REalloys Inc (ALOY) 2022 Q2 法說會逐字稿

Good day and welcome to the Blackboxstocks second-quarter 2022 earnings conference call. (Operator Instructions) Please note that this event is being recorded, and I would now like to turn the conference over to Stephanie Prince with PCG advisory. Please go ahead.

各位好，歡迎參加 Blackboxstocks 2022 年第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把會議交給 PCG advisory 的 Stephanie Prince。請開始。

Thank you, Cole. And welcome to everyone joining us today. On the call with me are Blackboxstocks CEO, Gust Kepler; and Bob Winspear, CFO.

謝謝你，Cole。也歡迎今天加入我們的各位。與我一同出席本次電話會議的有 Blackboxstocks 執行長 Gust Kepler，以及財務長 Bob Winspear。

The company would like to remind everyone that various remarks about future expectations, claims, and prospects made on today's call constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Blackboxstocks cautions that these forward-looking statements are subject to risks and uncertainties that may cause their actual results to differ materially from those indicated including risks described in the company's filings with the SEC.

公司提醒各位，今天電話會議中關於未來預期、主張與前景的各項陳述，依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之「安全港」條款，構成前瞻性陳述。Blackboxstocks 提醒，這些前瞻性陳述存在風險與不確定性，可能導致實際結果與所示內容有重大差異，包括公司向美國證券交易委員會（SEC）提交之文件中所描述的風險。

Any forward-looking statements made on this conference call speak only as of today's date, Monday, August 15, 2022. Blackboxstocks does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today. A replay of today's conference call will be available through the Investor Relations section of the company's website at blackboxstocks.com.

本次財報電話會議中的任何前瞻性陳述僅截至今日，即 2022 年 8 月 15 日（星期一）為止。Blackboxstocks 無意更新任何前瞻性陳述，以反映今日之後發生的事件或情況。今日電話會議的重播將可透過公司網站 blackboxstocks.com 的投資人關係（Investor Relations）專區取得。

With that, I'd like to turn the call over to Gust Kepler, CEO. Gust?

接下來，我想把電話會議交給執行長 Gust Kepler。Gust？

Thank you, Stephanie. I want to welcome everyone to the call. And thank you everyone for joining us today. As everyone is aware, Q1 and Q2 of this year saw continued declining GDP and inflation as high as 9%. The stock market continued to decline throughout the year and only started to rebound at the end of June. These factors created headwinds for companies in our sector, as consumers, investors, and of course, traders are concerned about their finances.

謝謝你，Stephanie。我想歡迎各位參加本次電話會議，也感謝大家今天加入。如各位所知，今年第一季與第二季 GDP 持續下滑，通膨高達 9%。股市全年持續走跌，直到 6 月底才開始反彈。這些因素為我們產業的公司帶來逆風，因為消費者、投資人，當然也包括交易者，都在擔心自身財務狀況。

I'm happy to say we were able to adapt and make the most of a turbulent and uncertain market. We ran a spring breakout sale at the end of March that was designed to give new customers an opportunity to try our platform for only $5 for their first month. This promotion was effective and was reflected in our subscriber count. Our average subscriber count for Q2 was 6,181 subscribers as compared to the 5,482 subscribers in Q2 of 2021. I'll also add that we learned a lot from this promotion, which was the first of its kind for Blackbox. We are planning to run similar promotions in the future.

我很高興地表示，我們能夠適應並在動盪且不確定的市場中把握機會。我們在 3 月底推出春季突破促銷（spring breakout sale），讓新客戶能以首月僅 5 美元的價格試用我們的平台。這項促銷成效良好，並反映在我們的訂閱戶數上。我們第二季平均訂閱戶數為 6,181 人，相較於 2021 年第二季的 5,482 人。此外，我也要補充，這次促銷是 Blackbox 首次推出同類型活動，我們從中學到很多，未來也計畫推出類似促銷。

The consumer landscape has changed for trading services like ours, and we are employing new marketing initiatives to address the current market. And that is one of the reasons that we did this promotion in March and will continue to do similar promotions in the future because things have changed significantly. Speaking to that, one of our biggest challenges in the marketing endeavors that we are doing is the plethora of new services for traders that have come along as of late. I went over this on our last call, but I'll reiterate. The bull market of 2021 spawned a multitude of new trading platforms, trading tools, scanners, discord rooms, education providers, and of course the purported market gurus.

