Intelligent Protection Management Corp (IPM) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to the Q3 2025 Financial Results Conference Call for Intelligent Protection Management Corporation, better known as IPM for the quarter ended on September 30, 2025. (Operator Instructions) Let me turn the floor over to Joe Diaz of Lytham Partners. Joe, please proceed.

午安.歡迎參加智慧保護管理公司（簡稱 IPM）2025 年第三季財務業績電話會議，本季截至 2025 年 9 月 30 日。（操作員指示）現在把發言權交給 Lytham Partners 的 Joe Diaz。喬，請繼續。

Good afternoon, and welcome to all participating on today's call to review the financial and operating results of IPM for the third quarter ended September 30, 2025. As the operator indicated, my name is Joe Diaz. I'm with Lytham Partners. We are the Investor Relations representative for IPM. By now, everyone should have access to the earnings results 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，歡迎各位參加今天的電話會議，共同回顧IPM截至2025年9月30日的第三季財務和經營業績。正如接線員所說，我的名字是喬·迪亞茲。我在 Lytham Partners 公司工作。我們是IPM的投資者關係代表。現在，所有人都應該能夠看到今天收盤後發布的獲利報告新聞稿。本次通話正在進行網路直播，並可進行回放。

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, IPM's relationship with its customers as well as market and potential growth opportunities. 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.

在本次電話會議中，管理層將發表一些符合 1995 年《私人證券訴訟改革法案》規定的前瞻性聲明，包括有關未來經營業績、業務戰略和計劃、IPM 與其客戶的關係以及市場和潛在增長機會的前瞻性聲明。此外，管理階層可能會針對您的問題作出其他前瞻性聲明。前瞻性陳述是基於管理階層截至今日的現有知識和預期，並受某些風險、不確定性和假設的影響，這些因素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。

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

這些預期和信念最終可能被證明是錯誤的。IPM 向美國證券交易委員會提交的文件中包含了對這些風險和不確定性的詳細討論，包括截至 2024 年 12 月 31 日的 10-K 表格年度報告。在依賴此類前瞻性資訊時，您應該參考並考慮這些因素。除適用法律要求外，本公司不承擔任何更新或修改其前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

On this call, management will refer to adjusted EBITDA, a non-GAAP measure when used in combination with GAAP results, provides 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 on the Investor Relations section of the company's website at www.ipm.com.

在本次電話會議上，管理層將提及調整後的 EBITDA，這是一個非 GAAP 指標，當與 GAAP 結果結合使用時，可為投資者提供額外的分析工具，以了解公司的營運情況。對於調整後的 EBITDA，管理層已在盈利新聞稿中提供了與最直接可比較的 GAAP 財務指標的調節表，該新聞稿已發佈在公司網站 www.ipm.com 的投資者關係部分。

As previously disclosed on January 2, 2025, IPM completed its acquisition of Newtek Technology Solutions from NewtekOne, Inc. The company also divested its 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.

正如先前在 2025 年 1 月 2 日披露的那樣，IPM 完成了對 NewtekOne, Inc. 旗下 Newtek Technology Solutions 的收購。該公司還將其 Paltalk Camfrog 和 Vumber 應用程式以及與這些應用程式相關的某些資產和負債剝離給了 Meteor Mobile Holdings, Inc.，這些資產被稱為轉讓資產。

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 will conclude with investor questions that were sent via e-mail. Jason, take it away.

此時，我想把電話交給IPM的執行長Jason Katz。在 Jason 發言之後，我們將聽取 IPM 財務長 Kara Jenny 的發言，最後我們將回答投資者透過電子郵件發送的問題。傑森，你來接手吧。

Thanks, Joe, and good afternoon, everyone. We greatly appreciate you taking the time to join us on today's call. We are pleased with the sequential progress made during our first three operational quarters after the acquisition of Newtek Technology Solutions and our successful rebranding to Intelligent Protection Management Solutions or IPM. We continue to advance all components of the company from sales, marketing, accounting and human capital. We have clearly stated that our focus is to position IPM to be consistently performing company for the benefit of our customers, employees and shareholders.

