MoneyLion Inc (ML) 2023 Q3 法說會逐字稿

Greetings, and welcome to the MoneyLion's Third Quarter 2023 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Sean Horgan, Head of Investor Relations. Thank you. You may begin.

您好，歡迎參加 MoneyLion 2023 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將會議交給投資者關係主管 Sean Horgan。謝謝。你可以開始了。

Thank you, operator. Hi, everyone. Thanks for joining us for our third quarter 2023 earnings conference call. With 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 at investors.moneylion.com.

謝謝你，接線生。大家好。感謝您參加我們的 2023 年第三季財報電話會議。今天與我一起討論我們結果的是 MoneyLion 的執行長 Dee Choubey；和財務長里克·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簡報。

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. With that, I'll turn the call over to Dee.

請注意，本評論中的任何前瞻性聲明均受我們在 SEC 文件和收益新聞稿中找到的安全港聲明的約束。這樣，我會將電話轉給迪伊。

Thank you, Sean. Good morning, and thank you all for joining us for our third quarter 2023 earnings call. MoneyLion had another record quarter in Q3, demonstrating the strength and resilience of our business model. I'm pleased to again be able to say we executed like we said we would. We continue to demonstrate our ability to generate growth and drive profitability while maintaining a healthy and sustainable balance sheet.

謝謝你，肖恩。早安，感謝大家參加我們的 2023 年第三季財報電話會議。 MoneyLion 在第三季再創新高，展現了我們業務模式的實力和彈性。我很高興再次能夠說我們按照我們所說的執行了。我們繼續證明我們有能力實現成長和提高獲利能力，同時保持健康和可持續的資產負債表。

The benefits of our 2-sided ecosystem are working, underscoring the durability of our business as we navigate with focus and discipline. While others are pulling back and waiting for things in the face of challenges, we are leaning in and driving forward, optimizing our technology and building on the momentum of our mutually reinforcing businesses. That's in our DNA, and we'll continue delivering on that.

我們的雙向生態系統的優勢正在發揮作用，強調了我們業務的持久性，因為我們專注並遵守紀律。當其他人面對挑戰時退縮並等待事情發生時，我們正在努力向前推進，優化我們的技術，並在我們相互增強的業務勢頭的基礎上再接再厲。這是我們的 DNA，我們將繼續實踐這個理念。

Now I'd like to highlight the key investor takeaways for the third quarter. First, we achieved record quarterly revenue of $110 million. This was within our guidance range and represents 24% year-over-year growth, up from 22% year-over-year growth in the prior quarter. Importantly, our Consumer and Enterprise businesses both achieved record quarterly revenue.

現在我想強調第三季投資者的主要收穫。首先，我們實現了創紀錄的季度營收 1.1 億美元。這在我們的指導範圍之內，年增 24%，高於上一季 22% 的年成長。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。

Second, we generated record quarterly adjusted EBITDA of $13 million. As it has been for many quarters, we are focused on cash flow generation, and it's good to see we exceeded our guidance of $6 million to $10 million for the quarter. This represents a 12% adjusted EBITDA margin, up from 9% in the prior quarter and marks our third consecutive quarter of positive adjusted EBITDA amounting to $30 million year-to-date.

其次，我們創造了創紀錄的季度調整後 EBITDA 1300 萬美元。與許多季度一樣，我們專注於現金流生成，很高興看到本季度我們超出了 600 萬至 1000 萬美元的指導。這意味著調整後 EBITDA 利潤率為 12%，高於上一季的 9%，標誌著我們今年迄今連續第三季調整後 EBITDA 為正值，達 3,000 萬美元。

Last, we generated $8 million in cash flow after operating and investing activities, marking another important milestone for us as we position for self-funded growth. These are all healthy markers that should get investors excited about our progress in the quarter.

最後，我們在經營和投資活動後產生了 800 萬美元的現金流，這標誌著我們在自籌資金成長方面的另一個重要里程碑。這些都是健康的指標，應該會讓投資者對我們本季的進展感到興奮。

Finally, the third takeaway for the quarter is that we are rapidly scaling our marketplace network. Let me provide some metrics to illustrate how expansive our network is. We had almost 60 million total customer inquiries in Q3, which is up from roughly 50 million in Q2 2023 and 34 million in Q1 '23. This translated to over $1 billion of financial products transacted across our network up over 1,100 enterprise partners in the third quarter alone.

最後，本季的第三個要點是我們正在快速擴展我們的市場網絡。讓我提供一些指標來說明我們的網路有多廣泛。第三季我們的客戶諮詢總數接近 6,000 萬次，高於 2023 年第二季的約 5,000 萬次和 23 年第一季的 3,400 萬次。光是第三季度，我們的網路就與 1,100 多家企業合作夥伴交易了超過 10 億美元的金融產品。

We are in the enablement business, meaning that we provide the marketplace network that enables financial product providers to instantly reach the broadest set of potential customers. And correspondingly, we enable high-intent consumers to easily find the product that works best for them.

我們從事支援業務，這意味著我們提供市場網絡，使金融產品提供者能夠立即接觸最廣泛的潛在客戶。相應地，我們使高意願的消費者能夠輕鬆找到最適合他們的產品。

Our data advantage comes from our proprietary data sets. This positions us to improve monetization for all our partners and deliver better outcomes for consumers and over time, creates opportunities for us to deliver more value through our data products.

我們的數據優勢來自我們專有的數據集。這使我們能夠提高所有合作夥伴的獲利能力，並為消費者提供更好的結果，並且隨著時間的推移，為我們透過數據產品創造更多價值創造機會。

Total customer growth continues to be an area of strength for MoneyLion. In the third quarter, we added a record 2.2 million customers, bringing our total customers to 12.1 million. Over 80% of the customers added in the third quarter took a third-party product as their first product on our platform. This speaks to our ability to attract customers with a wide array of competitive offerings through our marketplace.

客戶總量成長仍然是 MoneyLion 的優勢領域。第三季度，我們新增了創紀錄的 220 萬客戶，使我們的客戶總數達到 1,210 萬。第三季新增的客戶中有超過 80% 將第三方產品作為他們在我們平台上的第一個產品。這說明我們有能力透過我們的市場提供各種具競爭力的產品來吸引客戶。

Our ability to consistently generate 100% year-over-year growth in total customers underscores our focus on rapidly scaling our ecosystem, which we believe provides significant revenue opportunities for the long run. We will talk more about this in our financial update as well.

我們能夠持續實現客戶總數同比 100% 的成長，這突顯了我們對快速擴展生態系統的關注，我們相信從長遠來看，這可以提供重大的收入機會。我們也將在財務更新中更多地討論這一點。

Turning to total products. Over 20 million total products were consumed on our platform through the third quarter, an increase of about $3 million from the prior quarter. To date, 44% of the products consumed were third-party products up from 39% as of Q2 2023 and 21% as of Q3 2022.

