Green Dot Corp (GDOT) 2025 Q1 法說會逐字稿

Good day, and welcome to the Green Dot Corp. first-quarter 2025 conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Timothy Willi of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Green Dot Corp. 2025 年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部門的蒂莫西·威利先生。先生，請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing Green Dot's first-quarter 2025 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. As a reminder, our comments may include forward-looking statements and expectations regarding future results and performance.

謝謝大家，下午好。今天，我們討論 Green Dot 2025 年第一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。本次電話會議和網路廣播附帶的最新收益報告可在 ir.greendot.com 上找到。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。

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. 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.

請參閱收益報告中的警示性語言以及 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 和 10-Q 表格），以獲取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資​​訊。在電話會議中，我們將提及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都將基於非 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。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。

The content of this call is property of the Green Dot Corporation and is subject to copyright protection. Now I'd like to turn the call over to Bill. Bill?

本次通話的內容屬於 Green Dot Corporation 的財產，受版權保護。現在我想把電話轉給比爾。帳單？

Good afternoon, and thank you for joining our first-quarter 2025 earnings call. Today, I will start with some comments on the quarter and some corporate updates. Then I will turn it over to Chris to provide an update on our business development efforts and the success we are seeing there, including new business wins and key renewals. Jess will then discuss our financials in more detail. After Jess has finished discussing our financials, I will conclude with some final comments and observations before taking your questions.

下午好，感謝您參加我們的 2025 年第一季財報電話會議。今天，我將首先對本季和一些公司最新動態發表一些評論。然後，我將把時間交給克里斯，讓他介紹我們的業務發展工作的最新情況以及我們取得的成功，包括新業務的成功和關鍵的續約。傑西隨後將更詳細地討論我們的財務狀況。在傑西討論完我們的財務狀況後，我將在回答您的問題之前總結一些最後的評論和觀察。

First, I would like to provide you with some context on why we decided to undergo the process of evaluating our strategic alternatives, which we announced in early March. The Board has an obligation and a fiduciary duty to ensure that we create and maximize value for the company's shareholders. It is something that Boards do on a regular basis, whether it is known to the public or not. In the case of Green Dot, we firmly believe that we have unique and valuable assets and a strong management team. The company has a strategy that the Board believes in, and there are some very good things happening that validate the strategy and its potential, as you will hear throughout this call.

首先，我想向大家介紹我們為什麼決定對 3 月初宣布的策略替代方案進行評估。董事會有義務和受託責任確保我們為公司股東創造並實現價值最大化。無論公眾是否知曉，這都是董事會定期做的事情。就 Green Dot 而言，我們堅信我們擁有獨特而寶貴的資產和強大的管理團隊。公司製定了董事會相信的策略，並且已經發生了一些非常好的事情，驗證了該策略及其潛力，正如您將在整個電話會議中聽到的那樣。

However, given market dynamics, the Board and management team agreed that it makes sense to review the strategic alternatives to gain a better understanding of the company's inherent value and potential in the marketplace and to help ensure that we are delivering the highest value to our shareholders. That said, there is not much more to say at this time, but we will provide updates when appropriate. Now let me turn to the quarter. It was a strong quarter and start to the year with results outpacing our internal expectations. Adjusted revenue was up 24%, while adjusted EBITDA was up 53%, and we saw growth in all 3 of our operating segments.

然而，考慮到市場動態，董事會和管理團隊一致認為有必要審查策略替代方案，以便更好地了解公司在市場上的內在價值和潛力，並幫助確保我們為股東提供最高價值。話雖如此，目前還沒有太多要說的，但我們會在適當的時候提供更新。現在讓我談談本季。這是一個強勁的季度，也是今年的開端，業績超出了我們的內部預期。調整後營收成長 24%，調整後 EBITDA 成長 53%，我們的三個營運部門均成長。

The team remained focused on building our revenue engine, driving scale in our operations and investing in our infrastructure to support our customers while also ensuring we can manage growth across the enterprise as we execute on our strategic plan. We also continued strengthening our management team with the addition of Kim Olson as our Chief Risk Officer. Kim brings a wealth of experience in building and effectively managing enterprise risk organization and has extensive experience across the financial services industry. As we begin seeing early signs of return to growth, it is imperative that we continue investing in the right people and infrastructure to manage risk and set the stage for sustainable growth and profitability. Kim and her team will be critical to that effort, and we are fortunate to have her on the team.

該團隊仍然專注於建立我們的收入引擎，推動我們的營運規模並投資我們的基礎設施以支援我們的客戶，同時確保我們能夠在執行策略計劃的同時管理整個企業的成長。我們也繼續加強我們的管理團隊，並任命 Kim Olson 為首席風險長。Kim 在建立和有效管理企業風險組織方面擁有豐富的經驗，並且在整個金融服務行業擁有豐富的經驗。當我們開始看到恢復成長的早期跡象時，我們必須繼續投資於合適的人才和基礎設施，以管理風險並為永續成長和獲利奠定基礎。Kim 和她的團隊對這項工作至關重要，我們很榮幸能有她加入團隊。

While there was significant progress and success in the quarter, I believe the most notable were our new business wins, which Chris will discuss as well as the recent extension of our long-standing agreement with Walmart. I am thrilled we've been able to renew and extend this long-standing partner who has been an important part of Green Dot's story for almost 20 years. We have been working diligently every day to work with Walmart to win the business, and we are grateful and proud that the value we've delivered is being recognized by this long-term extension. We look forward to working with Walmart in the coming years and continuing to find a way to deliver value for Walmart and their customers. Now let me turn it over to Chris to discuss the momentum we are seeing and some of our recent client wins and renewals.

雖然本季取得了重大進展和成功，但我認為最引人注目的是我們的新業務勝利，克里斯將對此進行討論，以及我們與沃爾瑪的長期協議的近期延期。我很高興我們能夠與這個長期合作夥伴續簽並延長合作，近 20 年來，它一直是 Green Dot 發展歷程中的重要組成部分。我們每天都在勤奮地與沃爾瑪合作贏得業務，我們很感激也很自豪，我們所創造的價值得到了這次長期延期的認可。我們期待在未來幾年與沃爾瑪合作，並繼續尋找為沃爾瑪及其客戶創造價值的方法。現在，讓我將話題交給克里斯，討論我們看到的勢頭以及我們最近贏得的一些客戶和續約情況。

Chris?

克里斯？

Thank you, Bill, and good afternoon, everyone. As Bill highlighted, it was a solid start to the year as we continued building on the momentum of recent quarters and have begun to see signs of a return to growth. Over the last couple of years, I've discussed with you our efforts to develop strong, efficient business development capabilities that would be an engine for sustainable long-term revenue growth. We continue to see progress across the enterprise. Pipelines remain robust.

