PSQ Holdings Inc (PSQH) 2023 Q4 法說會逐字稿

Greetings, and welcome to PublicSquare's year-end 2023 earnings conference call and webcast. Please note that this call is being recorded. (Operator Instructions)

大家好，歡迎參加 PublicSquare 的 2023 年底收益電話會議和網路廣播。請注意，此通話正在錄音。（操作員說明）

I'd now like to hand over to William Kent, Vice President of Investor Relations. William, you may now start the conference.

現在我想將工作交給投資者關係副總裁威廉肯特 (William Kent)。威廉，你現在可以開始會議了。

Thank you. Good morning, everyone and welcome to PublicSquare’s year end 2023 earnings conference call. Hosting today’s call are Michael Seifert, Chairman and Chief Executive Officer; Brad Searle, Chief Financial Officer; and Dusty Wunderlich, President of Credova subsidiary.

謝謝。大家早安，歡迎參加 PublicSquare 的 2023 年終收益電話會議。今天的電話會議由董事長兼首席執行官 Michael Seifert 主持。 Brad Searle，財務長；以及 Credova 子公司總裁 Dusty Wunderlich。

The information discussed today is qualified in its entirety by the Form 8-K that has been filed today by PublicSquare, which may be accessed on the SEC’s website and PublicSquare’s website. Today's call is also being webcast, and a replay will be posted to PublicSquare's investor relations website.

今天討論的資訊完全符合 PublicSquare 今天提交的 8-K 表格的要求，可以在 SEC 網站和 PublicSquare 網站上存取該表格。今天的電話會議也進行了網路直播，重播將發佈到 PublicSquare 的投資者關係網站上。

Please note that statements made during this call, including financial predictions or other statements that are not historical in nature, may constitute forward-looking statements. Thus, statements are made on the basis of PublicSquare's views and assumptions regarding future events and business performance at the time they're made, and we do not undertake any obligation to update these statements.

請注意，本次電話會議期間所做的陳述，包括財務預測或其他非歷史性的陳述，可能構成前瞻性陳述。因此，這些陳述是基於 PublicSquare 對未來事件和當時的業務績效的觀點和假設而做出的，我們不承擔任何這些陳述的義務。

Forward-looking statements are subject to risks that could cause PublicSquare's actual results to differ from its historical results and forecasts, including those risks set forth in PublicSquare's filings with the SEC, and you should refer to and carefully consider those for more information. This cautionary statement applies to all forward-looking statements made during this call. Do not place undue reliance on any forward-looking statements.

前瞻性陳述存在可能導致 PublicSquare 的實際結果與其歷史結果和預測不同的風險，包括 PublicSquare 向 SEC 提交的文件中列出的風險，您應該參考並仔細考慮這些風險以獲取更多資訊。此警告聲明適用於本次電話會議期間所做的所有前瞻性聲明。請勿過度依賴任何前瞻性陳述。

During this call, we may refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's annual filing today with the SEC.

在這次電話會議中，我們可能會參考某些非公認會計準則財務指標。這些非公認會計準則衡量指標並非依照公認會計原則制定。該公司今天向美國證券交易委員會提交的年度文件中提供了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的調節表。

I will now open the call to Michael Seifert. Michael, please go ahead.

我現在將與邁克爾·塞弗特通話。邁克爾，請繼續。

Thank you, Will, and thank you to everyone for joining our call today. It has been an incredible journey thus far over the past three years. We actually just celebrated our three-year anniversary of incorporation just about two weeks ago. But it's especially been a phenomenal last nine months as a publicly traded company, and we're delighted to share with you today all the new and exciting updates to our business, as we seek to change the country for the better through the power of the marketplace while providing value for our customers and shareholders in the process.

謝謝威爾，也謝謝大家今天加入我們的電話會議。過去三年到目前為止，這是一段令人難以置信的旅程。實際上，大約兩週前我們剛慶祝了公司成立三週年。但作為一家上市公司，過去九個月的表現尤其出色，我們很高興今天與您分享我們業務的所有令人興奮的新更新，因為我們力求透過企業的力量讓國家變得更好。市場，同時在此過程中為我們的客戶和股東提供價值。

So we have a morning full of highlights and significant updates for you. So without further ado, I will jump right in.

因此，我們為您準備了一個充滿亮點和重大更新的早晨。因此，事不宜遲，我將直接進入。

Starting with some high-level updates on the whole. For the full year 2023, we increased net revenue by 1,097% to $5.7 million compared to the full year 2022, net of returns and discounts. So again, for the full year 2023, we increased net revenue by 1,097%. We increased PublicSquare marketplace revenue by 529% compared to the full year 2022.

從整體上的一些高層更新開始。與 2022 年全年相比，2023 年全年的淨收入增長了 1,097%，達到 570 萬美元（扣除退貨和折扣）。同樣，2023 年全年，我們的淨收入成長了 1,097%。與 2022 年全年相比，我們的 PublicSquare 市場收入增加了 529%。

EveryLife, the company's wholly owned baby care brand that launched in Q3 of 2023, nearly nine months ago, contributed over $2.7 million in new revenue for the full year 2023, of which 70% was actually subscription based. This is a very cool product, where consumers can actually purchase subscriptions. It'll ship the diapers and wipes directly to their door. This is obviously a fantastic metric as a sign of recurring revenue moving forward.

EveryLife 是該公司全資擁有的嬰兒護理品牌，於2023 年第三季（即近9 個月前）推出，為2023 年全年貢獻了超過270 萬美元的新收入，其中70% 實際上是基於訂閱的。這是一個非常酷的產品，消費者可以實際購買訂閱。它將把尿布和濕紙巾直接運送到他們家門口。這顯然是一個非常棒的指標，作為經常性收入向前發展的標誌。

For the marketplace, we had a terrific Christmas shopping season, as we specifically increased marketplace traffic from November 1, '23, to December 31, '23, by 549% year over year compared to the same period; achieved average order volumes of over $70, which was our goal, with an average engagement time per user up 90% year over year. We increased business vendors on the platform by 130% to over 75,000 at December 31, '23, as compared to December 31, 2022.

