Green Dot Corp (GDOT) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Green Dot 公司 2025 年第三季電話會議。（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 Timothy Willi of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的蒂莫西·威利。請繼續。

Thank you and good afternoon, everyone. Today we're discussing Green Dot's third-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，下午好。今天我們來討論 Green Dot 2025 年第三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 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 different 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.

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。

Quantitative reconciliation of our non-GAAP financial information to the directly comparable GAAP financial information appears in today's press release. The content of this call is property of the Green Dot Corporation and is subject to copyright protection.

今天的新聞稿中公佈了我們的非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 Corporation 所有，受版權保護。

Now, I'll turn it over to Bill. Bill?

現在，我把麥克風交給比爾。帳單？

Good afternoon and thank you for joining our third-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 and observations before taking your questions.

下午好，感謝各位參加我們2025年第三季財報電話會議。今天，我將首先對本季的情況做一些評論，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進展。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。

First, regarding the strategic review, we continue to make progress, and we will provide updates when appropriate.

首先，關於策略評估，我們持續取得進展，我們將在適當的時候提供最新資訊。

Now let's turn to the quarter. It was a strong third quarter with results continuing to outpace our expectations. Adjusted revenue was up 21%, and while adjusted EBITDA declined 17%, and while a decline was expected, our EBITDA in the quarter was substantially better at internal projections. Jess will provide more detail on our financial results shortly.

現在我們來看季度。第三季業績表現強勁，持續超乎預期。調整後的營收成長了 21%，而經調整後的 EBITDA 下降了 17%，儘管下降在意料之中，但我們本季的 EBITDA 比內部預測要好​​得多。傑西稍後將提供更多關於我們財務業績的詳細資訊。

The team remains 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 position the company for sustainable long-term growth.

團隊將繼續專注於加強我們的收入引擎，在本季度簽約並推出新的合作夥伴，擴大營運規模並節省成本，並投資於我們的基礎設施以支持客戶和合作夥伴，同時確保我們為公司的可持續長期增長做好準備。

As part of these efforts, we moved to cease operations in Shanghai in support of our business needs and growth strategy, including our goals to optimize our platforms and processes and reduce operational and geopolitical risks. We are pleased with the progress we've made on these initiatives thus far and with the transition, our teams have delivered on behalf of our partners and customers.

作為這些努力的一部分，我們停止了在上海的運營，以支持我們的業務需求和成長策略，包括優化我們的平台和流程以及降低營運和地緣政治風險的目標。我們對迄今為止在這些措施上的進展感到滿意，我們的團隊在過渡期間為我們的合作夥伴和客戶做出了貢獻。

We are seeing continued momentum and increasing demand in embedded finance, including the broad range of banking as a service and money processing tools and features buffered from our end-to-end configurable embedded finance platform, Arc.

我們看到嵌入式金融領域持續保持成長勢頭，需求不斷增加，其中包括來自我們端到端可配置嵌入式金融平台 Arc 的各種銀行即服務和資金處理工具及功能。

During the quarter we announced the launch of a Crypto.com's cash earned products feature, launched real-time payments with Dayforce, and announced a new partnership with Stripe, as well as new signings with Workday for EWA and Amscot in the FSC channel. We are preparing for product launches with DolFinTech, Credit Sesame, and other partners across the franchise, and we continued building a strong, healthy pipeline to fuel future growth.

本季度，我們宣布推出 Crypto.com 的現金賺取產品功能，與 Dayforce 合作推出即時支付，並宣布與 Stripe 建立新的合作夥伴關係，以及與 Workday 就 EWA 和 Amscot 在 FSC 管道簽署新的協議。我們正與 DolFinTech、Credit Sesame 以及其他合作夥伴共同籌備產品發布，並持續建立強大、健康的管道，以推動未來的成長。

On our last call, I discussed our focus on the importance of improving the profitability of our balance sheet. We are making progress in those efforts with a growing list of customers, particularly on our Arc platform, we view balance sheet growth, not just transactions and account growth as another growth driver in the company. The balance sheet is an important component of our growth and earnings story, and we intend to continue to invest in our ability to manage that growth and improve its profitability.

在上次通話中，我討論了我們重點關注的提高資產負債表盈利能力的重要性。我們正努力取得進展，客戶名單不斷成長，尤其是在我們的 Arc 平台上，我們認為資產負債表的成長，而不僅僅是交易和帳戶的成長，是公司的另一個成長動力。資產負債表是我們成長和獲利故事的重要組成部分，我們將繼續投資於我們管理成長和提高獲利能力的能力。

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're continuing to build on the momentum we saw in the first half of the year. The third quarter was busy with new business winds, partner launches, and collaborating with our vast retail and GDN partners on new initiatives to deliver growth both for us and our partners.

謝謝你，比爾，大家下午好。正如比爾所提到的，我們正在繼續保持上半年取得的良好勢頭。第三季我們忙於應對新的業務機會、合作夥伴的推出，以及與我們龐大的零售和 GDN 合作夥伴開展新舉措，以期為我們和我們的合作夥伴帶來成長。

Let me touch on several of the more noteworthy developments since our last earnings call. In October, we announced the launch of Crypto.com's Cash Earn feature, a high yield savings feature added to Crypto.com's seamless embedded banking experience. And the initial results are encouraging. We are continuing to explore additional products and features we can bring to Crypto.com's platform in the future.

讓我談談自上次財報電話會議以來幾個比較值得關注的進展。10 月，我們宣布推出 Crypto.com 的 Cash Earn 功能，這是一項高收益儲蓄功能，已添加到 Crypto.com 無縫嵌入式銀行體驗中。初步結果令人鼓舞。我們將繼續探索未來可以為 Crypto.com 平台帶來的更多產品和功能。

Our financial service center channel is also presenting exciting possibilities and growth opportunity. As Bill mentioned, we are very pleased to announce a new agreement with Amscot, a financial service center leader, and is a valued money processing partner on a our Green Dot Network. And as part of the new agreement, we'll expand our relationship to include a demand deposit account offered at Amscot's 235 locations.