交易服務（如我們的服務）的消費者環境已經改變，我們正採取新的行銷措施以因應當前市場。這也是我們在 3 月進行該促銷、並將在未來持續推出類似促銷的原因之一，因為情勢已顯著改變。談到這點，我們在行銷工作上最大的挑戰之一，是近期湧現大量面向交易者的新服務。我在上次電話會議提過，但我再重申一次：2021 年的多頭市場催生了大量新的交易平台、交易工具、掃描器（scanner）、Discord 房間、教育提供者，當然還有自稱的市場大師。

Although there are a few new products and services out there that I believe provide value to traders, it is my opinion that the majority of these new would-be competitors, whether they be data providers, or trading rooms, or education services are not quality services. Nonetheless, they create confusion and clutter the social media channels that we promote our products. So we have to spend a significant amount more in marketing to get up above the noise. We have carefully tailored our recent marketing campaigns to educate new prospective members, that we are a best-in-class software and education provider and that we have a six-year history.

雖然市面上確實有少數新產品與服務，我認為能為交易者帶來價值，但依我看，多數這些新興、意圖成為競爭者的服務——不論是數據提供者、交易群組（trading rooms）或教育服務——品質並不佳。儘管如此，它們仍造成混淆，並使我們用來推廣產品的社群媒體渠道充斥雜訊。因此，我們必須投入顯著更多的行銷費用，才能在噪音之上被看見。我們近期的行銷活動已經過精心設計，目的在於教育潛在新會員：我們是同級最佳（best-in-class）的軟體與教育提供者，並且擁有六年的歷史。

We also always emphasize that we have extremely positive reviews on social media, including a five-star Google rating. We're confident that with our new quality tools that we're upgrading constantly our community and education services coupled with the fact that we are well capitalized. We will be able to continue to grow our user base for our core product. We continue to upgrade our core product to offer our members the best possible user experience.

我們也一向強調，我們在社群媒體上擁有極為正面的評價，包括 Google 五星評等。我們有信心，憑藉我們持續升級的新高品質工具、社群與教育服務，再加上我們資本充足，我們將能持續擴大核心產品的用戶基礎。我們也持續升級核心產品，以為會員提供最佳的使用者體驗。

In April, we released a mobile app for Apple and Android devices, and it has been well received by our user base, especially those that had to return to the workplace after the pandemic. We are also adding new charting features and new alert types to provide our members maximum edge in the stock market and options market. In addition to the marketing, and development initiatives I just discussed for our core product, we are also developing several new products that target new market segments that will significantly increase our total addressable market.

4 月我們推出了適用於 Apple 與 Android 裝置的行動 App，並獲得用戶群良好回饋，尤其是疫情後必須回到工作場所的用戶。我們也正在新增圖表功能與新的警示類型，讓會員在股票市場與選擇權市場中取得最大優勢。除了我剛才談到的核心產品行銷與開發計畫之外，我們也在開發數項新產品，鎖定新的市場區隔，將大幅提升我們的可服務市場總量（total addressable market）。

One of these products is called Stock Nanny. It is alert system for portfolio investors, self-directed investors. It does not encompass the day trader market like our current core product, and the addressable market for this product is exponentially larger. We are also working to deploy our first version of Blackbox Pro, which caters to the pro market. We currently do not have a pricing tier for pro traders. And we are adding this as well as the onboarding system for pro traders so that we can bring on institutions and professional traders, to our platform.

其中一項產品名為 Stock Nanny。它是一套面向投資組合投資人、以及自主管理投資人（self-directed investors）的警示系統。它不像我們目前的核心產品那樣涵蓋當沖交易者市場，而該產品的可觸及市場規模呈指數級更大。我們也正著手部署 Blackbox Pro 的第一個版本，以服務專業市場。我們目前尚未針對專業交易者提供定價級距（pricing tier）。我們將新增此級距，並建立專業交易者的導入（onboarding）系統，以便把機構與專業交易者帶到我們的平台上。

We are working on a crypto initiative, although we have put it third in line behind the aforementioned products because the crypto market is still less than stable at this time. So we're not at all abandoning the crypto initiative, but we're prioritizing things the way we see they should be done.

我們也在推進加密貨幣（crypto）相關計畫，但由於目前加密市場仍不夠穩定，我們將其排在前述產品之後的第三順位。因此，我們並非放棄加密計畫，而是依我們認為應有的方式來安排優先順序。

In addition to investing in these new products, we've continued to purchase our shares through our stock buyback program. Today we have purchased 499,028 shares at an average price of $1.89 for a total sum of $945,000. Our total authorized share purchase under this program is up to $2.5 million. To summarize, we're still very bullish on Blackbox and feel we're very well positioned to grow our user base for our core product and create significant new revenue streams with the new products we plan to launch.

