MoneyLion Inc (ML) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mandeep and I'll be your operator today. At this time. I'd like to walk into Q3 2024. Ernie's call.

感謝您的支持。我的名字是 Mandeep，今天我將擔任您的接線生。此時。我想走進2024年第三季。厄尼的電話。

(Operator Instructions)

（操作員指令）

We now like to turn the call over to Sean Horgan, head of you may begin..

現在我們想把電話轉給 Sean Horgan，你的負責人可以開始囉…

Thank you operator. Good morning and thank you all for joining us for our third quarter, 2024 earnings conference call with me today are MoneyLion, CEO Dee Choubey and CFO Richard Correia. To discuss our results, you can find the presentation accompanying our earnings press release on our investor relations website at investors.moneylion.com.

謝謝接線生。早安，感謝大家參加我們的 2024 年第三季財報電話會議，今天與我一起參加的是 MoneyLion、執行長 Dee Choubey 和財務長 Richard Correia。要討論我們的業績，您可以在我們的投資者關係網站 investors.moneylion.com 上找到隨收益新聞稿發布的簡報。

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 with that. I'll turn the call over to Dee.

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約束，該聲明可在我們的 SEC 文件和收益新聞稿中找到。我會把電話轉給 Dee。

Thank you, Sean. Good morning and thank you all for joining us for our third quarter, 2024 earnings call. Last quarter, we introduced our vision of becoming the number one destination for financial decisions. In Q3 2024 we took decisive steps towards this outcome.

謝謝你，肖恩。早安，感謝大家參加我們的 2024 年第三季財報電話會議。上個季度，我們提出了成為首選財務決策目的地的願景。2024 年第三季度，我們朝著這項結果邁出了決定性的一步。

We delivered record performance in the third quarter and we see that momentum continuing with accelerating revenue growth in the fourth quarter. This reflects our confidence in achieving our vision. And now let's turn to the key takeaways for the third quarter.

我們在第三季度取得了創紀錄的業績，我們預計這一勢頭將在第四季度繼續延續，收入成長也將加速。這體現了我們實現願景的信心。現在讓我們來看看第三季的關鍵要點。

First, we achieved record quarterly revenue of $135 million. Which represented 23% year over year growth building on this quarter. We're raising our full year 2024 revenue guidance to $536million to $541 million up from $525million to $535 million. Based on our new guidance, we expect revenue in the fourth quarter of $151 million at the midpoint. Which represents 34% year over year growth. A significant increase from the comparable 23% year over year growth in the third quarter.

首先，我們實現了創紀錄的1.35億美元的季度收入。這意味著本季的年成長率為 23%。我們將 2024 年全年營收預期從 5.25 億美元至 5.35 億美元上調至 5.36 億美元至 5.41 億美元。根據我們的新指引，我們預計第四季的營收中位數為 1.51 億美元。較去年同期成長34%。與第三季23%的年成長率相比有顯著成長。

Second, we generated record adjusted EBITDA of $24 million for the quarter which exceeded our guidance range of $18 million to $21 million. This reflects an adjusted EBITDA margin of 18% above the high end of our guidance of 13% to 15.8%.

其次，本季我們調整後的 EBITDA 達到創紀錄的 2,400 萬美元，超過了我們 1,800 萬至 2,100 萬美元的預期範圍。這反映出調整後的 EBITDA 利潤率比我們預期的 13% 至 15.8% 的高點高出 18%。

We now expect full year 2024 adjusted EBITDA in the range of $88million to $93 million. Up from our prior guidance of $80million to $87 million. This new range reflects an adjusted EBITDA margin of 16.8% at the midpoint. Importantly, we once again generated positive cash flow during the quarter and we ended the quarter with a cash balance of $112 million. Up from $98 million at the end of the second quarter.

我們現在預計 2024 年全年調整後 EBITDA 在 8,800 萬美元至 9,300 萬美元之間。高於我們先前預測的 8,000 萬美元至 8,700 萬美元。這一新範圍反映了中間點16.8%的調整後EBITDA利潤率。重要的是，我們在本季再次產生了正現金流，本季末的現金餘額為 1.12 億美元。高於第二季末的 9800 萬美元。

Third, we generated record enterprise revenue in the quarter. Enterprise revenue grew 18% quarter over quarter to $45 million. This reflects continued momentum on the heels of 17% quarter over quarter growth in the prior quarter.

第三，我們在本季創造了創紀錄的企業收入。企業營收季增 18%，達到 4,500 萬美元。這反映出在上一季環比成長 17% 的基礎上繼續保持的成長勢頭。

Lastly, our strategic initiatives are fuelling growth by improving conversion metrics across our marketplace. This is highlighted by the launch of MoneyLion, check out our end to end solution that we believe will unify and simplify the financial product shopping experience in the same way that online marketplaces fit for the online travel industry.

最後，我們的策略舉措透過改善整個市場的轉換指標來推動成長。MoneyLion 的推出突顯了這一點，請查看我們的端到端解決方案，我們相信該解決方案將統一和簡化金融產品購物體驗，就像在線市場適合在線旅遊業一樣。

These are crucial drivers that position money line for accelerating growth exiting the year. We expect this momentum to continue with enterprise revenue growth above 18% quarter over quarter in Q4. Turning to customer growth, we ended the third quarter with 18.7 million total customers marking a 54% year over year increase and 1.6 million new customers compared to Q2.

這些都是推動資金線在年底加速成長的關鍵因素。我們預計這一動能將持續下去，第四季企業營收將季增 18% 以上。談到客戶成長，截止第三季度，我們共有 1,870 萬客戶，年增 54%，與第二季相比新增 160 萬客戶。

To put this into perspective. Total customers have grown about 3.5 times since Q3 of 2022. And we're happy with this growth. But more importantly, we're increasing the products consumed on our platform. By the end of Q3, 2024 30.7 million total products have been consumed on our platform. Importantly, we increased our product consumption from 2.4 million in Q2 to 3 million in Q3.

從這個角度來理解這一點。自 2022 年第三季以來，總客戶數量增加了約 3.5 倍。我們對這種增長感到非常高興。但更重要的是，我們正在增加我們平台上消費的產品。截至 2024 年第三季末，我們的平台共消費了 3,070 萬件產品。重要的是，我們的產品消費量從第二季的 240 萬增加到第三季的 300 萬。

This underscores the success of our land and expand strategy. Every time we add a customer to the money and platform, we have the ability to cross sell, wear and monetize these customers with our industry leading personal financial management or PFM tools and financial offers.

這凸顯了我們的土地和擴張策略的成功。每當我們為資金和平台增加一個客戶時，我們都有能力利用我們行業領先的個人財務管理或 PFM 工具和金融優惠對這些客戶進行交叉銷售、兌現和貨幣化。

We added 1.8 million third party products alongside 1.2 million first party products. A proof point in our strategy to target an expanding target, addressable market and a diverse customer base. This demonstrates the increasing scale of our marketplace first platform which can help all Americans make their best financial decisions. Over time. We have made MoneyLion more and more relevant as a product for every American.

我們在 120 萬種第一方產品的同時也增加了 180 萬種第三方產品。我們的策略的一個證明點是瞄準不斷擴大的目標、可尋址的市場和多樣化的客戶群。這顯示我們的市場優先平台規模不斷擴大，可以幫助所有美國人做出最佳的財務決策。隨著時間的推移。我們已讓 MoneyLion 成為越來越適合每個美國人的產品。

Our technology drives better outcomes for both consumers and enterprise partners, fuelling revenue growth and operating leverage. And in a word, our machinery is working. MoneyLion is the ultimate financial marketplace. This is our strategic advantage as we're able to enjoy low-cost customer acquisition and then we nurture consumers over their financial journeys and product buying inflection points.

我們的技術為消費者和企業合作夥伴帶來更好的結果，促進收入成長和營運槓桿。總而言之，我們的機器正在運轉。MoneyLion 是終極金融市場。這是我們的策略優勢，因為我們能夠享受低成本的客戶獲取，然後在消費者的財務旅程和產品購買轉折點上培育消費者。

This engagement leads to higher ARPU's and lifetime value. It bears repeating because when we talk about enterprise growth, we're also talking about the integration of the marketplace within the MoneyLion consumer app, which is one of the key components of the enterprise, business equation. Enterprise continues to gain momentum with 17% quarter over quarter growth in Q2 followed by 18% growth in Q3.

這種參與可帶來更高的 ARPU 和終身價值。值得重複的是，因為當我們談論企業成長時，我們也在談論 MoneyLion 消費者應用程式內的市場整合，這是企業、商業方程式的關鍵組成部分之一。企業持續保持成長勢頭，第二季環比成長 17%，第三季成長 18%。

And further acceleration is expected in Q4. Our consumer marketplace is one of the fastest growing parts of our business and it's an important lever that helps us generate high contribution margin revenue. Our first party products like instant cash and our full suite of banking and investing capabilities continue to drive year over year growth in our consumer business with high contribution profit margins because of our large base of returning customers consumer revenue is largely highly recurring in nature.

預計第四季將進一步加速。我們的消費者市場是我們業務中成長最快的部分之一，它是幫助我們創造高貢獻利潤收入的重要槓桿。我們的第一方產品（例如即時現金）和全套銀行和投資功能繼續推動我們的消費者業務逐年增長，並帶來高貢獻利潤率，因為我們擁有龐大的回頭客群，消費者收入在很大程度上上具有高度經常性的性質。

We control the growth levers here as well. This gives us a lot of confidence to profitably acquire new cohorts of customers using our flywheel advantage across the digital consumer financial landscape. MoneyLion is now renowned as the fullest featured personal finance platform in the industry. This is important because it provides insights and tools that keep customers returning to our platform for valuable guidance and advice, insights and content.

