WM Technology Inc (MAPS) 2024 Q3 法說會逐字稿

Good afternoon, everyone and welcome to the WM Technology Inc's third quarter, 2024 earnings conference call. All participants will be in a listen-only mode for the duration of the call. I would now like to turn the call over to your host, Simon Yao, Director of Investor Relations.

大家下午好，歡迎參加 WM Technology Inc 2024 年第三季財報電話會議。所有參與者在通話期間將處於只聽模式。現在我想將電話轉給主持人投資者關係總監姚西蒙 (Simon Yao)。

Good afternoon and thank you for joining our third quarter, 2024 results. We have our CEO • Douglas Francis and CFO Susan Echard with us today.

下午好，感謝您關注我們的 2024 年第三季業績。今天，我們的執行長道格拉斯·弗朗西斯 (Douglas Francis) 和財務長蘇珊·埃查德 (Susan Echard) 與我們在一起。

By now, everyone should have access to our earnings announcement and supporting slide deck on our investor relations website. During this call, we will make forward-looking statements about our business outlook strategies and long-term goals.

到目前為止，每個人都應該可以在我們的投資者關係網站上存取我們的收益公告和支援幻燈片。在本次電話會議中，我們將就我們的業務前景策略和長期目標做出前瞻性陳述。

Keep in mind that forward-looking statements are not guarantees of future performance and are subject to a variety of risks and uncertainties, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements for a discussion of risks and important factors that could affect our actual results.

請記住，前瞻性陳述並不能保證未來業績，並且會受到各種風險和不確定性的影響，其中一些風險和不確定性是我們無法控制的。我們的實際結果可能與任何前瞻性陳述中反映的預期有重大差異，這些前瞻性陳述討論了可能影響我們實際結果的風險和重要因素。

Please refer to our SEC filings available on the SEC website and our investor relations website. We specifically disclaim any intent or obligation to update these forward-looking statements except as required by law for the benefit of those who may be listening to the replay or archived webcast. This call was held on November 12, 2024.

請參閱 SEC 網站和投資者關係網站上提供的 SEC 文件。我們特別聲明不承擔任何更新這些前瞻性陳述的意圖或義務，除非法律要求為了那些可能收聽重播或存檔網路廣播的人的利益。本次電話會議於 2024 年 11 月 12 日舉行。

Since then, we may have made announcements related to topics discussed. So please refer to the company's most recent press releases and SEC filings. We will also discuss non-GAAP financial metrics alongside those prepared in accordance with GAAP also non-GAAP financial measures should be considered in addition to but not as a substitute for the information prepared in accordance with GAAP.

從那時起，我們可能會發布與討論的主題相關的公告。因此，請參閱該公司最新的新聞稿和 SEC 文件。我們還將討論非 GAAP 財務指標以及根據 GAAP 準備的財務指標，並且除了根據 GAAP 準備的資訊外，還應考慮非 GAAP 財務指標，但不能替代根據 GAAP 準備的資訊。

You can find a reconciliation of these measures to our GAAP results in our earnings presentation on our industrial relations website. And finally, today's call is being webcasted from our industrial relations website and an audio replay will be there shortly with that. I will now turn it over to Doug.

您可以在我們的勞資關係網站上的收益演示中找到這些措施與我們的 GAAP 結果的對照表。最後，今天的電話會議正在我們的勞資關係網站上進行網路直播，並且很快就會有音訊重播。我現在將把它交給道格。

Thanks Simon and hello to everyone joining us today. Our third quarter reflected another consecutive period of strong quarterly results with net revenues of $ 46.6 million adjusted of $11.3 million in any cash of $45 million. This quarter represented the eighth consecutive quarter of positive adjusted profitability. And I believe as a result of the continued focus and dedication of our team towards efficiency.

感謝西蒙，並向今天加入我們的每個人問好。我們第三季的季度業績再次連續強勁，調整後淨收入為 4,660 萬美元，現金為 4,500 萬美元，調整後為 1,130 萬美元。本季為連續第八個季度調整後獲利能力為正值。我相信這是我們團隊對效率持續關注和奉獻的結果。

The cannabis industry continues to be dynamic and a large part of that is due to the lack of progress towards more sensible and consistent regulation both across the state and at a federal level. The massive change to the landscape of the federal government coming out of last week's election changes the approach and I'm happy to work with the new administration to have our industry recognized as a lever and driver to help boost the economy, add much needed jobs and improve health services.

