WM Technology Inc (MAPS) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to WM Technology, Inc.'s first quarter 2025 earnings conference call. (Operator Instructions) 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. 2025 年第一季財報電話會議。（操作員指示）現在，我想將電話轉給主持人、投資者關係總監 Simon Yao。

Good afternoon, and thank you for joining us today to discuss our first-quarter 2025 results. We are joined by our CEO, Doug Francis; and our CFO, Susan Echard. By now, everyone should have access to our earnings announcement and supporting slide deck on our Investor Relations website.

下午好，感謝您今天加入我們討論我們的 2025 年第一季業績。我們的執行長 Doug Francis 和財務長 Susan Echard 也加入了我們。現在，每個人都應該可以透過我們的投資者關係網站存取我們的收益公告和支持幻燈片。

During this call, we'll make forward-looking statements about our business outlook, strategies and long-term goals. 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 other important factors that could affect our actual results, please refer to our SEC filings available on our 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.

在本次電話會議中，我們將對我們的業務前景、策略和長期目標做出前瞻性陳述。請記住，前瞻性陳述並不能保證未來的業績，並且會受到各種風險和不確定性的影響，其中一些是我們無法控制的。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。有關可能影響我們實際結果的風險和其他重要因素的討論，請參閱我們在美國證券交易委員會 (SEC) 網站和投資者關係網站上提供的美國證券交易委員會 (SEC) 文件。我們明確否認有任何更新這些前瞻性陳述的意圖或義務，除非法律要求。

For the benefit of those who may be listening to the replay or archived webcast, this call was held on May 8, 2025. Since then, we may have made announcements related to the topics discussed, so please refer to the company's most recent press releases and SEC filings.

為了方便那些可能正在收聽重播或存檔網路廣播的人，本次電話會議於 2025 年 5 月 8 日舉行。從那時起，我們可能已經發布了與討論主題相關的公告，因此請參閱公司最新的新聞稿和 SEC 文件。

We will also discuss non-GAAP financial measures alongside those prepared in accordance with GAAP. Non-GAAP financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with GAAP. You can find a reconciliation of these measures to our GAAP results in our earnings presentation on our Investor Relations website.

我們也將討論非 GAAP 財務指標以及依照 GAAP 編製的財務指標。非公認會計準則財務指標應被視為對按照公認會計準則編制的資訊的補充，但不能取代它。您可以在我們投資者關係網站的收益報告中找到這些指標與我們的 GAAP 結果的對帳表。

And finally, today's call is being webcasted from our Investor Relations website, and an audio replay will be available shortly.

最後，今天的電話會議將透過我們的投資者關係網站進行網路直播，音訊回放將很快提供。

With that, I will now turn it over to Doug.

現在，我將把發言權交給 Doug。

Thanks, Simon, and thank you all for joining us today. We are proud of our first quarter results as we exceeded our Q1 guidance and grew revenue, adjusted EBITDA and ending cash on a year-over-year basis. These results reflect focused execution in what continues to be a challenging environment for the cannabis industry.

謝謝，西蒙，也謝謝大家今天加入我們。我們對第一季的業績感到自豪，因為我們超越了第一季的預期，且營收、調整後 EBITDA 和期末現金均較去年同期成長。這些結果反映了大麻產業在持續充滿挑戰的環境中集中執行的成果。

During our earnings call in March, I expressed concern about the harm that regulators have been doing to the industry with their inaction and ineffectiveness. The regulatory environment remains unchanged and the outlook for the cannabis industry remains challenged by overtaxation and competition from unregulated hemp. Some states have made overtures towards increased regulation and intoxicating hemp products. But while there has been a lot of noise, there has been little progress.

在三月的收益電話會議上，我表達了對監管機構不作為和無效對產業造成的損害的擔憂。監管環境保持不變，大麻產業前景仍面臨過度徵稅和不受監管的大麻競爭的挑戰。一些州已表示將加強對大麻產品的監管。但儘管有許多喧囂，卻沒有什麼進展。

In the last couple of months, we have also started facing a new source of murkiness from tariffs, which has the potential to increase our clients' operating costs at a time when consumers are likely to be more price sensitive, leading to further compression of already said margins. While some in the industry are expressing optimism about the directional signals related to the current administration's view of cannabis, we only see headlines and mixed signals and therefore, operating with the assumption that there is no relief in sight in terms of federal regulation around taxes, banking or rescheduling. However, we remain hopeful that there will be movement and are ready to support the administration's effort when the time comes.

在過去的幾個月裡，我們也開始面臨關稅帶來的新的不確定性，這可能會增加我們客戶的營運成本，而此時消費者可能對價格更加敏感，進一步壓縮已經存在的利潤率。儘管一些業內人士對現任政府對大麻的看法所發出的方向性信號表示樂觀，但我們只看到一些新聞標題和混合信號，因此，我們假設聯邦在稅收、銀行業務或重新安排方面的監管不會有任何緩解的跡象。然而，我們仍然希望會有行動，並準備在適當的時候支持政府的努力。

Fabrizio's polling report was clear. The vast majority of Americans in both parties want federal legalization. This is an 80-20 issue, and hopefully, the current administration takes the 80 in the near term. The commercial impact of these regulatory hurdles has magnified the existing market forces that are creating challenges for operators.