我們也在這裡控製成長槓桿。這給了我們很大的信心，利用我們在數位消費者金融領域的飛輪優勢，有利可圖地獲取新客戶群。MoneyLion 現已被譽為業界功能最齊全的個人理財平台。這很重要，因為它提供了見解和工具，使客戶能夠回到我們的平台以獲得寶貴的指導和建議、見解和內容。

Further consumer marketplace conversions are increasing as customers repeatedly turn to our ecosystem for financial decisions. Our web and mobile digital products are built to engage consumers with guidance across financial inflection points. Just to name a few, we've built calculators and insights to inform product buying decisions, community features like user generated content and commenting.

隨著客戶不斷求助於我們的生態系統來做出財務決策，消費者市場轉換率正在進一步提高。我們的網路和行動數位產品旨在為消費者提供跨越金融轉折點的指導。僅舉幾個例子，我們構建了計算器和洞察力來為產品購買決策提供信息，以及用戶生成內容和評論等社區功能。

We have a consumer marketplace with a broad set of third-party products and offers and of course our premium membership. "WOW," app which provides real cash back and financial decisions. So now let's turn to enterprise. Our enterprise business is thriving across both macroeconomic and fundamental factors. We are becoming the de facto ecosystem for any financial services provider in the industry.

我們擁有一個消費者市場，其中有廣泛的第三方產品和優惠，當然還有我們的高級會員資格。「WOW」應用程式提供真正的現金回饋和財務決策。現在讓我們轉向企業。我們的企業業務在宏觀經濟和基本面因素雙重推動下都蓬勃發展。我們正在成為行業內任何金融服務提供者事實上的生態系統。

Looking to acquire highly vetted in market consumers. Our network expanded to over 1,200 enterprise partners in the third quarter, driving almost 90 million total customer increase. So, I'll start with the macroeconomic environment as it relates to our enterprise business in the third quarter. Within our largest vertical personal loans. We noted in our last two earnings calls that the current credit cycle likely bottomed at the end of Q1 conversion rates or the percentage of approved applications improved modestly in Q3 but still remained below historical levels.

尋求獲得市場消費者的嚴格審查。我們的網路在第三季擴展至超過 1,200 家企業合作夥伴，帶動客戶總數增加近 9,000 萬人。因此，我將首先介紹與我們第三季企業業務相關的宏觀經濟環境。在我們最大的垂直個人貸款。我們在最近兩次財報電話會議上指出，當前信貸週期可能在第一季末轉換率觸底，或獲批申請的百分比在第三季略有改善，但仍低於歷史水準。

We expect upside in loan conversions as interest rates decrease. We've added new partners across verticals. And in the third quarter, non-personal loan revenue was about half of the marketplace revenue underscoring the success of our diversification efforts. So far. In the fourth quarter, we've seen conversion rates trend positively. We expect continued stabilization through the first half of next year, as well as lenders revisit their acquisition strategies in a lower interest rate environment.

我們預計，隨著利率下降，貸款轉換率將上升。我們在各個垂直領域增加了新的合作夥伴。第三季度，非個人貸款收入約佔市場收入的一半，凸顯了我們多元化努力的成功。迄今為止。在第四季度，我們看到轉換率呈現正面趨勢。我們預計明年上半年市場將持續保持穩定，同時貸款機構將在較低利率環境下重新審視其收購策略。

Our focus remains on revenue diversification and providing even more software development capabilities, business intelligence and analytics and conversion funnel optimization tools to our enterprise partners. We believe our edge in optimizing our software leads to increased revenue opportunities for all participants in our marketplace. Deepening our presence in key verticals is another strategy to grow the value of our marketplace.

我們的重點仍然是收入多樣化，並為我們的企業合作夥伴提供更多的軟體開發能力、商業智慧和分析以及轉換管道優化工具。我們相信，我們在優化軟體方面的優勢將為市場中的所有參與者帶來更多的收入機會。深化我們在關鍵垂直領域的影響力是增加我們市場價值的另一個策略。

This is beginning to bear fruit, but we believe we're only in the early innings of penetrating these verticals. The key verticals we're focused on include credit cards, mortgages and auto insurance. Let me touch on each of these briefly in credit cards. We're hosting the decisioning models of our partner issuers to deliver personalized prequalified offers to our users.

這項措施已開始取得成效，但我們相信，我們僅處於滲透這些垂直領域的早期階段。我們關注的重點垂直領域包括信用卡、抵押貸款和汽車保險。讓我簡單談談信用卡的這些面向。我們正在託管合作發行商的決策模型，以便為我們的用戶提供個人化的預審合格優惠。

In addition, we are leveraging personalized life cycle campaigns backed by new data sources to optimize convergence. We're making progress on our go to market efforts for mortgage related products like home equity line of credits with many more features and capabilities to come in the month. In the coming months, we plan to launch real time mortgage pricing, displays, contents and widgets across the MoneyLion ecosystem.

此外，我們正在利用由新資料來源支援的個人化生命週期活動來優化融合。我們正在推動抵押貸款相關產品（如房屋淨值信貸額度）的市場推廣工作，本月還將推出更多功能和性能。在接下來的幾個月裡，我們計劃在 MoneyLion 生態系統中推出即時抵押貸款定價、顯示、內容和小部件。

In auto insurance, we saw substantial growth in the third quarter by calibrating the right product and offers for the right segments of our vast customer base. This will grow as we continue refining the capabilities. Our goal is to grow these verticals to a similar scale as what we today enjoy in personal loans. These diversification efforts expand our revenue opportunity and smooth out our enterprise revenue, strengthening our naturally hedged business across macroeconomic cycles.

在汽車保險方面，我們透過為龐大的客戶群中的正確細分市場調整合適的產品和優惠，在第三季度實現了大幅成長。隨著我們不斷完善能力，這一數字還會成長。我們的目標是將這些垂直行業發展到與我們今天所享受的個人貸款類似的規模。這些多元化努力擴大了我們的收入機會，平滑了我們的企業收入，增強了我們在宏觀經濟週期中的自然對沖業務。

We are super excited about MoneyLion checkout. It transforms the consumer experience, disrupting the industry while improving our unit economics. This brings to bear multiple facets of our technology development into one platform that reduces significant friction for the consumer. When I say that MoneyLion is a must have partner for customer acquisition and consumer finance. This is yet another reason why. Let me explain when consumers visit Amazon to buy something like sneakers, they expect to search shop compare and complete their purchase all in one place.

我們對 MoneyLion 結帳感到非常興奮。它改變了消費者體驗，顛覆了產業，同時提高了我們的單位經濟效益。這將把我們技術開發的多個面向整合到一個平台上，從而大大減少消費者的摩擦。當我說 MoneyLion 是客戶獲取和消費金融的必備合作夥伴。這又是另一個原因。讓我解釋一下，當消費者造訪亞馬遜購買運動鞋之類的東西時，他們希望在一個地方進行搜尋、商店比較並完成購買。

They don't expect to be redirected to Nike.com to finish the transaction. Consumer finances lack this kind of seamless experience until now with MoneyLion checkout. MoneyLion checkout lets consumers complete financial transactions across hundreds of providers in real time without leaving the MoneyLion platform. By integrating consumer and third-party data directly with MoneyLion's product partners.

他們不希望被重新導向到 Nike.com 來完成交易。到目前為止，MoneyLion 結帳尚未為消費者提供這種無縫財務體驗。MoneyLion 結帳讓消費者無需離開 MoneyLion 平台即可即時完成數百家供應商之間的金融交易。透過將消費者和第三方資料直接與 MoneyLion 的產品合作夥伴整合。

These providers can increase conversions and expedite on boarding whether a consumer is borrowing a borrowing for a loan, signing up for a credit card, starting a savings account or choosing among the dozens of other product categories. MoneyLion offers, they can complete the entire transaction within MoneyLion's dynamic consumer marketplace. So how does this translate to positive outcomes for enterprise partners? Well, we're already seeing great results.

這些提供者可以提高轉換率並加快入職速度，無論消費者是藉款、申請信用卡、開立儲蓄帳戶還是在數十種其他產品類別中進行選擇。MoneyLion 提供，他們可以在 MoneyLion 的動態消費者市場內完成整個交易。那麼這對企業夥伴來說如何轉化為正面的成果呢？嗯，我們已經看到了很好的成果。

Our pilot partners leveraging MoneyLion checkout have seen increases across key metrics such as a 25% improvement in click through rate, 2.5 times increase in conversions and a 30% or more increase in revenue. So we're excited to continue rolling out money line, check out across our network and driving better outcomes for both consumers and enterprise partners.

我們的試點合作夥伴利用 MoneyLion 結帳方式，關鍵指標均有所提升，例如點擊率提高了 25%、轉換率提高了 2.5 倍、收入提高了 30% 或更多。因此，我們很高興繼續推出貨幣線，透過我們的網路進行結帳，為消費者和企業合作夥伴帶來更好的結果。

So with that, I'll turn the call over to Rick to provide a more detailed update on our financials.

因此，我將把電話轉給 Rick，讓他提供有關我們財務狀況的更詳細更新。

Thanks Dee and good morning to everyone. I look forward to sharing details about our financial performance for the third quarter ending September 30, 2024. And we will also discuss our guidance and outlook for the fourth 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 our 10-Q filing first. Our customer acquisition and life cycle strategy continue to translate into strong customer and product ads.