除了投資這些新產品外，我們也持續透過庫藏股回購計畫買回公司股票。截至今日，我們已以平均每股 1.89 美元買回 499,028 股，總金額為 945,000 美元。本計畫核准的回購總額最高為 250 萬美元。總結來說，我們仍然非常看好 Blackbox，並認為我們在擴大核心產品用戶基礎方面具備良好定位，同時也能透過計畫推出的新產品創造顯著的新營收來源。

I want to thank all of our shareholders for their continued support. And I'll now turn things over to our CFO, Bob Winspear, so he can provide some details on our financial.

我要感謝所有股東持續的支持。接下來我把時間交給財務長 Bob Winspear，請他提供一些財務細節。

Thanks, Gust, and good afternoon, everybody. I'm just going to touch on some of the highlights from the earnings release. For additional information and a more complete review the financial statements, please refer to our Form 10-Q filed with the SEC today for significantly greater detail.

謝謝你，Gust，各位下午好。我將簡要說明財報新聞稿中的一些重點。如需更多資訊與更完整的財務報表檢視，請參閱我們今日向 SEC 提交的 Form 10-Q，其中有更為詳盡的內容。

Revenues for the quarter were just under $1.4 million as compared to $1.46 for the second quarter of last year. So we were down just about 4% from last year. But we were up 10% from the first quarter of 2022, which had $1.272 million in total revenue. So we were very pleased with a quarter-over-quarter growth from that perspective.

本季營收略低於 140 萬美元，相較去年第二季的 146 萬美元，約年減 4%。但相較 2022 年第一季的總營收 127.2 萬美元，則季增 10%。因此，從季對季成長的角度來看，我們對本季表現感到非常滿意。

And that was driven by the higher subscriber counts that Gust had mentioned at 600 -- or 6,181. And the promotion we ran in March of this year. For the first six months, revenues were $2.7 million compared to just about $3 million in 2021, a drop of 9.5%. As we've discussed, this is driven by lower average prices by our members and that promotion. The margins for the quarter were just a little bit lower than they were -- we had 64% for the quarter and 60% for the six months ended 2022 as compared to margins in the 72% range throughout 2021.

這主要由 Gust 提到的較高訂閱戶數所帶動，為 6,181 人，以及我們在今年 3 月進行的促銷。以前六個月來看，營收為 270 萬美元，相較 2021 年約 300 萬美元，下降 9.5%。如我們先前討論，這是由於會員平均價格較低以及該促銷所致。本季毛利率略低於先前水準——本季為 64%，2022 年截至目前六個月為 60%，相較 2021 年全年毛利率大多落在 72% 左右。

That is driven by two things. One is the impact of the customers having minimal revenue from the spring breakout sale that we've talked about. And we also had some costs increases over the 2022 period. And those really related to improvements we had made in our social and audio chat features, as well as a little bit more in the expense from our data feeds.

這由兩個因素所驅動。第一，是我們談到的春季突破促銷使客戶帶來的營收非常有限所造成的影響。第二，是 2022 年期間我們的部分成本上升，主要與我們在社交與語音聊天功能上的改進有關，另外也包括數據饋送（data feeds）費用略有增加。

Operating expenses have continued to increase in 2022, as compared to 2021, as we expected. Total operating expenses for the quarter were $2,068,000, as compared to $1,000,171 -- $1,000,172, in the second quarter of 2021. And just the quarter of the six months, we're looking at total of $3.78 million for the six months ended June 30, as compared to $2.1 million, the prior year. So we're up approximately $900,000 for the quarter, and $1.7 million -- or $1.66 million for the six months. And so those increases are going in the 76% and 78% range, as we'd expect. So we're continuing to invest in in our operating capabilities.

2022 年的營業費用相較 2021 年持續增加，符合我們的預期。本季營業費用總額為 2,068,000 美元，相較 2021 年第二季的 1,000,171 美元——1,000,172 美元。截至 6 月 30 日止六個月的營業費用總額為 378 萬美元，相較前一年度的 210 萬美元。因此，本季約增加 900,000 美元，六個月則增加 170 萬美元——或 166 萬美元。這些增幅約落在 76% 與 78% 的區間，符合我們的預期。因此，我們持續投資於營運能力的提升。

And if you look at the specifics behind those $900,000 of increases, for the first -- for the three months ended June 30, you see about half of that, or $575,000 was related to SG&A. And that's due to additional personnel. As you know, we've been increasing our headcount to deal with -- aid the expense of being a public company and still filling that out. We also had software development costs increased by about $142,000 this quarter over the prior year. And that's obviously driven by new products that we've been talking about, as well as continuing to build out our infrastructure for our existing system.