謝謝你，喬，大家下午好。非常感謝您抽出時間參加今天的電話會議。我們對收購 Newtek Technology Solutions 並成功更名為 Intelligent Protection Management Solutions 或 IPM 後的前三個營運季度的連續進展感到滿意。我們持續推動公司各部門的發展，包括銷售、行銷、會計和人力資本。我們已明確表示，我們的重點是使 IPM 成為一家業績持續成長的公司，從而造福我們的客戶、員工和股東。

Since the January 2 transactions, we have successfully integrated our operations and serviced our existing customers without interruption and downtime. Looking ahead, we are well positioned to grow the company through the expansion of our service offerings to existing legacy MTS customers while cross-selling our ManyCam software and varying new services to our historical web hosting customer base.

自 1 月 2 日的交易以來，我們已成功整合運營，並為現有客戶提供服務，未出現任何中斷和停機時間。展望未來，我們已做好充分準備，透過向現有 MTS 老客戶擴展服務產品，同時向我們歷史悠久的網站託管客戶群交叉銷售 ManyCam 軟體和各種新服務，從而實現公司的發展。

Operational efficiencies continue to be advanced and expenses optimized with the goal of driving value for all our stakeholders. Cybersecurity and cloud infrastructure are even more critical to protecting sensitive data, ensuring business continuity and securing a digital economy in an era of growing cyber threats. We are dedicated to becoming one of the leading managed technology solutions providers with a focus on cybersecurity and cloud infrastructure.

我們不斷提高營運效率，優化支出，以期為所有利害關係人創造價值。在網路威脅日益增長的時代，網路安全和雲端基礎設施對於保護敏感資料、確保業務連續性和保障數位經濟安全至關重要。我們致力於成為領先的託管技術解決方案供應商之一，重點關注網路安全和雲端基礎架構。

As we see it, our job is to protect the heart and soul as it were of virtually all businesses today, their data, client information, intellectual property and financial data, among other things. There are a load of bad players out there, individual hackers, organizations and even governments looking to attack corporations as well as American citizens.

我們認為，我們的工作是保護當今幾乎所有企業的命脈，包括資料、客戶資訊、智慧財產權和財務資料等等。世界上有很多不法分子，包括個人駭客、組織甚至政府，他們都試圖攻擊企業和美國公民。

I've spent the better part of my career in the technology services business and some of the rest of the IPM senior management team. That 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 and call centers in foreign countries.

我的職業生涯大部分時間都在科技服務業度過，我也是 IPM 高階管理團隊其他成員的一員。憑藉著深厚的業界經驗，我們能夠為客戶提供無微不至的貼心服務。我們為每位客戶都配備了一名專屬技術經理作為單一聯絡人。我們不使用語音應答、電話選單或將服務電話轉接給國外的代理商和呼叫中心。

Our clients speak directly to their IPM account team in the United States, people that are familiar with their 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 large and growing markets where IPM is industry certified in critically important markets, including legal, health care and finance, giving us another significant competitive advantage versus our peers. Those advantages will become more apparent in the quarters and years to come.

我們的客戶可以直接與他們在美國的 IPM 客戶團隊溝通，這些團隊成員熟悉他們的業務需求和帳戶歷史記錄。這是IPM的一項重要優勢。我們擁有雄厚的技術實力，並且在規模龐大且不斷增長的市場中運營，IPM 在包括法律、醫療保健和金融在內的關鍵市場中獲得了行業認證，這使我們相對於同行擁有了另一個顯著的競爭優勢。這些優勢將在未來幾季和幾年內變得更加明顯。

For the nine months, IPM entered into a reseller agreement with MindsDB, a leading open source AI platform to provide to its current and future customers sophisticated AI capabilities. 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. In May 2025, our Board of Directors approved a stock repurchase plan for up to 400,000 of our existing common stock, which plan expires on the 1-year anniversary of such date.

