Paysign Inc (PAYS) 2022 Q4 法說會逐字稿

Hello and welcome to the Paysign Fourth Quarter and Year-end 2022 Earnings Conference Call and Webcast. As a reminder, this conference call is being recorded.

您好，歡迎來到 Paysign 第四季度和 2022 年底收益電話會議和網絡直播。提醒一下，正在錄製此電話會議。

This call may include comments that may be deemed to be forward-looking statements under federal securities laws, and the company intends that such forward-looking statements be subject to the safe harbor created thereby. All statements besides statements of fact included on this call are forward-looking. Such forward-looking statements include, among others, that we are pleased with the opportunities that lie ahead for us in 2023; our belief that 2023 is looking to be an exciting year across all of our product lines; and our belief that we are all well prepared to capitalize on new opportunities, our plans to continue to add new plasma centers; and our belief that the increasing demand for plasma by the medical industry will facilitate the increase in donations and fuel the continued growth of our plasma businesses; our belief that we are beginning to see real traction in our pharma copay business where we have built an industry reputation of providing reliable patient affordability programs to pharmaceutical companies; our expectation for total revenues, plasma revenues, new centers, pharma revenues, gross profit margins, operating expenses, expected legal expenses for our outstanding litigation, depreciation and amortization, stock-based compensation, interest income, net income, net income per diluted share, adjusted EBITDA and adjusted EBITDA per diluted share for full year 2023; our expectations for total revenue, gross profit margins, operating expenses and adjusted EBITDA for the first quarter of 2023; our belief that inflationary pressures for food, gasoline, rent and other products and services appear to be driving individuals back into plasma donation centers; and our inability to estimate whether reasonable accuracy -- with reasonable accuracy, COVID-19's further impact on our results of operations, cash flows or financial condition.% We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the ability to continue our current growth rate in future periods that a downturn in the economy, including results of COVID-19 and variants as well as further government stimulus measures, could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability and cash flows.

本次電話會議可能包括根據聯邦證券法可能被視為前瞻性陳述的評論，公司打算讓此類前瞻性陳述受制於由此產生的安全港。本次電話會議中除事實陳述外的所有陳述均為前瞻性陳述。這些前瞻性陳述包括，除其他外，我們對 2023 年擺在我們面前的機會感到高興；我們相信 2023 年將成為我們所有產品線令人興奮的一年；我們相信我們都已做好充分準備利用新機遇，我們計劃繼續增加新的血漿中心；我們相信醫療行業對血漿的需求不斷增加將促進捐贈的增加並推動我們血漿業務的持續增長；我們相信，我們開始看到我們的製藥共付額業務真正受到關注，我們已經建立了向製藥公司提供可靠的患者負擔能力計劃的行業聲譽；我們對總收入、血漿收入、新中心、製藥收入、毛利率、運營費用、未決訴訟的預期法律費用、折舊和攤銷、股票補償、利息收入、淨收入、稀釋後每股淨收入的預期，調整後的 EBITDA 和調整後的每股攤薄 EBITDA 為 2023 年全年；我們對 2023 年第一季度總收入、毛利率、營業費用和調整後 EBITDA 的預期；我們認為，食品、汽油、租金和其他產品和服務的通脹壓力似乎正在驅使人們重返血漿捐贈中心；以及我們無法估計 COVID-19 對我們的經營業績、現金流量或財務狀況的進一步影響是否合理準確——以合理的準確性。實際結果與此類前瞻性陳述所反映的結果存在重大差異。這些因素包括，除其他外，在未來時期繼續我們目前的增長率的能力，經濟低迷，包括 COVID-19 和變體的結果以及政府進一步的刺激措施，可能會減少我們的客戶群和對我們的需求產品和服務，這可能會對我們的業務、財務狀況、盈利能力和現金流產生不利影響。

Operating in a highly regulated environment, failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability and protracted and costly litigation and other risk factors set forth in our Form 10-K for the year ended December 31, 2022. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements from this conference call whether as a result of new information, future events or otherwise.

