Intelligent Protection Management Corp (IPM) 2024 Q4 法說會逐字稿

Greetings. Welcome to the Intelligent Protection Management Corporation Q4 2024 results conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加智慧防護管理公司 2024 年第四季業績電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Kara Jenny, CFO. You may begin.

現在我將會議交給主持人、財務長卡拉珍妮 (Kara Jenny)。你可以開始了。

Hello, everyone, and welcome to the IPM operating and financial results conference call for the fourth quarter and year ended December 31, 2024. By now, everyone should have access to the earnings results press release, which was issued earlier this afternoon at approximately 4:00 PM Eastern Time. This call is being webcast and will be available for replay.

大家好，歡迎參加 IPM 2024 年 12 月 31 日第四季和年度營運和財務業績電話會議。現在，每個人都應該可以看到收益結果新聞稿，該新聞稿於今天下午早些時候東部時間下午 4 點左右發布。本次通話正在進行網路直播，並可重播。

In our remarks today, we will include statements that are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements about future results of operations, business strategies and plans, our relationships with our customers, as well as market and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions.

在我們今天的演講中，我們將納入《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，包括有關未來經營業績、業務戰略和計劃、我們與客戶的關係以及市場和潛在增長機會的前瞻性陳述。此外，管理階層可能會針對您的問題做出更多前瞻性陳述。

Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks, uncertainties, and assumptions related to factors that may cause actual results to differ materially from those anticipated in the forward-looking statements. These expectations and beliefs may not ultimately prove to be correct.

前瞻性陳述是基於管理階層目前的認知和預期，並受某些風險、不確定性和假設的影響，這些風險、不確定性和假設與可能導致實際結果與前瞻性陳述中預期的結果有重大差異的因素有關。這些期望和信念最終可能不會被證明是正確的。

A detailed discussion of such risks and uncertainties are contained in our filings with the SEC, including our annual report on Form 10-K. You should refer to and consider these factors when relying on such forward-looking information. The company does not undertake and expressly disclaims any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

我們向美國證券交易委員會提交的文件中詳細討論了此類風險和不確定性，包括我們的 10-K 表年度報告。當您依賴此類前瞻性資訊時，您應該參考並考慮這些因素。本公司不承擔並明確否認任何更新或修改我們的前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

On this call, we will refer to adjusted EBITDA, a non-GAAP measure that when used in combination with GAAP results, provide us and our investors with additional analytical tools to understand our operations. For adjusted EBITDA, we've provided a reconciliation to the most directly comparable GAAP financial measure in our earnings press release, which will be posted on the Investor Relations section of our website at www.ipm.com.

在本次電話會議上，我們將參考調整後的 EBITDA，這是一種非 GAAP 指標，與 GAAP 結果結合使用時，可為我們和我們的投資者提供額外的分析工具來了解我們的營運情況。對於調整後的 EBITDA，我們在收益新聞稿中提供了與最直接可比較的 GAAP 財務指標的對賬，該對賬將發佈在我們的網站 www.ipm.com 的投資者關係部分。

And with that, I would like to introduce IPM's Chief Executive Officer, Jason Katz.

接下來，我想介紹 IPM 的執行長 Jason Katz。

Thank you, Kara. And good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. As previously disclosed in January 2025, we completed our acquisition of Newtek Technology Solutions, or NTS, from NewtekOne and the sale of our Paltalk, Camfrog, and Vumber applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings, Inc.

謝謝你，卡拉。大家下午好。我們非常感謝您抽出時間參加今天的電話會議。如 2025 年 1 月所披露的那樣，我們完成了從 NewtekOne 收購 Newtek Technology Solutions（NTS）的交易，並將我們的 Paltalk、Camfrog 和 Vumber 應用程式以及與此類應用程式相關的某些資產和負債出售給 Meteor Mobile Holdings, Inc.。

The financial results for the three months and year ended December 31, 2024, discussed throughout this call relate to our business prior to such transactions. We will also provide the rationale behind our transition into the cloud infrastructure and cybersecurity sectors and provide color on our new business objectives and strategies.

本次電話會議討論的截至 2024 年 12 月 31 日的三個月和一年的財務業績與此類交易之前的業務有關。我們還將提供向雲端基礎設施和網路安全領域轉型的理由，並闡述我們的新業務目標和策略。

After my opening statement, our CFO, Kara Jenny, will give a summary of our financial results for the fourth quarter and year ended December 31, 2024, which again are reflective of our historic business prior to the transactions. Following our prepared remarks, we will move into the Q&A portion and answer any questions that were submitted prior to this call. With that, I would now like to walk you through our recent financial and operating highlights and near-term business objectives.