在接下來的九個月裡，IPM 與領先的開源 AI 平台 MindsDB 簽訂了轉售協議，為其現有和未來的客戶提供先進的 AI 功能。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，專注於服務中低端市場私募股權公司及其投資組合公司。2025 年 5 月，我們的董事會批准了一項股票回購計劃，最多可回購 40 萬股現有普通股，該計劃將於該日期後 1 年到期。

Pursuant to the repurchase plan, we purchased 46,658 shares of common stock during the third quarter of 2025 for an aggregate amount of $88,250. From inception, we have purchased 151,258 shares at an average price of $1.99. We also commenced offering Aura, a leading AI-powered online safety tool for individuals and families designed to help minimize the impact of data breaches, scams and other online threats to consumers.

根據回購計劃，我們在 2025 年第三季購買了 46,658 股普通股，總金額為 88,250 美元。自成立以來，我們已以平均每股 1.99 美元的價格購買了 151,258 股股票。我們也開始提供 Aura，這是一款領先的 AI 驅動型線上安全工具，旨在幫助個人和家庭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。

Subsequent to the end of the quarter, we initiated our Heroes program to provide a 10% discount on all IPM products and services to all existing and future military first responder, health care, teachers and veterinary business owners. Regarding our patent litigation, on August 29, 2024, the jury awarded the company $65.7 million in a jury verdict in connection with the lawsuit against WebEx Communications, Cisco WebEx and Cisco Systems in the U.S. District Court for the Western District of Texas.

季度結束後，我們啟動了“英雄計畫”，為所有現有和未來的軍方急救人員、醫護人員、教師和獸醫企業主提供所有 IPM 產品和服務 10% 的折扣。關於我們的專利訴訟，2024 年 8 月 29 日，陪審團在美國德州西區地方法院就針對 WebEx Communications、Cisco WebEx 和 Cisco Systems 的訴訟作出裁決，判給該公司 6,570 萬美元。

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. 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.

2024年10月8日，法院就該訴訟作出裁定，准予最終判決動議。最終判決對我們有利，賠償金額為裁決金額，並開始接受任何審後動議或上訴。我們將收到的賠償金的具體金額將根據多種因素確定，並將扣除重大的訴訟相關費用，包括律師費。

As we previously indicated, we estimate that we would receive no more than 1/3 of the gross proceeds in connection with the awards, subject to post-trial proceedings, including any potential appellate proceedings by Cisco. We have not recorded any gain contingency in connection with the award.

正如我們之前所指出的，我們估計，根據審判後程序（包括思科可能提起的任何上訴程序），我們最多只能收到與裁決相關的總收益的 1/3。我們並未就該項獎勵計入任何收益預期。

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

在 2025 年的前九個月裡，我們的 NTS 資產從一家大型銀行公司的部門轉變為獨立的上市管理服務技術公司，這令人欣慰。我們期待在未來幾年迎來許多大幅拓展業務的機會。

With that, let me turn the call over to Kara Jenny, our CFO, for a summary of our financial results for the third quarter and the nine months. 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. Kara?

接下來，我將把電話交給我們的財務長卡拉珍妮，請她總結我們第三季和前九個月的財務表現。在 Kara 發言結束後，我們將進入問答環節，回答在本次通話之前透過電子郵件提交的問題。卡拉？

Thank you, Jason. As Jason indicated, we acquired the operations of NTS on January 2, 2025, and rebranded the operations to Intelligent Protection Management 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，並將業務更名為 Intelligent Protection Management Corp.，簡稱 IPM。從 GAAP 的角度來看，IPM 與 NewtekOne 旗下前 NTS 部門的季度財務比較並不具有可比性。從 2026 年第一季開始，IPM 的財務資料將按照 GAAP 準則進行可比較。

For the three months ended September 30, 2025, revenue totaled $6.2 million compared to $0.3 million for the prior year period. On a sequential basis, revenue increased 9% from the second quarter of 2025. Revenue for the nine months totaled $17.5 million compared to $0.8 million in the prior year period.

