Green Dot Corp (GDOT) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Green Dot second-quarter 2024 conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Green Dot 2024 年第二季電話會議。（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 Tim Willi, Senior Vice President, Finance. Please go ahead.

現在我想將會議交給財務高級副總裁 Tim Willi。請繼續。

Thank you and good afternoon everyone. Today we are discussing Green Dot's second 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 Green Dot 2024 年第二季的財務與營運表現。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收益報告可在 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，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.

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）。

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.

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。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 second quarter earnings call. It was a solid quarter that was generally in line with our expectations, and we continue to make progress on many fronts, including the finalization of our consent order, which you would have all seen by now. Consistent with our prior disclosures, much of the order relates to matters arising and resolved several years ago.

下午好，感謝您參加我們的第二季財報電話會議。這是一個穩定的季度，總體上符合我們的預期，我們繼續在許多方面取得進展，包括最終確定我們的同意令，你們現在都已經看到了。與我們先前揭露的情況一致，大部分訂單涉及幾年前出現和解決的問題。

I am pleased that we have come to an agreement with our regulators related to these issues and, as you would expect, we have been diligently working to address the requirements contained within the order. Ensuring we are good stewards of our customers' funds is our top priority, and one we take very seriously.

我很高興我們與監管機構就這些問題達成協議，正如您所期望的那樣，我們一直在努力滿足命令中包含的要求。確保我們成為客戶資金的好管家是我們的首要任務，也是我們非常重視的事情。

Security, risk management, and regulatory compliance are the most important aspects of our job, and critical to our mission of being responsible stewards of our customers' money and our shareholders' capital. This experience will costly, will make us a better company for all of our stakeholders, and I continue to believe the investments not only ensure the safety of our customers' money, but will also prove to be a competitive advantage. I look forward to these standards being applied uniformly and transparently across the embedded finance and payments and landscapes.

安全、風險管理和法規遵循是我們工作中最重要的方面，對於我們負責任地管理客戶資金和股東資本的使命至關重要。這種經驗代價高昂，將使我們成為所有利害關係人更好的公司，我仍然相信這些投資不僅可以確保客戶資金的安全，而且還將被證明是一種競爭優勢。我期待這些標準能夠在嵌入式金融和支付領域中得到統一、透明的應用。

During the second quarter, we delivered results that were in line with our internal expectations, as we navigated remaining headwinds associated with the conversions in the first half of 2023, and elevated spending on compliance and regulatory initiatives. We kept our heads down, stayed focused on our goals, and saw continued progress on a variety of fronts.

在第二季度，我們交付的業績符合我們的內部預期，因為我們克服了 2023 年上半年與轉換相關的剩餘阻力，並增加了合規和監管舉措的支出。我們埋頭苦幹，專注於我們的目標，並在各個方面不斷取得進展。

In addition to the regulatory work we have been doing, we are making steady progress and pragmatically moving forward on our plan to continually improve Green Dot's performance and return to growth. Our most urgent priorities have been and remain, first, compliance.

除了我們一直在做的監管工作外，我們正在穩步推進並務實地推進我們的計劃，以不斷提高綠點的業績並恢復成長。我們最緊迫的優先事項一直是並且仍然是第一，合規。

Ensuring we are good stewards of our customers' funds, as demonstrated by building exceptional risk management capabilities, implementing state-of-the-art compliance focus technologies, and driving a culture that puts stewardship, compliance, and partner and customer needs first.

確保我們成為客戶資金的良好管理者，具體體現在建立卓越的風險管理能力、實施最先進的合規重點技術以及推動將管理、合規以及合作夥伴和客戶需求放在首位的文化中。

Second, revenue. Building sustainable and predictable business pipelines and onboarding capabilities, to replenish partners and revenue streams lost in prior years so both Green Dot Corporation and Green Dot Bank, can remain financially healthy for years to come. And third, margins. Being good stewards of our investor funds by managing costs, improving margins, and bringing our product to market at low marginal cost.

第二，收入。建立可持續和可預測的業務管道和入職能力，以補充前幾年失去的合作夥伴和收入來源，以便綠點公司和綠點銀行在未來幾年保持財務健康。第三，利潤。透過管理成本、提高利潤並以低邊際成本將我們的產品推向市場，成為投資者資金的好管家。

Let me now hand it over to Jeff for his comments, before I make some additional comments regarding these priorities. Jess?

在我對這些優先事項發表一些補充評論之前，現在讓我將其交給傑夫徵求他的評論。傑西？

Thank you, George, and good afternoon, everyone. Non-GAAP revenue grew 11% year-over-year, primarily from continued growth in our B2B segment, and modest growth in our Money Movement segment.

謝謝喬治，大家下午好。非 GAAP 營收年增 11%，主要得益於 B2B 部門的持續成長以及資金流動部門的適度成長。

Adjusted EBITDA of $34 million, the non-GAAP EPS of $0.25, both decreased from last year, due to specular headwinds in retail, portfolio of sunsetting in our direct channel, and partner program deconversions in early 2023.

調整後的 EBITDA 為 3,400 萬美元，非 GAAP 每股收益為 0.25 美元，均較去年有所下降，原因是零售業的鏡面逆風、我們直接渠道的投資組合的日落以及 2023 年初合作夥伴計劃的轉換。

At the same time, we've incurred incremental expenses associated with our ongoing investment in regulatory and compliance initiatives, while benefiting from a reduction in processing expenses from last year's processor conversion. Our GAAP results for the quarter, reflected incremental $24 million reserve for the final consent order on top of the $20 million reserve, established in the previous year.

同時，我們因對監管和合規計畫的持續投資而產生了增量費用，同時受益於去年處理器轉換帶來的處理費用的減少。我們本季的 GAAP 業績反映了在上一年設立的 2,000 萬美元儲備金的基礎上，為最終同意令增加了 2,400 萬美元的儲備金。

Now I'll touch on the factors that influence the performance of our segments and will refer you to our press release and quarterly slide deck, for our segment results and key metrics. First is our Consumer Services segment, which is comprised of our retail and direct channels. Consumer segment revenue remains under pressure, due principally to the secular headwinds in the retail channel that continue, to impact a number of active accounts on our platform.

現在，我將談談影響我們細分市場業績的因素，並建議您參閱我們的新聞稿和季度幻燈片，以了解我們的細分市場結果和關鍵指標。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。消費者細分市場的收入仍然面臨壓力，這主要是由於零售通路的長期逆風持續影響我們平台上的許多活躍帳戶。

Year-over-year growth has also been impacted by a program deconversion in the first half of 2023. Excluding this program, segment revenue decline was in the low 20% and we've generally seen stability in volumes per active, and a bit of improvement in revenue per active.

