MoneyLion Inc (ML) 2023 Q2 法說會逐字稿

Greetings, and welcome to the MoneyLion Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MoneyLion 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Sean Horgan, Head of Investor Relations for MoneyLion. Thank you. You may begin.

現在我想將會議交給主持人、MoneyLion 投資者關係主管 Sean Horgan。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to MoneyLion's Second Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are MoneyLion's CEO, Dee Choubey; and CFO, Rick Correia. You can find the presentation accompanying our earnings release on our Investor Relations website, investors.moneylion.com.

謝謝你，接線員。大家早上好，歡迎參加 MoneyLion 2023 年第二季度收益電話會議。今天與我一起討論我們結果的是 MoneyLion 的首席執行官 Dee Choubey；和首席財務官里克·科雷亞。您可以在我們的投資者關係網站 Investors.moneylion.com 上找到我們收益發布隨附的演示文稿。

Please note that any forward-looking statements made in this commentary are subject to our safe harbor statement found in our SEC filings and in our earnings press release.

請注意，本評論中的任何前瞻性陳述均受我們在 SEC 文件和收益新聞稿中找到的安全港聲明的約束。

Now I'll turn the call over to Dee.

現在我將把電話轉給迪伊。

Thank you, Sean. Good morning, and thank you all for joining us for our second quarter 2023 earnings presentation.

謝謝你，肖恩。早上好，感謝大家參加我們的 2023 年第二季度收益演示。

I am pleased to share with you that MoneyLion delivered yet another quarter of strong performance in Q2 '23. This quarter, we reached additional important milestones and our path to profitability, and we saw the healthy operating markers we were looking for as we execute for growth and profitability for the long run.

我很高興與您分享 MoneyLion 在 23 年第 2 季度又取得了強勁的季度業績。本季度，我們實現了額外的重要里程碑和盈利之路，並且在我們執行長期增長和盈利能力時，我們看到了我們正在尋找的健康運營指標。

This performance is a reflection of our ecosystem advantage, which is driving tangible results compounding on the inherent flywheels embedded in our business model. We are incredibly proud of the team's execution and the progress we've made, which reflects our deeper mission and vision to help every consumer make their best financial decision.

這種表現反映了我們的生態系統優勢，它正在推動我們商業模式中嵌入的固有飛輪產生切實的成果。我們對團隊的執行力和所取得的進步感到無比自豪，這反映了我們幫助每個消費者做出最佳財務決策的更深層次的使命和願景。

Now let's dive into the key takeaways for Q2 2023. The first item to highlight is that we achieved record revenue of $107 million in the quarter. We exceeded our quarterly revenue guidance of $95 million to $100 million. This represents 14% quarter-over-quarter growth and 22% year-over-year growth. Importantly, our Consumer and Enterprise businesses both achieved record quarterly revenue, reflecting the strength and scalability of our business model.

現在讓我們深入探討 2023 年第二季度的主要要點。首先要強調的是，我們在該季度實現了創紀錄的 1.07 億美元收入。我們超出了 9500 萬至 1 億美元的季度收入指導。這意味著環比增長 14%，同比增長 22%。重要的是，我們的消費者和企業業務均實現了創紀錄的季度收入，反映了我們業務模式的實力和可擴展性。

The second takeaway is our gross profit margin expansion. Gross profit margin was 59%, up 4 points from 55% in Q1 2023. This exceeded the high end of our guidance of 54% to 58%. This margin expansion was driven by our combined Consumer plus Enterprise ecosystem advantage.

第二個要點是我們的毛利率擴張。毛利率為 59%，比 2023 年第一季度的 55% 上升 4 個百分點。這超出了我們 54% 至 58% 指導上限。這種利潤增長是由我們的消費者加企業生態系統優勢推動的。

The third takeaway to highlight, we generated record adjusted EBITDA of $9 million. This exceeded our guidance of $1 million to $8 million in the quarter and represents 9% adjusted EBITDA margin. Q2 also marked our second consecutive quarter of positive adjusted EBITDA and more than a year of consistent quarterly improvement towards profitability, highlighting our acute focus on efficiency. We drove operating leverage across the board with reduced provision, marketing and compensation expenses.

第三個要點是，我們創造了創紀錄的調整後 EBITDA 900 萬美元。這超出了我們本季度 100 萬至 800 萬美元的指導，調整後 EBITDA 利潤率為 9%。第二季度還標誌著我們連續第二個季度調整後的 EBITDA 為正值，並且一年多以來盈利能力逐季度持續改善，凸顯了我們對效率的高度重視。我們通過減少供應、營銷和薪酬支出，全面提高了運營槓桿。

And last but not least, we reached nearly 10 million total customers. We added a record 2.1 million total customers during the quarter, up from 1.3 million customer adds in Q1 '23. This represented 26% quarter-over-quarter growth and 114% year-over-year growth. The growth in total customers is a testament to the increasing effectiveness of our marketplace customer acquisition channel.

最後但並非最不重要的一點是，我們的客戶總數接近 1000 萬。本季度我們增加了創紀錄的 210 萬客戶，高於 23 年第一季度的 130 萬。這意味著季度環比增長 26%，同比增長 114%。客戶總數的增長證明了我們市場客戶獲取渠道的有效性不斷提高。

As you can see, our total customer growth has been over 100% year-over-year for almost every quarter since we became a public company in 2021. We've been increasing the strength of our ecosystem by leveraging customer acquisition across a diverse set of channels and providing personalized content, insights, widgets and expanding product breadth. Importantly, we're adding customers more efficiently than ever. This is a result of the strategies we implemented a year ago in building an immersive and holistic experience.

正如您所看到的，自 2021 年成為上市公司以來，我們的總客戶增長幾乎每個季度都同比超過 100%。我們一直通過利用不同領域的客戶獲取來增強我們生態系統的實力渠道並提供個性化內容、見解、小部件和擴大產品範圍。重要的是，我們比以往任何時候都更有效地增加客戶。這是我們一年前為構建沉浸式整體體驗而實施的策略的結果。

Turning to total products. Over 17 million total products have been consumed in our platform through Q2 2023 with 39% representing third-party products, up from 32% in Q1 '23. It is evident that third-party products are becoming an increasingly larger part of our overall product mix. This design trade-off is a planned part of our strategy.

