Katapult Holdings Inc (KPLT) 2024 Q1 法說會逐字稿

Hello, everyone. Thank you for waiting, and welcome to Katapult Holdings, Inc. first quarter 2024 earnings call. Please note that this call is being recorded. (Operator Instructions)

大家好。感謝您的等待，歡迎參加 Katapult Holdings, Inc. 2024 年第一季財報電話會議。請注意，此通話正在錄音。（操作員說明）

I'd now like to hand over the call first to Jennifer Kull. Please go ahead.

我現在想先把電話轉給詹妮弗·庫爾。請繼續。

Welcome to Katapult's first quarter 2024 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 2024 年第一季電話會議。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。

Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business and our operating results, as noted in the slide deck posted to our website for your reference. Our actual results may differ materially. Forward looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q, and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

請記住，我們今天的言論包括與我們的財務指導、業務和經營業績相關的前瞻性陳述，如我們網站上發布的幻燈片所示，供您參考。我們的實際結果可能存在重大差異。前瞻性陳述涉及風險和不確定性，其中一些在今天的收益報告和我們最新的 10-Q 表格中進行了描述，並將在我們向 SEC 提交的未來定期報告中進行更新。我們在本次電話會議中所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。

Also during the call, we'll present both GAAP and non-GAAP financial measures. Non-GAAP financial measures should be considered supplemental to and not replacements for or superior to 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. Given our recent restatement, any comparisons to 2023 financial results are referring to our restated financials included in our Form 10-K for the year ended December 31st, 2023 filed with the SEC on April 24th, 2024. Finally, all comparisons are year-over-year unless stated otherwise.

此外，在電話會議期間，我們還將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標應被視為對我們 GAAP 業績的補充，而不是替代或優於我們的 GAAP 業績。今天的收益發布中包含了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，可在公司網站的投資者關係部分查看。鑑於我們最近的重述，與 2023 年財務業績的任何比較都是指我們於 2024 年 4 月 24 日向 SEC 提交的截至 2023 年 12 月 31 日的 10-K 表格中所包含的重述財務數據。最後，除非另有說明，所有比較都是逐年比較。

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. We are excited to talk to you about our first quarter performance, which included gross originations and revenue that were both slightly above our expectations. We are very happy with our progress during Q1, which we achieved despite the macro headwinds facing the retail industry and a pullback in consumer demand. Today, I will focus my commentary on how we've continued to build momentum in our business by enhancing our merchant offering and extending our consumer reach. I'll then turn the call over to Nancy, who will give you an update on changes we've made to some historic financial statements, highlights from our Q1 financial performance and an outlook on our second quarter.

謝謝你，詹妮弗，也謝謝今天早上加入我們的所有人。我們很高興與您談論我們第一季的業績，其中包括總收入和收入均略高於我們的預期。我們對第一季的進展感到非常高興，儘管零售業面臨宏觀阻力和消費者需求回落，但我們仍取得了這一進展。今天，我將重點放在我們如何透過增強我們的商家產品和擴大我們的消費者覆蓋範圍來繼續增強我們的業務動力。然後我會將電話轉給南希，她將向您介紹我們對一些歷史財務報表所做的更改的最新情況、第一季度財務業績的亮點以及第二季度的前景。

Heading into 2024, Katapult, like most of the retail sector, saw a bit of a slowdown in consumer traffic and purchase activity. We had expected to see trends improve throughout the first quarter, and that's exactly how the quarter played out.

進入 2024 年，Katapult 與大多數零售業一樣，消費者流量和購買活動略有放緩。我們原本預期第一季的趨勢會有所改善，而這正是該季度的結果。

When we look at intra-quarter performance, January was the trough of our year-over-year gross originations comps and we saw sequential improvement throughout the quarter, the signal that trends were improving. This quarter represented our sixth consecutive quarter of gross originations growth and this strong performance has ignited our revenue engine as well, leading to another quarter of double-digit revenue growth. For the first quarter, we delivered 1.6% gross originations growth, slightly ahead of our outlook for flat year-over-year performance and if we look at the last two years together, we delivered nearly 20% growth in gross originations. Our gross originations were driven by both our direct integrations with merchants as well as continued strong performance of Katapult Pay. We believe this demonstrates that we can drive growth by partnering with merchants and stimulate consumer demand by leveraging our own marketplace.

當我們查看季度內的業績時，一月份是我們同比總發起比較的低谷，我們看到整個季度的連續改善，這是趨勢正在改善的信號。本季是我們連續第六個季度的總收入成長，這種強勁的表現也點燃了我們的營收引擎，導致另一個季度的兩位數營收成長。第一季度，我們的總發起量成長了 1.6%，略高於我們對同比業績持平的預期，如果我們綜合考慮過去兩年，我們的總發起量增長了近 20%。我們與商家的直接整合以及 Katapult Pay 的持續強勁表現推動了我們的總收入。我們相信，這表明我們可以透過與商家合作來推動成長，並透過利用我們自己的市場來刺激消費者需求。

This is a good segue into our direct integration performance during the first quarter, so let me give you a few highlights. Our merchant strategy is built on three key areas: one, growing gross originations by integrating with new merchants; two, growing our market share with our anchor merchants; and three, ensuring that we offer the variety of durable goods our customers are looking for to drive sustainable demand.

這是我們第一季直接整合績效的一個很好的延續，所以讓我向您介紹一些亮點。我們的商家策略建立在三個關鍵領域：一是透過與新商家整合來增加總收入；二是擴大主力商戶的市佔率；第三，確保我們提供客戶所需的各種耐用品，以推動永續需求。

During the first quarter, we continued to focus on enhancing the merchant experience on the Katapult platform and building new relationships that can deepen and accelerate our pipeline for future direct integrations. First, we upgraded the Katapult platform to integrate the latest version of Shopify, which allows Katapult to align the one-page checkout process Shopify now offers. This upgrade was completed after working closely with Shopify to create a seamless integration path for our retailers that enables a friction-free lease transaction journey for our customers. In fact, the integration path has become so much easier with this upgrade that one retailer recently integrated our platform on their own and we've already seen their first lease origination. The Shopify checkout flow is used by about 100 of our small and medium-sized merchants, and we expect this upgrade to be accretive to our top line over time. Through this enhancement, we expect to be able to accelerate the speed of integration, which we believe will be an attractive feature, as we target new merchants for direct integration.

在第一季度，我們繼續專注於增強 Katapult 平台上的商家體驗，並建立新的關係，以深化和加速我們未來直接整合的管道。首先，我們升級了 Katapult 平台以整合最新版本的 Shopify，這使得 Katapult 能夠調整 Shopify 現在提供的單頁結帳流程。這項升級是在與 Shopify 密切合作後完成的，為我們的零售商創建無縫整合路徑，為我們的客戶提供無摩擦的租賃交易之旅。事實上，透過這次升級，整合路徑變得更加容易，以至於一家零售商最近自己整合了我們的平台，我們已經看到了他們的第一次租賃。我們大約有 100 家中小型商家使用 Shopify 結帳流程，我們預計此次升級將隨著時間的推移增加我們的收入。透過這項增強，我們期望能夠加快整合速度，我們相信這將是一個有吸引力的功能，因為我們瞄準了新的商家進行直接整合。

Second, we have entered into an agreement with Salesforce to be an official solution partner for their Salesforce Commerce Cloud. We believe this new relationship will help accelerate our direct integration process with more than 100 enterprise merchants that work with Salesforce. In addition to this partnership, we have been added to the Salesforce AppExchange that gives us access to joint referrals as well as introductions to current Salesforce clients, which are typically larger merchants. We are excited to work with Salesforce as we continue to enhance our go-to-market strategy with a broad range of platform partnerships.

其次，我們已與 Salesforce 達成協議，成為其 Salesforce Commerce Cloud 的官方解決方案合作夥伴。我們相信這種新的關係將有助於加快我們與 100 多家使用 Salesforce 的企業商家的直接整合流程。除了這種合作關係之外，我們還被添加到 Salesforce AppExchange，這使我們能夠獲得聯合推薦以及對目前 Salesforce 客戶（通常是大型商家）的介紹。我們很高興與 Salesforce 合作，透過廣泛的平台合作夥伴關係繼續加強我們的市場策略。

And finally, we have also continued to advance our relationship with Synchrony. As we announced a few quarters ago, we entered into an agreement with Synchrony to integrate our LTO solution into their waterfall. Since then, we have completed a number of integration tasks and we intend to launch our dApply integration by the end of the second quarter. By way of background, dApply provides financial services waterfall functionality to retailers and will allow a Katapult offer to be presented to Synchrony applicants who are not approved for a primary or secondary financial product. Once complete, Synchrony will be able to leverage our innovative LTO solution and their digital waterfall application process, enabling their retailer partners to offer our lease-to-own option for their customers. We expect the integration to open the door for us to launch merchant partnerships more easily and at scale.

