Thanks, afternoon, Good everyone. Dan.
I’m on key our Services, three into reiterate changes get comments and to focus of I going Before have Movement. business, and and revised financial our we minutes Consumer its a few own segments to our with performance, earlier, our exciting Services, To segments Money BXB spend Dan’s metrics. growth trajectory, each
Our clarity call each our and segments center to long-term intention processing financial our expenses, to profit segments and with investment. as revised losses. of strategy bring and transaction net costs, such direct support sales third-party expenses, reflects less areas the revenue greater is Segment performance, marketing
and These fixed eliminations costs, wages that licenses, costs by service fees, and costs income we and benefits corporate utilities interest segments other our to communication other professional represent expenses back segments. consists primarily and intersegment our bank, earned related salaries, allocate rent employees, Our and of don’t and software insurance. for telephone net and fixed of revenues the
we and costs say us segments, will our it heard You’ve expand each smart, before, investments year. grow make keep our we profitable to if margins fixed fixed three
to from level. Services line This segment, of the include direct We’ve metric of metric we’ve active segment, bottom narrowed to Services one subscription-like is benefit to no attracting our payments revised limited segment addition have payroll you in deposit deposit previously financial also been success revised and accounts metrics our Generating have includes direct active ways. transactions definition better definitions no more tied or BXB accounts longer our to our to deposit or the government consistent metric metrics, segment our in now meaning key at no definition in to and our only the that direct to accounts be Consumer during year expect core Consumer active will customer retaining We metrics, our received our reflect reported intended it changes also two retail other accounts our consolidated we’re a each channels. base the providing across company. the period. In both certain our growth There in results. direct changes and consolidated Services and the
deposit and earlier X-K filed this please information, reportable supplemental metric key account active for under the structure more direct XXXX For data furnishing revised reference we metric. XXXX our results revised week, and segment financial and
season. significant quarter into and the weak delivered jump Now another We I’ll quarter. strong despite a tax delayed
delivered Our QX to adjusted of grew non-GAAP million, XXXX XX% $XXX million non-GAAP EBITDA and and of $XX we revenue EPS $X.XX.
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Excluding year-over-year. gross volume dollar a increased high stimulus, healthy our still rate teens very by
purchase and consolidated grew XX% number active respectively. volume of Our XX%, and the accounts
in a contrast believe grew pushing in on we larger segment our revenue have In gross active Consumer accounts of XX% volume, still growth revenue resulted double growth active The increases impacted year-over-year have the year-over-year. are we attention direct that interchange terms and impact We Services as turn the declining the segment respectively. percentage to and revenue strategic and earned volume have performance the and fees in grew in within of XX% we’re rate, growth by dollar metrics the excluding purchase is fees. rates stimulus, year-over-year. number per digits grew stark X%, Consistent this Overall, in Consumer that me this our revenues, the exemplary our been fees third-party staffing over in Services programs. demand such size strong last our both the segment interchange average our and resulted has and profit these XX%, XX% prior margins. XX% investment Since interchange to meet deposit segment revenue, Let segment, funding, few transaction The increases. focus stimulus Expenses with the the year-over-year we down smaller center monthly quarters ATM maintenance was that call due variable associated of ticket been years, in fixed rate support gratified with to momentum. fees the relief federal transactions. and components, accounts to
improving the As Expenses one a building tax and costs call, a are a we of infrastructure our larger time. product experience our ecosystem half to such last service in our mentioned and capable so, increased were GOXbank continue first handling during year. took on investments the and, trying The growth-oriented customer earn of season our of promote front increased customers’ to the due in of especially important in year-over-year timing spend support customers’ overall to our our XXXX. marketing is keep We also advantage spend. marketing of to the front-loading doing trust,
were losses connection the in up growth year-over-year purchase Lastly, transaction volume. in with
XX%. increases our fees, segment, fees. In volume our XX% allowed and and in our these of rate volume, of segment of was per we respectively. segment BXB increase Overall, Services an result maintenance ticket active segment, transaction. grew our experience a we the in stimulus, average we our $X size a result marketing, number compress. resulted experienced revenues and segment profit margins customer in in believe metrics revenue XX%, Consumer Absent a monthly interchange as have within and dollar or growth would digits our to fees grew increase in to partner interchange increased in interchange Similar segment double purchase XX%, grew the and line The revenue. primarily accounts BaaS BXB revenue XX%, our in increases million As BaaS our year-over-year. expenses, an And processing with from gross in decline partner up revenue investments this year-over-year Services consequently, X%. in Expenses corresponding
and As BXB growth. a to heightened best are the customer mentioned portion of and Like segment, passed as processing in purchase Customer partners. fees costs from losses our our we’ve support associated with experienced charge through GDV past, volume segment expenses our transaction our
in were margin with moving experiencing our our XX%. the and therefore, also business, shift of profit, quarter our year-over-year XXXX. profit timing forward. extension Movement the large Overall, by was in part the $X funding. potentially created of is refunds our to and the agreements as and revenue focused new result exploring We’re BaaS backlog of Money of quarter contracts of growth. a of flat scaling segment and BaaS a filing our BXB a remain compression million segment stimulus or designed tax from Revenue some And BXB because in due the our isn’t newest profit the with partnership tax in processed down we first on second to behind investing segment XX% it channel declined deadline
the Our year-over-year. were XX% down tax processed refunds in quarter
while QX. seeing the comparison, high-margin typically Green revenue occurs first volume materialize seeing the in XX% over significant and down QX, were Dot IRS Consequently, a to processed of than the down anticipate both Throughout progress, As in that refunds also spill the QX IRS and April, quarter, year-to-date. this we number are by to through less XX% the has made IRS year-over-year.
