Green Dot Corp (GDOT) 2023 Q2 法說會逐字稿

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

美好的一天，歡迎參加綠點公司第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Tim Willi, Senior Vice President of Finance. Please go ahead.

現在我想將會議交給財務高級副總裁蒂姆·威利 (Tim Willi)。請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing Green Dot's second quarter 2023 financial and operating results. Following our remarks, we'll open the call for your questions. Our most recent earnings release that accompany this call and webcast can be found at ir.greendot.com.

謝謝大家，大家下午好。今天，我們討論 Green Dot 2023 年第二季度的財務和運營業績。在我們的發言之後，我們將開始電話詢問您的問題。我們隨本次電話會議和網絡廣播發布的最新財報可在 ir.greendot.com 上找到。

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有關未來結果和業績的前瞻性陳述和預期。請參閱收益報告和Green Dot 向美國證券交易委員會提交的文件中的警示性語言，包括我們最新的10-K 和10-Q 表格，了解有關可能導致實際結果與預期結果存在重大差異的因素的更多信息看起來的陳述。

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. Content of this call is property of Green Dot Corporation and is subject to copyright protection.

在電話會議中，我們將提及不符合公認會計原則的財務措施。為了清楚起見，除非另有說明，我們今天討論的所有數字都將基於非公認會計原則（Non-GAAP）。信息的計算方式可能與其他公司提供的類似非 GAAP 數據不同。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。本次通話的內容屬於 Green Dot Corporation 的財產，並受版權保護。

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 our second quarter 2023 earnings call. At Green Dot, our mission is to give consumers and businesses the power to bank seamlessly, affordably and with confidence. We recognize that access to the banking system should not be a privilege. Our core value is stewardship since we take care of something for others that is critically important to them, whether they are depositors or investors. To fulfill this mission and live up to our values, we are executing a strategy of integrating banking, technology and network platform so that we may provide market-leading financial tools at low cost.

大家下午好，感謝您參加我們的 2023 年第二季度財報電話會議。在 Green Dot，我們的使命是為消費者和企業提供無縫、經濟且充滿信心的銀行服務。我們認識到進入銀行系統不應成為一種特權。我們的核心價值是管理，因為我們為他人照顧一些對他們至關重要的事情，無論他們是儲戶還是投資者。為了完成這一使命並踐行我們的價值觀，我們正在執行整合銀行、技術和網絡平台的戰略，以便我們能夠以低成本提供市場領先的金融工具。

Each of these platforms are already in place. We own the bank, we own the technology and we own one of, if not the largest cash money movement in payment networks in the U.S. with our Green Dot network. In addition, we are a diverse set of distribution channels where we distribute demand deposit accounts directly to consumers or through retail locations. We also support all sizes of businesses through our distribution of rapid! pay card demand deposit accounts. We facilitate cash flow management through our tax products group for thousands of additional businesses, and we support some of the largest companies in the world with sophisticated embedded financial solutions tailored to their particular needs. To fully realize the potential of this strategy, we are highly focused on integrating these assets enhancing our technology and optimizing our products roadmap so we can bring products to market in a more agile and timely way. So how are we doing on this journey.

這些平台中的每一個都已經到位。我們擁有銀行，我們擁有技術，我們擁有美國支付網絡中最大的現金流動之一——綠點網絡。此外，我們擁有多元化的分銷渠道，我們直接或通過零售地點向消費者分銷活期存款賬戶。我們還通過我們的快速分銷支持各種規模的企業！支付卡活期存款賬戶。我們通過稅務產品組為數千家其他企業提供現金流管理，並為世界上一些最大的公司提供根據其特定需求量身定制的複雜嵌入式金融解決方案。為了充分發揮這一戰略的潛力，我們高度重視整合這些資產，增強我們的技術並優化我們的產品路線圖，以便我們能夠以更敏捷、更及時的方式將產品推向市場。那麼我們在這段旅程中表現如何？

Jeff will cover our financial results in more detail. But for the second quarter, our non-GAAP revenue was up 2% compared to the same quarter in the prior year, while both non-GAAP and GAAP earnings metrics declined. This decline is attributable to a variety of factors, namely the deconversion of several partners, the ongoing evolution of our direct business as we let several legacy brands attrit or sunset, while we focus on the growth of GO2bank, the impact on partner interest sharing from higher interest rates and difficult year-on-year comparisons as we realized several onetime benefits in expenses last year. Despite these challenges and headwinds, as we move forward, we see evidence of stabilizing account trends, a growing pipeline and no shortage of opportunities for Green Dot as the market for embedded finance continues to evolve and grow.

傑夫將更詳細地介紹我們的財務業績。但第二季度，我們的非 GAAP 收入與去年同期相比增長了 2%，而非 GAAP 和 GAAP 盈利指標均有所下降。這種下降是由多種因素造成的，即幾個合作夥伴的轉變、我們直接業務的持續發展（因為我們讓幾個傳統品牌磨損或日落）、而我們專注於GO2bank 的增長、對合作夥伴利益分享的影響更高的利率和困難的同比比較，因為我們去年實現了一些一次性的支出效益。儘管存在這些挑戰和逆風，但隨著我們前進，我們看到了賬戶趨勢穩定、管道不斷增長的證據，並且隨著嵌入式金融市場的不斷發展和增長，Green Dot 並不缺乏機會。

Along these lines, I am pleased to confirm our newest BaaS embedded finance partner, which we have referenced in previous calls. Ceridian, a global leader in human capital management technology has selected Green Dot as a U.S. banking partner for Dayforce Wallet, Ceridian's market-leading on-demand pay solution. We look forward to announcing a national launch and sharing more details of this program and partnership in the coming months.

沿著這些思路，我很高興確認我們最新的 BaaS 嵌入式金融合作夥伴，我們在之前的電話會議中已經提到過。 Ceridian 是人力資本管理技術領域的全球領導者，已選擇 Green Dot 作為 Ceridian 市場領先的按需支付解決方案 Dayforce Wallet 的美國銀行合作夥伴。我們期待在未來幾個月內宣佈在全國范圍內啟動並分享該計劃和合作夥伴關係的更多細節。

I am also very pleased to announce we have signed a meaningful new partner in our financial service center channel, which is part of our Consumer segment. We are thrilled to launch a new partnership with the PLS family of financial service companies to offer a demand deposit account among other tools and features to their customers. PLS is one of the nation's largest community-based financial service providers, and we have a shared commitment to providing the services and tools that empower consumers, particularly those in the LMI community.

