Green Dot Corp (GDOT) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Green Dot Corporation First Quarter 2023 Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎來到 Green Dot Corporation 2023 年第一季度電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Timothy Willi, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

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 Timothy Willi。請繼續。

Thank you, Anne. Good afternoon, everyone. Today, we are discussing Green Dot's first quarter 2023 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.

謝謝你，安妮。大家下午好。今天，我們正在討論 Green Dot 2023 年第一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。

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.

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 向美國證券交易委員會提交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預期結果大不相同的因素的更多信息前瞻性陳述。

During the call, we will refer to our financial measures that do not conform with generally accepted accounting principles. 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.

在通話期間，我們將參考不符合公認會計原則的財務措施。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。

Now I'd like to turn the call over to George.

現在我想把電話轉給喬治。

Good afternoon, everyone, and thank you for joining the first quarter 2023 earnings call. Today, we will cover the following topics. We will review our first quarter results. I will address what we've accomplished and our upcoming milestones as we execute on our 2023 operating plan. We will then be joined by our Chief Revenue Officer, Chris Ruppel, who will share his perspective on growth opportunities and strategy as we put more energy and focus behind our business development efforts. Jess will then provide further details on our Q1 results and outlook on the rest of the year. And lastly, I will share some closing comments before opening it up to your questions.

大家下午好，感謝您參加 2023 年第一季度財報電話會議。今天，我們將討論以下主題。我們將審查我們的第一季度業績。在我們執行 2023 年運營計劃時，我將介紹我們已經取得的成就和即將到來的里程碑。然後，我們的首席營收官 Chris Ruppel 將加入我們的行列，他將分享他對增長機會和戰略的看法，因為我們將更多的精力和重點放在我們的業務發展努力上。 Jess 隨後將提供有關我們第一季度業績的更多詳細信息以及今年剩餘時間的展望。最後，在開始回答您的問題之前，我將分享一些結束語。

First, a few comments on our results. For the first quarter, our non-GAAP revenue was $412 million and was up 4% year-over-year. Adjusted EBITDA of $82.5 million was down 9%, and non-GAAP EPS of $0.99 per share was down approximately 7%. GAAP revenue was also up about 4% with operating income of $51 million and fully diluted earnings per share of $0.69 per share, both down about 1%.

首先，對我們的結果發表一些評論。第一季度，我們的非美國通用會計準則收入為 4.12 億美元，同比增長 4%。調整後的 EBITDA 為 8250 萬美元，下降了 9%，非 GAAP 每股收益為 0.99 美元，下降了約 7%。 GAAP 收入也增長了約 4%，營業收入為 5100 萬美元，完全攤薄後的每股收益為每股 0.69 美元，均下降約 1%。

Our first quarter financial results were slightly better than expected at a core level, and I am pleased with how the year started. Jess will walk you through the quarter's results in more detail.

我們第一季度的財務業績在核心層面略好於預期，我對今年的開局感到滿意。 Jess 將更詳細地向您介紹本季度的結果。

Now let me turn to what we've accomplished as we work toward positioning the company for improved growth and profitability in the coming quarters and in 2024 and beyond. Let's start with our process of conversion.

現在讓我談談我們在努力定位公司以在未來幾個季度以及 2024 年及以後提高增長和盈利能力方面取得的成就。讓我們從轉換過程開始。

We've now completed 3 major conversions onto our new platform, moving us closer to completion, which we expect to achieve in the second quarter. Upon completion, we will begin realizing annual cost savings of approximately $35 million, which will begin ramping in mid-third quarter and delivered significant additional savings in 2024 and beyond. Our entire organization has been focused on these efforts. I am grateful for their hard work and commitment and look forward to the tangible benefits we will realize when this exercise is complete.

我們現在已經在新平台上完成了 3 項主要轉換，使我們更接近完成，我們預計將在第二季度完成。完成後，我們將開始實現每年約 3500 萬美元的成本節省，這將在第三季度中期開始增加，並在 2024 年及以後實現顯著的額外節省。我們整個組織都專注於這些努力。我感謝他們的辛勤工作和承諾，並期待在這項工作完成後我們將獲得切實的好處。

Second is onboarding new business. We are scheduled to go live with a new BaaS partner in the second quarter, a launch we have been working diligently to prepare for in recent months. This launch primes our BaaS team to accelerate revenue growth in 2024, and it sets the stage for improved year-on-year metrics as we move further past recent partner nonrenewals.

二是開展新業務。我們計劃在第二季度與新的 BaaS 合作夥伴一起上線，這是我們最近幾個月一直在努力準備的發布。此次發佈為我們的 BaaS 團隊在 2024 年加速收入增長做好了準備，並且隨著我們進一步超越最近的合作夥伴不續約，它為改善同比指標奠定了基礎。

Third is business development to drive revenue growth. During the quarter, we signed 6 new partners onto our Green Dot Network, and PayCard added over 350 new PayCard partners and 9 new earned wage access agreements. Meanwhile, we are continuing to receive and pursue new opportunities in BaaS as well as our retail and financial services channel. Chris will provide more details on its outlook and plans for growth in just a few minutes.

三是業務發展帶動收入增長。在本季度，我們在我們的綠點網絡上簽署了 6 個新合作夥伴，PayCard 增加了 350 多個新的 PayCard 合作夥伴和 9 個新的工資准入協議。與此同時，我們將繼續在 BaaS 以及我們的零售和金融服務渠道中獲得併尋求新的機會。克里斯將在短短幾分鐘內提供有關其前景和增長計劃的更多詳細信息。

Fourth is expense management. As I discussed on our year-end call, we are highly focused on acting as stewards of our investors' capital, which means making expense management and driving scale a part of our corporate DNA. We undertook a small workforce reduction earlier this year and are maintaining an active focus on costs to ensure we are driving maximum efficiency without sacrificing opportunities for long-term growth. During the quarter, other general and administrative costs were down 12% from last year, and we still see opportunities to reduce expenses.

四是費用管理。正如我在年終電話會議上所討論的那樣，我們高度專注於充當投資者資本的管家，這意味著將費用管理和擴大規模作為我們企業 DNA 的一部分。今年早些時候，我們進行了小規模裁員，並積極關注成本，以確保我們在不犧牲長期增長機會的情況下提高效率。本季度，其他一般和行政成本比去年下降了 12%，我們仍然看到了減少開支的機會。

Before passing to Chris, I'd like to quickly touch on our financial strength. The last 2 months have seen the banking industry receive attention on the safety of consumer deposits and the liquidity profile of the industry. Green Dot has a strong financial position. At the end of the first quarter, our regulatory capital ratios were well above required minimum. Cash balances are just over 20% of total deposits, providing us with substantial liquidity, and the vast majority of our deposits are fully insured. Our partners and customers value the strength and conservative nature of our balance sheet, and we are committed to maintaining our strong financial position.

