Katapult Holdings Inc (KPLT) 2024 Q2 法說會逐字稿

Hallo everyone, and welcome to the Katapult Holdings second-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) Thank you.

大家好，歡迎參加 Katapult Holdings 2024 年第二季財報電話會議。請注意，此通話正在錄音。（操作員說明）謝謝。

I'd now like to hand the call over to Jennifer Kull, Head of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係主管 Jennifer Kull。請繼續。

Welcome to Katapult's second-quarter 2024 our 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 and the Investor Relations section of the Katapult website, which can be found at ir.katapultholdings.com.

歡迎參加 Katapult 2024 年第二季的電話會議。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，我們發布了今天電話會議和 Katapult 網站投資者關係部分的資料，這些資料可以在 ir.katapultholdings.com 上找到。

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 earnings release and slide deck posted to our website for your reference, our actual results may differ materially.

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，正如我們網站上發布的收益報告和幻燈片中所述，供您參考，我們的實際結果可能存在重大差異。

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 filed 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.

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.

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。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。

In comparison to 2023 financial results are referencing our restated financials included in our Form 10-K for the year ended December 31, 2023, filed with the SEC on April 24, 2024. Finally, all comparisons are year-over-year, unless stated otherwise. With that, I will turn the call over to Orlando.

與 2023 年財務表現相比，我們參考了 2024 年 4 月 24 日向 SEC 提交的截至 2023 年 12 月 31 日的 10-K 表格中包含的重述財務資料。最後，除非另有說明，所有比較都是逐年比較。這樣，我就把電話轉給奧蘭多。

Thank you, Jennifer, and thank you to everyone joining us this morning to hear about our progress during the second quarter. Today will follow our normal format of reviewing our operating progress against our merchant and consumer strategies before turning it over to Nancy to review our second quarter financial results in greater detail, including a few P&L milestones and goals to will also touch on the steps we are taking to strengthen our balance sheet and capital structure.

謝謝你，詹妮弗，也感謝今天早上加入我們的所有人來了解我們第二季度的進展。今天將按照我們的正常格式，根據我們的商家和消費者策略審查我們的營運進度，然後將其交給Nancy 更詳細地審查我們的第二季度財務業績，包括一些損益里程碑和目標，還將涉及我們正在採取的步驟採取加強我們的資產負債表和資本結構。

Q2 marked another quarter of across-the-board growth for us. We delivered our seventh consecutive quarter of gross originations growth, nearly 9% revenue growth and adjusted EBITDA loss improved by $1.2 million year over year. We believe we are all in the early innings of growth, but are confident that we have built a strong foundation that will allow us to continue to improve our growth trajectory.

第二季標誌著我們又一個全面成長的季度。我們連續第七個季度實現總發起成長，營收成長近 9%，調整後 EBITDA 虧損年減 120 萬美元。我們相信我們都處於成長的早期階段，但我們有信心我們已經建立了堅實的基礎，使我們能夠繼續改善我們的成長軌跡。

We base our belief on several inputs, one of the most important ones being our relationships with merchants. Let me explain further. We work closely with a robust base of merchants either through a direct or waterfall integration or those that we have added to our Katapult marketplace. As a result, we enter each year with line of sight into a meaningful portion of our gross originations forecast based on historical consumer shopping patterns, repeat purchase rates and relationships with our merchant partners.

我們的信念是基於多種因素，其中最重要的因素之一是我們與商家的關係。讓我進一步解釋一下。我們透過直接或瀑布整合或我們添加到 Katapult 市場的方式與強大的商家基礎密切合作。因此，我們每年都會根據歷史消費者購物模式、重複購買率以及與商業合作夥伴的關係，對總來源預測中有意義的部分進行研究。

And while historical predictability can't insulate us from major macro events such as meaningful slowdown in the sales of home furnishings. As the market experienced this quarter, it does provide for a fair amount of stability from which we can execute a variety of growth plans. And we believe this stability is a significant asset for our business.

儘管歷史的可預測性無法使我們免受重大宏觀事件的影響，例如家具銷售的大幅放緩。正如本季市場所經歷的那樣，它確實提供了相當程度的穩定性，我們可以從中執行各種成長計劃。我們相信這種穩定性對我們的業務來說是一筆重要資產。

That said, when we see a slowdown with one of our largest merchant partners like Wayfair, it's difficult to fully offset its impact. But keep in mind that 52% of our business is centered on originations outside of Wayfair and our non-wafer gross originations, which includes Katapult pay, grew by nearly 20% in the second quarter. We believe that as the headwinds within the home furnishings macro environment received, we will see our wafer originations normalize, which will substantially accelerate our overall gross originations growth.

也就是說，當我們看到像 Wayfair 這樣最大的商業合作夥伴之一經濟放緩時，很難完全抵消其影響。但請記住，我們 52% 的業務集中在 Wayfair 之外的業務，而我們的非晶圓總業務（包括 Katapult Pay）在第二季度增長了近 20%。我們相信，隨著家居宏觀環境的不利因素，我們將看到我們的晶圓產量正常化，這將大大加速我們的整體總產量成長。

Let me contextualize this further for you. If Wayfair gross originations had held flat to what we achieved in the second quarter of last year, our total gross originations would have grown by more than 8%. While the macro headwinds have been difficult to surmount year today, we are seeing a number of reasons to remain encouraged, including we are holding steady with our existing Wayfair customers with both application and originations from this cohort of customers, relatively flat year to date we define existing customers as those who had a previous origination with us and then return to originate again.

讓我為您進一步說明這一點。如果 Wayfair 的總起源與去年第二季的水平持平，我們的總起源將成長 8% 以上。儘管今年宏觀逆風難以克服，但我們看到了許多令人鼓舞的理由，包括我們與現有的 Wayfair 客戶保持穩定，這批客戶的申請和來源均來自該客戶群體，今年迄今為止相對平穩。有客戶定義為之前與我們有過聯繫，然後再次返回的客戶。

While we can't control application rates since we are in the Wayfair financing waterfall, we can control approval rates and we become experts in creating a compelling offer for the right consumer at the right time without compromising our underwriting. As a result, our approval rates are up 350 basis points and the same-day take rates were up 500 basis points during Q2. We have a strong relationship with Wayfair and we are partnering with them to get our business together back to growth.