我還非常高興地宣布，我們在金融服務中心渠道中籤署了一位有意義的新合作夥伴，該渠道是我們消費者部門的一部分。我們很高興與 PLS 金融服務公司家族建立新的合作夥伴關係，為其客戶提供活期存款賬戶以及其他工具和功能。 PLS 是美國最大的社區金融服務提供商之一，我們共同致力於提供服務和工具，增強消費者的能力，特別是中低收入社區的消費者。

Green Dot could not be more proud to be working with Ceridian and PLS, and I look forward to sharing more details on our partnerships in the coming quarters.

Green Dot 對於與 Ceridian 和 PLS 合作感到無比自豪，我期待在未來幾個季度分享有關我們合作夥伴關係的更多細節。

Business development more broadly remains a key priority. And as we complete the technology conversion, this is one of the areas where we are redirecting our energies and focus. While 2023 is and remains the year of execution focused on internal initiatives, 2024 will be the year of execution focused on building enduring revenue streams. On last quarter's call, our Chief Revenue Officer, Chris Ruppel spoke about how we are instituting a more uniform regimented approach to how we go about identifying and pursuing opportunities, and we are making significant strides in improving this model and our pipeline, which is strong.

更廣泛的業務發展仍然是一個關鍵優先事項。當我們完成技術轉換時，這是我們重新調整精力和重點的領域之一。雖然 2023 年仍然是專注於內部計劃的執行年，但 2024 年將是專注於建立持久收入流的執行年。在上個季度的電話會議上，我們的首席營收官Chris Ruppel 談到了我們如何制定更加統一的管理方法來識別和尋求機會，並且我們在改進這一模式和渠道方面取得了重大進展，這一點非常強大。

As it relates to our long discussed technology transformation, I am pleased to share we are now nearly complete with this process, having executed 7 conversion events from our legacy processor to our new platform with the final activities expected to be completed this month.

由於它涉及我們長期討論的技術轉型，我很高興地告訴大家，我們現在幾乎完成了這個過程，已經執行了 7 個從舊處理器到新平台的轉換事件，最終活動預計將於本月完成。

The finalization of this effort puts us in a position to operate as a more efficient, nimble and scalable company going forward. This has been a 2-plus year journey driven by our legacy processors exit from the business. It's been a challenging road for many of our team members and a consuming focus for management. While we will have post-conversion cleanup work remaining, bringing this phase of work to completion allows us to redirect our focus and energy to other priorities and opportunities, including additional enhancements to our technology and product offerings and, of course, growth.

這項工作的最終完成使我們能夠成為一家更加高效、靈活和可擴展的公司。這是由我們的傳統處理器退出業務推動的兩年多的歷程。對於我們的許多團隊成員來說，這是一條充滿挑戰的道路，也是管理層關注的重點。雖然我們仍將進行轉換後的清理工作，但完成這一階段的工作使我們能夠將我們的重點和精力轉移到其他優先事項和機會上，包括對我們的技術和產品的進一步增強，當然還有增長。

In addition to being stewards of consumer deposits, a responsibility we take extremely seriously, we are also stewards of shareholder capital, which is why we continue to focus on making expense management and margin expansion a part of our corporate DNA. We are making significant strides in evolving our culture to having a dedicated focus on managing costs and allocating capital with a considerate and thoughtful approach. While the current period is carrying excess costs due to the technology conversion, we expect those costs to abate as we move into 2024. We will, of course, continue to make investments in our regulatory responsibilities and obligations in order to better serve customers.

除了成為消費者存款的管理者（我們極其重視這一責任）之外，我們還是股東資本的管理者，這就是為什麼我們繼續專注於將費用管理和利潤擴張作為我們企業 DNA 的一部分。我們在發展我們的文化方面取得了重大進展，以周到和深思熟慮的方式專注於管理成本和分配資本。雖然本期由於技術轉換而產生了額外的成本，但我們預計隨著進入2024 年，這些成本將會減少。當然，我們將繼續對我們的監管責任和義務進行投資，以便更好地為客戶服務。

In summary, we are making important strides on our journey, but we are only in the middle innings with plenty to do. I want to thank all of our team members, our partners and our investors for coming along with us as we execute this strategy. Now let me hand it over to Jess.

總而言之，我們在旅程中取得了重要的進步，但我們只處於中間階段，還有很多工作要做。我要感謝我們所有的團隊成員、合作夥伴和投資者與我們一起執行這一戰略。現在讓我把它交給傑西。

Thanks, George, and good afternoon, everyone. Overall, our consolidated results came in line with our expectations, and as George said, it's a solid quarter of progress towards our goals. I'll walk you through our key financial highlights, and then I'll provide color on our updated guidance for the year.

謝謝喬治，大家下午好。總體而言，我們的綜合業績符合我們的預期，正如喬治所說，這是實現我們目標的堅實進展的一個季度。我將向您介紹我們的主要財務亮點，然後我將提供有關今年更新指導的信息。

Our GAAP and non-GAAP revenue for the quarter grew 1% and 2%, respectively, year-over-year, while adjusted EBITDA was down year-over-year for the reasons George discussed. I'll provide color on each of our segments. First, in our consumer segment. As you know, our consumer segment is comprised of both our retail and direct-to-consumer distribution channels. Overall, this segment is impacted by changing consumer patterns within retail, the nonrenewal of a retail program and our dedicated focus on our GO2bank brand in our direct-to-consumer channel at the expense of legacy brands that are now in runoff.

我們本季度的 GAAP 和非 GAAP 收入分別同比增長 1% 和 2%，而調整後的 EBITDA 則同比下降，原因如 George 所討論的。我將為每個部分提供顏色。首先，在我們的消費領域。如您所知，我們的消費者細分市場由零售和直接面向消費者的分銷渠道組成。總體而言，該細分市場受到零售業消費者模式變化、零售計劃不再更新以及我們在直接面向消費者的渠道中專注於 GO2bank 品牌而犧牲目前處於淘汰狀態的傳統品牌的影響。

While our retail channel is impacted by secular changes and the nonrenewal of a program, we are taking steps to reposition this business. Specifically, we are actively working with our retail partners on strategies that encompass a wide range of embedded accounts and payment experiences that are designed to help our retail partners continue to build enduring and loyal customer relationships through digital financial experiences, not just products on shelves. We also signed a new partner in PLS, and we are focused on making our cost structure in retail more efficient.

雖然我們的零售渠道受到長期變化和計劃不再更新的影響，但我們正在採取措施重新定位這項業務。具體來說，我們正在積極與零售合作夥伴合作制定涵蓋各種嵌入式賬戶和支付體驗的戰略，旨在幫助我們的零售合作夥伴通過數字金融體驗（而不僅僅是貨架上的產品）繼續建立持久和忠誠的客戶關係。我們還與 PLS 簽署了新的合作夥伴，我們致力於提高零售成本結構的效率。

In our direct-to-consumer business, we continue to fully commit our marketing spend to support our GO2bank brand. And as a result, we deliberately put legacy brands such as Rush, AccountNow and others into runoff. As mentioned on our first quarter call, we sunset some brands in the second quarter as we continue to move through our platform conversions. We had success in converting a portion of those accounts to GO2bank. As expected, many did not convert and attrition of these legacy brands accelerated.

