NextNRG Inc (NXXT) 2022 Q4 法說會逐字稿

Greetings. Welcome to EZFill Holdings Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, John McNamara. Sir, you may begin.

問候。歡迎參加 EZFill Holdings 2022 年第四季度收益電話會議。 （操作員說明）正式演示之後將進行問答環節。 （操作員說明）請注意，本次會議正在錄製中。現在我將會議交給主持人約翰·麥克納馬拉。先生，您可以開始了。

Thanks.

謝謝。

Welcome, and thank you for joining us today for the EZFill 2022 Fourth Quarter and Full Year Financial Results Conference Call. With us today from management are Mike McConnell, Chief Executive Officer; and Arthur Levine, Chief Financial Officer. Before we begin, as usual, we would remind everyone that certain matters discussed during today's call or answers that may be provided to questions may constitute forward-looking statements as defined under federal securities laws. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's annual report on Form 10-K filed with the SEC. Copies of these documents are available on the SEC's website as well as on the company's website.

歡迎並感謝您今天參加我們的 EZFill 2022 年第四季度和全年財務業績電話會議。今天與我們一起出席的還有來自管理層的首席執行官邁克·麥康奈爾 (Mike McConnell)；和首席財務官阿瑟·萊文（Arthur Levine）。在我們開始之前，像往常一樣，我們要提醒大家，今天電話會議中討論的某些事項或可能提供的問題答案可能構成聯邦證券法定義的前瞻性陳述。諸如“可能”、“應該”、“預計”、“預期”、“打算”、“計劃”、“相信”、“預期”、“希望”、“估計”等詞語以及這些詞語的變體和類似表達旨在識別前瞻性陳述。這些聲明受到許多條件的約束，其中許多條件超出了公司的控制範圍，包括公司向 SEC 提交的 10-K 表格年度報告的風險因素部分中列出的條件。這些文件的副本可在 SEC 網站以及公司網站上獲取。

I would now -- with that, the actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. And I'd now like to turn the call over to Mike McConnell, CEO. Go ahead, Mike.

我現在認為，實際結果可能與此類前瞻性陳述所表達或暗示的結果存在重大差異。除非法律要求，否則公司沒有義務在本次電話會議之後更新這些聲明的修訂或更改。我現在想將電話轉給首席執行官邁克·麥康奈爾 (Mike McConnell)。繼續吧，邁克。

Thanks, John. Good afternoon, everyone. Thank you for joining us today to review our 2022 fourth quarter and full year financial results.

謝謝，約翰。大家下午好。感謝您今天加入我們回顧我們 2022 年第四季度和全年的財務業績。

As we noted in our press release, which we issued a short while ago, 2022 was EzFill's first full calendar year as a public company. At the end of 2021, with one full operating quarter under our belt, we had about a dozen trucks that we service out of one location in Miami and we had about 15 fleet customers that we were generating approximately $3.5 million in annual revenue, more than half of which came from one customer.

正如我們在不久前發布的新聞稿中指出的那樣，2022 年是 EzFill 作為上市公司的第一個完整日曆年。截至 2021 年底，在我們一個完整的運營季度的情況下，我們在邁阿密的一個地點為大約十二輛卡車提供服務，我們擁有大約 15 個車隊客戶，我們的年收入約為 350 萬美元，超過其中一半來自一位客戶。

Today, we are very pleased to report that after our first full year of operating results as a public company, we can point to significant growth in most of the key metrics investors look for in small growing companies. We increased our revenue by 108% from $7.2 million to $15 million. That revenue is spread much more widely across more than 100 fleet accounts, and other customers that we service with 40 trucks operating out of 5 locations across Florida.

今天，我們非常高興地向大家報告，在我們作為上市公司的第一個全年運營業績之後，我們可以指出投資者在小型成長型公司中尋找的大多數關鍵指標都顯著增長。我們的收入增長了 108%，從 720 萬美元增至 1500 萬美元。這些收入更廣泛地分佈在 100 多個車隊客戶以及我們在佛羅里達州 5 個地點運營的 40 輛卡車所服務的其他客戶中。

As previously announced in January and February, we added 19 new fleet accounts.