雖然我們無法控制申請率，因為我們處於 Wayfair 融資瀑布中，但我們可以控制批准率，並且我們成為在正確的時間為正確的消費者提供有吸引力的報價而不影響我們的承保的專家。結果，第二季我們的核准率上升了 350 個基點，當日採納率上升了 500 個基點。我們與 Wayfair 有著牢固的關係，我們正在與他們合作，讓我們的業務恢復成長。

It's also very important to walk through how we are improving gross originations, productivity, which is leading to strong revenue growth our strategy to partner with merchants to help them capture incremental wallet share with the non-prime consumer and our strategy to create a friction-free consumer experience by offering a best-in-class LTO product that needs them wherever they are both delivering.

同樣非常重要的是，我們要了解我們如何提高總收入和生產力，從而帶來強勁的收入成長，我們與商家合作的策略，幫助他們獲得非主要消費者的增量錢包份額，以及我們製造摩擦的策略-透過提供一流的 LTO 產品來提供免費的消費者體驗，無論他們在哪裡交付，都需要他們。

As a result, we have been able to make our gross origination dollars even more productive. To illustrate what I mean by this I have a few different examples to share. Let's look at customer lifetime value or LTV first. As of the end of the second quarter, LTV has grown a little more than 15% year over year. We believe our growing LTV reflects the progress we are making against our merchant and customer growth strategies.

因此，我們能夠使我們的總創始資金更加有成效。為了說明我的意思，我有幾個不同的例子可以分享。讓我們先看看客戶終身價值或 LTV。截至第二季末，LTV 年成長略高於 15%。我們相信，我們不斷成長的生命週期價值反映了我們在商家和客戶成長策略方面所取得的進展。

In addition, leases per customer and gross originations per customer have also continued to grow. But we believe it's also important to view our gross origination results within the context of our performance over the past year, especially in comparison to many of our competitors with the robust growth we achieved in Q2 of 2023, we are facing a fairly tough comparison.

此外，每位客戶的租賃量和每位客戶的總收入也持續成長。但我們認為，在過去一年的業績背景下看待我們的總起源結果也很重要，特別是與我們在 2023 年第二季度實現強勁增長的許多競爭對手相比，我們面臨著相當艱難的比較。

Looking at our second quarter performance over the past two years. We once again delivered nearly 20% gross origination growth for this quarter.

看看我們過去兩年第二季的表現。本季我們再次實現了近 20% 的總發起成長。

Finally, we continue to attract new revenue driving partners, driven in large part by our valuable base of engaged and loyal customers as well as our continued gross originations growth. This is allowing us to responsibly monetize our customer base and push forward against our goal of creating new revenue streams among other growth strategies.

最後，我們繼續吸引新的收入驅動合作夥伴，這在很大程度上是由我們寶貴的忠誠客戶群以及我們的總起源成長所推動的。這使我們能夠負責任地利用我們的客戶群貨幣化，並推進我們的目標，即在其他成長策略中創造新的收入來源。

Given our foundational progress, including continued top line growth and bottom line improvements, we believe we are well positioned to create value for our stakeholders by unlocking the power of a financial model.

鑑於我們的基礎性進展，包括持續的營收成長和獲利改善，我們相信我們已經做好充分準備，透過釋放財務模型的力量為利害關係人創造價值。

Now let's turn to our merchant strategy. Our merchant strategy is built on three key drivers. One, growing gross originations by integrating with new merchants through direct and waterfall integrations. Two growing our market share with our anchor merchants and three, ensuring that we offer the variety of durable goods. Our customers are routinely looking to acquire starting with our integration progress, we have several developments to discuss this quarter.

現在讓我們轉向我們的商家策略。我們的商業策略建立在三個關鍵驅動因素之上。第一，透過直接和瀑布式整合與新商家整合來增加總收入。其中兩個是擴大我們與主力商家的市場份額，三個是確保我們提供各種耐用品。我們的客戶通常希望從我們的整合進展開始，我們本季有幾項進展需要討論。

First is our new relationship with Meineke. Meineke has a leading franchise based automobile repair chain with more than 700 locations across the US and we are excited to discuss our addition to their consumer application process called Meineke payment solution. We've only recently kicked off the relationship, but we believe we'll be great partners as we offer a proven and transparent option to their customers.

首先是我們與梅內克的新關係。Meineke 擁有領先的特許經營汽車維修連鎖店，在美國擁有 700 多個地點，我們很高興討論我們在其消費者應用程式流程中添加的名為 Meineke 支付解決方案的內容。我們最近才開始建立這種關係，但我們相信我們將成為偉大的合作夥伴，因為我們為他們的客戶提供了經過驗證的、透明的選擇。

And the decision to work with Katapult was endorsed by the Meineke Dealers Association, which is comprised of more than 500 Meineke franchise owners. In addition to our e-commerce capabilities, we will also leverage our proprietary text to checkout technology that we recently launched. As a result, in-store marquee customers will be able to complete their lease transaction on their own mobile devices, protecting their privacy, promoting transparency and regulatory compliance while lowering fraud risk to Katapult and Meineke. We can control the customer journey through our app to make it easier for the in-store salesperson by eliminating the burden they have to explain how the LTO product works.

與 Katapult 合作的決定得到了 Meineke 經銷商協會的認可，該協會由 500 多名 Meineke 特許經營商組成。除了我們的電子商務能力之外，我們還將利用我們最近推出的專有文字結帳技術。因此，店內大牌客戶將能夠在自己的行動裝置上完成租賃交易，保護他們的隱私，提高透明度和監管合規性，同時降低 Katapult 和 Meineke 的詐欺風險。我們可以透過我們的應用程式控制客戶旅程，從而消除店內銷售人員解釋 LTO 產品如何運作的負擔，從而使他們更輕鬆。

Another benefit of this relationship is our ability to remarket to preapproved consumers through our agreement. Even if a customer does not convert on a preapproved offer for a Meineke product, we'll be able to remarket to this consumer, encouraging them to enter into a lease on any one of our many merchant products.

這種關係的另一個好處是我們能夠透過我們的協議向預先批准的消費者進行再行銷。即使客戶沒有依照預先核准的 Meineke 產品報價進行轉化，我們也可以向該消費者進行再行銷，鼓勵他們對我們眾多商家產品中的任何一種產品進行租賃。

We also entered into an agreement with paid tomorrow, a premier waterfall financing platform. Through this partnership, we have embedded our LTO on the pay tomorrow platform in case you're not going to pay tomorrow. Their platform provides merchants with a diverse range of payment options that are prime near prime and non-prime customers to have more than 2,700 merchants online and in-store that offer a variety of products to consumers across the US.

