Intelligent Protection Management Corp (IPM) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the earnings results conference call for Intelligent Protection Management Corporation. First quarter ended March 31, 2025. (Operator Instructions)

下午好，歡迎參加智慧防護管理公司收益結果電話會議。第一季截至 2025 年 3 月 31 日。（操作員指示）

And it is now my pleasure to turn the floor over to your host, Jason Katz, Chief Executive Officer of Intelligent Protection Management Corp., which we refer to as IPM and Kara Jenny, Chief Financial Officer of IPM. Kara, the floor is yours.

現在，我很高興將發言權交給主持人、智慧防護管理公司（我們簡稱為 IPM）的執行長 Jason Katz 和 IPM 的財務長 Kara Jenny。卡拉，現在輪到你了。

Hello, everyone, and welcome to the IPM Operating and Financial Results Conference Call for the first quarter ended March 31, 2025. By now, everyone should have access to the earnings results press release which was issued earlier this afternoon at approximately 4 PM Eastern Time. This call is being webcast and will be available for replay.

大家好，歡迎參加截至 2025 年 3 月 31 日的第一季 IPM 營運和財務業績電話會議。現在，每個人都應該可以看到今天下午早些時候（美國東部時間下午 4 點左右）發布的收益結果新聞稿。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 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. A detailed discussion of such risks and uncertainties are contained in our filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. 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.

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。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，包括截至 2024 年 12 月 31 日的 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, provides 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 has been 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，該新聞稿已發佈在我們網站 www.ipm.com 的投資者關係部分。

And with that, I'd 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, Inc., or NTS, from NewtekOne, Inc. and the sale of our Paltalk, Camfrog and Vumber applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings, Inc. which are referred to as the transferred assets.

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 月披露的那樣，我們完成了從 NewtekOne, Inc. 收購 Newtek Technology Solutions, Inc.（簡稱 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.，這些被稱為轉移資產。

The first quarter of 2025 was transformational for IPM following the closing of our acquisition of NTS, which focused our business on the rapidly growing cloud infrastructure and cybersecurity sectors. Today, more than ever, cloud infrastructure and cybersecurity are critical to protecting sensitive data, ensuring business continuity and securing a digital economy in an era of growing cyber threats. We have an exciting opportunity to build upon NTS' historical achievements moving forward as a stand-alone integrated service company.

在我們完成對 NTS 的收購之後，2025 年第一季對 IPM 來說是具有轉型意義的一年，我們將業務重點放在快速成長的雲端基礎設施和網路安全領域。如今，在網路威脅日益嚴重的時代，雲端基礎設施和網路安全對於保護敏感資料、確保業務連續性和確保數位經濟安全比以往任何時候都更加重要。我們有一個令人興奮的機會，在 NTS 的歷史成就基礎上繼續前進，成為一家獨立的綜合服務公司。

After my remarks, our CFO, Kara Jenny, will give a summary of our financial results for the first quarter ended March 31, 2025. Following our prepared remarks, we will move into the Q&A portion and answer any questions that were submitted prior to this call.

在我發言之後，我們的財務長卡拉珍妮 (Kara Jenny) 將總結截至 2025 年 3 月 31 日的第一季財務表現。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。

Since the closing of the transactions in the beginning of the year, we have successfully integrated our operations and service our existing customers without an interruption. Moving forward, we believe we are now well positioned to grow the company through the expansion of our services offerings to existing legacy NTS customers while cross-selling our minicam software and varying new services to our historical web hosting customer base, this should lead to further growth and enhancement of operational efficiencies, all focused on driving stockholder value.

