small portion of this in 2023 and a greater benefit in 2024 as this new program ramps up.

關於 2023 年，我們的指引反映了調整後的 EBITDA 在中點減少了約 5500 萬美元。有幾個離散因素真正推動了這種下降，我們相信，隨著我們結束這一年並進入 2024 年，其中一些因素有解決的途徑。我的評論無意為 2024 年提供指導，但我們知道許多分析師和投資者傾向於建立 2 年期間的估計。這篇評論旨在幫助您了解 2022 年至 2023 年之間的一些主要看跌期權和看跌期權，這可以幫助您在考慮構建 2024 年模型時提供信息。第一個不利因素是 2 BaaS 的損失和 BaaS 的不更新零售計劃。總的來說，這些損失計劃分別代表了大約 9000 萬美元和 4000 萬美元的收入和 EBITDA 逆風，在我們的 B2B 和消費者部門之間大致平分了一半。我們將在 2023 年加入一個相當大的 BaaS 新合作夥伴，預期的收入和收益應該會彌補隨著時間的推移而損失的收入。然而，我們在 2023 年只會得到其中的一小部分，隨著這個新計劃的推進，我們將在 2024 年獲得更大的好處。

Second is the timing of cost savings from our technology conversions. Timing and the realization is being pushed back 2 months versus our prior thinking. However, our thinking has not changed on the annualized cost savings. While we are pushing our 2023 cost savings back a bit further in the year, we still expect to realize incremental savings in 2024. Last is the impact on interest rates. As I mentioned previously, we earned net interest income off our cash and investments, and we also share with certain BaaS partners a substantial portion of the overnight rate on the associated deposits. With the short end of the curve moving up fast in our investment portfolio running off slowly, the amount we pay out via sharing arrangements is growing at a much faster rate than the amount we are earning. This has resulted in pressure on the net interest income that falls to our bottom line. As a result, we now face a headwind between $15 million to $20 million in 2023, assuming that the Fed is reasonably close to the end of its rate hikes, with future hikes being more moderate than what we've seen in the second half of 2022. The growth rate of what we pay out will also moderate.

其次是我們的技術轉換節省成本的時機。與我們之前的想法相比，時間和實現被推遲了 2 個月。但是，我們對年化成本節約的想法沒有改變。雖然我們在今年將 2023 年的成本節約進一步推遲，但我們仍預計將在 2024 年實現增量節約。最後是對利率的影響。正如我之前提到的，我們從現金和投資中獲得淨利息收入，我們還與某些 BaaS 合作夥伴分享相關存款隔夜利率的很大一部分。隨著我們投資組合中曲線的短端快速上移，我們通過共享安排支付的金額增長速度遠快於我們的收入增長速度。這導致淨利息收入壓力下降到我們的底線。因此，我們現在在 2023 年面臨 1500 萬至 2000 萬美元的逆風，假設美聯儲合理地接近加息的尾聲，未來的加息比我們在 2023 年下半年看到的更為溫和2022 年，我們支出的增長率也將放緩。

Over time, our investment strategy will balance out this headwind. In summary, we believe there is a path to resolve some of the headwinds that we faced this year. We are successful in executing the operating plan that George outlined, we expect to exit 2023 with visibility to higher level of core earnings power in 2024 and beyond. Now that you have details on the primary headwinds, I'll provide context on how we currently expect the year to unfold to help you with your models. On a consolidated basis, we expect slight declines in revenue for each of the first 3 quarters and possibility of a bit of growth in the fourth quarter. While we face headwinds, as I discussed previously, we continue to look for growth in other parts of the business, including onboarding new partners to minimize the revenue impact. We are slated to onboard a large fast partner in the second quarter as well as other small partners across the business. These programs will contribute to accounts, revenue, and earnings modestly as they begin to ramp throughout the second half of the year.