在高度監管的環境中運營，我們或業務合作夥伴未能遵守適用的法律法規；影響我們業務的法律、法規、信用卡協會規則或其他行業標準的變更；數據安全漏洞可能使我們面臨責任和曠日持久且代價高昂的訴訟以及我們截至 2022 年 12 月 31 日止年度的 10-K 表格中規定的其他風險因素。除聯邦證券法要求的範圍外，公司不承諾有義務公開更新或修改本次電話會議的任何聲明，無論是由於新信息、未來事件還是其他原因。

This conference call also includes comments about adjusted EBITDA, a non-GAAP financial measure that is neither prepared in accordance with, nor an alternative to, financial measures prepared in accordance based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

本次電話會議還包括對調整後的 EBITDA 的評論，這是一種非 GAAP 財務措施，既不是根據 GAAP 規定的任何標準方法編制的財務措施，也不是其替代品，不一定與類似名稱的財務措施相比較其他公司提出的措施。

It's now my pleasure to turn the call over to Mr. Mark Newcomer, CEO. Please go ahead, sir.

現在我很高興將電話轉給首席執行官馬克·紐科默先生。請繼續，先生。

Thank you. Good afternoon, everyone, and thank you for joining our call today to review Paysign's fourth quarter and full year 2022 results. I'm Mark Newcomer, Chief Executive Officer. And with me this afternoon is Jeff Baker, our Chief Financial Officer.

謝謝。大家下午好，感謝您今天加入我們的電話會議，回顧 Paysign 的第四季度和 2022 年全年業績。我是 Mark Newcomer，首席執行官。今天下午和我一起的是我們的首席財務官 Jeff Baker。

Earlier today, we announced our financial results. Our fourth quarter revenue was $10.6 million, an increase of $1.9 million or 21% improvement over Q4 2021. For the full year, our revenues increased 29% to $38 million. Additionally, we reported a net income of $713,000 or $0.01 per fully diluted share for the fourth quarter and $1 million or $0.02 per fully diluted share for the full year.

今天早些時候，我們公佈了我們的財務業績。我們第四季度的收入為 1060 萬美元，比 2021 年第四季度增加了 190 萬美元，增幅為 21%。全年，我們的收入增長了 29%，達到 3800 萬美元。此外，我們報告第四季度淨收入為 713,000 美元或每股完全攤薄收益 0.01 美元，全年淨收入為 100 萬美元或每股完全攤薄收益 0.02 美元。

2022 proved to be a year of significant growth in our plasma business as the headwinds from COVID-19 and the associated financial stimulus eased and are now comfortably behind us. We added 91 plasma centers to our platform, of which 45 were established centers, and the remaining were new construction. Of course, there were center closures and consolidation, and we ended the year with a net gain of 78 centers, for a total of 444 centers at the end of 2022. Additionally, we benefited from same-center growth as well as from the U.S. District Court's preliminary injunction allowing for the resumption of cross-border plasma donations from Mexican nationals in late September.

事實證明，2022 年是我們血漿業務顯著增長的一年，因為來自 COVID-19 的逆風和相關的金融刺激措施有所緩解，現在我們已經輕鬆應對。平台新增血漿中心91個，其中建站45個，其餘為新建。當然，也有中心關閉和整合，我們在年底淨增加了 78 個中心，到 2022 年底總共有 444 個中心。此外，我們還受益於同中心的增長以及美國的增長。地區法院的初步禁令允許在 9 月下旬恢復墨西哥國民的跨境血漿捐贈。

We are expecting continued strong growth in plasma from both existing centers and new openings in 2023. Most of our clients continue to have aggressive growth plans, and we are currently forecasting 45 to 55 new center openings in 2023.

我們預計 2023 年現有中心和新開設的血漿中心將繼續強勁增長。我們的大多數客戶繼續制定積極的增長計劃，我們目前預測 2023 年將開設 45 至 55 個新中心。

Turning towards patient affordability. We think that 2022 represented a true return to normalcy as our sales cycles time decreased dramatically and is now averaging around 90 to 120 days. This is quite the change from 2020 and 2021 where the sales cycle was somewhere between 7 to 9 months. We have worked diligently with our existing hub providers to shorten the sales cycle by providing upfront support early in their bid process, resulting in key wins for them and new program launches for us.

轉向患者的負擔能力。我們認為 2022 年代表了真正的回歸常態，因為我們的銷售週期時間大幅縮短，現在平均約為 90 到 120 天。這與 2020 年和 2021 年的銷售週期在 7 到 9 個月之間有很大的不同。我們與現有的樞紐提供商努力合作，通過在投標過程的早期提供前期支持來縮短銷售週期，從而為他們贏得關鍵勝利並為我們啟動新項目。

The return to in-person meetings and conferences has allowed us to engage with a larger number of clients than during the pandemic years. Our marketing team worked throughout the year to create content that engaged a range of potential clients and expose both industry weaknesses and less than ideal business practices.