轉向總產品。截至第三季度，我們平台上消費的產品總數超過 2,000 萬件，比上一季增加了約 300 萬美元。迄今為止，消費的產品中有 44% 是第三方產品，而 2023 年第二季為 39%，2022 年第三季為 21%。

Third-party products continue to make up an increasing mix of overall product consumption reflecting our strategy to deepen the offer set to more segments of consumers. This approach continues to allow us to provide value to 3 important core constituents.

第三方產品持續在整體產品消費中佔據越來越大的比例，這反映了我們向更多消費者細分市場深化產品的策略。這種方法繼續使我們能夠為 3 個重要的核心要素提供價值。

Number one, to our channel partners, like large digital publishers and new sites that drive consumers to our platform by providing increased ways for them to provide value to their users and in turn, monetize the impressions that they're having on their own and operated sites. Number two, to our product partners like fintechs, banks, insurance companies, and other lenders by providing high-intent in-market consumers seeking a financial product.

第一，我們的通路合作夥伴，例如大型數位出版商和新網站，透過為他們提供更多方式為用戶提供價值，從而吸引消費者使用我們的平台，進而將他們自己擁有和經營的印象貨幣化網站。第二，透過向尋求金融產品的高意圖市場消費者提供服務，向金融科技公司、銀行、保險公司和其他貸款人等我們的產品合作夥伴提供協助。

And finally, to consumers who now expect the same personalized financial offers and money adjacent content and education that they are accustomed to and other facets of their digital lives.

最後，對於那些現在期望獲得與他們習慣的內容和教育以及數位生活其他方面相同的個人化金融優惠和金錢的消費者。

As a result, we continue to see these strong KPIs translate to financial performance, marked by a healthy combination of revenue growth and margin expansion quarter-over-quarter.

因此，我們繼續看到這些強勁的關鍵績效指標轉化為財務業績，其特點是營收成長和利潤率季度環比擴張的健康組合。

Now I'll provide an update on the progress of both our Consumer and Enterprise businesses. We've talked extensively about the flywheel effect in the past, and I continue to believe the way that we've set up our business model gives us structural advantages over fintech and marketplace peers.

現在我將提供有關我們的消費者和企業業務進展的最新資訊。過去我們廣泛討論了飛輪效應，我仍然相信我們建立業務模式的方式使我們比金融科技和市場同行具有結構性優勢。

Starting with our Consumer business. Our first-party personal financial management products showed continued growth and performance during Q3. In the post-pandemic era, with strong real wage growth and low unemployment, the average employed American consumer is performing well. This is the mass audience we primarily serve with our robust suite of personal financial management capabilities. This is critical to the success of our overall network. More engaged customers allow us to onboard a deeper set of financial institutions.

從我們的消費者業務開始。我們的第一方個人理財產品在第三季呈現持續成長和業績。在後疫情時代，實質薪資成長強勁，失業率較低，美國一般就業消費者表現良好。這是我們主要透過強大的個人財務管理功能套件服務的廣大受眾。這對於我們整個網路的成功至關重要。更積極參與的客戶使我們能夠與更多的金融機構合作。

Our risk management practices remain best-in-class, and Q3 was no exception. We leverage a vast set of ingested and proprietary data that informs our decision making and we continuously improve our risk models and optimize our payment rails.

我們的風險管理實務仍然是一流的，第三季也不例外。我們利用大量獲取的專有數據為我們的決策提供信息，並不斷改進我們的風險模型並優化我們的支付軌道。

Put simply, we can underwrite risk better than those that use outdated point-in-time traditional models. MoneyLion's predictive models are more modern, relying on multiple signals and data sources, and therefore, we're more agile and more adaptable across economic cycles. The compounding benefits of the infrastructure show up in our Q3 results. We delivered $564 million in first-party originations in the third quarter, while maintaining performance at a level we are very comfortable with.

簡而言之，我們可以比那些使用過時的時間點傳統模型的人更好地承保風險。 MoneyLion 的預測模型更為現代，依賴多個訊號和資料來源，因此，我們更靈活，更能適應經濟週期。基礎設施的複合效益體現在我們第三季的業績。第三季我們在第一方原創產品中交付了 5.64 億美元，同時將業績保持在我們非常滿意的水平。

Most of these originations came from our liquidity product, Instacash. We welcome the increased popularity of the product, and again, our ability to manage the risk and operational levers is industry-leading. Our consumer-facing PFM platform is taking share with a growing number of products and services that help our customers save, borrow, spend, invest and importantly, find personalized financial insights and advice.

這些資金大部分來自我們的行動產品 Instacash。我們歡迎該產品越來越受歡迎，我們管理風險和操作槓桿的能力也是業界領先的。我們面向消費者的 PFM 平台正在與越來越多的產品和服務分享，這些產品和服務幫助我們的客戶儲蓄、借貸、支出、投資，更重要的是，找到個人化的財務見解和建議。

Now I'll turn to our Enterprise business. In the third quarter, our enterprise business achieved record revenue for the second quarter in a row, demonstrating the resilience of our marketplace in media divisions. Remember, MoneyLion is the marketplace solution in embedded finance that enables not competes with financial institutions products, solutions and brands.

現在我將轉向我們的企業業務。第三季度，我們的企業業務連續第二季度實現創紀錄的收入，展現了我們媒體部門市場的彈性。請記住，MoneyLion 是嵌入式金融領域的市場解決方案，不會與金融機構的產品、解決方案和品牌競爭。

In our enterprise marketplace, we delivered another quarter of growth despite decreased industry-wide advertising spend in the face of slowing loan growth driven by higher cost of capital. We have diversified our product mix, expanding significantly into nonlending verticals, in areas like high-yield savings, which has been critical to our success.

在我們的企業市場，儘管資本成本上升導致貸款成長放緩，全行業廣告支出減少，但我們仍實現了另一個季度的成長。我們實現了產品組合的多元化，大幅擴展到非貸款垂直領域，例如高收益儲蓄領域，這對我們的成功至關重要。

Revenue from our personal loan verticals now represents 55% of our enterprise marketplace revenue in Q3 compared to 85% in Q3 2022. In Q3 and continuing into Q4, we have been diversifying our enterprise marketplace revenue mix and laying the groundwork for the future to expand more into credit cards, insurance and mortgage verticals as demand for these products improve.

我們的個人貸款垂直業務收入目前佔第三季度企業市場收入的55%，而2022 年第三季度為85%。在第三季度和第四季度，我們一直在實現企業市場收入組合多元化，並為未來的擴張奠定基礎隨著對信用卡、保險和抵押貸款垂直領域的需求增加，這些產品的需求會增加。

Additionally, we now have over 1,100 enterprise partners on our embedded finance network and we're finding the new revenue streams that leverage our data advantage, things like consumer insights and fraud signals that show lead quality and cash flow underwriting models.