對於市場而言，我們度過了一個非常棒的聖誕購物季，因為我們特別增加了從2023 年11 月1 日到2023 年12 月31 日的市場流量，與去年同期相比，同比增長了549 %；平均訂單量超過 70 美元，這是我們的目標，每位用戶的平均參與時間年增 90%。與 2022 年 12 月 31 日相比，截至 2023 年 12 月 31 日，我們平台上的業務供應商增加了 130%，達到 75,000 多家。

And for one of the metrics I'm most excited about looking forward, we are guiding to a year-end 2024 exit run rate revenue, as defined in the earnings release, of approximately $47 million to $53 million, resulting from the existing businesses before consideration for merger synergies, which we'll discuss more today. So again, we're guiding to year-end 2024 exit run rate revenue, as defined in the earnings release, of approximately $47 million to $53 million, resulting from the existing businesses before consideration for merger synergies.

對於我最期待的指標之一，我們預計 2024 年底的退出運行率收入（如收益發布中所定義）約為 4700 萬至 5300 萬美元，來自之前的現有業務考慮合併協同效應，我們今天將對此進行更多討論。因此，我們再次預計，根據收益發布中的定義，2024 年底的退出運行率收入約為 4,700 萬至 5,300 萬美元，這些收入來自考慮合併協同效應之前的現有業務。

For the marketplace specifically, our e-commerce launch fundamentally changed the game for our company from a user experience, business experience, and revenue perspective. While our advertising revenue continues to grow at a very healthy rate, it is awesome to see that we now have the opportunity to earn revenues from the brokering of these actual transactions taking place within our marketplace.

特別是對於市場而言，我們推出的電子商務從用戶體驗、業務體驗和收入角度從根本上改變了我們公司的遊戲規則。雖然我們的廣告收入繼續以非常健康的速度成長，但很高興看到我們現在有機會透過市場內發生的這些實際交易的經紀來賺取收入。

We have been continuing to add features, and we plan to continue to do so significantly for the remainder of 2024, such as user rewards, new payment and wallet systems, more business automation and controls over the business experience for the vendor/owner, and UX and UI enhancements to continually increase conversions and the likelihood of success for the platform.

我們一直在繼續添加功能，並計劃在 2024 年剩餘時間內繼續大幅增加功能，例如用戶獎勵、新的支付和錢包系統、更多的業務自動化以及對供應商/所有者業務體驗的控制，以及用戶體驗和使用者介面的增強可不斷提高平台的轉換率和成功的可能性。

Our marketplace had a tremendous impact over the Christmas shopping season, as I mentioned above. And we are proud that we earned a lot of new customers that we now get to continue retargeting and putting quality products in front of them that meet their needs and desires as values-aligned consumers.

正如我上面提到的，我們的市場對聖誕節購物季產生了巨大影響。我們感到自豪的是，我們贏得了許多新客戶，我們現在可以繼續重新定位並向他們提供優質產品，以滿足他們作為價值觀一致的消費者的需求和願望。

And finally, we are going to move to EveryLife here. We launched our first D2C brand in the baby care space, EveryLife, on July 13, 2023. This is a premium line of products with a simple yet profound message: every life is a miracle from God and worth celebrating and protecting. We continue to see growth that's unheard of in this industry with EveryLife. And as I mentioned earlier, 70% of our revenue in 2023 was from subscription sales, which is a great sign for recurring revenue moving forward, 70%.

最後，我們將轉向這裡的 EveryLife。我們於 2023 年 7 月 13 日在嬰兒護理領域推出了第一個 D2C 品牌 EveryLife。這是一個優質產品系列，傳達著簡單而深刻的信息：每個生命都是上帝的奇蹟，值得慶祝和保護。我們繼續看到 EveryLife 在這個行業中聞所未聞的成長。正如我之前提到的，2023 年我們 70% 的收入來自訂閱銷售，這是經常性收入向前推進 70% 的一個好兆頭。

As I mentioned on our last call, we will soon be rolling out further products, such as soaps and baby lotions, as well as pull ups, to further diversify our product lines. We expect the first of these additional products to be available during early Q2 of this year. We have initiated special partnerships with pregnancy resource centers, faith-based non-profits, and various churches around the country that we believe will continue to provide bulk sales in a way that is rare in the world of direct-to-consumer products.

正如我在上次電話會議中提到的，我們很快就會推出更多產品，例如肥皂、嬰兒乳液以及拉拉褲，以進一步豐富我們的產品線。我們預計首批附加產品將於今年第二季初上市。我們已經與懷孕資源中心、基於信仰的非營利組織和全國各地的各個教堂建立了特殊合作夥伴關係，我們相信這些合作夥伴將繼續以直接面向消費者的產品世界中罕見的方式提供批量銷售。

So just to pause here, it's very unique that you have a direct-to-consumer product have inroads with major organization for bulk sales almost as our version of retail. There are over 3,000, for example, pro-life, pro-family pregnancy centers in United States, and it's an entirely untapped market for values-aligned baby care product. We can serve those people and provide impact in the process.

因此，在這裡暫停一下，這是非常獨特的，您擁有直接面向消費者的產品，它已經進入了主要組織的批量銷售，幾乎就像我們的零售版本一樣。例如，美國有超過 3,000 個反對墮胎、支持家庭懷孕中心，對於符合價值觀的嬰兒護理產品來說，這是一個完全尚未開發的市場。我們可以為這些人提供服務並在過程中產生影響。

We launched our Make More Babies campaign in January, to much fanfare, and experienced the highest traffic to our brand since launch day. For a little bit of context, Make More Babies was a campaign we initiated in January after Elon Musk tweeted, powerfully, that having children is saving the world.

我們在一月份大張旗鼓地推出了「Make More Babies」活動，並經歷了自推出之日以來我們品牌的最高流量。簡單介紹一下背景，「生育更多嬰兒」是我們一月份發起的一項活動，當時伊隆馬斯克在推特上有力地表示，生孩子就是拯救世界。

Well, we clipped that tweet. We put it up on a billboard in Times Square, had a network of influencers that blasted that billboard, and experienced over 4 million views on our Make More Babies video, and got a tweet about the campaign from Elon Musk himself, saying that he endorses this message. So it was fantastic in attaining new customers, and we anticipate many more campaigns, actively like that, heading in to 2024.

好吧，我們剪掉了那條推文。我們把它放在時代廣場的一個廣告牌上，有一個影響者網絡對這個廣告牌進行了猛烈抨擊，我們的“Make More Babies”視頻獲得了超過400 萬次觀看，並收到了埃隆·馬斯克本人關於該活動的推文，稱他支持這則訊息。因此，它在吸引新客戶方面非常棒，我們預計到 2024 年還會有更多這樣的活動。

To break it down a little bit further, on our last call, I covered briefly our path to profitability. And I want to revisit this topic, especially in light of some of the exciting news related to an acquisition that we announced this morning.

