Sezzle Inc (SEZL) 2025 Q3 法說會逐字稿

Good day, and welcome to the Sezzle Inc. third quarter 2025 earnings conference call.(Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Sezzle 公司 2025 年第三季財報電話會議。 （操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Charlie Youakim, Executive Chairman and CEO. Please go ahead.

現在我謹將會議交給執行董事長兼執行長查理·尤阿金。請繼續。

Thank you. Good afternoon, everyone, and welcome to Sezzle's third quarter earnings 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 Corporate Development and IR, Lee Brading.

謝謝。各位下午好，歡迎參加 Sezzle 第三季財報電話會議。我是 Sezzle 的執行長兼執行董事長 Charlie Youakim。今天與我一同出席的有我們的財務長 Karen Hartje；以及我們的企業發展和投資者關係主管 Lee Brading。

In conjunction with this call, we filed our earnings announcement with the SEC and posted it along with our earnings presentation on our investor website at sezzle.com. To retrieve the documents, please go to the Investor Relations section of our website.

本次電話會議的同時，我們已向美國證券交易委員會 (SEC) 提交了盈利公告，並將公告及盈利演示文稿發佈在我們的投資者關係網站 sezzle.com 上。如需查閱相關文件，請造訪我們網站的「投資者關係」頁面。

Please be advised of the cautionary note and forward-looking statements and reconciliation of GAAP to non-GAAP measures included in the presentation, which also covers our statements on today's call.

請注意簡報中包含的警示性說明、前瞻性陳述以及 GAAP 與非 GAAP 指標的調整，其中也涵蓋了我們在今天電話會議上的陳述。

If you're a long-term investor of Sezzle, you're already well aware of how good this team is at navigating and adapting our business model and our product solutions. I continue to be impressed by our team and our ability to adjust and adapt. We're always looking for ways to create win-wins with our stakeholders and also balance profitability, growth and customer satisfaction. 2025 has been more of the same on that front.

如果您是 Sezzle 的長期投資者，您一定很清楚這支團隊在駕馭和調整我們的商業模式和產品解決方案方面有多麼出色。我對我們的團隊以及我們調整和適應的能力一直印象深刻。我們始終致力於與利害關係人實現雙贏，同時兼顧獲利能力、成長和客戶滿意度。 2025年在這方面也延續了這項做法。

We've been testing our launches of on-demand and our shopping solutions and making incremental improvements and adjustments along the way with a strong weighting towards making our customers' lives better while also continuing to grow with strong profitability metrics.

我們一直在測試按需服務和購物解決方案的推出，並在此過程中不斷進行改進和調整，重點在於改善客戶的生活，同時繼續保持強勁的獲利能力。

We still believe that BNPL is in its early days and that we are likely to have years upon years of industry growth ahead of us. And we also believe that we're bringing to market a product that is fundamentally a better and more user-friendly credit product than a credit card. Our company and our BNPL industry in general, is 100% aligned with responsible repayment of short duration loans that really lean into the concept of budgeting versus outspending your income, like a credit card product can tend to do.

我們仍然認為先買後付模式還處於早期階段，未來幾年該行業可能會持續成長。我們也相信，我們向市場推出的產品，從根本上來說，是一款比信用卡更好、更方便用戶的信貸產品。我們公司以及整個「先買後付」產業，100% 認同負責任地償還短期貸款的理念，真正注重預算，而不是像信用卡產品那樣過度消費。

Our company and our products are winning and our industry is winning, too. If you take a look at Slide 3, you'll understand a bit of the excitement. We just posted revenue growth of 67% year-on-year in Q3. Our net income margin for the quarter was over 22%. Our return on equity for the last 12 months exceeded 100%, and our consumer metric measured by MODS rose almost 50% year-on-year.

我們的公司和產品正在取得成功，我們的產業也正在取得成功。如果你看一下投影片 3，你就會明白其中的激動之處了。我們剛剛公佈了第三季營收年增67%的數據。本季淨利潤率超過 22%。過去 12 個月，我們的股本報酬率超過 100%，而以 MODS 衡量的消費者指標較去年同期成長近 50%。

Further, we are raising our EPS and EBITDA guidance for 2025 and have received awards from some of the most respected media outlets, Time, US News, Newsweek and CNBC. What's our secret sauce? I believe it's our constant drive. We are never satisfied and are always pushing forward. Do we have a chip on our shoulder? Yes, maybe a little bit.

此外，我們提高了 2025 年的每股收益和 EBITDA 預期，並獲得了《時代雜誌》、《美國新聞與世界報道》、《新聞周刊》和 CNBC 等一些最受尊敬的媒體的獎項。我們的秘訣是什麼？我認為這是我們不斷前進的動力。我們永不滿足，始終銳意進取。我們是不是心懷怨恨？是的，或許有一點點吧。

Slide 4 provides some insight into our restless energy. The consumer is always wanting more, and we aim to fulfill their needs. We have launched several features in our app, most recently the Earn tab, which allows consumers to earn Sezzle spend. Consumers can find and activate offers for things like gas, groceries and dining. We have a variety of ways for them to engage and win such as Sezzle Arcade and our educational tool, MoneyIQ. Last quarter, our Earn tab had over 13 million visits, and we just launched it at the end of Q2. I'm crazy proud of our team and how they continue to find new and innovative ways to provide value to the consumer.

第 4 張投影片揭示了我們永不停歇的精力。消費者總是想要更多，而我們的目標就是滿足他們的需求。我們在應用程式中推出了多項功能，最近推出了「賺取」選項卡，消費者可以透過該選項卡賺取 Sezzle 消費。消費者可以尋找並啟動汽油、食品雜貨和餐飲等方面的優惠。我們提供了多種參與和贏取獎勵的方式，例如 Sezzle Arcade 和我們的教育工具 MoneyIQ。上個季度，我們的「賺取」選項卡訪問量超過 1300 萬次，而我們​​只是在第二季度末才推出它。我為我們的團隊感到無比自豪，他們不斷尋找創新方法為消費者創造價值。

We continue to evaluate and push forward on additional products. Many of these are being run in parallel, and you've heard me discuss them before. Launch dates are still TBD, but they are all being worked on in various degrees. In June, we brought back one of our former heads of technology, Killian Bracky, to centralize our AI efforts.

我們將持續評估並推動其他產品的研發。其中許多專案都在並行運行，你們以前也聽我討論過它們。發布日期尚未確定，但所有項目都在不同程度上進行中。6 月，我們請回了前技術主管之一基利安·布拉基，以集中管理我們的人工智慧工作。

It's exciting to see the progress they are making across Sezzle. We called out a couple of example projects that the team is working on, a support chatbot and an AI shopping assistant. Both are great examples of how we're able to pull AI into our Sezzle ecosystem. The chatbot is already making a difference for our customer support team, saving them a significant amount of time, enabling our team to become more efficient.

