Marqeta Inc (MQ) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Marqeta Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I'd now like to turn the call over to Stacey Finerman, Vice President of Investor Relations. Thank you. You may begin.

下午好，女士們先生們，感謝你們的支持。歡迎參加 Marqeta 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想將電話轉給投資者關係副總裁史黛西·芬納曼 (Stacey Finerman)。謝謝。你可以開始了。

Thanks, operator. Before we begin, I would like to remind everyone that today's call may contain forward-looking statements, including statements regarding anticipated future financial and operating results, and future changes in or developments regarding accounting treatment, among others. These forward-looking statements are subject to numerous risks and uncertainties, including the risks that our accounting treatment may be subject to further changes or developments as well as those set forth in our filings with the SEC, which are available on our Investor Relations website, including our annual report on Form 10-K for the period ended December 31, 2022, and our subsequent periodic filings with the SEC. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of the time of this call and the company does not assume any obligation or intent to update them, except as required by law.

謝謝，接線生。在開始之前，我想提醒大家，今天的電話會議可能包含前瞻性陳述，包括有關預期未來財務和經營業績的陳述，以及有關會計處理的未來變化或發展等。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們的會計處理可能會進一步變更或發展的風險，以及我們向美國證券交易委員會提交的文件中規定的風險和不確定性，這些文件可在我們的投資者關係網站上找到，包括我們截至 2022 年 12 月 31 日期間的 10-K 表格年度報告，以及我們隨後向 SEC 提交的定期文件。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表本次電話會議時的情況，本公司不承擔任何更新這些前瞻性陳述的義務或意圖，除非法律要求。

In addition, today's call includes non-GAAP financial measures, these measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in today's earnings press release, our earnings release supplemental materials, which are available on our Investor Relations website. A reconciliation of forward-looking non-GAAP guidance is not available without reasonable effort due to the challenges in practicality with estimating some of the items, such as share-based compensation expense, depreciation and amortization expense and payroll tax expense, the effect of which could be significant.

此外，今天的電話會議包括非公認會計原則財務措施，這些措施應被視為對公認會計原則財務措施的補充而不是替代。與最直接可比較的 GAAP 衡量標準的調整可以在今天的收益新聞稿、我們的收益發布補充資料中找到，這些資料可以在我們的投資者關係網站上找到。由於估計某些項目（例如基於股份的補償費用、折舊和攤銷費用以及工資稅費用）在實踐中面臨挑戰，因此，如果不付出合理的努力，就無法對前瞻性非公認會計原則指引進行調節，其影響可能很重要。

Hosting today's call are Simon Khalaf, Marqeta's CEO; and Mike Milotich, Marqeta's chief Financial Officer. With that, I'd like to turn the call over to Simon to begin.

主持今天電話會議的是 Marqeta 執行長 Simon Khalaf；和 Marqeta 財務長 Mike Milotich。接下來，我想將電話轉給西蒙開始。

Thank you, Stacey, and thank you, everyone, for joining our third quarter 2023 earnings call. We had a strong quarter. Our third quarter net revenue, gross profit and operating expenses were all better than our expectations, resulting in an adjusted EBITDA of negative $2 million. Our results over the past few quarters have shown that we can scale the company, while maintaining expense discipline. We're continuing to innovate and expand our solutions with the recent launch of our credit platform as well as deepening our relationship with our customers and capturing new ones. This morning, we announced another expansion of our partnership with Block. And as we will discuss, we saw our business continue to build momentum, signing new embedded finance customers and expanding with our current customer base.

謝謝史黛西，也謝謝大家參加我們的 2023 年第三季財報電話會議。我們度過了一個強勁的季度。我們第三季的淨收入、毛利和營運費用均優於我們的預期，導致調整後 EBITDA 為負 200 萬美元。過去幾季的結果表明，我們可以在保持費用紀律的同時擴大公司規模。隨著最近推出的信貸平台，我們將繼續創新和擴展我們的解決方案，並加深我們與客戶的關係並吸引新客戶。今天早上，我們宣布再次擴大與 Block 的合作關係。正如我們將討論的那樣，我們看到我們的業務繼續發展勢頭，簽署了新的嵌入式金融客戶並擴大了我們現有的客戶群。

Let me start with our financial performance. Total processing volume, or TPV, was $57 billion, an increase of 33% compared to the same quarter of 2022. This was the third consecutive quarter where our TPV exceeded $50 billion. Our net revenue of $109 million in the quarter contracted 43% year-over-year including negative 60 percentage points from the accounting change related to Cash App, and our gross profit of $73 million contracted 9% versus Q3 2022, primarily due to the Cash App renewal pricing. Mike will discuss this in more detail later on the call.

讓我從我們的財務表現開始。總處理量 (TPV) 為 570 億美元，與 2022 年同一季度相比增長 33%。這是我們的 TPV 連續第三個季度超過 500 億美元。我們本季的淨收入為1.09 億美元，年減43%，其中與Cash App 相關的會計變更導致負60 個百分點；我們的毛利潤為7,300 萬美元，與2022 年第三季相比收縮了9 %，這主要是由於現金應用的影響。應用程式續訂定價。麥克將在稍後的電話會議上更詳細地討論這一點。

Our non-GAAP adjusted operating expenses were $75 million, a 20% decrease versus Q3 2022 due to our restructuring and cost-cutting initiatives, resulting in a negative $2 million in adjusted EBITDA for the quarter. As we've done in the last few quarters, we continue to grow our business and enhance our platform while increasing efficiency. At the Money20/20 Conference, we unveiled our new credit platform, which much like our debit and prepaid offerings, offers a full stack solution with issuer processing and program management. We believe that this puts us in a highly advantageous position allowing us to offer a more modern credit product than legacy competitors and 1 with greater product breadth and scale than many modern competitors.

由於我們的重組和成本削減舉措，我們的非 GAAP 調整後營運費用為 7,500 萬美元，與 2022 年第三季相比下降了 20%，導致本季調整後 EBITDA 為負 200 萬美元。正如我們在過去幾個季度所做的那樣，我們繼續發展我們的業務並增強我們的平台，同時提高效率。在 Money20/20 會議上，我們推出了新的信貸平台，該平台與我們的金融卡和預付費產品非常相似，提供了包含發行人處理和專案管理的全端解決方案。我們相信，這使我們處於非常有利的地位，使我們能夠提供比傳統競爭對手更現代的信貸產品，並且比許多現代競爭對手提供更廣泛的產品廣度和規模。

There are multiple benefits to this site of end-to-end solutions. Launching a credit card has historically been a complicated and cumbersome process, and our new platform means that our customers have a one-stop shop from design to launch and scale and can work directly with us rather than several different providers. This reduces complexity for our customers and speeds up the time to market significantly. Further, without offering, customers can own and customize the experience and embed the card within their brands. our ability to offer configurable and flexible solutions enables our customers to build highly differentiated programs with truly personalized rewards and spend controls. Instead of offering the same cookie-cutter reward for every consumer, our customers can now personalize the words to reflect individual needs.

該網站的端到端解決方案有多種好處。推出信用卡歷來都是一個複雜而繁瑣的過程，而我們的新平台意味著我們的客戶可以享受從設計到推出和規模化的一站式服務，並且可以直接與我們合作，而不是與幾個不同的提供者合作。這降低了客戶的複雜性並顯著加快了上市時間。此外，無需提供，客戶就可以擁有和定制體驗，並將該卡嵌入到他們的品牌中。我們提供可配置且靈活的解決方案的能力使我們的客戶能夠建立高度差異化的計劃，並提供真正個人化的獎勵和支出控制。我們的客戶現在可以個性化單字以反映個人需求，而不是為每個消費者提供相同的千篇一律的獎勵。

This helps them build credit cards that we imagine customer loyalty and engagement. Best of all, because the offering is truly embedded, the cardholder only interacts with a card program rather than being sent to a bank experience they're simply not familiar with. The initial interest in this product has been very promising, and we're deeply engaged with several prospects. While many equate credit with consumer co-brand offerings, which is undoubtedly a large portion of credit, we also see strong demand for commercial use cases. Commercial use cases can drive loyalty, customer engagement and enable businesses to run more efficiently. Customers building commercial card programs can choose from flexible funding models for their cardholders such as Net 30 Charge cards, receivable purchase and revolving credit to allow them to take control of their business financial health and access capital more efficient.

這有助於他們建立我們想像的客戶忠誠度和參與度的信用卡。最重要的是，由於該產品是真正嵌入的，持卡人僅與卡片程式交互，而不是被發送到他們根本不熟悉的銀行體驗。人們對該產品最初的興趣非常濃厚，我們正在與一些潛在客戶進行深入的接觸。雖然許多人將信貸等同於消費者聯合品牌產品，這無疑佔信貸的很大一部分，但我們也看到了對商業用例的強勁需求。商業用例可以提高忠誠度、客戶參與度，並使企業能夠更有效率地運作。建立商業卡計畫的客戶可以為其持卡人選擇靈活的融資模式，例如 Net 30 Charge 卡、應收帳款購買和循環信貸，使他們能夠控制自己的企業財務狀況並更有效地獲取資金。

Following our renewal news last quarter, we continued to deepen our relationship across Blocks ecosystem and are pleased to announce multiple updates to our long-standing relationship. First, we renewed our agreement for the Square debit card for 5 years to run through June 2028. Second, in parallel, we extended our deal with Cash App so that, that deal also extends through June 2028. Finally, we agreed with Block that Marqeta will be the default provider of issuing processing and related services in current or future markets outside of the U.S. where Block may decide to enter and Marqeta is able to provide issuing and processing services. We believe this extension demonstrates the value that Block sees in our platform, especially our ability to support dynamic use cases with both consumer and commercial card programs globally.

