MoneyLion Inc (ML) 2024 Q2 法說會逐字稿

Greetings, and welcome to the MoneyLion's Q2 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 MoneyLion 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Sean Horgan, Head of Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係主管 Sean Horgan。謝謝。你可以開始了。

Thank you, operator. Good morning, and thank you all for joining us for our second quarter 2024 earnings conference call. With me today are MoneyLion's CEO, Dee Choubey, and CFO, Rick Correia, to discuss our results. You can find the presentation accompanying our earnings press release on our Investor Relations website at investors.moneylion.com. Please note that any forward-looking statements made in this commentary are subject to our safe harbor statement, which can be found in our SEC filings and our earnings press release.

謝謝你，接線生。早安，感謝大家參加我們的 2024 年第二季財報電話會議。今天 MoneyLion 的執行長 Dee Choubey 和財務長 Rick Correia 與我一起討論我們的業績。您可以在我們的投資者關係網站 Investors.moneylion.com 上找到我們的收益新聞稿隨附的簡報。請注意，本評論中的任何前瞻性陳述均受我們的安全港聲明的約束，該聲明可以在我們向 SEC 提交的文件和我們的收益新聞稿中找到。

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

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 second-quarter 2024 earnings call. MoneyLion delivered another strong quarter in Q2, achieving record revenue of $131 million and adjusted EBITDA of $18.5 million. This performance is the result of focused execution against the growth pillars we laid out at the beginning of the year, coupled with our offense with disciplined approach. Together, this guides our strategic and tactical decision-making as we march toward our ambitious goal of becoming the number one destination for financial decisions.

謝謝你，肖恩。早安，感謝大家參加我們的 2024 年第二季財報電話會議。MoneyLion 在第二季再次表現強勁，營收達到創紀錄的 1.31 億美元，調整後 EBITDA 為 1,850 萬美元。這一業績是我們在年初制定的成長支柱上集中執行的結果，加上我們以嚴格的方式進攻的結果。當我們朝著成為財務決策第一目的地的宏偉目標邁進時，這將共同指導我們的策略和戰術決策。

Now turning to the key takeaways for the second quarter of 2024. First, we achieved record quarterly revenue of $131 million. This represents 23% year-over-year growth. Importantly, our Enterprise revenue has reached an inflection point, increasing 17% compared to the first quarter of 2024. In addition, our second quarter revenue exceeded the high end of our guidance of $125 million to $130 million. Second, we generated adjusted EBITDA of $18.5 million for the quarter. This reflects an adjusted EBITDA margin of 14.2%, representing 550 basis points of margin expansion year over year.

現在轉向 2024 年第二季的關鍵要點。首先，我們實現了創紀錄的季度收入 1.31 億美元。這意味著同比增長 23%。重要的是，我們的企業收入已經達到拐點，與 2024 年第一季相比成長了 17%。此外，我們第二季的營收超出了 1.25 億美元至 1.3 億美元的指導上限。其次，本季調整後 EBITDA 為 1,850 萬美元。這反映出調整後的 EBITDA 利潤率為 14.2%，相當於利潤率年增 550 個基點。

Relative to our guidance, our second-quarter adjusted EBITDA was exactly in the middle of our range of $17 million to $20 million. Third, in the second quarter, we generated GAAP net income of $3.1 million and diluted earnings per share of $0.26. And for the first half of 2024, we generated net income of $10.2 million and diluted EPS of $0.85. If you look at how we've been building the business, there is a clear arc to our evolution. Our technology is expanding on the foundational work we've done over the last 10 years. We have the right pieces in place to deliver an even greater impact.

相對於我們的指引，我們第二季調整後的 EBITDA 正好處於 1700 萬美元至 2000 萬美元區間的中間。第三，第二季度，我們的 GAAP 淨利潤為 310 萬美元，攤薄後每股收益為 0.26 美元。 2024 年上半年，我們的淨利潤為 1,020 萬美元，攤薄後每股收益為 0.85 美元。如果你看看我們是如何建立業務的，你會發現我們的發展有一個清晰的弧線。我們的技術正在以過去 10 年所做的基礎工作為基礎進行擴展。我們擁有合適的部分來產生更大的影響。

From a strategic perspective, we are in pole position to be the number one destination for Americans to make their best financial decisions. MoneyLion is the first digital ecosystem for consumer finance, and we have all of the elements typical of a successful ecosystem. These elements are commerce, business services, content and developer kits. As we all know, digital ecosystems have disrupted many consumer industries. For example, leading companies like Amazon, Apple, and Expedia all share some level of strength across these dimensions. Those ecosystems disrupted and dominated their industries. However, consumer finance has lacked a true digital ecosystem until now. We have spent the last decade building for this. We are the first digital ecosystem for consumer finance.

從策略角度來看，我們處於領先地位，成為美國人做出最佳財務決策的第一目的地。MoneyLion 是第一個消費金融數位生態系統，我們擁有成功生態系統的所有典型要素。這些元素是商業、商業服務、內容和開發工具包。眾所周知，數位生態系統已經顛覆了許多消費產業。例如，亞馬遜、蘋果和 Expedia 等領先公司在這些方面都具有一定程度的優勢。這些生態系統擾亂並主導了他們的行業。然而，消費金融迄今仍缺乏真正的數位生態系統。過去十年我們一直在為此努力。我們是第一個消費金融數位生態系統。

Despite the presence of many that offer other parts of the equation, no single entity has successfully implemented a complete ecosystem strategy. This is what we're playing for. MoneyLion is already in the market with products and services across commerce, business services, content, and developer kits with more in development in MoneyLion Labs, which I will discuss more in a moment. And the success of this approach is already reflected in our numbers. For one, total customer growth is an outcome of this strategy. We ended the second quarter with 17 million total customers, up 73% year over year. This also represents 1.6 million new customers compared to the prior quarter. Similarly, we've seen robust product consumption across first-party and third-party marketplace products.

儘管有許多提供等式其他部分的實體，但沒有一個實體成功實施了完整的生態系統策略。這就是我們打球的目的。MoneyLion 已經在市場上提供跨商業、商業服務、內容和開發工具包的產品和服務，MoneyLion Labs 正在開發更多產品和服務，我稍後將對此進行更多討論。這種方法的成功已經反映在我們的數字中。首先，客戶總量成長是這項策略的結果。截至第二季末，我們的客戶總數為 1,700 萬，年增 73%。與上一季相比，這也意味著新增 160 萬客戶。同樣，我們看到第一方和第三方市場產品的產品消費強勁。

By the end of Q2 2024, 27.7 million total products were consumed on our platform. Importantly, 51% of the products consumed life-to-date were a third party, up from 39% through the second quarter of 2023. Of the 2.4 million products consumed in the second quarter alone, 1.7 million were third-party products. This highlights MoneyLion's positioning going forward, providing the best marketplace for first- and third-party products across consumer finance verticals. Growth in MoneyLion's leading financial marketplace continues to be a key pillar of our ecosystem strength.

截至 2024 年第二季末，我們平台上的產品消費總量為 2,770 萬件。重要的是，迄今為止消費的產品中有 51% 來自第三方，高於 2023 年第二季的 39%。光是第二季消費的 240 萬件產品中，就有 170 萬件是第三方產品。這凸顯了 MoneyLion 的未來定位，即為消費金融垂直領域的第一方和第三方產品提供最佳市場。MoneyLion 領先的金融市場的成長仍然是我們生態系統實力的關鍵支柱。

As I mentioned before, our Enterprise business has reached an inflection point. Enterprise revenue grew 17% quarter over quarter in Q2 2024. This bolsters our positioning to further diversify revenue across multiple financial verticals. And importantly, our consumer marketplace which is part of our Enterprise revenue has been and will continue to be a strong area of growth for us. There are multiple ways for consumers to engage with MoneyLion's ecosystem.

正如我之前提到的，我們的企業業務已經達到了一個轉折點。2024 年第二季企業營收季增 17%。這增強了我們在多個金融垂直領域中進一步實現收入多元化的定位。重要的是，我們的消費者市場是我們企業收入的一部分，一直並將繼續成為我們強勁的成長領域。消費者可以透過多種方式參與 MoneyLion 的生態系統。

The direct-to-consumer product is showing great scale and helping consumers learn, search and get introduced to money topics. As we've said, this is part of our strategy of building the best commerce solution for financial products. Consumers then can access our financial marketplace in a data-driven way, personalized exactly for their financial situation or they can take any of our first-party features on an à la carte basis. Users can further reduce fees by accessing the best-in-class financial operating system with a never overpay promise through our WOW membership, as well as other programs.

