Katapult Holdings Inc (KPLT) 2023 Q3 法說會逐字稿

Greetings and welcome to the Katapult third-quarter 2023 earnings call (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Katapult 2023 年第三季財報電話會議（操作員說明） 謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jennifer Kull. Please go ahead.

現在我很高興向大家介紹你們的主持人珍妮佛庫爾。請繼續。

Welcome to Katapult's third-quarter 2023 conference call. On the call with me today are Orlando Zayas, Chief Executive Officer; Nancy Walsh, Chief Financial Officer; and Derek Medlin, Chief Operating Officer. For your reference, we have posted materials from today's call on the Investor Relations section of the Katapult website, which can be found at ir.katapultholdings.com.

歡迎參加 Katapult 2023 年第三季電話會議。今天與我通話的是執行長 Orlando Zayas；南希‧沃爾什，財務長；和營運長德里克梅德林 (Derek Medlin)。為了供您參考，我們已在 Katapult 網站的投資者關係部分發布了今天電話會議的資料，您可以在 ir.katapultholdings.com 上找到這些資料。

I would like to remind everyone that this call will contain forward-looking statements based on our current assumptions, expectations and beliefs, which include our future financial performance and financial results, and are subject to significant risks and uncertainties.

我想提醒大家，本次電話會議將包含基於我們當前的假設、預期和信念的前瞻性陳述，其中包括我們未來的財務業績和財務業績，並受到重大風險和不確定性的影響。

These forward-looking statements should be considered in conjunction with cautionary statements contained in the earnings release and on Form 10-Q for the quarter ended September 30, 2023, as well as the subsequent periodic and current reports the company files with the SEC. These statements reflect management's current beliefs, assumptions and expectations, and are subject to a number of factors that may cause actual results to differ materially from those statements.

這些前瞻性陳述應與截至 2023 年 9 月 30 日的季度的收益發布和 10-Q 表格中包含的警示性陳述以及公司向 SEC 提交的後續定期報告和當前報告結合考慮。這些陳述反映了管理層目前的信念、假設和期望，並受到許多因素的影響，這些因素可能導致實際結果與這些陳述有重大差異。

The information contained in this call is accurate only as of the date discussed. Except as required by law, the company undertakes no obligation to publicly update or revise any of these statements, whether as a result of any new information, future events or otherwise.

本次電話會議所包含的資訊僅截至討論日期準確。除法律要求外，本公司不承擔公開更新或修改任何這些聲明的義務，無論是由於任何新資訊、未來事件或其他原因。

During today's discussion, the company will provide certain financial information that constitute non-GAAP financial measures under SEC rules. These non-GAAP financial measures should not be considered replacements for and should be read together with our GAAP results. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included with today's earnings release and is available on the Investor Relations section of the company's website.

在今天的討論中，該公司將提供構成 SEC 規則下的非 GAAP 財務指標的某些財務資訊。這些非公認會計原則財務指標不應被視為替代我們的公認會計原則結果，而應與我們的公認會計原則結果一起閱讀。非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表包含在今天的收益發布中，並且可以在公司網站的投資者關係部分找到。

With that, I will turn the call over to Orlando.

這樣，我會將電話轉給奧蘭多。

Thank you, Jennifer, and thank you to everyone joining us this morning. I'm excited to give you an update on our progress this quarter, which illustrates the value we are creating for our merchant partners and the enhanced experience we're delivering to our loyal customers.

謝謝你，詹妮弗，也謝謝今天早上加入我們的所有人。我很高興向您介紹我們本季的最新進展，這說明了我們為商業合作夥伴創造的價值以及我們為忠實客戶提供的增強體驗。

Our third-quarter results represented another strong period of growth for Katapult. While Nancy will give you more details on our financial performance, as well as our outlook for continued growth in the fourth quarter, let me set the stage. Despite the ebb and flow of macroeconomic headwinds that caused the consumer to pull back on retail spending during the late summer, we delivered our four consecutive quarter of year-over-year gross origination growth, which was up 12.5%.

我們的第三季業績代表了 Katapult 的另一個強勁成長時期。雖然南希將向您提供有關我們財務業績以及第四季度持續增長前景的更多詳細信息，但讓我先做好準備。儘管宏觀經濟逆風的起伏導致消費者在夏末縮減零售支出，但我們仍實現了連續四個季度的毛源同比增長，增長了 12.5%。

This is also what we'd consider to be a breakout quarter for revenue growth. Revenue was up nearly 10% year over year, more than tripling the year-over-year revenue growth we achieved last quarter. In addition, by coupling our top-line growth with continued focus on disciplined expense management, we were able to deliver a positive adjusted EBITDA, which improved substantially compared to last year.

我們認為這也是營收成長的突破性季度。營收年增近 10%，是上季營收年增的三倍多。此外，透過將我們的營收成長與持續專注於嚴格的費用管理相結合，我們能夠實現正調整後的 EBITDA，與去年相比大幅改善。

Our progress this quarter was driven by strong performance across our strategic pillars, focused on: one, expanding our merchant base and deepening our existing merchant relationships; two, growing our consumer reach by focusing mainly on doing more with our current customers, but taking measured steps to bring more consumers to our platform; and three, continuing to leverage our technology to support our merchant and consumer goals while expanding our competitive moat.

我們本季的進步是由我們策略支柱的強勁表現推動的，重點是：第一，擴大我們的商家基礎並深化我們現有的商家關係；第二，透過主要專注於與現有客戶做更多事情來擴大我們的消費者覆蓋範圍，但採取謹慎的措施將更多消費者吸引到我們的平台；第三，繼續利用我們的技術來支持我們的商家和消費者目標，同時擴大我們的競爭護城河。

Let's start with our progress on the merchant front this quarter. The success of our merchant strategy lies in three key areas: driving gross origination growth through direct integration, gaining market share with our anchor merchants and ensuring that our platform offers a wide variety of durable goods consumers are looking for.

讓我們從本季商家方面的進展開始。我們的商家策略的成功在於三個關鍵領域：透過直接整合推動總起源成長、與我們的主力商家一起獲得市場份額以及確保我們的平台提供消費者正在尋找的各種耐用品。

During the third quarter, we continue to make steady progress with our strategy to grow a number of merchants where Katapult is an integrated payment option at checkout. We successfully launched our online Casper integration and we expect to finish our in-store integration in the first half of 2024.

在第三季度，我們的策略持續取得穩定進展，以發展更多商戶，其中 Katapult 是結帳時的整合支付選項。我們成功啟動了線上 Casper 集成，預計在 2024 年上半年完成店內整合。

In addition, we have also added Casper to Katapult Pay, creating yet another avenue for our customers to shop with this leader in sleep products. The mattress category is important to us, and we are pleased to partner with Casper to give our consumers even more shopping choices.