年比成長也受到 2023 年上半年計畫轉換的影響。不包括該計劃，細分市場收入下降幅度在 20% 左右，我們總體上看到每個活躍用戶數量穩定，每個活躍用戶收入略有改善。

Looking forward, as we lap the deconverted program, and our new program with PLS begins to ramp, we anticipate a more moderate revenue decline, towards the latter half of the year. Our direct channel repositioning is progressing well. We phased out multiple legacy brands in Q2, 2023, which resulted in year-over-year headwinds. Nevertheless, the direct channel revenue is showing signs of sequential stabilization, following years of persistent declines.

展望未來，隨著我們完成去轉換計劃，以及我們與 PLS 的新計劃開始加速，我們預計今年下半年的收入下降將更加溫和。我們的直接管道重新定位進展順利。我們在 2023 年第二季淘汰了多個傳統品牌，這導致了同比的不利因素。儘管如此，在經歷了多年的持續下降之後，直接通路收入正顯示出連續穩定的跡象。

In the quarter, GO2bank continued to see growth in revenue, while legacy portfolios continued to retreat. Looking at the quarter on a proactive basis, GO2bank revenue proactive continued to grow at a faster pace than the direct channel as a whole. GO2bank currently makes up approximately 75% of the direct channel revenue.

本季度，GO2bank 的營收持續成長，而傳統投資組合持續萎縮。從積極主動的角度來看，GO2bank 主動收入繼續以比整個直接管道更快的速度成長。GO2bank 目前約佔直接通路收入的 75%。

As I previously mentioned in our first quarter call, when GO2bank reaches 85% of the direct channel, we will likely stop providing separate commentary on this product. Profitability in the Consumer segment remains under pressure from the revenue decline discussed.

正如我之前在第一季電話會議中提到的，當 GO2bank 達到直接管道的 85% 時，我們可能會停止提供對該產品的單獨評論。消費者領域的獲利能力仍面臨所討論的收入下降的壓力。

Excluding the program deconversion last year, profit on the consumer division declined in low single-digits thanks to effective expense control, reduced risk expenses, and the positive impact of the processor conversion that balanced out some of the revenue declines.

排除去年的程序轉換，消費者部門的利潤以較低的個位數下降，這得益於有效的費用控制、風險費用的降低以及處理器轉換的積極影響抵消了部分收入的下降。

Now I'll turn to the B2B segment, which is comprised of our vast and rapid PayCard channels. Revenue growth remains driven by a significant vast partner. It's worth mentioning that aside from the growth from this major partner, the other vast partnerships grew revenue year-over-year, for the first time in several quarters, even as we navigated through the lingering impact of partner deconversions that occurred in the first half of 2023.

現在我將轉向 B2B 細分市場，該細分市場由我們龐大且快速的 PayCard 管道組成。收入成長仍然由重要的龐大合作夥伴推動。值得一提的是，除了這個主要合作夥伴的成長之外，其他大型合作夥伴的收入也實現了同比增長，這是幾個季度以來的首次，儘管我們克服了上半年發生的合作夥伴轉換的揮之不去的影響2023 年。

In terms of our key metrics, purchase volume and active sustained positive momentum following the launch of new partners and growth of existing partners. I'm optimistic that the momentum will persist, and we should anticipate continued year-over-year growth, from the entire vast channel.

就我們的關鍵指標而言，隨著新合作夥伴的推出和現有合作夥伴的成長，購買量和活躍度持續保持積極勢頭。我樂觀地認為這種勢頭將持續下去，我們應該預期整個廣闊通路將繼續實現同比增長。

Our rapid PayCard channel had revenue growth as pricing strategies, continued to offset the pressure on active accounts. The business continues to face headwinds as the staffing industry, which is one of the largest verticals, has retrenched over the last year and a half. That said, year-to-date sales activity has improved versus last year, and we've initiated several programs designed to boost employer and employee engagement, enhance activations, and improve retention.

我們快速的 PayCard 管道因定價策略而實現了收入成長，繼續抵消了活躍帳戶的壓力。由於最大的垂直行業之一的人力資源行業在過去一年半中不斷緊縮，該業務繼續面臨阻力。也就是說，今年迄今的銷售活動比去年有所改善，我們啟動了多項計劃，旨在提高雇主和員工的參與度、增強激活率並提高保留率。

For the first time in several quarters, we saw modest profit growth in the B2B segment. The vast divisions saw modest growth in profits, despite headwinds from the deconversions, while rapid PayCard had solid growth in profits and a margin expansion.

我們幾個季度以來首次看到 B2B 領域的利潤小幅增長。儘管轉型帶來了阻力，但大型部門的利潤仍略有成長，而快速支付卡則實現了利潤的穩健成長和利潤率的擴張。

Turning to our Money Movement segment, which is comprised of our tax processing business and our Green Dot Network business, which we refer to as GDN. Revenue growth remains driven by our tax processing division, which had a strong tax season. Our GDN business continues to face headwinds that, stem from the decline in our own active account base.

轉向我們的資金流動部門，該部門由我們的稅務處理業務和綠點網路業務（我們稱之為 GDN）組成。收入成長仍然由我們的稅務處理部門推動，該部門的報稅季表現強勁。我們的 GDN 業務繼續面臨因我們自己的活躍帳戶數量下降而帶來的阻力。

While those headwinds continue to weigh on the quarter, our third-party business saw growth in transactions, due to growth of existing partners and new partner launches. Profitability in the segment remains solid, as both our tax processing business and our Green Dot Network's have a margin expansion in the quarter, with tax processing benefiting from some timing-related items, while GDN continues to focus on managing its expense base.

儘管這些不利因素繼續影響本季度，但由於現有合作夥伴的成長和新合作夥伴的推出，我們的第三方業務交易量出現成長。該部門的獲利能力依然穩健，因為我們的稅務處理業務和 Green Dot Network 的利潤率在本季度都有所增長，稅務處理受益於一些與時間相關的項目，而 GDN 繼續專注於管理其費用基礎。

The Corporate and Other segment reflects the interest income we earn at our bank, net of the revenue share on interest we pay to vast partners, as well as salaries, technology, and administrative costs, and some smaller inter-company adjustments.

公司和其他部門反映了我們在銀行賺取的利息收入，扣除我們向廣大合作夥伴支付的利息的收入份額，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 and seasonal declines in deposits at the bank. Expenses were up slightly from last year, as ongoing expense reduction initiatives are offset by the elevated costs associated with regulatory and compliance investments.