正如之前在 1 月和 2 月宣布的那樣，我們添加了 19 個新的車隊賬戶。

Our customer base is diverse, as you would expect in a large state like Florida, ranging from small moving companies and pet grooming companies to one of the nation's largest retail grocers. Most recently, we also announced a 3-year extension of our agreement with the organizers of the Miami Formula One Grand Prix. We expect to see the fleet account number continue to grow as the EZFill brand becomes more widely known and respected.

正如您在佛羅里達州這樣的大州所期望的那樣，我們的客戶群是多元化的，從小型搬家公司和寵物美容公司到全國最大的零售雜貨店之一。最近，我們還宣布將與邁阿密一級方程式大獎賽組織者的協議延長三年。隨著 EZFill 品牌變得更加廣為人知和尊重，我們預計車隊帳號數量將繼續增長。

We're focused on improving margins throughout a combination of higher average pricing for existing and new customers and improved driver and fuel purchasing cost efficiencies. We're also looking into the sale of other types of fuels that have higher margins. We will continue to look for opportunities to add innovative solutions, to leverage our technology, to generate additional sources of revenue from other than fuel arising out of the trend, to on-demand services and supported with careful and focused investments in marketing. This will likely involve strategic partnerships with other companies that have complementary products.

我們致力於通過提高現有和新客戶的平均定價以及提高駕駛員和燃料採購成本效率來提高利潤。我們還在研究利潤更高的其他類型燃料的銷售。我們將繼續尋找機會添加創新解決方案，利用我們的技術，從趨勢產生的燃料以外的其他收入來源中創造額外的收入來源，提供按需服務，並通過仔細而有針對性的營銷投資來支持。這可能涉及與其他擁有互補產品的公司的戰略合作夥伴關係。

There's no doubt that we operate in a competitive environment. But with the $20 billion in growing fueling market in Florida, we believe there is plenty of room to grow in our home state in the short term. We will continue and evaluate opportunities to expand out of the state later in 2023.

毫無疑問，我們是在競爭激烈的環境中運營的。但隨著佛羅里達州燃料市場價值 200 億美元的不斷增長，我們相信我們的家鄉在短期內還有很大的增長空間。我們將在 2023 年晚些時候繼續評估在該州以外擴張的機會。

With that, I'll let Arthur walk you through the financial results. Go ahead, Arthur.

接下來，我將讓 Arthur 向您介紹財務業績。繼續吧，亞瑟。

Thank you, Mike. (technical difficulty) as Mike noted, revenues for the full year (technical difficulty) [$15.0 million] from $7.2 million in 2021, a 108% increase. On a quarterly basis, fourth quarter revenue increased to $4.9 million up from $2 million in the prior year fourth quarter. The increase in both periods was driven by an increase in total gallons delivered as well as an increase in the average fuel margin per gallon. For the year 2022, the total gallons delivered were 3.6 million compared to 2.3 million in 2021, a 56% increase. And our margin per gallon in 2022 rose to $0.45 from $0.37 in 2021, a 22% increase.

謝謝你，邁克。 （技術難度）正如 Mike 指出的，全年收入（技術難度）[1500 萬美元]較 2021 年的 720 萬美元增長了 108%。按季度計算，第四季度收入從去年第四季度的 200 萬美元增至 490 萬美元。這兩個時期的增長都是由交付的加侖總數的增加以及每加侖平均燃油利潤的增加推動的。 2022 年，交付總量為 360 萬加侖，與 2021 年的 230 萬加侖相比，增長了 56%。我們的每加侖利潤從 2021 年的 0.37 美元上升到 2022 年的 0.45 美元，增幅為 22%。

As Mike mentioned, we've been adding new customers at (technical difficulty) per gallon and where possible, we are also increasing fuel margin and fees for existing customers. Operating expenses in 2022 were $12.7 million compared to $8.1 million in 2021, a 56% increase. The increases were mainly in payroll, sales and marketing, insurance, technology and public company expenses, as we grew our infrastructure during the first 3 quarters in order to accommodate our growth and our expansion throughout Florida.