為了進一步細分，在我們上次的電話會議上，我簡要地介紹了我們的獲利之路。我想重新討論這個主題，特別是考慮到與我們今天早上宣布的收購相關的一些令人興奮的消息。

So regarding profitability, number one, we can get there today. We are an asset-light business. We don't have heavy capital expenses going out the door for manufacturing activity or long-term capital commitment. We're a very asset-light business that rely heavily upon our people.

因此，關於獲利能力，第一，我們今天就可以實現這個目標。我們是一家輕資產企業。我們沒有大量的資本支出用於製造活動或長期資本承諾。我們是一家資產非常輕的企業，嚴重依賴我們的員工。

Our route is not binary, meaning we have diversified our revenue streams and have multiple levers to pull as a holdings company to maximize growth. Many of our competitive incumbents in the marketplace space purely relied on their marketplace. But because of that, it took years to be able to achieve profitability.

我們的路線不是二元的，這意味著我們已經實現了收入來源多元化，並且作為一家控股公司擁有多種槓桿來實現最大化成長。我們在市場領域的許多有競爭力的現有企業純粹依賴他們的市場。但也因為如此，花了數年時間才實現獲利。

For us, we wanted to make sure that our marketplace could exist not only as a powerful customer acquisition engine and business vendor acquisition engine, but also a marketing funnel that we could then distribute to multiple product verticals with attractive margin profiles so that we could achieve our profitability road map quicker in a more diversified and safe fashion.

對我們來說，我們希望確保我們的市場不僅可以作為強大的客戶獲取引擎和業務供應商獲取引擎而存在，而且還可以作為一個營銷漏斗而存在，然後我們可以將其分發到具有有吸引力的利潤概況的多個產品垂直領域，以便我們能夠實現我們的獲利路線圖以更多元化和安全的方式更快。

Number three, we're investing for our future and always strategically choosing what to buy, build, or lease. So anytime we have new feature come up on the road map that we want to build for the platform with one of our direct-to-consumer product, we immediately stop and ask the question, do we want to buy, build, or lease what we are looking to bring to the market? In many cases, we choose build or lease; but in some cases, we choose buy if it makes sense and we see that it could be immediately accretive to the business. We have an example of that that we'll share briefly this morning.

第三，我們正在為我們的未來進行投資，並始終策略性地選擇購買、建造或租賃什麼。因此，每當我們在路線圖上出現想要透過我們的直接面向消費者的產品之一為平台建立新功能時，我們都會立即停下來問一個問題：我們想要購買、建造或租賃什麼？我們希望將產品推向市場？很多情況下，我們選擇建造或租賃；但在某些情況下，如果有意義的話我們會選擇購買，我們發現它可以立即為業務帶來增值。今天早上我們將簡單分享一個這樣的例子。

Maturity of the business, number four. We are public at a much earlier point in our life cycle, and it affords us opportunities, in many ways, to be a company by the people, for the people, and owned by we the people. But also, it provides us a currency that we can actually utilize, with wisdom and tact to continue growing the overall business closer and closer to profitability.

業務成熟度，第四。我們在生命週期的早期階段就上市了，這在許多方面為我們提供了成為一家由人民、為人民、為人民所有的公司的機會。而且，它還為我們提供了一種我們可以實際利用的貨幣，以智慧和機智繼續發展整體業務，越來越接近盈利。

And finally, because of that we are going to use our equity wisely. The Credova acquisition we announced this morning is a great example of the strategy to acquire a profitable cash flowing business run by an excellent values-driven team. So on to the Credova acquisition.

最後，正因為如此，我們將明智地使用我們的股權。我們今天早上宣布的 Credova 收購是收購由優秀的價值驅動團隊運營的盈利現金流業務的策略的一個很好的例子。接下來是對 Credova 的收購。

You'll see this morning that we announced an all-stock transaction, an acquisition, reverse triangular merger of Credova. Credova is the leading buy now, pay later company for the outdoor and shooting sports industry. They're helping make the second amendment more accessible to a broader network of Americans, which I certainly personally view as a very moral cause and appreciate the work that they do.

今天早上你會看到我們宣布了一項全股票交易，一項收購 Credova 的反向三角合併。Credova 是戶外和射擊運動行業領先的「先買後付」公司。他們正在幫助讓第二修正案更容易被更廣泛的美國人網絡所接受，我個人當然認為這是一項非常道德的事業，並讚賞他們所做的工作。

They have financed over $0.25 billion in transactions since their inception in 2018. And their merchant and customer universe is highly additive to PublicSquare, with over 4,800 merchants onboarded to date and over 2.8 million unique applicants to date. We see those customers and those merchants as marketing opportunities to bring into the broader PublicSquare universe through this transaction.

自 2018 年成立以來，他們已為超過 2.5 億美元的交易融資。他們的商家和客戶群與 PublicSquare 高度互補，迄今已有超過 4,800 家商家進駐，並且擁有超過 280 萬名獨立申請人。我們將這些客戶和商家視為透過此交易進入更廣泛的 PublicSquare 領域的行銷機會。

This acquisition creates a fully uncancellable commerce stack by combining a payments platform, financing solution, and a marketplace. Credova management forecast and historical results suggest the acquisition is expected to be immediately accretive to the company before any anticipated synergies, as Credova, with unaudited management financials, reflect estimated net revenues for 2023 of $15.5 million, adjusted EBITDA of approximately $2.3 million, and free cash flow from 2023 of $1.6 million. This also provides PublicSquare an entry point into the buy now, pay later payment universe, a critical component to the future of marketplace transactions.

此次收購透過結合支付平台、融資解決方案和市場，創造了一個完全不可取消的商業堆疊。Credova 管理層的預測和歷史結果表明，在產生任何預期的協同效應之前，此次收購預計將立即為公司帶來增值，因為Credova 未經審計的管理財務數據反映了2023 年預計淨收入為1550 萬美元，調整後EBITDA 約為230 萬美元，並且免費2023 年起的現金流為 160 萬美元。這也為 PublicSquare 提供了一個進入「先買後付」支付領域的切入點，這是未來市場交易的關鍵組成部分。

Credova's buy now, pay later business has compelling and differentiated market power in values-aligned sectors, including firearms, ammunition, and outdoor recreation. And to take it further, they actually have exclusive partnerships with over 60% of the top online shooting sports retailers, one of the fastest growing consumer industries in the United States over the past few years.