在我們的直接面向消費者業務中，我們繼續全力投入營銷支出來支持我們的 GO2bank 品牌。因此，我們故意將 Rush、AccountNow 等傳統品牌納入決選。正如我們在第一季度電話會議中提到的，隨著我們繼續進行平台轉換，我們在第二季度淘汰了一些品牌。我們成功地將其中一部分賬戶轉入 GO2bank。正如預期的那樣，許多品牌沒有轉變，這些傳統品牌的流失加速了。

As a result of the attrition of the legacy brands over the last 2 years and its own rapid growth, GO2bank has become a larger part of that channel and its growth rate will have a more pronounced impact as we move forward.

由於過去兩年傳統品牌的流失以及自身的快速增長，GO2bank 已成為該渠道的重要組成部分，隨著我們的前進，其增長率將產生更顯著的影響。

In the second quarter, GO2bank continued to have strong year-over-year growth in direct deposit accounts of approximately 40%, which resulted in strong growth in revenue per account. With that context in place, let me provide some color on the performance of the segment during the quarter.

第二季度，GO2bank 直接存款賬戶同比繼續強勁增長約 40%，這導致每個賬戶收入強勁增長。有了這樣的背景，讓我對本季度該部門的表現提供一些說明。

Segment revenue was down 14%, driven by the year-over-year decline in active accounts. Revenue in our retail channel was down in the upper teens year-over-year, though I would note that excluding the impact of the nonrenewal, revenue declines in the retail channel were in the low teens. The direct channel saw mid-single-digit declines in revenue consistent with the first quarter. I believe it's worth pointing out that the decline in direct deposit accounts continues to moderate, with its slowest rate of decline in over a year and the smallest sequential decline that we have seen in over 2 years.

由於活躍賬戶同比下降，該部門收入下降了 14%。我們零售渠道的收入同比下降了十幾歲，但我要指出的是，排除非續訂的影響，零售渠道的收入下降幅度在十幾歲以下。直接渠道的收入與第一季度一致出現中個位數下降。我認為值得指出的是，直接存款賬戶的下降繼續放緩，下降速度為一年多以來最慢，也是兩年多來最小的環比下降。

This is fueled in part by some moderating decline in retail, but also in the direct channel as GO2bank build momentum. Direct deposit accounts represent approximately 1/4 of our total accounting segment, and these accounts are more highly engaged with higher volumes and revenues than non-direct deposit accounts. Revenue per account continues to improve as we drive deeper engagement rates, particularly with GO2bank, helping to offset the attrition in legacy portfolios. As I've said many times, this is an evolution, but we are encouraged by what we are seeing from GO2bank and the impact it's having on the direct channel and the increased likelihood that it can help drive continued moderation in the rate of decline for the consumer segment overall and believe that we're moving closer to an inflection point.

這在一定程度上是由零售業的溫和下滑所推動的，但隨著 GO2bank 的發展勢頭也受到直接渠道的推動。直接存款賬戶約占我們整個會計部門的 1/4，與非直接存款賬戶相比，這些賬戶的參與度更高，交易量和收入更高。隨著我們提高參與率（尤其是 GO2bank），每個賬戶的收入持續提高，有助於抵消傳統投資組合的損耗。正如我多次說過的，這是一種演變，但我們對 GO2bank 所看到的情況及其對直接渠道的影響以及它有助於推動下降速度持續放緩的可能性增加感到鼓舞。整個消費者群體，並相信我們正在接近拐點。

Segment profit was down year-over-year by 27% due to the decline in revenue. And as we discussed last year, we negotiated numerous onetime benefits in our expense structure in the first half of 2022 and in particular, the second quarter of 2022, causing margin compression and making the year-over-year a pretty tough comparison. In the B2B segment, which consists of our BaaS and PayCard channels, aggregate revenue growth of 26%, largely remains 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.

由於收入下降，該部門利潤同比下降27%。正如我們去年討論的那樣，我們在 2022 年上半年，特別是 2022 年第二季度的費用結構中協商了許多一次性福利，導致利潤率壓縮，並使同比變得相當艱難。在由我們的 BaaS 和 PayCard 渠道組成的 B2B 細分市場中，總收入增長了 26%，這在很大程度上仍然是由我們的 BaaS 渠道推動的，該渠道的收入增長了約 30%。我們較大的 BaaS 客戶之一的增長繼續為營收提供動力，而我們面臨著 2 個 BaaS 合作夥伴的退出帶來的收入和活躍度方面的阻力。

In the PayCard channel, our revenue and active account growth has moderated due to macro shifts in the temporary staffing industry, one of our primary verticals, where inflation and recession tiers have impacted hiring decisions. We experienced active declines in this vertical in late 2022 through May of this year, and we saw a rebound in June. Our revenue was also impacted by a shift in the mix of purchase volume that is weighing on interchange rates and changes in consumer ATM behavior. That said, strong sales activity and leading indicators in the core PayCard product as well as continued growth in our EWA offering gave us confidence that momentum in this channel should reaccelerate in the coming quarters.

在 PayCard 渠道中，由於臨時人員行業的宏觀變化，我們的收入和活躍賬戶增長有所放緩，臨時人員行業是我們的主要垂直行業之一，通貨膨脹和衰退程度影響了招聘決策。從 2022 年末到今年 5 月，我們經歷了該垂直領域的積極下跌，並在 6 月看到了反彈。我們的收入還受到購買量組合變化的影響，這種變化影響了兌換率和消費者 ATM 行為的變化。也就是說，核心 PayCard 產品的強勁銷售活動和領先指標以及我們的 EWA 產品的持續增長使我們相信該渠道的勢頭將在未來幾個季度重新加速。

Profit in the B2B segment was down 23% as expected, driven largely by the impact of client deconversions in the BaaS business and the dynamics I just discussed in the PayCard channel. We had margin compression from onetime expense structure benefits last year, similar to our consumer segment and pressure on margins in the PayCard business due to the lower interchange rate. While we face what we believe to be temporary pressure on revenue growth, we continue to invest in the PayCard business as sales momentum has been strong while also incurring expenses to support the launch of our newest BaaS partner.