轉向總產品。截至 2023 年第二季度，我們平台上消費的產品總數已超過 1700 萬種，其中 39% 為第三方產品，高於 2023 年第一季度的 32%。顯然，第三方產品正在成為我們整體產品組合中越來越大的一部分。這種設計權衡是我們戰略中計劃的一部分。

You'll see that our average products per customer has declined year-over-year. This is natural given the velocity of recent customer adds and represents meaningful future product cross-sell and monetization opportunities, leveraging the full spectrum of financial and nonfinancial offers. Our philosophy is simple: we aim to match customers with the right product regardless of whether that's a first-party product provided by us or a third-party product from one of our enterprise partners.

您會發現我們每個客戶的平均產品數量逐年下降。考慮到最近客戶增加的速度，這是很自然的，並且代表著有意義的未來產品交叉銷售和貨幣化機會，利用全方位的金融和非金融優惠。我們的理念很簡單：我們的目標是為客戶提供合適的產品，無論該產品是我們提供的第一方產品還是我們企業合作夥伴提供的第三方產品。

We aim to be the single most trusted source for customers to find the right product for their personal financial situation. This differentiates MoneyLion from the other platforms that exclusively offer first-party products. With each interaction, our data set gets better at predicting exactly the right next best action for the benefit of our entire customer base.

我們的目標是成為客戶最值得信賴的來源，幫助他們找到適合其個人財務狀況的產品。這將 MoneyLion 與其他專門提供第一方產品的平台區分開來。通過每次交互，我們的數據集都能更好地準確預測正確的下一個最佳行動，從而造福我們整個客戶群。

Our strong execution is creating sustainable growth and profitability. Our total customer and total product growth trends are translating into attractive financial results marked by quarter-over-quarter healthy revenue growth, gross profit and adjusted EBITDA margin expansion.

我們強大的執行力正在創造可持續的增長和盈利能力。我們的總客戶和總產品增長趨勢正在轉化為具有吸引力的財務業績，其特點是季度環比健康的收入增長、毛利潤和調整後的 EBITDA 利潤率擴張。

Now I'll provide an update on our Consumer and Enterprise businesses and a new initiative that incorporates the power of our combined ecosystem. Starting with our Consumer business, performance during the quarter was strong. We originated over $1 billion year-to-date in our liquidity and credit-building products, demonstrating continued demand for our first-party products. Our credit quality remained incredibly healthy with performance well within our target in the second quarter.

現在，我將介紹我們的消費者和企業業務的最新情況，以及一項融合了我們聯合生態系統力量的新舉措。從我們的消費者業務開始，本季度的業績強勁。今年迄今為止，我們的流動性和信用建設產品已籌集了超過 10 億美元的資金，這表明對我們的第一方產品的持續需求。我們的信貸質量仍然非常健康，第二季度的表現完全符合我們的目標。

As we've said before, our decade-long experience in building scaled payments technologies and managing identity and fraud issues positions us as an industry leader in effectively providing liquidity products to a large number of American consumers. We continuously manage risk effectively in the face of a dynamic economic environment. Our risk selection allows our Consumer business to consistently demonstrate robust credit performance quarter-over-quarter, year-after-year. Our first-party products are part of the important flywheels embedded in our business model.

正如我們之前所說，我們在構建大規模支付技術以及管理身份和欺詐問題方面擁有十年的經驗，使我們成為向大量美國消費者有效提供流動性產品的行業領導者。面對動態的經濟環境，我們持續有效地管理風險。我們的風險選擇使我們的消費者業務能夠始終如一地展現出季度環比、年復一年強勁的信用表現。我們的第一方產品是我們商業模式中重要飛輪的一部分。

The MoneyLion ecosystem is a platform with what we believe is an unmatched range of products and offers, giving consumers more options to make the right financial decisions. We also have a powerful content strategy, providing an engaging experience around all money and adjacent conversations. We're making learning about the right next financial move a less stressful proposition for hard-working families. Expect us to continue rapidly releasing products, content, insights that reinforce our mission of matching customers with the right product at the right time.

MoneyLion 生態系統是一個我們認為擁有無與倫比的產品和優惠範圍的平台，為消費者提供更多選擇來做出正確的財務決策。我們還擁有強大的內容策略，圍繞所有金錢和相關對話提供引人入勝的體驗。對於勤奮工作的家庭來說，我們正在努力減少了解下一步正確的財務舉措的壓力。希望我們能夠繼續快速發布產品、內容和見解，以強化我們在正確的時間為客戶匹配正確的產品的使命。

Let me provide an update on our Enterprise business, MoneyLion's embedded finance platform. In the second quarter, our Enterprise business achieved record revenue, growing over 30% quarter-over-quarter. This is an incredible accomplishment in the face of industry-wide headwinds.

讓我介紹一下我們的企業業務（MoneyLion 的嵌入式金融平台）的最新情況。第二季度，我們的企業業務收入創歷史新高，環比增長超過30%。面對全行業的逆風，這是一項令人難以置信的成就。

In our marketplace business, our Consumer marketplace delivered meaningful high-margin revenue during the quarter, which is a direct result of the benefits of cross-selling the right financial product from the marketplace to our consumers. This is a synergy of our combined ecosystems.

在我們的市場業務中，我們的消費者市場在本季度實現了可觀的高利潤收入，這是從市場向消費者交叉銷售正確的金融產品所帶來的好處的直接結果。這是我們聯合生態系統的協同作用。

In our Enterprise marketplace, we continue to diversify our revenue mix with additional third-party products like high-yield savings, special offers and many more. Growth in these revenue streams accelerated this quarter, helping to offset the headwinds impacting some of the traditional lending products offered in our marketplace, with loans now representing a considerably lower mix of our Enterprise revenue from a year ago.

在我們的企業市場中，我們繼續通過額外的第三方產品（如高收益儲蓄、特別優惠等）來實現收入組合多元化。本季度這些收入流的增長加速，有助於抵消影響我們市場上提供的一些傳統貸款產品的不利因素，目前貸款占我們企業收入的比例比一年前要低得多。

In our media business, we continue to reap the benefits of having in-house media and content capabilities with a team focused on scaling profitably while we build out the next phase of the media business.

在我們的媒體業務中，我們繼續受益於擁有內部媒體和內容能力的好處，團隊專注於擴大盈利，同時我們構建媒體業務的下一階段。

Having served 10 million customers to date with many more in our ecosystem, in addition to the 50 million quarterly customer inquiries added in the second quarter through our enterprise network, MoneyLion sits on top of a treasure trove of valuable consumer intent and preference data. Our ability to apply machine learning across the ecosystem consistently leads to better outcomes for consumers and enterprise clients alike.

