Green Dot Corp (GDOT) 2024 Q3 法說會逐字稿

Hello and welcome to the Green Dot Corp third-quarter 2024 conference call. (Operator Instructions)

您好，歡迎參加 Green Dot Corp 2024 年第三季電話會議。（操作員指令）

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

現在，我想將會議交給財務和企業發展資深副總裁 Tim Willi 先生。請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing Green Dot's third-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，下午好。今天，我們討論 Green Dot 2024 年第三季的財務和營運表現。在我們發言之後，我們將開始回答大家的提問。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對未來結果和表現的前瞻性陳述和期望。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱收益報告中的警告性語言以及 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 表和 10-Q 表）。

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 will talk about today will be on a non-GAAP basis. Information may be calculated differently than similar non-GAAP data presented by other companies.

在電話會議中，我們將參考不符合公認會計原則的財務指標。為了清楚起見，除非另有說明，我們今天討論的所有數字均基於非 GAAP 基礎。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。

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.

今天的新聞稿中出現了我們的非 GAAP 財務資訊與直接可比較的 GAAP 財務資訊的定量對帳。本次通話的內容歸 Green Dot Corporation 所有，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 third-quarter earnings call. During the quarter, we delivered results in line with our expectations and we have now largely moved past the headwinds associated with the conversions in the first half of 2023.

下午好，感謝您參加我們的第三季財報電話會議。在本季度，我們實現了符合預期的業績，我們目前已基本擺脫了 2023 年上半年轉換帶來的阻力。

As a result, we are seeing improved year-over-year performance with non-GAAP revenue of 16% and adjusted EBITDA up 19%, the strongest growth we have seen in these metrics in over two years. These results were driven by investments and continued improvement in our B2B segment, particularly BaaS or embedded finance.

因此，我們看到業績年比有所改善，非 GAAP 收入成長 16%，調整後 EBITDA 成長 19%，這是兩年多來這些指標最強勁的成長。這些結果得益於我們 B2B 領域（尤其是 BaaS 或嵌入式金融）的投資和持續改進。

We have also seen moderating rates of decline in active on a year-over-year basis and we posted sequential growth for the first time since the first quarter of 2021. This demonstrates we are making progress, improving the financial and operational performance of Green Dot.

我們還看到活躍人數的同比下降率有所緩和，並且自 2021 年第一季以來首次實現了環比增長。這表明我們正在取得進展，改善了 Green Dot 的財務和營運績效。

As I have indicated on prior calls, our goal is not just to return Green Dot to a path of predictable performance and growth, but to also provide our partners and customers valuable solutions and deliver them in a highly secure, compliant and scalable way. Over the long term, we believe this will solidify our competitive position while also ensuring that we are meeting the expectations of all of our stakeholders.

正如我在先前的電話會議中所提到的，我們的目標不僅是讓 Green Dot 重回可預測的業績和成長軌道，還要為我們的合作夥伴和客戶提供有價值的解決方案，並以高度安全、合規和可擴展的方式交付這些解決方案。從長遠來看，我們相信這將鞏固我們的競爭地位，同時確保我們滿足所有利害關係人的期望。

Turning to the quarter. As I mentioned, our results were in line with our expectations and we continue to focus on three key tenets of our story: investing in compliance, improving our cost structure, and building an engine of sustainable and steady opportunities.

轉向本季。正如我所提到的，我們的表現符合預期，我們將繼續專注於我們故事的三個關鍵原則：投資合規、改善成本結構以及建立可持續和穩定機會的引擎。

We made progress on all of these fronts during the quarter and we continued investing in our compliance and regulatory infrastructure and saw year-over-year improvement in our adjusted EBITDA the margins. We continue to see strong business pipelines and demand which allows us to be very selective in considering only the highest quality opportunities that enable us to deliver on our high expectations related to risk management, compliance and regulatory requirements and standards.

