Green Dot Corp (GDOT) 2024 Q1 法說會逐字稿

Hello, and welcome to the Green Dot Corp. First Quarter 2024 Conference Call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 Green Dot Corp. 2024 年第一季電話會議。 （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 Mr. Tim Willi, Senior Vice President, Finance. Please go ahead.

現在我想將會議交給財務資深副總裁 Tim Willi 先生。請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing the Green Dot's first quarter 2024 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.

謝謝大家，大家下午好。今天，我們討論綠點 2024 年第一季的財務和營運表現。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路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（包括我們最新的10-K 和10-Q 表格）中的警示性語言，以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資訊。

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.

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）。資訊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 財務資訊與直接可比較的 GAAP 財務資訊的定量調整出現在今天的新聞稿中。

The content of this call is property of the Green Dot Corporation and is subject to copyright protection.

本次通話的內容屬於綠點公司的財產，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, and thank you for joining our first quarter earnings call. I'd like to start by making some brief comments on our progress during the quarter before turning it over to Jess for a more detailed financial discussion. I will then make some closing comments, and we will open it up for your questions.

下午好，感謝您參加我們的第一季財報電話會議。我想先對本季度我們的進展做一些簡短的評論，然後將其交給 Jess 進行更詳細的財務討論。然後我將發表一些結束語，然後我們將開放供大家提問。

First, there are no material developments to report since our fourth quarter earnings release regarding the proposed consent order received from the Federal Reserve Board. As we have previously disclosed, the matters addressed in the proposed consent order relate to activities and practices that commenced prior to the company's CEO transition in 2020.

首先，自第四季度財報發布以來，關於從聯準會收到的擬議同意令，沒有任何重大進展需要報告。正如我們先前所揭露的，擬議同意令中涉及的事項涉及公司 2020 年執行長換屆之前開始的活動和實踐。

As I have mentioned many times, as an organization, risk management and compliance remain a top priority, and we continue making significant investments in our control functions to ensure that our business activities are performed in a safe and sound manner and in compliance with all applicable laws and regulations. We strive to be recognized as an industry leader in risk management and compliance which, in time, I believe, will be a competitive advantage.

正如我多次提到的，作為一個組織，風險管理和合規仍然是重中之重，我們繼續在控制職能方面進行大量投資，以確保我們的業務活動以安全穩健的方式進行，並遵守所有適用的規定法律法規。我們努力成為風險管理和合規的行業領導者，我相信，隨著時間的推移，這將成為一種競爭優勢。

Turning to the quarter, we are off to a solid start for the year. While our results reflect ongoing headwinds from client de-conversions a year ago, they were generally in line with our expectations for the quarter, and we continue to expect improved momentum in the second half of the year.

談到本季度，我們今年有了一個良好的開始。雖然我們的業績反映了一年前客戶去轉換帶來的持續阻力，但總體上符合我們對本季度的預期，並且我們繼續預計下半年的勢頭會有所改善。

I continue to see progress on key initiatives we've mentioned on previous calls that are critical to ensuring we maximize the value of our assets and differentiators. I would like to briefly touch on a couple of these initiatives before handing it over to Jess to discuss our results in more detail.

我繼續看到我們在先前的電話會議中提到的關鍵舉措取得了進展，這些舉措對於確保我們最大限度地發揮資產和差異化優勢至關重要。在將其交給 Jess 更詳細地討論我們的結果之前，我想簡要地談談其中的一些舉措。

First, we are focused on driving efficiency and higher returns on capital. The team continues building processes and infrastructure that will enable us to be a well-managed, efficient and growth-focused organization. These efforts may be somewhat overshadowed by the expenses associated with our investments in regulatory and compliance improvements. But we are making progress in building a company that can utilize its scale to drive operating leverage, further efficiencies and elevated return.

首先，我們專注於提高效率和更高的資本報酬率。團隊繼續建立流程和基礎設施，使我們成為一個管理良好、高效且注重成長的組織。這些努力可能在某種程度上被我們在監管和合規性改進方面的投資相關的費用所掩蓋。但我們在建立一家能夠利用其規模來提高營運槓桿、進一步提高效率和更高回報的公司方面正在取得進展。

Second, we are focused on accelerating revenue growth and positioning the company for more steady and predictable revenue and earnings streams in the coming years. We expect improved momentum on this front as we move through 2024, and we are focused on ensuring our business grows on a sustainable basis at scale in 2025 and beyond.

其次，我們專注於加速收入成長，並使公司在未來幾年獲得更穩定和可預測的收入和獲利流。我們預計，隨著 2024 年的到來，這方面的勢頭將會有所改善，我們的重點是確保我們的業務在 2025 年及以後實現可持續的大規模成長。

Our business development pipelines are solid and very encouraging. We signed over 300 new clients in our PayCard division and 4 new partners in the Green Dot Network. And we just launched PLS, a new financial services center customer in our retail division. We continue to see a growing number of opportunities in various stages of discussion across all of our channels, which is quite exciting. The discussions we are having in terms of potential partners and the business models that are being discussed continues to drive my belief that we are still in the early stages of the embedded finance evolution.

我們的業務發展管道穩固且非常令人鼓舞。我們在 PayCard 部門簽約了 300 多個新客戶，在 Green Dot Network 簽約了 4 個新合作夥伴。我們剛推出了 PLS，這是我們零售部門的一個新的金融服務中心客戶。我們在所有管道的各個討論階段不斷看到越來越多的機會，這非常令人興奮。我們就潛在合作夥伴和正在討論的商業模式進行的討論繼續使我相信我們仍處於嵌入式金融發展的早期階段。

In conjunction with the activity and opportunity we are seeing, we are making investments across a variety of areas, namely the infrastructure to more efficiently launch new partners; expanding our capabilities and product offerings in money movement; and driving enhancements to our core product suite that will drive deeper engagement and monetization. Given our assets and capabilities, the possibilities are limitless. It's a very exciting time to be part of the embedded financial landscape.