此外，我們還將 Casper 加入 Katapult Pay 中，為我們的客戶在這家睡眠產品領導者購物創造了另一個途徑。床墊類別對我們來說很重要，我們很高興與 Casper 合作，為我們的消費者提供更多的購物選擇。

So far, our direct integration with Casper is off to a good start. These types of partnerships not only expand the depth of durable goods coverage, where Katapult is an integrated payment option, but they also allow us to acquire new customers at a very low cost.

到目前為止，我們與 Casper 的直接整合已經有了一個良好的開端。這些類型的合作夥伴關係不僅擴大了耐用品覆蓋範圍的深度（Katapult 是一種綜合支付選項），而且還使我們能夠以非常低的成本獲得新客戶。

I also want to highlight an upcoming waterfall integration with Synchrony Financial that we recently finalized. This integration is expected to kick off in early 2024, at which time Synchrony will begin leveraging our innovative LTO solution and their digital waterfall application process.

我還想強調我們最近完成的與 Synchrony Financial 即將進行的瀑布式整合。該整合預計將於 2024 年初啟動，屆時 Synchrony 將開始利用我們的創新 LTO 解決方案及其數位瀑布應用流程。

Synchrony works with a significant number of retailers in auto, electronics, appliances, home furnishings, home improvement and jewelry categories, which are some of our top categories. This integration will enable Synchrony's retail partners to offer our lease-to-own option to their customers and open the door for us to launch new merchant relationships at scale more easily. By creating a seamless experience with Synchrony's waterfall, we can leverage this new relationship to drive growth in the future.

Synchrony 與汽車、電子、電器、家居、家居裝修和珠寶類別（這些是我們的一些頂級類別）領域的大量零售商合作。此次整合將使 Synchrony 的零售合作夥伴能夠向他們的客戶提供從租賃到擁有的選擇，並為我們更輕鬆地大規模建立新的商業關係打開大門。透過使用 Synchrony 的瀑布創建無縫體驗，我們可以利用這種新的關係來推動未來的成長。

We continue to look for opportunities to deepen our partnerships with our existing merchants and the work we're doing with Wayfair is a great example of how we can grow these relationships. For example, during the third quarter, we did a lot of A/B testing with Wayfair and created targeted offers for high-quality customers to improve their take rates. We define take rates as percentage of Wayfair customers who originate with us, divided by the number of customers who are approved for a lease with us.

我們繼續尋找機會加深與現有商家的合作關係，我們與 Wayfair 所做的工作就是我們如何發展這些關係的一個很好的例子。例如，在第三季度，我們與 Wayfair 進行了大量的 A/B 測試，並為優質客戶創建了有針對性的優惠，以提高他們的採納率。我們將使用率定義為來自我們的 Wayfair 客戶的百分比除以批准與我們租賃的客戶數量。

Just to give you an example of this impact we can have, when we made a few changes to how the customer-facing offer was displayed, we saw a nice improvement in take rates just from that update. We look at take rate as a core metric for our relationships with merchants and we are always trying to optimize the customer and merchant experience to drive this higher.

舉個例子來說明我們可以產生的影響，當我們對面向客戶的報價的顯示方式進行一些更改時，我們發現這次更新帶來的轉換率有了很大的提高。我們將轉換率視為衡量我們與商家關係的核心指標，我們一直在努力優化客戶和商家體驗，以推動這項進步。

The results are encouraging and help drive our growth with Wayfair this quarter. Gross originations for Wayfair were up nearly 16% year over year, more than double the growth we achieved during the second quarter. Take rates also grew and were up mid teens year over year and this growth was also accompanied by higher application volume from Wayfair shoppers, as well as higher same-day take rates.

結果令人鼓舞，有助於推動我們本季 Wayfair 的成長。 Wayfair 的總收入年增近 16%，是第二季成長的兩倍多。取貨率也有所增長，同比增長了十幾歲左右，這種增長還伴隨著 Wayfair 購物者的申請量增加，以及更高的當日取貨率。

Our strong growth with Wayfair indicates that we are gaining market share in their US business, and we believe this progress is evidence that our strategy is working. We are taking our learnings from Wayfair to create customized offerings for other direct merchants to help drive volumes.

我們與 Wayfair 的強勁成長表明我們正在獲得其美國業務的市場份額，我們相信這一進展證明我們的策略正在發揮作用。我們正在藉鏡 Wayfair 的經驗，為其他直銷商打造客製化產品，以協助提高銷售量。

Let me now provide an update on our customer-focused activity and progress this quarter, starting with Katapult Pay. We launched our Katapult Pay feature in our general app about a year ago. Over the past 12 months, we've learned a lot and based on Katapult Pay's early track record of performance, we believe it'll be an important part of our future growth.

現在讓我介紹本季以客戶為中心的活動和進展的最新情況，首先是 Katapult Pay。大約一年前，我們在通用應用程式中推出了 Katapult Pay 功能。在過去的 12 個月裡，我們學到了很多東西，根據 Katapult Pay 的早期業績記錄，我們相信它將成為我們未來成長的重要組成部分。

As a reminder, Katapult Pay is the feature in our app and is powered by our virtual credit card technology. Each time a customer uses Katapult Pay and enters into a new lease, we create a unique one-time use card number that can be used at the store's checkout.

提醒一下，Katapult Pay 是我們應用程式中的功能，由我們的虛擬信用卡技術提供支援。每次客戶使用 Katapult Pay 並簽訂新租約時，我們都會建立一個獨特的一次性卡號，可在商店結帳時使用。

Our advanced tech capabilities allow us to create models that predict whether a durable good is leasable. This is a highly specialized capability requiring a lot of technical knowhow and expertise. In other words, Katapult Pay is a very special offering and we believe it distinguishes us from the competition.

我們先進的技術能力使我們能夠創建模型來預測耐用品是否可租賃。這是一種高度專業化的能力，需要大量的技術知識和專業知識。換句話說，Katapult Pay 是一項非常特別的產品，我們相信它使我們在競爭中脫穎而出。

Since launching Katapult Pay last year, we have continued to grow the number and variety of merchants with whom customers can shop within our app. This quarter, we added Target to the list of merchants that already includes retailers like Home Depot, Amazon, Wayfair, Best Buy, HP, IKEA and Lull, truly making our app marketplace a shopping destination. I encourage you to download the app if you haven't already to see it firsthand.