這種直接面向消費者的產品正在展現出巨大的規模，並幫助消費者學習、搜尋和了解金錢主題。正如我們所說，這是我們為金融產品建立最佳商業解決方案的策略的一部分。然後，消費者可以以數據驅動的方式訪問我們的金融市場，並根據他們的財務狀況進行個性化設置，或者他們可以按菜單選擇我們的任何第一方功能。用戶可以透過我們的 WOW 會員資格以及其他計劃存取一流的金融作業系統，並做出永不超額支付的承諾，從而進一步降低費用。

As you can see, aligned with our mission, our nimble technology stack and global team of engineers, data scientists and the industry's leading product builders and innovators allow us to deliver consumer PFM and liquidity products across multiple delivery methods. Innovation is in our DNA, and we'll continue to build new products and adapt existing products as necessary. All this culminates into continued growth even as we scale. In the second quarter, Consumer revenue increased 33% year over year.

正如您所看到的，我們靈活的技術堆疊和由工程師、資料科學家以及業界領先的產品建構者和創新者組成的全球團隊與我們的使命保持一致，使我們能夠透過多種交付方式交付消費者PFM 和流動性產品。創新是我們的基因，我們將繼續開發新產品並根據需要調整現有產品。即使我們規模不斷擴大，所有這一切最終都會導致持續成長。第二季消費者營收年增33%。

As we just mentioned, we continue to believe we have the most full-featured and innovative PFM in the industry. Importantly, this world-class PFM technology is available via our mobile app and online at moneylion.com. Having this caliber of a PFM tool is the difference between a transaction and a relationship. This is a critical problem that plagues other marketplaces. As we'll talk about later, the benefits show up in our cohort data. Aligned with our mission, no PFM provides this much value around financial literacy, content and access to the best financial products from our marketplace as MoneyLion does.

正如我們剛才提到的，我們仍然相信我們擁有業內功能最齊全、最具創新性的 PFM。重要的是，這種世界一流的 PFM 技術可透過我們的行動應用程式和 Moneylion.com 在線取得。擁有這種能力的 PFM 工具是交易和關係之間的區別。這是困擾其他市場的關鍵問題。正如我們稍後將討論的，這些好處體現在我們的隊列數據中。與我們的使命一致，沒有任何一個 PFM 能夠像 MoneyLion 一樣在金融知識、內容以及從我們的市場中獲得最佳金融產品方面提供如此大的價值。

As we continue enhancing our best-in-class PFM, we're pleased that we've extended our agreement with our partner bank Pathward for another three years to 2029. We've already had a successful five-year partnership with Pathward, delivering the powerful combination of MoneyLion's innovative tech-forward capabilities with the expertise of Pathward's OCC-chartered banking infrastructure to millions of American consumers. In addition to extending our flagship RoarMoney digital bank account product, in the future, we will be adding overdraft protection capabilities to our program with Pathward, and we'll be looking to provide overdraft features to help meet the liquidity needs of our customers.

隨著我們不斷增強一流的 PFM，我們很高興將與合作夥伴銀行 Pathward 的協議再延長三年至 2029 年。我們已經與 Pathward 建立了長達五年的成功合作夥伴關係，為數百萬美國消費者提供 MoneyLion 創新技術前沿能力與 Pathward OCC 特許銀行基礎設施專業知識的強大結合。除了擴展我們的旗艦產品 RoarMoney 數位銀行帳戶產品外，未來我們還將透過 Pathward 為我們的計劃添加透支保護功能，並且我們將尋求提供透支功能來幫助滿足客戶的流動性需求。

This is yet another example of our team quickly bringing new features to our sizable user base in innovative ways, as we've done that for the past 10 years. The PFM capabilities enhance benefits in our network by providing an important companion in the financial product buying experience, and it plays an important role in optimizing conversions in our enterprise network as well.

這是我們團隊以創新方式快速為我們龐大的用戶群帶來新功能的另一個例子，就像我們過去 10 年所做的那樣。PFM 功能透過提供金融產品購買體驗的重要伴侶來增強我們網路的效益，並且它在優化我們企業網路的轉換方面也發揮著重要作用。

I'll now provide a quick update on our enterprise business. Our network of over 1,200 enterprise partners continues to grow, with over 85 million total customer inquiries in the second quarter alone. With respect to the macroeconomic environment, on our last earnings call in May, we noted that we were seeing stabilization in the underwriting environment, particularly as it relates to personal loans as rates began to normalize.

我現在將提供有關我們企業業務的快速更新。我們由 1,200 多家企業合作夥伴組成的網路持續成長，光是第二季的客戶諮詢總數就超過 8,500 萬次。關於宏觀經濟環境，在我們五月的最後一次財報電話會議上，我們注意到承保環境趨於穩定，特別是隨著利率開始正常化，這與個人貸款有關。

In the second quarter, we continued to see an overall stabilization and improvement in our personal loans vertical. Consumer interest in lending products remained strong, and we consistently added new partners across the credit spectrum and other substitution products to our platform to meet this demand. Additionally, consumer inquiries for non-lending products continue to grow, and we have expanded our marketplace coverage to provide consumers with more access to new verticals by credit cards, auto insurance and mortgages. This contributed to our second best revenue quarter for Enterprise business.

第二季度，我們的個人貸款產業持續保持整體穩定和改善。消費者對貸款產品的興趣仍然強勁，我們不斷在我們的平台上增加整個信貸領域的新合作夥伴和其他替代產品，以滿足這一需求。此外，消費者對非貸款產品的詢問持續增長，我們擴大了市場覆蓋範圍，透過信用卡、汽車保險和抵押貸款為消費者提供更多進入新垂直領域的機會。這為我們的企業業務收入第二季做出了貢獻。

So far in the third quarter, we're seeing a continuation of this trend with further growth and continued stabilization in the underwriting environment. The diversity of our partnership base is a key lever in managing macroeconomic conditions and partner-driven idiosyncratic fluctuations. As you'll see in our Q3 and full-year guidance, platform, and partner diversity drives multiple ways to win and grow. The strength of the MoneyLion team is in managing these levers dynamically.

第三季到目前為止，我們看到這一趨勢持續存在，承保環境進一步成長和持續穩定。我們合作夥伴基礎的多樣性是管理宏觀經濟狀況和合作夥伴驅動的特殊波動的關鍵槓桿。正如您將在我們的第三季和全年指導中看到的那樣，平台和合作夥伴的多樣性推動了多種獲勝和成長的方式。MoneyLion 團隊的優勢在於動態管理這些槓桿。

We added even more senior heft this quarter with the hiring of Jon Kaplan, who is previously CRO of Pinterest, and prior to that, a VP of National Sales and Managing Director of the Financial Services vertical at Google.

本季我們聘請了喬恩·卡普蘭(Jon Kaplan)，他曾擔任Pinterest 的首席風險官，在此之前，他曾擔任谷歌的全國銷售副總裁兼金融服務垂直部門董事總經理，從而增加了更多的高層影響力。

Turning to specific enterprise product updates. We continue to release new products that will reduce friction between consumers and relevant product solutions. These include new methods of distributing our marketplace technology, more credit-based filters to enhance user approval rates, the launch of our new hosted decision engine capabilities and intelligent personalized remarketing. In making these updates, we're building towards a connected end-to-end checkout experience which we will touch on in a moment. In short, we continue to make progress on our strategic initiatives within our enterprise business and the underwriting environment is showing signs of relative improvement.

轉向特定的企業產品更新。我們不斷發布新產品，減少消費者與相關產品解決方案之間的摩擦。其中包括分發我們的市場技術的新方法、更多基於信用的過濾器以提高用戶認可率、推出我們新的託管決策引擎功能和智慧個人化再行銷。在進行這些更新時，我們正在建立一個互聯的端到端結帳體驗，我們稍後會談到這一點。簡而言之，我們的企業業務策略舉措持續取得進展，承保環境也出現了相對改善的跡象。

Now I'd like to turn to something we're excited to share with you all today. The first unveiling of what's been in our DNA since our founding, but now crystallized as MoneyLion Labs. We've always had R&D projects that later became scaled revenue drivers. But with Labs, we can now give investors more visibility into how this team will continue innovating and reimagining the future of consumer finance. As I mentioned earlier, we believe the four key elements of the digital ecosystem are commerce, business services, content, and developer kits.

現在我想談談我們今天很高興與大家分享的一些事情。這是我們自成立以來 DNA 中的首次亮相，但現在已具體化為 MoneyLion Labs。我們一直都有研發項目，這些項目後來成為規模化的收入驅動因素。但透過 Labs，我們現在可以讓投資者更清楚地了解團隊將如何繼續創新和重新構想消費金融的未來。正如我之前提到的，我們認為數位生態系統的四個關鍵要素是商業、商業服務、內容和開發工具包。

We are executing this approach while building on our core businesses as we look to drive towards a more scaled revenue base in 2025 and beyond. First, starting with commerce, our new financial product search technology, MoneyLion AI brings together our unique assets, allowing users to talk to their money, receive unique Gen AI-driven insights and receive personalized offers. Our ambition is for MoneyLion AI to become the new form factor through which users engage with their financial decisions. Importantly, we offer MoneyLion AI as an embeddable search bar for our enterprise partners so that it can live on their mobile and web properties as well.