結合我們所看到的活動和機會，我們正在各個領域進行投資，即更有效地推出新合作夥伴的基礎設施；擴大我們在資金流動方面的能力和產品供應；推動我們核心產品套件的增強，從而推動更深入的參與和貨幣化。鑑於我們的資產和能力，可能性是無限的。成為嵌入式金融領域的一部分是一個非常令人興奮的時刻。

Now I'll turn it over to Jess to walk you through the financials. Jess?

現在我將把它交給傑西來引導您了解財務狀況。傑斯？

Thank you, George, and good afternoon, everyone.

謝謝喬治，大家下午好。

Non-GAAP revenue grew 9% year-over-year, primarily from continued growth in our B2B segment. Adjusted EBITDA of $59 million and non-GAAP EPS of $0.59 were both down year-over-year, largely from a combination of secular headwinds in retail, sunsetting of portfolios and de-converting partner programs last year as well as incurring incremental expenses associated with our ongoing investment in regulatory compliance initiatives, while benefiting from a reduction in processing expenses as a result of our processor conversion last year.

非 GAAP 收入年增 9%，主要得益於我們 B2B 部門的持續成長。調整後 EBITDA 為 5,900 萬美元，非 GAAP 每股收益為 0.59 美元，均同比下降，這主要是由於零售業的長期不利因素、去年投資組合的退出和取消轉換合作夥伴計劃以及與我們對監管合規計劃的持續投資，同時受益於去年處理器轉換帶來的處理費用的減少。

Regarding our GAAP results, I want to point out 2 items. First, we incurred onetime charges of $12 million in the quarter due to ending our partnership agreement for our core banking system. This is different from the card management system that we implemented in 2023. We decided that developing a new core banking system was no long the mutual beneficial interest for us and the vendor that had been selected for this initiative.

關於我們的 GAAP 業績，我想指出兩點。首先，由於終止我們核心銀行系統的合作夥伴協議，我們在本季產生了 1,200 萬美元的一次性費用。這與我們在 2023 年實施的卡片管理系統不同。

Second, as it relates to the proposed consent order that we disclosed earlier this year, the $20 million estimated liability that we accrued in 2023 remain unchanged until we receive additional information.

其次，由於它與我們今年稍早披露的擬議同意令有關，因此在我們收到更多資訊之前，我們在 2023 年應計的 2000 萬美元的估計責任保持不變。

Before I discuss our segments, I want to mention that our quarterly investor presentation now contains an appendix with incremental data on the channels that comprise our 3 reportable segments, including 3 years of quarterly revenue and metrics for each to helping with your modeling. We'll keep reporting on our 3 segments that you are familiar with, and I believe it's important to continue to provide transparency and insight about our business to help the market better understand our various go-to-market channels and outlooks.

在討論我們的細分市場之前，我想提一下，我們的季度投資者簡報現在包含一個附錄，其中包含構成我們3 個可報告細分市場的管道的增量數據，包括3 年的季度收入和每個細分市場的指標，以幫助您進行建模。我們將繼續報告您熟悉的三個細分市場，我認為繼續提供有關我們業務的透明度和洞察力非常重要，以幫助市場更好地了解我們的各種上市管道和前景。

Turning to the segment results, I will focus on providing insight and details about how they performed and what factors influenced the quarter results rather than reciting the actual numbers since we have increased the amount of information we provide about our channels and segments in the quarterly investor presentation.

談到部門結果，我將專注於提供有關其表現如何以及影響季度結果的因素的見解和詳細信息，而不是背誦實際數字，因為我們增加了在季度投資者中提供的有關渠道和部門的信息量推介會。

First is our Consumer Services segment, which is comprised of our retail and direct channels. The year-over-year revenue decline in the segment was largely driven by the retail channel where macroeconomic trends continue to impact account acquisition, and therefore, active accounts and associated metrics like purchase volume continued to come under pressure.

首先是我們的消費者服務部門，由我們的零售和直接管道組成。該領域收入年減主要是由零售通路推動的，零售通路的宏觀經濟趨勢繼續影響帳戶獲取，因此活躍帳戶和購買量等相關指標繼續面臨壓力。

The year-over-year revenue decline was higher than previous quarters principally because of a program B conversion in 2023. That program was still largely in full force during the first and second quarter of last year. Excluding that impact, the rate of decline for retail and the Consumer segment as a whole was consistent with the fourth quarter of 2023.

營收年減幅度高於前幾季，主要是因為 2023 年 B 計畫的轉換。排除此影響，零售業和整個消費領域的下降率與 2023 年第四季一致。

We continue to work with our retail partners to improve the productivity of the physical store locations while also pursuing a variety of digital initiatives with our retail partners as they increasingly turn to digital and omnichannel delivery of financial services. As well, we are now lined with our initial rollout with our newest partner, PLS, and we would expect to see that launch provide positive support for metrics in the retail division as we work through the balance of 2024.

我們繼續與零售合作夥伴合作，提高實體店的生產力，同時隨著零售合作夥伴越來越多地轉向數位化和全通路提供金融服務，我們也與他們一起推行各種數位化措施。此外，我們現在正準備與最新的合作夥伴 PLS 進行初步推出，我們預計在 2024 年餘下的時間裡，該推出將為零售部門的指標提供積極支持。

We are nearing the end of a multiyear journey to transform our direct channel into a single brand focused on GO2bank. As I've shared before, we made a conscious decision in 2021 to deemphasize legacy brands while putting all marketing and capital investment into developing the GO2bank program. This process is largely complete, culminating with the sunset of several legacy brands at the end of the second quarter of 2023. As a result, the aggregate top line results for this channel continue to be challenged on a year-over-year basis, though I am encouraged that on a sequential basis, revenue appears to be stabilizing with a bit of growth after the second quarter sunset.

我們將直接管道轉變為專注於 GO2bank 的單一品牌的多年旅程即將結束。正如我之前分享的，我們在 2021 年做出了一個有意識的決定，不再強調傳統品牌，同時將所有行銷和資本投資投入到 GO2bank 計畫的發展中。這個過程已基本完成，最終幾個傳統品牌將在 2023 年第二季末退出。季度結束後，收入似乎穩定並略有增長。

For the quarter, GO2bank saw growth in the mid-teens against a tough comparison, and we continue to see steady growth on a sequential basis. I would note that GO2bank is now over 70% of the direct channel revenue, and we expect this share to increase over time. At some point in the future, when GO2bank revenue represents more than 85% of channel revenue, we will likely stop reporting on GO2bank separately. For now, I'll continue to provide some general insights into its performance to help you understand the ongoing shift in the direct channel.

