Sezzle Inc (SEZL) 2024 Q4 法說會逐字稿

Good day and welcome to the Sezzle Inc. fourth quarter financial results conference call. All participants will be in listen-only mode. (Operator Instructions) I would now like to turn the conference over to Charlie you can. Please go ahead.

大家好，歡迎參加 Sezzle Inc. 第四季財務業績電話會議。所有參與者將處於只聽模式。（操作員指示）現在我想將會議交給查理。請繼續。

Thank you and good afternoon everyone, and welcome to Sezzle's 2024, 4th quarter quarter in fall. My name is Charlie. I'm the CEO and executive Chairman of Sezzle. I'm joined today by our Chief Financial Officer Karen Hartje; our Head of Corp, Dev and IR, Lee Brading; and our President, Paul Paradis.

謝謝大家，下午好，歡迎來到 Sezzle 2024 年秋季第四季。我的名字是查理。我是 Sezzle 的執行長兼執行主席。今天和我一起出席的是我們的財務長 Karen Hartje；我們的公司、開發和投資者關係主管 Lee Brading；以及我們的總裁 Paul Paradis。

In conjunction with this conference call. We filed our earnings announcement with the SEC and posted it. And the earnings presentation on our investor website at Sezzle.com. Retrieve the documents, please go to the investor relations section of our website. There you will find the press release. And the earnings presentation.

與本次電話會議結合。我們向美國證券交易委員會提交了收益公告並進行了發布。以及我們投資者網站 Sezzle.com 上的收益介紹。檢索文件，請到我們網站的投資者關係部分。您可以在那裡找到新聞稿。以及收益報告。

Under the investor relations section of our website. Please note the cautionary note on forward-looking statements and the reconciliation of GAAP and non-GAAP measures included in the presentation, which also covers our statements on today's call.

在我們網站的投資者關係部分下。請注意簡報中包含的前瞻性陳述的警告以及 GAAP 和非 GAAP 指標的對賬，其中也涵蓋了我們今天電話會議上的陳述。

I'm very excited to share our fourth quarter and follow 2024 results as well as an updated guidance for 2025. It's hard to imagine that 2024 was only our 7th year as a company. To say that we are in early innings is an understatement, and I mean early innings, as a company and a sector. We've had executed a high level for our entire history to gain market share on our larger peers.

我很高興與大家分享我們第四季和 2024 年的業績以及 2025 年的最新指引。很難想像 2024 年只是我們公司成立的第 7 年。說我們正處於早期階段是輕描淡寫，我的意思是，作為一家公司和一個行業，我們正處於早期階段。在我們的整個發展歷程中，我們一直保持高水準的執行力，以在比我們規模更大的同行中贏得市場份額。

With head starts ranging for 5 to 20 years relative to us, almost every major competitor in our industry has raised over $1 billion in equity compared to our $120 million. And we're still gaining share. I'm not sure how familiar you are with the book and film Moneyball, but I think we might be the Oakland A's of the BMPL industry.

與我們相比，我們的起步領先時間為 5 至 20 年，幾乎我們行業中所有主要競爭對手都籌集了超過 10 億美元的股權，而我們的股權融資額為 1.2 億美元。我們的市場份額仍在不斷擴大。我不確定您對《點球成金》這本書和這部電影有多熟悉，但我認為我們可能是 BMPL 行業的奧克蘭運動家隊。

We've had to do more with less as we don't have the luxury to blow cash. And by the way, I don't think blowing cash is a strategy. And yet here we stand up pacing most of the longer established peers in terms of profitability and growth. I'm extremely proud of our team as our success is directly connected to their creativity, dedication and hard work. Our team is a winning team and our sector is a growth sector. It's a great combination.

我們必須用更少的錢做更多的事情，因為我們沒有足夠的錢來浪費。順便說一句，我不認為揮霍金錢是一種策略。然而，就獲利能力和成長而言，我們仍領先於大多數歷史較長的同行。我為我們的團隊感到非常自豪，因為我們的成功與他們的創造力、奉獻精神和辛勤工作直接相關。我們的團隊是一支常勝之師，我們的產業是一個成長型產業。這是一個很棒的組合。

It is clear that buy now pay later as a payment segment is here to stay. Various third party reports call for the BMPL industry to continue at double-digit annual growth rates for the next 5 to 10 years. While we continue to ride the BMPL wave, we also believe that we can continue to outpace and take share within this segment. And logically, it just makes sense why BNPL continues to grow.

顯然，「先買後付」付款方式將會繼續存在。多份第三方報告預測，未來 5 至 10 年 BMPL 產業將持續維持兩位數的年增長率。在我們繼續乘著 BMPL 浪潮的同時，我們也相信我們能夠繼續超越並佔據這一領域的份額。從邏輯上講，BNPL 持續成長是有道理的。

The BMPL product can give users greater flexibility in payments and match their payments to their budgeting needs. And in the worst case scenario, it can help users avoid the cycle of debt. Because if they can't make a payment then they aren't allowed to make another purchase. The same can't be said for some other payment methods.

BMPL 產品可以為用戶提供更大的付款彈性，並使他們的付款與他們的預算需求相符。而在最壞的情況下，它可以幫助用戶避免債務循環。因為如果他們無法付款，那麼他們就不被允許進行另一次購買。但其他一些付款方式卻並非如此。

Credit cards tend to be the inverse. Once a customer can't make the full payment, they become a revolver and in many ways stuck with the balance for a period of time. We love our alignment with responsible repayment. One knock in the BMPL space has been that it doesn't enable users to build their credit histories. Well, we have an answer for that, but we are unique. We have a product that consumers can opt into if they want to build their credit history, says a lot. It's both free and optional for our customers.

信用卡則傾向相反。一旦客戶無法全額付款，他們就會成為循環貸款人，並且在許多方面會在一段時間內陷入欠款困境。我們熱愛與負責任的償還保持一致。BMPL 領域的一個缺點是它不允許使用者建立自己的信用記錄。嗯，我們對此有答案，但我們是獨一無二的。如果消費者想要建立自己的信用記錄，他們可以選擇我們推出的產品，這說明了許多問題。對於我們的客戶來說，它是免費的，也是可選的。

Please take a look at Sezzle reviews when you get a chance. You'll see how many users are talking about the positive results from Sezzle up, which we're proud of. Another great example of the early innings concept is the launch of our banking partnership with WebBank at the end of September 2024, which has positioned us well for the future. The program has lived up to our expectations and has enabled us to launch a key new product with on-demand.