隨著時間的推移，我們的投資策略將平衡這一逆風。總而言之，我們相信有一條途徑可以解決我們今年面臨的一些不利因素。我們成功執行了喬治概述的運營計劃，我們預計在 2023 年退出，並在 2024 年及以後看到更高水平的核心盈利能力。現在您已經了解了主要不利因素的詳細信息，我將提供有關我們目前預計今年將如何展開的背景信息，以幫助您建立模型。在合併的基礎上，我們預計前三個季度的每個季度收入都將略有下降，第四季度可能會略有增長。正如我之前所討論的，雖然我們面臨逆風，但我們繼續尋求業務其他部分的增長，包括加入新的合作夥伴以盡量減少對收入的影響。我們計劃在第二季度加入一家大型快速合作夥伴以及整個企業的其他小型合作夥伴。隨著這些計劃在今年下半年開始增加，它們將對賬戶、收入和收益做出適度的貢獻。

Looking at adjusted EBITDA, about 2/3 of EBITDA will occur in the first half of the year and 1/3 in the second half, generally in line with our seasonal patterns. I'd like to point out that Q1 should represent a higher percentage of the first half earnings than we typically see. Considering the lost partner programs, our tax processing business will likely become a larger percentage of our Q1 earnings. Of course, this is contingent on the IRS and the timing of resonant. From a margin perspective, we believe the first 3 quarters could have notable declines and the fourth quarter roughly flat. The impact of our reduced marketing in the first half of 2022 and subsequent reinvestment in the second half will play a part in margin mix across the year, particularly in the second quarter of 2023. Additionally, you may remember that in 2022, the first 2 to 3 quarters benefited from very focused efforts on our part to work with vendors to reduce a variety of costs as well as seeing notable improvement in risk and customer care.

從調整後的 EBITDA 來看，大約 2/3 的 EBITDA 將發生在上半年，1/3 將發生在下半年，這與我們的季節性模式基本一致。我想指出，第一季度佔上半年收益的百分比應該高於我們通常看到的。考慮到失去的合作夥伴計劃，我們的稅務處理業務可能會占我們第一季度收入的更大比例。當然，這取決於美國國稅局和共振的時機。從利潤率的角度來看，我們認為前三個季度可能會出現顯著下降，而第四季度則大致持平。我們在 2022 年上半年減少營銷以及隨後在下半年進行再投資的影響將在全年的利潤率組合中發揮作用，尤其是在 2023 年第二季度。此外，您可能還記得，在 2022 年，前 2至 3 個季度受益於我們與供應商合作以降低各種成本的非常集中的努力，以及在風險和客戶服務方面的顯著改善。

We believe the fourth quarter of 2023 will benefit from our cost-reduction efforts and have more normalized comparisons versus the first 3 quarters. Now turning to segments. In the Consumer segment, the continued secular trends in retail, combined with the loss of a retail program will create a headwind in 2023. We anticipate full-year revenue to decline in the low double digits, reasonably consistent throughout the year. We're encouraged by the growth of Go2Bank in the direct channel, and we believe we will see modest full-year revenue growth in this channel as Go2Bank begins to outweigh the decline in the legacy brands. Segment profit is expected to be down in the low to mid-teens with margin compression, particularly in the second and third quarters. Turning to the B2B segment. We expect revenue growth in the high single digits, continued growth from our PayCard channel, growth from our remaining BaaS partners, and the onboarding of the new BaaS partner offset the loss of the 2 BaaS partners that began to roll off in late Q4.

我們相信 2023 年第四季度將受益於我們降低成本的努力，並且與前三個季度相比會有更多的標準化比較。現在轉向細分市場。在消費者領域，零售業持續的長期趨勢，加上零售計劃的損失，將在 2023 年造成不利影響。我們預計全年收入將以低兩位數的速度下降，全年保持一致。我們對 Go2Bank 在直接渠道中的增長感到鼓舞，我們相信隨著 Go2Bank 開始超過傳統品牌的下滑，我們將看到該渠道的全年收入溫和增長。隨著利潤率壓縮，尤其是在第二和第三季度，預計分部利潤將下降至十幾歲左右。轉向 B2B 部分。我們預計收入將實現高個位數增長、PayCard 渠道的持續增長、剩餘 BaaS 合作夥伴的增長以及新 BaaS 合作夥伴的加入抵消了 2 個 BaaS 合作夥伴在第四季度末開始退出的損失。