在本季度，GO2bank 的成長與嚴格的比較相比達到了十幾歲左右，而且我們繼續看到環比的穩定增長。我要指出的是，GO2bank 目前佔直接通路收入的 70% 以上，我們預計這一份額會隨著時間的推移而增加。在未來的某個時候，當 GO2bank 收入佔通路收入超過 85% 時，我們可能會停止單獨報告 GO2bank。目前，我將繼續提供一些有關其性能的一般性見解，以幫助您了解直接管道正在進行的轉變。

The decline in profitability in Consumer segment reflects the pressure on revenue in both channels that I just discussed. Adjusting for the de-conversion of the retail program, I estimate that profits were down in the low double digits while margins were effectively stable, which points to our ability to manage expenses and allocate our resources as this division evolves.

消費領域獲利能力的下降反映了我剛才討論的兩個管道的收入壓力。根據零售計劃的取消轉換進行調整，我估計利潤下降了兩位數，而利潤率實際上保持穩定，這表明我們有能力隨著該部門的發展管理費用和分配資源。

Turning now to our B2B segment, which is comprised of our BaaS and rapid! PayCard channels. Revenue growth in this segment remains largely driven by a significant BaaS partner, while we faced headwinds on revenue and active accounts from the roll-off of 2 BaaS partners in the first half of 2023. With the launch of new partners and growth of existing partners, I believe that we have seen revenue in this channel bottomed out in the second quarter last year with solid sequential growth in revenues, just that we have seen with active accounts and purchase volume in this channel. This progress, along with solid business development pipelines, gives us confidence in our outlook for this channel to continue to see solid year-over-year growth in the coming quarters.

現在轉向我們的 B2B 細分市場，該細分市場由我們的 BaaS 和rapid! 組成。支付卡管道。該細分市場的收入成長仍然主要由重要的BaaS 合作夥伴推動，而我們在2023 年上半年因2 個BaaS 合作夥伴的退出而面臨收入和活躍帳戶方面的阻力。現有合作夥伴的成長，我相信我們已經看到這個管道的收入在去年第二季度觸底，收入連續增長，正如我們在這個管道的活躍帳戶和購買量上看到的那樣。這項進展，加上堅實的業務發展管道，讓我們對該通路的前景充滿信心，在未來幾季繼續實現穩健的年成長。

Our rapid! PayCard channel had revenue growth for the second consecutive quarter as we benefited from a variety of pricing strategies that we introduced in the second half of 2023. Active accounts continue to remain under pressure due to headwinds in the temporary staffing industry, which is one of our largest industry verticals. And while we have little control over the macro backdrop, we continue to experience solid sales momentum and make further investment in our early wage access capabilities.

我們的速度很快！ PayCard 通路的營收連續第二季成長，這得益於我們在2023 年下半年推出的各種定價策略。之一。儘管我們對宏觀背景幾乎無法控制，但我們繼續保持強勁的銷售勢頭，並對我們的早期工資獲取能力進行進一步投資。

The decline in profitability and margin compression in the B2B segment continues to be driven by the impact of client de-conversions in the BaaS business and the impact of fixed profit structures with certain BaaS partners, while profitability in the rapid! PayCard channel improved with a better revenue performance.

B2B 領域的獲利能力下降和利潤壓縮繼續受到 BaaS 業務中客戶去轉換的影響以及某些 BaaS 合作夥伴固定利潤結構的影響，而獲利能力卻在快速成長！ PayCard 管道得到改善，收入表現更好。

Now turning to the Money Movement segment, which is comprised of our Green Dot Network business and our tax business, which we refer to as TPG. Revenue growth was driven primarily by TPG, which had a strong start to the tax season. The Green Dot Network business continued to face headwinds associated with the decline in transactions from our own issued accounts as active accounts continue to decline. We anticipate those trends to moderate with our launch of PLS in the retail channel and lapping the sunsetting of legacy portfolios in our direct channel.

現在轉向資金流動部門，該部門由我們的綠點網路業務和稅務業務（我們稱之為 TPG）組成。營收成長主要由 TPG 推動，該公司在報稅季開局強勁。由於活躍帳戶持續下降，綠點網路業務繼續面臨與我們自己發行帳戶的交易量下降相關的阻力。我們預計，隨著我們在零售通路推出 PLS 以及在直接通路中淘汰傳統投資組合，這些趨勢將會有所緩和。

We have a strong pipeline of new network participants and expect third-party volumes to begin to reaccelerate as we launch partners in the coming quarters. Profitability in the segment remained solid with stable margins in TPG, while the Green Dot Network business managed to improve despite some revenue headwinds.

我們擁有強大的新網路參與者管道，預計隨著我們在未來幾季推出合作夥伴，第三方數量將開始重新加速。該部門的獲利能力保持穩健，TPG 的利潤率穩定，而綠點網路業務儘管存在一些收入阻力，但仍取得了改善。

Last is our Corporate and Other segment, which reflects the interest income we earn at our bank, net of the revenue share on interest we pay to BaaS partners as well as salaries, technology and administrative costs and some smaller intercompany adjustments.

最後是我們的企業和其他部分，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、技術和管理成本以及一些較小的公司間調整。

Revenue was down from last year, reflecting the lingering impact of the rising rate environment, offset by the seasonally strong deposit inflows into the bank. Expenses were up modestly as ongoing expense reduction initiatives were offset by the elevated costs associated with the regulatory and compliance investments, which we have discussed on prior calls.

收入較去年有所下降，反映出利率上升環境的持續影響，但被季節性強勁的存款流入銀行所抵消。費用略有增加，因為持續的費用削減措施被與監管和合規投資相關的成本上升所抵消，我們在先前的電話會議中已經討論過這一點。

Now let me turn to our guidance. We had a solid start to the year. We are reiterating our guidance for 2024 of non-GAAP revenue in the range of $1.55 billion to $1.6 billion, adjusted EBITDA of $170 million to $180 million and non-GAAP EPS of $1.45 to $1.59. Our outlook for the segments and the cadence of earnings is largely unchanged.

