Green Dot Corp (GDOT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Green Dot Corp. second-quarter 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Green Dot 公司 2025 年第二季電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我謹將會議交給財務和企業發展資深副總裁提姆威利先生。請繼續。

Thank you, and good afternoon, everyone. Today, we are discussing Green Dot's second-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.

謝謝大家，大家下午好。今天，我們將討論 Green Dot 2025 年第二季的財務和營運表現。發言結束後，我們將開放提問環節。本次電話會議和網路直播附帶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.

再次提醒，我們的評論可能包含有關未來業績和表現的前瞻性陳述和預期。請參閱盈利報告和 Green Dot 向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格和 10-Q 表格）中的警示性語言，以了解有關可能導致實際結果與前瞻性聲明存在重大差異的因素的更多信息。

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

在電話會議中，我們將提及我們不符合公認會計原則的財務指標。為了清晰起見，除非另有說明，我們今天討論的所有數字都將以非GAAP為基礎。本資訊的計算方法可能與其他公司提供的類似非GAAP資料有所不同。今天的新聞稿中公佈了我們的非GAAP財務資訊與直接可比較的GAAP財務資訊的定量調節表。本次通話內容為 Green Dot Corp 所有，受版權保護。

Now, I'd like to turn the call over to Bill.

現在，我想把電話交給比爾。

Good afternoon, and thank you for joining our second-quarter 2025 earnings call. Today, I will start with some comments on the quarter and then turn it over to Chris for an update on our business development and go-to-market efforts. Jess will then discuss our financials in more detail, and I will conclude with some final comments, observations before taking your questions.

下午好，感謝各位參加我們2025年第二季財報電話會議。今天，我將首先對本季做一些評論，然後交給 Chris 來報告我們的業務發展和市場推廣工作的最新情況。接下來，Jess 將更詳細地討論我們的財務狀況，最後我將發表一些總結性意見和看法，然後回答大家的問題。

Now let's turn to the quarter. It was a strong second quarter with results continuing to outpace our expectations. Adjusted revenue was up 24% and adjusted EBITDA was up 34%, both ahead of plan, which Jess will provide more detail on shortly. The team remained focused on strengthening our revenue engine by signing and launching new partners in the quarter, driving scale and savings in our operations and investing in our infrastructure to support customers and partners while ensuring that we can manage sustainable long-term growth across the enterprise. Our embedded finance platform, Arc, is seeing continued momentum and increasing demand.

現在我們來看季度。第二季業績表現強勁，持續超乎預期。經調整後的收入增長了 24%，經調整後的 EBITDA 增長了 34%，均超出預期，Jess 稍後將提供更多細節。本季度，團隊繼續專注於透過簽約和推出新合作夥伴來加強我們的收入引擎，推動營運規模化和成本節約，並投資於我們的基礎設施以支援客戶和合作夥伴，同時確保我們能夠管理整個企業的可持續長期成長。我們的嵌入式金融平台 Arc 正在持續發展，需求不斷成長。

During the quarter, we launched new products, including Samsung's tap-to-transfer feature, which has generated impressive engagement to date. We made progress preparing to launch other new partners like crypto.com, DolFinTech, and more. We continued building a strong and healthy pipeline to fuel future scalable growth. I am also pleased to touch on the improvements we're making to transform our bank and balance sheet into profit generators.

本季度，我們推出了新產品，包括三星的點擊傳輸功能，該功能迄今已獲得了令人印象深刻的用戶參與度。我們在籌備推出其他新合作夥伴方面取得了進展，例如 crypto.com、DolFinTech 等。我們持續建立強大而健康的供應鏈，為未來可擴展的成長提供動力。我也很高興能談談我們正在進行的改進，以將我們的銀行和資產負債表轉變為獲利引擎。

We repositioned a portion of the balance sheet earlier this year and intend to make additional changes in the coming months to further improve yields and overall profitability. To expand on this a little further, over the last few years, our balance sheet strategy was focused mostly on managing risk and liquidity as we work to improve our operating infrastructure in areas like compliance and risk management, areas critical to the stability and success of our business. We are pleased to report we are making progress addressing operational challenges and vastly improving our risk and compliance functions. Without losing sight of these needs, we have also been able to turn attention towards optimizing the profitability of our balance sheet while maintaining a conservative risk profile.

今年早些時候，我們對資產負債表的一部分進行了調整，並計劃在未來幾個月內進行更多調整，以進一步提高收益率和整體獲利能力。為了更詳細地說明這一點，在過去的幾年裡，我們的資產負債表策略主要集中在管理風險和流動性方面，同時努力改善我們在合規和風險管理等領域的營運基礎設施，這些領域對我們業務的穩定性和成功至關重要。我們很高興地報告，我們在應對營運挑戰方面取得了進展，並大幅改善了我們的風險和合規職能。在不忽視這些需求的前提下，我們也能夠將注意力轉向優化資產負債表的獲利能力，同時維持保守的風險狀況。

Given the growth we are planning for in embedded finance, we expect to generate deposit growth and make those deposits work for us. As a sign, new partners were putting greater emphasis on structuring partnerships to prioritize and maximize the returns we earn from our balance sheet, not just the traditional fee revenue that we have historically focused on.

鑑於我們計劃在嵌入式金融領域實現成長，我們期望能夠帶來存款成長，並讓這些存款為我們創造收益。這表明，新的合作夥伴更加重視建立合作關係，以優先考慮並最大限度地提高我們從資產負債表中獲得的收益，而不僅僅是我們過去一直關注的傳統費用收入。

Over the last couple of years, we have talked about our investments in compliance and risk as areas of competitive advantage, which we still believe to be true. Just as important, that competitive advantage will not only generate new partners, but also balance sheet growth. With a focus on improved profitability of the balance sheet, I am confident we will earn an attractive return on the investments we made over the last several years.

在過去的幾年裡，我們一直把在合規和風險管理方面的投資視為競爭優勢領域，我們仍然認為這是事實。同樣重要的是，這種競爭優勢不僅會帶來新的合作夥伴，還會帶來資產負債表的成長。透過專注於提高資產負債表的獲利能力，我相信我們將從過去幾年進行的投資中獲得可觀的回報。

Now let me turn it over to Chris to provide an update on our business development and our go-to-market efforts. Chris?

現在，我把麥克風交給克里斯，讓他來介紹我們的業務發展和市場推廣工作的最新進展。克里斯？

Thank you, Bill, and good afternoon, everyone. As Bill mentioned, we continue to build on the momentum we saw in the first quarter. The second quarter was busy with new business wins and partner launches and collaborating with our BaaS retail and GDN partners on new initiatives to deliver mutual benefit and growth. Let me touch on several of the more noteworthy developments during the quarter.

謝謝你，比爾，大家下午好。正如比爾所提到的，我們將繼續保持第一季取得的成長勢頭。第二季我們忙於贏得新業務、推出合作夥伴，並與我們的 BaaS 零售和 GDN 合作夥伴合作開展新舉措，以實現互利共贏和成長。讓我談談本季幾個比較值得關注的進展。

During the second quarter, we partnered with Samsung to introduce Samsung's tap-to-transfer capability, which has generated impressive engagement since launching and we're working closely with Samsung to develop future enhancements, which we look forward to sharing more details on in the coming months. With tap-to-transfer, Samsung Wallet's nearly 12 million US users can quickly and seamlessly transfer funds from Samsung Wallet to any other digital wallet or contactless debit card with a simple tap of two mobile devices.