法布里齊奧的民調報告很清楚。兩黨絕大多數美國人都希望聯邦立法。這是一個 80-20 的問題，希望現任政府能在短期內解決 80% 的問題。這些監管障礙的商業影響放大了現有的市場力量，為營運商帶來了挑戰。

In mature markets, industry data continues to show decreasing retail prices and that when coupled with the lack of regulatory relief on operating costs, leads to reduced cash flow for our clients, thus ultimately decreasing their ability to buy our services. While emerging markets have shown potential, they remain subscale in the overall industry picture and their growth generally does not make up for the challenges in the more mature markets.

在成熟市場中，行業數據持續顯示零售價格下降，再加上缺乏對營運成本的監管減免，導致客戶的現金流減少，從而最終降低他們購買我們服務的能力。儘管新興市場已顯示出潛力，但它們在整個行業中仍處於次要地位，其成長通常無法彌補較成熟市場面臨的挑戰。

Against this backdrop, I am pleased with how our team is executing. We remain disciplined and intentional on how we run the business, keeping our cost structure lean, focused on ROI-driven investments and continuing to generate cash even as many in the industry face mounting challenges.

在此背景下，我對我們團隊的表現感到滿意。我們在經營業務方面始終嚴守紀律、專注投入，保持精簡的成本結構，專注於投資回報率驅動的投資，即使在許多業內企業面臨越來越大的挑戰的情況下，我們仍能繼續創造現金。

We continue to grow our client base, especially in underpenetrated markets while helping existing clients better navigate today's dynamics. Our marketplace remains a vital resource for both consumers and businesses, and we remain committed to delivering technology and data solutions that create transparency, drive efficiency and unlock value across the ecosystem.

我們繼續擴大我們的客戶群，特別是在滲透率較低的市場，同時幫助現有客戶更好地應對當今的市場動態。我們的市場仍然是消費者和企業的重要資源，我們仍然致力於提供創造透明度、提高效率和釋放整個生態系統價值的技術和數據解決方案。

I'd like to highlight 2 areas that give me optimism about our long-term potential. First, our technology and product development organization has made meaningful progress under our new CTO. In Q1, we focused on foundational improvements to our data infrastructure and automation, including better use of machine learning and AI. We also made significant headway in enhancing our product catalog, taxonomy and search capabilities, which laid the groundwork for the next generation of ad products and marketplace innovation.

我想強調兩個讓我對我們的長期潛力感到樂觀的領域。首先，在新任技術長的領導下，我們的技術和產品開發組織取得了重大進展。在第一季度，我們專注於資料基礎設施和自動化的基礎改進，包括更好地利用機器學習和人工智慧。我們也在增強產品目錄、分類和搜尋功能方面取得了重大進展，為下一代廣告產品和市場創新奠定了基礎。

Second, we restructured our marketing organization in Q1 and are beginning to see the early impact. The team is working to reconnect with our heritage as a brand synonymous with the cannabis culture and community. A great example was our 420 activations this year, which felt true to who we are and where we're heading. There's more work to do, but I'm excited about what's coming from this group in the quarters ahead.

其次，我們在第一季重組了行銷組織，並開始看到早期影響。團隊正在努力重新打造與大麻文化和社區同義的品牌，以傳承我們的傳統。一個很好的例子就是我們今年的 420 次活動，這真實地反映了我們的身份和我們的發展方向。還有很多工作要做，但我對這個團隊在未來幾季的表現感到很興奮。

We're building for the long term, staying close to our customers, operating with discipline and positioning ourselves to lead as the industry matures.

我們著眼於長遠發展，密切關注客戶，嚴格規範運營，在行業成熟過程中佔據領導地位。

With that, I'll turn it over to Susan to walk through the financial results in more detail.

接下來，我會把時間交給蘇珊，讓她更詳細地介紹財務結果。

Thanks, Doug. Now turning to our financial performance. First quarter revenue was $44.6 million, roughly in line with the $44.4 million reported in the prior year period. The modest increase of $0.2 million or 1% was driven by growth in standard listings, which increased by $0.4 million and display advertising, which grew by $0.8 million. These gains were partially offset by a $1 million decline in revenue from our featured and deal listings.

謝謝，道格。現在來談談我們的財務表現。第一季營收為 4,460 萬美元，與去年同期的 4,440 萬美元基本持平。20 萬美元或 1% 的小幅成長是由標準清單的成長（增加了 40 萬美元）和展示廣告（增加了 80 萬美元）推動的。這些收益被我們的特色和交易清單收入 100 萬美元的下降部分抵消。

This shift in product mix reflects broader trends we're seeing in the business.