在交給克里斯之前，我想快速談談我們的財務實力。過去兩個月，銀行業受到消費者存款安全和行業流動性狀況的關注。 Green Dot 的財務狀況良好。在第一季度末，我們的監管資本比率遠高於最低要求。現金餘額僅佔存款總額的 20% 以上，為我們提供了大量的流動性，而且我們的絕大多數存款都已完全投保。我們的合作夥伴和客戶重視我們資產負債表的實力和保守性，我們致力於保持強勁的財務狀況。

And now I would like to turn the call over to Chris Ruppel, our Chief Revenue Officer. I ask Chris to take on this role because Green Dot is a collection of businesses that need to methodically approach their addressable markets on a coordinated basis using repeatable processes and systems. Chris will share some of his background in his comments, but he has have built successful business development system several times. He's a clear thinker and a solid all-around business person that has been successful multiple times. He has the skills and experience to optimize the strengths of the Green Dot platform.

現在我想把電話轉給我們的首席營收官 Chris Ruppel。我要求 Chris 擔任這個角色，因為 Green Dot 是一個企業的集合，這些企業需要使用可重複的流程和系統在協調的基礎上有條不紊地接近他們的目標市場。 Chris 將在他的評論中分享他的一些背景，但他已經多次建立成功的業務開發系統。他是一個思想清晰的人，也是一個穩固的全能商人，曾多次取得成功。他擁有優化 Green Dot 平台優勢的技能和經驗。

With that, let me hand it over to Chris.

有了這個，讓我把它交給克里斯。

Thank you, George, and good afternoon, everyone. When George asked me to consider taking on this role, it was not a hard decision for me to make. There is tremendous opportunity at Green Dot as we leverage our unique go-to-market channels, our bank and our new technology platform to capitalize on the rise of embedded finance.

謝謝喬治，大家下午好。當 George 讓我考慮擔任這個角色時，這對我來說並不是一個艱難的決定。 Green Dot 擁有巨大的機會，因為我們利用我們獨特的上市渠道、我們的銀行和我們的新技術平台來利用嵌入式金融的興起。

My prior experience aligns with the opportunities and challenges we face today. I cofounded and built our PayCard business for almost 20 years and then was asked to run GO2bank where I worked with the team to set the stage for reacceleration of its growth and performance.

我以前的經歷與我們今天面臨的機遇和挑戰是一致的。我共同創立並建立了我們的 PayCard 業務近 20 年，然後被要求經營 GO2bank，我與團隊一起工作，為重新加速其增長和業績奠定基礎。

In both roles, I've had to build cohesive team cultures that prioritize product development, optimize marketing and, in the case of PayCard, build a top-tier sales and business development engine. As we look forward, I believe it's largely a matter of aligning the various divisions, improving the prioritization and allocation of product development and marketing resources to capture the opportunities in the market.

在這兩個職位上，我都必須建立有凝聚力的團隊文化，優先考慮產品開發、優化營銷，並且在 PayCard 的情況下，建立一個頂級的銷售和業務發展引擎。展望未來，我認為這主要是調整各個部門、改進產品開發和營銷資源的優先級和分配以抓住市場機會的問題。

With the rise of embedded finance, it's important we take a cohesive approach to product, marketing and business development to make sure that we are fully leveraging our unique capabilities and position in the market.

隨著嵌入式金融的興起，重要的是我們對產品、營銷和業務開發採取一種有凝聚力的方法，以確保我們充分利用我們在市場中的獨特能力和地位。

After spending time reviewing the broad organization and the marketplace, we're going to align our 6 operating divisions and organize our go-to-market strategy around 4 primary opportunities.

在花時間審查廣泛的組織和市場之後，我們將調整我們的 6 個運營部門，並圍繞 4 個主要機會組織我們的上市戰略。

The first opportunity is embedded finance where we'll have a tighter alignment between our traditional BaaS business and our Green Dot Network. The BaaS market is increasingly looking for sophisticated money movement services as well as the convenience the Green Dot Network offers consumers and small businesses.

第一個機會是嵌入式金融，我們將在傳統 BaaS 業務和我們的綠點網絡之間建立更緊密的聯繫。 BaaS 市場越來越多地尋求復雜的資金流動服務以及綠點網絡為消費者和小型企業提供的便利。

The second opportunity is focused on consumers for our traditional retail business and our direct channel, which is primarily GO2bank. We are creating a culture that will facilitate greater focus and collaboration to optimize insights and data analysis about the combined customer base and their behaviors.

第二個機會集中在我們傳統零售業務和我們的直接渠道（主要是 GO2bank）的消費者身上。我們正在創造一種文化，這種文化將促進更多的關注和協作，以優化關於綜合客戶群及其行為的洞察力和數據分析。

PayCard will remain focused on employer products as we build on the core PayCard business while working to capitalize on the emerging EWA opportunity. Tax will maintain its focus on serving the needs of tax repairs and taxpayers through new products and the integration of existing Green Dot products. We see clear opportunities to bring more products and services to over 27,000 businesses that prepare taxes for the millions of consumers that they work with.

PayCard 將繼續專注於雇主產品，因為我們在核心 PayCard 業務的基礎上發展，同時努力利用新興的 EWA 機會。 Tax 將繼續專注於通過新產品和現有 Green Dot 產品的整合來滿足稅務修復和納稅人的需求。我們看到了為 27,000 多家企業提供更多產品和服務的明確機會，這些企業為與他們合作的數百萬消費者準備稅收。

Overall, by moving to the structure as well as creating some additional support functions, there should be numerous benefits and improvements for Green Dot. I think of the improvements and benefits along 4 themes.

總的來說，通過轉移到結構以及創建一些額外的支持功能，Green Dot 應該會有很多好處和改進。我想到了 4 個主題的改進和好處。

First is product development. This new structure will enable us to better align and prioritize our product development road map to improve speed to market and the pace of innovation, particularly in areas such as embedded finance and the Consumer segment.

首先是產品開發。這種新結構將使我們能夠更好地調整和優先考慮我們的產品開發路線圖，以提高上市速度和創新步伐，特別是在嵌入式金融和消費者領域等領域。

Second is our go-to-market strategy. We'll be more closely aligning the divisions, which will enable us to have more clarity and effectively prioritize the opportunities that have the most strategic and financial value. We'll also begin to standardize our sales and marketing processes to improve our ability to identify and close new opportunities.