第二季度，我們與三星合作推出了三星的輕觸傳輸功能，自推出以來獲得了令人印象深刻的參與度，我們正在與三星密切合作，開發未來的增強功能，我們期待在未來幾個月分享更多細節。透過一觸即付功能，三星錢包近 1,200 萬美國用戶可以快速且無縫地將資金從三星錢包轉移到任何其他數位錢包或非接觸式借記卡，只需輕輕觸碰兩台行動裝置即可。

We also signed a new BaaS partnership with Credit Sesame, a sizable and innovative consumer brand focused on financial and credit wellness. That has the potential to be a significant BaaS partner when fully implemented. We are thrilled that Credit Sesame, which was a competitive takeaway, chose to partner with Green Dot to power its Sesame Cash smart digital banking service and further their vision of educating and improving the financial lives of consumers across the country.

我們還與 Credit Sesame 簽署了一項新的 BaaS 合作夥伴關係，Credit Sesame 是一個規模龐大且富有創新精神的消費者品牌，專注於金融和信用健康。全面實施後，它有可能成為重要的 BaaS 合作夥伴。我們非常高興 Credit Sesame（一家競爭激烈的公司）選擇與 Green Dot 合作，為其 Sesame Cash 智慧數位銀行服務提供支持，並進一步實現其教育和改善全國消費者金融生活的願景。

In addition to Credit Sesame, we are busy preparing for the launch of several partners that will be key to building our momentum in the second half of 2025 and into 2026. These launches include crypto.com, which we announced last quarter, and a relatively new BaaS partner in the auto finance space that we hope to announce soon.

除了 Credit Sesame 之外，我們還在積極籌備與幾個合作夥伴的合作，這些合作夥伴對於我們在 2025 年下半年和 2026 年保持發展勢頭至關重要。這些新推出的服務包括我們上個季度宣布的 crypto.com，以及我們希望很快宣布的汽車金融領域相對較新的 BaaS 合作夥伴。

In our retail channel, we are working to launch a new banking account program at over 5,500 DolFinTech locations nationwide, building on our momentum in the financial service centers, or FSC channel, a powerful stat reinforcing the demand and momentum we are seeing in the embedded finance. In 2023 and 2024, we launched one new FSC partner and one new BaaS partner. In 2025, we expect to launch seven new partners as our business development momentum translates into new wins, more onboardings and higher revenue.

在我們的零售通路中，我們正努力在全國超過 5,500 個 DolFinTech 分行推出新的銀行帳戶計劃，以鞏固我們在金融服務中心（FSC）管道的良好勢頭。這強而有力的數據強化了我們在嵌入式金融領域所看到的需求和發展動能。2023 年和 2024 年，我們分別推出了新的 FSC 合作夥伴和新的 BaaS 合作夥伴。預計到 2025 年，隨著業務發展動能轉化為新的成功案例、更多的新客戶加入和更高的收入，我們將推出七家新的合作夥伴。

In money processing, we have signed and are launching several notable new partners, enabling seamless and convenient account access and the ability to add and withdraw cash at 90,000 locations across the country. The Green Dot Network, which is powered by our Arc platform, continues to add value for a growing list of partners and their customers, and we expect that to continue.

在資金處理方面，我們已經簽約並推出了幾個重要的全新合作夥伴，使用戶能夠在全國 90,000 個地點輕鬆便捷地存取帳戶並訪問現金。由我們的 Arc 平台支援的 Green Dot Network 持續為越來越多的合作夥伴及其客戶創造價值，我們預計這種情況將持續下去。

I will now pivot to our efforts to expand and diversify our partnerships with new products and services. With more than 7,000 existing partners across BaaS money processing, retail and our other divisions, our cross-sell opportunity is sizable, and we are focused on driving further engagement and action on this front. I look at this opportunity from two perspectives: having our partners engage with more operating divisions, and bringing more functionality to partner relationships.

接下來，我將重點介紹我們如何透過新產品和服務來擴展和多元化我們的合作關係。我們在 BaaS 資金處理、零售和其他部門擁有超過 7,000 家現有合作夥伴，交叉銷售機會巨大，我們正致力於推動這方面的進一步參與和行動。我從兩個角度看待這個機會：讓我們的合作夥伴與更多營運部門互動，以及為合作夥伴關係帶來更多功能。

For example, a major retailer and pharmacy that recently signed a five-year renewal to utilize our earned wage access capability, a product that shows significant growth potential is also a money processing partner in the Green Dot Network. We see significant opportunities to explore and pursue new ways to expand and deepen our partnerships across retail, BaaS, GDN, and even rapid!. This is a major focus for us in our embedded finance team comprised of BaaS and money processing and we are already seeing traction in this area.

例如，一家大型零售商和藥局最近簽署了為期五年的續約協議，繼續使用我們已賺取的工資提取功能，該產品顯示出巨大的成長潛力，該公司也是 Green Dot Network 的資金處理合作夥伴。我們看到了探索和尋求新途徑來拓展和深化我們在零售、BaaS、GDN 甚至快速領域的合作夥伴關係的巨大機會！這是我們嵌入式財務團隊（包括 BaaS 和資金處理團隊）的一個主要關注點，我們已經在這個領域看到了成效。

We are focused on building upon relationships within specific channels, adding to the solution sets that we currently provide. Let me give you two quick examples. With one of our more recent BaaS launches, we successfully added new product features and subsequently worked with them to implement and drive adoption. As a result, the revenue growth generated by this partnership was 55% higher than the original product launch was projected to produce.

我們專注於在特定管道內建立關係，並不斷豐富我們目前提供的解決方案。我給你舉兩個簡單的例子。在我們最近推出的一個 BaaS 產品中，我們成功地添加了新的產品功能，隨後與他們合作實施並推動了產品的採用。因此，此次合作帶來的收入成長比最初產品發布預期產生的收入成長高出 55%。

A second example centers around improving the customer experience. We recently renewed Walmart, as you know, and we've already begun working with them to migrate the Walmart MoneyCard program off of our legacy platform, which will result in an improved user interface and customer experience and allow for a more robust product and feature development to help them build on their vision. Our revenue organization has now made it part of their DNA that even before the launch of new partners, we are engaging with them in the next phase of products and features to enhance their solutions and drive more engagement and revenue.

第二個例子是圍繞著改善客戶體驗而展開的。如您所知，我們最近與沃爾瑪續簽了合同，並且我們已經開始與他們合作，將沃爾瑪 MoneyCard 計劃從我們的舊平台遷移出去，這將帶來更好的用戶界面和客戶體驗，並允許更強大的產品和功能開發，以幫助他們實現願景。我們的營收部門現在已經將此融入他們的DNA中，在推出新合作夥伴之前，我們會與他們合作開發下一階段的產品和功能，以增強他們的解決方案，並推動更多的參與和收入。

Lastly, let me talk about our pipeline activity and health. So far this year, we've closed as much new business as we did for the full-year 2024, with close rates pacing ahead of last year. Just as important, as new partners signed, we are replacing them with appealing new prospects and our aggregate risk-adjusted pipelines remain strong, reinforcing our confidence in the long-term stability of our business. Notably, we anticipate signing a new franchise operator in our tax business, one of the larger new business wins for that business in several years. This is an important win and it will largely offset declining volumes of another large online partner and demonstrates the true resiliency we are building within our pipeline growth and business development efforts.