自今年年初交易完成以來，我們已成功整合業務，並不間斷地為現有客戶提供服務。展望未來，我們相信，透過向現有的傳統 NTS 客戶擴展我們的服務產品，同時向我們的歷史網路託管客戶群交叉銷售我們的微型攝影機軟體和各種新服務，我們現在已做好準備，實現公司的成長，這將帶來進一步的成長和營運效率的提高，所有這些都致力於提高股東價值。

I would now like to provide an overview of our IT and cloud-based solutions to give you more insight into our new business. Our managed IT security services provide clients with ongoing management and support of their IT systems and services under a subscription or contract-based model. Such services include, among other things, proactive monitoring, regular system maintenance, comprehensive cybersecurity management, data backup and disaster recovery as well as help desk support for users.

現在，我想概述我們的 IT 和基於雲端的解決方案，以便讓您更深入地了解我們的新業務。我們的託管 IT 安全服務透過訂閱或合約模式為客戶提供其 IT 系統和服務的持續管理和支援。這些服務包括但不限於主動監控、定期系統維護、全面的網路安全管理、資料備份和災難復原以及使用者幫助台支援。

We sell and provide a range of services across five core areas: Professional services. Our professional services include the design and implementation of a wide range of IT products and services such as cybersecurity, software planning, IT infrastructure, data center design and configuration, designing and implementing on-premises hybrid or cloud computing solutions, website development, developing or integrating systems and software and IT cost management.

我們在五個核心領域銷售並提供一系列服務：專業服務。我們的專業服務包括設計和實施各種 IT 產品和服務，例如網路安全、軟體規劃、IT 基礎設施、資料中心設計和配置、設計和實施內部混合或雲端運算解決方案、網站開發、開發或整合系統和軟體以及 IT 成本管理。

Procurement services, we offer 2 types of procurement services to our customers. we can either, one, obtain software and hardware products on behalf of our customers, in which case our vendors drop ship the products to our end customer, or two, obtain the hardware software on behalf of our customers and perform additional configuration and/or add additional inputs to the products before the products are shipped to our customer. In the instance where we sell hardware and software products as a solution bundled with services, we typically obtain the products of software from our vendors and the additional input configuration is detailed in the customer contract and then ship the products to the end customer.

採購服務，我們為客戶提供兩種類型的採購服務。我們可以，一，代表客戶獲取軟體和硬體產品，在這種情況下，我們的供應商將產品直接運送給我們的最終客戶，或者二，代表客戶獲取硬體軟體並在產品運送給客戶之前執行額外的配置和/或為產品添加額外的輸入。在我們將硬體和軟體產品作為捆綁服務的解決方案出售的情況下，我們通常會從供應商處獲得軟體產品，並在客戶合約中詳細說明額外的輸入配置，然後將產品運送給最終客戶。

Secure private cloud hosting. Our secure private cloud hosting offerings include digital infrastructure, which consists of dedicated and fully isolated cloud environments designed to deliver security, control and compliance for the business-critical applications and client data. We operate a secure private cloud from private suites in completely isolated areas that are leased within two Tier 3 data center facilities located in Phoenix, Arizona and Edison, New Jersey, pursuant to license agreements that extend until 2027 and 2026, respectively. Although we do not own or operate the data centers, we aim to use the high-level operations and standards provided by the data centers through our license agreements to provide our customers with secure and flexible cloud services.

安全的私有雲託管。我們的安全私有雲託管產品包括數位基礎設施，它由專用且完全隔離的雲端環境組成，旨在為關鍵業務應用程式和客戶資料提供安全性、控制力和合規性。我們從位於亞利桑那州鳳凰城和新澤西州愛迪生的兩個 Tier 3 資料中心設施內租用的完全隔離區域的私人套房運營安全的私有雲，根據許可協議，這些許可協議分別延長至 2027 年和 2026 年。雖然我們並不擁有或經營資料中心，但我們旨在透過授權協議利用資料中心提供的高級營運和標準，為我們的客戶提供安全且靈活的雲端服務。

We leverage state-of-the-art security measures, including data encryption, network segmentation, advanced firewalls, multifactor authentication and continuous monitoring to safeguard against unauthorized access and cyber threats. We believe our secure private cloud hosting provides our clients with strong availability, data integrity and reliable performance while meeting stringent compliance requirements. Our private cloud hosting solutions are backed by 24/7 support from our expert team with the goal of delivering secure, flexible and resilient infrastructure and tell them to each client's unique business needs.