如果你看一下那增加的90萬美元背後的細項，在截至6月30日的三個月期間，你會看到其中大約一半，也就是57.5萬美元，與SG&A（銷售、一般及行政費用）有關。這是因為增加了人員。如各位所知，我們一直在增加人力編制，以因應——協助承擔——作為上市公司所帶來的費用，並且仍在持續補足相關配置。此外，本季相較去年同期，軟體開發成本也增加了約14.2萬美元。這顯然是由我們一直在談的新產品所驅動，同時也包括持續擴建我們既有系統的基礎設施。

Advertising and marketing grew up to about $526,000 for this quarter, as compared to $347,000 in the prior year, and about $300,000 for the first quarter this year. And the bulk of that increase was driven by some TV advertising that we had done for the second quarter, which cost about $153,000. And that advertising and marketing is more of a brand awareness, public relations -style of advertising as opposed to the direct marketing expense that we generally have with respect to our advertising and marketing expenditures.

本季的廣告與行銷費用成長至約52.6萬美元，相較去年同期為34.7萬美元，以及今年第一季約30萬美元。這項增加的主要原因，是我們在第二季投放了一些電視廣告，成本約15.3萬美元。而這些廣告與行銷更偏向品牌知名度、公共關係（PR）風格的宣傳，而不是我們一般在廣告與行銷支出中所採用的直接行銷費用。

So that's what happened with our operating expenses. And as a result, you'll see that the operating income for the quarter was negative loss, loss of $1,168,000 for the quarter, as opposed to a small loss of $117,000 in the prior year. And for the year, to date, the first six months were about $2,190,000 in operating income loss, as compared to a slight income in the prior year.

以上就是我們營業費用的變化。因此你會看到，本季營業利益為負，亦即本季營業損失為116.8萬美元，相較去年同期僅小幅損失11.7萬美元。就年初至今而言，前六個月的營業利益損失約為219萬美元，相較去年同期則為小幅獲利。

If you look at our balance sheet, our balance sheet's content is -- hasn't changed substantially, it tend to be very, very strong. We finished up the quarter with approximately $7.1 million in cash and marketable securities, which is down about $10.4 million -- from $10.4 million at year end. And that drop of $3,000,372 is comprised two things: one is the negative EBITDA that we refer to driven largely by the operating losses. So we had negative EBITDA for the first six months, just about $2 million, but $1,000,009.

如果你看我們的資產負債表，資產負債表的內容——並沒有實質性的變化，整體仍然非常、非常強健。我們在本季結束時，現金及有價證券約為710萬美元，較年末的1,040萬美元下降約——從年末的1,040萬美元。這3,000,372美元的下降由兩部分構成：其一是我們提到的負EBITDA，主要由營運虧損所驅動。因此前六個月我們的EBITDA為負，接近200萬美元，但為1,000,009美元。

And we also bought back $949,000 worth of our stock, as Gust had mentioned earlier in the treasury stock buybacks. But we still are -- so we have a significantly strong cash and marketable securities position, which we like having in the current environment, obviously, and gives us some strength moving forward in what could be some -- another couple of quarters of tough economic times.

另外，我們也回購了94.9萬美元的股票，正如Gust先前在庫藏股回購中提到的。不過我們仍然——也就是說，我們仍擁有相當強勁的現金及有價證券部位；在目前的環境下我們顯然喜歡維持這樣的狀態，並且在未來可能還會有——接下來幾季可能仍是艱困的經濟時期——時，給予我們一些前進的底氣。

We remain very excited about the balance of 2022. Certainly, with the new products that we are looking at, as well as in 2023, the new products, the expanding the functionality of what our existing system can do, as well as doing new market targeting new market segments and increasing our addressable market.

我們對2022年剩餘期間仍然非常振奮。當然，包含我們正在評估的新產品，以及在2023年的新產品、擴充既有系統功能所能做到的事情，同時也會開拓新市場、鎖定新的市場區隔，並提升我們的可服務市場（addressable market）。

So with that, appreciate your time, and I'd like to open it up for questions.

那麼，感謝各位撥冗，我想開放大家提問。

(Operator Instructions) Ed Woo, Ascendiant Capital. Please go ahead.

（接線員指示）Ascendiant Capital 的 Ed Woo。請開始。

Yeah. Thank you for taking my question. My question is, as the market has rebounded, how you saw investor interest return? Thank you.

是的，謝謝讓我提問。我的問題是，隨著市場反彈，你們看到投資人興趣如何回升？謝謝。

When you say investor interest, I'm assuming you're speaking about memberships or subscriptions. And yes, we have seen a slight uptick, although turbulent markets sometimes create a little bit longer pause before people want to jump back in. But again, we are working very diligently to make sure our messaging lets prospective new people, or new members know that turbulent markets are good for trading. They're not always good for long term investors in the short run, but they're very good for traders. Not everyone knows that because that's one of the biggest hurdles we have to get over.

