micromobility.com inc (MCOM) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the micromobility.com Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program will be recorded. If anyone objects, please disconnect now. I'd like to introduce your host for today's call, Gary Dvorchak, Managing Director with The Blueshirt Group. Mr. Dvorchak, please go ahead.

感謝您的耐心等待，歡迎參加 micromobility.com Inc. 2023 年第一季度收益電話會議。 （操作員說明） 提醒一下，今天的節目將被錄製。如果有人反對，請立即斷開連接。我想向您介紹今天電話會議的主持人，Gary Dvorchak，The Blueshirt Group 董事總經理。 Dvorchak 先生，請繼續。

Thank you, operator, and hello, everyone. Welcome to micromobility.com's First Quarter 2023 Results Conference Call. Earlier today we issued our financial results press release. It's available via newswires and on our website at ir.micromobility.com. A replay of this conference call will be available later today on the Investor Relations page of our website.

謝謝接線員，大家好。歡迎參加 micromobility.com 2023 年第一季度業績電話會議。今天早些時候，我們發布了財務業績新聞稿。您可以通過新聞專線和我們的網站 ir.micromobility.com 獲取該信息。今天晚些時候，我們網站的投資者關係頁面將提供本次電話會議的重播。

With us today, our Founder and Chief Executive Officer, Salvatore Palella and Chief Financial Officer, Giulio Profumo. The team will review our first quarter results for 2023. Investors with questions can send them to us via the link to Say Technologies, which is provided in our earnings press release. We'll answer questions via the Say Technologies [upvote questions].

今天與我們在一起的有我們的創始人兼首席執行官 Salvatore Palella 和首席財務官 Giulio Profumo。該團隊將審查我們 2023 年第一季度的業績。有疑問的投資者可以通過我們的收益新聞稿中提供的 Say Technologies 鏈接將其發送給我們。我們將通過 Say Technologies [贊成問題] 回答問題。

Please note that our press release and this conference call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. micromobility.com can give no assurance that these statements will prove to be correct, we have no obligation to update these statements.

請注意，我們的新聞稿和本次電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述僅是預測，可能由於多種因素而與實際的未來事件或結果存在重大差異。 micromobility.com 不能保證這些陳述將被證明是正確的，我們沒有義務更新這些陳述。

I will now turn the call over to Salvatore to begin. Salvatore?

我現在將把電話轉給薩爾瓦托開始。薩爾瓦多？

Thank you, Gary, and good day, everyone. Thank you for joining us to review our business performance and financial results for Q1 2023. To begin, I will provide the last development making our progress, following that our CFO, Giulio Profumo, will offer a financial perspective.

謝謝你，加里，大家好。感謝您與我們一起回顧 2023 年第一季度的業務績效和財務業績。首先，我將介紹我們取得的最新進展，隨後我們的首席財務官 Giulio Profumo 將提供財務視角。

Before I provide an overview of our progress and achievement in the business, I would like to express our heartfelt gratitude on behalf of the entire company for the unveiling support of our shareholders during these challenging market conditions. We understand that this [sequence deposit] by the current market situation and the need to comply with listing requirements. As a result, we are working closely with market integrity monitors such as Share Intel and BUYINS.NET. We also executed a reverse stock split to regain compliance. Our unwavering determination to maintain our listing demonstrating our strong commitment to transparency and accountability. Importantly, we firmly believe that the driving profitability and fostering growth is vital to incur in the overall value of our company. This is why our primary focus is on optimizing operation and expanding within the micromobility industry.

在概述我們的業務進展和成就之前，我謹代表整個公司對股東在當前充滿挑戰的市場條件下給予的大力支持表示衷心感謝。據我們了解，本次【順序存款】是根據當前市場情況以及符合上市要求的需要。因此，我們正在與 Share Intel 和 BUYINS.NET 等市場誠信監控機構密切合作。我們還執行了反向股票分割以重新獲得合規性。我們堅定不移地維持上市地位，這表明我們對透明度和問責制的堅定承諾。重要的是，我們堅信，推動盈利能力和促進增長對於實現我們公司的整體價值至關重要。這就是為什麼我們的主要重點是優化運營和在微型交通行業內擴張。