現在讓我談談我們的指導。我們今年有一個好的開始。我們重申 2024 年非 GAAP 收入指引為 15.5 億至 16 億美元，調整後 EBITDA 為 1.7 億至 1.8 億美元，非 GAAP 每股收益為 1.45 至 1.59 美元。我們對這些細分市場和獲利節奏的展望基本上沒有變化。

We expect the Consumer segment to face low double-digit revenue declines from a combination of secular headwinds in retail, lapping of a retail program de-conversion and the sunset of portfolios in the direct channel with the second quarter decline similar to the first quarter. However, we expect to see better momentum with the launch of PLS in retail, a growing contribution from GO2bank in the direct channel and lapping the aforementioned headwinds. And it's possible that the segment could see flat revenue growth for second half of the year with the possibility of some growth in the fourth quarter.

我們預計，由於零售業的長期不利因素、零售計劃去轉換的失敗以及直接通路投資組合的退出，消費者部門將面臨兩位數的低收入下降，第二季的下降與第一季類似。然而，隨著 PLS 在零售領域的推出、GO2bank 在直接管道中的貢獻不斷增加以及克服上述不利因素，我們預計會看到更好的勢頭。該部門下半年的營收成長可能持平，第四季可能會出現一些成長。

In line with my comments on the revenue outlook, we also expect margins, active accounts and other metrics to exhibit a similar pattern with a full year processing cost reduction from the completion of our processor conversion in 2023.

根據我對收入前景的評論，我們也預期利潤率、活躍帳戶和其他指標將呈現類似的模式，自 2023 年完成處理器轉換以來，全年處理成本將降低。

We now project revenue growth in the B2B segment to be in the mid-30% range with steady growth across the year. Growth will come from new BaaS partners launched in 2023 and existing partners in the BaaS channel as well as recovery in the rapid! PayCard business. We anticipate margins to decline 150 to 200 basis points with second quarter margins improving over the first quarter, but I still expect the second and third quarter margins to be down year-over-year.

我們現在預計 B2B 領域的收入成長將在 30% 左右，全年穩定成長。成長將來自於 2023 年推出的新 BaaS 合作夥伴以及 BaaS 通路中的現有合作夥伴以及快速復甦！支付卡業務。我們預計第二季利潤率將比第一季有所改善，利潤率將下降 150 至 200 個基點，但我仍然預計第二季和第三季利潤率將同比下降。

I anticipate revenue growth in the mid- to high-single digit for the Money Movement segment. The first half of the year will likely have lower revenue growth with an increase in tax and a modest decline in the Green Dot Network. In the second half of the year, I expect modest acceleration in revenue growth driven by the Green Dot Network from the launch of PLS in our retail channel and new partner launches over the course of the year. Margins are expected to expand 500 to 600 basis points for the year due to growth of the tax business and the acceleration of Green Dot Network.

我預期貨幣流動部門的收入成長將達到中高個位數。由於稅收增加和綠點網路的小幅下降，今年上半年的收入成長可能會較低。下半年，我預計，由於今年在我們的零售通路中推出 PLS 以及新合作夥伴的推出，綠點網路將推動營收成長適度加速。由於稅務業務的成長和 Green Dot Network 的加速發展，預計今年利潤率將擴大 500 至 600 個基點。

In the Corporate and Other segment, revenue should be in the mid to upper single digits, reflecting our efforts to optimize our yields on our cash and investments while also incorporating some modest rate cuts, which will benefit us. Expenses should be up in the mid-teens related to our spending on regulatory infrastructure that I discussed earlier. To give you an idea, our projected investment in regulatory infrastructure in 2024 will be $17 million more than in 2022. Some of this investment will not be ongoing.

在企業和其他部門，收入應處於中上個位數，這反映了我們在優化現金和投資收益率方面所做的努力，同時也進行了一些適度的降息，這將使我們受益。與我之前討論過的監管基礎設施支出相關的費用應該會增加到十幾歲左右。給您一個想法，我們預計 2024 年對監管基礎設施的投資將比 2022 年增加 1700 萬美元。

Additionally, we anticipate a substantial jump in expense in the fourth quarter as we compare to Q4 of 2023, where we reduced some bonus accruals as we came up short of our original operating plan. I expect our tax rate to be 22.5% with fully diluted share count of 54 million shares outstanding.

此外，與 2023 年第四季相比，我們預計第四季度的費用將大幅增加，當時我們因未達到最初的營運計劃而減少了一些應計獎金。我預計我們的稅率為 22.5%，完全稀釋後流通股數為 5,400 萬股。

Now let me turn it back to George.

現在讓我把話題轉回喬治身上。

Thank you, Jess. Before taking your question, let me just provide some additional comments on our priorities and vision for 2024 and beyond.

謝謝你，傑西。在回答你的問題之前，讓我先就我們 2024 年及以後的優先事項和願景提供一些補充評論。

As Jess indicated, we are off to a solid start. And more importantly, we see a path to accelerating growth as we move through the second half of the year. The first quarter is our toughest quarter for year-over-year growth. Comparisons from this point on become more forgiving as we move past a number of lingering headwinds. More important is our operating momentum is beginning to improve as we launch new partners, existing partners gain traction and see growth and we continue driving efficiencies.

正如 Jess 所指出的，我們有了一個好的開始。更重要的是，隨著下半年的到來，我們看到了一條加速成長的道路。第一季是我們年成長最艱難的季度。從現在開始，當我們克服了一些揮之不去的阻力時，比較變得更加寬容。更重要的是，隨著我們推出新合作夥伴，現有合作夥伴獲得吸引力並實現成長，我們的營運勢頭開始改善，並且我們繼續提高效率。

While the headwinds from 2023 make it a bit harder to see the momentum in our results in the first half, as we lap those headwinds, our momentum will reveal itself more clearly in the second half of the year. Additionally, I believe our pipeline activity and investments in product and partner infrastructure provide us with a clear opportunity to build on that momentum in 2025 and beyond.