產品結構的轉變反映了我們在業務中看到的更廣泛的趨勢。

Growth in standard listings is tied to our continued efforts to acquire new clients in underpenetrated markets, while the decline in featured and deal listings highlights the ongoing financial pressures limiting discretionary spend across the industry. These dynamics are also evident in our client and monetization metrics.

標準清單的成長與我們在滲透率較低的市場中不斷獲取新客戶的努力息息相關，而特色清單和交易清單的下降則凸顯了持續的財務壓力限制了整個行業的可自由支配支出。這些動態在我們的客戶和貨幣化指標中也很明顯。

Average monthly paying clients for the quarter increased 5% year-over-year to 5,179 driven by new client acquisitions in certain markets. However, average monthly revenue per paying client declined to $2,871 from $2,997 in the prior year, reflecting spend pullbacks in more mature markets. This decline was primarily driven by persistent industry headwinds, including pricing pressures and consolidation, which continue to impact our clients' marketing budgets. These challenges were partially offset by the contribution from newly acquired clients in certain markets.

受某些市場新客戶的推動，本季平均每月付費客戶數量年增 5% 至 5,179 人。然而，每位付費客戶的平均月收入從上年的 2,997 美元下降至 2,871 美元，反映出較成熟市場的支出減少。這種下降主要是由於持續的行業逆風，包括定價壓力和整合，這些因素繼續影響我們客戶的行銷預算。這些挑戰被某些市場中新客戶的貢獻部分抵銷。

Turning to our expenses. GAAP OpEx, which includes cost of revenues and depreciation and amortization, totaled $42 million in the first quarter. This represents a $1.3 million or 3% increase over the prior year period, which reflects an increase of $2.9 million in general and administrative expenses, partially offset by lower sales and marketing and product development expenses.

談到我們的開支。第一季度，GAAP 營運支出（包括營業成本、折舊和攤提）總計 4,200 萬美元。這比去年同期增加了 130 萬美元或 3%，其中反映出一般和行政費用增加了 290 萬美元，但部分被銷售和行銷以及產品開發費用的降低所抵消。

The increase in G&A expenses includes $2 million of nonrecurring charges, which includes certain onetime legal expenses and severance associated with recent workforce reductions. Despite the modest increase in operating expenses, net income rose to $2.5 million, up from $2 million in the prior year period. The increase was primarily driven by mark-to-market adjustments on our warrants and higher interest income.

一般及行政費用的增加包括 200 萬美元的非經常性費用，其中包括某些一次性法律費用和與近期裁員相關的遣散費。儘管營運費用略有增加，但淨收入仍從去年同期的 200 萬美元增至 250 萬美元。成長主要得益於認股權證的市價調整和更高的利息收入。

Adjusted EBITDA for the first quarter was $10.1 million, which exceeded our expectations. The outperformance was driven by slightly higher-than-expected revenue as well as lower-than-anticipated expenses, primarily due to reduced advertising spend and wage-related costs in our product development organization.

第一季調整後的 EBITDA 為 1,010 萬美元，超出了我們的預期。績效優異的原因是收入略高於預期，而支出低於預期，這主要歸因於我們產品開發部門的廣告支出和工資相關成本減少。

We generated $1.3 million in cash from operations and ended the first quarter with a cash balance of $53.3 million. This marks our seventh consecutive quarter of cash growth, in line with the increase seen in Q1 of last year. With no debt on our balance sheet, we have the flexibility to make strategic investments in the business while navigating the ongoing industry challenges.

我們從營運中產生了 130 萬美元的現金，第一季末的現金餘額為 5,330 萬美元。這是我們連續第七個季度實現現金成長，與去年第一季的增幅一致。由於我們的資產負債表上沒有債務，我們可以靈活地對業務進行策略性投資，同時應對持續的產業挑戰。

Our share count across Class A and B common stock was 154.4 million as of March 31, 2025. A reconciliation of non-GAAP metrics to their nearest GAAP results 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 2025 年 3 月 31 日，我們 A 類和 B 類普通股的股份總數為 1.544 億股。我們在投資者關係網站上發布的收益報告中提供了非 GAAP 指標與其最接近的 GAAP 結果的對帳以及我們的股票類別和股票數量計算的詳細資訊。

Now turning to our financial outlook. We expect revenues for the second quarter to be approximately $45 million and non-GAAP adjusted EBITDA is estimated to be approximately $8 million. We are pleased with the progress made this quarter, and we continue to execute our 2025 plans.

現在來談談我們的財務前景。我們預計第二季的營收約為 4,500 萬美元，非 GAAP 調整後的 EBITDA 估計約為 800 萬美元。我們對本季取得的進展感到滿意，並將繼續執行我們的 2025 年計畫。

With that, I'll now turn the call back over to the operator to conclude our call.

這樣，我現在將電話轉回給接線員以結束通話。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。