謝謝 Dee，大家早安。我期待分享截至 2024 年 9 月 30 日第三季的財務業績詳情。我們也將討論 2024 年第四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 對帳表，這些報表可在今天的收益報告和我們的 10-Q 文件中首先找到。我們的客戶獲取和生命週期策略繼續轉化為強大的客戶和產品廣告。

Our top of funnel expanded to almost 90 million total customer inquiries in the third quarter of 24. Up from 85 million in the prior quarter. These inquiries converted into 1.6 million new total customers and 3 million total products consumed during the quarter. Up from 2.4 million products in Q2, our top of funnel demonstrated significant growth from an already massive basin Q3. This demonstrates that our machinery is working as we scale and enhance our customer data platform.

在 24 年第三季度，我們的漏斗頂端客戶諮詢總數擴大到近 9,000 萬次。比上一季的 8500 萬有所增加。這些查詢意味著本季新增客戶總數為 160 萬，產品消費總數為 300 萬件。與第二季的 240 萬種產品相比，我們的漏斗頂部在第三季已經非常龐大的盆地中呈現出顯著成長。這表明，隨著我們擴大和增強客戶數據平台，我們的機制正在正常運作。

We deliver more personalized offers and recommendations to consumers, leveraging our life cycle marketing engine over time. This formidable data advantage compounds and ultimately manifests our vision of becoming the number one destination for financial decisions. Onto our 30/60/90 strategy. This concept is incredibly important to understand as it enables our business to scale in a way that is unrivalled in the industry.

我們利用我們的生命週期行銷引擎，向消費者提供更個人化的優惠和建議。這種強大的數據優勢不斷積累，並最終實現了我們成為財務決策首選目的地的願景。進入我們的 30/60/90 策略。理解這個概念非常重要，因為它使我們的業務能夠以業內無與倫比的方式擴展。

The 30/60/90 framework demonstrates MoneyLion's mix of contribution margin revenue. 30/60/90 represent different channels through which customers can enter the MoneyLion ecosystem and the approximate contribution margin associated with that channel. Importantly, these customer journey channels are not linear. They are different customer acquisition entry points, points along their financial journey.

30/60/90 框架展示了 MoneyLion 的貢獻毛利收入組合。 30/60/90 代表客戶進入 MoneyLion 生態系統的不同管道以及與該管道相關的大致貢獻利潤。重要的是，這些客戶旅程管道不是線性的。它們是不同的客戶獲取切入點，是客戶財務旅程中的不同點。

30% is our B2B channel. This represents the broad distribution we have across our network of channel partners and is the engine that allows us to match customers with products across the internet. When a customer converts in this channel, a product partner pays us an affiliate fee and we realize that approximately 30% contribution margin.

30%是我們的B2B頻道。這代表了我們在通路合作夥伴網路中的廣泛分佈，也是讓我們能夠透過網路將客戶與產品進行配對的引擎。當客戶透過此管道轉換時，產品合作夥伴會向我們支付聯盟費，我們會實現約 30% 的貢獻利潤。

This is the backbone of our massive top of funnel and creates our customer acquisition advantage. In addition, this channel fuels our advantage with 80 million quarterly inquiries. This channel provides deep insights into consumer profiles including their propensity for a basket of financial products. This massive funnel gives MoneyLion a fertile user base, the life cycle and remarket to at a later point along their financial journey.

這是我們龐大漏斗頂部的支柱，並創造了我們的客戶獲取優勢。此外，該通路每季的諮詢量達到 8,000 萬次，進一步增強了我們的優勢。此管道提供對消費者概況的深入了解，包括他們對一籃子金融產品的傾向。這個龐大的漏斗為 MoneyLion 提供了豐富的用戶群、生命週期以及在其財務旅程的後期進行再行銷。

60% represents our first party products. When someone downloads the money line app and takes one of our various first party products. We typically earn around 60% contribution margin. We continue to innovate by developing new first party features and products including our WOW membership and the recently launched [Roar Money Black Card].

60%代表我們的第一方產品。當有人下載 Money Line 應用程式並使用我們的各種第一方產品之一。我們的貢獻利潤率通常為 60% 左右。我們不斷創新，開發新的第一方功能和產品，包括我們的 WOW 會員資格和最近推出的【吼錢黑卡】。

90% represents our consumer marketplace. This customer converts from the extensive catalogue of third-party products in our ecosystem. As Dean mentioned, our consumer marketplace is a key component of our business equation. It is one of the fastest growing parts of our business and represents revenue that typically has around a 90% contribution margin. As we continue to scale this revenue stream, our incremental revenue will drive more contribution profit dollars than it would otherwise through other channels.

90%代表我們的消費者市場。該客戶是從我們生態系統中廣泛的第三方產品目錄轉換而來。正如迪恩所說，我們的消費者市場是我們業務方程式的關鍵組成部分。這是我們業務中成長最快的部分之一，其收入貢獻利潤率通常高達 90% 左右。隨著我們繼續擴大這一收入來源，我們的增量收入將比透過其他管道帶來更多的貢獻利潤。

Our direct to consumer brand investments are a part of our high priority strategy to take market share of a large fee pool and shift our revenue mix over time in sum. Our progressive approach to being the number one destination for financial decisions accelerates our mix of high contribution margin enterprise revenue and ultimately driving margin expansion over time.

我們直接面向消費者的品牌投資是我們高優先策略的一部分，旨在佔領大量費用池的市場份額，並隨著時間的推移改變我們的收入結構。我們致力於成為財務決策的首選目的地，這加速了我們高貢獻利潤率企業收入的組合，並最終推動利潤率的擴大。

Turning to our unit economics in the last 12 months ending Q3 '24 we added 6.6 million total customers. Our customer acquisition cost or CAC is under $20. This continues to be a great outcome relative to the industry. The slight quarter over quarter increase coincides with our strategy to accelerate the mix of the high contribution margin enterprise revenue related to our 30/60/90 strategy. Next, our payback period was approximately six months and ARPU was around $32.

談到我們的單位經濟，在截至 24 年第三季的過去 12 個月中，我們總共增加了 660 萬客戶。我們的客戶獲取成本或CAC低於20美元。對於整個行業來說，這仍然是一個很好的結果。與上一季相比，業績略有成長，這與我們加速 30/60/90 策略相關的高貢獻利潤率企業收入組合的策略一致。其次，我們的投資回收期約為六個月，ARPU 約為 32 美元。

These unit economics underscore our success in our cam expansion strategy, scaling our total customers to 18.7 million in the third quarter from 5.4 million in the same quarter. Two years ago. As Dee mentioned, our land and expand strategy is also working as we increase product consumption to 3 million in Q3 from 2.4 million in Q2. As mentioned, our technology enables us to monetize a large customer base at high incremental margins. We are excited to unlock the value of our entire ecosystem through our direct-to-consumer investments.

這些單位經濟學凸顯了我們的凸輪擴展策略的成功，使我們的總客戶數從上一季的 540 萬擴大到第三季的 1,870 萬。兩年前。正如 Dee 所提到的，我們的登陸和擴張策略也正在發揮作用，因為我們的產品消費量從第二季的 240 萬增加到第三季的 300 萬。如上所述，我們的技術使我們能夠以較高的增量利潤率從龐大的客戶群中獲利。我們很高興能夠透過直接面向消費者的投資釋放整個生態系統的價值。

Now let me turn to our recurring revenue trends in Q3 '24, 78% of our direct-to-consumer revenue or revenue from our first party products and consumer marketplace came from historical cohorts of customers. We are seeing continued strength in our first party products in the third quarter of 2024 total originations for these products were $776 million representing an increase of 38% year over year credit performance trends remain consistent in Q3 '24 our finance receivables provision expense as a percentage of total originations was 3.1% in Q3 '24 excluding first quarter, seasonality Q3 was one of our best performing quarters for provision expense as a percentage of originations.

現在讓我來談談我們 24 年第三季的經常性收入趨勢，我們直接面向消費者的收入或來自第一方產品和消費者市場的收入的 78% 來自歷史客戶群。我們看到我們的第一方產品在2024 年第三季度繼續保持強勁勢頭，這些產品的總發行量為7.76 億美元，同比增長38%，2024 年第三季度的信貸表現趨勢保持一致，我們的財務應收帳款撥備費用佔24 年第三季（不包括第一季）總發起額的3.1%，季節性因素導致第三季是我們撥備費用佔發起額百分比表現最好的季度之一。

This is a great outcome and a predictable one as we actively manage our credit performance to be in a healthy range and have a high degree of confidence in our ability to continue to do so. Going forward. As a reminder, we historically experienced a seasonal benefit in provision expense as a percentage of originations in the first quarter of every year. As we transition into how we finance consumer originations into a forward flow arrangement, we'll no longer see the seasonal variance. We expect loss rates to remain within a healthy range.

這是一個很好的結果，也是可以預見的，因為我們積極管理我們的信用表現，使其處於健康範圍內，並且對我們繼續這樣做的能力有高度的信心。繼續前進。提醒一下，我們過去在每年第一季都經歷了撥備費用佔發起額的百分比的季節性收益。隨著我們將消費者發起的融資方式轉變為正向流動安排，我們將不再看到季節性差異。我們預計損失率將保持在健康範圍內。

Now turn to some of our other key financial metrics in the third quarter, MoneyLion generated a record $135 million of revenue representing 23% year over year and a 4% quarter over quarter growth in the fourth quarter. We expect this growth to accelerate to 34% year over year to $151 million as implied by the midpoint of our upwardly revised full year '24 guidance. Now for an update on profitability as it relates to the third quarter, MoneyLion generated $24 million in adjusted EBITDA.