雖然 2023 年的逆風使我們在上半年業績中看到勢頭變得有點困難，但當我們克服這些逆風時，我們的勢頭將在下半年更加清晰地顯現出來。此外，我相信我們的管道活動以及對產品和合作夥伴基礎設施的投資為我們提供了一個明確的機會，可以在 2025 年及以後繼續鞏固這一勢頭。

We continue to build a culture of financial discipline with an eye on driving scale and maximizing our returns on capital. This is driven, in part, by improving the processes by which we allocate capital and measure the return on those decisions. It also includes ensuring our company has strong leadership to guide and drive those processes.

我們繼續建立財務紀律文化，著眼於擴大規模並最大化資本回報。這在一定程度上是透過改善我們分配資本和衡量這些決策回報的流程來推動的。它還包括確保我們公司擁有強有力的領導力來指導和推動這些流程。

As I mentioned on our year-end call, we recently appointed new executives to head up product development and human resources. And most recently, we welcomed Renata Caine as our new General Manager of Banking as a Service. Renata is a long-time payments veteran with substantial experience in payments and risk management, and I look forward to the contributions that she'll make to the team and to our growth as a leading embedded services provider.

正如我在年終電話會議上提到的，我們最近任命了新的高階主管來領導產品開發和人力資源。最近，我們歡迎 Renata Caine 擔任我們的新銀行即服務總經理。 Renata 是一位長期從事支付工作的資深人士，在支付和風險管理方面擁有豐富的經驗，我期待她為團隊以及我們作為領先的嵌入式服務提供者的成長做出貢獻。

Last, as I discussed in some detail on our year-end call, I believe we have a tremendous set of assets that are quite valuable, whether they are viewed individually or, more importantly, as one integrated platform. We have been increasingly transparent about these businesses, their operations and our outlook to help the market better understand their operations and unique ability to create value.

最後，正如我在年終電話會議上詳細討論的那樣，我相信我們擁有大量非常有價值的資產，無論是單獨來看還是更重要的是作為一個整合平台來看。我們對這些業務、他們的營運和我們的前景越來越透明，以幫助市場更好地了解他們的營運和創造價值的獨特能力。

While I won't review the strategy in the same level of detail as our year-end call, I do think it's important to ensure the market understands our vision and opportunity. Simply put, the market for embedded finance is vast, growing and going through some big changes. Markets that are large and growing create opportunities and change also creates opportunity.

雖然我不會像年終電話會議那樣詳細地審查該策略，但我確實認為確保市場了解我們的願景和機會很重要。簡而言之，嵌入式金融市場廣闊，不斷成長並正在經歷一些重大變化。龐大且不斷成長的市場創造機會，變化也創造機會。

As I had said many times, we have all of the pieces to be one of the only fully integrated providers in the embedded finance market. We are building a platform that will not only drive our direct-to-consumer efforts, but just as important, will empower our partners to drive retention, value and growth for their businesses. Whether it be a retailer, a technology company, a tax network or an employer, we are well positioned to power their proprietary financial services strategy.

正如我多次說過的那樣，我們擁有成為嵌入式金融市場上唯一完全整合的供應商之一的所有條件。我們正在建立一個平台，不僅將推動我們直接面向消費者的努力，而且同樣重要的是，將使我們的合作夥伴能夠推動其業務的保留、價值和成長。無論是零售商、科技公司、稅務網路或雇主，我們都能夠為他們的專有金融服務策略提供支援。

Enterprises that are looking to employ embedded finance as part of their own business strategy are having to rethink how and who they work with in this evolving market, and I believe we bring a differentiated and compelling value proposition to the marketplace. While there always will be much work to be done, we are making notable progress, and I want to thank the team for their work and commitment.

那些希望將嵌入式金融作為自己業務策略一部分的企業必須重新考慮在這個不斷發展的市場中與誰合作的方式以及與誰合作，我相信我們為市場帶來了差異化且引人注目的價值主張。雖然總是有很多工作要做，但我們正在取得顯著的進展，我要感謝團隊的工作和承諾。

Let me now open it up for your questions. Operator?

現在讓我打開它來回答你們的問題。操作員？

(Operator Instructions) Your first question comes from Tim Switzer from KBW.

（操作員說明）您的第一個問題來自 KBW 的 Tim Switzer。

I had a follow-up on your comment about the regulatory expenses. You mentioned you're spending about $17 million more this year compared to last year. Not all of that will be in the run rate permanently. Could you maybe provide a little bit of color or like a breakdown on where your regulatory expenses or what they're going towards over the course of this year? And then maybe which of those are temporary -- or just temporary investment or some that will be more like spending over the long term?

我跟進了您有關監管費用的評論。您提到今年您的支出比去年增加了約 1700 萬美元。並非所有這些都將永久包含在運行率中。您能否提供一些資訊或詳細說明您的監管費用在哪裡或今年的用途？那麼也許其中哪些是暫時的——或者只是暫時的投資，或者有些更像是長期支出？

Sure, Tim. Thanks for that question. First, the metric that you're referring to is a 2-year comparison, so take note of that. And the nature of those investments are focused in what we would think of as traditional oversight and compliance activities. So internal audit, the compliance department, BSA/AML capabilities both on the technology side, people side, et cetera. So they fall in those traditional categories.

當然，提姆。謝謝你提出這個問題。首先，您所指的指標是兩年比較，因此請注意這一點。這些投資的性質集中在我們所認為的傳統監督和合規活動。因此，內部稽核、合規部門、技術面、人員方面的 BSA/AML 能力等等。所以它們屬於那些傳統類別。

We've been focused on heightened investment in the first half of this year. And we think some of those activities that are more transitional will be in place, and therefore, you would see a kind of first half, second half and maybe this year, next year decline because of those transitional investments we're making. I'm not going to quantify that for you. I would just say that it's an important, not a minor element of the $17 million data point that you made reference to.

