Sezzle Inc (SEZL) 2025 Q2 法說會逐字稿

Good day, and welcome to the Sezzle Inc. second quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Sezzle Inc. 2025 年第二季財報電話會議。（操作員指示）

Please note, this event is being recorded. I would now like to turn the conference call over to Mr. Charlie Youakim. Mr. Youakim, the floor is yours, sir.

請注意，此事件正在被記錄。現在我想將電話會議交給查理尤金先生。尤金先生，請您發言。

Thank you. Thank you, and good afternoon, everyone. Welcome to Sezzle's second quarter 2025 earnings conference call. I'm Charlie Youakim, CEO and Executive Chairman of Sezzle. I'm joined today by our Chief Financial Officer, Karen Hartje; and our Head of Corp Dev and IR, Lee Brading.

謝謝。謝謝大家，下午好。歡迎參加 Sezzle 2025 年第二季財報電話會議。我是 Charlie Youakim，Sezzle 的執行長兼執行主席。今天與我一起出席的還有我們的財務長 Karen Hartje 和我們的公司開發和投資者關係主管 Lee Brading。

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. To retrieve the documents, please go to the Investor Relations section of our website. There, you will find the press release and the earnings presentation.

配合本次電話會議，我們向美國證券交易委員會 (SEC) 提交了收益公告，並將其及收益簡報發佈在我們的投資者網站 sezzle.com 上。如需取得這些文件，請造訪我們網站的「投資者關係」版塊。在那裡，您可以找到新聞稿和收益報告。

Please be advised of the cautionary note on forward-looking statements and the reconciliation of GAAP to non-GAAP measures included in the presentation, which also covers our statements on today's call. It's exciting and fun at the moment at Sezzle as we've noticed, we continue to disrupt the existing payments industry.

請注意，本簡報中包含了前瞻性陳述的警告以及 GAAP 與非 GAAP 指標的對賬，其中也涵蓋了我們今天電話會議上的陳述。我們注意到，Sezzle 目前的情況令人興奮且有趣，我們繼續顛覆現有的支付產業。

I'm sure you've noticed it just like we have as it seems like there's an article coming out every other week in a major publication talking about the growth of BNPL and its impact on the world. Some of these publications get it and understand that this product helps consumers budget and manage their spending. And others don't and just regurgitate the standard consumers using credit as bad mantra that's been out there since the invention of the credit card.

我相信您和我們一樣注意到了這一點，因為似乎每隔一周就會有一篇主要出版物發表一篇文章，討論 BNPL 的發展及其對世界的影響。其中一些出版物了解並理解該產品可以幫助消費者預算和管理他們的支出。而其他人則不這麼認為，只是重複了自信用卡發明以來就一直存在的標準消費者使用信用的壞口號。

Even with the negative press, we're happy as it means that we must be doing something right as we are upsetting the traditional norm. We are getting noticed. With that credit mantra in mind, we do think our path somewhat mirrors the original buy now, pay later product, the credit card. Credit cards first emerged in the 1950s.

即使媒體報導是負面的，我們也很高興，因為這意味著我們一定做了一些正確的事情，因為我們正在打破傳統規範。我們正受到關注。牢記這一信用口號，我們確實認為我們的道路在某種程度上反映了最初的「先買後付」產品——信用卡。信用卡最早出現於1950年代。

Now I imagine most of the people on this call weren't around then. But since the launch of credit cards, there's been a lot of public pushback from the media warning of reckless spending or debt traps. A number of repute publications in the 1950s, including The New York Times expressed public concern over plastic money leading to financial responsibility. Sound familiar?

現在我想當時參加這次通話的大多數人都不在場了。但自從信用卡推出以來，媒體對信用卡的濫用和債務陷阱發出了強烈的警告，引起了公眾的強烈反對。1950 年代，包括《紐約時報》在內的許多知名出版物都表達了公眾對塑膠貨幣導致財務責任的擔憂。聽起來很熟悉？

Nonetheless, by 1970, about 50% of US households had at least one credit card. I think that we can all agree that credit cards and their usage despite some of their issues are an important part of our economy. We think BNPL will evolve into a similar story, including the pushback from the media along the way.

儘管如此，到 1970 年，大約 50% 的美國家庭至少擁有一張信用卡。我認為我們都同意，儘管信用卡存在一些問題，但它及其使用仍然是我們經濟的重要組成部分。我們認為 BNPL 將會演變成類似的故事，包括一路上來自媒體的反擊。

Sezzle has certainly tapped into a need that is not being met by other traditional forms of payment. We welcome the scrutiny as we believe it will only bring to light how our products are helping consumers and how they are the responsible way to pay.

Sezzle 確實滿足了其他傳統支付方式無法滿足的需求。我們歡迎審查，因為我們相信這只會揭示我們的產品如何幫助消費者以及它們如何成為負責任的支付方式。

Our flexibility allows payments to be matched to budgets, which is critically important for a large segment of consumers. As a reminder, customers must be current with us or they aren't allowed to continue to use this as a payment method. This is one of the key areas where we differ from credit cards.

我們的靈活性使得付款能夠與預算相匹配，這對於很大一部分消費者來說至關重要。提醒一下，客戶必須與我們保持聯繫，否則他們將不被允許繼續使用此作為付款方式。這是我們與信用卡不同的關鍵領域之一。

We think we have stronger alignment with responsible spending that a credit card does. We actively think about reducing limits for our consumers, where warranted to stop overspending. I think some credit card companies welcome a bit of overspending as that overspending can create a revolving account. Instead, we're active in stopping overspending, which creates incredible alignment with responsible behavior.

我們認為，與信用卡相比，我們更注重負責任的消費。我們積極考慮降低消費者的限額，以確保他們不再過度消費。我認為一些信用卡公司歡迎少量的超支，因為超支可以創建一個循環帳戶。相反，我們積極制止過度支出，這與負責任的行為形成了驚人的一致。

Well, I know most of you are here to hear about our results, so let's get to it. We're pleased to be sharing our second quarter results with you all this evening as they clearly reflect the positive momentum in our business and our industry.

