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Sezzle (SEZL) - 2025 Q2 - Earnings Call Transcript
2025-08-07 22:00
Financial Data and Key Metrics Changes - Total revenue for Q2 2025 grew 76.4% year over year to $98.7 million, with adjusted net income nearly doubling, increasing 91.8% year over year to $24.4 million [22] - GAAP net income decreased slightly to $27.6 million due to a significant discrete tax benefit in the previous year [22] - Gross margins improved to 61%, with a net income margin of 28% [10][22] - The adjusted EBITDA margin increased to 38.4% of total revenue, reflecting strong operational efficiency [28] Business Line Data and Key Metrics Changes - Monthly active users rose 52% year over year, with revenue-generating user engagement increasing 138% [14] - The number of mods increased 14% sequentially and 62% year over year, indicating strong growth in user engagement [15] - The Anywhere product line showed the highest lifetime value among offerings, with 37% of orders being in-store [16] Market Data and Key Metrics Changes - GMV (Gross Merchandise Volume) grew 74.2% year over year, driven by new product adoption and higher consumer engagement [23] - The take rate improved slightly year over year to 10.6% [23] - The company served 412,000 different merchants during the quarter, indicating a broadening market presence [18] Company Strategy and Development Direction - The company is focused on efficient customer acquisition and retention, with marketing spend increasing significantly to $8.8 million from $1 million in the prior year [11] - A shift in marketing strategy towards more efficient channels is expected to yield long-term benefits [12] - Continuous innovation and product enhancements are central to the company's strategy, with a strong emphasis on customer engagement [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing economic conditions, highlighting the flexibility of their underwriting process [45] - The competitive landscape remains stable, with no significant changes in pricing or offerings from major competitors [48] - The company reaffirmed its full-year guidance across all key financial metrics, indicating sustained growth and strength in engagement, frequency, and retention [30] Other Important Information - The company ended the quarter with $120 million in cash, including $31 million of restricted cash [29] - A lawsuit with Shopify is ongoing, with no major updates expected in the near term [49] Q&A Session Summary Question: Can you discuss the mix of mods between on-demand, premium, and anywhere? - The primary growth in mods was from on-demand, which has a lower barrier to entry, while subscribers have held steady [34] Question: How does profitability differ between on-demand and premium or anywhere? - Anywhere is the most profitable due to high usage, followed by premium, while on-demand has the lowest margins and lifetime value [36][38] Question: What is the outlook for underwriting and expense management in a volatile macro environment? - The company monitors default rates daily and can adjust credit limits quickly, providing flexibility in managing risk [45] Question: Any updates on the competitive landscape and pricing changes? - There have been no significant changes in pricing or offerings from competitors like Klarna and Zip [48] Question: Update on the lawsuit with Shopify? - No major updates are available, and the process may take several years [50]