最後，我們也持續推進與 Synchrony 的關係。正如我們在幾個季度前宣布的那樣，我們與 Synchrony 達成協議，將我們的 LTO 解決方案整合到他們的瀑布中。從那時起，我們已經完成了多項整合任務，並計劃在第二季末啟動 dApply 整合。作為背景，dApply 向零售商提供金融服務瀑布功能，並將允許向未獲批准主要或次要金融產品的 Synchrony 申請人提供 Katapult 報價。完成後，Synchrony 將能夠利用我們創新的 LTO 解決方案及其數位瀑布應用流程，使其零售商合作夥伴能夠為其客戶提供我們的先租後買選項。我們預計此次整合將為我們更輕鬆、更大規模地建立商業合作夥伴關係打開大門。

Direct integrations remain an important part of our growth strategy and we have a robust pipeline of targets. We believe that our new agreements with Salesforce and Synchrony will unlock even more growth opportunities. We look forward to updating you on this progress.

直接整合仍然是我們成長策略的重要組成部分，我們擁有強大的目標管道。我們相信，我們與 Salesforce 和 Synchrony 的新協議將釋放更多成長機會。我們期待向您通報這項進展。

Onboarding new merchants is just one part of our merchant growth strategy. We are also focused on deepening our relationships with and output from our existing merchant partnerships. While Wayfair remains our largest merchant partner, about 53% of our gross originations were driven by performance of hundreds of other merchant partners in the first quarter. In the first quarter, our non-Wayfair gross originations grew by about 9%, led by 57% and 13% growth in the jewelry and electronics categories, respectively. We are continuing to deliver platform enhancements such as the Shopify update I just mentioned and the preapproval data that we began sharing with merchants late last year, and we believe these enhancements will further strengthen our merchant partner relationships and support our continued strong performance.

吸引新商家只是我們商家成長策略的一部分。我們也致力於深化與現有商業夥伴關係的關係並從現有的商業夥伴關係中獲取產出。雖然 Wayfair 仍然是我們最大的商業合作夥伴，但我們第一季約 53% 的總收入是由數百個其他商業合作夥伴的業績推動的。第一季度，我們的非 Wayfair 總收入成長了約 9%，其中珠寶和電子產品類別分別成長了 57% 和 13%。我們正在繼續提供平台增強功能，例如我剛才提到的Shopify 更新以及我們去年年底開始與商家共享的預審批數據，我們相信這些增強功能將進一步加強我們的商家合作夥伴關係並支持我們持續強勁的業績。

Turning to our business with Wayfair, we have a strong partnership with Wayfair, and we continue to work closely with them to explore creative opportunities to drive consumer demand. To help support our continued partnership, we are working with a number of initiatives to drive conversion rates even higher at Wayfair, including opportunities to further improve the precision of our underwriting model. Given the tough operating environment for home furnishings, we have focused on controlling the controllable by enhancing the parts of the consumer journey that we can influence. We have been running a variety of tests to drive both same-day and overall take rates higher, and we're seeing some very good results. For example, same-day take rates are up 330 basis points year over year, and approval rates are up 60 basis points year over year, even as our write-offs continue to decrease.

談到我們與 Wayfair 的業務，我們與 Wayfair 建立了牢固的合作夥伴關係，我們將繼續與他們密切合作，探索推動消費者需求的創意機會。為了幫助支持我們持續的合作夥伴關係，我們正在採取一系列措施來提高 Wayfair 的轉換率，包括進一步提高我們承保模型準確性的機會。考慮到家居行業嚴峻的經營環境，我們專注於透過增強我們可以影響的消費者旅程的部分來控制可控因素。我們一直在進行各種測試，以提高當日利用率和整體利用率，我們看到了一些非常好的結果。例如，儘管我們的沖銷持續減少，但當日成交率比去年同期上升了 330 個基點，批准率比去年同期上升了 60 個基點。

We believe we have a superior LTO offering and that we can continue to build our market share. I think it's important to remember that we estimate our total addressable market opportunity to be in the $50 billion to $60 billion range here in the U.S. Given the footprint of existing LTOs, this TAM is underserved, creating a lot of greenfield opportunity for Katapult to amass share as we help new merchant partners tap into loyal non-prime consumer base that wants products they offer. Bottom line, we believe we have both great product market fit and a large and unaddressed market opportunity.

我們相信我們擁有卓越的 LTO 產品，並且可以繼續擴大我們的市場份額。我認為重要的是要記住，我們估計美國的總可尋址市場機會在500 億至600 億美元之間。機會分享我們幫助新的商業合作夥伴進入想要他們提供的產品的忠誠的非主要消費者群體。最重要的是，我們相信我們既有很好的產品市場契合度，也有巨大的、尚未解決的市場機會。

We are very proud of the relationships we have continued to build with consumers across the US. We offer at fair and transparent terms, and we believe we have a best-in-class LTO product that continues to resonate with existing and new customers alike. As a result, we're seeing success in executing our strategy to drive customer demand, which is complementary to our merchant partner-driven demand that has historically fueled our business.

我們對與美國各地消費者持續建立的關係感到非常自豪。我們以公平和透明的條款提供服務，我們相信我們擁有一流的 LTO 產品，將繼續引起現有和新客戶的共鳴。因此，我們在執行推動客戶需求的策略方面取得了成功，這與我們的商業合作夥伴驅動的需求相輔相成，這種需求歷來推動了我們的業務。

During Q1, we made progress in many areas, but there are three that I'd like to discuss with you today: Katapult Pay, marketing, and our new risk based pricing model.

在第一季度，我們在許多領域取得了進展，但今天我想與您討論三個領域：Katapult Pay、行銷和我們新的基於風險的定價模式。

Let's start with Katapult Pay, which continues to deliver value to our merchants, customers and Katapult. During the quarter, we saw nearly $15 million of our gross originations come through Katapult Pay, which accounted for about a quarter of our total originations. Katapult Pay has become a go-to resource for many of our customers, and we believe we have created an amazing engagement tool that consumers love. In general, our app has become an important access point that customers are using more and more. In fact, during the first quarter, nearly 50% of our total gross origination dollars, including those that came through Katapult Pay, were initiated in our app.

讓我們從 Katapult Pay 開始，它繼續為我們的商家、客戶和 Katapult 提供價值。在本季度，我們發現近 1500 萬美元的總收入來自 Katapult Pay，約佔我們總收入的四分之一。Katapult Pay 已成為我們許多客戶的首選資源，我們相信我們已經創造了消費者喜愛的令人驚嘆的參與工具。總的來說，我們的應用程式已經成為客戶越來越多使用的重要接入點。事實上，在第一季度，我們總發起美元的近 50%（包括透過 Katapult Pay 獲得的美元）是在我們的應用程式中啟動的。

We're also excited to announce that we added Lowe's to Katapult Pay just last week. We survey our customers regularly and Lowe's was a highly requested retailer. We are providing even more choice to our customers and look forward to seeing them engage with this well-known retailer.

我們也很高興地宣布，上週我們已將 Lowe's 加入到 Katapult Pay 中。我們定期對客戶進行調查，Lowe's 是一家要求很高的零售商。我們正在為客戶提供更多選擇，並期待看到他們與這家知名零售商合作。

We believe that Katapult Pay is allowing us to deepen our relationship with consumers and that it is the cornerstone of our ability to sustain our track record of high NPS scores and repeat purchase rates. Case in point: during the first quarter, we earned an NPS score of 65 and our customer repeat purchase rate was 56%. Katapult Pay has quickly become a game changer for us. We are leveraging it to monetize our customer base, control our destiny and unlock new avenues for growth.

我們相信 Katapult Pay 使我們能夠加深與消費者的關係，並且它是我們維持高 NPS 分數和重複購買率記錄的基石。舉個例子：第一季度，我們的 NPS 得分為 65，客戶重複購買率為 56%。Katapult Pay 很快就改變了我們的遊戲規則。我們正在利用它來將我們的客戶群貨幣化，控制我們的命運並開闢新的成長途徑。

One newer growth avenue is marketing. As we continue to grow our powerful direct-to-consumer app, we believe we're in good position to continue scaling our marketing strategy. We remain prudent on our marketing spend, but we are seeing the ROI necessary to encourage our investment in this area. We believe we've built a market-leading LTO product that meets the needs of both merchants and consumers and given the strength of our product offering, we are investing more in customer acquisition with a focus on digital marketing. This includes social, app store, and display marketing.

一種新的成長途徑是行銷。隨著我們繼續發展強大的直接面向消費者的應用程序，我們相信我們處於有利位置，可以繼續擴大我們的行銷策略。我們對行銷支出保持謹慎態度，但我們看到了鼓勵我們在這一領域投資所需的投資報酬率。我們相信，我們已經打造了市場領先的 LTO 產品，可以滿足商家和消費者的需求，鑑於我們產品供應的優勢，我們將在客戶獲取方面進行更多投資，重點關注數位行銷。這包括社交、應用商店和展示行銷。

Currently, we are running a number of tests that feature more trigger-based marketing. This style of marketing allows us to be responsive to customer behavior and creates a more connected dialogue with consumers. It's still early days, but we're seeing conversion rate improvements, which have been encouraging.