Our BaaS business should see upper single-digit growth in revenue, while we look for PayCard to see growth in the upper teens. Despite the modest revenue growth, actives will be down sharply through the year with the most pronounced declines in the first half from the 2 BaaS partners we lost before moderating in the second half as our BaaS best partner begins to rent. Segment profit is expected to be down mid-single digits, most pronounced in the first half of the year and a moderate decline in the second half of the year. In our Money Movement segment, we estimate revenue growth in the low single digits reversing 2 years of declines. The Green Dot Network business is expected to have modest growth as third-party volumes continue to grow, and we anticipate our tax processing channel to have a good year and continue to enjoy the low single-digit organic revenue growth that they have become accustomed to. Segment profit is anticipated to be flattish with margin compression coming from our tax business as the borrowing cost of taxpayer advances has increased in 2023.

我們的 BaaS 業務的收入應該會出現個位數以上的增長，而我們希望 PayCard 能看到十幾歲以上的增長。儘管收入增長適度，但今年上半年活躍度將急劇下降，我們失去的 2 個 BaaS 合作夥伴的下降幅度最大，然後隨著我們的 BaaS 最佳合作夥伴開始出租，下半年放緩。預計分部利潤將下降中等個位數，上半年最為明顯，下半年將溫和下降。在我們的資金流動部分，我們估計收入將以低個位數增長，扭轉了 2 年的下滑趨勢。隨著第三方交易量的持續增長，Green Dot Network 業務預計將有適度增長，我們預計我們的稅務處理渠道將有一個好年頭，並繼續享受他們已經習慣的低個位數有機收入增長.由於納稅人預付款的借貸成本在 2023 年增加，我們的稅務業務的利潤率壓縮預計將持平，分部利潤將持平。

In our Corporate and Other segment, the interest income dynamic comes into play. As I mentioned, the headwind this year is in the range of $15 million to $20 million, and that will be reflected in the revenue of this segment with a partial offset coming from our cost reduction efforts. In our full-year EPS guidance, we expect our non-GAAP effective tax rate to be 23.5% and the diluted weighted average share count to be approximately 52 million shares. Last thing I'd like to briefly address is our guidance policy. We want to be helpful to make sure that investors understand our business, and we recognize that guidance is an important part of the relationship. There have been different approaches utilized in the past several years, and we believe it's important to have a consistent approach going forward, one that has a clear focus on the full-year results. Like any other public company, near-term decisions such as marketing spend and other initiatives can impact a quarter and create noise from one quarter to the next. As such, our policy will provide full-year non-GAAP revenue, adjusted EBITDA, and non-GAAP EPS ranges while providing appropriate commentary and color about the quarters and how the year is expected to progress. With that, I'll hand it back over to George.

在我們的公司和其他部門，利息收入動態開始發揮作用。正如我所提到的，今年的逆風在 1500 萬至 2000 萬美元之間，這將反映在該部門的收入中，部分抵消來自我們降低成本的努力。在我們的全年每股收益指引中，我們預計我們的非 GAAP 有效稅率為 23.5%，攤薄加權平均股數約為 5200 萬股。我想簡要說明的最後一件事是我們的指導政策。我們希望幫助確保投資者了解我們的業務，並且我們認識到指導是這種關係的重要組成部分。過去幾年採用了不同的方法，我們認為採用一致的方法向前發展很重要，這種方法明確關注全年業績。與任何其他上市公司一樣，營銷支出和其他舉措等近期決策可能會影響一個季度，並從一個季度到下一個季度產生噪音。因此，我們的政策將提供全年非 GAAP 收入、調整後的 EBITDA 和非 GAAP 每股收益範圍，同時提供有關季度和年度預期進展的適當評論和顏色。有了這個，我會把它交還給喬治。

Thank you, Jess. 2022 was a good year for Green Dot, and we should not forget that. Despite a sizable headwind from the impact of stimulus in 2021, we were able to modestly grow revenue and we grew EBITDA 10% and adjusted EPS 17%. I am very proud of those results and the work of the team. We have plenty of work to do in 2023 that I believe will benefit us tremendously. There is no doubt in my mind that a tremendous opportunity for growth is in front of us, and I am quite excited about the company. We will be and our positioning as we exit 2023. Every one of our divisions has opportunities to introduce new products and strategies to drive growth, and we are seeing it in several of them already. The market for our embedded finance solutions is immense and growing, including within our existing retail client base Go2Bank continues to build momentum. Our Rapid Pay Card business continues to grow nicely and will move aggressively to capture the emerging opportunity for multibillion-dollar market of early wage access.