其次是我們的上市戰略。我們將更緊密地協調各部門，這將使我們更加清晰並有效地優先考慮具有最具戰略和財務價值的機會。我們還將開始標準化我們的銷售和營銷流程，以提高我們識別和關閉新機會的能力。

Third is partner support. This new structure will improve our partner support model as the market opportunities become larger and more complex. This will enable us to have deeper insights into new opportunities where we can gain wallet share with our partners.

三是夥伴支持。隨著市場機會變得更大、更複雜，這種新結構將改進我們的合作夥伴支持模式。這將使我們能夠更深入地了解新機會，從而與合作夥伴分享錢包份額。

Last, this new structure will also create clear incentives for collaboration and cross-selling efforts. Overall, with the structure in place, the creation of a standardized approach to business development and marketing efforts, I believe we'll be very well positioned to sell our solutions in the market and expand wallet share with our partners.

最後，這種新結構還將為協作和交叉銷售工作創造明確的激勵機制。總的來說，隨著結構的到位，業務發展和營銷工作標準化方法的創建，我相信我們將能夠很好地在市場上銷售我們的解決方案並擴大與合作夥伴的錢包份額。

With that, I will now hand it over to Jess to discuss the numbers.

有了這個，我現在將把它交給 Jess 來討論這些數字。

Thank you, Chris, and good afternoon, everyone. As George mentioned in his earlier comments, the quarter was a bit better than we had expected due in part to cost management, timing of marketing spend and extending the life of some of the trading partner portfolios.

謝謝克里斯，大家下午好。正如 George 在他之前的評論中提到的那樣，本季度比我們預期的要好一些，部分原因是成本管理、營銷支出的時間安排以及一些貿易夥伴投資組合的壽命延長。

Now let's turn to the segments. In our Consumer segment, revenue was down 12% year-over-year driven in part by the nonrenewal of a program in retail and by a decline in accounts from the dynamics we have discussed in the past. Specifically, active accounts in our retail channel remain impacted by a change in consumer foot traffic patterns and more digital competition. The direct channel continues to be impacted by attrition in legacy brands as we invest solely in building our GO2bank brand. This dynamic continues to weigh on overall growth rates.

現在讓我們轉向細分市場。在我們的消費者部門，收入同比下降 12%，部分原因是零售計劃沒有更新，以及我們過去討論過的動態賬戶數量下降。具體來說，我們零售渠道中的活躍賬戶仍然受到消費者客流量模式變化和更多數字競爭的影響。由於我們只投資於建立我們的 GO2bank 品牌，因此直接渠道繼續受到傳統品牌流失的影響。這種動態繼續影響整體增長率。

The rate of decline in the direct deposit accounts has moderated notably on a year-over-year basis. I'd point this out because our direct deposit accounts are more highly engaged with higher volume and revenue than nondirect deposit accounts. To the extent that the decline in direct deposit accounts continues to moderate, it should help slow the rate of decline for the overall segment. Within this segment, the retail channel saw revenue decline in the mid-teens year-over-year from the nonrenewal of program and lower accounts.

直接存款賬戶的下降速度同比顯著放緩。我會指出這一點，因為我們的直接存款賬戶比非直接存款賬戶參與度更高，收入更高。如果直接存款賬戶的下降繼續放緩，它應該有助於減緩整個部門的下降速度。在這一細分市場中，零售渠道的收入因未續訂計劃和較低的賬戶而同比下降了十幾歲。

Now turning to the direct division and GO2bank. The direct channel continues to see improved performance, and we remain encouraged by the growth of GO2bank. Revenue in this channel, which was just over 30% of total segment revenue in the quarter, was down mid-single digits from the prior year versus double-digit declines in each quarter of 2022. While accounts were down in the mid-teens, revenue per account continued to grow due to improving engagement rates, particularly with GO2bank, and is helping to offset the drag from the attrition in legacy portfolios. Within the direct channel, we believe the moderation in revenue declines is evidence that we're moving closer to an inflection point for revenue in this channel.

現在轉向直接部門和 GO2bank。直接渠道的業績繼續改善，我們仍然對 GO2bank 的增長感到鼓舞。該渠道的收入僅佔本季度分部總收入的 30% 以上，與上年同期相比下降了中個位數，而 2022 年每個季度的降幅均為兩位數。雖然賬戶下降了十幾歲，由於參與率的提高，特別是與 GO2bank 的參與率提高，每個賬戶的收入繼續增長，並有助於抵消遺留投資組合流失的拖累。在直接渠道中，我們認為收入下降的緩和證明我們正在接近該渠道收入的拐點。

The legacy brands continued to see declines in revenue of approximately 30% in the quarter with slightly larger declines in accounts and GDV. However, GO2bank saw revenue growth of 40% over last year driven by solid growth in direct deposit accounts and GDV as well as strong growth in revenue per account as we drive more engagement in this customer base. As a result, GO2bank in the quarter represented a bit more than 50% of the revenue in the direct channel and now comprises roughly 15% of the Consumer segment. Again, this is a journey, but we are encouraged by what we're seeing from GO2bank, its growing impact on the direct channel and the increasing potential for the direct channel to have a positive impact on the overall Consumer segment.

傳統品牌本季度的收入繼續下降約 30%，賬戶和 GDV 的降幅略大。然而，由於直接存款賬戶和 GDV 的穩健增長以及每個賬戶收入的強勁增長，GO2bank 的收入比去年增長了 40%，因為我們推動了該客戶群的更多參與。因此，本季度 GO2bank 佔直接渠道收入的 50% 以上，目前約佔消費者部門收入的 15%。同樣，這是一段旅程，但我們對我們從 GO2bank 看到的情況感到鼓舞，它對直接渠道的影響越來越大，以及直接渠道對整個消費者領域產生積極影響的潛力越來越大。

While there are many moving parts in this segment, the metrics on a per account basis remain positive. Revenue per account was up low double digits due to higher volumes per account as well as growth in our overdraft product while being partially muted by the nonrenewable program in retail. We continue to see positive trends as we retain the more highly engaged consumers while continuing to hone our top-of-the-funnel strategies in the direct channel to acquire, engage and retain higher-value accounts. While retail and direct saw solid growth in revenue per active count, the direct channel has higher revenue per account and continues to see faster growth. The overall segment will benefit from the gradual improvement in mix over time.

儘管此細分市場中有許多變動部分，但每個帳戶的指標仍然是積極的。由於每個賬戶的交易量增加以及我們透支產品的增長，同時被不可再生的零售計劃部分抑制，每個賬戶的收入增長了兩位數。我們繼續看到積極的趨勢，因為我們保留了參與度更高的消費者，同時繼續在直接渠道中磨練我們的頂級漏斗戰略，以獲取、參與和保留更高價值的客戶。雖然零售和直銷渠道的每活躍用戶收入穩步增長，但直銷渠道的每賬戶收入更高，並且繼續保持更快的增長。隨著時間的推移，整個細分市場將受益於產品組合的逐步改善。

Last, looking at profits and margins. We continue to be effective in managing the cost structure of the business as we work to reposition this segment. Many of our expenses are volume related and will come down with the decline in revenue while we also continue to focus on making improvements in areas such as risk and customer care, particularly in the direct channel.