目前，我們正在運行一些測試，這些測試的特點是更多基於觸發的行銷。這種行銷方式使我們能夠對客戶行為做出回應，並與消費者建立更緊密的對話。現在還處於早期階段，但我們已經看到轉換率有所提高，這令人鼓舞。

We are complementing our digital marketing efforts with initiatives focused on building our referral and partner marketing networks. We believe we can capitalize on opportunities to monetize our customer base in a way that is on-brand and aligned with our mission to serve the non-prime consumer. For example, we are pursuing other partnerships that will allow us to offer our customers products like layoff protection plans, credit building, and others that can improve their financial health and create high-margin revenue streams for Katapult.

我們正在透過專注於建立我們的推薦和合作夥伴行銷網絡的舉措來補充我們的數位行銷工作。我們相信，我們可以利用機會以品牌方式將我們的客戶群貨幣化，並符合我們服務非優質消費者的使命。例如，我們正在尋求其他合作夥伴關係，以便我們能夠為客戶提供裁員保護計劃、信用建設等產品，以及其他可以改善他們的財務狀況並為 Katapult 創造高利潤收入流的產品。

All these efforts are rooted on our focus on increasing the lifetime value of our customers while delivering a market-leading experience. Our data show that Katapult Pay customers are more likely to initiate a second lease and in fact, about 30% have typically gone on to enter another lease agreement within 60 days, which contributes to their higher LTV. We believe that our prudent yet dynamic approach to marketing, coupled with our strong product market fit, will support our goal to grow new customers in the mid teens for full year 2024, which will be similar to our strong 2023 performance.

所有這些努力都源自於我們專注於提高客戶的終身價值，同時提供市場領先的體驗。我們的數據顯示，Katapult Pay 客戶更有可能發起第二次租賃，事實上，大約 30% 的客戶通常會在 60 天內簽訂另一份租賃協議，這有助於提高他們的 LTV。我們相信，我們審慎且充滿活力的行銷方式，加上我們強大的產品市場契合度，將支持我們在 2024 年全年增加新客戶的目標，這將與我們 2023 年的強勁表現類似。

To round out our customer focus, I want to briefly discuss risk-based pricing models we are currently launching. Our innovative new underwriting model can consider key dynamics such as cart size, our internal proprietary credit scores, merchant types, product category, and our history with the consumer to determine the best pricing. We expect the new model to allow us to scale our ability to offer customers with a better or more established credit profile and lower initial payment or lower pricing through the lease term without increasing our risk. As a result, we believe we'll be able to offer more qualified customers better options that could encourage them to accept our lease offer more frequently. And what's even more special is that we can quickly do this at the individual customer level, allowing us to continue to provide an offer in five seconds or less on average. By offering the right pricing to the right customer at the right time, we believe we can enhance our already terrific customer experience and simultaneously drive conversion rates higher. We are excited about the potential for this new model, and we look forward to rolling it out across our platform.

為了完善我們對客戶的關注，我想簡要討論一下我們目前推出的基於風險的定價模型。我們創新的新核保模式可以考慮關鍵動態，例如購物車大小、我們的內部專有信用評分、商家類型、產品類別以及我們與消費者的歷史記錄，以確定最佳定價。我們預計新模式將使我們能夠擴大我們的能力，為客戶提供更好或更完善的信用狀況以及更低的首期付款或整個租賃期內的更低定價，而不會增加我們的風險。因此，我們相信我們將能夠為更多合格的客戶提供更好的選擇，並鼓勵他們更頻繁地接受我們的租賃報價。更特別的是，我們可以在個人客戶層面快速做到這一點，使我們能夠繼續在平均五秒或更短的時間內提供報價。透過在正確的時間向正確的客戶提供正確的定價，我們相信我們可以增強我們已經很棒的客戶體驗，同時提高轉換率。我們對這種新模式的潛力感到興奮，並期待在我們的平台上推廣它。

Before I turn it over to Nancy, let me quickly touch on the progress we've made in the first quarter on a few tech initiatives. First, as we discussed during our Q4 call, our teams are hard at work on product-based search. We believe we can enhance the shopping journey by creating an experience that allows customers to search directly for durable goods they'd like to lease, instead of having to begin their journey at the retail level. In addition, this capability should provide us with more precise insights into what the consumers are searching for and ultimately purchasing, unlocking opportunities across the business intelligence, marketing, and other areas of the company. We have a goal to launch this new product this year, and we will keep you posted on our progress.

在交給 Nancy 之前，讓我快速介紹一下我們在第一季在一些技術舉措方面取得的進展。首先，正如我們在第四季度電話會議中所討論的那樣，我們的團隊正在努力進行基於產品的搜尋。我們相信，我們可以透過創造一種體驗來增強購物之旅，讓客戶可以直接搜尋他們想要租賃的耐用品，而不必從零售層面開始他們的旅程。此外，這種能力應該能讓我們更準確地了解消費者正在尋找什麼並最終購買什麼，從而釋放商業智慧、行銷和公司其他領域的機會。我們的目標是今年推出這款新產品，我們將隨時向您通報我們的進度。

Second, we are in the final launch stages of our new tech product called Text to Checkout. This new feature will further bolster our omnichannel capabilities by providing a new checkout solution for in-person or call center-driven transactions. With this new solution, in-store customers will be able to complete their lease transactions on their own mobile devices, protecting their privacy and lowering fraud risk to Katapult and our merchant partners. We believe this feature can upend the way LTO transactions are handled in brick and mortar. In short, through a Text to Checkout capability, we can control the customer journey through our app and make it easy for the in-store salesperson by eliminating the burden they have of explaining how an LTO product works.

其次，我們的新技術產品「Text to Checkout」正處於最後發布階段。這項新功能將透過為面對面或呼叫中心驅動的交易提供新的結帳解決方案，進一步增強我們的全通路能力。借助這項新解決方案，店內客戶將能夠在自己的行動裝置上完成租賃交易，從而保護他們的隱私並降低 Katapult 和我們的商業合作夥伴的詐欺風險。我們相信這項功能可以顛覆實體 LTO 交易的處理方式。簡而言之，透過「文字到結帳」功能，我們可以透過我們的應用程式控制客戶旅程，並消除店內銷售人員解釋 LTO 產品如何運作的負擔，從而使他們變得輕鬆。

In summary, we turned in solid first quarter results that we believe set us up for a strong 2024. We are making steady progress across our core initiatives, and we believe we are well-positioned to create value for our stakeholders throughout the year.

總而言之，我們在第一季取得了穩健的業績，我們相信這為我們在 2024 年的強勁表現奠定了基礎。我們的核心舉措正在穩步取得進展，我們相信我們有能力全年為利害關係人創造價值。

With that, I'll turn it over to Nancy to discuss our first quarter results. Nancy?

接下來，我將把它交給南希討論我們第一季的業績。南希？

Thanks, Orlando, and hello to everyone joining us this morning. Our financial results came in slightly ahead of our expectations, and I'm excited to provide you with some key highlights.

謝謝奧蘭多，並向今天早上加入我們的每個人問好。我們的財務表現略高於我們的預期，我很高興為您提供一些重要的亮點。

Before I jump into Q1, I want to spend a few moments talking about our recently filed 10-K. As we disclosed in early April, we delayed the filing of our 10-K to address some historical misstatements identified during the preparation of our 2023 filing. We performed a broad assessment of our sales tax liabilities across all tax jurisdictions and determined that we had miscalculated sales tax payable related to certain customer lease payments going back multiple years. We concluded that we had overstated rental revenue and understated sales tax payable included in accrued liabilities. We also corrected other immaterial errors as part of this process. Based on this, we restated our financial results for 2022, which we did in our recent 10-K. Out filing restates the first three quarters of 2022 and 2023, as well as full year 2022 results. For errors made that impacted 2021 and prior, we made an adjustment to the beginning balance of retained earnings as of January 1, 2022. Please refer to our 10-K for more details. But for your easy reference, we have included a slide in our investor presentation that outlines the high-level impact of these restatements on our 2023 results, including the specific impact our restatement had on our Q4 2023 revenue, gross profit, and adjusted EBITDA.

在進入第一季之前，我想花一些時間討論我們最近提交的 10-K。正如我們在 4 月初披露的那樣，我們推遲了 10-K 的提交，以解決在準備 2023 年提交過程中發現的一些歷史錯誤陳述。我們對所有稅務管轄區的銷售稅負債進行了廣泛的評估，並確定我們錯誤地計算了與多年前的某些客戶租賃付款相關的應付銷售稅。我們的結論是，我們誇大了應計負債中的租金收入，並少報了應付銷售稅。作為此過程的一部分，我們還糾正了其他非實質錯誤。在此基礎上，我們重申了 2022 年的財務業績，這也是我們在最近的 10-K 中所做的。這份文件重申了 2022 年和 2023 年前三個季度以及 2022 年全年業績。對於影響 2021 年及之前的錯誤，我們對截至 2022 年 1 月 1 日的期初留存收益餘額進行了調整。請參閱我們的 10-K 以了解更多詳情。但為了方便您參考，我們在投資者簡報中加入了一張投影片，概述了這些重述對我們2023 年業績的高層影響，包括我們的重述對2023 年第四季營收、毛利和調整後EBITDA 的具體影響。

Let me quickly walk through the updates to our revenue and adjusted EBITDA for 2023, which are as follows. Full-year revenue was $221.6 million compared with our March 14th, 2023 disclosure of $222.2 million and adjusted EBITDA loss for 2023 was $1.9 million, about equal to what we previously disclosed. This reflects the net impact of revenue and cost of revenue adjustments, including reversal of the out-of-period adjustment we disclosed on March 14th. There is also a full breakdown of the updated unaudited quarterly results for the first three quarters of 2023 and 2022 in note 16 of our 2023 10-K.