最後，我想談談我們的管道建設活動和健康狀況。今年到目前為止，我們完成的新業務量已經達到了 2024 年全年的水平，成交率也超過了去年。同樣重要的是，隨著新合作夥伴的簽約，我們正在用有吸引力的新潛在客戶取代他們，我們整體的風險調整後專案儲備依然強勁，這增強了我們對業務長期穩定性的信心。值得一提的是，我們預計將在稅務業務方面簽署一項新的特許經營協議，這是該業務近幾年來贏得的較大新業務之一。這是一場重要的勝利，它將在很大程度上抵消另一家大型線上合作夥伴業務量下降的影響，並展現了我們在業務成長和發展方面所建立的真正韌性。

As we continue building pipelines across our divisions, we are also looking at how we can realign and rightsize our organization for scalable long-term success. We recently made changes to the rapid! division aimed at accelerating earned wage access adoption and returning this division to meaningful growth. We are constantly seeking opportunities to optimize and realign our resources and teams to prioritize our growth strategy.

隨著我們不斷在各部門建立人才儲備，我們也正在研究如何調整和優化我們的組織架構，以實現可擴展的長期成功。我們最近對快速！該部門旨在加快工資獲取的普及，並使該部門恢復有意義的成長。我們不斷尋求機會優化和重新調整我們的資源和團隊，以優先實現我們的成長策略。

In summary, we continue to build on our momentum as the market is increasingly aware of our capabilities as an embedded finance platform and value partner. We will continue to execute on streamlining the business to drive growth.

總之，隨著市場越來越意識到我們作為嵌入式金融平台和價值合作夥伴的能力，我們將繼續保持發展勢頭。我們將繼續推進業務精簡，以推動成長。

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

接下來，我將把發言權交給傑西，讓她來談談我們第二季的業績。傑西？

Thank you, Chris, and good afternoon, everyone. In the second quarter, our non-GAAP revenue grew 24% year over year and adjusted EBITDA increased 34%. Growth was primarily driven by our B2B segment and higher interest income alongside continued expense management efforts and some favorable timing factors. As a result of the strong performance, non-GAAP EPS reached $0.40 per share, representing a 60% year-over-year increase.

謝謝你，克里斯，大家下午好。第二季度，我們的非GAAP營收年增24%，調整後EBITDA成長34%。成長主要由我們的 B2B 業務和更高的利息收入推動，同時伴隨著持續的費用控制努力和一些有利的時機因素。由於業績強勁，非GAAP每股盈餘達到0.40美元，較去年同期成長60%。

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 division. Revenue growth of just under 40% continues to be driven by a significant BaaS partner, along with growth in the rest of the BaaS portfolio.

現在讓我談談影響我們各業務板塊業績的因素。有關各業務板塊的業績和關鍵指標，請參閱我們的新聞稿和季度報告。首先是我們的 B2B 業務板塊，它由我們的 BaaS 管道組成，該管道由我們的 Arc 平台和我們的快速平台提供支援！雇主服務部。營收成長略低於 40%，這主要得益於一家重要的 BaaS 合作夥伴，以及 BaaS 產品組合中其他產品的成長。

Key operating metrics within the BaaS channel, such as active accounts and purchase volume continue to show solid increases as we collaborate to drive growth 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. 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 the BaaS channel.

BaaS通路的關鍵營運指標，如活躍帳戶和購買量，隨著我們與現有合作夥伴共同努力推動成長並推出新合作夥伴，持續呈現穩健成長。正如克里斯所提到的，我們致力於幫助合作夥伴拓展其項目，並尋找機會擴大向客戶提供的產品和服務範圍。我們在這些方面取得了顯著進展，隨著新合作夥伴的加入，我們正與他們就此展開深入合作。基於我們與現有合作夥伴的成功，以及一系列新的產品發布和潛在客戶，我對BaaS管道將繼續保持成長勢頭持樂觀態度。

Our rapid! Employer Services channel continued to experience revenue declines due to decreased active accounts and volumes, primarily because of challenges faced by our larger staffing industry partners. As previously discussed, the staffing industry, one of our largest verticals, has struggled for nearly two years and hasn't recovered. Although there is optimism about stabilization, we haven't seen a rebound.

我們速度很快！由於活躍帳戶和交易量減少，雇主服務管道的收入持續下降，這主要是因為我們的大型人力資源產業合作夥伴面臨挑戰。正如之前討論過的，人力資源行業是我們最大的垂直行業之一，已經掙扎了近兩年，至今仍未復甦。儘管人們對經濟穩定持樂觀態度，但尚未看到反彈。

However, our year-to-date sales performance in Paycard outside of staffing verticals has been strong compared to last year, positioning us for growth once the staffing sector stabilizes and recovers. We have a new leader in this business, and she is currently rightsizing sales and support personnel to refine the approach to the traditional Paycard market while shifting resources to place a greater emphasis on earned wage access, or EWA, to ensure that we capitalize on that market, which is a logical extension to our current Paycard offering.

然而，與去年相比，我們在人力資源垂直領域之外的支付卡業務今年迄今為止的銷售業績表現強勁，這為我們在人力資源行業穩定和復甦後實現成長奠定了基礎。我們公司迎來了一位新的領導者，她目前正在調整銷售和支援人員的規模，以改善傳統支付卡市場的方法，同時將資源轉移到更加重視已賺取工資獲取（EWA）上，以確保我們能夠充分利用這個市場，這是我們當前支付卡產品的合乎邏輯的延伸。

Overall, the B2B segment experienced approximately 45 basis points of margin expansion due to improved profitability in rapid! Employer Services, while BaaS margins were generally flat with last year. The improvement was driven by overcoming deconversion headwinds, achieving revenue growth in the BaaS channel, renewals of key partners in 2024 that provide for improved economics, and focusing on efficiency and scale. Notably, we significantly reduced transaction losses, fraud management expenses, and costs in our customer care operations in the rapid! Employer Services division, resulting in profit growth for that operation despite the decline in revenue.

總體而言，由於獲利能力的提高，B2B 業務的利潤率擴張了約 45 個基點！雇主服務利潤率與去年基本持平，而 BaaS 利潤率則基本持平。此次改善得益於克服了客戶流失的不利因素，實現了 BaaS 通路的收入成長，與 2024 年的主要合作夥伴續約，從而提高了經濟效益，並專注於效率和規模。值得一提的是，我們大幅降低了客戶服務營運中的交易損失、詐欺管理費用和成本！儘管收入下降，但雇主服務部門的利潤卻實現了成長。

Although we usually discuss the Corporate segment last, I want to highlight our bank interest income growth. As Bill mentioned, optimizing our balance sheet and increasing interest income has become a key operational strategy. This year, we have already repositioned a portion of our securities portfolio and plan to invest more of our cash in the coming months. By improving our asset mix and growing deposits in our BaaS business, interest income should become a more prominent part of the story.