謝謝你，比爾，大家下午好。正如比爾所強調的，今年開局良好，我們繼續保持最近幾季的勢頭，並開始看到恢復成長的跡象。在過去的幾年裡，我與你們討論了我們為發展強大、高效的業務發展能力所做的努力，這將成為可持續長期收入成長的引擎。我們繼續看到整個企業取得進步。管道依然堅固。

In fact, year-to-date, we have signed nearly the same amount of revenue as we did throughout all of '24. In addition to signing new business, we also renewed existing partners with a recent highlight being the renewal of our Walmart distribution agreements. This was a strong quarter and an exciting start to 2025, and we expect these trends to continue with additional business wins and partner launches, which we look forward to updating you on in the coming months. Now let me turn to some new business wins. As you may have seen earlier this week, Samsung announced the launch of the new Samsung Wallet features that are powered in part by Arc, Green Dot's comprehensive and configurable embedded finance platform.

事實上，今年迄今為止，我們簽署的收入幾乎與 2024 年全年的收入相同。除了簽署新業務外，我們還與現有合作夥伴續簽了協議，最近的亮點是與沃爾瑪續簽了分銷協議。這是一個強勁的季度，也是 2025 年令人興奮的開端，我們預計這些趨勢將繼續下去，並帶來更多的業務勝利和合作夥伴的啟動，我們期待在未來幾個月內向您通報最新情況。現在讓我來談談一些新的業務勝利。正如您可能在本週早些時候看到的那樣，三星宣布推出新的三星錢包功能，該功能部分由 Green Dot 全面且可配置的嵌入式金融平台 Arc 提供支援。

Through this partnership, Samsung's Wallet, nearly 12 million US users will have access to Tap to Transfer, a peer-to-peer tool enabling users to quickly transfer funds from Samsung Wallet to other digital wallets or contactless debit cards. As one of the world's largest and most well-known consumer electronics brands, we are thrilled that they have entrusted us to help deliver their product vision and look forward to building upon the relationship and leveraging the breadth of our embedded finance platform with Samsung. We are already collaborating and have identified additional features and functionality that can drive value for Samsung and their customers for years to come. Additionally, last week, we announced a new partnership with Crypto.com, a leading digital asset platform with 140 million global users.

透過此次合作，三星錢包將有近 1,200 萬美國用戶使用 Tap to Transfer，這是一種點對點工具，使用戶能夠快速將資金從三星錢包轉移到其他數位錢包或非接觸式借記卡。作為全球最大、最知名的消費電子品牌之一，我們很高興他們委託我們幫助實現他們的產品願景，並期待與三星建立合作關係並利用我們嵌入式金融平台的廣度。我們已經展開合作，並確定了可以在未來幾年為三星及其客戶創造價值的附加特性和功能。此外，上週我們宣布與擁有 1.4 億全球用戶的領先數位資產平台 Crypto.com 建立新的合作夥伴關係。

Crypto.com provides a platform to invest in digital currencies and deliver additional products and services. Crypto.com will leverage Arc, our embedded finance platform as an on-ramp and off-ramp for customers' cash accounts, enabling them to easily fund accounts using US dollars either digitally or with cash at thousands of Green Dot Network cash access locations nationwide. Additionally, Crypto.com will launch a new interest-earning savings vault powered by Arc with additional features and functionality planned for the future. Crypto.com is recognized as a technology leader that places extreme importance on the customer experience, both the ease of use and the security of their customer funds.

Crypto.com 提供了一個投資數位貨幣並提供額外產品和服務的平台。Crypto.com 將利用我們的嵌入式金融平台 Arc 作為客戶現金帳戶的入口和出口，使他們能夠輕鬆地使用美元以數位方式或現金在全國數千個 Green Dot Network 現金接入點為帳戶注資。此外，Crypto.com 將推出一個由 Arc 提供支援的新型生息儲蓄庫，並計劃在未來添加更多功能和功能。Crypto.com 被公認為技術領導者，極度重視客戶體驗，包括易用性和客戶資金的安全性。

We're very excited that they have chosen Green Dot and our Arc platform and look forward to launching later this year in building out and deepening our relationship in the future. Last, let's talk about renewals. Over the last 2 years, we have navigated countless renewals across our business with very high levels of success, renewing more than 60% of our non-GAAP revenue with multiyear extensions. This strength in renewals is further highlighted by the extension of multiple product and distribution programs with Walmart. This partnership dates back to 2006 and now extends to 2033.

我們非常高興他們選擇了 Green Dot 和我們的 Arc 平台，並期待在今年稍後推出，以建立和深化我們未來的關係。最後，我們來談談續約問題。在過去的兩年中，我們在整個業務中進行了無數次續約，並取得了巨大的成功，透過多年期續約，我們非 GAAP 收入的 60% 以上得以延續。與沃爾瑪合作擴展多種產品和分銷計劃進一步凸顯了這一續約優勢。此次合作始於 2006 年，現延長至 2033 年。

We will continue powering the Walmart MoneyCard and offering Green Dot products in Walmart, and they will remain a valued partner in the Green Dot Network. Over the last several years, we have worked diligently with the Walmart team to demonstrate our value as a partner, and we are thrilled to continue strengthening our long-term partnership. I think it's important to point out that these wins and renewals are an example of the progress we're making on an increasingly regular basis.

我們將繼續為沃爾瑪 MoneyCard 提供支援並在沃爾瑪提供 Green Dot 產品，他們仍將是 Green Dot Network 的重要合作夥伴。在過去的幾年裡，我們與沃爾瑪團隊勤勉合作，展示了我們作為合作夥伴的價值，我們很高興繼續加強我們的長期合作關係。我認為有必要指出的是，這些勝利和更新是我們不斷取得進步的一個例子。

The results of our organizational focus on developing meaningful relationships are that we can now talk regularly about new customer wins and the renewals of some of our largest customers. I think this dynamic clearly illustrates that we have made substantial progress in how we align the company to support our partners and our go-to-market strategy.

我們的組織專注於發展有意義的關係，結果是，我們現在可以定期談論贏得新客戶以及一些最大客戶的續約情況。我認為這種動態清楚地表明我們在如何協調公司以支持我們的合作夥伴和我們的行銷策略方面取得了實質進展。

This is not about luck. As Bill stated in his comments, for several years, the company has focused on a strategy of investing in areas that would position us for growth and success in the embedded finance market, and those investments are paying off. I would frame the drivers of our success across several themes. First is the development of our products and services. We have been more focused on investing in and developing capabilities that align with the future of embedded finance.

這與運氣無關。正如比爾在評論中所說，多年來，公司一直專注於投資那些能夠讓我們在嵌入式金融市場中實現成長和成功的領域的策略，而這些投資正在獲得回報。我將透過幾個主題來概括我們成功的驅動力。首先是我們的產品和服務的發展。我們更加專注於投資和開發與嵌入式金融的未來相適應的能力。

We have a more robust platform with a unified set of products and services. Our new customer wins are a proof point that these investments and our vision are increasingly leading customers to view us as a valuable partner that can support their growth. Next is business development. Our business development organization continues to mature, and we are getting better at ensuring that the marketplace understands and appreciates the breadth and depth of our capabilities. Important to our efforts has been the launch and expansion of our embedded finance platform brand, Arc, which has been well received and is resonating in the market.