有機會的話請查看 Sezzle 評論。您會看到有多少用戶正在談論 Sezzle up 帶來的積極成果，我們對此感到自豪。早期階段概念的另一個很好的例子是，我們在 2024 年 9 月底與 WebBank 建立了銀行合作關係，這為我們的未來做好了準備。該計劃不辜負我們的期望，並使我們能夠按需推出一款重要的新產品。

On-Demand was just introduced to consumers in Q4 after we went live with WebBank. It is still very early in its history, only a matter of months at this point, but we believe that we have succeeded with yet another initiative at the company with the launch of On-Demand.

我們在與 WebBank 合作之後，於第四季度向消費者推出了按需服務。它的歷史還處於非常早期的階段，目前只是幾個月的時間，但我們相信，隨著按需服務的推出，我們公司的另一項舉措已經取得成功。

We've added another product that we know our customers want, and our improved activation rates support that idea. We will provide further details later in the presentation. As we look back at 2024, it was fulfilling to see the fruits of our labors turn up in the financial performance. In 2024, net income increased more than tenfold compared to 2023 on the top line that outpaced the industry.

我們添加了另一種我們知道客戶想要的產品，並且我們改進的激活率支持了這個想法。我們將在稍後的演示中提供更多詳細資訊。回顧2024年，看到我們辛勤工作的成果在財務表現中顯現，我們感到十分欣慰。2024年，淨收入較2023年成長十倍以上，成長速度超過業界平均。

As we look forward to 2025, we anticipate another year of industry outperformance, as we expect double-digit revenue growth, with our pre-tax net income rising at least 55% compared to 2024. Meanwhile, we remain focused on enhancing the shopper experience and launching new products that consumers want and need.

展望 2025 年，我們預計這將是該行業表現優異的一年，因為我們預計收入將實現兩位數增長，稅前淨收入將比 2024 年增長至少 55%。同時，我們仍專注於提升購物者體驗並推出消費者想要和需要的新產品。

Although we have several products, future product offerings under consideration, our near-term focus is on maximizing our on-demand launch and improving the shopping experience and engagement in our app. We will touch on these topics in greater depth in the presentation. So let's go to slide 3, where we can start to dive into the quarterly and annual results.

雖然我們已經有幾種產品，但未來的產品供應正在考慮中，我們近期的重點是最大限度地提高按需推出的產品，並改善我們應用程式的購物體驗和參與度。我們將在演示中更深入地討論這些主題。讓我們翻到投影片 3，從這裡我們可以開始深入了解季度和年度業績。

In 2024, we exceeded expectations on the top and bottom line. In Q4, we experienced heavy engagement during the holiday season with our revenue growing more than 100% year over year. We met the rule of 40 and our own rule of 100 on revenue growth alone for the 4th quarter. It's also great to see us delivering a strong margin at the net income level as well, not to mention a healthy return on equity for shareholders.

2024年，我們的營收和淨利均超乎預期。在第四季度，我們在假期季節的業務量非常大，營收年增超過 100%。僅就第四季度的收入成長而言，我們就滿足了 40 規則和我們自己的 100 規則。我們也很高興看到我們在淨收入水平上實現了強勁的利潤率，更不用說為股東帶來了健康的股本回報率。

This quarter, because of the success of On-Demand, we're introducing a new concept, mods, which stands for monthly on-demand and subscriber users. In December, we had 707,000 mods at the quarter end. That represents 130% year on year increase and an increase of 178,000 users since the end of the third quarter.

本季度，由於按需服務的成功，我們引入了一個新概念，mods，代表每月按需服務和訂閱用戶。12 月，季度末我們擁有 707,000 個模組。這意味著年增 130%，自第三季末以來增加了 178,000 名用戶。

We are excited by this increase in activity as On-Demand was live on a limited basis in the quarter because we were still rolling it out to all users. We tend to roll out products gradually as we launch them, and we're a bit more cautious about new products in the fourth quarter when some users tend to overspend.

我們對活動的增加感到興奮，因為本季按需服務僅在有限範圍內運行，因為我們仍在向所有用戶推出它。我們傾向於在推出產品時逐步推出新產品，並且在第四季度對新產品更加謹慎，因為有些用戶往往會超支。

One other item on 2024. Back at the end of the 2nd quarter, we gave guidance of a mid-2s for principal loss rate as a percentage of GMV for the back half of the year, which we nailed. We believe that 2025's principal loss rate will be in the range of 2.5% to 3% as we continue to prioritize growth. Newer user groups have higher loss rates, and now that we have built a better mousetrap, we want to put it to use. As discussed earlier, we are highly focused on improving shopper engagement in the app.

2024 年還有一件事。在第二季末，我們給出了下半年本金損失率佔 GMV 百分比為 2% 左右的指導，我們確實實現了這一目標。我們相信，隨著我們繼續優先考慮成長，2025 年的本金損失率將在 2.5% 至 3% 之間。較新的用戶群流失率較高，現在我們已經打造出更好的捕鼠器，希望能夠運用。如前所述，我們高度重視提高應用​​程式中的購物者參與度。

Slide 4 represents some of the initiatives we're working on.

投影片 4 展示了我們正在進行的一些舉措。

Many enhancements are recent or just launching, so we have yet to see the full potential of the offerings. Our product marketplace continues to gain momentum as orders place their averaged a growth rate of 39% month-over-month growth during 2024. I'm also very excited about couponing. Who doesn't want to take advantage of discounts on purchases? I'm sure even investors on this call use couponing apps.

許多增強功能都是最近才推出的或剛推出，因此我們尚未看到這些產品的全部潛力。我們的產品市場持續保持強勁成長勢頭，2024 年的訂單量平均較上季成長率達到 39%。我對優惠券也非常感興趣。誰不想享受購物折扣呢？我確信參加此次電話會議的投資者也使用優惠券應用程式。

But I'm certain that our typical customer uses them heavily, and in many cases needs them to stretch their paycheck. We believe this product will solve a need for our customers, increasing their retention and loyalty to us. All while we pull in adjacent customer groups that we can introduce buy now pay later to.

但我確信我們的典型客戶會大量使用它們，並且在許多情況下需要它們來延長他們的薪水。我們相信該產品將滿足客戶的需求，並提高他們對我們的保留率和忠誠度。同時，我們吸引鄰近的客戶群體，並向他們提供「先買後付」的服務。

We are just starting to roll out couponing and other shopping features, so likely be until Q3 or Q2 that we see the full benefit from the increased shopper activity. But now let's talk further about a key product that was launched on demand, shown on slide 5. We couldn't have launched this paying for product without the banking partnership.