我們正在實施這種方法，同時鞏固我們的核心業務，因為我們希望在 2025 年及以後實現更大規模的收入基礎。首先，從商業開始，我們的新金融產品搜尋技術 MoneyLion AI 匯集了我們獨特的資產，讓用戶能夠與他們的錢對話，獲得獨特的 Gen AI 驅動的見解並獲得個人化優惠。我們的目標是讓 MoneyLion AI 成為用戶參與財務決策的新形式。重要的是，我們為我們的企業合作夥伴提供 MoneyLion AI 作為嵌入式搜尋欄，以便它也可以存在於他們的行動和網路資產上。

Second, as it relates to business services, our end-to-end MoneyLion checkout experience will give businesses the ability to offer a more seamless customer experience that reduces friction and drives higher conversions. For the first time, a customer will be able to search for, find and take out a third-party financial products all in one place. Currently, financial product buying journeys are like the DMV being passed on from one desk to another. We intend to fix that.

其次，由於與商業服務相關，我們的端到端 MoneyLion 結帳體驗將使企業能夠提供更無縫的客戶體驗，從而減少摩擦並提高轉換率。客戶將第一次能夠在一個地方搜尋、尋找和購買第三方金融產品。目前，金融產品的購買過程就像DMV從一張桌子傳遞到另一張桌子。我們打算解決這個問題。

Checkout will empower financial services providers to reach consumers precisely with their exact criteria using credit, risk, cash flow, product history or other behavioral data. In addition to MoneyLion checkout, our business services capabilities include storefronts for third-party products, data analytics and reporting, programmatic compliance and much more. The third element is content. A great example of how we're bringing the strategy to life is our content-as-a-service solution. This builds on the investments we have made in this space. Our content capabilities also include content related to personalized products and offers, commenting, community and other social features, a robust library of financial literacy content and a lot more.

Checkout 將使金融服務提供者能夠利用信用、風險、現金流、產品歷史或其他行為數據，按照消費者的確切標準準確地接觸消費者。除了 MoneyLion 結帳之外，我們的業務服務功能還包括第三方產品店面、數據分析和報告、程序化合規性等等。第三個要素是內容。我們如何將這項策略付諸實踐的一個很好的例子就是我們的內容即服務解決方案。這是建立在我們在這個領域所做的投資的基礎上的。我們的內容功能還包括與個人化產品和優惠、評論、社群和其他社交功能、強大的金融知識內容庫等相關的內容。

And finally, the fourth relevant element is developer kits. MoneyLion is bringing this to life through web services, which includes things like audience builder, which allows enterprise partners to unlock the full potential of their marketing strategies with targeted engagement and next best action, which improves the ability to engage with customers by providing personalized recommendations that are both timely and relevant.

最後，第四個相關元素是開發工具包。MoneyLion 正在透過網路服務將這一點變為現實，其中包括受眾建立器等內容，它允許企業合作夥伴透過有針對性的參與和下一個最佳行動來釋放其行銷策略的全部潛力，從而透過提供個性化建議來提高與客戶互動的能力這些既及時又相關。

Separately, MoneyLion offers developer kits, predefined compliance APIs and embeddable widgets and calculators. Through MoneyLion Labs, you'll see that in addition to our financial performance, where we're consistently executing, we are setting a bold vision for the future and our role as the first digital ecosystem for consumer finance. Offense with discipline is possible because of the technology and data advantages that we have.

MoneyLion 還單獨提供開發人員套件、預先定義的合規性 API 以及可嵌入的小部件和計算器。透過 MoneyLion Labs，您會看到，除了我們一貫執行的財務表現之外，我們還為未來設定了大膽的願景，以及我們作為消費金融第一個數位生態系統的角色。由於我們擁有技術和數據優勢，有紀律的進攻是可能的。

And with that, now I'll turn the call over to Rick to provide a more detailed customer acquisition, unit economics and financial update.

現在，我將把電話轉給 Rick，以提供更詳細的客戶獲取、單位經濟效益和財務最新情況。

Thanks, Dee, and good morning to everyone. I look forward to sharing details about our financial performance for the second quarter ending June 30, 2024. I will also discuss our guidance and outlook for the third quarter and full year of 2024. For more information, please refer to our GAAP consolidated financial statements and non-GAAP reconciliations, which are available in today's earnings release and in our 10-Q filing.

謝謝迪伊，祝大家早安。我期待分享有關我們截至 2024 年 6 月 30 日的第二季財務業績的詳細資訊。我還將討論我們對 2024 年第三季和全年的指導和展望。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 continues to be highly productive and drove over 85 million total customer inquiries in the second quarter of 2024, up from the over 50 million that we saw in the second quarter of 2023. These inquiries converted into about 1.6 million new total customers and 2.4 million total products were consumed during the quarter. Our substantial top of funnel is a key pillar in our consumer finance ecosystem. It's the gift that keeps on giving as we enhance our data platform and continuously optimize down-funnel conversion rates.

談到我們的客戶獲取和生命週期策略，我們的漏斗頂部繼續保持高生產力，並在 2024 年第二季度推動了超過 8500 萬次客戶諮詢，高於 2023 年第二季度的超過 5000 萬次。這些查詢轉化為約 160 萬新客戶，本季消費了 240 萬種產品。我們的漏斗頂部是我們消費金融生態系統的關鍵支柱。隨著我們增強數據平台並不斷優化下漏斗轉換率，這是一份不斷贈送的禮物。

Now I'd like to turn to a concept that illustrates the power of our integrated Enterprise and Consumer business model. It relates to the customer journey in the 30, 60, 90 contribution margin progression that goes with it. Starting with 30. When a customer enters our ecosystem through the B2B channel and converts into a product, product partners pay us an affiliate fee and we pay away 70% on average to the channel partner, generating a 30% contribution margin. Those consumers become part of our dynamic ecosystem, giving us the ability to drive personalization and future product offers on the 30-60-90 contribution margin journey.

現在我想談談一個概念，它說明了我們整合的企業和消費者業務模式的力量。它與隨之而來的 30、60、90 貢獻邊際級數中的客戶旅程相關。從30開始。當客戶透過 B2B 管道進入我們的生態系統並轉換為產品時，產品合作夥伴向我們支付聯盟費用，我們平均向通路合作夥伴支付 70%，產生 30% 的邊際貢獻。這些消費者成為我們動態生態系統的一部分，使我們能夠在 30-60-90 的貢獻利潤之旅中推動個人化和未來產品的提供。

Next, 60. For over a decade, we have delivered important first-party financial product solutions to customers and consistently generate approximately a 60% contribution margin. These customers also get added to our customer data platform that we look to monetize at future inflection points using our continuously improving life cycle marketing stack.

接下來，60。十多年來，我們為客戶提供了重要的第一方金融產品解決方案，並持續產生約 60% 的邊際貢獻。這些客戶也被添加到我們的客戶資料平台中，我們希望利用我們不斷改進的生命週期行銷堆疊在未來的拐點實現貨幣化。

Finally, 90. We leverage life cycle marketing and signals to offer our vast catalog of third-party products to the consumers in our ecosystem, which represent zero CAC monetization opportunities. Given that we earn affiliate fees on customers with de minimis CAC and COGS, we generate over 90% contribution margin. As a result of our unique ecosystem and data advantage, this cohort of customers is the fastest growing part of our business and contributes to margin expansion. Further, many of the strategic initiatives Dee previewed in MoneyLion Labs contribute to shifting more of our product mix towards a 60 and 90 contribution margin profile.

最後，90。我們利用生命週期行銷和訊號，向生態系統中的消費者提供大量第三方產品，這代表零 CAC 貨幣化機會。鑑於我們以最低 CAC 和 COGS 向客戶賺取附屬費用，我們產生了超過 90% 的邊際貢獻。由於我們獨特的生態系統和數據優勢，這群客戶是我們業務中成長最快的部分，並有助於利潤率的擴張。此外，Dee 在 MoneyLion Labs 中預覽的許多策略舉措有助於將我們的更多產品組合轉向 60 和 90 的邊際貢獻率。

Turning to our unit economics. In the last 12 months ending Q2 2024, we added 7.2 million total customers. Our customer acquisition cost, or CAC, remains under $15. Our payback period was around 5 months, and our ARPU was around $35. It's important to remember that we have deliberately focused on rapid customer growth as we drive towards an optimal mix of first and third-party product consumption. As mentioned, we are increasing our mix of 90% contribution margin cohorts and expanding our margin profile. These unit economics are a function of our strong business equation and they reflect our strategy to take market share by adding total customers rapidly and efficiently.