你說的投資人興趣，我假設你指的是會員或訂閱。是的，我們確實看到些微回升，雖然市場動盪有時會讓人們在想要重新進場前多停頓一段時間。不過，我們再次非常努力地確保我們的訊息傳達，讓潛在的新用戶或新會員知道：動盪的市場對交易是有利的。短期來看，它不一定對長期投資人有利，但對交易者非常有利。並不是每個人都知道這點，因為這是我們必須跨越的最大障礙之一。

So to answer your question, there has been a slight uptick in membership. But I don't think we will see a sustained or strong surge in membership, until the market proves itself to be on a continual bull run. But having said that, we are making very diligent efforts to educate prospective users that you don't have to have a bull market to make money as a trader in the market. Does that answer your question?

所以回答你的問題，會員數確實有些微上升。但我不認為在市場證明自己進入持續的多頭走勢之前，我們會看到會員數出現持續或強勁的激增。不過話說回來，我們正非常努力地教育潛在用戶：作為市場中的交易者，你不必一定要有多頭市場才能賺錢。這有回答你的問題嗎？

Yes, it does. Thank you very much, and I wish you guys good luck. Thank you.

有的，謝謝你。非常感謝，也祝你們好運。謝謝。

Thanks.

謝謝。

Yeah, Ed.

好的，Ed。

Joe Gomes, Noble Capital.

Noble Capital 的 Joe Gomes。

Good afternoon, gentlemen.

各位先生，下午好。

Good afternoon.

下午好。

I was wondering if you could give us what the quarter and total member number was? And is there any way are you guys quant -- can you quantify how many of the promotional signups actually became full subscribers?

我想請問你們能否提供本季以及累計的會員總數？另外，有沒有辦法——你們是否能量化有多少促銷註冊者最後真的成為正式訂閱戶？

Yeah, Joe, that's a good question. We don't want to quantify membership at the end of the quarter, because it's an average of promo users. And we don't have a full picture of how many are remaining. But as of the end of the quarter, we retain about one-third of the promotional users by the best get -- best analytics that we use to determine that. So it is an effective way to market for us.

是的，Joe，這是個好問題。我們不想量化季末的會員數，因為其中包含促銷用戶的平均值。而且我們也沒有完整掌握有多少人仍然留存。不過截至季末，依我們用來判定的最佳——最佳分析——我們大約留住了三分之一的促銷用戶。所以這對我們而言是一種有效的行銷方式。

And I'll answer this question with a little bit more of informational statement, we learned we had to kind of adapt. We were a leading provider and there were there wasn't as much competition for such a long time. We never had to offer this very low price from a -- to lower the barrier to entry. We didn't have to do it before.

我會用更偏資訊性的說法來回答這個問題：我們學到我們必須做一些調整。我們長期以來一直是領先的供應商，競爭也沒有那麼激烈。我們從來不需要用這麼低的價格——以降低進入門檻。我們以前不必這麼做。

We experienced enormous growth and never did any sort of extreme price. We never reduced our price from the $99 down to $5 promotion for the first month. But because the markets were turbulent and sales were down, we decided to give something new a try. And we were very, very pleased with the results.

我們曾經經歷非常巨大的成長，也從未做過任何極端的降價。我們從未把價格從99美元降到首月5美元的促銷。但因為市場動盪、銷售下滑，我們決定嘗試一些新做法。而我們對結果感到非常、非常滿意。

And if we do it, again, which we plan to do something -- maybe not the exact same type of promotion, but something similar, we think that we can really leverage the new users more so than we did this first time around. We learned so much from this type of promotion.

如果我們再次這麼做——我們確實計畫再做一些——也許不是完全相同的促銷形式，但會是類似的做法——我們認為我們可以比第一次更有效地槓桿運用新用戶。我們從這種促銷中學到了很多。

So the bad market and the loss and subscribers -- or the loss and growth of subscribers was somewhat painful. But it also allowed us to pivot, adapt, and learn how to do some marketing that we never had to do before. As they say, necessity is the mother of invention. So we learned some new marketing tricks and we're going to use them in the future, and we think that there'll be even more effective the next time around.

所以，不佳的市場環境以及訂閱戶的流失——或訂閱戶成長的流失——確實有些痛苦。但它也讓我們得以轉向、調整，並學會一些我們以前從未需要做的行銷方式。正如人們所說，需求是發明之母。所以我們學到了一些新的行銷技巧，未來會加以運用，而且我們認為下次會更有效。

Great. And I mean when we talk about the marketing and the promotions, I mean, what do you think you guys can focus on to separate yourself, separate Blackboxstocks from all the other services that are out there and get that into the forefront of -- whether it be, traders and/or self-directed investors' minds?