繼上季更新消息之後，我們繼續深化我們在 Blocks 生態系統中的關係，並很高興地宣布對我們長期關係的多項更新。首先，我們將Square 金融卡的協議續簽了5 年，直至2028 年6 月。其次，我們同時延長了與Cash App 的協議，以便該協議也延長到2028 年6 月。最後，我們與Block 達成一致：Marqeta 將成為當前或未來美國以外市場的發行處理和相關服務的預設提供者。Block 可能決定進入這些市場，而 Marqeta 能夠提供發行和處理服務。我們相信這項擴充功能體現了 Block 在我們的平台中看到的價值，特別是我們支援全球消費者和商業卡計畫動態用例的能力。

In addition to these meaningful announcements, we continue to execute day in and day out, supporting new and existing customers with our ability to offer payment expertise, flexibility, control and scale, which creates a meaningful differentiation between ourselves and others in the space. Last quarter we highlighted how we were converting prospective customers that we're starting to reach scale with other providers. In many instances, these were customers where we initially bid for their business, but they opted to work with another provider. This strength continued into the third quarter, one which we are excited about is an expense management platform focused on the marketing industry that initially looked at us 2 years ago before choosing another modern platform.

除了這些有意義的公告之外，我們還繼續日復一日地執行，透過我們提供支付專業知識、靈活性、控制力和規模的能力來支持新客戶和現有客戶，這在我們自己和該領域的其他公司之間創造了有意義的差異化。上個季度，我們強調了我們如何轉換潛在客戶，我們開始與其他提供者達到規模。在許多情況下，我們最初競標這些客戶的業務，但他們選擇與其他提供者合作。這種優勢持續到第三季度，令我們興奮的是一個專注於行銷產業的費用管理平台，最初在兩年前關注我們，然後選擇了另一個現代平台。

They started to see product market fit and strong traction and as a result, needed more service, which they were promised but have yet to materialize. They also felt the spend controls and analytics were pretty decent, which did not work for a company whose business is dependent on providing their end customers with actionable analytics and insights. As a result, they reengaged with Marqeta. In addition, to access to better analytics and customer service, they found our solutions easier to utilize.

他們開始看到產品適合市場並具有強大的吸引力，因此需要更多的服務，這是他們所承諾但尚未實現的。他們也認為支出控制和分析相當不錯，這對於一家業務依賴為最終客戶提供可行的分析和見解的公司來說並不適用。結果，他們重新與 Marqeta 接觸。此外，為了獲得更好的分析和客戶服務，他們發現我們的解決方案更容易使用。

As we will discuss during our Investor Day at the end of this week, the breadth and depth of our platform resonates with customers who are looking to provide multiple solutions rather than just point products. This is especially true when it comes to our program management offering. During the quarter, we signed a deal with a marketplace offering financial management tools. The customer approach Marqeta about launching a demand deposit account to their debit card for their user base, offering cash back to help repay student debt. Marqeta was the provider of choice, given our money movement offering, our experience in modern card issuing, our superior service and the quality of our APIs.

正如我們將在本週末的投資者日討論的那樣，我們平台的廣度和深度與尋求提供多種解決方案而不僅僅是單點產品的客戶產生了共鳴。當涉及到我們的專案管理產品時尤其如此。在本季度，我們與提供財務管理工具的市場簽署了一項協議。該客戶與 Marqeta 聯繫，希望為其用戶群在藉記卡上開設活期存款帳戶，提供現金回饋以幫助償還學生債務。鑑於我們的資金轉移服務、現代發卡方面的經驗、卓越的服務以及 API 的質量，Marqeta 是我們的首選提供者。

While the customer who was initially interested in a Powered by Marqeta construct, they realize the benefits of using a Managed by Marqeta solution to ensure a successful program launch. As a result, the customer ultimately decided to use our program management capabilities and signed on for additional services such as dispute management and interactive voice response.

雖然客戶最初對 Powered by Marqeta 建置感興趣，但他們意識到使用 Managed by Marqeta 解決方案可確保專案成功啟動的好處。因此，客戶最終決定使用我們的專案管理功能，並簽約使用爭議管理和互動式語音回應等附加服務。

Another topic we will discuss at length during our Investor Day is the embedded finance opportunity and how the platform is uniquely positioned to benefit. Two examples of embedded finance deals we signed in the quarter are companies looking to use embedded finance to create a better customer experience and keep funds within the ecosystem. One example is the logistics company that will have the ability to offer a Marqeta virtual card with instant refund disbursement to encourage respending at their e-commerce partners website when items are returned. Another e-commerce example is a company that provides software for contractors to manage supply, offering their vendors to be paid via a virtual card so that the payment comes in faster than cheques or ACH.

我們將在投資者日期間詳細討論的另一個主題是嵌入式金融機會以及該平台如何獨特定位以受益。我們在本季簽署的嵌入式金融交易的兩個例子是希望利用嵌入式金融創造更好的客戶體驗並將資金保留在生態系統內的公司。一個例子是，物流公司將能夠提供一張具有即時退款功能的 Marqeta 虛擬卡，以鼓勵在退貨時在其電子商務合作夥伴網站上重新消費。另一個電子商務例子是一家為承包商提供軟體來管理供應的公司，透過虛擬卡向供應商提供付款，這樣付款速度比支票或 ACH 更快。

In addition to these new exciting customers with differentiated use cases, we continue to innovate with our existing customer base. Marqeta's early innovations and solutions such as instant issuance allowed us to be an early beneficiary in Buy Now, Pay Later as our solution enables significant merchant acceptance growth in this space. However, as offerings proliferated, major BNPL providers added new products to keep up with the changing needs of consumers and merchants alike.

除了這些具有差異化用例的令人興奮的新客戶之外，我們還繼續利用現有客戶群進行創新。 Marqeta 的早期創新和解決方案（例如即時發行）使我們能夠成為「先買後付」的早期受益者，因為我們的解決方案使該領域的商家接受度顯著增長。然而，隨著產品的激增，主要的 BNPL 供應商增加了新產品，以滿足消費者和商家不斷變化的需求。

While our initial BNPL solution required a virtual card at the point of sale, providers wanted to extend their relationship with their end customers across all purchasing behaviors. As a result, many BNPL providers introduce Pay Anywhere solutions for use across multiple merchants, giving consumers the option of paying in installment rather than an evolving balance. This new use case has shown tremendous growth and the multiple programs we have that use this contract -- construct accounting for approximately 10% of our Buy Now, Pay Later volume. This is particularly remarkable as many of these programs have only been live for just a few quarters. Not only are these programs growing in popularity but they also have better take rates than commercial virtual cards. This shift comes at a critical time from a competitive basis for Marqeta, with instant issuance commoditizing as competitors are catching up to the technology we offered years ago.

雖然我們最初的 BNPL 解決方案需要在銷售點使用虛擬卡，但提供者希望在所有購買行為中擴展與最終客戶的關係。因此，許多 BNPL 供應商推出了可供多個商家使用的 Pay Anywhere 解決方案，讓消費者可以選擇分期付款，而不是不斷變化的餘額。這個新的用例已經顯示出巨大的增長，我們擁有使用此合約的多個程式——構建約占我們「立即購買，稍後付款」數量的 10%。這是特別引人注目的，因為其中許多項目只上線了幾個季度。這些程式不僅越來越受歡迎，而且比商業虛擬卡的使用率也更高。這一轉變發生在 Marqeta 競爭基礎的關鍵時刻，隨著競爭對手正在追趕我們多年前提供的技術，即時發行商品化。

However, the shift to these new BNPL programs require the ability to offer a consumer card, which Marqeta is uniquely positioned to do as consumer offerings are increasingly more complex than commercial. As a result, we have maintained an advantage or moat in BNPL given the breadth of our platform.

然而，向這些新的 BNPL 計劃的轉變需要能夠提供消費者卡，而 Marqeta 擁有獨特的優勢，因為消費者產品比商業產品越來越複雜。因此，鑑於我們平台的廣度，我們在 BNPL 中保持了優勢或護城河。

In summary, the addition of credit and our long-term relationship with Block positions us well as we reset the company in 2023 and look to build from a new, strong baseline. In addition to these considerable accomplishments, we continue executing for our existing and new customers. Combined, we expect these efforts will enable Marqeta to reignite steady growth in 2024 after we have lapped the Cash App renewal.

總而言之，信貸的增加以及我們與 Block 的長期關係使我們能夠在 2023 年重置公司，並尋求建立一個新的、強勁的基線。除了這些巨大的成就之外，我們還繼續為現有和新客戶提供服務。綜合起來，我們預計這些努力將使 Marqeta 在我們完成 Cash App 更新後在 2024 年重新實現穩定成長。

I will pause there as we plan to discuss the opportunity ahead of us in great detail in just a few days at our Investor Day. With that, I'll turn it over to Mike for his prepared remarks.