與大流行期間相比，恢復面對面的會議和會議使我們能夠與更多的客戶互動。我們的營銷團隊全年致力於創建吸引大量潛在客戶的內容，並揭露行業弱點和不理想的商業慣例。

Our dedication to open, honest and transparent pricing generated a firestorm of industry activity and positive feedback for our team. Our business development team was incredibly successful at securing new business and expanding partnerships across the industry.

我們致力於公開、誠實和透明的定價，為我們的團隊帶來了行業活動的風暴和積極的反饋。我們的業務開發團隊在確保新業務和擴大整個行業的合作夥伴關係方面取得了令人難以置信的成功。

The cornerstone of our efforts in 2022 was our tenants and sponsorship at the Asembia Summit held here in Las Vegas in May, which we have spoken about previously. Our teams were able to quickly pivot after that conference and close some critical wins for us in 2022 and to secure our participation in large-scale RFPs in the latter part of the year and into 2023.

我們在 2022 年努力的基石是我們在 5 月於拉斯維加斯舉行的 Asembia 峰會上的租戶和讚助，我們之前已經談到了這一點。在那次會議之後，我們的團隊能夠迅速調整方向，並在 2022 年為我們贏得了一些關鍵的勝利，並確保我們在今年下半年和 2023 年參與大規模的 RFP。

I am happy to report that we exited 2022 with commitments to launch programs from 3 of the top 20 pharmaceutical companies. So far, we have launched 7 additional programs in 2023, an additional 19 program commitments spanning in the next 6 months.

我很高興地報告，我們在 2022 年結束時承諾啟動前 20 家製藥公司中的 3 家計劃。到目前為止，我們已經在 2023 年啟動了 7 個額外的計劃，在未來 6 個月內還有 19 個額外的計劃承諾。

2023 is looking to be an exciting year across all of our product lines, and we believe we are well prepared to capitalize on new opportunities.

2023 年對我們的所有產品線來說都是激動人心的一年，我們相信我們已做好充分準備，抓住新機遇。

We closed 2022 with 19 active patient affordability programs, more than doubling the number of active programs in the year. In addition to overall program numbers, claims processing associated with patient affordability programs also saw an increase. For the year, we saw more than 100% growth in month-to-month claim volume. We have been incredibly effective at disrupting this industry and bringing major players to the table. I am confident that the team we have put in place is going to take this vertical to the next level in 2023.

到 2022 年，我們推出了 19 個有效的患者負擔能力計劃，使當年有效計劃的數量增加了一倍多。除了總體計劃數量外，與患者負擔能力計劃相關的索賠處理也有所增加。在這一年中，我們看到每月索賠量增長了 100% 以上。我們在顛覆這個行業並將主要參與者帶到談判桌上一直非常有效。我相信我們組建的團隊將在 2023 年將這個垂直領域提升到一個新的水平。

Speaking of our patient affordability team, I think now is a good time to announce the appointment of Bryan Dennison as Senior Vice President of Sales and Products for Patient Affordability. Bryan joined our team in February and has an outstanding background having spent time at TrialCard, vitaCare pharmacy services and GoodRx. Bryan's business development efforts led TrialCard to record growth numbers and helped catapult vitaCare into position for acquisition by GoodRx. We are excited to have Bryan leading our sales and product teams and patient affordability and think he is going to do amazing job helping to bring new clients and partnerships to the table.

說到我們的患者負擔能力團隊，我認為現在是宣布任命 Bryan Dennison 為患者負擔能力銷售和產品高級副總裁的好時機。 Bryan 於 2 月加入我們的團隊，擁有出色的背景，曾在 TrialCard、vitaCare 藥房服務和 GoodRx 工作過。 Bryan 的業務發展努力使 TrialCard 取得了創紀錄的增長數字，並幫助將 vitaCare 推向了被 GoodRx 收購的位置。我們很高興 Bryan 領導我們的銷售和產品團隊以及患者的負擔能力，並認為他將做出出色的工作，幫助吸引新客戶和合作夥伴。

Overall, we couldn't be more pleased with the progress we have made in patient affordability. I continue to believe that they will drive value for our shareholders by adding more diversified sources of top line revenue for Paysign.