我們擁有更強大的平台和統一的產品和服務。我們贏得的新客戶證明這些投資和我們的願景正日益使客戶將我們視為能夠支持其成長的寶貴合作夥伴。接下來是業務發展。我們的業務發展組織不斷成熟，我們也越來越能夠確保市場了解和欣賞我們能力的廣度和深度。對我們而言，至關重要的是推出和擴展我們的嵌入式金融平台品牌 Arc，該品牌已廣受好評並在市場上引起共鳴。

Third is to ensure that we are aligned with the right partners, specifically partners that turn to us for comprehensive and scalable products and features that will grow their customer base and revenues by leveraging our Arc platform. Additionally, we are focused on working with partners that place a high priority on compliance, risk management and security just as we do.

第三是確保我們與合適的合作夥伴保持一致，特別是那些向我們尋求全面、可擴展的產品和功能的合作夥伴，這些合作夥伴將利用我們的 Arc 平台來擴大他們的客戶群和收入。此外，我們致力於與高度重視合規性、風險管理和安全性的合作夥伴合作。

Ultimately, we believe this results in stronger, lower-risk partnerships that can generate long-term sustainable growth. Last, we are investing in infrastructure to support our growth. After several years of work and investment in our infrastructure, we are positioned to launch partners more quickly and efficiently and help them drive growth and effectively manage our risk.

最終，我們相信這將帶來更強大、更低風險的合作關係，從而實現長期可持續成長。最後，我們正在投資基礎設施來支持我們的成長。經過數年對基礎設施的工作和投資，我們能夠更快、更有效率地啟動合作夥伴，並幫助他們推動成長並有效地管理我們的風險。

We will continue to focus on improvements in our capabilities to launch new partners more efficiently, which is foundational to our growth strategy. Before handing it over to Jess, I would also like to highlight recent changes to the revenue organization. First, we appointed Crystal Bryant-Minter, who previously led our Money Processing business as the new General Manager of our PayCard division. Crystal has proven herself to be a strong results-driven leader. She was instrumental in repositioning Money Processing to focus on third-party partnerships and expanding our product capabilities.

我們將繼續致力於提高我們的能力，以更有效地開展新的合作夥伴，這是我們成長策略的基礎。在將其交給傑西之前，我還想強調收入組織的最新變化。首先，我們任命 Crystal Bryant-Minter 為 PayCard 部門的新任總經理，她之前曾領導我們的貨幣處理業務。克里斯托已經證明自己是一位以結果為導向的優秀領導者。她在重新定位 Money Processing 以專注於第三方合作夥伴關係和擴展我們的產品能力方面發揮了重要作用。

Since taking over Money Processing, she grew third-party transactions from less than 50% of our transactions to now accounting for over 70% of total transactions, and she was critical in building our partnership with Samsung. With Crystal now leading our PayCard business, Money Processing has been moved under Renata Caine, our GM of BaaS. Renata joined us a little over a year ago to run our BaaS business, and she and the team have succeeded in building a very strong pipeline, signing numerous new partners and renewing several key relationships.

自從接管貨幣處理業務以來，她將第三方交易從占我們交易量的不到 50% 發展到現在佔總交易量的 70% 以上，並且她在我們與三星建立合作夥伴關係方面發揮了至關重要的作用。現在 Crystal 領導我們的 PayCard 業務，Money Processing 已轉移到我們的 BaaS 總經理 Renata Caine 的領導下。一年多前，Renata 加入我們，負責我們的 BaaS 業務，她和團隊成功建立了非常強大的管道，並簽署了眾多新合作夥伴，並續簽了幾個關鍵關係。

Now with Money Processing and BaaS, which are both powered by the Arc platform under Renata's leadership, I believe we will see further momentum, brand awareness and growth for both businesses overall. In summary, we continue to build on our momentum as the market is increasingly aware of our capabilities as an embedded finance platform and valued partner.

現在，在 Renata 的領導下，Money Processing 和 BaaS 均由 Arc 平台提供支持，我相信我們將看到這兩項業務的整體發展勢頭、品牌知名度和成長勢頭進一步增強。總而言之，隨著市場越來越意識到我們作為嵌入式金融平台和重要合作夥伴的能力，我們將繼續保持良好的發展勢頭。

With that, let me turn it over to Jess to discuss our first quarter results. Jess?

接下來，讓我把話題交給傑西討論我們的第一季業績。傑西？

Thank you, Chris, and good afternoon, everyone. In the first quarter, our non-GAAP revenue grew 24% year-over-year and adjusted EBITDA increased 53%. For the first time in many years, segment profit was up across all 3 of our segments. Our B2B and Money Movement segments delivered particularly strong results. Non-GAAP EPS of $1.06 was up 80% from last year, driven by this strong performance.

謝謝你，克里斯，大家下午好。第一季度，我們的非公認會計準則營收年增 24%，調整後 EBITDA 成長 53%。多年來，我們三個部門的利潤首次成長。我們的 B2B 和資金流動部門取得了特別強勁的業績。受此強勁表現的推動，非公認會計準則每股收益為 1.06 美元，較去年同期成長 80%。

Now let me touch on the factors that influence the performance of our segments. Refer to our press release and quarterly slide deck for segment results and key metrics. First up is our B2B segment, which is comprised of our BaaS channel powered by our Arc platform and our rapid! employer services. Revenue growth of over 40% continues to be driven by a significant BaaS partner, along with growth in the rest of the BaaS portfolio.

現在讓我來談談影響我們各部門績效的因素。請參閱我們的新聞稿和季度投影片，以了解分部業績和關鍵指標。首先是我們的 B2B 部門，它由我們的 Arc 平台和我們的快速提供支援的 BaaS 管道組成！雇主服務。超過 40% 的營收成長持續受到重要 BaaS 合作夥伴的推動，同時其餘 BaaS 產品組合也實現了成長。

Key operating metrics within the BaaS channel, such as active accounts and purchase volume continue to show solid growth as we collaborate with existing partners and launch new ones. As Chris mentioned, we are dedicated to helping partners expand their programs and identify opportunities to broaden the range of products and services offered to their customers.

隨著我們與現有合作夥伴的合作以及新合作夥伴的推出，BaaS 通路內的關鍵營運指標（例如活躍帳戶和購買量）繼續呈現穩健成長。正如克里斯所說，我們致力於幫助合作夥伴擴展他們的計劃並尋找機會擴大向客戶提供的產品和服務範圍。

We are seeing notable progress in these efforts. And as we launch new partners, we are heavily engaged with them on this front. Based upon the success we are experiencing with existing partners, coupled with a pipeline of new launches and prospects, I'm optimistic that we will continue to see momentum in our BaaS channel.

我們看到這些努力取得了顯著進展。當我們推出新的合作夥伴時，我們會在這方面與他們密切合作。基於我們與現有合作夥伴所取得的成功，再加上一系列新產品的推出和前景，我樂觀地認為我們的 BaaS 通路將繼續保持強勁發展勢頭。

Our rapid! employer services channel continued to experience revenue declines due to decreased active accounts and volumes, primarily because of the challenges faced by our larger staffing industry partners. As previously discussed, the staffing industry, one of our largest verticals, has struggled for nearly 2 years and hasn't recovered. Although there is optimism about stabilization, we haven't seen a rebound. However, our year-to-date sales performance in PayCard outside the staffing vertical has been strong compared to last year, positioning us for growth once the staffing sector recovers.