此外，我們的嵌入式金融網路現在擁有超過 1,100 個企業合作夥伴，我們正在尋找利用我們的數據優勢的新收入來源，例如消費者洞察和顯示領先品質和現金流承保模型的詐欺訊號。

Our entire ecosystem and the 3 core constituents we outlined benefits from our proprietary data sets generated through our robust marketplace. Our consumer marketplace is an important component of the overall product we provide our network by matching high-intent consumers with the right financial product at the right time.

我們的整個生態系統和 3 個核心組成部分概述了透過我們強大的市場產生的專有資料集的好處。我們的消費者市場是我們提供網路的整體產品的重要組成部分，我們透過在正確的時間為高意圖的消費者配對正確的金融產品。

This portion of the overall enterprise business drives high gross margin revenue and is a key driver of margin expansion as we continue to scale. And finally, our media division is focused on several areas that represent untapped revenue opportunities. most notably, cross-selling media services to our existing partners throughout our network.

整個企業業務的這一部分推動了高毛利率收入，並且是我們不斷擴大規模的利潤率擴張的關鍵驅動力。最後，我們的媒體部門專注於代表尚未開發的收入機會的幾個領域。最值得注意的是，透過我們的網路向我們現有的合作夥伴交叉銷售媒體服務。

This enhances the value proposition that we provide to our channel partners, product partners and, of course, to our consumers. Our media businesses exited the quarter with strong momentum and remains laser-focused on driving growth and profitability through its expanding list of clients as well as continuing to enhance the value of the consumer product in the consumer marketplace.

這增強了我們為通路夥伴、產品合作夥伴，當然還有消費者提供的價值主張。我們的媒體業務以強勁的勢頭結束了本季度，並繼續專注於透過擴大客戶名單來推動成長和獲利，並繼續提高消費市場中消費產品的價值。

The MoneyLion ecosystem continues to rapidly evolve and drive innovation forward. Since our last update, we've added intuitive product applications like savings and loan calculators that make it easy for users to find the products they need. We've rolled out AI-powered search and insights within our app, leveraging our vast proprietary data set, we are providing customers with insights into their spending habits that can help them better budget, save and invest for the future.

MoneyLion 生態系統持續快速發展並推動創新向前發展。自上次更新以來，我們添加了直觀的產品應用程序，例如儲蓄和貸款計算器，使用戶可以輕鬆找到他們需要的產品。我們在應用程式中推出了人工智慧驅動的搜尋和洞察，利用我們龐大的專有資料集，我們為客戶提供有關他們消費習慣的洞察，幫助他們更好地為未來制定預算、儲蓄和投資。

As we previewed last quarter, we are providing this technology to any financial institution looking to build marketplace capabilities. We use behavioral insights, like our driver score, which helps match good driving behavior with personalized offers for related financial products like auto insurance. We provide credit monitoring and insights that help customers improve their credit score and find personalized offers that fit their needs.

正如我們上季預覽的那樣，我們正在向任何尋求建立市場能力的金融機構提供這項技術。我們使用行為洞察（例如駕駛員評分），這有助於將良好的駕駛行為與汽車保險等相關金融產品的個人化優惠相匹配。我們提供信用監控和見解，幫助客戶提高信用評分並找到適合他們需求的個人化優惠。

Finally, we unlocked new social features in the Discover feed that drive engagement and a sense of community. We are starting conversations about money, their prompts and polls and start conversations with and amongst users. In addition to these capabilities, we are building the most engaging tools, widgets and calculators in the industry, helping our customers learn about products and make their best product decisions. These experiences are distributable anywhere across our enterprise network enabling our partners to maximize the value of their product offerings.

最後，我們在 Discover feed 中解鎖了新的社交功能，以提高參與度和社群意識。我們正在開始關於金錢、他們的提示和民意調查的對話，並開始與用戶以及用戶之間的對話。除了這些功能之外，我們還建立了業內最具吸引力的工具、小部件和計算器，幫助我們的客戶了解產品並做出最佳產品決策。這些經驗可以分佈在我們企業網路的任何地方，使我們的合作夥伴能夠最大限度地發揮其產品的價值。

Because of these innovations and building unique products, we're driving more consumers to our platform, which makes our marketplace deeper and attracts more enterprise partners to our network. This is the structural advantage we've been talking about, and we believe the flywheel effect significantly differentiates our business model, and it will propel our growth for years to come.

由於這些創新和打造獨特的產品，我們正在吸引更多消費者使用我們的平台，這使我們的市場更加深入，並吸引更多的企業合作夥伴加入我們的網路。這是我們一直在談論的結構性優勢，我們相信飛輪效應使我們的商業模式顯著差異化，並將推動我們未來幾年的成長。

So what is MoneyLion doing in Q4 and beyond as other marketplaces are just waiting for the market to shift? We're building. We're innovating. We're playing offense. We're executing and gaining momentum. We're shortening the distance between consumers and the products they want, that means taking market share, no matter the market.

那麼，當其他市場只是在等待市場轉變時，MoneyLion 在第四季及以後做什麼呢？我們正在建設。我們正在創新。我們正在進攻。我們正在執行並獲得動力。我們正在縮短消費者與他們想要的產品之間的距離，這意味著無論市場如何，我們都將佔據市場份額。

Now I'll turn the call over to Rick to walk through our financials in detail.

現在我將把電話轉給里克，詳細介紹我們的財務狀況。

Thanks, Dee, and good morning to everyone. I look forward to sharing details about our financial performance for the third quarter ending September 30, 2023. I will also discuss our guidance and outlook for the full year of 2023.

謝謝迪伊，祝大家早安。我期待分享有關我們截至 2023 年 9 月 30 日的第三季財務業績的詳細資訊。我還將討論我們對 2023 年全年的指導和展望。

For more information, please refer to our GAAP consolidated financial statements and non-GAAP reconciliations, which are available in today's earnings release and our 10-Q filing.

欲了解更多信息，請參閱我們的 GAAP 合併財務報表和非 GAAP 調節表，這些報表可在今天的收益發布和我們的 10 季度報告中找到。

Turning to our customer acquisition and life cycle strategy. Our top of funnel drove approximately 60 million total customer inquiries, up from roughly 50 million in Q2 2023. These customer inquiries converted into a record 2.2 million new total customers, up from 2.1 million in Q2 2023. Similarly, this resulted in 3 million total products consumed during the quarter compared to roughly 2.7 million in Q2 2023.

轉向我們的客戶獲取和生命週期策略。我們的漏斗頂部帶動了約6,000 萬次客戶諮詢，高於2023 年第二季的約5,000 萬次。這些客戶諮詢轉化為創紀錄的220 萬新客戶，高於2023 年第二季的210 萬次。同樣，這導致總計300 萬次客戶諮詢該季度消耗的產品數量約為 270 萬，而 2023 年第二季度的消耗量約為 270 萬。

As Dee mentioned earlier, over 80% of customers added in the third quarter took a third-party product as their first product and demonstrates the importance of our marketplace approach. This approach differentiates us from those who offer first-party products only and allows us to scale with incredibly attractive unit economics and future lifetime value potential.