我們的金融服務中心管道也展現出令人興奮的可能性和成長機會。正如比爾所提到的，我們非常高興地宣布與金融服務中心領導者 Amscot 達成一項新協議，Amscot 是我們 Green Dot Network 上重要的資金處理合作夥伴。作為新協議的一部分，我們將擴大合作關係，在 Amscot 的 235 個網點提供活期存款帳戶。

Additionally, we are excited about the expected launch of DolFinTech's banking product in retail locations across the country in December. With approximately 5,500 agent locations, DolFinTech will build on our momentum in the FSC market. This launch, coupled with our relationship with PLS and another recently signed FSC partner, including Amscot, are expected to drive new account growth in a relatively new market for Green Dot. That is expected to help offset the declines that we've seen in our retail channel in recent years.

此外，我們對 DolFinTech 的銀行產品預計將於 12 月在全國各地的零售據點推出感到興奮。DolFinTech 擁有約 5,500 個代理點，將繼續鞏固我們在金融服務市場的發展勢頭。此次發布，加上我們與 PLS 以及最近簽約的另一家 FSC 合作夥伴（包括 Amscot）的關係，預計將推動 Green Dot 在一個相對較新的市場中實現新客戶成長。預計這將有助於抵消近年來我們在零售通路看到的下滑。

We continue to see the FSC channel as an attractive opportunity. These partners are more engaged with their customers, and we believe will view our products as top of wallet offerings with higher engagement than our traditional retail business. We are all also working diligently to prepare the launch of Credit Sesame, which we announced as a new customer on our last earnings call and are targeting to launch early next year.

我們仍然認為FSC管道是一個很有吸引力的機會。這些合作夥伴與客戶的互動更加頻繁，我們相信他們會將我們的產品視為消費者錢包中的首選，並且與我們傳統的零售業務相比，他們的參與度會更高。我們也在努力準備推出 Credit Sesame，我們在上次財報電話會議上宣布了這家新客戶，目標是在明年初推出。

Credit Sesame is a leading tech-driven personal finance platform that has served 18 million consumers since its founding in 2010. Both Green Dot and Credit Sesame are aligned in our respective missions to improve the financial lives of moderate and low-income customers, and this partnership to power their Credit Sesame account is a key business win and partnership for Green Dot.

Credit Sesame 是一家領先的科技驅動型個人理財平台，自 2010 年成立以來已為 1,800 萬消費者提供服務。Green Dot 和 Credit Sesame 在改善中低收入客戶的財務生活這一使命上不謀而合，此次合作將為他們的 Credit Sesame 帳戶提供支持，對 Green Dot 而言是一項重要的業務勝利和合作關係。

As Bill mentioned, you may have also seen our announcement about our new partnership with Workday, offering our EWA platform in their marketplace. EWA is a product offering that we believe has broad applicability to the US economy, particularly middle- and lower-income workers. Our go-to-market strategy includes aligning with platform partners as a key part of that effort, and I'm thrilled to have a leading platform like Workday choose to partner with us.

正如比爾所提到的，您可能也已經看到了我們關於與 Workday 建立新合作夥伴關係的公告，我們將在他們的市場中提供我們的 EWA 平台。我們認為 EWA 是一款適用於美國經濟，特別是中低收入勞工的產品。我們的市場推廣策略包括與平台合作夥伴建立合作關係，這是該策略的關鍵組成部分，我很高興像 Workday 這樣的領先平台選擇與我們合作。

In our money processing division, we recently announced a new partnership with Stripe. For those that are not familiar with Stripe, they are a global industry leading payment and financial infrastructure platform viewed as a pioneer in the next-generation of financial services and payments. We will partner with Stripe to enable the SMB customers on their platform to leverage our Green Dot Network and make cash deposits at more than 50,000 locations with additional enhancements and capabilities possible in the future.

在我們的資金處理部門，我們最近宣布與 Stripe 建立新的合作關係。對於不熟悉 Stripe 的人來說，Stripe 是一家全球領先的支付和金融基礎設施平台，被視為下一代金融服務和支付領域的先驅。我們將與 Stripe 合作，使他們平台上的中小企業客戶能夠利用我們的 Green Dot 網路在超過 50,000 個地點進行現金存款，未來還可能增加更多增強功能。

In my opinion, this partnership is noteworthy from two perspectives. First, being chosen by a leading global embedded finance pioneer speaks to the strength of Green Dot, our capabilities and unique position of the Green Dot Network.

在我看來，這項合作從兩個方面來看都值得關注。首先，被全球領先的嵌入式金融先驅企業選中，這體現了 Green Dot 的實力、我們的能力以及 Green Dot 網路的獨特地位。

Second, combined with our partnership with Clip Money, I believe it validates the opportunity in the SMB market, which is a new area of focus for us and a market that is sizable.

其次，結合我們與 Clip Money 的合作，我相信這驗證了中小企業市場的機遇，這是我們新的關注領域，也是一個規模龐大的市場。

Last, in our tax business, we expect to finalize a partnership with a leading franchise platform that has chosen us for technology, stability, and growing array of products and services. This is the first sizable partner in the franchise area of tax services in many years, and we expect to launch on our platform for the 26th tax season.

最後，在稅務業務方面，我們預計將與一家領先的特許經營平台達成合作，該平台選擇我們是因為我們擁有技術、穩定性以及不斷增長的產品和服務範圍。這是多年來我們在稅務服務特許經營領域迎來的第一個規模較大的合作夥伴，我們預計將在第 26 個報稅季在我們的平台上推出。

At the earnings call last quarter, I talked about our increased focus on working with existing partners to deliver value, extend our relationships to drive growth for our partners and Green Dot. We continue to see success in these efforts. I specifically referenced an embedded finance partner where we have seen revenue and contribution. That is approximately 55% higher than what we had expected when we signed that customer.

在上個季度的財報電話會議上，我談到了我們更加重視與現有合作夥伴合作，以創造價值，拓展我們的關係，從而推動合作夥伴和 Green Dot 的成長。我們持續看到這些努力取得成功。我特別提到了一家嵌入式財務合作夥伴，我們已經看到了他們的收入和貢獻。這比我們當初簽下這位客戶時預期的價格高出約 55%。

Building on that success, we will be launching a new payment product with them that should further drive growth above our initial expectations.

基於這項成功，我們將與他們合作推出一款新的支付產品，預計將進一步推動成長，超越我們最初的預期。

In our rapid! employer services division, we have renewed one of our largest channel partners, bringing more of the customer experience and operational support under Green Dot's control, and improving economics.

在我們快速的！在雇主服務部門，我們續簽了我們最大的通路合作夥伴之一的合同，將更多的客戶體驗和營運支援置於 Green Dot 的控制之下，從而改善了經濟效益。

Lastly, in our BaaS division, we renewed another large partner with improved economics and a path to a deeper, more robust partnership. I think these all demonstrate the value we're able to bring to customers after the initial signing and launch.