謝謝你，傑斯。 2022 年對綠點來說是個好年頭，我們不應該忘記這一點。儘管 2021 年刺激措施的影響帶來了相當大的逆風，但我們能夠適度增加收入，我們的 EBITDA 增長了 10%，調整後的每股收益增長了 17%。我為這些結果和團隊的工作感到非常自豪。我們在 2023 年有很多工作要做，我相信這將使我們受益匪淺。毫無疑問，一個巨大的增長機會就在我們面前，我對這家公司感到非常興奮。我們將在 2023 年退出並定位。我們的每個部門都有機會推出新產品和戰略以推動增長，我們已經在其中幾個部門看到了這一點。我們的嵌入式金融解決方案市場巨大且不斷增長，包括在我們現有的零售客戶群中 Go2Bank 繼續建立勢頭。我們的 Rapid Pay Card 業務繼續保持良好增長，並將積極行動以抓住價值數十億美元的早期工資市場的新興機會。

Our Green Dot Network is a unique asset in the market that will enable our embedded finance solutions and our TPG tax business is poised to offer a variety of new credit and SMB products into 2024, which should expand its already healthy margins. While there are some near-term headwinds that impact our 2023 guidance. As we have discussed throughout this call, there are numerous avenues to higher core earnings power as we move through the year and head into 2024. We will begin to realize the cost saves from our technology conversions, which will bring us substantial savings. We will onboard a significant new customer in BaaS as well as numerous other partners across our business and the headwinds from rate hikes should subside. In closing, while we are focused on the task at hand and we have hard work to do in 2023. It's what lies ahead that really gets me energized. We have vast in markets with unbound opportunities. Thank you for your interest in Green Dot. And now I would like to turn it back to the operator for questions. Operator?

我們的 Green Dot Network 是市場上獨一無二的資產，將使我們的嵌入式金融解決方案成為可能，我們的 TPG 稅務業務準備在 2024 年之前提供各種新的信貸和 SMB 產品，這應該會擴大其本已健康的利潤率。雖然有一些近期的不利因素會影響我們的 2023 年指引。正如我們在整個電話會議中所討論的那樣，隨著我們度過這一年並進入 2024 年，有許多途徑可以提高核心盈利能力。我們將開始意識到技術轉換帶來的成本節省，這將為我們帶來可觀的節省。我們將在 BaaS 以及我們業務中的眾多其他合作夥伴中加入一個重要的新客戶，加息的不利因素應該會消退。最後，雖然我們專注於手頭的任務，但在 2023 年我們還有艱苦的工作要做。真正讓我充滿活力的是未來。我們擁有廣闊的市場和無限的機會。感謝您對綠點的關注。現在我想把它轉回給接線員提問。操作員？

We will now begin the question-and-answer session. (Operator Instructions) Our first question will come from Ramsey El-Assal of Barclays.

我們現在開始問答環節。 （操作員說明）我們的第一個問題將來自巴克萊銀行的 Ramsey El-Assal。

This is Trey on for Ramsey. I had a question on your B2B pipeline. Could you give us some insight into the developments there and how your strategy has changed since the partner nonrenewals, whether it's a heightened focus on contract structure or trying to find specific types of partners?

這是拉姆齊的特雷。我對您的 B2B 管道有疑問。您能否向我們介紹一下那裡的發展以及自合作夥伴不續約以來您的戰略發生了怎樣的變化，無論是更加關注合同結構還是試圖尋找特定類型的合作夥伴？

Sure. Thanks for the question and the participation. I would say the way we're thinking about embedded finance, I guess I'll broaden the nature of your question. If we think about embedded finances, providing financial solutions to businesses that are providing financial solutions to their customers. Our technology road map, our capabilities that we're building across various vertically integrated capabilities, bank, technology, et cetera, are all designed to meet the objective you're asking about. And that could be around BaaS-related opportunities that we think of traditionally like SMB or GIG wealth-type opportunities in those industries or they could be within our own retail customer base as retailers also are seeking solutions that better serve their customers as their customer behaviors change. So the way we're changing over time is we're integrating these capabilities into a packaged set of solutions that will have modularity to them so that we can offer different types of solutions to different partners and do that at a very low marginal cost. So there's 2 elements to our strategy is to be able to provide flexibility to the end user business that we're providing services to so that they can customize solutions for their consumers and do that at a low cost.