自從去年推出 Katapult Pay 以來，我們不斷增加客戶可以在我們的應用程式中購物的商家數量和種類。本季度，我們將 Target 添加到商家清單中，其中已經包括 Home Depot、Amazon、Wayfair、Best Buy、HP、IKEA 和 Lull 等零售商，真正使我們的應用程式市場成為購物目的地。如果您還沒有親眼目睹該應用程序，我鼓勵您下載該應用程式。

We look at Katapult Pay and direct integrated merchants as complimentary go-to market channels for us. Together, they allow us to meet consumers wherever they are, shopping directly with the merchants or using our marketplace as their starting point.

我們將 Katapult Pay 和直接整合商家視為我們免費的進入市場管道。它們共同使我們能夠滿足消費者，無論他們身在何處，直接與商家購物或使用我們的市場作為起點。

We measure our progress with Katapult Pay across several metrics. One metric that we are watching very closely is the penetration rate of our customer base. In other words, how many of our customers have downloaded and engaged in the app? This has increased substantially since our launch and our penetration rate is now in a low double-digits range. In addition, we track the percentage of originations that come through Katapult Pay, specifically. And this has grown nicely over the past 12 months.

我們透過多個指標來衡量 Katapult Pay 的進展。我們密切關注的一項指標是我們客戶群的滲透率。換句話說，我們有多少客戶下載並使用了該應用程式？自我們推出以來，這一數字已大幅增加，目前我們的滲透率處於較低的兩位數範圍內。此外，我們也特別追蹤透過 Katapult Pay 發起的百分比。在過去 12 個月裡，這一數字成長良好。

Features like Katapult Pay allow us to create more opportunities to interact with and communicate with our customers. With higher engagement, we're able to create more meaningful long-term relationships with our customers. This in turn is allowing us to grow our lifetime value or LTV of our customers.

Katapult Pay 等功能使我們能夠創造更多與客戶互動和溝通的機會。透過更高的參與度，我們能夠與客戶建立更有意義的長期關係。這反過來又使我們能夠提高客戶的終身價值或生命週期價值。

In fact, for repeat customers who generated new leases through Katapult Pay, we estimate that their LTV is about 48% higher than it would have been if we didn't have Katapult Pay and these customers originate approximately 50% more leases. Katapult Pay users are very high-quality customers for us. They have high repeat rates and are also more likely to cross shop, two characteristics that are increasing their LTV with us.

事實上，對於透過 Katapult Pay 產生新租約的回頭客，我們估計他們的 LTV 比我們沒有 Katapult Pay 時高出約 48%，而這些客戶產生的租約增加了約 50%。 Katapult Pay 用戶對我們來說是非常優質的客戶。他們的重複率很高，也更有可能交叉購物，這兩個特徵提高了他們在我們這裡的生命週期價值。

Beyond these important contributions, Katapult Pay is allowing us to get merchants on our platform more quickly and gather data that helps demonstrate Katapult's value proposition to these merchants. This is a win for merchants and customers alike.

除了這些重要貢獻之外，Katapult Pay 還使我們能夠更快地吸引商家加入我們的平台，並收集有助於向這些商家展示 Katapult 價值主張的數據。這對商家和消費者來說都是雙贏。

Right now, we are leveraging Katapult Pay to drive engagement with our existing customers. But we are seeing new customers coming to us through the feature and we see a path using Katapult Pay for customer acquisition in the future.

目前，我們正在利用 Katapult Pay 來推動與現有客戶的互動。但我們看到新客戶透過該功能來到我們這裡，並且我們看到了未來使用 Katapult Pay 獲取客戶的途徑。

Beyond this feature, our Katapult app in general has become a great engagement tool in its own right. In Q3, approximately 40% of our originations, whether they were done through Katapult Pay merchant or a directly integrated merchant, started in our app. We believe this engagement shows that in just one year, we have already demonstrated the value of the Katapult app to our customers. We are extremely proud of our progress.

除了這個功能之外，我們的 Katapult 應用程式本身已經成為一個很棒的參與工具。在第三季度，大約 40% 的發起活動，無論是透過 Katapult Pay 商家還是直接整合的商家完成，都是在我們的應用程式中啟動的。我們相信，這次合作表明，在短短一年內，我們已經向客戶展示了 Katapult 應用程式的價值。我們對我們的進步感到非常自豪。

This is a great segue into progress we've made growing our customer base. As you've heard so far, we are expanding where and how consumers can shop using Katapult and looking for opportunities to monetize our platform through a variety of partnerships that bring us new customers or leverage our technology to create new revenue streams.

這是我們在擴大客戶群方面取得的巨大進展。正如您到目前為止所聽說的，我們正在擴大消費者使用Katapult 購物的地點和方式，並尋找機會透過各種合作夥伴關係將我們的平台貨幣化，為我們帶來新客戶或利用我們的技術創造新的收入來源。

One such partnership that we're excited to announce is our new pilot with Western Union. Just a few weeks ago, we launched our partnership which positions Katapult as the preferred LTO provider for Western Union customers. This means Western Union will actively promote Katapult and help us introduce our innovative LTO solution to their millions of active users across the US.

我們很高興宣布與西聯匯款建立新的試點合作關係之一。就在幾週前，我們啟動了合作夥伴關係，使 Katapult 成為西聯匯款客戶的首選 LTO 提供者。這意味著西聯匯款將積極推廣 Katapult 並幫助我們向全美數百萬活躍用戶介紹我們的創新 LTO 解決方案。

We believe that we have a lot of overlap from a customer demographic perspective with Western Union and that this partnership will help us build brand awareness with a large untapped base of potential Katapult customers. We believe that Western Union chose Katapult because our solution offers fair, transparent and flexible terms that will empower their users with financial resources to get the durable goods they need when they want them.

我們相信，從客戶人口統計角度來看，我們與西聯匯款有很多重疊之處，這種合作關係將幫助我們在大量尚未開發的潛在 Katapult 客戶群中建立品牌知名度。我們相信西聯匯款選擇 Katapult 是因為我們的解決方案提供公平、透明和靈活的條款，使用戶能夠獲得財務資源，以便在需要時獲得所需的耐用品。

Under the terms of our agreement, we will pay Western Union a referral fee for each customer they help us acquire that originates a lease with us. Like our waterfall relationships on the merchant side, partnerships like this will create an opportunity for Katapult to build low-cost ROI-positive consumer referral channels. And similar to Katapult Pay, this is yet another opportunity for us to control our destiny when it comes to growing our customer base.