今年上半年我們的重點是加大投資。我們認為，一些更具過渡性的活動將會到位，因此，由於我們正在進行的過渡性投資，您會看到上半年、下半年甚至今年、明年的下降。我不會為你量化這一點。我只想說，這是您提到的 1700 萬美元數據點中的一個重要因素，而不是次要因素。

And then I would just take the opportunity, of course, to note as the entire fintech/sponsored bank industry goes through heightened oversight from various regulators, it couldn't be more important at this time for us to make sure that we develop the capabilities to be leaders in this activity. I can certainly see a time in 2 or 3 years down the road where a key differentiator in the marketplace needs to be strong, steady, stable regulatory capabilities at the bank level in the fintech space, and we intend to be a leader with respect to that capability.

當然，我想藉此機會指出，隨著整個金融科技/贊助銀行行業受到各個監管機構的加強監督，目前對我們來說確保發展能力再重要不過了成為這項活動的領導者。我當然可以預見，在未來兩三年內，市場的一個關鍵差異化因素需要是金融科技領域銀行層面強大、穩定、穩定的監管能力，我們打算成為以下方面的領導者：那種能力。

So hopefully, I answered your question. But please, if I didn't, feel free to ask a follow-up.

希望我回答了你的問題。但如果我沒有，請隨時詢問後續情況。

Yes. No, that was really helpful. And the other question I had is your guide on the B2B segment, you talked about kind of generally consistent year-over-year growth for the full segment. But the BaaS segment, I believe, it seems like you grew a lot more than people were expecting this quarter. And I don't know if that's driven by growth of current partners or you maybe had some people come online a little bit quicker. But could you maybe talk about your growth expectations in the BaaS segment and the trajectory maybe of when some of your partners will be coming -- will be launching over the course of the year?

是的。不，這確實很有幫助。我的另一個問題是關於 B2B 細分市場的指南，您談到了整個細分市場總體上保持一致的同比增長。但我相信，BaaS 領域的成長似乎超出了人們本季的預期。我不知道這是否是由當前合作夥伴的成長推動的，或者也許有些人上網得更快一些。但是您能否談談您對 BaaS 領域的成長預期以及您的一些合作夥伴何時到來（將在今年推出）的軌跡？

Thanks, Tim. This is Jess. Yes, the forecast for the year has come up a little bit relative to the call we had back in February. That is principally being powered by one of our largest BaaS partners. You would have seen this consistent trend over the past couple of years. But that's not the sole reason. We also have a program that we launched last year, Ceridian, which is ramping over the course of the back half of '23 and through '24, and we have other existing partners that are also growing. But by and large, the outsized performance is being driven principally by that single partner.

謝謝，蒂姆。這是傑西。是的，今年的預測相對於我們二月的預測有所上升。這主要由我們最大的 BaaS 合作夥伴之一提供支援。在過去的幾年裡你會看到這種一致的趨勢。但這並不是唯一的原因。我們還有一個去年啟動的專案 Ceridian，該專案在 23 年下半年到 24 年期間不斷推進，我們還有其他現有合作夥伴也在不斷發展。但總的來說，巨大的業績主要是由單一合作夥伴推動的。

Your next question comes from George Sutton from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 George Sutton。

It's James on for George. Can you talk a bit more about the decision to walk away from the core banking platform?

詹姆斯換下喬治。能多談談退出核心銀行平台的決定嗎？

Thanks, James. This is George. Yes, well, let me tell you what I can tell you. When I joined a couple of years ago, there was 2 categories of technology investment that had been initiated. One had to do with what we call a card management system. That vendor was ACI. That technology was used in our processor conversion that we undertook last year.

謝謝，詹姆斯。這是喬治。是的，好吧，讓我告訴你我能告訴你什麼。當我幾年前加入時，已經啟動了兩類技術投資。其中之一與我們所說的卡片管理系統有關。該供應商是 ACI。去年我們進行的處理器轉換中使用了這項技術。

Distinct from that, we had a relationship with another vendor, Temenos, which was focused on the core banking system, and think about core banking systems as kind of traditional account bank type features, interest rate calculations, credit, small business, BDA accounts sorts of things. Now that investment, we have a tremendous amount of legacy investment in those capabilities in our technology stacks as they are currently.

與此不同的是，我們與另一家供應商Temenos 建立了合作關係，該供應商專注於核心銀行系統，並將核心銀行系統視為傳統帳戶銀行類型功能、利率計算、信貸、小型企業、BDA 帳戶類型東西的。現在，我們對技術堆疊中的這些功能進行了大量的遺留投資。

So that investment wasn't a cost saving focus in the context of our current capabilities. It's more of a longer-term play. And frankly, as we changed focus from the card management system to the core banking system, it became obvious to us that there might be a better way to approach solutioning those sorts of activities. And so we ended up working through that with our vendor, and that's where we ended up.

因此，就我們目前的能力而言，這項投資並不是節省成本的重點。這更像是一個長期的遊戲。坦白說，當我們將重點從卡片管理系統轉移到核心銀行系統時，我們明顯意識到可能有更好的方法來解決此類活動。所以我們最終與我們的供應商一起解決了這個問題，這就是我們最終的結果。

Got you. Because as I recall, I think one of the advantages of the new core banking was just the idea that you could build products once, used many times across various BaaS partners along with your own products. Does that sort of change going forward?

明白你了。因為我記得，我認為新核心銀行業務的優勢之一是您可以建立一次產品，然後與您自己的產品一起在各種 BaaS 合作夥伴中多次使用。未來會有這樣的改變嗎？

No. No, that has not changed. So again, I'm going to make distinctions beyond the card management processing environment that I just made reference to. So on top of that capability, which is, call it, baked processing, so rather transaction over a network, getting authorizations and the authorization back, et cetera, right, basic transaction processing stuff, think of that as what we did last year.

不，不，這沒有改變。因此，我將再次對我剛才提到的卡片管理處理環境進行區分。因此，除了該功能之外，即所謂的烘焙處理，而是透過網路進行交易、獲取授權和返回授權等等，對吧，基本的交易處理內容，可以將其視為我們去年所做的事情。

Then on top of that, our product features are organized in a set of, what we'd call internally, stacks. So we have a contemporary BaaS stack, we have a legacy stack and we have other technologies associated with some of our businesses. And so the activity that we've been undertaking of which the processor conversion was important to is eliminating older legacy stacks, which the stacks have product features within them. And that activity, that investment is unchanged. We continue to do that and we'll continue to do that. In fact, some of our most significant investments this year are focused on that effort.