讓我快速瀏覽一下我們 2023 年收入和調整後 EBITDA 的最新情況，如下。全年收入為 2.216 億美元，而我們 2023 年 3 月 14 日披露的收入為 2.222 億美元，2023 年調整後 EBITDA 損失為 190 萬美元，與我們先前披露的大致相當。這反映了收入和收入成本調整的淨影響，包括我們 3 月 14 日揭露的期外調整的逆轉。我們的 2023 年 10-K 註 16 中也詳細列出了 2023 年和 2022 年前三個季度更新後的未經審計季度業績。

While we are disappointed that we made these errors, I want to state emphatically that from a business perspective, we had a terrific 2023. We have a lot of operational momentum, and we believe we are well-positioned to continue to grow our market share in the LTO space. We have put new rigorous procedures and safeguards in place that are designed to prevent mistakes like this from reoccurring and we appreciate your understanding and support through this process.

雖然我們對犯下這些錯誤感到失望，但我想強調，從商業角度來看，我們度過了偉大的 2023 年。我們擁有強大的營運動力，並且相信我們處於有利地位，可以繼續擴大我們在 LTO 領域的市場份額。我們已經制定了新的嚴格程序和保障措施，旨在防止此類錯誤再次發生，感謝您在過程中的理解和支持。

With that, I'll move on to our first quarter 2024 financial highlights, starting with the top line. We have now grown gross originations for six consecutive quarters, and as Orlando has already touched upon, our first quarter results came in slightly better than our expectations for flat performance. Gross originations increased 1.6% to $55.6 million in the first quarter and on a two-year stack basis, our gross originations grew nearly 20%, a faster pace than the rest of our direct competitors.

接下來，我將繼續介紹 2024 年第一季的財務亮點，從營收開始。現在，我們的總收入已連續六個季度增長，正如奧蘭多已經提到的那樣，我們第一季的業績略好於我們對持平業績的預期。第一季的總營收成長了 1.6%，達到 5,560 萬美元，在兩年疊加的基礎上，我們的總收入成長了近 20%，比我們其他直接競爭對手的成長速度更快。

One driver of our strong performance has been our high repeat purchase rates. We continue to see a large number of repeat customers come back to us through the Katapult Pay feature. Consumers are engaging with the app and it is delivering for our merchant partners as well. Between the app and our direct integrations, we were able to increase active customers by about 15% as of the end of Q1 2024 compared with Q1 2023. We remain excited about the potential to continue to leverage our app as a growth driver.

我們強勁業績的推動因素之一是我們的高重複購買率。我們不斷看到大量回頭客透過 Katapult Pay 功能回到我們身邊。消費者正在使用該應用程序，它也為我們的商家合作夥伴提供服務。透過該應用程式與我們的直接集成，截至 2024 年第一季末，與 2023 年第一季相比，我們的活躍客戶增加了約 15%。我們仍然對繼續利用我們的應用程式作為成長動力的潛力感到興奮。

Our sustained gross originations growth has become an engine for revenue growth. During Q1, revenue increased 18.1% to $65.1 million, reflecting both our gross originations trends and strong collection efforts.

我們持續的總收入成長已成為營收成長的引擎。第一季度，營收成長 18.1% 至 6,510 萬美元，反映了我們的總發起趨勢和強大的催收工作。

Gross profit for Q1 was approximately $16.5 million, an increase of nearly 39%. We achieved gross margin of 25%, an increase of nearly 380 basis points compared with last year. This performance was higher than what we typically see in Q1 and driven by strong collection efforts, the continued strength of our underwriting models, lower lease inventory costs as a percent of revenue, and a bit of a tax season tailwind. For the full year 2024, we expect gross margin to be in the 18% to 20% range, which reflects the impact of seasonality.

第一季毛利約 1,650 萬美元，成長近 39%。我們實現毛利率25%，比去年增長近380個基點。這一業績高於我們在第一季通常看到的業績，並受到強勁的催收工作、承保模式的持續強勁、租賃庫存成本佔收入百分比的降低以及納稅季的一些推動因素的推動。對於2024年全年，我們預計毛利率將在18%至20%範圍內，這反映了季節性的影響。

Write-offs as a percent of revenue continued to improve and remain within our target range of 8% to 10%. During the first quarter, this metric was 8.4%, an improvement of 40 basis points versus the 8.8% we achieved in Q1 2023. As Orlando mentioned, we are in the process of rolling out our new risk-based pricing model, which we believe will have a positive impact on our write-offs over time.

核銷佔收入的百分比持續提高，並保持在我們 8% 至 10% 的目標範圍內。第一季度，該指標為 8.4%，比 2023 年第一季的 8.8% 提高了 40 個基點。正如奧蘭多所提到的，我們正在推出新的基於風險的定價模型，我們相信隨著時間的推移，這將對我們的沖銷產生積極影響。

Moving on to profitability. Our disciplined approach to expense management, coupled with our top-line growth, allowed us to deliver another quarter of substantial adjusted EBITDA growth. During the first quarter, our total operating expenses decreased by 18.5%, primarily driven by lower fixed cash operating expenses. Excluding underwriting fees and servicing costs, which are variable, and depreciation and stock-based compensation expense, which are non-cash expenses, our fixed cash operating expenses were $9.4 million, a decrease of 20.6% compared to last year. This decrease was primarily driven by the benefits of the cost saving measures we implemented in early 2023. As a reminder, we have now fully anniversaried our full year of benefits from these cost-saving measures, and we intend to make modest strategic investments in growth initiatives as we go forward.

轉向盈利。我們嚴格的費用管理方法，加上我們的營收成長，使我們能夠在調整後的 EBITDA 上再實現一個季度的大幅成長。第一季度，我們的總營運費用下降了 18.5%，主要是由於固定現金營運費用下降。不包括可變的承銷費和服務成本，以及非現金費用折舊和股票補償費用，我們的固定現金營運費用為 940 萬美元，比去年下降 20.6%。這一下降主要是由於我們在 2023 年初實施的成本節約措施帶來的好處。提醒一下，我們現在已經充分紀念了我們從這些成本節約措施中獲得的全年收益，並且我們打算在前進的過程中對增長計劃進行適度的戰略投資。

Based on our top-line performance and the structural benefits we are realizing from our operating efficiencies, we were able to improve our year-over-year adjusted EBITDA performance for the fifth consecutive quarter. For the first quarter, we recorded $5.6 million in adjusted EBITDA, an increase of $6.6 million compared with the $986,000 of adjusted EBITDA loss we reported in the first quarter of last year.

基於我們的營收業績和我們從營運效率中實現的結構性效益，我們能夠連續第五個季度提高調整後的 EBITDA 業績。第一季度，我們的調整後 EBITDA 為 560 萬美元，比去年第一季報告的調整後 EBITDA 虧損 986,000 美元增加了 660 萬美元。

As of March 31st, 2024, we had total cash and cash equivalents of $37.6 million, which includes $6.3 million of restricted cash and reflects the correction of the third-party lease verification issue we discussed during Q4. The issue led to Katapult overfunding $9.6 million in leases during the fourth quarter, which increased our cash usage and lowered our debt levels as of the end of 2023. We corrected this issue early in the first quarter. As of the end of the first quarter, we also had $68 million in outstanding debt on our credit facility.

截至 2024 年 3 月 31 日，我們的現金和現金等價物總額為 3760 萬美元，其中包括 630 萬美元的限制性現金，反映了我們在第四季度討論的第三方租賃驗證問題的糾正。這個問題導致 Katapult 在第四季度為租賃提供了 960 萬美元的超額資金，這增加了我們的現金使用量，並降低了截至 2023 年底的債務水準。我們在第一季初糾正了這個問題。截至第一季末，我們的信貸額度上還有 6,800 萬美元的未償債務。

We received a few questions about restricted cash and how it impacts our balance sheet, so I'd like to provide a few points of clarity. Restricted cash is generally the cash related to customer lease payments that have not yet been settled. Once these payments have been processed, which generally occurs on a weekly basis, the cash is released. This should not be confused with the minimum cash balance we are required to maintain under our credit agreement.

我們收到了一些有關限制性現金及其如何影響我們的資產負債表的問題，因此我想澄清幾點。限制性現金一般是與尚未結算的客戶租賃付款相關的現金。一旦處理完這些付款（通常每週進行一次），現金就會被釋放。這不應與我們根據信貸協議要求維持的最低現金餘額混淆。

In addition, we have also received a few questions on how gross originations flow onto our P&L and balance sheet. For your reference, we have included a slide in our investor deck that illustrates how gross originations impact our balance sheet revenue and write-offs as a percent of revenue.