看到他們在 Sezzle 取得的進展，真是令人興奮。我們列舉了團隊正在進行的幾個專案範例，一個是客服聊天機器人，另一個是人工智慧購物助理。這兩個例子都很好地說明了我們如何將人工智慧融入 Sezzle 生態系統中。聊天機器人已經為我們的客戶支援團隊帶來了改變，節省了他們大量的時間，使我們的團隊能夠提高效率。

Let me take a step back and tell you a bit about our approach to AI. We aren't looking for ways to use AI to cut our team. Why would we? We have incredible growth and cutting people is not something we need to do other than for performance. We view AI as a tool to enhance our team's productivity, allowing us to further leverage our infrastructure and scale the company faster with more efficient product launches and expansions.

讓我退後一步，向你們介紹一下我們對人工智慧的看法。我們並不打算利用人工智慧來裁員。我們為什麼要這麼做？我們發展勢頭迅猛，除了為了提升業績之外，我們沒有必要裁員。我們將人工智慧視為提高團隊生產力的工具，使我們能夠進一步利用基礎設施，並透過更有效率的產品發布和擴張，更快地擴大公司規模。

So in the case of customer service, it's likely that we'll scale incredibly well here over the next couple of years as the AI tooling continues to evolve and expand its ability to serve end customers. But the way we operate, you'll likely to see that the support team size doesn't grow and may even shrink over the next few years as our efficiency with technology replaces the need to backfill members of the team.

因此，就客戶服務而言，隨著人工智慧工具不斷發展並增強其服務終端客戶的能力，未來幾年我們很可能會在這裡實現非常好的規模化發展。但按照我們的營運方式，您可能會發現，在未來幾年內，支援團隊的規模不會成長，甚至可能會縮小，因為我們利用科技提高效率，不再需要填補團隊成員的空缺。

Our existing members will take on more complex cases and help train the AI systems in place to do more and more. Our marketing efforts are focused on the consumer with the primary goal of acquiring new users, but also reducing churn. The combination of new feature launches and our marketing efforts are reflected in our strong engagement metrics.

我們現有的成員將承擔更複雜的案件，並協助訓練現有的人工智慧系統，使其能夠完成越來越多的工作。我們的行銷工作以消費者為中心，主要目標是獲取新用戶，同時降低用戶流失率。新功能的推出和我們行銷的努力相結合，體現在我們強勁的用戶參與度指標上。

On Slide 5, you can see the step-up in our quarterly marketing and advertising spend. While we love all consumers that use Sezzle, the ones with the greatest lifetime values are those that engage Sezzle as either an on-demand user or as a subscriber. As most of you are aware, we created the definition of Monthly On-demand & Subscribers also called MODS in the fourth quarter of 2024 when we launched Sezzle On-Demand. We anticipated on-demand would allow us to reach more consumers that might be averse to joining a monthly subscription product. However, we also expected it to cannibalize our subscription product. We just didn't know to what extent.

在第 5 張投影片中，您可以看到我們季度行銷和廣告支出的增加。雖然我們喜歡所有使用 Sezzle 的消費者，但終身價值最高的是那些以按需用戶或訂閱用戶身份使用 Sezzle 的用戶。正如你們大多數人所知，我們在 2024 年第四季度推出 Sezzle On-Demand 時，創建了每月按需訂閱用戶（也稱為 MODS）的定義。我們預計按需服務將使我們能夠接觸到更多可能不願意加入按月訂閱產品的消費者。但是，我們也預料到它會蠶食我們的訂閱產品。我們只是不知道影響程度有多大。

Initially, we put most of our marketing dollars towards on-demand because there's less friction to join relative to subscription. And you can see from the results that we quickly grew that product to 264,000 monthly users at the end of the second quarter.

最初，我們將大部分行銷預算投入到隨選服務中，因為與訂閱相比，加入隨選服務的門檻更低。從結果可以看出，到第二季末，該產品的每月活躍用戶數迅速成長至 26.4 萬。

However, you can also see that our subscriber count shrank from 529,000 users at the end of the third quarter 2024 to 484,000 users at the end of the second quarter 2025. By the end of the second quarter, we had enough information to evaluate the effectiveness of on-demand. The engagement on the front end was good, but the follow-through on conversion was not as good as we would like.

但是，您也可以看到，我們的訂閱用戶數量從 2024 年第三季末的 529,000 人減少到 2025 年第二季末的 484,000 人。到第二季末，我們已經掌握了足夠的資訊來評估按需服務的有效性。前端互動效果不錯，但後續轉換率沒有達到我們的預期。

What do I mean by follow-through on conversion? When we launched on-demand, there were 3 key tenets: number one, drive enterprise opportunities; number two, increase conversion activity at the point of sale; and number three, convert a customer over to subscription eventually. On-demand has clearly positioned us to be more aggressive with enterprise merchants, and I'm happy to note a few wins on Slide 5 as a result. However, it didn't deliver like we hoped on conversions at the point of sale or over to subscription.

我說的「轉化後續行動」是什麼意思？當我們推出隨選服務時，有 3 個關鍵原則：第一，推動企業機會；第二，提高銷售點的轉換率；第三，最終將客戶轉化為訂閱用戶。按需服務顯然使我們能夠更積極地爭取企業商家，我很高興地指出，我們因此在第 5 張幻燈片中取得了一些勝利。然而，無論是在銷售點還是在訂閱轉換率方面，它都沒有達到我們預期的效果。

Further, the profit profile for on-demand is less than our premium and anywhere subscription products. We still believe on-demand is a great tool, and it's a great tool to have in our tool belt, but we have adjusted how we go to market with it. We're going to continue to lean into it for winning over merchants. But on the consumer side, we're going to lean back into subscription with on-demand only being used as an alternative tool when its parent subscription can't do the job or is meeting some resistance with an individual consumer.

此外，按需服務的利潤率低於我們的高級訂閱產品和隨時隨地訂閱產品。我們仍然認為按需服務是一個很棒的工具，也是我們工具箱裡一個很棒的工具，但我們已經調整了我們向市場推廣它的方式。我們將繼續大力推動這項舉措，以贏得商家的青睞。但在消費者方面，我們將重新回歸訂閱模式，只有當母訂閱模式無法滿足需求或個別消費者對此有所抵觸時，才會將點播作為替代工具。

As you can see from the results, we pivoted our marketing and advertising spend towards subscription products in Q3 with subscribers rising to 568,000 at the end of the third quarter. We remain disciplined in our costs with a payback on marketing for consumer acquisition at six months or less. Across the board, our engagement metrics on Slide 6 reflect the strong momentum we have in our business.

從結果可以看出，我們在第三季將行銷和廣告支出轉向了訂閱產品，到第三季末，訂閱用戶數量增加至 568,000。我們嚴格控製成本，在消費者獲取行銷方面的投資回報期為六個月或更短。總的來說，我們在投影片 6 的參與度指標反映了我們業務的強勁發展動能。

Terrific year-on-year and quarter-on-quarter performance. My two favorite metrics on this slide are MODS and purchase frequency. MODS is a good indicator of consumer activity within Sezzle over the last 30 days and seeing such strong growth in our highest LTV products is fantastic. While the rise in purchase frequency suggests we are moving to the top of the consumers' wallets. You can see the same sequential dynamics on Slide 7.