在我的開場發言之後，我們的財務長 Kara Jenny 將總結我們截至 2024 年 12 月 31 日的第四季度和年度的財務業績，這再次反映了我們交易之前的歷史業務。在我們準備好發言之後，我們將進入問答環節，回答本次電話會議之前提交的任何問題。現在，我想向大家介紹我們最近的財務和營運亮點以及近期的業務目標。

With the closing of our acquisition of NTS and our divestiture of our communication software and multimedia social platforms in early January 2025, we have officially moved our company into the cloud infrastructure and cybersecurity sectors. We believe these transformational transactions will have a meaningful impact on our revenue and will provide us with additional opportunities for growth and a strong value proposition for our stockholders.

隨著我們對NTS的收購於2025年1月初完成以及我們對通訊軟體和多媒體社交平台的剝離，我們已正式將公司進軍雲端基礎設施和網路安全領域。我們相信這些轉型交易將對我們的收入產生重大影響，並將為我們提供額外的成長機會和為股東提供強大的價值主張。

While we are focused on delivering growth and increasing profitability as a managed technology solutions provider, we believe we bolstered our value in 2024 by successfully defending our intellectual property. In addition, as a result of the divestiture, IPM is eligible to receive certain earn-out payments in the future based on Meteor Mobile's cash revenue attributable to the Paltalk, Camfrog, and Vumber applications. We're very excited with the prospect of expanding our managed technology solutions business, particularly in the cloud infrastructure and cybersecurity sectors.

作為託管技術解決方案提供商，我們專注於實現成長和提高獲利能力，但我們相信，透過成功捍衛我們的智慧財產權，我們將在 2024 年提升我們的價值。此外，由於此次剝離，IPM 未來有資格根據 Meteor Mobile 來自 Paltalk、Camfrog 和 Vumber 應用程式的現金收入獲得一定的盈利支付。我們對擴展託管技術解決方案業務的前景感到非常興奮，特別是在雲端基礎架構和網路安全領域。

Following the transactions, our team is reenergized and focused on the growth of our business. Additionally, we expect that the recently announced referral arrangement with NewtekOne, a current client, and a financial holding company with tens of thousands of its own business clients, has great potential to help us find new customers. We believe that cybersecurity is a technology area that is top of mind for all companies, small and large and ripe for growth. Additionally, we believe there will be ample merger and acquisition opportunities to further scale growth. We look forward to growing the business and building a healthy pipeline of prospective and new customers.

交易完成後，我們的團隊將重新煥發活力，專注於業務成長。此外，我們預計，最近宣布的與現有客戶 NewtekOne 和擁有數萬個自身商業客戶的金融控股公司達成的推薦協議，將有很大潛力幫助我們找到新客戶。我們相信，網路安全是所有公司（無論大小，無論是否具備發展潛力）最關心的技術領域。此外，我們相信將會有充足的併購機會來進一步擴大規模。我們期待業務成長並建立健康的潛在客戶和新客戶管道。

As a result of the transformative transactions, our near-term business objectives now include continuing the integration of our comprehensive range of IT-related solutions; incorporating ManyCam as an offering for our new customers and seeking to optimize our cross-selling efforts with our other technology solutions; continuing to explore strategic opportunities, including, but not limited to, potential mergers or acquisitions of other assets or entities that are synergistic to our businesses; and continuing to defend our intellectual property.

由於這些變革性交易，我們的近期業務目標現在包括繼續整合我們全面的 IT 相關解決方案；將 ManyCam 作為我們為新客戶提供的服務，並尋求透過我們的其他技術解決方案優化我們的交叉銷售工作；繼續探索策略機遇，包括但不限於與我們的業務具有協同作用的其他資產或實體的潛在合併或收購；並繼續捍衛我們的智慧財產權。

In regards to our patent litigation, on July 23, 2021, our wholly owned subsidiary, Paltalk Holdings, Inc., filed a patent infringement lawsuit against WebEx Communications, Inc.; Cisco WebEx LLC; and Cisco Systems, Inc. in the District Court for the Western District of Texas. We alleged that certain of Cisco's products infringed US patent number 6683858 and that we were entitled to damages.