我將在此暫停，因為我們計劃在短短幾天的投資者日上詳細討論擺在我們面前的機會。接下來，我將把它交給麥克，讓他準備好講話。

Thanks so much, Simon, and good afternoon, everybody. As expected, third quarter net revenue and gross profit growth contracted due to the Cash App renewal that was signed last quarter. However, our Q3 results were better than expected, particularly our adjusted EBITDA as a result of the continued execution on efficiency initiatives and timing of some expenses that will shift into Q4. The revenue contraction was lower than anticipated, mostly due to business mix differences that impacted the change in Cash App revenue presentation as part of the new contract. I will get into more detail in a few minutes.

非常感謝，西蒙，大家下午好。正如預期的那樣，由於上季度簽署的 Cash App 續約，第三季淨收入和毛利成長出現收縮。然而，我們第三季的業績好於預期，特別是我們調整後的 EBITDA，這是由於繼續執行效率舉措以及一些費用的安排將轉移到第四季度。收入收縮低於預期，主要是由於業務組合差異影響了作為新合約一部分的 Cash App 收入列報的變化。幾分鐘後我將詳細介紹。

Q3 TPV was $57 billion, growing 33% year-over-year and exceeding $50 billion for the third quarter in a row across a diverse portfolio of use cases, putting us on track to deliver over $200 billion in TPV for the full year. The financial services vertical, which is a little over half of our TPV continues to perform well, but did slow a few points from Q2 as the vertical faced tougher comps from the acceleration last year in Q3. Partially offsetting those tough comps was the rapid ramp of accelerated wage access, which delivered 2x the volume versus Q2, and there was little volume last year as this is a newer use case for Marqeta.

第三季 TPV 為 570 億美元，年成長 33%，在多種用例組合中連續第三季超過 500 億美元，使我們預計全年交付超過 2000 億美元的 TPV。金融服務垂直市場（占我們 TPV 的一半多一點）繼續表現良好，但與第二季度相比確實放緩了幾個百分點，因為該垂直市場面臨著去年第三季度加速後更加嚴峻的競爭。加速工資獲取的快速增長部分抵消了這些艱難的競爭，其數量是第二季度的兩倍，而去年的數量很少，因為這是 Marqeta 的較新用例。

Lending, including Buy Now, Pay Later growth accelerated more than 20 points from Q2 and is now growing faster than the total company growth primarily for 2 reasons. First, we lapped the partial loss of 1 Klarna program this quarter. Second, the rapid consumer adoption of several of our BNPL customers pay newer solutions, which deliver their BNPL value proposition on a card that can be used at any card-accepting merchants. On-demand delivery growth accelerated this quarter due to consumer adoption of new services and merchant segments. Expense management growth decelerated this quarter due to increasingly tougher comps as this vertical matures.

貸款（包括「立即購買、稍後付款」）的成長較第二季加快了 20 個百分點以上，目前的成長速度快於公司整體成長速度，主要有兩個原因。首先，我們經歷了本季 1 Klarna 計劃的部分損失。其次，消費者快速採用我們的一些 BNPL 客戶支付更新的解決方案，這些解決方案將他們的 BNPL 價值主張體現在一張可在任何接受卡片的商家使用的卡片上。由於消費者採用新服務和商家細分市場，本季按需配送成長加速。由於隨著垂直行業的成熟，競爭日益激烈，本季費用管理成長放緩。

Q3 net revenue was $109 million, a contraction of 43% year-over-year, including a 70 percentage point decline due to the Cash App renewal. The bulk of that Cash App renewal impact is the 60 percentage point growth headwind driven by the revenue presentation change related to the costs associated with Cash App's primary payment network volume. This revenue presentation impact on growth was several points lower than we expected due to nuances within Cash App TPV, particularly a greater mix of volume on non-primary networks. We attribute this mix shift to changes in Reg II that went into effect in July. Because this nonprimary network volume still adheres to the prior revenue recognition, it led to higher revenues that do not necessarily translate into higher gross profit, a circumstance that we have discussed in the past.

第三季淨收入為 1.09 億美元，年減 43%，其中因 Cash App 更新而下降了 70 個百分點。 Cash App 更新影響的大部分是由與 Cash App 主要支付網路量相關的成本相關的收入呈現變化所驅動的 60 個百分點的成長阻力。由於 Cash App TPV 內部的細微差別，特別是非主要網路上的交易量更大，這種收入呈現對成長的影響比我們預期的要低幾個百分點。我們將這種混合轉變歸因於 7 月生效的 Reg II 的變化。由於這種非主要網絡量仍然遵循先前的收入確認，因此導致了更高的收入，但不一定轉化為更高的毛利，這是我們過去討論過的情況。

As expected, the Cash App renewal pricing drove an additional 10-point impact to net revenue growth in the quarter. Excluding the Cash App renewal, net revenue growth was strong, driven by strength across the business, particularly on-demand delivery and Powered by Marqeta. Block net revenue concentration was 50% in Q3, decreasing 28 points from Q2 as a result of the Cash App contract renewal. Our net revenue take rate was 19 basis points. Excluding Cash App, the net revenue take rate was consistent with the prior quarter and several bps higher than our total company take rate.

正如預期的那樣，Cash App 續訂定價對該季度的淨收入成長產生了額外 10 個百分點的影響。不包括現金應用程式更新，淨收入成長強勁，這得益於整個業務的實力，特別是按需交付和由 Marqeta 提供的支援。由於 Cash App 合約續約，第三季區塊淨收入集中度為 50%，較第二季下降 28 個百分點。我們的淨收入率為 19 個基點。不包括現金應用程序，淨收入佔用率與上一季一致，並且比我們公司總佔用率高出幾個基點。

Q3 gross profit was $73 million, contracting 9%, a little better than we expected. The gross profit contraction is primarily a result of 3 factors: first, the Cash App renewal lowered growth by mid-20s percentage points. Remember, the change in Cash App revenue presentation has no impact on gross profit. Therefore, this impact is solely driven by the renewal pricing.

第三季毛利為 7,300 萬美元，萎縮 9%，略優於我們的預期。毛利收縮主要是由三個因素造成的：首先，Cash App 的更新使成長率降低了 20 個百分點左右。請記住，Cash App 收入列報的變動對毛利沒有影響。因此，這種影響完全是由續訂定價所驅動的。

Second, we renewed approximately 50% of our non-Block TPV between Q2 '22 and Q1 '23. Although the effects are starting to dissipate and we will fully lap this in Q2 '24, these renewals did lower growth by low to mid-single digits this quarter. Lastly, we lost 4 lease incentives on 2 of our customers at the start of 2023, lowering growth by low to mid-single digits. This impact is a little lower than previous quarters due to the volume fluctuations in those customers last year, and we expect to fully lap this impact in Q1 '24.

其次，我們在 22 年第二季和 23 年第一季之間更新了約 50% 的非 Block TPV。儘管影響開始消散，我們將在 24 年第二季度完全解決這一問題，但這些更新確實使本季度的成長降低了低至中個位數。最後，我們在 2023 年初失去了 2 位客戶的 4 項租賃獎勵措施，導致成長率下降至中個位數。由於去年這些客戶的數量波動，這種影響略低於前幾季度，我們預計將在 24 年第一季完全消除這種影響。

We believe each one of these gross profit impacts were discrete situations that impacted us all at once. We do not expect to see impacts of this magnitude in the future due to changes in how we approach customer deals and contractual language, starting late last year. Our gross profit take rate was 13 basis points. The gross profit take rate outside of Cash App increased 1 point from last quarter and is several bps higher than our total company gross profit take rate.

我們相信，每一項毛利影響都是離散的情況，同時對我們所有人產生影響。由於我們從去年底開始處理客戶交易和合約語言的方式發生了變化，我們預計未來不會出現如此大規模的影響。我們的毛利率為 13 個基點。 Cash App以外的毛利比上季增加了1個百分點，比我們公司總毛利潤率高出幾個基點。

Gross profit margin was 67% lower than anticipated because of the smaller impact of the cash out net revenue presentation change, which caused net revenue to be higher but did not flow through to gross profit. Our projections on gross profit and the gross profit take rate were accurate. Therefore, the margin difference is mostly driven by the denominator.

毛利率比預期低67%，因為現金支出淨收入列報變動的影響較小，導致淨收入較高但沒有流入毛利潤。我們對毛利和毛利率的預測是準確的。因此，利潤差異主要由分母驅動。

Q3 adjusted operating expenses were $75 million, a decrease of 11% from last quarter and a 20% decrease year-over-year despite an approximately 1 point of inorganic growth driven by the inclusion of power. These declines are primarily driven by the realized savings from our restructuring in late May and efficiency initiatives targeting our technology and professional services expenses. These cost rationalizations have not impacted our platform uptime or performance despite our fast-growing volumes.

第三季調整後營運費用為 7,500 萬美元，季減 11%，年減 20%，儘管包含電力帶來約 1 個百分點的無機成長。這些下降主要是由於我們 5 月底的重組以及針對我們的技術和專業服務費用的效率措施所實現的節省。儘管我們的銷售量快速成長，但這些成本合理化並未影響我們平台的正常運作時間或效能。

Adjusted operating expenses were almost $10 million lower than we expected for 3 reasons, 2 of which are timing related. We have diligently curtailed our technology and professional services expenses, achieving larger benefits than we initially anticipated. A few of our planned third-party expenditures such as support to execute volume migrations from other processors and program management enhancements were delayed in Q3. Therefore, we expect $2 million to $3 million of expense to shift to Q4.