最後，在我們的 BaaS 部門，我們與另一家大型合作夥伴續簽了合同，經濟效益得到改善，並有望建立更深入、更穩固的合作關係。我認為這些都體現了我們在簽約和產品發布後能夠為客戶帶來的價值。

Lastly, I'd like to touch on a bit on the outlook for the embedded finance market. I recently joined the team at Money 2020, one of the largest fintech and payments conferences in the US and I can tell you that based on the volume of meetings, interest in our platform and variety of companies and executives we met with, the embedded finance market is not only robust but accelerating.

最後，我想稍微談談嵌入式金融市場的前景。我最近加入了 Money 2020 團隊，這是美國最大的金融科技和支付會議之一。我可以告訴你，根據會議的數量、對我們平台的興趣以及我們接觸到的公司和高管的種類來看，嵌入式金融市場不僅發展強勁，而且還在加速成長。

This belief is supported by a recent study we conducted with Payments.com, which we released two weeks ago and is featured on our website. Based on over 500 respondents, the survey clearly points to companies prioritizing embedded finance as a revenue growth and value driver. Approximately 94% of respondents reported that they planned to increase spending on the embedded finance, with 76% saying they'll increase investments in the next 12 months.

這一觀點得到了我們最近與 Payments.com 合作進行的一項研究的支持，該研究於兩週前發布，並在我們的網站上進行了專題報道。根據 500 多名受訪者的調查結果，很明顯，各公司都將嵌入式金融視為收入成長和價值驅動因素。約 94% 的受訪者表示計劃增加對嵌入式融資的支出，其中 76% 的受訪者表示將在未來 12 個月內增加投資。

The overarching catalyst for their spending plans is to improve financial outcomes by deepening relationships with their customers and employees and differentiating their brands.

他們支出計劃的根本動力是透過加深與客戶和員工的關係以及建立差異化品牌來改善財務表現。

So in summary, we continue to work on finding new partners, launching new partners, and growing in a market where companies are increasingly prioritizing embedded finance as a way to differentiate and drive deeper relationships with their customers and employees.

總而言之，我們將繼續努力尋找新的合作夥伴，推出新的合作夥伴，並在一個企業越來越重視嵌入式金融以求差異化並與客戶和員工建立更深層次關係的市場中發展壯大。

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

接下來，我將把發言權交給傑西，讓她來談談我們第三季的業績。傑西？

Thank you, Chris, and good afternoon, everyone. In the third quarter, our non-GAAP revenue grew 21% year over year, while adjusted EBITDA declined 17%. Our top-line growth was primarily issued by the performance of our B2B segment and interest income. So this was partially offset by ongoing trends in our consumer segment. Although adjusted EBITDA declined, the reduction was substantially less than anticipated, largely due to high margin revenue growth continued expense management efforts and certain favorable timing factors.

謝謝你，克里斯，大家下午好。第三季度，我們的非GAAP營收年增21%，而調整後的EBITDA下降了17%。我們的營收成長主要得益於 B2B 業務的業績和利息收入。因此，消費者群體持續成長的趨勢在一定程度上抵消了這種影響。儘管調整後的 EBITDA 有所下降，但降幅遠小於預期，這主要是由於高利潤率的收入成長、持續的費用管理努力以及某些有利的時機因素。

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 in key metrics.

現在讓我談談影響我們各業務板塊業績的因素。有關關鍵指標的細分市場結果，請參閱我們的新聞稿和季度簡報。

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 over 30% continues to be driven by a significant BaaS partner along with growth in the rest of the BaaS portfolio.

首先是我們的 B2B 業務板塊，它由我們的 BaaS 管道組成，由我們的 Arc 平台和快速的 BaaS 業務提供支援！雇主服務部。營收成長略高於 30%，這主要得益於一個重要的 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. We're doing a great job helping our partners grow their programs and find new ways to offer more products and services to their customers.

隨著我們與現有合作夥伴攜手推動成長並推出新合作夥伴，BaaS通路的關鍵營運指標（如活躍帳戶和購買量）持續穩定成長。我們為合作夥伴的發展發展做出了巨大貢獻，並幫助他們找到了向客戶提供更多產品和服務的新方法。

At the same time, we're focused on the partnerships we've just rolled out and busy working on new integrations. Thanks to what we've achieved so far in the strong pipeline of upcoming launches and opportunities, I really good about the BaaS Channel keeping up its positive momentum.

同時，我們正專注於剛推出的合作關係，並忙於進行新的整合。由於我們迄今為止在即將推出的產品和機會方面取得的強勁進展，我對 BaaS 通路保持積極發展勢頭感到非常樂觀。

A rapid! employer services channel continues to show the challenges faced by our partners in the staffing industry. Similar to previous quarters, revenue declined because there were fewer active accounts and less transaction activity. Although the staffing sector has yet to recover, the new leadership team has achieved strong year-to-date sales of new employer partnerships. They have also shifted more sales support towards earned wage access. They continued to integrate with new payroll platforms such as Workday to pursue new market opportunities.

速度很快！雇主服務頻道持續展現我們在人力資源產業的合作夥伴所面臨的挑戰。與前幾季類似，由於活躍帳戶數量減少和交易活動減少，收入有所下降。儘管人力資源產業尚未復甦，但新的領導團隊在今年迄今的新雇主合作關係銷售方面取得了強勁的成績。他們也將更多銷售支持轉向工資獲取途徑。他們不斷與 Workday 等新的薪資平台進行整合，以尋求新的市場機會。

Despite being an early-stage part of our offering, we remain optimistic about EWA due to its larger potential market and stronger profit margins. Overall, the B2B segment profit grew year over year, driven by an increase in our BaaS channel, although BaaS margins slightly declined due to revenue composition, particularly from the growth of the significant BaaS partner.

儘管 EWA 是我們產品組合中尚處於早期階段的部分，但由於其更大的潛在市場和更強的利潤率，我們仍然對其持樂觀態度。總體而言，B2B 業務利潤年增，這主要得益於 BaaS 通路的成長；儘管由於收入組成（尤其是來自重要的 BaaS 合作夥伴的成長），BaaS 利潤率略有下降。

Margin in our rapid! employer services channel decreased compared to last year, primarily because Q3 2024 benefited from one-time cost reductions. Absent the one-time cost reduction of last year, this quarter's margin for the employer services group through year over year from a continued focus on expense management and operational improvements.