當然。感謝提問和參與。我會說我們考慮嵌入式金融的方式，我想我會擴大你的問題的性質。如果我們考慮嵌入式金融，為為客戶提供金融解決方案的企業提供金融解決方案。我們的技術路線圖，我們在各種垂直整合的能力、銀行、技術等方面建立的能力，都是為了滿足你所要求的目標而設計的。這可能圍繞著我們傳統上認為的與 BaaS 相關的機會，例如這些行業中的 SMB 或 GIG 財富型機會，或者它們可能在我們自己的零售客戶群中，因為零售商也在尋求更好地為客戶服務的解決方案作為他們的客戶行為改變。因此，隨著時間的推移，我們正在改變的方式是將這些功能集成到一組打包的解決方案中，這些解決方案將對它們進行模塊化，以便我們可以為不同的合作夥伴提供不同類型的解決方案，並以非常低的邊際成本做到這一點。因此，我們的戰略有兩個要素，即能夠為我們為其提供服務的最終用戶業務提供靈活性，以便他們可以為消費者定制解決方案並以低成本實現。

Important to be able to do at a low cost is the fact that we own our own bank, and we will have a technology platform that will have a significantly lower marginal cost in the market than what we have today. And then, of course, it's incumbent on us to package that and deliver that in appropriate marketing structures so that our end user partner can understand those capabilities in the right way. So that's how we think about building the pipeline in that market and that pipeline will grow because of those efforts and because of the general environmental changes that are happening to businesses that drive their need to consume this sort of service. So I'll pause there. I said a lot and see if you have a clarifying question to get me back on track.

能夠以低成本做到這一點很重要，因為我們擁有自己的銀行，而且我們將擁有一個技術平台，該平台在市場上的邊際成本將比我們現在擁有的平台低得多。然後，當然，我們有責任將其打包並以適當的營銷結構交付，以便我們的最終用戶合作夥伴能夠以正確的方式了解這些功能。因此，這就是我們考慮在該市場建立管道的方式，並且由於這些努力以及企業正在發生的普遍環境變化，促使他們需要使用此類服務，因此該管道將會增長。所以我會在那裡暫停。我說了很多，看看你是否有一個澄清的問題讓我回到正軌。

The next question comes from George Sutton of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 George Sutton。

George, could you just walk through what the first conversion specifically was and what it might enable you to do where it might limit you? And what we should expect, for example, for the second conversion.

George，您能否詳細介紹一下第一次皈依具體是什麼，以及它可能使您做什麼，但又可能限制您做什麼？例如，對於第二次轉換，我們應該期待什麼。

Sure, George. So we offer a number of different types of products and services and capabilities. We're most, I think, well understood to be associated with DDA accounts, traditional banking accounts, et cetera, that's certainly the key product that we're selling today. We also have some gift programs that are not particularly strategic for us. And therefore, those programs provide the right kind of test case for us to start the conversion work on. And so the first conversion that we did in the fourth quarter was a significant but minority portion of our total gift program, and that was done in November of 2022. The next conversion, which is imminent, will be the remainder of that gift population. And then we will start the process of migrating our DDA account portfolios through Q1 and Q2. And then towards the end of that, you may be familiar with, we have a small secure card credit portfolio, which will also be converted before June.