正如 Dee 之前提到的，第三季度添加的超過 80% 的客戶將第三方產品作為他們的第一個產品，證明了我們市場方法的重要性。這種方法使我們與那些只提供第一方產品的公司區分開來，並使我們能夠以極具吸引力的單位經濟效益和未來生命週期價值潛力進行擴展。

To highlight these unit economics in the third quarter, we added 2.2 million new customers at a CAC that remains under $15. And all of our markers tell us our low CAC profile will continue in the near term. Importantly, we've seen our CAC decline each quarter year-to-date in 2023.

為了突顯第三季的單位經濟效益，我們以低於 15 美元的 CAC 增加了 220 萬名新客戶。我們所有的指標都告訴我們，我們的低 CAC 形象將在短期內持續下去。重要的是，我們看到 2023 年迄今每季的 CAC 都在下降。

Our payback period continues to be around 3 months. ARPU was $40 in the third quarter compared to $48 in Q2 of 2023. Of course, adding a record number of customers over the quarter skewed the ARPU calculation. However, as we have said over the past few quarters, our $40 ARPU is also the result of a strategic decision to focus on a larger TAM and lifetime value, and it's working.

我們的投資回收期仍在 3 個月左右。第三季的 ARPU 為 40 美元，而 2023 年第二季為 48 美元。當然，該季度增加創紀錄的客戶數量會扭曲 ARPU 運算。然而，正如我們在過去幾個季度所說的那樣，我們 40 美元的 ARPU 也是專注於更大 TAM 和生命週期價值的策略決策的結果，而且它正在發揮作用。

The directional trends of our unit economics are aligned with our strategy to scale today, while monetizing attractive margins, as you can see from our expanding margin profile. Again, this provides us with an opportunity to cross-sell when these less mature cohorts need their second, third and fourth financial products. Our unit economics underpin our strong business equation and reflect our deliberate decision to bring as many people into our ecosystem as possible.

我們的單位經濟效益的方向趨勢與我們今天的規模擴張策略相一致，同時將有吸引力的利潤貨幣化，正如您從我們不斷擴大的利潤狀況中看到的那樣。同樣，當這些不太成熟的群體需要第二、第三和第四種金融產品時，這為我們提供了交叉銷售的機會。我們的單位經濟效益支撐著我們強大的商業方程式，並反映了我們將盡可能多的人納入我們的生態系統的深思熟慮的決定。

We believe this positions MoneyLion for long-term sustainable growth. As you can see, our historical cohorts once again demonstrate our ability to drive lifetime value and generate repeat product consumption and revenue. Starting with consumer. In the third quarter, over 80% of our consumer revenue came from historical cohorts, and we continue to see the majority of our revenue come from cohorts that we acquired in prior years, which illustrates the highly recurring nature of our consumer revenue.

我們相信這將使 MoneyLion 能夠實現長期永續成長。正如您所看到的，我們的歷史隊列再次證明了我們推動生命週期價值並產生重複產品消費和收入的能力。從消費者開始。第三季度，我們超過 80% 的消費者收入來自歷史群組，我們繼續看到我們的大部分收入來自我們前幾年獲得的群組，這說明了我們消費者收入的高度經常性。

In our Enterprise business, over 90% of revenue from our enterprise marketplace came from prior year cohorts. This is what gives us the encouragement to invest in our enterprise sales efforts. We know that when we onboard a new partner, they are likely to have a high lifetime value by virtue of the fact that most of our enterprise revenue today is for partners we onboarded in prior years.

在我們的企業業務中，超過 90% 的企業市場收入來自去年同期。這激勵我們投資於我們的企業銷售工作。我們知道，當我們加入新的合作夥伴時，他們很可能具有很高的終身價值，因為我們今天的大部分企業收入都是來自我們前幾年加入的合作夥伴。

Shifting gears to originations. Total originations were $564 million, up 26% year-over-year. And in the last 4 quarters, we've seen over $2 billion in total originations. Our provision expense, as a percentage of originations, was 3.7%, which is flat compared to the second quarter. Two primary drivers are contributing to our performance.

換檔至起源。總發起額為 5.64 億美元，年增 26%。在過去 4 個季度中，我們發現總發起額超過 20 億美元。我們的撥備支出佔原始支出的百分比為 3.7%，與第二季持平。有兩個主要驅動因素對我們的業績做出了貢獻。

One, we are continuously implementing changes to optimize our credit performance. Specifically, we've enacted operational improvements in 2022 and 2023 that have also supported the positive results that we've seen. Two, as Dee mentioned, most of our consumer originations come from our liquidity product, Instacash.

第一，我們不斷實施變革以優化我們的信用表現。具體來說，我們在 2022 年和 2023 年實施了營運改進，這也支持了我們所看到的正面成果。第二，如 Dee 所提到的，我們的消費者來源大多來自我們的行動產品 Instacash。

The health of the customer is engaging with this product and helping these customers meet liquidity needs drives positive performance. In combination, these 2 drivers abstract us away from the macro environment. Going forward, we will continue to manage originations to balance growth, cash flow and credit performance with a high degree of confidence given the operational levers we have.

客戶的健康狀況在於與該產品的互動，並幫助這些客戶滿足流動性需求，從而推動積極的績效。結合起來，這兩個驅動因素使我們脫離了宏觀環境。展望未來，鑑於我們擁有的營運槓桿，我們將繼續充滿信心地管理資金來源，以平衡成長、現金流和信貸績效。

Revenue for the quarter grew 24% year-over-year to $110 million, marking another quarter of record revenue. This was driven by strength across our entire business. As Dee mentioned, we achieved record quarterly revenue in both our Consumer and Enterprise divisions while realizing gross profit and adjusted EBITDA margin expansion.

該季度營收年增 24%，達到 1.1 億美元，再創季度營收紀錄。這是由我們整個業務的實力所推動的。正如 Dee 所提到的，我們的消費者和企業部門都實現了創紀錄的季度收入，同時實現了毛利和調整後 EBITDA 利潤率的擴張。

Turning to gross profit. Q3 2023 marked our second consecutive quarter of gross profit margin expansion. We generated $67 million of gross profit in the third quarter, representing a 61% gross profit margin compared to our guidance range of 55% to 60%.

轉向毛利。 2023 年第三季是我們毛利率連續第二季成長。第三季我們產生了 6,700 萬美元的毛利，毛利率為 61%，而我們的指導範圍為 55% 至 60%。

Our gross margin expansion reflects the higher gross margin from our enterprise revenue as we continue to drive higher margin consumer marketplace revenue.