迄今為止，MoneyLion 已在我們的生態系統中為1000 萬客戶提供服務，此外，除了第二季度通過我們的企業網絡增加的5000 萬個季度客戶查詢外，MoneyLion 還擁有寶貴的消費者意圖和偏好數據寶庫。我們在整個生態系統中應用機器學習的能力始終如一地為消費者和企業客戶帶來更好的結果。

So what's next? We're moving to deliver the value of MoneyLion as a search-first experience. When we started 10 years ago in 2013, we were pioneers in applying artificial intelligence and machine learning to make financial products more accessible to more users. Now we'll use those same capabilities to fulfill the vision of becoming the interface layer providing guidance on the right financial product at the right time for all Americans.

下一個是什麼？我們正在努力提供 MoneyLion 作為搜索優先體驗的價值。當我們 10 年前（2013 年）成立時，我們是應用人工智能和機器學習讓更多用戶更容易使用金融產品的先驅。現在，我們將使用這些相同的功能來實現成為界面層的願景，為所有美國人在正確的時間提供正確的金融產品指導。

Generative AI search is a natural extension of what we believe MoneyLion is best positioned to bring to market, building on top of the company's vast data lake. Just like machine learning technologies led to better outcomes, generative AI technologies will change how consumers find and consume information and take action. Our bold vision is to be the first place all consumers go when they have a financial question or need a financial product.

生成式人工智能搜索是我們認為 MoneyLion 最有能力推向市場的自然延伸，建立在公司龐大的數據湖之上。就像機器學習技術帶來更好的結果一樣，生成式人工智能技術也將改變消費者查找、消費信息以及採取行動的方式。我們大膽的願景是成為所有消費者遇到財務問題或需要金融產品時首先想到的地方。

MoneyLion will be the first place all consumers go when they have a money or money-adjacent question. MoneyLion will provide the most comprehensive answer generated through our own content and insights while incorporating the product of the entire marketplace. MoneyLion will generate intelligent, personalized tools, tips and offers that are actionable right then and there instead of a long list of links or hard-to-navigate written blogs as exist in the market today.

MoneyLion 將是所有消費者遇到金錢或與金錢相關的問題時首先想到的地方。 MoneyLion 將通過我們自己的內容和見解提供最全面的答案，同時結合整個市場的產品。 MoneyLion 將生成可立即操作的智能、個性化工具、提示和優惠，而不是當今市場上存在的一長串鏈接或難以導航的書面博客。

We believe MoneyLion is the only company in the world with the assets, capabilities and technology to do this right. The exciting part is this technology isn't just limited to our own owned and operated properties. We will also deliver our embedded finance search and monetization technology to any business. This technology will be made available to our broad network of enterprise partners through easy-to-integrate technology. The opportunity to empower consumers to make their best financial decision across the Internet is in front of us.

我們相信 MoneyLion 是世界上唯一一家擁有足夠資產、能力和技術來做到這一點的公司。令人興奮的是，這項技術不僅限於我們自己擁有和經營的財產。我們還將向任何企業提供嵌入式金融搜索和貨幣化技術。該技術將通過易於集成的技術提供給我們廣泛的企業合作夥伴網絡。讓消費者能夠通過互聯網做出最佳財務決策的機會就在我們面前。

And with that, let's turn it over to Rick to walk us through the quarter's financial performance in detail.

接下來，讓 Rick 詳細介紹本季度的財務業績。

Thanks, Dee, and good morning to everyone. I look forward to sharing details about our financial performance for the second quarter ending June 30, 2023. I'll also discuss our guidance and outlook for the third quarter.

謝謝迪伊，祝大家早上好。我期待分享有關我們截至 2023 年 6 月 30 日的第二季度財務業績的詳細信息。我還將討論我們對第三季度的指導和展望。

As we are going through the financials, please note that unless otherwise stated, all year-over-year period comparisons refer to the second quarter of 2023 versus the second quarter of 2022. Our GAAP consolidated financial statements and non-GAAP reconciliations are available in today's earnings release and our 10-Q filing.

在我們查看財務數據時，請注意，除非另有說明，所有同比比較均指 2023 年第二季度與 2022 年第二季度。我們的 GAAP 合併財務報表和非 GAAP 調節表可在今天的收益發布和我們的10 季度報告。

Separately, we have recorded a noncash impairment charge for the remaining goodwill asset of approximately $27 million. The impairment charge is attributable to the decline in market capitalization resulting from the adverse macroeconomic market conditions. It is important to note that the goodwill impairment charge does not affect the company's cash position or have any impact on our future operations, and we remain highly encouraged as you're about to hear about our growth prospects.

另外，我們還為剩餘商譽資產記錄了約 2700 萬美元的非現金減值費用。減值撥備乃由於不利的宏觀經濟市場狀況導致市值下降。值得注意的是，商譽減值費用不會影響公司的現金狀況，也不會對我們未來的運營產生任何影響，當您即將聽到我們的增長前景時，我們仍然感到非常鼓舞。

Okay. Now shifting gears to our performance in the second quarter of 2023. First, an update on our customer acquisition and lifecycle strategy. Starting with our top of funnel, which represents the various marketing channels that we allocate resources to as a way to acquire customers, including marketplace, brand, influencers, organic and paid digital channels. Our top of funnel drove approximately 50 million total customer inquiries, up from 34 million in Q1 2023. These customer inquiries converted to a record 2.1 million new total customers, up from 1.3 million in Q1 2023. And we added 2.7 million total products compared to 1.8 million in Q1 2023.

好的。現在轉向我們 2023 年第二季度的業績。首先，更新我們的客戶獲取和生命週期策略。從我們的漏斗頂部開始，它代表了我們分配資源作為獲取客戶的各種營銷渠道，包括市場、品牌、影響者、有機和付費數字渠道。我們的漏斗頂部帶動了約5000 萬次客戶諮詢，高於2023 年第一季度的3400 萬次。這些客戶諮詢轉化為創紀錄的210 萬新客戶總數，高於2023 年第一季度的130 萬次。與2023 年第一季度相比，我們增加了270 萬種產品。 2023 年第一季度為 180 萬。

As Dee mentioned earlier, our vast breadth of first- and third-party products gives customers more options to find the best financial products for them. We believe this product-agnostic approach differentiates us from many of our peers who only offer their own products and represents a breadth of future monetization opportunities.