同比和環比業績都非常出色。這張投影片上我最喜歡的兩個指標是MODS和購買頻率。MODS 是 Sezzle 消費者活躍度過去 30 天內的良好指標，看到我們 LTV 最高的產品實現如此強勁的成長，真是太棒了。購買頻率的上升表明，我們正在朝著消費者錢包的頂端邁進。您可以在第 7 張投影片上看到相同的順序動態。

Before turning the call over to Karen, I would like to give more details on our corporate strategic project costs that were called out in our earnings release and later in the presentation. During the quarter, these items added up to about $1.3 million in costs. While these costs are relatively minor, they potentially have some pretty big outcomes.

在將電話交給凱倫之前，我想就我們在盈利報告和稍後的演示文稿中提到的公司戰略項目成本提供更多細節。本季度，這些項目的總成本約為 130 萬美元。雖然這些成本相對較小，但它們可能會產生相當大的後果。

We decided to break these out because they aren't part of our core activities. While they aren't material, we wanted to make investors aware of them. First, our antitrust suit. For obvious reasons, we can't discuss the case. But if you'd like to learn more, you can go to our investor site where we have posted the suit there. We will find out in December if the case will continue forward as the defendant has petitioned the court to dismiss the case.

我們決定將這些內容單獨列出，因為它們不屬於我們的核心業務。雖然這些事項並不重要，但我們還是想讓投資人了解它們。首先，我們的反壟斷訴訟。出於顯而易見的原因，我們不能討論此案。但如果您想了解更多信息，可以訪問我們的投資者網站，我們已將訴訟文件發佈在那裡。被告已向法院提出申請，要求駁回此案，我們將於 12 月得知此案是否會繼續審理。

Second is our capital markets exploration. We have talked in the past about our desire to refinance the credit facility given the size of only $150 million and price of SOFR plus 675 bps. We have decided to exercise the $75 million accordion with our current lenders as we head into the holidays, and this will give us more time to evaluate our options. You will see in our 10-Q that will be filed tomorrow morning, the amendment to our current facility, which increases the size of the facility from $150 million to $225 million.

其次是我們對資本市場的探索。我們過去曾討論過，鑑於信貸額度僅為 1.5 億美元，價格為 SOFR 加 675 個基點，我們希望對該信貸安排進行再融資。我們決定在假期來臨之際，行使與現有貸款機構達成的 7500 萬美元的延期償付協議，這將給我們更多的時間來評估我們的選擇。您將在我們明天早上提交的 10-Q 文件中看到，我們對現有融資方案進行了修訂，將融資規模從 1.5 億美元增加到 2.25 億美元。

Lastly, our banking charter discovery process. We have hired consultants and attorneys to assist us. Yes, we have an ILC bank partner in WebBank and they are fantastic. We believe that holding an ILC, which is an acronym for industrial loan company is the right long-term path for us as it doesn't subject us to becoming a bank holding company, which has all sorts of implications about capital, capital allocations, et cetera. We believe it will be accretive and add greater efficiency to our business. This is a long process and not a guarantee process. If we apply, we anticipate submitting an application in the first half of 2026. If we don't get it, it doesn't change what we're doing, and it would not affect the outlook we have.

最後，是我們的銀行章程審查流程。我們已聘請顧問和律師協助我們。是的，我們在WebBank有一家ILC銀行合作夥伴，他們非常棒。我們認為，持有工業貸款公司（ILC）股份對我們來說是正確的長期發展道路，因為它不會讓我們成為銀行控股公司，從而避免了對資本、資本配置等方面的各種影響。我們相信這將為我們的業務帶來成長，並提高效率。這是一個漫長的過程，並不能保證一定會成功。如果我們申請，預計將於 2026 年上半年提交申請。即使我們得不到它，也不會改變我們正在做的事情，也不會影響我們的前景。

With that, I'd like to turn the call over to Karen to review in further detail our Q3 results. But before I turn it over to Karen, I wanted to let investors know that Karen is retiring and that we're going to miss her dearly. Karen and Amin Sabzivand, our Chief Operating Officer, both joined the company on the same day, and I always say that day was one of the best days Sezzle has ever had. We're going to miss her infectious positivity and her total perfection in completing every task given to her and her team. But I also wanted to tell her how much I've appreciated her support and help along the way. We're definitely going to miss you, Karen. The plan is for Karen to stick around with us for the next 12 months as we transition. And we really feel great about that plan, and I'm also really happy Karen gets to step away in such a great way.

接下來，我想把電話交給凱倫，讓她更詳細地回顧我們第三季的表現。但在我把麥克風交給凱倫之前，我想告訴各位投資者，凱倫即將退休，我們會非常想念她。Karen 和我們的營運長 Amin Sabzivand 同一天加入了公司，我總是說那天是 Sezzle 有史以來最美好的日子之一。我們將懷念她那充滿感染力的正面態度，以及她和她的團隊在完成每項任務時展現出的完美主義精神。但我還想告訴她，我多麼感激她一路以來的支持與幫助。凱倫，我們一定會非常想念你的。計劃是讓凱倫在接下來的 12 個月裡和我們一起過渡。我們對這個計劃感到非常滿意，我也很高興凱倫能夠以如此美好的方式退出。

Karen, take it away.

凱倫，你把它拿走。

Thank you, Charlie, and good evening to all those joining us. The enhancement of our product experience and deeper consumer engagement drove remarkable results for the quarter, as seen on Slide 8. Total revenue continues to grow at an exceptional pace, increasing 67% year-over-year to $116.8 million. Our profitability followed a similar growth trend with GAAP net income and adjusted net income growing over 50% to $26.7 million and $25.4 million, respectively. Our margins held steady year-over-year with an adjusted EBITDA margin of 33.9% and total revenue less transaction-related costs of 54.2%. Most importantly, alongside our growth is our ability to scale efficiently, evidenced by our non-transaction-related operating expenses decreasing 2.9 percentage points year-over-year to 27.1%.

謝謝你，查理，也祝各位晚上好。如投影片 8 所示，我們產品體驗的提升和消費者參與度的加深，為本季帶來了顯著的業績成長。總收入繼續以驚人的速度成長，年增 67%，達到 1.168 億美元。我們的獲利能力也呈現類似的成長趨勢，GAAP淨收入和調整後淨收入分別成長超過50%，達到2,670萬美元和2,540萬美元。我們的利潤率與去年同期相比保持穩定，調整後的 EBITDA 利潤率為 33.9%，總收入減去交易相關成本後的利潤率為 54.2%。最重要的是，伴隨我們的成長而來的是我們高效的規模化能力，這體現在我們非交易相關營運費用年減 2.9 個百分點至 27.1%。

Now turning to Slide 9, which highlights our top line growth. GMV increased 58.7% year-over-year, making our first $1 billion quarter. As Charlie discussed earlier on Slides 6 and 7, growth in active consumers and higher transaction frequency drove this milestone. Our take rate, defined as total revenue as a percentage of GMV rose 60 basis points, both sequentially and year-over-year to 11.2%. The focus on high LTV products that Charlie outlined on Slide 5 is a key driver of take rate strength, and we believe that focus positions us well to sustain this rate going forward.