除此之外，我們的產品功能被組織在一組（我們內部稱之為堆疊）中。因此，我們有一個現代化的 BaaS 堆疊，我們有一個遺留堆棧，我們還有與我們的一些業務相關的其他技術。因此，我們一直在進行的對處理器轉換非常重要的活動是消除舊的遺留堆疊，這些堆疊內部具有產品功能。那種活動、那種投資是不變的。我們將繼續這樣做，並將繼續這樣做。事實上，我們今年一些最重要的投資都集中在這一方面。

So the question when we think about our product road map longer term and we think about small business offerings or credit offerings, et cetera, credit might be the better example. When we are poised to launch consumer credit across our platform down the road, not in a current period, but down the road, the question will be, should we then implement a core banking system that already has those account features built on a third-party basis? Or do we enhance our then consolidated stack?

因此，當我們從長遠考慮我們的產品路線圖並考慮小型企業產品或信貸產品等時，信貸可能是更好的例子。當我們準備在我們的平台上推出消費者信貸時，不是在當前時期，而是在未來，問題是，我們是否應該實施一個已經具有基於第三方構建的帳戶功能的核心銀行系統？或者我們是否增強我們當時整合的堆疊？

So the consolidation and simplification that you're asking about is underway and unimpacted by this decision. How we launch future products and features, that is impacted by this decision. However, we have plenty of runway ahead of us to make that decision in a timely, coordinated way. So the simplification work, I want to be very clear, is not impacted at all by this choice.

因此，您所詢問的整合和簡化正在進行中，並且不受此決定的影響。我們如何推出未來的產品和功能，將受到這項決定的影響。然而，我們還有足夠的空間來及時、協調地做出決定。因此，我想非常明確的是，簡化工作根本不受此選擇的影響。

Makes sense. Last one for me. So as I interpreted it, and correct me if I'm wrong, but it sounds like you're raising the outlook for B2B growth, bringing Consumer down a bit. So given the margin differentials between those 2 segments, what gives you the confidence in sort of maintaining the full year EBITDA guide for the year?

說得通。最後一張給我。因此，正如我所解釋的那樣，如果我錯了，請糾正我，但聽起來你正在提高 B2B 成長的前景，從而使消費者下降了一點。那麼，考慮到這兩個細分市場之間的利潤率差異，是什麼讓您有信心維持今年全年 EBITDA 指南？

Yes, you're correct in Consumer coming down a bit, B2B coming up. I think in Money Movement, slightly moved up as well. And then, of course, as we always do, we're managing expenses through the business. So within Corporate and Other, I think our forecast on costs have come down for a variety of efforts by the management team. So we still feel confident in achieving the $170 million to $180 million EBITDA guidance.

是的，你說得對，消費者下降了一點，B2B 上升了。我認為在貨幣運動方面，也略有上升。當然，正如我們一貫所做的那樣，我們透過業務來管理費用。因此，在企業和其他方面，我認為由於管理團隊的各種努力，我們對成本的預測已經下降。因此，我們仍然對實現 1.7 億至 1.8 億美元的 EBITDA 指導充滿信心。

(Operator Instructions) Your next question comes from Cris Kennedy from William Blair.

（操作員說明）您的下一個問題來自威廉布萊爾的克里斯肯尼迪。

Can you just talk broadly about some of the changes in the embedded finance market that have taken place over the last 18 months or so and talk about how Green Dot can position to take advantage of that?

您能否大致談談過去 18 個月左右嵌入式金融市場發生的一些變化，並談談 Green Dot 如何定位以利用這些變化？

Sure, Cris. Thanks for that question. Well, there's been an array of changes. They're not going to stop. This is -- although companies have been talking about embedded finance about for quite a long time now, nevertheless, it's been a relatively immature industry in the sense that there's a lot of idiosyncratic relationships and business models and contracts in the marketplace. So that, I think, is still the case.

當然，克里斯。謝謝你提出這個問題。嗯，發生了一系列的變化。他們不會停止。儘管公司已經談論嵌入式金融很長一段時間了，但從某種意義上說，它仍然是一個相對不成熟的行業，市場上存在著許多特殊的關係、商業模式和合約。所以，我認為，情況仍然如此。

So layer into that, I would say, a regulatory-light type environment, and what I mean by that is the regulation that happens primarily focused on banks. And oftentimes, that regulation does not see through the bank to the fintech as not in the past.

因此，我想說的是，一個監管寬鬆的環境，我的意思是主要針對銀行的監管。通常情況下，這種監管不會像過去那樣透過銀行滲透到金融科技領域。

So that -- one is the embedded finance market is starting to mature in a sense -- not mature, it's got plenty of ways to go, but the practices, the pricing, the structures, the needs are maturing in the sense buyers are becoming somewhat more knowledgeable about the industry. And the product offerings for embedded finance are becoming more tailored and designed to these specific needs as opposed to taking some legacy account structure and trying to fit it into an embedded finance need as opposed to custom or tailored-built, scalable business models.

因此，嵌入式金融市場在某種意義上開始成熟，雖然還不成熟，但還有很多路要走，但實踐、定價、結構和需求正在成熟，因為買家正在變得成熟。了解一些。嵌入式金融的產品正在變得更加針對這些特定需求進行客製化和設計，而不是採用一些遺留帳戶結構並試圖將其適應嵌入式金融需求，而不是定製或定制的、可擴展的業務模型。

So that's happened. And then the regulatory change that's underway right now is, at least as far as our view is concerned, I think it's well supported by market information, is the regulators are quite intent on looking through the bank to the fintech to the non-bank fintech. Since many, many of the activities that you traditionally think of being managed by a bank, BSA/AML, are oftentimes managed at the fintech, not at the bank. And so that is an early-stage change in the market, which we think will have significant impacts on the fintech bank relationships in markets.