調整後的營運費用比我們的預期低近 1000 萬美元，原因有 3 個，其中 2 個與時間相關。我們努力削減技術和專業服務費用，並取得了比我們最初預期更大的效益。我們計劃的一些第三方支出，例如支援從其他處理器執行卷遷移和程序管理增強功能在第三季度被推遲。因此，我們預計 200 萬至 300 萬美元的費用將轉移到第四季。

Finally, when we reduced our workforce by approximately 20% in May, we also intended to hire in a few priority areas. As a result, we plan to end the year with a net reduction of just over 15% of our pre-restructuring headcount plan. However, as we thought we consider these additions and work to set up an office in a lower cost jurisdiction, some of these hires are being delayed through the middle of next year.

最後，當我們 5 月裁員約 20% 時，我們也打算在幾個優先領域進行招募。因此，我們計劃在今年年底前淨削減重組前員工計畫的 15% 以上。然而，正如我們認為我們正在考慮這些新增工作並努力在成本較低的司法管轄區設立辦事處一樣，其中一些招聘將推遲到明年年中。

Q3 adjusted EBITDA was negative $2 million, a margin of negative 2%. This result was better than we expected, driven mostly by cost management successes. Interest income was $15 million, driven by elevated interest rates. The Q3 GAAP net loss was $55 million, including a $16 million noncash post-combination expense related to the Power acquisition. During Q2, we announced a stock buyback of $200 million. As of Q3 quarter end, we purchased 21.6 million shares for an average price of $5.19 for $112 million. We ended the quarter with $1.3 billion of cash and short-term investments.

第三季調整後 EBITDA 為負 200 萬美元，利潤率為負 2%。這一結果好於我們的預期，主要是由於成本管理的成功。由於利率上升，利息收入為 1500 萬美元。第三季 GAAP 淨虧損為 5,500 萬美元，其中包括與 Power 收購相關的 1,600 萬美元非現金合併後費用。第二季度，我們宣布回購 2 億美元的股票。截至第三季末，我們以 1.12 億美元的平均價格 5.19 美元購買了 2,160 萬股股票。本季結束時，我們擁有 13 億美元的現金和短期投資。

As we look ahead to Q4, setting all the Block renewals aside, the underlying performance of the business has been performing well throughout the year. With the Square and Cash App business now secured through June of 2028 and with the potential for additional growth from new programs as a default provider, we have a solid foundation from which to build. Although the Square renewal aligns the volumes and price tiering with the Cash App contract, which will reduce gross profit growth by approximately 3 percentage points in Q4, it does not come with the revenue accounting impact of the Cash App renewal. We expect the Cash App renewal impacts on revenue and gross profit in Q4 to be in line with Q3, which is low 70s percentage points for revenue and mid-20 percentage points for gross profit. We also expect the business outside of Block to perform on a similar trajectory as Q3.

當我們展望第四季時，拋開所有區塊續訂不談，該業務的基本業績全年表現良好。 Square 和 Cash App 業務現已穩定到 2028 年 6 月，並且作為預設提供者的新計劃有可能實現額外成長，因此我們擁有了堅實的基礎。儘管 Square 續約使數量和價格分級與 Cash App 合約保持一致，這將使第四季度的毛利成長減少約 3 個百分點，但它並沒有帶來 Cash App 續約對收入會計的影響。我們預計 Cash App 更新對第四季營收和毛利的影響將與第三季一致，營收低 70 個百分點，毛利低 20 個百分點。我們也預計 Block 以外的業務表現將與第三季類似。

Our expectations for Q4 are as follows: Net revenue is expected to contract between 45% and 47%, the few points of deceleration from Q3 is mostly due to the Square renewal. Gross profit is expected to contract between 8% and 10% in line with Q3. The Square renewal growth headwind of approximately 3 percentage points is offset by less drag from non-Block renewals and additional incentives as we reach a new tier. Our gross margin should be in the high 60s.

我們對第四季的預期如下：淨收入預計將收縮 45% 至 47%，第三季的幾個減速點主要是由於 Square 續訂所致。毛利預計將比第三季收縮 8% 至 10%。 Square 續訂成長逆風約為 3 個百分點，但被非 Block 續訂帶來的阻力減少以及我們達到新等級時的額外激勵措施所抵消。我們的毛利率應該在 60 左右。

With the success of our efficiency efforts to date, we expect adjusted operating expense to decline by about 10% year-over-year including the timing shift from Q3 and higher technology costs that come with elevated volumes during the holiday season. Therefore, adjusted EBITDA margin is expected to be negative 3% to 4% on an organic basis excluding the 1 point negative margin impact of the Power acquisition. The lower adjusted EBITDA versus Q3 is consistent with the $2 million to $3 million expense timing shift into Q4. Therefore, our expectations for full year 2023 performance are consistent with what we shared last quarter, except for a better adjusted EBITDA margin, driven by our expense discipline.

鑑於我們迄今為止在效率方面所做的努力取得的成功，我們預計調整後的營運費用將同比下降約10%，其中包括第三季度的時間變化以及假期期間銷量增加帶來的更高的技術成本。因此，調整後的 EBITDA 利潤率預計將在有機基礎上為負 3% 至 4%，排除 Power 收購帶來的 1 個百分點的負利潤率影響。與第三季相比，調整後的 EBITDA 較低，這與第四季 200 萬至 300 萬美元的費用時間轉移一致。因此，我們對 2023 年全年業績的預期與我們上季度分享的一致，除了在我們的費用紀律推動下調整後的 EBITDA 利潤率有所改善之外。

Net revenue is expected to contract by low double-digit percentage with an approximately high 30s percentage point decline due to the Cash App renewal, mostly due to the change in accounting treatment. Gross profit growth is expected to be positive low single digits. Adjusted EBITDA margin is expected to be negative low single digits on an organic basis, including the 1 point negative margin impact of the Power acquisition.

由於 Cash App 更新（主要是由於會計處理的變化），淨收入預計將出現兩位數百分比的低幅度收縮，降幅約為 30 個百分點。毛利預計將呈現低個位數正成長。調整後的 EBITDA 利潤率預計將在有機基礎上為負低個位數，其中包括 Power 收購帶來的 1 個百分點的負利潤率影響。

To wrap up, we delivered a strong Q3 and have now renewed over 75% of our TPV in the last 6 quarters, positioning the company for long-term success. This is our first quarter incorporating the Cash App renewal in our results, which established a new baseline that sets us up to drive sustained, long-term profitable growth as our sales bookings continue to show growth and momentum. Despite the renewal headwinds on growth, we believe our efficiency initiatives will put us close to adjusted EBITDA breakeven as we exit 2023.

最後，我們在第三季度取得了強勁的業績，並在過去 6 個季度中更新了超過 75% 的 TPV，為公司的長期成功奠定了基礎。這是我們將現金應用程式更新納入業績的第一季度，這建立了一個新的基準，隨著我們的銷售預訂繼續呈現成長和勢頭，使我們能夠推動持續、長期的獲利成長。儘管成長面臨新的阻力，但我們相信，我們的效率舉措將使我們在 2023 年結束時接近調整後的 EBITDA 盈虧平衡。

Before we turn it over to Q&A, we understand the longer-term trajectory of the business is of great interest to everyone and our Investor Day materials will be available at 1:30 Pacific Time on Thursday, November 9, on our Investor Relations website. We think you will find the 110 minutes of content helpful. As such, we ask that questions today be limited to Q3 results and 2023 as a whole. Thank you. Now it's time to take questions.

在我們進行問答之前，我們知道每個人都對公司的長期發展軌跡非常感興趣，我們的投資者日資料將於 11 月 9 日星期四太平洋時間 1:30 在我們的投資者關係網站上提供。我們認為 110 分鐘的內容會對您有幫助。因此，我們要求今天的問題僅限於第三季業績和 2023 年整體情況。謝謝。現在是提問時間。

(Operator Instructions) Our first question comes from the line of Tien-Tsin Huang with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通黃天欽的電話。

I appreciate all the detail. And I'll ask maybe for you, Mike, just on the clarification for the gross margin coming in at 67% versus the low 70s guide. So that -- is that -- just to understand it correctly, that's just the Reg II effect change in the gross revenue that you assumed? Is there anything else in there that's surprised? And is that high 60s, the right figure, it sounds like now from a baselining standpoint? I think that is what you said for the fourth quarter. Sorry for the clarification.

我很欣賞所有的細節。麥克，我可能會向您詢問毛利率為 67%（與 70 多歲的指導值相比）的澄清問題。那麼，為了正確理解，這只是您假設的總收入中的 Reg II 效應變化？這裡面還有什麼讓人驚訝的地方嗎？從基線的角度來看，60 多歲是正確的數字嗎？我想這就是你所說的第四季的情況。抱歉需要澄清。

Yes. No. Thanks, Tien-Tsin. No, that's correct. So our gross profit came in as expected, just a little bit better. And so our ability to predict the gross profit impact on the Cash App renewal was very accurate. What we didn't quite get right when we talked to you 3 months ago was the revenue impact from the Cash App deal, and that's because the new revenue treatment only applies to the volume on the primary network. And the old revenue accounting that we've talked about many times can lead to higher revenue but not necessarily translate to gross profit, still applies for all the volume on the -- on different networks than the primary network.