根據我們的協議條款，我們將為西聯匯款幫助我們獲得與我們簽訂租賃合約的每位客戶支付推薦費。就像我們在商家方面的瀑布關係一樣，這樣的合作夥伴關係將為 Katapult 創造機會，建立低成本、投資報酬率積極的消費者推薦管道。與 Katapult Pay 類似，這是我們在擴大客戶群時掌控自己命運的另一個機會。

As we continue to look for opportunities to grow, we remain pleased with the performance of our existing customers. During the third quarter, we achieved very strong repeat rates, which are defined as the percentage of in-quarter originations from existing customers. Approximately 51.3% of customers in the third quarter will repeat. And with an NPS score of 58, we feel confident that they're happy with their Katapult experience, a driving factor of why they come back again and again to do business.

隨著我們繼續尋找成長機會，我們對現有客戶的表現仍然感到滿意。在第三季度，我們實現了非常高的重複率，重複率定義為現有客戶在季度內發起的百分比。第三季約有51.3%的顧客會重複購買。 NPS 得分為 58，我們相信他們對 Katapult 體驗感到滿意，這是他們一次又一次回來開展業務的驅動因素。

Lastly, on the customer front, we had a few consumer marketing updates that I'd like to highlight. Throughout the third quarter, we introduced new capabilities that will be fueled by the data we are collecting from our mobile app and other direct-to-consumer app. We expect these tools to increase our ability to leverage e-mail, SMS and in-app notifications to enhance conversion rates and provide insights on how best to allocate our resources in this area.

最後，在客戶方面，我們有一些我想強調的消費者行銷更新。在整個第三季度，我們推出了新功能，這些功能將由我們從行動應用程式和其他直接面向消費者的應用程式收集的數據推動。我們希望這些工具能提高我們利用電子郵件、簡訊和應用程式內通知的能力，以提高轉換率，並提供有關如何最好地分配該領域資源的見解。

Ultimately, our goal is to optimize customer journeys, and based on initial results we're seeing, we're excited about the potential of these tools to help accelerate our consumer marketing efforts.

最終，我們的目標是優化客戶旅程，根據我們所看到的初步結果，我們對這些工具幫助加速我們的消費者行銷工作的潛力感到興奮。

While we are still in the early phase of consumer marketing strategy, we believe our prudent approach coupled with our current and future partnerships will prove to be a winning combination and support our efforts to grow our customer base.

雖然我們仍處於消費者行銷策略的早期階段，但我們相信，我們謹慎的做法加上我們目前和未來的合作關係將被證明是一個成功的組合，並支持我們擴大客戶群的努力。

Before I turn it over to Nancy to go through our financial results and fourth quarter outlook, I want to spotlight some progress we've made on the tech front and why we believe our technology sets us apart from the crowd.

在我將其交給南希查看我們的財務業績和第四季度展望之前，我想重點介紹我們在技術方面取得的一些進展，以及為什麼我們相信我們的技術使我們與眾不同。

I've already talked a bit about why our Katapult Pay feature is so unique from a consumer experience perspective, but let me put this into context on how our technology is creating a competitive moat for Katapult. When our models predict if a durable good is leasable, this technology has to be deployed across every merchant. We have built dynamic and disciplined models that support our underwriting across all of our category coverage.

我已經談過為什麼我們的 Katapult Pay 功能從消費者體驗的角度來看如此獨特，但讓我將其放在我們的技術如何為 Katapult 創造競爭護城河的背景中。當我們的模型預測耐用品是否可租賃時，必須在每個商家中部署這項技術。我們建立了動態且嚴格的模型，以支持我們所有類別的承保。

Electronic merchants are different from furniture merchants, which are different from jewelry merchants, for example. This means that we must understand each merchant's catalog within the context of their category and then teach our models to understand their specific catalog. And that's just the beginning. We also continuously update the model to address the many exceptions to our rules.

電商不同於家具商，例如珠寶商也不同於家具商。這意味著我們必須在其類別的背景下理解每個商家的目錄，然後教導我們的模型理解他們的特定目錄。而這只是開始。我們也不斷更新模型，以解決我們規則的許多例外情況。

These updates are actually the secret sauce of our technology and so novel that we recently filed a patent around Katapult Pay in the area of leasable detection to protect our intellectual property. There is not a lot of patents in this area and we're proud of the work our team is doing to protect our competitive positioning.

這些更新實際上是我們技術的秘密武器，而且非常新穎，以至於我們最近在可租賃檢測領域圍繞 Katapult Pay 申請了一項專利，以保護我們的智慧財產權。該領域的專利並不多，我們為我們的團隊為保護我們的競爭地位所做的工作感到自豪。

This technical knowhow and massive amounts of data we've collected over years set our technology apart from our competitive landscape and we will continue to look for opportunities to both monetize and protect our tech lead.

我們多年來收集的技術知識和大量數據使我們的技術在競爭格局中脫穎而出，我們將繼續尋找機會來貨幣化和保護我們的技術領先地位。

As I mentioned earlier, we've done a lot of A/B testing this quarter and our tech team is pivotal in allowing us to accelerate this important work. The Wayfair examples I provided you earlier, when we create targeted offers to drive take rates higher, for example, would not be possible if we didn't have best-in-class technology.

正如我之前提到的，我們本季進行了大量 A/B 測試，我們的技術團隊對於加快這項重要工作至關重要。例如，我之前向您提供的 Wayfair 範例，當我們創建有針對性的優惠以提高轉換率時，如果我們沒有一流的技術，就不可能實現這一點。

Finally, I'm excited about our exploration of Generative AI, which we believe will allow our teams to remain on the leading edge of technology. We believe we can leverage Generative AI to optimize our processes, accelerate our progress using the same or fewer resources and create an even more scalable tech infrastructure here at Katapult.

最後，我對我們對產生人工智慧的探索感到興奮，我們相信這將使我們的團隊保持技術的領先優勢。我們相信，我們可以利用生成式人工智慧來優化我們的流程，使用相同或更少的資源加速我們的進展，並在 Katapult 創建一個更具擴展性的技術基礎設施。

From pre approval to approval and throughout their lifetime with us, our technology powers our ability to deliver a great customer journey while creating great business outcomes.

從預先批准到批准以及在我們的整個生命週期中，我們的技術使我們有能力提供出色的客戶旅程，同時創造出色的業務成果。

And summarizing our third quarter, we're really proud of our steady progress. We have a multi-pronged growth strategy that is delivering sustainable growth. On the merchant side, we are enhancing our shopability through new direct integrations and merchant additions to Katapult Pay while exploring opportunities to help drive even more growth with our current merchants.