收入較去年下降，反映出利率上升環境和銀行存款季節性下降的持續影響。費用比去年略有增加，因為持續的費用削減措施被監管和合規投資相關的成本上升所抵消。

Now let me turn to guidance. We are raising our non-GAAP revenue guidance, to a range of $1.6 billion to $1.7 billion. We believe our adjusted EBITDA and non-GAAP EPS results, may be at the low end of their respective ranges of $170 million to $180 million, and $1.45 to $1.59, based on continued headwinds in retail, and the timing of expenses associated with regulatory and compliance investments.

現在讓我談談指引。我們將非 GAAP 收入指引提高至 16 億至 17 億美元。我們認為，基於零售業的持續不利因素以及與監管和監管相關的費用安排，我們調整後的 EBITDA 和非 GAAP 每股收益可能處於各自範圍 1.7 億至 1.8 億美元和 1.45 至 1.59 美元的低端。合規投資。

As we think about the back half of the year, our outlook on the cadence of earnings is largely unchanged. At a consolidated level, we anticipate a modest acceleration in revenue growth moving from Q2 to Q3, and a more noticeable increase in Q4, due to more normalized comparisons and the ramp of our new PLS program.

展望今年下半年，我們對獲利節奏的展望基本上沒有改變。在綜合層面上，我們預計第二季到第三季的營收成長將適度加速，並且由於更標準化的比較和我們新的 PLS 計畫的推進，第四季的成長將更加明顯。

We believe adjusted EBITDA margins in Q3, to be similar to or slightly improved compared to 2023, while Q4 margins are projected to expand 400 to 500 basis points for revenue growth, and favorable expense comparisons relative to last year.

我們認為，第三季調整後的EBITDA 利潤率將與2023 年相似或略有改善，而第四季度的利潤率預計將因收入成長而擴大400 至500 個基點，並且與去年相比，費用比較有利。

Turning briefly to the segments, we anticipate mid-teens percentage declines in the Consumer segment revenues from the full year. Following 20 percentage-point-plus declines in the first half, we expect revenue declines to moderate to the mid-teens in Q3 and shift to low to mid-single-digit growth in Q4, as we ramp program deconversions and portfolios sunsetting in the first half of 2023, coupled with the ramp of our new PLS program.

簡單地談談各個細分市場，我們預期消費者細分市場的全年收入將出現百分之十幾的下降。繼上半年下降20 個百分點以上之後，隨著我們在2019 年加大計劃轉換和投資組合的退出力度，我們預計第三季度收入下降將放緩至十幾歲左右，第四季度將轉向低至中個位數成長。

Margin for the year expected to increase about 500 to 600 basis points, as a result of improvements expected in Q3 and Q4 from improved risk management and cost control efforts. In the B2B segment, we forecast full year revenue growth in the mid-30% range with revenue growth in the second half of the year closer to 30%.

由於第三季和第四季風險管理和成本控制工作的改善，預計今年的利潤率將增加約 500 至 600 個基點。在 B2B 領域，我們預計全年營收成長在 30% 左右，下半年營收成長將接近 30%。

Margin is still expected to be down 150 to 200 basis points, compared to 2023, but there should be sequential improvement in both Q3 and Q4. I anticipate revenue growth in the mid-to-high-single digits from the Money Movement segment.

與 2023 年相比，利潤率預計仍將下降 150 至 200 個基點，但第三季和第四季應該會持續改善。我預計貨幣流動部門的收入將實現中高個位數成長。

Due to the timing of revenues in the tax business, I would expect revenues to be flat year-over-year in Q3, and mid-to-high-single-digit revenue growth in Q4 from the continued growth of our third-party business in the Green Dot Network and incremental cash transfer volume from our new PLS program. Margins are expected to expand 250 to 300 basis points with some modest expansion in the third and fourth quarters year-over-year.

由於稅務業務收入的時間安排，我預計第三季度收入將同比持平，而第四季度收入將因第三方業務的持續增長而實現中高個位數增長綠點網絡以及我們新的PLS 計劃帶來的增量現金轉帳量。預計利潤率將擴大 250 至 300 個基點，其中第三季和第四季將比去年小幅擴張。

In the Corporate and Other segment, revenue should be in the mid to upper single-digits reflecting our efforts to optimize yield on our cash investments. Expenses should be up in the mid-teens related to our spending on regulatory infrastructure, and an increase in expenses in Q4 as a result of a lower bonus accrual in the prior year. I expect our cash rate to be 22.5%, with a fully-demeaned share count of 54 million shares outstanding.

在企業和其他部門，收入應處於中上個位數，反映出我們為優化現金投資收益所做的努力。由於我們在監管基礎設施上的支出，以及由於上一年應計獎金減少而導致第四季度支出增加，費用應該會增加到十幾歲左右。我預計我們的現金率為 22.5%，流通股總數為 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 questions, I would like to spend some time discussing the actions we are taking to address, the three priorities I mentioned at the outset of this call. First, on the compliance front, we have been very busy in making substantial investments in our infrastructure. We have built our plan, and are allocating these investment dollars after taking into consideration, the conversations we have had with our regulatory stakeholders, and aligning that feedback with our own internally identified initiatives.

謝謝你，傑西。在回答你們的問題之前，我想花一些時間討論我們正在採取的行動，即我在本次電話會議開始時提到的三個優先事項。首先，在合規方面，我們一直忙於對基礎設施進行大量投資。我們已經制定了計劃，並在考慮了我們與監管利益相關者的對話後分配這些投資資金，並將反饋與我們自己的內部確定的舉措保持一致。

Our spending on regulatory and compliance infrastructure in 2024, is anticipated to be $15 million to $20 million higher than that in 2022, which is the material and deliberate investment in this area of our company, and has been made in the face of partner attrition and a smaller reported active account base. The areas we are investing in include improved systems to help us better onboard, and verify newly acquired accounts, enhanced BSA, AML monitoring and reporting systems, enhanced fraud management systems, and the addition of internal audit, compliance, and risk management personnel.

2024 年，我們在監管和合規基礎設施方面的支出預計將比2022 年增加1500 萬至2000 萬美元，這是我們公司在這一領域的實質性和刻意投資，並且是在面對合作夥伴流失和報告的活躍帳戶基數較小。我們投資的領域包括改進系統以幫助我們更好地加入和驗證新獲得的帳戶、增強 BSA、AML 監控和報告系統、增強詐欺管理系統以及增加內部審計、合規和風險管理人員。

Beyond the dollars invested, we have been highly focused on changing the culture to one that prioritizes risk management. There are many benefits to these investments and actions. First and most important, they enhance the safeguarding of our customers' deposits and financial transactions, which is an obvious imperative for remaining a strong financial institution.