轉向我們的單位經濟效益。在截至 2024 年第二季的過去 12 個月中，我們的客戶總數增加了 720 萬人。我們的客戶獲取成本 (CAC) 仍低於 15 美元。我們的投資回收期約為 5 個月，ARPU 約為 35 美元。重要的是要記住，在我們努力實現第一方和第三方產品消費的最佳組合時，我們特意關注客戶的快速成長。如前所述，我們正在增加 90% 邊際貢獻率群體的組合，並擴大我們的邊際收益概況。這些單位經濟效益是我們強大的業務方程式的函數，它們反映了我們透過快速有效地增加總客戶來佔據市場份額的策略。

We will invest in building the MoneyLion brand in the second half of 2024 to build national awareness. This will be an opportunistic investment, but we believe this is the right time to give our holistic offerings broader reach and expect these investments to accelerate our shift in product mix towards 60% and 90% contribution margin profile in the medium term.

我們將在 2024 年下半年投資打造 MoneyLion 品牌，以提高全國知名度。這將是一項機會主義投資，但我們相信現在是讓我們的整體產品更廣泛覆蓋的最佳時機，並預計這些投資將加速我們的產品組合在中期內向60% 和90% 的邊際貢獻率轉變。

Now let me turn to our recurring revenue trends. In Q2 2024, over 80% of our direct-to-consumer revenue from our first-party products and our consumer marketplace, came from historical cohorts of customers. We are seeing continued strength in our first-party products. In the second quarter of 2024, total originations for these products were $770 million, representing an increase of 40% year over year. These products perform incredibly well, and they serve the liquidity needs of hard-working Americans.

現在讓我談談我們的經常性收入趨勢。2024 年第二季度，我們來自第一方產品和消費者市場的直接面向消費者的收入中，超過 80% 來自歷史客戶群。我們看到我們的第一方產品持續強勁。2024 年第二季度，這些產品的總起源為 7.7 億美元，較去年同期成長 40%。這些產品的表現非常出色，滿足了勤奮的美國人的流動性需求。

Credit performance trends remained stable in Q2 2024. Our finance receivables provision expense as a percentage of total originations was 3.6% in Q2 2024. As we noted last quarter, Q1 benefits from typical seasonal performance related to the cash customers received from tax refunds. As expected, the credit performance we saw in the second quarter reverted to historical levels, reflecting our deep experience in managing credit quality. As a reminder, our originations are comprised of short-term receivables for our liquidity and credit building products. Originations are sold to nonrecourse warehouse facilities, shifting credit risk to our financing partners.

2024 年第二季信貸表現趨勢維持穩定。2024 年第二季度，我們的財務應收帳款撥備支出佔總發放額的百分比為 3.6%。正如我們上季度指出的那樣，第一季受益於與退稅現金客戶相關的典型季節性表現。如預期，第二季信貸表現恢復到歷史水平，反映了我們在管理信貸品質方面的深厚經驗。提醒一下，我們的資金來源包括我們的流動性和信用建設產品的短期應收款項。原始資金出售給無追索權的倉庫設施，將信用風險轉移給我們的融資合作夥伴。

We recently announced a new forward flow agreement to sell our Instacash advance receivables. As stated last quarter, the forward flow agreement is more cash efficient, and moves receivables off balance sheet with no variable interest entity or VIE treatment. We are currently transitioning to the forward flow arrangement and will realize the associated benefits in the third and fourth quarters of 2024. Importantly, our holistic capabilities have been tested over multiple macro environments over the last decade. The resilience of our ecosystem and business model shines in these moments where macro volatility is increasing.

我們最近宣布了一項新的遠期流動協議，以出售我們的 Instacash 預收帳款。如上季所述，遠期流量協議的現金效率更高，並將應收帳款移出資產負債表，沒有可變利益實體或 VIE 處理。我們目前正在過渡到遠期流動安排，並將在 2024 年第三季和第四季實現相關效益。重要的是，我們的整體能力在過去十年中已經在多個宏觀環境中得到了考驗。在宏觀波動加劇的時刻，我們的生態系統和商業模式的彈性大放異彩。

Now turning to some of our other key financial metrics. MoneyLion generated $131 million of revenue in the second quarter. This represented 23% year-over-year growth and 8% quarter-over-quarter growth. Notably, we generated $475 million of revenue over the last 12 months as of Q2 2024. Now on to our path to profitability. As it relates to the second quarter, MoneyLion generated $18.5 million in adjusted EBITDA. This represents an adjusted EBITDA margin of 14.2% or 550 basis points of margin expansion from Q2 2023.

現在轉向我們的其他一些關鍵財務指標。MoneyLion 第二季營收為 1.31 億美元。這意味著同比增長 23%，環比增長 8%。值得注意的是，截至 2024 年第二季度，我們在過去 12 個月內創造了 4.75 億美元的收入。現在開始我們的獲利之路。就第二季而言，MoneyLion 調整後 EBITDA 為 1,850 萬美元。這意味著調整後的 EBITDA 利潤率為 14.2%，即自 2023 年第二季以來利潤率擴張了 550 個基點。

Similarly, MoneyLion has generated $72 million of adjusted EBITDA in the last 12 months ending Q2 2024. In addition, as Dee mentioned in the key investor takeaways, MoneyLion generated $10.2 million of GAAP net income and $0.85 of diluted EPS in the first half of 2024. We ended the second quarter with $98 million in cash, up from $93 million at the end of the first quarter of 2024. MoneyLion is consistently generating positive cash flow now, and we intend to continuously optimize our cost of capital to align with our strong performance.

同樣，MoneyLion 在截至 2024 年第二季的過去 12 個月內產生了 7,200 萬美元的調整後 EBITDA。此外，正如 Dee 在關鍵投資者要點中提到的，MoneyLion 在 2024 年上半年產生了 1,020 萬美元的 GAAP 淨利潤和 0.85 美元的稀釋每股收益。截至第二季末，我們的現金為 9,800 萬美元，高於 2024 年第一季末的 9,300 萬美元。MoneyLion 現在持續產生正現金流，我們打算不斷優化我們的資本成本，以與我們的強勁業績保持一致。

Now turning to guidance. In the second quarter of 2024, we met or exceeded our guidance across all metrics. Revenue was $131 million, above the high end of our guidance range of $125 million to $130 million, representing 23% year-over-year revenue growth and 8% quarter-over-quarter revenue growth. Adjusted EBITDA was $18.5 million in the middle of our guidance range of $17 million to $20 million, representing 550 basis points of year-over-year adjusted EBITDA margin expansion.

現在轉向指導。2024 年第二季度，我們的所有指標都達到或超過了我們的指導。營收為 1.31 億美元，高於我們指引 1.25 億至 1.3 億美元的上限，營收年增 23%，季增 8%。調整後 EBITDA 為 1850 萬美元，處於我們 1700 萬至 2000 萬美元指導範圍的中間，相當於調整後 EBITDA 利潤率同比增長 550 個基點。

Turning to our outlook. We are positioned for a strong third quarter. For Q3 2024, we expect revenue between $133 million to $138 million, representing 21% to 25% year-over-year growth. At the midpoint, this represents revenue growth of 23% year over year and 4% quarter over quarter. We also expect adjusted EBITDA of $18 million to $21 million, representing approximately 13% to 15.8% adjusted EBITDA margin. At the midpoint, this represents adjusted EBITDA margin of 14.4%. We are also guiding to the full year of 2024, reflecting our confidence in our performance for the second half of 2024.

轉向我們的展望。我們預計第三季將表現強勁。對於 2024 年第三季度，我們預計營收在 1.33 億美元至 1.38 億美元之間，年增 21% 至 25%。以中點計算，這意味著營收年增 23%，環比成長 4%。我們也預期調整後 EBITDA 為 1,800 萬至 2,100 萬美元，相當於調整後 EBITDA 利潤率約 13% 至 15.8%。以中點計算，調整後 EBITDA 利潤率為 14.4%。我們也對 2024 年全年進行了指導，反映出我們對 ​​2024 年下半年業績的信心。

For the full year of 2024, we expect revenue between $525 million to $535 million, representing 24% to 26% year-over-year growth. At the midpoint, this represents 25% year-over-year growth for the full year of 2024. This also represents at the midpoint an implied Q4 revenue growth of 26% year over year and 5% quarter over quarter.

對於 2024 年全年，我們預計營收在 5.25 億美元至 5.35 億美元之間，年增 24% 至 26%。以中位數計算，這意味著 2024 年全年年增 25%。這也意味著第四季營收年增 26%，季增 5%。

We expect adjusted EBITDA of $80 million to $87 million, representing approximately 15% to 16.6% adjusted EBITDA margin. At the midpoint, this represents an adjusted EBITDA margin of 15.8%. This also represents an implied Q4 EBITDA margin of 15.4% at the midpoint. While other business models are seeing weakness, we are enjoying growth and profitability given our unique ecosystem position. We are looking to finish really strong in each of the next two quarters and create significant momentum into 2025.

