WM Technology Inc (MAPS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to WM Technology Inc Second Quarter 2025 Earnings Call. All participants will be in a listen-only mode.

感謝您的支持，歡迎參加 WM Technology Inc 2025 年第二季財報電話會議。所有參與者將處於僅收聽模式。

I would now like to turn the call over to your host, Simon Yao, Director of Investor Relations. You may begin.

現在我想把電話轉給主持人、投資人關係總監姚西蒙。您可以開始發言了。

Good afternoon, and thank you for joining us to discuss our second quarter 2025 results. Today, 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，感謝您與我們一起討論我們2025年第二季的業績。今天，我們的執行長Doug Francis和財務長Susan Echard也出席了今天的會議。現在，每個人都可以在我們的投資者關係網站上查看我們的收益公告和相關幻燈片。

During this call, we will 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 uncertainties and risks, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statement.

在本次電話會議中，我們將就業務前景、策略和長期目標做出前瞻性陳述。請注意，前瞻性陳述並非對未來績效的保證，且受各種不確定因素和風險的影響，其中一些因素是我們無法控制的。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。

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.

有關可能影響我們實際業績的風險及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 SEC 文件。我們明確聲明，除法律要求外，我們無意且無義務更新這些前瞻性聲明。

For the benefit of those who may be listening to the replay or archived webcast, this call was held on August 7, 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 8 月 7 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.

我們還將討論非公認會計準則 (Non-GAAP) 財務指標以及根據公認會計準則 (GAAP) 編制的財務指標。非公認會計準則 (Non-GAAP) 財務指標應被視為公認會計準則 (GAAP) 財務資訊的補充，而非替代。您可以在我們投資者關係網站的收益報告中查看這些指標與公認會計準則 (GAAP) 績效的對帳表。

And finally, today's call is being webcasted from our Investor Relations website, and an audio replay will be available shortly. With that, I will now turn it over to Doug.

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，音訊回放將很快發布。現在，我將把時間交給Doug。

Thanks, Simon, and thank you all for joining us today. I want to begin by thanking our team for their continued focus and resilience in what remains a challenging environment across the cannabis industry. When I returned to the company in a leadership role, we acknowledged that the challenges facing the industry weren't temporary or cyclical, they were structural. We need to let these forces play out, get the wins where we can and as I have said many times, play the long game.

謝謝西蒙，也謝謝大家今天加入我們。首先，我要感謝我們的團隊在大麻產業依然充滿挑戰的環境中依然保持專注和韌性。當我重返公司擔任領導職務時，我們意識到產業面臨的挑戰並非暫時或週期性的，而是結構性的。我們需要讓這些力量充分發揮作用，盡可能地取得勝利，正如我多次說過的那樣，打持久戰。

Our balance sheet gets stronger each quarter, allowing us to move decisively on near-term opportunities as well as help us attune for the future state of our industry. Against that backdrop, we've stayed grounded in the fundamentals, executing consistently, operating efficiently and investing thoughtfully. That discipline has allowed us to remain focused on what we can control even as external headwinds persist.

我們的資產負債表每季都在增強，這使我們能夠果斷地抓住短期機遇，並幫助我們更好地適應產業的未來發展。在此背景下，我們始終立足基本面，持續執行，高效運營，並審慎投資。這種自律使我們即使在外在逆風持續存在的情況下，也能專注於我們所能掌控的領域。

Despite ongoing pressure in several of our key markets, which led to Q2 revenue landing slightly below our expectations, we delivered another consecutive quarter of adjusted EBITDA profitability and positive cash flow. That marks our 11th and 8th in a row, respectively, milestones that reflect the consistency and operational rigor we've maintained quarter-after-quarter.

儘管我們幾個關鍵市場持續承壓，導致第二季營收略低於預期，但我們連續一個季度實現了調整後EBITDA獲利和正現金流。這分別標誌著我們連續第11個和第8個季度實現里程碑，體現了我們每季都保持的一致性和營運嚴謹性。

Our performance through the first half of this year speaks to that mindset and has strengthened our position to continue investing behind our platform, particularly at a time when capital across the industry is scarce and many are focused on near-term survival.