我們在本季度在所有這些方面都取得了進展，我們繼續投資於我們的合規和監管基礎設施，並看到我們的調整後 EBITDA 利潤率同比增長。我們繼續看到強勁的業務管道和需求，這使我們能夠非常有選擇性地考慮最高品質的機會，使我們能夠滿足與風險管理、合規和監管要求和標準相關的高期望。

You may have seen, we recently announced the launch of Arc by Green Dot. Arc represents our embedded finance or BaaS capabilities that are powered by a secure, scalable single source platform. With this new brand, we have the opportunity to market and differentiate our end-to-end embedded banking and money movement tools that are designed for businesses of all sizes and do so in more meaningful impactful ways.

您可能已經看到，我們最近宣布推出 Arc by Green Dot。Arc 代表我們的嵌入式財務或 BaaS 功能，由安全、可擴展的單一來源平台提供支援。憑藉這個新品牌，我們有機會以更有意義、更有影響力的方式行銷和區分專為各種規模的企業設計的端到端嵌入式銀行和資金流動工具。

This launch represents a major milestone in our journey to establishing Green Dot as a leader and innovator in embedded finance, an industry we believe has significant long-term potential. We're excited about the feedback we are receiving from our partners and other industry leaders and influencers on this launch. And we look forward to developing the Arc brand further in 2025 and beyond.

此次發布代表著我們將 Green Dot 打造為嵌入式金融領域領導者和創新者的歷程中的一個重要里程碑，我們相信嵌入式金融領域具有巨大的長期潛力。我們很高興收到來自合作夥伴和其他行業領導者和有影響力人士對此發布的回饋。我們期待在 2025 年及以後進一步發展 Arc 品牌。

You will note, we have modestly lowered our adjusted EBITDA guidance for 2024. While we tracked our expectations through the third quarter as we move through the third quarter and into October, it became clear that the difficult trends in our retail channel would persist longer than anticipated.

您會注意到，我們已適度下調了 2024 年調整後 EBITDA 指引。雖然我們在進入第三季和十月時一直追蹤我們的預期，但很明顯，我們零售通路的困難趨勢將持續比預期更長的時間。

Despite the anticipated shortfall, we remain committed to ensuring we are investing in the three key areas I just discussed with you. And separately, with some of our investments in conversions and [tech debt] eradication behind us, we are finally now investing in the modernization of the user experience for all of our consumer products which will allow us to more vigorously compete in these product categories.

儘管預計會出現資金短缺，但我們仍致力於確保對剛才我與您討論的三個關鍵領域進行投資。另外，在完成了部分轉換和消除技術債的投資後，我們現在終於開始投資所有消費產品的用戶體驗的現代化，這將使我們能夠在這些產品類別中更有力地競爭。

Let me now hand it over to Jess for his comments before I make some additional closing remarks and take your questions. Jess?

現在，我把發言權交給傑西，請他發表評論，然後我將發表一些結束語並回答你們的問題。傑西？

Thank you, George, and good afternoon, everyone. Our third-quarter non-GAAP revenue grew 16% year over year and adjusted EBITDA increased 19%, primarily from continued growth in our B2B segment. As George mentioned, we've largely moved past the challenges from the conversion activities in 2023 and we are continuing to benefit from our processing conversion and reducing risk related expenses while investing in regulatory and compliance initiatives.

謝謝你，喬治，大家下午好。我們第三季的非公認會計準則營收年增 16%，調整後 EBITDA 成長 19%，主要得益於 B2B 部門的持續成長。正如喬治所提到的，我們基本上已經克服了 2023 年轉換活動帶來的挑戰，並且我們將繼續受益於我們的處理轉換並降低與風險相關的費用，同時投資於監管和合規舉措。

Most of these investments are now part of our ongoing spending and although we will keep investing, we expect the growth rate of these investments to be more aligned with our revenue growth. Non-GAAP EPS of $0.13 decreased due to a higher than normal tax rate from one time matters.

這些投資中的大部分現在已成為我們持續支出的一部分，儘管我們將繼續投資，但我們預計這些投資的成長率將與我們的收入成長更加一致。非公認會計準則每股收益下降 0.13 美元，原因是一次性事項的稅率高於正常水準。

Now, I'll touch on the factors that influence the performance of our segments and we'll refer you to both our press release and quarterly slide deck for segment results and key metrics. First is our consumer services segment which is comprised of our retail and direct channels.