我們快速的利潤空間！與去年相比，雇主服務管道有所下降，主要是因為 2024 年第三季受益於一次性成本削減。除去去年的一次性成本削減，由於持續關注費用管理和營運改進，本季度雇主服務集團的利潤率同比有所增長。

Similar to the last quarter, our corporate segment revenues consisting primarily of interest income, net of partner interest sharing grew sharply year over year. We benefited from rate cuts in the second half of last year that improved the balance between what we earn on cash and investments and what we share with partners.

與上一季類似，我們公司部門的收入主要由利息收入構成，扣除合夥人利息分成後，較去年同期成長顯著。去年下半年的降息政策使我們受益，改善了現金和投資收益與合作夥伴收益之間的平衡。

We've also been focused on optimizing our balance sheet. This year we've already repositioned the portion of our securities portfolio, and we've been investing more cash in high grade floating rate securities that bring in better yield. Because we're improving our asset mix and growing deposits in our BaaS business, we expect interest income to play a more prominent role in our results moving forward.

我們也一直致力於優化資產負債表。今年我們已經調整了證券投資組合的配置比例，並將更多現金投資於更高收益率的優質浮動利率證券。由於我們正在改善資產組合，並增加 BaaS 業務的存款，我們預計利息收入將在未來的表現中發揮更重要的作用。

I'd also like to highlight that this top-line growth comes with little to no incremental cost. Expenses in the corporate segment were up due to higher bonus accruals with our improved earnings performance, and year-over-year timing of investments in our regulatory infrastructure.

我還想強調，這種營收成長幾乎沒有增加任何成本。由於獲利能力提高，獎金提列增加，以及監管基礎設施投資的年度時間安排，公司部門的支出增加。

Next is our money movement segment, which includes our tax processing business and our money processing business. While Q3 is generally a seasonally slow quarter for our tax business, we grew revenue and profit year over year. Our margin in this channel expanded considerably from a better than expected loss rate on our taxpayer advance program.

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。雖然第三季通常是我們稅務業務的淡季，但我們的收入和利潤都實現了同比增長。由於納稅人預付款計畫的虧損率低於預期，我們在該通路的利潤率大幅提高。

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.

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。

We're excited about a new partner in the franchise market that will contribute to growth in the coming years.

我們很高興在特許經營市場迎來一位新的合作夥伴，這將有助於我們在未來幾年內實現成長。

Revenue in our money processing business driven mainly by cash transfer volumes on the Green Dot Network, declined consistent with the decrease in transactions, driven by softness in both our consumer segments active BaaS and third-party programs.

我們的資金處理業務收入主要受 Green Dot Network 現金轉帳量的影響，隨著交易量的減少而下降，這主要是由於我們的消費者部門（包括活躍的 BaaS 和第三方程序）的疲軟所致。

While active accounts in our consumer segment have continued to stabilize because of a ramp in new financial service center partners, these programs, at least for a time being, generate fewer reloads per active account than our branded programs in retail, which continue to experience consistent mid-teens percentage declines.

雖然由於新的金融服務中心合作夥伴的增加，我們消費者領域的活躍帳戶數量持續趨於穩定，但至少在目前，這些項目每個活躍帳戶的充值次數少於我們在零售領域的品牌項目，後者持續經歷著十幾個百分點的下降。

Third-party cash transfers were down 5% 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 were up in the lower to mid-single-digits in the quarter. This shift away from low revenue transactions led to an increase in our average revenue per transaction compared to last year, helping to partially offset the overall revenue impact from lower transaction volume.

第三方現金轉帳年減 5%，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，本季第三方交易量增加了個位數百分比。與去年相比，這種減少低收入交易的趨勢導致我們每筆交易的平均收入增加，這有助於部分抵消交易量下降對整體收入的影響。

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. This, together with recent launches of new cash transfer and digital disbursement partnerships such as Stripe and others, a solid schedule of additional launches anticipated in the coming months and continued moderation in the rate of decline in our consumer business, give us confidence that we are well positioned to re-accelerate momentum from previous quarters.

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。此外，隨著近期與 Stripe 等公司推出新的現金轉帳和數位支付合作夥伴關係，以及未來幾個月預計將推出的一系列其他服務，再加上我們消費者業務下滑速度的持續放緩，我們有信心能夠重新加速實現前幾季的成長勢頭。

Profitability in the segment remains strong, with margins up approximately 300 basis points. Margin improvement in tax offset some modest pressure in our money processing business with the decline in revenue.

該業務板塊的獲利能力依然強勁，利潤率提高了約 300 個基點。稅收利潤率的提高抵消了貨幣處理業務收入下降帶來的一些輕微壓力。

Now I'll turn to our consumer services segment, which is comprised of our retail and direct channels. While the consumer segment continues to face challenges from ongoing trends in the retail channel and pressures in the direct channel, declines in segment revenue into active accounts have moderated compared to previous years.

現在我將轉向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。儘管消費者部門持續面臨零售通路持續趨勢和直銷通路壓力帶來的挑戰，但與往年相比，活躍帳戶部門收入的下降幅度已經有所緩和。

However, this third quarter did see a slight increase in the rate of decline. So this remains significantly lower than rates observed prior years as retail with the clients have also shown signs of moderation.

然而，第三季下降速度略有加快。因此，這一數字仍遠低於往年觀察到的水平，零售業與客戶的接觸也出現了放緩的跡象。

In the retail channel, active accounts were down only 4% from the prior year. And this notable moderation in declines is largely due to our partnership with PLS and efforts to enhance customer experience, optionality, and retention.

在零售通路，活躍帳戶數量僅比前一年下降了 4%。而這種顯著的下滑趨勢主要歸功於我們與 PLS 的合作以及我們為提升客戶體驗、增加選擇餘地和提高客戶留存率所做的努力。

Year to date, we continue to see growth in metrics like purchase volume and revenue per customer. Given our ongoing efforts to enhance customer retention, the upcoming launch of DolFinTech and another recently signed FSC partner, as well as a renewal of key agreements with Walmart, I'm optimistic that the decline in retail will be more moderate than prior years. The decrease in active accounts continued to stabilize, and I'm confident in our strategy to strengthen customer engagement through new products and features.