B2B 領域的利潤如預期下降了 23%，這主要是由於 BaaS 業務中客戶轉化的影響以及我剛剛在 PayCard 渠道中討論的動態所致。去年，我們的利潤率因一次性費用結構的好處而受到壓縮，與我們的消費者細分市場類似，並且由於匯率較低，支付卡業務的利潤率面臨壓力。雖然我們認為收入增長面臨暫時壓力，但由於銷售勢頭強勁，我們繼續投資 PayCard 業務，同時還產生費用來支持我們最新的 BaaS 合作夥伴的推出。

Shifting to our money movement segment, revenue was down 8% year-over-year from a decline in cash transfer volume and timing of tax refund volume. The Green Dot Network business continues to see year-over-year revenue declines to moderate from the mid-teens in 2022 to a mid-single-digit decline in the second quarter of 2023. Revenue declines remain driven principally from the impact of the decline in active accounts in our other segments, while continued growth from third-party transactions, up year-over-year in the mid-teens, helped offset some of the overall decline. Third-party programs now comprise at over 60% of our total cash transfer volume.

轉向我們的資金流動領域，由於現金轉移量和退稅量時間的減少，收入同比下降 8%。綠點網絡業務的收入繼續同比下降，從 2022 年的十幾歲左右下降到 2023 年第二季度的中個位數下降。收入下降仍然主要受到下降的影響在我們其他細分市場的活躍賬戶中，雖然第三方交易的持續增長（同比增長十多歲左右）有助於抵消部分整體下降的影響。目前，第三方計劃占我們現金轉賬總額的 60% 以上。

Our tax refund volume was down year-over-year because of timing shifts versus last year. On a year-to-date basis, revenue in our tax processing channel was up low single digits year-over-year. Profitability remained strong with flattish profits and some modest margin expansion in both tax and Green Dot Network.

由於與去年相比時間發生變化，我們的退稅量同比下降。年初至今，我們的稅務處理渠道的收入同比增長了較低的個位數。盈利能力依然強勁，利潤持平，稅收和綠點網絡的利潤率略有擴張。

Our final segment, Corporate & Other, reflects the interest income we earn in our bank net of the revenue share on interest we paid to BaaS partners as well as salaries and administrative costs and some smaller intercompany adjustments. Interest income, net of partner sharing was down year-over-year, as expected, due to a higher rate of environment. As a reminder, the rapidly rising rate environment of 2022 created an imbalance between the blended yield we earn on our cash and investments and the rate we pay our BaaS partners and effectively creates a headwind for revenue in this segment.

我們的最後一部分“企業及其他”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。正如預期的那樣，由於環境利率上升，扣除合作夥伴分成後的利息收入同比下降。提醒一下，2022 年快速上漲的利率環境造成了我們從現金和投資中賺取的混合收益與我們向BaaS 合作夥伴支付的利率之間的不平衡，並有效地為該領域的收入帶來了阻力。

Salaries and other general and administrative expenses were up just slightly from last year as our cost-cutting efforts helped to offset the incremental costs associated with our technology conversions.

由於我們的成本削減努力有助於抵消與技術轉換相關的增量成本，因此工資和其他一般及行政費用僅比去年略有增加。

Now turning to guidance. We are reaffirming our revenue range of $1.376 billion to $1.462 billion and expect to be above the midpoint of this range. We are narrowing our adjusted EBITDA range to $182 million to $188 million while keeping our midpoint at $185 million. Likewise, we are narrowing our non-GAAP EPS range to $1.80 to $1.90. We are encouraged by our results and trends in Q2 and the progress we're making towards our goals.

現在轉向指導。我們重申我們的收入範圍為 13.76 億美元至 14.62 億美元，並預計將高於該範圍的中點。我們將調整後 EBITDA 範圍縮小至 1.82 億美元至 1.88 億美元，同時將中點保持在 1.85 億美元。同樣，我們將非 GAAP 每股收益範圍縮小至 1.80 美元至 1.90 美元。我們對第二季度的結果和趨勢以及我們在實現目標方面取得的進展感到鼓舞。

Turning to the back half of the year, let me provide you with a bit more color to round out your models. At a high level, revenue should generally be evenly split between the third quarter and the fourth quarter with about 40% of adjusted EBITDA and non-GAAP EPS in the third quarter and the balance in the fourth quarter. This would imply a bit more margin pressure in the third quarter from the second quarter levels before rebounding a bit in the fourth quarter.

談到今年下半年，讓我為您提供更多顏色來完善您的模型。在較高水平上，收入通常應在第三季度和第四季度之間平均分配，其中調整後 EBITDA 和非 GAAP 每股收益的 40% 左右在第三季度，其餘部分在第四季度。這意味著第三季度的利潤率壓力將比第二季度的水平更大，然後第四季度會有所反彈。

Now let me provide a bit more color on the full year financial outlook for each of the segments. In the Consumer segment, we expect revenue and segment profit to decline year-over-year in the mid-teens. Margins for the full year should approximate the full year margins that we saw in 2022 with sequential improvements in each of Q3 and Q4. In the B2B segment, we look for revenue growth for the year to be approximately 20% with flattish segment profits. While full year margins should be down roughly 300 basis points from 2022, we should see sequential improvement in both the third and fourth quarters.

現在讓我對每個細分市場的全年財務前景提供更多信息。在消費者領域，我們預計收入和利潤將同比下降十多歲左右。全年利潤率應接近我們在 2022 年看到的全年利潤率，並在第三季度和第四季度連續改善。在 B2B 領域，我們預計今年收入增長約為 20%，而該領域利潤持平。雖然全年利潤率應比 2022 年下降約 300 個基點，但我們應該會看到第三季度和第四季度的連續改善。

In the Money Movement segment, we expect revenue and profit to be essentially flat with last year. In the Corporate and Other segment, we have an earnings headwind from higher interest revenue share. In our Q4 2022 call, we provided an estimated headwind for 2023 in a range of $15 million to $20 million. This range has increased several million dollars in light of recent rate hikes. All the while, expenses should begin to reflect our progress in cutting costs as we move through the platform conversions.

在貨幣流動領域，我們預計收入和利潤將與去年基本持平。在企業和其他部門，我們因較高的利息收入份額而面臨盈利阻力。在 2022 年第四季度的電話會議中，我們預計 2023 年的阻力將在 1500 萬美元至 2000 萬美元之間。鑑於最近的加息，這一範圍已增加了數百萬美元。與此同時，隨著我們進行平台轉換，費用應該開始反映我們在削減成本方面的進展。

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%，稀釋後加權平均股數約為 5200 萬股。

With that, I'll turn it back to George.

有了這個，我會把它轉回給喬治。

Thank you, Jess. As I look back on the first half of the year, we have accomplished quite a bit. We are in the final stretch of completing the technology platform conversions and are on track to realize our goal of $35 million in cost savings and become a more nimble, streamlined company. Just as important, this enables us to reallocate resources to focus on other areas and opportunities for the company. Our newest BaaS partner, Ceridian, has been onboarded, and we are excited to have PLS as a new customer in our FSC channel while also signing over 300 new customers in our PayCard and EWA business and 6 additional partners to the Green Dot Network.