現在，我將談談影響我們各部門業績的因素，我們將向您介紹我們的新聞稿和季度幻燈片，以了解各部門的業績和關鍵指標。首先是我們的消費者服務部門，由我們的零售和直銷管道組成。

Consumer segment revenue remains under pressure due principally to the secular headwinds in the retail channel that continue to impact the number of active accounts on our platform. That said, the decline in active accounts year over year slowed in this channel with the launch of the PLS partnership.

消費者部門的收入仍然面臨壓力，主要是由於零售通路的長期不利因素繼續影響我們平台上的活躍帳戶數量。儘管如此，隨著 PLS 合作夥伴關係的建立，該通路活躍帳戶數量的年減速度有所放緩。

Revenue in the retail channel lacked a significant portion of the program deconversion in the first half of 2023. Though there was still some modest impact in the quarter. Excluding this impact, I estimate that revenue in the retail channel declined in the low-teens and we've generally seen stability in volumes (inaudible) and a bit of improvement in revenue practice.

零售通路的收入在 2023 年上半年缺乏很大一部分計劃轉換。儘管本季仍受到了一些輕微的影響。除此影響外，我估計零售通路的收入下降了百分之十幾，而且我們總體上看到銷量穩定（聽不清楚）並且收入實踐有所改善。

Notably, active accounts grew sequentially in the retail channel during a seasonally slow period, thanks to our strong start with the PLS partnership. Our continuous efforts to reposition our direct channel are making progress and we believe we're now experiencing a period of sequential stability as we invest in feature functionality for the GO2bank platform and position this channel for growth.

值得注意的是，由於我們與 PLS 合作的良好開端，在季節性淡季，零售通路的活躍帳戶實現了連續成長。我們不斷努力重新定位我們的直接管道，並取得了進展，我們相信，隨著我們投資於 GO2bank 平台的功能並使該管道實現增長，我們現在正經歷一個連續的穩定期。

During the second quarter of 2023, we discontinued several legacy brands resulting in year over year headwinds that are largely behind us now. The revenue in the direct channel is showing signs of stabilization after years of decline. The rate of decline this quarter was the slowest that it has been in over two years. Our focus remains on investing in the GO2bank platforms' feature functionality and positioning this channel for growth.

2023 年第二季度，我們停止了幾個傳統品牌的業務，導致同比下滑，但目前這些下滑基本上已經過去。直銷通路收入在經歷多年下滑後，現出現穩定跡象。本季的下降速度是兩年多來的最低水準。我們的重點仍然是投資 GO2bank 平台的特色功能並定位該管道以實現成長。

In the quarter, GO2bank continued to see revenue growth and improved segment profitability. GO2bank now comprises almost 75% of the direct channel revenue. Revenue per active account continue to grow at a solid rate in line with the direct channel as a whole.

本季度，GO2bank 的營收持續成長，部門獲利能力也有所提高。GO2bank 目前佔直接通路收入的近 75%。每個活躍帳戶的收入繼續與整個直接管道保持穩定的成長。

As I've mentioned in previous calls, with GO2bank accounts for 85% of the revenue in the draft channel, we intend to stop providing separate commentary on this product. Overall, segment profitability in the consumer segment remains under pressure from the revenue declines discussed while benefiting from expense control, reduced risk expenses, and the positive impact of the processor conversion.

正如我在先前的電話會議中提到的，由於 GO2bank 佔草案管道收入的 85%，我們打算停止對該產品提供單獨的評論。總體而言，消費領域的細分獲利能力仍承受著上述收入下降的壓力，但同時也受益於費用控制、風險費用降低以及處理器轉換的正面影響。

Now I'll turn to the B2B segment which is comprised of our fast and rapid pay card channels. Revenue growth remains driven by a significant past partner while we saw stability in the rest of the past portfolio. Key metrics such as purchase volume and active accounts have improved due to new partners and growth from existing partnerships.