我們剛開始推出優惠券和其他購物功能，因此可能要到第三季或第二季才能看到購物者活動增加的全部好處。但現在讓我們進一步討論隨選推出的一款關鍵產品，如投影片 5 所示。如果沒有銀行合作，我們就不可能推出這款付費產品。

On-demand fills the need as it allows customers to paying for everywhere visa is accepted, even if the shopper doesn't have set premium or anywhere. When we launched the product, there were 2 areas that we felt that would help. First, it would make us more competitive for enterprise merchants as we can pass on some of the costs to the consumer at the checkout. Enterprise merchants love lowering their costs, and this design helps scratch that itch.

按需支付滿足了這一需求，因為它允許客戶在任何接受簽證的地方付款，即使購物者沒有設定保費或任何地方。當我們推出產品時，我們覺得有兩個方面會有所幫助。首先，它可以使我們對企業商家更具競爭力，因為我們可以在結帳時將部分成本轉嫁給消費者。企業商家喜歡降低成本，而這種設計有助於滿足這項需求。

Second, it would create a greater customer activation within the purchase funnel, as non-subscribers can choose to incur a one-time service fee at the point of sale instead of signing up for a subscription to shop anywhere visa is accepted. On-demand has a much lower barrier to entry than our subscription products, and over time, we believe it will become a bridge into subscriptions.

其次，它將在購買管道中創造更大的客戶啟動度，因為非訂閱者可以選擇在銷售點支付一次性服務費，而不是註冊訂閱以便在任何接受簽證的地方購物。按需服務的進入門檻比我們的訂閱產品低得多，隨著時間的推移，我們相信它將成為進入訂閱的橋樑。

I'm happy to say that our initial thesis was correct. In Q4, we signed three enterprise level merchants, Backcountry, Bealls, and Rural King, with GMV's ranging from approximately $700 million to over 1.5 billion. Meanwhile, the activation rates of users downloading our mobile app to placing an order have risen 35% from September to January. Again, just getting started, but early indications are positive. Don't just take our word for it, look at the NPS scores from consumers. A 61 for on-demand.

我很高興地說，我們最初的論點是正確的。在第四季度，我們簽約了三家企業級商家，分別是 Backcountry、Bealls 和 Rural King，GMV 範圍從約 7 億美元到 15 億美元以上。同時，從9月份到1月份，用戶下載我們手機APP並下訂單的啟動率上升了35%。再次強調，這才剛開始，但早期跡像是正面的。不要只聽我們說，看看消費者的 NPS 分數。61 為按需服務。

It's clearly a great complimentary product with premium in anywhere, which has similar MPS scores of 57 and 67, respectively. We noted last quarter that we expect to see a trade-off from subscription to on demand as consumers will have more options when when shopping was set.

顯然，它是一款在任何地方都具有優質功能的出色補充產品，其 MPS 得分分別為 57 和 67。我們上個季度指出，我們預計會看到從訂閱到按需的權衡，因為消費者在購物時將擁有更多選擇。

We even noted that the interplay between on-demand and our subscription products could even cause subscriber count to decline. Nonetheless, we believe on-demand is a win-win, as we expect it will lead to a successful long-term consumer conversion and higher LTV shoppers, which ultimately leads to greater financial performance for Sezzle.

我們甚至注意到，按需產品和訂閱產品之間的互動甚至可能導致訂閱用戶數量下降。儘管如此，我們相信按需是一種雙贏的局面，因為我們預計它將帶來成功的長期消費者轉換和更高的 LTV 購物者，最終為 Sezzle 帶來更高的財務表現。

Based on what we're seeing early on, it looks like the average top line revenue from an on-demand user is very similar to a premium user, which makes us even more confident in our approach. Speaking of engagement and performance, please turn the slides, slide 6, where everything is green. We're experiencing strong year over year engagement across the platform.

根據我們早期看到的情況，按需用戶的平均頂線收入似乎與高級用戶非常相似，這使我們對我們的方法更有信心。說到參與和績效，請翻到投影片 6，上面的所有內容都是綠色的。我們在整個平台上的參與度逐年增強。

We have talked a lot about our performance from the viewpoint of the consumer. What's great to see here is that consumers are all are also shopping at a much higher number of merchants with Sezzle than they have in the past. During the year, consumers shopped at 598,000 different merchants.

我們從消費者的角度談論了很多我們的表現。令人高興的是，與過去相比，消費者現在使用 Sezzle 購物的商家數量大大增加。在這一年中，消費者在 598,000 個不同的商家購物。

While we are integrated directly with over 20,000 merchants with our on-demand and subscription products, it doesn't matter, as those users can shop pretty much anywhere and it shows in the number of unique merchants shopped at by consumers and our results.

雖然我們透過按需和訂閱產品直接與超過 20,000 家商家整合，但這並不重要，因為這些用戶幾乎可以在任何地方購物，並且這體現在消費者購物的獨立商家數量和我們的結果上。

The year over year comparisons are impressive, but we are also seeing incredible sequential growth as shown on slide 7 across mods, active consumers, and unique merchants shopped. With that, I'm happy to turn the call over to our CFO Karen Hartje, who will go over our quarterly and yearly financial results in greater detail. Karen.

與去年同期相比，我們的業績令人印象深刻，但我們也看到了令人難以置信的連續成長，如幻燈片 7 所示，包括模特兒、活躍消費者和購物的獨立商家。有了這些，我很高興將電話轉給我們的財務長 Karen Hartje，她將更詳細地介紹我們的季度和年度財務業績。卡倫。

Thanks and happy birthday, Charlie. Hello to all.

謝謝，祝查理生日快樂。大家好。

I just slide 8. I feel a little bit like a broken record for the last several quarters as we keep reaching new highs, but that's a problem I will happily accept, as it is always great to share a performance when the results are this good. The strong holiday season plus the bank program launch led to a 100% year-over-year increase in revenue for the fourth quarter compared to the prior year's period.

我剛剛滑了 8 下。在過去的幾個季度裡，我們不斷創下新高，我感覺有點像一張破唱片，但我很樂意接受這個問題，因為當結果這麼好時，分享表現總是很棒的。強勁的假期季節加上銀行計劃的推出，導致第四季度的收入與去年同期相比同比增長了 100%。

Our outperformance for the quarter drove total revenue for the year to $271 million is 70% increase from 2024. As a reminder, we have provided adjusted numbers to remove the non-recurring items, which can mostly be attributable to the release of the valuation allowance previously recorded on our deferred tax assets.