Credova 的先買後付業務在槍支、彈藥和戶外休閒等價值觀一致的領域具有引人注目的差異化市場力量。更進一步說，他們實際上與超過 60% 的頂級線上射擊體育零售商建立了獨家合作夥伴關係，這是過去幾年美國成長最快的消費產業之一。

Integrating buy now, pay later functionality into the PublicSquare platform is expected to act as a force multiplier to increase our potential sales for both Credova and PublicSquare merchants. And the Credova leadership who have joined the company are excellence driven. They're aligned in our mission, and it will be an honor to partner with them.

將「先買後付」功能整合到 PublicSquare 平台中預計將成為力量倍增器，增加我們對 Credova 和 PublicSquare 商家的潛在銷售。加入公司的 Credova 領導層都是追求卓越的人。他們與我們的使命一致，與他們合作將是一種榮幸。

Overall, this transaction supports PublicSquare's marketplace ecosystem approach, providing potential new opportunities in payment infrastructure as well as consumer and business financing. Specifically, we believe that merchant credit, inventory financing for a broad network of small businesses, could be a major force of our business moving forward. That's yet another reason we're excited about this Credova transaction.

總體而言，此交易支持了 PublicSquare 的市場生態系統方法，為支付基礎設施以及消費者和企業融資提供了潛在的新機會。具體來說，我們相信商業信貸，即為廣泛的小型企業網路提供的庫存融資，可能成為我們業務向前發展的主要力量。這是我們對 Credova 交易感到興奮的另一個原因。

And finally, new revenue opportunities associated with this business. It gets us into point of sale with brick and mortar, expands us into B2B financing, and creates the foundation for a payments universe that will not only serve our ecosystem, but also allow us to generate revenue from selling that service to other businesses in our network as well.

最後，與該業務相關的新收入機會。它讓我們進入實體銷售點，將我們擴展到B2B 融資領域，並為支付領域奠定了基礎，該支付領域不僅服務於我們的生態系統，而且還使我們能夠透過向我們的其他企業銷售該服務來獲得收入。網路也是如此。

Without further ado, I would actually love for you to hear from the visionary of the Credova brand, the President of Credova, the great Dusty Wunderlich, who has become a fast friend and someone I believe in wholeheartedly to lead this brand to excellence. He joins us as the new President of our Credova subsidiary. Dusty, why don't you take a moment to introduce yourself before we move any further?

言歸正傳，我真的很想聽聽 Credova 品牌的遠見卓識者、Credova 總裁、偉大的 Dusty Wunderlich 的意見，他已成為我的好朋友，也是我全心全意相信能夠帶領這個品牌走向卓越的人。他加入我們，擔任 Credova 子公司的新總裁。達斯蒂，在我們繼續之前，為什麼不花點時間自我介紹一下呢？

Thank you, Michael. It's an honor to be here as part of the PublicSquare team. I'm really happy to be on this call with you today and equally excited to be part of the PublicSquare team now and have Credova as a part of this important economic ecosystem.

謝謝你，麥可。身為 PublicSquare 團隊的一員，我很榮幸來到這裡。我很高興今天能參加這次電話會議，同樣也很高興現在成為 PublicSquare 團隊的一員，並讓 Credova 成為這個重要經濟生態系統的一部分。

A little background on me. In my prior role as CEO of Credova, as I am today, I was driven by economic principles that enhance personal liberty. Well aligned with the PublicSquare mission, our personal and entrepreneurial journey is marked by commitments to protecting property rights and preserving voluntary exchange.

關於我的一些背景。在我之前擔任 Credova 執行長期間，就像今天一樣，我受到增強個人自由的經濟原則的推動。我們的個人和創業之旅與 PublicSquare 的使命完全一致，致力於保護產權和維護自願交換。

Turning to the merger. The combination of Credova and PublicSquare is a declaration to the world that the parallel economy is not just thriving; it's here to endure. By uniting our strengths, we're accelerating Credova's growth across various sectors and establishing Credova as a preferred payment solution for shooting sports enthusiasts.

轉向合併。Credova 和 PublicSquare 的結合向世界宣告，平行經濟不僅正在蓬勃發展，而且正在蓬勃發展。它在這裡是為了忍受。透過整合我們的優勢，我們正在加速 Credova 在各個領域的發展，並將 Credova 打造成射擊運動愛好者的首選支付解決方案。

The Credova team and I are honored to advance this movement alongside individuals who are committed to defending not only the second amendment, but also the fundamental inalienable rights of our merchants and customers. This partnership underscores the lasting power and potential of the parallel economy, highlighting our collective dedication to building financial infrastructure that upholds our values and protects our community. Together, we're not merely building a business; we're fortifying a movement poised to make a lasting impact.

我和 Credova 團隊很榮幸能夠與致力於捍衛第二修正案以及我們商家和客戶不可剝奪的基本權利的個人一起推動這項運動。這種夥伴關係強調了平行經濟的持久力量和潛力，突顯了我們對建立金融基礎設施的集體奉獻，以維護我們的價值觀並保護我們的社區。我們在一起不僅是在建立一家企業，更是在共同發展。我們正在加強一項旨在產生持久影響的運動。

Back to you, Michael.

回到你身邊，麥可。

Amazing. Thank you, Dusty. It is a real honor to run with you, and we're excited to see what the future holds together. I'd like to hand now the call over to our CFO, Brad Searle, to discuss a few items on the financial side, including our 2024 financial outlook, before I ultimately then wrap things up. So without further ado, Brad.

驚人的。謝謝你，達斯蒂。與您一起跑步是我的榮幸，我們很高興看到未來的發展。我現在想將電話轉交給我們的財務長 Brad Searle，討論財務方面的一些問題，包括我們 2024 年的財務前景，然後我最終結束會議。不用多說，布拉德。

Thank you, Michael, and thank you, Dusty, as well. I'm thrilled to be with you here today to discuss our full-year2023 results.

謝謝你，邁克爾，也謝謝你，達斯蒂。我很高興今天能與大家一起討論我們 2023 年全年業績。

A few quick hitting highlights. As Michael mentioned, we saw a 12x growth in net revenue from 2022 to 2023, 6x year-over-year marketplace revenue growth. We saw massive EveryLife sales. And the highest referral source for EveryLife sales continues to be the PublicSquare platform, affirming our flywheel proposition.

一些快速擊中的亮點。正如 Michael 所提到的，從 2022 年到 2023 年，我們的淨收入成長了 12 倍，市場收入年增了 6 倍。我們看到了 EveryLife 的大量銷售。EveryLife 銷售的最高推薦來源仍然是 PublicSquare 平台，證實了我們的飛輪主張。

In terms of share count, as of the end of the year, we had 24,410,075 Class A common shares outstanding and 3,213,678 Class C common shares outstanding. We ended the year with $16.4 million in cash and cash equivalents, $17.2 million in working capital, $21.2 million in total current assets, and zero debt on our balance sheet.