現在來看看第三季的其他一些關鍵財務指標，MoneyLion 創造了創紀錄的 1.35 億美元的收入，年增 23%，第四季環比成長 4%。我們預計這一成長將比去年同期加速至 34%，達到 1.51 億美元，這正是我們上調的 24 年全年指引中位數所暗示的。現在來更新第三季的獲利情況，MoneyLion 的調整後 EBITDA 為 2,400 萬美元。

This represents an adjusted EBITDA margin of 18%. Additionally, over the last 12 months ending in Q3 '24 this represents $83 million of adjusted EBITDA. We are consistently generating positive cash flow. At the same time, we are reinvesting in growth and taking market share accordingly. We ended the third quarter with $112 million in cash up from $98 million at the end of the second quarter of '24.

這意味著調整後的 EBITDA 利潤率為 18%。此外，截至 24 年第三季的過去 12 個月，調整後 EBITDA 達到 8,300 萬美元。我們持續產生正現金流。同時，我們正在對成長進行再投資，並相應地擴大市場份額。我們第三季末的現金餘額為 1.12 億美元，高於 24 年第二季末的 9,800 萬美元。

As we invest in growth initiatives, we expect adjusted EBITDA margin between 14% to 18% in Q4 2024. While we can throttle back growth to drive near term margin expansion now is not the time the opportunity in front of us is too big. Instead, we are focused on increasing marketing to drive acquisition and importantly take market share.

隨著我們對成長計畫的投資，我們預計 2024 年第四季的調整後 EBITDA 利潤率將在 14% 至 18% 之間。雖然我們可以減緩成長速度以推動近期利潤率的擴大，但現在不是時候，但我們面前的機會太大了。相反，我們專注於增加行銷以推動收購，並更重要的是佔領市場份額。

Now, turning to guidance in the third quarter of 2024 our results met or exceeded guidance across all metrics revenue was $135 million within our guidance range of $133million to $138 million representing a 23% year over year growth adjusted the dollars $24 million above the high end of our guidance range of $18million to $21 million.

現在，談到2024 年第三季的指引，我們的業績在所有指標上均達到或超過了指引，收入為1.35 億美元，在我們的1.33 億美元至1.38 億美元的指引範圍內，同比增長23 %，調整後比最高水準高出2400 萬美元我們的指導範圍為 1800 萬美元至 2100 萬美元。

Turning to our outlook, we are positioned for accelerating growth in the fourth quarter for Q4 '24. Based on our full year guidance, we expect revenue between $149million to $154 million representing 32% to 36% year over year growth at the midpoint. This represents growth of 34% year over year up from 23% growth in Q3 '24.

展望我們的展望，我們預計24年第四季將加速成長。根據我們的全年指引，我們預計營收在 1.49 億美元至 1.54 億美元之間，中位數為年增 32% 至 36%。這意味著同比增長 34%，高於 24 年第三季的 23%。

We also expect a just EBITDA of $22 million to $27 million representing adjusted EBITDA margin of between 14.1% to 17.9% for the full year of 2024. We now expect revenue between $536million to $541 million representing 27% to 28% year over year growth at the midpoint. This represents 27% year over year growth for the full year of 2024 compared to 25% growth in our prior guidance. We expect adjusted a $88million to $93 million representing approximately 16.3% to 17.4% adjusted margin at the midpoint. This represents an adjusted EBITDA margin of 16.8% up from our prior guidance of 15.8%.

我們也預期 2024 年全年的 EBITDA 為 2,200 萬至 2,700 萬美元，調整後 EBITDA 利潤率在 14.1% 至 17.9% 之間。我們現在預計營收在 5.36 億美元到 5.41 億美元之間，中間值年增 27% 到 28%。這意味著 2024 年全年年增 27%，而我們先前預測的成長率為 25%。我們預計調整後利潤為 8,800 萬美元至 9,300 萬美元，中間值約為 16.3% 至 17.4% 的調整後利潤率。這意味著調整後的 EBITDA 利潤率從我們先前預期的 15.8% 上升至 16.8%。

With that, I'll return the call to Dee for his opposing remarks.

說到這裡，我會回電給 Dee，請他發表反對意見。

Thank you, Rick. As we look ahead to the future. Given our position as the first consumer digital finance ecosystem, we're focused on taking market share and expanding the scope of our opportunity. We've seen continued year over year growth in our consumer business with high contribution margins. This business has generated around $350 million over the last 12 months ending the third quarter, up 30% year over year.

謝謝你，里克。展望未來。鑑於我們作為第一個消費者數位金融生態系統的地位，我們專注於佔領市場份額並擴大我們的機會範圍。我們的消費者業務持續逐年成長，貢獻利潤率較高。截至第三季的 12 個月裡，這項業務創造了約 3.5 億美元的收入，年增 30%。

Moreover, despite broad economic concerns, we've grown and managed incredibly well with loss rates averaging below 3.5% over the last eight quarters. We'll continue to deepen our presence across the auto insurance, credit cards and mortgage verticals. We'll open ourselves up to serviceable revenue pools, all three of which we believe represent a billion dollars or more of annual revenue.

此外，儘管存在廣泛的經濟擔憂，但我們仍然保持了良好的成長和管理，過去八個季度的平均損失率低於 3.5%。我們將繼續深化在汽車保險、信用卡和抵押貸款垂直領域的業務。我們將開放可用的收入池，我們相信這三個收入池的年收入都將達到十億美元甚至更多。

We have the technology to serve these markets well and we intend to capitalize on this opportunity going forward. As mentioned earlier, our new money line checkout experience minimizes friction in the financial product shopping journey. By offering an end to end experience, we're incorporating new data sources through strategic partnerships, enabling us to deliver even more personalized recommendations and offers this improves the consumer experience and adds value to our product partners.

我們擁有很好地服務這些市場的技術，並打算在未來利用這個機會。如前所述，我們全新的貨幣線結帳體驗最大限度地減少了金融產品購物過程中的摩擦。透過提供端到端的體驗，我們透過策略合作夥伴關係整合新的資料來源，使我們能夠提供更個人化的建議和優惠，從而改善消費者體驗並為我們的產品合作夥伴增加價值。

We covered our 30/60/90 mix shift strategy in detail today because it is key to our business equation. This strategy enables us to increase our mix of 90% contribution margin revenue. We'll be going direct to consumer with brand marketing investments. As soon as Q4 2024 driving consumers directly to money lines, owned and operated properties there, we can engage with them directly and earn high contribution margin revenue together. These initiatives will drive both revenue growth and margin expansion for us.

我們今天詳細介紹了 30/60/90 混合轉變策略，因為它是我們業務方程式的關鍵。這項策略使我們能夠提高 90% 的貢獻利潤收入組合。我們將透過品牌行銷投資直接面向消費者。最早在 2024 年第四季度，我們將直接將消費者引向金融線，在那裡擁有和經營房產，我們可以直接與他們互動，共同賺取高額的貢獻利潤收入。這些舉措將推動我們的營收成長和利潤擴大。

We're incredibly proud of our results for Q3 2024 and the growth in front of us. And as such, we've raised our '24 guidance implying accelerating revenue growth and healthy margins. In the fourth quarter. Now is the time to lean into growth as we enter new markets and leverage our technology to enhance financial decisions for all Americans.

我們對 2024 年第三季的業績和未來的成長感到無比自豪。因此，我們上調了 24 年業績預期，這意味著營收將加速成長，利潤率也將保持健康。在第四季。現在正是我們進入新市場並利用我們的技術來增強所有美國人的財務決策之際，我們必須依靠成長。

Our technology enables our vision to become the number one destination for financial decisions within three years to do so. We're playing offensive discipline as money line remarks on the next horizon of its evolution. And 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.

我們的技術使我們的願景能夠在三年內成為財務決策的首選目的地。我們正在發揮進攻性紀律的作用，因為貨幣線評論了其發展的下一個前景。最後，我要感謝大家今天的參加，我將把電話轉回給接線生進行問答。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great. Thanks guys. Good morning. Nice results. You want to start off on enterprise, appreciate, some of the commentary on conversion rates and the expectations for the fourth quarter. Just wanted to see if you guys could provide any color as to either, what you guys have seen since the fed cut rates last month or early October trends that kind of back up. Pretty robust quarter on quarter outlook for the fourth quarter.

偉大的。謝謝大家。早安.效果不錯。您想從企業開始，欣賞一些有關轉換率的評論以及對第四季度的預期。只是想看看你們能否提供一些信息，說明自上個月美聯儲降息以來，或者十月初趨勢回升的情況。第四季的環比前景相當強勁。

Hey Kyle, good morning. It's Dee thanks for the question. Look, we've noted in our past two earnings calls. That from what we see, it seems like we've reached the bottom in the current credit cycle, right? We're seeing conversion rates as measured by the percentage of approved applications are continuing to improve modestly. And we think that going forward into Q4, as well as into the first half of 2025 they will improve even more meaningfully, right? So, and that shows up in our numbers, we saw record enterprise revenue, a $45 million ,18% up quarter over quarter.

嘿，凱爾，早安。我是 Dee，謝謝你的提問。瞧，我們已經在過去兩次財報電話會議上提到過。從我們所看到的情況來看，似乎我們已經觸底了當前信貸週期，對嗎？我們看到，以批准申請百分比來衡量的轉換率正在繼續小幅提高。我們認為，進入第四季以及 2025 年上半年，它們將取得更顯著的改善，對嗎？所以，從我們的數據來看，我們的企業收入創下了歷史新高，達到 4,500 萬美元，環比成長 18%。

And if you look at just kind of disambiguated from the macro, our strategy has always been to diversify, the capability and the way we're doing it is we're trying to give a differentiated value proposition to our enterprise partners. Instead of just kind of being on our network, we're really giving them the instrumentation, [the tooling]. You heard us talk about MoneyLion checkout. We do see that as a really innovative sea change technology where financial institutions lenders credit card providers, banks can really embed their decisioning on the money line hosted environment that allows us to really be deep in the funnel across multiple products, right?