大麻產業仍然充滿活力，其中很大一部分原因是在整個州和聯邦層面缺乏更明智和一致的監管方面的進展。上週的選舉為聯邦政府的面貌帶來了巨大變化，我很高興與新政府合作，讓我們的行業被視為幫助提振經濟、增加急需就業的槓桿和驅動力並改善衛生服務。

It is unclear whether the incoming Trump administration will continue the progress over the last year towards rescheduling cannabis to schedule three. But as I've said before, we continue to believe that while the industry as a whole is excited to see schedule three come to fruition. We do not think the move to schedule three is enough because we firmly believe cannabis should be treated like wine and not on a schedule.

目前尚不清楚即將上任的川普政府是否會繼續去年的進展，將大麻重新安排到第三個時間表。但正如我之前所說，我們仍然相信，儘管整個行業很高興看到時間表三的實現。我們認為改變時間表三還不夠，因為我們堅信大麻應該像酒精一樣對待，而不是按時間表對待。

On the other hand, we see some cause for optimism. The [Senate] is where potential cannabis reforms have died in recent years with new Republican leadership, with the [Senate] who we hope are more focused on individual freedoms.

另一方面，我們看到了一些樂觀的理由。近年來，隨著新的共和黨領導層的出現，潛在的大麻改革已經在[參議院]中夭折，我們希望[參議院]更加關注個人自由。

We hope that the White House will lead the government towards the real change we have all been waiting for, but we remain cautious as the government reforms may not always benefit the industry of hope. And the timeline for these reforms is difficult to predict. Another area of continued regulatory uncertainty is around intoxicating hemp as another year has come and gone without clear instructions from the overdue federal (inaudible).

我們希望白宮將帶領政府實現我們一直在等待的真正變革，但我們仍然保持謹慎，因為政府改革可能並不總是有利於希望產業。這些改革的時間表很難預測。另一個持續存在監管不確定性的領域是令人陶醉的大麻，因為又一年過去了，卻沒有收到遲來的聯邦明確的指示。（聽不清楚）。

This delay has forced states to independently regulate the issue and try to close loopholes that have allowed hemp companies to sell unregulated and untested products claiming to be derived from hemp in every state in the country. We believe that in response to this continued inaction on the federal level, many states will ban help hemp outright much like California recently did.

這種拖延迫使各州獨立監管這一問題，並試圖堵住允許大麻公司在該國每個州銷售未經監管和未經測試的聲稱源自大麻的產品的漏洞。我們相信，為了應對聯邦層面的持續不作為，許多州將像加州最近所做的那樣徹底禁止大麻。

Instead of trying to make sense of the many nuanced questions, the farm bill has left unanswered, unanswered like those around drive versus web testing and THC versus THCA states that do not ban hemp entirely will likely fold it into an existing medical or recreational cannabis model which will take away the many advantages hemp businesses have over the regulated cannabis [Tanger] parts like the ability to ship across state lines, advertise online with platforms that currently ban cannabis ads and sell their products in any retail establishment or even direct to consumer online.

農業法案沒有試圖理解許多微妙的問題，而是沒有得到解答，就像那些圍繞驅動器與網絡測試以及THC 與THCA 的問題一樣，不完全禁止大麻的州可能會將其納入現有的醫療或娛樂大麻模式這將剝奪大麻企業相對於受監管大麻[丹吉爾]部分的許多優勢，例如跨州運輸的能力、通過目前禁止大麻廣告的平台進行在線廣告以及在任何零售機構甚至直接在線向消費者銷售其產品的能力。

To that end, global expectations for hemp should be tempered regardless. We think that some form of hemp is here to stay likely mostly in the forms of hemp derived edibles and beverages. As a cannabis platform. We will work to find a way to provide consumers access to this market in the safest way possible while continuing our support of the licensed cannabis operators and markets.

為此，無論如何，全球對大麻的期望都應該降低。我們認為某種形式的大麻很可能主要以大麻衍生食品和飲料的形式存在。作為大麻平台。我們將努力尋找一種方法，以盡可能安全的方式為消費者提供進入該市場的機會，同時繼續支持獲得許可的大麻經營者和市場。

While the undeniable upside in the hemp space, we need to ensure we're not overextending into areas where the policy or market environment may not be fully supportive of sustainable growth. As I've said, since my return to the company, our goal is to focus on the marketplace, be efficient profitable build a balance sheet for the future and play the long game 2025 will be no different while we are not ready to change our current approach to guidance nor call a bottom.