我們的快！雇主服務管道的收入持續下降，原因是活躍帳戶和交易量的減少，這主要是因為我們較大的人力資源產業夥伴面臨的挑戰。如同前面所討論的，我們最大的垂直產業之一——人力資源產業，已經苦苦掙扎了近兩年，至今仍未恢復元氣。儘管人們對穩定持樂觀態度，但我們尚未看到反彈。然而，與去年相比，我們今年迄今在人力資源垂直領域之外的 PayCard 銷售業績一直很強勁，這為我們在人力資源產業復甦後實現成長奠定了基礎。

We're also planning incremental investments in sales and support for Earned Wage Access or EWA, to ensure that we capitalize on that market, which is a logical extension to our current PayCard offering. The B2B segment experienced approximately 40 basis points of margin expansion due to improved profitability in both the BaaS and rapid! operations. This improvement was driven by overcoming deconversion headwinds, achieving revenue growth in the BaaS channel, renewals of key BaaS partners in 2024 that provide for improved economics and focusing on efficiency and scale. Notably, we significantly reduced transaction losses and fraud management expenses in our rapid!

我們還計劃對 Earned Wage Access 或 EWA 的銷售和支援進行增量投資，以確保我們能夠利用該市場，這是我們目前 PayCard 產品的合理延伸。由於 BaaS 和快速獲利能力的提高，B2B 部門的利潤率擴大了約 40 個基點！營運.這項改善得益於克服了轉換阻力、實現了 BaaS 通路的收入成長、在 2024 年續簽了關鍵的 BaaS 合作夥伴以改善經濟效益以及注重效率和規模。值得注意的是，我們大幅減少了交易損失和詐欺管理費用！

employer services, resulting in profit growth despite the decline in revenue. Next is our Money Movement segment, which includes our Tax Processing business and our Money Processing business. The Tax business experienced a strong start to the year during their most important quarter. Although the number of tax refunds processed decreased, our Tax Processing revenue increased 10% year-over-year due to the expansion of our taxpayer advance programs and a favorable mix shift in distribution channels that resulted in higher revenue per transaction. The results for the quarter relative to our internal forecast is in part influenced by timing.

雇主服務，儘管收入下降，但利潤卻成長。接下來是我們的資金流動部門，其中包括我們的稅務處理業務和貨幣處理業務。稅務業務在年初最重要的一個季度表現強勁。儘管處理的退稅數量有所減少，但由於納稅人預付計劃的擴大以及分銷渠道的有利組合轉變導致每筆交易的收入增加，我們的稅務處理收入同比增長了 10%。與我們的內部預測相比，本季的業績在一定程度上受到時間的影響。

Nevertheless, we anticipate that our Tax business is poised to exceed its operating plan for the year. Our Money Processing business, driven mainly by cash transfer volumes on the Green Dot network, faced a 1% revenue decline due to a decrease in our active account base in the Consumer segment. However, as we enhance the Consumer segment's performance, these challenges are easing. More important, third-party cash transfer volumes grew 5% year-over-year, marking the fourth consecutive quarter of growth and now accounting for over 70% of our transactions. This momentum is fueled by both existing and new partners with a strong pipeline of launches anticipated through the balance of 2025.

儘管如此，我們預計我們的稅務業務將超出今年的營運計劃。我們的貨幣處理業務主要受 Green Dot 網路上的現金轉帳量推動，由於消費者部門活躍帳戶基礎的減少，收入下降了 1%。然而，隨著我們提高消費者部門的業績，這些挑戰正在減輕。更重要的是，第三方現金轉帳量年增 5%，連續第四個季度成長，目前占我們交易量的 70% 以上。這一勢頭受到現有和新合作夥伴的推動，預計到 2025 年將有一系列新產品推出。

With Money Processing operations more closely integrated with the BaaS channel under the Arc brand, I anticipate continued growth in third-party transactions. Profitability in the segment remains strong with margins up just under 600 basis points and the highest level that we have seen. Both Tax and Money processing saw margin improvement as the Tax division benefited from higher-margin revenue and Money Processing saw a modest increase in margins as the team continues to manage expenses and position for revenue growth. Now I'll turn to our Consumer Services segment, which is comprised of our retail and direct channels. While the Consumer segment remains under pressure due to secular headwinds in the retail channel, segment revenue and active account declines moderated relative to prior years.

隨著貨幣處理業務與 Arc 品牌下的 BaaS 管道更加緊密地結合，我預計第三方交易將繼續成長。該部門的獲利能力仍然強勁，利潤率上漲近 600 個基點，達到我們所見過的最高水準。由於稅務部門受益於利潤率更高的收入，稅務和貨幣處理的利潤率均有所提高，而由於團隊繼續管理費用並實現收入增長，貨幣處理的利潤率也略有增加。現在我將談談我們的消費者服務部門，該部門由我們的零售和直銷管道組成。儘管由於零售通路的長期不利因素，消費品部門仍面臨壓力，但部門收入和活躍帳戶的下降幅度與前幾年相比有所緩和。

This improvement is largely due to our partnership with PLS and efforts to enhance customer experience, functionality and retention. The PLS partnership has positively impacted the retail channel, resulting in the slowest year-over-year declines in several years. Additionally, key metrics like GDV and revenue per active account in retail have each improved by 4% compared to the first quarter of last year.

這項改進主要歸功於我們與 PLS 的合作以及我們為提升客戶體驗、功能和保留率所做的努力。PLS 合作關係對零售通路產生了積極影響，導致同比降幅達到幾年來最慢。此外，零售業發展總值和每活躍帳戶收入等關鍵指標與去年第一季相比均提高了 4%。

Given the ongoing efforts to enhance customer retention, the forthcoming launch of DolFinTech and the renewal of our various agreements with Walmart, I am confident that the decline in retail will continue to moderate. This trend highlights our capability to strengthen customer engagement while simultaneously targeting new markets such as the FSC channel, where we can secure and expand market share.

鑑於我們不斷努力提高客戶保留率、即將推出 DolFinTech 以及與沃爾瑪續簽各種協議，我相信零售業的下滑趨勢將繼續緩和。這一趨勢凸顯了我們加強客戶參與度的能力，同時瞄準 FSC 通路等新市場，我們可以在這些市場確保並擴大市場份額。

Our efforts to reposition the direct channel continue. Due to reduced marketing spend over the last year, revenue declined by approximately 9%. We are focusing on developing a more robust product set to drive customer acquisition and improve retention. While first quarter revenue decreased, direct channel margins improved nearly 200 basis points. We remain committed to balancing growth investment with profitability.

我們將繼續努力重新定位直銷管道。由於去年行銷支出減少，收入下降了約 9%。我們正專注於開發更強大的產品系列來推動客戶獲取並提高保留率。雖然第一季營收有所下降，但直接通路利潤率卻提高了近200個基點。我們仍然致力於平衡成長投資和獲利能力。

Enhancing platform features and user experience will support future revenue growth. Additionally, new smaller channel partnerships present incremental growth opportunities. Overall segment margins were up just over 200 basis points and profitability increased modestly due to our efforts to manage operating expenses, including substantial improvements in transaction and fraud management expenses compared to last year.