最後，看看利潤和利潤率。在我們努力重新定位該細分市場時，我們將繼續有效地管理業務的成本結構。我們的許多支出都與數量相關，並且會隨著收入的下降而下降，同時我們還繼續專注於在風險和客戶服務等領域進行改進，特別是在直接渠道中。

I would also point out that in the first quarter, marketing spend was somewhat lower than prior year and our own expectations for Q1. However, we expect to deploy those funds in the coming quarters. So while this prevented some benefit to Q1 results, it does not have any impact on our outlook for the full year.

我還要指出，在第一季度，營銷支出略低於去年和我們對第一季度的預期。但是，我們預計將在未來幾個季度部署這些資金。因此，雖然這阻礙了第一季度業績的一些好處，但對我們全年的展望沒有任何影響。

In the B2B services segment, which is comprised of the BaaS and PayCard channels, aggregate revenue growth was driven by our BaaS channel where revenue was up approximately 30%. The growth of one of our larger BaaS customers continues to power the top line while we faced headwinds on revenue and actives from the roll-off of 2 BaaS partners. However, this impact modestly outperformed our expectations as some of the de-conversion activity did not happen as quickly as we had expected. That said, we expect the roll-off to be completed in the second quarter.

在由 BaaS 和 PayCard 渠道組成的 B2B 服務領域，總收入增長是由我們的 BaaS 渠道推動的，收入增長了約 30%。我們的一個較大的 BaaS 客戶的增長繼續為收入提供動力，同時我們面臨收入和 2 個 BaaS 合作夥伴退出的不利因素。然而，這種影響略微超出了我們的預期，因為一些去轉換活動並沒有像我們預期的那樣迅速發生。也就是說，我們預計下調將在第二季度完成。

Accounts, GDV and purchase volume were all up year-over-year in the PayCard channel. Similar to last quarter, nondiscretionary spending such as grocery and fuel are making up a larger percentage of spending, and those categories typically have lower interchange rates. As it relates to ATM transactions, volumes were up but consumers continue to be more sensitive to finding surcharge-free ATMs, which is impacting our fee revenue.

PayCard 渠道的賬戶、GDV 和購買量均同比增長。與上一季度類似，雜貨和燃料等非可自由支配的支出在支出中所佔比例更大，而且這些類別的交換率通常較低。由於涉及 ATM 交易，交易量有所上升，但消費者對尋找免附加費的 ATM 仍然更加敏感，這影響了我們的費用收入。

Segment profit was flat year-over-year as the impact of the BaaS fixed profit structure continues to weigh on the aggregate segment margin. The PayCard business had margin compression during the quarter from the lower interchange rates, more fee-free ATM transactions and higher cost to support the solid growth in accounts and volume.

由於 BaaS 固定利潤結構的影響繼續對總分部利潤率構成壓力，分部利潤同比持平。由於較低的交換率、更多的免費 ATM 交易以及支持賬戶和交易量穩步增長的更高成本，PayCard 業務在本季度的利潤率受到壓縮。

Turning to the Money Movement segment. There was modest growth in revenue and a slight decline in segment profit. Our tax business, which we refer to as TPG, had mid-single-digit revenue growth from a solid, seasonally strong quarter driven by growth in refund transfer volumes and a successful taxpayer advance program. Green Dot Network saw a mid-single-digit revenue decline in line with the decline in cash transfers, principally from the impact of the decline in active accounts in our other segments. This trend has moderated significantly from the double-digit declines that we saw in each of the quarters in 2021 and 2022. As we discussed last quarter, we are seeing solid growth in third-party volumes, which represented just a bit below 60% of total transactions, helping to offset fewer reloads associated with declines in our active account base.

轉向貨幣運動部分。收入溫和增長，分部利潤略有下降。我們稱之為 TPG 的稅務業務在退稅轉移量增長和成功的納稅人墊款計劃的推動下，在穩健的季節性強勁季度中實現了中等個位數的收入增長。 Green Dot Network 的收入出現了中等個位數的下降，這與現金轉移的下降一致，這主要是受到我們其他部門活躍賬戶下降的影響。與我們在 2021 年和 2022 年每個季度看到的兩位數下降相比，這一趨勢已顯著放緩。正如我們上個季度所討論的那樣，我們看到第三方交易量穩步增長，略低於 60%總交易量，有助於抵消因活躍賬戶數量下降而導致的重新加載減少。

Our final segment, Corporate and Other, reflects the interest income we earn in our bank, net of revenue share on interest we pay to our BaaS partners, as well as salaries and administrative costs and some smaller intercompany adjustments. Interest income, net of partner interest sharing, was down year-over-year due to a higher rate environment. As we discussed last quarter, the rapidly rising rate environment has created an imbalance between the blended yields we earn on cash and investments and the rate we pay our best partners. Salaries and other general and administrative expenses were up 5% versus last year due in large part to the expenses associated with the technology conversions.

我們的最後一部分，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 BaaS 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。由於較高的利率環境，扣除合作夥伴利息分享後的利息收入同比下降。正如我們上個季度所討論的那樣，快速上升的利率環境造成了我們從現金和投資中獲得的混合收益率與我們支付給最佳合作夥伴的利率之間的不平衡。工資和其他一般和行政費用比去年增加了 5%，這在很大程度上是由於與技術轉換相關的費用。

Turning to guidance. We are reiterating our full year guidance of revenue in a range of $1.38 billion to $1.46 billion, adjusted EBITDA in a range of $180 million to $190 million and non-GAAP EPS of $1.77 to $1.93.

轉向指導。我們重申我們的全年收入指導範圍為 13.8 億美元至 14.6 億美元，調整後的 EBITDA 範圍為 1.8 億美元至 1.9 億美元，非 GAAP 每股收益為 1.77 至 1.93 美元。

We're happy with the first quarter results, and we're off to a good start to the year, and I remain confident in the range that we are currently targeting. We intend to spend the marketing dollars we pushed in Q1 throughout the remainder of the year. It's still early in the year, and there's a healthy debate when it comes to the economic outlook. I'd like to have another quarter of performance on the books before deciding whether to change our targets for the year.

