Intelligent Protection Management Corp (IPM) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Intelligent Protection Management Corporation's second quarter 2025 results conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Joe Diaz of Lytham Partners. Sir, the floor is yours.

您好，歡迎參加智慧防護管理公司 2025 年第二季業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人，Lytham Partners 的 Joe Diaz 先生。先生，請您發言。

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the second quarter ended June 30, 2025. As the operator indicated, my name is Joe Diaz with Lytham Partners. We are the Investor Relations representative for IPM. By now, everyone should have access to the earnings press release, which was issued after the close of market today. This call is being webcast and will be available for replay.

下午好，歡迎所有參加今天電話會議的人，回顧 IPM 截至 2025 年 6 月 30 日的第二季度財務和經營業績。正如接線員所說，我叫喬·迪亞茲，來自 Lytham Partners。我們是 IPM 的投資者關係代表。現在，每個人都應該可以看到今天收盤後發布的收益新聞稿。本次通話正在進行網路直播，並可重播。

During the course of this call, management 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.

在本次電話會議中，管理階層將發表《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明，包括有關未來營運績效、業務策略和計畫、我們與客戶的關係以及市場和潛在成長機會的前瞻性聲明。

In addition, management may make additional forward-looking statements in response to your questions. 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.

此外，管理階層可能會針對您的問題做出額外的前瞻性陳述。前瞻性陳述是基於管理層截至今天的現有知識和預期，並受與可能導致實際結果與前瞻性陳述中預期的結果存在重大差異的因素相關的某些風險、不確定性和假設的影響。

These expectations and beliefs may not ultimately prove to be correct. A detailed discussion of such risks and uncertainties are contained in the company's filings with the SEC, including its 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 the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

這些期望和信念最終可能不會被證明是正確的。有關此類風險和不確定性的詳細討論包含在公司向美國證券交易委員會提交的文件中，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, management will refer to adjusted EBITDA, a non-GAAP measure that when used in combination with GAAP results, provides IPM's investors with additional analytical tools to understand the company's operations. For adjusted EBITDA, management has provided a reconciliation to the most directly comparable GAAP financial measure in the earnings press release, which has been posted to the Investor Relations section of the company's website at www.ipm.com.

在本次電話會議上，管理層將參考調整後的 EBITDA，這是一種非 GAAP 指標，與 GAAP 結果結合使用時，可為 IPM 的投資者提供額外的分析工具來了解公司的營運情況。對於調整後的 EBITDA，管理層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，該新聞稿已發佈在公司網站 www.ipm.com 的投資者關係部分。

At this time, I'd like to turn the call over to IPM's Chief Executive Officer, Jason Katz. After Jason's remarks, we will hear from IPM's CFO, Kara Jenny, and we'll conclude with investor questions that were e-mailed to the company in advance of this conference call. Jason, the floor is yours.

現在，我想將電話轉給 IPM 的執行長 Jason Katz。在傑森講話之後，我們將聽取 IPM 財務長 Kara Jenny 的發言，最後我們將回答在電話會議之前透過電子郵件發送給公司的投資者問題。傑森，現在輪到你了。

Thanks, Joe, and good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. As previously disclosed, on January 2, 2025, we completed our acquisition of Newtek Technology Solutions, Inc or NTS from NewtekOne, Inc and we divested our Paltalk, Camfrog and Vumber applications and certain assets and liabilities related to such applications to Meteor Mobile Holdings, Inc.

謝謝，喬，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。如前所述，2025 年 1 月 2 日，我們完成了從 NewtekOne, Inc 收購 Newtek Technology Solutions, Inc 或 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剝離給 Meteor Mobile Holdings, Inc.。

This marks our second quarter following the acquisition of NTS and divestiture of our core video chat products. We are pleased with the sequential progress made during our first two operational quarters after these transactions and our successful rebranding to Intelligent Protection Management Corp or what we refer to as IPM.