總結第三季度，我們對我們的穩步進展感到非常自豪。我們制定了多管齊下的成長策略，以實現永續成長。在商家方面，我們正在透過新的直接整合和 Katapult Pay 的商家增加來增強我們的可購物性，同時探索幫助推動現有商家進一步成長的機會。

At the same time, we're also nurturing our customer base with new features and targeted marketing campaigns that are driving take rates and engagement. With these solid fundamentals in place, we're also embarking upon new partnerships such as the one with Western Union that are creating new channels for ROI-positive customer acquisition.

同時，我們也透過新功能和有針對性的行銷活動來培養我們的客戶群，從而提高使用率和參與度。有了這些堅實的基礎，我們也開始建立新的合作夥伴關係，例如與西聯匯款的合作夥伴關係，該合作夥伴關係正在為獲取具有投資回報率的客戶創造新的管道。

Finally, we continue to build and protect our technology lead and we are exploring opportunities to leverage our data, proprietary technology and industry knowhow to drive growth, meet the unique and emerging needs of our merchants and meet customers wherever they are shopping.

最後，我們繼續建立和保護我們的技術領先地位，我們正在探索利用我們的數據、專有技術和行業知識來推動成長的機會，滿足我們商家獨特和新興的需求，並滿足隨時隨地購物的客戶。

With that, I'll turn it over to Nancy. Nancy?

有了這個，我會把它交給南希。南希？

Thank you, Orlando. I'm excited to talk to you today about our strong third quarter results which have added to our track record of growth. For four consecutive quarters, we have grown our gross originations year over year.

謝謝你，奧蘭多。我很高興今天與您談論我們強勁的第三季業績，這些業績增加了我們的成長記錄。連續四個季度，我們的總收入逐年成長。

And in the third quarter, we more than tripled our revenue growth compared with Q2, resulting in more than $4 million in year-over-year improvement to adjusted EBITDA. And we have achieved this growth against the backdrop of macroeconomic headwinds and growing consumer concerns about the economy.

與第二季相比，第三季我們的營收成長了兩倍多，調整後 EBITDA 年比成長超過 400 萬美元。我們是在宏觀經濟逆風和消費者對經濟日益擔憂的背景下實現這一增長的。

With that as context, let me provide you with some financial highlights for the third quarter of 2023. Gross originations increased 12.5% year over year to $49.6 million. As a reminder, gross origination trends are a leading indicator of future revenue stream. A percentage of revenue is realized in the quarter in which the gross origination occurs and increases cumulatively over the next four quarters.

以此為背景，讓我為您提供 2023 年第三季的一些財務亮點。總收入年增 12.5%，達到 4,960 萬美元。提醒一下，總起源趨勢是未來收入流的領先指標。收入的一定百分比是在總起源發生的季度實現的，並在接下來的四個季度中累積增加。

While we have continued to see healthy results from our direct merchants and Katapult Pay merchants, we did face macro headwinds and a few timing challenges during the quarter. Specifically, we saw retail slow in August and early September before picking back up again. And we had one key integration that took a bit longer to launch than we anticipated.

雖然我們繼續看到我們的直營商家和 Katapult Pay 商家取得了健康的業績，但我們在本季確實面臨著宏觀阻力和一些時機挑戰。具體來說，我們看到零售業在 8 月和 9 月初放緩，然後又回升。我們有一個關鍵的集成，啟動時間比我們預期的要長一些。

Our integrations are heavily dependent on our partners' resources and schedules, which can often shift after the launch schedule has been planned. Katapult's portfolio of direct merchants provides a funnel of new customers to drive gross originations at minimal customer acquisition costs. And now with our Western Union partnership, we expect to have another low-cost channel to acquire new customers.

我們的整合在很大程度上取決於合作夥伴的資源和時間表，而這些資源和時間表通常會在計劃啟動時間表後發生變化。 Katapult 的直銷商組合提供了一個新客戶管道，以最低的客戶獲取成本推動總收入。現在，透過與西聯匯款的合作，我們預計將有另一個低成本管道來獲取新客戶。

During the quarter, approximately 51% of our originations came from existing customers. This is consistent with the 51% we reported in Q2. Our customers are highly engaged and we believe we are fostering the engagement with our powerful mobile app.

本季度，我們約 51% 的來源來自現有客戶。這與我們在第二季報告的 51% 一致。我們的客戶高度參與，我們相信我們正在透過我們強大的行動應用程式促進參與。

As Orlando mentioned, nearly half of our gross originations in the third quarter began in the app. One year post the launch of our app and the Katapult Pay feature, we are very excited about the long-term potential. We are driving engagement and delivering a best-in-class experience to our customers.

正如奧蘭多所提到的，第三季我們的總收入中近一半來自應用程式。在我們的應用程式和 Katapult Pay 功能推出一年後，我們對其長期潛力感到非常興奮。我們正在推動參與度並為客戶提供一流的體驗。

One last note on our gross originations growth. When analyzing this metric, it is important to recognize that we achieved strong double-digit growth within the constraints of our dynamic underwriting model, risks and controls, which led to a lower approval rate year over year. Revenue increased 9.8% year over year to $55.3 million, exceeding the 5% to 7% growth outlook we provided last quarter.

關於我們的總發起成長的最後一點。在分析這項指標時，重要的是要認識到，我們在動態核保模式、風險和控制的限制下實現了強勁的兩位數成長，這導致了批准率逐年下降。營收年增 9.8% 至 5,530 萬美元，超過我們上季提供的 5% 至 7% 的成長預期。

This strong performance reflects the trends driving gross originations that I just mentioned, as well as the volume performance we saw in the first half of the year. Write-offs as a percent of lease revenue were about flat compared with Q2 and came in at 9.3%. During Q3, we saw this metric peak in July and then come down steadily during the rest of the quarter. Our long-term target for write-offs as a percent of revenue was 8% to 10%, and we are comfortably within this range.

這種強勁的表現反映了我剛才提到的推動總發行量的趨勢，以及我們在今年上半年看到的銷售表現。沖銷佔租賃收入的百分比與第二季持平，為 9.3%。在第三季度，我們看到該指標在 7 月達到峰值，然後在本季度剩餘時間內穩步下降。我們的沖銷佔收入百分比的長期目標是 8% 到 10%，我們完全處於這個範圍內。

We continued to benefit from our focus on disciplined expense management during the quarter. We lowered our overall operating expenses by 11.5% compared with Q2 2023 and 27% year over year. Excluding underwriting fees and servicing costs, which are variable and depreciation and non-cash stock-based compensation expense, our fixed cash operating expenses were $9 million, down 31.8% compared to last year.