我們對第一季度的業績感到滿意，今年開局不錯，我對我們目前的目標範圍仍然充滿信心。我們打算在今年餘下的時間里花掉我們在第一季度投入的營銷資金。現在還處於年初，關於經濟前景的辯論是健康的。在決定是否改變我們今年的目標之前，我希望再有一個季度的賬面業績。

To help you with your modeling, let me provide a bit more color on how we see the general cadence for the rest of 2023. Our outlook for revenue is for flattish to slight revenue declines in the second quarter and third quarter with the prospect of some growth in the fourth quarter as we ramp up an exciting BaaS partner and other smaller partners across the business. I continue to expect about 2/3 of EBITDA to incur in the first half of the year, in line with our seasonal patterns, while margins are expected to be the lowest in the second and third quarters and the fourth quarter to be more or less flat with the prior year. As a general matter, I expect our Q2 margin to be down year-over-year due to some onetime cost benefits in 2022 that we discussed last year on our earnings call.

為了幫助您進行建模，讓我提供更多關於我們如何看待 2023 年剩餘時間的總體節奏的顏色。我們對收入的展望是第二季度和第三季度的收入持平或略有下降，並有一些前景第四季度的增長是因為我們在整個業務中增加了一個令人興奮的 BaaS 合作夥伴和其他較小的合作夥伴。我繼續預計 2/3 的 EBITDA 將在今年上半年產生，這與我們的季節性模式一致，而利潤率預計將在第二和第三季度最低，第四季度或多或少與上年持平。一般來說，我預計我們的第二季度利潤率將同比下降，因為我們在去年的財報電話會議上討論了 2022 年的一些一次性成本效益。

I would also like to provide a bit more color on our active accounts, which I know is a key metric that the market follows. As we move through the second and third quarters, we expect declines in accounts in the Consumer segment to accelerate beyond what we have recently experienced, and we want to make sure that you are aware of this as you build your models. Specifically, in the direct channel, we will be sunsetting some brands in the second quarter as we complete our platform conversions.

我還想為我們的活躍賬戶提供更多顏色，我知道這是市場遵循的一個關鍵指標。隨著我們進入第二和第三季度，我們預計消費者部門的賬戶下降速度將超過我們最近經歷的速度，我們希望確保您在構建模型時意識到這一點。具體來說，在直接渠道中，我們將在第二季度完成平台轉換後淘汰一些品牌。

While we are making efforts to covert those accounts to GO2bank, we expect that many will not convert and will accelerate the attrition of these legacy brands. As I mentioned, we've seen our year-over-year declines in active accounts to moderate, and this accelerated attrition in the second quarter could slow that momentum a bit in the Consumer segment. That said, our focus on making GO2bank the driving force of this channel remains intact. In fact, after this occurs, GO2bank will become a larger part of that channel and its growth rate will have a more pronounced impact as we move forward.

雖然我們正在努力將這些賬戶轉移到 GO2bank，但我們預計許多賬戶不會轉換並將加速這些傳統品牌的流失。正如我所提到的，我們已經看到活躍賬戶的同比下降有所緩和，而第二季度的這種加速流失可能會稍微減緩消費者領域的這種勢頭。也就是說，我們專注於讓 GO2bank 成為該渠道的驅動力，這一點保持不變。事實上，在這發生之後，GO2bank 將成為該渠道的更大一部分，並且隨著我們的前進，其增長率將產生更顯著的影響。

In the B2B segment, we will experience the continued runoff of de-converting partners, would expect growth of PayCard and launching a new BaaS partner to result in improving account metrics as we work through the second half of the year.

在 B2B 部分，我們將經歷去轉換合作夥伴的持續流失，預計 PayCard 的增長和推出新的 BaaS 合作夥伴將在我們下半年的工作中改善賬戶指標。

Now let me provide a bit more color on full year financial outlook for each of the segments. In the Consumer segment, I expect revenue and segment profit to decline year-over-year in the mid-teens, a bit higher than our initial thoughts for the year due to the accelerated attrition of the legacy brand that I just mentioned earlier. In our B2B segment, I expect revenue growth in the upper teens with flattish segment profit. Turning to the Money Movement segment, I still expect revenue growth in the low single digits with flattish segment profits. In the Corporate and Other segment, we still face the $15 million to $20 million earnings headwind from the higher revenue share while expenses should begin to reflect our progress in cutting costs as we move through the platform conversions.

現在讓我為每個細分市場提供更多關於全年財務前景的顏色。在消費者領域，由於我剛才提到的傳統品牌的加速流失，我預計收入和部門利潤將在十幾歲左右同比下降，略高於我們今年的初步預期。在我們的 B2B 細分市場中，我預計十幾歲以上的收入增長與持平的細分市場利潤。談到資金流動部分，我仍然預計收入將以較低的個位數增長，而該部分的利潤將持平。在企業和其他部門，我們仍然面臨收入份額增加帶來的 1500 萬至 2000 萬美元的逆風，而支出應該開始反映我們在平台轉換過程中在削減成本方面取得的進展。

For the full year, I expect our non-GAAP effective tax rate to be 23.5% and the diluted weighted average share count to be approximately 52 million shares.

對於全年，我預計我們的非 GAAP 有效稅率為 23.5%，攤薄加權平均股數約為 5200 萬股。

With that, let me turn it over to George for his closing comments.

說到這裡，讓我把它交給喬治，聽取他的結束評論。

Thanks, Jess. In closing, we got off to a solid start for the year financially and operationally. We made clear tangible progress on our technology conversions and our efforts to reduce expenses. I'm happy with our progress, but there is still work to be done, and every employee at Green Dot is focused on accomplishing the goals that we have laid out for the year, and we are off to a solid start.

謝謝，傑斯。最後，我們今年在財務和運營方面取得了良好的開端。我們在技術轉換和減少開支方面取得了明顯的切實進展。我對我們的進展感到滿意，但仍有工作要做，Green Dot 的每一位員工都專注於實現我們今年制定的目標，我們有了一個堅實的開端。

At Green Dot, we are responsible for overseeing and protecting something worth caring for and preserving. We accept consumer deposits. We accept investor capital that allows us to fulfill our mission of providing people the power to bank seamlessly, affordably and with confidence. And we have 1,200 dedicated employees coming to work every day to fulfill that mission. This is why stewardship sits at the center of our values. Green Dot is a dynamic company that has and will continue to go through change. But we operate in vast markets with tremendous opportunities in front of us. If we keep our focus on our core value, while we execute along this journey, our customers, partners, investors and team members will prosper along the way.

在 Green Dot，我們負責監督和保護值得關心和保存的東西。我們接受消費者存款。我們接受投資者資本，使我們能夠履行我們的使命，即為人們提供無縫、經濟且充滿信心的銀行服務。我們每天都有 1,200 名敬業的員工來工作以完成這一使命。這就是為什麼管理是我們價值觀的核心。 Green Dot 是一家充滿活力的公司，已經並將繼續經歷變革。但我們在廣闊的市場中開展業務，面臨著巨大的機遇。如果我們繼續專注於我們的核心價值，同時我們沿著這條道路執行，我們的客戶、合作夥伴、投資者和團隊成員將一路繁榮。

Thank you for your interest in Green Dot. And now let's open the line for your questions. Operator?