我們也與首屈一指的瀑布式融資平台Payed Tomorrow 簽訂了協議。透過這種合作關係，我們將 LTO 嵌入到明天付款平台上，以防您明天不付款。他們的平台為商家提供了多種付款選項，為優質客戶和非優質客戶提供多種支付選擇，擁有超過 2,700 家線上和實體店商家，為美國各地的消費者提供各種產品。

We believe that this relationship will be instrumental in accelerating our integration into the waterfall application processes for multiple merchants. We're also excited to announce that we have completed our integration process with Synchrony's waterfall called DFI.

我們相信，這種關係將有助於加速我們融入多個商家的瀑布應用程式流程。我們也很高興地宣布，我們已經完成了與 Synchrony 瀑布（稱為 DFI）的整合過程。

This strategic integration means that we are now in line to receive application flow from applicants who are declined for Synchrony's prime credit option, which we believe this will be a sizable opportunity for us over time and will give us a pool of new applicants as well as another channel to partner with existing and potential merchant partners. We are currently piloting our integration with a regional camera equipment and accessories merchant, and we look forward to expanding to other merchants in the coming quarter.

這種策略整合意味著我們現在可以接收那些被Synchrony 的主要信貸選項拒絕的申請人的申請流，我們相信隨著時間的推移，這對我們來說將是一個巨大的機會，並將為我們帶來一批新申請人以及與現有和潛在商業合作夥伴合作的另一個管道。我們目前正在試行與區域相機設備和配件商家的整合，並期待在下一季擴展到其他商家。

Finally, we're very excited to announce that we have been awarded an exclusive waterfall agreement with Adorama. After a competitive bidding process. We have been named exclusive LTO in their waterfall, which is powered by charge after. These are just a few of our successes this quarter, it demonstrate the steady progress we are making on the strategic front. As we remain focused on partnering with more and more merchants. We are also equally focused on doing more with our current merchant partners.

最後，我們非常高興地宣布，我們已獲得與 Adorama 的獨家瀑布協議。經過競爭性招標程序。我們在他們的瀑布中被命名為獨家LTO，這是透過充電後供電的。這些只是我們本季取得的一些成功，它顯示了我們在策略方面取得的穩定進展。我們仍然專注於與越來越多的商家合作。我們也同樣致力於與現有的商業合作夥伴進行更多合作。

Let me give you some highlights. We added more than 30 new merchant pathways in Q2. Pathways include new and existing merchant partners that launched a new website or in-store experience that include Katapult as a direct or waterfall LTO offering. About half of these launches this quarter we're with existing merchant partners.

讓我給你一些亮點。我們在第二季增加了 30 多個新的商家途徑。途徑包括推出新網站或店內體驗的新的和現有的商業合作夥伴，其中包括 Katapult 作為直接或瀑布式 LTO 產品。本季推出的產品中，約有一半是我們與現有的商業合作夥伴合作推出的。

We believe that each of these launches creates an opportunity for us to expand our reach and customer base and will contribute to top line growth. Since integrating the newest version of Shopify last quarter, we have successfully transitioned more than 70 merchants and our websites to the platform. We believe that this will deliver meaningful volume on an annualized basis over time.

我們相信，每一次的推出都為我們擴大影響力和客戶群創造了機會，並將有助於營收成長。自從上季整合最新版本的 Shopify 以來，我們已成功將 70 多家商家和我們的網站遷移到該平台。我們相信，隨著時間的推移，這將帶來有意義的年度銷售。

We have also continued to rollout our price calculator tool to merchants, and we are seeing results our price calculator. It allows consumers to easily see upfront what their payments will be for an item that they'd like to lease price calculator gives us a distinct advantage with consumers and merchants and merchant partners use price calculator to transparently market the affordability of their durable goods.

我們也繼續向商家推出我們的價格計算器工具，我們正在看到我們的價格計算器的結果。它使消費者可以輕鬆地預先了解他們想要租賃的物品的付款價格計算器為我們提供了明顯的優勢，消費者和商家以及商業合作夥伴使用價格計算器來透明地推銷其耐用品的承受能力。

Katapult is included on just about every product page during the customer journey, putting to -- putting us front and center with consumers as they shop after deploying this tool with one of our large mattress retailers, we saw their daily gross originations expand by nearly 6% over approximately 60 days following the launch of the tool. We're also tapping into more strategic ways to leverage the power of our merchant partners.

在客戶旅程中，Katapult 幾乎出現在每個產品頁面上，在我們的一家大型床墊零售商部署此工具後，我們看到他們的每日總收入增長了近 6該工具啟動後約60 天內的百分比。我們也採用更具策略性的方式來利用我們商業合作夥伴的力量。

From a marketing perspective, let me give you two examples. First, our merchant partners are becoming more and more interested in using their own marketing assets to promote their relationship with us. We have recently been added to four newsletters published by our partners. Two of these merchants were existing Katapult Partners. And in the 30 days following dimension, we saw more than 10% gross origination lift.

從行銷的角度來看，我舉兩個例子。首先，我們的商業夥伴越來越有興趣利用自己的行銷資產來促進與我們的關係。我們最近被加入到我們的合作夥伴發布的四份新聞通訊中。其中兩位商人是現有的 Katapult 合作夥伴。在維度發布後的 30 天內，我們發現總發起量提升了 10% 以上。

Beyond this, we are doing even more testing and learning on co-promotions. Recently, we ran a 10-day tests with a waterfall partner in the tire category through which we offered a customer rebate promotion on certain leases. This resulted in about a 35% gross origination lift at the end of the test. We intend to strategically scale this test into recurring campaigns throughout the rest of the year.

除此之外，我們還在聯合促銷方面進行更多測試和學習。最近，我們與輪胎類別的瀑布合作夥伴進行了為期 10 天的測試，透過該測試我們為某些租賃提供了客戶折扣促銷。這導致測試結束時總起始提升約 35%。我們打算策略性地將這項測試擴展到今年剩餘時間的定期活動。

These are just a few examples of the ways we are deepening our relationships with our merchant partners. And while none of these advances individually are game changers, collectively, they can move the needle and they are helping us grow our non-wafer business. In fact, excluding Wayfair, we now have several merchants that we expect to each deliver $10 million in gross originations for 2024 which we reflect the growth of more than 40% for this group merchants.