現在來看第 9 張投影片，其中重點介紹了我們的營收成長情況。GMV年增58.7%，實現了首個10億美元季度。正如查理在幻燈片 6 和 7 中所討論的那樣，活躍消費者的成長和交易頻率的提高推動了這一里程碑的實現。我們的佣金率（定義為總收入佔 GMV 的百分比）環比和年比均增長了 60 個基點，達到 11.2%。查理在第 5 張幻燈片中概述的對高 LTV 產品的關注是提高成交率的關鍵驅動因素，我們相信這種關注使我們能夠在未來保持這一成交率。

On Slide 10, we note our transaction-related costs with detailed components outlined on Slide 11. Overall, transaction-related costs as a percentage of total revenue and GMV increased year-over-year due to our strategic decision to expand our underwriting aperture and drive top line growth. Specifically, third quarter provision for credit losses as a percentage of GMV increased 70 basis points year-over-year to 3.1% and is trending toward the lower half of our stated 2025 provision target likely between 2.5% and 2.75%. Despite the slightly higher transaction-related costs, total revenue less transaction-related costs, as seen on Slide 12, continues to grow robustly, increasing 64.5% year-over-year to $63.3 million and representing 54.2% of total revenue.

在第 10 張投影片中，我們列出了與交易相關的成本，第 11 張投影片詳細列出了各項組成部分。整體而言，由於我們擴大承保範圍和推動營收成長的策略決策，交易相關成本佔總收入和GMV的百分比較去年同期上升。具體而言，第三季信貸損失撥備佔 GMV 的百分比年上升 70 個基點至 3.1%，並正朝著我們設定的 2025 年撥備目標的下半部分發展，該目標可能在 2.5% 至 2.75% 之間。儘管交易相關成本略有上升，但如投影片 12 所示，扣除交易相關成本後的總收入持續強勁成長，年增 64.5% 至 6,330 萬美元，佔總營收的 54.2%。

I know we touched on this during our prior 2 earnings calls of 2025, but we think it's important to continue emphasizing that the expansion of our underwriting isn't without carefully balancing the profitability of the growth we're experiencing. Recent headlines on a few lending companies have also called into question the sustainability of certain sectors of the consumer credit market, but we haven't seen any deterioration as consumer activity continues to perform in line with our expectations, but that is not the nature of our product or our business model as we outlined on Slide 13.

我知道我們在之前的兩次 2025 年收益電話會議上都談到了這一點，但我們認為有必要繼續強調，我們擴大承保業務的同時，也必須謹慎地平衡我們正在經歷的增長的盈利能力。最近一些貸款公司的新聞也對消費信貸市場某些領域的可持續性提出了質疑，但我們並沒有看到任何惡化，因為消費者的活動繼續按照我們的預期進行，但這並不是我們產品或商業模式的性質，正如我們在第 13 張幻燈片中概述的那樣。

Not only do our strong gross margins provide us with great flexibility and room to maneuver, but the short duration of our lending product allows us to pivot quickly and adjust our strategy upon seeing any early sign of deterioration in our portfolio performance.

我們強勁的毛利率不僅為我們提供了極大的靈活性和迴旋餘地，而且我們貸款產品的短期期限也使我們能夠在發現投資組合表現出現任何早期惡化跡象時迅速調整策略。

On Slide 14, you'll see that despite the incremental costs we've incurred in long-term corporate strategic projects that Charlie previously covered, we continue to maintain cost discipline and leverage our fixed cost structure. Non-transaction-related costs increased 50.9% year-over-year to $31.6 million, but decreased 290 basis points as a percentage of total revenue.

在第 14 張投影片中，您會看到，儘管我們在查理之前提到的長期企業策略專案中產生了增量成本，但我們仍然保持成本紀律並利用我們的固定成本結構。非交易相關成本年增 50.9% 至 3,160 萬美元，但佔總收入的比例下降了 290 個基點。

In the third quarter, we incurred $1.3 million in costs related to these projects with the largest being the exploration of potential financing avenues, an effort that will continue in a more streamlined manner in fourth quarter. The remaining expenses that make up the core of this bucket, personnel, third-party technology, marketing and G&A increased sequentially, largely driven by the timing of equity and incentive compensation and our personnel costs.

第三季度，我們為這些項目投入了 130 萬美元，其中最大的一筆是探索潛在的融資管道，這項工作將在第四季度以更精簡的方式繼續進行。構成該支出核心的其餘費用，即人員、第三方技術、行銷和一般及行政費用，環比增長，這主要是由於股權和激勵性薪酬的時間安排以及我們的人員成本所致。

Bringing the full picture together on Slides 15 and 16, GAAP net income grew 72.7% year-over-year to $26.7 million and adjusted net income increased 52.6% year-over-year to $25.4 million. GAAP profit margin expanded 70 basis points year-over-year to 22.8%, while our adjusted profit margin decreased 2% points to 21.8%. Despite this decrease, our margin still remains above our internal goal of operating the business to an adjusted profit margin of at least 20%. Lastly, adjusted EBITDA grew nearly 74.6% year-over-year to $39.6 million, representing a 33.9% adjusted EBITDA margin.

綜合第15及16頁投影片的內容來看，以美國通用會計準則（GAAP）計算的淨利年增72.7%至2,670萬美元，調整後淨利年增52.6%至2,540萬美元。利潤率年增 70 個基點至 22.8%，而調整後的利潤率下降 2 個百分點至 21.8%。儘管有所下降，但我們的利潤率仍然高於我們內部設定的目標，即調整後的利潤率至少達到 20%。最後，調整後的 EBITDA 年成長近 74.6%，達到 3,960 萬美元，調整後的 EBITDA 利潤率為 33.9%。

Turning to our balance sheet on Slide 17. Total cash grew $14.7 million in the quarter to $134.7 million, even with paying down our line of credit by $13.3 million. Cash flow from operations for the quarter was $33.1 million, bringing year-to-date cash flow from operations to $55.6 million. These results demonstrate the strength of our balance sheet and our ability to self-fund growth while maintaining flexibility in our capital structure.

請翻到第 17 頁查看我們的資產負債表。本季現金總額增加了 1,470 萬美元，達到 1.347 億美元，即使我們償還了 1,330 萬美元的信貸額度。本季經營活動產生的現金流量為 3,310 萬美元，使今年迄今的營運活動現金流量達到 5,560 萬美元。這些結果證明了我們資產負債表的穩健性，以及我們在維持資本結構彈性的同時實現自我融資成長的能力。

Finally, turning to our outlook on Slide 18. We're reaffirming our guidance for top line growth and adjusted net income with modest adjustments to our GAAP net income to reflect the impact of our year-to-date discrete tax benefit to our EPS to reflect adjustments related to our estimated diluted share count and to adjusted EBITDA. The discrete tax benefit raises our GAAP net income guidance to $125 million, while the updated diluted share count increases our GAAP EPS to $3.52 and adjusted EPS to $3.38. As for our adjusted EBITDA, we're raising our range from $170 million to $175 million to $175 million to $180 million.