此外，我們也收到了一些關於總起源如何流入我們的損益表和資產負債表的問題。供您參考，我們在投資者平台中新增了一張投影片，說明總起源如何影響我們的資產負債表收入和沖銷佔收入的百分比。

Before I provide you with our outlook for the second quarter, I want to address some of the questions we've been getting from investors about the potential of our business and financial model. While we are not in a position today to establish an external-facing long-term model, we are excited about the progress we've made in the business and how that progress is translating to our financial results. Given the momentum we are continuing to build on the top line, we believe we can continue to scale the business and maintain gross margin in the 18% to 20% range on an annualized basis, including the impact of seasonality. In order to put our gross margin opportunity into perspective, I think it's important to remember that we don't charge our customers any late fees or penalties ever, and these types of fees are typically a margin driver. Instead, we are growing our gross margin by continuing to enhance our underwriting capabilities and our excellent cash collection efforts, which allows us to treat our customers well and provide them with what we believe is best-in-class pricing and service. In addition, we continue to grow the top line and execute our disciplined expense management strategy. We believe we are on a path to achieving consistent positive adjusted EBITDA on an annualized basis. The next step in our march toward profitability is to achieve gross profit that exceeds our total cash operating expense and cash interest expense.

在向您提供第二季度的展望之前，我想先回答投資者提出的一些有關我們業務和財務模式潛力的問題。雖然我們今天無法建立面向外部的長期模型，但我們對我們在業務方面取得的進展以及這些進展如何轉化為我們的財務表現感到興奮。鑑於我們繼續建立營收的勢頭，我們相信我們可以繼續擴大業務規模，並將年化毛利率維持在 18% 至 20% 的範圍內，包括季節性的影響。為了正確看待我們的毛利率機會，我認為重要的是要記住，我們永遠不會向客戶收取任何滯納金或罰款，而這些類型的費用通常是利潤驅動因素。相反，我們透過繼續增強我們的承保能力和出色的現金催收工作來提高毛利率，這使我們能夠善待我們的客戶，並為他們提供我們認為是一流的定價和服務。此外，我們持續增加營收並執行嚴格的費用管理策略。我們相信，我們正走在實現年化調整後 EBITDA 持續正數的道路上。我們邁向獲利的下一步是實現毛利超過我們的現金營運費用和現金利息費用總額。

Turning to our Q2 outlook. We are continuing to navigate an evolving macro environment, and it's unclear if the Fed intends to lower interest rates anytime soon given recent inflation trends. At the same time, our results led us to believe that our core consumer is generally resilient. As a result, it's difficult to assess what, if any, impact these dynamics will ultimately have on our core consumer and what, if any, impact these dynamics will have on prime lending standards and the U.S. consumers' access to credit. We continue to believe that we have a large addressable market of underserved non-prime consumers and it's important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

轉向我們對第二季的展望。我們正在繼續應對不斷變化的宏觀環境，鑑於近期的通膨趨勢，目前尚不清楚聯準會是否打算很快降低利率。同時，我們的結果使我們相信我們的核心消費者總體上具有彈性。因此，很難評估這些動態最終會對我們的核心消費者產生什麼影響（如果有的話），以及這些動態將對主要貸款標準和美國消費者獲得信貸的機會產生什麼影響（如果有的話） 。我們仍然相信，我們擁有一個由服務不足的非優質消費者組成的龐大潛在市場，值得注意的是，當優質信貸選擇變得越來越少時，從租賃到擁有的解決方案歷來都會受益。

Based on these dynamics and the operating plan in place for the full year 2024, we expect the following for the second quarter: gross originations growth of 3% to 5%, which reflects ongoing headwinds facing the home furnishings retail category; revenue growth in the range of 8% to 10%; and continued year-over-year improvement to adjusted EBITDA, which includes a slight increase in operating expenses in Q2 as we invest in key growth initiatives. We are also reiterating our outlook for a minimum of 10% growth for gross originations and revenue for the full year 2024. As a reminder, our full-year outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that the overall macro environment does not change significantly. Our outlook also assumes that the retail environment for home furnishings begins to normalize.

根據這些動態和 2024 年全年的營運計劃，我們預計第二季將出現以下情況： 總收入成長 3% 至 5%，這反映出家居零售類別持續面臨的阻力；收入成長8%至10%；調整後的 EBITDA 持續較去年同期改善，其中包括第二季營運費用因我們投資於關鍵成長計畫而略有增加。我們也重申 2024 年全年總收入和收入成長至少 10% 的預期。需要提醒的是，我們的全年展望不包括主要債權人收緊或寬鬆的任何重大影響，並假設整體宏觀環境不會發生重大變化。我們的前景也假設家居用品的零售環境開始正常化。

With that, I'll turn it back to the operator for Q&A. Operator?

這樣，我會將其轉回給接線員進行問答。操作員？

We are now opening the floor for question-and-answer session. (Operator Instructions) Our first question comes from Anthony Chukumba from Loop Capital. Your line is now open.

我們現在開始問答環節。（操作員說明）我們的第一個問題來自 Loop Capital 的 Anthony Chukumba。您的線路現已開通。

Good morning. Thanks for taking my questions and congrats on a strong start to the year. I guess my first question, it's sort of a two-parter. So I had to do some algebra. I haven't done that in quite some time. But based on my algebra, it appears that your Wayfair business was down about 7%. So I want to first confirm that my algebraic equation was correct.

早安.感謝您回答我的問題，並祝賀今年有一個好的開始。我想我的第一個問題是由兩個部分組成的。所以我必須做一些代數。我已經有一段時間沒有這樣做了。但根據我的代數，您的 Wayfair 業務似乎下降了約 7%。所以我想先確認我的代數方程式是正確的。

And then secondly, just you know, I would love to get just any thoughts in terms of what exactly will happen with Wayfair in the first quarter.

其次，你知道，我很想了解 Wayfair 第一季到底會發生什麼的任何想法。

Thanks, Anthony. This is Orlando. Thanks for the questions, and good morning. So on Wayfair, you know, as I think has been reported by a number of others in the home furnishing industry, while their business overall is good, there's not a lot of -- the financing side of it is where we are seeing the impact. So app flow has been down a little bit and that's something we can't control. What we can control is a Katapult Pay and being able to get customers to come back, which wouldn't show up in that number necessarily. So they're still a great partner. We're launching the risk-based pricing with them. We've done a number of marketing initiatives with them to try to drive volume. And we're starting to see towards the end of the first quarter where the volume started to turn around and get back to what we think is normal and we're looking forward to the second quarter. May is a big furniture month. So we are hoping that May turns into a strong quarter for us with Wayfair.

謝謝，安東尼。這是奧蘭多。感謝您的提問，早安。所以在 Wayfair 上，你知道，正如我認為家居行業的許多其他人所報道的那樣，雖然他們的業務總體不錯，但沒有太多——融資方面是我們看到影響的地方。因此應用程式流量略有下降，這是我們無法控制的。我們可以控制的是 Katapult Pay 並能夠讓客戶回來，這不一定會出現在這個數字中。所以他們仍然是一個很好的合作夥伴。我們正在與他們一起推出基於風險的定價。我們與他們一起開展了許多行銷活動，試圖提高銷售量。我們開始看到第一季末銷量開始好轉並回到我們認為的正常水平，我們期待第二季。五月是家具大月。因此，我們希望 Wayfair 的五月業績表現強勁。

And so Anthony, our Wayfair business overall, both direct and [K Pay] is down about 5%. So close on your math. The other kind of financial metrics I wanted to point out is that our same-day take rate is up about 330 basis points and our approval rates are up 60 basis points. But this is in the context of our write-offs improving as a percent of revenue.

因此，安東尼，我們的 Wayfair 整體業務（包括直接業務和 [K Pay]）下降了約 5%。你的數學很接近。我想指出的另一個財務指標是，我們的當天接受率上升了約 330 個基點，我們的批准率上升了 60 個基點。但這是在我們的沖銷佔收入的百分比增加的背景下發生的。

Okay. Yes, I guess my algebra's off. The nun who taught me algebra would be upset right now. [laughter] But we're not going to go there. I'll talk about that with my therapist.

好的。是的，我猜我的代數不行了。教我代數的修女現在一定會很沮喪。[笑聲]但我們不會去那裡。我會和我的治療師討論這個問題。

So next question. So I am intrigued by this new risk-based pricing model. I guess my question is, what do you see as the potential benefits? In other words, like look, you've always guided to like an 8% to 10% write-off rate. You're at the lower end of that, you're down 40 basis points year over year. Do you see it as maybe 8% to 10% becomes 7% to 9% or do you see it as well, maybe you drive higher gross originations because you can become more surgical and maybe somebody who got $1,000 of leasing power gets $1,200, you know, because you know, because you feel better about the credit? Like how do you sort of think about what the benefits of that would be?