就股份數量而言，截至年底，我們已發行的 A 類普通股為 24,410,075 股，已發行的 C 類普通股為 3,213,678 股。截至年底，我們的現金和現金等價物為 1,640 萬美元，營運資金為 1,720 萬美元，流動資產總額為 2,120 萬美元，資產負債表上的債務為零。

Moving to a quick housekeeping item, you'll see a lot of filings this morning. I'd like to point out that we filed a 10-Q/A to restate the Q3 financials due to an incorrect classification of transaction-related costs in the statement of cash flows. Please note this restatement did not affect Q3 revenue, Q3 EPS, or Q3 cash position.

轉向快速的內務管理項目，今天早上您會看到很多文件。我想指出的是，由於現金流量表中交易相關成本的分類不正確，我們提交了 10-Q/A 來重述第三季的財務資料。請注意，此重述不會影響第三季的營收、第三季的每股盈餘或第三季的現金狀況。

Before I hand the call back to Michael, I will cover the financial outlook for 2024 we provided in this morning's release. First, in terms of revenue, as Michael mentioned but I believe that's worth repeating, we are guiding to a year-end 2024 exit run rate revenue, as defined in the earnings release, of approximately $47 million to $53 million, resulting from existing businesses before consideration for merger synergies.

在將電話轉回給 Michael 之前，我將介紹我們在今天早上的新聞稿中提供的 2024 年財務前景。首先，就收入而言，正如邁克爾所提到的，但我認為值得重複一遍，我們預計 2024 年年底退出運行率收入（如收益發布中所定義）約為 4700 萬至 5300 萬美元，來自現有業務在考慮合併協同效應之前。

Moving on to profitability. We expect EveryLife to reach and maintain cash flow positivity by the end of this year 2024. Credova adds substantial revenues and is expected to remain cash flow positive cash flow positive in 2024 before consideration for synergies.

轉向盈利。我們預計 EveryLife 將在 2024 年底前實現並維持正現金流。Credova 增加了大量收入，預計在考慮協同效應之前，2024 年現金流將保持為正。

Please keep in mind that we acquired Credova at a very attractive multiple compared to other BNPL peers, and we are able to refinance their debt at a significantly lower rate of 9.75%. Meanwhile, PublicSquare will strategically spend on development and marketing to support the ongoing growth of marketplace and advertising platforms.

請記住，與其他 BNPL 同行相比，我們以非常有吸引力的倍數收購了 Credova，而且我們能夠以更低的利率 9.75% 為其債務進行再融資。同時，PublicSquare 將在開發和行銷方面進行策略性支出，以支持市場和廣告平台的持續成長。

Lastly, in terms of cash position, cash generated from profitable segments, along with proposed investment by PublicSquare director and affiliates, is anticipated to support accelerated growth, including unlocking transaction synergies and building the PSQ payments platform. We expect to exit 2024 with approximately $8 million to $10 million of cash on our consolidated balance sheet.

最後，就現金狀況而言，盈利部門產生的現金以及 PublicSquare 董事和附屬公司擬議的投資預計將支持加速成長，包括釋放交易協同效應和建立 PSQ 支付平台。我們預計到 2024 年結束時，我們的合併資產負債表上將有約 800 萬至 1,000 萬美元的現金。

I will now hand the call back to Michael for some closing remarks ahead of Q&A.

現在，我將把電話轉回給邁克爾，讓他在問答前做一些總結發言。

Thank you, Brad. To wrap up, 2023 was a tremendous year for PublicSquare, and 2024 is setting up to be even more impactful across multiple fronts. With the addition of the profitable Credova to the PublicSquare ecosystem, we are supercharging our growth potential.

謝謝你，布拉德。總而言之，2023 年對 PublicSquare 來說是重要的一年，而 2024 年將在多個方面發揮更大的影響力。隨著獲利的 Credova 加入 PublicSquare 生態系統，我們正在增強我們的成長潛力。

Brief highlight now of how we believe 2024 will play out from a marketplace and product perspective. We have new EveryLife products launching in 2024. We have a new personal product brand, which you'll hear more about shortly, launching in 2024.

現在簡要重點介紹我們認為 2024 年從市場和產品角度將如何發展。我們將於 2024 年推出新的 EveryLife 產品。我們有一個新的個人產品品牌，您很快就會聽到更多訊息，將於 2024 年推出。

We are developing and launching a PSQ payments platform to protect merchants from cancellation, building upon and with the existing Credova network. And we are expanding, through strategic acquisition, into adjacent business segments, fulfilling merchant and customer demand.

我們正在現有 Credova 網路的基礎上開發並推出 PSQ 支付平台，以保護商家免於取消。我們正在透過策略性收購擴展到相鄰的業務領域，滿足商家和客戶的需求。

Our theme for 2024 continues to be more members, more merchants, more money. 2024 is focused on growth, and we are excited to lean into targeted advertising; partnership deals like Tucker Carlson, who, as a matter of fact, posted his first monologue about PublicSquare on his X channel yesterday evening; as well as strategic events and outreach endeavors, such as the very helpful and transformative PublicSquare call series that we are currently conducting around the country in order to capitalize on the election season.

我們 2024 年的主題仍然是更多會員、更多商家、更多資金。 2024 年的重點是成長，我們很高興能夠轉向有針對性的廣告；事實上，塔克卡爾森 (Tucker Carlson) 昨天晚上在他的 X 頻道上發布了他的第一篇關於 PublicSquare 的獨白；以及策略活動和外展工作，例如我們目前正在全國各地開展的非常有幫助和變革性的 PublicSquare 電話系列，以充分利用選舉季的機會。

We will now move to Q&A.

我們現在進入問答環節。

Thank you so much. We are now opening the floor for question and answer. (Operator Instructions) Darren Aftahi, Roth MKM.

太感謝了。我們現在開始提問和回答。（操作員說明）Darren Aftahi，Roth MKM。

Hey, guys. Morning. Thanks for taking my questions. Congrats on the transaction. Could we just start, before we jump into Credova, just -- you launched the marketplace in the fourth quarter. I'm just kind of curious of your thoughts, year to date, in '24 on the progress and any kind of plans of kind of marketing spend against that.