總的來說，我們對我們在患者負擔能力方面取得的進展感到非常高興。我仍然相信，他們將為 Paysign 增加更多多元化的收入來源，從而為我們的股東創造價值。

Last quarter, I mentioned that we were awarded the business and an RFP sponsored by a nationwide membership organization to provide general purpose reloadable and gift cards to over 440 of the brick-and-mortar locations. That organization was the American Automobile Association or AAA. We launched their retail gift card programs during the fourth quarter, and we'll be launching their general purpose reloadable products in the coming months.

上個季度，我提到我們獲得了一家全國性會員組織贊助的業務和 RFP，為 440 多個實體店提供通用可充值卡和禮品卡。該組織是美國汽車協會或 AAA。我們在第四季度推出了他們的零售禮品卡計劃，我們將在未來幾個月推出他們的通用可充值產品。

In summary, we delivered another strong quarter of growth, and we are pleased with our fourth quarter and full year results. In plasma, we saw a significant growth in new centers and expect that growth to continue into 2023.

總之，我們實現了又一個強勁的季度增長，我們對第四季度和全年業績感到滿意。在血漿方面，我們看到新中心的顯著增長，並預計這種增長將持續到 2023 年。

We are gaining traction in patient affordability, winning substantial new business in the quarter and doubling the number of active programs. We continue to diversify our product portfolio into new verticals such as payroll, retail gift and GPR. We will continue to invest in our people and systems, and I believe we are well positioned for the opportunities that lie ahead of us.

我們在患者負擔能力方面越來越受歡迎，在本季度贏得了大量新業務，並將活躍項目的數量翻了一番。我們繼續將我們的產品組合多樣化到新的垂直領域，例如工資單、零售禮品和探地雷達。我們將繼續投資於我們的人員和系統，我相信我們已經做好準備迎接擺在我們面前的機會。

Jeff, over to you for more insight into our financials for the quarter and year-end.

傑夫，請您更深入地了解我們本季度和年末的財務狀況。

Thank you, Mark. Good afternoon, everyone. As Mark pointed out, we are pleased with our full year and fourth quarter 2022 operating results and the traction we are seeing across our 2 major business lines of plasma and pharma.

謝謝你，馬克。大家下午好。正如馬克指出的那樣，我們對我們 2022 年全年和第四季度的經營業績以及我們在血漿和製藥這兩個主要業務線中看到的牽引力感到滿意。

Revenues, income from operations, EBITDA, adjusted EBITDA and transactional trends all showed meaningful improvement for the fourth quarter and full year versus the prior periods. With all of the details we provided in the press release and that will be available in our 10-K filed tomorrow, I will simply hit the financial highlights for the fourth quarter and full year of 2022.

收入、運營收入、EBITDA、調整後的 EBITDA 和交易趨勢均顯示第四季度和全年與前期相比有顯著改善。根據我們在新聞稿中提供的所有詳細信息以及明天提交的 10-K 中提供的所有詳細信息，我將簡單介紹 2022 年第四季度和全年的財務亮點。

Full year 2022 total revenues of $38 million increased $8.6 million or 29%. Of that amount, plasma revenues increased 34% to $8.8 million; pharma revenues declined 10.6% to $3 million; and other revenue increased 56% to $289,000. Fourth quarter total revenues of $10.6 million increased $1.9 million or 21%. Of that amount, plasma revenues increased $2.2 million to $9.7 million; pharma revenues decreased $443,000; and other revenues increased $142,000. The average revenue per month per plasma center for 2022 was $6,994 versus $6,058 in 2021, an increase of 15%. For the fourth quarter, the average revenue per plasma center increased 7% to $7,293 versus $6,798 during the same period last year.

2022 年全年總收入為 3800 萬美元，增長 860 萬美元或 29%。其中，血漿收入增長了 34%，達到 880 萬美元；製藥收入下降 10.6% 至 300 萬美元；和其他收入增長 56% 至 289,000 美元。第四季度總收入為 1060 萬美元，增長 190 萬美元或 21%。其中，血漿收入增加了 220 萬美元，達到 970 萬美元；製藥收入減少 443,000 美元；和其他收入增加了 142,000 美元。 2022 年每個血漿中心每月的平均收入為 6,994 美元，而 2021 年為 6,058 美元，增長 15%。第四季度，每個血漿中心的平均收入增長了 7%，達到 7,293 美元，而去年同期為 6,798 美元。

As we had previously communicated, one of our clients closed 13 centers in the fourth quarter. With the addition of 7 new centers during the quarter, we exited 2022 with 444 centers, an increase of 84 net new centers during the year.