好吧，我知道你們大多數人來這裡是為了聽我們的結果，所以讓我們開始吧。我們很高興今晚與大家分享我們的第二季業績，因為它們清楚地反映了我們業務和行業的積極勢頭。

Our Q2 results reflect strong momentum and also signal an increase in investment for the future. We continue to push forward as a profitable growth company, which is a concept that we fully embrace. Slide 3 gives a high-level snapshot of Q2, which shows our outperformance versus the industry.

我們第二季的業績體現出強勁勢頭，也預示著未來投資的增加。我們將繼續努力成為一家獲利成長型公司，這是我們完全接受的理念。投影片 3 給出了第二季的概況，顯示了我們相對於產業的優異表現。

With the top line growth of 76% year-over-year, gross margins of 61% and a net income margin of 28%, we remain well ahead of the Rule of 40 and our own version, the Rule of 100, where we scored a 165 this quarter. We are also still on pace with our guidance, which has adjusted net income rising 85% year-over-year in 2025. As the same goes, talk is cheap, and we plan to keep letting our results do the talking.

我們的營業額年增 76%，毛利率為 61%，淨收入利潤率為 28%，仍然遠遠領先於 40 規則和我們自己的 100 規則，本季度我們的得分為 165。我們仍按照我們的預期進行，即到 2025 年調整後的淨收入將年增 85%。同樣的道理，空談是沒有意義的，我們計劃繼續用結果來說話。

I referenced earlier our investment in the future and would like to expand on that thought on slide 4. We are hyper focused on reaching customers efficiently through our marketing efforts. Our marketing spend has been stepping up with a focus on customer acquisition and retention.

我之前提到了我們對未來的投資，並想在第 4 張投影片上進一步闡述這個想法。我們高度重視透過行銷努力有效地接觸客戶。我們的行銷支出一直在增加，重點是客戶獲取和保留。

For Q2, we spent $8.8 million on marketing compared to only $1 million in the prior year. We don't take this lightly as we value every dollar, but we also believe that this is the right time for this future investment as our profitability and positive free cash flow have positioned us well to both grow and reinvest. We are still in the early stages, but we expect to see returns before the end of the year as we target a six-month payback period on our CAC.

我們第二季的行銷支出為 880 萬美元，而去年同期僅為 100 萬美元。我們不會輕視這一點，因為我們珍惜每一美元，但我們也相信現在是未來投資的最佳時機，因為我們的獲利能力和正的自由現金流使我們在成長和再投資方面處於有利地位。我們仍處於早期階段，但我們預計在年底前獲得回報，因為我們的目標是六個月的 CAC 回收期。

I believe our active consumer and mods results reflect the positive trends we are seeing, and I believe there is more to come. In prior years, our spending was more focused on merchant co-marketing. But over the last several quarters, we have shifted our marketing spend to more efficient channels. That improved efficiency will pay dividends in our future results.

我相信我們的活躍消費者和模組結果反映了我們所看到的正面趨勢，我相信未來還會有更多。前幾年，我們的支出較集中在商家聯合行銷上。但在過去幾個季度，我們已將行銷支出轉移到更有效率的管道。效率的提升將為我們未來的業績帶來回報。

A key part of our strategy is to never stop innovating, especially as an industry underdog. A major part of our success has been our never-ending push to grow and expand our product offerings to consumers. On slide 4, you can see that we have launched numerous product enhancements in the last few quarters, some more successful than others. But regardless, we will not rest.

我們策略的關鍵部分是永不停止創新，尤其是作為產業的弱勢者。我們成功的很大一部分原因在於我們不斷努力發展和擴大向消費者提供的產品。在投影片 4 上，您可以看到我們在過去幾季推出了許多產品增強功能，其中一些比其他更成功。但不管怎樣，我們都不會休息。

Slide 5 is a snippet of the positive results we are seeing from our efforts. I'm extremely proud of our NPS score of 75, which is an incredibly high score for our company offering financial solutions and actually any company for that matter.

投影片 5 是我們努力所取得的正面成果的片段。我對我們的 NPS 得分 75 感到非常自豪，這對於我們提供金融解決方案的公司以及實際上任何公司來說都是一個極高的分數。

These NPS results are important because it means our customers love using our products and services. You can clearly see that love is translating into greater engagement in our app. As discussed in the prior slide, we have launched a variety of products and features with the goal of finding more ways to engage the consumer and the results reflect such traction.

這些 NPS 結果很重要，因為這意味著我們的客戶喜歡使用我們的產品和服務。您可以清楚地看到，愛正在轉化為我們應用程式的更大參與度。正如上一張投影片中所討論的，我們推出了各種產品和功能，目的是找到更多方式來吸引消費者，結果也反映了這種吸引力。

Monthly active users rose 52% year-over-year. And even more exciting, the engagement from revenue-generating users increased 138%. I believe we are in the early days of monetizing app users beyond just payments. The amounts are nominal at this point, but we believe it represents a large opportunity.

每月活躍用戶較去年同期成長52%。更令人興奮的是，創收用戶的參與度增加了 138%。我相信我們正處於應用程式用戶盈利的早期階段，而不僅僅是支付。目前這些金額只是名義上的，但我們相信這代表著一個巨大的機會。

On slide 6, you can see that our marketing efforts for mods are paying off. Mods rose 14% sequentially and 62% year-over-year. We are continuously fine-tuning our marketing spending to maximize ROI. Currently, we are hyper focused on mods. These mod users have strong lifetime value due to the repeat and recurring nature of their interactions with Sezzle, with subscription services at the forefront of that recurring engagement.