雖然我們通常最後討論企業業務板塊，但我想重點介紹我們銀行的利息收入成長。正如比爾所提到的，優化資產負債表和增加利息收入已成為一項關鍵的營運策略。今年，我們已經調整了部分證券投資組合，並計劃在未來幾個月內投資更多現金。透過改善資產組合和增加 BaaS 業務的存款，利息收入應該會在財務報表中佔據更重要的位置。

In Q2, Corporate segment revenues consisting primarily of interest income, net of partner interest sharing grew year-over-year due to rate cuts in the second half of last year that improved the balance between yields on our cash and investments and interest shared with partners as well as an improved yield from our bond repositioning. This top line growth comes with little to no incremental costs. Expenses in the Corporate segment were up modestly due to some increases in technology-related costs as well as modestly higher bonus accruals with our improved earnings performance.

第二季度，公司業務部門的收入主要包括利息收入（扣除合夥人利息分成後），由於去年下半年的降息改善了我們現金和投資的收益率與合夥人利息分成之間的平衡，以及債券重新定位帶來的收益率提高，公司業務部門的收入同比增長。這種營收成長幾乎沒有增加任何成本。由於技術相關成本增加，以及獲利能力改善導致獎金提列略有增加，公司業務部門的支出略有上升。

Next is our Money Movement segment, which includes our tax processing business and our money processing business. The tax business outperformed our expectations in the second quarter as we continue to benefit from the expansion of our taxpayer advance programs and a favorable mix shift in distribution channels that resulted in higher revenue per transaction. Year to date, refund transfer volumes declined year over year, mainly due to reduced activity from a major partner in our online channel. Since our online channel generates lower revenue per transaction, this decline has been offset by higher volume from our professional channel, which is more profitable on a per-transaction basis.

接下來是我們的資金流動業務板塊，其中包括我們的稅務處理業務和資金處理業務。第二季度，稅務業務表現超出預期，我們繼續受益於納稅人預付款計畫的擴展以及分銷管道的有利組合轉變，從而提高了每筆交易的收入。今年迄今為止，退款轉帳量比去年同期下降，主要原因是我們在線上管道的主要合作夥伴的活動減少。由於我們的線上管道每筆交易產生的收入較低，因此這一下降被我們專業管道更高的交易量所抵消，而專業管道的每筆交易利潤更高。

For the first half of the year, profits from this division are up over 10% versus last year and we are confident that the tax business will exceed our original expectations for the year. We are working on building out numerous new products and services and adding new partnerships that broaden our product set for the 2026 tax season to help build on the momentum in 2025.

今年上半年，該部門的利潤比去年同期成長超過 10%，我們有信心稅務業務將超出我們今年的預期。我們正在努力開發眾多新產品和服務，並增加新的合作夥伴關係，以擴大我們在 2026 年報稅季的產品範圍，從而鞏固 2025 年的發展勢頭。

Revenue in our money processing business, driven mainly by cash transfer volumes on the Green Dot Network, declined modestly this quarter, primarily due to an 8% decrease in transactions, driven by softness in both our Consumer segment active base and third-party programs. While active accounts in our Consumer segment have continued to stabilize because of the ramp in new financial service center partners, these programs, at least for the time being, generate fewer reloads per active account than our branded programs in retail, which continue to experience consistent mid-teen percentage declines.

本季度，我們的資金處理業務收入（主要由 Green Dot Network 的現金轉帳量推動）略有下降，主要是由於交易量下降了 8%，而交易量下降的原因是我們的消費者部門活躍用戶群和第三方項目均出現疲軟。雖然由於新的金融服務中心合作夥伴的增加，我們消費者業務的活躍帳戶數量持續趨於穩定，但至少就目前而言，這些計劃每個活躍帳戶的充值次數少於我們在零售領域的品牌計劃，後者持續經歷著十幾個百分點的下降。

Third-party cash transfers were down 2% year over year, largely because of lower volume from two partners whose activity yields lower revenue per transaction. If we exclude those two partners, third-party transactions actually grew by 5%. This shift away from low revenue transactions led to an 8% increase in our average revenue per transaction compared to last year, helping to partially offset the overall revenue impact from lower transaction volume. With money processing operations more closely integrated with the BaaS business under the Arc brand, we expect to keep a healthy and active pipeline of potential partners.

第三方現金轉帳年減 2%，主要是因為兩家合作夥伴的交易量減少，而這兩家合作夥伴的單筆交易收入較低。如果排除這兩個合作夥伴，第三方交易實際上成長了 5%。與去年相比，這種減少低收入交易的趨勢使我們的平均每筆交易收入增加了 8%，這有助於部分抵銷交易量下降對整體收入的影響。隨著資金處理業務與 Arc 品牌下的 BaaS 業務更加緊密地整合，我們預計能夠維持健康活躍的潛在合作夥伴管道。

This, together with recent launches of new cash transfer and digital disbursement partnerships, including Samsung, a solid schedule of additional launches anticipated through the balance of 2025 and continued improvement in our Consumer business gives us confidence that we are well positioned to continue building on our momentum from previous quarters. Profitability in the segment remains strong with margins up approximately 45 basis points. Margin improvement in money processing due in part to favorable mix shift, offset some slight declines in our tax business, which had outsized margin gains a year ago.

此外，我們近期也推出了新的現金轉帳和數位支付合作夥伴關係（包括與三星的合作），預計在 2025 年剩餘時間內還將推出更多服務，並且我們的消費者業務持續改善，這些都讓我們有信心，我們能夠繼續保持前幾季以來的成長勢頭。該業務板塊獲利能力依然強勁，利潤率上升約 45 個基點。由於有利的組合調整，貨幣處理業務的利潤率有所提高，抵消了稅務業務的一些小幅下滑，而稅務業務在一年前曾獲得過較大的利潤率增長。

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 continue to moderate relative to prior years. 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 with active accounts flat with last year.

現在我將介紹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。儘管由於零售通路長期不利因素，消費者業務板塊仍面臨壓力，但與往年相比，該板塊的收入和活躍帳戶下降幅度繼續放緩。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、功能和客戶留存率所做的努力。PLS的合作對零售通路產生了積極影響，活躍帳戶數量與去年持平。

Additionally, key metrics like GDV and revenue per active account in retail were up 4% and 2%, respectively, when compared to the second quarter of last year. Given our ongoing efforts to enhance customer retention, the upcoming launch of DolFinTech and the renewal of key agreements with Walmart, I'm optimistic that the decline in retail will continue to level off. The decrease in active accounts continues to stabilize and I'm confident in our strategy to strengthen customer engagement through new products and features. Additionally, by expanding into new markets, such as the FSC channel, we anticipate onboarding new partners and increasing our market share.

此外，與去年第二季相比，零售業的關鍵指標，如 GDV 和每個活躍帳戶的收入分別成長了 4% 和 2%。鑑於我們不斷努力提高客戶留存率，即將推出 DolFinTech，以及與沃爾瑪續簽關鍵協議，我對零售業的下滑趨勢繼續趨於平緩持樂觀態度。活躍帳戶數量的下降趨勢持續趨於穩定，我對我們透過新產品和新功能加強客戶參與度的策略充滿信心。此外，透過拓展到 FSC 通路等新市場，我們預計將吸引新的合作夥伴並提高市場份額。

Our efforts to reposition the direct channel continue. Due to reduced marketing spend over the last year, revenue has remained under pressure. We remain focused on developing a more robust product and enhancing the customer interface to drive improved customer acquisition and retention. While second quarter revenue decreased, direct channel margins improved by 200 basis points, resulting in only a modest decline in profits, consistent with our commitment to balancing investment in growth with profitability. We are progressing with platform feature enhancements and user experience improvements, while new smaller channel partnerships present incremental growth opportunities and support our goal to return this division to positive revenue growth.