正如 Dee 之前提到的，我們廣泛的第一方和第三方產品為客戶提供了更多選擇，以找到最適合他們的金融產品。我們相信，這種與產品無關的方法使我們與許多只提供自己的產品的同行區分開來，並代表了未來廣泛的貨幣化機會。

Turning to our unit economics for the second quarter. As mentioned, we added 2.1 million new customers, and we did that at a CAC that was under $15. This dynamic reflects our highly effective marketplace, customer acquisition strategy, which allow us to scale rapidly and cost effectively. Our payback period continues to be sub-3 months, consistent with Q1 2023, and we expect it to remain constant going forward.

轉向我們第二季度的單位經濟效益。如前所述，我們增加了 210 萬新客戶，並且 CAC 低於 15 美元。這種動態反映了我們高效的市場和客戶獲取策略，這使我們能夠快速且經濟高效地擴展規模。我們的投資回收期仍為不到 3 個月，與 2023 年第一季度一致，並且我們預計未來將保持不變。

ARPU was $48 in the second quarter. The directional trends of our unit economics are aligned with our strategic positioning where the velocity of customer growth, combined with product breadth, represents a significant opportunity to monetize customers over time. As we expand our TAM, introduce more customers and trend towards a steady-state mix of first- and third-party products, we expect ARPU to trend lower. This trade-off is deliberate and can produce sustainable long-term revenue growth.

第二季度 ARPU 為 48 美元。我們的單位經濟效益的方向趨勢與我們的戰略定位相一致，其中客戶增長的速度與產品的廣度相結合，代表著隨著時間的推移從客戶中獲利的重大機會。隨著我們擴大 TAM、引入更多客戶以及第一方和第三方產品穩定組合的趨勢，我們預計 ARPU 將呈下降趨勢。這種權衡是經過深思熟慮的，可以產生可持續的長期收入增長。

Our propensity to retain customers and drive lifetime value is evident in our historical cohorts. As you can see, our historical cohorts demonstrate our ability to drive lifetime value and generate repeat product consumption and revenue. This upward trend continued into the second quarter of 2023 across both our Consumer and Enterprise businesses.

我們保留客戶和推動終身價值的傾向在我們的歷史群體中顯而易見。正如您所看到的，我們的歷史隊列證明了我們推動終身價值並產生重複產品消費和收入的能力。我們的消費者和企業業務的這種上升趨勢一直持續到 2023 年第二季度。

Starting with Consumer, in the second quarter, almost 90% of our Consumer revenue came from historical cohorts. In our Enterprise business, similarly, over 90% of revenue from our enterprise marketplace came from prior year cohorts. Our strong sequential revenue growth in the second quarter was due in large part to the efforts made to diversify into third-party products in the enterprise marketplace and significantly increased consumer demand for products through our marketplaces.

從消費者開始，第二季度我們的消費者收入中近 90% 來自歷史群體。同樣，在我們的企業業務中，我們企業市場 90% 以上的收入來自上一年同期。我們第二季度收入的強勁連續增長在很大程度上歸功於企業市場中第三方產品多元化的努力以及消費者對我們市場產品的需求顯著增加。

Despite headwinds facing the industry, our team has navigated through a challenging economic environment, delivering over 30% quarter-over-quarter revenue growth in our Enterprise business. Going forward, we will continue to pursue profitable growth regardless of the environment. We will continue to expand and deepen our enterprise partner network and add value and position ourselves for a significant revenue opportunity to meet consumer demand as the industry rebounds.

儘管行業面臨逆風，我們的團隊還是度過了充滿挑戰的經濟環境，企業業務的收入環比增長了 30% 以上。展望未來，無論環境如何，我們都將繼續追求盈利增長。我們將繼續擴大和深化我們的企業合作夥伴網絡，增加價值，並為自己定位重要的收入機會，以滿足行業反彈時的消費者需求。

We saw continued strength in our total origination performance in the second quarter. Total originations were $550 million, up 25% year-over-year. Our provision expense as a percentage of originations was 3.7%, which remains well below our target of less than 6%. This is yet another example of machine learning and AI hard at work at MoneyLion. As always, we will continue to manage originations to balance growth, cash flow and credit performance.

我們看到第二季度我們的總體原創表現持續強勁。總發起額為 5.5 億美元，同比增長 25%。我們的撥備費用佔發起費用的百分比為 3.7%，仍遠低於我們低於 6% 的目標。這是機器學習和人工智能在 MoneyLion 努力工作的又一個例子。一如既往，我們將繼續管理資金來源，以平衡增長、現金流和信貸表現。

Revenue for the quarter grew 22% year-over-year to $107 million, exceeding the high end of our guidance of $95 million to $100 million. Simply put, this outperformance was driven by the strength across our entire franchise. As Dee mentioned, we achieved record KPIs in both our Consumer and Enterprise divisions, which translated into record revenue in both divisions.

該季度收入同比增長 22% 至 1.07 億美元，超出了我們 9500 萬至 1 億美元指導的上限。簡而言之，這種出色的表現是由我們整個特許經營權的實力推動的。正如 Dee 提到的，我們的消費者和企業部門都實現了創紀錄的 KPI，這轉化為兩個部門創紀錄的收入。

Turning to our revenue diversification and mix shift during the quarter. Consumer comprised 65% of our overall revenue mix compared to 70% in the prior quarter. Enterprise comprised 35% of our overall revenue, up from 30% in the prior quarter. Enterprise revenue increased 30% quarter-over-quarter to $37 million. This significant sequential increase is what drove the Enterprise mix shift higher. This was in large part driven by the higher top-of-funnel customer conversions in both the lending vertical and the expanding non-lending vertical.

轉向本季度我們的收入多元化和組合轉變。消費者占我們整體收入組合的 65%，而上一季度這一比例為 70%。企業業務占我們總收入的 35%，高於上一季度的 30%。企業收入環比增長 30%，達到 3700 萬美元。這一顯著的連續增長推動了企業組合轉變的更高。這在很大程度上是由於貸款垂直領域和不斷擴大的非貸款垂直領域的漏斗頂部客戶轉化率較高所致。

Importantly, we were able to increase our mix of Enterprise revenue while also expanding our overall gross profit margin for the quarter. This is largely the result of our enterprise consumers' consumption of higher-margin products in new verticals that we worked hard to develop over the recent quarters.