在第 6 張投影片上，您可以看到我們針對 mods 的行銷努力正在取得成效。Mods 環比成長 14%，年成長 62%。我們不斷調整行銷支出，以最大化投資報酬率。目前，我們高度關注模組。這些 mod 用戶由於與 Sezzle 的互動具有重複性和循環性而具有很高的終身價值，而訂閱服務是這種循環互動的重中之重。

As you might guess, there are differences in profitability between On-Demand, Premium and Anywhere. All three have favorable economics, but lifetime values do vary. The highest lifetime values aren't anywhere because the product is just so easy to use and use again.

您可能已經猜到了，按需、Premium 和 Anywhere 之間的盈利能力存在差異。這三種產品都有良好的經濟效益，但其終身價值卻有所不同。最高的終身價值並不存在於任何地方，因為該產品非常容易使用和重複使用。

I know many of you think of us as an online payment method, but take note, 37% of Anywhere orders are in store. This speaks to the value of the Anywhere product, giving consumers access to purchase whenever and wherever they want, well, wherever Visa is and last I checked, they're pretty much everywhere.

我知道你們中的許多人認為我們是一種線上支付方式，但請注意，37% 的 Anywhere 訂單是在商店中支付的。這體現了 Anywhere 產品的價值，它讓消費者隨時隨地進行購買，實際上，只要有 Visa，他們就無處不在。

Let's take a deeper dive on some key engagement metrics on slide 7. We continue to experience better year-over-year engagement as our connection with the consumer continues to grow. Our yearly active consumer growth almost at double digits for the first time in quite a while. I believe the improved growth stems from the success coming out of our marketing efforts and our product enhancements.

讓我們更深入地了解投影片 7 上的一些關鍵參與度指標。隨著我們與消費者的連結不斷加強，我們的參與度也逐年提高。我們的年度活躍消費者成長率在相當長一段時間內首次接近兩位數。我相信，成長的提升源自於我們的行銷努力和產品改進所帶來的成功。

As I mentioned earlier, we are filling a need that is not being met by traditional payment methods. Nowhere is this more evident than our unique merchants number. Our consumers shopped at 412,000 different merchants during the quarter. That is not an insignificant number. It is so rewarding to see that we are providing access to places that to many were unavailable before.

正如我之前提到的，我們正在滿足傳統支付方式無法滿足的需求。沒有什麼比我們獨特的商家編號更能證明這一點了。本季度，我們的消費者在 412,000 家不同的商家購物。這不是一個微不足道的數字。看到我們能夠為許多人提供以前無法進入的地方，我們感到非常欣慰。

Further, our purchase frequency continues to show year-over-year growth, suggesting we are gaining top of wallet status, and we believe this is still in the early innings. On slide 8, our purchase frequency was flat sequentially. We attribute that to the launch of On-Demand as it has shown a significant amount of growth in a very short time.

此外，我們的購買頻率繼續呈現同比增長，表明我們正在獲得錢包頂部的地位，並且我們相信這仍處於早期階段。在投影片 8 上，我們的購買頻率連續持平。我們將此歸功於按需服務的推出，因為它在很短的時間內就顯示出了顯著的成長。

Longer term, the short-term investment with on-demand users will lead to greater profitability. Our On-demand users are profitable, but just not as profitable as our Premium or Anywhere subscribers. But over time, we believe that On-Demand users will migrate further into our product suite and become future anywhere enthusiasts.

從長遠來看，對按需用戶的短期投資將帶來更大的獲利能力。我們的隨選用戶也能帶來利潤，但只是不如我們的高級用戶或隨處用戶獲利。但隨著時間的推移，我們相信按需用戶將進一步遷移到我們的產品套件中，並成為未來無處不在的愛好者。

Also on slide 8, again, it's great to see the pickup in active consumers. We can say now that we have 2.9 million yearly active, and it does seem that we're on the move up with this metric as we continue to add features and services that enhance engagement. If you can't tell, I'm extremely excited about our momentum as we start to see the fruits of our investments in marketing and innovation.

同樣在第 8 張投影片上，我們很高興看到活躍消費者的數量有所回升。我們現在可以說，我們每年有 290 萬活躍用戶，而且隨著我們繼續添加增強參與度的功能和服務，我們似乎正在按照這項指標不斷上升。如果你不知道，我對我們的發展勢頭感到非常興奮，因為我們開始看到我們在行銷和創新方面的投資成果。

With that, I'm happy to turn the call over to our CFO, Karen Hartje, who will go over our quarterly financial results in greater detail. Karen?

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財務業績。卡倫？

Thanks, Charlie, and good evening, everyone. As Charlie mentioned earlier, you'll see through our numbers that our initiatives continue to drive remarkable top line growth, easily clearing our internal Rule of 100.

謝謝，查理，大家晚上好。正如查理之前提到的，透過我們的數據，您將看到我們的舉措繼續推動顯著的收入成長，輕鬆實現我們的內部 100 規則。

Turning to slide 9. Second quarter total revenue grew 76.4% year-over-year to $98.7 million and adjusted net income nearly doubled, growing 91.8% year-over-year to $24.4 million. GAAP net income decreased slightly to $27.6 million, resulting from the recognition of an outsized $17.2 million discrete tax benefit in the second quarter of 2024 compared to a $3.2 million discrete tax benefit in 2025.

翻到第 9 張投影片。第二季總營收年增 76.4%，至 9,870 萬美元；調整後淨利幾乎翻倍，年增 91.8%，至 2,440 萬美元。美國通用會計準則淨收入略微下降至 2,760 萬美元，原因是 2024 年第二季確認了 1,720 萬美元的超額單獨稅收收益，而 2025 年則為 320 萬美元。

As a reminder, the prior year's discrete tax benefit was attributable to the release of our deferred tax valuation allowance due to the company's profitable trajectory. Our margins also continued to expand with adjusted EBITDA margin and total revenue less transaction-related costs as a percentage of total revenue, improving 5.5 and 3.5 points, respectively, year-over-year.