我們利用最先進的安全措施，包括資料加密、網路分段、進階防火牆、多因素身份驗證和持續監控，以防止未經授權的存取和網路威脅。我們相信，我們安全的私有雲託管可為我們的客戶提供強大的可用性、資料完整性和可靠的效能，同時滿足嚴格的合規性要求。我們的私有雲託管解決方案由我們的專家團隊提供全天候支持，旨在提供安全、靈活和有彈性的基礎設施，並滿足每個客戶獨特的業務需求。

In the future, we plan to make arrangements with third parties to incorporate AI features into our secure private cloud offerings. Managed backup and disaster recovery. Our managed backup and disaster recovery solutions provide comprehensive protection for customers' critical data and IT infrastructure, which is intended to ensure business continuity and rapid recovery in the event of data loss, cyber attacks or system failures. We utilize advanced backup technologies with automated regular data backups, offsite replication and secure storage to prevent data corruption or loss.

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。管理備份和災難復原。我們的託管備份和災難復原解決方案為客戶的關鍵資料和IT基礎設施提供全面的保護，旨在確保在發生資料遺失、網路攻擊或系統故障時業務連續性和快速復原。我們利用先進的備份技術，進行自動定期資料備份、異地複製和安全存儲，以防止資料損壞或遺失。

Web hosting. Our web hosting services consist of several advanced security measures, including secure socket layer and transport layer security, SSL/TLS, encryption, firewall, distributed denial of service protection, malware scanning and secure server configurations. Our web hosting services include features such as regular data backup, web application firewalls, strict access control policies and continuous monitoring and expert support, all of which are intended to ensure our customers' compliance with industry standards and provide a reliable and secure environment for our customers' online presence.

網頁寄存。我們的網路託管服務包含多項先進的安全措施，包括安全通訊端層和傳輸層安全性、SSL/TLS、加密、防火牆、分散式阻斷服務保護、惡意軟體掃描和安全伺服器設定。我們的網站託管服務包括定期資料備份、網路應用程式防火牆、嚴格的存取控制策略以及持續監控和專家支援等功能，所有這些旨在確保我們的客戶遵守行業標準，並為我們的客戶在線上提供可靠、安全的環境。

We are very excited with the prospect of expanding our Managed Technology Solutions business, particularly in the cloud infrastructure and cybersecurity sectors. 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.

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。我們預計，最近宣布的與 NewtekOne（一家現有客戶和擁有數萬個自有商業客戶的金融控股公司）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。

Additionally, we believe there is potential for merger and acquisition opportunities to further scale our growth. We look forward to growing the business and building a healthy pipeline of prospective of new customers. We entered this new chapter for IPM with a strong balance sheet, highlighted by $9.7 million in cash and cash equivalents and no long-term debt, which when coupled with the potential earnout from the sale of the transferred assets puts us in a strong position to execute on our business plans and further transform IPM.

此外，我們相信併購機會有潛力進一步擴大我們的成長。我們期待業務成長並建立健康的新客戶潛在客戶管道。我們以強勁的資產負債表開啟了 IPM 的新篇章，其中最突出的是 970 萬美元的現金和現金等價物，並且沒有長期債務，再加上出售轉移資產的潛在收益，使我們處於有利地位來執行我們的業務計劃並進一步改造 IPM。

Additionally, effective May 8, 2025, our Board of Directors approved a stock repurchase plan for up to $400,000 of the company's outstanding common stock, which plan expires on the one-year anniversary of such date. Shares may be repurchased from time to time in open market transactions at prevailing market prices and privately negotiated transactions or by other means in accordance with the federal securities laws, including Rule 10b5-1 programs. And the stock repurchase plan may be suspended or discontinued at any time. The actual timing number and value of shares repurchased will be determined by a committee of the Board of Directors at its discretion and will depend on a number of factors, including the market price of the company's common stock, general market and economic conditions, alternative investment opportunities and other corporate considerations.