正如我們之前所傳達的那樣，我們的一位客戶在第四季度關閉了 13 個中心。本季度新增 7 個中心，到 2022 年我們擁有 444 個中心，年內淨增 84 個新中心。

Gross profit margin for 2022 was 55.1% versus 49.9% in 2021, an increase of 520 basis points. For the fourth quarter 2022, the gross profit margin was 51.9% versus 54.3% in 2021, a decline of 240 basis points. The fourth quarter year-over-year decline was almost entirely attributable to the mix shift in our pharma business as we transition from the legacy prepaid business to the new copay business. This margin decline was offset by a year-over-year expansion of 250 basis points of margin in our plasma business during the quarter.

2022 年的毛利率為 55.1%，而 2021 年為 49.9%，增長 520 個基點。 2022 年第四季度，毛利率為 51.9%，與 2021 年的 54.3% 相比下降了 240 個基點。第四季度的同比下降幾乎完全歸因於我們從傳統預付費業務向新的共付額業務過渡時製藥業務的組合轉變。這一利潤率下降被本季度血漿業務利潤率同比增長 250 個基點所抵消。

SG&A for the year increased 22% to $15.4 million, with total operating expenses increasing 18% to $20.6 million. Fourth quarter SG&A increased 8% to $3.8 million, with total operating expenses increasing 12% to $5.2 million. We made significant investments in 2022 to support the continued growth of our business and endured inflationary pressures, primarily in labor, insurance and travel during the second half of 2022.

全年 SG&A 增長 22% 至 1,540 萬美元，總運營費用增長 18% 至 2,060 萬美元。第四季度 SG&A 增長 8% 至 380 萬美元，總運營費用增長 12% 至 520 萬美元。我們在 2022 年進行了大量投資，以支持我們業務的持續增長，並在 2022 年下半年承受通脹壓力，主要是在勞動力、保險和旅行方面。

For 2022, we posted net income of $1 million or $0.02 per diluted share versus a net loss of $2.7 million or $0.05 per share. For the fourth quarter, we posted net income of $713,000 or $0.01 per diluted share versus $111,000 or breakeven per share for the same period last year.

2022 年，我們公佈的淨收入為 100 萬美元或每股攤薄收益 0.02 美元，而淨虧損為 270 萬美元或每股 0.05 美元。第四季度，我們公佈的淨收入為 713,000 美元或每股攤薄收益 0.01 美元，而去年同期為 111,000 美元或每股收支平衡。

2022 adjusted EBITDA, which adds back stock compensation to EBITDA, was $5.5 million or $0.10 per diluted share versus $2 million or $0.02 for 2021. Fourth quarter adjusted EBITDA was $1.7 million or $0.03 per diluted share versus $1.3 million or $0.02 for the same period last year.

2022 年調整後的 EBITDA 為 550 萬美元或攤薄後每股 0.10 美元，而 2021 年為 200 萬美元或 0.02 美元。第四季度調整後 EBITDA 為 170 萬美元或攤薄後每股 0.03 美元，而去年同期為 130 萬美元或攤薄後每股 0.02 美元年。

Regarding the health of our company, we exited the year with $9.7 million in unrestricted cash and 0 debt, which is an increase of $2.3 million from our 2021 ending cash balance. Given this cash increase and our expectations to further generate positive cash flow from operations and from a healthy increase in interest income where we benefit from increasing bank balances and higher interest rates, we have announced Board approval of a share repurchase plan of up to $5 million over the next 36 months.

關於我們公司的健康狀況，我們以 970 萬美元的不受限制現金和 0 債務結束了這一年，比我們 2021 年的期末現金餘額增加了 230 萬美元。鑑於這一現金增長以及我們希望進一步從運營中產生正現金流量以及利息收入的健康增長（我們受益於銀行餘額增加和利率上升），我們已宣布董事會批准一項高達 500 萬美元的股票回購計劃在接下來的 36 個月內。

Now turning your attention to our initial guidance for the first quarter and full year 2023 in the press release. The first quarter guidance reflects a number of moving parts that is not indicative of a trend for the year. First quarter revenues are always lower than Q4 as tax rebates go out and donations slow. Also, as previously discussed, last year's first quarter reflected some onetime benefits to our gross profit margin that we will not have this year, plus you have the mix shift in our pharma business to 100% copay as the prepaid business ended in mid-November.