我們今年上半年的表現體現了這種心態，並加強了我們繼續投資平台的地位，特別是在整個行業資本稀缺、許多人都專注於短期生存的時候。

Looking across the broader landscape, it's clear that these challenges persist and in some cases, are deepening. California's fragile industry recently had their excise tax increased to 19% of sales. Weedmaps has been lobbying alongside our clients there to push legislation to hopefully provide relief and freeze the tax at the prior level. Separately, the California legislator looks poised to pass a bill that regulates online cannabis marketplaces, which may impact how we monetize while increasing our risk and cost of doing business in the state.

放眼更廣闊的形勢，這些挑戰顯然持續存在，在某些情況下甚至正在加劇。加州脆弱的大麻產業最近將消費稅提高到銷售額的19%。 Weedmaps一直與我們的客戶一起遊說，推動立法，希望能減輕稅負，並將稅率凍結在先前的水平。此外，加州立法機構似乎準備通過一項監管線上大麻市場的法案，這可能會影響我們的獲利方式，同時增加我們在該州開展業務的風險和成本。

Lastly, in Michigan and many of the other early states who come online with cannabis programs, price compression, consolidation, taxes, overregulation, lack of black market enforcement and the proliferation of intoxicating hemp make running a cannabis business incredibly difficult and expensive. Those expenses tighten margins and cash flows for cannabis businesses, which impacts our revenue opportunity. These difficulties are why you see larger players exiting these markets.

最後，在密西根州和其他許多早期推行大麻計畫的州，價格壓縮、整合、稅收、過度監管、黑市執法不力以及令人陶醉的工業大麻的氾濫，使得經營大麻業務極其困難且成本高昂。這些費用壓縮了大麻企業的利潤率和現金流，從而影響了我們的收入機會。這些困難正是大型企業退出這些市場的原因。

We will continue to work with our clients to help state and local governments see that the path to a successful cannabis industry is through reasonable, whole regulation, not impossibly burdensome over regulation and taxation. This fight will be ongoing. Specifically, you will see this revenue impact over the coming quarters.

我們將繼續與客戶合作，幫助州和地方政府認識到，大麻產業的成功之路在於合理、全面的監管，而不是過重的監管和稅收負擔。這場鬥爭將持續下去。具體來說，您將在未來幾季看到收入方面的影響。

Amid these challenges, we're encouraged by the progress we're seeing in emerging markets. In New York, for example, we've been onboarding clients at an accelerating pace and the majority of operational retailers in the state are now on our platform. As this market continues to take shape, achieving meaningful retail density on our marketplace will be critical to its health and success, and we're pleased with our early progress.

儘管面臨諸多挑戰，新興市場的進展仍令我們備受鼓舞。例如，在紐約州，我們一直在加速客戶入駐，該州大多數營運零售商目前都已入駐我們的平台。隨著這個市場不斷成型，在我們的平台上實現有意義的零售密度對其健康和成功至關重要，我們對早期的進展感到滿意。

As we discussed last quarter, under the leadership of Sarah Griffis, our new CTO, we have made significant progress this year and have a slate of new products in the pipeline. Previously, I discussed vertical and horizontal expansion, and we are now working on new user-focused features and experiences as well. The company is energized, and we are excited about the coming quarters despite the many headwinds. We will discuss some of these new products over the coming months.

正如我們上個季度所討論的，在新任技術長莎拉·格里菲斯（Sarah Griffis）的領導下，我們今年取得了重大進展，並有一系列新產品正在籌備中。之前我討論了縱向和橫向擴張，現在我們也致力於開發以使用者為中心的新功能和體驗。公司充滿活力，儘管面臨許多阻力，但我們對未來幾季充滿期待。我們將在未來幾個月討論其中一些新產品。

We have been in beta and will launch expanded premium placement opportunities for brands, which will be our focus over the coming quarters. The results so far are very promising, and we are hopeful the new revenue generated from these products will offset some of the revenue headwinds we may face in legacy markets over the coming quarters.

我們目前處於測試階段，並將推出更多以品牌為導向的優質廣告投放機會，這將是我們未來幾季的重點。到目前為止，我們的業績非常可觀，我們希望這些產品帶來的新收入能抵銷我們未來幾季在傳統市場可能面臨的部分營收逆風。

In the last few quarters, we said that we were considering opportunities to service the hemp market, and we had viewed hemp as a potential major product expansion area for us. While we are still working on the foundations of a hemp offering, we view the space as increasingly uncertain given some of the recent legislative activity on the federal and state level.