除了投入資金之外，我們還高度重視將文化轉變為優先考慮風險管理的文化。這些投資和行動有許多好處。首先也是最重要的是，它們加強了對客戶存款和金融交易的保護，這顯然是維持強大的金融機構的必要條件。

Second, they enhance our end-to-end customer experience, resulting in an improved customer retention, a key lever for improving our profitability. Also, these investments allow us to more efficiently comply with our regulatory obligations, allowing us to grow at scale with effective and enhanced risk management.

其次，它們增強了我們的端到端客戶體驗，從而提高了客戶保留率，這是提高我們獲利能力的關鍵槓桿。此外，這些投資使我們能夠更有效地履行我們的監管義務，使我們能夠透過有效和增強的風險管理來實現規模增長。

The next priority, revenue generation, is critical to sustaining and strengthening our company and our bank. As you know, coming out of COVID, we ended our partnerships with several key partners and intentionally sunset various consumer brands, to streamline our focus on GO2bank, resulting in a period of declining account bases and profitability. These factors have been exacerbated, by sustained downward pressure on our retail channel.

下一個優先事項是創造收入，對於維持和加強我們的公司和銀行至關重要。如您所知，疫情過後，我們終止了與幾個主要合作夥伴的合作夥伴關係，並有意淘汰各種消費品牌，以簡化我們對 GO2bank 的關注，導致帳戶基礎和盈利能力出現一段時期的下降。我們的零售通路持續面臨下行壓力，加劇了這些因素。

These changes led to reductions in several key metrics, including active accounts, purchase volumes, and cash transfers, as well as total BaaS partners since 2022. However, they have also enabled us to more easily streamline and simplify our business, as we invested in building a more powerful and efficient platform, to serve our direct customers and partners, priming us for steady, scalable, long-term growth.

這些變化導致了幾個關鍵指標的減少，包括活躍帳戶、購買量和現金轉移，以及自 2022 年以來 BaaS 合作夥伴總數的減少。然而，它們也使我們能夠更輕鬆地精簡和簡化我們的業務，因為我們投資建立了一個更強大、更有效率的平台，為我們的直接客戶和合作夥伴提供服務，為我們實現穩定、可擴展的長期成長做好準備。

What else have we or are we doing to build our revenue-generating capacity? We have been actively investing in our product features and functionality and, as I mentioned, improved and simplified our products. We have also been investing in the infrastructure required to onboard partners and evolve with their strategies. Most importantly, we have built out and standardized our business development capabilities.

我們還採取或正在採取哪些措施來增強我們的創收能力？我們一直在積極投資我們的產品特性和功能，正如我所提到的，改進和簡化了我們的產品。我們也一直投資於加入合作夥伴並隨著他們的策略發展所需的基礎設施。最重要的是，我們已經建立並標準化了我們的業務開發能力。

These efforts are starting to bear fruit. For example, our probability-weighted pipeline has more than doubled over the last year. Just last month, after extensive planning and preparation, we successfully launched the PLS Xpectations Plus Debit Card program, which is off to a very strong start.

這些努力已開始取得成果。例如，我們的機率加權管道在去年增加了一倍以上。就在上個月，經過廣泛的策劃和準備，我們成功推出了 PLS Xpectations Plus 借記卡計劃，這是一個很好的開始。

Our tax division, Santa Barbara Tax Products Group, is performing exceptionally well after introducing a market-leading product and technology platform last year. We have renewed and extended contracts with some of our largest partners, and most importantly, we are very pleased to announce the renewal and extension of our largest BaaS partner by revenue for a multi-year period with improved financial terms.

我們的稅務部門 Santa Barbara Tax Products Group 在去年推出市場領先的產品和技術平台後，表現異常出色。我們已經與一些最大的合作夥伴續簽並延長了合同，最重要的是，我們非常高興地宣布與收入最大的 BaaS 合作夥伴續簽並延長了多年期合同，並改善了財務條款。

We have signed a large merchant processor and an auto lender in our BaaS Group, and are expecting to launch these new partners in early 2025.

我們已經在 BaaS 集團中籤署了一家大型商業處理機構和一家汽車貸款機構，並預計在 2025 年初推出這些新合作夥伴。

In our Green Dot Network, we signed a leading embedded finance platform that wanted to strengthen its capabilities, and enable its partners and their customers to have access, to the convenience that Green Dot Network offers. We also continue to sign in renewed partners, including a variety of fintechs and digital banks, demonstrating the differentiated value of, and demand for this asset.

在我們的 Green Dot Network 中，我們簽署了一個領先的嵌入式金融平台，該平台希望增強其能力，並使其合作夥伴及其客戶能夠享受 Green Dot Network 提供的便利。我們也繼續簽約新的合作夥伴，包括各種金融科技公司和數位銀行，展示了該資產的差異化價值和需求。

We continue to win and add partners in our rapid PayCard and EWA business, with the total partner count now greater than 7,000. That is a lot of success, and I am tremendously pleased with the work our revenue product, technology, and support teams have done to get us in a position, to replace lost revenue and retain the partnerships we have.

我們在快速 PayCard 和 EWA 業務中不斷贏得並增加合作夥伴，目前合作夥伴總數已超過 7,000 家。這是很大的成功，我對我們的收入產品、技術和支援團隊所做的工作感到非常滿意，這些工作使我們能夠彌補收入損失並保留我們現有的合作夥伴關係。

Understand, however, we take very seriously the risk profile of each partner, and each account we choose to be associated with, and this risk perspective will cause us to turn down opportunities. It's also important to point out companies that want to leverage the power of embedded finance, and work with us have intensified their focus on compliance and regulatory capabilities.

然而，請理解，我們非常重視每個合作夥伴以及我們選擇關聯的每個帳戶的風險狀況，這種風險視角將導致我們拒絕機會。同樣重要的是要指出，想要利用嵌入式金融的力量並與我們合作的公司已經加強了對合規和監管能力的關注。

The companies in our pipelines are increasingly focused on ensuring, they are working with a partner that will enable them to deliver financial services, while managing risk to their customer base and their reputations. We and our partners are in this together. We have a shared interest in serving our mutual customers, with a high quality experience and compliance at the forefront.