我們仍在努力重新定位直銷通路。由於過去一年行銷支出減少，收入持續承壓。我們將繼續專注於開發更強大的產品並改善客戶介面，以提高客戶獲取和留存率。雖然第二季度收入有所下降，但直接通路利潤率提高了 200 個基點，導致利潤僅略有下降，這與我們致力於在成長投資和盈利能力之間取得平衡的承諾相一致。我們正在推動平台功能增強和使用者體驗改進，同時，新的小型通路合作夥伴關係帶來了增量成長機會，並支持我們實現該部門收入正成長的目標。

Overall, segment margins were flat to last year as lower retail margins were balanced by increases in the direct channel. The direct channel experienced improved margins primarily due to operating expense management, including notable reductions in transaction and fraud management expenses compared to last year.

整體而言，由於零售利潤率下降被直銷通路利潤率上升所抵消，各業務部門的利潤率與去年持平。直接管道的利潤率有所提高，主要歸功於營運費用管理，包括與去年相比交易和詐欺管理費用的顯著降低。

Before I discuss guidance, I want to briefly comment on our GAAP results this quarter. As I mentioned on our prior call, we renewed several key contracts with Walmart. In connection with these renewals, our Tailfin joint venture made a $70 million incentive payment to a Walmart affiliate during Q2, resulting in a $70 million noncash charge recorded as equity and losses in the quarter. This payment did not require any incremental cash flow from us. Our partnership with Walmart continues to provide strong economic returns. Tailfin remains well capitalized and we are optimistic about the opportunity to work with Walmart for the next seven years.

在討論業績指引之前，我想先簡單評論一下我們本季的GAAP業績。正如我在上次通話中提到的，我們與沃爾瑪續簽了幾項重要合約。與這些續約有關，我們的 Tailfin 合資企業在第二季度向沃爾瑪關聯公司支付了 7000 萬美元的激勵款項，導致該季度計入 7000 萬美元的非現金支出，作為權益和損失。這筆款項的支付不需要我們投入任何額外的現金流。我們與沃爾瑪的合作關係持續帶來強勁的經濟效益。Tailfin 資金依然充裕，我們對未來七年與沃爾瑪的合作機會充滿信心。

Now let me provide you with updated guidance for 2025. We performed better than our internal projections. While some of the benefits in the first half of the year are due to timing, I believe that certain aspects represent overperformance for the year.

現在讓我為您提供2025年的最新指導。我們的實際表現優於內部預期。雖然今年上半年的一些收益是由於時機巧合，但我認為某些方面代表著全年的超額收益。

Provided the current volatility in the economy does not significantly impact customers' behavior or our business in general, we are adjusting guidance as follows: we expect non-GAAP revenue of $2 billion to $2.1 billion, consistent with our prior guidance. We expect adjusted EBITDA of $160 million to $170 million, up from the previous guidance of $150 million to $160 million, and non-GAAP EPS of $1.28 to $1.42 as compared to our prior guidance of $1.14 to $1.28. Our strong adjusted EBITDA growth in the first half was primarily driven by BaaS tax processing and increased interest income at Green Dot Bank.

如果當前經濟波動不會對客戶行為或我們的整體業務產生重大影響，我們將以以下方式調整預期：我們預期非GAAP收入為20億美元至21億美元，與我們先前的預期一致。我們預計調整後 EBITDA 為 1.6 億美元至 1.7 億美元，高於先前預期的 1.5 億美元至 1.6 億美元；非 GAAP 每股收益為 1.28 美元至 1.42 美元，高於先前預期的 1.14 美元至 1.28 美元。上半年調整後 EBITDA 的強勁成長主要得益於 BaaS 稅務處理業務的成長以及 Green Dot Bank 利息收入的增加。

Looking ahead to the second half, we expect to continue to benefit from improved yields at Green Dot Bank. However, we're anticipating a year-over-year decline in adjusted EBITDA, mainly due to challenging prior year comparisons. Our Corporate segment expenses are expected to increase year over year from higher bonus accruals after reducing them in 2024, a concentration of investments in our regulatory compliance and infrastructure in Q3 and Q4 that we had planned for earlier in the year. And we also intend to make investments to support new partner launches in our B2B and Money Movement segments.

展望下半年，我們預計將繼續受益於綠點銀行收益率的提高。然而，我們預期調整後的 EBITDA 將年減，主因是去年同期績效比較不佳。由於 2024 年減少了獎金計提，加上我們在第三季和第四季集中投資於監管合規和基礎設施（這是我們年初就已計劃好的），預計我們的企業部門支出將逐年增加。我們還計劃進行投資，以支持我們在 B2B 和資金流動領域的新合作夥伴的推出。

We are also lapping improvements in fraud management expenses last year and some lost high-margin revenue following the partner deconversions in retail that we've discussed on prior calls. Additionally, we have lowered the outlook for our money processing division as new partner launches are ramping at a slower pace than anticipated, and we are taking a more conservative stance on the outlook for our rapid! Employer Services division as we are not yet seeing stabilization in our larger staffing partners.

我們也彌補了去年詐欺管理費用的改善，以及先前電話會議中討論過的零售合作夥伴終止合作後損失的一些高利潤收入。此外，由於新合作夥伴的推出速度低於預期，我們下調了資金處理部門的預期，我們對快速業務的預期也採取了更保守的態度！由於我們尚未看到大型人力資源合作夥伴的業務趨於穩定，因此雇主服務部門需要加強管理。

All in, we expect consolidated revenue growth in Q3 to be in the mid-teens and mid- to upper-single digits in Q4, while adjusted EBITDA margins down roughly 500 basis points for the reasons I highlighted a minute ago. Our segments are expected to play out as follows: 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 30% range for 2025. I expect margins in our B2B segment to be down a bit versus 2024 due to revenue mix.

總的來說，我們預計第三季合併營收成長將達到兩位數中段，第四季將達到個位數中段至高段，而由於我剛才強調的原因，調整後的 EBITDA 利潤率將下降約 500 個基點。預計我們的業務部門將按以下方式發展：B2B 板塊的收入預計在剩餘的幾個季度內將有所放緩，但仍將保持強勁增長，預計 2025 年全年增長率將在 30% 左右。由於收入結構的變化，我預計我們 B2B 業務的利潤率將比 2024 年略有下降。

Money Movement segment revenue is now expected to see flattish revenue growth. The strong performance of our tax business is being offset by declines in money processing as the ramp from new third-party partners is not enough to offset declines in transactions from Green Dot-branded accounts.

預計資金流動業務板塊的營收成長將趨於平穩。我們稅務業務的強勁表現被資金處理業務的下滑所抵消，因為來自新的第三方合作夥伴的成長不足以抵消 Green Dot 品牌帳戶交易量的下降。

As I mentioned earlier, we have several new partners to launch in money processing and a robust pipeline of prospects, which drives my confidence in this business despite slightly lower expectations for the second half of the year. I expect margins for the Money Movement segment to be up versus last year, given the strength of the tax processing business, some favorable mix shift in money processing, and continued vigilance on expense across the division.