現在我將轉向由我們的快速支付卡管道組成的B2B領域。收入成長仍然受到過去重要合作夥伴的推動，同時我們也看到過去投資組合中的其他部分保持穩定。由於新合作夥伴的加入和現有合作夥伴關係的成長，購買量和活躍帳戶等關鍵指標得到了改善。

I'm optimistic that the momentum will persist and we anticipate continued year-over-year growth from the entire BaaS channel.

我樂觀地認為這種勢頭將持續下去，我們預計整個 BaaS 管道將繼續實現同比增長。

Our rapid! Paycard channel had modest revenue growth as pricing strategies continue to offset the pressure on active accounts. The staffing industry, one of our largest verticals, has faced headwinds for almost two years and has not yet seen a rebound.

我們快速！由於定價策略繼續抵消活躍帳戶的壓力，Paycard 管道的收入實現了適度增長。人力資源產業是我們最大的垂直產業之一，該產業已經面臨近兩年的逆風，且尚未出現反彈。

Nevertheless, year-to-date sales activity remains solid and the team is implementing programs and strategies designed to boost employer and employee engagement, enhance activations, and improve retention.

儘管如此，年初至今的銷售活動依然穩健，團隊正在實施旨在提高雇主和員工參與度、增強激活度和提高保留率的計劃和策略。

Fast and pay card segment profitability improved as we lacked deconversion headwinds, experienced revenue growth and continued to focus on efficiency and driving scale. Additionally, there is a benefit in the quarter from one time cost reductions. Absent this one-time cost reduction, I estimate the profit growth for this segment to be around 30% in the third quarter.

由於我們未遭遇轉換阻力、收入成長且持續注重效率和擴大規模，快付和支付卡部門的獲利能力有所提高。此外，本季也因一次性成本削減而受益。除去這次一次性的成本削減，我預計第三季該部門的利潤成長率將在30%左右。

Turning to our money movement segment which is comprised of our tax processing business and our money processing business, which includes the Green Dot Network also known as GDN. The tax business had some modest revenue growth in the seasonally slow third quarter, while money processing was down slightly. While our money processing business continues to face headwinds that stem from the decline in our own active account base, we believe those headwinds are abating to a degree as third-party transactions for double digits due to existing and new partners.

談到我們的資金流動部門，該部門由我們的稅務處理業務和我們的貨幣處理業務組成，其中包括綠點網路（也稱為 GDN）。在季節性低迷的第三季度，稅務業務收入略有成長，而貨幣處理業務收入則略有下降。雖然我們的貨幣處理業務繼續面臨源於我們自身活躍帳戶基礎下降的阻力，但我們相信，由於現有和新合作夥伴的支持，隨著第三方交易量實現兩位數增長，這些阻力正在一定程度上減弱。

Profitability in this segment remains solid. The tax business saw some margin decline due to timing while money processing saw margin expansion as the team continues to focus on managing the expenses and return to revenue growth.

該部門的獲利能力依然穩健。由於時間安排原因，稅務業務的利潤率有所下降，而由於團隊持續專注於管理費用和恢復收入成長，貨幣處理業務的利潤率有所擴大。

The corporate and other segment reflects the interest income we earn at our bank, net of the revenue share on interest we pay to as partners as well as salaries, technology and administrative costs and some smaller intercompany adjustments.

企業及其他部門反映我們在銀行賺取的利息收入，扣除我們作為合作夥伴支付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。

While revenue was relatively flat year over year, segment expenses increased due to higher costs related to regulatory and compliance investments which were somewhat offset by ongoing expense reduction initiatives.

雖然收入與去年同期相比相對持平，但由於監管和合規投資相關成本的增加，分部支出有所增加，但持續的費用削減措施在一定程度上抵消了這一影響。

Now let me turn to guidance. We are raising the low end of our non-GAAP revenue guidance to a range of $1.65 billion to $1.7 billion. I now expect full-year adjusted EBITDA to be in a range of $164 million to $166 million and non-GAAP EPS to be between $1.33 to $1.36.