最後，讓我們來看看第 18 張投影片的內容。我們重申對營收成長和調整後淨利潤的預期，並對 GAAP 淨利潤進行適度調整，以反映年初至今的一次性稅收優惠對每股收益的影響，並反映與我們估計的稀釋後股份數量和調整後 EBITDA 相關的調整。這項單獨的稅收優惠使我們的GAAP淨利潤預期上調至1.25億美元，而更新後的稀釋股份數量使我們的GAAP每股收益上調至3.52美元，調整後每股收益上調至3.38美元。至於我們的調整後EBITDA，我們將預期範圍從1.7億美元至1.75億美元上調至1.75億美元至1.8億美元。

Lastly, we are also providing adjusted EPS guidance for 2026 of $4.35, reflecting 29% growth over our 2025 adjusted EPS. While this guidance does not reflect any of the future potential products outlined at the beginning of our presentation, we wanted to give investors a view into the strong fundamentals of our business and our confidence in sustained growth moving forward. Thank you.

最後，我們還提供了 2026 年調整後每股收益預期為 4.35 美元，比 2025 年調整後每股收益成長 29%。雖然這份指導意見並未反映我們在演示開始時概述的任何未來潛在產品，但我們希望讓投資者了解我們業務的強勁基本面以及我們對未來持續增長的信心。謝謝。

I will now turn it over to the operator for Q&A.

現在我將把問答環節交給接線員。

(Operator Instructions)

（操作說明）

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Maybe the first one for Charlie. Charlie, can you talk a little bit about when you deemphasized on-demand in Q3? And how you think that's going to affect sort of growth going forward, if at all?

或許這是查理的第一個。查理，你能談談你在第三季何時開始減少隨選服務業務嗎？你認為這會對未來的成長產生怎樣的影響？如果有影響的話？

Yeah, it was probably right around the middle of the quarter. At that point, we felt like we had enough data based on what we had been seeing on conversion at point of sale, conversion into subscription. And the bridge just wasn't as strong as we were originally envisioning, I guess, is the main point.

是的，大概是在季度中期左右。當時，我們覺得根據我們在銷售點轉換率和訂閱轉換率方面所觀察到的情況，我們已經掌握了足夠的數據。我想，關鍵在於，這座橋的強度沒有我們原先設想的那麼好。

Conversions, I think, were slightly better into on-demand at point of sale than they are into subscription, but just not enough to make the payout worthwhile. And so when we started to analyze the lifetime values of the customers, the conversion rates, we really started to realize that on-demand is probably just a better tool around the fringes and at least in the direct-to-consumer portion of our business.

我認為，在銷售點按需購買的轉換率略高於訂閱轉換率，但這點提升還不足以使收益值得付出。因此，當我們開始分析客戶的終身價值和轉換率時，我們才真正意識到，按需服務可能只是邊緣領域，至少在我們業務的直接面向消費者部分中，是一種更好的工具。

It's still part of the mix, but it's really the tool that we're going to lean into more on the merchant side to win over more enterprise merchants that are sensitive to margin pressures, et cetera. And then on the consumer side, we really just want to lean back into subscription and maybe use on-demand as a fallback if some consumers are resistant to subscription or whatever it might be. And then in terms of your second part of your question, Mike?

它仍然是組合的一部分，但它確實是我們將在商家方面更加重視的工具，以贏得更多對利潤壓力等敏感的企業商家的青睞。而在消費者方面，我們真的只想回歸訂閱模式，如果有些消費者對訂閱或其他模式有所抵觸，或許可以將點播作為替代方案。那麼，關於你問題的第二部分，麥克？

Yeah. Just how do you see that maybe affecting growth? And as a follow-up to that, is your customer who maybe was going to pick an on-demand product, can you direct them into subscriptions? How does that work? How will you be successful there?

是的。您認為這可能會對成長產生哪些影響？此外，對於原本可能選擇按需產品的客戶，您能否引導他們轉而訂閱？這是怎麼回事？你打算如何在那裡取得成功？

Yeah. We basically pick and choose what we want to present to each individual consumer. And then in terms of growth, I think GMV growth is lower if you go to the subscription route. But if you think about pushing more into stronger lifetime values, maybe not upcoming -- it's hard to say about the next quarter, but the next quarters, we should see better growth on revenue and income. That's the main point of that decision is because the lifetime value differences multiplied by the conversion differences tell us the better story is to go into subscription.

是的。我們基本上是根據每個消費者的特定需求來選擇要展示的內容。就成長而言，我認為如果採用訂閱模式，GMV 成長會比較低。但如果你考慮更多地提升客戶終身價值，也許不會在即將到來的季度——很難說下一個季度會怎樣，但在接下來的幾個季度，我們應該會看到收入和利潤的更好增長。這個決定的關鍵在於，生命週期價值差異乘以轉換率差異告訴我們，更好的選擇是採用訂閱模式。

Got it. Then maybe just one more. Can you talk a little bit about take rate trends? And then the 3.1% credit losses was maybe a little bit higher by deemphasizing on demand, will that naturally drop a little bit more?

知道了。那或許就再來一個吧。能談談轉換率趨勢嗎？那麼，由於對需求的重視程度降低，3.1% 的信貸損失率可能會略高一些，這種情況自然會進一步下降嗎？

Well, the take rate trends, I think we really shoot for like the 60% gross margin that we talked about in the past. And so when we think about the take rate, it's take rate minus our COGS getting us to 60%. And that's also how we sort of do the planning around our PLR plans for the year. And so the 3.1% PLR for the third quarter, basically right in line with what we're expecting.

嗯，就漲價趨勢而言，我認為我們確實要努力達到之前討論過的 60% 的毛利率。因此，當我們考慮轉換率時，轉換率減去我們的銷售成本，得到 60%。這也是我們制定年度 PLR 計劃的方式。因此，第三季的PLR為3.1%，基本上符合我們的預期。

If some of the people on the call remember, people have followed us for a while, back in May, we talked about rest of the year, think about a 2.5% to 3% PLR for the entire year. And we already posted some lower PLRs lower than that range, which means, of course, we expect some of the third quarter, fourth quarter to be above that range because then you blend out to within the range.

如果電話會議上的某些人還記得的話，大家關注我們有一段時間了，早在五月份，我們就討論過今年剩餘時間的情況，考慮全年 2.5% 到 3% 的 PLR。而且我們已經發布了一些低於該範圍的較低 PLR，這意味著，當然，我們預計第三季和第四季的一些 PLR 將高於該範圍，因為這樣一來，你就會逐漸過渡到該範圍內。

We did just update the guidance to tighten it a bit, so investors would know that we're looking -- it looks like it's being more in the bottom end of the range, the 2.5% to 2.75% for the overall year. So the 3.1%, I'd say, basically fits right into what we were expecting.