我們的管道中的公司越來越注重確保他們與合作夥伴合作，使他們能夠提供金融服務，同時管理客戶群和聲譽的風險。我們和我們的合作夥伴並肩作戰。我們有共同的利益，即以高品質的體驗和最前沿的合規性來服務我們共同的客戶。

The third priority I discussed was margins. Again, another obvious point of focus, but our previous un-consolidated acquisitions, multiple processors, multiple customer service approaches, and disaggregated compliance and risk management functions made for high complexity and eroded margins.

我討論的第三個優先事項是利潤。這又是另一個明顯的焦點，但我們之前的未合併收購、多個處理器、多種客戶服務方法以及分散的合規性和風險管理功能導致了高度複雜性和利潤率下降。

So what are we doing on this front? First, we undertook a complicated and lengthy process, to convert our processing platforms. Undertaking this project resulted in substantial savings, but more importantly, it served as a catalyst to simplify how we operate the company, which ultimately enables us to better manage risk and serve our customers.

那我們在這方面正在做什麼呢？首先，我們進行了一個複雜而漫長的過程來轉換我們的處理平台。進行該專案節省了大量成本，但更重要的是，它成為簡化我們公司營運方式的催化劑，最終使我們能夠更好地管理風險並為客戶提供服務。

Second, as I alluded to earlier, we have embarked on a company-wide simplification process that has resulted, or will result in simplified technology, a simplified product footprint, fewer consumer brands to manage, and higher partner acceptance standards. This work is not done. We are working to optimize profitability while ensuring that Green Dot Corporation and Green Dot Bank remain strong financial institutions.

其次，正如我之前提到的，我們已經開始了全公司範圍的簡化流程，這已經或將導致技術簡化、產品足跡簡化、需要管理的消費品牌更少以及合作夥伴接受標準更高。這項工作還沒有完成。我們正在努力優化獲利能力，同時確保 Green Dot Corporation 和 Green Dot Bank 保持強大的金融機構地位。

In addition to that primary goal of ensuring we remain financially strong, is the reality that as we drive scale, it enables us to invest in the critical components of our business on a sustainable basis for the benefit of all of our stakeholders. We have significant scale today, and we need to rush down the path to leverage that scale through expanding margins.

除了確保我們保持財務實力的主要目標之外，現實是，隨著我們擴大規模，它使我們能夠在可持續的基礎上投資於我們業務的關鍵組成部分，以造福所有利益相關者。我們今天擁有龐大的規模，我們需要盡快透過擴大利潤來利用這一規模。

Keep in mind that we've seen considerable profit impacts since 2022, from partner losses and brand discontinuations, amounting to roughly $60 million, alongside a rise in regulatory compliance costs of nearly $20 million. This totals a reduction in adjusted EBITDA of approximately $80 million.

請記住，自 2022 年以來，我們已經看到了來自合作夥伴損失和品牌終止的巨大利潤影響，金額約為 6000 萬美元，同時監管合規成本增加了近 2000 萬美元。調整後 EBITDA 總計減少約 8,000 萬美元。

Nevertheless, our management team has mitigated these setbacks and stabilized the company, amid a backdrop of post-COVID and post-stimulus economy, technological upgrades, increased regulation, and a complex turnaround effort. While the work isn't finished, I'm extremely proud of the team for steering us through this challenging time, and for laying a more robust, reliable groundwork for future growth.

儘管如此，在後疫情和後刺激經濟、技術升級、監管加強和複雜的扭虧為盈的背景下，我們的管理團隊減輕了這些挫折並穩定了公司。雖然工作尚未完成，但我為團隊帶領我們度過這個充滿挑戰的時期，並為未來的成長奠定了更堅實、更可靠的基礎感到非常自豪。

We continue to work diligently on our priorities, and there's no doubt in my mind that we are a better company than we were a year ago, two years ago, or four years ago. We are making progress towards our goal, of ensuring that we not only remain a strong organization, but that we build upon that, which I believe will be a competitive advantage that will serve as the pathway is creating value, for all of our stakeholders.

我們繼續在我們的優先事項上努力工作，毫無疑問，在我看來，我們是一家比一年前、兩年前或四年前更好的公司。我們正在朝著我們的目標取得進展，確保我們不僅仍然是一個強大的組織，而且我們在此基礎上繼續發展，我相信這將成為一種競爭優勢，成為為我們所有利益相關者創造價值的途徑。

The markets we serve and the opportunities they hold are not going anywhere, and we will emerge from this transition as the most asset-rich, differentiated, compliant, well-managed company in the fintech space.

我們服務的市場及其所擁有的機會不會消失，我們將從這次轉型中脫穎而出，成為金融科技領域資產最豐富、最差異化、最合規、管理最完善的公司。

Thank you for your interest in Green Dot. Jess and I are now happy to take your questions. Operator?

感謝您對綠點的興趣。傑西和我現在很樂意回答您的問題。操作員？

Operator, we will now begin the question-and-answer session. (Operator Instructions)

接線員，我們現在開始問答環節。（操作員說明）

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi. Thanks so much for taking my question this evening. My question is on the B2B segment revenues, which came in ahead of our model. Could you disaggregate how much of the segment's gross was driven by the largest BaaS partner that you mentioned, versus from the remainder of the segment? I'm just trying to get an idea about the sort of balance of growth in the segment?

你好。非常感謝您今晚回答我的問題。我的問題是關於 B2B 部門的收入，它領先於我們的模型。您能否分解一下該細分市場的總收入中有多少是由您提到的最大的 BaaS 合作夥伴驅動的，而不是該細分市場的其餘部分？我只是想了解該細分市場的成長平衡？

Hi, Ramsey, it's Jess. So the predominant growth came from that key BaaS partner, but we took note in the prepared remarks, to call out that even if you put that key BaaS partner aside, we had growth from the existing partnerships, and some of the newer partnerships that we launched last year, including Dayforce. So although we don't break those out, certainly the key BaaS partner was the primary driver, but nonetheless, the other programs also grew.

嗨，拉姆齊，我是傑西。因此，主要的成長來自於那個關鍵的BaaS 合作夥伴，但我們在準備好的評論中註意到，即使你把那個關鍵的BaaS 合作夥伴放在一邊，我們也從現有的合作夥伴關係以及我們所建立的一些新的合作夥伴關係中獲得了成長。因此，儘管我們沒有詳細說明這些項目，但關鍵的 BaaS 合作夥伴無疑是主要驅動力，但儘管如此，其他項目也在成長。

Got it. And a quick follow-up, and apologies if you covered this already. I missed some of the prepared remarks, unfortunately. What about the next sort of 12 to 18 months? Are there any other large renewals that are sort of pending? Are you feeling now sort of like things are relatively stable just in terms of, contract discussions?