儘管大麻領域具有不可否認的優勢，但我們需要確保我們不會過度擴張到政策或市場環境可能無法完全支持永續成長的領域。正如我所說，自從我回到公司以來，我們的目標是專注於市場、高效盈利、為未來建立資產負債表並進行長期遊戲，儘管我們還沒有準備好改變我們的做法，但2025 年也將如此。

We are going to deploy capital around opportunities that we feel are low risk in the short term and will be key products for us when the industry headwinds turn to tailwinds, but we'll do it on our terms in a way that ensures long term successes for the company and our stakeholders.

我們將圍繞我們認為短期風險較低的機會部署資本，當行業逆風轉變為順風時，這些機會將成為我們的關鍵產品，但我們將按照我們的方式進行，以確保長期成功為了公司和我們的利益相關者。

We're thinking about future growth potential for our marketplace in two key dimensions. First, the vertical dimension, which for us is the expansion of our core marketplace by adding new products and features both upstream and downstream in our supply chain.

我們正在從兩個關鍵維度思考我們市場的未來成長潛力。首先是垂直維度，對我們來說，這是透過添加新產品來擴展我們的核心市場，並在我們的供應鏈中包括上游和下游。

We are initially holding these efforts close to the best and we'll discuss them in the coming quarters as we get closer to launch. Second, we also plan to expand the marketplace horizontally which for this phase will be around marketplaces for hemp the seeds and homegrown category and marketplace dedicated to the hard work for those enjoying cannabis. We envision this to be similar to an elevated head shop.

我們最初將這些努力保持在接近最佳狀態，當我們接近發佈時，我們將在接下來的幾個季度中討論它們。其次，我們還計劃橫向擴展市場，這一階段將圍繞大麻種子和本土類別的市場以及致力於為那些享受大麻的人努力工作的市場。我們設想這類似高架總店。

These are natural adjacencies to our core and while they provide exciting opportunities, they require us to be strategic in our approach, it's a space where we can offer immediate value to consumers while building out ecosystems that expand the regional platform.

這些是我們核心的自然鄰接，雖然它們提供了令人興奮的機會，但它們要求我們在方法上具有策略性，在這個空間中，我們可以為消費者提供直接價值，同時建立擴大區域平台的生態系統。

When I returned to WM technology toward the end of 2022 my expectation was that my role as the executive chair would be temporary while I searched for a new CEO. During that time, my priority was to help navigate through the industry's headwinds and get the company back on track operationally.

當我在 2022 年底重返 WM 技術時，我的預期是，在我尋找新的執行長期間，我作為執行主席的角色將是暫時的。在那段時間裡，我的首要任務是幫助公司克服產業的逆風，讓公司重回營運正軌。

And strategically, we have come a long way since then and I am proud of our team's commitment and accomplishments that got us here. Our financial stability has put us in a position of strength and give the company a runway to execute on its business initiatives.

從策略上講，自那時以來我們已經取得了長足的進步，我為我們團隊的承諾和成就感到自豪，而正是這些讓我們走到了這一步。我們的財務穩定性使我們處於有利地位，並為公司提供了執行其業務計劃的跑道。

But the mission is not complete and given the great long-term opportunities that have come with federal legalization. The board and I have decided that I will assume the role of CEO and continue to lead the company into this next phase. With that, I will turn it over to Susan.

但鑑於聯邦合法化帶來的巨大長期機遇，使命尚未完成。董事會和我決定由我擔任首席執行官，並繼續帶領公司進入下一階段。這樣，我就把它交給蘇珊。

Thanks Doug net revenues in the third quarter exceeded our guidance and increased sequentially to $46.6 million compared to the prior year. Net revenues declined marginally due to lower spend on our featured listings product and the impact on revenue from the products we sunset in Q4 of last year, these declines were partially offset by growth in our standard listings, product driven by the continued new client growth.

感謝 Doug 第三季的淨收入超出了我們的指導，與前一年相比連續增長至 4,660 萬美元。由於我們的特色清單產品支出減少以及去年第四季度我們淘汰的產品對收入的影響，淨收入略有下降，這些下降部分被我們標準清單的成長所抵消，該產品是由新客戶持續成長推動的。

Despite the financial challenges and budget constraints, many of our clients continue to face. We are encouraged by our sequential quarterly growth in revenue Q3 average monthly paying clients of 5,100 marked another consecutive quarterly increase in 2024 but was approximately 6% lower than the same period last year, largely due to the impact of sunsetting certain products. While we are focused on adding new accounts and minimizing churn across all of our markets.