我們預計調整後 EBITDA 為 8,000 萬至 8,700 萬美元，相當於調整後 EBITDA 利潤率約 15% 至 16.6%。以中點計算，調整後的 EBITDA 利潤率為 15.8%。這也代表第四季 EBITDA 的隱含利潤率中點為 15.4%。雖然其他商業模式出現疲軟，但鑑於我們獨特的生態系統地位，我們正在享受成長和獲利能力。我們希望在接下來的兩個季度中都取得強勁的業績，並在 2025 年創造巨大的動力。

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

說到這裡，我將把它轉回迪伊，讓他作結束語。

Thank you, Rick. Despite the volatility of the macro and global events out for control, MoneyLion is uniquely positioned to continue winning and gaining market share in the second half of the year. At the beginning of the year, we laid out our five pillars for 2024. As we look forward, our plan is to continue carrying out our winning strategy. Our focus as a firm is to continue to execute.

謝謝你，瑞克。儘管宏觀和全球事件的波動失控，MoneyLion仍處於獨特的地位，將在下半年繼續贏得市場份額。今年年初，我們制定了 2024 年的五大支柱。展望未來，我們的計劃是繼續實施我們的致勝策略。作為一家公司，我們的重點是繼續執行。

These pillars are worth restating, continued growth in consumer. We will drive responsible, efficient growth in our consumer business through increased PFM capabilities, driving total origination volume, expanded total payment volume, strong credit performance with tight risk management and broader membership adoption.

這些支柱值得重申，即消費者的持續成長。我們將透過增強 PFM 能力、推動總發起量、擴大總支付量、透過嚴格的風險管理和更廣泛的會員採用來實現強勁的信用表現，從而推動消費業務負責任、高效的成長。

Second, relentless funnel optimization. We will optimize our enterprise funnel through improved data products, enhanced machine learning and continued optimizations to latest AI techniques, consumer experiences, remarketing capabilities, and much, much more. Third, product vertical expansion. We will deepen our presence in key verticals like credit cards, auto insurance and mortgages. This enhances our ability to deliver products to our users and our enterprise partners.

二是持續優化頻道。我們將透過改進數據產品、增強機器學習以及對最新人工智慧技術、消費者體驗、再行銷能力等的持續優化來優化我們的企業管道。三是產品垂直拓展。我們將深化在信用卡、汽車保險和抵押貸款等關鍵垂直領域的業務。這增強了我們向使用者和企業合作夥伴提供產品的能力。

Fourth, expanded distribution. We will expand our distribution through new supply partnerships, new ecosystem partnerships, including EY and new form factors like MoneyLion AI. And finally, longer-term initiatives. As we mentioned today, we have introduced a number of new products, including financial product search, MoneyLion Checkout, content-as-a-service and web services. We believe these will serve as longer-term growth drivers in addition to the growth pillars that we provided at the beginning of the year.

四是擴大佈局。我們將透過新的供應合作夥伴關係、新的生態系統合作夥伴關係（包括安永和 MoneyLion AI 等新形式）擴大我們的分銷範圍。最後是長期舉措。正如我們今天所提到的，我們推出了許多新產品，包括金融產品搜尋、MoneyLion Checkout、內容即服務和網路服務。我們相信，除了我們年初提供的成長支柱之外，這些將成為長期成長動力。

In summary, MoneyLion continues to operate under the guiding principle of offensive discipline. MoneyLion is the first digital ecosystem for consumer finance, and we have all the ingredients to fill the void with the same playbook that has disrupted a myriad of other industries. For those reasons, we're confident we can deliver on our ambitious vision to be the number one destination for financial decisions.

總而言之，MoneyLion 繼續在進攻紀律的指導原則下運作。MoneyLion 是第一個消費金融數位生態系統，我們擁有所有要素來填補這一空白，採用的策略已經顛覆了無數其他產業。基於這些原因，我們有信心實現我們雄心勃勃的願景，成為財務決策的第一目的地。

With that, I'd like to thank you all for joining us today, and I'll turn the call back over to the operator for Q&A.

在此，我要感謝大家今天加入我們，我會將電話轉回接線生進行問答。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Nice results. So I wondered if you could walk through the model in the sense of if rates starts to come down, what the impacts might be? And can you give us any sense if you've assumed any of that in the guidance?

不錯的結果。所以我想知道您是否可以從如果利率開始下降，可能會產生什麼影響的角度來瀏覽一下這個模型？如果您在指南中假設了其中的任何內容，您能為我們帶來任何意義嗎？

George, thanks for the question. So I'll answer the second part of your question, which is we have not assumed kind of the rate cuts within our guidance. And so as a reminder, in terms of the model, how it works, we -- on our enterprise side of our business has kind of spent the past couple of years really diversifying the revenue mix away from consumer credit.

喬治，謝謝你的提問。因此，我將回答你問題的第二部分，即我們沒有在我們的指導範圍內假設降息。因此，提醒一下，就模式及其運作方式而言，我們——在我們業務的企業方面，在過去的幾年裡確實使收入組合多樣化，遠離消費信貸。

One, because that helps our customers in terms of the various decisions that they're making within their financial lives outside of credit. So when we went from what was a couple of years ago, a 90% kind of concentration from a revenue perspective in consumer credit and lending down to around 55% in the most recent quarter. So the benefit of that, of course, is that we have a very diversified revenue stream.

第一，因為這有助於我們的客戶在信貸以外的財務生活中做出各種決策。因此，當我們從幾年前的收入角度來看，消費信貸和貸款的集中度為 90% 時，下降到最近一個季度的 55% 左右。當然，這樣做的好處是我們擁有非常多元化的收入來源。

The other benefit of that is that as rates do come back, we would expect to see a tailwind. We said last quarter that we thought we saw the bottom in terms of what was basically channel partners or product partners moving away from extending credit and move from a defensive posture to an offensive posture. And you can see that in our results. So our Enterprise business did enjoy our product partners kind of stepping back in. And so now we have the benefit of all of our verticals enjoying that growth. And that's what drove what is our second best quarter ever within our Enterprise business.

這樣做的另一個好處是，隨著利率確實回升，我們預計會看到順風。我們上個季度表示，我們認為我們看到了底部，基本上通路夥伴或產品合作夥伴不再提供信貸，從防禦姿態轉向進攻姿態。您可以在我們的結果中看到這一點。因此，我們的企業業務確實喜歡我們的產品合作夥伴重新介入。因此，現在我們所有的垂直產業都受益於這種成長。這就是我們企業業務有史以來第二好的季度的動力。

Great. And then relative to the end-to-end checkout experience. So you mentioned you had 85 million come into the funnel, you had 2.4 million products. In the sense that you would have this end-to-end checkout experience, can you give us a sense of how those numbers might change?

偉大的。然後是相對於端到端結帳體驗。所以你提到你有 8500 萬進入通路，你有 240 萬種產品。從某種意義上說，您將擁有這種端到端結帳體驗，您能否讓我們了解這些數字可能會如何變化？

George, it's Dee. Thanks for the question. So just broadly, the checkout experience, what it allows us to do is instead of passing the consumer from one website and other. Oftentimes, we've all been through application processes where we put in all of our social security number, PII into one form and then gets passed on to another. That's unfortunately still the state of 80% of consumer finance.

喬治，我是迪伊。謝謝你的提問。因此，從廣義上講，結帳體驗使我們能夠做的就是讓消費者從一個網站到另一個網站。通常，我們都經歷過申請流程，將所有社會安全號碼、PII 放入一種表格中，然後傳遞到另一種表格中。不幸的是，80% 的消費金融仍然處於這種狀態。

Now what we have been able to do is become the common language for publishers on one side of the market to talk to lenders on the other side of the market, where we can have with, of course, a significant consumer permissioning and consents, pass that consumer through our engine of decision-making where a lot of these lenders are now hosting their underwriting models. Just like a lot of these Internet companies hosted their websites with AWS, think of a lot of these lenders now hosting their underwriting models or waterfalls or knockout criteria inside of MoneyLion's secure ecosystem.

現在我們能夠做的是成為市場一側的出版商與市場另一側的貸方對話的通用語言，當然，我們可以在獲得重要的消費者許可和同意的情況下，通過通過我們的決策引擎，許多貸方現在都在託管他們的核保模型。就像許多網路公司透過 AWS 託管其網站一樣，想想許多貸方現在在 MoneyLion 的安全生態系統內託管其核保模型或瀑布或淘汰標準。

So we're now able to tell the consumer that without an ounce of doubt, here's a personal loan or a credit card or a mortgage or a HELOC or an insurance product that they have qualified for that they can then and there buy, right? So we expect that to be anywhere from a 20% to 40% conversion list on the existing funnel, right? That is not baked into the guidance, and we believe it can be a game changer for us as we bring that to market.

因此，我們現在可以毫無疑問地告訴消費者，這是他們可以當場購買的個人貸款、信用卡、抵押貸款、HELOC 或保險產品，對吧？所以我們預期現有通路上的轉換率會在 20% 到 40% 之間，對嗎？這並未納入指導方針，我們相信，當我們將其推向市場時，它可以改變我們的遊戲規則。

And lastly, when do you plan to be able to bring that to market?