這是我們收購 NTS 並剝離核心視訊聊天產品後的第二個季度。我們對交易完成後前兩個營運季度的連續進展以及成功更名為智慧保護管理公司（或我們稱之為 IPM）感到滿意。

During this period, we've laid the groundwork from sales, marketing, accounting and human capital to position IPM to be poised for growth for the benefit of our customers, employees and shareholders. Since the closing of the transactions in January, we have successfully integrated our operations and service our existing customers without interruption.

在此期間，我們從銷售、行銷、會計和人力資本等方面奠定了基礎，使 IPM 能夠為客戶、員工和股東的利益而成長。自一月交易完成以來，我們已成功整合了業務，並不間斷地為現有客戶提供服務。

Moving forward, we believe we are now well positioned to grow the company through the expansion of our services offerings to our existing legacy NTS customers while cross-selling our ManyCam software and varying new services to our historical web hosting customer base. We expect this strategy to lead to further growth and enhancement of our operational efficiencies all focused on driving stockholder value.

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站寄存客戶群交叉銷售我們的 ManyCam 軟體和各種新服務，我們現在已做好準備，實現公司的成長。我們期望這項策略能夠進一步促進成長並提高我們的營運效率，所有這些都將重點放在提高股東價值上。

Today, more than ever, cybersecurity and cloud infrastructure 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 out a company that can become one of the leading managed technology solutions providers with a focus on cybersecurity and cloud infrastructure. As we see it, our job is to protect the heart and soul of virtually all businesses today, their data, client information, intellectual property, financial data, among other things.

如今，在網路威脅日益嚴重的時代，網路安全和雲端基礎設施對於保護敏感資料、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來打造一家公司，成為專注於網路安全和雲端基礎設施的領先託管技術解決方案供應商之一。我們認為，我們的工作是保護當今幾乎所有企業的核心和靈魂，包括他們的資料、客戶資訊、智慧財產權、財務資料等等。

There are a lot of bad players out there, individual hackers, criminal organizations, hostile governments looking to attack American corporations and citizens. I have spent the better part of my career in the technology managed services business as have the majority of the IPM senior management team. The deep industry experience has led us to provide a White Glove, High Touch service to our clients. Every one of our clients has a dedicated technology manager as a single point of contact. We do not use voice response, telephonic menus or hand off service calls to agents in call centers and foreign countries.

有許多不法分子，個人駭客、犯罪組織、敵對政府都在試圖攻擊美國公司和公民。我的大部分職業生涯都是在技術管理服務業務中度過的，IPM 高階管理團隊的大多數成員也是如此。豐富的行業經驗使我們能夠為客戶提供白手套、高接觸服務。我們的每一位客戶都有一位專門的技術經理作為單一聯絡點。我們不使用語音應答、電話選單或將服務電話轉交給呼叫中心和外國的代理商。

Our clients speak directly to their IPM account team in the United States, people that are familiar with the needs of their business and the history of their account. This is an important IPM advantage. We have significant technological expertise, and we operate in a large and growing market where IPM is industry certified, including legal, health care and finance, giving us another significant competitive advantage versus our peers. We expect those advantages to become more apparent in the quarter and years to come.

我們的客戶直接與美國的 IPM 客戶團隊交談，這些團隊熟悉他們的業務需求和客戶歷史。這是IPM的一個重要優勢。我們擁有豐富的技術專長，並且我們在一個龐大且不斷增長的市場中運營，IPM 在該市場中獲得行業認證，包括法律、醫療保健和金融，這使我們相對於同行具有另一個顯著的競爭優勢。我們預計這些優勢將在本季和未來幾年變得更加明顯。

Focusing in on the just completed second quarter IPM was selected by Hewlett Packard Enterprise to be an accredited partner for its HPE Private Cloud AI solution. We initiated a collaboration with IT Ally, a trusted business and technology services provider focused on lower middle market private equity firms and their portfolio companies. Also during the quarter, the Board approved a stock repurchase plan for up to $400,000 of our outstanding common stock and IPM commenced offering Aura, a leading AI-powered online safety solution for individuals and families designed to help minimize the impact of data breaches, scams and other online threats on consumers.