重要的是，我們能夠增加企業收入組合，同時擴大本季度的整體毛利率。這很大程度上是我們的企業消費者消費我們最近幾個季度努力開發的新垂直領域的高利潤產品的結果。

Turning to gross profit. We generated $63 million of gross profit in the second quarter, representing a 59% gross profit margin compared to our guidance of 54% to 58%. As Dee mentioned, the combined ecosystem drove gross profit margin expansion during the quarter. Despite the increase in enterprise mix, our gross profit margins expanded. That is why this is such a great outcome. It is demonstrating the value of the combined Consumer and Enterprise ecosystem.

轉向毛利潤。第二季度我們產生了 6300 萬美元的毛利潤，毛利率為 59%，而我們的指導值為 54% 至 58%。正如 Dee 提到的，合併後的生態系統推動了本季度毛利率的擴張。儘管企業結構有所增加，但我們的毛利率有所擴大。這就是為什麼這是一個偉大的結果。它展示了消費者和企業生態系統相結合的價值。

Now on to our path to profitability. Q2 2023 was our second consecutive quarter of positive adjusted EBITDA and continued adjusted EBITDA margin expansion. Adjusted EBITDA in the second quarter was $9 million compared to negative $19 million in the second quarter of 2022 and marked our sixth consecutive quarter of adjusted EBITDA improvement. Importantly, our adjusted EBITDA margin expanded 85 basis points quarter-over-quarter in Q2 2023.

現在開始我們的盈利之路。 2023 年第二季度是我們連續第二個季度調整後 EBITDA 為正值，並且調整後 EBITDA 利潤率持續擴張。第二季度調整後 EBITDA 為 900 萬美元，而 2022 年第二季度為負 1900 萬美元，這標誌著我們連續第六個季度調整後 EBITDA 改善。重要的是，我們的調整後 EBITDA 利潤率在 2023 年第二季度環比擴大了 85 個基點。

Also, during the second quarter, we made significant progress towards generating positive cash flow with near breakeven net operating and investing cash flow. We ended the quarter with $97 million of operating cash, which is flat quarter-over-quarter even after paying down $8 million of financing activities, including $5 million of senior debt. While we are enjoying growth, we continue to be highly committed to scaling profitably.

此外，在第二季度，我們在產生正現金流方面取得了重大進展，淨運營和投資現金流接近盈虧平衡。截至本季度末，我們的運營現金為 9700 萬美元，即使在償還了 800 萬美元的融資活動（包括 500 萬美元的優先債務）後，該現金仍與上一季度持平。在我們享受增長的同時，我們繼續高度致力於擴大盈利。

Shifting gears to guidance. As Dee discussed earlier, all metrics exceeded our previously provided guidance for the second quarter of 2023. Our revenue was $107 million, exceeded our guidance of $95 million to $100 million. Our gross profit margin was 59% compared to our guidance of 54% to 58%. And adjusted EBITDA was $9 million compared to our guidance of $1 million to $8 million. Additionally, our EBITDA margin expanded to 9%.

轉向指導。正如 Dee 之前討論的那樣，所有指標都超出了我們之前為 2023 年第二季度提供的指導。我們的收入為 1.07 億美元，超過了我們 9500 萬至 1 億美元的指導。我們的毛利率為 59%，而我們的指導為 54% 至 58%。調整後的 EBITDA 為 900 萬美元，而我們的指導為 100 萬至 800 萬美元。此外，我們的 EBITDA 利潤率擴大至 9%。

For the upcoming third quarter of 2023, we expect revenue will be between $110 million to $115 million, representing a 24% to 30% year-over-year growth, an acceleration from the 22% year-over-year growth we had in the second quarter. We expect gross profit margin to be between 55% and 60%, and adjusted EBITDA of $6 million to $10 million.

對於即將到來的 2023 年第三季度，我們預計收入將在 1.1 億至 1.15 億美元之間，同比增長 24% 至 30%，比 2020 年 22% 的同比增長有所加快。第二季度。我們預計毛利率將在 55% 至 60% 之間，調整後 EBITDA 為 600 萬美元至 1000 萬美元。

I am incredibly proud of my teammates around the globe that achieved our record financial performance in the second quarter and the progress we've made towards consistent adjusted EBITDA profitability. We are now growing efficiently and sustainably. I look forward to continuing to build on this momentum in the second half of the year.

我為我的全球團隊成員感到無比自豪，他們在第二季度實現了創紀錄的財務業績，並在實現一致的調整後 EBITDA 盈利能力方面取得了進展。我們現在正在高效、可持續地發展。我期待下半年繼續保持這一勢頭。

With that, I'll turn it back over to Dee for closing remarks.

至此，我將把它轉回給 Dee 進行結束語。

Thanks, Rick. Look, our second quarter results reflect an important evolution of our financial profile. These results demonstrate a company with over $425 million in annualized revenue and with over $35 million in annualized adjusted EBITDA. We achieved record revenue in both our Consumer and Enterprise businesses in Q2, and we have a highly recurring revenue base that continues to scale with incremental profitability as our cross-sell capabilities expand.

謝謝，瑞克。看，我們第二季度的業績反映了我們財務狀況的重要演變。這些結果表明，該公司的年化收入超過 4.25 億美元，年化調整後 EBITDA 超過 3500 萬美元。第二季度，我們的消費者和企業業務均實現了創紀錄的收入，並且我們擁有高度經常性的收入基礎，隨著我們的交叉銷售能力的擴大，該收入基礎將隨著盈利能力的不斷擴大而不斷擴大。

Adding record customers gives us confidence of higher profits and margin expansion to come as those cohorts mature. And we're just getting started in realizing the benefits from a rapidly increasing total customer base. We're now evidencing the markers of a healthy company. Synergies are paying off. The flywheel effect of our Consumer and Enterprise businesses are working. And the generation of operating cash marks an important inflection point for us.

增加創紀錄的客戶讓我們對隨著這些群體的成熟而實現更高的利潤和利潤率擴張充滿信心。我們才剛剛開始意識到快速增長的總客戶群帶來的好處。我們現在正在證明一家健康公司的標誌。協同效應正在得到回報。我們的消費者和企業業務的飛輪效應正在發揮作用。運營現金的產生標誌著我們的一個重要轉折點。

As Rick said, we're incredibly proud of the financial results, but more importantly, we're proud of driving towards our mission and vision. We will build on this momentum with the slate of innovative releases coming soon in AI-powered search and additional embedded finance solutions that give everyone the power to make their best financial decision.

正如里克所說，我們對財務業績感到無比自豪，但更重要的是，我們為實現我們的使命和願景而感到自豪。我們將在此勢頭的基礎上，推出一系列基於人工智能的搜索和其他嵌入式金融解決方案的創新版本，讓每個人都有能力做出最佳的財務決策。

Thank you very much, and we look forward to taking your questions.