所以事情就這樣發生了。然後，目前正在進行的監管變革，至少就我們的觀點而言，我認為這得到了市場資訊的充分支持，監管機構非常願意從銀行到金融科技再到非銀行金融科技。因為傳統上您認為由銀行（BSA/AML）管理的許多活動通常是由金融科技公司而不是銀行管理的。因此，這是市場的早期變化，我們認為這將對市場上的金融科技銀行關係產生重大影響。

So if you kind of put these 2 kind of developing, more product-focused, evolutionary aspects and new entrants in the market focused on embedded finance along with an emerging, I think too early to tell how it plays out, regulatory change and how we're positioned in there, our regulatory circumstances have long been kind of holistic in the sense that there is no looking through Green Dot. You're looking at the bank, you're looking at the entire life cycle of a fintech type delivery model, embedded finance model.

因此，如果你把這兩種正在發展的、更注重產品的、漸進的方面和市場上的新進入者集中在嵌入式金融和新興金融上，我認為現在談論它如何發揮作用、監管變化以及我們如何發展還為時過早。你正在看銀行，你正在看金融科技類型交付模型、嵌入式金融模式的整個生命週期。

So we think we've long been exposed to that regulatory oversight, which will be new to some of the competitors who are well situated, we have work to do. We need to ensure, as I said earlier, that we're the leader in regulatory oversight and compliance so that we can win business on that differentiator.

因此，我們認為我們長期以來一直受到監管，這對於一些處於有利位置的競爭對手來說是新鮮的，我們還有工作要做。正如我之前所說，我們需要確保我們在監管監督和合規方面處於領先地位，以便我們能夠憑藉這一優勢贏得業務。

And then also, since we have an integrated vertical solution, we offer product, processing, issuing, operational support, fraud risk management, we have a bank and we have the Green Dot Network, which is an absolutely critical asset to serve a non-branch financial institution, one of the very few of those assets in the market, we're extremely well positioned to offer an integrated solution for a complex buying decision to third parties.

此外，由於我們擁有整合的垂直解決方案，我們提供產品、處理、發行、營運支援、詐欺風險管理，我們有一家銀行，我們有綠點網絡，這是服務非非銀行的絕對重要資產。金融機構是市場上極少數資產之一，我們非常有能力為第三方的複雜購買決策提供整合解決方案。

And we're already at scale. We have more scale to come, so we should be able to do at a market-leading low cost. So I took an opportunity in your question to rephrase our strategy. But hopefully, I have addressed your question, but please ask a follow-up if I didn't.

我們已經達到規模了。我們未來的規模會更大，因此我們應該能夠以市場領先的低成本做到這一點。所以我利用你提出問題的機會重新表達了我們的策略。但希望我已經解決了你的問題，但如果我沒有回答，請追問。

No, that's very clear. I appreciate that. And then just separately, acquisitions have always been part of Green Dot's strategy historically. What's your thoughts on M&A today?

不，這很清楚。我很感激。另外，收購一直是 Green Dot 歷史上策略的一部分。您今天對併購有何看法？

Sure. In the short term, I would say, extremely cautious about M&A, I'd put it that way. I think our appetite, given the priorities we're currently managing to introduce additional complexity into our organization in the short term, our appetite for that is low. And obviously, I'm sure it's obvious, I hope it's obvious that we would consider our equity value to be out of market. We're trading at a significant discount, which doesn't put us in an advantaged place, in my view, to be aggressive on those fronts.

當然。我想說，從短期來看，對併購極為謹慎，我是這麼說的。我認為，考慮到我們目前正在設法在短期內為我們的組織引入額外複雜性的優先事項，我們的胃口很小。顯然，我確信這是顯而易見的，我希望我們會考慮我們的股權價值脫離市場。我們的交易價格大幅折扣，在我看來，這並不能讓我們處於有利地位，無法在這些方面積極進取。

So what we need to do is continue to execute on our platform consolidations, I touched on earlier, bringing new product to market, focus on embedded finance, small business and our own consumer offerings and make sure that we're exceptional with respect to regulatory compliance.

因此，我們需要做的是繼續執行我們的平台整合，我之前提到過，將新產品推向市場，專注於嵌入式金融、小型企業和我們自己的消費者產品，並確保我們在監管方面表現出色遵守。

And then down the road a bit, when we've stabilized those priorities, it will be time, I think, to consider acquisition. And so when that time comes, the areas that we are focused on longer term, I mentioned one earlier, consumer credit. We'll have a build versus buy decision to make around that. And we're very, very focused on small business type services and activities. And those are kind of the areas of investment around products and services that we would expect to be making, whether that's internally build those activities or acquire them in the market.

然後，當我們穩定了這些優先事項後，我認為是時候考慮收購了。因此，當那個時候到來時，我們長期關注的領域，我之前提到過，消費信貸。我們將圍繞這個問題做出構建還是購買的決定。我們非常非常專注於小型企業類型的服務和活動。這些是我們期望進行的圍繞產品和服務的投資領域，無論是內部建立這些活動還是在市場上獲取它們。

There are no further questions at this time. I would like to turn the conference back over to Mr. Gresham for any closing remarks.

目前沒有其他問題。我想將會議轉交格雷沙姆先生發表閉幕詞。

Well, thank you, operator. And I want to thank our investors and analysts and the people interested in the Green Dot story. We are here trying to provide access to financial services to all the Americans that are excluded from that set of activities. We've been at that mission for 20-plus years. We're going to continue on that mission.

好的，謝謝你，接線生。我要感謝我們的投資者、分析師以及對綠點故事感興趣的人們。我們在這裡試圖為所有被排除在這一系列活動之外的美國人提供獲得金融服務的機會。 20多年來，我們一直致力於這項使命。我們將繼續履行這項使命。

And before I close, I want to take a particular moment to express my gratitude to my colleagues, friends and coworkers at Green Dot. They're extraordinarily dedicated and focused on that mission. They're great stewards for our investors and our customers. And they're doing a great job in getting us to where we need to be.

在結束之前，我想花一點時間向綠點的同事、朋友和同事表達我的謝意。他們非常專注並專注於這項使命。他們是我們投資者和客戶的優秀管家。他們在幫助我們到達我們需要的地方方面做得非常出色。

So thank you very much to everyone, and talk to you next time. Bye-bye.

所以非常感謝大家，下次再和大家聊聊。再見。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。