感謝您對綠點的關注。現在讓我們為您的問題打開熱線。操作員？

(Operator Instructions) The first question comes from Ramsey El-Assal with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Ramsey El-Assal。

This is Shray on for Ramsey. My first question is, could you guys comment a bit more on the magnitude of macro pressure that's factored into your guide? Does the guide contemplate any further deterioration of macro? Or is it more of a steady state?

這是 Ramsey 的 Shray。我的第一個問題是，你們能否就指南中考慮的宏觀壓力的大小發表更多評論？該指南是否考慮到宏觀經濟進一步惡化？或者它更像是一個穩定的狀態？

Yes, I think I'll take that one. This is Jess. I think Q1 was off to a solid start. So we haven't seen any substantial impact from a worsening economy. I think it's fair to say that if the economy were to worsen dramatically, there could be some pressure on things like interchange rates. We you could see higher interest rates above and beyond what the Fed just recently did. Of course, we would take cost management actions to offset some of those trends. We haven't factored in a worsened economy within our guidance specifically. But certainly, we would have opportunities to offset some of that as it progresses through the year.

是的，我想我會接受那個。這是傑斯。我認為第一季度開局良好。因此，我們還沒有看到經濟惡化的任何實質性影響。我認為可以公平地說，如果經濟急劇惡化，匯率等方面可能會面臨一些壓力。我們可以看到更高的利率，高於美聯儲最近所做的。當然，我們會採取成本管理措施來抵消其中一些趨勢。我們沒有在我們的指南中具體考慮經濟惡化的因素。但可以肯定的是，隨著這一年的進展，我們將有機會抵消其中的一部分。

Got it. Super helpful. And my follow-up is for Chris. So specifically in sales and the other revenue-generating parts of the business, organizationally, are you where you want to be to properly execute on the strategy you outlined?

知道了。超級有幫助。我的後續行動是針對克里斯的。因此，特別是在銷售和業務的其他創收部分，在組織上，您是否希望正確執行您概述的戰略？

So thanks for the question. In terms of when you say where we want to be, do you have something in mind specific to that viewpoint?

所以謝謝你的問題。就當你說我們想去哪裡時，你是否有特定於該觀點的想法？

Yes. Just whether it's the roles or the go-to-market strategy, is everything in place for you to start executing on what you outlined earlier?

是的。只是無論是角色還是上市策略，是否一切就緒，可以讓您開始執行您之前概述的內容？

Sure. Thank you for the clarification. We are in a position to execute on our go-to-market. We've made some realignments internally, we have very strong teams and are working towards moving our strategies forward. I think as it relates to product development and our go-to-market motion, there are some elements that we're taking the team and putting building blocks in place to help bring discipline around the way we're executing. But the core fundamentals and the teams exist, and they're not blockers to our ability to execute.

當然。謝謝你的澄清。我們能夠執行我們的上市。我們在內部進行了一些調整，我們擁有非常強大的團隊，並且正在努力推進我們的戰略。我認為，由於它與產品開發和我們的上市行動有關，我們正在帶領團隊並建立構建塊以幫助在我們執行的方式周圍建立紀律。但核心基礎和團隊是存在的，它們不會阻礙我們的執行能力。

The next question is from Joel Riechers of Truist.

下一個問題來自 Truist 的 Joel Riechers。

This is Joel on for Andrew Jeffrey. I have a question for Chris on GO2bank. So we see companies like SoFi using high APYs to draw on $3 billion in deposits. Square started to drive spend on its 51 million Cash App MAUs for products like Cash Card. So I'm just kind of curious, what features or product enhancements could be added to GO2bank to drive monetization and engagement? And are there really any limitations on the types of products GO2bank can offer based on your guys' charter?

這是安德魯杰弗里的喬爾。我有一個關於 GO2bank 的問題要問 Chris。因此，我們看到像 SoFi 這樣的公司使用高 APY 來提取 30 億美元的存款。 Square 開始推動其 5100 萬現金應用 MAU 用於現金卡等產品的支出。所以我有點好奇，可以向 GO2bank 添加哪些功能或產品增強功能來推動貨幣化和參與度？根據你們的章程，GO2bank 可以提供的產品類型真的有任何限制嗎？

Thanks for the question. Just for reference today, we do have a high APY savings capability built into GO2bank today. And then there's a feature set that is geared towards, in what we call, path to credit, but it's credit improvement, which is a secured card product and other things to help our customers improve their credit scores. But there are additional road map items that we'll be building in over time that create cardholder value. We have areas today, as an example, where we have made continual improvements to our overdraft programs to provide a greater amount of liquidity for our customers with a reasonable approach that's financially sound. I think we'll continue to take that approach as we move forward.

謝謝你的問題。今天僅供參考，我們今天確實在 GO2bank 中內置了高 APY 儲蓄功能。然後有一個功能集，我們稱之為信用路徑，但它是信用改善，這是一種安全的卡產品和其他幫助我們的客戶提高信用評分的東西。但是隨著時間的推移，我們將構建其他路線圖項目來創造持卡人價值。例如，我們今天在某些領域不斷改進我們的透支計劃，以一種財務上合理的合理方法為我們的客戶提供更多的流動性。我認為我們會在前進的過程中繼續採用這種方法。

From a product development standpoint, I think over the long run, I don't believe that there'll be limitations in what we're able to achieve from a bank charter perspective. But like all things, we would need to consider the regulatory environment as we're moving forward in our product development and road map.

從產品開發的角度來看，我認為從長遠來看，我認為從銀行章程的角度來看，我們能夠實現的目標不會受到限制。但就像所有事情一樣，在我們推進產品開發和路線圖時，我們需要考慮監管環境。

The next question is from Matthew Hurwit of Jefferies.

下一個問題來自 Jefferies 的 Matthew Hurwit。

The first one is in B2B. GDV was up 63%, but actives declined due to the de-conversion, but that's a quarter-end number. And there's a new partner starting this quarter. So could you give a sense of what the puts and takes are in terms of GDV for these partners coming and going or where it might be this quarter just with those dynamics?

第一個是B2B。 GDV 增長了 63%，但活性因去轉化而下降，但這是季度末的數字。本季度開始有一個新的合作夥伴。那麼，您能否了解這些來來往往的合作夥伴在 GDV 方面的投入和投入，或者僅憑這些動態，本季度可能會在哪裡？

So it's Jess, I'll take that one. So with respect to this quarter, certainly, the de-conversion of the partners is impacting that active base. GDV is in part driven by continued growth of some of our existing BaaS partners. And then I would add that there are some particular BaaS partners who offer high-yield savings, and that has drawn a lot of growth in deposits into those programs. We do not pay for that high-yield savings on those accounts, but that is a reason why we'll see sort of an uptick in GDV despite some of these de-conversion activities.