那麼下一個問題。所以我對這種新的基於風險的定價模式很感興趣。我想我的問題是，您認為潛在的好處是什麼？換句話說，就像你看的那樣，你總是指導8%到10%的沖銷率。你處於較低端，年減了 40 個基點。你是否認為8% 到10% 會變成7% 到9%，或者你也這麼認為，也許你會推動更高的總收入，因為你可以變得更加外科手術，也許獲得1,000 美元租賃權的人會獲得1,200 美元，你知道，因為你知道，因為你對信用感覺更好？就像你如何看待這樣做的好處是什麼？

You kind answered the question, but you're right on point, Anthony. So the way we look at risk-based pricing is we've historically been in a waterfall, obviously with Wayfair and even with other retailers we're in a waterfall situation. And what happens there is a person applies for credit and they may be thinking they're going to get approved, maybe a special financing offer or something, and they get turned down. And so we see a number of higher-credit people that come through the funnel on the waterfall that don't take the lease offer and we've been working for years to try to convert those people because they didn't really have another option. And so what we started testing was can we change the offer a little bit, maybe lower the terms or lower the origination fee to entice the higher-credit people that are getting turned down for the prime you know, and a lease, and we're seeing some really positive signs on that.

你很好地回答了這個問題，但你說得對，安東尼。因此，我們看待基於風險的定價的方式是，我們歷史上一直處於瀑布狀態，顯然對於 Wayfair，甚至對於其他零售商，我們也處於瀑布狀態。當一個人申請信貸時，他們可能認為自己會獲得批准，可能會獲得特殊融資優惠或其他什麼，但他們卻被拒絕了。因此，我們看到許多信用較高的人通過瀑布漏斗進入，但不接受租賃報價，多年來我們一直在努力嘗試改變這些人，因為他們實際上沒有其他選擇。因此，我們開始測試的是，我們是否可以稍微改變一下報價，也許可以降低條款或降低啟動費用，以吸引信用較高的人，他們會被拒絕購買您知道的優質產品和租賃，我們'我們看到了一些非常積極的跡象。

So I think you're right, it will improve -- it's really about improving gross originations. But I think obviously, keeping an eye on the losses to make sure that we don't exceed what our goals are, or to hit our margins. And then the other side of it, on some of the higher-risk people, we're actually increasing the price a little bit and increasing the origination fee to cover that risk. So we don't think it'll impact the write-offs as much as it will help us grow the business from a gross originations perspective.

所以我認為你是對的，它會有所改善——這實際上是關於改善總起源。但我認為顯然，要密切注意損失，以確保我們不會超出我們的目標，或達到我們的利潤率。另一方面，對於一些高風險族群，我們實際上會稍微提高價格並增加發起費用以涵蓋該風險。因此，我們認為這不會對沖銷產生太大影響，因為它會幫助我們從總起源的角度發展業務。

Yes, hi, Anthony. This is Derek. I'm just going to add a little bit that this is a little bit unique in Katapult respect, simply because we have so much data flowing through the transaction. So as an example, what I think it's different than a traditional risk-based offer is that we get to see what's in the cart. We get to see more details about the device. And so this customization and precision that we can have is down to the cart and what's in the cart. So they're different transactions that have different risk profiles. And so we believe that there are in high-quality consumers out there that have very attractive performance opportunities that if we can get the right price for the right offer on those transactions, we can not only say yes, but like you said, perhaps enhance the offer so that the conversion rates go up. So overall, I'm excited about the upside here. The tests that we've done over the last several years has really allowed us to narrow in on those factors that matter, and we're going to continue to be expanding it more widely across more merchants and more use cases.

是的，嗨，安東尼。這是德里克。我只想補充一點，這在 Katapult 方面有點獨特，因為我們有太多資料流經交易。舉個例子，我認為它與傳統的基於風險的報價的不同之處在於我們可以看到購物車中的商品。我們可以看到有關該設備的更多詳細資訊。因此，我們可以擁有的這種客製化和精度取決於購物車和購物車中的物品。因此，它們是具有不同風險狀況的不同交易。因此，我們相信，存在一些高品質的消費者，他們擁有非常有吸引力的業績機會，如果我們能夠在這些交易中以正確的報價獲得正確的價格，我們不僅可以說“是”，而且就像您所說的那樣，也許可以增強優惠，從而提高轉換率。總的來說，我對這裡的優勢感到興奮。我們過去幾年所做的測試確實使我們能夠縮小範圍，縮小那些重要因素的範圍，並且我們將繼續將其擴展到更多商家和更多用例。

Got it. That's helpful. So next question. I mean, look, waiting for the sort of credit trade-down from prime and kind of subprime, it's been like Waiting for Godot, right? Wanted to see if you're seeing any additional signs of that, given the fact that inflation's stubbornly high and your credit card fees -- well, I mean, I guess I haven't seen it yet, but some credit card late fees probably to go down, like what are you seeing from that perspective?

知道了。這很有幫助。那麼下一個問題。我的意思是，看，等待信貸從優質貸款到次級貸款的折價，就像等待戈多，對吧？想看看您是否看到任何其他跡象，考慮到通貨膨脹率居高不下以及您的信用卡費用 - 好吧，我的意思是，我想我還沒有看到它，但一些信用卡滯納金可能往下看，從這個角度你看到了什麼？

We're not seeing anything yet. I think it was October of '22 that we started to see some trade-down as we were kind of coming out of the COVID era and the prime lenders were starting to tighten up, because the consumer wasn't flush with cash. So we haven't seen much movement since then. But we are anticipating or thinking that with the -- if the late fee goes through and they can only charge $8 versus $20 or $30, that what that's going to force them to do is it's going to impact their margins and what they'll end up doing is start tightening up to hit those margins. So we're kind of cheering for Texas court to pass this, quite frankly, because I think that will be good for our business and it will help us see more trade-down on our side.

我們還沒有看到任何東西。我認為是在 22 年 10 月，我們開始看到一些交易下降，因為我們剛剛走出了新冠疫情時代，主要貸款機構開始收緊政策，因為消費者沒有充足的現金。所以從那時起我們就沒有看到太多的動靜。但我們預計或認為，如果滯納金通過，他們只能收取 8 美元，而不是 20 美元或 30 美元，這將迫使他們採取行動，這將影響他們的利潤率以及他們的結局我們要做的就是開始收緊政策以達到這些利潤。因此，坦白說，我們為德州法院通過這項法案而歡呼，因為我認為這對我們的業務有利，並將幫助我們看到更多的妥協。

Got it. And then I know we've got this expiration coming up with the term loans and obviously with the fact that you're starting to generate significant EBITDA, certainly will help from that perspective. But any updates there in terms of your discussions with your lenders? Anything to report there?

知道了。然後我知道我們的定期貸款即將到期，而且顯然您開始產生可觀的 EBITDA，從這個角度來看肯定會有所幫助。但是您與貸方的討論有任何更新嗎？那裡有什麼要報告的嗎？

Hi, Anthony. At this point, you know, this is a important priority for us, but not yet ready to report anything out, so more to come.

嗨，安東尼。在這一點上，你知道，這對我們來說是一個重要的優先事項，但尚未準備好報告任何內容，因此還會有更多內容。

Got it. Got it. And then I guess sort of last but not least, I mean, you talked about adding Lowe's. I mean, obviously Katapult Pay, it looks like it's growing nicely and now it's pretty significant percentage of your lease originations. Anything to report there, just in terms of, you know, improvements in functionality or any other big account or partners that you're thinking about adding to Katapult Pay specifically going forward? I mean, it seems like that's been a real nice business for you.

知道了。知道了。然後我想最後但並非最不重要的一點是，您談到了添加 Lowe's。我的意思是，顯然是 Katapult Pay，它看起來成長良好，現在它在您的租賃發起中所佔的比例相當大。有什麼要報告的嗎？我的意思是，看來這對你來說真是一筆不錯的生意。

Thanks, Anthony. Yes, Katapult Mobile App and Katapult Pay are one of the areas of our business that I'm just so excited about the momentum that we've seen in the adoption. And I think what this all really boils down to, we had this objective of growing our engagement with the customer base that shows a really high affinity for what we're offering. And in fact, we see that through our NPS scores, our repeat rates, et cetera, and now that we've made it easier to transact and easier to shop, those consumers are rewarding us with more activity and we're going to continue to listen to them in terms of what types of products and what types of retailers they want to shop at, where are there steps in the process that are creating friction that we can eliminate and what are those other things that they're looking for in terms of a partner that will help them with their purchasing power? And so both in the app and with Katapult Pay, we're going to continue to drive enhancements and really make sure that we take advantage of this ongoing and deepening relationship we have with consumers.

謝謝，安東尼。是的，Katapult 行動應用程式和 Katapult Pay 是我們的業務領域之一，我對我們在採用方面看到的勢頭感到非常興奮。我認為這一切真正歸結為，我們的目標是增加與客戶群的互動，這些客戶群對我們所提供的產品表現出非常高的親和力。事實上，我們透過 NPS 分數、重複率等看到，現在我們已經讓交易和購物變得更加容易，這些消費者正在以更多的活動獎勵我們，我們將繼續傾聽他們的意見，了解他們想要在什麼類型的產品和什麼類型的零售商處購物，流程中哪些步驟會產生我們可以消除的摩擦，以及他們正在尋找哪些其他東西能夠幫助他們提高購買力的合作夥伴條款？因此，無論是在應用程式中還是在 Katapult Pay 中，我們都將繼續推動增強功能，並真正確保我們利用與消費者之間這種持續深化的關係。

So likely you're going to see many of these things that Orlando mentioned about the different products and partnerships that we're going to offer. Those are going to land in the app. We continue to get feedback directly from our consumers about the types of retailers that they're looking for. Those will show up in the app over the -- throughout the year. And then we continue to drive activities that will increase adoption so that customers all have access to this. And so even things like our Text to Checkout and our in-store experiences are going to leverage -- have an option to leverage the app to make that a really smooth experience.