我們的毛利率擴張反映了我們的企業收入毛利率的提高，因為我們繼續推動更高利潤率的消費者市場收入。

Now on to our path to profitability. Q3 2023 was our third consecutive quarter of positive adjusted EBITDA and continued margin expansion. Adjusted EBITDA in the third quarter was $13 million compared to $9 million in the second quarter of 2023 representing an adjusted EBITDA margin of 12% in the third quarter compared to 9% in the second quarter of 2023.

現在開始我們的獲利之路。 2023 年第三季是我們連續第三個季度正調整 EBITDA 和持續的利潤率擴張。第三季調整後 EBITDA 為 1,300 萬美元，而 2023 年第二季為 900 萬美元，第三季調整後 EBITDA 利潤率為 12%，而 2023 年第二季為 9%。

Notably, we've generated $30 million of adjusted EBITDA year-to-date demonstrating significant progress as we scale. We closed the quarter with $94 million of cash compared to $97 million in Q2, while also paying down $10 million of senior debt in Q3, meaning we generated $8 million of cash before paying down debt, further validate that our unique business model is working.

值得注意的是，我們今年迄今已產生 3000 萬美元的調整後 EBITDA，這表明我們在規模擴張方面取得了重大進展。本季結束時，我們擁有9,400 萬美元的現金，而第二季為9,700 萬美元，同時還償還了第三季1,000 萬美元的優先債務，這意味著我們在償還債務之前產生了800 萬美元的現金，進一步驗證了我們獨特的商業模式正在發揮作用。

Importantly, we also paid down another $10 million of senior debt in October of 2023 bringing our secured loan balance to $65 million, which comes due in Q1 of 2026. While we don't plan on making any payments on our senior debt until March 2026, going forward, our lower overall debt balance will reduce our quarterly interest expense with the full impact beginning in Q1 of 2024.

重要的是，我們還在2023 年10 月還清償了另外1000 萬美元的優先債務，使我們的擔保貸款餘額達到6500 萬美元，將於2026 年第一季到期。雖然我們不打算在2026 年3 月之前支付任何優先債務展望未來，我們較低的整體債務餘額將減少我們的季度利息支出，並從 2024 年第一季開始產生全面影響。

Similarly, the absence of these repayment commitments will allow us to allocate more cash to invest in organic growth and strategic investments going forward.

同樣，沒有這些還款承諾將使我們能夠分配更多現金來投資未來的有機成長和策略投資。

Shifting gears to guidance. In the third quarter, revenue was $110 million, within our guidance range of $110 million to $115 million. Gross profit margin was 61%, exceeding the high end of our guidance of 55% to 60%. And adjusted EBITDA was $13 million, exceeding the high end of our guidance of $6 million to $10 million. This represents a 12% adjusted EBITDA margin, a 5 percentage point improvement relative to the midpoint of our guidance.

轉向指導。第三季的營收為 1.1 億美元，在我們 1.1 億至 1.15 億美元的指引範圍內。毛利率為 61%，超出了我們指導的上限 55% 至 60%。調整後的 EBITDA 為 1300 萬美元，超出了我們 600 萬至 1000 萬美元指導的上限。這意味著調整後的 EBITDA 利潤率為 12%，相對於我們指導的中位數提高了 5 個百分點。

For the full year of 2023, we expect revenue between approximately $420 million to $425 million, representing a 23% to 25% year-over-year growth. We expect gross profit margin between 58% and 59% and adjusted EBITDA of approximately $39 million to $45 million, representing 9% to 11% adjusted EBITDA margins.

對於 2023 年全年，我們預計營收約為 4.2 億至 4.25 億美元，年增 23% 至 25%。我們預計毛利率在 58% 至 59% 之間，調整後 EBITDA 約為 3,900 萬美元至 4,500 萬美元，相當於調整後 EBITDA 利潤率 9% 至 11%。

To put this into perspective, at the midpoint of our guidance, we expect $42 million of adjusted EBITDA or 10% adjusted EBITDA margin in fiscal year 2023, which compared to an adjusted EBITDA loss of $63 million in fiscal year 2022, represents an improvement to adjusted EBITDA margin of 28 percentage points. All of this together reflects a financial profile that is rapidly approaching the rule of 40.

從這個角度來看，在我們指導的中點，我們預計2023 財年調整後EBITDA 為4,200 萬美元，或調整後EBITDA 利潤率為10%，與2022 財年調整後EBITDA 損失6,300 萬美元相比，這代表著對調整後 EBITDA 利潤率為 28 個百分點。所有這些加起來反映了公司的財務狀況正在迅速接近 40 歲的標準。

Our full year 2023 guidance reflects 24% year-over-year revenue growth and 10% adjusted EBITDA margin at the midpoint. This is a great outcome, and we believe we are rapidly approaching the optimal balance of growth and margin. As we look to close out the remainder of 2023, we're proud of the progress we've made and feel incredibly well positioned for the quarters and years ahead.

我們的 2023 年全年指引反映了 24% 的年收入成長和 10% 的調整後 EBITDA 利潤率中位數。這是一個很好的結果，我們相信我們正在迅速接近成長和利潤的最佳平衡。當我們展望 2023 年剩下的時間時，我們對我們所取得的進展感到自豪，並感覺自己在未來幾個季度和幾年中處於非常有利的位置。

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

至此，我將把它轉回迪伊以供結束語。

Thanks, Rick. Our third quarter performance speaks for itself, and our progress year-to-date reflects MoneyLion's ability to pull the right levers to strike the right balance of growth and profitability.

謝謝，瑞克。我們第三季的業績不言而喻，我們今年迄今的進展反映了 MoneyLion 有能力利用正確的槓桿來實現成長和獲利能力的適當平衡。

We are gaining momentum and we're positioned for outside growth in the long run. We have a durable and nimble business model with many levers to pull in order to navigate through an uncertain macroeconomic environment. We did what we said we would. We reached all-time high quarterly revenue of $110 million, while as Rick said, adjusted EBITDA margins expanded quarter-over-quarter.

我們正在獲得動力，並且從長遠來看，我們已經做好了外部成長的準備。我們擁有持久且靈活的商業模式，可以利用多種槓桿來應對不確定的宏觀經濟環境。我們做了我們說過的事。我們的季度收入達到了 1.1 億美元的歷史新高，而正如 Rick 所說，調整後的 EBITDA 利潤率環比擴大。

The strength of our ecosystem is past the point of proof of concept. We are now expanding our footprint. We continue to innovate our technology, our proprietary datasets continue to compound, and we continue to develop and release innovative embedded marketplace product features that exist within our own PFM product set and available to any one of our enterprise clients.

我們生態系統的力量已經超越了概念驗證的階段。我們現在正在擴大我們的足跡。我們不斷創新我們的技術，我們的專有資料集不斷複合，我們不斷開發和發布創新的嵌入式市場產品功能，這些功能存在於我們自己的PFM 產品集中，可供我們的任何一位企業客戶使用。

All the pipes are laid across our network. We're leaning into areas of strength and positioning for the rebound. Strategy is everything in this moment. And while some are positioning for survival in a down market, we're positioning to pull ahead of the pack and become the market leader.