非常感謝您，我們期待回答您的問題。

(Operator Instructions) Our first question comes from the line of George Sutton with Craig-Hallum Capital Group.

（操作員說明）我們的第一個問題來自 Craig-Hallum Capital Group 的 George Sutton。

This is James on for George. Nice result. The generative AI search tool is pretty interesting, and it makes a ton of sense from a consumer perspective, but you also mentioned offering it to your enterprise partners. Could you talk about how partners might use it? How it would impact your P&L? And could you talk about how it might help you take share?

這是詹姆斯替補喬治。不錯的結果。生成式人工智能搜索工具非常有趣，從消費者的角度來看它很有意義，但您也提到將其提供給企業合作夥伴。您能談談合作夥伴如何使用它嗎？它將如何影響您的損益？您能談談它如何幫助您獲得份額嗎？

James, thanks for the questions. It's Dee. So look, I think anytime you talk about how AI is utilized, you got to think about is the company positioned to actually implement it at large scale. So if you think about MoneyLion's history, since 2013, we have been pioneers in applying artificial intelligence to fraud issues, to document checking, to the entire, call it, the fintech stack, if you will, we have been pioneers.

詹姆斯，謝謝你的提問。是迪伊。所以，我認為，每當你談論如何利用人工智能時，你都必須考慮公司是否能夠真正大規模實施它。因此，如果你想想 MoneyLion 的歷史，自 2013 年以來，我們一直是應用人工智能解決欺詐問題、文件檢查以及整個金融科技堆棧的先驅，如果你願意的話，我們一直是先驅。

You have to think about your own talent base, right? So we've been incredibly blessed with having really trained artificial intelligence personnel inside our 4 walls, and we've cultivated that talent base over the last 10 years. So it's safe to say that artificial intelligence, machine learning have been part of our DNA since our inception. So as we think about large language models, right, large language models are as good as the paper they are written on without the data set.

你必須考慮自己的人才基礎，對嗎？因此，我們非常幸運，在我們的 4 堵牆內擁有經過真正培訓的人工智能人員，並且我們在過去 10 年裡培養了這一人才基礎。因此可以肯定地說，自公司成立以來，人工智能、機器學習一直是我們 DNA 的一部分。因此，當我們考慮大型語言模型時，大型語言模型與沒有數據集的紙張一樣好。

So one of the things that we've always been saying is that we have a massive set of data around transactions, around consumer intentions, around consumer preferences, around how they're spending on Mondays versus Tuesdays versus Thursdays. And that intelligence across transactions, across media and content, we know what our consumers are consuming by way of financial literacy videos, money conversations, money-adjacent conversations. That allows us really to create really 4 dimensional views on an aggregate basis of the population in terms of what they're looking for and what the right next best action is.

因此，我們一直在說的一件事是，我們擁有大量有關交易、消費者意圖、消費者偏好以及他們在周一、週二和周四的支出方式的數據。通過跨交易、跨媒體和內容的情報，我們通過金融知識視頻、金錢對話、與金錢相關的對話了解消費者正在消費甚麼。這使我們能夠真正在人口的總體基礎上創建真正的 4 維視圖，了解他們正在尋找什麼以及正確的下一個最佳行動是什麼。

So really, the artificial intelligence-driven search strategy is an abstraction of the 10 years of work that we've done to create that data set and put it in one place, make accessible. And whether we're talking about transformers or whether we're talking about GPUs, we have been doing all that hard work first to prove it out on the MoneyLion consumer experience.

事實上，人工智能驅動的搜索策略是我們 10 年來為創建該數據集並將其放在一個地方以供訪問而所做的工作的抽象。無論我們談論的是 Transformer 還是 GPU，我們都首先做了所有艱苦的工作，以在 MoneyLion 消費者體驗中證明這一點。

The next stage that we're working on as we speak is really abstracting that and making it easy with, call it, 5 lines of code that any publisher, any business on the Internet can embed those 5 lines of code and very quickly access our servers and access our capabilities to return back what the next best financial product is.

正如我們所說，我們正在進行的下一階段實際上是對其進行抽象，並使其變得容易，稱之為5 行代碼，任何出版商、互聯網上的任何企業都可以嵌入這5 行代碼並非常快速地訪問我們的服務器並訪問我們的能力來返回下一個最好的金融產品是什麼。

We always talk about -- take an example of Uber, right? So you could be using your MoneyLion debit card to spend on Uber. You can be an Uber driver earning money into your RoarMoney digital bank account. So if you search for Uber and MoneyLion, we can instantly go into transactions. We can go into substitute offers. We can go into cross-selling with Uber Eats. And that's a benefit that we're first going to try out on the MoneyLion consumer side and then make it available to any of our enterprise partners to make their consumers experience that much more immersive over time.

我們總是談論——以 Uber 為例，對吧？因此，您可以使用 MoneyLion 借記卡在 Uber 上消費。您可以成為一名 Uber 司機，通過您的 RoarMoney 數字銀行賬戶賺錢。因此，如果您搜索 Uber 和 MoneyLion，我們可以立即進行交易。我們可以討論替代報價。我們可以與 Uber Eats 優食進行交叉銷售。這是我們首先要在 MoneyLion 消費者方面嘗試的一個好處，然後將其提供給我們的任何企業合作夥伴，讓他們的消費者隨著時間的推移獲得更加身臨其境的體驗。

In terms of impact to P&L, we're still early innings on that. But it's safe to say that it's going to be a significant proposition for us.

就對損益的影響而言，我們仍處於早期階段。但可以肯定地說，這對我們來說將是一個重要的提議。

Yes. So from a financials perspective, what you're looking at is just really kind of adding water to kind of a proven model today, which is increasing the top of funnel, increasing conversion and monetization moments and increasing kind of lifetime value of the customers on the platform.

是的。因此，從財務角度來看，您所看到的實際上是為當今經過驗證的模型加水，這增加了漏斗的頂部，增加了轉化和貨幣化時刻，並增加了客戶的終身價值。該平台。

Great. And then you guys have been hitting on net customer adds out of the park every quarter. Has your approach to customer acquisition changed at all? Without giving anything away to your competitors, I guess, what's working so well?