我們剛剛更新了業績指引，使其更加收緊，以便投資者了解我們的預期——看起來全年整體成長率更接近區間下限，即 2.5% 至 2.75%。所以，3.1% 這個數字，我覺得，基本上符合我們的預期。

And then on-demand, you do bring in more because the conversion is slightly better into on-demand, and I say slightly, but it does mean you bring in more new consumers into those products. And then more new consumers tends to lead to a higher PLR, less new consumers leads to generally a lower PLR because new consumers have higher PLRs in general. So I'd say that would be the only thing to call out there, Mike.

而按需服務確實能帶來更多收益，因為按需服務的轉換率略高一些，我說的是略高一些，但這確實意味著你能為這些產品帶來更多新消費者。而且，新消費者越多，PLR 往往越高；新消費者越少，PLR 通常越低，因為新消費者的 PLR 一般較高。所以我覺得，麥克，這就是唯一需要指出的問題了。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Charlie, great detail. I just wanted to ask a big picture strategy on what you're seeing, what your thoughts are on BNPL broadly in the United States. I mean PayPal talked about it quite a bit and -- on the last call more than ever. And I was struck to see how actually small it is, how fast growing it is for all the different players in the space.

查理，細節處理得很好。我只是想了解一下您對美國「先買後付」（BNPL）模式的整體策略看法。我的意思是，PayPal 已經多次談到這個問題，而且在最近一次電話會議上談到的次數比以往任何時候都多。我很驚訝地發現，這個領域實際上規模很小，但對於該領域的所有不同參與者來說，它的發展速度卻非常快。

And they called out as a replacement for -- they're seen as a major trend in the replacement of credit cards. It's more user-friendly. Could you tell us how big you think the market is for pure-play BNPL is right now in the United States? How fast do you think it's growing and why you think it has many, many years to go?

它們被視為信用卡替代方式——它們被視為信用卡替代領域的一大趨勢。它更方便用戶使用。您能否告訴我們，您認為目前美國純粹的先買後付（BNPL）市場規模有多大？你認為它的發展速度有多快？為什麼你認為它還有很多很多年的發展空間？

Yes. I don't have an exact number for you, Hal, but I just go by -- I think the trend is going to be here for years upon years. If you look at credit cards, they were launched in the 1950s and how long does that trend last? People are writing the credit card trend for some time. I'm not going to say that we're going to have a 75-year BNPL trend.

是的。哈爾，我沒有確切的數字給你，但我感覺——這種趨勢將會持續很多年。以信用卡為例，它們誕生於 20 世紀 50 年代，而這種趨勢又能持續多久呢？人們已經關注信用卡發展趨勢一段時間了。我不會說我們將迎來長達75年的先買後付趨勢。

But I think that it's pretty obvious that a lot of consumers out there prefer to use BNPL over a credit card. And in some places, it also takes a little bit away from debit card. It doesn't really take away from debit card, I guess, in the end because people are paying us back with debit in the vast majority of cases, but it replaces like the full purchase of a debit card user as well.

但我認為很明顯，很多消費者喜歡使用先買後付而不是信用卡。在某些地方，它還會從借記卡消費中扣除一些費用。我想，從長遠來看，這並不會真正削弱借記卡，因為在絕大多數情況下，人們都是用借記卡付款的，但這也取代了借記卡用戶的全額購買。

But what I think -- I think customers aren't stupid. They look at the total cost of ownership of a product. And I think they also look at BNPL as a safer product for them. I almost feel like some of these customers view us as like -- they really do view us as a budgeting tool, but almost like we're their nanny, like watching over them, not allowing them to overspend where credit cards allow people to overspend.

但我認為——我認為顧客並不傻。他們會考慮產品的總擁有成本。而且我認為他們也把先買後付視為更安全的產品。我感覺有些客戶把我們看作——他們確實把我們看作預算工具，但又好像我們是他們的保姆，看著他們，不讓他們過度消費，而信用卡卻能讓人過度消費。

No one in a credit card company would ever say it probably, but that's the win when someone overspend because now you've got a revolver. For us, when people overspend a lot, we're worried. We're worried that we allowed them to overextend and now they're not going to be able to catch up, we might lose the customer.

信用卡公司裡可能沒人會這麼說，但這就是有人過度消費後你獲利的地方，因為你現在有了一張循環信用額度卡。我們很擔心人們過度消費。我們擔心我們讓他們過度擴張，現在他們可能無法迎頭趕上，我們可能會失去這個客戶。

So we're always trying to allocate spend to the customer in a way that is in total alignment with responsible spending. And then I think that overall lowers the cost of ownership of that credit product for the customer. It also dramatically reduces the risk of a bank personal bankruptcy, which is how do you even put a price on that. So I think a lot of the customers are probably shying away over time from migrating into a credit card because they just feel a lot safer and more comfortable with our credit product.

因此，我們始終努力以完全符合負責任消費原則的方式為客戶分配支出。我認為這總體上降低了客戶使用該信貸產品的擁有成本。它還能大幅降低銀行個人破產的風險，而這種風險又該如何用金錢來衡量呢？所以我認為，隨著時間的推移，許多客戶可能都不願意轉而使用信用卡，因為他們覺得我們的信用卡產品更安全、更舒適。

Can I ask one follow-up? Toward the end of your press release on initiatives update, you talked about some of the products you've been building for shoppers to increase engagement and monthly active users grew 38% year-over-year, revenue-generating users rose 120% year-over-year and monthly sessions climbed 78% year-over-year. I think it's the new KPIs. I mean, what you could comment on that? And what -- tell us what you built and why it's contributing to some of those growth figures that you demonstrated in the press release?

我可以問一個後續問題嗎？在您關於最新舉措的新聞稿結尾，您談到了您為購物者打造的一些產品，以提高參與度，每月活躍用戶同比增長 38%，創收用戶同比增長 120%，月會話數同比增長 78%。我認為這是新的關鍵績效指標。我的意思是，你對此有什麼評論嗎？那麼，請告訴我們你們開發了什麼，以及為什麼它能促成你們在新聞稿中展示的那些成長數據？

Yeah. So we talked about the shopping as being a big initiative for us for 2025 and 2026. It will be probably a two-year initiative to keep on rolling out these shopping features and these initiatives. I said the earn tab is kind of in that mix, although maybe not directly a shopping feature. What we're trying to do is trying to keep -- drive and create value for our customers.