如果從宏觀角度來看，我們的策略一直是多元化，我們的能力和方式是試圖為我們的企業合作夥伴提供差異化的價值主張。我們不僅只是在我們的網路上，我們實際上還為他們提供了儀器，[工具]。您聽到我們談論 MoneyLion 結帳。我們確實認為這是一項真正具有創新性的變革技術，金融機構貸款人、信用卡提供者、銀行可以真正將他們的決策嵌入到資金線託管環境中，讓我們能夠真正深入多個產品的頻道中，對嗎？

So that we're very strong in personal loans that clearly in a decreasing interest rate environment, we'll see lots of tailings, but we also are very excited about what we can do in credit cards. It really changed the name of the game in terms of the technology that's available in the industry from an embedded finance perspective. Same thing with auto insurance, same thing with mortgages. So, we see it as a portfolio approach. But no doubt the environment that we are in now will be favorable and will provide television.

因此，我們在個人貸款方面非常強大，顯然在利率下降的環境下，我們會看到大量的尾款，但我們對我們在信用卡方面能做的事情也感到非常興奮。從嵌入式金融的角度來看，它確實改變了行業可用技術的遊戲規則。汽車保險和抵押貸款也是一樣。因此，我們將其視為一種投資組合方法。但毫無疑問，我們現在所處的環境將是有利的，並將提供電視。

Got it. That's really helpful and then I want to switch gears and ask me a topical question on regulation. I know there's been some headlines and there was kind of a proposal from the CFPB on some oversight of earned wage access. But I know you guys have made a lot of investments in compliance and have kind of taken this stuff, pretty seriously.

知道了。這真的很有幫助，然後我想換個話題，問我一個關於監管的熱門問題。我知道有一些頭條新聞，消費者金融保護局 (CFPB) 提出了一些關於對所得工資進行監督的提案。但我知道你們在合規方面投入了大量資金，並且非常重視這些事情。

So just wanted to see if you guys could give us any kind of higher-level views on how you guys are viewing, potential regulation in the space or how you guys are investing in compliance initiatives and preparing for, kind of potential changing fees in the space.

所以我想看看你們能否給我們一些更高層次的觀點，例如你們如何看待這個領域的潛在監管，或者你們如何投資合規舉措，以及如何為潛在的費用變化做準備。

Sure. So, look, well, I'll start by stating the obvious, right. We're two days after a decisive election, that's no doubt going to have an impact on some of these questions. So, we expect the regulation of financial services will look different under a new administration. And looking, and we look forward to continuing to advocate for policies that promote innovation competition.

當然。那麼，好吧，我先說一些顯而易見的事情，對吧。決定性選舉結束後兩天，無疑會對其中一些問題產生影響。因此，我們預期新政府上台後金融服務監管將會有所不同。展望未來，我們期待繼續倡導促進創新競爭的政策。

We're always in for more consumer choice in areas like [Inaudible]as you mentioned as well as across the financial services landscape because you have to remember that we are a network operator. It's not just EWA, it's how choice is really given to the consumer, but in any case, we're in a great spot with the investments we've made over the last 10 years. It's not just we woke up and we found one regulatory regime going to another. We've been making investments for the last 10 years to our regulatory and compliance infrastructure.

正如您所說，我們始終致力於為消費者提供更多的選擇，例如在[聽不清楚]等領域以及整個金融服務領域，因為您必須記住，我們是網路營運商。這不僅僅是 EWA，而是真正給予消費者選擇權的方式，但無論如何，我們在過去 10 年所做的投資都處於良好的狀態。我們並不是一覺醒來就發現一種監管制度正在轉變為另一種監管制度。過去十年來，我們一直在對監管和合規基礎設施進行投資。

So with respect to EWA because we operate a marketplace but also our own first party instant cash product. We've been pleased that over the past year plus, an increasing number of states have created laws and frameworks for codifying earned wage access as its own product category with its own bespoke licensing framework instead of really applying a 20 year or 30 year old framework to a very innovative new fintech products.

因此就 EWA 而言，我們不僅經營一個市場，而且還經營我們自己的第一方即時現金產品。我們很高興看到，在過去一年多的時間裡，越來越多的州制定了法律和框架，將勞動工資准入納入自己的產品類別，並製定了專門的許可框架，而不是真正沿用20 年或30 年前的框架非常創新的新型金融科技產品。

And so we're also glad to see recent federal regulatory developments that would create a nationwide framework for this product category as well with respect to the CFPB's proposed interpretive rule. While we disagree with the bureau's approach to treat the product like a credit product, we do not expect that the proposed rule even if finalized in its current proposed form would impair our ability to continue providing this really important financial safety net product to millions and millions of American workers.

因此，我們也很高興看到最近聯邦監管方面的進展，這將根據消費者金融保護局 (CFPB) 提出的解釋規則為該產品類別創建一個全國性的框架。雖然我們不同意該局將該產品視為信貸產品的做法，但我們並不認為，即使以目前的提議形式最終確定，擬議規則也不會損害我們繼續向數百萬人提供這種真正重要的金融安全網產品的能力美國工人。

And in fact, we believe that how the rule came out really codifies the importance of this product, the hardworking Americans, right? So, we're confident that we'll be able to continue offering instant cash in a super compliant, commercially effective manner while maintaining our unit economics. And that's an important point that we've invested so much in the multiple delivery methods of all of our products that we actually see really a tail waves to growth into 2025 in that.

事實上，我們相信這條規則的推出確實體現了這項產品的重要性，勤奮的美國人，對嗎？因此，我們有信心能夠在保持單位經濟效益的同時，繼續以超級合規、商業有效的方式提供即時現金。很重要的一點是，我們在所有產品的多種交付方式上投入瞭如此多的資金，我們實際上看到了到 2025 年的成長尾聲。

And again, we'll be engaged on how this plays out as the administration changes, right? So again, just really important to remember that for 10 years, we've seamlessly and successfully operated between the federal and state regulatory environments, right? This is the third administration that we've been operating under. And as we've said before, we've already built the technology. We already have the partnerships in place to offer the product in multiple different ways compliant with the relevant jurisdiction if you will.

再說了，我們會關注政府更迭後這一問題將如何發展，對嗎？所以，再次強調，真正重要的是要記住，十年來，我們一直在聯邦和州監管環境之間無縫且成功地運作，對嗎？這是我們執政的第三屆政府。正如我們之前所說，我們已經開發了這項技術。如果您願意的話，我們已經建立了合作夥伴關係，以多種符合相關司法管轄權的方式提供產品。

Great. I really appreciate the detailed color. Thanks guys. Nice quarter.

偉大的。我非常欣賞細緻的色彩。謝謝大家。不錯的季度。

George Sutton, Craig Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. I'm really excited to hear about the accelerating growth in the Q4. And I wanted to put my question in into this context, a pretty wide EBITDA range for Q4. As we're prepping for '25 and looking for sort of branding type investments. I'm just curious how you're thinking of coming in the low end or the high end relative to your growth opportunities, both short term and long term. My sense is it's largely in your control.

謝謝。我很高興聽到第四季的加速成長。我想在這種背景下提出我的問題，第四季的 EBITDA 範圍相當廣。我們正在為25年做準備並尋找某種品牌類型的投資。我只是好奇，相對於你的短期和長期成長機會，你是如何考慮進入低端或高端的。我的感覺是這很大程度取決於你。

Hey George, great question. Yes. So, if you go look at what's been happening with the business, we've been of course, really focusing on our 30/60/90 strategy. And so while the macro is favorable for enterprise business giving, the race is coming down, what we do control to your point is very much in the 30/60/90 strategy and what we've been doing in addition to the investments that we've been making in terms of continuing to be increasing the number of channel partners and demand partners.

嘿，喬治，這個問題問得好。是的。所以，如果你去觀察一下業務進展情況，你會發現我們當然一直非常關注我們的 30/60/90 策略。因此，儘管宏觀經濟有利於企業業務發展，但競爭正在逐漸結束，我們所控制的主要是 30/60/90 戰略，以及我們除了投資之外所做的一切'一直在努力繼續增加渠道合作夥伴和需求合作夥伴的數量。

We've been increasing our ability to go direct to market to direct to the consumer. And by that, we mean increasing some of our brand and marketing spend to do two things. One is to help to provide that air cover to consumers that are finding us on the internet through our channel partners and just help us to increase conversions as they continue to see us as a trusted brand in the marketplace. So that of course increases, what is our very strong top of funnel.

我們一直在提升直接進入市場、直接面對消費者的能力。這意味著我們將增加一些品牌和行銷支出來做兩件事。一是幫助透過我們的通路合作夥伴在網路上找到我們的消費者提供空中覆蓋，並幫助我們提高轉換率，因為他們繼續將我們視為市場上值得信賴的品牌。因此，這當然會增加我們非常強大的漏斗頂部。

We went from 85 million inquiries last quarter to 90 million inquiries this quarter. So, it continues to fuel that it continues to fuel the increased conversions that we are expecting to see within the business. So of course, that has a knock-on effect into our EBITDA margin and expansion and then lastly that mix shift. So, as we go direct to the consumer with this new kind of marketing and brand initiatives, we're going to be able to accelerate the shift to consumers that are starting in that kind of 90% consumer journey.

我們的諮詢量從上個季度的 8,500 萬次增加到了本季的 9,000 萬次。因此，它將繼續推動我們期望在業務中看到的轉換率的提高。因此，這當然會對我們的 EBITDA 利潤率和擴張產生連鎖反應，最後影響組合轉變。因此，當我們透過這種新型行銷和品牌計劃直接面向消費者時，我們將能夠加速向處於 90% 消費者旅程的消費者轉變。

Got you. Okay. And then I wanted to on the checkout. So, you ran through some very sound like powerful metrics. How should we think through the timing and the ultimate impact on your income statement as this plays through?