偉大的。然後你們每個季度都會增加淨客戶。您獲取客戶的方法是否發生了根本改變？我想，在不向競爭對手贈送任何東西的情況下，什麼效果這麼好？

Yes. So look, I think the total customer adds, right, so if you look at it year-over-year, a year ago, we were at 4.6 million total customers. We ended this quarter at 9.9 million total customers. That's doubling effectively the customer base. It's a lot of things. In terms of our consumer products, they continue to have an incredible product market fit. Rick talked about the -- just the liquidity products, the credit building products continue to be doing incredibly well.

是的。所以看，我認為客戶總數增加了，對吧，所以如果你逐年查看，一年前，我們的客戶總數為 460 萬。本季度結束時，我們的客戶總數為 990 萬。這實際上使客戶群增加了一倍。有很多事情。就我們的消費品而言，它們仍然具有令人難以置信的產品市場契合度。里克談到——流動性產品、信用建設產品繼續表現得非常好。

On the Enterprise side, we just continue to add more and more financial and nonfinancial partners to the overall marketplace strategy. And what that does is it gives more reasons for larger segments of the population to find value in the ecosystem. And that cross-selling capability for us is continuing to get better.

在企業方面，我們只是繼續在整體市場戰略中添加越來越多的金融和非金融合作夥伴。這樣做的作用是讓更多的人有更多的理由在生態系統中尋找價值。我們的交叉銷售能力正在不斷增強。

From a channel perspective, look, we're incredibly -- we've always been incredibly diversified, but our ability now to continue to add products and capabilities, in addition to having a lot of strength in the lending verticals, really gives more opportunities for consumers to come and interact with us.

從渠道的角度來看，我們令人難以置信——我們一直非常多元化，但我們現在除了在貸款垂直領域擁有強大實力之外，還有能力繼續增加產品和功能，這確實提供了更多機會讓消費者前來與我們互動。

Our next question comes from the line of Hal Goetsch with B. Riley Securities.

我們的下一個問題來自 Hal Goetsch 和 B. Riley Securities 的對話。

Terrific quarter. Great to see it. You had like a 500 basis point shift back to enterprise and third-party marketplace as a part of your mix, and that's a big change from quarter-to-quarter. I just wanted you to maybe spend some time explaining some of the tactics that allowed that to happen in this quarter at that magnitude.

很棒的季度。很高興看到它。作為組合的一部分，您有大約 500 個基點的轉變回到企業和第三方市場，這是一個季度與季度之間的巨大變化。我只是想讓你花一些時間解釋一些策略，使這種情況在本季度發生如此嚴重的情況。

Yes. So Hal, thanks for the question. I'll start that and then Rick can chime in as well. But I think, look, our sales team, our partner solutions team did a great job of expanding the offer set. We saw a lot of tailwinds in high-yield savings. We saw tailwinds in non-personal loan asset classes from a tactics perspective. We also saw some of the synergies that we've been talking about for the last year really get installed and really started to pay off in this quarter as well.

是的。哈爾，謝謝你的提問。我先開始，然後里克也可以插話。但我認為，看，我們的銷售團隊、我們的合作夥伴解決方案團隊在擴大產品範圍方面做得很好。我們在高收益儲蓄中看到了很多順風車。從策略角度來看，我們看到了非個人貸款資產類別的順風車。我們還看到去年我們一直在談論的一些協同效應確實得到了落實，並且在本季度也真正開始得到回報。

And what I mean by synergies is every capability that's available from our product partners on the overall marketplace are now available in the MoneyLion consumer app experience, right? So as the number of total customers increase in our app, they get now exposed to the entirety of the marketplace. And that proposition really started to work as well in the quarter more than before.

我所說的協同效應是指我們的產品合作夥伴在整個市場上提供的所有功能現在都可以在 MoneyLion 消費者應用程序體驗中使用，對吧？因此，隨著我們應用程序中客戶總數的增加，他們現在可以接觸到整個市場。這個提議在本季度確實比以前更有效。

Yes. Net-net, what you'll see is our product diversification in the marketplace, so the technology that underpinned the market-leading lending vertical, we took that across the rest of the verticals. And so what you're seeing is the benefit this quarter of a slight return to an increase on the applicant conversions and the lending, in addition to the expanded verticals that we worked hard to implement over the last several quarters, all coming to fruition and giving that kind of big lift overall in the second quarter.

是的。 Net-net，您將看到我們在市場上的產品多元化，因此支撐市場領先的貸款垂直領域的技術，我們將其應用於其他垂直領域。因此，您看到的是本季度的好處，除了我們在過去幾個季度努力實施的擴展垂直領域之外，申請人轉換和貸款略有增加，所有這些都已取得成果，在第二季度整體上帶來了巨大的提升。

And so in addition to that, what you're seeing is we're getting this kind of margin expansion because the non-lending verticals are a slightly higher margin profile versus the lending verticals. So being able to kind of go across some of those new verticals is giving that overall lift on the margin as well.

除此之外，您所看到的是，我們正在獲得這種利潤率擴張，因為非貸款垂直行業的利潤率略高於貸款垂直行業。因此，能夠跨越一些新的垂直領域也可以整體提升利潤率。

And how would you describe like the macro right now? Is there like a tremendous amount of consumer demand, but the enterprise partners are kind of holding back? Or kind of where is that balance right now? It seems kind of tight last quarter. I just want to know what you're seeing on that front.

您現在如何描述宏？是否存在巨大的消費者需求，但企業合作夥伴卻有所抑制？或者說現在的平衡在哪裡？上個季度似乎有點緊張。我只是想知道你在這方面看到了什麼。

Yes, it's a great question. So I think if you've been listening to us for a few quarters now, it's been that kind of challenging kind of credit -- tight credit market profile. While it is early innings, we are seeing, based on our data, an increase in the conversion of those applicants. I would say that we've had a steady increase in that kind of demand for product, but we were basically having some abandoned carts just because the supply wasn't there from product partners.

是的，這是一個很好的問題。因此，我認為，如果您已經聽了我們幾個季度的講話，就會發現這種信貸具有挑戰性——信貸市場狀況緊張。雖然現在還處於早期階段，但根​​據我們的數據，我們看到這些申請人的轉化率有所增加。我想說的是，我們對產品的這種需求一直在穩步增長，但我們基本上有一些廢棄的手推車，只是因為產品合作夥伴沒有供應。

So we started to see this quarter that turn. I mean, again, it's too early to kind of call that we're out of the woods yet, but it certainly is a positive trend. And then for us, trying to just move away from that kind of exposure from a macro perspective, being able to have those multiple verticals that I was mentioning really allows us to diversify away from credit to be able to kind of meet our customers across the breadth of needs that they have, whether it's times where they have a need for a savings account, an investment account, auto refi, insurance, et cetera. So that's allowing us to diversify away from that kind of tightening of the credit markets. But again, we're getting that lift given the trend that we saw this quarter.