增強平台功能和使用者體驗將支援未來的收入成長。此外，新的小型通路合作夥伴關係也帶來了增量成長機會。由於我們努力管理營運費用，包括與去年相比交易和詐欺管理費用大幅改善，整體部門利潤率上漲了 200 多個基點，獲利能力也略有提高。

The Corporate and Other segment reflects the interest income we earn in 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. Revenue increased year-over-year due to rate cuts that improved the balance between yields on our cash and investments and interest shared with partners.

企業及其他部門反映了我們在銀行賺取的利息收入，扣除我們向 BaaS 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。由於利率降低改善了我們的現金和投資收益與與合作夥伴分享的利息之間的平衡，收入同比增長。

Expenses decreased compared to last year, primarily due to the timing of various expenditures related to compliance and risk management investments in the first quarter of 2024. During our Q4 call, we outlined our strategy to reposition a portion of our investment portfolio to increase yields. Our GAAP results for Q1 reflect a realized loss of $25 million on our investment securities attributed to the sale of bonds that took place in early April. We remain on track to achieve improved yield performance throughout the year. Now let me provide you with updated guidance for 2025.

費用與去年相比有所減少，主要原因是 2024 年第一季與合規和風險管理投資相關的各項支出的時間安排。在第四季電話會議上，我們概述了重新定位部分投資組合以提高收益率的策略。我們第一季的 GAAP 業績反映出，由於 4 月初出售債券，我們的投資證券實現了 2,500 萬美元的損失。我們仍有望在全年實現收益表現的提升。現在，讓我為您提供 2025 年的最新指導。

We are performing better than our internal projections. While some first quarter benefits are due to timing, I believe that certain aspects represent overperformance for the year. Provided the current volatility in the economy does not directly impact customer behavior or our business in general, we expect to deliver results above our initial guidance. We are raising guidance as follows. We expect non-GAAP revenue of $2 billion to $2.1 billion, up from our prior guidance of $1.85 billion to $1.9 billion.

我們的表現比我們內部的預測好。雖然第一季的一些收益是由於時機所致，但我認為某些方面代表了今年的超額表現。只要當前經濟的波動不會直接影響客戶行為或我們的整體業務，我們預期業績將高於最初的預期。我們提出如下指導意見。我們預計非公認會計準則收入為 20 億美元至 21 億美元，高於先前預期的 18.5 億美元至 19 億美元。

We expect adjusted EBITDA of $150 million to $160 million, up from our previous guidance of $145 million to $155 million and non-GAAP EPS of $1.14 to $1.28 as compared to our prior guidance of $1.05 to $1.20. Turning to our outlook for the rest of the year. We expect consolidated revenue growth in Q2 and Q3 to be consistent with Q1 and a low-teens growth rate in Q4 as we lap some discrete revenue items in Q4 of last year that we discussed on our prior call. We anticipate our adjusted EBITDA cadence to be largely in line with our prior commentary with some timing shifts benefiting Q1 and impacting Q2 and Q3. Our segments are expected to play out as follows.

我們預計調整後的 EBITDA 為 1.5 億美元至 1.6 億美元，高於我們先前預測的 1.45 億美元至 1.55 億美元；非 GAAP EPS 為 1.14 美元至 1.28 美元，高於我們先前預測的 1.05 美元至 1.20 美元。談談我們對今年剩餘時間的展望。我們預計第二季和第三季的綜合營收成長將與第一季保持一致，第四季的成長率將達到十幾歲以下，因為我們在上次電話會議上討論了去年第四季的一些獨立收入項目。我們預計調整後的 EBITDA 節奏將與我們先前的評論基本一致，但一些時間變化將有利於第一季並影響第二季和第三季。我們的部分預計將按如下方式展開。

B2B segment revenue is expected to moderate over the remaining quarters but will still show strong growth with a full year expectation of growth in the low to mid-30% range for 2025. I now expect margins in our B2B segment to be down a bit versus 2024 due to revenue mix. The Money Movement segment revenue should grow low single digits in 2025, driven by the Tax business and the continuing trend of growth in third-party cash transfer volumes that will move the Money Processing channel back to sustainable revenue growth after several years of transition.

預計 B2B 部門營收在剩餘季度將放緩，但仍將呈現強勁成長，預計 2025 年全年成長率將在 30% 左右。我現在預計，由於收入結構的原因，我們 B2B 部門的利潤率將比 2024 年略有下降。受稅務業務和第三方現金轉帳量持續成長趨勢的推動，貨幣流動部門的收入將在 2025 年實現低個位數成長，這將使貨幣處理管道在經過數年的過渡後恢復可持續的收入成長。

I would expect margins to be up versus last year given the strength of the Tax Processing business. The Consumer segment revenue is still expected to see revenue decline in the upper single digits, with mid-single-digit declines in the second and third quarters and more pronounced decline in the fourth quarter.

鑑於稅務處理業務的強勁表現，我預計利潤率將比去年上升。預計消費部門收入仍將出現較高的個位數下降，第二季和第三季將出現中個位數下降，第四季下降幅度將更為明顯。

The fourth quarter decline on a year-over-year basis reflects discrete revenue items that benefited the fourth quarter of 2024. Excluding the impact of declines in noncore revenue such as breakage and project-based revenue, the recurring revenue base of the Consumer segment would be down in the low to mid-single digits, reflecting our progress in this part of the business.

第四季的年減反映了 2024 年第四季受益的獨立收入項目。排除非核心收入（例如破損收入和基於專案的收入）下降的影響，消費者部門的經常性收入基礎將下降低至中等個位數，這反映了我們在這一業務部分的進展。

Overall, we expect Consumer segment margins to be down 450 to 500 basis points and at a level comparable to 2023. Excluding the benefits of the noncore revenue in 2024 that I just mentioned, I estimate that margins would be down approximately 200 basis points. In our Corporate segment, we used corporate financing proceeds to reposition our investment portfolio into higher-yielding floating rate assets, reducing our overall duration exposure.

整體而言，我們預期消費領域利潤率將下降 450 至 500 個基點，與 2023 年的水準相當。除去我剛才提到的2024年非核心收入的收益，我估計利潤率將下降約200個基點。在我們的企業部門，我們利用企業融資收益將我們的投資組合重新定位為更高收益的浮動利率資產，從而降低了我們的整體久期風險。

This repositioning, combined with organic balance sheet growth should result in approximately $15 million of revenue growth. I expect corporate expenses to be up year-over-year in Q2 through Q4, primarily related to the year-over-year timing and our ongoing investments in our regulatory compliance and infrastructure. We also intend to make investments to support new partner launches in our B2B and Money Movement segment. Overall, I anticipate Corporate segment expenses to be up in the high single digits. In summary, while we still anticipate declines in our Consumer segment, we believe our new FSC partnerships will continue to moderate those declines.