今年以來，我們看到購買量和每位客戶的收入等指標持續成長。鑑於我們不斷努力提高客戶留存率，即將推出 DolFinTech 和最近簽署的另一家 FSC 合作夥伴，以及與沃爾瑪續簽的關鍵協議，我對零售業的下滑幅度將比往年更為溫和持樂觀態度。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。

Additionally, by expanding in the new market such as the FSC channel, we anticipate onboarding new partners and increasing our market share. Our efforts to reposition the direct channel continue. Due to reduced marketing spend over the last year, revenue and actives have remained under pressure, more so than in the prior two years.

此外，透過拓展 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。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，收入和活躍用戶數持續承壓，比前兩年承壓程度更大。

We remain focused on developing a more robust product in enhancing the cost interface to drive improved customer acquisition and retention. We remain committed to investing in the platform and 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 goals to return this division to positive revenue growth.

我們將繼續專注於開發更強大的產品，增強成本介面，以推動提高客戶獲取和保留率。我們將繼續致力於平台投資，並在成長投資和獲利能力之間取得平衡。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 down over 400 basis points from last year due primarily to the declines in revenue, revenue mix, and we had some high margin revenue last year related to a program and runoff that is no longer contributing to our results.

整體業務利潤率較去年下降超過 400 個基點，主要原因是收入下降、收入結構變化，以及去年我們有一些與項目和後續項目相關的高利潤率收入，但這些項目和後續項目不再對我們的業績做出貢獻。

Before turning to our expectations for the rest of the year, I want to point out the new restructuring line item on the face of our GAAP P&L. That line item represents the cost associated with the exit of our Shanghai operation and primarily consists of severance expenses. Although a tough decision, exiting our overseas operation was best for productivity and overall expense management long-term.

在展望今年剩餘時間的預期之前，我想指出我們 GAAP 損益表上新增的重組項目。此項費用代表我們退出上海業務的相關成本，主要包括遣散費。雖然這是一個艱難的決定，但從長遠來看，退出海外業務對提高生產力和整體費用管理都是最好的選擇。

Now let me provide you with updated guidance for 2025. Provided the current volatility in the economy does not significantly impact customers' behavior or our business in general, we are adjusting our guides as follows.

現在讓我為您提供2025年的最新指導。如果當前經濟的波動不會對客戶的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我們的指南。

We continue to expect non-GAAP revenue of $2 billion to $2.1 billion consistent with our prior guidance. We now expect adjusted EBITDA of $165 million to $175 million, up from the previous guidance of $160 million to $170 million. And we now expect GAAP -- non-GAAP EPS of $1.31 to $1.44 that's compared to our prior guidance of $1.28 to $1.42.

我們仍然預期非GAAP收入為20億美元至21億美元，與我們先前的預期一致。我們現在預計調整後 EBITDA 為 1.65 億美元至 1.75 億美元，高於先前預期的 1.6 億美元至 1.7 億美元。我們現在預計 GAAP 非 GAAP 每股收益為 1.31 美元至 1.44 美元，而我們之前的預期為 1.28 美元至 1.42 美元。

As in by our guidance, we expect consolidated revenue growth in Q4 to be in the upper single-digits with adjusted EBITDA margin down roughly 700 basis points from last year due to some tough comparisons in the consumer channel and some incremental spending that we planned for the quarter.

正如我們先前的預期，我們預計第四季度合併收入成長將達到個位數以上，調整後的 EBITDA 利潤率將比去年下降約 700 個基點，原因是消費管道的同比數據較為嚴峻，以及我們為本季度計劃的一些額外支出。

For the year, I expect our segment results to play out as follows. B2B segment revenue is expected to grow in the low 30% range, with 50 to 100 basis points of margin decline, driven largely by revenue mix due to strong growth in our BaaS division.

今年，我預計我們各業務板塊的業績將如下。B2B 業務收入預計將成長 30% 左右，利潤率將下降 50 至 100 個基點，這主要是由於 BaaS 部門的強勁成長導致收入結構發生變化。

Money movement, segment revenue is now expected to see flattish revenue growth with margins up to 450 to 500 basis points given the strength of the tax processing business, the favorable mix shift in money processing, and continued vigilance on expense across the segment. Consumer segment revenue is projected to decline in the low double-digits.

由於稅務處理業務的強勁表現、資金處理業務的有利組合轉變以及對整個業務部門持續控制支出的謹慎態度，預計資金流動業務的收入增長將趨於平穩，利潤率可達 450 至 500 個基點。預計消費者業務收入將出現兩位數的低幅下滑。

Overall, we expect consumer segment margins to be down 450 to 500 basis points, and at the level comparable to 2023. Excluding the benefits of the non-core revenue in 2024 that I just mentioned, I estimate that margins will be down approximately 250 basis points.

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

Last, I would like to briefly touch on our ongoing efforts to drive operational efficiency and productivity. For some time now, we have been intently focused on managing costs, streamlining our organization, and driving efficiency. We recently made the decision to exit our Shanghai operation. While this was not an easy decision, this effort will result in some modest cost savings while also approving our ability to deliver on our investment priorities more efficiently and with greater speed and agility.

最後，我想簡要地談談我們為提高營運效率和生產力所做的持續努力。一段時間以來，我們一直致力於控製成本、精簡組織架構和提高效率。我們最近決定退出上海業務。雖然這不是一個容易的決定，但這項努力將帶來一些適度的成本節約，同時也將提高我們實現投資重點的效率、速度和靈活性。

Looking at all that we have done over the years to reduce costs and drive efficiency, I believe it's important to point out that the momentum that we are seeing in launching products, building pipelines, and signing and launching new partners is occurring even though Green Dot has a smaller employee base than we did three years ago. I believe that this validates our success in creating a more streamlined, productive company.

回顧我們多年來為降低成本和提高效率所做的一切，我認為有必要指出，儘管 Green Dot 的員工人數比三年前少，但我們在產品發布、建立渠道以及簽約和推出新合作夥伴方面所取得的進展依然強勁。我相信這證明了我們在打造一個更精簡、更有效率的公司方面取得了成功。

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 is expected to drive deposit growth, and we will continue to work to optimize the net yields on our balance sheet.

總而言之，我對我們在 B2B 領域的成長前景仍然充滿信心，我們有很多合作夥伴需要在我們的 BaaS 業務中推出。BaaS 的成長可望帶動存款成長，我們將繼續努力優化資產負債表上的淨收益。

While rapid! employer services 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 with our Workday partnership serving as initial success.