所以是 Jess，我會接受那個。因此，就本季度而言，當然，合作夥伴的去轉換正在影響這個活躍的基礎。 GDV 部分是由我們現有的一些 BaaS 合作夥伴的持續增長推動的。然後我要補充一點，有一些特定的 BaaS 合作夥伴提供高收益儲蓄，這已經為這些項目吸引了大量的存款增長。我們不會為這些賬戶的高收益儲蓄買單，但這就是為什麼儘管有一些去轉換活動，我們仍會看到 GDV 有所上升的原因。

Got you. Okay. And then in terms of the new reorg around the 4 opportunities you outlined, is that for reporting purposes or just sort of from an operating perspective? And then maybe, if it is in reporting, a mapping from the current reporting to that structure, if you could?

明白了好的。然後就圍繞您概述的 4 個機會進行的新重組而言，這是出於報告目的還是僅從運營角度來看？如果可以的話，如果它在報告中，那麼也許是從當前報告到該結構的映射？

Sure. Chris, I'll jump in, before Chris talks about the impact of his reorg. But from a reporting standpoint, the main operating divisions are still intact. I think Chris is just reorganizing his group on how to best tackle the go-to-market strategy, how best to improve BD pipeline conversion, et cetera.

當然。克里斯，在克里斯談論他的重組的影響之前，我會插話。但從報告的角度來看，主要運營部門仍然完好無損。我認為 Chris 只是在重組他的團隊，以解決如何最好地解決上市戰略、如何最好地改進 BD 管道轉換等問題。

The next question is from Bob Napoli of William Blair.

下一個問題來自威廉·布萊爾的鮑勃·那不勒斯。

This is Adib on for Bob Napoli. On the competitive environment for the direct channel and GO2bank, are you guys seeing a trend of more rational pricing from competitors on the customer acquisition front just given the tighter environment for venture-backed fintechs?

這是鮑勃那不勒斯的阿迪布。在直接渠道和 GO2bank 的競爭環境中，鑑於風險投資支持的金融科技公司的環境更加緊張，你們是否看到競爭對手在客戶獲取方面更合理定價的趨勢？

So this is Chris. I'll take that question. The information that we get, of course, is anecdotal, so I'll couch my comments with that. But we are seeing evidence in the market that there is some pullback in areas around the marketing budgets. We've seen some public reporting of that. Most of the neobank competitors have started to really pay more attention to path to profitability in their public statements and discussions around the business, and I think ultimately, that leads to better competitive forces as it relates to rational marketing spend and pricing and models in terms of their overall dynamics that require profitability.

所以這是克里斯。我會回答這個問題。當然，我們得到的信息是軼事，所以我會用這些來表達我的意見。但我們在市場上看到的證據表明，在營銷預算方面存在一些縮減。我們已經看到了一些公開報導。大多數 Neobank 競爭對手已經開始在他們的公開聲明和圍繞業務的討論中真正更加關注盈利路徑，我認為最終這會帶來更好的競爭力，因為它與合理的營銷支出和定價以及模型相關他們需要盈利能力的整體動態。

I think for us, in comparison, we have products and marketing budgets in which we're producing profitable cardholders and our acquiring customers at a level where we are generating solid returns on the marketing investments. So I think we'll continue along that path and with that discipline as we move forward and our belief that, that will, over the long run, yield the best results.

相比之下，我認為對我們來說，我們有產品和營銷預算，我們在這些預算中生產有利可圖的持卡人和我們的收購客戶，我們在營銷投資中產生可觀的回報。因此，我認為我們將繼續沿著這條道路前進，並在我們前進的過程中遵守紀律，我們相信，從長遠來看，這將產生最好的結果。

Great. And if I could ask a quick follow-up. Clearly, a lot of technology and cost-related initiatives are taking place and we'll likely see more benefit next year and beyond. But once the business starts returning to growth in '24 and further out, how should we kind of think about operating leverage within Green Dot longer term from an EBITDA margin perspective?

偉大的。如果我可以要求快速跟進。顯然，許多與技術和成本相關的舉措正在發生，我們可能會在明年及以後看到更多收益。但是，一旦業務在 24 世紀及以後開始恢復增長，我們應該如何從 EBITDA 利潤率的角度考慮長期內 Green Dot 的運營槓桿？

Thanks for that question. This is George. Obviously, we've been on a journey here to reorchestrate our ability to deliver products and services at a much more efficient level than we had been able to in the past. And that journey is about to pass an extraordinarily important milestone at the end of this quarter with the next few migrations onto our new processing platform. That migration, we've put some measures before you with respect to the implications of that from a financial perspective. We see a number of opportunities beyond that in order to create simplification in our business, to continue to migrate to a consolidated approach on technology solutions. Those efforts will continue into '24.

謝謝你的問題。這是喬治。顯然，我們一直在重新調整我們以比過去更高效的水平提供產品和服務的能力。隨著接下來的幾次遷移到我們新的處理平台，這一旅程將在本季度末通過一個非常重要的里程碑。這種遷移，我們已經從財務角度就其影響向您提出了一些措施。我們看到了除此之外的許多機會，以簡化我們的業務，繼續遷移到技術解決方案的整合方法。這些努力將持續到 24 年。

So when we think about the business and the implications of that, we have scalable business that, on the marginal dollar of revenue, should generate meaningful marginal EBITDA returns. That is what we're building here. And I think we're well on that path. And I think we'll start to enjoy the benefit of that in 2024.

因此，當我們考慮業務及其影響時，我們擁有可擴展的業務，在收入的邊際美元上，應該產生有意義的邊際 EBITDA 回報。這就是我們在這裡建設的。我認為我們在這條路上走得很好。我認為我們將在 2024 年開始享受其中的好處。

(Operator Instructions) The next question is from George Sutton with Craig-Hallum.

（操作員說明）下一個問題來自 George Sutton 和 Craig-Hallum。

James on for George. Nice quarter. So a couple of questions on the B2B segment. You noted in the press release looking forward to onboarding some major partners later this year. So partners being plural, it sounds like you've got multiple new opportunities in the pipeline, in addition to just the big new partner being onboarded in this quarter. Could you help us get a sense of scale of these potential partners, sort of whether these are new customers coming to market for the first time or if there are potential competitive takeaways? And then it's great to see the quarter-over-quarter margin improvement. I think that's the first time we've seen that in a very long time. So I guess do you think that margin expansion can continue? And then I've got one follow-up.