是的。因此，我們討論了購物作為我們 2025 年和 2026 年的一項重要舉措。持續推出這些購物功能和舉措可能需要兩年時間。我說過，「賺取」選項卡也算是其中的一部分，雖然它可能不會直接是一個購物功能。我們正在努力做的就是保持——推動並為我們的客戶創造價值。

I think middle of America, mid- to low income, younger consumers, maybe new families. We want to drive value through giving them couponing, giving them discounting, price comparison, the ability to earn almost like gig economy type earnings. Not massive type job numbers, but on the fringe helps. And what we're -- the reason -- what we're seeing from doing all of that, which you pointed out, Hal, is we're seeing increased activity in the apps. And our view is that's just a big win.

我認為目標客戶是美國中部地區，中低收入者，年輕消費者，也可能包括新組成的家庭。我們希望透過提供優惠券、折扣、價格比較以及讓他們獲得類似零工經濟的收入來創造價值。雖然不是大規模的就業崗位，但邊緣職位確實有所幫助。而我們——原因——我們從所做的一切中看到的，正如你指出的那樣，Hal，就是我們看到應用程式的活躍度提高了。我們認為這是一場巨大的勝利。

So we're monitoring those KPIs closely because the viewpoint is if you get the customer coming back in the app and returning and returning and returning over and over again, you're also going to increase retention and also give yourself a chance to introduce that customer to a subscription product. At some point, maybe they're here in early November, they're not interested. They open the app back up later in November. Okay, let me sign up for anywhere and now they're in. And that's really done by creating value, adding value, presenting that value in the app and getting that customer to keep on coming back.

因此，我們密切關注這些關鍵績效指標，因為我們的觀點是，如果客戶能夠反覆回到應用程式中，不斷返回，那麼你不僅可以提高客戶留存率，還可以有機會向該客戶介紹訂閱產品。或許到了11月初，他們就沒興趣了。他們將於11月下旬重新開放該應用程式。好的，我註冊了，現在他們都註冊成功了。而這實際上是透過創造價值、增加價值、在應用程式中呈現這種價值，並讓客戶不斷回頭來實現的。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

It was really helpful to get the preliminary '26 EPS guidance. Could you just talk about some of the underlying drivers of that target, maybe revenue growth, GMV growth and your expectations for provisioning?

獲得 2026 年每股收益初步預期真的很有幫助。您能否談談實現該目標的一些根本驅動因素，例如收入成長、GMV成長以及您對撥備的預期？

Yeah. We don't have the callouts for the underlying numbers on it. But I'll tell you the overall theme is we do believe that we're going to continue to see continued growth in our subscription and our MODS, but probably leaning more towards subscription into 2026. We're going to be cost conscious as always. And if people have followed us for some time, you know that we really think quite a bit about growing gross margin dollars at a much faster pace than growing our operational expenses. So that's a part of that.

是的。我們沒有關於底層數字的標註。但我可以告訴你，整體趨勢是我們相信我們的訂閱和MOD將會繼續成長，但到2026年可能會更傾向訂閱模式。我們將一如既往地註重成本控制。如果大家關注我們一段時間了，就會知道我們非常重視毛利率的成長速度，而營運費用的成長速度則要快得多。這是其中的一部分。

The guidance we gave for the entire year 2025, the 2.5% to 3%, we're basically kind of thinking in the same ballpark there. Like we like that ballpark because of our top line. The top line numbers that were our take rate kind of really sits along the lines of maintaining the PLR kind of thoughts that we've had from 2025. And then if there's any maybe conservatism in there at all, it's just the economy. We're not seeing anything with our consumer, but we're watching it closely. Obviously, we have the government shutdown. I don't think it's going to continue into 2026. But I think if there's a bit of conservatism, it's based on the economy and what might happen.

我們先前給出的 2025 年全年成長預期是 2.5% 到 3%，我們基本上也是在同一個範圍內考慮的。我們喜歡那個球場，因為我們的營業額很高。我們的成交率等主要數據實際上與我們自 2025 年以來一直秉持的 PLR 理念基本一致。如果說其中還有一絲保守主義的成分，那也只是經濟上的保守主義而已。我們目前還沒有發現消費者有任何問題，但我們會密切注意。顯然，政府停擺了。我認為這種情況不會持續到2026年。但我認為，如果說有一點保守主義，那也是基於經濟情勢和可能發生的事。

Understood. And then just as a follow-up, can you comment on just what you're seeing out there in terms of competition? Are you seeing any changes in pricing or strategy from your competitors?

明白了。最後，您能否就目前市場上的競爭情況談談您的看法？你發現競爭對手在定價或策略上有任何變化嗎？

Not really. I haven't noticed anything major. I think we saw Klarna launch a subscription product as well, but it's like a much higher dollar subscription product. So that was like one of the companies kind of leaning our direction in terms of product offerings. But other than that, it seems like more of the same.

並不真地。我沒發現什麼大問題。我認為我們也看到 Klarna 推出了訂閱產品，但它是一款價格更高的訂閱產品。所以，那就像是一家公司在產品供應上傾向我們這個方向。但除此之外，似乎一切都跟以前一樣。

Hoang Nguyen with TD Cowen.

Hoang Nguyen 與 TD Cowen。

Maybe a quick one for Charlie. So since you are pivoting back to subscriptions now, maybe can you talk about maybe the difference this time in terms of marketing posture versus, I guess, the last time before you launched on-demand? How is this time different from the last? And I think last time, I think you were tracking a net adds on subscription, maybe you made 60,000 to 70,000 a quarter. I mean, should we expect you guys to get back to that level going forward? And maybe in terms of pricing, I noticed that you recently took pricing actions on new subscribers. So I mean, can you talk a little bit about that as a lever in terms of top line going forward?

或許可以給查理快速解決一下。既然你們現在又要重新轉向訂閱模式，那麼能否談談這次在行銷策略上與上次推出點播服務之前有何不同呢？這次與上次有何不同？我想上次，你們好像在追蹤訂閱淨增收入，也許你們一個季度賺了 6 萬到 7 萬美元。我的意思是，我們是否可以期待你們未來能夠重回那個水準？或許在定價方面，我注意到你們最近對新用戶採取了價格調整措施。所以，您能否談談這如何成為未來提升營收的槓桿？

Yeah. I'll probably avoid the guidance on how many adds to subscription quarter-by-quarter, but we did increase pricing on both the subscription products just by $1 or $2 per month, really viewed as just an inflationary type increase. If you launch the products three years ago or so and there's been some inflation in the United States. So that's the main reason for those changes. And then I guess the start of your question, can you repeat it again, just to make sure I got it nailed.

是的。我可能不會就每個季度訂閱用戶增加數量給出具體指導，但我們確實將兩款訂閱產品的價格都提高了 1 美元或 2 美元/月，這實際上只是通貨膨脹式的增長。如果你在三年前左右推出了產品，而美國當時正經歷通貨膨脹。這就是這些變化的主要原因。然後，我想問的是你問題的開頭，你能再重複一次嗎？這樣我才能確保我理解正確。

In terms of marketing for the subscription.

就訂閱行銷而言。

Marketing.

行銷.

Yeah. Is it different this time versus last time, maybe a year ago before you launched on-demand?