是的。不，謝謝，天進。不，這是正確的。所以我們的毛利符合預期，只是好一點。因此，我們預測現金應用更新對毛利影響的能力非常準確。 3 個月前與您交談時，我們不太清楚的是 Cash App 交易對收入的影響，這是因為新的收入處理僅適用於主網路上的交易量。我們多次討論過的舊收入會計可以帶來更高的收入，但不一定轉化為毛利，仍然適用於與主網路不同的網路上的所有交易量。

So what we didn't quite project accurately is when the new Reg II changes went into effect in July, we saw more volume shift to other networks, which then lifted the revenue in a way that didn't translate to gross profit. And so it lowered the margin, but our -- it's really purely from the denominator. So yes, what we said for Q4 was that our margins should be in the high [60s] and not assuming the Reg II changes that we've started to see is sort of -- is more of the steady state of what we should expect going forward, then that would be the margins that we anticipate.

因此，我們沒有準確預測的是，當新的 Reg II 變更於 7 月生效時，我們看到更多的流量轉移到其他網絡，從而提高了收入，但並未轉化為毛利。因此它降低了利潤，但我們的——這實際上純粹來自分母。所以，是的，我們對第四季度所說的是，我們的利潤率應該處於高水準 [60 年代]，並且不假設我們已經開始看到的 Reg II 變化是我們應該期望的穩定狀態。展望未來，這將是我們預期的利潤率。

Understood, a lot of early payment stuff there, but I think I got it. On the operating expenses, if you don't mind me asking on that as a follow-up. So is there any change from a hiring perspective and needs on the developer side, given some of the wins and the changes on Block, everything else? Or it sounds like it was just a timing issue with the hirings being pushed through the middle of next year. I just want to make sure that that's not that was.

明白了，那裡有很多提前付款的東西，但我想我明白了。關於營運費用，如果你不介意我追問一下的話。那麼，考慮到 Block 的一些勝利和變化以及其他一切，從招募角度和開發人員的需求來看，是否有任何變化？或者聽起來這只是一個時間問題，招聘被推遲到明年年中。我只是想確定事實並非如此。

That's right. So it doesn't change the number of people we need. It's really that we're trying to be very thoughtful as we plan what our priorities are going to be, what types of skills and talents that we need to add. And so we're just trying to be very thoughtful about that. And then we're also in the process of setting up a low-cost jurisdiction office somewhere. So we also want to take the time to incorporate that into our hiring plan. So originally, when we executed the restructuring in May, we thought we would add those people by the end of this year. And it's now clear that that's not what's going to happen, and it's going to move into the next several quarters, and we should probably have all that headcount filled by the middle of next year. So that's 1 big factor.

這是正確的。所以這不會改變我們需要的人數。事實上，我們在規劃優先事項、需要增加哪些類型的技能和人才時，都在努力深思熟慮。所以我們只是想對此深思熟慮。然後我們也在某處設立一個低成本管轄辦事處。因此，我們也想花時間將其納入我們的招聘計劃中。因此，最初，當我們在五月進行重組時，我們認為我們會在今年年底之前增加這些人員。現在很明顯，這不會發生，而且它將進入接下來的幾個季度，我們可能應該在明年年中之前填補所有員工人數。這是一個重要因素。

And then the other was some of the expenses that we have with third parties who are helping us with very specific initiatives such as we've contracted with someone to help us migrate volume from another processor to try to make that as seamless and painless for our new customer. That is something that just got delayed a little bit. And so we do expect $2 million to $3 million of expense that we originally expected to hit us in Q3 is now going to be a Q4 expense item.

另一個是我們與第三方的一些費用，他們幫助我們實施非常具體的舉措，例如我們與某人簽訂了合同，幫助我們從另一個處理器遷移卷，以嘗試使我們的遷移變得無縫且輕鬆。新客戶。這件事只是被推遲了一點。因此，我們確實預計，我們最初預計在第三季產生的 200 萬至 300 萬美元的費用現在將成為第四季的費用項目。

Our next question comes from the line of Timothy Chiodo with UBS.

我們的下一個問題來自瑞銀集團的 Timothy Chiodo。

This one is somewhat related to the Cash App comments around Reg II, but more broadly across your portfolio. Would you be able to describe the rough percentage of volumes that might have shifted to the secondary or alternative debit networks? And roughly or directionally, what kind of an interchange impact does that have in terms of the revenue pool that you would be able to share in? In other words, how much lower on average would you say the interchange is for some of those secondary debit networks?

這一點與 Reg II 周圍的現金應用程式評論有些相關，但更廣泛地涉及您的投資組合。您能否描述一下可能已轉移到二級或替代借記網路的交易量的粗略百分比？粗略或定向地來說，這對您能夠分享的收入池會產生什麼樣的交換影響？換句話說，您認為某些二級扣款網路的交換平均要低多少？

Yes. So thanks for your question, Tim. Unfortunately, I can't tell you the exact volume that shifted. So I think that that's not necessarily our place to share with you. But it wasn't a massive change. But keep in mind, if you think back to prior quarters, right, we've talked a lot about that in the Block business, our margin was in the sort of high 20s percentage points, which gives you a sense that the revenue take rates were about 4x what they were in gross profit. So it doesn't take a huge shift of volume to make a material difference to the revenue given how different that take rate is compared to what's happening on now the primary network where we essentially are just making the fees associated with the service that we provide to Cash App, and it's not impacted by interchange at all. So that's really what the dynamic is.

是的。謝謝你的提問，提姆。不幸的是，我無法告訴你具體的變化量。所以我認為這不一定是我們與您分享的地方。但這並不是一個巨大的改變。但請記住，如果你回想一下前幾季度，對吧，我們在 Block 業務中討論了很多，我們的利潤率高達 20 個百分點，這讓你感覺到收入佔了比例大約是毛利潤的四倍。因此，考慮到收取率與現在主要網路上發生的情況相比有多麼不同，不需要巨大的交易量變化就能對收入產生重大影響，在主要網路上我們基本上只是收取與我們提供的服務相關的費用到 Cash App，完全不受交換的影響。這就是動態。

In terms of your question on what happens with interchange, it varies a lot, particularly on the ticket size. So Tim, which volume moves there is also quite impactful, just given how vary the interchange rates are. So it makes some impact, but that's not as big of a factor as just the difference in the way our revenue works is what drove the impact to our P&L.

就您關於轉乘會發生什麼的問題而言，情況有很大差異，特別是在門票尺寸方面。因此，考慮到匯率的差異，提姆，交易量的變動也相當有影響力。所以它會產生一些影響，但這並不是一個很大的因素，因為我們的收入運作方式的差異才是對我們的損益產生影響的因素。

Perfect. And sticking with -- I appreciate that, that's more than there. And sticking with the theme of keeping it more to current quarter and numbers, just a quick clarifier, I apologize if I missed this. But on the Cash App portion of the contract extending 1 additional year through June 2028, did that come with any incremental pricing concessions on the Cash App side? Or was that sort of same as before when we talked a few months back?

完美的。並堅持下去——我很欣賞這一點，這遠不止於此。堅持更多地關注當前季度和數字的主題，只是一個快速澄清，如果我錯過了這一點，我深表歉意。但是，合約的 Cash App 部分再延長一年至 2028 年 6 月，Cash App 方面是否有任何增量定價優惠？或者說這和我們幾個月前談話時的情況一樣嗎？

Tim, it's Simon. There was no further concessions. So it's the exact same term.

提姆，我是西蒙。沒有進一步的讓步。所以這是完全相同的術語。

Sorry. The only thing is just the change that we made is we're now are going to be applying the Square volumes together with Cash App to flow through those years. So it's -- so there will be, I guess, some sort of indirect benefit to Cash App over time. But the bulk of the impact is really for the benefit of the Square debit card.

對不起。唯一的事情是我們所做的改變是我們現在將應用 Square 捲和 Cash App 來度過那些年。所以，我猜隨著時間的推移，Cash App 將會帶來某種間接的好處。但大部分影響其實是為了 Square 金融卡的利益。

Our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林‧佩勒 (Darrin Peller)。

Maybe if we could hone in on the couple of the categories that you've seen some really good newer growth in. And so whether it's early wage access, or the newer part of BNPL just helping provide access to merchants that don't otherwise take your Debit Plus, et cetera. I guess, first of all, just how much of that really been contributing overall now to the numbers? And then really as an add-on to that, I mean, I don't think I heard the bookings -- any bookings commentary around this time around the way we did last couple. So maybe just some comments on what we're seeing right now in terms of -- I know you had strong bookings the last couple of quarters, I know, has that continued in I guess, what categories?