因此，您可能會看到奧蘭多提到的有關我們將提供的不同產品和合作夥伴關係的許多內容。這些將登陸應用程式。我們繼續直接從消費者那裡獲取有關他們正在尋找的零售商類型的回饋。這些將在全年中顯示在應用程式中。然後我們繼續推動提高採用率的活動，以便所有客戶都可以使用它。因此，即使像我們的「文字到結帳」和我們的店內體驗這樣的東西也將利用 - 可以選擇利用該應用程式來實現真正流暢的體驗。

So we really believe that what we've built is something that is a really firm foundation for us to grow from, both with our core products and with these additional benefits that we're going to offer the consumer. So excited about Lowe's. Really, really great to see that customers not only told us, but now we can see that they're operating with their -- voting with their transactions, and we'll be excited to give updates on that in future quarters.

因此，我們堅信，我們所建構的產品是我們成長的堅實基礎，無論是我們的核心產品還是我們將為消費者提供的額外好處。對勞氏非常興奮。真的，真的很高興看到客戶不僅告訴我們，而且現在我們可以看到他們正在對他們的交易進行投票，我們將很高興在未來幾季提供相關更新。

Got it. And I know I've completely Bogarted this Q&A session, but I do have one sort of final question. So obviously, you had filed the 10-K that had the restated full-year numbers and obviously, you're -- I'm assuming that the first-quarter numbers that are in this press release are restated. And I haven't had a chance to take a super close look at the 10-K or the 10-Q and for some reason I can't get in your investor relations website. I think it's a tech problem on my end. But are there -- have you published restated results, quarterly results for the second, third and fourth quarter of last year?

知道了。我知道我已經完全否定了這個問答環節，但我確實有一個最後的問題。顯然，您已經提交了 10-K，其中包含重述的全年數據，顯然，我假設本新聞稿中的第一季數據已重述。我還沒有機會仔細研究 10-K 或 10-Q，並且由於某種原因我無法進入你們的投資者關係網站。我認為這是我的技術問題。但是，你們是否公佈了去年第二、第三和第四季的重述業績、季度業績？

So yes, Anthony, if you look at the 10-K, it actually is called a super 10-K because we added two footnotes. Footnote 2 restates '22 in full and compares that to '23. And then footnote 16 does each of the quarters. So you'll see all of '22, the first three quarters of '22, first three quarters of '23 have all been restated. Q4, obviously, of '23, because it wasn't published yet, is revised. But if you're looking for the restatement and we've done a nice summary in there that shows each of the line items through all the financial statements, so you can easily see what impacted what.

所以，是的，安東尼，如果你看 10-K，它實際上被稱為超級 10-K，因為我們添加了兩個腳註。註腳 2 完整重述了 '22，並將其與 '23 進行了比較。然後註腳 16 說明每季。所以你會看到 22 年的全部、22 年的前三個季度、23 年的前三個季度都已重述。顯然，23 年的第四季度，因為尚未發布，已被修改。但是，如果您正在尋找重述，我們已經在那裡做了一個很好的摘要，顯示了所有財務報表中的每個行項目，這樣您就可以輕鬆地看到哪些內容影響了哪些內容。

And Anthony, you'll find the revised fourth quarter financials in our investor deck. We did a slide to help people kind of connect the dots there.

安東尼，您將在我們的投資者平台中找到修訂後的第四季度財務數據。我們做了一張投影片來幫助人們把這些點連結起來。

Got it. Okay. Yes, I have my work set out for me there. But okay, well congrats once again on the strong start to the year and good luck with the remainder of the year.

知道了。好的。是的，我在那裡安排了我的工作。但好吧，再次祝賀今年的強勁開局，並祝今年剩餘時間一切順利。

Thank you, Anthony.

謝謝你，安東尼。

Our next question comes from Scott Buck from H.C. Wainwright. Your line is now open.

我們的下一個問題來自 H.C. 的 Scott Buck。溫賴特。您的線路現已開通。

Hi, good morning, everyone. Thanks for taking my questions. First, I was just curious, seasonal origination trends holding in the second quarter to date versus what you've seen historically going from 1Q to 2Q?

嗨，大家早安。感謝您回答我的問題。首先，我只是很好奇，第二季迄今為止的季節性起源趨勢與您所看到的從第一季到第二季的歷史趨勢有何不同？

Scott, unfortunately, we don't typically comment on the current quarter. I think from a macro perspective, what we talked about in light of our 3% to 5% in terms of gross originations reflects that we're still seeing a challenge with some of these sectors related to furniture and mattresses. And as Anthony mentioned previously, there's still a little bit of confusion with what's going on in the macro environment. So we've laid out kind of the 3% to 5% growth we're expecting to see in second quarter, kind of tied in very closely to what's going on in the macro and what's going on with the consumer and seeing some of those trends begin to normalize.

斯科特，不幸的是，我們通常不會對當前季度發表評論。我認為，從宏觀角度來看，我們所討論的總起源率為 3% 至 5%，這反映出我們仍然看到與家具和床墊相關的一些行業面臨的挑戰。正如安東尼之前提到的，宏觀環境中發生的事情仍然有些混亂。因此，我們預計第二季將出現 3% 至 5% 的成長，這與宏觀情況和消費者的情況密切相關，並看到其中一些趨勢開始正常化。

All right, that's fair. You added the Katapult Pay capabilities to Lowe's, what, I guess last week. I'm curious, what does a typical ramp look like in kind of getting Pay up to -- I guess what does the maturity schedule look like in ramping that up?

好吧，這很公平。我猜是上週，您為 Lowe's 添加了 Katapult Pay 功能。我很好奇，典型的薪資成長是什麼樣子的——我猜想提高薪資的成熟時間表是什麼樣的？

Hi, Scott, this is Derek. Thanks for the question. It's actually really interesting, now that you bring that up, because the ramp actually happens pretty quickly, generally, because our addressable community that we focus on today are across the Katapult community that we already know. So we have more than 2 million approved customers over the -- that we engage with regularly. And so our ability to communicate with them through various channels happens very, very fast. We kind of introduced it in a test, measure, and learn approach so that we can optimize over time.

嗨，斯科特，這是德里克。謝謝你的提問。這實際上非常有趣，既然你提出了這個問題，因為通常情況下，斜坡實際上發生得很快，因為我​​們今天關注的可尋址社區遍布我們已經知道的 Katapult 社區。因此，我們定期接觸的客戶超過 200 萬人。因此，我們透過各種管道與他們溝通的能力發生得非常非常快。我們透過測試、測量和學習方法引入了它，以便我們可以隨著時間的推移進行最佳化。

So we ramp pretty quickly. I would say, though, that the opportunity that we continue to look at and we've had disciplined marketing approach, is to introduce new customers who haven't -- who are looking for a transaction assistance and they want to shop at a place like Lowe's, and so we have been doing all sorts of marketing tests out in the market to acquire new customers as well. And so that has a longer burn as we really target in on who the right customers are to give an offer to and to introduce Katapult to. But with our existing base, the ramp is really, really quickly. And we're just looking for the right timing for when a transaction makes sense for them and Lowe's makes a lot of sense right now, given this is the springtime going into summer, a lot of activity happening in the home improvement space. And so now they have both Home Depot and Lowe's and Menards and others. We really have excellent coverage for wherever our customer wants to shop, where they can get the best deal for the best price.

所以我們的成長速度非常快。不過，我想說的是，我們繼續關注的機會並且我們已經採取了嚴格的營銷方法，那就是介紹那些沒有的新客戶——他們正在尋求交易幫助並且他們想要在一個地方購物就像勞氏一樣，我們一直在市場上進行各種行銷測試，以獲取新客戶。因此，這需要更長的時間，因為我們真正的目標是向哪些合適的客戶提供報價並向其介紹 Katapult。但憑藉我們現有的基地，坡道真的非常快。我們只是在尋找合適的時機，以便交易對他們有意義，而勞氏現在很有意義，因為現在是春天進入夏天，家居裝修領域發生了很多活動。現在他們擁有家得寶 (Home Depot)、勞氏 (Lowe's) 和梅納德 (Menards) 等品牌。我們確實為客戶想要購物的任何地方提供出色的覆蓋範圍，讓他們能夠以最優惠的價格獲得最優惠的價格。

Great. That's helpful. And then I wanted to ask about the full-year origination guide of 10% growth. What's driven by new customers versus existing customers? And then on the flip side, what's driven by new logos and then maybe expansion of service within some of the current relationships, retailer relationships?