很好。當我們談到行銷與促銷時，我的意思是，你們認為可以聚焦在哪些方面來凸顯差異化，讓 Blackboxstocks 從市面上其他服務中脫穎而出，並把它推到——不論是交易者和／或自主管理投資人的——心智最前端？

I'm glad you asked that question. One of the new video ads that we've created specifically addresses all the new services in the market, and asks the viewer a question, how do you know who's really legit? Then we ask them to refer to our history. We've been live since 2016. We're founded in 2014. We let them know that we're a best-in-class service with reviews from industry peers, and review sites for trading tools. We're ranked very high there. So we ask them to do their own research.

很高興你問到這個問題。我們新製作的一支影片廣告，特別針對市場上所有新服務，並向觀眾提出一個問題：你怎麼知道誰才是真的可靠？接著我們請他們參考我們的歷史。我們自2016年起就已上線營運，2014年成立。我們讓他們知道，我們是同級最佳（best-in-class）的服務，並且有來自行業同儕與交易工具評論網站的評價；我們在那裡的排名非常高。因此我們請他們自行做研究。

And one of the things we point them to is our five-star Google review. And we have 537 Google reviews. And they're all organic, from our members not augmented by Trustpilot, or services that augments. And users can tell when there's reviews that are augmented by what I would call review services.

而我們引導他們看的其中一項是我們在 Google 的五星評價。我們有537則 Google 評論，而且全部都是自然產生的，來自我們的會員，並非由 Trustpilot 或其他會「灌水」的服務所增補。使用者能分辨哪些評論是被我所稱的評論服務所增補的。

So to conclude, we've asked them to look at our social media reviews, our Google reviews, we cite our history as best-in-class. And we ask them, before they take that leap of faith on a new service, to investigate them thoroughly and find out if they're really what they say they are, because there's a lot of new services that are just that, they're new services.

所以總結來說，我們請他們查看我們的社群媒體評論、Google 評論，我們以同級最佳的歷史作為佐證。我們也請他們在對一個新服務做出信任的跳躍之前，先徹底調查，確認對方是否真的如其所言，因為市面上有很多新服務就只是——它們是新服務而已。

They came from a bull market run and everyone's a genius in a bull market. Not everyone knows how to coach, educate, and shepherd a member base through turbulent market. So we do that very well. We have the testimonials to prove it. And we're pointing to many of those in our new ad campaigns.

它們是在一波多頭行情中出現的，而在多頭市場裡人人都是天才。但並不是每個人都知道如何在市場動盪時，去指導、教育並帶領會員群體。我們在這方面做得非常好。我們有見證（testimonial）可以證明，而我們也在新的廣告活動中引用了許多這類內容。

Okay. And you did the e-trade integration. There has been one or two other ones in the past. Are you seeing any benefit to Blackbox from these integrations?

好的。你們也做了 E-Trade 的整合。過去也有一兩個其他整合。你們是否看到這些整合對 Blackbox 有任何好處？

Yes, we see a benefit. We have certain limitations as to how much we can advertise because we're dealing with corporate behemoth that have their own compliance departments and marketing departments. Some of the integration partners are easier to work with than others. But overall, it has been a very positive thing, because many of our users -- EasyTrade is their trading platform.

是的，我們看到有好處。我們在能夠如何宣傳方面有一些限制，因為我們面對的是擁有自家法遵部門與行銷部門的企業巨頭。有些整合夥伴比其他夥伴更容易合作。但整體而言，這一直是非常正面的事情，因為我們的許多用戶——EasyTrade 是他們的交易平台。

So we're able to internally market to them and let them know that we now are fully integrated with the E-Trade. So we have a lot of happy customers. And even if we're not allowed to put a commercial on CNBC that says we have an E-Trade integration, the word spreads through the grapevine and traders are very tight knit community, especially on social media. So the word kind of spreads for us.

因此我們能夠在內部向他們行銷，讓他們知道我們現在已與 E-Trade 完整整合。所以我們有很多滿意的客戶。即使我們不被允許在 CNBC 投放一支廣告說我們有 E-Trade 整合，消息也會透過口耳相傳擴散；交易者是一個非常緊密的社群，尤其是在社群媒體上。所以消息某種程度上會替我們傳開。

Okay. One more, if I may. You mentioned some of the products that -- in development Stock Nanny and the Pro version. Any idea of when those might be released?

好的。如果可以的話，再問一個。你提到一些正在開發中的產品——Stock Nanny 和 Pro 版本。大概什麼時候可能會發布？

Yeah, I hope to have Stock Nanny in beta before year-end and released sometime in early 2023. The Pro is a little bit different endeavor, we may do it in multiple iterations. We may do a Blackbox Pro Light and then go for a much more comprehensive version on a second run. So we're internally discussing that now. But we will offer Pro users access to our system with some enhanced features probably prior to year-end.