這些只是我們深化與商業夥伴關係的幾個例子。雖然這些進步單獨來看都無法改變遊戲規則，但總的來說，它們可以推動發展，幫助我們發展非晶圓業務。事實上，除了 Wayfair 之外，我們現在有幾個商家，我們預計到 2024 年每家商家的總收入將達到 1000 萬美元，我們反映出該集團商家的成長超過 40%。

I would also like to point out that some of these merchants were just added to the Katapult platform last year, which shows how fast we can ramp gross originations for merchants where customer demand is high. In the second quarter, our top 10 non-wafer merchant accounted for 36% of our gross origination base up from 27% in the second quarter of last year.

我還想指出，其中一些商家去年剛剛添加到 Katapult 平台，這表明我們可以多快提高客戶需求高的商家的總收入。第二季度，我們的十大非晶圓商占我們總來源基數的 36%，高於去年第二季的 27%。

I hope it's resonating with you that we have a lot of very positive developments within our merchant strategy. While the impending recovery of home furnishings has taken longer than we anticipated, this will be a definitive driver of our business. And in the meantime, we are executing across other growth fronts, which are delivering positive results. This is a good segue into our strategy to drive consumer demand for our market-leading LTO product. Today, I will highlight our continued progress with Katapult pay and our marketing strategy.

我希望我們的商業策略取得了許多非常積極的進展，這能引起您的共鳴。雖然家居用品即將復甦的時間比我們預期的要長，但這將成為我們業務的決定性推動力。同時，我們正在其他成長領域執行任務，並且取得了積極的成果。這是我們推動消費者對我們市場領先的 LTO 產品需求的策略的良好延續。今天，我將重點介紹我們在 Katapult 支付和行銷策略方面的持續進展。

Let's start with Katapult pay, which has become a core driver of our business and less than two years since we launched it in late 2022. First, let's talk high level numbers. During Q2, Katapult pay or as we call it, Kpay, delivered $15.7 million in gross originations, representing 28% of our total gross originations. This means that we group Kpay originations by more than 100%. To put this in perspective, if Katapult pay was a standalone merchant, the gross originations were earning through this channel would make them our second largest merchant partner.

讓我們從 Katapult pay 開始，它已經成為我們業務的核心驅動力，距離我們 2022 年底推出不到兩年。首先，我們來談談高層數字。在第二季度，Katapult pay 或我們稱為 Kpay 的總發起額為 1,570 萬美元，占我們總發起額的 28%。這意味著我們對 Kpay 起源進行了超過 100% 的分組。從這個角度來看，如果 Katapult pay 是一個獨立的商家，那麼透過該管道賺取的總收入將使他們成為我們的第二大商家合作夥伴。

In addition, the vast majority of this gross originations for with merchants that are only available through Katapult pay demonstrating that our app delivers gross originations that are incremental to our direct and waterfall channels. And that Kpay is a powerful consumer engagement tool for us. Originations from merchants only available to Katapult pay grew 115% in Q2.

此外，絕大多數的總收入來自於只能透過 Katapult 支付的商家，這表明我們的應用程式提供的總收入相對於我們的直接管道和瀑布管道而言是增量的。Kpay 對我們來說是一個強大的消費者參與工具。第二季度，僅支援 Katapult Pay 的商家的營收成長了 115%。

Second, since we last spoke to many of you, we are excited to have added two well-known retailers to our Katapult pay marketplace, Costco and most recently Newegg, a leading global online retailer of PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology, which we launched about five weeks ago in time for back-to-school season. They joined Lowes, which we added to our marketplace early in the second quarter.

其次，自從我們上次與你們許多人交談以來，我們很高興在我們的Katapult 支付市場上增加了兩家知名零售商，Costco 和最近的Newegg，一家全球領先的PC 硬體、消費性電子產品、遊戲外設、家居線上零售商。他們加入了 Lowes，我們在第二季初將其添加到了我們的市場中。

We've been very pleased with the response to Lowes and Costco and while it's a bit early to give a readout on new ag based on customer survey data, we believe the consumers will embrace the opportunity to engage with this new retailer.

我們對 Lowes 和 Costco 的反應非常滿意，雖然現在根據客戶調查數據公佈新廣告還為時過早，但我們相信消費者會抓住與這家新零售商互動的機會。

I could not be more enthusiastic about the ramp up of Katapult pay. Kpay has added a new element to our business model that allows us to control our destiny. We are constantly educating merchants on the incrementality of our LTO offering, and Kpay is providing compelling data that we can leverage to make our case. In addition, it allows us to participate in major events like Amazon's July Prime Day, which would not be possible otherwise.

我對 Katapult 的薪水增加非常熱情。Kpay 為我們的商業模式增加了一個新元素，讓我們掌控自己的命運。我們不斷地向商家宣傳我們的 LTO 產品的增量性，而 Kpay 提供了令人信服的數據，我們可以利用這些數據來論證我們的觀點。此外，它還使我們能夠參加亞馬遜的 7 月 Prime Day 等重大活動，否則這是不可能的。

During this year's event, we grew gross originations by nearly 115% compared to last year's event. We feel confident that our app is also allowing us to deepen and strengthen our relationship with our customers. This quarter, we saw another quarter of high net promoter scores and customer repeat rates, both hallmarks of the healthy ecosystem we have been building for consumers across the US. As of the end of the second quarter, our overall NPS score was 62 and our customer repeat rate was 59.3. We are very proud of both of these results.

在今年的活動期間，與去年的活動相比，我們的總發起量增加了近 115%。我們相信我們的應用程式還可以讓我們加深和加強與客戶的關係。本季度，我們看到另一個季度的高淨推薦值和客戶重複率，這都是我們為美國消費者建立的健康生態系統的標誌。截至第二季末，我們的 NPS 總體得分為 62，客戶重複率為 59.3。我們對這兩項成果感到非常自豪。

Turning quickly to marketing, we are continuing to test and learn into a scaled marketing strategy within consumer marketing. The majority of our resources remain focused on driving potential customers to our app. And we learned a lot from the paid ad testing. We completed during the first quarter. We are already driving strong repeat purchase activity through our app and other low-cost marketing activities.