本季我們繼續受益於對嚴格費用管理的關注。與 2023 年第二季相比，我們的整體營運費用降低了 11.5%，比去年同期降低了 27%。不包括可變的承銷費和服務成本以及折舊和非現金股票補償費用，我們的固定現金營運費用為 900 萬美元，比去年下降 31.8%。

Based on our top-line performance and the structural and sustainable benefits we are realizing from our operating efficiencies, we were able to improve our adjusted EBITDA performance substantially. For the third quarter, we recorded positive adjusted EBITDA of $2 million, which was a $4.3 million improvement compared with the $2.3 million loss we reported in the third quarter of last year.

基於我們的營收業績以及我們從營運效率中實現的結構性和永續效益，我們能夠大幅提高調整後的 EBITDA 績效。第三季度，我們的調整後 EBITDA 為正數 200 萬美元，與去年第三季報告的 230 萬美元虧損相比，增加了 430 萬美元。

To put a finer point in our progress towards sustained profitability, our Q3 results mean that we have delivered $14 million more in adjusted EBITDA year to date than we did in the same period of 2022.

為了更準確地說明我們在實現持續盈利方面取得的進展，我們第三季的業績意味著我們今年迄今為止的調整後 EBITDA 比 2022 年同期多交付了 1,400 萬美元。

As of September 30, 2023, we had total cash and cash equivalents of $32.2 million, which excludes $6.7 million of restricted cash. And we feel comfortable that our cash position and our credit facility provide us with the resources we need to support our growth strategy.

截至 2023 年 9 月 30 日，我們的現金及現金等價物總額為 3,220 萬美元，其中不包括 670 萬美元的限制性現金。我們感到放心的是，我們的現金狀況和信貸額度為我們提供了支持我們的成長策略所需的資源。

As you've heard, like other companies, we're navigating a dynamic and sometimes volatile macro environment. While there are tailwinds such as stable inflation rate and a reduced likelihood of a recession in the US, there are also a number of headwinds. Retail traffic is down, interest rates remain elevated, lending standards are tight and there is uncertainty about how the resumption of student loan repayments will impact our core customer.

正如您所聽說的，與其他公司一樣，我們正在應對一個動態且有時不穩定的宏觀環境。儘管存在通貨膨脹率穩定和美國經濟衰退可能性降低等有利因素，但也存在一些不利因素。零售客流量下降，利率仍居高不下，貸款標準收緊，恢復學生貸款償還將如何影響我們的核心客戶存在不確定性。

And while lease-to-own solutions have historically benefited when prime credit options become less available, we believe this mixed bag of economic indicators led to a slowdown in retail activity mid-third quarter. And we also believe it could be temporarily dampening some consumer demand for many of the durable goods that are leasable through capital.

儘管從歷史上看，當主要信貸選擇變得越來越少時，從租賃到擁有的解決方案都會受益，但我們認為，這種混合的經濟指標導致第三季中期零售活動放緩。我們也認為，這可能會暫時抑制消費者對許多可透過資本租賃的耐用品的需求。

Based on this macro outlook and our operating plan for Q4 2023, we expect to deliver a 3% to 5% year-over-year increase in gross originations, which would be the fifth consecutive quarter of year-over-year growth. This outlook is driven by our expectation that macroeconomic conditions and our collections trajectory remain consistent with the first three quarters of the year. And then we see a positive impact from marketing initiatives we discussed today. We also expect revenue to grow 13% to 15% year over year compared with the fourth quarter of 2022.

根據這一宏觀前景和我們 2023 年第四季的營運計劃，我們預計總來源量將年增 3% 至 5%，這將是連續第五個季度同比增長。這一前景是由我們的預期推動的，即宏觀經濟狀況和我們的收款軌跡與今年前三個季度保持一致。然後我們看到了我們今天討論的行銷舉措的正面影響。我們也預計，與 2022 年第四季相比，營收將年增 13% 至 15%。

Lastly, we expect our adjusted EBITDA performance to continue to improve significantly compared with the fourth quarter of last year, reflecting our revenue growth expectations and sustained reduction of our fixed cash operating expenses. We expect to reduce fixed cash OpEx by approximately 25% year over year.

最後，我們預計調整後的 EBITDA 業績將與去年第四季相比將繼續大幅改善，反映了我們的營收成長預期和固定現金營運費用的持續減少。我們預計固定現金營運支出將年減約 25%。

For the full year, this translates to an outlook of 12% to 13% gross origination growth, 3% to 4.5% revenue growth and meaningful improvement in adjusted EBITDA, which as of the third quarter, has already increased by $14 million year to date versus the same period of 2022.

就全年而言，這意味著總起源增長 12% 至 13%，收入增長 3% 至 4.5%，調整後 EBITDA 顯著改善，截至第三季度，今年迄今已增加 1,400 萬美元與2022 年同期相比。

During the third quarter, we believe our performance distinguished us from our competitive landscape. We delivered our fourth consecutive quarter of gross originations growth, which translates to $159 million in gross origination year to date and double-digit revenue growth for the quarter. And we drove this top-line growth performance against the backdrop of continued disciplined expense management, which has allowed us to deliver substantial improvements to adjusted EBITDA profitability.

在第三季度，我們相信我們的表現使我們在競爭格局中脫穎而出。我們實現了連續第四季度的總發起成長，這意味著年初至今的總發起額為 1.59 億美元，本季的營收成長為兩位數。我們在持續嚴格的費用管理的背景下推動了這項營收成長，這使我們能夠大幅改善調整後的 EBITDA 獲利能力。

We have a clear growth strategy, a well-defined operating plan that we are executing against and a healthy balance sheet that provides us with the financial room we need to fund our pipeline of origination. We feel confident that we are well positioned for continued growth as we march toward profitability.

我們有明確的成長策略、我們正在執行的明確的營運計劃以及健康的資產負債表，為我們提供了為我們的原創管道提供資金所需的財務空間。我們相信，在邁向獲利的過程中，我們已做好持續成長的準備。

With that, I'd like to turn the call over to the Operator to open the line for Q&A. Operator?

這樣，我想將通話轉給接線員以開啟問答線路。操作員？

(Operator Instructions)

（操作員說明）

Josh Siegler, Cantor Fitzgerald.

喬許·西格勒，坎托·菲茨傑拉德。

Hey, team. This is Will Carlson on for Josh. Congrats on the quarter. I wanted to ask, could you guys provide any additional color on just kind of the partnership with Synchrony Financial and how it's kind of helping you guys monetize the customer base? And if you expect to seek additional partnerships like this in the future?