截至 2025 年 9 月 30 日的三個月，收入總計 620 萬美元，而去年同期為 30 萬美元。與 2025 年第二季相比，營收季增 9%。前九個月的收入總計 1,750 萬美元，而去年同期為 80 萬美元。

Revenue by product for the three and nine months period ended September 30, 2025, was as follows: Managed Information Technology revenue was $3.8 million and $10.9 million, respectively. Procurement revenue was $1.7 million and $3.9 million, respectively. Professional services revenue was $0.5 million and $1.9 million, respectively. Subscription revenue was $0.3 million and $0.8 million, respectively.

截至 2025 年 9 月 30 日止的三個月和九個月期間，按產品劃分的收入如下：管理資訊科技收入分別為 380 萬美元和 1,090 萬美元。採購收入分別為 170 萬美元和 390 萬美元。專業服務收入分別為 50 萬美元和 190 萬美元。訂閱收入分別為 30 萬美元和 80 萬美元。

Operating loss from continuing operations for the three months ended September 30, 2025, totaled $1.4 million compared to an operating loss from continuing operations of $1.5 million for the three months ended September 30, 2024. Operating loss from continuing operations for the nine months ended September 30, 2025, totaled $3.9 million compared to operating loss from continuing operations of $3.5 million for the prior nine months ended September 30, 2024.

截至 2025 年 9 月 30 日止三個月，持續經營業務的營業虧損總額為 140 萬美元，而截至 2024 年 9 月 30 日止三個月，持續經營業務的營業虧損總額為 150 萬美元。截至 2025 年 9 月 30 日的九個月，持續經營業務的營業虧損總額為 390 萬美元，而截至 2024 年 9 月 30 日的前九個月，持續經營業務的營業虧損為 350 萬美元。

Net loss for the three months ended September 30, 2025, totaled $1.1 million compared to a net loss of $1.5 million for the three months ended September 30, 2024. Net loss for the nine months ended September 30 totaled $1.3 million compared to a net loss of $2.9 million for the nine months ended September 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 transaction.

截至 2025 年 9 月 30 日止三個月，淨虧損總額為 110 萬美元，截至 2024 年 9 月 30 日止三個月，淨虧損為 150 萬美元。截至 2024 年 9 月 30 日的九個月淨虧損總額為 130 萬美元，而截至 2024 年 9 月 30 日的九個月淨虧損為 290 萬美元。淨虧損減少的原因是 IPM 在第一季因該交易獲得了約 210 萬美元的所得稅收益。

Adjusted EBITDA for the three months ended September 30, 2025, was negative $0.3 million compared to negative $1.5 million for the three months ended September 30, 2024. Adjusted EBITDA for the nine months ended September 30, 2025, was negative $1.1 million compared to negative $2.9 million for the nine months ended September 30, 2024.

截至 2025 年 9 月 30 日止三個月的調整後 EBITDA 為負 30 萬美元，而截至 2024 年 9 月 30 日止三個月的調整後 EBITDA 為負 150 萬美元。截至 2025 年 9 月 30 日的九個月，調整後 EBITDA 為負 110 萬美元，而截至 2024 年 9 月 30 日的九個月為負 290 萬美元。

As of September 30, 2025, we had no long-term debt and cash and cash equivalents totaled $8.3 million, which included $1.0 million of restricted cash. Cash provided by continuing operations for the nine months ended September 30, 2025, was $1.0 million compared to cash used in continuing operations for the nine months ended September 30, 2024, of $0.9 million.

截至 2025 年 9 月 30 日，我們沒有長期債務，現金及現金等價物總額為 830 萬美元，其中包括 100 萬美元受限現金。截至 2025 年 9 月 30 日的九個月，持續經營產生的現金為 100 萬美元，而截至 2024 年 9 月 30 日的九個月，持續經營使用的現金為 90 萬美元。

IPM reported deferred revenue of $3.5 million for Q3 2025, which will be recognized as revenue in future quarters as products and/or services are installed. The company had over 9,000 devices under management at September 30, 2025, representing the number of endpoints, servers and network devices that are outsourced to the company under managed service agreements.