最後，您計劃什麼時候將其推向市場？

So we're transitioning clients over now. It's live. It's in market. It's not a pipe dream. So again, that's a process, as we've said in the past, we've made a lot of investments into our partner solutions team, to our sales team. You saw that we hired more senior folks as head of revenue and so on and so forth. So that will be a process over the next couple of quarters, but we do anticipate it to be in the medium term, not the long term where that checkout experience becomes more proliferated throughout the ecosystem.

所以我們現在正在轉移客戶。這是直播。它在市場上。這不是白日夢。再說一次，正如我們過去所說，這是一個過程，我們對我們的合作夥伴解決方案團隊和我們的銷售團隊進行了大量投資。你看到我們聘請了更多的高級人員作為收入主管等等。因此，這將是未來幾季的一個過程，但我們確實預計這是在中期，而不是在整個生態系統中結帳體驗變得更加普及的長期。

Now remember, as we've said in the past, our clients on the enterprise side are some of the most sophisticated, most compliance-focused financial institutions in the world. So to walk them through the compliance process, the review process, the cybersecurity, the infosec, all of that is time-consuming. But rest assured, we are hard at work to converting all the levers that you see on the enterprise side of our ecosystem into that checkout experience.

現在請記住，正如我們過去所說，我們的企業客戶是世界上最成熟、最注重合規性的金融機構。因此，引導他們完成合規流程、審查流程、網路安全、資訊安全，所有這些都非常耗時。但請放心，我們正在努力將您在我們生態系統的企業端看到的所有槓桿轉化為結帳體驗。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. 萊利證券。

Question is on the personal loan market and the other new emerging verticals and mortgages, credit cards and auto insurance. Can you just give us a feel -- you said personal loans are stabilizing. Is it stable like flat year over year for you guys or just or returning to growth? Could you give us any more color on that? And can you give us a feel for the other verticals, where they're at in terms of traction with partners' revenue, if you could? And where they are as part of your mix in the B2B side on the enterprise side.

問題是關於個人貸款市場和其他新興垂直市場以及抵押貸款、信用卡和汽車保險。您能否給我們一個感覺—您說個人貸款正在穩定。你們的情況是逐年穩定還是只是恢復成長？您能給我們更多的資訊嗎？如果可以的話，您能否讓我們了解其他垂直行業，它們在哪些方面對合作夥伴收入的吸引力？它們是企業 B2B 方面組合的一部分。

Thanks for the question. I'll kick it off, and then Rick can chime in on some of the first and second derivatives we're seeing on the growth rates in personal loans. But kind of philosophically, a couple of years ago, we've said this over and over, that over 90% of our Enterprise revenue was through the personal loan vertical. We have now significantly diversified that. But even inside of personal loans, we provide capabilities across the credit spectrum.

謝謝你的提問。我將開始，然後里克可以插話我們在個人貸款成長率方面看到的一些一階和二階衍生性商品。但從哲學角度來說，幾年前，我們已經一遍又一遍地說過，我們 90% 以上的企業收入來自個人貸款垂直領域。我們現在已經大幅多元化。但即使在個人貸款領域，我們也提供跨信用範圍的能力。

So one of the reasons we've been able to keep the growth rate stable and [if not] growing in personal loans is because we've been able to go deeper into the credit spectrum. We've been able to go into financial wellness verticals like secured credit cards, different types of personal loans aside from just the $10,000 to $50,000 personal loans, we've got into lines of credit. So all of those substitution effect are really driving growth in our personal loans vertical.

因此，我們能夠保持成長率穩定以及個人貸款（如果不是）成長的原因之一是因為我們能夠更深入地了解信貸範圍。我們已經能夠進入金融健康垂直領域，例如擔保信用卡、不同類型的個人貸款，除了 10,000 美元到 50,000 美元的個人貸款外，我們還進入了信用額度。因此，所有這些替代效應確實推動了我們個人貸款垂直領域的成長。

We're also, as we said, as Rick said just a few minutes ago that we saw the trough from a conversion rate perspective. That's coming back as well. And then again, we haven't baked in the -- really the reduction in the interest rates into our guidance. But if you think about it from a first principles perspective, a lot of the substitution effect that we saw over the last 1.5 years, over the last 18 months, where the rates were available to the consumer, but they weren't taking the product because it was just way too expensive from what they were used to. They had sticker shock, and they were delaying a lot of the purchasing. So now what we see is that as rates come down, that conversion rate naturally should improve a little bit inside of that core $10,000 to $50,000 personal loan vertical. So that's one point.

正如我們所說，正如里克幾分鐘前所說，我們從轉換率的角度看到了谷底。那也回來了。話又說回來，我們還沒有將利率降低真正納入我們的指導中。但如果你從第一原理的角度考慮，我們在過去 1.5 年、過去 18 個月中看到了很多替代效應，消費者可以使用價格，但他們並沒有購買產品因為與他們習慣的價格相比，它太貴了。他們對價格感到震驚，並且推遲了許多採購。現在我們看到的是，隨著利率下降，在 10,000 美元至 50,000 美元的核心個人貸款垂直領域內，轉換率自然會有所提高。這是一點。

The second point is, we talked about checkout. We talked about decisioning. We are bringing a very modern technology stack into the credit card world, right? So there are a lot of credit card marketplaces out there. The way we are building it should inherently have competitive advantages. Number one, as we've talked about this in the past, we have our own media capabilities. So our top of the funnel, we're reimagining how consumers interact with even the comparison part at the consideration point of thinking, do I want to change a credit card? Most American households have four to six credit cards. So we think that there's lots of ways to really drive that funnel, whether it's through content, whether it's through [call], whether it's through a companion mobile app, we then can become the super supplier for large issuers. We started off that process. It's going really well.

第二點是，我們談到了結帳。我們討論了決定。我們正在將非常現代的技術堆疊帶入信用卡世界，對嗎？因此，那裡有很多信用卡市場。我們建構它的方式應該具有固有的競爭優勢。第一，正如我們過去談到的那樣，我們擁有自己的媒體能力。因此，在漏斗的頂部，我們正在重新構想消費者如何與比較部分進行互動，以思考“我想換一張信用卡嗎？”大多數美國家庭擁有四到六張信用卡。因此，我們認為有很多方法可以真正推動這個管道，無論是透過內容，無論是透過[通話]，還是透過配套的行動應用程序，我們都可以成為大型發行人的超級供應商。我們開始了這個過程。一切進展順利。

Credit cards is seeing a significant growth area inside of our enterprise revenue and we're pleased with that, but there's more work to do in terms of getting more and more issuers onto the credit card platform. Mortgages is still early, where we have the tech stack. We're ready to go. But if you think about just kind of the dynamics, last year was probably the lowest first new purchase homes that we've seen in the last 15 years. This year, we're seeing some recovery. And as we go into 2025, mortgages will be a growth area for us as well. So that's how we take a portfolio approach, but the tech stack and a lot of the work that we've done in compounding the technology behind the tech stack really positions us well to take market share.

信用卡在我們的企業收入中看到了顯著的成長，我們對此感到滿意，但在讓越來越多的發卡機構進入信用卡平台方面還有更多工作要做。抵押貸款還處於早期階段，我們擁有技術堆疊。我們準備出發了。但如果你考慮一下動態，去年可能是我們過去 15 年來首次購買新房的最低水準。今年，我們看到了一些復甦。進入 2025 年，抵押貸款也將成為我們的成長領域。這就是我們採取投資組合方法的方式，但是技術堆疊以及我們在技術堆疊背後的技術複合方面所做的大量工作確實使我們能夠很好地佔據市場份額。

Yes. And what I'll add to that is I appreciate your focus on enterprise, Hal, because we've been talking about strategically how important this part of our platform is. And if you look at the quarter-over-quarter revenue expansion, it was 17% in enterprise. And that doesn't happen by accident. It happens because of us being able to bring the kind of more and more products into the overall ecosystem. And so what gives us the confidence -- when you look at our third quarter guidance, it's what gives us the confidence to have 4% quarter-over-quarter growth, and so it gives us the confidence to have 23% year-over-year growth in Q3.

是的。我要補充的是，我感謝您對企業的關注，哈爾，因為我們一直在策略上討論我們平台的這一部分有多麼重要。如果你看季度環比營收擴張，企業領域的營收成長了 17%。這並不是偶然發生的。這是因為我們能夠將越來越多的產品帶入整個生態系統。所以是什麼給了我們信心——當你看看我們第三季度的指導時，它讓我們有信心實現 4% 的季度環比增長，因此它讓我們有信心實現 23% 的同比增長——第三季度的同比增長。

And then you'll see we've guided for the full year. So what that implies for Q4 is that we're then expecting a 26% year over year or a 5% quarter-over-quarter growth even in Q4. And that's because of the momentum that we're entering into the kind of third and fourth quarters with given the enterprise business. And so one of the things that you'll continue to see from us is this focus on being able to take that full catalog of products and give them to our existing customer base and an existing consumer base. And that's what I talk about the 30%, 60%, 90% contribution margin journey that our customers go through. The ability for us to be able to give customers that full spectrum of product offerings only happens because we've been able to expand within the card verticals.