提醒一下，上一年的單獨稅收收益是由於公司獲利軌跡而釋放的遞延所得稅估值準備金。我們的利潤率也持續擴大，調整後的 EBITDA 利潤率和總收入減去交易相關成本佔總收入的百分比分別比去年同期提高了 5.5 個百分點和 3.5 個百分點。

Lastly, despite our rapidly growing revenue and healthy margins, we still maintain strict cost discipline. Nontransaction-related operating expenses as a percentage of total revenue decreased 4.8 points year-over-year to 28.1%.

最後，儘管我們的收入快速成長且利潤率健康，但我們仍然保持嚴格的成本紀律。非交易相關營業費用佔總收入的比例較去年同期下降4.8個百分點至28.1%。

Let's move on to slide 10, which breaks out our GMV and total revenue progression. GMV grew 74.2% year-over-year, driven by new product adoption and higher consumer engagement. Total revenue as a percentage of GMV, our take rate improved slightly year-over-year to 10.6%. The sequential decrease aligns with historical trends as our first quarter take rate benefits from two main items: the spillover of payments from fourth quarter transactions in the first quarter and the decline in purchase frequency from subscribers compared to the holiday season in the fourth quarter.

讓我們繼續看第 10 張投影片，其中詳細列出了我們的 GMV 和總收入進度。受新產品的採用和消費者參與度的提高推動，GMV 年成長 74.2%。總收入佔 GMV 的百分比，我們的佣金率比去年同期略有提高，達到 10.6%。這一連續下降與歷史趨勢相符，因為我們第一季的利率受益於兩個主要因素：第一季第四季度交易支付的溢出效應，以及與第四季度假期相比訂戶購買頻率的下降。

On slides 11 and 12, we detail our transaction-related costs, which include transaction expense, provision for credit losses, and net interest expense. These costs totaled $38.4 million or 4.1% of GMV, down 40 basis points year-over-year. This improvement stems from continued optimization and payment processing and increased consumer use of ACH driving our second quarter transaction expense down to 1.5% of GMV.

在第 11 和 12 張投影片中，我們詳細介紹了與交易相關的成本，其中包括交易費用、信貸損失準備金和淨利息費用。這些成本總計 3,840 萬美元，佔 GMV 的 4.1%，較去年同期下降 40 個基點。這項改善源於持續的優化和支付處理以及消費者對 ACH 的更多使用，從而推動我們第二季的交易費用降至 GMV 的 1.5%。

This gain was partially offset by an increase in provision for credit losses to 2.2% of GMV as we continue leaning into growth while meeting our stated target of 2.5% to 3% annual provision and unit economics of 60% to 65% is witnessed on slide 13.

這一收益被信貸損失準備金增加至 GMV 的 2.2% 所部分抵消，因為我們繼續傾向於增長，同時達到我們所述的 2.5% 至 3% 的年度準備金目標，並且單位經濟效益在第 13 張幻燈片中顯示為 60% 至 65%。

Second quarter total revenue plus transaction-related costs as a percentage of total revenue increased 87.2% year-over-year to $60.3 million and represented 61.1% of total revenue. Since we've touched on our unit economics, we want to showcase the health of our growth in underwriting on slide 14.

第二季總營收加上交易相關成本佔總營收的百分比年增 87.2% 至 6,030 萬美元，佔總營收的 61.1%。由於我們已經談到了單位經濟學，我們想在投影片 14 上展示承保成長的健康狀況。

Recall on our second quarter 2024 earnings call, we noted that we started expanding our risk tolerance by letting in more first-time users in mid-2024. We commented that we are expanding our risk tolerance but expected to maintain strong, stable margins, and we did just that.

回想一下我們 2024 年第二季的收益電話會議，我們指出，我們將在 2024 年中期開始透過接納更多首次用戶來擴大我們的風險承受能力。我們表示，我們正在擴大風險承受能力，但預計將保持強勁、穩定的利潤率，而我們也確實這樣做了。

As you can see, we gave more consumers the opportunity to use Sezzle for the first time while also expanding our wallet share with existing consumers. Although we don't show consumer balances, the graph on the right clearly shows that we continue to successfully bifurcate our growth by expanding credit for nondelinquent consumers compared to delinquent users.

如您所見，我們為更多消費者提供了首次使用 Sezzle 的機會，同時也擴大了現有消費者的錢包份額。雖然我們沒有顯示消費者餘額，但右側的圖表清楚地表明，透過擴大對非拖欠消費者（相對於拖欠用戶）的信貸，我們繼續成功地分叉我們的成長。

As a side note, our understanding is that the lines are flipped for the credit card industry. This slide speaks volumes about our underwriting capabilities and reinforces our confidence in the health and sustainability of our growth trajectory.

順便說一句，我們的理解是，信用卡行業的界限已經改變了。這張投影片充分說明了我們的承保能力，並增強了我們對成長軌蹟的健康和永續性的信心。

Turning to slide 15, you'll see that nontransaction-related operating expenses continue to remain well controlled. These expenses, which include personnel, technology, marketing and G&A, totaled $27.7 million, up 50.4% year-over-year but down 480 basis points as a percentage of revenue to 28.1%.

翻到第 15 張投影片，您會看到與交易無關的營運費用持續保持良好的控制。這些費用包括人員、技術、行銷和一般及行政費用，總計 2,770 萬美元，年增 50.4%，但佔收入的百分比下降 480 個基點至 28.1%。

The sequential rise in our nontransaction-related OpEx as a percentage of our total revenue stems from increased marketing spend, which grew 64% quarter-over-quarter to $8.8 million. As Charlie noted earlier, we're ramping up our marketing efforts with a target payback period of six months. Early indicators suggest we're on track to hit this target, and we expect to see the benefit when our first half investment comes to fruition in our third and fourth quarter results.

非交易相關營運支出佔總收入的百分比環比上升，源自於行銷支出的增加，季增 64%，達到 880 萬美元。正如查理之前提到的，我們正在加大行銷力度，目標回報期為六個月。早期指標顯示我們有望實現這一目標，並且我們預計上半年的投資將在第三季和第四季的業績中取得成果。

Moving on to the last and arguably most vital component of our income statement metrics, our profitability, as seen on slides 16 and 17. Net income came in at $27.6 million or 28% of revenue, down modestly year-over-year due to the outsized discrete tax benefit in the prior year quarter.