知道了。快速跟進，如果您已經介紹過這一點，我們深表歉意。不幸的是，我錯過了一些準備好的發言。接下來的 12 到 18 個月呢？還有其他大型續訂正在等待中嗎？您現在是否感覺就合約討論而言事情相對穩定？

Hi, Ramsey, thanks. This George. I would say over the course of the last year, if you would have asked that question a year ago, we probably would have given you a very different answer, but here, as we sit today, as it relates to our key BaaS partners, this year in '24, we've renewed and extended the vast majority of our current BaaS revenue. And in our prepared remarks, I also mentioned that we've signed.

嗨，拉姆齊，謝謝。這位喬治.我想說，在過去的一年裡，如果你在一年前問這個問題，我們可能會給你一個非常不同的答案，但在我們今天坐在這裡，因為它與我們的主要BaaS 合作夥伴有關，今年 24 月，我們更新並擴展了目前 BaaS 收入的絕大部分。在我們準備好的發言中，我還提到我們已經簽署了協議。

I pointed out a couple of reasonably important new BaaS partners that are under contract, and were currently onboarding and will be launched in early-ish 2025. And let me also say that the partners that Jess was referring, to beyond the largest of our BaaS partners have generally been performing very well, have been growing year-over-year, and have relatively healthy trends.

我指出了幾個相當重要的新 BaaS 合作夥伴，它們已簽訂合同，目前正在加入，並將於 2025 年初啟動。我還要說的是，Jess 提到的合作夥伴，除了我們最大的 BaaS 合作夥伴之外，總體上表現都非常好，逐年增長，並且具有相對健康的趨勢。

And last, before I stop rattling on, we don't contain within our BaaS group the PLS opportunity, although I mentioned that that partner, which is contained within our retail, which is in our consumer business, launched earlier this summer in July, and has just been performing very, very well. So we're super excited about that. So I probably over-answered your question, but let me pause and see if you have any follow-up.

最後，在我停止喋喋不休之前，我們並沒有在我們的BaaS 團隊中包含PLS 機會，儘管我提到過這個合作夥伴，它包含在我們的零售業務中，屬於我們的消費者業務，於今年夏天早一些時候在7 月推出，並且剛剛表現得非常非常好。所以我們對此感到非常興奮。所以我可能過度回答了你的問題，但讓我暫停一下，看看你是否有任何後續行動。

No, that's perfect. I appreciate the thoroughness of it. Thanks so much.

不，那是完美的。我很欣賞它的徹底性。非常感謝。

Thank you.

謝謝。

Tim Switzer, KBW.

蒂姆·斯維策，KBW。

Hey, good afternoon. Thanks for taking my questions.

嘿，下午好。感謝您回答我的問題。

Hi, Tim.

嗨，提姆。

My first question is on the growth outlook here. You guys mentioned, probably for the company, accelerating growth as they move through the back half of the year. It seems like we're kind of implying year-over-year growth 20% or higher, by the end of the year should we assume a continued acceleration above that level in 2025. Given all the momentum you have in BaaS and some of the other areas?

我的第一個問題是關於這裡的成長前景。你們提到，可能對公司而言，下半年會加速成長。我們似乎暗示，到今年年底，年成長率將達到 20% 或更高，如果我們假設 2025 年繼續加速高於這一水平的話。鑑於您在 BaaS 和其他一些領域的所有動力？

Jess, why don't you take the first kind of the guidance part of that question, and then I'll chime in at the tail.

傑西，你為什麼不接受這個問題的第一個指導部分，然後我會在後面插話。

Yes, I think your implied growth rates in the back half of the year are in the zip code of, mid-teens to upper-teens area. So accelerating growth throughout the year.

是的，我認為今年下半年的隱含成長率位於中十幾歲至十幾歲地區的郵遞區號範圍內。因此全年加速成長。

Yes, so underlying, yes, Tim, if you don't mind, I'll just expand a bit. Underlying that, of course, are the initiatives started now two years ago, even prior to my having this role with respect to retirement of some brands, migrating some brands off the portfolio, the sunsetting of some partnerships, et cetera. For the most part, those activities we will have rolled through, by the back half of this year.

是的，非常基礎，是的，提姆，如果你不介意的話，我就擴展一下。當然，其基礎是兩年前開始的舉措，甚至在我擔任這個角色之前，涉及一些品牌的退役、將一些品牌從產品組合中遷移出來、取消一些合作夥伴關係等等。大多數情況下，我們將在今年下半年完成這些活動。

And in the back half of last year, we had some very elevated costs associated with dispute-related losses, our migration off of the processing platform onto ACI, et cetera. Obviously, we don't expect to replicate those costs. Then as we think, obviously, we're not in a position to give 2025 guidance, but we do believe, the last question, that our current partnerships.

去年下半年，我們因爭議相關損失、從處理平台遷移到 ACI 等相關成本非常高。顯然，我們不希望重複這些成本。正如我們所想，顯然我們無法提供 2025 年的指導，但我們確實相信，最後一個問題是我們目前的合作關係。

We've had a lot of success in renewing and extending those contracts, even in the midst of the pending overhang of the consent order. So we're very pleased with that. That makes us feel good about future years. I'd also point out that I think, if you look at our free cash flow year-to-date, it's about comparable to prior year, even though the core underlying business has shrunk a bit.

即使在同意令懸而未決的情況下，我們在續約和延長這些合約方面也取得了巨大的成功。所以我們對此非常滿意。這讓我們對未來幾年感覺良好。我還想指出的是，我認為，如果你看看我們今年迄今為止的自由現金流，你會發現它與前一年大致相當，儘管核心基礎業務略有萎縮。

But nevertheless, we're generating really high free cash flow yields. Now, we also make a $35 million contribution to TailFin have for the last five years. The last contribution was made in this year in '24. Now, that's treated as an investment for all the right reasons, but we will not be making a similar contribution next year. So irrespective of business activities, et cetera, which we feel pretty optimistic about.

但儘管如此，我們正在產生非常高的自由現金流收益率。現在，我們在過去五年中也向 TailFin 捐款 3500 萬美元。最後一次貢獻是在今年 24 年做出的。現在，出於所有正確的原因，這被視為一項投資，但明年我們不會做出類似的貢獻。因此，無論商業活動等如何，我們對此都感到非常樂觀。

Our cash flow will be at least $35 million better, irrespective of trends in the underlying business. So I'll stop again. Maybe I've over-answered your question, but I got to take my opportunity where I can.