在過去幾個季度，我們曾表示正在考慮服務大麻市場的機會，並將大麻視為我們潛在的主要產品擴展領域。雖然我們仍在為大麻產品奠定基礎，但鑑於近期聯邦和州一級的一些立法活動，我們認為該領域的不確定性日益增加。

As an example, Texas passed a bill that was an almost complete ban of intoxicating hemp that was vetoed by the governor and it is unclear whether an agreement on compromise will be reached in the current special legislative session. If there is no agreement, Texas will continue to have almost no regulations for intoxicating hemp products.

例如，德州通過了一項幾乎完全禁止麻醉性大麻的法案，但遭到州長否決。目前尚不清楚本屆特別立法會議是否會達成妥協協議。如果無法達成協議，德克薩斯州將繼續對麻醉性大麻產品幾乎沒有任何監管。

A similar back and forth has been happening in the US Senate, where a broad intoxicating hemp ban was initially included in the agricultural funding bill and then stripped out entirely. Once we have line of sight on how this will play out, we will begin moving more aggressively towards launching our product offering for hemp.

美國參議院也經歷了類似的反覆。一項廣泛的大麻禁令最初被納入農業資助法案，後來又被徹底刪除。一旦我們了解了最終結果，我們將更積極地推出大麻產品。

We will be launching our new online head shop, [Hedi] in the near term and are currently working with our industry partners to merchandise and provide content for the platform. We are excited to showcase the many skilled glass artists across the country as well as help our users shop for the best brands in glass, devices and accessories.

我們即將推出全新的線上頭飾店 [Hedi]，目前正與產業合作夥伴合作，為該平台提供商品和內容。我們很高興能夠展示全國各地技藝精湛的玻璃藝術家的作品，並幫助我們的用戶選購最優質的玻璃、設備和配件品牌。

We are also expanding our AI and ML teams and capabilities, specifically around the product data that powers our industry. Our industry lacks standardization across product catalogs, and our team is making great progress to becoming the key dataset for the industry. This is incredibly important to us, and we are laser-focused on entrenching our data and ML tools into our partners' tech stacks and Weedmaps platform.

我們也在擴展我們的人工智慧和機器學習團隊，提升能力，特別是圍繞著驅動我們行業的產品數據。我們的行業缺乏跨產品目錄的標準化，我們的團隊正在努力成為該行業的關鍵數據集。這對我們來說至關重要，我們正專注於將我們的資料和機器學習工具融入合作夥伴的技術堆疊和 Weedmaps 平台。

We've come a long way and accomplished a great deal in the first half of the year, but we know there's still plenty of work ahead. We are finally reaching the level of internal scale that will allow us to increase our speed and deliver more products and initiatives through the rest of this year and into 2026. This remains a dynamic and evolving industry, and we're excited about the opportunities that lie in front of us as we continue to build for the long term.

今年上半年，我們取得了長足的進步和豐碩的成果，但我們深知未來仍有許多工作要做。我們終於達到了內部規模的水平，這將使我們能夠加快速度，在今年剩餘時間甚至2026年推出更多產品和計劃。這仍然是一個充滿活力且不斷發展的行業，我們對未來的機會充滿期待，並將繼續著眼於長遠發展。

With that, I'll now turn it over to Susan.

現在，我將把發言權交給蘇珊。

Thanks, Doug. Now turning to our Q2 financial performance.

謝謝，道格。現在談談我們第二季的財務表現。

Revenue for the second quarter was $44.8 million, representing a decline of 2% from the prior year period. The slight year-over-year decline was primarily driven by lower revenue from our featured and deal listings products as ongoing market headwinds continue to pressure client margins and limit discretionary marketing spend. This decline was partially offset by an increase in display advertising revenue, reflecting our team's efforts to retain and reallocate our clients' marketing budget towards other ad solutions to diversify their spend and visibility across our platform.

第二季營收為4,480萬美元，較去年同期下降2%。年比小幅下降的主要原因是，由於持續的市場逆風持續對客戶利潤率構成壓力，並限制了可自由支配的營銷支出，我們的特色產品和優惠列表產品的收入有所下降。展示廣告收入的成長部分抵消了這一下降，這反映了我們團隊努力保留客戶的行銷預算，並將其重新分配到其他廣告解決方案，以分散客戶的支出並提高其在我們平台上的曝光度。

Despite the ongoing challenges contributing to revenue softness, our team remains focused on the areas within our control, particularly driving client acquisition and retention across our marketplace. We increased our average monthly paying clients by 4% to 5,241, up from 5,045 in the prior year period, driven by new client acquisition in certain emerging markets such as New York and Ohio.