我們繼續討論損益表指標的最後一個也是最重要的組成部分，即獲利能力，如第 16 和 17 頁投影片所示。淨收入為 2,760 萬美元，佔收入的 28%，由於去年同期的單獨稅收優惠過大，淨收入較去年同期略有下降。

Excluding discrete tax benefits, we achieved adjusted net income of $24.4 million, nearly doubling the prior comparable period in 2024. Adjusted EBITDA also increased at a similar pace, rising 106% to $37.9 million, representing 38.4% of total revenue.

不計單獨稅收優惠，我們實現調整後淨收入 2,440 萬美元，幾乎是 2024 年同期的兩倍。調整後的 EBITDA 也以類似的速度成長，成長 106% 至 3,790 萬美元，佔總營收的 38.4%。

Looking at the balance sheet on slide 18. Our cash remained flat quarter-over-quarter, largely driven by the increase in those receivables from volume growth and the repurchase of $23.5 million of common stock as part of our $50 million repurchase program announced on March 10 of this year.

請參閱投影片 18 上的資產負債表。我們的現金與上一季持平，主要是由於銷售成長導致應收帳款增加，以及作為我們今年 3 月 10 日宣布的 5,000 萬美元回購計劃的一部分，回購了 2,350 萬美元的普通股。

We ended the quarter with $120 million in cash, including $31 million of restricted cash and availability on the line of credit of $4 million on our $150 million credit facility. Cash usage from operations for the quarter was $36.3 million, which again includes a $58.9 million increase in notes receivable tied to our GMV growth this quarter. The sequential decrease in operating cash flow is consistent with our expectations and historical cash flow seasonality.

本季末，我們擁有 1.2 億美元現金，其中包括 3,100 萬美元的受限現金和 1.5 億美元信貸額度中的 400 萬美元可用信用額度。本季經營活動現金使用量為 3,630 萬美元，其中包括與本季 GMV 成長相關的 5,890 萬美元應收票據增加。經營現金流的連續下降與我們的預期和歷史現金流季節性一致。

Finally, let's turn to slide 19, our outlook. We are reaffirming our full year guidance across all key financial metrics of total revenue growth, total revenue less transaction-related costs as a percentage of total revenue and adjusted net income and adjusted EPS.

最後，讓我們翻到第 19 張幻燈片，我們的展望。我們重申全年所有關鍵財務指標的指導，包括總收入成長、總收入減去交易相關成本佔總收入的百分比以及調整後的淨收入和調整後的每股收益。

I'd like to call out that with $4.1 million of discrete tax benefits recognized year-to-date that our GAAP net income will differ from our adjusted net income guidance of $120 million. And for the first time, we are introducing a 2025 adjusted EBITDA target of $170 million to $175 million.

我想指出的是，由於今年迄今確認的 410 萬美元的單獨稅收優惠，我們的 GAAP 淨收入將與調整後的淨收入預期 1.2 億美元有所不同。我們首次提出 2025 年調整後 EBITDA 目標為 1.7 億美元至 1.75 億美元。

We remain committed to balanced growth, investing where we see efficient returns while holding the line on overhead and credit quality. We continue to monitor consumer trends and macro signals closely. But thus far, our core metrics show sustained growth and strength in engagement, frequency and retention. With that, I'll turn it over to the operator for Q&A.

我們仍然致力於平衡成長，在控制管理費用和信貸品質的同時，投資於能夠獲得有效回報的領域。我們繼續密切關註消費者趨勢和宏觀訊號。但到目前為止，我們的核心指標顯示參與度、頻率和保留率持續成長且強勁。說完這些，我將把問題交給操作員進行問答。

(Operator Instructions) Mike Grondahl, Northland.

（操作員指示） 麥克‧格隆達爾 (Mike Grondahl)，北地。

Thanks, guys. Two questions. One, the 748,000 mods, could you talk a little bit about the mix of those between On-Demand, Premium and Anywhere, how those have trended and then kind of the profitability?

謝謝大家。兩個問題。首先，對於 748,000 個模組，您能否談談按需、Premium 和 Anywhere 之間的組合情況，它們的趨勢如何，以及盈利能力如何？

And second, on the investment side in 2Q, is that primarily marketing that you're calling out the $8.8 million? Is there any other investment to kind of call out or make us aware of? That would be great.

其次，關於第二季的投資方面，您所說的 880 萬美元主要是用於行銷嗎？還有其他值得關注或讓我們知道的投資嗎？那太好了。

On the second question, Mike, it's really the marketing investment on that line. So just $8.8 million. And then on the mods, the primary area of growth in the mods number was mostly On-Demand because it's a new popular product, which is kind of working the way we thought it would.

關於第二個問題，麥克，這實際上是該生產線上的行銷投資。所以只有 880 萬美元。然後在模組方面，模組數量增長的主要領域主要是按需模組，因為它是一種新的流行產品，其運作方式與我們想像的一樣。

It's a lower barrier to entry, getting more consumers into our -- the consumer side of our business essentially, where they're making the choice to pay us directly. But subscribers, I think that they've actually held pretty well over this time period.

它降低了進入門檻，讓更多的消費者進入我們的業務——本質上是我們業務的消費者方面，他們選擇直接向我們付款。但對於訂閱者來說，我認為他們在這段時間內實際上表現得相當不錯。

And that's why we -- I think a couple of quarters back when we launched On-Demand, we said expect some waviness in the numbers with subscribers because we know that On-Demand in a way like mindset kind of way it's a little bit competitive to the subscription products we have.