關於我們的專利訴訟，2021年7月23日，我們的全資子公司Paltalk Holdings, Inc.對WebEx Communications, Inc.提起專利侵權訴訟；思科 WebEx LLC；以及思科系統公司在德州西區地方法院的訴訟。我們聲稱思科的某些產品侵犯了美國專利號 6683858，我們有權獲得賠償。

On August 26, 2024, a jury trial commenced in the Western District of Texas before the Honorable Judge Alan Albright. On August 29, 2024, after four days of trial, the jury awarded us $65.7 million in the jury verdict in connection with the lawsuit. On October 8, 2024, an order granting a motion for final judgment was entered into in the court in connection with the lawsuit. The final judgment was entered in our favor in the amount of the award and started the time for filing any post-trial motions or appeal.

2024 年 8 月 26 日，在尊敬的法官艾倫·奧爾布賴特 (Alan Albright) 的主持下，陪審團在德克薩斯州西區開始審判。2024 年 8 月 29 日，經過四天的審判，陪審團就該訴訟作出了裁決，判給我們 6,570 萬美元。2024年10月8日，法院就該訴訟作出了准予最終判決動議的命令。最終判決對我們有利，賠償金額也由我們決定，並開始了提交任何審判後動議或上訴的時間。

The exact amount of the award proceeds to be received by us will be determined based on a number of factors and will reflect the deduction of significant litigation-related expenses, including legal fees. Consequently, we estimate that we would receive no more than one-third of the gross proceeds in connection with the award subject to post-trial proceedings, including any potential appellate proceedings by Cisco. We have not recorded any gain contingency in connection with the award.

我們將收到的獎金的具體金額將根據多種因素確定，並將反映扣除與訴訟相關的重大費用，包括法律費用。因此，我們估計，我們將獲得不超過與審判後程序（包括思科的任何潛在上訴程序）相關的裁決總收益的三分之一。我們沒有記錄與該獎項有關的任何收益或有事項。

Now I'd like to pass it to Kara for a financial summary of the fourth quarter and year ended December 31, 2024.

現在，我想將其交給卡拉，請她提供截至 2024 年 12 月 31 日的第四季和年度財務摘要。

Thank you, Jason. Revenue from continuing operations increased 9.1% to $0.3 million from nearly $0.3 million as a result of increased sales from ManyCam, including revenue from discontinued operations of $1.9 million and $2.4 million for the three months ended December 31, 2024 and 2023, respectively, which is included in the loss from discontinued operations on the statement of operations.

謝謝你，傑森。由於 ManyCam 銷售額增加，持續經營收入從近 30 萬美元增長 9.1% 至 30 萬美元，其中包括截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的三個月的停止經營收入分別為 190 萬美元和 240 萬美元，這包含在經營中的停止經營損失報表中的停止經營損失。

Revenue decreased 21% to $2.1 million from $2.7 million, primarily due to a decrease in subscription revenue and virtual gift revenue from Paltalk, Camfrog, partially offset by increased revenue from advertising. Net loss from continuing operations increased by 142% to $1.4 million compared to a net loss from continuing operations of $0.6 million and included $0.6 million of increased professional fees incurred in connection with the transactions as well as increased public company expenses and an increase in compensation expense related to the transactions.

收入從 270 萬美元下降 21% 至 210 萬美元，主要原因是 Paltalk、Camfrog 的訂閱收入和虛擬禮物收入減少，但廣告收入增加部分抵消了這種影響。持續經營淨虧損增加 142% 至 140 萬美元，而持續經營淨虧損為 60 萬美元，其中包括與交易相關的增加的 60 萬美元專業費用以及增加的上市公司費用和增加的與交易相關的薪酬費用。

Loss from discontinued operations increased by 1,449% to $4.1 million compared to income from discontinued operations of $0.3 million and included a one-time impairment loss on divested assets of $3.8 million as well as a decrease in virtual gift revenue from discontinued operations compared to the three months ended December 31, 2023. Net loss increased by 1,840% to $5.5 million compared to $0.3 million. Adjusted EBITDA loss was $1.5 million compared to adjusted EBITDA loss of $0.2 million, an increase of 594%. Net cash used in operating activities for the quarter was $1.5 million.