此次重新定位加上有機資產負債表的成長將帶來約 1,500 萬美元的收入成長。我預計第二季至第四季的公司支出將年增，這主要與同比時間安排以及我們對監管合規和基礎設施的持續投資有關。我們也打算進行投資，支持 B2B 和資金流動領域的新合作夥伴的成立。整體而言，我預計公司部門的支出將以個位數高點成長。總而言之，雖然我們仍然預期消費領域會出現下滑，但我們相信，我們新的 FSC 合作夥伴關係將繼續緩和這種下滑趨勢。

I'm further encouraged by our outlook for growth in both the B2B and Money Movement segments, which will be the second consecutive year where both of these segments are expected to show growth. This expectation reinforces my confidence that our investments in these areas are enabling us to capitalize on the vast opportunity within those markets.

我對 B2B 和資金流動領域的成長前景感到更加鼓舞，預計這將是這兩個領域連續第二年實現成長。這種預期增強了我的信心，我相信我們在這些領域的投資將使我們能夠利用這些市場中的巨大機會。

As a final note, we are excited to have renewed various agreements with Walmart and its affiliates through January 2033. In connection with these renewals, we and Walmart have agreed to allocate existing funds within TailFin, our joint venture, to provide a $70 million incentive payment to a Walmart affiliate. This payment doesn't require any incremental cash flow from us.

最後要說的是，我們很高興與沃爾瑪及其附屬公司續簽了多項協議，有效期至 2033 年 1 月。與這些續約相關，我們和沃爾瑪已同意在我們的合資企業 TailFin 內分配現有資金，向沃爾瑪的一家附屬公司提供 7000 萬美元的獎勵金。這筆款項不需要我們增加任何現金流。

However, TailFin will recognize an expense of $70 million, and we will report the corresponding equity loss in our TailFin investment on our GAAP financial statements. With that, let me turn it back over to Bill for some closing comments.

然而，TailFin 將確認 7,000 萬美元的費用，並且我們將在 GAAP 財務報表中報告 TailFin 投資中相應的股權損失。說完這些，讓我把話題轉回給比爾，請他發表一些結束語。

Thank you, Jess. It was a strong start to the year. And as Chris indicated, we are winning in the marketplace. We are thrilled to welcome new customers such as Crypto.com and Samsung with more to be announced in the coming months. Just as important, those customers that have worked with us for many years continue to place their trust in us to help them deliver on their own aspirations for embedded finance, and we are thrilled that they recognize the value of partnering with us.

謝謝你，傑西。這是今年的一個強勁開端。正如克里斯指出的，我們在市場上取得了勝利。我們很高興歡迎 Crypto.com 和三星等新客戶，未來幾個月還將公佈更多新客戶。同樣重要的是，那些與我們合作多年的客戶繼續信任我們，相信我們能夠幫助他們實現嵌入式金融的願望，我們很高興他們認識到與我們合作的價值。

Over the years, Green Dot has evolved and responded to many changes, and I think our results are beginning to show that we have made the right decisions. During the last several years, the company has undertaken numerous initiatives and made substantial investments to position Green Dot to return to sustainable, predictable growth. We have made investments in modernizing our technology stack, building a more robust platform of products and services and invested in our business development efforts.

多年來，Green Dot 不斷發展並應對了許多變化，我認為我們的成果開始表明我們做出了正確的決定。在過去的幾年中，該公司採取了多項措施並進行了大量投資，以使 Green Dot 恢復可持續、可預測的成長。我們對技術堆疊的現代化、產品和服務平台的建構以及業務發展做出了投資。

We are also continuing to make investments to ensure that our infrastructure can support the requirements of a growing customer base, including critical areas such as onboarding, customer care and risk management. I am increasingly confident that we are positioned to win in the embedded finance market and build on our recent momentum.

我們也將繼續進行投資，以確保我們的基礎設施能夠支援不斷成長的客戶群的需求，包括入職、客戶服務和風險管理等關鍵領域。我越來越有信心，我們有能力在嵌入式金融市場中獲勝，並繼續保持近期的發展勢頭。

I would like to thank the team for all their hard work serving our customers and stakeholders. With that, we are happy to take your questions. Operator?

我要感謝團隊為服務我們的客戶和利害關係人所做的一切努力。我們很樂意回答您的問題。操作員？

(Operator Instructions) Tim Switzer, KBW.

（操作員指示）Tim Switzer，KBW。

Congratulations on some of the new partnerships you guys have announced and the renewal with Walmart. And I'm a little curious on -- for Crypto.com and Samsung, can you clarify maybe which segments these -- the revenue for this will run through? And then what does the ramp for these look like over the next, say, year or 2 as they come on board?

恭喜你們宣布的一些新的合作夥伴關係以及與沃爾瑪的續約。我有點好奇 ​​- 對於 Crypto.com 和三星，您能否澄清一下這些收入將流向哪些部分？那麼，當這些產品投入使用後，在接下來的一兩年內，其發展前景會是如何呢？

Go ahead, Chris.

繼續吧，克里斯。

Sure. Tim, thank you for the question. I think -- so the revenue for these clients will run through either our BaaS or Money Movement channels and depending on the services that they're taking advantage of on the Arc platform, we do believe that the revenue from these partnerships and our ability to work with these partners and expanding the services will have a significant impact over time to their businesses and will scale.

當然。提姆，謝謝你的提問。我認為 - 這些客戶的收入將透過我們的 BaaS 或資金流動管道產生，並且取決於他們在 Arc 平台上利用的服務，我們確實相信這些合作夥伴關係帶來的收入以及我們與這些合作夥伴合作並擴展服務的能力將隨著時間的推移對他們的業務產生重大影響並將擴大規模。

At this point, though, I don't think we are -- would want to get into the details of either partnership and where we think that that might lead. But I believe we have a strong belief in our partners and their businesses and the strength of their user bases and believe that they will both have the ability to grow with us and on the Arc platform for many years. So I appreciate the question.

不過，目前我認為我們不想深入討論任何一種合作關係的細節以及我們認為這種合作關係可能帶來的結果。但我相信，我們對我們的合作夥伴、他們的業務以及他們的用戶群的實力有著堅定的信心，並且相信他們都有能力與我們一起並在 Arc 平台上共同成長多年。我很感謝你提出這個問題。

Okay. And are you able to provide any details, qualitative or not on the economics of the new MoneyCard deal with Walmart versus the previous terms? And as you guys were going through the renewal process, what kind of discussions were there in regards to potentially offering new capabilities or products that Green Dot can deliver for them?

好的。您能否提供任何定性或非定性細節，說明與沃爾瑪達成的新 MoneyCard 協議相比，與先前的條款相比，其經濟狀況如何？在你們進行續約過程中，關於 Green Dot 可能為他們提供的新功能或新產品，你們進行了哪些討論？

So Tim also I appreciate the question, and we value our partnership with Walmart and believe that we have a significant runway and opportunity to improve the programs within Walmart, both with the Walmart MoneyCard extension in conjunction with our TailFin JV to be able to invest in product capabilities and bring those to Walmart consumers in addition to as we improve our Green Dot products as we do in the normal course of our business and have been -- has been a focus for us as we have been improving our platform to look at products and feature sets that can have even greater appeal for consumers. So we have the ability now over longer term to distribute those products through Walmart locations.