專注於剛結束的第二季度，IPM 被惠普企業選為其 HPE 私有雲 AI 解決方案的認證合作夥伴。我們與 IT Ally 展開了合作，IT Ally 是一家值得信賴的商業和技術服務提供商，專注於中低端市場私募股權公司及其投資組合公司。此外，在本季度，董事會批准了一項股票回購計劃，回購金額高達 40 萬美元的已發行普通股，並且 IPM 開始提供 Aura，這是一款領先的人工智慧線上安全解決方案，適用於個人和家庭，旨在幫助最大限度地減少資料外洩、詐騙和其他線上威脅對消費者的影響。

In regard to our previously disclosed patent litigation, on August 29, 2024, jury awarded us $65.7 million in the jury verdict in connection with a lawsuit against WebEx Communications, Cisco WebEx LLC and Cisco Systems in the US District Court for the Western District of Texas. On October 8, 2024, an 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 appeals.

關於我們先前揭露的專利訴訟，2024 年 8 月 29 日，在美國德州西區地方法院針對 WebEx Communications、Cisco WebEx LLC 和 Cisco Systems 提起的訴訟中，陪審團判決我們獲得 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，賠償金額也得到確定，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. As we have previously indicated, we estimate that we would receive no more than one third of the gross proceeds in connection with the awards subject to post-trial proceedings, including any potential appellate court proceedings by Cisco. We have not recorded any gain contingency in connection with this 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。正如我們之前所指出的，我們估計，我們將獲得不超過審判後程序裁決總收益的三分之一，包括思科可能提起的任何上訴法院程序。我們沒有記錄與該獎項相關的任何收益或有事項。

Having our NTS assets transition from being a division of a larger banking company to a company focused on technology managed services over the course of the first six months of 2025 has been gratifying. We look forward to many opportunities to dramatically expand our business in the coming years.

在 2025 年上半年，我們的 NTS 資產從一家大型銀行公司的部門轉變為專注於技術管理服務的公司，這是令人欣慰的。我們期待在未來幾年內有更多機會大幅擴展我們的業務。

With that, let me turn the call over to Kara Jenny, our CFO, for a summary of our financial results for the second quarter and the 6 months ended June 30, 2025. Following Kara's remarks, we'll move into the Q&A portion and answer questions that were submitted by e-mail prior to this call. I'll hand it to you, Kara.

接下來，我將把電話轉給我們的財務長卡拉珍妮 (Kara Jenny)，請她總結我們 2025 年 6 月 30 日第二季和 6 個月的財務表現。在卡拉發言之後，我們將進入問答環節，回答本次通話之前透過電子郵件提交的問題。我會把它交給你的，卡拉。

Thank you, Jason. As Jason indicated, we acquired the operations of NTS on January 2, 2025, and rebranded our company to Intelligent Management Protection Corp or IPM. The quarterly financial comparisons of IPM and the former NTS as a division of NewtekOne are not comparable from a GAAP perspective. IPM financials will become comparable on a GAAP basis as of the first quarter of 2026.

謝謝你，傑森。正如 Jason 所指出的，我們在 2025 年 1 月 2 日收購了 NTS 的業務，並將公司更名為 Intelligent Management Protection Corp 或 IPM。從 GAAP 角度來看，IPM 與前 NTS（作為 NewtekOne 的部門）的季度財務比較是不可比擬的。自 2026 年第一季起，IPM 財務狀況將按照 GAAP 基礎變得可比。

For the three months ended June 30, 2025, revenue totaled $5.7 million compared to $0.3 million for the prior year period. On a sequential basis, revenue increased 4% from the first quarter of 2025. Revenue for the six months ended June 30, 2025, totaled $11.2 million compared to $0.5 million in the prior year period.