We are consulting our presence in cities where we already operate with the ultimate goal of transforming this operation into profitability venture. Despite the obstacle we face, we remain confident in our ability to navigate the business landscape, achieve consistent growth and continuously delivering value to our shareholders. With that being said, in the first quarter, we remain steadfast in our commitment to evolutioning [integral brand] transformation while promoting sustainability. Through platform decision making, we prioritize profitability and sustainable expansion, leading to a transformative rebranding efforts that position us as a global market mobility consolidator. This exciting transformation allow us to enter the retail, rental and share micromobility market, offering a wide range of vehicle accessories and service. We also launched our new retail focus adventure that will future physical store across the United States in an online platform for convenience shopping.

我們正在諮詢我們在已經開展業務的城市的業務，最終目標是將業務轉變為盈利企業。儘管我們面臨障礙，但我們仍然對自己駕馭業務格局、實現持續增長並持續為股東創造價值的能力充滿信心。話雖如此，在第一季度，我們仍然堅定地致力於發展[整體品牌]轉型，同時促進可持續發展。通過平台決策，我們優先考慮盈利能力和可持續擴張，從而進行變革性的品牌重塑工作，使我們成為全球市場流動性整合者。這一令人興奮的轉變使我們能夠進入零售、租賃和共享微移動市場，提供廣泛的車輛配件和服務。我們還推出了新的零售重點冒險，未來將在美國各地的實體店中提供便利購物的在線平台。

Rebranding our mobility segment is producing impressive results. As a rebranded company, our main goal is to offer outstanding shared mobility service by smoothly integrated brand, mainly our previous brand Helbiz and acquired brand Wheels under our new global brand umbrella. Additionally, we expand our presence in the mobility market by successfully launching e-bike fleet in both Santa Monica and the Miami Dade area.

重塑我們的移動出行領域正在產生令人印象深刻的成果。作為一家更名後的公司，我們的主要目標是通過順利整合的品牌（主要是我們之前的品牌 Helbiz 和在我們新的全球品牌保護下收購的品牌 Wheels）提供出色的共享出行服務。此外，我們還通過在聖莫尼卡和邁阿密戴德地區成功推出電動自行車車隊，擴大了我們在移動市場的影響力。

Turning to the Kitchen business. We achieved significant progress in our [breweries] region. Helbiz Kitchen introduced MrBeast Burger for the first time in Italy, an important expansion milestone. In the United States, we have expanded our presence through a strategic partnership with Kitchen United, leading to the opening of our first 2 locations in Los Angeles, in Santa Monica and the Westwood neighborhood. These developments highlight our commitment in delivering diverse culinary experience and expand our market reach.

轉向廚房業務。我們在[啤酒廠]地區取得了重大進展。 Helbiz Kitchen 首次在意大利推出 MrBeast Burger，這是一個重要的擴張里程碑。在美國，我們通過與 Kitchen United 的戰略合作夥伴關係擴大了我們的業務，從而在洛杉磯、聖莫尼卡和韋斯特伍德社區開設了首批 2 家分店。這些發展凸顯了我們致力於提供多樣化的烹飪體驗並擴大我們的市場覆蓋範圍的承諾。

To cover our goal of beginning profitable, we are actively reducing cost in our mobility segment by using technology and [smart wave] on working, we have expanded our fleet to more seats in the United States without spending extra money. Fusion work, we have embraced technology to enhance our relationship with both shareholders and customers. We have revisited our customer service by incorporating AI tools, having personalized and efficient interaction that result in higher customer satisfaction. This initiative highlights our commitment to build strong relationship and providing expansional experience.

為了實現我們開始盈利的目標，我們正在通過使用技術和[智能浪潮]來積極降低移動領域的成本，我們在不花費額外資金的情況下將我們的機隊擴大到了美國的更多座位。在融合工作中，我們採用技術來增強我們與股東和客戶的關係。我們通過整合人工智能工具重新審視我們的客戶服務，進行個性化和高效的交互，從而提高客戶滿意度。這一舉措凸顯了我們對建立牢固關係和提供擴展經驗的承諾。

Now I will turn the call over to Giulio Profumo, our CFO. Giulio will go on our financial performance. Giulio?