與截至 2023 年 12 月 31 日的三個月相比，終止經營業務的虧損增加了 1,449%，達到 410 萬美元，而終止經營業務的收入為 30 萬美元，其中包括 380 萬美元的一次性剝離資產減值損失，以及終止經營業務產生的虛擬禮品收入有所減少。淨虧損從 30 萬美元增加 1,840%，達到 550 萬美元。調整後的 EBITDA 虧損為 150 萬美元，而調整後的 EBITDA 虧損為 20 萬美元，成長了 594%。本季經營活動所用淨現金為 150 萬美元。

Now turning to financial results for the year ended December 31, 2024, revenue from continuing operations increased 14% to $1.1 million from $1 million as a result of increased sales from ManyCam. When including the revenue from discontinued operations of $8 million and $10 million for the year ended December 31, 2023, respectively, which is included in the loss from discontinued operations on the statement of operations, revenue decreased 17% to $9.1 million from $10.9 million, primarily due to a decrease in subscription and virtual gift revenue from Paltalk and Camfrog, partially offset by increased revenue from advertising.

現在來看看截至 2024 年 12 月 31 日的財務業績，由於 ManyCam 的銷售額增加，持續經營收入從 100 萬美元增長 14% 至 110 萬美元。如果將截至 2023 年 12 月 31 日止年度的 800 萬美元和 1000 萬美元的非持續經營收入（包含在營運報表的非持續經營損失中）計入，收入將從 1090 萬美元下降 17% 至 910 萬美元，這主要是由於 Paltalk 和 Camfrog 的訂閱和廣告收入的部分抵消了這一收入。

Net loss from continuing operations increased by 59% to $4.3 million compared to net loss from continuing operations of $2.7 million and included $1.8 million of increased professional fees incurred in connection with the transactions as well as increased public company expenses and an increase in compensation expense related to the transactions.

持續經營淨虧損增加 59% 至 430 萬美元，而持續經營淨虧損為 270 萬美元，其中包括與交易相關的專業費用增加 180 萬美元以及上市公司費用增加和與交易相關的薪酬費用增加。

Loss from discontinued operations increased by 357% to $4.2 million compared to income from discontinued operations of $1.6 million for the year ended December 31, 2024, and included a one-time impairment loss on divested assets of $3.8 million as well as a decrease in virtual gift revenue from discontinued operations compared to the three months ended December 31, 2023.

與截至 2024 年 12 月 31 日止三個月的終止經營收入 160 萬美元相比，終止經營虧損增加 357% 至 420 萬美元，其中包括剝離資產的一次性減損損失 380 萬美元，以及與截至 2023 年 12 月 31 日止三個月相比，終止經營產生的虛擬禮品。

Net loss increased by 690% to $8.4 million compared to a net loss of $1.1 million. Adjusted EBITDA loss was $4.4 million compared to adjusted EBITDA loss of $1 million, an increase of 338%. The company had $10.6 million in cash and no long-term debt on its balance sheet as of December 31, 2024.

淨虧損從 110 萬美元增加 690% 至 840 萬美元。調整後的 EBITDA 虧損為 440 萬美元，而調整後的 EBITDA 虧損為 100 萬美元，成長了 338%。截至 2024 年 12 月 31 日，該公司資產負債表上擁有 1,060 萬美元現金，且沒有長期債務。

We will now move on to the questions we received for Jason. First question. Should we expect to see additional patent infringement lawsuits filed by you?

我們現在將討論 Jason 提出的問題。第一個問題。我們是否應該期待看到您提起更多專利侵權訴訟？

Intellectual property is a very important asset for the company, and we continuously review our patent portfolio in order to protect our intellectual property.

智慧財產權是公司非常重要的資產，我們不斷審查我們的專利組合以保護我們的智慧財產權。

Next question. Since you've now owned the cybersecurity and cloud infrastructure business for more than two months, are you more or less enthusiastic about its growth prospects?

下一個問題。您現在已經擁有網路安全和雲端基礎設施業務兩個多月了，您對其成長前景是更加熱情還是不那麼熱情？

I remain very enthusiastic about the managed hosted cloud and managed cybersecurity businesses and its prospects for growth. Cybersecurity is essential for all businesses, large and small, and truly a necessity in today's world.

我仍然對託管雲端和託管網路安全業務及其成長前景非常熱衷。網路安全對於所有企業（無論大小）都至關重要，並且是當今世界的必需品。

Next question. What are the biggest challenges with the cybersecurity and cloud infrastructure business?