當然，喬治。因此，我們提供多種不同類型的產品、服務和功能。我認為，我們最了解的是與 DDA 賬戶、傳統銀行賬戶等相關聯，這無疑是我們今天銷售的關鍵產品。我們也有一些對我們來說不是特別具有戰略意義的禮物計劃。因此，這些程序為我們開始轉換工作提供了正確的測試用例。因此，我們在第四季度進行的第一次轉換是我們總禮品計劃中的一個重要但少數的部分，並且是在 2022 年 11 月完成的。下一個即將到來的轉換將是該禮品人口的其餘部分。然後我們將開始通過第一季度和第二季度遷移我們的 DDA 賬戶組合的過程。最後，您可能很熟悉，我們有一個小型安全信用卡信貸組合，也將在 6 月之前轉換。

So that's the sequence of conversions by product. And what does it do for us? So for example, today, we have tens of millions of active gift accounts, but we have many more gift accounts are inactive. So dormant legacy accounts. Because of the legacy contractual relationships we have with our current processor, we pay fees for the account, whether they're active or inactive. Of course, there's different fee structures. But nevertheless, there's a financial consequence for us to be maintaining legacy accounts. And so when we migrate those activities onto our own processing platform, of course, we don't have a variable cost structure with respect to active accounts on processing. But as importantly, we don't pay for dormant accounts in that environment. And that will be true for gift and DDA and secured credit products as well and any other future type of accounts that we put on to these platforms. So I'll pause there and see if I've answered your question or if I can clarify further.

這就是產品的轉化順序。它對我們有什麼作用？因此，例如，今天，我們有數千萬個活躍的禮品賬戶，但我們有更多的禮品賬戶不活躍。所以休眠遺留賬戶。由於我們與當前處理者之間的遺留合同關係，我們會為帳戶支付費用，無論它們是活躍的還是不活躍的。當然，有不同的收費結構。但是，儘管如此，我們保留遺留賬戶會產生財務後果。因此，當我們將這些活動遷移到我們自己的處理平台上時，當然，我們沒有關於處理活動帳戶的可變成本結構。但同樣重要的是，我們不會為那種環境下的休眠賬戶付費。這將適用於禮品和 DDA 和擔保信貸產品以及我們在這些平台上放置的任何其他未來類型的賬戶。所以我會在那裡暫停一下，看看我是否已經回答了你的問題，或者我是否可以進一步澄清。

That's helpful. And it sort of relates to my next question. So you guys have privately told us that Chris Ruppel is a rock star for lack of a better term and greatly executed on the PayCard business and scaled it. At what point will he have a technology platform that he can really aggressively sell against?

這很有幫助。這有點關係到我的下一個問題。所以你們私下告訴我們，Chris Ruppel 是一個搖滾明星，因為沒有更好的術語，並且在 PayCard 業務上表現出色並擴大了規模。他什麼時候才能擁有一個可以真正積極銷售的技術平台？

Well, he has a technology platform today that he can sell and we are selling it, and we are selling it with success. And as we move through our migrations, we will, of course, be consolidating legacy accounts onto that new platform. The platform is in place. Obviously, we've put activity onto the platform. I don't want to suggest that that's the end state of our technology investment. I've mentioned in previous calls that migrating a processor is one important element, and that's what you and I have been talking about for the last couple of minutes. We have also implemented and now have active contemporary, modern, fraud and risk management, BSA, AML tools, that have been implemented and are operating. So that's an important element. We will continue to invest in technology around creating better API structures and more flexibility in our systems in order to drive out cost and drive flexibility in the future. So Chris has a full quiver of arrows to sell today. I think he's going to be immensely successful in his new role, selling what we have and what we have to sell is going to improve over time.

好吧，他今天有一個可以出售的技術平台，我們正在出售它，而且我們正在成功地出售它。當我們完成遷移時，我們當然會將舊帳戶整合到新平台上。平台已經到位。顯然，我們已經將活動放到了平台上。我不想暗示那是我們技術投資的最終狀態。我在之前的電話會議中提到過，遷移處理器是一個重要因素，這就是你和我在過去幾分鐘一直在談論的內容。我們還實施了現代的、現代的、欺詐和風險管理、BSA、AML 工具，這些工具已經實施並正在運行。所以這是一個重要的因素。我們將繼續圍繞創建更好的 API 結構和提高系統靈活性的技術進行投資，以便在未來降低成本並提高靈活性。所以克里斯今天有一整袋箭要賣。我認為他將在他的新角色中取得巨大成功，銷售我們擁有的和我們必須銷售的東西將隨著時間的推移而改善。

The next question comes from Joel Richards of Truist Securities.