現在請注意我們在新聞稿中對 2023 年第一季度和全年的初步指導。第一季度的指引反映了一些不代表今年趨勢的變動因素。由於退稅和捐款放緩，第一季度的收入總是低於第四季度。此外，如前所述，去年第一季度反映了我們今年不會有的毛利率的一些一次性收益，此外，由於預付費業務於 11 月中旬結束，我們的製藥業務混合轉變為 100% 共付額.

Lastly, we are absorbing additional expenditures related to our class action defense and audit and tax fees that will cause SG&A expenditures for the year to be more heavily weighted to Q1 versus the rest of the year. The net impact of these and other factors mentioned in the press release leads us to guide Q1 revenues to be in the range of $10.1 million to $10.3 million, an increase of 23% to 25% over the same period last year. We expect gross profit margins between 52.5% and 53.5% and operating expenses to be between $6.2 million and $6.4 million. Interest income is expected to be in excess of $500,000 with a net loss of $50,000 to $150,000. Adjusted EBITDA is expected to be in the range of $700,000 to $800,000.

最後，我們正在吸收與我們的集體訴訟辯護和審計以及稅費相關的額外支出，這將導致今年的 SG&A 支出在第一季度比今年剩餘時間的權重更大。這些和新聞稿中提到的其他因素的淨影響使我們指導第一季度收入在 1010 萬美元到 1030 萬美元之間，比去年同期增長 23% 到 25%。我們預計毛利率在 52.5% 至 53.5% 之間，運營費用在 620 萬美元至 640 萬美元之間。預計利息收入將超過 500,000 美元，淨虧損為 50,000 美元至 150,000 美元。調整後的 EBITDA 預計在 700,000 美元至 800,000 美元之間。

For the full year 2023, total revenues are expected to be in the range of $44 million to $46 million, an increase of 16% to 21%, with plasma making up approximately 90% of total revenue. This reflects ongoing growth in our plasma business, adding between 45 and 55 new centers during the year, offset by 16 centers we expect to lose, as we discussed in the press release.

2023年全年總收入預計在4400萬美元至4600萬美元之間，增長16%至21%，血漿佔總收入的90%左右。正如我們在新聞稿中討論的那樣，這反映了我們血漿業務的持續增長，年內增加了 45 至 55 個新中心，但我們預計將失去 16 個中心。

As Mark discussed, we are excited about the traction we are experiencing in our pharma copay channel and expect pharma revenues to grow at least 30% over last year despite the loss of $1.5 million of pharma prepaid revenue we booked in 2022. Full year gross profit margins are expected to be between 52.5% and 55% and operating expenses are expected to be between $23 million and $25 million. Depreciation and amortization is expected to be between $3.5 million and $3.7 million, while stock-based compensation is expected to be approximately $2.5 million. We expect to generate interest income of $2 million to $2.5 million.

正如 Mark 所討論的那樣，我們對我們在醫藥共付額渠道中所經歷的牽引力感到興奮，並預計儘管我們在 2022 年預訂的醫藥預付收入損失了 150 萬美元，但醫藥收入仍將比去年增長至少 30%。全年毛利利潤率預計在 52.5% 至 55% 之間，運營費用預計在 2300 萬美元至 2500 萬美元之間。折舊和攤銷預計在 350 萬美元至 370 萬美元之間，而基於股票的補償預計約為 250 萬美元。我們預計將產生 200 萬至 250 萬美元的利息收入。

Taking all of the factors above into consideration, we expect net income to be in the range of $2.5 million to $3.5 million or $0.05 to $0.06 per diluted share and adjusted EBITDA to be in the range of $6 million to $7.5 million or $0.11 to $0.14 per diluted share.

考慮到上述所有因素，我們預計淨收入將在 250 萬至 350 萬美元之間，或每股攤薄收益 0.05 至 0.06 美元，調整後的 EBITDA 將在 600 萬至 750 萬美元或每股 0.11 至 0.14 美元之間稀釋後的份額。

With that, I would like to turn the call back over to the moderator for question and answers.