速度很快！雇主服務仍然面臨阻力，我們公司新上任的領導正在積極調整業務的規模，並將更多精力放在有巨大發展機會的 EWA 上，我相信我們與 Workday 的合作將取得初步成功。

In the money movement segment, we still have several new partners to launch this year with a robust pipeline and business opportunities to drive our third-party business. And partnering with an industry leader, Stripe, will help us open up the SMB market, which we believe is an exciting new opportunity.

在資金流動領域，我們今年仍將推出幾家新的合作夥伴，擁有強大的業務管道和商機，以推動我們的第三方業務發展。與行業領導者 Stripe 合作將有助於我們開拓中小企業市場，我們認為這是一個令人興奮的新機會。

We also expect to announce a large franchise platform in our tax business. Our continued success in signing new partners across our B2B and money processing businesses reinforces my confidence that our investments in these areas are enabling us to capitalize on the vast opportunity within those markets.

我們也計劃在稅務業務領域推出一個大型特許經營平台。我們在 B2B 和資金處理業務領域不斷成功簽約新合作夥伴，這更加堅定了我對我們在這些領域的投資能夠讓我們充分利用這些市場巨大機會的信心。

But we still anticipate declines in our consumer segment. We are preparing to launch DolFinTech, which has approximately 5,500 locations. We signed an additional partner and are confident in our ability to win more market share in this channel, which should help moderate the overall decline of that channel.

但我們仍然預期消費者群體會出現下滑。我們正準備推出 DolFinTech，它擁有大約 5500 個分店。我們新增了一位合作夥伴，並且有信心在這個管道贏得更多市場份額，這應該有助於緩解該管道的整體下滑趨勢。

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 another solid quarter and we're pleased with the progress we're making as we sign, launch, and expand our partnerships. At the same time, we're working to 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.

謝謝你，傑西。又是一個穩健的季度，我們對在簽署、啟動和擴大合作夥伴關係方面取得的進展感到滿意。同時，我們正在努力提高資產負債表的獲利能力，並繼續執行我們的營運要務，包括重新調整資源以支持我們的核心優先事項和成長策略。

We launched Crypto.com in the quarter, and we are preparing to launch Credit Sesame and other recently signed BaaS partners as well as two new FSC partners and Stripe as a money processing partner, helping us capture the opportunities in the SMB market.

本季我們推出了 Crypto.com，目前正準備推出 Credit Sesame 和其他近期簽約的 BaaS 合作夥伴，以及兩家新的 FSC 合作夥伴和 Stripe 作為資金處理合作夥伴，以幫助我們抓住中小企業市場的機會。

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 fiannce, and we are thrilled that they recognize the value of partnering with us with numerous renewals and product launches.

同樣重要的是，多年來與我們合作的客戶繼續信任我們，幫助他們實現嵌入式融資的願景，我們很高興他們透過多次續約和產品發布，並認識到與我們合作的價值。

While it is still early to provide guidance for 2026, let me provide you with my perspective as we begin to exit 2025 and think more intently about 2026. Over the last several years, Green Dot has navigated a variety of challenges and headwinds. This put pressure on our bottom-line results as we choose to simultaneously invest in the future of Green Dot. Based on our results this year and our updated outlook, I believe we have stabilized and helped to position the company for sustainable growth.

雖然現在對 2026 年做出預測還為時過早，但隨著 2025 年即將結束，我們開始更加認真地思考 2026 年，我想和大家分享我的看法。過去幾年，Green Dot 克服了各種挑戰和逆境。由於我們選擇同時投資於 Green Dot 的未來，這給我們的盈利帶來了壓力。根據我們今年的業績和更新後的展望，我相信我們已經穩定了公司，並幫助公司實現了永續成長。

As I think about 2026, I believe that we have a solid stepping off point to work with based on our 2025 performance. There are still many things to take into consideration. We continue to face some headwinds in our consumer business, and we have investments we would like to make that got shelved in prior years, but unlike prior years, I believe we can absorb those and continue to move forward.

展望 2026 年，我認為基於我們 2025 年的表現，我們已經有了一個堅實的起點。還有很多事情要考慮。我們在消費業務方面仍然面臨一些不利因素，我們有一些想進行但前幾年被擱置的投資，但與往年不同的是，我相信我們可以消化這些不利因素並繼續前進。

With a growing list of partners and launches, and our focus to improve the profitability of the balance sheet, we have been dealt a better hand to deal with as we think about the upcoming year. We have worked to reposition the growth drivers of the company around our B2B division and our money movement operations that are benefiting from the tailwinds and the rising tide of our embedded finance marketplace.

隨著合作夥伴和產品發布數量的不斷增加，以及我們致力於提高資產負債表獲利能力，我們在展望來年時擁有了更好的應對條件。我們已努力將公司的成長動力重新定位到我們的 B2B 部門和資金流動業務上，這些部門和業務正受益於嵌入式金融市場的順風和蓬勃發展。

As a result, I am increasingly confident in our outlook, and I look to build off the stability and progress that have emerged this year and deliver better bottom line results next year. The last several years, the company has undertaken numerous initiatives to make substantial investments to position Green Dot to return to sustainable, predictable growth.

因此，我對我們的前景越來越有信心，我希望在今年取得的穩定和進步的基礎上，明年能取得更好的業績。過去幾年，該公司採取了多項舉措，進行了大量投資，以使 Green Dot 能夠恢復可持續、可預測的成長。

We have seen improved momentum with signings and launches despite the fact that the organization is smaller now than it was three years ago, which I believe validates we have made the right decisions and were successful in executing on those initiatives.

儘管公司規模比三年前小了，但我們在簽約和產品發布方面取得了進展，我認為這證明我們做出了正確的決定，並且成功地執行了這些舉措。

Most important is that the team at Green Dot has risen to the challenge and embraced change as they executed on our internal strategy and remain focused. They should be commended for their efforts, and I am truly grateful and thank the team for their hard work and continued commitment, which I expect will pay off. It is because of their efforts that I remain confident we're positioned to win in embedded finance market for years to come.

最重要的是，Green Dot 團隊迎接了挑戰，欣然接受了變革，並執行了我們的內部策略，並且始終保持專注。他們的努力值得稱讚，我衷心感謝團隊的辛勤工作和持續投入，我相信他們的努力終將得到回報。正是由於他們的努力，我仍然相信我們有能力在未來幾年內在嵌入式金融市場取得勝利。

With that, we're happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions) Cris Kennedy, William Blair.