謝謝你，傑西。回顧上半年，我們取得了很多成績。我們正處於完成技術平台轉換的最後階段，並有望實現節省成本 3500 萬美元的目標，並成為一家更加靈活、精簡的公司。同樣重要的是，這使我們能夠重新分配資源，專注於公司的其他領域和機會。我們最新的BaaS 合作夥伴Ceridian 已加入，我們很高興PLS 成為我們FSC 渠道的新客戶，同時還在我們的PayCard 和EWA 業務中籤署了300 多個新客戶，以及Green Dot Network 的另外6 個合作夥伴。

Lastly, we took moves to further reduce our cost structure while increasing our investment in sound regulatory compliance, and we continue to be very focused on driving a culture of efficiency and smart investments throughout the organization. That said, there is still plenty of more to do, but I am pleased with where we are on our transformation, and I am very grateful for the hard work and dedication of the Green Dot team as we work to deliver on our goals for 2023 and beyond, while also being good stewards of the trust and capital that our customers and investors have given us. Thank you for your interest in Green Dot.

最後，我們採取措施進一步降低成本結構，同時增加對健全監管合規性的投資，並且我們繼續非常注重在整個組織內推動效率和明智投資的文化。也就是說，還有很多工作要做，但我對我們的轉型進展感到滿意，並且非常感謝綠點團隊在我們努力實現 2023 年目標的過程中所做的辛勤工作和奉獻精神以及其他方面，同時也是客戶和投資者給予我們的信任和資本的好管家。感謝您對綠點的興趣。

And now let's open the line for questions.

現在讓我們開始提問。

(Operator Instructions) Your first question today comes from Ramsey El-Assal from Barclays.

（操作員說明） 今天您的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 on the B2B segment. So it came in well ahead of expectations. Could you provide some insight on how much of the beat was driven by the roll-off of the BaaS contract nonrenewal versus the growth in the remaining Bass and Pay card business?

這是拉姆齊的施雷。我的第一個問題是關於 B2B 領域的。所以它的表現遠遠超出了預期。您能否提供一些見解，說明 BaaS 合同不再續約的減少與剩餘低音和支付卡業務的增長在多大程度上推動了增長？

I'll take that one. So the beat in BaaS, I think we made reference in the prepared remarks that BaaS continues to power the top line results in particular, 1 of our BaaS partners in principle is driving a lot of that growth and then that's helping offset some of the lost revenue from the roll off of the BaaS partners, make sure I'm answering your question.

我會接受那個。因此，BaaS 的節奏，我認為我們在準備好的發言中提到，BaaS 繼續為營收提供動力，特別是，我們的BaaS 合作夥伴之一原則上正在推動很大的增長，然後這有助於抵消一些損失BaaS 合作夥伴推出的收入，請確保我正在回答您的問題。

Yes, absolutely. That's helpful. And then just as a follow-up, when and at what pace do the associated revenues for the Ceridian signing ramp-up throughout the year? Or is that more of a 2024 impact? And if so, how should we think about the ramp in the corresponding P&L impact for next year?

是的，一點沒錯。這很有幫助。接下來，Ceridian 簽約的相關收入全年何時以及以何種速度增加？或者說這對 2024 年的影響更大？如果是這樣，我們應該如何考慮明年相應損益影響的上升？

Yes. I think the impact of Ceridian in 2023 will be relatively small these programs take a while to ramp up. So we just launched the Ceridian program. So it will obviously have more material impact in 2024 and then PLS will launch in 2024 and ramp throughout the year. And in the case of both programs, there's an existing base that we'll attempt to convert and then ramp new acquisition as well. So like any of our programs, it will take time for those to materialize and become more meaningful to the P&L.

是的。我認為 Ceridian 到 2023 年的影響將相對較小，這些計劃需要一段時間才能增強。所以我們剛剛啟動了 Ceridian 計劃。因此，它顯然會在 2024 年產生更多實質性影響，然後 PLS 將在 2024 年推出並全年提升。對於這兩個項目，我們都會嘗試轉換現有的基礎，然後再增加新的收購。因此，就像我們的任何計劃一樣，這些計劃需要時間才能實現並對損益表變得更有意義。

Your next question comes from Michael Perito from KBW.

您的下一個問題來自 KBW 的 Michael Perito。

I wanted to start on some of the segment commentary that Jess provided at the end there. I think if I heard you correctly, the B2B segment revenue year-on-year growth was (inaudible) 20% I just want to make sure I heard that correctly and just kind of -- does that suggest a little bit of a year-on-year growth slowdown in the back half of the year or is relative to where you were in the first half, is that correct?

我想從傑西最後提供的一些片段評論開始。我想如果我沒聽錯的話，B2B 部門的收入同比增長是（聽不清）20%，我只是想確保我沒聽錯，而且只是有點——這是否表明一年有一點點——下半年同比增長放緩或相對於上半年的情況而言，這是正確的嗎？

I did say 20% year-over-year for the full year in 2023. With respect to second half versus first half, I have to go back and look and see what -- I think partly, you're going to have some of these BaaS partners that were rolling off. I think in our first quarter call, we did mention that we had some impact from those programs in the first quarter. And certainly, that has exceeded our expectations in the first quarter. And then in the second quarter, those programs are essentially completely gone.

我確實說過 2023 年全年同比增長 20%。關於下半年與上半年的情況，我必須回去看看，看看會發生什麼——我認為部分原因是，你將會有一些這些正在推出的BaaS 合作夥伴。我認為在我們第一季度的電話會議中，我們確實提到我們在第一季度受到了這些計劃的一些影響。當然，這超出了我們第一季度的預期。然後在第二季度，這些計劃基本上完全消失了。

Got it. Okay. And have you guys just in terms of active accounts and deposits. Have you guys quantified like what's left with the programs that are going to be gone in the next few months here in terms of when looking at the end-of-period kind of Q2 numbers?

知道了。好的。你們的活躍賬戶和存款情況如何？在查看第二季度末的數據時，你們是否對未來幾個月內將要取消的計劃的剩餘部分進行了量化？

If my memory serves here, I believe, in the BaaS channel, all those actives are gone.

如果我沒記錯的話，我相信在 BaaS 渠道中，所有這些活動都消失了。

Got it. Okay. And then obviously, the updated segment commentary and guidance is helpful on the financial front. So maybe kind of a big picture question. A couple of the other more bank-oriented BaaS providers this quarter on their calls made comments about some of the competition, not necessarily increasing, but kind of more velocity of opportunities from fall out from smaller players and other partners that we're with. Just curious what you guys are seeing. Has there been any notable change in the competition in the BaaS space in the last 90 to 100 days or so? And if so, any kind of quality opportunities in the pipeline today that maybe weren't there 6 months ago? Or just wondering how that all kind of looks from your perspective?