明白了。好的。然後我想結帳。因此，您已經經歷了一些聽起來非常強大的指標。我們應該如何考慮這個過程的時間安排以及對您的損益表的最終影響？

Yes. So that's one where we are incredibly proud of what's been happening within just disrupting the entire kind of consumer finance marketplace. So being able to kind of pioneer the way in which people go to market. You talked about it where if you're kind of looking for a pair of sneakers, the current experiences that you can search, you can evaluate and you can buy and check out within wherever, whatever marketplace you're buying those students, of course, that experience, until my line just doesn't exist within consumer finance.

是的。因此，我們對這事件的發生感到無比自豪，它顛覆了整個消費金融市場。因此能夠開創人們進入市場的方式。你談到了這一點，如果你正在尋找一雙運動鞋，你可以搜尋當前的體驗，你可以評估，你可以購買和檢查，無論你在哪個市場購買這些學生，當然，那種經歷，直到我的行業在消費金融領域不再存在。

So what we're do we're doing is we're expecting that to have, a couple of strong benefits. One is going to be around just the increased conversions, right? So, we're going to have less leakage and consumers will be able to have a better consumer experience. The other is you start to kind of have more and more kind of pricing power, right? So, the ability to be the critical partner for acquiring customers and consumer finance is where we're positioning ourselves.

因此，我們正在做的事情是，我們期望這會帶來一些巨大的好處。一個是圍繞增加轉換率，對嗎？因此，洩漏將會減少，消費者將能夠獲得更好的消費體驗。另一個就是你開始擁有越來越多的定價權，對嗎？因此，我們的定位就是成為獲取客戶和消費金融的重要夥伴。

And so those will start to kind of manifest themselves. We started seeing it already in kind of early pilots’ checkout isn't the only kind of strategic initiative we've been working on over 2024. So, you're starting to see that come through in the numbers, the 18% quarter over quarter growth in enterprise along, with having a 17% growth last quarter means that management anticipates growth acceleration in enterprise. It's the first time you've seen us call that out. And it's because we don't see any headwinds to that. We're going to continue to kind of focus on being that kind of pre-amended place for the consumer market, the consumer finance marketplace.

所以這些就會開始顯現出來。我們已經在早期試點中看到了這一點，這並不是我們在 2024 年致力於的唯一一項策略性舉措。因此，您開始從數字中看到這一點，企業季度將比去年同期成長 18%，加上上季 17% 的成長率，意味著管理層預計企業成長將加速。這是你第一次看到我們這樣喊叫。這是因為我們沒有看到任何阻力。我們將繼續致力於成為消費市場、消費金融市場的預先修訂場​​所。

Fabulous, great guys.

太棒了，很棒的傢伙。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Good morning, Dee, Rick. Thanks for taking my question. It's good to see adjusted EBITDA coming in ahead of our forecast as well as the streets just wondering if there's any cost that came in below your expectations and just any drivers to that EBITDA exceedance.

早安，Dee，Rick。感謝您回答我的問題。很高興看到調整後的 EBITDA 超出了我們的預期，但大家也想知道是否有任何成本低於您的預期，以及導致 EBITDA 超出預期的任何驅動因素。

Hey Rayna and welcome to the party, it was great. To see you initiate, Oppenheimer initiate in the last quarter. I appreciate the question in terms of EBITDA, I think that the positioning that we've been making for years now, which is being a platform. And so, what that means is we're getting that operating leverage and your kind of seeing it pretty consistently now, kind of quarter over quarter. And so, a couple kind of standard items, one as dee mentioned, we had and then I mentioned kind of in the call, we have one of our best quarters when it comes to performance for our originations, kind of a 3.1 provision as a percentage of originations.

嘿，Rayna，歡迎參加派對，派對很棒。看看你是如何發起的，奧本海默在最後一個季度發起了。我很感謝有關 EBITDA 的問題，我認為我們多年來一直在做的定位就是成為一個平台。所以，這意味著我們獲得了經營槓桿，而且你現在可以相當一致地看到它，每個季度都是如此。因此，有幾種標準項目，一種是Dee 提到的，我們有，然後我在電話會議中提到，就我們的發起表現而言，我們有一個最好的季度之一，有點像3.1 的規定，作為發起百分比。

And so that certainly is a factor. And as we've said, we kind of solve for that. And so, we'll continue to expect a strong performance and as I mentioned, enterprise was up 18%. And so that continues to be an important driver. As I mentioned, the kind of 30/60/90. That's something that we're now seeing a lot of success around as more and more of our kind of customer journeys are ending up in that kind of 90% and importantly, kind of life cycle for our customers.

所以這當然是一個因素。正如我們所說的，我們會解決這個問題。因此，我們將繼續期待強勁的表現，正如我所提到的，企業成長了 18%。因此，這仍然是一個重要的驅動力。正如我所提到的，30/60/90 那種。我們現在看到這方面取得了許多成功，因為越來越多的客戶旅程達到了 90% 的水平，更重要的是，達到了客戶生命週期的水平。

We have a massive top of funnel, we keep talking about it. And the other number that we, we encourage everyone to keep thinking about is product consumption. And so, once you're on the platform, we're really successful at getting customers to see that [2nd and 3rd derivative] product and that showed up this quarter where we had 3 million products and schemes on the platform. And that was up from 2.4 million last quarter. And so those things kind of drive of course kind of top line. But as I said, that mix shift towards 90% helps as well.

我們有一個巨大的漏斗頂部，我們一直在談論它。我們鼓勵大家繼續思考的另一個數字是產品消費量。因此，一旦您進入該平台，我們就能成功讓客戶看到該[第二和第三衍生]產品，並且本季度我們的平台上已有 300 萬種產品和方案。這一數字比上一季的 240 萬有所增加。所以這些因素當然會推動營收的成長。但正如我所說，混合比例轉向 90% 也有幫助。

Great. Thank you for the [color]. And I know it's only been a couple of weeks but any early indications of the uptake on MoneyLion checkout.

偉大的。感謝您[顏色]。我知道這才過了幾週，但有任何跡象表明 MoneyLion 結帳服務已經受到歡迎。

Yeah. Hey Rayna, good morning. It's Dee. Look, we were just at the money 2020 conference in Las Vegas last week and sort of the excitement that we're seeing from our partners, is palpable. Really the adoption in checkout is going to be taking the existing client base that are in, that are already integrated to the money line exchange if you will through an API and converting them into checkout customers. Right. So, we've already had, the really a handful of very large institutions already using checkout.

是的。嘿，Rayna，早安。是 Dee。瞧，我們上週剛參加了在拉斯維加斯舉行的 2020 年貨幣會議，我們的合作夥伴所表現出的興奮之情是顯而易見的。結帳時採用的實際上是將現有的客戶群（如果願意的話，這些客戶群已經透過 API 整合到貨幣線交換中）轉換為結帳客戶。正確的。所以，我們已經有少數大型機構在使用結帳服務。

As we said before, we're seeing great, CTR improvements of almost of over 25%, 2.5 times conversions. 30% plus on the revenue per lead improvement for our clients there. So, as we take those case studies, the name of the game really is to go to the rest of the client base and then, and kind of engage with them to get them converted from the existing integration that they have onto the checkout integration.

正如我們之前所說，我們看到了巨大的進步，點擊率提高了近 25% 以上，轉換率提高了 2.5 倍。我們客戶的每條銷售線索收入提高了 30% 以上。因此，當我們進行這些案例研究時，遊戲的名稱實際上是去找其餘的客戶群，然後與他們互動，讓他們從現有的整合轉換到結帳整合。

Understood. Thank you.

明白了。謝謝。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Hey, Rick and Dee, can you give us any color on some of the new verticals? I know auto insurance is also in a big upswing for customer acquisition from other companies that are in the industry. There's probably a lot of overpriced auto loans out there. So, auto loan refi seems to be a lot of pent-up potential demand for that in the next year or two as rates come down. And the third question is, could you just give a little color on the, the adjustments to EBITDA?

嘿，Rick 和 Dee，你們能給我們介紹一下一些新的垂直行業嗎？我知道汽車保險在業內其他公司吸引客戶方面也呈現大幅成長的勢頭。可能存在大量價格過高的汽車貸款。因此，隨著利率下降，汽車貸款再融資似乎將在未來一兩年內釋放大量被壓抑的潛在需求。第三個問題是，您能否稍微解釋一下 EBITDA 的調整？

You usually have a few other expenses, but this quarter it was a little bit more on $8million, wondering If you could give us some color on that, was that related to the forward flow agreement expenses or something like that? Let us know. Thank you.

您通常會有一些其他費用，但本季度的費用略高於 800 萬美元，想知道您是否可以向我們提供一些詳細信息，這是否與遠期流量協議費用或類似費用有關？讓我們知道。謝謝。

Thanks Hal. I'll take the easy one and then I'll give Dee the kind of vertical question when it comes to the EBITDA adjustments, this was just tied to onetime legal expenses. I wish it was a little more entertaining than that, but that was with the increase to the other line with the EBITDA adjustments.

謝謝哈爾。我選擇簡單的問題，然後我會給 Dee 一個關於 EBITDA 調整的垂直問題，這只是與一次性法律費用有關。我希望它比這更有趣一些，但這是由於 EBITDA 調整導致另一條線路增加。

All right, perfect. Okay.