正如邁克提到的，我們一直在以每加侖（技術難度）增加新客戶，並且在可能的情況下，我們還會增加現有客戶的燃油利潤和費用。 2022 年的運營費用為 1,270 萬美元，與 2021 年的 810 萬美元相比，增長 56%。增加的主要是工資、銷售和營銷、保險、技術和上市公司費用，因為我們在前三個季度擴大了基礎設施，以適應我們在佛羅里達州的增長和擴張。

Our fourth quarter operating expenses were approximately $600,000 lower year-over-year, primarily due to lower stock compensation, lower D&O insurance premiums and efficiencies realized in other operating expenses. Our OpEx was sequentially lower than in the third quarter by a similar amount.

我們第四季度的運營費用同比減少約 600,000 美元，主要是由於股票薪酬下降、D&O 保險費下降以及其他運營費用實現的效率提高。我們的運營支出比第三季度下降了類似的幅度。

Depreciation and amortization for the full year was $1.8 million, up from $0.9 million in 2021, with the increase mainly due to purchases of delivery vehicles. Interest expense was $104,000 in 2022 compared to $776,000 in 2021, while the decrease primarily from the early payment of pre-IPO debt.

全年折舊和攤銷為 180 萬美元，高於 2021 年的 90 萬美元，增長主要是由於購買了送貨車輛。 2022 年利息支出為 104,000 美元，而 2021 年為 776,000 美元，減少主要來自提前支付 IPO 前債務。

On a GAAP basis, we reported a net loss in 2022 of $17.5 million compared to $9.3 million in the prior period. In the fourth quarter, our loss of $6.2 million included a (technical difficulty) impairment charge, primarily related to goodwill and intangibles. The majority of this impairment is related to a license for a technology that the company is not using and does not factor into our future plans.

根據 GAAP 計算，我們報告 2022 年淨虧損為 1,750 萬美元，而上一期間為 930 萬美元。第四季度，我們的損失為 620 萬美元，其中包括（技術難度）減值費用，主要與商譽和無形資產相關。這種減值大部分與公司未使用的技術許可有關，並且未納入我們未來的計劃。

Adjusted EBITDA loss for 2022 was $11.4 million compared to adjusted EBITDA loss of $5.8 million in 2021. The increase in the adjusted EBITDA loss reflects significant spending on infrastructure during 2022 to grow the business. Our adjusted EBITDA for the fourth quarter improved slightly year-over-year and sequentially compared to (technical difficulty), mainly as a result of a tighter focus on our marketing, technology and other spending without limiting our ability to continue to grow the top line.

2022 年調整後 EBITDA 損失為 1140 萬美元，而 2021 年調整後 EBITDA 損失為 580 萬美元。調整後 EBITDA 損失的增加反映了 2022 年為發展業務而在基礎設施方面的大量支出。與（技術難度）相比，我們第四季度調整後的 EBITDA 同比和環比略有改善，這主要是由於我們更加關注我們的營銷、技術和其他支出，同時又不限制我們繼續增長收入的能力。

We will continue to be focused on our spending as we continue to grow the business. As Mike mentioned, we now have 40 trucks in our fleet, and there is still much room for our utilization to increase with the existing fleet.

隨著業務的不斷發展，我們將繼續關注我們的支出。正如 Mike 提到的，我們的車隊現在有 40 輛卡車，而且現有車隊的利用率仍有很大的提升空間。

We will review our needs as the year progresses and if necessary, we'll order additional trucks.

隨著時間的推移，我們將審查我們的需求，如有必要，我們將訂購更多卡車。

We used approximately $2.6 million in cash in operations during the fourth quarter and $11.6 million for the full year. Our cash position at December 31 was $4.2 million compared to $16.9 million at year-end 2021. Outstanding borrowings (technical difficulty) million.