無論基礎業務的趨勢如何，我們的現金流將增加至少 3500 萬美元。所以我會再次停下來。也許我已經過度回答了你的問題，但我必須盡可能抓住機會。

Yes, no, that was great. Thank you. And then my other questions on the expense side of things, you guys mentioned, the spending on regulatory infrastructure should peak or has already peaked. Should we expect that now staying flat as you continue to just continue investing on top of that, or there are not true or maybe lower expenses, or if you could redeploy that elsewhere. And then where else would you guys like to be investing right now?

是的，不，那太好了。謝謝。然後是我關於費用方面的其他問題，你們提到，監管基礎設施的支出應該達到頂峰或已經達到頂峰。我們是否應該期望現在保持平穩，因為您繼續繼續投資，或者沒有真正的費用或可能較低的費用，或者您是否可以將其重新部署到其他地方。那麼你們現在還想在哪裡投資呢？

Okay. Great. I'm going to, again, take an opportunity to expand on your question. It's good. It's something I want to talk about. We and the companies you follow and our other analysts follow obviously, are operating in a regulatory environment of, I think, some intensity. We, Green Dot, are not in the business of regulatory arbitrage. We're in the business of building a vertically integrated solution set, for consumers and B2B partners.

好的。偉大的。我將再次藉此機會詳細闡述您的問題。很好。這是我想談的事情。我認為，我們以及您關注的公司以及我們其他分析師顯然關注的公司，都在一定強度的監管環境中運作。我們綠點不從事監理套利業務。我們致力於為消費者和 B2B 合作夥伴建立垂直整合的解決方案集。

And so, the vast majority, if not all, of the regulatory activities that have to happen within the value chain that I'm discussing, happen within our four walls. And that's good because we can control those. We can manage those activities. And we have invested, as I mentioned, considerably in improving our capabilities. Now, again, caveating that we're not giving '25 guidance, we have both invested significantly in the buildup of our operating compliance platforms.

因此，我正在討論的價值鏈內必鬚髮生的監管活動的絕大多數（如果不是全部）都發生在我們的四面牆內。這很好，因為我們可以控制這些。我們可以管理這些活動。正如我所提到的，我們在提高我們的能力方面投入了大量資金。現在，再次聲明我們不會提供 '25 指導，我們都在營運合規平台的建設上進行了大量投資。

So, we've added people in the compliance department, internal audit, BSA, AML, et cetera, et cetera. And those will be ongoing costs. But we've also invested in activities this year that, look backwards in some way, in the contemplation of the consent order, et cetera. We've been doing a lot of work that probably, and I expect not to repeat. So I don't want to breakout those two elements of our regulatory costs.

因此，我們增加了合規部門、內部稽核、BSA、AML 等部門的人員。這些將是持續的成本。但今年我們也投資了一些活動，以某種方式回顧過去，考慮同意令等。我們可能已經做了很多工作，我希望不會重複。因此，我不想單獨討論監管成本的這兩個要素。

But simply put, I would expect some of those costs not to repeat. The last part of your question, which is an excellent question, is what would we want to invest in? What we are investing in this year, is we have some portion of technology debt we're continuing to eradicate. That's very important. As Jess mentioned, we have seen persistent declines in our retail distribution business unit greater than our expectation.

但簡單地說，我希望其中一些成本不會重複發生。你問題的最後一部分是一個很好的問題，我們想投資什麼？我們今年的投資是我們正在繼續消除部分技術債。這非常重要。正如 Jess 所提到的，我們看到零售分銷業務部門的持續下滑幅度超出了我們的預期。

That product has not received material investment for some time. This year we are investing materially in a complete refresh of the user experience for the Green Dot product, the Walmart MoneyCard product, and the GO2bank product. Those investments are underway, and importantly, two of those three products run on a legacy technology platform, which inhibits our ability to launch new features.

該產品已經有一段時間沒有收到實質投資了。今年，我們投入了大量資金，全面更新 Green Dot 產品、Walmart MoneyCard 產品和 GO2bank 產品的使用者體驗。這些投資正在進行中，重要的是，這三個產品中有兩個在遺留技術平台上運行，這限制了我們推出新功能的能力。

So that investment is also being made to migrate off of that legacy platform, and much of that investment is being invested by the TailFin joint venture. So it's not coming directly out of our entity's capital pool. So we're making those investments, and in the future, I hope to significantly accelerate our onboarding and product featuring capabilities, for our business-to-business, BaaS, embedded finance capabilities.

因此，這項投資也用於從舊平台遷移，其中大部分投資是由 TailFin 合資企業投資的。所以它不是直接來自我們實體的資本池。因此，我們正在進行這些投資，在未來，我希望能夠大幅加快我們的入職和產品特色功能，以實現我們的企業對企業、BaaS、嵌入式財務功能。

We are making some of those investments this year, but I would characterize those investments as modest, relative to what we would like to do. So as we gain new accounts and start growing again and create some capital growth availability, and hopefully, reduce capital spending in some other areas, we would primarily direct that into our B2B acquisition capabilities. And to a lesser extent, the enhancement of the features and functionalities that we offer consumers through our direct and retail channels.

我們今年正在進行其中一些投資，但相對於我們想做的事情，我認為這些投資是適度的。因此，當我們獲得新客戶並開始再次成長並創造一些資本成長可用性，並希望減少其他一些領域的資本支出時，我們將主要將其引導到我們的 B2B 收購能力中。在較小程度上，增強了我們透過直接和零售管道為消費者提供的特性和功能。

That was great. Appreciate all the color. Thank you, guys.

那很棒。欣賞所有的顏色。謝謝你們，夥計們。

Sure, you bet, Tim. Thanks for the questions.

當然，你敢打賭，提姆。感謝您的提問。

George Sutton, Craig Hallum. Please go ahead.

喬治·薩頓，克雷格·哈勒姆。請繼續。

Hi, guys. James on George, thanks for taking my questions. First question is probably for Jess, but it sounds like the return to growth in the Consumer segment is getting pushed out a bit. I guess what's changed there, relative to your prior expectation?

嗨，大家好。詹姆斯談到喬治，感謝您回答我的問題。第一個問題可能是問 Jess 的，但聽起來消費者領域的成長恢復速度有點被延後了。我想相對於您之前的期望，那裡發生了什麼變化？

Yes, I would say principally in the retail business, George alluded to it. We have continued pressure from digital offerings, competition, executive trends, et cetera, but also note that we enhanced our risk management processes. And in doing so, that pushes out some higher risk, lower value accounts. So that does have an impact on our active account trends, and has some impact on segment profits. I think that's slowing some of our expectations so that retail, the declines are not necessarily moderating as quickly as we would have liked.