現在讓我來談談指引。我們將非公認會計準則收入預期的低端上調至 16.5 億美元至 17 億美元之間。我現在預計全年調整後的 EBITDA 在 1.64 億美元至 1.66 億美元之間，非 GAAP EPS 在 1.33 美元至 1.36 美元之間。

Although the first three quarters of the year aligned with our expectations, as we moved through the third quarter and into October, it became apparent to us that the retail channel would underperform our forecast. While declines in revenue and active accounts in this channel have moderated, the performance is falling short of our expectations.

雖然今年前三個季度的表現符合我們的預期，但隨著第三季和十月的到來，我們發現零售通路的表現將不如我們的預測。雖然該管道的收入和活躍帳戶的下降幅度有所緩和，但表現仍未達到我們的預期。

As George mentioned in his comments, we are now investing in the platform to enhance features and modernize the user experience, aiming to improve account growth and our ability to drive higher revenue proactive which will benefit the retail channel.

正如喬治在評論中提到的，我們現在正在投資該平台以增強功能並使用戶體驗現代化，旨在提高帳戶成長和主動推動更高收入的能力，這將使零售通路受益。

At a consolidated level, we anticipate a modest acceleration in revenue growth moving from the third quarter to the fourth quarter as we have more normalized comparisons and we continue to benefit from the ramp of our new PLS program. We believe adjusted EBITDA margins in the fourth quarter will be up 200 basis points to 300 basis points from last year as we benefit from revenue growth and favorable expense comparisons relative to last year.

從綜合層面來看，我們預計從第三季到第四季度，營收成長將略有加速，因為我們擁有更規範的比較，我們將繼續受益於新 PLS 計畫的成長。我們相信，由於受益於營收成長和與去年相比有利的費用比較，第四季度調整後的 EBITDA 利潤率將比去年上升 200 個基點至 300 個基點。

Now I'll turn briefly to the segments. I expect revenue in the consumer segment to decline in the fourth quarter at a rate in the low-single digits with full-year declines in the high-teens. The improvement in the rate of decline in the fourth quarter reflects the ongoing stability that we are seeing in the direct channel as well as the positive impact from the ramp of PLS.

現在我將簡單回顧一下各個部分。我預期第四季消費部門的營收將以個位數低點下降，全年營收將以十幾位高點下降。第四季下降率的改善反映了我們看到的直接管道的持續穩定性以及 PLS 成長帶來的正面影響。

For the fourth quarter, I would expect consumer segment margins to be up over 10 percentage points from last year as we benefit from improved revenue metrics and should see notable improvement in our risk costs after working through a higher-than-normal expenses associated with our internal platform conversion last year. For the full year, we expect to see margin expansion of 400 basis points to 500 basis points.

對於第四季度，我預計消費者部門的利潤率將比去年增長 10 個百分點以上，因為我們受益於收入指標的改善，並且在解決了去年與內部平台轉換相關的高於正常水平的費用後，我們的風險成本應該會顯著改善。就全年而言，我們預計利潤率將擴大 400 個基點至 500 個基點。

In the B2B segment, I expect revenue growth in the fourth quarter in the low 30% range as we move into more normalized comparisons after the initial benefit from launching day force. I expect full-year revenue to be in the mid-30% range.

在 B2B 領域，我預計第四季度營收成長率將在 30% 以下，因為我們在推出日間動力後將進入更正常化的比較。我預計全年收入將在 30% 左右。

In the fourth quarter, margins in the B2B segment are expected to be up 100 basis points from last year, while full-year margins will be down roughly 100 basis points. I anticipate revenue in the money movement segment to be flat to down slightly with full-year revenue growth in the low-single digits. For the fourth quarter, margins in the segment should be down 100 basis points to 200 basis points, while full-year margins are expected to be up approximately 200 basis points.

第四季度，B2B部門的利潤率預計將比去年增長100個基點，而全年利潤率將下降約100個基點。我預計資金流動部門的收入將持平或略有下降，全年收入成長率將保持在個位數低點。第四季度，該部門的利潤率將下降 100 個基點至 200 個基點，而全年利潤率預計將上升約 200 個基點。

In the corporate and other segment, revenue is expected to increase considerably as a result of an interest rate reduction and our efforts to optimize yields on our cash and investments. Expenses are anticipated to grow in the mid-teens driven by increased spending on regulatory infrastructure.