截至 2025 年 6 月 30 日的三個月，總收入為 570 萬美元，而去年同期為 30 萬美元。以環比計算，營收較 2025 年第一季成長 4%。截至 2025 年 6 月 30 日的六個月的收入總計 1,120 萬美元，而去年同期為 50 萬美元。

Total revenue by revenue stream for the three and six months period ended June 30, 2025, were as follows: Managed Information Technology revenue was $3.5 million and $7.1 million, respectively. Procurement revenue was $1.2 million and $2.2 million, respectively. Professional services revenue was $0.7 million and $1.4 million, respectively, and subscription revenue was $0.3 million and $0.6 million, respectively.

截至 2025 年 6 月 30 日的三個月和六個月期間按收入來源劃分的總收入如下：管理資訊科技收入分別為 350 萬美元和 710 萬美元。採購收入分別為120萬美元和220萬美元。專業服務收入分別為 70 萬美元和 140 萬美元，訂閱收入分別為 30 萬美元和 60 萬美元。

Net loss from continuing operations for the three months ended June 30, 2025, totaled $1.1 million compared to a net loss of $1.3 million for the three months ended June 30, 2024. Net loss from continuing operations for the six months ended June 30, 2025, totaled $0.2 million compared to a net loss from continuing operations of $1.6 million for the prior six months ended June 30, 2024. The reduction in net loss was attributed to IPM recording an income tax benefit during the first quarter of approximately $2.1 million in connection with the aforementioned transactions.

截至 2025 年 6 月 30 日的三個月，持續經營淨虧損總計 110 萬美元，而截至 2024 年 6 月 30 日的三個月的淨虧損為 130 萬美元。截至 2025 年 6 月 30 日的六個月持續經營淨虧損總計 20 萬美元，而截至 2024 年 6 月 30 日的六個月持續經營淨虧損為 160 萬美元。淨虧損減少的原因是 IPM 在第一季記錄了與上述交易相關的約 210 萬美元的所得稅收益。

Net loss for the three months ended June 30, 2025, totaled $1.1 million compared to a net loss of $0.8 million for the three months ended June 30, 2024. Net loss for the six months ended June 30, 2025, totaled $0.2 million compared to a net loss of $1.1 million for the six months ended June 30, 2024.

截至 2025 年 6 月 30 日的三個月淨虧損總計 110 萬美元，而截至 2024 年 6 月 30 日的三個月淨虧損為 80 萬美元。截至 2025 年 6 月 30 日的六個月淨虧損總計 20 萬美元，而截至 2024 年 6 月 30 日的六個月淨虧損為 110 萬美元。

Adjusted EBITDA for the three months ended June 30, 2025, was negative $0.4 million compared to negative $0.9 million for the three months ended June 30, 2024, while adjusted EBITDA for the six months ended June 30, 2025, was negative $0.9 million compared to negative $1.4 million for the six months ended June 30, 2024.

截至 2025 年 6 月 30 日的三個月的調整後 EBITDA 為負 0.4 百萬美元，而截至 2024 年 6 月 30 日的三個月的調整後 EBITDA 為負 0.9 百萬美元，而截至 2025 年 6 月 30 日的六個月為負 0.9 百萬美元，而截至 2025 年 6 月 30 日的六個月為負 0.9 百萬美元的調整後 2025 年 6 月 30 日的六個月30 日的六個月的調整後 EBITDA 為負 1.4 百萬美元。

As of June 30, 2025, we had no long-term debt and cash and cash equivalents included $8.3 million, including $1 million of restricted cash. Cash provided by operations for the six months ended June 30, 2025, was $0.9 million compared to cash used in continuing operations for the six months ended June 30, 2024, of $0.1 million. IPM reported deferred revenue of $3.9 million to be recognized as revenue in future quarters as products and or services are installed.

截至 2025 年 6 月 30 日，我們沒有長期債務，現金和現金等價物包括 830 萬美元，其中包括 100 萬美元的受限現金。截至 2025 年 6 月 30 日的六個月內，經營活動提供的現金為 90 萬美元，而截至 2024 年 6 月 30 日的六個月內，持續經營活動所用的現金為 10 萬美元。IPM 報告稱，遞延收入為 390 萬美元，將在未來幾季隨著產品和服務的安裝確認為收入。

We will now move on to questions.