大家好。早晨。感謝您回答我的問題。恭喜交易成功。在我們進入 Credova 之前，我們可以先開始嗎？你們在第四季推出了這個市場。我只是有點好奇你對 24 年迄今為止的進展以及任何行銷支出計劃的想法。

Yeah, absolutely. So we were very pleased with our launch of e-commerce on November 1 for a number of reasons. Obviously, as I mentioned at the beginning of this call, our traffic increase to the site was very substantial year over year. But one of the metrics I'm very excited about was the actual average engagement time per user, which was up 90% over the same time period year over year between November 1 and December 31.

是的，絕對是。因此，出於多種原因，我們對 11 月 1 日推出電子商務感到非常高興。顯然，正如我在本次電話會議開始時提到的，我們網站的流量逐年增長非常可觀。但令我非常興奮的指標之一是每個用戶的實際平均參與時間，在 11 月 1 日至 12 月 31 日期間同比增長了 90%。

And the other analytical point I will call your attention to is that our average order value was over $70, which is above many peers in the marketplace space, and we're excited about that. It showcases that we're targeting the right consumers with the right message, and it's converting to the right types of purchasing.

我要提請您注意的另一個分析點是，我們的平均訂單價值超過 70 美元，高於市場領域的許多同行，我們對此感到興奮。它表明我們正在向正確的消費者傳達正確的訊息，並且正在轉化為正確的購買類型。

As we move forward, now that we have that information, because -- quick pause here. Before we launched e-commerce on November 1, we were limited in the information that we actually had about what our consumers were wanting and what was converting better than other things. Because we were simply marketing agents for these different companies, but our ability to track conversions was limited.

隨著我們前進，現在我們已經掌握了這些信息，因為——在這裡快速暫停。在我們於 11 月 1 日推出電子商務之前，我們實際上掌握的有關消費者想要什麼以及比其他東西轉化更好的資訊有限。因為我們只是這些不同公司的行銷代理，但我們追蹤轉換的能力是有限的。

Well, now, after November 1, we can actually tell you on any given day what products are converting on what timeline and how do they stack up against other similar products, but at different price points or different market sectors, et cetera. So as we move into 2024, all of that proprietary insight is now marketing fuel.

好吧，現在，11 月1 日之後，我們實際上可以告訴您在任何一天哪些產品在什麼時間線發生轉化，以及它們如何與其他類似產品相比較，但在不同的價格點或不同的市場領域等。因此，當我們進入 2024 年時，所有這些專有見解現在都成為行銷燃料。

So to answer your question directly, Darren, we're leaning heavily into a direct response strategy in 2024. We're actually targeting look-alike audiences, utilizing our customer habits and preferred products. And so what we'll essentially do is say, for example, that outdoor products are trending very well on our platform. We're seeing high conversions and high click-through rates in the outdoor space.

因此，Darren，為了直接回答您的問題，我們非常傾向於在 2024 年採取直接回應策略。我們實際上是利用我們的客戶習慣和首選產品來瞄準相似的受眾。因此，我們本質上要做的就是說，例如，戶外產品在我們的平台上趨勢非常好。我們看到戶外空間的高轉換率和高點擊率。

If we can target an outdoor audience through a very cohesive direct-response strategy, we can drop our customer acquisition cost to a very attractive rate compared to our competitors, especially when we have the values differentiator. So direct response is a heavy tool that we will be utilizing in 2024 that we did not have the same ability to conduct in 2023.

如果我們能夠透過非常有凝聚力的直接回應策略來瞄準戶外受眾，那麼與競爭對手相比，我們就可以將客戶獲取成本降低到非常有吸引力的水平，特別是當我們擁有價值差異化因素時。因此，直接回應是我們將在 2024 年使用的重要工具，但我們在 2023 年沒有相同的能力進行。

Finally, what I'll mention -- and I can't remember if I mentioned this on our last earnings call, but I think it's an important point to bring back up if I did, regardless. And that's that we utilize a jobs-to-be-done methodology when marketing.

最後，我要提到的是——我不記得我是否在上次財報電話會議上提到過這一點，但無論如何，我認為如果我提到了這一點，那是很重要的一點。這就是我們在行銷時使用待完成工作的方法。

Meaning, we run multiple surveys and internal research studies on our existing audience. We've interviewed them, and we've tried to understand what are you hiring us for at PublicSquare. And we believe that our consumers are hiring us for four different jobs they need to get done.

這意味著，我們對現有受眾進行了多項調查和內部研究。我們採訪了他們，並試圖了解你們在 PublicSquare 僱用我們的目的是什麼。我們相信，我們的消費者正在僱用我們來完成他們需要完成的四項不同的工作。

The job number one is the shopping list. These consumers come, and they're obviously driven by the values. But more than anything, they have a shopping list that's tangible that they need to be able to switch over to brands that they believe in.

第一項工作是購物清單。這些消費者的到來，顯然是受到價值觀的驅動。但最重要的是，他們有一個有形的購物清單，他們需要能夠切換到他們相信的品牌。

Job number two, these are people that really are here because they want to support small businesses more than anything else. They want to support main street.

第二個工作是，這些人真正來到這裡是因為他們最想支持小企業。他們想支持主要街道。

Job number three, these people are led by the movement. They love the idea that they're contributing to a better America for their kid. They may not have a direct shopping list, but they're very excite about putting their money where their values are.

第三個工作，這些人是由運動領導的。他們喜歡為孩子們建立一個更美好的美國做出貢獻。他們可能沒有直接的購物清單，但他們非常樂意將錢花在他們認為有價值的地方。

And finally, job number four, these people come here because of the community. They feel not alone. And they want to feel like they're a part of a broader network of people that share their same views. And they actually come here because they want to see people face to face. They utilize our local functionality heavily.

最後，第四項工作，這些人因為社區而來到這裡。他們感到並不孤單。他們希望感覺自己是更廣泛的擁有相同觀點的人網絡的一部分。他們來這裡實際上是因為他們想面對面地見到人們。他們大量利用我們的本地功能。

So to wrap it up, we, now that we have that insight, will utilize those four insights to make sure that we're partnering with our direct-response strategy to target those four jobs to be done, making our message cohesive and understandable and clear so that consumers can hear about PublicSquare, onboard into the experience, and convert with as little friction as possible. That's our plan for 2024.