有了這個，我想把電話轉回給主持人進行問答。

(Operator Instructions) Our first question today is coming from Gary Prestopino from Barrington Research.

（操作員說明）我們今天的第一個問題來自 Barrington Research 的 Gary Prestopino。

A couple of questions here. You had -- it looks like you say you had a net gain -- you added 91 centers, a net gain of 78 [closed] 13. So there's still 3 more to be closed down in Q1 of this year. You said you're going to lose 16. Am I reading that correctly?

這裡有幾個問題。你有 - 看起來你說你有淨收益 - 你增加了 91 個中心，淨收益為 78 [關閉] 13。所以今年第一季度還有 3 個要關閉。你說你會輸掉 16。我沒看錯嗎？

No. So Gary, this was all last year. There were 13 centers that were closed in the fourth quarter. This year, in the Q1, we have a few centers that got sold. We have some centers that are being closed in March. And then another center is going to get sold in the fourth quarter. So if you read the -- look at the press release, it kind of lays out by quarter when everything hits, but it's 16 centers that are impacted in 2023.

不，加里，這都是去年的事。第四季度有 13 個中心關閉。今年第一季度，我們售出了一些中心。我們有一些中心將在 3 月份關閉。然後另一個中心將在第四季度出售。因此，如果你閱讀 - 看看新聞稿，當一切都發生時，它有點按季度佈局，但 2023 年有 16 個中心受到影響。

Okay. That's what I was trying -- 16 centers in 2023. Okay. And then what is this, when you're talking about the business, you had a thing in there, the gross margin was affected by supporting a new payment network. What was that all about?

好的。這就是我正在嘗試的——2023 年 16 個中心。好的。然後這是什麼，當你談論業務時，你在那裡有一個東西，毛利率受到支持新支付網絡的影響。剛才那是乾什麼啊？

Yes. We've -- as we announced last quarter, we stood up a Direct Connect to Mastercard. So now we have connections, Visa, Mastercard, PULSE...

是的。正如我們上個季度宣布的那樣，我們已經建立了與萬事達卡的直接連接。所以現在我們有了連接，Visa、Mastercard、PULSE...

Discover.

發現。

Discover, et cetera. So as you can imagine, until we get a lot of volume on that platform, there's a pretty big sunk cost, just monthly fees that we're having to eat.

發現等等。所以你可以想像，在我們在那個平台上獲得大量流量之前，會有相當大的沉沒成本，只是我們不得不吃的月費。

Okay. And then just a couple more here. Are the Southern border locations, are they back to pre-COVID levels or are they still ramping up?

好的。然後這裡還有幾個。南部邊境地區是恢復到 COVID 之前的水平還是仍在增加？

I would say some of them are back to pre-COVID levels. Some of them are still ramping up. So we expect to see them continue to increase in volumes.

我會說其中一些已經恢復到 COVID 之前的水平。其中一些仍在增加。因此，我們希望看到它們的數量繼續增加。

Next question is coming from Peter Heckmann from D.A. Davidson.

下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

I wanted to follow up on the plasma -- the operator of plasma collection centers that you noted last quarter I believe that you won for the first time. I guess how are you expecting that to contribute to your net new of approximately 30 to 40 centers in 2023?

我想跟進血漿——你上個季度提到的血漿收集中心的運營商，我相信你是第一次贏了。我想您如何期望這能為您在 2023 年新增約 30 到 40 個中心做出貢獻？

Yes. At this point, that new RFP that we had won, we are still going through the contract phase of that. So there's been a slight delay in bringing those centers live in the first quarter as we anticipated. So those are not baked into our numbers at this point, and we will bake them in as we get closer to a determined launch date.

是的。在這一點上，我們贏得的新 RFP，我們仍在經歷它的合同階段。因此，正如我們預期的那樣，第一季度這些中心的啟用略有延遲。所以目前這些還沒有納入我們的數字，我們會在接近確定的發布日期時將它們納入。

Okay. Understood. And then in terms of the AAA deal, that sounds pretty interesting. If I heard you correctly, you have launched the gift card business, which -- and you plan to launch the general purpose reloadable. Any way to think about how many cards that might represent or the contribution that you might expect? I assume it will grow over several years, but that sounds like it could be significant, but I don't want to get ahead of ourselves.