也許我們可以專注於您已經看到一些真正良好的新增長的幾個類別。因此，無論是早期工資獲取，還是 BNPL 的新部分，只是幫助為那些不接受其他方式的商家提供准入機會您的Debit Plus 等。我想，首先，其中到底有多少真正對數字做出了貢獻？然後，實際上作為一個補充，我的意思是，我認為我沒有聽到預訂 - 圍繞我們上幾次所做的方式，這段時間有任何預訂評論。因此，也許只是對我們現在所看到的情況發表一些評論——我知道你們在過去幾季的預訂量很大，我想，這種情況在哪些類別中繼續存在？

Thanks, Darrin. So I'll take the first one, and then I'll pass it over to Simon to talk about bookings. So in terms of the newer use cases that we're saying, particularly the accelerated wage access and sort of the new, I guess, consumer-focused BNPL offerings. I would say they are still relatively small but are growing fast enough to make a difference. So like on accelerated wage access, for example, as I mentioned, the financial services vertical is by far our largest, over half of our TPV, and we did have a tougher comp there that we had to lap, but that was mostly offset -- that drag we got from the tougher comp was mostly offset by the rapid growth of the accelerated wage access use case just comparing Q3 to Q2. It was up 2x. So it's still relatively small but growing fast enough to at least offset some slowdown we're seeing in our largest part of the business in financial services.

謝謝，達林。所以我會選擇第一個，然後我會將其傳遞給西蒙討論預訂問題。因此，就我們所說的新用例而言，特別是加速薪資取得以及我認為以消費者為中心的 BNPL 新產品。我想說它們仍然相對較小，但增長速度足夠快，足以產生影響。例如，正如我所提到的，在加速工資獲取方面，金融服務垂直領域是迄今為止我們最大的垂直領域，占我們TPV 的一半以上，而且我們確實在那裡有一個更嚴格的競爭，我們必須超越，但這大部分被抵消了 - - 我們從更嚴格的競爭中受到的拖累大部分被加速工資獲取用例的快速增長所抵消，僅比較第三季度和第二季度。上漲了 2 倍。因此，它仍然相對較小，但成長速度足夠快，至少抵消了我們在金融服務業務中看到的最大部分的放緩。

And then in Buy Now, Pay Later, again, it's growing really fast. It's now just under 10% of our BNPL TPV. So it's still relatively small. But again, that 10% has happened just in the last few quarters. So it's growing really fast. And so it's contributing, but it will be probably more meaningful both use cases in the next several quarters.

然後，在“立即購買，稍後付款”中，它的增長速度非常快。現在它只占我們 BNPL TPV 的 10% 以下。所以還是比較小的。但同樣，這 10% 是在過去幾季發生的。所以它的成長速度非常快。因此，它正在做出貢獻，但在接下來的幾個季度中，這兩個用例可能會更有意義。

On the bookings side, the trend that started, I'd say, late in 2024, Q4 -- sorry, in '22 has continued. So it was a strong quarter, and I'll give you some stats, kind of 60% was in North America, about 40% outside the U.S. It was actually even 50-50 between expansions and new program. And the other interesting thing is about 20% of the deals were actually flip deals. So wins from the competition. So all in all, like I'd say, since October 2022 to date, we've seen very strong bookings.

在預訂方面，我想說，從 2024 年第四季末開始的趨勢——抱歉，從 22 年開始，這一趨勢仍在繼續。所以這是一個強勁的季度，我會給你一些統計數據，大約 60% 在北美，大約 40% 在美國以外。實際上，擴展和新計劃之間甚至是 50-50。另一個有趣的事情是，大約 20% 的交易實際上是翻轉交易。所以從競爭中獲勝。總而言之，正如我所說，自 2022 年 10 月至今，我們看到了非常強勁的預訂。

That's great to hear. And just one quick follow-up would be around anything you're seeing weakness in. So some of the subverticals, mostly macroeconomically, I guess, is really the question. I mean, we're thinking expense management as a category where we've seen some cracks in. So just as an example. But anything you're seeing that's worth calling out for us to keep an eye on?

聽到這個消息我很高興。只需要針對您發現的任何弱點進行快速跟進。因此，我認為，一些垂直領域，主要是宏觀經濟領域，才是真正的問題。我的意思是，我們認為費用管理是一個我們已經看到一些裂縫的類別。所以只是舉個例子。但是您看到的任何東西值得我們關注嗎？

Yes. I would say, yes, the only thing we're seeing when we look at -- and I know several of our payment peers have talked about this. In October, our TPV growth was like a little bit slower than Q3 and in September, not a lot, but a little bit. And we're seeing it across -- we typically break in all the spend categories into sort of high, medium and low discretionary, like how much of it is really discretionary, and we're seeing it slow across all 3. So it's not in a particular area, it's pretty broad-based.

是的。我想說，是的，這是我們看到的唯一一件事——而且我知道我們的一些支付同行已經討論過這一點。 10 月份，我們的 TPV 成長比第三季慢了一點，9 月份，不是很多，而是一點點。我們看到了這一點——我們通常將所有支出類別分為高、中和低可自由支配的類別，例如其中有多少是真正可自由支配的，我們發現這三個類別的支出都很慢。在特定領域，它的基礎相當廣泛。

But what I would say, Darrin, is like when you look at our TPV monthly growth since March, so that's about 7 months. We've been moving within about a 5-point band. So it's been pretty tight, and we go -- we've gone up 3x sequentially. We've gone down 4x. So it's kind of been bouncing around in a pretty tight band. So what we're seeing in October is really just a continuation of the trends we've seen before. There's nothing that really concerns us at this point. But obviously, we're monitoring it closely.

但達林，我想說的是，就像你看看自 3 月以來我們的 TPV 月增長一樣，大約有 7 個月的時間。我們一直在大約 5 點區間內移動。所以情況非常緊張，我們已經連續漲了 3 倍。我們已經下降了 4 倍。所以它在一個非常緊密的樂隊中彈跳。因此，我們在 10 月看到的情況實際上只是我們之前看到的趨勢的延續。目前沒有什麼真正讓我們擔心的。但顯然，我們正在密切監視它。

Our next question comes from the line of Ramsey El-Assal with Barclays.

我們的下一個問題來自巴克萊銀行的拉姆齊·阿薩爾 (Ramsey El-Assal)。

Terrific results this evening. I wanted to follow-up on Darrin's question, and ask about kind of trends you're seeing or updated thinking on bookings conversion. Are you starting to see some of the sort of bookings momentum that you've experienced flow through to revenues? Should we expect -- what should we expect in terms of conversion trends going forward?

今晚的結果太棒了。我想跟進達林的問題，詢問您所看到的趨勢或對預訂轉換的最新想法。您是否開始看到您所經歷過的某種預訂勢頭轉化為收入？我們是否應該期待－就未來的轉換趨勢而言，我們該期待什麼？

Thanks, Ramsey, for the question. Usually, I'd say, it usually takes about 18 months for deals to start contributing materially to revenue. Usually, it's 6 to 12 months to launch and 12 months to fully ramp. So we're starting to see the launch, but I would say it won't be until the tail end of 2024 and 2025, in which we'll see the material impact of the new deals that we started closing in Q4 2022. I mean, we're all focused on delivery and we've made great progress, especially separating commercial from consumer because commercial moves a little bit faster. But I would stick to -- it will be tail end of 2023 -- sorry, '24 and '25 before we see the material impact. And then we will discuss this a lot more kind of the formula and kind of the process at Investor Day. We've got a lengthy section on that because we understand that everybody is expecting to see how and when the bookings will convert into gross profit.

謝謝拉姆齊提出這個問題。我想說，通常情況下，交易通常需要大約 18 個月的時間才能開始對收入產生實質貢獻。通常，啟動需要 6 到 12 個月，全面啟動需要 12 個月。因此，我們開始看到該項目的推出，但我想說，要到 2024 年和 2025 年年底，我們才會看到我們在 2022 年第四季度開始完成的新交易的實質影響。意思是，我們都專注於交付，我們已經取得了很大的進步，特別是將商業與消費者分開，因為商業的發展速度要快一些。但我會堅持——這將是 2023 年年底——抱歉，在我們看到實質影響之前，「24 和 25」。然後我們將在投資者日討論更多的公式和流程。我們有一個很長的章節來討論這個問題，因為我們知道每個人都希望看到預訂如何以及何時轉化為毛利。

Got it. Okay. And 1 follow-up for me. You mentioned a rapid ramp of accelerated wage access, and that is not an opportunity that candidly I thought of in the context of Marqeta had before. I'm not sure why not. But maybe you could talk a little bit about that broader opportunity and the degree to which that could turn into a material sort of flow for you guys?

知道了。好的。以及我的 1 個後續行動。你提到了薪資快速成長，坦白說，我以前在 Marqeta 的背景下並沒有想到這樣的機會。我不知道為什麼不行。但也許你可以談談這個更廣泛的機會，以及它在多大程度上可以變成你們的物質流動？

Yes. It's actually a very important segment for us, and we will discuss it specifically at Investor Day since this is an area of growth. But let me kind of give you a preview. So the Comstock that Marqeta has built is actually very unique to us. So a lot of time, you have -- if somebody wants their wages earlier than their employer or labor marketplace delivers, usually, you have a lender that comes in and steps in and offers effectively alone to an employee. That's not how we implemented it. So we actually have done something unique in which the balance sheet of the employer or the marketplace is deployed.

是的。這對我們來說實際上是一個非常重要的部分，我們將在投資者日專門討論它，因為這是一個成長的領域。但讓我給你預覽一下。因此，Marqeta 建造的康斯托克對我們來說實際上非常獨特。所以很多時候，如果有人想要早於雇主或勞動市場提供的工資，通常，你會有一個貸款人介入並有效地單獨向僱員提供工資。我們不是這樣實現的。因此，我們實際上做了一些獨特的事情，其中​​部署了雇主或市場的資產負債表。

And what happens when, let's say, an employee checks out or clocks out, then the ledger move. The money does not move until the consumer or the employee goes and spend. So we're effectively deploying the working capital of large employers on behalf of the employees without incurring significant or increasing their debt stack, that's why we are seeing kind of like many some large employers adopt our solution because you're not actually bringing in a lender at high interest rates. So it's good for the employer because they're getting the loyalty of the employee, good for the employees because they get paid immediately. And I think it's good for the ecosystem because you're not actually pulling in expensive working capital.