這就是為什麼我們——我想幾個季度前，當我們推出按需服務時，我們說過預計訂閱用戶的數量會有一些波動，因為我們知道按需服務在某種程度上，就像思維方式一樣，與我們現有的訂閱產品有點競爭。

But I'd have to say we're pretty happy with where things are going. So -- but the split has been probably a lot of growth in On-Demand.

但我不得不說，我們對事情的進展非常滿意。所以——但這種分裂很可能帶來了按需業務的巨大成長。

Got it. And how different is the profitability between an On-Demand customer and Premium or Anywhere?

知道了。按需客戶和高階客戶或任意客戶之間的獲利能力有何不同？

It sounds like radically different. Anywhere is the most profitable because there's just so much usage. Like once you basically decided to subscribe to that product, it's like the customers made -- they've dived in. They -- of course, with our NPS scores, they definitely love our product, and they just kind of dive in and say, I want to use this everywhere. And when you have more activity in the product, you get more profitability.

這聽起來完全不同。任何地方都是最賺錢的，因為那裡的用途非常廣泛。就像一旦你決定訂閱該產品，就像客戶所做的那樣 - 他們已經深入了。當然，憑藉我們的 NPS 分數，他們肯定喜歡我們的產品，而且他們一頭栽進去就說，我想在任何地方使用它。當你的產品活動越多時，你獲得的利潤就越多。

Premium is a higher margin product than the others. And so it -- maybe it's a little bit less than Anywhere in terms of like usage per month or per time period, but it has such good margins that it does quite well.

Premium 產品的利潤率比其他產品更高。因此，就每月或每個時段的使用量而言，它可能比 Anywhere 略少一些，但它的利潤率很高，因此表現相當不錯。

And then On-Demand is just -- it's the lowest of the three right now in terms of margin as well as lifetime value because of the combination of some of these customers are using us once just to try it out. So as a whole, it ends up being in third place out of those three.

然後按需服務只是——就利潤率和終身價值而言，它是目前三者中最低的，因為其中一些客戶只是使用過我們一次，只是為了嘗試一下。因此，從整體來看，它最終在這三者中排名第三。

And so now we actually -- even internally as a company, we really -- we're already starting the process of getting these On-Demand customers and having them start to market to them to get into subscription products as we -- it was the whole idea, get the customers in, let them kind of try us a little bit more, a little bit more trial before we basically recommend to them that a subscription product might be a better choice for you over time.

所以現在我們實際上——即使在公司內部，我們真的——已經開始吸引這些按需客戶，並讓他們開始向他們推銷訂閱產品——整個想法就是，讓客戶加入進來，讓他們多嘗試一下，多試用一下，然後我們才會向他們推薦，從長遠來看，訂閱產品可能是更好的選擇。

And then once you get the customer into subscription, then they're kind of all in before they might have been dabbling into Sezzle, maybe dabbling in the competitor product. But once they made that jump in, now they're in. So that's the breakdown. It's actually pretty much as we expected when we launched. We have that kind of rank order.

然後，一旦你讓客戶訂閱，那麼他們就會全心投入，然後才可能涉足 Sezzle，甚至涉足競爭對手的產品。但一旦他們踏出這一步，他們就成功了。這就是故障。事實上，它與我們推出時預期的差不多。我們有這樣的等級順序。

And maybe just one more there. Did Premium or Anywhere grow year-over-year? Or would you say most of that year-over-year growth was On-Demand?

也許那裡還剩下一個。Premium 或 Anywhere 的年增率如何？或者您認為大部分同比成長都是按需成長？

Most of it was On-Demand, but anywhere it grew as well. Premium is probably taking the biggest hit of the three products with On-Demand coming into the mix.

大部分都是按需的，但任何地方它都在增長。隨著按需服務的加入，Premium 可能是這三種產品中受到衝擊最大的產品。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Hello, this is Ariel on for Rayna. Just a quick question. Given the volatile macro environment in a scenario where consumer credit quality starts to erode, can you just give us a little more color on how you're underwriting and expense management may evolve?

大家好，我是 Ariel，為 Rayna 服務。這只是一個簡單的問題。鑑於宏觀環境動盪，消費者信貸品質開始下降，您能否向我們詳細介紹承保和費用管理將如何發展？

Yeah, if we ever see anything, we monitor default rates daily through our systems. And one of the nice things about the product, we talked about comparisons to credit cards, compare and contrast credit cards on the call here.

是的，如果我們發現任何問題，我們都會透過我們的系統每天監控違約率。該產品的優點之一是，我們在電話中討論了與信用卡的比較，並對信用卡進行了比較和對比。

Credit cards from my understanding, if you want to lower someone's credit limit, you got to give a 45-day advanced warning. And then after that notification, you have to wait that time period and then you can make adjustments. And one, I'd say, from our standpoint with buy now, pay later, we don't have that sort of restriction. We can actually move limits today.

據我所知，信用卡如果您想降低某人的信用額度，您必須提前 45 天發出警告。收到通知後，您必須等待一段時間才能進行調整。首先，我想說，從我們先買後付的角度來看，我們沒有這種限制。今天我們實際上可以改變限制。

Like if we saw something today we didn't like, and we thought it was maybe economically related, we could reduce limits across the board, which is basically something we do in the holiday period, honestly. Like when we look at holiday period, we don't want people overspending.

例如，如果我們今天看到一些我們不喜歡的東西，而且我們認為它可能與經濟有關，我們可以全面降低限制，老實說，這基本上是我們在假期期間所做的事情。例如，當我們考慮假期時，我們不希望人們過度消費。

So that's why we just feel so good about this product as I'm an investor in the company, a lot of the people on the call here. We're all investors in the company as well. And that's what I think helps us sleep well at night as we know that if something comes up, we can always adjust things down.

這就是為什麼我們對這個產品感覺如此良好，因為我是該公司的投資者，這裡有很多人也參加了電話會議。我們也都是公司的投資者。我認為這有助於我們晚上睡得好，因為我們知道，如果有什麼問題，我們總是可以調整。

Of course, that will affect your payment volumes and maybe some of the top line, but then you can control loss rates much better than a lot of other financial services products. So in a shaky economy, I think that we're probably one of the best credit products you could ever be a part of on an investor side because of the flexibility and how fast we can move.