因此，總而言之，既然我們有了這種洞察力，我們將利用這四種洞察力來確保我們與我們的直接回應策略合作，以完成這四項工作，使我們的訊息具有凝聚力和易於理解，並且清晰明了，以便消費者能夠了解PublicSquare、參與體驗並盡可能減少摩擦地進行轉換。這是我們 2024 年的計畫。

That's helpful. Before I jump into some questions on Credova, just a clarification. You were using the language pre-synergy. So is the $47 million to $53 million run rate exiting the year -- is that pre any impact from Credova?

這很有幫助。在我開始討論有關克雷多瓦的一些問題之前，我先澄清一下。您正在使用預協同語言。那麼，今年 4,700 萬至 5,300 萬美元的營運費用是否會受到 Credova 的影響？

So it counts Credova's existing forecast, but it does not count any growth that PublicSquare brings to Credova's existing forecast. So the way to think about this is: this is Credova, this is PublicSquare combined but not counting any of the synergistic elements of our business.

因此它計算了 Credova 的現有預測，但沒有計算 PublicSquare 給 Credova 現有預測帶來的任何成長。因此，思考這個問題的方法是：這是 Credova，這是 PublicSquare 的組合，但不包括我們業務的任何協同元素。

So for example, this does not count growth that we could add to their forecast from exposure to our over 75,000 business merchants. It does not include jumping into inventory financing at a greater capacity, targeting that hot list of business leads.

例如，這不包括我們可以透過與我們超過 75,000 家商家的接觸而增加到他們的預測中的成長。它不包括以更大的能力投入庫存融資，瞄準熱門業務線索。

It does not include the conversion uppage that we anticipate Credova will bring to the PublicSquare platform. These are two forecasts that exist separate from one another that have not considered any of the compounding nature of our synergistic business model. It also doesn't count the integration into our platform.

它不包括我們預期 Credova 將帶給 PublicSquare 平台的轉換頁面。這是兩個相互獨立存在的預測，沒有考慮我們協同業務模式的任何複合性質。它也不計入我們平台的整合。

So the 2024 exit run rate guidance that we issued today of $47 million to $53 million does not account for any of those synergistic elements of our partnership that will exist undoubtedly as we move forward.

因此，我們今天發布的 2024 年退出運行率指引為 4700 萬至 5300 萬美元，並沒有考慮到我們合作夥伴關係中任何協同因素，而隨著我們的前進，這些因素無疑將存在。

And just to note -- Darren, this is Brad. Just another note. This does not include the additional revenue streams from new diapers -- new products we're launching on the EveryLife brand or any other wholly owned subsidiaries that we might launch or acquire in 2024.

請注意——達倫，這是布拉德。只是另一個註釋。這不包括新尿布帶來的額外收入流——我們在 EveryLife 品牌上推出的新產品，或我們可能在 2024 年推出或收購的任何其他全資子公司。

Great, that's helpful. Appreciate the clarification. Now Michael, to your point on synergy, can you just kind of talk high level, strategically? So Credova has a big footprint in the firearms and outdoor recreational space. Layering that into your marketplace, I'm just trying to kind of understand, big picture, strategically, how does that impact the marketplace beyond just what they bring to the table? And then more broadly speaking, can you talk about the payments platform, not just from what Credova brings, but actually, all inclusive for all products, what that kind of looks like once it's fully integrated?

太好了，很有幫助。感謝您的澄清。現在，邁克爾，就您關於協同作用的觀點而言，您能從戰略角度談談高層嗎？因此，Credova 在槍械和戶外休閒領域佔有很大的份額。將其分層到您的市場中，我只是想從策略上了解大局，除了它們帶來的影響之外，這對市場有何影響？然後更廣泛地說，您能否談談支付平台，不僅僅是 Credova 帶來的支付平台，而是實際上涵蓋所有產品，一旦完全集成，它會是什麼樣子？

Yeah, that's a great question, Darren. I'll actually start with that.

是的，這是一個很好的問題，達倫。我實際上會從那裡開始。

Our goal is to be the only marketplace in the country that you could actually buy a rifle and a pack of diapers in the same transaction. We want to be a marketplace that takes you back to a real classic Americana expression of your commerce freedom, where you could actually go and purchase goods at your local Walmart or other retailer that you know that you could actually buy a suite of household goods that you need and your groceries, as well as exercise your second amendment right.

我們的目標是成為全國唯一一個可以在同一筆交易中真正購買步槍和一包尿布的市場。我們希望成為一個市場，帶您回到真正經典的美式商業自由表達，您可以實際去當地的沃爾瑪或其他零售商購買商品，您知道您實際上可以購買一套家庭用品，您需要和您的雜貨，以及行使您的第二修正案權利。

There are no other marketplaces today where you can conduct those sorts of transactions. We will be the first, and Credova is a massive step in that direction.

目前沒有其他市場可以進行此類交易。我們將成為第一個，而克雷多瓦是朝這個方向邁出的一大步。

So from the payments perspective, we are really targeting a goal of creating an uncancellable payment stack that not only can service our marketplace in the way I just described, but can also then be given to our business vendors and we can actually earn revenue on as we're servicing them.

因此，從支付的角度來看，我們真正的目標是創建一個不可取消的支付堆棧，它不僅可以以我剛才描述的方式為我們的市場提供服務，而且還可以提供給我們的業務供應商，我們實際上可以透過以下方式賺取收入：我們正在為他們提供服務。

Brad and I were at SHOT Show with Dusty, actually, in January, and we were walking around SHOT Show. It's the largest gun show for industry insiders in the world, over 75,000 attendees. And we were walking around and talking to the different business vendors, and we asked them. What are your two or three greatest pain points? And all of them said payments infrastructure, because I'm just frightened of cancellations, and access to capital.

事實上，一月份，布拉德和我和達斯蒂一起參加了 SHOT Show，我們在 SHOT Show 周圍散步。這是全球最大的業內人士槍展，共有超過 75,000 名與會者。我們四處走動，與不同的供應商交談，並向他們詢問。您最大的兩三個痛點是什麼？他們都說支付基礎設施，因為我只是害怕取消和獲得資本。

Well, Credova, helps us solve both of those problems. It gives us an ability to come to them confidently and say, we have a payment solution for you to actually begin to sell online in a way that's cancel proof. But it also allows for us, with their business financing capabilities, to actually offer capital to businesses that are in desperate need of it that have often been turned away by traditional financial institutions even though these are great, lucrative, conservative, fiscally responsible businesses.