迅速轉向行銷，我們正在繼續測試和學習消費者行銷中的規模化行銷策略。我們的大部分資源仍然集中在吸引潛在客戶使用我們的應用程式。我們從付費廣告測驗中學到了很多。我們在第一季完成了。我們已經透過我們的應用程式和其他低成本行銷活動推動了強勁的重複購買活動。

And we believe we can complement this and the customer flow we receive from our merchant partners with our own marketing efforts while keeping customer acquisition costs low. We are seeing encouraging results from our marketing efforts, including these highlights, our monthly active users on our app have grown by 40% year over year.

我們相信，我們可以透過自己的行銷努力來補充這一點以及我們從商業合作夥伴收到的客戶流，同時保持較低的客戶獲取成本。我們的行銷工作取得了令人鼓舞的成果，包括這些亮點，我們應用程式的每月活躍用戶年增了 40%。

We've increased the number of marketing e-mails sent by approximately six times year over year, resulting in about a 35% increase in gross originations attributable to this channel. Unique customers who opened the app in Q2 grew by more than 35% year over year, and app downloads have grown 83% from last year.

我們發送的行銷電子郵件數量比去年同期增加了約六倍，導致該管道的總寄件數增加了約 35%。第二季開啟該應用程式的獨立客戶數量年增超過 35%，應用程式下載量較去年增加 83%。

We will continue to be judicious about our investment in marketing, but believe we are demonstrating that we can leverage this strategic to drive incremental growth last quarter, we highlighted some of the initiatives focused on building our referral and partner marketing networks that we see as highly complementary to our digital marketing efforts.

我們將繼續謹慎對待行銷投資，但相信我們正在證明我們可以利用這項策略來推動上季的增量成長，我們強調了一些旨在建立我們的推薦和合作夥伴行銷網絡的舉措，我們認為這些舉措高度重視與我們的數位行銷工作相輔相成。

Since that time, we see some early but encouraging results within our affiliate program called IMPACT. We've added 41 partnerships and our impressions grew 30% versus the first quarter of this year. As a result, revenue from this small but growing channel grew 38% versus the first quarter of 2024. Our affiliate program was just one of the many opportunities we're exploring to build new revenue streams.

從那時起，我們在名為「IMPACT」的聯盟計畫中看到了一些早期但令人鼓舞的成果。我們增加了 41 個合作夥伴，與今年第一季相比，我們的印象數成長了 30%。因此，這個規模雖小但不斷增長的管道的收入比 2024 年第一季增長了 38%。我們的聯盟行銷計劃只是我們正在探索的建立新收入來源的眾多機會之一。

In early June, we partnered with an insurance provider to launch layoff insurance, a new product that can provide a cash benefit of up to $2,000 for customers facing involuntary job loss and have purchased this coverage. Our goal is to help customers navigate unexpected financial hardships should they arise.

6月初，我們與一家保險公司合作推出了裁員保險，這是一款新產品，可為面臨非自願失業並已購買此保險的客戶提供高達 2,000 美元的現金福利。我們的目標是幫助客戶應對意外的財務困難。

We believe that offering like income protection insurance directly addresses the financial vulnerabilities that many of our non-prime consumers face every day. We plan to launch more products that complement our innovative LTO solution and provide underserved consumers with the financial tools and resources they need to power their daily lives.

我們相信，提供收入保障保險可以直接解決許多非優質消費者每天面臨的財務脆弱性。我們計劃推出更多產品來補充我們創新的 LTO 解決方案，並為服務不足的消費者提供他們日常生活所需的金融工具和資源。

At the end of the day, we believe that adding products like this will allow us to monetize our customer base, create new sustainable revenue streams and make our gross originations, which remain a lot of our business even more productive over time.

最終，我們相信，添加這樣的產品將使我們能夠將我們的客戶群貨幣化，創造新的可持續收入來源，並提高我們的總收入，隨著時間的推移，這將使我們的許多業務改變得更加有成效。

In summary, executing a dynamic growth strategy is unlocking the power of our financial model and positions us to create sustainable value for our stakeholders, and we're very proud of our progress.

總而言之，執行動態成長策略正在釋放我們財務模型的力量，並使我們能夠為利害關係人創造可持續的價值，我們對我們的進步感到非常自豪。

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

接下來，我將把它交給南希討論我們第二季的業績。

Thanks, Orlando, and hello to everyone joining us this morning. As Orlando mentioned, we achieved growth across the board this quarter despite the notable headwinds we continue to face in home furnishings.

謝謝奧蘭多，並向今天早上加入我們的每個人問好。正如奧蘭多所提到的，儘管我們在家居用品方面繼續面臨明顯的阻力，但本季度我們實現了全面成長。

Let's start with a few insights on our top line performance. We have now grown gross originations for seven consecutive quarters with gross originations increasing 1.1% to $55.3 million in the second quarter. And on a two year stack basis, our gross originations grew nearly 20%. As we outlined last quarter our outlook for the second quarter gross originations was going to be partly driven by the market for home furnishings returning to normal levels, which did not happen.

讓我們先對我們的營收表現進行一些見解。目前，我們的總營收已連續七個季度成長，第二季的總營收成長了 1.1%，達到 5,530 萬美元。以兩年為基礎，我們的總收入成長了近 20%。正如我們上季度概述的那樣，我們對第二季度總收入的展望將部分受到家居用品市場恢復正常水平的推動，但這並沒有發生。

As a result we came in slightly below the outlook we provided last quarter beyond this headwind. One positive driver of our continued growth has been our high repeat purchase rates, which together with our high Net Promoter Score demonstrate that we are delivering the experience and value our customers want both our top-notch customer relations team and Katapult pay our drivers of this success and are allowing us to build lasting relationships with consumers across the US.

因此，除了這一逆風之外，我們的業績略低於我們上季度提供的前景。我們持續成長的一個積極推動因素是我們的高重複購買率，這與我們的高淨推薦值一起表明，我們正在提供客戶希望我們一流的客戶關係團隊和Katapult 為我們的驅動力提供的體驗和價值。

As of the end of Q2 2024, we increased revenue per new customer by more than 15% and saw cross-shopping activity increased by more than 70% while decreasing the volume of customer relations interactions that had to be escalated by more than 40% year over year. Our market-leading LTO and sustained gross originations growth have unlocked our engine for revenue growth. During Q2, revenue increased 8.7% to $58.9 million, reflecting both our gross originations trends and strong collection efforts.