是的。這次的情況與上次（例如一年前，也就是你們推出點播服務之前）有所不同嗎？

Yeah. To give investors a view of like how we market the product. So when we are leaning into on-demand, it is a more seamless like first step into a purchase because basically, let's say, you want to check out at Lowe's or somewhere -- one of the apps or one of the merchants in our app or you're shopping out there.

是的。讓投資人了解我們如何推廣產品。所以，當我們轉向按需服務時，購買的第一步就更加順暢了，因為基本上，比如說，你想在 Lowe's 或其他地方結帳——透過我們應用程式中的某個應用程式或某個商家，或者你正在那裡購物。

We would not bring up a subscription in most cases, like the option to sign up for a subscription right away to the consumer. We would basically just bring up a purchase request like in the lending lingo, TILA , Truth in Lending Approval or purchase request is what we call it internally. We bring up a purchase request, which it would show the on-demand fee. The customer would just accept it, they get the on-demand fee and then they make the purchase.

大多數情況下，我們不會主動向消費者提出訂閱選項，例如立即提供訂閱註冊選項。我們基本上會提出購買請求，就像貸款術語中的 TILA（貸款真實性批准）或購買請求一樣，這是我們內部的說法。我們提交採購申請，其中會顯示按需費用。顧客會接受這個結果，他們會收到按需支付的費用，然後完成購買。

Now basically the difference in the marketing. And then the landing page, a lot of the landing pages, a lot of things we're doing towards advertising. It's all about bringing that funnel. But once they get into the funnel into the app, that's what the customer would see is basically they go right into a purchase request. Now what the most customers are seeing is if you want to go and use our product at point of sale or if you want to shop at one of the many merchants in our app, what we're bringing up now is the option to join our subscription. And so that's basically the biggest difference.

現在主要區別在於行銷方式。然後是著陸頁，很多著陸頁，我們做了很多與廣告相關的事情。關鍵在於如何建立這個管道。但是一旦他們進入應用程式的購買流程，客戶看到的基本上就是直接提交購買請求。現在大多數客戶看到的是，如果您想在銷售點使用我們的產品，或者如果您想在我們應用程式中的眾多商家之一購物，我們現在提出的是加入我們訂閱的選項。所以，這基本上就是最大的差別。

So marketing-wise, it's just the funnel is driving them into a different choice. And like I mentioned, there is a slighter decrease in conversion into subscription. But based on what we've seen from conversion at point of sale into subscription and then conversion from on-demand users into subscription, we viewed it as a much better decision from a lifetime value standpoint to just go straight to offering subscription to many of these customers.

所以從行銷角度來看，只是銷售漏斗引導他們做出了不同的選擇。正如我之前提到的，訂閱轉換率略有下降。但根據我們從銷售點到訂閱的轉換率，以及從按需用戶到訂閱用戶的轉換率來看，從終身價值的角度來看，我們認為直接向這些客戶提供訂閱服務是一個更好的決定。

Hoang Nguyen

黃阮

TD Cowen, Research Division

TD Cowen，研究部

Got it. And I didn't see the chart on approval rates on the presentation this quarter. Maybe can you talk a little bit about that, whether you have -- there has been any change in terms of your underwriting this quarter?

知道了。而且我在這季度的簡報中沒有看到審批率圖表。您能否稍微談談這方面，例如本季您的承保方面是否有任何變化？

No. I mean, we've always been -- we are launching new models. So we did launch new models this quarter. And those -- the point of those models, what we like to do is we like to keep approval rates at the same level and reduce PLR. That's usually what our goals are with our new models.

不。我的意思是，我們一直都在推出新車型。所以我們本季確實推出了新車型。這些模型的重點在於，我們喜歡保持批准率在同一水平，並降低PLR。這通常是我們推出新車型的目標。

So I think approval rates are probably around the same levels as we've presented in the past. But with the new models in place, we believe we should have lower PLRs for those new customers coming in.

所以我認為批准率可能與我們過去公佈的水平大致相同。但隨著新模式的實施，我們相信對於新客戶而言，PLR（私人標籤版權費）應該會降低。

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

我們的問答環節到此結束。我謹將會議交還給查理·尤阿金，請他作總結發言。請繼續。

Thank you. And as people know, I like to usually give a Buffett or a Munger quote or story, but I've got one here from Buffett. It starts when he was just 10 years old. He scraped together $114.75, all the money he had and he bought 3 shares of Citi's Surface preferred at $38 a share. At first, the stock dropped to $27. And like a nervous young investor, he starts sweating.

謝謝。眾所周知，我通常喜歡引用巴菲特或蒙格的名言或故事，但我這裡有一個巴菲特的名言。這一切始於他10歲的時候。他湊齊了114.75美元，這是他所有的錢，然後以每股38美元的價格購買了3股花旗集團的Surface優先股。起初，股價跌至 27 美元。他像一個緊張的年輕投資者一樣，開始冒汗。

Then it crawls back up to $40, so he sells. He's relieved, he even makes a few bucks. But here's the kicker. A little later, that same stock shoots up past $200. Buffett said, if I just held on, I would have made a lot more money. That he says was his first real lesson in patience.

然後價格慢慢回升到 40 美元，於是他就賣掉了。他鬆了口氣，甚至賺了點錢。但關鍵在於…不久之後，這支股票的價格飆升至 200 美元以上。巴菲特說，如果我當時堅持持有，我會賺到更多的錢。他說，那是他真正學到的第一堂關於耐心的課。

Here's another data point from the Buffett -- from Buffett that also speaks to the power of patience. I think this crazy stat speaks for itself. Over 99% of Buffett's wealth came after his 50th birthday. That's the quiet miracle of compounding. It's not flashy, it's not fast, but it's relentless if you let it do the work. Buffett always says, my life has been a product of compound interest.

以下是巴菲特提供的另一個數據點——巴菲特也用這個數據點說明了耐心的力量。我認為這個驚人的數據本身就說明了一切。巴菲特超過 99% 的財富都是在他 50 歲之後獲得的。這就是複利的奇妙之處。它不華麗，也不快，但如果你讓它發揮作用，它就會堅持不懈。巴菲特常說，我的人生是複利效應的產物。

And also, the stock market is a device for transferring money from the inpatient to the patient. So the real trick, start early, stay patient and let time, not emotion do the heavy lifting. Because in the end, wealth doesn't come from timing the market. It comes from time in the market. That's the $114 lesson.

而且，股票市場也是將資金從住院病人轉移到住院醫師手中的一種工具。所以真正的訣竅是，儘早開始，保持耐心，讓時間而不是情緒來完成最重要的工作。因為歸根究底，財富並非來自擇時入市。這是時間累積的結果。這就是價值 114 美元的教訓。

I'd like to thank everyone for joining the call today and also thank the Sezzle team for continuing to create wins for our consumers and for our investors. Thank you all. Have a good night.

我要感謝今天參加電話會議的各位，也要感謝 Sezzle 團隊持續為我們的消費者和投資者創造雙贏局面。謝謝大家。祝你晚安。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。