（操作說明）克里斯·肯尼迪，威廉·布萊爾。

Yeah, good afternoon. Thanks for taking the question. You talked about the strong demand for embedded finance and the rising tide. Can you just talk about what's driving that? Is it improved regulatory environments or what else are you seeing out there in the market?

午安.感謝您回答這個問題。您談到了對嵌入式金融的強勁需求和不斷增長的趨勢。您能談談是什麼原因導致這種情況嗎？是監管環境的改善，還是市場上還有其他因素？

Cris, thank you for your question. This is Chris Ruppel. We've talked in the past about the pipeline that we're building in our business and other efforts, and I think when you talk about rising tides, that's both through surveys. We see companies that are interested in bringing embedded finance solutions into their customer ecosystems, through their mobile apps or other environments to help deepen those relationships, monetize those relationships in different ways and provide a greater utility to their customers.

克里斯，謝謝你的提問。這是克里斯·魯佩爾。我們過去曾談到我們在業務和其他方面正在建立的管道，我認為，當你談到水位上漲時，這既是透過調查得出的結論。我們看到一些公司有興趣透過行動應用程式或其他環境，將嵌入式金融解決方案引入他們的客戶生態系統中，以幫助加深這些關係，以不同的方式將這些關係貨幣化，並為他們的客戶提供更大的實用性。

And so that's generating demand. We see that increasingly being accepted as a strategic imperative for those companies that are -- and so that coupled with our business development efforts and our sort of rising appreciation of our value in that marketplace and prominence in that marketplace is allowing us to grow our business development pipeline and give us confidence in our ability to grow the B2B and embedded finance segment on a go-forward basis.

因此，這就產生了需求。我們看到，對於那些正在這樣做的公司來說，這正日益被視為一項戰略要務——因此，再加上我們的業務發展努力以及我們對自身在該市場中的價值和地位的日益重視，使我們能夠擴大業務發展渠道，並使我們有信心在未來繼續發展 B2B 和嵌入式金融領域。

Understood. And then just as a follow-up, can you just talk about the timeline to revenue from all the new signings and onboardings that you have this year and kind of how you think that will impact the income statement as we look into 2026? Thank you.

明白了。最後，能否請您談談今年所有新簽約和新用戶進駐帶來的收入時間表，以及您認為這將如何影響我們展望 2026 年的損益表？謝謝。

Sure, so from a timeline perspective, it varies based on the type of solution that we're supporting and so our money movement solutions generally have a lower timeline for implementation, but generally, our current structure is that for closing an account, a new partner this year, often they're launching in a six- to eight-month time frame. We're bringing that back so it's been closer to six months.

當然，從時間安排的角度來看，這取決於我們支援的解決方案類型，因此我們的資金轉移解決方案的實施時間通常較短，但總的來說，我們目前的結構是，對於關閉帳戶、今年新增的合作夥伴，他們通常會在六到八個月的時間內推出。我們正在恢復這項措施，所以現在已經接近六個月了。

And then there's a revenue ramp with the new customers as they come on board and that depends on the specifics of their particular solution and whether they have an exitsing program or -- we're replacing or if it's a de novo embedded finance solution. And so those things generally tend to cause the revenue ramp to move from sort of anywhere from six months to a year.

然後，隨著新客戶的加入，收入也會逐步增長，這取決於他們具體解決方案的細節，以及他們是否有現有的方案，或者我們正在替換現有方案，或者這是一個全新的嵌入式金融解決方案。因此，這些因素通常會導致收入成長週期從六個月到一年不等。

So I mean, that's a general time frame based on implementation and then on revenue ramp, so it is an extended ramp as you kind of look out over time, but one that we've walked through with many of the customers -- and are active in working with those customers to shorten the ramp times within each of those organizations.

所以我的意思是，這是一個基於實施和收入增長的大致時間範圍，因此隨著時間的推移，這是一個較長的增長期，但我們已經與許多客戶一起走過了這個過程——並且正在積極與這些客戶合作，以縮短每個組織內部的增長時間。

Jess, I don't know if you have anything else you'd like to add to that?

傑西，你還有什麼要補充的嗎？

No, I think that was full.

不，我覺得已經滿了。

The time to onboard, I think that's helpful to (inaudible).

我認為，完成入職訓練所需的時間對…很有幫助（聽不清楚）

Sure, Yeah, thank you, Bill. So we have an internal project called Project 30. I think we may have discussed this in prior earnings calls, and that's an internal project to move our implementation time down. Our goal for this year was to reduce implementation for a (inaudible) perspective by 60 days our ultimate goal is 30 days for technical implementation, recognizing that there are other non-technical factors and program launches and coordination with customers that often take long longer than that.

當然，謝謝你，比爾。所以我們有一個內部項目，叫做「30號項目」。我想我們可能在之前的財報電話會議上討論過這個問題，這是一個旨在縮短實施時間的內部專案。我們今年的目標是將（聽不清楚）方面的實施時間縮短 60 天，我們的最終目標是技術實施時間縮短至 30 天，但我們也意​​識到還有其他非技術因素、專案啟動以及與客戶的協調等，這些通常需要更長的時間。

But to the degree that we can reduce the time and effort required for launching new customers, we want to drive that to 30 days and then working on the rest to promotion of the program and roll out of the program with our partners. So that's an -- as we think about the business on a go forward, the timelines I gave are sort of current and where we have been historically, but we intend to reduce those times significantly and go forward and are actively pursuing a path of work to get there.

但是，如果我們能夠減少推出新客戶所需的時間和精力，我們希望將這一時間縮短至 30 天，然後將剩餘的時間用於與我們的合作夥伴一起推廣和推出該計劃。所以，當我們展望未來業務發展時，我給出的時間表是目前的情況，也是我們過去所處的階段，但我們打算大幅縮短這些時間，並積極尋求實現這一目標的途徑。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thank you. Pushing a little more on the embedded finance acceleration that you're seeing in the pipeline and in the broader market. I'm just curious how are you focusing your efforts? Is it high-quality ads? Is it -- are there limitations to your ability in terms of the number of folks that you can add in any one time? Just curious how you're thinking about that.

謝謝。進一步探討目前在研發和更廣泛的市場中看到的嵌入式金融加速發展趨勢。我只是好奇你是如何集中精神的？這是高品質廣告嗎？你的設備在一次可以添加的人數方面是否有限制？只是好奇你怎麼想的。

George, thank you so much for your question and appreciate diving into this. So I think in the -- we've talked about in the past that our main focus has always been on helping the world's leading brands, help their embedded finance solutions, and so we have been purposely targeting customers that have either large customer bases that they're able to leverage a better finance solution into.