所以提姆，我也感謝這個問題，我們重視與沃爾瑪的合作夥伴關係，並相信我們擁有重要的發展空間和機會來改善沃爾瑪內部的項目，包括沃爾瑪 MoneyCard 擴展和我們的 TailFin JV，以便能夠投資於產品功能並將其帶給沃爾瑪消費者，此外，我們還會像在正常業務過程中一樣改進我們的 Green Dot產品，這一直是我們的重點，因為我們一直在改進我們的平台，以尋找對消費者更具吸引力的產品和功能集。因此，我們現在有能力在較長時期內透過沃爾瑪門市分銷這些產品。

So we believe there's -- our discussions with Walmart continue on ways that we can use TailFin funding to improve the customer experience and innovate. We've talked before about some of that being a refresh of the UI that the customers will be able to experience and moving forward with the -- in the Walmart MoneyCard program as we finish that project, which we are actively involved in with -- on the program. So we believe there's quite a bit of ability to continue to innovate to use -- leverage the TailFin funding to improve the programs on Walmart. So we're excited about that opportunity.

因此我們相信，我們將繼續與沃爾瑪討論如何使用 TailFin 資金來改善客戶體驗並進行創新。我們之前已經討論過其中的一些內容，即刷新客戶能夠體驗的用戶介面，並在我們完成沃爾瑪 MoneyCard 計劃後繼續推進該計劃，我們積極參與該計劃。因此，我們相信，我們有足夠的能力繼續創新——利用 TailFin 資金來改善沃爾瑪的計畫。所以我們對這個機會感到非常興奮。

Yes. I would add that now that we've signed a long-term extension, the relationship between the 2 companies is even stronger. And I'm sure that our ability to deliver additional products for the customers is going to grow as time goes by.

是的。我想補充一點，現在我們已經簽署了長期續約協議，兩家公司之間的關係更加牢固。我相信，隨著時間的推移，我們為客戶提供更多產品的能力將會增強。

And just one last comment would be outside of the TailFin capital that we talked about in the prepared remarks, there are no other changes to the economics on the MoneyCard program.

最後一點是，除了我們在準備好的評論中談到的 TailFin 資本之外，MoneyCard 計劃的經濟狀況沒有其他變化。

Got it. Okay. That's helpful. If I could squeeze in one more. Could you guys maybe review your different divisions in terms of maybe which ones have less synergies or connection with the other divisions and how things like the tech stack for each division would make it either easier or a little bit more complicated in terms of like a potential divestment. For example, I think the PayCard and the Tax business are both on kind of like a different tech stack than the rest of the company.

知道了。好的。這很有幫助。如果我能再擠進一個。你們能否審查一下你們的不同部門，看看哪些部門與其他部門的協同作用或聯繫較少，以及每個部門的技術堆疊如何使潛在的撤資變得更容易或更複雜。例如，我認為 PayCard 和稅務業務與公司的其他業務相比，採用不同的技術堆疊。

Yes. Bill, do you want to take that one? Otherwise, I'm happy to do it.

是的。比爾，你想拿那個嗎？否則，我很樂意這麼做。

By and large, we've, over the last couple of years, tried to bring our tech into focus. And there are a couple of divisions, you've named the 2 that are somewhat autonomous, more so the Tax business than anything else. But we, as a company, are always looking at what's the best way to deliver value to our shareholders. And if it turns out that it made sense for us to divest of a division, that's something that the company would always look at. There's -- that's kind of the reason that we embarked upon our strategic review.

總的來說，在過去的幾年裡，我們一直致力於將我們的技術放在首位。有幾個部門，您提到了兩個具有一定自主性的部門，其中稅務業務比其他部門更具自主性。但作為一家公司，我們始終在尋找為股東創造價值的最佳方式。如果事實證明剝離某個部門對我們來說是合理的，那麼公司就會一直考慮這件事。這就是我們開始進行策略審查的原因。

We feel that the assets that the company has are pretty terrific, and we thought that the market wasn't giving the value that we think is appropriate. So we started the strategic review to sort of look at all these questions, including the one that you asked.

我們認為該公司擁有的資產相當不錯，但市場並沒有給出我們認為合適的價值。因此，我們開始進行策略審查，以研究所有這些問題，包括您提出的問題。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

I wanted to ask about Consumer Services and active accounts came in a bit higher than we expected in the quarter. Taking a step back, what -- can you give us some -- your thoughts on sort of what inning we're in for consumer active account growth? And what are the sort of building blocks to see a return to positive growth there?

我想問一下有關消費者服務的問題，本季的活躍帳戶數量比我們預期的要高一些。退一步來說，您能否給我們一些關於我們所處的消費者活躍帳戶成長階段的看法？那麼，什麼樣的基礎才能讓那裡恢復正成長呢？

Well, I'd say in the prepared remarks, Ramsey, I mentioned that certainly the growth or the decline, I should say, it's definitely moderating. PLS is a big contributor to that moderation. I would say there are a few other players in the FSC channel, which is relatively niche for us that we are focused on from a business development pipeline. Certainly, if we win those deals, those could also further moderate the declines. And then as Chris just mentioned, with the renewal of Walmart, certainly, we're focused on expanding our capabilities and offerings there.

好吧，拉姆齊，我想說，在準備好的發言中，我提到，無論是增長還是下降，我都應該說，肯定是在放緩。PLS 對這項調節做出了巨大貢獻。我想說的是，FSC 管道中還有其他一些參與者，這對我們來說相對小眾，我們專注於業務發展管道。當然，如果我們贏得這些交易，這些交易也可能會進一步緩和下滑趨勢。正如克里斯剛才提到的，隨著沃爾瑪的更新，我們當然會專注於擴大我們在那裡的能力和產品。

So I don't -- I would not anticipate a return to active growth in the consumer business in 2025, but certainly, some of our business development efforts and work with some of our existing partners can certainly help. Chris, I don't know if there's anything else you want to add.

因此，我並不預期 2025 年消費者業務會恢復活躍成長，但可以肯定的是，我們的一些業務發展努力以及與一些現有合作夥伴的合作肯定會有所幫助。克里斯，我不知道您是否還有什麼要補充的。

I would just say we've talked about over the last several years as we're modernizing the platform and as we look at starting to get closer to the completion of that modernization over the next 12 months, we look that we can start to focus and apply resources, and we're seeing more and more capabilities to that on product innovation, and we think that will help us in our embedded finance business and bringing new products and services to partners, but also direct to consumers as we move towards a consolidated platform.

我想說的是，過去幾年我們一直在討論平台的現代化，並且我們預計在未來 12 個月內開始接近完成現代化，我們希望可以開始集中精力並應用資源，而且我們看到產品創新方面的能力越來越多，我們認為這將有助於我們的嵌入式金融業務，為合作夥伴帶來新產品和服務，同時也有助於我們向整合平台邁進，將給新產品和直接提供給消費者。

So I think we'll start to see some benefits of that as we can bring new product features into the market in some areas that we have not in some time. But we don't have, at this point, a great indication the impact of those. And so we want to allow some time for that to take effect. But we are optimistic about being able to improve the appeal of our products and in particular, the products in some of our legacy businesses.

