Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the Second Quarter ended June 30, 2023. Joining us today are Dave's CEO, Mr. Jason Wilk; and the company's CFO, Mr. Kyle Beilman. By now, everyone should have access to the second quarter 2023 earnings press release, which was issued earlier today. The release is available in the Investor Relations section of Dave's website at https://investors.dave.com. In addition, this call will also be available for webcast replay on the company's website. Following management remarks, we’ll open the call for your questions. Certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements. The company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA as supplemental measures of performance of our business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts and other important information in the earnings press release and Form 8-K furnished to the SEC. I would now like to turn the call over to Dave's CEO, Mr. Jason Wilk.

Thank you, and good afternoon, everyone. I'm encouraged by the progress we made in the second quarter as we continue to execute on our strategic and financial objectives and delivered another strong quarter of revenue growth. GAAP revenue increased more than 30% for the fourth consecutive quarter, despite reducing marketing spend by 28% year-over-year. This consistent revenue growth, coupled with our sustained margin expansion and operating leverage enable us to more than half adjusted EBITDA loss for the second consecutive quarter. Our ExtraCash product continues to be a core driver of our business. During the quarter, origination volume reached record levels, while our 28-day delinquency rate once again improved on a year-over-year basis. Continued enhancements to our AI underwriting model and origination processing efficiencies have been critical components of driving non-GAAP variable margin up to 53% from the low of 39% in Q2 of last year. We also continue to drive strong engagement with the Dave's Debit Card as debit spend and transactions for NTM reached record levels for the quarter. Banking revenue grew over 120% and now accounts for over 10% of revenue as we commit to becoming a full banking solution for our customers. Our record Dave Card engagement reflects the progress we have made to integrate our products and become the primary destination for all of our members' banking needs. We remain focused on continuing to execute our strategy of becoming a superior banking product for everyday Americans. Demand for our product is strong and growing as further supported by the inflationary and interest rate pressures, which are everyday Americans members face. We expect to continue delivering more member value through ongoing product development while further strengthening our attractive unit economics. We remain on track to become adjusted EBITDA profitable in 2024, consistent with the timeline we…

Thank you, Jason, and good afternoon, everyone. We are pleased to report that our second quarter results were in line with our expectations and consistent with the plan laid out in our last conference call. Non-GAAP variable profit growth was more than double our revenue growth. Thanks to the sustained improvements we have made to credit performance and our broader variable cost structure and once again, we more than half adjusted EBITDA loss compared to the prior year as we continue to make progress on our profitability goals. Now turning to our results; total GAAP revenue in Q2 was $61.2 million, up 34% from Q2 last year. Our revenue growth was driven largely by continued increases in our monthly transacting member base and improved NTM monetization, including deeper Dave Card engagement. Non-GAAP variable profit in Q2 increased 78% to $32.9 million representing a 53% margin relative to our non-GAAP revenue compared to a 39% margin in the year ago period. The increase in variable margin was primarily due to structural improvements we have made to our payments infrastructure, improved contractual terms with key vendors and ongoing optimization of our AI-based underwriting engine, which continues to produce superior credit performance against a challenging macro backdrop. The sustained increase in non-GAAP variable margin has enabled us to increase our variable margin guidance for the year as highlighted in our earnings release this afternoon. Moving to our second quarter operating expenses; the provision for credit losses was $15.9 million compared to $13.9 million in the year ago period. As a percentage of ExtraCash origination, the provision declined to 1.8% in the second quarter compared to 2.3% in the year ago period. The increase in overall provision is a result of significantly higher originations, while the provision as a percent of -- the provision…

Thank you to everyone for joining us on the call today as well as the Dave team continue to believe in our plan to become a superior banking product for everyday American. I look forward to highlighting further progress against our objective of next quarter. Operator, we can now open the call for Q&A.

[Operator instructions] As there appear to be no questions in queue, this does conclude today's conference call. Thank you for participating. You may now disconnect. : :