現在我將把電話轉給我們的首席財務官 Giulio Profumo。朱利奧將繼續介紹我們的財務業績。朱利奧？

Thank you, Salvatore. Our detailed financials can be found in our earnings release and 10-Q filing. So we will concentrate on discussing the drivers of financial performance. Keep in mind that all figures given are for the first quarter of 2023, and all comparisons are with the first quarter of 2022, unless I note otherwise.

謝謝你，薩爾瓦托。我們詳細的財務數據可以在我們的收益報告和 10-Q 報告中找到。因此，我們將集中討論財務績效的驅動因素。請記住，除非我另有說明，否則給出的所有數據均來自 2023 年第一季度，所有比較均與 2022 年第一季度進行。

Revenue was $3.9 million, up 18%, primarily driven by mobility revenue of $1.6 million and media revenue of $2.1 million. In pursuing our goal of reaching cash flow positive, we exited unprofitable markets, resulting in fewer trips and lower quarterly active platform users. Yet, we held mobility revenue flat, demonstrating that we are selectively trimming the property areas. Mobility was 40% of revenue with 76% from pay per ride and 21% from growing subscription offering. The cost of revenue of mobility remained stable, although we experienced a 35% increase in amortization, depreciation and write-off. This increase can primarily be attributed to the assets acquired from the Wheels business combination. On the other hand, we successfully reduced media cost by 11%, mainly by decreasing the acquisition of media content during the period. This reduction aligned with our strategy to decrease the operating cash used by the Media business.

收入為 390 萬美元，增長 18%，主要由 160 萬美元的移動收入和 210 萬美元的媒體收入推動。為了實現實現正現金流的目標，我們退出了無利可圖的市場，導致出行次數減少，季度活躍平台用戶減少。然而，我們的流動性收入持平，這表明我們正在有選擇地削減房地產領域。移動出行佔收入的 40%，其中 76% 來自按次付費，21% 來自不斷增長的訂閱服務。儘管攤銷、折舊和沖銷增加了 35%，但流動性收入成本保持穩定。這一增長主要歸因於從車輪業務合併中收購的資產。另一方面，我們成功降低了11%的媒體成本，主要是通過減少期內媒體內容的獲取。這一減少符合我們減少媒體業務使用的運營現金的戰略。

Turning our attention to Helbiz Kitchen, we are pleased to report that first quarter revenue nearly tripled. Our strategic partnership with Kitchen United has played a significant role in driving our growth in the U.S.

將我們的注意力轉向 Helbiz Kitchen，我們很高興地報告第一季度收入幾乎增加了兩倍。我們與 Kitchen United 的戰略合作夥伴關係在推動我們在美國的增長方面發揮了重要作用。

Now let's shift our focus to operating expenses, which decreased by 9%. Excluding the cost of revenue, our total expense in R&D, sales and marketing, and general and administrative decreased by 17%. This reduction was primarily driven by a 52% decrease in sales and marketing expenses and a 7% decrease in G&A costs. These reductions were accomplished by strategically reducing staffing levels and overhead expenses, aligning with our overall strategic goals. However, we have maintained our in-house global IT engineering team, leading to a 13% increase in R&D expenses during Q1. Additionally, noncash equity-based compensation expenses amount approximately $800,000 in the first quarter, accounting for approximately 4% of total operating expenses. Ultimately, we maintained an optimistic perspective that our efforts to decrease operating expenses will lead to cost reduction throughout our entire business. This will bring us closer to our ultimate goal of achieving bottom line profitability, which currently stands as our highest priority.

現在讓我們把焦點轉移到運營費用上，運營費用下降了 9%。不計收入成本，我們在研發、銷售和營銷以及一般和行政方面的總費用下降了 17%。這一減少主要是由於銷售和營銷費用減少了 52%，以及一般管理費用減少了 7%。這些削減是通過戰略性地減少人員配備水平和管理費用來實現的，與我們的總體戰略目標保持一致。然而，我們保留了內部的全球 IT 工程團隊，導致第一季度的研發費用增加了 13%。此外，第一季度非現金股權補償費用約為 80 萬美元，約佔總運營費用的 4%。最終，我們保持樂觀的態度，認為我們減少運營費用的努力將導致整個業務的成本降低。這將使我們更接近實現利潤盈利的最終目標，這是目前我們的首要任務。