正如我之前提到的，我們在資金處理領域有幾家新的合作夥伴即將推出，並且擁有強大的潛在客戶管道，這增強了我對這項業務的信心，儘管我對下半年的預期略有降低。鑑於稅務處理業務的強勁表現、資金處理業務組合的有利變化以及整個部門對支出的持續關注，我預計資金流動部門的利潤率將比去年有所提高。

Consumer segment revenue is projected to decline in the low-double digits with a sharper drop in the fourth quarter due to discrete revenue items that benefited Q4 2024, such as breakage and project-based revenue. Excluding these noncore revenue decreases, we project recurring Consumer segment revenue to be down in the mid-single digits, reflecting our progress in this part of our business. We don't expect our launch of DolFinTech to have a material impact on 2025, but I anticipate that this launch and the likelihood of additional FSC signings to have a more pronounced impact in 2026.

預計消費者業務收入將出現兩位數的低幅下降，第四季度降幅將更大，原因是2024年第四季受益於一些特殊的收入項目，例如破損賠償和項目收入。剔除這些非核心收入的下降，我們預期經常性消費者業務收入將下降個位數中段，這反映了我們在該業務領域的進展。我們預計 DolFinTech 的推出不會對 2025 年產生實質影響，但我預計此次推出以及 FSC 協議的進一步簽署可能會在 2026 年產生更明顯的影響。

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 to 250 basis points.

整體而言，我們預期消費者業務部門的利潤率將下降 450 至 500 個基點，與 2023 年的水準相當。撇開我剛才提到的 2024 年非核心收入帶來的收益不談，我估計利潤率將下降約 200 至 250 個基點。

In summary, I remain encouraged by our outlook for growth in the B2B segment, where we have a backlog of partners to launch in our BaaS business. The growth of BaaS will drive deposit growth and we will continue to work to optimize the net yield of our balance sheet. While rapid! still faces headwinds, we have a new leader at the top of the organization who is aggressively rightsizing that business and putting more focus on EWA, where there is a large opportunity and I'm confident we can see success.

總而言之，我對我們在 B2B 領域的成長前景仍然充滿信心，我們在該領域還有大量合作夥伴需要在我們的 BaaS 業務中推出。BaaS 的成長將帶動存款成長，我們將繼續努力優化資產負債表的淨收益。速度很快！儘管仍面臨諸多不利因素，但我們公司高層迎來了一位新領導，他正在積極調整業務規模，並將更多精力放在 EWA 上，因為那裡有很大的發展機會，我相信我們能夠取得成功。

In the Money Movement segment, we still have several new partners to launch this year with a robust pipeline of business opportunities to drive the third-party business. This expectation reinforces my confidence that our investments in these areas are enabling us to capitalize on the vast opportunity within those markets. Though we still anticipate declines in our Consumer segment, we are preparing to launch DolFinTech, which has approximately 5,500 locations and we believe that we are likely to sign additional partners in the SSC channel, which should help moderate the overall decline of the channel.

在資金流動領域，我們今年仍將推出幾家新的合作夥伴，並擁有強大的業務機會儲備，以推動第三方業務的發展。這項預期增強了我的信心，即我們在這些領域的投資使我們能夠充分利用這些市場中的巨大機會。儘管我們仍預期消費者業務會下滑，但我們正準備推出 DolFinTech，該業務擁有約 5,500 個網點，我們相信我們可能會在共享服務中心 (SSC) 管道簽署更多合作夥伴協議，這應該有助於緩解該管道的整體下滑。

As a final note, we will be filing a shelf registration with the SEC to preserve financial flexibility and optionality. At this time, we have no plans to utilize the facility.

最後，我們將向美國證券交易委員會提交一份暫擱註冊申請，以保持財務靈活性和選擇權。目前我們沒有使用該設施的計劃。

With that, let me turn it back over to Bill for some closing comments.

接下來，我將把發言權交還給比爾，讓他做一些總結性發言。

Thank you, Jess. It was a solid quarter and we are pleased with the progress we are making as we sign, launch, and expand our partnerships, improve the profitability of our balance sheet, and continue executing on our operational imperatives, including realigning our resources to support our core priorities and growth strategy. We launched Samsung during the quarter, are preparing to launch crypto.com and other recently signed BaaS partners and we are optimistic about our opportunities in the financial services channel and the unique value proposition we offer.

謝謝你，傑西。這是一個穩健的季度，我們對在簽署、啟動和擴大合作夥伴關係、提高資產負債表盈利能力以及繼續執行我們的運營要務（包括重新調整資源以支持我們的核心優先事項和增長戰略）方面所取得的進展感到滿意。本季我們推出了三星，正準備推出 crypto.com 和其他最近簽約的 BaaS 合作夥伴，我們對在金融服務管道的機會以及我們提供的獨特價值主張充滿信心。

Just as important, those customers that we have worked with 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. 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 to modernize our technology infrastructure, build a more robust platform of products and services, and bolstered our business development efforts with new and existing partners and a healthy pipeline.

同樣重要的是，與我們合作多年的客戶繼續信任我們，幫助他們實現嵌入式金融的願景，我們很高興他們認識到與我們合作的價值。過去幾年，公司採取了多項措施並進行了大量投資，以使 Green Dot 能夠恢復可持續、可預測的成長。我們已投入資金實現技術基礎設施現代化，建立更強大的產品和服務平台，並透過與新舊合作夥伴的合作以及健康的業務拓展管道，加強了業務發展工作。

The organization is also focused on continuing to make investments to ensure our infrastructure can support the requirements of a growing customer base, including critical areas such as onboarding, customer care, and risk management. Green Dot is becoming a proactive, adaptive and resilient organization. As partners come and go, our foundation continues to strengthen with more partners, a stronger pipeline and more powerful and efficient platform, making us less susceptible and more resilient to market dynamics and partner decisions and circumstances.

該組織也致力於持續進行投資，以確保我們的基礎設施能夠滿足不斷增長的客戶群的需求，包括客戶入職、客戶服務和風險管理等關鍵領域。Green Dot正在成為一個積極主動、適應性強、具有韌性的組織。隨著合作夥伴的來來往往，我們的基礎不斷加強，擁有更多的合作夥伴、更強大的管道和更強大、更有效率的平台，使我們更不容易受到市場動態和合作夥伴決策及情況的影響，也更具韌性。

Over the last several years, we have become a more proactive, decisive company and have ensured that we have a better lens into our operations, our partners and our customers, enabling us to adapt as needed with a higher probability of success. As one partner sees declining volumes, we effectively replace and continue growing revenues through other partners.

在過去的幾年裡，我們變得更加積極主動、果斷，並確保我們能夠更好地了解我們的營運、合作夥伴和客戶，使我們能夠根據需要進行調整，並更有可能取得成功。當一個合作夥伴的業務量下降時，我們會有效地透過其他合作夥伴來彌補損失並繼續增加收入。

We were in a very different position just a few years ago, and I commend the team for their work to get us here and look forward to continuing that growth momentum. I am increasingly confident we are positioned to win in the embedded finance market and would like to thank the team for all of their hard work serving our customers, partners, and stakeholders.