是的，我希望在年底前讓 Stock Nanny 進入 beta，並在 2023 年初的某個時間正式發布。Pro 則是有點不同的計畫，我們可能會分多個迭代來做。我們可能先做 Blackbox Pro Light，之後第二輪再推出更全面的版本。所以我們目前正在內部討論。不過我們會在年底前，可能就先讓 Pro 用戶以一些強化功能存取我們的系統。

Great. Thanks, guys. Looking forward to seeing how the story continues to unfold.

太好了。謝謝各位。期待看到這個故事接下來如何發展。

Thank you, Joe.

謝謝你，Joe。

Thank you.

謝謝。

Brian Swift, Security Research Associates.

Brian Swift，Security Research Associates。

Thanks. Just a follow up to the last question. Can you give us a little more color on Stock Nanny and in the professional in terms of features. And I mean, there are a lot of alert systems with -- that we're used to like with Schwab and other trading platforms, and maybe a little idea about some color on how you plan to price these products.

謝謝。延續上一個問題，你能否再多談一些 Stock Nanny 與專業版在功能方面的細節？我的意思是，我們習慣了像 Schwab 和其他交易平台那樣的各種警示系統；也希望你能談談你們打算如何為這些產品定價。

Sure. Thanks, Brian. Stock Nanny is unique in my opinion. And it's very different than any other alert system that you can set through your brokerage app. Stock Nanny allows you to download your portfolio from your brokerage and then set custom alerts based on the stocks that you want alerts on. When I say custom alerts, we use a lot of our proprietary technology, the technology that does not exist on current platforms, as far as the brokerage platforms. I'll give you a for instance.

當然。謝謝你，Brian。我認為 Stock Nanny 很獨特，且與你在券商 App 裡能設定的任何其他警示系統都非常不同。Stock Nanny 讓你可以從券商下載你的投資組合，然後針對你想接收警示的股票設定自訂警示。所謂自訂警示，我們使用了大量自有專利技術；就券商平台而言，這些技術在現有平台上並不存在。我舉個例子。

We have some of the best options data out there. That's why people that use thinkorswim, or people that use other brokerage platforms that have comprehensive tools of their own, use Blackbox to augment their ability to track options flow in the market. So one of the many alerts that Stock Nanny can provide is bullish options activity in a particular stock, which is very useful to a portfolio holder.

我們擁有市面上一些最好的選擇權資料。這也是為什麼使用 thinkorswim 的人，或使用其他本身就有完整工具的券商平台的人，會用 Blackbox 來強化他們追蹤市場選擇權資金流向的能力。因此，Stock Nanny 能提供的眾多警示之一，就是某檔股票出現看多的選擇權活動，這對投資組合持有人非常有用。

We also have a rapid decline alert. This is a function of one of our algos for day traders. Day traders use this particular alert to short stocks, intraday most of the time on a scalp-type situation. But when it's applied to a portfolio holder, this can be an early alert that something's going terribly wrong even in the pre-market that they may or may not have known.

我們也有快速下跌警示。這是我們其中一個供當沖交易者使用的演算法功能。當沖交易者多半在剝頭皮式的情境下，使用這個特定警示來做日內放空。但當它應用在投資組合持有人身上時，這可以成為一個提早的警訊：即使在盤前，可能也有非常糟糕的事情正在發生，而他們可能知道也可能不知道。

So those are two of hundreds of examples of the proprietary alerts that we feel are more comprehensive and significant to a portfolio holder. We've adapted them from what we use in our tech stack for traders to speak or to service the portfolio holder. And it integrates cleanly with any brokerage platform, allowing the user with one push of a button to download their entire portfolio into this app.

所以，這只是我們認為對投資組合持有人而言更全面、也更重要的自有警示之數百個例子中的兩個。我們把原本用在交易者技術堆疊中的功能調整過，讓它能對投資組合持有人發揮作用並提供服務。它也能與任何券商平台乾淨整合，讓使用者只要按一下按鈕，就能把整個投資組合下載到這個 App 裡。

As far as pricing, it's about $12. Right now, we have it at $12 to $15 a month price range, not more than $150 per year. And I believe strongly that this particular app, if it saves a self-directed investor $1,000 loss one time, they will never get rid of the app. It's a don't-leave-home-without-it type thing. So we're very, very excited about getting this out. And we have some unique integrations with some of the brokerages to allow people to trade right out of there -- right out of the alert they received without having to log on to the brokerage system separately.