是的，我想說主要是在零售業，喬治提到了這一點。我們面臨來自數位產品、競爭、高階主管趨勢等的持續壓力，但也注意到我們加強了風險管理流程。這樣做會排除一些風險較高、價值較低的帳戶。因此，這確實對我們的活躍帳戶趨勢產生了影響，並對部門利潤產生了一些影響。我認為這導致我們的一些預期放緩，因此零售業的下滑不一定會像我們希望的那樣迅速放緩。

And then on the banking and the service side, congrats on growing the pipeline there and adding a couple of new partners. I guess what do, you think is driving the growth in the pipeline. And then any anecdotes you can share on the couple of new partners you added, whether was a Green Dot what do you think sort of led to those wins?

然後在銀行和服務方面，恭喜您擴大了管道並增加了一些新的合作夥伴。我想您認為正在推動管道成長的是什麼。然後您可以分享關於您添加的幾個新合作夥伴的軼事嗎？

Sure. Well, a couple things led to the growth of the pipeline. One is, when I became the CEO, I asked Chris Ruppel to become the Chief Revenue Officer, and the purpose of that was to consolidate and standardize our go-to-market efforts where they had been disparate before. And that team has done a very nice job in focusing on the right types of opportunities to address, getting them under contrast, getting them in the pipeline, and doing it under a relatively challenged environment.

當然。嗯，有幾件事導致了管道的成長。一是，當我成為執行長時，我要求克里斯·魯佩爾（Chris Ruppel）擔任首席營收官，其目的是鞏固和標準化我們之前不同的市場推廣工作。該團隊在專注於要解決的正確類型的機會、將它們置於對比之下、將它們納入管道以及在相對具有挑戰性的環境下完成方面做得非常出色。

So that's job one. And they've done a great job. And I want to express my gratitude to them for that. Also, there's been a lot of disruption in the broader fintech industry, of course, disruption with sponsor banks and fintech providers. You know all these stories. And that creates a churn within the market. And I think we're well-positioned to capitalize on the best of that churn.

這就是工作一。他們做得很好。我想為此向他們表示感謝。此外，更廣泛的金融科技產業也發生了很多混亂，當然，贊助銀行和金融科技提供者也受到了乾擾。你知道所有這些故事。這會造成市場的混亂。我認為我們處於有利位置，可以充分利用這次流失的優勢。

The best opportunities within that churn, I think we're well-positioned to be a safe landing for some of those companies, since we have now for two years been devoted to significant enhancements in our compliance and regulatory oversight. And this is very important to all prospects now. So that's an important factor. And third, the overarching secular trend, which companies are waking up.

我認為，在這次動盪中，我們處於有利位置，可以安全著陸，因為我們兩年來致力於顯著增強合規性和監管監督。這對現在的所有潛在客戶來說都非常重要。所以這是一個重要因素。第三，整體的長期趨勢，即公司正在覺醒。

They have important customer relationships. Some of them might be financial in nature. And they want to provide a more financial solution, so that they can have longer-term, more meaningful, more depthful relationships. So I think those three factors have all been working in our favor, and leading to some of our success so far.

他們擁有重要的客戶關係。其中一些可能是金融性質的。他們希望提供更經濟的解決方案，以便他們能夠擁有更長期、更有意義、更深入的關係。因此，我認為這三個因素都對我們有利，並導致我們迄今為止取得了一些成功。

And then lastly, from me, on the renewal of the large thing to the service partner, any changes in the relationship or new economics of that renewal that you can share? And also, I'd be curious to know if this is something that went up as a competitive process? Thanks.

最後，對我來說，關於向服務夥伴更新大件事情，您可以分享關係或更新的新經濟方面的任何變化嗎？而且，我很想知道這是否是一個競爭過程？謝謝。

Sure. I don't have a response for the latter part of your question, but I did allude to in the outset of my, I guess, toward the end of my prepared remarks that the agreement is for a longer term than it has been in the past, which allows us substantial amount of runway to provide other solutions and problem-solving initiatives to this partner. They're important, and that's great. And the economics, which I think we've talked about in the past, have been relatively static.

當然。我對你問題的後半部分沒有回應，但我想，在我準備好的發言即將結束時，我確實提到了該協議的期限比過去，這使我們有大量的時間為該合作夥伴提供其他解決方案和解決問題的措施。它們很重要，這很好。我認為我們過去討論過的經濟學一直相對靜態。

So by that, we mean the revenue growth, or lack thereof, does generally not impact the margin, the dollar margin of that account. And the account has been adjusted in order to allow some opportunity for us to have growth in that relationship as revenue grows. I wouldn't call it linear, but it's better than it was before, and we're quite pleased with that relationship.

因此，我們的意思是收入成長或缺乏收入成長通常不會影響該帳戶的利潤率，即美元利潤率。我們對帳戶進行了調整，以便讓我們有機會隨著收入的增長而在這種關係中取得成長。我不會稱之為線性，但它比以前更好，而且我們對這種關係非常滿意。

That was good. Congrats on the progress.

那很好。祝賀取得的進展。

Thanks, James. Appreciate it.

謝謝，詹姆斯。欣賞它。

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

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

Thank you, operator. As I do from time-to-time in closing, I would say the company's gone through a journey over the last couple of years, been some downs for sure. We've had some challenges that we've weathered, and I want to take an opportunity to express my deep gratitude to our team members, around the world who are contributing so much to Green Dot.

謝謝你，接線生。正如我在結束時不時所做的那樣，我想說的是，公司在過去幾年中經歷了一段旅程，肯定會經歷一些挫折。我們已經度過了一些挑戰，我想藉此機會向我們世界各地的團隊成員表達深深的謝意，他們為綠點做出了巨大的貢獻。

We have a great team of people, and really appreciate all their hard work and effort, and of course, appreciate our investors and those of you interested in our story. So, we're going to keep swinging. We've got a great future ahead of us, and really looking forward to getting there. Thank you all for your interest in the company. Bye-bye.

我們擁有一支優秀的團隊，非常感謝他們的辛勤工作和努力，當然，也感謝我們的投資者和對我們的故事感興趣的人。所以，我們要繼續搖擺。我們有著美好的未來，並且非常期待著實現這一目標。感謝大家對公司的關注。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。您現在可以斷開連線。