嘿，團隊。我是威爾·卡爾森（Will Carlson）為喬許（Josh）代言。恭喜本季。我想問一下，你們能否就與 Synchrony Financial 的合作提供任何額外的信息，以及它如何幫助你們從客戶群中獲利？您是否希望將來尋求更多這樣的合作關係？

Yeah. Hi, Will. It's Orlando. Thanks for the question. Yeah. I mean, we have kind of been on the forefront of the waterfall integration. We did it with a firm in the past and we like the waterfall because of what it does, is it brings those declines that come from a prime lender to us electronically, easily, seamlessly to help drive more approvals for the retailer, as well as additional incremental volume.

是的。嗨，威爾。這是奧蘭多。謝謝你的提問。是的。我的意思是，我們一直處於瀑布整合的最前線。我們過去曾與一家公司合作過，我們喜歡瀑布式，因為它的作用是，它以電子方式、輕鬆、無縫地將來自主要貸方的拒絕信息帶給我們，以幫助推動零售商獲得更多批准，以及額外的增量量。

And so it's just one more step. We always talk to many of the prime lenders about doing an integration, whether it's through a third-party waterfall or a direct integration. This one's pretty exciting, because Synchrony has tons of retailers that fit our profile perfectly. Their approval rates are not 100%. I don't think any prime lender has 100% approval so we can see the increase in applications that come.

所以這只是另一步。我們總是與許多主要貸款人討論進行整合，無論是透過第三方瀑布還是直接整合。這非常令人興奮，因為 Synchrony 擁有大量非常適合我們的零售商。他們的支持率並不是100%。我不認為任何主要貸款人都能獲得 100% 的批准，因此我們可以看到申請數量的增加。

Now, the way that it's going to work is, a retailer still has to say, yes, I want to be on the waterfall. And so we're going to team up together to go out to talk to the retailers that have durable goods, make sure that they're -- they see the offer or see the opportunity to add us on their waterfall and to be able to get that integration done.

現在，它的運作方式是，零售商仍然必須說，是的，我想站在瀑布上。因此，我們將聯手與擁有耐用品的零售商交談，確保他們看到報價或看到將我們添加到他們的瀑布中的機會，並且能夠完成整合。

So there's some work to do, by selling the retailers. But I think it's a great partnership. I'm real proud that we were able to get through this -- get this partnership done and we're going to continue to look for others. I mean, there's a lot of opportunity because, as I said, the prime lenders don't approve everyone and this is a great way to get into a retailer.

因此，還有一些工作要做，就是出售零售商。但我認為這是一個很好的合作關係。我真的很自豪我們能夠渡過難關——完成這次合作，我們將繼續尋找其他合作夥伴。我的意思是，有很多機會，因為正如我所說，主要貸款機構並不批准所有人，而這是進入零售商的好方法。

Thanks. And then second follow-up question was just back on the Casper partnership and how you kind of expect that to ramp up through the first half of 2024

謝謝。第二個後續問題是關於 Casper 合作夥伴關係，以及您預計這種合作關係在 2024 年上半年會如何發展

Yes.

是的。

Yeah, we're excited about that one because Casper's been in the online mattress business for a long time and they made an announcement a while back that they were going to be adding stores -- storefronts and I visited a few of them. It's a simple mall operation. And financing is a big part of their business. And they realized that their prime lender is Affirm. But Affirm, again, doesn't approve everybody.

是的，我們對此感到興奮，因為 Casper 已經從事線上床墊業務很長時間了，他們不久前宣布將增加商店 - 店面，我參觀了其中的一些。這是一個簡單的商場操作。融資是他們業務的重要組成部分。他們意識到他們的主要貸款人是 Affirm。但再次強調，Affirm 並不認可所有人。

So we expect to have, we have the online integration done. We'll be working in the first quarter to get the in-store integration. And the in-store integration, I think it's going to be unique compared to others in that. We're still keeping the clarity, the transparency of our product in the customer's hands so that they can make the decision and see exactly what the terms and conditions are and execute that seamlessly and very quickly and clearly and transparently.

所以我們希望我們能夠完成線上整合。我們將在第一季努力實現店內整合。我認為店內整合與其他整合相比將是獨一無二的。我們仍然將產品的清晰度和透明度掌握在客戶手中，以便他們能夠做出決定，準確了解條款和條件，並無縫、非常快速、清晰和透明地執行。

So we're excited about that integration and training the stores on how to offer leasing to their customers and really sets us apart, I think, and not only in the mattress business, but I think this will just be a good step forward in some of the other lease-to-own, brick-and-mortar stores that have e-commerce plus brick and mortar.

因此，我們對這種整合感到興奮，並培訓商店如何向客戶提供租賃服務，我認為這確實使我們與眾不同，不僅在床墊業務上，而且我認為這將在某些方面向前邁出良好的一步。其他擁有電子商務和實體店的先租後買實體店。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

All right. Thank you, Will.

好的。謝謝你，威爾。

(Operator Instructions)

（操作員說明）

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning and congrats on a strong quarter and continuing the momentum. I guess I just had a couple questions. Maybe I'll just take them one at a time. First thing, so it was a very strong quarter. Don't mean to nitpick, but your guidance for GMV growth is 14% to 16%. You came up a little bit light of that. I'm assuming it was that sort of slowdown that you referred to during your prepared remarks, but I just wanted to see if there was any additional call you could provide on that.

早上好，恭喜季度表現強勁並繼續保持這一勢頭。我想我只是有幾個問題。也許我一次只拿一個。首先，這是一個非常強勁的季度。無意挑剔，但你們對 GMV 成長的指導是 14% 到 16%。你對此有一點了解。我假設這就是您在準備好的發言中提到的那種放緩，但我只是想看看您是否可以就此提供任何其他建議。

Hi, Anthony. It's Nancy. Thank you for your question. Yes, exactly what you said, it was that slowdown that we saw in August going into early September. And then we talked about there was one integration that just took a little bit longer compared to what we had projected. So the business is still really strong. We feel very good about what we've achieved year to date and we are continuing on our growth trajectory, five quarters of consecutive growth that with what we projected for our Q4 outlook.

嗨，安東尼。是南希。謝謝你的問題。是的，正如你所說，我們在八月到九月初看到了經濟放緩。然後我們討論了一個集成，與我們預期的相比，只是花了更長的時間。所以生意還是很強勁的。我們對今年迄今為止所取得的成就感到非常滿意，我們將繼續沿著我們的成長軌跡前進，連續五個季度實現成長，這符合我們對第四季前景的預測。

Got it. That's helpful. And then second question, on Western Union. I understand about the referral fees, but like how exactly -- I'm just trying to sort of like dimensionalize this or sort of think about how this would work practically. Like how exactly is Western Union going to be marketing Katapult? Like just walking through the logistics, the practical logistics of that?