我們本季的出色表現推動全年總收入達到 2.71 億美元，比 2024 年增長 70%。提醒一下，我們提供了調整後的數字以刪除非經常性項目，這主要歸因於釋放了先前記錄在我們遞延所得稅資產上的估值準備金。

We believe this provides a more reflective run rate of the company's results and will be useful as we report in 2025 for comparison purposes. Adjusted net income was $26.5 million for the quarter and $66.2 million for the year. Each is up approximately 10 times or more compared to the prior year's period. The significant gains year-over-year were driven by revenue growth, unit economic gains and our ability to further leverage non-transaction operating expenses.

我們相信，這可以更清楚地反映公司的業績，並且在我們於 2025 年報告中進行比較時很有用。本季調整後淨收入為 2,650 萬美元，全年調整後淨收入為 6,620 萬美元。與去年同期相比，每個都上漲了約 10 倍或更多。與去年同期相比，顯著的成長得益於收入成長、單位經濟收益以及我們進一步利用非交易營運費用的能力。

We will jump into the details of each of these beginning on slide 9. For the year and fourth quarter, year-over-year revenue growth outpaced the rise in GMV driven by subscription growth and fee unification because of the bank program. As a result, revenue reached a new high of 11.5% for the quarter and 10.7% for the year. We have bundled our transaction-related costs of transaction expense, provision for credit losses, and net interest expense on slide 10.

我們將從第 9 張投影片開始詳細介紹這些內容。今年和第四季度，受訂閱量增長和銀行計劃費用統一的推動，同比收入增長超過了 GMV 的增長。結果，本季營收創下11.5%的新高，全年營收創下10.7%的新高。我們已將交易相關成本（交易費用、信貸損失準備金和淨利息費用）匯總在第 10 張投影片上。

Each of these have behaved as anticipated. Transaction expense, which is primarily payment processing, was flat sequentially at 1.9% of GMV. We continue to believe we can maintain a level around 2%. Net interest expense continued its downward trend as we benefited from the lower cost facility that we entered last April. We have the opportunity to further lower our net interest expense by the end of 2025, as our facility can be refinanced in October without any early prepayment penalties.

它們的表現均符合預期。交易費用（主要是支付處理）佔 GMV 的 1.9%，環比持平。我們仍然相信我們可以維持2％左右的水準。由於我們受惠於去年四月達成的低成本融資，淨利息支出持續呈下降趨勢。我們有機會在 2025 年底之前進一步降低淨利息支出，因為我們的貸款可以在 10 月進行再融資，而無需支付任何提前還款罰金。

Last but not least, our provision for credit losses performed in line with our expectations and the guidance we gave to the market back in second and third quarters that a provision would be in the mid 2024. Note the reason for the increase in the second half, relative to the 1st half was twofold.

最後但同樣重要的一點是，我們的信貸損失準備金表現符合我們的預期，也符合我們在第二季和第三季向市場給予的指導，即準備金將在 2024 年中期提列。請注意，相對於上半年，下半年成長的原因有兩個。

First, natural seasonality as the provision typically reaches its high point in the fourth quarter. And second and more importantly, we made a conscious decision to open up the funnel to more consumers given the confidence we have in our underwriting models. As Charlie mentioned, we expect provision to be between 2.5 to 3% of GMV in 2025.

首先，自然的季節性，因為供應通常在第四季度達到最高點。其次，更重要的是，鑑於我們對承保模式的信心，我們有意識地決定向更多消費者開放通路。正如 Charlie 所提到的，我們預計 2025 年撥備將佔 GMV 的 2.5% 至 3%。

Let's quickly review a summary of Sezzle's underwriting ecosystem on slide 11. Amongst our many proprietary machine learning models, we have specific models for new customers to Sezzle and returning consumers. Our models are strong predictors of consumer performance and enable us to properly set spending power levels for consumers.

讓我們快速回顧一下幻燈片 11 上 Sezzle 承保生態系統的摘要。在我們眾多專有的機器學習模型中，我們有專門針對 Sezzle 新客戶和回頭客的模型。我們的模型可以很好地預測消費者的表現，並使我們能夠正確設定消費者的消費能力水準。

We are currently developing the 5th generation model for existing consumers, which will take into consideration a recent fourth quarter launch of on-demand. So, let's see how we put our money where our mouth is on slide 12. Again, to remind you that our goal is to optimize not only our growth but also our profitability. As you can see from the graph on the left, late in the second quarter, we began increasing approval rates for both repeat customers and new customers, which correlates with us having a higher provision in the second half.

我們目前正在為現有消費者開發第五代模型，這將考慮到最近第四季推出的按需服務。那麼，讓我們看看我們在第 12 張投影片上如何兌現我們的承諾。再次提醒您，我們的目標不僅是優化我們的成長，還要優化我們的獲利能力。從左側圖表可以看出，在第二季末，我們開始提高回頭客和新客戶的批准率，這與我們在下半年的更高撥備有關。

However, we believe that our underwriting models have allowed us to do so judiciously. The chart on the right shows that we have increased the balances for non delinquent customers while keeping average balances for delinquent customers in check. Our ability to separate performing versus non-performing customers is crucial to us opening the funnel per se.

然而，我們相信我們的核保模式使我們能夠明智地做到這一點。右側的圖表顯示，我們增加了非拖欠客戶的餘額，同時控制拖欠客戶的平均餘額。區分錶現良好和表現不佳的客戶的能力對於我們打開管道本身至關重要。

For further proof, our financial performance bears out our actions. On slide 13, you can see that our transaction-related costs, inclusive of the provision for credit losses, declined in the quarter, both sequentially and year over year.

進一步證明的是，我們的財務表現證實了我們的行動。在第 13 張投影片上，您可以看到我們的交易相關成本（包括信貸損失準備金）在本季環比和同比均有所下降。

To come full circle turned to slide 14. Throughout the year, we have provided provided guidance that our total revenue less transaction related costs would be 55% for the year. I'm happy to report that we were ahead of that number as we achieved 55.7%, which includes our provision for credit losses.

回到原點，請翻到第 14 張投影片。全年，我們一直提供指導，全年總收入減去交易相關成本將達到 55%。我很高興地報告，我們已領先於這個數字，達到了 55.7%，其中包括我們的信貸損失準備金。

Now let's move on from our unit economic discussion and turn to slide 15, which internally we have finally come to call Charlie's slide. Quite simply, in terms of financial performance, our goal is to make the green line on the right outpace the growth of the red line below it. As a technology-driven company, we believe we should be able to continue to leverage our operations, and we look forward to widening the GAAP. The main components of non-transaction related operating expenses are personnel, data, and third-party tech, marketing, and GNA. The wildcard, so to speak, among these is marketing and advertising. That said, we are very focused on payback and return on CA.