此外，自 2025 年 5 月 8 日起，我們的董事會批准了一項股票回購計劃，回購金額最高可達 40 萬美元，為公司已發行的普通股，該計劃將於該日期一周年時到期。股票可以隨時透過公開市場交易以現行市場價格回購，也可以透過私下協商的交易或根據聯邦證券法（包括 10b5-1 規則計劃）的其他方式回購。且該股票回購計畫可能隨時被暫停或終止。回購股份的實際時間、數量和價值將由董事會委員會自行決定，並取決於多種因素，包括公司普通股的市場價格、整體市場和經濟狀況、替代投資機會和其他公司考慮因素。

In regards to our patent litigation, on August 29, 2024, a jury awarded us $65.7 million in the jury verdict in connection with the lawsuit against WebEx Communications, Cisco Webex LLC and Cisco Systems and the US District Corp. or the Western District of Texas. On October 8, 2024, in order granting a motion for final judgment was entered into by 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.

關於我們的專利訴訟，2024 年 8 月 29 日，陪審團在針對 WebEx Communications、Cisco Webex LLC 和 Cisco Systems 以及美國地區公司或德州西區的訴訟中裁定我們獲得 6,570 萬美元。2024年10月8日，法院就該訴訟提起了終審判決動議。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 1/3 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.

我們將收到的特定獎金金額將根據多種因素確定，並將反映與訴訟相關的重大費用（包括法律費用）的扣除，因此，我們估計，我們將收到不超過與審判後程序相關的獎金總收益的 1/3，包括思科的任何潛在上訴程序。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 first quarter ended March 31, 2025.

現在，我想將其交給卡拉，請她提供截至 2025 年 3 月 31 日的第一季財務摘要。

Thank you, Jason. Total revenue for the three months ended March 31, 2025, was $5.5 million compared to $0.3 million for the three months ended March 31, 2024. This increase was primarily driven by new revenue streams as a result of the acquisition of NTS, which closed on January 2, 2025. Loss from continuing operations for the three months ended March 31, 2020, and was $1.3 million compared to a loss from continuing operations of $1.0 million for the three months ended March 31, 2024.

謝謝你，傑森。截至 2025 年 3 月 31 日的三個月的總收入為 550 萬美元，而截至 2024 年 3 月 31 日的三個月的總收入為 30 萬美元。這一成長主要得益於 2025 年 1 月 2 日完成的對 NTS 的收購所帶來的新收入來源。截至 2020 年 3 月 31 日的三個月持續經營虧損為 130 萬美元，而截至 2024 年 3 月 31 日的三個月持續經營虧損為 100 萬美元。

During the first quarter of 2025, the company incurred approximately $0.3 million of onetime expenses in connection with the transaction. The loss from continuing operations for the three months ended March 31, 2025, also included $0.9 million of non-cash expense consisting of amortization and depreciation of $0.7 million. $0.4 million of which represents amortization of newly acquired intangible assets as well as $0.2 million of non-cash share-based compensation.

2025 年第一季度，該公司因該交易而產生了約 30 萬美元的一次性費用。截至 2025 年 3 月 31 日的三個月的持續經營損失還包括 90 萬美元的非現金支出，其中包括 70 萬美元的攤銷和折舊。其中 40 萬美元代表新收購的無形資產的攤銷以及 20 萬美元的非現金股權激勵。

The loss from continuing operations for the three months ended March 31, 2024, include subscription sales from our [Menichem] software as well as all general and administrative expenses for the company which included all professional fees and public company expenses.

截至 2024 年 3 月 31 日的三個月的持續經營損失包括我們 [Menichem] 軟體的訂閱銷售額以及公司的所有一般和行政費用，其中包括所有專業費用和上市公司費用。

Net income for the three months ended March 31, 2025, was $0.8 million compared to a net loss of $0.5 million for the three months ended March 31, 2024. Net income included a tax benefit of $2.1 million in connection with the recognition of tax benefits recorded in connection with the transactions for the three months ended March 31, 2025.