所有管道都鋪設在我們的網路中。我們正在重點關注優勢領域和反彈定位。此時此刻，策略就是一切。雖然有些公司的定位是在低迷的市場中求生存，但我們的定位是領先群雄並成為市場領導者。

In closing, we've never felt better about MoneyLion's competitive position than we do today. Our marketplace strategy has proven to be the right one. We have a capital-light model where we don't rely on us having to have a massive marketing spend. Yet we continue to see record customer adds due to the flywheel between our PFM, our consumer capabilities and our enterprise marketplaces.

最後，我們對 MoneyLion 的競爭地位的感受從未像現在這樣好。事實證明，我們的市場策略是正確的。我們有一個輕資本的模式，我們不依賴我們必須有大量的行銷支出。然而，由於我們的 PFM、消費者能力和企業市場之間的飛輪，我們繼續看到創紀錄的客戶增加。

Moreover, we have a strong balance sheet going into Q4 and 2024 that gives us a lot of confidence to execute. The strategic bets we made are bearing fruit, and we're incredibly excited about the opportunities in front of us.

此外，我們在第四季和 2024 年擁有強勁的資產負債表，這給了我們執行的信心。我們所做的策略押注正在取得成果，我們對眼前的機會感到非常興奮。

Thank you all so much for joining today, and we look forward to taking your questions.

非常感謝大家今天加入，我們期待回答您的問題。

(Operator Instructions) Our first question is from Hal Goetsch with B. Riley.

（操作員說明）我們的第一個問題來自 Hal Goetsch 和 B. Riley。

Great quarter. I got a question for you guys. Do you just said all the pipes are laid for a rebound, and then earlier in your comments, you said your personal loan business was down 85% -- from 85% down to 55%. I was hoping you could just give us more color on the declines you might have seen or the pressure you might have seen in this business over the year that suggests, hey, you guys are fighting through a very difficult time and I'm just hoping you could give us more color or numbers on the stress you've seen in that personal loan market over the last year?

很棒的季度。我有個問題想問你們。您只是不是說所有的管道都在為反彈做好準備，然後您早些時候在評論中說您的個人貸款業務下降了 85%——從 85% 下降到 55%。我希望你能給我們更多關於這一年中你可能看到的下滑或你在這個行業可能看到的壓力的信息，這表明，嘿，你們正在度過一個非常困難的時期，我只是希望您可以給我們更多關於您去年在個人貸款市場上看到的壓力的顏色或數字嗎？

Hal, thanks for the question. So 1 clarification. It's not that our personal loan business is declining. What we said was a year ago, 85% of the revenue was from personal loans. We've diversified so much that this quarter, 55% of the enterprise marketplace revenue were from personal loans. So what that means is that we're getting into more asset classes.

哈爾，謝謝你的提問。所以1澄清。這並不是說我們的個人貸款業務正在下降。我們說的是一年前，85%的收入來自個人貸款。我們的多元化程度如此之高，以至於本季企業市場收入的 55% 來自個人貸款。這意味著我們正在進入更多的資產類別。

Now remember, we've historically been really, really strong. We have APIs that connect publishers to financial institutions. And through those APIs we've been historically incredibly strong connecting that personal loan product. Now what we're trying to do is get more and more verticals.

現在請記住，我們在歷史上一直非常非常強大。我們擁有將發布商與金融機構連接起來的 API。透過這些 API，我們在連接個人貸款產品方面一直非常強大。現在我們正在努力做的是獲得越來越多的垂直領域。

What do they really mean? It could be credit cards, it could be other types of loans, it could be the financial wellness bundle. There it could be credit builders. And that's where we're seeing a lot of progress that the team is making in terms of making those connections between both sides of the marketplace.

它們的真正意義是什麼？它可以是信用卡，可以是其他類型的貸款，也可以是財務健康套餐。那裡可能是信用建設者。這就是我們看到團隊在建立市場雙方之間的聯繫方面取得的巨大進展的地方。

And look, as it relates to the macro, lenders need really to have more certainty in the rate environment, right? So we are seeing that lenders are pulling back because there's just uncertainty around interest rates. The cost of capital industry-wide is increasing, but as soon as we start seeing markers where that -- it doesn't necessarily have to go super down on interest rates, But the feedback that we're getting from our lenders is that as soon as we see a modicum of stability in the rate forecast, we actually anticipate personal loans also to come back at some point in 2024.

看看，因為它與宏觀有關，貸款人確實需要在利率環境中有更多的確定性，對嗎？因此，我們看到貸款機構正在撤資，因為利率存在不確定性。整個行業的資本成本正在增加，但一旦我們開始看到這一點，利率不一定會大幅下降，但我們從貸方得到的反饋是，一旦我們看到利率預測略有穩定，我們實際上預計個人貸款也會在2024 年的某個時候回歸。

And if I could ask one follow-up. These new verticals, like do they follow kind of a predictable maturation of the cohort -- on a cohort basis, if you add them that they kind of start slow and grow. Give us a feel for how like new verticals kind of scale when you onboard them on the enterprise side?

如果我可以問一個後續問題。這些新的垂直領域，就像它們遵循隊列的可預測的成熟一樣——在隊列的基礎上，如果你添加它們，它們會開始緩慢並成長。讓我們感受一下當您在企業方面加入新的垂直產業時，它們的規模如何？

Yes. Look, I think the new verticals really are TAM expansion opportunity for us, right? So we talked a lot about customer growth. We're very confident in our ability to increase the overall aperture of users that come into our ecosystem. We've always said that the investments that we've made, the bets that we've made allow us to really provide substitution products for our consumers, both financial and nonfinancial, right? So the expansion into verticals allow us to really serve the customer multiple times in our relationship with them.

是的。看，我認為新的垂直領域確實是我們 TAM 擴張的機會，對嗎？所以我們談了很多關於客戶成長的問題。我們對增加進入我們生態系統的用戶的整體孔徑的能力非常有信心。我們總是說，我們所做的投資、我們所做的賭注使我們能夠真正為消費者提供替代產品，包括金融和非金融產品，對嗎？因此，向垂直領域的擴張使我們能夠在與客戶的關係中多次真正為客戶提供服務。

It increases lifetime value, it increases the number of times we can have conversations with them through our life cycle and our product capabilities. So it's really more of a TAM expansion point. And Rick can translate that in terms of how it translates into ARPU. So Rick, I don't know if you want to add little bit there.

它增加了生命週期價值，增加了我們在生命週期和產品功能中與他們對話的次數。所以它實際上更像是一個 TAM 擴充點。 Rick 可以將其轉化為 ARPU。 Rick，我不知道你是否想補充一點。

Yes. So you can see, given our unique business model that -- and this quarter was interesting because we were both like revenue and growth greedy. And so we added 2.2 million customers at a sub-$15 CAC. We had over 3 million products in some of the platform, all while generating record revenue, record gross profit, record adjusted EBITDA and record cash flows.