至於定價，大約是 12 美元。目前我們設定在每月 12 到 15 美元的區間，每年不超過 150 美元。我也非常相信，這個 App 只要有一次幫自主管理的投資人避免了 1,000 美元的損失，他們就再也不會把它取消。這是一種「出門不能不帶」的工具。所以我們非常、非常期待把它推出。我們也與一些券商做了獨特的整合，讓人們可以直接從那裡——也就是從他們收到的警示——直接下單交易，而不必另外登入券商系統。

How about the Pro?

那 Pro 呢？

The Pro has a multitude of features that we don't currently offer to our Blackbox subscriber base. It's got an enhanced watch list that has all the data sets and grid features that a lot of the quote -- more quote oriented systems have. But we also have some advanced charting tools that some of the quote medias of the world and other pro systems don't have. So what we're doing is we're combining a lot of our proprietary features with a standard data set that other pro services use.

Pro 具備許多我們目前尚未提供給 Blackbox 訂閱用戶的功能。它有強化版的觀察清單，包含許多偏報價導向系統所具備的所有資料集與網格功能。但我們也有一些進階繪圖工具，是一些報價媒體類平台以及其他專業系統所沒有的。因此我們正在做的是，把我們許多自有功能與其他專業服務使用的標準資料集結合起來。

And we feel that the combination of these proprietary features, along with the standardized features, in a much more user-friendly format than a lot of these current platforms offer. That's one of our strengths as we created a very, very unique user-friendly interface. We feel the combination of those features will give us a very large audience with the pros and a large subscriber base there.

我們認為，這些自有功能加上標準化功能的組合，並以比許多現有平台更友善的形式呈現，將會是我們的優勢之一，因為我們打造了一個非常、非常獨特且易用的使用者介面。我們相信這些功能的組合，將讓我們在專業用戶中擁有非常大的受眾，並在那裡建立龐大的訂閱基礎。

Okay. Thank you.

好的。謝謝你。

Thanks, Brian.

謝謝你，Brian。

And at this point, I would like to turn the conference back over to Bob to read any kind of webcast questions. Please go ahead.

此時，我想把電話會議交回給 Bob，請他宣讀任何網路直播的提問。請開始。

Sure. Thank you. We have this one question here is looking for us to repeat how much stock we bought back and how much as allowed. And so, through the June 30, we have purchased $945,000 worth of stock. And that's for approximately 499,000 shares and the total program is $2.5 million is authorized through the end of this year. I think that's all the questions we have from the web. Gust, want to wrap it up?

好的。謝謝。有一個問題是希望我們重複說明我們回購了多少股票，以及核准的額度是多少。因此，截至 6 月 30 日，我們已回購價值 945,000 美元的股票，約為 499,000 股；整體回購計畫核准額度為 250 萬美元，授權至今年年底。我想這就是我們從網路收到的所有問題。Gust，要不要做個總結？

Again, I'd like to thank everybody for joining us. We have managed to adapt and pivot in somewhat of a turbulent market. Like I said, it's easy to be a genius and a success in a bull market in a financial technology company. But when times are tough, and things are turbulent, the experience of our team traders, that are in our community and our educators, has enabled us to maintain our user base to a level that allows us to continue to grow and forward our technology initiatives to create new products, better products, more enhanced products, that will continue to give our users the edge in the market.

再次感謝大家加入我們。我們已經在某種程度上動盪的市場中成功調整並轉向。正如我說的，在金融科技公司遇到多頭市場時，要成為天才並取得成功很容易。但當時局艱難、波動加劇時，我們團隊交易員的經驗、我們社群中的交易者以及我們的教育者，使我們得以把用戶基礎維持在一個水準，讓我們能持續成長，並推進我們的技術計畫，打造新產品、更好的產品、更強化的產品，持續讓用戶在市場中取得優勢。

And we are very excited about the new products going to release in 2023. And excited about the growth of our core product, which I expect things to accelerate again. I don't have a crystal ball, but everything's cyclical. And I think even if we don't have another huge bull market, we'll be able to be back on track and growing rapidly.

我們也對 2023 年將要發布的新產品感到非常興奮，也對核心產品的成長感到興奮；我預期各項動能會再次加速。我沒有水晶球，但一切都是循環的。我認為即使我們不會再迎來另一個巨大的多頭市場，我們也能回到正軌並快速成長。

So with that, I'll thank everyone for their support and interest in Blackbox and attending the call today. And I'll turn it back over to close it out the call.

因此，在此我要感謝大家對 Blackbox 的支持與關注，以及今天參與本次電話會議。我會把會議交回去，請對方做結語並結束本次通話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

本次會議到此結束。感謝您參加今天的簡報。您現在可以掛斷電話線。