下一個問題來自 Truist Securities 的 Joel Richards。

I just had two around the BaaS pipeline. So just to clarify, take the guidance is just the impact of the two previously announced nonrenewals, right? I mean we don't think there's going to be kind of anything else sneak up on us.

我只有兩個圍繞 BaaS 管道。所以澄清一下，採取指導只是之前宣布的兩個不續約的影響，對吧？我的意思是，我們認為不會有其他任何東西悄悄靠近我們。

Let me reframe make sure I'm getting your question correct. Based into the guidance or the roll-off of the two previously announced account losses and the roll-on of an announced but as of yet a named partner that we've won and we're currently implementing. So those three accounts are all incorporated within our guidance for 2023. Although the roll-on of the new account is pretty modest as to its impact in 2023 because of the timing of implementation.

讓我重新設計以確保我的問題是正確的。基於先前宣布的兩個賬戶損失的指導或滾降，以及我們已經贏得併正在實施的已宣布但尚未命名的合作夥伴的滾轉。因此，這三個賬戶都包含在我們 2023 年的指導中。儘管由於實施時間的原因，新賬戶的滾動對 2023 年的影響相當有限。

And then just as a question around the context of the two previous nonrenewals. Are you guys able to provide any color like was that the result of competition or just because you didn't think the economics were that compelling there?

然後是關於前兩次不續約的背景的問題。你們是否能夠提供任何顏色，就像是競爭的結果，或者只是因為您認為那裡的經濟學沒有那麼引人注目？

Well, first, it's important to understand each partner and each type of BaaS relationship has its own peculiarities. So for example, certain partners might be financial providers of some sort of financial solution unrelated to a DDA account, for example, okay? And so if that type of partner, they may have entered into a BaaS relationship in order to, on the short term, facilitate their provisioning of services to their broader client base, okay? They want to add some features to their core offering, which might be an investment account or something like that. If you have a partner of that character, they're inevitably going to want to tighten their control over the entire value chain because they're offering a suite of value of financial services value to their clients. I think that's an example of the sort of circumstance that at least in one of those cases we found ourselves in. We have some relatively in these cases, these two cases, aged type relationships that had economics in the renewal phase that we're probably disadvantageous from our point of view. So I'd say it's a mix of a client's own particular strategic direction in their view of financial services and our willingness to price products that we might not be interested in the market.

好吧，首先，了解每個合作夥伴很重要，每種類型的 BaaS 關係都有自己的特點。因此，例如，某些合作夥伴可能是某種與 DDA 帳戶無關的金融解決方案的金融提供者，好嗎？因此，如果是那種類型的合作夥伴，他們可能已經建立了 BaaS 關係，以便在短期內促進他們向更廣泛的客戶群提供服務，好嗎？他們想在他們的核心產品中添加一些功能，這可能是一個投資賬戶或類似的東西。如果你有這樣的合作夥伴，他們將不可避免地想要加強對整個價值鏈的控制，因為他們正在向客戶提供一套具有金融服務價值的價值。我認為這是一種情況的例子，至少在我們發現自己所處的其中一個案例中。在這兩個案例中，我們有一些相對的，老年類型的關係在更新階段具有經濟性，我們可能從我們的角度來看是不利的。所以我想說這是客戶對金融服務的特定戰略方向和我們為市場上可能不感興趣的產品定價的意願的結合。

This concludes our question-and-answer session. I would like to turn the conference back over to George Gresham for any closing remarks.

我們的問答環節到此結束。我想將會議轉回喬治·格雷沙姆 (George Gresham) 的閉幕詞。

Well, I just want to thank the audience, our employees, our investors, our Board for your support as we move through 2023. We have an amazing future ahead of us and a lot of exciting milestones to accomplish this year, and we're looking forward to updating you on our next call. Thank you very much.

嗯，我只想感謝觀眾、我們的員工、我們的投資者、我們的董事會，感謝你們在 2023 年的支持。我們有一個美好的未來，今年還有許多令人興奮的里程碑要完成，我們期待在我們的下一次通話中為您更新。非常感謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。