幾年前，我們的處境截然不同，我讚揚團隊為使我們走到今天所付出的努力，並期待繼續保持這種成長勢頭。我越來越有信心，我們已經做好在嵌入式金融市場取得成功的準備，並感謝團隊為服務我們的客戶、合作夥伴和利害關係人所付出的辛勤努力。

With that, we are happy to take your questions.

那麼，我們很樂意回答您的問題。

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

現在開始問答環節。（操作說明）

Chris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Good afternoon. Thanks for taking the question. Leveraging the bank and the balance sheet to improve profitability, can you just talk about kind of where you are on that journey?

午安.感謝您回答這個問題。利用銀行和資產負債表來提高獲利能力，您能否談談您目前在這方面進展如何？

Well, we're really at just past the beginning stage. Jeff mentioned in his report that we repositioned part of the portfolio earlier in the year. And at our last Board meeting, we spoke with the Board about some more repositioning that will take place through the rest of the year. We've got some internal positions that need to be adjusted. We need to talk to the Board about our investment policy and we'll be making those changes through the rest of this year.

嗯，我們其實才剛過了起步階段。傑夫在他的報告中提到，我們在今年稍早調整了部分投資組合。在上次董事會會議上，我們與董事會討論了將在今年餘下時間進行的一些進一步調整。我們內部有一些職位需要調整。我們需要和董事會討論我們的投資政策，我們將在今年剩餘的時間裡進行這些調整。

Is there any way to quantify kind of the improving profitability of the bank as you kind of reposition it?

有沒有辦法量化銀行在重新定位後的獲利能力提升？

Yes, we're going to take the bond portfolio that we sold in, I guess, it was late -- or sorry, early Q2. We're repositioning that now. And then we'll take our deposit growth that currently is residing in cash and start to deploy that into generally floating rate securities. And some of those are going to be what I consider relatively low-risk investment securities, but nonetheless, provide, one, great solid liquidity in the event we need to sell them for any reason. And two, and probably more importantly, they provide a yield enhancement above cash.

是的，我們將收回我們在第二季末（或抱歉，是第二季初）出售的債券組合。我們正在重新調整策略。然後，我們將把目前以現金形式存在的存款成長部分，開始投資於一般為浮動利率的證券。其中一些證券在我看來屬於風險相對較低的投資證券，但即便如此，它們也能提供良好的流動性，以防我們出於任何原因需要出售它們。其次，而且可能更重要的是，它們可以提供高於現金的收益。

So the way to think about this is those securities would range somewhere between -- would yield something between 5% to almost 7%. So you can kind of use the balance sheet today and how it's constructed, assume that more cash is deployed into investment securities and those securities are going to be -- the new securities will be earning something in the range of 5% to 7%. And that's subject to -- I will just point out just because these are floating rate, they are subject to changes. They're tied to SOFR, which is highly tied to IRB. So they will be subject to fluctuations in overnight rates.

所以，我們可以這樣理解：這些證券的收益率會在 5% 到 7% 之間。所以，你可以利用今天的資產負債表及其構成方式，假設更多的現金被投入到投資證券中，而這些證券——這些新證券的收益率將在 5% 到 7% 之間。而且，由於這些是浮動利率，所以利率可能會改變。我只想指出這一點。它們與 SOFR 有關聯，而 SOFR 與 IRB 密切相關。因此，它們會受到隔夜匯率波動的影響。

Great. Thanks for that. And then just as a follow-up, any update on the strategic -- the review of the strategic alternatives? Thanks for taking the questions.

偉大的。謝謝。那麼，作為後續問題，關於戰略方案的審查，是否有任何最新進展？謝謝您回答問題。

Sure. And thanks for the question. As we mentioned in March that we were beginning a strategic review and in our first quarter call, we said we would come back when we feel we have significant information to provide the market. At this point, the review is still undergoing and we don't have an update to give at this point. And clearly, when we think we have something of real significance for the market, we'll make a further announcement.

當然。謝謝你的提問。正如我們在 3 月所提到的，我們正在開始一項策略評估，並且在第一季電話會議上，我們表示，當我們認為有重要資訊可以提供給市場時，我們會再次召開電話會議。目前審查仍在進行中，我們暫時沒有最新消息可以提供。顯然，當我們認為有對市場具有真正意義的東西時，我們會發布進一步的公告。

Understood. Thank you.

明白了。謝謝。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Hey, guys. This is Logan on for George. I want to start on your comments about shifting kind of the strategy to go after earned wage access. I was hoping you could give us a bit more detail in terms of what the shifts are and how they might enable you to win more business there.

嘿，夥計們。這是洛根替喬治解說。我想先談談你關於轉變策略，爭取獲得勞動所得工資的評論。我希望您能更詳細地介紹這些變化，以及它們如何能幫助您在那裡贏得更多業務。

Sure, Logan, this is Chris thank you for your --

當然，洛根，我是克里斯，謝謝你。--

Happy to. Logan, I appreciate the question. The shift is I would say that I classify it as we have had a -- the Paycard business resulted in or was mainly sold through territory managers that were geographically located, focusing on employer payroll card program selling to the payroll professionals. And so the shift there is a direct sales force selling EWA as their principal tool. And so we're focusing both marketing efforts and our sales resources on the EWA opportunity.

樂意之至。Logan，感謝你的提問。我認為這種轉變可以歸類為——支付卡業務主要透過地理位置各異的區域經理進行銷售，專注於向薪資專業人員銷售雇主薪資卡計畫。因此，目前的趨勢是，直接銷售團隊將 EWA 作為其主要工具進行銷售。因此，我們將行銷工作和銷售資源都集中在 EWA 的機會上。

The buyer there is slightly different. So they're focusing a different marketing mix, a different marketing motion to go after a greater number of employers in the EWA channel but leveraging on the same expertise of our sales team. We have a very highly productive competent sales professionals in an organization, and we're leveraging that capability, but now directed into EWA-specific buyers and influencers to drive adoption and then also combining that with changes in our marketing spend to generate a greater velocity in our sales pipeline for EWA.

那裡的買家略有不同。因此，他們正著力採用不同的行銷組合和不同的行銷策略，以期在 EWA 管道中吸引更多雇主，同時利用我們銷售團隊的相同專業知識。我們公司擁有一支高效能、能力出眾的銷售團隊，我們正在充分利用這一優勢，但現在將目標客戶鎖定在 EWA 的特定買家和影響者身上，以推動產品採用，同時結合行銷支出的變化，以加快 EWA 的銷售管道。

Got it. That's helpful. And just -- sorry, go ahead.

知道了。那很有幫助。抱歉，請繼續。

No, please go ahead, sorry.

不，請您繼續，不好意思。

I was just going to say as a follow-up, nice to see the competitive takeaway with credit test. I was hoping you could give us just a little more information there in terms of how long the deal took and sort of what you think enabled you to win that?

我本來想補充一點，很高興看到信用測驗中體現出的競爭優勢。我希望您能提供更多信息，例如這筆交易花了多長時間，以及您認為是什麼讓您最終贏得了這筆交易？

So I think it was relatively typical in our pipeline. So our average sales leads, not specifically with Credit Sesame, but overall, generally, our sales cycles are about a year, six months to a year, and that we fell in that line. I think that what enabled us to win it is the robustness of the Arc platform, our capabilities to provide features that are attractive to -- in the market for those looking for embedded finance capabilities and our ability within -- to leverage the Arc platform to specifically create solutions that tailor to the partners' vision for how to service their customer. And so we were able to demonstrate that to Credit Sesame as we are with many partners in the market to win competitive takeaways and competitive deals.