知道了。好的。顯然，更新的細分評論和指導在財務方面很有幫助。所以也許是一個大問題。本季度其他幾家更以銀行為導向的BaaS 提供商在電話會議上對一些競爭發表了評論，這些競爭不一定會加劇，但會因較小的參與者和我們合作的其他合作夥伴的退出而帶來更快的機會。只是好奇你們看到了什麼。在過去 90 到 100 天左右的時間裡，BaaS 領域的競爭有什麼顯著的變化嗎？如果是這樣，今天是否有任何 6 個月前可能不存在的優質機會？或者只是想知道從你的角度來看這一切是什麼樣的？

Michael, this is George. So the answer in short is yes. There are more opportunities. We think our pipeline is getting healthier. In some of the previous calls we've had, where we've talked about the implications of the changing capital markets on our competition, I think, remain relevant. Many of our competitors raised their capital in low, very low interest rate environments and then went to market aggressively based on that low-cost capital. And obviously, either that capital is getting consumed and they're facing new capital raise obligations at a much higher rate or they're unable to sustain their business models with respect to the capital environment. And so that's all very positive to us since we, of course, are well capitalized and have strong cash flow and do not need to access the capital markets in any short-term basis in order to compete.

邁克爾，這是喬治。簡而言之，答案是肯定的。還有更多機會。我們認為我們的管道正在變得越來越健康。我認為，在我們之前的一些電話會議中，我們討論了資本市場變化對我們競爭的影響，這仍然具有現實意義。我們的許多競爭對手在低利率環境下籌集了資金，然後基於低成本資金積極進入市場。顯然，要么資本被消耗，他們面臨著更高速度的新融資義務，要么他們無法在資本環境方面維持其商業模式。因此，這對我們來說都是非常積極的，因為我們當然擁有充足的資本和強勁的現金流，並且不需要在任何短期內進入資本市場來參與競爭。

So I think in addition to just maybe some less well-capitalized providers leaving the market, the market -- the potential market participants, the buyers, that market is increasing in the sense that there are all sorts of businesses who -- their businesses are changing. Retail is a classic example of this where they are having changing consumer patterns and behaviors and they're seeking to integrate financial services into those relationships. And then that legacy retailer, which was a bricks-and-mortar distribution point for a company like Green Dot now might be an embedded finance solution opportunity for us. And so there's some changing market dynamics beyond just the capital markets as well.

因此，我認為，除了一些資本較差的供應商離開市場之外，市場——潛在的市場參與者、買家，這個市場正在增長，因為有各種各樣的企業——他們的業務正在增長。改變。零售業就是一個典型的例子，他們正在改變消費者模式和行為，並尋求將金融服務整合到這些關係中。然後，傳統零售商（像 Green Dot 這樣的公司的實體分銷點）現在可能成為我們的嵌入式金融解決方案機會。因此，除了資本市場之外，市場動態也發生了一些變化。

Your next question comes from Matthew Hurwit from JMP.

您的下一個問題來自 JMP 的 Matthew Hurwit。

This is Matt from Jefferies. First question is just consumer services ARPU decreased quarter-on-quarter. I'm just curious if you can just elaborate a little further on the dynamics there.

我是來自 Jefferies 的馬特。第一個問題是消費服務ARPU環比下降。我只是好奇你能否進一步詳細說明那裡的動態。

Yes. We had mentioned a roll-off of a retail program. We mentioned it as part of our guide for the full year earlier in our Q4 call. So that has an impact to some degree on the ARPU in the Consumer Services segment.

是的。我們曾提到零售計劃的推出。我們在第四季度電話會議中提到了這一點，作為我們全年指南的一部分。因此，這在一定程度上對消費服務領域的 ARPU 產生了影響。

Right. Okay. And then just on EWA, could you share any progress there? I know it's an exciting product, and it sounds like there's some momentum, that would be helpful.

正確的。好的。那麼就 EWA 而言，您能分享一下那裡的進展嗎？我知道這是一個令人興奮的產品，聽起來有一些動力，這會很有幫助。

Sure, Matthew. We were excited about EWA. We remain excited about EWA. The market is a spectacular opportunity for us. The growth rate on an admittedly small base was extremely high this quarter within that business unit. And importantly, there's a subtlety where in order for us to provide EWA in the market, we do integrations with different payroll packages and 6 months ago, our penetration into the market for payroll packages was very, very small, whereas as of the end of this quarter, we're integrated into a very substantial portion of the U.S. addressable payroll market, which allows our sales team to be much more aggressive in selling this product. So no change, excited before, still excited. It's going to be a great opportunity for the company over the next coming years.

當然，馬修。我們對 EWA 感到很興奮。我們對 EWA 仍然感到興奮。市場對我們來說是一個絕佳的機會。本季度該業務部門的增長率在固然較小的基礎上卻非常高。重要的是，有一個微妙之處，為了讓我們在市場上提供 EWA，我們與不同的薪資包進行集成，6 個月前，我們對薪資包市場的滲透非常非常小，而截至本季度，我們已融入美國可尋址薪資市場的很大一部分，這使我們的銷售團隊能夠更加積極地銷售該產品。所以沒有變化，以前興奮，依然興奮。未來幾年，這對公司來說將是一個絕佳的機會。

Your next question comes from Cris Kennedy from William Blair.

你的下一個問題來自威廉·布萊爾的克里斯·肯尼迪。

George, I mean you've done a lot of changes at the company -- and hopefully, in 2024, those are kind of behind you. And when you think about how you're pivoting the company and the opportunities associated with embedded Finance, how should we think about kind of the growth of Green Dot going forward.

喬治，我的意思是你在公司做了很多改變——希望到 2024 年，這些改變都會在你身後。當您考慮如何推動公司轉型以及與嵌入式金融相關的機會時，我們應該如何考慮綠點未來的增長。

Well, thank you for your question, Chris. I mean I do hope at some level, this change we're going through has a ephemeral characteristic to it so that it fades off a bit. We will always be based with change. We are operating in a dynamic world with technological change and business pattern change. But our most immediate focus, as I've mentioned in the past, is to get our capabilities integrated with each other so that we can provide a vertically integrated set of solutions to partners. We're well down that path. We still have more to go. That more, we'll continue into 2024. But as I mentioned in our prepared remarks, keep in mind, as we come to work every day and try to motivate our team, we're focused very much on inwardly looking technology change right now, and that really consumes a lot of intellectual capability. That is about to shift.