IPM 報告稱，2025 年第三季遞延收入為 350 萬美元，該收入將在未來幾季隨著產品和/或服務的安裝而確認為收入。截至 2025 年 9 月 30 日，該公司管理的設備超過 9,000 台，這些設備包括根據託管服務協議外包給該公司的終端、伺服器和網路設備。

That completes my comments, and we'll now move on to addressing online submitted questions.

我的發言到此結束，接下來我們將解答大家在線上提交的問題。

Okay. Thank you, Kara. We will now move into the question-and-answer section. One question submitted by investors was, are there any bolt-on acquisitions that would make sense to expand the business or new service offerings that you would like to see added to IPM in the coming years?

好的。謝謝你，卡拉。接下來我們將進入問答環節。投資人提出的一個問題是，在未來幾年裡，是否有任何可以擴大業務的補充收購或您希望在 IPM 中添加的新服務產品？

Sure. Acquiring sole proprietor or lifestyle-type managed service provider businesses with attractive EBITDA multiples would be strategic and that we would be acquiring customer contracts with term agreements. This has the potential of immediately adding devices under management and monthly recurring revenue and would offer upside potential in other service lines. So in the short term, our focus would be to grow our existing customer base with more of the same types of services so that we leverage our existing infrastructure.

當然。收購 EBITDA 倍數具有吸引力的個體經營者或生活方式型管理服務提供者企業將是一項策略舉措，而且我們將獲得具有長期協議的客戶合約。這有可能立即增加管理的設備數量和每月經常性收入，並可能在其他服務領域帶來成長潛力。因此，短期內，我們的重點是透過提供更多同類型的服務來擴大現有客戶群，從而充分利用我們現有的基礎設施。

Another question is, can you comment briefly on the recent AWS outages? What does IPM bring to the table that others can't?

還有一個問題，能否簡單談談最近AWS的宕機事件？IPM（綜合蟲害管理）有哪些其他方法無法提供的優點？

That's a great question. We offer potential solutions that mitigate the recent public cloud outages. IPM's use of private data centers and private cloud means that our customers were generally not affected by the recent AWS outages, which impacted many public cloud users. We like to say that at IPM, we don't just try harder, we protect smarter.

這是一個很好的問題。我們提供了一些可能緩解近期公有雲服務中斷問題的解決方案。IPM 使用私人資料中心和私有雲，這意味著我們的客戶通常不會受到最近 AWS 服務中斷的影響，而 AWS 服務中斷影響了許多公有雲用戶。我們常說，在 IPM，我們不僅更加努力，而且更明智地進行保護。

Can you please comment on the capital structure of the company right now? Will there be a need to raise additional capital in the next couple of years? 2026 or 2027 going forward?

請問您能否評價一下公司目前的資本結構？未來幾年是否需要籌集額外資金？2026年或2027年及以後？

We have a very clean capital structure and sufficient cash to run our business for at least the next 12 months. If we found an acquisition that was accretive and required financing, we would definitely consider doing that.

我們擁有非常健康的資本結構和充足的現金，足以維持公司至少未來 12 個月的營運。如果我們發現有能夠增加公司收益且需要融資的收購目標，我們一定會考慮進行收購。

All right. Thank you, Jason, and that concludes the Q&A section. Let me turn the call back over to Jason for closing remarks. Jason?

好的。謝謝你，傑森，問答環節到此結束。我現在把電話交還給傑森，請他做總結發言。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, and we continue to execute on our business plan. We will talk with you again to review our fourth quarter and full year financial results in the first quarter of 2026. Have a great day.

感謝大家的支持和今天蒞臨。非常感謝您對我們公司的關注。我們期待向市場匯報我們的進展，並將繼續執行我們的商業計劃。我們將於 2026 年第一季再次與您會面，回顧我們第四季和全年的財務表現。祝你有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your lines at this time, and 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了，感謝您的參與。