所以我認為這在我們生產線上算是比較典型的情況。所以，我們的平均銷售線索，不特別指 Credit Sesame，而是整體而言，一般來說，我們的銷售週期大約是一年、六個月到一年，而我們恰好符合這個規律。我認為我們能夠贏得這場競爭的關鍵在於 Arc 平台的強大功能，我們能夠提供對市場上尋求嵌入式金融功能的用戶極具吸引力的功能，以及我們能夠利用 Arc 平台專門創建符合合作夥伴服務客戶願景的解決方案。因此，我們能夠向 Credit Sesame 證明這一點，就像我們與市場上的許多合作夥伴一起贏得有競爭力的訂單和交易一樣。

Yeah. Let me just add. We onboarded customer in '23, one customer in '24, and we're going to onboard seven customers this year. I think that's a tribute to the organization that Chris has put together and he's modestly saying about taking this away, but it's really about an organization that Green Dot now has to win in the competitive space.

是的。我再補充一點。我們在 2023 年迎來了一位客戶，2024 年迎來了一位客戶，今年我們將迎來七位客戶。我認為這是對克里斯組建的團隊的肯定，他謙虛地表示自己要奪走這個榮譽，但這實際上關乎綠點公司現在必須在競爭激烈的市場中贏得勝利。

And thank you, Bill. I appreciate that addition. I would add to that, we've talked for -- from over many earnings calls over multiple years about the transformation of our technology platform and the improvement in that platform. And those investments are critical and have been critical and are leveraging those into the marketplace and demonstrating our value to the marketplace for embedded finance solutions and platform.

謝謝你，比爾。我很欣賞這項補充。我還要補充一點，在過去的幾年裡，我們透過多次財報電話會議討論了我們技術平台的轉型和改進。這些投資至關重要，而且一直至關重要，我們正在利用這些投資進入市場，並向市場展示我們在嵌入式金融解決方案和平台方面的價值。

Understood. Congrats on the quarter and I'll turn it over to others.

明白了。恭喜你本季取得好成績，接下來就交給其他人了。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Hey, guys. This is Logan on for Mike. First, it was nice to see adjusted revenue and EBITDA up 24% and 34% year over year. Can you guys provide some additional color on what's exactly driving the growth from existing B2B partners and any feedback you're receiving from partners? Thanks.

嘿，夥計們。這裡是洛根替麥克報道。首先，令人欣喜的是，調整後的營收和 EBITDA 分別年增了 24% 和 34%。能否詳細說明一下，究竟是什麼因素推動了現有 B2B 合作夥伴的成長，以及你們從合作夥伴那裡收到了哪些回饋？謝謝。

Chris, do you want to talk that?

克里斯，你想談談這個嗎？

Sure. I think specifically in the B2B space, we're seeing partners that are twofold. We -- and we talked about it a bit in our -- in the earnings call itself is we're expanding the solution sets for those partners. So with our largest BaaS partner, we're working with them regularly to develop new feature sets to drive engagement with their customers, drive continuing monetization of that activity for those partners and drive the revenues of the business. We're seeing that, and we're pursuing that down with every partner.

當然。我認為尤其是在 B2B 領域，我們看到一些合作夥伴具有雙重屬性。我們在財報電話會議上也稍微談到了這一點，那就是我們正在擴大為這些合作夥伴提供的解決方案集。因此，我們與最大的 BaaS 合作夥伴定期合作，開發新的功能集，以提高其客戶的參與度，推動這些合作夥伴持續實現該活動的貨幣化，並推動業務收入。我們已經看到了這一點，並且正在與每位合作夥伴一起努力解決這個問題。

So with each partner, we're building a road map for them of features that we can add of new ways that they want to serve their customers and then are resourcing that pipeline to allow us to have not just growth in the program, so working with them on their marketing programs to get greater adoption in their user bases. But within those customers that are that are already engaging to make sure that we're able to increase the products and feature sets that are available to them to drive further engagement and revenue within those partnerships and in those product sets. And so that's where we see it. It's twofold. It's the marketing programs to drive adoption and it is with those partners, and it's the feature set to grow the engagement with the customers.

因此，我們與每個合作夥伴一起制定路線圖，為他們添加我們可以添加的功能，以及他們希望以新的方式服務客戶，然後為該渠道提供資源，使我們不僅能夠實現項目增長，還能與他們合作開展營銷計劃，從而在用戶群中獲得更大的採用率。但對於那些已經參與其中的客戶，我們要確保能夠增加他們可用的產品和功能集，從而推動這些合作關係和產品集中的進一步參與和收入成長。所以，我們就是在那裡看到的。有兩方面原因。是行銷計劃推動了產品採用，是與合作夥伴共同努力的結果；是功能集提高了客戶參與度。

And I would just add, I think, Chris, you've also been successful in some of your renewals where you've been able to increase the overall economics through the long-term renewals in addition to driving engagement, et cetera, with the underlying base of consumers with those partners.

我還要補充一點，克里斯，我認為你在一些續約方面也取得了成功，你透過長期續約提高了整體經濟效益，同時也提高了與這些合作夥伴的潛在消費者群體的參與度等等。

I think -- go ahead.

我認為——你繼續。

That was very helpful color there. And then one more from us. Is there anything else to call out on the crypto.com partnership just with how that process is going, long-term expectations there? Thank you.

那是一種非常有用的顏色。然後我們再來一個。關於crypto.com的合作關係，就目前的發展進程和長期預期而言，還有什麼需要指出的嗎？謝謝。

At this point, I think just -- I think we're very excited about the possibilities of that partnership. We think that there is a long-term road map that we can continue to provide value for crypto.com and into their customer base. And so we look forward to working with them on that. And our -- the teams are working closely and in concert to be able to bring that our current solution set to market.

目前，我認為——我認為我們對這種合作關係的可能性感到非常興奮。我們認為，我們可以製定長期發展路線圖，繼續為 crypto.com 及其客戶群創造價值。因此，我們期待與他們在這方面展開合作。我們的團隊正在緊密合作，齊心協力，以便將我們目前的解決方案推向市場。

I think both parties are excited about the partnership and our progress to date. So nothing to share other than that. I think we're -- we believe it's the -- is the right basis for a long-term successful partnership.

我認為雙方都對這項合作以及迄今為止的進展感到興奮。除此之外，沒什麼好分享的了。我認為我們——我們相信——是建立長期成功合作關係的正確基礎。

Got it. Thank you, guys. Congrats on the quarter.

知道了。謝謝大家。恭喜你本季取得佳績。

Okay. Thank you very much. Well, that concludes the questions we have, and I want to thank you for attending our earnings call and the questions that you asked. We're all pretty optimistic about the future of Green Dot. So thank you very much, and I hope everybody has a good evening.

好的。非常感謝。好了，我們的問題就這些了，感謝各位參加我們的財報電話會議並提出問題。我們都對 Green Dot 的未來相當樂觀。非常感謝，祝大家晚上愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。