截至 2025 年 3 月 31 日的三個月的淨收入為 80 萬美元，而截至 2024 年 3 月 31 日的三個月的淨虧損為 50 萬美元。淨收入包括與截至 2025 年 3 月 31 日的三個月內交易記錄的稅收優惠確認相關的 210 萬美元的稅收優惠。

Adjusted EBITDA remained relatively unchanged at negative $0.5 million for the three months ended March 31, 2025 and 2024, respectively. Net cash generated from operating activities for the quarter was $1.7 million. Cash and cash equivalents totaled $9.7 million at March 31, 2025, a decrease of $0.9 million compared to $10.6 million at December 31, 2024. As a result of $4 million cash payment as part of the acquisition of NTS, partially offset by $1.4 million of cash inflow from the divestiture of the transferred assets and cash flow from operations of $1.7 million. The company reported no long-term debt on its balance sheet as of March 31, 2025.

截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的三個月，調整後的 EBITDA 保持相對不變，為負 50 萬美元。本季經營活動產生的淨現金為 170 萬美元。截至 2025 年 3 月 31 日，現金及現金等價物總額為 970 萬美元，較 2024 年 12 月 31 日的 1,060 萬美元減少 90 萬美元。由於收購 NTS 支付了 400 萬美元現金，但部分被轉移資產剝離產生的 140 萬美元現金流入和 170 萬美元營運活動現金流所抵銷。截至 2025 年 3 月 31 日，該公司資產負債表上沒有長期負債。

We will now move on to questions.

我們現在開始回答問題。

Since you have now owned this business for 4-plus months, can you discuss what you have done or put in place to grow and expand this business? Have you made additional sales and marketing hires?

既然您已經擁有這家企業 4 個多月了，您能否討論一下您為發展和擴大這家企業做了什麼或採取了什麼措施？您是否招募了更多銷售和行銷人員？

Sure. We hired a company that focuses on marketing, search engine optimization, pay-per-click advertising, branding and e-mail marketing management. In addition, we have allocated marketing spend to enable a CRM system that allows us to e-mail our customer database of approximately 40,000 current and former customers, and track their open rates and response to our e-mail.

當然。我們聘請了一家專注於行銷、搜尋引擎優化、按點擊付費廣告、品牌推廣和電子郵件行銷管理的公司。此外，我們還分配了行銷支出來啟用 CRM 系統，該系統使我們能夠向大約 40,000 名現有和以前的客戶的客戶資料庫發送電子郵件，並追蹤他們的開啟率和對我們電子郵件的回應。

Next question. Can you tell us roughly how many of your clients currently utilize just one of your managed technology offerings? And as a follow-on to that, have you begun to cross-sell additional offerings to your clients?

下一個問題。您能否告訴我們，目前大約有多少客戶只使用您的某一項託管科技產品？作為後續行動，您是否已經開始向客戶交叉銷售其他產品？

Yes. We have started to e-mail and cross-sell our managed technology offerings to the [minicam] user base as well as offering our web hosting customers, all of our additional solutions.

是的。我們已經開始透過電子郵件和交叉銷售我們的託管技術產品給[minicam]用戶群，並向我們的網站託管客戶提供我們所有的附加解決方案。

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

偉大的。傑森，回到你這裡來結束演講。

Thanks, everyone, for your support and for joining us today. We are very grateful for your interest in our business. We look forward to updating the market on our progress as we continue to execute on our business plan. We expect to report our second quarter and first half 2025 results in early to mid-August. Have a great day.

感謝大家的支持以及今天的參與。我們非常感謝您對我們業務的關注。我們期待在繼續執行業務計劃的同時向市場更新我們的進展。我們預計將於 8 月初至 8 月中旬公佈 2025 年第二季和上半年的業績。祝你有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。