詹姆斯換下喬治。不錯的季度。關於 B2B 部分的幾個問題。您在新聞稿中指出，期待今年晚些時候加入一些主要合作夥伴。所以合作夥伴是多元化的，聽起來你有很多新的機會在籌備中，除了本季度加入的新大合作夥伴之外。您能否幫助我們了解這些潛在合作夥伴的規模，比如這些是首次進入市場的新客戶，還是有潛在的競爭優勢？然後很高興看到季度利潤率有所提高。我認為這是很長一段時間以來我們第一次看到這種情況。所以我猜你認為利潤率擴張可以繼續嗎？然後我有一個跟進。

Thanks, James. This is George again. On your first question, we have a pipeline that is becoming more healthy as Chris gets his executional elements in place. The BaaS partners we're making reference to, these are long-term onboarding initiatives, at least one of them we've talked about for some time. We expect that partner to go live midyear, but they will ramp relatively slowly. And then we'll bring on additional partners, at least an additional partner, in the back half of the year and, depending on how things play out, possibly a third. So we're happy with the way the pipeline is developing. But just keep in mind that they are complicated onboarding projects which will probably have a muted effect on 2023.

謝謝，詹姆斯。這又是喬治。關於你的第一個問題，隨著 Chris 的執行要素到位，我們的管道變得更加健康。我們提到的 BaaS 合作夥伴，這些是長期的入職計劃，至少其中之一我們已經討論了一段時間。我們預計該合作夥伴將在年中上線，但他們的增長速度將相對緩慢。然後我們將在今年下半年引入更多的合作夥伴，至少是一個額外的合作夥伴，並且根據事情的發展情況，可能會增加三分之一。因此，我們對管道的開發方式感到滿意。但請記住，它們是複雜的入職項目，可能對 2023 年的影響不大。

And as far as kind of the source of the wind, in one case, it was a takeaway from essentially an in-source solution where the firm had put together a bank sponsor, a processor, other service elements, et cetera, moving to a vertically integrated solution that we provide uniquely in the market. And in the other case, it was a greenfield opportunity for the first time for the partner to offer embedded finance solutions to their customer base. So we're very excited about these opportunities as a proof point. I don't expect them to have a dramatic impact on our actual financial results this year. But obviously, it's great to be planting these seeds for our future success.

就風的來源而言，在一個案例中，它本質上是一個內部解決方案的外賣，在該解決方案中，公司將銀行贊助商、處理商、其他服務元素等整合在一起，轉向我們在市場上提供的獨一無二的垂直整合解決方案。在另一個案例中，這是合作夥伴首次為其客戶群提供嵌入式金融解決方案的全新機會。因此，我們對這些機會作為證明點感到非常興奮。我預計它們不會對我們今年的實際財務業績產生重大影響。但顯然，為我們未來的成功播下這些種子真是太好了。

Great. And then anything on the margin expansion in the quarter, I mean do you think margins should continue to expand from here?

偉大的。然後關於本季度利潤率擴張的任何事情，我的意思是你認為利潤率應該從這裡繼續擴大嗎？

Yes, I'm sorry about that. I think as Jess said in his prepared comments, we expect to see some margin compression in Q2 and Q3, which will probably be the most challenging quarters for this year as we have these legacy accounts rolling off the platform, and we expect that to stabilize towards the end of the year.

是的，我對此感到抱歉。我認為正如 Jess 在他準備好的評論中所說的那樣，我們預計第二季度和第三季度的利潤率會有所壓縮，這可能是今年最具挑戰性的季度，因為我們有這些遺留賬戶從平台上撤下，我們預計這種情況會穩定下來臨近年底。

Got you. And then, Chris, since you haven't gotten enough questions already, I guess, as you look at all the opportunities ahead of you at Green Dot, what excites you the most? Or what do you think could be the biggest potential value driver for Green Dot over the next 3 years?

明白了然後，Chris，既然你還沒有得到足夠的問題，我想，當你看到 Green Dot 擺在你面前的所有機會時，最讓你興奮的是什麼？或者您認為未來 3 年 Green Dot 最大的潛在價值驅動因素是什麼？

This is Chris. Thank you for the question. I think as you look at the marketplace and our ability to both the addressable market that we can go after and our ability to execute, we're most excited about our continued success in the embedded finance space, an expanding opportunity in what we consider sort of the GDN or our Money Movement business and then, within PayCard, our ability to grow early wage access business, along with the payroll card business. And I think those are sort of near term and then medium term, the largest opportunities to go after that have the most significance for the business.

這是克里斯。感謝你的提問。我認為，當您審視市場以及我們進入可尋址市場的能力以及我們的執行能力時，我們對我們在嵌入式金融領域的持續成功感到非常興奮，這是我們認為的不斷擴大的機會GDN 或我們的 Money Movement 業務，然後在 PayCard 中，我們有能力發展早期工資訪問業務以及工資卡業務。而且我認為這些是短期的，然後是中期的，追求的最大機會對業務最重要。

And over the long run, I think as we're building our consumer business and as we're able to take our lessons from GO2bank and apply those into our other brands, the consumer business product feature sets and our ability to acquire customers and move that across the entire consumer channel, which includes our retail business, that will yield additional significant results, and that's over a longer-term view.

從長遠來看，我認為我們正在建立我們的消費者業務，並且我們能夠從 GO2bank 中吸取教訓並將其應用到我們的其他品牌、消費者業務產品功能集以及我們獲取客戶和移動的能力在包括我們的零售業務在內的整個消費者渠道中，這將產生額外的顯著結果，而且這是從長遠來看的。

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

我們的問答環節到此結束。我想把會議轉回喬治·格雷沙姆的閉幕詞。

Thank you, operator. Let me just offer my gratitude to the community that's following Green Dot. And in particular,, as we move through the second quarter, our colleagues and teammates at the company are really working hard to implement these migrations that were initiated maybe 2 years ago. And I want to express my personal gratitude to the teammates and colleagues and employees around the world at Green Dot for all their hard work and effort. It's recognized and appreciated. And I'd extend the same to our investors who are with us today and our Board members. So thank you very much, everybody, and I look forward to catching up with you soon.

謝謝你，運營商。讓我向關注綠點的社區表示感謝。特別是，隨著我們進入第二季度，我們公司的同事和團隊成員正在努力實施這些可能在 2 年前啟動的遷移。我想對 Green Dot 全球各地的隊友、同事和員工表示感謝，感謝他們的辛勤工作和努力。它得到認可和讚賞。我會向今天與我們在一起的投資者和我們的董事會成員發表同樣的看法。非常感謝大家，我期待著很快與你們見面。

The conference has now concluded. Thank you for attending today's presentation. 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。