儘管持續的挑戰導致收入疲軟，我們的團隊仍專注於我們所能做的領域，尤其是在我們整個市場推動客戶獲取和保留。由於紐約和俄亥俄州等新興市場新客戶的加入，我們平均每月付費客戶數量從去年同期的5,045名成長了4%，達到5,241名。

Average monthly revenue per paying client declined 6% to $2,852 compared to $3,033 a year ago. The decrease reflects a combination of reduced spend from existing clients in more mature markets and the onboarding of new clients at lower initial spend levels. We expect this metric to fluctuate going forward driven by these same dynamics. Turning to our expenses.

每位付費客戶平均月收入下降6%，至2,852美元，去年同期為3,033美元。這一下降反映了成熟市場現有客戶支出的減少，以及新客戶初始支出水準較低等因素。我們預計，受這些因素的影響，未來該指標仍將出現波動。接下來談談我們的支出。

Our GAAP OpEx, which includes cost of revenues and depreciation and amortization, totaled $42.9 million for the second quarter, a decrease of approximately $1.8 million or 4% versus the prior year period. The decline was primarily driven by reduced spend across our digital advertising channels and lower personnel costs following recent restructurings within our sales and marketing and product development teams.

我們第二季的GAAP營運支出（包括收入成本、折舊和攤提）總計4,290萬美元，較去年同期減少約180萬美元，降幅4%。下降的主要原因是，我們數位廣告管道的支出減少，以及近期銷售、行銷和產品開發團隊重組後人員成本的降低。

General and administrative expenses increased by approximately $2.2 million, largely due to a one-time non-cash loss contingency related to a contractual purchase obligation with our server provider. This charge will be reassessed periodically and is added back in our calculation of non-GAAP adjusted EBITDA.

一般及行政費用增加了約220萬美元，主要原因是與伺服器供應商簽訂的合約採購義務相關的一次性非現金損失或有支出。此費用將定期重新評估，並在計算非GAAP調整後EBITDA時加回。

Despite the challenging revenue environment, our focus on cost and operational discipline enabled us to remain profitable, delivering Q2 net income of $2.2 million and non-GAAP adjusted EBITDA of $11.7 million, up 81% and 16%, respectively, from the prior year period. Turning to the balance sheet.

儘管營收環境充滿挑戰，但我們專注於成本和營運紀律，這使我們能夠保持盈利。第二季淨利為 220 萬美元，非公認會計準則調整後息稅折舊攤銷前利潤 (EBITDA) 為 1,170 萬美元，分別較去年同期成長 81% 和 16%。接下來是資產負債表。

We ended the quarter with $59 million in cash, an increase of $5.7 million from the end of Q1, reflecting another quarter of strong cash generation. This marks our eighth consecutive quarter of cash growth, and we continue to operate with no debt, giving us flexibility to navigate near-term uncertainty while investing in long-term initiatives.

本季末，我們現金餘額為5,900萬美元，較第一季末增加570萬美元，反映出本季現金生成能力再創佳績。這標誌著我們連續第八個季度實現現金成長，並且我們繼續保持零負債運營，這使我們能夠靈活應對短期不確定性，同時投資於長期計劃。

Our share count across Class A and B common stock was 156.5 million as of June 30, 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. Turning to our financial outlook.

截至2025年6月30日，我們A類和B類普通股的股份總數為1.565億股。非公認會計準則指標與其最接近的公認會計準則結果的對帳表，以及我們股份類別和股份總數計算的詳情，均已發佈於我們投資者關係網站上的收益報告中。接下來談談我們的財務展望。

Given current market conditions and continued softness in key markets, we expect third quarter revenue to be approximately $41 million to $43 million and non-GAAP adjusted EBITDA to be in the range of $5 million to $7 million as we opportunistically ramp investments to support future growth. Amid ongoing market volatility, we remain focused on disciplined execution, sustaining profitability and positioning the business for long-term success.

鑑於當前市場狀況以及主要市場持續疲軟，我們預計第三季營收約4,100萬美元至4,300萬美元，非公認會計準則調整後息稅折舊攤銷前利潤（EBITDA）將在500萬美元至700萬美元之間，我們將適時加大投資力度，以支持未來成長。在持續波動的市場環境下，我們將繼續專注於嚴謹的執行力、持續的獲利能力，並為長期成功做好充分準備。

With that, I'll turn the call back to the operator.

說完，我就把電話轉回接線生。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。