截至 2024 年第二季末，我們的每位新客戶收入增加了 15% 以上，交叉購物活動增加了 70% 以上，同時客戶關係互動量減少了 40% 以上一年多了。我們市場領先的 LTO 和持續的總收入成長釋放了我們收入成長的引擎。第二季度，營收成長 8.7% 至 5,890 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 Q2 was approximately $9.9 million, an increase of nearly 5% and gross profit during the first half of 2024 grew by nearly 24%. We achieved a gross margin of 16.9%. We continue to expect margins to be in the 18% to 20% for the full year 2024. We have continued to improve write-offs as a percentage of revenue. During the second quarter, this metric was 9.3%, a decrease of 30 basis points versus the 9.6% we achieved in Q2 2023 and within our target range of 8% to 10%.

第二季毛利約 990 萬美元，成長近 5%，2024 年上半年毛利成長近 24%。我們的毛利率達到 16.9%。我們仍然預計 2024 年全年利潤率將在 18% 至 20% 之間。我們持續提高沖銷佔收入的百分比。第二季度，該指標為 9.3%，與 2023 年第二季度的 9.6% 相比下降了 30 個基點，處於 8% 至 10% 的目標範圍內。

I think it's also important to note that we have been able to successfully grow approval rates, which were up 108 basis points in Q2 while adhering to our dynamic underwriting model.

我認為還需要注意的是，我們成功提高了批准率，在堅持動態核保模式的同時，第二季批准率上升了 108 個基點。

Moving on to expenses and 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 second quarter, our total operating expenses decreased by 7%.

說到費用和獲利能力，我們嚴格的費用管理方法，加上我們的營收成長，使我們能夠在第二季度實現調整後 EBITDA 又一個季度的大幅成長，我們的總營運費用下降了 7%。

And with our revenue growth, we were able to decrease OpEx as a percentage of revenue by approximately 360 basis points year over year. We held general and administrative expenses flat compared with last year, despite our investment in marketing and higher professional services expenses, a testament to our disciplined approach to expense management.

隨著收入的成長，我們能夠將營運支出佔收入的百分比年減約 360 個基點。儘管我們在行銷和專業服務費用方面進行了投資，但與去年相比，我們的一般和管理費用持平，這證明了我們嚴格的費用管理方法。

Looking ahead, we intend to remain prudent with our spend, but would expect expenses to trend upward slightly as we invest in opportunities to drive growth, excluding underwriting fees and service costs, which are variable and depreciation and stock-based compensation expense, which are noncash expenses.

展望未來，我們打算對支出保持謹慎態度，但預計隨著我們投資於推動成長的機會，支出將略有上升，不包括承保費用和服務成本（這些費用是可變的）以及折舊和基於股票的補償費用（這些費用是變動的）非現金支出。

Our fixed cash operating expenses were $9.1 million, a decrease of 8.8% compared to last year. Given the hard work our team has been doing to drive revenue growth while keeping our expense structure lean. We are starting to see the benefits of operating leverage during the second quarter. Our loss from operations improved from $4 million in Q2 2023 to a loss of $2.6 million in Q2 2024.

我們的固定現金營運支出為 910 萬美元，比去年下降 8.8%。鑑於我們的團隊一直在努力推動收入成長，同時保持我們的費用結構精簡。我們在第二季開始看到營運槓桿的好處。我們的營運虧損從 2023 年第二季的 400 萬美元改善到 2024 年第二季的 260 萬美元。

During the first half of 2024, we achieved $1.2 million of income from operations, which we believe puts us on a path to deliver positive income from operations as early as 2025. 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 sixth consecutive quarter.

2024 年上半年，我們實現了 120 萬美元的營運收入，我們相信這將使我們最早在 2025 年實現正營運收入。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，我們能夠連續第六個季度提高調整後的 EBITDA 業績。

For the second quarter, we recorded an adjusted EBITDA loss of $377,000, a $1.2 million improvement compared with the $1.5 million of adjusted EBITDA loss reported in the second quarter of last year. Year to date, adjusted EBITDA is positive $5.3 million.

第二季度，我們的調整後 EBITDA 虧損為 377,000 美元，比去年第二季報告的調整後 EBITDA 虧損 150 萬美元減少了 120 萬美元。今年迄今為止，調整後 EBITDA 為正 530 萬美元。

Turning to the balance sheet and cash flow, given the progress we've made, we believe 2025 will be an inflection point for us. We are striving to be in a neutral cash usage position and believe after 2025, we can turn the corner into being cash accretive.

談到資產負債表和現金流，鑑於我們的進展，我們相信 2025 年將是我們的轉捩點。我們正在努力保持現金使用中性的狀態，並相信 2025 年後，我們可以扭轉局面，實現現金增值。

Looking at cash flows from operations for the first half of 2024, we have significantly improved on this front for the first half of this year, our cash provided from operations was positive $1.4 million compared with cash used for operating activities of $8.6 million for the first half of 2023, demonstrating our notable progress. As of June 30, 2024, we had total cash and cash equivalents of $38.4 million, which includes $4.6 million of restricted cash. As of the end of the second quarter, we also had $69.5 million in outstanding debt on our credit facility.

看看 2024 年上半年的營運現金流，今年上半年我們在這方面有了顯著改善，我們的營運提供的現金為正 140 萬美元，而今年上半年用於經營活動的現金為 860 萬美元2023 年下半年，我們取得了顯著的進展。截至 2024 年 6 月 30 日，我們的現金及現金等價物總額為 3,840 萬美元，其中包括 460 萬美元的限制性現金。截至第二季末，我們的信貸額度中還有 6,950 萬美元的未償債務。

Regarding our capital structure, and balance sheet and our upcoming June 2025 debt maturity. We are actively pursuing refinancing alternatives at this time. We are moving forward with a great sense of urgency and we are optimistic about the opportunities in the near term.

關於我們的資本結構、資產負債表以及即將於 2025 年 6 月到期的債務。目前我們正在積極尋求再融資替代方案。我們正以極大的緊迫感向前邁進，我們對近期的機會感到樂觀。

Turning to our Q3 outlook, we are continuing to navigate a challenging macro environment, and it's unclear when or if the Fed intends to lower interest rates this year. And while we continue to believe that our core customers generally resilient, we also believe inflation is taking a toll on their budgets, dampening consumer demand.