當然，這會影響您的支付量，甚至可能影響部分收入，但您可以比許多其他金融服務產品更好地控制損失率。因此，在經濟不穩定的情況下，我認為我們可能是投資者所能參與的最好的信貸產品之一，因為我們的靈活性和快速行動能力。

Okay. Yeah, that makes a lot of sense. What are you guys seeing out there in terms of the competitive landscape? Any changes specifically in pricing from your competitors?

好的。是的，這很有道理。你們看到了什麼樣的競爭格局？您的競爭對手在定價方面有什麼具體變化嗎？

No, not really. People always ask us about the competitive landscape, and I -- the two most heads up to us, I'd say Klarna and Zip and then maybe after pay next run for us and then Affirm, PayPal, next round. And it's not -- I'm not talking about quality of company when I'm saying this like list. It's more about who has the products and services that are most similar to ours when we -- from the customer standpoint.

不，不是真的。人們總是問我們競爭格局，我認為最值得關注的兩個是 Klarna 和 Zip，然後可能是我們的下一輪付款之後，下一輪是 Affirm 和 PayPal。這並不是——當我說這個類似的清單時，我並不是說公司的品質。從客戶的角度來看，更重要的是誰擁有與我們最相似的產品和服務。

And so when we look at that landscape of competitors, first of all, they're all really good. But we haven't really seen much changing in terms of pricing or offerings.

因此，當我們觀察競爭對手的狀況時，首先，他們都非常優秀。但我們並沒有看到價格或產品方面有太大的變化。

Okay. Yes. No, that makes sense. And then just one last quick one. Can you update us on your lawsuit with Shopify? And what are any potential implications in the timing of that?

好的。是的。不，這很有道理。最後再簡單說一下。您能告訴我們您與 Shopify 的訴訟的最新情況嗎？那麼這個時間點可能會產生什麼影響呢？

Yes, there's no update at this point. I think there's any major updates. We'll let our investors know. But we're not expecting this to be super speedy in terms of the processes, just lawsuits in general are just not the fastest moving entities out there. It could be something that could take maybe upwards of three to five years in time frame. That's probably the max. But at this point, no real update.

是的，目前沒有更新。我認為有任何重大更新。我們會讓投資者知道。但我們並不期望這個過程會非常快，因為一般來說，訴訟並不是最快的。這可能需要三到五年的時間。這可能是最大值了。但目前為止，還沒有真正的更新。

Okay. Perfect. Thanks, guys.

好的。完美的。謝謝大家。

Hal Goetsch, B. Riley.

哈爾‧戈茨 (Hal Goetsch)、B.萊利 (B. Riley)。

Hey, guys. My question is like all your metrics are up into the right, Active Consumers, active unique merchants. I mean, just -- it's all terrific. What was volatile, I think, maybe sequentially your effective overall take rate. And on that has been pretty steady and had -- maybe Q1 was a really outsized good number. And I wanted to get your perspective on that and how we should think about it like seasonally or over time or quarter-to-quarter? Thanks.

嘿，大家好。我的問題是，您的所有指標都正確，包括活躍消費者、活躍獨立商家。我的意思是——一切都棒極了。我認為，波動性可能會依次影響您的有效整體接受率。在這方面一直相當穩定，也許第一季的數字真的非常好。我想聽聽您對此的看法以及我們應該如何考慮這個問題，是按季度、按時間還是按季度來考慮？謝謝。

Yeah. Great question, Hal. Yes, Q1 was probably just a massive anomaly out there because I think we're north of 13% on take rate on volume. And a lot of that was due to -- and we explained, it's a lot of seasonality. So what happens in fourth quarter, we have generally larger GMVs coming through the company.

是的。問得好，哈爾。是的，第一季可能只是一個巨大的異常現象，因為我認為我們的交易量接受率已經超過了 13%。這在很大程度上是由於——我們解釋過，這在很大程度上受到季節性的影響。那麼在第四季度，我們公司整體的 GMV 會更大。

But because of the way revenue is recognized on fee revenue, when the payments are actually made from customers, if there's a late fee attached, that actually is recognized as incurred. So a lot of the payments from the fourth quarter going to the first quarter, which has a lower GMV because of seasonality, but the revenue is coming into the first quarter.

但由於收入確認方式是基於費用收入，當客戶實際付款時，如果附帶滯納金，則實際上確認為已發生費用。因此，第四季度的許多付款都流向了第一季度，由於季節性原因，第一季的 GMV 較低，但收入仍進入第一季。

So it's not like I know GAAP is always trying to go for matching to help investors. I think in this case, it doesn't really help investors the way that GAAP is forcing revenue recognition because we provision for losses in the fourth quarter, but we're not provisioning for the revenue in the fourth quarter as well. We actually take that as incurred into the first quarter.

所以據我所知，GAAP 並不總是試圖透過配對來幫助投資者。我認為在這種情況下，GAAP 強制確認收入的方式對投資者並沒有真正的幫助，因為我們在第四季度撥備了損失，但我們也沒有在第四季度撥備收入。我們實際上將其視為第一季發生的費用。

And so if you look back at like fourth quarter, third quarter, fourth quarter might be the best one to look at. We're actually pretty comparable in terms of the top line. But one thing I'd say to call out, though, is we actually have done a lot of efforts to move customers to pay us back with ACH as well, which also lowers the top line, but also lowers cost of processing, too.

因此，如果回顧第四季、第三季度，第四季可能是最值得關注的季度。從營收來看，我們的表現其實相當可比。但有一件事我想說的是，我們實際上已經做了很多努力來讓客戶也透過 ACH 向我們付款，這也降低了營業額，同時也降低了處理成本。

So that's why our gross margin, the non-GAAP gross margin is over 60%. When I think you look back at the third quarter to fourth quarter last year, we're lower than that. So even though the top line might be much lower than the first quarter, our cost of transaction processing went way down relative so that the gross margin is actually north of our 60%.