在企業及其他部門，由於利率降低以及我們努力優化現金和投資收益，預計收入將大幅增加。由於監管基礎設施支出的增加，預計費用將增加 15% 左右。

Additionally, expenses were lower last year due to reversing our bonus accrual in the fourth quarter. I expect our full-year tax rate to be approximately 24% and a fully diluted share count of approximately 54.9 million shares outstanding for the quarter and 54.2 million for the full year.

此外，由於我們在第四季度扭轉了獎金累積，去年的支出也較低。我預計我們的全年稅率約為 24%，本季全面攤薄後流通股數約為 5,490 萬股，全年全面攤薄後流通股數約為 5,420 萬股。

Now, let me turn it back to George.

現在，讓我把話題轉回給喬治。

Thank you, Jess. Before taking your questions, I would like to spend a few moments on our vision for Green Dot and our decision to invest strategically in embedded finance and the launch of Arc. As you know, Green Dot is a pioneer in digital payments and was among the first to introduce prepaid cards and other tools and features that give LMI consumers more seamless, secure, and value-driven ways to manage and move their money.

謝謝你，傑西。在回答您的問題之前，我想花一點時間介紹我們對 Green Dot 的願景以及我們對嵌入式金融和 Arc 推出進行策略性投資的決定。如您所知，Green Dot 是數位支付領域的先驅，也是最早推出預付卡和其他工具和功能的公司之一，這些工具和功能為 LMI 消費者提供了更無縫、更安全、價值驅動的方式來管理和轉移資金。

Since being founded almost 25 years ago, Green Dot has evolved dramatically and we now build and offer a wide spectrum of financial technologies and services that create value, retain, and reward customers and accelerate growth for businesses of all sizes.

Green Dot 自成立以來已經歷了近 25 年，如今我們建構並提供廣泛的金融技術和服務，為各種規模的企業創造價值、留住和獎勵客戶並加速其成長。

We do this through our portfolio of brands including Green Dot Bank, GO2bank, Rapid, our Tax Products Group, the Green Dot Network, and now our embedded finance brand Arc, which will enable us to more effectively market and grow our secure banking and money movement capabilities that benefit consumers and businesses of all sizes.

我們透過我們的品牌組合來實現這一目標，包括 Green Dot Bank、GO2bank、Rapid、我們的稅務產品集團、Green Dot Network 以及現在的嵌入式金融品牌 Arc，這將使我們能夠更有效地行銷和發展我們的安全銀行和資金流動能力，使各種規模的消費者和企業受益。

Arc already powers some of the world's most trusted brands and thousands of other businesses at all stages of growth with seamless, secure, and useful financial tools and experiences and Arc is different from many other BaaS and embedded finance providers. First, Arc is integrated with Green Dot Bank, providing partners with leading FDIC-insured banking products and tools, plus regulatory and compliance expertise, oversight, and peace of mind.

Arc 已經為世界上一些最值得信賴的品牌和處於各個發展階段的數千家其他企業提供了無縫、安全且實用的金融工具和體驗，而且 Arc 與許多其他 BaaS 和嵌入式金融供應商不同。首先，Arc 與 Green Dot Bank 整合，為合作夥伴提供領先的 FDIC 保險銀行產品和工具，以及監管和合規專業知識、監督和安心。

Second, our feature is flexible, modular technology, cloud based and scalable by design to meet a wide range of business needs and goals and to adapt as our partners grow. And third, comprehensive program management. Arc's end-to-end banking services are powered by enterprise-grade APIs and offer our partners access to comprehensive customer support, fraud protection, access to the largest retail deposit, and ATM network in the US and much more.

其次，我們的特點是靈活、模組化技術、基於雲端且設計可擴展，以滿足廣泛的業務需求和目標，並隨著合作夥伴的成長而適應。第三，全面專案管理。Arc 的端到端銀行服務由企業級 API 提供支持，為我們的合作夥伴提供全面的客戶支援、詐欺保護、美國最大的零售存款和 ATM 網路等。

The addition of Arc to our portfolio of brands is an important milestone for us as we continue investing in differentiating and marketing our embedded finance platform and capabilities, empowering more companies with seamless banking and payments that fuel value, loyalty and growth.