現在，讓我們從單位經濟討論繼續到第 15 張幻燈片，我們內部最終將其稱為查理的幻燈片。很簡單，就財務表現而言，我們的目標是讓右邊的綠線的成長速度超過其下方的紅線。作為一家技術驅動的公司，我們相信我們應該能夠繼續利用我們的運營，我們期待擴大 GAAP。非交易相關營運費用的主要組成部分是人員、數據和第三方技術、行銷和 GNA。可以這麼說，其中的通配符就是行銷和廣告。也就是說，我們非常注重 CA 的回報和收益。

Generally, we target a 6 month payback. All of this is translated to a strong performance on the bottom line as shown in slide 16 for both net income and adjusted net income. We've been able to post adjusted net income margin above 20% for three straight quarters. We've also been able to generate an IEDA margin in excess of 30% for four straight quarters, as shown on slide 17.

一般來說，我們的目標是 6 個月內收回成本。所有這些都轉化為強勁的業績，如幻燈片 16 所示的淨收入和調整後淨收入。我們已經連續三個季度實現調整後淨利率超過 20%。如投影片 17 所示，我們也能夠連續四個季度產生超過 30% 的 IEDA 利潤率。

Our improved profitability has strengthened our balance sheet, and our liquidity is reflected on slide 18. At year end, we had $98.3 million in cash on the balance sheet and $39 million of unused borrowing capacity available. $25.1 million of the cash balance is restricted, with $20.3 million designated as long-term restricted cash, which is required to be maintained as a reserve account under the terms of our marketing and servicing agreement with our originating partner, WebBank.

我們的獲利能力提高增強了我們的資產負債表，我們的流動性反映在第 18 張投影片上。截至年底，我們的資產負債表上有 9,830 萬美元的現金和 3,900 萬美元的未使用借款能力。現金餘額中有 2,510 萬美元受到限制，其中 2,030 萬美元被指定為長期限制現金，根據我們與原始合作夥伴 WebBank 簽訂的行銷和服務協議條款，這些現金必須作為儲備帳戶保留。

I'm guessing by this point, you've already reviewed slide 19 before even listening to our presentation. Let me highlight a couple of items before turning it over to Q&A. Prior to today, the only numeric guidance we have given for 2025 was an EPS of $12 for both net income and adjusted net income. We are bumping up our 2025 EPS guidance to $13.25.

我猜，在聽我們的簡報之前，您已經看過第 19 張投影片了。在進入問答環節之前，請容許我強調幾點。在此之前，我們對 2025 年給出的唯一數位指引是淨收入和調整後淨收入的每股盈餘均為 12 美元。我們將 2025 年每股盈餘預期上調至 13.25 美元。

For 2025, we will continue to present an adjusted number for comparison purposes and to remove non-recurring items. Further, we have provided additional metrics for 2025 that we have traditionally given for previous periods. An important call out is that we will be provisioning for a full tax burden in 2025. I guess that's the penalty for being profitable. Which is why we've added the note at the bottom. 2025 guidance implies pre-tax net income growth in excess of 55%.

對於 2025 年，我們將繼續提供調整後的數字，以便進行比較並刪除非經常性項目。此外，我們還提供了 2025 年的附加指標，這些指標是我們傳統上在前幾個時期給出的。一個重要的呼籲是，我們將為 2025 年的全部稅負做好準備。我想這就是獲利的懲罰吧。這就是我們在底部添加註釋的原因。 2025 年指引意味著稅前淨收入成長將超過 55%。

With that, I would like to turn the call over to the operator as we are ready to answer your questions. Operator, will you please open the lines for Q&A.

說完這些，我想將電話轉給接線員，我們準備回答您的問題。接線員，請開通問答專線。

Thank you.(Operator Instructions)

謝謝。 （操作員指示）

Mike Grondahl with Northland.

北國的 Mike Grondahl。

Hey, guys, Congratulations on a very strong finish to the year. My first question, the year-over-year revenue growth in 3Q was 71%, and that accelerated to 100% revenue growth in 4Q. What were the biggest drivers of that? If you could kind of rank them in order, that would be great. Thank you.

嘿，夥計們，祝賀你們今年取得了圓滿的成績。我的第一季度是，第三季的營收年增了 71%，而第四季的營收成長更是加速到了 100%。造成這現象的最大驅動因素是什麼？如果您能按順序對它們進行排序，那就太好了。謝謝。

Oh, this my I think one of the biggest drivers was, there's probably two big ones. The first being the partnership with WebBank, as we had mentioned to a number of our investors prior to the WebBank partnership.

哦，我認為這是最大的驅動因素之一，可能有兩個。首先是與 WebBank 的合作，正如我們在與 WebBank 合作之前向許多投資者提到的那樣。

One of the key elements of the webing partnership was allowing us to basically unify our fee structure across the United States. In many states we're going state by state with state licenses, and some of those state licenses basically restricted us to, basically, no penalty fees or late fees whatsoever, which are basically made our our model non ideal in a number of states. So that was one element I would say is by going live with WebBank unifying the fee structure, it led to increased revenue increased trust margin. And then more to the bottom line. And then additionally allowing us to launch a new product with I saw the number with mods going up to 707,000 over the quarter. It created basically another growth metric or another growth factor for us at the company, which really helped out in terms of driving revenue. Karen, anything else to add to that?

網路合作的關鍵要素之一是使我們能夠在全美範圍內基本統一費用結構。在許多州，我們逐州頒發州許可證，而一些州許可證基本上限制我們，基本上不收取任何罰款或滯納金，這基本上使我們的模式在許多州都不理想。所以我想說的一個因素是，透過與 WebBank 統一費用結構，它可以增加收入，從而提高信任利潤率。然後再談底線。此外，我們還推出了一款新產品，我發現本季的 mods 數量上升到了 707,000。它基本上為我們公司創造了另一個成長指標或另一個成長因素，這在推動收入方面確實有所幫助。凱倫，還有什麼要補充的嗎？

No, you took the words right out of my mouth.

不，你說出了我心裡的話。

Charlie, just as.

查理，正如。

A follow up to that, I don't know would holiday season be the third driver with that acceleration? I'm trying to understand where just, seasonality comes into play too.

接下來，我不知道假期是否會成為推動這項加速發展的第三個因素？我試圖了解季節性在哪裡發揮作用。

Not necessarily because it's year on year. Oh I guess I you're going quarter on quarter, that's true, but we're going year on year results though in terms of the growth rates, so 100% increase over year on year. It's still holiday season to holiday season. I guess on-demand being another like quote unquote anywhere product, it allows people to shop at more places. Before we had our anywhere products are more open network products, we were restricted to our directly integrated merchants. And in prior years, if you go back and look at our results from like four years ago, November would could be like our peak month.