談到我們的第三季前景，我們將繼續應對充滿挑戰的宏觀環境，目前尚不清楚聯準會今年何時或是否打算降息。雖然我們仍然相信我們的核心客戶總體上具有彈性，但我們也認為通膨正在對其預算造成影響，抑制消費者需求。

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 we'll see on prime lending standards and the US consumer has access to financing. 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.

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），以及我們將對主要貸款標準和美國消費者獲得融資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，重要的是要注意，當優質信貸選擇變得越來越少時，先租後買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 third quarter, gross originations growth of 8% to 10%, revenue growth in the range of 7% to 8% and breakeven or better adjusted EBITDA. We are also reiterating our outlook for a minimum 10% growth for gross originations and revenue for the full year 2024.

根據這些動態和 2024 年全年的營運計劃，我們預計第三季的總營收將成長 8% 至 10%，營收成長 7% 至 8%，盈虧平衡或更好調整後的 EBITDA。我們也重申 2024 年全年總收入和收入成長至少 10% 的預期。

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 has not changed significantly, both our third quarter and full year outlook also assume that the retail environment for home furnishings returns to growth.

提醒一下，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沒有發生重大變化，我們的第三季度和全年展望也假設家庭零售環境家具恢復增長。

Finally, we also expect to deliver positive adjusted EBITDA for the full year 2024. This will be the first time we've achieved this milestone since 2021.

最後，我們也預期 2024 年全年實現正向調整 EBITDA。這將是我們自 2021 年以來首次實現這一里程碑。

Before I turn the call over to the operator, I would like to highlight the newest addition to our finance and accounting team. Kaitlin Folan joined as our new Chief Accounting Officer in the second half of July. She has nearly 20 years of experience that spans both big four accounting and publicly traded corporations. She has hit the ground running, and we are excited about the positive impact we believe she will have in this role.

在將電話轉給接線員之前，我想強調一下我們財務和會計團隊的最新成員。Kaitlin Folan 於 7 月下半月加入我們，擔任新任首席會計長。她在四大會計師事務所和上市公司擁有近 20 年的經驗。她已經開始投入工作，我們對她在這個角色中將產生的積極影響感到興奮。

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？

Thank you. We are now opening the floor for question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

Good morning. Thanks for taking my questions. I guess my first question, you did come up short in terms of your gross origination forecast for the second quarter. It sounds like it was mainly Wayfair's that I guess the simple question is that a fair assessment that shortfall was really primarily Wayfair?

早安.感謝您回答我的問題。我想我的第一個問題是，你們對第二季總營收的預測確實沒有達到預期。聽起來主要是 Wayfair 的，我想簡單的問題是，公平的評估表明短缺真的主要是 Wayfair 的？

Hi, Anthony, Orlando and in finance, and I both wanted to answer that question. Yes, yes, it was primarily Wayfair as they noted in their earnings release, they had a slowdown. So obviously affects us a little bit. And I think that's where we came in a little short on the gross origination side.

嗨，安東尼，奧蘭多和金融界，我都想回答這個問題。是的，是的，這主要是 Wayfair，正如他們在財報中指出的那樣，他們的成長放緩了。所以顯然對我們有一點影響。我認為這就是我們在總起源方面有點不足的地方。

Anthony, you know, other than Wayfair, the other 52% of the business, we did see a 20% increase in gross originations. And we also mentioned that even if Wayfair had just been flat to last year, we would have been over 8% in gross originations growth.

安東尼，你知道，除了 Wayfair（其他 52% 的業務）之外，我們確實看到總發起量成長了 20%。我們也提到，即使 Wayfair 與去年持平，我們的總發起成長率也會超過 8%。

Got it. Okay. So then related question, if I'm doing my math correctly, your gross originations for the first half of this year were up about one, looks about 1.4%, somewhere in that in that range, you're guiding to double digit gross originations growth for the year. So that would imply that second quarter is up significantly.

知道了。好的。那麼相關問題，如果我計算正確的話，今年上半年的總起源增加了大約 1，看起來約為 1.4%，在這個範圍內的某個地方，你將引導總起源達到兩位數年度增長。因此，這意味著第二季將大幅成長。

And you just said that wafer Wayfair been disappointed. I guess what makes should I mean, what gives you the confidence that the second quarter -- second half question is originations will accelerate that significantly?

你剛才說晶圓 Wayfair 很失望。我想我應該說是什麼讓你有信心第二季度——下半場的問題是發起將顯著加速？

Well, as we've talked about before, your holiday, obviously is a very big season for us. But with the additions that we've made to Kay pay, those take a little bit of time to ramp up. We've added some new partnerships and affiliations that will also take time to ramp up.

嗯，正如我們之前談到的，您的假期對我們來說顯然是一個非常重要的季節。但隨著我們對 Kay Pay 的增加，這些需要一點時間才能完成。我們增加了一些新的合作夥伴關係和隸屬關係，這些也需要時間來加強。

So we look at this almost as a layer cake that as we're seeing the ramp from last year into the second half of this year as well as all of the new initiatives that we've been discussing, that's going to build in the second half and gives us a lot of confidence that we can still achieve 10% both in revenue and gross originations.

因此，我們幾乎將其視為一個夾心蛋糕，因為我們看到從去年到今年下半年的增長以及我們一直在討論的所有新舉措，這些舉措將在第二年建立一半，這給了我們很大的信心，我們仍然可以實現收入和總收入的10%。

Got it. And I guess I guess my final question, I just want to make sure or anything, because you said you expect positive income from operations in 2025. Did I hear that correctly?

知道了。我想我猜我的最後一個問題，我只是想確定一下或其他什麼，因為你說你預計 2025 年的營運收入將為正值。我沒聽錯嗎？

You did hear that correctly.

你確實沒聽錯。

Okay. That doesn't seem terribly, like a big stretch to me because I mean year to date, unless I'm reading this correctly, your income from operations, as you know, are positive this year right. So I mean, unless I'm missing something, I mean that's not a big stretch, is it (multiple speakers) --

好的。這對我來說似乎並不可怕，就像一個很大的延伸，因為我的意思是今年迄今為止，除非我正確地閱讀了這篇文章，否則你的營運收入，如你所知，今年是正數，對吧。所以我的意思是，除非我遺漏了什麼，否則這並不是一個很大的延伸，對嗎？（多位發言者）——

Well, remember our shares we have not achieved that in the first quarter because of tax season gives us a big lift that we had very significant income from operations in the first quarter, you saw that second quarter was a little bit of decrease. We are building toward a full year of positive income from operations, but that's in 2025 through turnover.