好的，完美。好的。

And I'll take your new vertical expansion question, right? So, look if you-- look at our, if you look at the public peers, you'll see that these operate in these, in these marketplaces, in these verticals, each can support over a billion dollars a year of revenue, right? So, you see that the addressable markets in auto insurance and mortgages and credit cards each are quite large for us.

我會回答您關於垂直擴展的新問題，對嗎？所以，看看我們的，如果你看看上市公司，你會發現它們在這些市場、這些垂直領域運營，每年都能帶來超過 10 億美元的收入，對吧？所以，您會看到，汽車保險、抵押貸款和信用卡的潛在市場對我們來說都非常大。

Right? So, our entire strategy for the course of this year has been really a product and technology led improvement of the form factor that currently exists in the market, right? So again, what we're doing with checkout and decisioning and sort of the data deals that we announced this quarter with the transunion of the world. No credit [plad], all are testament to us really being the decisioning engine for and really sitting the consumer and the product provider.

正確的？所以，我們今年的整個策略其實是以產品和技術為主導，改善目前市場上存在的形式因素，對嗎？再次重申一下，我們在結帳和決策以及本季與世界跨國公司宣布的數據交易方面所做的工作。沒有信用[plad]，一切都證明我們真正成為了消費者和產品提供者的決策引擎。

So, that's a differentiated strategy that we're taking in auto insurance that we can actually get the consumer in consideration in market, highly qualified vetted and deliver them to insurers really deep into the funnel, right? So, our approach from a product perspective is slightly different from what's in the market. And we believe that ultimately, it's going to lead to higher margins, higher payouts, all the things that we're seeing on the personal loan side, we want to replicate into auto insurance mortgages and credit cards but as you, as we've said before, no doubt in this in this environment we expect.

所以，這是我們在汽車保險中採取的差異化策略，我們實際上可以讓消費者在市場上得到考慮，經過高度合格的審查，然後將他們真正深入地送到保險公司，對嗎？因此，從產品角度來看，我們的方法與市場上的方法略有不同。我們相信，最終，這將帶來更高的利潤，更高的支出，我們在個人貸款方面看到的所有事情，我們希望複製到汽車保險抵押貸款和信用卡上，但正如我們之前就說過了，毫無疑問在這種環境下我們是有期待的。

There is a lot of pent up demand, right? I mean, over the last couple of years, we've been operating with one hand tied behind our back on the personal loan verticals because of the imbalance between supply and demand. The loans are priced at a level where consumers just don't want to transact. But now with a little bit of a change in sort of the overall sentiment, we'll find both the personal loans verticals as well as our new and thin verticals. We're going to all see some tailwinds. In terms of consumer demand for those products and for the substitution of those products.

有很多被壓抑的需求，對嗎？我的意思是，在過去幾年裡，由於供需不平衡，我們在個人貸款垂直領域一直束手無策。這些貸款的價格處於消費者不願交易的水平。但現在整體情緒發生了一點變化，我們會發現個人貸款垂直行業以及我們的新垂直行業和薄弱垂直行業。我們都會看到一些順風。就消費者對這些產品的需求以及這些產品的替代品而言。

All right, can I ask one to follow up? The cash balance continues to build. Can you give us any thoughts on your corporate debt, its interest rate and what you can do now that your cash balance needs to grow? Thanks.

好的，我可以請一個人來跟進一下嗎？現金餘額持續增加。您能否向我們介紹貴公司債務、其利率的看法，以及現在您的現金餘額需要增加時您可以做些什麼？謝謝。

Yeah, absolutely. We are proud that we continue to kind of build, the kind of free cash flow kind of quarter over quarter in terms of our senior debt. Yeah, look when, when you think about the profile of our company, we have so many healthy financial metrics now that we have that we can share with you.

是的，絕對是如此。我們感到自豪的是，就優先債務而言，我們的自由現金流逐季持續增加。是的，當你考慮我們公司的概況時，我們現在有許多健康的財務指標可以與你分享。

And so you would expect a company like ours to have senior debt that's somewhere in the zip code of SOFR plus150 to 300 say we're kind of 2X that on the high end. And so certainly we will continue to explore opportunities to have a significantly lower cost of capital.

因此，您可以預期，像我們這樣的公司所擁有的優先債務應該在 SOFR 的郵遞區號範圍內加上 150 到 300，假設我們的高端債務是該數字的 2 倍。因此，我們肯定會繼續探索大幅降低資本成本的機會。

Thanks, Ric.

謝謝，里克。

Jacob Stephan, Lake Street.

雅各‧史蒂芬 (Jacob Stephan)，湖街。

Hey guys, thanks for taking my questions and I'll add my congrats on the quarter as well. I just kind of wanted to focus on the18--18% growth guidance in enterprise. Maybe you could help us kind of think about what's driving that. Is that more on the new product side, new vertical side or is that assume some rebound and personal loans as well?.

嘿夥計們，感謝你們回答我的問題，我也將對本季表示祝賀。我只是想關注企業18%的成長指導。也許您可以幫助我們思考造成這現象的原因是什麼。這是否更多地涉及新產品方面、新垂直方面，還是也假設存在一些反彈和個人貸款？

Yeah, so Jacob, this is one where we've been playing for this, right, the investments that we've been making, the diversification across the different verticals, of course rates coming down helps because as a leader within the personal lending space, marketplace perspective, that's coming our way and then the investments that we've been making in terms of really kind of shifting the mix of our customer journeys, from the kind of 30%, 60% to the 90%.

是的，雅各布，這就是我們一直在努力的方向，對吧，我們一直在進行的投資，跨不同垂直領域的多元化，當然利率下降是有幫助的，因為作為個人貸款領域的領導者從市場角度來看，這正在向我們走來，然後我們一直在進行投資，以真正改變我們的客戶旅程組合，從30%、60% 到90%。

And so it's all of the above and it's what again, kind of gives us so much confidence in terms of being able to kind of take our enterprise business for the first time, kind of constantly say that management anticipates growth acceleration within the fourth quarter within the enterprise business. And of course, within consumer, that business was up 27% year over year. We've been continued to be very kind of focused on shifting towards the kind of forward flow type of financing arrangements within consumer. We're through that completely within from the cash products.

所以以上所有因素都給了我們很大的信心，讓我們能夠首次開展企業業務，管理層一直說，預計第四季度內增長會加速。當然，在消費者領域，該業務年增了 27%。我們一直非常注重轉向消費者前向流動融資安排轉變。我們已完全透過現金產品解決了這個問題。

And so you'll kind of see that business kind of revert to its kind of historical growth in terms of topline growth. So, we got to feel really good about the overall business and specifically enterprise. Now kind of hitting on all cylinders.

因此，您將看到業務在營收成長方面恢復到歷史水平。因此，我們對整體業務、特別是企業業務感到非常滿意。現在全速前進。

Okay. Got it. That's helpful. And then maybe I'll just ask another question on kind of the checkout product you guys just launched. Can you kind of help us think about, is this really going to take offers from kind of, first party product, third party product? And essentially approve customers and match them with the correct product or kind of help us think about where this falls into the kind of the 30/60/90 framework.

好的。知道了。這很有幫助。然後我可能還會問另一個關於你們剛推出的結帳產品的問題。您能否幫助我們思考一下，這是否真的會接受第一方產品或第三方產品的報價？本質上是批准客戶並為他們匹配正確的產品，或幫助我們思考這屬於 30/60/90 框架的哪一類。

Sure, I'll start Jacob there. Look, I think if you think about the landscape, right? There are a lot of financial technology companies, sophisticated banks that already integrate into money line through API's. what we wanted to do with check out was really expand the target addressable market to credit card companies. Midsize small and regional banks really to be able to use a no code environment to get really high vetted consumers that fit their products.

當然，我會讓雅各從那裡開始。瞧，我想如果你考慮風景，對嗎？許多金融科技公司和成熟的銀行已經透過 API 融入貨幣線。我們想要透過結帳真正將目標市場拓展到信用卡公司。中型、小型和區域性銀行確實能夠利用無程式碼環境來獲得適合其產品的經過嚴格審查的消費者。

Because if you think about what checkout is trying to do, it's trying to give an offer that's ready to execute and transact, right? In the flow of the consumer when they're under consideration for a financial product buying decision. So really it improves conversion rates on both sides. It creates a much better product for the consumer because they don't get clicked out into four or five different websites where they're re-entering their information. We become the lingua franca for really kind of integrating different types of offers across asset classes. So that's really what checkout does.

因為如果你思考結帳試圖做什麼，它試圖提供一個可以執行和交易的報價，對嗎？當消費者正在考慮購買金融產品的決策時。因此它確實提高了雙方的轉換率。它為消費者創造了更好的產品，因為他們不需要點擊四到五個不同的網站來重新輸入他們的資訊。我們成為真正整合跨資產類別的不同類型報價的通用語言。這就是結帳的真正作用。

It doesn't necessarily replace the capabilities that we have, but it expands the number of enterprise partners that can actually now engage with MoneyLion and provide their offers deep into our funnel over time. Whatever we offer to the MoneyLion consumer marketplace, we also offer through software development kits that any bank or Financial Institute can now embed inside of their own digital ecosystems, whether that's a mobile app, whether that's a website, we're starting to see a lot of success with folks taking that SDK and putting that into their own ecosystems.

它不一定會取代我們現有的能力，但它擴大了現在可以與 MoneyLion 合作並隨著時間的推移將他們的報價深入到我們的管道中的企業合作夥伴的數量。無論我們為MoneyLion 消費者市場提供什麼，我們都透過軟體開發工具包提供，任何銀行或金融機構現在都可以將其嵌入自己的數位生態系統中，無論是行動應用程序，還是網站，我們都開始看到許多人們將該 SDK 放入自己的生態系統並取得了成功。

So, I think the answer is both right, as we increase more of the awareness of the MoneyLion brand, we've always said that this is a brand that works a little bit in the background. Now really just putting a little bit of investments into brand all inside of the guidance, all inside of the margin profile that we've illustrated here, we believe that we can now provide a little bit of air cover for the money line consumer marketplace where consumers can come here directly to make their best decision.