我們在第四季度的運營中使用了約 260 萬美元的現金，全年使用了 1160 萬美元的現金。截至 12 月 31 日，我們的現金頭寸為 420 萬美元，而 2021 年底為 1,690 萬美元。未償借款（技術難度）為 100 萬美元。

We are evaluating a number of options to increase our cash position, but there is limited detail that we can provide on those efforts at the moment. We will look to update the investment community on any new developments as soon as we have them.

我們正在評估多種增加現金頭寸的選擇，但目前我們可以提供的有關這些努力的細節有限。一旦有任何新進展，我們將盡快向投資界通報最新情況。

With that, we'll be happy to take any questions.

這樣，我們將很樂意回答任何問題。

(Operator Instructions) Our first question comes from Tate Sullivan from the Maxim Group.

（操作員說明）我們的第一個問題來自 Maxim Group 的 Tate Sullivan。

It's Alejandro Nuno on for Tate Sullivan. It's Alejandro Nuno on for Tate Sullivan. Based on the recent announcement of the Miami Grand Prix, I was kind of wondering, have you started to earn revenue related to that preparation for the May event yet? Or will you start earning revenue prior to -- a little prior to the event?

亞歷杭德羅·努諾 (Alejandro Nuno) 替補泰特·沙利文 (Tate Sullivan)。亞歷杭德羅·努諾 (Alejandro Nuno) 替補泰特·沙利文 (Tate Sullivan)。根據最近宣布的邁阿密大獎賽，我有點想知道，您是否已經開始賺取與五月賽事準備相關的收入？或者您會在活動之前——稍早一點開始賺取收入嗎？

Yes, we started earning revenue in January. Alejandro, the construction, getting the site ready, doing all the work there, it's probably going to be a 6-month ramp-up period. But we've been engaged, and every day is getting more and more volume as the activities continue to grow to get ready for the event.

是的，我們從一月份開始賺取收入。 Alejandro 負責施工、準備場地、完成所有工作，這可能需要 6 個月的準備期。但我們一直在積極參與，隨著活動的不斷增加，每天的活動量也越來越大，為活動做好準備。

Yes. I'll add to that the -- we expect that the largest amount of the revenue from that event will be in Q2.

是的。我還要補充一點——我們預計該活動的最大收入將出現在第二季度。

Yes.

是的。

That's just the way -- the event happens during Q2, and there's -- the biggest concentration of our work is during (technical difficulty) event.

事情就是這樣——事件發生在第二季度，而且——我們工作的最大集中度是在（技術難度）事件期間。

Understood. And if I can have one follow-up as well. I was wondering, are the fleet contracts competitively bid or are mostly a result of your sales efforts?

明白了。如果我也能有一個後續行動。我想知道，車隊合同是競標還是主要是你們銷售努力的結果？

I would say the majority of them are through the sales team and the sales efforts.

我想說，其中大部分是通過銷售團隊和銷售努力實現的。

(Operator Instructions) There appear to be no further questions in the queue, and we have reached the end of the question-and-answer session. I will now turn the call over to John McNamara for closing remarks.

（操作員說明）隊列中似乎沒有其他問題，我們已經到達問答環節的末尾。現在，我將把電話轉交給約翰·麥克納馬拉，讓其致閉幕詞。

Anyone with closing remarks?

有人發表結束語嗎？

This is Mike McConnell. John may be on mute. I would just say thanks for joining the call. We're obviously very pleased with our progress in Q1 so far this year. And we're looking forward to an extremely prosperous 2023. So I appreciate everybody joining the call. Thank you.

這是邁克·麥康奈爾。約翰可能處於靜音狀態。我只想對您加入通話表示感謝。顯然，我們對今年第一季度迄今為止取得的進展感到非常滿意。我們期待著極其繁榮的 2023 年。所以我感謝大家加入電話會議。謝謝。

Okay. This does conclude today's conference call, and you may disconnect your lines at this time. Thank you for your participation.

好的。今天的電話會議到此結束，此時您可以斷開線路。感謝您的參與。