我們現在開始提問。

Thanks, Kara. The first question submitted by investors has to do with restricted cash. Help us understand the $1.0 million in restricted cash. Are the funds prepayments by customers or tied to any specific obligations or covenants? Why is it classified as restricted cash?

謝謝，卡拉。投資者提出的第一個問題與受限現金有關。幫助我們了解 100 萬美元的限制現金。這些資金是客戶預付的還是與任何特定義務或契約掛鉤的？為什麼它被歸類為限制現金？

It's a great question. As we discussed at the end of last quarter, we entered into a credit agreement with an affiliate of NewtekOne, Inc that provides for a secured revolving line of credit. Line of credit is collateralized by a CD in the amount of $1 million. So we've classified it as restricted cash as of June 30, 2025. There were no amounts borrowed on the line of credit are due on the line.

這是一個很好的問題。正如我們在上個季度末所討論的那樣，我們與 NewtekOne, Inc 的一家附屬公司簽訂了一項信貸協議，該協議提供了有擔保的循環信貸額度。信用額度由 100 萬美元的 CD 抵押。因此，我們將其歸類為截至 2025 年 6 月 30 日的限制性現金。信用額度內沒有已借入的金額。

Okay. You've spoken about various ways to increase revenues, including cross-selling existing clients, NewtekOne referrals, free security evaluations and potential M&A transaction. Can you discuss which activity you might expect to generate the most traction for the remainder of the year?

好的。您談到了增加收入的各種方法，包括交叉銷售現有客戶、NewtekOne 推薦、免費安全評估和潛在的併購交易。您能否討論一下您預計哪項活動將在今年剩餘時間內產生最大的吸引力？

Sure. I'm excited about the referral program we have in place. And even in its infancy, we have started to see introduction start to cultivate. We stand by our products and services and believe that word of mouth is an easy, cost-effective way to promote them.

當然。我對我們現有的推薦計劃感到非常興奮。即使在它的起步階段，我們已經開始看到它的引進和培育。我們對我們的產品和服務堅信不疑，並相信口耳相傳是一種簡單且經濟有效的推廣方式。

How should we think about growth and margin improvement over the next 6 to 12 months? What do you think provides the best way for an outsider to judge the company's progress?

我們該如何看待未來 6 到 12 個月的成長和利潤率的提高？您認為外部人士判斷公司進展的最佳方式是什麼？

Well, with the understanding that revenue can be lumpy due to revenue recognition, our aim is to continue to increase top line consecutive growth and to continue to improve adjusted EBITDA with the goal towards being adjusted EBITDA positive by early 2026. In addition, we're always looking for ways to reduce expenses as well as marketing initiatives to achieve that goal.

好吧，考慮到收入確認可能會造成收入波動，我們的目標是繼續提高營收的連續成長，並繼續提高調整後的 EBITDA，目標是到 2026 年初實現調整後的 EBITDA 為正。此外，我們一直在尋找降低開支的方法以及行銷措施來實現這一目標。

What effect, if any, could the current proposed tariff increases have on IPM's business?

目前提議的關稅上調會對 IPM 的業務產生什麼影響（如果有的話）？

Well, we've evaluated our customer base and the services we're providing to them and do not anticipate that an increase in tariffs would have a material impact on our business in fiscal 2025. We will continue to stay on top of the issue like others in the industry and reassess based on the changing landscape.

嗯，我們已經評估了我們的客戶群和我們為他們提供的服務，並且預計關稅的增加不會對我們 2025 財年的業務產生重大影響。我們將像業內其他人一樣繼續關注這個問題，並根據不斷變化的情況重新評估。

Okay. That concludes our Q&A session here for today. Let me turn the call back over to Jason for closing remarks. Jason?

好的。今天的問答環節到此結束。讓我把電話轉回給傑森，讓他做最後的發言。傑森？

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 third quarter and nine months 2025 results in early to mid-November. 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通報我們的進展。我們預計將在 11 月初至中旬公佈 2025 年第三季和前九個月的業績。祝你有美好的一天。

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

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