不一定，因為它是逐年變化的。哦，我想你是在按季度計算，這是真的，但是就成長率而言，我們是按年計算的，所以同比增長 100%。現在仍是假期季節。我認為按需購物是另一種“隨處可見的產品”，它允許人們在更多地方購物。在我們的 Anywhere 產品成為更開放的網路產品之前，我們僅限於直接整合的商家。如果您回顧一下前幾年我們四年前的業績，您會發現十一月可能是我們的巔峰月份。

Because that's when a lot of people did a lot of online shopping, but now that we have these anywhere products, it actually turns out that, we become more December weighted in terms of our volumes, which I think also helps. So the more anywhere products helps to basically carry the momentum through all of the quarter rather than wait it to the early half of the quarter where people were shopping online only.

因為那時很多人都進行了大量網購，但現在我們有了這些隨處可見的產品，事實證明，就銷量而言，12 月份的權重更大，我認為這也有幫助。因此，更多隨處可見的產品有助於基本上保持整個季度的勢頭，而不是等到本季前半段人們只在網上購物。

Got it. And then, congratulations on the 707,000 subscribers, the mods number now, clearly it sounds like on-demand was pretty strong and successful. Any comment specifically on anywhere or premium, I know those two were 529,000 at the end of September. I know you're not breaking the three out, but any just high-level comments on anywhere in premium and how they operated in 4Q.

知道了。然後，祝賀訂閱用戶數達到 707,000 人，現在的 mods 數量顯然聽起來按需服務相當強勁且成功。關於任何地方或保費的具體評論，我知道這兩個在 9 月底是 529,000。我知道您不會將這三家公司分開，但您對於高端市場的任何地方以及它們在第四季度的營運情況有何高見？

Well, basically we maintained subscriber numbers pretty well throughout the quarter, but the real focus besides restrictions on introducing anywhere, or sorry, on-demand to new consumers. When we could introduce consumers to a product, we were tending to lean towards on-demand because we knew that it had kind of better activation rates because of the lower barrier to entry, and we're really playing into our strategy early, get customers through a lower friction.

嗯，基本上，我們在整個季度中都保持了相當好的用戶數量，但除了限制之外，真正的重點是向新消費者推出任何地方，或者抱歉，按需服務。當我們向消費者介紹一款產品時，我們傾向於按需銷售，因為我們知道按需銷售的進入門檻較低，激活率更高，而且我們很早就開始實施我們的策略，以更低的摩擦吸引客戶。

Lower barrier entry first to get them in on-demand when we can. And then over time our viewpoint is that it's as the customer transacts frequently with on-demand, they'll start to make the decision that, yeah, I might be better off with the subscription product. We're starting tole a little bit more into this new strategy. But of course, with existing subscribers, we don't introduce on-demand. They already have the product that they need. So we don't even really talk about it with existing subscribers.

當我們可以的時候，首先降低進入門檻，以便讓他們按需進入。然後隨著時間的推移，我們的觀點是，隨著客戶頻繁地進行按需交易，他們會開始做出決定，是的，我可能更適合訂閱產品。我們開始更多地了解這項新戰略。但當然，對於現有的訂閱者，我們不會引入點播服務。他們已經擁有了所需的產品。所以我們甚至沒有真正與現有訂閱者談論此事。

So, our viewpoint is, through 2025, we're probably going to continue to lead with on-demand. And then watch the customer utilize that product and then probably start to introduce them to subscription again, kind of like how Uber works for many people. I'm sure a lot of people on the call use Uber, getting introduced to, I think it's called Uber One, the subscription product. I think that's kind of like how we'll start to evolve with our subscriptions.

因此，我們的觀點是，到 2025 年，我們可能會繼續在按需領域保持領先地位。然後觀察客戶使用產品，然後可能開始再次向他們介紹訂閱，就像 Uber 為許多人服務的方式一樣。我確信電話中的許多人都使用過 Uber，並且了解到了它，我認為它被稱為 Uber One，即訂閱產品。我認為這有點像我們的訂閱業務開始發展的方式。

And as we mentioned in the call, what we're seeing right now on the top line revenue side, on demand looks pretty similar to premium already. So you can start to kind of get the idea that some of these customers are transacting enough with on-demand, which where they might be better off moving into subscription. So we just think it's going to take some time for that to evolve probably the next year for us to kind of mix the whole batter together. So, over time, we think it becomes the bridge that we are predicting it to be.

正如我們在電話會議中提到的那樣，就目前而言，按需服務的收入狀況已經與高端服務非常相似。因此，您可以開始意識到，其中一些客戶已經透過按需方式進行了足夠多的交易，因此他們最好轉向訂閱方式。因此我們認為這需要一些時間來發展，可能要到明年我們才能將所有東西混合在一起。因此，隨著時間的推移，我們認為它會成為我們預測的橋樑。

Got it. And lastly, the press release talks about the enhanced product market place, kind of, driving consumer engagement and it said orders grew by an average of 39% month over month. A session activity increased 70%. Can you talk and describe a little bit about what that is and what you're trying to create there?

知道了。最後，新聞稿談到了增強的產品市場，推動消費者參與，並表示訂單量平均環比增長 39%。會話活動增加了70％。您能否稍微談論並描述一下那是什麼以及您想在那裡創造什麼？

We just want to make the app really the go to for these customers and the reason you're seeing this month on month growth rate is that we're a very tech oriented company and if people follow tech-oriented companies or been involved with them, we're very, we have a lot of releases throughout the year. I mean hundreds maybe around 1,000 per year. I don't know the exact numbers, but we basically believe in these micro releases of improvements to our apps and to our systems.

我們只是想讓應用程式真正成為這些客戶的首選，而您看到這個月度成長率的原因是我們是一家非常注重技術的公司，如果人們專注於技術導向的公司或參與其中，我們就會知道，我們全年都會發布很多版本。我的意思是每年數百個，或許大約是 1,000 個。我不知道確切的數字，但我們基本上相信這些微型版本會對我們的應用程式和系統帶來改進。

And so as the products improving over the year as customers keep on coming into our app, they keep on seeing more and more features. And many customers that use this for a couple of months they come back in. They're impressed by what they're seeing the new options available to them. And our view is that we're going to keep on doing this through 2025 to 2026 really focusing on the shopping side. And over time, we believe that'll draw more eyeballs into our app, but also I think even maybe more importantly create a stronger retention for customers that have been introduced. And I think that app engagement and what you're seeing in terms of the (inaudible) activity in the app is really showing that it's starting to work.