嗯，謝謝你的提問，克里斯。我的意思是，我確實希望在某種程度上，我們正在經歷的這種變化具有短暫的特徵，因此它會逐漸消失。我們將永遠立足於變化。我們生活在一個技術變革和商業模式變革的動態世界中。但正如我過去提到的，我們最直接的重點是整合我們的能力，以便我們能夠為合作夥伴提供一套垂直整合的解決方案。我們已經沿著這條路走下去了。我們還有更多工作要做。而且，我們將持續到 2024 年。但正如我在準備好的發言中提到的，請記住，當我們每天上班並努力激勵我們的團隊時，我們現在非常關注內向的技術變革，這確實消耗了大量的智力。這種情況即將發生轉變。

And that shift is going to go from doing that sort of work to focusing on externally on our market opportunities. We are doing that today, of course. But when we spend a lot of time on some of the changes we've been managing it just inherently takes away from some of these opportunities. So that's going to be a big shift for us. You'll see it in our messaging, in our communication, in our pipeline, in our announcements. So that's going to be our focus in '24. We're very, very excited to be shifting to that focus here in the back half of this year.

這種轉變將從從事此類工作轉向關注外部市場機會。當然，我們今天正在這樣做。但是，當我們在我們一直在管理的一些變革上花費大量時間時，它本質上就剝奪了其中一些機會。所以這對我們來說將是一個巨大的轉變。您會在我們的消息傳遞、通訊、管道和公告中看到它。所以這將是我們 24 年的重點。我們非常非常興奮能夠在今年下半年將重點轉移到這裡。

Now what does it mean objectively for growth? I can't guide you to any particular metric at this point. But the embedded finance market is tremendously vast. We're extremely unique. We have highly differentiated points of product offerings and capabilities. And our other businesses that we don't typically think of as embedded finance, by the way, PayCard, EWA, our TPG tax processing businesses, we're extremely optimistic about all of those opportunities, and we think those businesses are all growth businesses as well. And this year has been a difficult year as we've had some of these rollouts in our discussion today, but those are going to be behind us shortly. Our trading portfolio is going to be behind us. So we're excited about the future. We think we have a lot of opportunity to dramatically change our growth rate. So I'll stop there. I've rambled on a bit and let you ask your follow-up.

那麼，這對於增長客觀來說意味著什麼呢？目前我無法指導您了解任何特定的指標。但嵌入式金融市場極其廣闊。我們非常獨特。我們在產品供應和能力方面擁有高度差異化的點。順便說一下，我們通常不認為是嵌入式金融的其他業務，PayCard、EWA、我們的 TPG 稅務處理業務，我們對所有這些機會都非常樂觀，我們認為這些業務都是增長型業務以及。今年是艱難的一年，因為我們在今天的討論中已經推出了其中一些內容，但這些內容很快就會過去。我們的交易組合將會落後。所以我們對未來感到興奮。我們認為我們有很多機會來大幅改變我們的增長率。所以我就到此為止。我閒聊了一會兒，讓你詢問你的後續行動。

Yes. I guess -- is there going to be a time where you're going to kind of lay out what your long-term growth objectives will be for the company?

是的。我想——你是否會在某個時候為公司製定長期增長目標？

Yes, absolutely. So in the short term, I should say, first of all, our cadence is when we do our next call, reporting our third quarter results, we hope to make some additional more qualitative comments about these topics. And then when we do our Q4 call in early 2024, obviously, we'll be giving guidance about '24. And we hope to be able to wrap within that guidance more at least directionally on a quantitative basis about what we think the business might look like over a multiyear period.

是的，一點沒錯。因此，從短期來看，我應該說，首先，我們的節奏是當我們進行下一次電話會議、報告第三季度業績時，我們希望對這些主題做出一些額外的定性評論。然後，當我們在 2024 年初進行第四季度電話會議時，顯然我們將給出有關“24”的指導。我們希望能夠至少在定量的基礎上更有方向性地涵蓋該指導，以了解我們認為業務在多年期間可能會是什麼樣子。

(Operator Instructions) Your next question comes from George Sutton from Craig-Hallum

（操作員說明）您的下一個問題來自 Craig-Hallum 的 George Sutton

George, you mentioned you're in the final stretch of the tech conversion. Can you just tell us what exactly is involved in the final stretch?

喬治，你提到你正處於技術轉型的最後階段。您能告訴我們最後一段具體涉及什麼嗎？

We have 2 remaining conversions. So I mentioned, we had 7. We've done 7. We have 2 remaining scheduled to be done in the next couple of weeks.

我們還有 2 次剩餘轉化。所以我提到，我們有 7 個。我們已經完成了 7 個。我們還有 2 個計劃在接下來的幾週內完成。

And when you say next couple of weeks, so should be completed, I don't know how quickly a conversion would necessarily take.

當你說接下來幾週，所以應該完成時，我不知道轉換需要多快。

Well, the forward team that has to actually execute these conversions stays under 24-hour watch as the conversion gets managed through an evening late at night. So it's not -- the work is involved in leading up to the conversion, of course, in preparing platforms and doing all you can to manage the process effectively. And then we -- the conversion happens late in the evening. So the vast majority of all the work associated with doing each of the 9 conversions have already been complete. But nevertheless, there's 2 events remaining. But I would clarify, George, that I don't want to make this a significant episode. I don't want to make too much of it. I mean, we will plan to continue to enhance technology, develop new capabilities as we deploy our product road map. So we're a technology company. We're going to continue to have investments in technology. But that's what's involved with the conversions as they remain.

嗯，實際執行這些轉換的前鋒團隊需要 24 小時監視，因為轉換需要在深夜進行管理。所以事實並非如此——工作涉及到轉換，當然，涉及準備平台並儘一切努力有效地管理流程。然後我們——轉變發生在深夜。因此，與 9 次轉換中的每一次轉換相關的絕大多數工作已經完成。但儘管如此，還剩下 2 個事件。但我想澄清一下，喬治，我不想讓這成為一個重要的插曲。我不想做得太多。我的意思是，我們將計劃在部署產品路線圖時繼續增強技術，開發新功能。所以我們是一家科技公司。我們將繼續對技術進行投資。但這就是保留下來的轉換所涉及的內容。

Got you. And Jess, you ran through real quick brands that you had sunsetted. Can you just walk through the brands that you sunsetted and what kind of a conversion you were able to make into the GO2bank?

明白你了。傑西，你瀏覽過那些被你淘汰的真正快速品牌。您能否簡單介紹一下您廢棄的品牌以及您為 GO2bank 進行了怎樣的轉變？

Yes. So we -- I would say, the 2 primary brands that we sunset, 1 was called RushCard, which Green Dot had acquired back in 2017, I believe, and then Count Now, which is a program that was acquired back in 2015. So both purely direct-to-consumer businesses. I think we've -- when you try to convert existing customers to a new product like GO2bank, this is not unique to us. There's -- generally, you're not going to get the vast majority of those accounts to migrate. So I'd say with the account now, we had less success and more success with Rush. But generally, the rule of thought is somewhere between 10% to 30% is going to convert.