知道了。這很有幫助。然後是第二個問題，關於西聯匯款。我了解推薦費，但具體如何——我只是想將其具體化，或思考這在實際中如何運作。例如西聯匯款究竟將如何行銷 Katapult？就像剛才走過的物流一樣，實用的物流是什麼？

Thanks, Anthony. This is Derek, I'll take this question. So basically, just to summarize a little bit of our perspective a little again on this is that, we've really seen that our level of engagement with consumers just continues to increase as there's clearly demand in the non-prime segment for choice in their transaction options.

謝謝，安東尼。我是德瑞克，我來回答這個問題。因此，基本上，再次總結我們對此的看法是，我們確實看到，我們與消費者的互動程度正在不斷提高，因為非主要細分市場顯然對他們的選擇有需求。交易選項。

And so the lease to own, especially now that we have the mobile app where a consumer can shop at fantastic tier-one retailers, national retailers and find just about any durable good they could want through this marketplace that we've developed.

因此，租賃到擁有，特別是現在我們有了行動應用程序，消費者可以在出色的一級零售商、全國零售商處購物，並透過我們開發的這個市場找到他們想要的任何耐用品。

And so as we discussed with partners like Western Union about where there's overlaps in our customer base and what that can do for both of our communities in terms of enabling more transaction options, it was just a win-win for both of us in terms of giving a new capability for Western Union customers.

因此，當我們與西聯匯款等合作夥伴討論我們的客戶群中哪些地方存在重疊以及在提供更多交易選擇方面可以為我們兩個社區做些什麼時，這對我們雙方來說都是雙贏的為西聯匯款客戶提供新功能。

Now to introduce that opportunity, you've got to engage with them where they are. And so Western Union has properties -- digital properties to their websites, mobile apps, et cetera, that they'll be introducing Katapult through various advertising and collaborations they have with us that will engage the consumer to click through and engage with our mobile app.

現在要介紹這個機會，你必須在他們所在的地方與他們接觸。因此，西聯匯款擁有其網站、行動應用程式等的數位資產，他們將透過各種廣告和與我們的合作來介紹 Katapult，吸引消費者點擊並使用我們的行動應用程式。

And its early days, but I think this signals for us, one, that we're really resonating with consumers and opening up new channels for us to access consumer communities. And we're delivering value to us and other partners who have large communities of non-prime customers. So we're really excited about where this can take us and stand by as we learn more.

現在還處於早期階段，但我認為這對我們來說是一個訊號，第一，我們確實與消費者產生了共鳴，並為我們開闢了接觸消費者社群的新管道。我們正在為我們和其他擁有大量非主要客戶社群的合作夥伴提供價值。因此，我們對這可以帶我們去往的地方感到非常興奮，並在我們了解更多信息時隨時待命。

Yeah. Anthony, last quarter I mentioned that, our strategy going forward is to expand the pie of customers, and in numerous ways, obviously, a direct integration, a waterfall integration or partnership. And this is the third prong of that expansion of getting new customers to our platform.

是的。安東尼，上個季度我提到，我們未來的策略是擴大客戶蛋糕，並以多種方式，顯然，直接整合、瀑布式整合或合作夥伴關係。這是為我們的平台吸引新客戶的擴張的第三個面向。

Got it. That's helpful. And then just one last question for me, just any updates in terms of the -- I mean, you talked about the Casper integration, but any updates in terms of the new retail partners that you signed on in the third quarter or just potential partnerships in the pipeline?

知道了。這很有幫助。最後一個問題是關於——我的意思是，您談到了 Casper 集成，但關於您在第三季度簽署的新零售合作夥伴或潛在合作夥伴方面的任何更新在管線中？

Yeah. The pipeline question. Yeah. We obviously have a strong pipeline of not only Synchrony retailers, new retailers that are new to us, but also on the partnership front. So we're kind of attacking it on all three fronts and I'm looking forward to 2024 and getting some of these integrations done. I mean, the beauty of partnership one is the easier integration than the direct integration. Waterfall one with Synchrony will be a much easier integration to add retailers at a quicker pace.

是的。管道問題。是的。顯然，我們不僅擁有強大的管道，不僅包括 Synchrony 零售商、對我們來說是新的新零售商，而且還包括合作夥伴。因此，我們正在從所有三個方面進行攻擊，我期待著 2024 年並完成其中一些整合。我的意思是，合作夥伴關係的美妙之處在於比直接整合更容易整合。 Waterfall one 與 Synchrony 的整合將更加容易，可以更快地添加零售商。

That's helpful. Good luck for the remainder of the year.

這很有幫助。祝今年剩下的時間一切順利。

All right. Thanks, Anthony.

好的。謝謝，安東尼。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the floor back over to Orlando Zayas, CEO for closing comments. Please go ahead.

目前沒有其他問題。我想請執行長奧蘭多·扎亞斯 (Orlando Zayas) 發表結束評論。請繼續。

Thank you. Before we sign off, I want to acknowledge the amazing Katapult team. I'm so grateful to the work with our team and is so focused on winning and delivering for our customers and merchants. Thank you for your hard work and dedication. You are the most important ingredient of our success.

謝謝。在我們結束之前，我要感謝令人驚嘆的 Katapult 團隊。我非常感謝與我們團隊的合作，並且非常專注於為我們的客戶和商家贏得勝利並交付成果。感謝您的辛勤工作和奉獻精神。您是我們成功的最重要因素。

To everyone listening, thank you so much for tuning in to hear about the progress we've made over the past quarter. We are proud of our ability to grow while providing our customers with a fair, transparent and accessible lease-to-own product and our merchants with a growth channel that has so much potential.

對於每一位聽眾，非常感謝您收聽我們在過去一個季度的進展。我們為自己的發展能力感到自豪，同時為我們的客戶提供公平、透明和易於使用的先租後買產品，並為我們的商家提供具有巨大潛力的成長管道。

We look forward to chatting with the Wall Street community throughout the quarter and providing a next update after our fourth quarter concludes. We plan to participate in the Stephen's annual investment conference in Nashville next week and we hope to see you there.

我們期待在整個季度與華爾街社區進行交流，並在第四季度結束後提供下一次更新。我們計劃參加下週在納許維爾舉行的史蒂芬年度投資會議，希望在那裡見到您。

If we can't meet you in person, you can access a live webcast and replay of our fireside chat on our IR website. Thanks again for your support and interest in our story.

如果我們無法親自與您見面，您可以在我們的 IR 網站上觀看即時網路廣播並重播我們的爐邊談話。再次感謝您對我們故事的支持與興趣。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation and have a great day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。