隨著客戶不斷使用我們的應用程序，產品也逐年改進，他們也看到了越來越多的功能。許多顧客使用了幾個月後又回來了。他們對於所看到的可供他們選擇的新選項印象深刻。我們的觀點是，我們將在 2025 年至 2026 年期間繼續這樣做，並真正專注於購物方面。隨著時間的推移，我們相信這會吸引更多人關注我們的應用程序，但我認為甚至更重要的是為已經引入的客戶創造更強的保留率。我認為應用程式的參與度以及您在應用程式中看到的（聽不清楚）活動確實表明它開始發揮作用。

Great.Hey, thanks a lot.

太好了。嘿，非常感謝。

It's fine.

沒事的。

(Operator Instructions) Hal Goetsch with B. Riley

（操作員指示）Hal Goetsch 與 B. Riley

Hey, thank you. Hey, Charlie and team, congratulations on a great year. My question about the funnel for mid-market merchants and maybe even enterprise merchants, we, it seems like the fine (inaudible) field is going to be a handful of players 5 to 6 and you're one of them. And I'm just wondering when, and you guys buy a little deeper. You have a lot of features. I was just wondering how your funnel is shaping up for signing up more small middle market, regional and even national accounts now.

嘿，謝謝你。嘿，查理和團隊，祝賀你們度過了美好的一年。我的問題是針對中型市場商家甚至企業商家的管道，我們似乎認為精品（聽不清楚）領域將會有 5 到 6 個參與者，而您就是其中之一。我只是想知道什麼時候你們會買得更深一點。你有很多特點。我只是想知道您的頻道現在如何形成以簽署更多的中小型市場、區域甚至國家帳戶。

It's still strong, I think our view is that and probably improving from what we've been seeing over the last few months and I think that's not even including the idea that on-demand is basically a newer idea. We mentioned in the call here, but maybe just to clarify for investors following the company.

它仍然很強勁，我認為我們的觀點是，它可能會比過去幾個月看到的情況有所改善，我認為這甚至不包括按需基本上是一個較新的想法。我們在電話會議中提到過，但可能只是為了向關注該公司的投資者澄清一下。

Before we used to go to merchants, we would basically just talk about our core product, which was installing Sezzle on your website no fees at all passed on to the customer. Basically, the merchant would have to subsidize the entire transaction and that worked for a number of merchants, but as you get into larger and larger bid to enterprise merchants, many of them are very cost constrained in terms of what they want to do with processing products.

在我們去商家之前，我們基本上只談論我們的核心產品，即在您的網站上安裝 Sezzle，而不會向客戶收取任何費用。基本上，商家必須補貼整個交易，這對許多商家來說是可行的，但隨著企業商家的競標規模越來越大，他們中的許多人在處理產品方面受到成本的極大限制。

And in some cases, when you go into an enterprise or mid-market merchant, they have you talk to their processing team and their processing team is very focused on cost. Sometimes you get into the marketing teams, focused on driving traffic, sometimes you get into the processing teams driven on cost. I think as you get bigger and bigger into bigger and bigger merchants, it tends to be more towards the processing team. And so when they're looking at cost, they're comparing you to payment processing, credit card processing, which is around 2% or so.

在某些情況下，當您進入企業或中型市場商家時，他們會讓您與他們的處理團隊交談，而他們的處理團隊非常注重成本。有時你會加入行銷團隊，專注於推動流量，有時你會加入處理團隊，專注於成本。我認為，隨著商家規模越來越大，其處理團隊的傾向性就會越來越強。因此，當他們考慮成本時，他們會將您與支付處理、信用卡處理進行比較，後者約為 2% 左右。

And when we came in, early days with with buy now pay later, we were charging 6 plus 30. Actually, that's our rack rate today for SMBs for small to medium sized businesses. But for enterprise merchants scoff at that. They want to keep their processing costs low. So with on-demand. We can pass on a lot of the fee structure to the consumer now in terms of a service fee even in the merchant checkout, and that's a new product that has just started to help us build up more of the pipeline on the enterprise side.

當我們剛開始使用「先買後付」服務時，我們的收費是 6 加 30。實際上，這是我們今天針對中小型企業的標準價格。但對於企業商家來說卻嗤之以鼻。他們希望保持較低的加工成本。因此，按需提供。現在，我們可以將許多費用結構以服務費的形式轉嫁給消費者，即使是在商家結帳時，這也是一種剛開始幫助我們在企業方面建立更多管道的新產品。

So we've been having some good momentum as you saw the, as you mentioned, we had three nice signings here in the fourth quarter, but we think that it's going to continue to improve in quality as we have introduced on demand in more and more situations.

因此，正如您所看到的，我們一直保持著良好的勢頭，正如您所提到的，我們在第四季度簽下了三名優秀的球員，但我們認為，隨著我們在越來越多的情況下引入按需服務，我們的品質將繼續提高。

Okay. Charlie, you, you're saying those three merchants you signed, that's more of an on-demand where the consumer pays.

好的。查理，你說你簽的三家商家，比較像是消費者按需付費。

No, in those cases. no. But I think we've already had this through execution, we've had some good growth in terms of enterprise merchant signings with those three, but we think that we have a chance to add even more now that we have on-demand in the mix, but it takes a while to create the pipeline with enterprise. It's not like a 2 month activity. It's usually a few months.

不，在那些情況下。不。但我認為我們已經透過執行實現了這一點，我們在與這三家企業商戶簽約方面取得了一些良好的增長，但我們認為，既然我們已經將按需服務納入其中，我們就有機會增加更多，但創建與企業的渠道需要一段時間。這不像是一個為期兩個月的活動。通常要幾個月的時間。

The last two for me real quick, is there a monetization in couponing you can do and then too on the capital allocation, if you generate another $80 million and adjusted that income and you're basically turning or really not even needing a warehouse line, what are your plans when you generate that kind of cash, with the warehouse lined down a year from now. Thanks.

最後兩個問題對我來說很簡單，優惠券能否實現貨幣化？在資本配置方面，如果您再產生 8000 萬美元並調整了該收入，而您基本上已經轉向或甚至不需要倉庫生產線，那麼當您產生這種現金時，您的計劃是什麼？一年後倉庫生產線就停產了。謝謝。

Yeah, so in terms of generating cash, I think the great news about being a strongly profitable company is it just creates a lot of options for you. One of the options is, yeah, we could basically drive down to the point maybe not in the next 12 months, but in the next 12 to 24 months, where if paying your growth rate versus your margins, you could basically deplete the need for a line of credit. It also gives you the opportunities for buybacks, for dividends for M&A.