儘管面臨財務挑戰和預算限制，我們的許多客戶仍然面臨這些挑戰。我們對營收的連續季度成長感到鼓舞，第三季平均每月付費客戶數量為5,100 名，這標誌著2024 年再次連續季度增長，但比去年同期下降了約6%，這主要是由於某些產品淘汰的影響。雖然我們專注於在所有市場上增加新帳戶並最大限度地減少客戶流失。

We recognize that ongoing headwinds will continue to impact client profitability and drive further consolidation in the industry as a result of a lower average paying client count, the average monthly net revenues per paying client in Q3 increased 6% to 3,043 when compared to the prior year period since the clients using the aforementioned sunset products and the clients turn typically have a lower average selling price and monthly net revenue.

我們認識到，由於平均付費客戶數量減少，持續的不利因素將繼續影響客戶盈利能力，並推動行業進一步整合，第三季度每個付費客戶的平均每月淨收入比上一年增長6%，達到3,043 人自使用上述日落產品的客戶以來，客戶的平均售價和每月淨收入通常較低。

We are encouraged by the recent stabilization of this metric. But as we've mentioned in the past, we expect this metric to fluctuate as we continue to add new clients across developing markets that are typically on boarded at lower levels of spend turning to our expenses.

我們對該指標最近的穩定感到鼓舞。但正如我們過去提到的，隨著我們繼續在發展中市場增加新客戶，我們預計這一指標將會波動，這些客戶通常會以較低的支出水平轉向我們的支出。

Our GAAP OpEx which includes our cost of revenue declined 21% versus the prior year and was largely driven by the impairment charge that we took last year related to the sunsetting of our certain products. The balance of our OpEx favorability is attributed to decrease in cost of revenues which will result of eliminated costs associated with those sunset products as well as decreases in sales and marketing and G&A due to lower head count and timing of marketing spend.

我們的 GAAP 營運支出（包括收入成本）比前一年下降了 21%，這主要是由於我們去年因淘汰某些產品而收取的減損費用所致。我們對營運支出有利的平衡歸因於收入成本的下降，這將導致與那些日落產品相關的成本的消除，以及由於人員數量和行銷支出時間的減少而導致銷售和行銷以及一般管理費用的減少。

These savings were partially offset by personnel and outside services investments associated with our product development organization.

這些節省的部分被與我們的產品開發組織相關的人員和外部服務投資所抵消。

Net income for the quarter came in at $5.3 million, which compares to a net loss of $2.5 million in Q3 of last year, our Q3 adjusted EBITDA of $ 11.3 million which represents a 24% margin beat our guidance due to our better-than-expected revenues as well as the operational discipline we continue to maintain throughout the organization.

本季淨利為 530 萬美元，而去年第三季淨虧損為 250 萬美元，我們第三季調整後 EBITDA 為 1130 萬美元，利潤率超出我們的指導值 24%，因為我們的業績好於-預期收入以及我們在整個組織中繼續維持的營運紀律。

We generated $3.8 million in cash and closed the quarter with a cash balance of $45 million and we remain debt free.

我們產生了 380 萬美元現金，本季末現金餘額為 4,500 萬美元，我們仍然沒有債務。

The continued growth in our cash balance provides us with the flexibility to explore a variety of strategic growth initiatives. As we develop our 2025 goals to maximize shareholder value, invest in technology and infrastructure and continue to expand in our emerging markets.

我們現金餘額的持續成長使我們能夠靈活地探索各種策略性成長計劃。我們制定 2025 年目標，以實現股東價值最大化、投資技術和基礎設施並繼續拓展新興市場。

Our share count across class A&B Common Stock was$ 153 million as of November 4, 2024. A reconciliation of non-GAAP metrics to their nearest GAAP result as well as the details of our share classes and share count calculation are provided in our earnings presentation posted on our investor relations website.

截至 2024 年 11 月 4 日，我們 A 類和 B 類普通股的股份數量為 1.53 億美元。我們的投資者關係網站上發布的收益演示中提供了非公認會計原則指標與其最接近的公認會計原則結果的對賬，以及我們的股票類別和股票數量計算的詳細信息。

Now turning to our financial outlook, we expect Q4 net revenues to be approximately $46 million and Q4 non-GAAP adjusted EBITA to be approximately $7 million. We are pleased with the progress made this year and we continue to build on this momentum as we set the stage for 2025. With that, I'll now turn the call back over to the operator to conclude our call.

現在轉向我們的財務前景，我們預計第四季度淨收入約為 4,600 萬美元，第四季度非 GAAP 調整後 EBITA 約為 700 萬美元。我們對今年的進展感到高興，並將繼續鞏固這一勢頭，為 2025 年奠定基礎。這樣，我現在將把呼叫轉回給接線員以結束我們的呼叫。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。