因此，我認為答案都是正確的，隨著我們越來越提高 MoneyLion 品牌的知名度，我們一直說這是一個在幕後發揮作用的品牌。現在實際上只是在品牌上投入了一點投資，所有這些都在指導範圍內，都在我們這裡說明的利潤率概況範圍內，我們相信我們現在可以為貨幣線消費者市場提供一點空中掩護，消費者可以直接來這裡做出最佳決定。

But also everything that we're doing from a technology perspective that can be distributed through any of our partners through API's and SDKS. So, I like that business model because it gives us multiple ways to win from a customer acquisition perspective. It gives us, it really extends our surface area for engaging with more consumers than what we are just acquiring organically.

而且從技術角度來看，我們所做的一切都可以透過 API 和 SDKS 分發給我們的任何合作夥伴。所以，我喜歡這種商業模式，因為從客戶獲取的角度來看，它為我們提供了多種取勝方式。它確實擴大了我們與更多消費者接觸的表面積，而不僅僅是自然獲得的消費者。

Got it. That makes sense. I appreciate the color guys.

知道了。這很有道理。我很欣賞色彩人。

Mike Grondahl with Northland.

北國的麥克‧格朗達爾 (Mike Grondahl)。

Hey guys, thanks. A first question. What are you guys most excited about credit card, auto mortgage? Which one represents the most upside for Moneylion?

嘿夥計們，謝謝。第一個問題。你們對信用卡、汽車房貸最感興趣的是什麼？哪一個對 Moneylion 來說最有好處？

Hey, Mike. Well, I think we're excited about all of this. Certainly when you think about the lack of personalization kind of within, the entire consumer finance experience and specifically, if you think about kind of credit cards like the benefit of us now being able to have a kind of check out that takes into the ecosystem, a breadth of data from our partner, like we announced with Transunion with plaid that we announced as well.

嘿，麥克。嗯，我想我們對這一切感到興奮。當然，當你考慮到整個消費金融體驗缺乏個人化時，特別是如果你考慮到信用卡的好處，我們現在能夠有一種融入生態系統的結帳方式，來自我們合作夥伴的廣泛數據，例如我們與Transunion 和Plaid 共同宣布的數據。

We're going to be able to kind of bring a very specific and unique approach to developing personalized offers. And of course, that's kind of how we approach things. We're not just going to go into a vertical and expand into a vertical with a me-too strategy. And so, we're most excited about being able to do that within the credit card vertical.

我們將能夠採用非常具體和獨特的方法來開發個人化服務。當然，這就是我們處理事情的方式。我們不會僅僅透過模仿策略進入垂直領域並進行擴張。因此，我們非常興奮能夠在信用卡垂直領域做到這一點。

Got it. And then on your 30/60/90 strategy, could you give us an example or two of how you're executing the 90% that top quadrant?

知道了。然後關於您的 30/60/90 策略，您能否給我們舉一兩個例子，說明您是如何執行上象限的 90% 的？

Yeah, we have millions of examples.

是的，我們有數百萬個例子。

But I'll stick to a couple. So, what you're seeing is that there's two ways this is happening. One is around, as we mentioned, we have been increasing some of that kind of brand and marketing spend to bring customers directly in. And so what that means is, we have, hundreds of partners, product partners that we are matching with kind of product offer so kind of going direct convenient, really a place where customers are starting to make their financial decisions.

但我會堅持幾個。所以，您會看到這種情況有兩種發生方式。一方面，正如我們所提到的，我們一直在增加此類品牌和行銷支出，以直接吸引客戶。這意味著，我們擁有數百個合作夥伴、產品合作夥伴，我們會為他們提供相應的產品，從而為客戶帶來直接的便利，真正讓客戶開始做出財務決策。

That's the kind of strategic positioning that we've been working on and the kind of brand and marketing spend, bring somebody in directly, they can search for a product, we use all of our kind of API search ingenuity to be able to kind of match them with the right product. And so, when that happens, that is a 90% customer journey. The other, as I've mentioned is when we talked about increased the number of cars being consumed on the platform.

這就是我們一直在努力的策略定位，以及品牌和行銷支出，直接吸引人們，他們可以搜尋產品，我們使用我們所有的 API 搜尋智慧，以便能夠將它們與正確的產品相匹配。所以，當這種情況發生時，這就是 90% 的客戶旅程。另一個，正如我所提到的，是我們談到了增加平台上消費的汽車數量。

That's really a testament to our ability now to kind of life cycle, somebody we develop deeper and deeper profiles in terms of what we understand about a person. Like I mentioned their propensity to buy a kind of basket of financial products is best understood by MoneyLion. And so, what we've been able to do now is once they're on our platform, we're able to give them the kind of second and third derivative offers that also kind of represent that kind of 90% customer journey.

這確實證明了我們現在有能力了解一個人的生命週期，我們可以根據對一個人的了解來開發越來越深入的檔案。正如我所提到的，MoneyLion 最能理解他們購買一籃子金融產品的傾向。因此，我們現在能夠做的是，一旦他們進入我們的平台，我們就能為他們提供第二和第三衍生優惠，這些優惠也代表了 90% 的客戶旅程。

Yeah, I also Mike just reiterates what we said on the call, right? That, we have built and we're always improving and really investing in the nation's leading personal financial management Tool. And if you just download the money line app and you look at sort of the incredible amounts of capabilities we've put into that, it really is a super app, right? And what we're seeing now a lot of success in our things like community, right? If you go into the community section of the app, there's, thousands of people talking about various parts of their financial life, then they're inviting their friends and their family to join those conversations, right? So, a lot of the work that we do on the direct-to-consumer product perspective is all around really providing incredible premium features to the consumer for free, mostly the money line search capabilities to link your bank account.

是的，我也像麥克一樣重申了我們在電話中所說的話，對嗎？我們已經建立了這個工具，並且正在不斷改進，並真正投資於全國領先的個人財務管理工具。如果您下載 Money Line 應用程式並查看我們在其中投入的大量功能，您會發現它真的是一個超級應用程序，對嗎？我們現在看到社區等方面取得了很多成功，對吧？如果你進入應用程式的社群部分，你會發現有成千上萬的人在談論他們財務生活的各個部分，然後他們會邀請他們的朋友和家人加入這些對話，對嗎？因此，我們在直接面向消費者的產品角度所做的大量工作都是圍繞著為消費者免費提供令人難以置信的高級功能，主要是連結您的銀行帳戶的資金線搜尋功能。

And let us give you some advice and some insights. We've just enhanced even our free credit score capabilities that's leading in the in the industry now. It's not just free credit score, we can simulate it free, we can give you a lot more data on your trade lines. We can link that now with what's happening with your linked bank accounts and provide even more insights. Things like smart budgeting and capabilities like that. All are surrounding the consumer with an incredible tool kit to manage their daily financial lives, their financial operating systems as we think about it.

讓我們給您一些建議和見解。我們剛剛增強了我們的免費信用評分能力，目前在業界處於領先地位。這不僅僅是免費的信用評分，我們可以免費模擬它，我們可以為您提供更多有關您的交易線的數據。我們現在可以將其與您關聯銀行帳戶的情況聯繫起來，並提供更多見解。諸如智慧預算和類似的功能。所有這些都為消費者提供了令人難以置信的工具包來管理他們的日常財務生活，也就是我們所想的財務作業系統。

And then of course, we've got our first party and third-party products, but that engagement keeps the consumer in our ecosystem between financial inflection points or decision-making points when they're thinking about a mortgage or an insurance or a credit card. That's the part that's the best representation of the 90% strategy because we're engaging the consumer daily, weekly, monthly. We've got a lot of the data, they've got their wallet all linked with MoneyLion

當然，我們有自己的第一方和第三方產品，但這種參與讓消費者在我們的生態系統中處於金融拐點或決策點之間，當他們考慮抵押貸款、保險或信貸時卡片。這是最能體現 90% 策略的部分，因為我們每天、每週、每月都在與消費者互動。我們擁有大量數據，他們的錢包都與 MoneyLion 相連

We've got the ability now really to give them precise high converting offers that are relevant for them. They're personalized for them and they're contextualized for what's happening in their lives that day. So, I think to, together with all of that really drives the excitement that we have on the margin expansion. By keeping the consumer in our ecosystem And I don't think that there are a lot of people that can have this level of PFM capability in sort of the peer group or in the markets today.

我們現在確實有能力為他們提供與他們相關的精準、高轉換率的優惠。這些影片都是為他們量身定制的，並且根據他們當天的生活情況進行背景介紹。所以，我認為，所有這些因素共同真正推動了我們對利潤率擴大的興奮。透過將消費者保留在我們的生態系統中，我認為，在當今的同儕群體或市場中，沒有多少人能夠擁有這種水平的 PFM 能力。

Yeah, that's pretty robust. And that's helpful. Hey, just lastly, did you guys comment about October at all?.

是的，它非常強大。這很有幫助。嘿，最後，你們對十月有什麼評論嗎？

You mean Halloween or something more specific?.

你是指萬聖節或更特別的節日嗎？

How the month of October went?.

十月過得怎麼樣？

No, no.

不，不。

Okay, thanks.

好的，謝謝。

This concludes today's Q&A session and concludes today's call. You may now disconnect.

今天的問答環節和今天的電話會議到此結束。您現在可以斷開連線。