偉大的。這很有幫助。然後我想問全年10%成長的起源指南。與現有客戶相比，新客戶的驅動因素是什麼？另一方面，新徽標以及當前的一些關係（零售商關係）中的服務擴展可能會推動什麼？

You know, it's really all of those things, and that's why our strategies of driving the customer base, as well as expanding relationships with existing merchants, adding new merchants. As we talked about in prepared comments, we have a healthy pipeline of activities that we're expecting will start to be reflected in our financial results as we go through the second half. But it's a combination of all those, and unfortunately, we have not broken it out in terms of that detail for competitive reasons, but feel very good about all three kind of arms of the strategy that controlling what we can control through our app and through Katapult Pay with the high repeat rate and the fact that the lifetime value of those customers is just amazing. I think the metric we gave out is 30% of our customers within 60 days are initiating another lease. So that's very powerful for us. We're bringing a lot of customers to our merchants. And at the same time, what we talked about with Wayfair, we're really taking a look at how can we creatively solve what the merchant and us are looking to drive our business. And so each of these are equally important and it all factors into what we're seeing for the growth for the second half of the year.

您知道，這確實是所有這些事情，這就是我們推動客戶群策略以及擴大與現有商家的關係、增加新商家的原因。正如我們在準備好的評論中談到的那樣，我們有一系列健康的活動，預計這些活動將在下半年開始反映在我們的財務表現中。但這是所有這些的組合，不幸的是，出於競爭原因，我們沒有在細節方面進行詳細說明，但對策略的所有三種類型感覺非常好，這些策略控制我們可以通過我們的應用程序和通過Katapult Pay 具有很高的重複率，而且這些客戶的終身價值令人驚嘆。我認為我們給出的指標是 30% 的客戶在 60 天內開始另一次租賃。所以這對我們來說非常強大。我們為我們的商家帶來了許多客戶。同時，我們與 Wayfair 討論的內容是，我們真正在研究如何創造性地解決商家和我們希望推動業務發展的問題。因此，每一個因素都同樣重要，它們都影響我們所看到的下半年的成長。

Scott, this Orlando. One thing I'll add, too, is with Katapult Pay, I think we've changed kind of the trending of the business, and we saw this last year with Best Buy and obviously Lenovo and Home Depot and Lowe's. That created more of a holiday-driven volume than if we were just home furnishings, because home furnishing -- people don't buy a new living room set for Christmas, but they sure do buy electronics and home improvement goods and stuff like that to improve their home for the holidays. So we're pretty optimistic about our fourth quarter being as good as last year, probably better, and then you add in some new merchants that we've got coming up and then continuing to improve our repeat rate with our customers, which -- and then our direct-to-consumer marketing that we do, that's going to help us round out the year.

斯科特，這個奧蘭多。我還要補充的一件事是，透過 Katapult Pay，我認為我們已經改變了業務趨勢，去年我們在百思買、顯然還有聯想、家得寶和勞氏都看到了這一點。與家居用品相比，這創造了更多由假期驅動的銷量，因為家居用品——人們不會為聖誕節購買新的客廳套裝，但他們確實會購買電子產品和家居裝修用品以及類似的東西來慶祝聖誕節。因此，我們對第四季度的業績與去年一樣好，甚至可能更好感到非常樂觀，然後添加一些我們即將推出的新商家，然後繼續提高客戶的重複率，這——然後我們所做的直接面向消費者的行銷將幫助我們度過這一年。

And Scott, I'll add one more metric for this year that we're looking to grow our customer base by about 15%. New customers.

Scott，我將在今年增加一項指標，即我們希望將客戶群成長約 15%。新客戶。

Okay. That's great. That's very helpful. Appreciate that. On the competitive environment, anything you're seeing from your peers that raises an eyebrow, whether it's just in underwriting or anything along those lines to keep an eye on?

好的。那太棒了。這非常有幫助。感謝。在競爭環境中，您從同行那裡看到的任何令人驚訝的事情，無論是在承保方面還是其他需要密切關注的方面？

Scott, I'll take that. This is Derek. Thanks for the question. I think where we just see such a huge opportunity and the TAM is so large that right now, we have a lot of conversations going on with merchants, partners and others in the ecosystem that are really, really exciting, that obviously, we keep a close eye on activities to make sure that we are having an excellent offer for both consumers and for our merchant partners. But for us, there's a huge greenfield opportunity out there that we're still accessing and tapping into.

史考特，我會接受的。這是德里克。謝謝你的提問。我認為我們看到瞭如此巨大的機會，而且TAM 如此之大，以至於現在我們與生態系統中的商家、合作夥伴和其他人進行了很多對話，這真的非常令人興奮，顯然，我們保留了一個密切關注活動，以確保我們為消費者和商業合作夥伴提供優質的產品。但對我們來說，存在著巨大的未開發機會，我們仍在獲取和利用。

And, you know, I think overall what I would say -- Anthony didn't ask his traditional pipeline question, but there are great interactions that we're having with merchants, you know, when there is challenges and customer activity and in the macro, they're looking for solutions that can help them convert customers that are already on their sites or in their stores, and Katapult a great solution to that. Not only do we have a great offer, but the way that we do it transparently and how we treat customers is really, really powerful. And those are the things that we're going to continue to lean in on, also having no late fees, et cetera. We think those are winning propositions that are going to attract partners, consumers, and continue this great affinity that we have with our consumer base. So we obviously watch it, but we're really pleased with what we're seeing in terms of how the market's reacting to our offer and we're going to keep leaning into that.

而且，你知道，我認為總的來說，我想說的是——安東尼沒有問他傳統的管道問題，但我們與商家進行了很好的互動，你知道，當存在挑戰和客戶活動時，以及在宏觀上，他們正在尋找能夠幫助他們轉換已經在其網站或商店中的客戶的解決方案，而 Katapult 是一個很好的解決方案。我們不僅提供優質的產品，而且我們透明地提供服務的方式以及對待客戶的方式也非常非常強大。這些是我們將繼續依賴的東西，而且沒有滯納金等等。我們認為這些都是成功的主張，將吸引合作夥伴、消費者，並延續我們與消費者群的這種密切關係。所以我們顯然在關注它，但我們對市場對我們報價的反應感到非常滿意，我們將繼續關注這一點。

Great. That's helpful. And then sorry, guys, last one for me. Nancy, it sounds like you guys are going to be strategically ramping marketing in some areas. How should we think about the cadence of that as we move through the year? Is it kind of each quarter sequentially moves a bit higher or is there some seasonality involved that makes that a little bit more lumpy quarter to quarter?

偉大的。這很有幫助。抱歉，夥計們，最後一個是我的。南希，聽起來你們將在某些領域策略性地加強行銷。當我們度過這一年時，我們該如何思考這種節奏？是不是每季都會連續走高一點，或是是否有一些季節性因素，導致季度與季度之間的走勢更加波動？

There will be a little lumpiness due to seasonality. Obviously, the holiday season is the largest quarter for us. Tax season is a very high peak for us as well, and we tend to see the summertime being a little less. So you will see some of that. This is the first full year of really leaning into the marketing efforts and it's a lot of how we're utilizing the instruments that we had and kind of expanding on that, rather than investing a lot of dollars. Having said that, you know, we're keeping a close eye that we are generating the appropriate returns for these investments, and it's not only driving new customers for us, but driving top line as well as improving our profitability.

由於季節性原因，會有一點塊狀。顯然，假期是我們最大的季度。報稅季對我們來說也是一個非常高峰，而且我們往往會看到夏季的時間會少一些。所以你會看到其中的一些。這是真正投入行銷工作的第一個完整的一年，我們如何利用我們擁有的工具並對此進行擴展，而不是投入大量資金。話雖如此，您知道，我們正在密切關注我們是否為這些投資創造了適當的回報，這不僅為我們帶來了新客戶，而且推動了營收並提高了我們的盈利能力。

Great. Thank you for that, and appreciate you guys taking my questions. Thank you.

偉大的。謝謝你們，也謝謝你們回答我的問題。謝謝。

Thank you, Scott.

謝謝你，斯科特。

We don't have any pending questions as of right now. I'd now like to hand over to Orlando Zayas, CEO, for final remarks.

目前我們沒有任何懸而未決的問題。現在我想請執行長 Orlando Zayas 發表最後的演講。

Thanks, operator. In closing, I want to thank everyone for tuning in today. We're proud of our continued progress.

謝謝，接線生。最後，我要感謝大家今天的收聽。我們為我們的持續進步感到自豪。

Before I sign off, I want to give a big thank you to the Katapult team. They're hard-working and resilient and it's because of you that we've been able to report six consecutive quarters of gross origination growth and are on track for double-digit revenue and gross origination growth in 2024. Thank you so much for your dedication.

在結束之前，我要向 Katapult 團隊表達衷心的感謝。他們工作勤奮、富有彈性，正是因為你們，我們才能夠連續六個季度報告總原創增長，並預計在 2024 年實現兩位數的收入和總原創增長。非常感謝您的奉獻。

We look forward to chatting with you and our investors as Q2 progresses. So please reach out to Jennifer if you have any questions or feedback. Thank you very much for the call today.

隨著第二季的進展，我們期待與您和我們的投資者進行交流。因此，如果您有任何問題或回饋，請聯絡 Jennifer。非常感謝您今天的來電。

Thank you for attending today's call. You may now disconnect. Have a wonderful day.

感謝您參加今天的電話會議。您現在可以斷開連線。祝你有美好的一天。