比方說，當員工結帳或打卡下班，然後帳本變更時，會發生什麼事。除非消費者或員工去消費，否則錢不會流動。因此，我們代表員工有效地部署大型雇主的營運資金，而不會產生大量或增加他們的債務，這就是為什麼我們看到許多大型雇主採用我們的解決方案，因為你實際上並沒有引入貸款人以高利率。因此，這對雇主有好處，因為他們獲得了員工的忠誠度，對員工也有好處，因為他們立即得到報酬。我認為這對生態系統有好處，因為你實際上並沒有吸引昂貴的營運資金。

Essentially, the employer doesn't have to -- essentially can continue to earn interest on the funds until they're spent. And then, of course, as the issuer of the card, then there's economics for them when the employee spend. So it's a really elegant solution. And we have a few customers live on it and it's -- the adoption has been impressive.

從本質上講，雇主不必——本質上可以繼續賺取資金利息，直到資金用完為止。當然，作為信用卡的發行人，當員工消費時，他們也能獲得經濟效益。所以這是一個非常優雅的解決方案。我們有一些客戶依賴它，而且它的採用率令人印象深刻。

Yes. The last thing I'd say is you are effectively converting an expense, which is payroll into income, into revenue, because they guess the -- the employer participates in the interchange economics.

是的。我要說的最後一件事是，你正在有效地將支出（即薪資轉化為收入）轉化為收入，因為他們猜測——雇主參與了交換經濟學。

Our next question comes from the line of Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Mike, sorry if I missed this, but how much of gross profit was Block in the third quarter? And also, should we think -- how should we think about the Block contribution as a result of the Square seller renewal? Is there any impact there?

麥克，抱歉，如果我錯過了這一點，那麼布洛克第三季的毛利是多少？而且，我們該如何思考 Square 賣家續約帶來的區塊貢獻？那裡有影響嗎？

So on your first question, so the gross profit concentration from Block did go down about 5 percentage points. And so it's now in the 40s. So it is lower than our revenue concentration as it's been in the past. So that's the impact of that. The Block concentration post the Square debit card deal, yes, I mean, it will go down a little bit as we gave them a little bit of a better pricing. But we think that the combination of obviously extending the relationship for 5 years, but also being named as their default provider for additional programs that could come in the future positions us well to work together to drive growth.

關於你的第一個問題，Block 的毛利集中度確實下降了約 5 個百分點。現在是 40 年代。所以它比我們過去的收入集中度還要低。這就是它的影響。 Square 金融卡交易後的 Block 集中度，是的，我的意思是，隨著我們為他們提供了更好的定價，它會有所下降。但我們認為，明顯地將關係延長了 5 年，而且還被指定為未來可能推出的其他計劃的預設提供商，這使我們能夠很好地共同努力推動成長。

I think -- yes, sorry, Sanjay, just 1 more thing. I mean, I think I've said before, as much as we, of course, won our concentrate -- Block concentration to go down, we do think there's incredible opportunities that the 2 companies can do together. So we'll see how it plays out in the coming years.

我想——是的，對不起，Sanjay，還有一件事。我的意思是，我想我之前已經說過，儘管我們當然贏得了我們的集中度——阻止集中度下降，但我們確實認為兩家公司可以共同創造令人難以置信的機會。所以我們將看看未來幾年它將如何發揮作用。

Great. Just a follow-up on this Reg II discussion. But how should we think about the impact to Marqeta as a whole from Reg II, right? Like I mean, is volume moving away to a secondary network, I mean, isn't that dilutive? Or do you make up for it somewhere? I'm just trying to think about if it [happen] more over the course of the next few quarters.

偉大的。只是 Reg II 討論的後續內容。但我們應該如何看待 Reg II 對整個 Marqeta 的影響，對嗎？就像我的意思一樣，流量是否正在轉移到二級網絡，我的意思是，這不是稀釋嗎？或者有什麼地方可以彌補嗎？我只是想考慮在接下來的幾個季度中這種情況是否會發生更多。

Yes. So I think -- so 1 is at our Investor Day, I have a kind of a slide specific about this, about our different revenue models. I think you all will be surprised to see now how much of our revenue is really tied to revenue models that are influenced by interchange. The majority of our revenue no longer is impacted by interchange, where we're pricing our offering as a pure fee-for-service. And so for the most part, we don't feel the impact of that shift, Sanjay, because it typically is not going to affect the revenue that we're making with some of the evolution in the way we've been moving our pricing structure with customers.

是的。所以我認為，在我們的投資者日，我有一張專門針對這一點的幻燈片，關於我們不同的收入模式。我想你們現在都會驚訝地發現我們的收入有多少實際上與受交換影響的收入模式相關。我們的大部分收入不再受到交換的影響，我們將我們的產品定價為純粹的按服務付費。因此，桑傑，在大多數情況下，我們不會感受到這種轉變的影響，因為它通常不會影響我們透過定價方式的一些演變而獲得的收入與客戶的結構。

Our next question comes from the line of Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Mike, I want to pick up on that last comment, the fee-for-service comment with regards to revenue models. Does that basically imply you're moving more and more to transaction based, not really volume-based and kind of where I was going with that was to connect that comment with what you indicated with regards to TPV. And should there be an economic slowdown, slower volumes that's going to affect you may be less than it might have previously. Is that sort of a right way to think of it?

麥克，我想談談最後一則評論，即關於收入模式的按服務收費的評論。這是否基本上意味著您正在越來越多地轉向基於交易的方向，而不是真正基於數量的方向，我的意思是將該評論與您就 TPV 表示的內容聯繫起來。如果經濟放緩，銷量放緩對您的影響可能會比以前小。這樣的思考方式正確嗎？

Yes, I would say -- yes, thanks for the question, Ashwin. I would say that just because its fee-for-service doesn't necessarily mean it's per transaction, there's still a lot of our customers that we're charging them bps on volume. It's just that we say we're going to charge you bps on volume, and we'll essentially give you all the interchange. And then we have the costs that we have to pay the bank in the network. So it can be per transaction or bps on volume. I would say the per transaction is a more common structure in Europe, for example, and in some of our Powered by Marqeta customers. But I would say that particularly on the Managed by Marqeta customers that use this revenue model, it's almost always still bps on volume. So we have, I guess, the upside that comes with growth and spending.

是的，我想說——是的，謝謝你的提問，阿什溫。我想說的是，僅僅因為它的按服務收費並不一定意味著它是按每筆交易收費的，所以我們仍然有很多客戶按數量向他們收費。只是我們說我們將按容量向您收取 bps 費用，我們基本上會為您提供所有交換。然後我們需要向網路中的銀行支付費用。因此它可以是每筆交易或交易量的 bps。我想說，例如，在歐洲以及我們由 Marqeta 提供支援的一些客戶中，每筆交易是一種更常見的結構。但我想說，特別是對於使用這種收入模式的 Managed by Marqeta 客戶來說，它幾乎總是在數量上保持基點。因此，我認為，我們擁有成長和支出帶來的好處。

Understood. Okay. And continuing along the same vein as you sort of think of OpEx categories where you have flexibility versus not in the short run to potentially ride out volume weakness. How should we think of the near-term flexibility that is in the model today?

明白了。好的。繼續沿著同樣的脈絡，就像你認為營運支出類別一樣，你有靈活性，而不是在短期內有可能克服數量疲軟的情況。我們該如何看待當今模型中的近期彈性？

Yes. I think, again, something we'll go into extensively at Investor Day. If you look at our expenses, they're very concentrated. About 85% is driven by personnel and our technology costs, which is really our cloud and SaaS tools that we utilize to run our platform. So I would say -- so some of that will flex, particularly on the technology side, will flex with differences in volume over time. So some of those costs are variable in nature. But the biggest lever for us, 70% of our expenses are personnel related. So if that would be the -- if we were going to really slow down our expense growth, that is -- we would slow down our hiring, for example.

是的。我想，我們將在投資者日上廣泛討論這一點。如果你看看我們的開支，你會發現它們非常集中。大約 85% 是由人員和技術成本驅動的，這實際上是我們用來運行平台的雲端和 SaaS 工具。所以我想說，其中一些會發生變化，特別是在技術方面，隨著時間的推移，會隨著數量的差異而變化。因此，其中一些成本本質上是可變的。但對我們來說最大的槓桿是，我們 70% 的開支與人員有關。因此，如果是這樣的話——如果我們真的要放慢開支成長速度，也就是說——我們就會放慢招募速度。

Our next question comes from the line of Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩‧基恩 (Bryan Keane)。

Just thinking about overall TPV growth then, Mike, for the fourth quarter, sounds like it moderated a little on October. Does that take the growth rate down maybe from prior expectations? And then just thinking the underlying gross profit growth in fourth quarter ex-Block entirely, how did that trend versus expectations in that with your guidance?