所以我們開始看到這個季度的轉變。我的意思是，現在說我們已經擺脫困境還為時過早，但這無疑是一個積極的趨勢。然後對我們來說，試圖從宏觀角度擺脫這種風險，能夠擁有我提到的多個垂直領域，確實使我們能夠擺脫信貸的束縛，從而能夠滿足我們各個領域的客戶。他們的需求廣泛，無論是需要儲蓄賬戶、投資賬戶、汽車改裝、保險等等。因此，這使我們能夠實現多元化，擺脫信貸市場的緊縮。但同樣，考慮到本季度我們看到的趨勢，我們正在獲得這種提升。

Yes. And Hal, just to add to that, from the consumer side of the house, we continue to see a strong labor market. We continue to see the folks that rely on our banking and liquidity products are healthy, and that shows up in the growth that we're showing on the Consumer business, and that's rating stable, and we foresee that to remain similar going forward in the second half of the year.

是的。哈爾補充說，從消費者方面來看，我們繼續看到強勁的勞動力市場。我們繼續看到依賴我們的銀行和流動性產品的人們是健康的，這體現在我們在消費者業務上表現出的增長，而且評級穩定，我們預計未來將保持類似的情況下半年。

(Operator Instructions) Our next question comes from the line of Josh Siegler with Cantor Fitzgerald.

（操作員說明）我們的下一個問題來自喬什·西格勒（Josh Siegler）和坎托·菲茨杰拉德（Cantor Fitzgerald）的對話。

This is Will Carlson on for Josh Siegler. First question, are you seeing any material uplift in conversion resulting from MoneyLion's AI-driven lifecycle marketing?

我是威爾·卡爾森 (Will Carlson) 替喬什·西格勒 (Josh Siegler) 發言。第一個問題，您是否看到 MoneyLion 的人工智能驅動的生命週期營銷帶來了轉化率的實質性提升？

Yes. So Will, we are always optimizing the -- our conversion funnels, right? So if you think about the story from the quarter, we saw gross profit margin expansion from a margin perspective. And we also saw operating leverage expansion with our EBITDA margin going up, right?

是的。那麼，我們一直在優化我們的轉化渠道，對吧？因此，如果您考慮一下本季度的情況，我們會從利潤率角度看到毛利率的擴張。我們還看到運營槓桿率隨著 EBITDA 利潤率的上升而擴大，對嗎？

So how do we do that, right? So there's -- we always say that the DNA of the company is very quantitative. It's data-driven. We're applying artificial intelligence across the board, right? So if you think about AI, where it really shows up is in automation. It shows up in the nominal marketing dollars that are required to acquire the incremental number of users. So that optimization is continuously happening.

那麼我們該怎麼做呢，對吧？所以我們總是說公司的 DNA 是非常定量的。它是數據驅動的。我們正在全面應用人工智能，對嗎？因此，如果你考慮人工智能，它真正出現的地方就是自動化。它體現在獲得增量用戶所需的名義營銷費用中。因此，優化是不斷發生的。

Our lifecycle, as Rick has said before, continues to get better. We can now retarget consumers across multiple channels, whether they're digital, whether it's off-line. It's a multidimensionality to it. So absolutely, we continue to see that optimization really drive our ability to, as we always say in our words, meet the customer where they're at with the right product at that time that's right for them.

正如 Rick 之前所說，我們的生命週期持續變得更好。我們現在可以跨多個渠道重新定位消費者，無論他們是數字渠道還是線下渠道。它是多維的。所以絕對，我們繼續看到優化確實提高了我們的能力，正如我們總是用我們的話來說，在當時用適合他們的正確產品滿足客戶的需求。

Great. And then when thinking about optimizing between growth and profitability, how do you see your CAC trending for the remainder of the year?

偉大的。然後，在考慮增長和盈利能力之間的優化時，您如何看待今年剩餘時間內的 CAC 趨勢？

Yes, great question. You've heard us kind of say this that we get to be both kind of growth and profitability greedy. And that is really a function of what is becoming an increasingly kind of optimized formula around kind of our business model. And so from a CAC perspective, you'll see that we continue to have our CAC kind of sub-$15. We expect that to continue.

是的，很好的問題。你聽過我們說過這樣的話，我們會同時追求增長和盈利。這實際上是圍繞我們的商業模式日益優化的公式的函數。因此，從 CAC 的角度來看，您會發現我們的 CAC 仍然低於 15 美元。我們預計這種情況會持續下去。

And so the machinery is working from an acquisition perspective. And we're going to continue to use that machinery to expand our TAM. And you've seen that this quarter, we had 50 million applicants kind of come through from the top-of-funnel perspective. And so we were able to convert that into 2 million new customer adds in the quarter. And so you're going to see that velocity of customer growth continue as well.

因此，該機制是從收購的角度發揮作用的。我們將繼續使用該機制來擴展我們的 TAM。您已經看到，本季度，我們有 5000 萬申請人是從漏斗頂部的角度來看的。因此，我們能夠在本季度將其轉化為 200 萬新客戶。因此，您將看到客戶增長速度也在持續。

And so as a function and very deliberately, when we think about kind of growth from a revenue perspective, that's what's driving kind of our growth going forward. Yes, you're going to see our ARPU tick down slightly as we -- the velocity of that kind of customer adds kind of outpaces from a numerator/denominator perspective. But what you're going to see is that's going to drive sustainable long-term revenue growth and extend out our lifetime value. So it's a very deliberate focus around that expansion of our TAM continuing to kind of keep our costs low from an acquisition perspective and driving out lifetime value.

因此，作為一項職能，當我們從收入角度考慮增長時，我們會非常謹慎地考慮，這就是推動我們未來增長的因素。是的，你會看到我們的 ARPU 略有下降，因為從分子/分母的角度來看，這類客戶的速度增加了一些。但您將看到，這將推動可持續的長期收入增長並延長我們的終生價值。因此，我們非常刻意地關注 TAM 的擴展，從收購的角度來看，繼續保持較低的成本並推動終身價值。

Thank you. This concludes our Q&A session and thus concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。我們的問答環節到此結束，我們今天的電話會議也到此結束。我們感謝您的興趣和參與。您現在可以斷開線路。