是的。所以你可以看到，考慮到我們獨特的商業模式，這個季度很有趣，因為我們都對收入和成長感到貪婪。因此，我們以低於 15 美元的 CAC 增加了 220 萬客戶。我們的一些平台擁有超過 300 萬種產品，同時創造了創紀錄的收入、創紀錄的毛利、創紀錄的調整後 EBITDA 和創紀錄的現金流。

And so I think your question is important because this happens as we tap into a larger TAM and then after acquiring the customers, we have the most full-featured PFM experience and breadth of marketplace. So your question around as customers are on the platform, and we're expanding into verticals, yes, we're able to acquire customers who historically may have been coming for a loan, but now they're coming from the savings product, and we're able to market to them and life cycle to them.

所以我認為你的問題很重要，因為這種情況發生在我們進入更大的 TAM，然後在獲得客戶之後，我們擁有最全面的 PFM 經驗和最廣泛的市場。所以你的問題是，當客戶在平台上時，我們正在擴展到垂直領域，是的，我們能夠獲得過去可能尋求貸款的客戶，但現在他們來自儲蓄產品，並且我們能夠向他們進行行銷並為他們提供生命週期。

And you can see from the past few quarters in our Q4 guidance that tapping into this larger TAM, it's fueling our business equation. It's gaining momentum, and we continue to expect this to work as we continue to add even more verticals going forward.

從過去幾季的第四季指引中您可以看到，利用這個更大的 TAM，它正在推動我們的業務發展。它的勢頭正在增強，隨著我們繼續增加更多的垂直領域，我們繼續期望它能夠發揮作用。

Our next question is from George Sutton with Craig-Hallum Capital Group.

我們的下一個問題來自 Craig-Hallum Capital Group 的 George Sutton。

Great EBITDA. So you talked about leaning in versus the rest of the market pulling back. I was wondering if there was a way for you to quantify for us what you're seeing from the pulling back perspective and how that is providing you unique opportunities?

出色的 EBITDA。所以你談到了向前傾斜和市場其他部分撤退的情況。我想知道您是否有一種方法可以為我們量化您從後撤角度看到的情況以及這如何為您提供獨特的機會？

George, I think it's a similar response to Hal's question is that the diversification outside from personal loans into other verticals is really the quantification here, right, that 85% of the mix of enterprise revenue from a year ago that was credit and personal loan oriented, has decreased to 55% this quarter, right? So I think that just shows you the expansion that we're seeing in those other verticals, and we see that trend continuing into Q4 and into 2024 as well.

喬治，我認為這與哈爾的問題類似，從個人貸款到其他垂直領域的多元化實際上是這裡的量化，對吧，一年前企業收入的 85% 是信貸和個人貸款導向的，這個季度已經下降到55%了吧？因此，我認為這只是向您展示了我們在其他垂直領域看到的擴張，並且我們看到這種趨勢持續到第四季度和 2024 年。

Yes. And the interesting thing about this question is if you look at our business model, we are an embedded finance platform. And so our enterprise customers that are having to kind of pull back because of credit and risk constraints, we're able to help them with the completion strategy. We're able to give them alternative products that they can help monetize and offset their risk constraints at this time.

是的。這個問題的有趣之處在於，如果你看看我們的商業模式，我們就是一個嵌入式金融平台。因此，對於由於信用和風險限製而不得不退出的企業客戶，我們能夠幫助他們制定完成策略。我們能夠為他們提供替代產品，幫助他們貨幣化並抵消此時的風險限制。

And so that's an opportunity for us. We're having more engaging conversations with our enterprise clients because we're actually able to help them given the fact that we can efficiently get them our embedded finance products that help them monetize their customers away from credit. And we're seeing that momentum continue. The powerful thing about that model is as those headwinds diminish -- those macro headwinds diminish, we're going to have that elastic bounce back across all of those verticals plus credit, which for us represents significant upside going forward.

這對我們來說是一個機會。我們與企業客戶進行了更有吸引力的對話，因為我們實際上能夠幫助他們，因為我們可以有效地為他們提供嵌入式金融產品，幫助他們透過信貸來貨幣化客戶。我們看到這種勢頭仍在繼續。這個模型的強大之處在於，隨著這些不利因素的減弱——宏觀不利因素的減弱，我們將在所有這些垂直領域以及信貸領域實現彈性反彈，這對我們來說代表著未來的巨大上行空間。

Thanks, Rick. Really helpful. You had mentioned that with the debt pay down and the cash flows you're generating, your ability to invest in organic growth is better. You did mention potentially investing more in enterprise sales. Just curious how you're looking to capture this bigger organic opportunity with the cash flows that you're generating?

謝謝，瑞克。真的很有幫助。您曾提到，隨著債務償還和產生的現金流量的增加，您投資於有機成長的能力會更好。您確實提到了可能對企業銷售進行更多投資。只是好奇您如何利用您產生的現金流來抓住這個更大的有機機會？

Yes. So I think it's going to be more of the same, meaning those conversations that I was just mentioning are happening more and more and so there's a significant amount of inbounds that are happening.

是的。所以我認為情況會更加相同，這意味著我剛才提到的那些對話正在發生越來越多，因此正在發生大量的入站。

But on top of that, once we actually have those initial kind of sales conversations, there's an undertaking around integration. So the investment is around our integration team, our partner solutions team, the inside sales team that will allow us to kind of have those fruitful conversations convert, integrate and then help our clients actually monetize their customer base.

但最重要的是，一旦我們真正進行了最初的銷售對話，就會開始進行整合。因此，投資圍繞我們的整合團隊、我們的合作夥伴解決方案團隊和內部銷售團隊，這將使我們能夠將這些富有成效的對話轉化、整合，然後幫助我們的客戶真正透過他們的客戶群貨幣化。

And so that's where you're going to see us continue to focus. You're also seeing it, Dee talked about, a lot of investment being made in terms of taking a lot of the tech IP that we've created. We have the most full-featured app that exists in the country. And so we're taking all of that technology and that IP and making it available to our enterprise customers to enable them to be more successful at retaining and monetizing their client base.

所以這就是我們繼續關注的地方。迪伊談到，你也看到了，我們在獲得我們創造的大量技術智慧財產權方面進行了大量投資。我們擁有全國功能最齊全的應用程式。因此，我們正在利用所有這些技術和智慧財產權，並將其提供給我們的企業客戶，使他們能夠更成功地保留客戶群並從中獲利。

Our next question is from Josh Siegler with Cantor Fitzgerald.

我們的下一個問題來自喬許·西格勒和坎托·菲茨傑拉德。

Congratulations on the strong EBITDA print. So you continue to experience these lower provision expenses as a percentage of originations. I was wondering if you expect that to continue, especially amidst a declining consumer credit macro backdrop?