好吧，請記住我們的股票，我們在第一季沒有實現這一目標，因為納稅季節給我們帶來了很大的提升，我們在第一季的營運收入非常可觀，你看到第二季度略有下降。我們的目標是全年實現正營運收入，但那是在 2025 年透過營業額實現的。

Okay, got it. (inaudible) Thank you.

好的，明白了。（聽不清楚）謝謝。

Thank you, Anthony.

謝謝你，安東尼。

(Operator Instructions) Cameron White, Loop Capital.

（操作員指令）Cameron White，Loop Capital。

Great, hello, thank you for taking my question. And my question is you have announced your partnership with K tomorrow at Dollarama Meineke. What impact, if any, do you think these partnerships will have on your second half card originations and revenue.

太好了，你好，謝謝你回答我的問題。我的問題是您明天宣布與 K 在 Dollarama Meineke 合作。您認為這些合作關係會對您下半年的信用卡發行和收入產生什麼影響（如果有）？

So, as we just talked about with Anthony, as these partnerships and affiliates the merchants, they take a little time to do the integration and then they will start building since a lot of those are occurring. As we're speaking, we're expecting that to be a pretty significant build in the second half, which again adds to that layer cake that I discussed that we have a number of initiatives that are ramping up in the third and fourth quarters.

因此，正如我們剛剛與安東尼談到的那樣，作為這些合作夥伴和附屬商戶，他們需要一點時間進行整合，然後他們將開始建設，因為其中許多正在發生。正如我們所說，我們預計下半年這將是一個相當重要的建設，這再次增加了我討論過的層蛋糕，我們在第三季度和第四季度將採取許多舉措。

Cameron, thanks for the question. This is Derek Medlin. So I would just add that our overall strategy has continued to be to add new channels for merchant growth. And so partnerships like pay tomorrow. And what we mentioned with Synchrony are great ways for us to gain more access, more merchants and grow volume of gross originations that way.

卡梅倫，謝謝你的提問。這是德瑞克·梅德林。因此，我想補充一點，我們的整體策略仍然是為商家成長添加新管道。因此，合作夥伴關係就像明天付款。我們提到的 Synchrony 是我們獲得更多存取權、更多商家並增加總發起量的好方法。

But in addition, we're going to continue to grow other types of partnerships with resources that are going to give us leads for new consumers that will help support the growth of Katapult pay. That has been really excited with those with 100% growth year over year. And lastly, we're continuing to develop these new relationships that will allow us to build engagement and monetizing customers that are already on the app and using our services. So just overall, these are just additional pieces that are going to help add. So that layer taken help us to hit the growth goals for that.

但除此之外，我們將繼續發展其他類型的資源合作夥伴關係，這些資源將為我們帶來新消費者的線索，從而有助於支持 Katapult 支付的成長。對於那些逐年成長 100% 的公司來說，這確實令人興奮。最後，我們將繼續發展這些新的關係，這將使我們能夠與已經使用該應用程式並使用我們服務的客戶建立互動並從中獲利。總的來說，這些只是有助於添加的額外部分。因此，採取的這一層有助於我們實現成長目標。

Great. Thank you. And my last question is the private holdings and first cash have recently discussed the impacts of the tightening on subprime credit. And I was wondering what impact if any, do you anticipate this tightening will have on the back half of the year?

偉大的。謝謝。我的最後一個問題是私人控股和第一現金最近討論了緊縮對次級信貸的影響。我想知道如果有的話，您預計這種緊縮政策會對今年下半年產生什麼影響？

Thanks, Cameron. It's Orlando Yes, we've noted that we saw the impact of tightening above us in 23, and we continue to see it. And there is a difference, the others and us because we're mostly e-commerce versus in-store. And I think that drives a bit of a difference on the customer is online. They're applying there. You're coming through and the tightening.

謝謝，卡梅倫。這是奧蘭多 是的，我們注意到我們在 23 年就看到了緊縮政策的影響，並且我們將繼續看到它。其他人和我們之間是有區別的，因為我們主要是電子商務而不是實體店。我認為這對線上客戶產生了一些影響。他們正在那裡申請。你正在克服緊張。

We haven't seen more tightening, I guess is my point since '23 when we started to see it, but now we stay on top of it. We don't expect we're not adding anything new to expect timing to continue. But we expect, as Nancy mentioned in her remarks, that is prime lenders start tightening and because of the latency issues and things like that, that they're facing that will be the benefit of that.

我們還沒有看到更多的緊縮，我想這就是我自 23 年開始看到它以來的觀點，但現在我們仍處於領先地位。我們不希望我們不會添加任何新內容來期待時間繼續下去。但我們預計，正如南希在她的演講中提到的那樣，主要貸款機構開始收緊政策，並且由於延遲問題和類似的問題，他們面臨的問題將是從中受益。

Great. Thank you so much for all the questions I have.

偉大的。非常感謝您提出我的所有問題。

Thank you. As of right now, we don't have any pending or raise hands. I'd now like to hand back over to Orlando for closing remarks.

謝謝。截至目前，我們沒有任何待處理或舉手的情況。現在我想請奧蘭多致閉幕詞。

Thanks, operator, and a big thank you to everyone listening to our progress today. Before I sign off on behalf of the entire leadership team, I want to tell the whole Katapult team how much we appreciate your hard work. We have an amazing group of people here at Katapult and your dedication to helping us live our mission of serving the non-prime consumer is a core ingredient of our success.

謝謝操作員，非常感謝今天收聽我們進展的所有人。在我代表整個領導團隊簽名之前，我想告訴整個 Katapult 團隊，我們非常感謝你們的辛勤工作。Katapult 擁有一群優秀的員工，你們致力於幫助我們實現服務非優質消費者的使命，這是我們成功的核心要素。

Thank you so much for all you do. We look forward to chatting you with our investors as Q2 progresses -- Q3 progress excuse me, please reach out to Jennifer for any questions or feedback. Thank you.

非常感謝你所做的一切。隨著第二季度的進展，我們期待與您與我們的投資者交談 - 第三季度的進展對不起，如有任何問題或反饋，請聯繫 Jennifer。謝謝。

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

非常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。