是的。所以我們——我想說，我們放棄的兩個主要品牌，1 叫做 RushCard，我相信 Green Dot 早在 2017 年就收購了它，然後是 Count Now，這是一個 2015 年收購的項目。兩者都是純粹直接面向消費者的業務。我認為，當您嘗試將現有客戶轉變為像 GO2bank 這樣的新產品時，這並不是我們獨有的。一般來說，你不會讓這些帳戶中的絕大多數進行遷移。所以我想說，現在的帳戶，我們在 Rush 方面取得的成功較少，而在 Rush 方面取得的成功較多。但一般來說，思維規則是 10% 到 30% 之間會發生轉變。

Your next question comes from Joel Riechers from Truist Securities.

您的下一個問題來自 Truist Securities 的 Joel Riechers。

This is Joel on for Andrew. I was just wondering if you could provide some info regarding the cadence of the Go2Bank marketing ramp and then whether or not you think that's going to need to be followed by a period of additional investment to kind of bring the product to scale? Or I mean, if that's just going to be fully addressed by the tech conversion? If you could just provide some color there, that would be great.

這是喬爾替安德魯發言。我只是想知道您是否可以提供一些有關 Go2Bank 營銷推廣節奏的信息，然後您是否認為接下來需要一段時間的額外投資才能使產品規模化？或者我的意思是，如果技術轉換就能完全解決這個問題？如果你能在那裡提供一些顏色，那就太好了。

Sure, Joel. Joel, I'll start. I hope I got your question. I hope I'm not being obtuse as I try to answer it. But if I understood the first part of your question was what is the kind of the cadence of the marketing spend on GO2bank? And I think we've mentioned in the past, we spent somewhere in the neighborhood of $40 million to $50 million a year on direct-to-consumer marketing. And what we very specifically mean by that, we do specific targeted marketing for distribution of our direct-to-consumer products GO2bank. So that could take the form of direct-to-consumer mail, TV spots, search engine optimization type work, et cetera. So that cadence can be front-loaded a bit in the year because during the tax season and when people are receiving refunds from the IRS, they're more receptive to offers of this type. So we tend to front-load some of that investment and it tends to taper off towards Q3 and Q4 as a general rule.

當然，喬爾。喬爾，我要開始了。我希望我收到了你的問題。我希望我在嘗試回答這個問題時沒有表現得遲鈍。但如果我理解你的問題的第一部分是 GO2bank 營銷支出的節奏是怎樣的？我想我們過去曾提到過，我們每年在直接面向消費者的營銷上花費約 4000 萬至 5000 萬美元。我們的具體意思是，我們為直接面向消費者的產品 G​​O2bank 的分銷進行特定的有針對性的營銷。因此，這可以採取直接面向消費者的郵件、電視廣告、搜索引擎優化類型的工作等形式。因此，這種節奏可以在一年中提前一些，因為在納稅季節以及人們從國稅局收到退款時，他們更容易接受此類優惠。因此，我們傾向於預先加載一些投資，並且一般來說，投資往往會在第三季度和第四季度逐漸減少。

And I wouldn't expect any material changes from that general rule.

我預計該一般規則不會發生任何重大變化。

And if I understood the second part of your question, whether we expect any material increase in that investment? We target our investment based on cost effectiveness, cost per funded accounts. And so we know that if we are unruly in our investment in direct-to-consumer marketing that can drive up the price in that particular sub distribution channel. And that causes our cost per funded to go up to a point that -- at certain points, we deem unacceptable. So generally, the answer to the second part of your question is no, we don't expect any dramatic change, certainly not in the short term in our direct-to-consumer marketing in GO2bank. GO2bank is growing very nicely, doing very well as a product. And we're very happy with our cost per funded accomplishments. And so we're going to be steady as she goes, I expect, at least in the near term.

如果我理解你問題的第二部分，我們是否預計該投資會有實質性增加？我們根據成本效益、每個資助賬戶的成本來確定投資目標。因此我們知道，如果我們對直接面向消費者的營銷投資不守規矩，可能會推高該特定子分銷渠道的價格。這導致我們的每項資金成本上升到我們認為在某些方面不可接受的程度。因此，一般來說，您問題第二部分的答案是否定的，我們預計 GO2bank 的直接面向消費者營銷不會發生任何重大變化，當然短期內不會發生任何變化。 GO2bank 發展得非常好，作為一個產品也做得非常好。我們對每項資助成果的成本感到非常滿意。因此，我預計，至少在短期內，我們將隨著她的發展而保持穩定。

Great. It's super helpful. And then just in terms of BaaS contract restructuring, Will the pass-through revenue cause any long-term drag on EBIT margin? Or do you guys think that's something that can be addressed over time just through renegotiations?

偉大的。這非常有幫助。那麼就 BaaS 合同重組而言，轉嫁收入是否會對 EBIT 利潤率造成長期拖累？或者你們認為這個問題可以通過重新談判隨著時間的推移而解決？

I think at least in the near term, it will continue to be a drag. It's hard to say what any renegotiations or what the ultimate economics will shake out to be. So it's hard to say what it will look like long term. But at least in the near term, it will continue to have some margin compression.

我認為至少在短期內，它將繼續成為一個拖累。很難說任何重新談判或最終的經濟結果會是什麼。所以很難說長期來看會是什麼樣子。但至少在短期內，其利潤率將繼續受到一定程度的壓縮。

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

我們今天的問答環節到此結束。現在我想將會議轉回格雷沙姆先生髮表閉幕詞。

Thank you, operator. Let me just say in closing and with all sincerity, I want to extend my heartfelt gratitude to our team members who worked so hard to make the lives better for the consumers we serve, the partners we serve. We've had teams extraordinarily dedicated to the technology conversion we've made reference to today. And I just want to really thank them for their hard work and sacrifices. Couldn't be more pleased with our partnerships with Ceridian and PLS and all of our other partners across the organization. And of course, thank you to our investors for coming along with us on this ride as we turn this company in the right direction. Appreciate it so much. Thank you for your interest in Green Dot today, and we look forward to talking to you next time. Bye-bye.

謝謝你，接線員。最後，我要真誠地向我們的團隊成員致以衷心的感謝，他們為讓我們服務的消費者、我們服務的合作夥伴的生活更美好而辛勤工作。我們有非常致力於我們今天提到的技術轉換的團隊。我只想真正感謝他們的辛勤工作和犧牲。我們對與 Ceridian 和 PLS 以及整個組織內所有其他合作夥伴的合作夥伴關係感到非常滿意。當然，感謝我們的投資者與我們一起踏上這段旅程，讓我們將公司朝著正確的方向發展。非常欣賞。感謝您今天對綠點的關注，我們期待下次與您交談。再見。

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。