是的，所以就產生現金而言，我認為成為一家盈利能力強的公司的好處是它為你創造了很多選擇。其中一個選擇是，是的，我們基本上可以降低到這樣的程度，也許不是在未來 12 個月內，而是在未來 12 到 24 個月內，如果支付你的成長率與你的利潤率，你基本上可以耗盡對信用額度的需求。它還為您提供回購、分紅和併購的機會。

I think that's the nice thing about being a profitable company, it gives you lots of options. And it's not like we're in a rush on any of these fronts. We just think that keep on executing, keep on doing a great job, keep on building up the cash and then we can evaluate the options as they come. And then by the way, first question, just to remind me.

我認為這是作為一家盈利公司的好處，它為你提供了許多選擇。而我們在這些方面都並不著急。我們只是認為，繼續執行，繼續做好工作，繼續累積現金，然後我們就可以評估出現的選擇。順便說一下，第一個問題，只是提醒我一下。

So the other, is there any monetization potential on the coupon?

那麼另一方面，優惠券有貨幣化潛力嗎？

Oh, for couponing. Yeah, basically with all the shopping side of the activities, there are monetization channels. What we're trying to think about now is the trade-off. How much of it do we give to the customer to create attraction and retention versus how much of it we retain. And so, we'll probably be experimenting with it but I mean these are definitely when we talked about kind of a Honey and Me for mobile, is like the way we kind of, talk about the new productization within the company. I mean, Honey and Me was a profitable company. So you can definitely monetize on these items. For us, it's just like Thinking about as he launched these features.

哦，為了優惠券。是的，基本上所有購物方面的活動都有貨幣化管道。我們現在要考慮的是權衡。我們向客戶提供了多少資源來吸引和留住客戶，以及我們保留了多少資源。因此，我們可能會對此進行嘗試，但我的意思是，當我們談論行動版《Honey and Me》時，這肯定就像我們談論公司內部新產品化的方式一樣。我的意思是，Honey and Me 是一家獲利的公司。因此你絕對可以透過這些物品賺錢。對我們來說，這就像他在推出這些功能時所思考的。

How much do we give, how much do we keep with us, but they're definitely profitable. It's it's definitely a profitable business in its own right. But we're looking at a little bit differently, maybe we're looking at more for attraction and retention because we've got this great money making machine with our buy now pay later product set, so we'll probably be experimenting with that a bit.

我們捐出多少，我們留下多少，但它們肯定是有利可圖的。這本身絕對是一門有利可圖的生意。但我們的看法有點不同，也許我們更注重吸引力和留存率，因為我們有這款「先買後付」產品套裝，這台賺錢機器，所以我們可能會對此進行一些嘗試。

Okay. Excellent thanks guys.

好的。非常感謝大家。

Thanks Hal.

謝謝哈爾。

This concludes the question and answer session. I would like to turn the conference back over to Charlie again for any closing remarks. Please go ahead.

問答環節到此結束。我想再次將會議交還給查理，請他做最後發言。請繼續。

Thank you, operator. Again, I'd like to thank the Sezzle team. We continue to make tremendous strides in our business and I know our team will continue to lead the way. I know the business school books never talked about a team as a competitive advantage, but I disagree. I know our team creates a competitive advantage, and that's why we're winning with Moneyball.

謝謝您，接線生。再次感謝 Sezzle 團隊。我們的業務繼續取得巨大進步，我知道我們的團隊將繼續引領潮流。我知道商學院的教科書從來沒有談到團隊作為競爭優勢，但我不同意。我知道我們的團隊創造了競爭優勢，這就是我們在《點球成金》中獲勝的原因。

And in closing, I don't have a Charlie Munger quote this time around, but even better, I have a Charlie Munger story, all in his own words. He says, Back in the late 80s, we started buying Coca-Cola stock. Not a complicated decision. Here's a company selling sugar water all over the world. Got a brand stronger than Fort Knox, and people aren't going to stop drinking it anytime soon. We picked up shares at a decent price, about $600 million worth by 1988 or so.

最後，這次我沒有引用查理蒙格的話，但更好的是，我有一個查理蒙格的故事，全部用他自己的話來說。他說，早在 80 年代末，我們就開始買可口可樂的股票。這不是一個複雜的決定。這是一家在世界各地銷售糖水的公司。擁有一個比諾克斯堡更強大的品牌，人們不會很快停止喝它。我們以合理的價格買入了股票，到 1988 年左右價值約 6 億美元。

People thought we were nuts, paying that much for a soda company. Analysts said it was overvalued, market was jittery all the usual noise. What did we do? We sat on it, didn't trade it, didn't tinker. Didn't listen to the chatter, just held the damn stock. Why? Because it was a business that we understood, run by people who knew what they were doing with a moat wider than the Mississippi.

人們認為我們瘋了，竟然為一家汽水公司付了那麼多錢。分析師稱其估值過高，市場一片恐慌，各種聲音此起彼落。我們做了什麼？我們坐在上面，沒有交易它，也沒有修補它。沒有聽閒聊，只是持有該死的股票。為什麼？因為這是我們了解的一項業務，由那些知道自己在做什麼的人經營，他們的護城河比密西西比河還要寬。

Fast forward a couple of decades. By the 2000s, that $600 million turned into billions. Today it's worth over $20 billion and that's not counting the dividends we've collected along the way, which are millions every year now. The trick wasn't in some fancy footwork. We didn't outsmart the market with clever thinking or clever timing or slick moves. We just bought it and forgot about it. Let the company do its job.

快進幾十年。到了 21 世紀，這 6 億美元變成了數十億美元。如今，它的價值已超過 200 億美元，這還不包括我們一路走來收取的股息，現在每年的股息高達數百萬美元。這個技巧並不在於一些花俏的步法。我們並沒有憑藉聰明的思維、聰明的時機或巧妙的舉動來戰勝市場。我們剛買了它然後就忘了它了。讓公司做好自己的工作。

People think investing is about action, but the big money is in the waiting. You find something good, you park your a**, and you don't budge unless the story changes. That's it. I couldn't agree more with Charlie Munger. Have a great evening, everyone, and thanks, operator, we can end the call.

人們認為投資就是行動，但大筆的錢卻在等待中。你發現了一些好東西，你就停下來，除非故事發生變化，否則你不會讓步。就是這樣。我完全同意查理·芒格的觀點。祝大家有個愉快的夜晚，謝謝接線員，我們可以結束通話了。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。