下一個問題。網路安全和雲端基礎設施業務面臨的最大挑戰是什麼？

Well, the cybersecurity and cloud infrastructure business, one of our main priorities is to deliver secure, compliant, and resilient technology to customers operating in highly regulated industries such as banking and finance. With the growth of AI and increased sophistication of cyber-related threats, one of our greatest challenges is remaining proactive and responsive in fortifying our infrastructure against the spectrum of potential risks that are continuously evolving.

嗯，網路安全和雲端基礎設施業務，我們的主要優先事項之一是為銀行和金融等嚴格監管行業的客戶提供安全、合規和有彈性的技術。隨著人工智慧的發展和網路相關威脅的日益複雜化，我們面臨的最大挑戰之一是保持積極主動和回應能力，加強我們的基礎設施以應對不斷演變的各種潛在風險。

Do you disclose any significant customers by name? And can you be more specific about what you do for your customers, narrowing it down within cybersecurity or cloud infrastructure?

您是否曾揭露過重要客戶的名字？您能否更具體地說明您為客戶所做的工作，範圍是網路安全還是雲端基礎設施？

As mentioned above, NewtekOne is currently our largest customer. We serve a diverse customer base across various industries, including, among others, finance, legal, healthcare, and manufacturing. As far as our offered services, we provide managed IT security services, professional services, procurement services, secure private cloud hosting, managed backup and disaster recovery, and web hosting, each of which is discussed in greater detail in our annual report.

如上所述，NewtekOne 目前是我們最大的客戶。我們為各行業的多元化客戶群提供服務，其中包括金融、法律、醫療保健和製造業。就我們提供的服務而言，我們提供託管 IT 安全服務、專業服務、採購服務、安全私有雲託管、託管備份和災難復原以及網路託管，每項服務都在我們的年度報告中進行了更詳細的討論。

Are there opportunities to further expand and grow with existing customers?

是否有機會與現有客戶進一步擴大與發展？

We think there are numerous opportunities to expand and grow with both existing and new customers. In addition to managing client relationship, our sales force is focused on expanding the number of solutions our customers purchase from us by introducing them to additional solutions.

我們認為，無論是現有客戶或新客戶，都擁有巨大的擴張和發展機會。除了管理客戶關係之外，我們的銷售團隊還致力於透過向客戶介紹其他解決方案來擴大從我們這裡購買的解決方案的數量。

We believe our proactive high-touch service model ensures long-term client relationships and sustained competitive advantage in a rapidly evolving market. Additionally, in the future, we plan to make arrangements with third parties to incorporate AI features into our secure private cloud offerings, which we believe will have the potential to expand our service offerings with our existing customers.

我們相信，我們積極主動的高接觸服務模式能夠確保長期的客戶關係以及在快速發展的市場中持續的競爭優勢。此外，未來我們計劃與第三方合作，將人工智慧功能納入我們的安全私有雲產品中，我們相信這將有潛力擴展我們為現有客戶提供的服務。

The last question, can you discuss your product suite in a little more detail?

最後一個問題，您能更詳細地討論一下您的產品套件嗎？

Well, sure. IPM provides managed hosting, managed cybersecurity, backup and disaster recovery, procurement, and web hosting. The global managed services market is projected to grow to over $875 billion by 2032 according to Forbes Business Insights, which we believe creates an enormous opportunity. We differentiate ourselves with our expert IT, staff, and technical capability, including our 24/7 NOC. There are myriad tools and software available for all of these functions, but they are only as good as the people running them. Our goal is to provide the most reliable secure environment possible for our customers.

嗯，當然。IPM 提供託管主機、託管網路安全、備份和災難復原、採購和網站託管。根據《富比士商業洞察》預測，到 2032 年，全球託管服務市場規模將成長至 8,750 億美元以上，我們相信這將創造巨大的機會。我們憑藉專業的 IT、員工和技術能力（包括全天候 NOC）脫穎而出。有無數的工具和軟體可用於所有這些功能，但它們的優點取決於運行它們的人。我們的目標是為客戶提供最可靠、最安全的環境。

Thank you. Jason, back to you to close out the presentation.

謝謝。傑森，回到你這裡來結束演講。

Thanks again, everyone, for your support and for joining us today. We're very grateful for your interest in our business. We look forward to updating the market and our stockholders with our progress and reporting our first full quarter as IPM in early to mid-May. Have a great day.

再次感謝大家的支持和今天的參與。我們非常感謝您對我們業務的關注。我們期待向市場和股東更新我們的進展，並在 5 月初至中旬報告我們的第一個完整季度的 IPM。祝你有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。