考慮到第四季度的整體 TPV 成長，麥克聽起來好像 10 月略有放緩。這是否會使成長率低於先前的預期？然後，只考慮第四季度（不含 Block）的基本毛利成長，在您的指導下，這一趨勢與預期有何不同？

Yes. So on the TPV side, I would say this is all kind of consistent with our expectations. I would say when we -- I would say, as you all know, the last couple of months, there's been talk as we get later in the year, there could be some softness. So that's always something that we had sort of accounted for in our planning and forecasting. So I would say what we're seeing in October is not necessarily a big surprise and is in line with what we were thinking.

是的。所以在冠捷方面，我想說這與我們的預期是一致的。我想說，正如你們所知，過去幾個月，我們在今年晚些時候進行了討論，可能會出現一些疲軟的情況。因此，我們在計劃和預測中始終考慮到了這一點。所以我想說，我們在 10 月看到的情況並不一定是一個大驚喜，而且與我們的想法一致。

The underlying gross profit growth in Q4 is still quite strong. In fact, as I mentioned, our gross profit growth will be the same as Q3, and that's with us absorbing the 3 percentage points impact from the Square renewal. So -- and that's being just offset by stronger performance elsewhere and a little bit higher incentives. So the underlying growth of the business outside of Block is actually quite good. And if you think about the impacts that I shared earlier related to the renewals we've done, and the [Visa] impact, those impacts I'm giving you are at the total company level.

第四季的基礎毛利成長仍然相當強勁。事實上，正如我所提到的，我們的毛利成長將與第三季相同，而且我們吸收了 Square 更新帶來的 3 個百分點的影響。所以——這只是被其他地方更強勁的表現和更高的激勵措施所抵消。所以Block之外的業務的潛在成長其實是相當不錯的。如果您考慮一下我之前分享的與我們所做的更新相關的影響，以及[簽證]的影響，我給您帶來的這些影響是在整個公司層面上的。

When you think about that Block makes up about half our business, the impacts on the non-block are about twice as big. So the drag on our gross profit we see from the heavy renewal activity and the lease incentives is more than 10 percentage points. And so without that, our non-Block gross profit would be growing in the double digits. So as we -- as those impacts start to dissipate in the coming couple of quarters, combined with the tailwinds that should start to come in with bookings, as Simon talked about, we expect that to start ramping as we move through 2024. We expect that, that non-Block business to start performing quite well.

當你想到區塊約占我們業務的一半時，對非區塊的影響大約是我們的兩倍。因此，大量的續租活動和租賃激勵措施對我們的毛利造成了超過 10 個百分點的拖累。因此，如果沒有這個，我們的非 Block 毛利將以兩位數成長。因此，正如西蒙所說，隨著這些影響在未來幾季開始消散，再加上預訂量應該開始出現順風，我們預計這種影響將在 2024 年開始加速。我們預計也就是說，非塊業務開始表現相當不錯。

Got it. Helpful. And then just an update on when the rollout of the credit product will start hitting the P&L and having more of a material impact.

知道了。有幫助。然後是有關信貸產品的推出何時開始影響損益表並產生更多實質影響的最新資訊。

Sure. It's Simon. Thanks for the question. So we do anticipate that we will take a couple of programs live in the first half of 2024. So we are very close, but we will not launch them until the first half, but will not materially impact our revenue until these program ramps. So tail end of '24 and '25. But we will go live with a couple of programs in the first half of 2024.

當然。這是西蒙。謝謝你的提問。因此，我們確實預計我們將在 2024 年上半年推出幾個項目。所以我們非常接近，但我們要到上半年才會推出它們，但在這些項目增加之前不會對我們的收入產生重大影響。所以'24和'25的尾聲。但我們將在 2024 年上半年上線幾個項目。

Our next question comes from the line of Chris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾的對話。

Can you give us an update on your international business?

您能為我們介紹一下您的國際業務的最新情況嗎？

Absolutely. I can give you that, and thank you for the question, Chris. So the volume in -- outside the U.S. is actually growing faster than the U.S. It's 60% year-over-year. So it's a smaller base. And I'd say that there's a couple of things. I mean we are certified to operate in more than 40 countries. And we do have customers that are U.S.-based and expanding in international markets. And we also are live and launched in Brazil. So we do expect the international business to continue to grow. And I would say -- the last thing I'd say is about 40% to -- like low 40% of our bookings in Q3 were outside the United States. So that is a good indicator to the continued growth.

絕對地。我可以告訴你，謝謝你提出這個問題，克里斯。因此，美國以外地區的銷量實際上比美國增長得更快，年增 60%。所以它的基數較小。我想說有幾件事。我的意思是，我們已獲得在 40 多個國家/地區開展業務的認證。我們確實有一些總部位於美國並正在向國際市場擴張的客戶。我們也在巴西上線並推出。因此，我們確實預期國際業務將持續成長。我想說的是——我想說的最後一件事是大約 40%——比如我們第三季的預訂中有 40% 是在美國境外。因此，這是持續成長的良好指標。

Great. And then just one follow-up. Can you talk about kind of the revenue mix and maybe we'll learn about this on Thursday from the Managed by Marqeta versus the Powered by Marqeta model?

偉大的。然後只有一個後續行動。您能談談收入組合嗎？也許我們會在周四透過 Managed by Marqeta 與 Powered by Marqeta 模型了解這一點？

Yes. So I don't want to feel from the anticipation on Thursday. Yes, there will be -- we will talk about that in the Investor Day presentation. So I think when you look at -- the important thing, just the one thing, I guess, I'll say related to your question is, when it comes to Managed by -- the important thing is really to look at -- it's a smaller impact of revenue, a much bigger impact to gross profit because we don't have the bank and network fees associated with that volume. So although the price itself is relatively low compared to Managed by, when you start looking at the gross profit take rate, so the gross profit we make for every dollar of volume, it becomes much closer to our Managed by business. And so we still really like that business a lot because it can scale quite well and be very accretive.

是的。所以我不想在周四感受到期待。是的，將會有——我們將在投資者日演講中討論這一點。所以我認為，當你看到 - 重要的事情，只是一件事，我想，我會說與你的問題相關的是，當談到管理時 - 重要的是真正要看看 - 它是對收入的影響較小，對毛利的影響則大得多，因為我們沒有與該數量相關的銀行和網路費用。因此，儘管與 Managed by 相比，價格本身相對較低，但當你開始考慮毛利潤率時，即我們每美元銷售所賺取的毛利，它就變得更接近我們的 Managed by 業務。所以我們仍然非常喜歡這項業務，因為它可以很好地擴展並且增值。

Our final question comes from the line of James Faucette with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的詹姆斯·福塞特（James Faucette）。

This is Meryl Thomas on for James. I wanted to ask about some of your embedded finance customers and the growth within those relationships. Just how have you seen those customers, I guess, grow in size and scope since you first went out with the RFP, just wanted to get a better standing for the existing customer growth there?

這是詹姆斯的梅麗爾·托馬斯。我想詢問一下你們的一些嵌入式金融客戶以及這些關係的發展。我想，自從您第一次提出 RFP 以來，您是如何看到這些客戶的規模和範圍不斷增長的，只是想為現有客戶的成長獲得更好的地位？

Sure. Thanks for the question. So the -- we're very bullish on the embedded finance market. And I'd say there's many reasons for that. One is the diverse use cases. So we see traction across many dimensions. The first one is, and I think we've talked about it, is the accelerated wage access. That seems like a use case that can cross multiple industry verticals and also can spill over from traditional employment to labor marketplaces.

當然。謝謝你的提問。因此，我們非常看好嵌入式金融市場。我想說這有很多原因。一是用例多樣化。所以我們在很多方面都看到了吸引力。第一個是，我想我們已經討論過，是加速薪資取得。這似乎是一個可以跨越多個垂直行業的用例，也可以從傳統就業擴展到勞動市場。

The second one is point-of-sale lending. I mean, BNPL kind of demonstrated the way. And many, I'd say, large retailers kind of want to do it on their own, that can translate into solutions using Marqeta. Co-brands are something like your traditional co-brands that are fully integrated into the experience versus obviously using another app and a brand you're not familiar with is something that is very interesting.

第二個是銷售點貸款。我的意思是，BNPL 展示了這種方式。我想說，許多大型零售商都想自己做這件事，這可以轉化為使用 Marqeta 的解決方案。聯合品牌類似於傳統的聯合品牌，完全融入體驗中，而顯然使用另一個應用程式和您不熟悉的品牌是非常有趣的。

And last but not least, is supplier payments, that are fully integrated into the workflow or the software or the operations that companies use in order to pay their suppliers. We've seen many examples, I'd say that are aligned with the line of business. So one example I can give you is, like, we've got somebody who's focused on marketing automation and advertising and be able to use expense management to pay their suppliers. So there is diverse use cases, and we kind of see the excitement around all these. And we'll talk more about it at length in our Investor Day materials.

最後但並非最不重要的一點是供應商付款，它完全整合到公司用來向供應商付款的工作流程或軟體或操作中。我們已經看到了很多例子，我想說它們與業務線是一致的。我可以給你一個例子，例如，我們有一個專注於行銷自動化和廣告的人，能夠使用費用管理來支付供應商的費用。所以有各種各樣的用例，我們看到了所有這些令人興奮的事情。我們將在投資者日資料中詳細討論這一點。

We have reached the end of our question-and-answer session. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

我們的問答環節已經結束。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。