因此我認為我們將開始看到其中的一些好處，因為我們可以將新產品功能引入一些我們一段時間以來還沒有進入的領域的市場。但目前我們還沒有看到這些影響的明顯跡象。因此，我們希望留出一些時間來使其生效。但我們對於能夠提高我們產品的吸引力，特別是一些傳統業務的產品的吸引力感到樂觀。

Got it. One follow-up for me, and apologies if you already covered off on this in your prepared remarks a great deal, which I missed, unfortunately. Can you comment on the macro backdrop that's sort of baked into your guidance -- into your annual guidance? Are you contemplating any further deterioration or more of a steady state from what we're seeing today?

知道了。我還有一個後續問題，如果您已經在準備好的發言中大量提到了這一點，而我卻不幸錯過了，那麼我很抱歉。您能否評論一下您的指導意見－年度指導意見中所包含的宏觀背景？從我們今天看到的情況來看，您是否認為情況會進一步惡化還是更加穩定？

What we've said in our prepared remarks is that looking at the macro environment as we see it today, that's what the numbers we've talked about. So a change in the macro environment would obviously have us relook at those numbers. But what we put out is based upon how we see the environment today.

我們在準備好的演講中說過，縱觀我們今天所看到的宏觀環境，這就是我們所談論的數字。因此，宏觀環境的變化顯然會讓我們重新審視這些數字。但我們所做的是基於我們對當今環境的看法。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Can you just talk broadly about the operating environment for embedded finance and Banking-as-a-Service today versus a couple of years ago?

您能否大致談談當今嵌入式金融和銀行即服務的營運環境與幾年前相比有何不同？

Sure, Chris. I'd be happy to take that. I appreciate the question. I think that we have seen a pretty significant change in the market. There are -- and I would say it's characterized by sort of 3 key factors.

當然，克里斯。我很樂意接受這個。我很感謝你提出這個問題。我認為我們已經看到市場發生了相當大的變化。我認為它具有 3 個關鍵因素。

The first is that the -- there is a growing awareness of the -- what was the sort of a disconnect between technology platforms and issuing banks and some of the negative outcomes that, that can cause. And so that certainly has adjusted the market, put a risk premium on having a sort of a secondary relationship with the sponsoring banks and programs relative to a technology platform. That favors our value proposition first.

首先，人們越來越意識到科技平台和發卡銀行之間存在著什麼樣的脫節，以及這種脫節可能導致的一些負面後果。因此，這無疑調整了市場，相對於技術平台而言，與贊助銀行和專案建立某種次要關係需要承擔風險溢價。這首先有利於我們的價值主張。

The second is that the partners that we see coming to us are less exploratory and have a better sense of what they'd like to do with embedded finance, have a fuller strategy around how to grow that business, their business and how it's going to improve, what they're trying to do in our overall strategy and customer journey. And so they have very strong, I said, opinions and strategic plans on how they want to improve their customer experience with embedded finance.

第二，我們看到的合作夥伴探索性較低，他們更清楚自己想用嵌入式金融做什麼，對如何發展業務、自己的業務以及如何改進業務，以及他們在我們的整體戰略和客戶旅程中試圖做什麼有更全面的戰略。所以我說，他們對如何透過嵌入式金融改善客戶體驗有著非常強烈的看法和策略計畫。

So we see that in terms of the maturing of the market and understanding how it could be leveraged. And then the third is that we see just because of that maturing increasing demand, so we're seeing a market that is -- still has a very long runway of possibility to it. And so we see that we're -- that partners who are looking at the space are increasing their investments, both on their side and looking at ways that they can improve the relationship. And so that's -- I think we see that in the market. Our research supports that.

因此，我們從市場成熟度和如何利用市場的角度來看待這個問題。第三，我們看到，由於需求日益成熟且不斷成長，我們看到市場仍有很長的發展潛力。因此，我們看到，關注這一領域的合作夥伴正在增加投資，既從他們的角度考慮，也尋找改善關係的方法。所以——我想我們在市場上看到了這一點。我們的研究支持這一點。

And we think that it's also evidenced by -- we've talked in past earnings calls about our pipeline and the growth we've seen over multiple years in our pipeline. So I think all of those things point to having the right value proposition relative to the macro market, the market itself maturing in people's expectations and understanding of how to utilize embedded finance to improve their customer value proposition and then the depth of that market.

我們認為這也證明了——我們在過去的收益電話會議上談到了我們的管道以及我們多年來看到的管道增長。因此，我認為所有這些都表明相對於宏觀市場而言，市場擁有正確的價值主張，市場本身在人們的期望和對如何利用嵌入式金融來改善客戶價值主張以及市場深度的理解方面日趨成熟。

Really appreciate that. And then just a quick follow-up. Chris, can you also throw in what you're seeing on the competitive environment within embedded finance?

真的很感激。然後只是快速的跟進。克里斯，您能否也談談您對嵌入式金融競爭環境的看法？

So competitively, we are seeing that there are -- it is an active marketplace. There are key providers in the market that we see regularly. But I do believe there is in the selection process of value placed on at-scale partners that are established and that have -- offer a level of expertise and capability beyond just a large tech investment in a platform that might have been made.

因此，從競爭角度來看，我們看到這是一個活躍的市場。市場上有一些我們經常看到的主要供應商。但我確實相信，在選擇過程中，要重視那些已經建立的、具有規模的合作夥伴，這些合作夥伴提供的專業知識和能力不僅僅是對平台進行大規模的技術投資。

And so we see the level of the maturity is also looking for partners that have the same level of maturity, the same level of organizational capability to support at scale partners. And so the marketplace, although it is -- continues to be competitive, we see that we are having an ability to have our value proposition, our capabilities and resonate in the market.

因此，我們看到成熟度等級也在尋找具有相同成熟度等級、相同組織能力水準的合作夥伴來支持大規模合作夥伴。因此，儘管市場競爭仍然激烈，但我們看到，我們有能力實現我們的價值主張和能力，並在市場上產生共鳴。

We're able to differentiate ourselves because of the vertical integration of our embedded finance platform, the bank, our program management services and risk programs. And so that's helpful in the market. But it is a competitive marketplace and one that we see as a growing -- continuing to be a growing market.

由於我們的嵌入式金融平台、銀行、專案管理服務和風險計劃的垂直整合，我們能夠脫穎而出。這對市場有幫助。但這是一個競爭激烈的市場，我們認為它是一個正在成長——並且將繼續成長的市場。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. William Jacobs for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給威廉·雅各布斯先生，請他作最後發言。先生，請繼續。

Thank you. And thank you, everybody, for joining our call today. This has been an exciting quarter for Green Dot, and I hope you all see the progress the company has made, and we look forward to talking to you more often. Thanks a lot.

謝謝。感謝大家今天參加我們的電話會議。對於 Green Dot 來說，這是一個令人興奮的季度，我希望大家能夠看到公司所取得的進步，我們期待與您有更多的交流。多謝。

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。