然後你會看到我們全年的指導。因此，這對第四季度意味著我們預計即使在第四季度也將實現 26% 的同比增長或 5% 的季度環比增長。這是因為我們進入第三季和第四季的企業業務勢頭強勁。因此，您將繼續從我們身上看到的一件事是，我們專注於能夠獲得完整的產品目錄，並將其提供給我們現有的客戶群和現有的消費者群。這就是我所說的我們的客戶所經歷的 30%、60%、90% 邊際貢獻之旅。我們之所以能夠為客戶提供全方位的產品，是因為我們能夠在銀行卡垂直領域擴張。

So again, I appreciate the question. And you'll see that that's going to carry us into the second half of the year in terms of our expansion, both kind of on the revenue side and EBITDA margin expansion through the end of the year.

再次，我很欣賞這個問題。你會發現，這將使我們進入今年下半年的擴張，包括收入方面和年底前 EBITDA 利潤率的擴張。

If I could ask one follow-up. There was some recent news on Google, on Antitrust. And I recall, Dee, you saying that MoneyLion has become an alternative customer acquisition service to Google and Facebook and others. And it might be a good kind of early, but if one of you could comment on the potential that Antitrust might help or hurt you guys based on this recent news.

如果我可以問一個後續問題。最近有一些關於谷歌反壟斷的新聞。我記得，Dee，你說過 MoneyLion 已經成為Google、Facebook 和其他公司的替代客戶獲取服務。這可能是一種很好的早期方式，但如果你們中有人能根據最近的新聞評論反壟斷可能幫助或傷害你們的潛力。

Yes, Hal. Look, I think just kind of as it relates to our business model, we've always said that we operate our own walled garden as measured by 85-plus million consumer inquiries over the last quarter, increasing from a from 80 million in Q1. It just gives us a lot of degrees of freedom. We are a must-have channel partner for some of the most sophisticated and leading digital financial services acquisition companies, and you can see that in our client list. And we provide a lot of capabilities.

是的，哈爾。聽著，我認為這與我們的商業模式有關，我們一直說我們經營自己的圍牆花園，根據上個季度超過8500 萬的消費者查詢來衡量，這一數字比第一季的8000 萬有所增加。它只是給了我們很多自由度。我們是一些最先進和領先的數位金融服務收購公司的必備通路合作夥伴，您可以在我們的客戶名單中看到這一點。我們提供了很多功能。

We talked about web services. So how do you navigate MoneyLion's walled garden? You have to optimize your ads, you have to optimize your content, you have to optimize your algorithms, right. So now even to kind of really operate inside of the MoneyLion engine network, clients are using a lot of these web services capabilities just like they would on Google or just like they would on Meta to build their audiences, to build the right algorithms.

我們討論了網路服務。那麼該如何駕馭 MoneyLion 的圍牆花園呢？你必須優化你的廣告，你必須優化你的內容，你必須優化你的演算法，對吧。因此，現在即使要在 MoneyLion 引擎網路內部進行真正的操作，客戶也會使用許多此類 Web 服務功能，就像他們在 Google 上或在 Meta 上一樣，來建立受眾、建立正確的演算法。

So I think there are a lot of similarities, and we absolutely offer a very credible alternative to acquire consumers that are in-market, that are vetted and that have a very high intention to take a financial product. And we're going to continue that, right? And that's really what differentiates us in the fintech ecosystem as well, right? We're not just a this or a that, we are the ecosystem, we're in the marketplace. And we're building tools for a lot of our publishing as well as our financial partners to navigate that ecosystem with precision.

因此，我認為兩者有很多相似之處，我們絕對提供了一個非常可靠的替代方案來獲取市場上、經過審查並且有很高的購買金融產品意願的消費者。我們將繼續這樣做，對吧？這也是我們在金融科技生態系統中的獨特之處，對嗎？我們不僅僅是這個或那個，我們是生態系統，我們是市場的一員。我們正在為我們的許多出版業以及我們的金融合作夥伴建立工具，以精確地駕馭該生態系統。

Kyle Peterson, Needham & Company.

凱爾彼得森，李約瑟公司。

Great. Just wanted to touch on the guide, particularly in the back half. I know there's been moving pieces between customer adds and ARPU. How should we think about those two dynamics in the back half of the year in terms of what's assumed in the guide?

偉大的。只是想談談指南，特別是後半部。我知道客戶增加量和 ARPU 之間一直存在著變化。根據指南中的假設，我們該如何看待下半年的這兩種動態？

Thanks for the question. I think it's important when we talk about strategically what we've been really focused around, which is a significantly larger TAM. And so our goal has been to help every person in America be able to make the right financial decision. That gives us an enormous sandbox to play in terms of helping customers. And importantly, it allows us to be authentic in terms of bringing both our kind of first and third-party products to customers.

謝謝你的提問。我認為，當我們從策略角度討論我們真正關注的問題時，這一點很重要，即規模大得多的 TAM。因此，我們的目標是幫助每個美國人都能做出正確的財務決策。這為我們提供了一個巨大的沙箱來幫助客戶。重要的是，它使我們能夠真實地向客戶提供我們的第一個產品和第三方產品。

And so what you'll see is in the past few quarters, we've been adding more and more consumption of third-party products. So we're really becoming a marketplace for this business. And the benefit of that is, again, we get to help our customers. We also are able to use that to drive record revenue. And so while ARPU has come down slightly, what you'll see is that it's actually allowed us to have a significantly faster growth rate around our revenue.

因此，您將看到在過去的幾個季度中，我們一直在增加越來越多的第三方產品的消費。所以我們真的正在成為這項業務的市場。這樣做的好處是，我們可以再次幫助我們的客戶。我們也能夠利用它來推動創紀錄的收入。因此，雖然 ARPU 略有下降，但您會看到，它實際上使我們的收入成長率顯著加快。

The other thing it allows us to do is it allows us to take that customer on that journey that we talked about, the 30, 60, 90 journey. We are now really focused on being able to not only kind of bring customers into the marketplace through our B2B channels, but we're investing heavily in our life cycle marketing tech stack to be able to help those customers along a multiyear journey. So you'll see that, that's also driving our lifetime value or expanding our lifetime value.

它讓我們能夠做的另一件事是，它讓我們能夠帶領客戶踏上我們談論的旅程，即 30、60、90 歲的旅程。我們現在真正專注於不僅能夠透過我們的 B2B 管道將客戶帶入市場，而且我們正在大力投資我們的生命週期行銷技術堆疊，以便能夠在多年的旅程中幫助這些客戶。所以你會發現，這也推動了我們的終身價值或擴大了我們的終身價值。

And importantly, as I mentioned, that as customers go down that journey with us, we're now also driving higher margin or higher contribution margin revenue with those consumers. And so we're comfortable making the trade-off in terms of slightly lower ARPU for record level expected revenue over the next two quarters, while also expanding contribution margin and increasing kind of the margin profile of the overall mix, more towards that kind of 60% to 90% profile.

重要的是，正如我所提到的，隨著客戶與我們一起踏上這段旅程，我們現在也為這些消費者帶來更高的利潤或更高的貢獻利潤收入。因此，我們願意在未來兩個季度的預期收入創紀錄水平的情況下，以略低的 ARPU 來進行權衡，同時擴大貢獻邊際並增加整體組合的邊際收益，更傾向於這種方式60% 到90 % 的輪廓。

Okay. That makes sense. That's really helpful. And just as a follow-up, I wanted to just walk through a bit more on the transition to the forward flow in the warehouse. On the unit economics on that, historically, you guys have said it's relatively neutral to the P&L. So I guess, should we kind of think of the provision expense -- historically, is that a decent proxy for what the OpEx kind of loss on sale line will be moving forward? And I guess, could you just clarify the exact timing and kind of how fast that transition and so forth flow will occur in the third quarter.

好的。這是有道理的。這真的很有幫助。作為後續行動，我想詳細介紹一下向倉庫中的前向流程的過渡。從歷史上看，就單位經濟效益而言，你們曾說過它對損益表相對中性。所以我想，我們是否應該考慮撥備費用——從歷史上看，這是否可以很好地代表銷售線未來的營運支出損失？我想，您能否澄清一下第三季發生過渡的確切時間和速度等等。

Yes. So the question around forward flow. I'll take it kind of in reverse order. The timing is it's currently underway. So we talked about it last quarter, it was announced at the very beginning of July, and we are in the process of transitioning right now. As you summarized, the benefit is it's more cash efficient. We also are able to move our receivables off balance sheet. And so from a credit risk perspective, we're going to shift that to our financing partners.