祝賀您取得強勁的 EBITDA 業績。因此，您將繼續體驗到這些較低的撥備費用佔原始費用的百分比。我想知道您是否預計這種情況會持續下去，特別是在消費信貸下降的宏觀背景下？

Josh, I'll start, and I'll let Rick kind of go into the technicals here. But from the state of the consumer, we actually feel that the liquidity products that we provide on a first-party basis continue to benefit from a consumer that is really strong, right? So again, if you think about who we service with the Instacash product, it's the placement, it's the farmers, the teachers, the union workers, it's the gig economy workers. Our ability to predict when the cash flow comes into the bank account and how quickly it decays is industry leading, right?

喬希，我先開始，我會讓瑞克來談談這裡的技術問題。但從消費者的狀態來看，我們其實感覺我們在第一方基礎上提供的流動性產品，持續受益於一個真正強大的消費者，對嗎？再說一次，如果你想想我們用 Instacash 產品為誰服務，那就是安置，是農民、教師、工會工人，是零工經濟工人。我們預測現金流何時進入銀行帳戶以及其衰減速度的能力是行業領先的，對嗎？

This is the piece of technology that we've been honing and making it very precise over the last 10 years. We have an incredible data advantage here, right? And this is where we ingest data from third parties. We have a lot of data that's being created on our own. Consumer-facing products as well as from the network, all of that creates incredible insights for us to know exactly how the paycheck is coming into this ecosystem.

這是我們在過去 10 年裡一直在磨練並使其變得非常精確的技術。我們在這裡擁有令人難以置信的數據優勢，對吧？這就是我們從第三方獲取資料的地方。我們有很多自己創建的數據。面向消費者的產品以及來自網路的產品，所有這些都為我們創造了令人難以置信的洞察力，讓我們準確地了解薪水如何進入這個生態系統。

That allows us to make operational improvements, right? We talked about improving our payment rails. There's a lot of innovation happening in the payments world, right? So again, this is where our team excels. This is the DNA of the firm. And we feel really confident that despite the macro backdrop, this segment of the American population is always either having a moment of excess or a moment of deficit. And our ability to predict that is really strong. We see this trend continuing in Q4 and into the early part of next year.

這使我們能夠改進運營，對吧？我們討論了改善我們的支付管道。支付領域正在發生很多創新，對吧？再說一遍，這就是我們團隊的優勢所在。這是公司的 DNA。我們非常有信心，儘管有宏觀背景，這部分美國人口總是不是有過剩的時刻，就是有赤字的時刻。我們的預測能力非常強。我們預計這種趨勢將在第四季持續到明年初。

We don't know -- we don't have a crystal ball in terms of just how deep the macro impacts 2024. But at least for the next 2 quarters, we feel very comfortable with our ability to manage this risk on a go-forward basis. And as Rick said, one of the opportunities for us now is to take some of these data insights that are being generated at such a large scale and make them into data products, right, to make them into consumer insights, fraud insights that anyone on our network, any financial institution on our network, whether they be fintechs, whether they be banks, whether they be lenders, whether they be mortgage companies, auto lenders can use.

我們不知道——我們沒有水晶球來預測宏觀經濟對 2024 年的影響有多大。但至少在接下來的兩個季度，我們對自己管理這一風險的能力感到非常滿意——前向基礎。正如里克所說，我們現在的機會之一就是利用如此大規模生成的一些數據洞察力並將其轉化為數據產品，對吧，將它們轉化為消費者洞察力，任何人都可以了解的欺詐洞察力。我們的網絡，我們網絡上的任何金融機構，無論他們是金融科技公司，無論他們是銀行，無論他們是貸款人，無論他們是抵押貸款公司，汽車貸款人都可以使用。

And we see that as an opportunity to expand our enterprise business going forward because we're finally at the precipice of being able to commercialize a lot of these proprietary datasets that we've been honing for a long period of time.

我們認為這是一個擴展我們未來企業業務的機會，因為我們終於即將能夠將我們長期以來一直在磨練的許多專有資料集商業化。

Great. I appreciate that color. And then towards the end of Rick's remarks, you mentioned that you were reaching that ideal level of growth and profitability and balancing that in the future. I was wondering if you could kind of give us an insight into how you envision balancing growth and profitability if the macro starts accelerating again, as you mentioned, some products could start accelerating beyond what we saw this year. So I was wondering what that balance would look like in a more growth-oriented environment?

偉大的。我很欣賞那種顏色。在里克講話的最後，您提到您正在達到理想的增長和盈利水平，並在未來進行平衡。我想知道您是否可以讓我們了解一下，如果宏觀經濟再次開始加速，您如何設想平衡增長和盈利能力，正如您提到的，某些產品可能會開始加速，超出我們今年看到的水平。所以我想知道在一個更以成長為導向的環境中這種平衡會是什麼樣子？

Yes. We love that question, of course, because this is what we've been planning for. I think what you've seen is, we've been able to extract our business away from the macro. And I'm acutely aware of what I'm saying that, that is something that is unique, given that there are kind of headwinds happening within the space and the amount of uncertainty.

是的。當然，我們喜歡這個問題，因為這是我們一直在計劃的。我想你已經看到的是，我們已經能夠將我們的業務從宏觀中分離出來。我敏銳地意識到我所說的，這是獨一無二的，因為該領域存在一些逆風和大量的不確定性。

But the benefit of our platform is that we're able to be nimble and durable during these kind of headwinds that we're seeing in the macro. And there's nothing that tells us that anything is going to change on that particularly on your question from our liquidity product.

但我們平台的好處是，我們能夠在宏觀上看到的這些逆風中保持靈活和持久。沒有任何跡象表明這方面會發生任何變化，特別是關於您對我們的流動性產品提出的問題。

In terms of going forward, as we kind of see that shift, basically, what we expect to see is the investments that we have made in the platform, the operating leverage that you guys have been a witness to over the past 4 quarters is going to continue.

就未來而言，當我們看到這種轉變時，基本上，我們期望看到的是我們在平台上進行的投資，你們在過去四個季度見證的營運槓桿正在上升接著說。

We have built the platform. It is ready for that scale. And so we're going to be able to extract significantly more operating leverage and cash flow and EBITDA as the kind of quarters unfold. And as the headwinds that we're seeing in the macro diminish, we expect that to actually be a multiple of where we sit today.

我們已經搭建了這個平台。它已經為這種規模做好了準備。因此，隨著季度的展開，我們將能夠獲得更多的營運槓桿、現金流量和 EBITDA。隨著我們在宏觀上看到的不利因素減少，我們預計這實際上會是我們今天所處位置的數倍。

That will conclude the question-and-answer session. We will -- and the conference. You may disconnect your lines at this time, and thank you for your participation.

問答環節就此結束。我們將——以及會議。此時您可以斷開線路，感謝您的參與。