好的。明白了。然後就 AAA 交易而言，這聽起來很有趣。如果我沒聽錯的話，您已經啟動了禮品卡業務，並且您計劃啟動通用可充值卡業務。有什麼方法可以考慮可能代表多少張卡片或您可能期望的貢獻？我認為它會在幾年內增長，但這聽起來可能很重要，但我不想超越自己。

Yes. And neither do we at this point in time. So we've been pretty comfortable in talking about the gift card side of it, but we really don't have the numbers at this point to really get into where it can go. So we're kind of waiting on some additional detail at this point.

是的。我們現在也沒有。所以我們在談論它的禮品卡方面一直很自在，但我們目前確實沒有數字可以真正進入它可以去的地方。所以我們現在正在等待一些額外的細節。

Okay. All right. And then last one for me is it sounds like there's some move within Canada to start compensating for the donation of plasma, and maybe you've already started a pilot program there, but do you see opportunity there? Or would that require a significant investment to accommodate the Canadian market Canadian market?

好的。好的。最後一個對我來說是，聽起來加拿大內部有一些行動開始補償血漿捐贈，也許你已經在那裡開始了一個試點項目，但你在那裡看到機會了嗎？還是需要大量投資才能適應加拿大市場？

Yes. We certainly could. I don't know what the numbers actually -- we'd have to do an analysis to see if that's going to meet the needs and compare what the numbers are. But yes, there would be an investment in order to support that market for sure.

是的。我們當然可以。我不知道實際的數字是多少——我們必須進行分析，看看這是否能滿足需求，並比較這些數字是多少。但是，是的，肯定會進行投資以支持該市場。

Right now, I mean, Pete, if you go and you look at the number of plasma centers that are in Canada, they're fairly benign. So there would have to be a huge investment there. We're looking to other areas to build out our plasma centers. So we'll add more in the first quarter than Canada will probably add all next -- all this year. So...

現在，我的意思是，皮特，如果你去看看加拿大的血漿中心的數量，它們是相當良性的。所以那裡必須有巨大的投資。我們正在尋找其他領域來建立我們的血漿中心。因此，我們在第一季度增加的數量將超過加拿大下個季度可能增加的數量——全年。所以...

(Operator Instructions) Our next question is coming from Jon Hickman from Ladenburg Thalmann.

（操作員說明）我們的下一個問題來自 Ladenburg Thalmann 的 Jon Hickman。

Just one quick question. If you guys add 45 to 55 new centers this year, what percentage of the market will that give you? Seems like it would be over 50% now.

只是一個簡單的問題。如果你們今年增加 45 到 55 個新中心，那會給你們多大的市場份額？現在好像超過了50%。

No, Jon, those -- the latest figures that we have out there is just under 1,100 centers in the U.S. We exited at 40 -- 444 centers. I did the math for the 10-K, we had to disclose it. It was around 40%. So if we add another -- yes. So if we add another 45 to 55, less the 16 that we're going to lose, so what's that? Put us around 29 to 39. We're probably going to hold market share because there's other -- they open up about 100 centers a year in the U.S., give or take.

不，喬恩，那些——我們掌握的最新數據顯示美國有不到 1,100 個中心。我們退出了 40 - 444 個中心。我為 10-K 做了數學計算，我們不得不公開它。大約是40%。因此，如果我們再添加一個-- 是的。因此，如果我們在 55 上再增加 45，減去我們將要失去的 16，那是什麼？讓我們在 29 到 39 左右。我們可能會保持市場份額，因為還有其他 - 他們每年在美國開設大約 100 個中心，給予或接受。

Thank you. We reach the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節結束了。我想將發言權交還給管理層，以徵求任何進一步意見或結束意見。

Thanks, Kevin. Want to thank everybody this evening for joining us. A special thanks goes out to all of our employees and to our Board for the support that we've had and the support that we will get through 2023. I believe that 2023 will be an exciting year for Paysign, and we're looking forward to updating you on the next call. Thank you all very much, and have a great day.

謝謝，凱文。今晚要感謝大家加入我們。特別感謝我們所有的員工和董事會，感謝他們一直以來以及我們將在 2023 年獲得的支持。我相信 2023 年對 Paysign 來說將是激動人心的一年，我們期待著在下次通話時通知您。非常感謝大家，祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。