是的。所以關於前向流的問題。我會以相反的順序來看待它。時間安排目前正在進行中。所以我們上個季度就討論過這個問題，七月初就宣布了，現在我們正在過渡過程中。正如您所總結的，好處是現金效率更高。我們也能夠將應收帳款移出資產負債表。因此，從信用風險的角度來看，我們將把它轉移給我們的融資合作夥伴。

In terms of the go forward, as you can see, we are relentless in terms of continuously optimizing unit economics. And so while yes, this specific forward flow arrangement is relatively neutral from a P&L perspective. we continuously look for ways to optimize in terms of our processing, in terms of our overall underwriting. And so we would expect over time to continue to improve unit economics.

就未來而言，正如您所看到的，我們在不斷優化單位經濟效益方面堅持不懈。因此，雖然是的，但從損益角度來看，這種特定的遠期流量安排相對中性。我們不斷尋找優化流程和整體承保的方法。因此，我們預計隨著時間的推移，單位經濟效益將繼續改善。

And so if we kind of hold those two things separate, the unit economics will continue to improve and the kind of forward flow arrangement will be more cash efficient for us and improve our overall cash flow, which you'll see. Even in the most recent quarter, we just continued to be cash flow positive in terms of being able to generate cash from our operations.

因此，如果我們將這兩件事分開，單位經濟效益將繼續改善，遠期流動安排對我們來說將更具現金效率，並改善我們的整體現金流，這一點你會看到。即使在最近一個季度，我們的現金流仍然保持正值，能夠從我們的營運中產生現金。

Okay. And just to confirm, I guess, at least for -- in the near term, it's reasonable to assume that kind of the historical provision should be somewhat similar to the OpEx line item, there will be a replacement and then there's room for upsides down the road?

好的。只是為了確認，我想，至少在短期內，可以合理地假設這種歷史條款應該與營運支出項目有些相似，將會有替代品，然後還有顛倒的空間路？

Yes, we don't see any headwinds in terms of the performance of our consumer book. We had obviously that typical first quarter seasonal benefit. We had reversion back to our historical levels. And so going forward, we wouldn't expect there to be any change to that. Given kind of the unique way in which we kind of manage our customers and the way we manage our balance sheet.

是的，我們沒有看到消費性圖書的表現有任何阻力。顯然，我們有典型的第一季季節性效益。我們回到了歷史水平。因此，展望未來，我們預計不會有任何改變。鑑於我們管理客戶和管理資產負債表的獨特方式。

Jacob Stephan, Lake Street Capital.

雅各史蒂芬，湖街資本。

Jumping between calls this morning. So apologies if I double cover something here. But maybe could you guys just touch on the overall marketing spend environment? I mean, what are you guys seeing in terms of -- with the election coming up, is there any elevated marketing spend that may affect the customer acquisition cost here?

今天早上在電話之間跳轉。如果我在這裡雙重報道一些東西，我深表歉意。但也許你們能談談整體行銷支出環境嗎？我的意思是，你們認為隨著選舉的臨近，行銷支出的增加是否會影響這裡的客戶獲取成本？

Well, first of all, there are a couple of elements to that. The way that I -- still your question is there's customer acquisition costs for MoneyLion going into the second half of the year. And then there is the spend that third-party enterprise clients really perform on the MoneyLion ecosystem.

嗯，首先，有幾個要素。我的方式——你的問題仍然是 MoneyLion 進入今年下半年的客戶獲取成本。然後是第三方企業客戶在 MoneyLion 生態系統上實際執行的支出。

So let me take the first one. So we see no impact to our ability to maintain CACs and LTVs at the levels that we're guiding to in the second half of the year. As a reminder, we have multiple levers here to manage CAC and LTV. We have the ability, of course, to use our organic capabilities. We've got a very strong returning customer base and that's what really drives the operating margin as well.

所以讓我採取第一個。因此，我們認為將 CAC 和 LTV 維持在我們下半年指導的水平的能力不會受到影響。提醒一下，我們有多種手段來管理 CAC 和 LTV。當然，我們有能力利用我們的有機能力。我們擁有非常強大的回頭客群，這也是真正推動營業利潤率的因素。

And then from a channel perspective, we have levers across traditional performance media brand as well as MoneyLion is spending on its own walled garden as well. Now we may take some strategic initiatives to invest in the brand in the second half of the year for sure, as we see those opportunities arise. But again, from where we're guiding, there should be really no impact in our ability to navigate the multiple levers that we have. And really, we've seen this before. We've seen ebbs and flows in the marketing environment before, and we've built our apparatus really to be responsive to that.

然後從通路的角度來看，我們在傳統績效媒體品牌上擁有槓桿，MoneyLion 也在自己的圍牆花園上投入資金。現在，當我們看到這些機會出現時，我們肯定會在下半年採取一些策略性舉措來投資該品牌。但同樣，從我們的指導方向來看，我們操縱現有多個槓桿的能力實際上應該不會受到影響。確實，我們以前見過這種情況。我們以前見過行銷環境的潮起潮落，並且我們已經建立了真正能夠對此做出回應的設備。

On the second point, we are actually seeing increased spend on our MoneyLion engine marketplace. And that's encouraging. We've said that, look, you've got Apple walled garden, you've got the Google walled garden, you've got the Meta walled garden. Clearly, we're not as big as those just yet. But of course, we are a very important channel for financial services clients to get in consideration, end market, highly vetted consumers for financial products. We're becoming a must-have for the CMO inside some of these larger financial institutions, and we actually see that accelerating going into the second half of the year, driven by some of the trends that you just mentioned.

關於第二點，我們實際上看到 MoneyLion 引擎市場上的支出增加。這令人鼓舞。我們說過，你看，你有蘋果圍牆花園，你有谷歌圍牆花園，你有元圍牆花園。顯然，我們還沒有那麼大。當然，我們是金融服務客戶考慮終端市場、經過嚴格審查的金融產品消費者的非常重要的管道。我們正在成為一些大型金融機構內部 CMO 的必備人才，而且我們實際上看到，在您剛才提到的一些趨勢的推動下，這種情況在下半年會加速。

Okay. Got it. That's helpful. And maybe just an update on EY Nexus. I'm not sure if you guys talked about that on the call, but any update would be helpful.

好的。知道了。這很有幫助。也許只是 EY Nexus 的更新。我不確定你們是否在電話中談到了這一點，但任何更新都會有幫助。

Yes, sure. So EY, our partnership with EY allows us to really develop and co-build and co-distribute their embedded marketplace and embedded financial services capabilities for medium, small and regional banks, if you will, right?

是的，當然。因此，安永，我們與安永的合作關係使我們能夠真正為中型、小型和區域銀行開發、共同構建和共同分銷他們的嵌入式市場和嵌入式金融服務能力，如果你願意的話，對嗎？

So if you think about what we're doing with the technology build around MoneyLion checkout, around a lot of the web services capabilities, all of those are really compounding into these modular building blocks that we are then using channels to increase the partners that we have on the enterprise side of the business. And EY is a great partner in doing that. That's continuing to progress.

因此，如果您考慮我們圍繞 MoneyLion 結帳、圍繞許多 Web 服務功能構建的技術所做的事情，所有這些都真正複合到這些模組化構建塊中，然後我們使用渠道來增加我們的合作夥伴在企業方面。安永是這方面的重要夥伴。這還在繼續進步。

Again, these are really highly sophisticated financial institutions where we have to engage in long sales cycles. But again, it's going exactly to plan, and we continue to believe that it will be impactful in late 2024, early 2025, from a contribution perspective.

同樣，這些都是非常複雜的金融機構，我們必須在其中進行較長的銷售週期。但同樣，它完全按照計劃進行，我們仍然相信，從貢獻的角度來看，它將在 2024 年底、2025 年初產生影響。

Okay. That's helpful. And then just last one for me. The 8-K you guys put out this morning, that wasn't your earnings release. Maybe if you could just kind of help us understand it. Is that moving towards kind of a bank overdraft framework for your -- the Instacash product?

好的。這很有幫助。然後是我的最後一個。你們今天早上發布的 8-K 並不是你們的收益發布。也許你能幫助我們理解它。這是否正向 Instacash 產品的銀行透支框架邁進？

So the 8-K that we put out this morning was an extension of our relationship with Pathward, our partner bank. This is a very fruitful five-year long relationship. It's just an extension. We're always looking at innovative ways to provide liquidity products to millions of our consumers. So we did add the capability with Pathward to provide overdraft protection to our already feature fill RoarMoney digital bank account. And we have multiple ways to win, and this will be a complement to the existing first-party consumer capabilities that we're providing.

因此，我們今天早上推出的 8-K 是我們與合作夥伴銀行 Pathward 關係的延伸。這是一段非常富有成果的五年關係。這只是一個擴展。我們一直在尋找創新方法，為數百萬消費者提供流動性產品。因此，我們確實添加了 Pathward 的功能，為我們已經具備功能的 RoarMoney 數位銀行帳戶提供透支保障。我們有多種獲勝方式，這將是我們提供的現有第一方消費者功能的補充。

Thank you. At this time, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。至此，今天的電話會議就結束了。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。