喬治，非常感謝你的提問，也很感謝你深入探討這個問題。所以我認為，正如我們過去所討論的，我們的主要重點一直是幫助世界領先的品牌，幫助他們實現嵌入式金融解決方案，因此我們一直有意識地瞄準那些擁有龐大客戶群的客戶，以便他們能夠利用更好的金融解決方案。

And so that's been -- or have an existing program that they're converting to us, but either way that we know the program has the possibility for significant scale. And so as we're looking at those programs that we're looking at those partners, part of the benefit of our program, the Project 30 initiative is that as we reduce the onboarding time. We do have the -- it'll help our -- sort of the internal ability for us to go down market into with an [existing mid-market] customers that we might not take the risk on today but will be worth pursuing when we have a more streamlined onboarding process and reduced technical build.

所以，要么他們有一個現有的項目正在向我們轉換，但無論如何，我們知道該項目有可能達到相當大的規模。因此，當我們審視這些專案和合作夥伴時，我們「Project 30」計畫的部分好處在於，我們可以縮短新員工入職時間。我們確實擁有——這將有助於我們——某種內部能力，使我們能夠向下拓展市場，服務於（現有的中端市場）客戶。我們今天可能不會冒險這樣做，但當我們擁有更精簡的入職流程和更少的技術構建時，這將值得我們去追求。

And that there, we can, in essence, invest in companies of smaller size that may grow to have scale and to be on those programs, or today when we (ianudible) programs because of our limitations. And so that's where the Project 30 comes into play, but today we are specifically targeting larger marquee brands that have large installed customer bases they can leverage the opportunity into.

這樣一來，我們本質上就可以投資規模較小的公司，這些公司可能會發展壯大，並參與到這些項目中，或者今天我們（聽不清楚）由於我們的限製而無法參與這些項目。所以這就是「Project 30」專案發揮作用的地方，但今天我們特別針對那些擁有龐大客戶群的知名品牌，他們可以利用這個機會。

Well, speaking of large brands, obviously Workday and the EWA space is an enormous win and Stripe on the Green Dot Network side. Can you just give us a sense of the impacts that you could ultimately see once these are both rolled out?

說到大品牌，顯然 Workday 和 EWA 領域取得了巨大的成功，而 Stripe 在 Green Dot Network 方面也取得了巨大成功。您能否簡要介紹這兩項措施全面實施後，最終可能產生的影響？

So within Workday, we have we achieved integration for EWA platform with them and ultimately it will come down to our ability to close partners in that space, but Workday is a great platform and sort of an indication of the integrations that we're doing with similar systems to allow us to leverage into a greater number of employers across the country to sell either in partnership with those partners or directly into employers that are on various platforms. So we've been working over a multi-year period to create integrations to cover the majority of the market.

因此，在 Workday 內部，我們已經實現了 EWA 平台的集成，最終將取決於我們能否在該領域找到合作夥伴，但 Workday 是一個很棒的平台，也表明了我們正在與類似系統進行集成，以便我們能夠利用這一優勢，與全國更多的雇主合作銷售，或者直接向使用各種平台的雇主銷售。因此，我們多年來一直致力於開發整合方案，以涵蓋大部分市場。

And we believe we're reaching maturity in that, and Workday is a great example of that, which we're very excited about that partnership and the possibility to service Workday customers with our -- and their employees with our [earned wage access] solution.

我們相信我們在這方面正日趨成熟，Workday 就是一個很好的例子，我們非常高興能與 Workday 建立合作關係，並有機會透過我們的[已賺取工資獲取]解決方案為 Workday 客戶提供服務，以及透過我們的[已賺取工資獲取]解決方案為他們的員工提供服務。

So I think there's potential scale and it'll take time for us to work through from a sales and marketing perspective, but the technical integration is done, and we can support employers that are engaged to and using the Workday platform today and very excited about that, about the possibility and continued growth, our customer base into the Workday platform.

所以我認為它具有潛在的規模優勢，從銷售和行銷的角度來看，我們需要時間來逐步實現，但技術整合已經完成，我們可以支援那些目前正在使用 Workday 平台的雇主，並對此感到非常興奮，對未來的可能性和持續成長，以及將我們的客戶群擴展到 Workday 平台。

As it relates to Stripe, I think, which is on for on the money movement space, particularly for business cash depositing into the Stipe ecosystem. We're working with them, with Stripe on their marketing promotion of the service inside of their ecosystem. And we're very excited about that partnership and having success in this in this first phase.

就 Stripe 而言，我認為它專注於資金流動領域，特別是企業現金存入 Stripe 生態系統。我們正在與 Stripe 合作，在其生態系統內推廣這項服務。我們對此次合作以及在第一階段的成功感到非常興奮。

But I think it'll take some time for us to develop and understand the customer need within their platform as they continue to look forward and promote into the platform for the use of the cash depositing but what we see in the rest of our of our business, the need for cash, the use of cash in the overall economy is still very high.

但我認為，我們需要一些時間來了解和掌握客戶在其平台上的需求，因為他們將繼續展望未來，並推廣該平台的現金存款功能。然而，在我們業務的其他方面，我們看到，對現金的需求，現金在整體經濟中的使用仍然非常高。

So we're bullish on the opportunity and of course the scale that Stripe has in the market would lend to even with modest in -- modest adoption inside of their platform would be a significant piece of business for us.

因此，我們非常看好這個機會，當然，Stripe 在市場上的規模也意味著，即使他們的平台採用率不高，對我們來說也是一筆重要的業務。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Bill Jacobs for his closing remarks.

我們的問答環節到此結束。我謹將會議交還給比爾·雅各布斯先生，請他作閉幕致詞。

Well, I'd like to thank everybody for joining us on our call today. We're pleased with the position that Green Dot's in and we think the future is bright for us. I'd like to thank my associates, Jess and Chris, who did a great job today talking to investors. So thank you very much for joining us and we look forward to talking to you again. Bye.

好的，我要感謝今天參加我們電話會議的各位。我們對 Green Dot 目前的地位感到滿意，並認為我們的未來一片光明。我要感謝我的同事傑西和克里斯，他們今天與投資者交談做得非常出色。非常感謝您的參與，我們期待再次與您交流。再見。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。