Arc 加入我們的品牌組合對我們來說是一個重要的里程碑，因為我們將繼續投資於差異化和行銷我們的嵌入式金融平台和功能，為更多公司提供無縫銀行和支付功能，從而促進價值、忠誠度和成長。

I think most would agree embedded finance is transforming banking as we know, boosting value and convenience for consumers and driving engagement and revenue for businesses. And we believe in the not too distant future, we'll see payments and banking embedded everywhere across all industries and all brands.

我認為大多數人都會同意嵌入式金融正在改變我們所知的銀行業，提高消費者的價值和便利性，並推動企業的參與度和收入。我們相信，在不久的將來，我們將看到支付和銀行業務滲透到各行各業和各個品牌。

Again, it is our belief that we are only scratching the surface of this industry and we are very excited to be part of its growth as we bring modern banking to more consumers and businesses in compliant, secure and scalable ways.

我們再次堅信，我們僅僅觸及了這個行業的表面，我們非常高興能夠成為這個行業成長的一部分，因為我們將以合規、安全和可擴展的方式為更多消費者和企業帶來現代銀行業務。

I believe giving our banking as a service business unit -- unique brand that has substantive differentiated meaning in the marketplace is important for that business. Of course, we continue to manage other world-class brands including Santa Barbara Tax Products Group, rapid! PayCard, the Green Dot Network, the Green Dot suite of products, Walmart MoneyCard, and GO2bank, and we welcome Arc by Green Dot to the proud family.

我認為，為我們的銀行服務業務部門打造一個在市場上具有實質差異化意義的獨特品牌，對該業務來說非常重要。當然，我們繼續管理其他世界級品牌包括聖塔芭芭拉稅務產品集團、快速！PayCard、Green Dot Network、Green Dot 產品套件、Walmart MoneyCard 和 GO2bank，我們歡迎 Arc by Green Dot 加入我們這個自豪的大家庭。

In summary, it was a solid quarter in which we returned to positive growth and we expect to see positive growth in the fourth quarter as well. I would like to thank the entire team for all their hard work as we continue to make demonstrable progress, improving the performance of Green Dot. I will now be happy to take your questions, operator.

總而言之，這是一個穩健的季度，我們恢復了正成長，我們預計第四季也會出現正成長。我要感謝整個團隊的辛勤工作，我們不斷取得顯著的進展，提升 Green Dot 的表現。我現在很樂意回答您的問題，接線員。

(Operator Instructions)

（操作員指令）

Thank you. There are no questions at this time. I'll now turn the call back over to George Gresham for any closing remarks.

謝謝。目前還沒有問題。現在我將把電話轉回給喬治·格雷沙姆，請他做最後發言。

Well, thank you operator. Either we were so thorough in our overview or there's a lot of competition out there for attention in the market tonight. But regardless of that, I want to take just an opportunity in closing to, of course, thank all of our associates and colleagues at Green Dot who've worked so hard on platform consolidations, eradication of tech debt, improvement of our regulatory environment, and all of those efforts those and others that I haven't mentioned.

好的，謝謝接線生。要嘛我們的概述太過全面，要嘛今晚市場上的關注度競爭非常激烈。但不管怎樣，最後我想藉此機會感謝 Green Dot 的所有同事和同事，他們為平台整合、消除技術債務、改善監管環境以及所有這些我沒有提到的努力做出了巨大的努力。

And of course, since we have many of the premier companies in the United States as partners, certainly want to thank them and our customers for all of their support for Green Dot. So thank you all and I appreciate talking to you in the future and look forward to it. Take care. Thank you, operator. Bye-bye.

當然，由於我們擁有美國許多頂級公司的合作夥伴，我們當然要感謝他們和我們的客戶對 Green Dot 的所有支持。所以謝謝大家，我很高興將來能與你們交談，並期待著這次交談。小心。謝謝您，接線生。再見。

Thank you. And that does conclude our conference for today. Thank you for participating. You may now disconnect.

謝謝。今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。