In terms of our balance sheet and liquidity, as of March 31, 2023, we had $647,000 in cash and equivalents. Financial liabilities experienced a decline in the first quarter, reflecting a noteworthy reduction in our financial outstanding obligations. Net cash used in operating activities decreased by 22% year-over-year, demonstrating improved operational efficiency. During Q1, we entered into equity lines of credit, which provided us with the option but not the obligation to do so at our [discretion] during the terms of the agreement. Throughout the remainder of 2023, we plan to fund our operation and expansion to additional debt and equity financing, as necessary.

就我們的資產負債表和流動性而言，截至 2023 年 3 月 31 日，我們擁有 647,000 美元的現金及等價物。第一季度金融負債下降，反映出我們的財務未償債務顯著減少。經營活動所用現金淨額同比下降22%，運營效率有所提升。在第一季度，我們簽訂了股權信貸額度，這為我們提供了選擇權，但沒有義務在協議條款期間自行決定這樣做。在 2023 年剩餘時間內，我們計劃根據需要為我們的運營和擴張提供額外的債務和股權融資。

Now let me address our stock and compliance with the listing requirements. On March 30, we completed a reverse stock split, successfully regaining compliance with the share price requirements for listed securities. However, we still face challenges due to the volatility of our market share price. To ensure compliance, we are actively collaborating with market integrity, surveillances and service providers. We remain fully committed to maintaining our status as a listed company.

現在讓我談談我們的股票和上市要求的遵守情況。 3月30日，我們完成反向股票分割，成功恢復上市證券股價要求。然而，由於市場股價的波動，我們仍然面臨挑戰。為了確保合規性，我們積極與市場誠信、監管機構和服務提供商合作。我們仍然完全致力於維持我們作為上市公司的地位。

In summary, we are grateful for the consistent support of our shareholders during the challenging market environment. We are determined to overcome obstacles and deliver value to our stakeholders. By focusing on strategic initiatives, optimizing operations and embracing innovative technologies, we are confident in our ability to achieve sustained growth in the future.

總而言之，我們感謝股東在充滿挑戰的市場環境中的一貫支持。我們決心克服障礙，為利益相關者創造價值。通過專注戰略舉措、優化運營和擁抱創新技術，我們對未來實現持續增長充滿信心。

Let me turn the call back to Salvatore to wrap up. Salvatore?

讓我把電話轉回給薩爾瓦託來結束。薩爾瓦多？

Thank you, Giulio. We deeply appreciate the support from our shareholders, and we are committed to the expansion of our business for strategic initiatives, efficiency and innovation. Trust brings to drive our compliance efforts helping us navigate the market and create value for shareholders. We have achieved consistent growth in revenue and managed to decree operational expenses by improving efficiency. We will keep pursuing this strategy to improve our bottom line and create value for shareholders in the long term.

謝謝你，朱利奧。我們衷心感謝股東的支持，並致力於擴展我們的業務，以實現戰略舉措、效率和創新。信任推動我們的合規工作，幫助我們駕馭市場並為股東創造價值。我們實現了收入的持續增長，並通過提高效率來減少運營費用。我們將繼續推行這一戰略，以提高我們的利潤，並為股東長期創造價值。

Now I will turn the call over to Gary for some final instructions regarding our Q&A. Gary, go ahead.

現在我將把電話轉給加里，以獲取有關我們問答的一些最終說明。加里，繼續吧。

Thanks, Salvatore. As a reminder, micromobility.com partnered with Say Technologies to allow verified retail and institutional shareholders to submit and upvote questions, selection of which will be answered by our management team after the earnings call. To submit questions, please refer to the link we shared in that press release published earlier today. This concludes today's conference call. Thank you for your participation.

謝謝，薩爾瓦托。提醒一下，micromobility.com 與 Say Technologies 合作，允許經過驗證的零售和機構股東提交問題並投票，我們的管理團隊將在財報電話會議後回答問題。要提交問題，請參閱我們在今天早些時候發布的新聞稿中分享的鏈接。今天的電話會議到此結束。感謝您的參與。