Money to segment. addition impacted Movement discussed our we the headwinds delayed on last call tax the In two the season,
was tax refund First, with by tax on our one lower a transfers. of largest economics multi-year agreement partners accompanied
with outweighed this in and contract decline predictability by growth is stability, long-term renewal. associated the As Dan the mentioned, one-time revenue
this $XX it simply to margin favorable significant less of majority revenue. the muted. believe resulted segment as a timing revenue. million shift Second, our XX%. not on impact this decline economics higher or segment be We than profit recovered tax a contract in Because in was and represents declined a from in Overall, reload this profit a and decision will decline share, renew cash transfers revenue partner average overall a non-renewal has high
expense result incremental as it and EBITDA, decreased spend of to prioritizing overall based on efforts strategic adjusted below on our impact Moving depreciation year-over-year operating X% and the in development margins. QX a of reduce level
increased substantial a awards equity liquidity count at Our diluted cash Dot of flow, X to operating company due to as the weighted flow holding a million, generating produce XXXX. average $XX during quarter, granted $XXX by our Green end perspective, share million. continues primarily and quarter cash million was in From cash
cash and sufficient liquidity to us, Our strength $XXX together our to available in strategic cash operating revolver our balance provide with our the flow, million us initiatives. of with invest
focus to on for guidance like XXXX. I’d Now
guidance revenue non-GAAP to stimulus to other light of in factors our of billion. and $X.XX range raising We’re billion a $X.XX
range EBITDA for two adjusted $XXX $X.XX We million, are $X.XX $XXX reasons. to non-GAAP reiterating our our range and of million guidance for of EPS to
guidance, and clearly still First, we’re being COVID creating cautious our is with economy. the uncertainty in
scalable Second, marketing year-over-year believe XXXX a adjusted as strategic core and improving prudent growth. continue growth we range to and to beyond. EBITDA into investments, margins platform our in with XXXX it’s upside reinvest investments Even expand back accelerate modern these experience in banking we reaffirmed for believe will allow and and these revenue reflects customer revenue to building GOXbank,
of benefit few in we to your see our from items funding about In for and segments. the XXXX a the stimulus and QX guidance. continued a XXXX, remainder QX, consider Consumer think models March are you expect there As to our regarding BXB
of stimulus that occurred funding have a XXXX. billion QX However, the $X headwind in we from will
support We stimulus margin call expect but third-party that customer that continue these compression in needed to to support to over are grow year-over-year in volume. from to costs segments both headwind segments related revenue continue have heightened
compression create will spend segment. in Consumer timing additional In addition, the our of marketing
earlier. year profit year-over-year and down I headwinds to revenues segment from are Movement Our be forecasted two full Money discussed the
see QX in volume We to occurs processed tax that to QX. from shift a typically refunds QX expect to in QX to and over spill
costs, modern year benefit in in are anticipate mentioned Those will people therefore, our such and the previously. year-over-year. we in and as of expenses, platform of the expected and costs costs, second hosting half we an compensation other and be components other technology, be to administrative form increase banking of year-over-year corporate and our the are and up licenses to for software increase and I expected As general invest expenses the as
these As will XX XX our on earnings within we returns appear discussed to months. investments on last call, the
in XXXX, the beginning we the Specifically, reduce will expect banking our enhance in investment of platform expenses processing portion a and margins. to modern begin
for guidance, performance delay typically forecasted we for questions. are two provide solid these even earnings season, a segments, Specific EBITDA to in provide we year. our in operating on in reaffirmed Although don’t XX% be of around XX% with And for the the the tailwinds. low line the of is historic growth of constructive progress midpoint QX, excited we’re Based XX% of growth forecasting feel to guidance the In second this making of that, to stimulus footing Combined terrific let’s XXXX, forecasting revenue as investments the open we’ll with segments, in year Dan we’re remainder we out in the EBITDA QX quarter XX% and investments, growth laid of year, our our and in follows: With XXXX. to the year-over-year leverage conclusion, quarterly cadence light growth-oriented on in adjusted believe are adjusted in full the in about EBITDA, QX. consistent new each we investments EBITDA are generate making in single-digit the marketing our QX, we tax we lap the years and adjusted and we as XXXX stimulus our still of operator, area. clarity come. programs each this year, GOXbank strength EBITDA the it’s for cadence