這就是為什麼我們的毛利率，非 GAAP 毛利率超過 60%。當我回顧去年第三季到第四季時，我們發現我們的表現低於這個水準。因此，儘管營業收入可能比第一季低得多，但我們的交易處理成本相對下降，因此毛利率實際上超過了 60%。

Okay. So basically, GMV from Q4, most of the -- especially December weighted, you're going to have all those payments in January. On-Demand fee, you have revenues from -- I got it. It makes -- that's really helpful in understanding.

好的。因此基本上，第四季度的 GMV，尤其是 12 月加權的 GMV，您將在 1 月收到所有付款。按需收費，您有收入——我明白了。這對於理解確實很有幫助。

Q1's the hardest quarter to to like basically you can't, it's not an annual you don't annualize that quarter because of the revenue recognition.

第一季是最難的一個季度，基本上你不能喜歡，它不是一個年度季度，你不會因為收入確認而將該季度年度化。

So with a lot of subscribers, it could very well be a 13 number next quarter, Q1 as well. It's just you need to be ready for a step down in that when that back half weighted December shopping doesn't happen in the second quarter, third quarter.

因此，由於訂閱用戶數量眾多，下個季度以及第一季的數字很可能是 13。只是當第二季或第三季沒有發生 12 月加權購物時，你需要做好準備。

Yeah. So basically, if we get lots of utilization on subscribers, then the top line comes down a bit. And then when you have lower utilization, like the lower GMVs per user, but the fees come in, then the top line comes up because the revenue recognition is on the lower volumes in the first quarter.

是的。所以基本上，如果我們大量利用訂戶，那麼營業收入就會下降一點。然後，當利用率較低時，例如每位用戶的 GMV 較低，但費用卻增加了，那麼收入就會上升，因為第一季的收入確認是基於較低的交易量。

Okay. Okay. Very good. That's all I've got. Thank you very much.

好的。好的。非常好。這就是我所知道的一切。非常感謝。

(Operator Instructions) At this time, there appears to be no further questions. We will go ahead and conclude today's question-and-answer session. I would now like to hand the conference back over to management for any closing remarks.

（操作員指示）目前，似乎沒有其他問題。我們將繼續並結束今天的問答環節。現在，我想將會議交還給管理階層，以便他們發表結束語。

Thank you. Once again, a big thank you to our team. We continue to scale the business wonderfully. Part of that reason for that is our business does just scale well. But the other reason we're scaling so well is because the Sezzle team is loaded with talent and stars, which means we don't need to keep on adding people as our people do more than most. And I always say this one, they call it a company for a reason, and our company just happens to be damn good.

謝謝。再次向我們的團隊表示衷心的感謝。我們繼續出色地擴大業務規模。部分原因是我們的業務確實規模很大。但我們擴張如此順利的另一個原因是 Sezzle 團隊擁有眾多人才和明星，這意味著我們不需要繼續增加人員，因為我們的員工比大多數人做得更多。我總是說，人們稱之為公司是有原因的，而我們的公司恰好非常優秀。

And finally, a fun story for Warren Buffett to close the call. Warren Buffett once gave a talk to a group of MBA students and said something surprising. He held up an imaginary punch card and told them, I could improve your ultimate financial welfare and your emotional well-being by giving you a punch card with only 20 punches in it. That's all the investments you get to make in your entire life. Once you use those 20, you're done.

最後，以巴菲特的一個有趣故事來結束通話。華倫巴菲特曾經對一群 MBA 學生發表演講，說了一些令人驚訝的話。他舉起一張假想的打孔卡並告訴他們，我可以透過給你們一張只有 20 個孔的打孔卡來改善你們的最終財務狀況和情感健康。這就是你一生中所做的所有投資。一旦使用這 20 個，就完成了。

The room got quiet and Buffett continued, under those rules, you really think carefully about what you did. You do your research, you'd wait patiently and you'd bet big when you had real conviction. And because of that, you end up doing far better than the average investor. Here, Buffett wasn't only talking about stocks, he was talking about life decisions, what jobs you take, who you work with, who you marry, which partnerships you form, which businesses you start.

房間裡安靜下來，巴菲特繼續說道，在這些規則下，你真的要仔細考慮你所做的事情。你會做好研究，耐心等待，當你真正有信心時，你就會下大賭注。正因為如此，你最終的收益將遠遠超過一般投資者。在這裡，巴菲特不僅談論股票，他還談論人生決策，你從事什麼工作，與誰一起工作，與誰結婚，建立哪些合作關係，創辦哪些企業。

You only get so many shots at things that truly matter. Buffett continued, most people go through life making decisions with no real costs, they over-diversify. They chase every opportunity. They constantly shift focus. But if you had a punch card every time, you'd concentrate your time and energy on what really matters.

你只有有限的幾次機會去做真正重要的事。巴菲特繼續說道，大多數人一生中所做的決定都沒有實際成本，他們過度分散投資。他們追逐每一個機會。他們不斷地轉移焦點。但如果你每次都有打卡，你就會把時間和精力集中在真正重要的事情上。

Personally, I strongly agree with Buffett on this one, and I hope that we can continue to attract high conviction investors that agree with this mindset. Thank you all for listening in today. We hope you have a great rest of your week.

就我個人而言，我非常同意巴菲特的這一點，我希望我們能夠繼續吸引認同這種心態的堅定信念的投資者。感謝大家今天的收聽。我們希望您本週剩餘時間過得愉快。

Thank you, sir, and to the rest of the management team for your time also. The conference call is now concluded. At this time, you may disconnect your lines. Thank you, again, everyone. Take care and have a great day.

謝謝您，先生，也感謝管理團隊的其他成員抽出時間。電話會議現已結束。此時，您可以斷開線路。再次感謝大家。保重，祝您有美好的一天。