好吧，Credova 幫助我們解決了這兩個問題。它使我們能夠自信地找到他們，告訴他們，我們有一個支付解決方案，可以讓您以取消證明的方式真正開始在線銷售。但它也使我們能夠憑藉其企業融資能力，實際上向急需資金的企業提供資金，而這些企業經常被傳統金融機構拒絕，儘管這些企業都是偉大的、利潤豐厚的、保守的、對財政負責的企業。

And so from a payments perspective, we're very excited because Q2 will be a very significant payments quarter for us. This will be the quarter where we are able to actually sell guns and diapers and cleaning products all in the same shopping cart transaction.

因此，從支付的角度來看，我們非常興奮，因為第二季對我們來說將是一個非常重要的支付季度。在這個季度，我們將能夠在同一家購物車交易中實際銷售槍支、尿布和清潔產品。

But it is also very exciting from the synergies of their business, because we have the ability to service not just the check-out experience with greater efficiency and higher conversion potential. We also get to serve our business community in a way that is really unparalleled today. So hope that's helpful. Happy to offer more clarification, obviously, if that would be fruitful.

但他們業務的綜效也非常令人興奮，因為我們有能力不僅以更高的效率和更高的轉換潛力提供結帳體驗服務。我們也以當今無與倫比的方式為我們的商業社區提供服務。希望這對您有所幫助。顯然，如果能夠取得成果，我很樂意提供更多澄清。

No, that's helpful. Just last one for me. How fast was Credova or how fast did it, I guess, grow in that '23 data point you gave about the $15.5 million?

不，這很有幫助。對我來說只是最後一張。在您提供的 1550 萬美元的 23 年數據點中，Credova 的成長速度有多快？或者我猜它的成長速度有多快？

How fast did they grow to that? Is that what you asked there?

他們成長到這個程度的速度有多快？你是在那裡問的嗎？

Yeah. I guess, year over year. That's a calendar year '23 number, the $15.5 million. I'm just curious how fast that business was growing?

是的。我想，年復一年。這是 23 年的數字，即 1550 萬美元。我只是好奇這項業務的成長速度有多快？

Got it. They had a strategic restructuring in the summer of 2023 that led them into the second half of 2023 being their best season of business ever. So the latter half of 2023, they experienced record originations, record traffic, and record deal flow on the consumer and the business side.

知道了。他們在 2023 年夏天進行了策略重組，這使他們進入了 2023 年下半年，這是他們有史以來最好的業務季節。因此，在 2023 年下半年，他們在消費者和企業方面經歷了創紀錄的發起、創紀錄的流量和創紀錄的交易流量。

They launched in 2018 and have really heavily leaned into the second amendment community over the last two to three years. And so they are on track for a very fruitful 2024, coming off of a great second half of 2023. Originations actually grew year over year and -- under new contracts, allowing for significantly improved profitability.

他們於 2018 年推出，在過去的兩到三年確實嚴重依賴第二修正案社群。因此，在 2023 年下半年的輝煌之後，他們有望迎來一個碩果累累的 2024 年。事實上，新訂單量逐年增長，並且根據新合同，盈利能力顯著提高。

So when we talk about restructuring, not only was it great because it upped their origination flow in a very exponential fashion heading into the second half of 2023. It really set them into a better margin profile moving forward. And now, we'll obviously get to experience the fruits of that together as a combined business in '24.

因此，當我們談論重組時，它不僅很棒，還因為它在進入 2023 年下半年之前以指數級的方式提高了它們的原始流量。這確實讓他們的利潤率有了更好的發展。現在，我們顯然將在 24 年作為合併後的業務共同體驗這項成果。

Great. One last housekeeping for Brad, maybe. I know you gave the ending share count. Could you just give what the average combined class shares were in the quarter for the fourth quarter?

偉大的。也許是布萊德最後一次整理家事。我知道你給了最終的份額數。您能否給出第四季度平均合併類別股票的數量？

Yeah, Darren. Happy to. We didn't see a big change from Q3 to Q4. If memory serves, the change was only 70,000 Class A shares, which all came online in November of 2023. So not a big change quarter over quarter, but we expect a little more movement, of course, this quarter with this Credova transaction.

是的，達倫。高興。從第三季到第四季度，我們沒有看到很大的變化。沒記錯的話，變化僅 70,000 股 A 類股，這些股票均於 2023 年 11 月上線。因此，季度與季度之間的變化並不大，但我們預計會有更多的變化，當然，本季的 Credova 交易。

Great. Thanks, guys.

偉大的。多謝你們。

Thank you, Darren.

謝謝你，達倫。

We don't have any questions in the conference side for now. I'd now like to hand back over to William Kent. Thank you.

目前我們在會場沒有任何問題。我現在想把時間交還給威廉·肯特。謝謝。

Thank you, operator. We'll now address some questions that we received through the Say Technologies platform before closing up the call.

謝謝你，接線生。在結束通話之前，我們現在將解決透過 Say Technologies 平台收到的一些問題。

Tim B asked, how do you plan on marketing small and rural communities? As someone from a small town where the conservative ties and values are strong, very few people and businesses are aware of PublicSquare. And we use Amazon and Temu, overlooking the conflict and values. How will PublicSquare expand into these markets?

Tim B 問道，您打算如何行銷小型農村社區？身為一個來自保守派連結和價值觀很強的小鎮的人，很少人和企業知道 PublicSquare。我們使用亞馬遜和Temu，忽略了衝突和價值觀。PublicSquare 將如何拓展這些市場？

That's a fantastic question. Thank you. And it's one we're certainly passionate about because the servicing of local communities is really how we got our start, and it will always be core to our DNA moving forward.

這是一個很棒的問題。謝謝。我們當然對此充滿熱情，因為為當地社區提供服務確實是我們的起點，而且它將永遠是我們前進的 DNA 的核心。

Two answers, I'll give you, right off the bat. Number one is -- I mentioned earlier in this call about our town hall series. We love the town hall series because it allows us to get into local communities, meet with elected officials or community leaders that are standing for our values and want to champion those values with us. And it also gives us a great opportunity for local media coverage.

我馬上給你兩個答案。第一個是——我之前在這次電話會議中提到過我們的市政廳系列。我們喜歡市政廳系列，因為它使我們能夠深入當地社區，會見代表我們價值觀並希望與我們一起捍衛這些價值觀的民選官員或社區領袖。這也給了我們當地媒體報道一個很好的機會。

So for example, we went to Indiana, and we did a town hall with Congressman Jim Banks and Donald Trump Jr. And we got to hear the stories of small businesses in these communities of Indiana that would share their challenges, but also their triumphs. And we had 11 different local media hits after that one town hall evening.

例如，我們去了印第安納州，與國會議員吉姆·班克斯和小唐納德·特朗普一起舉行了一次市政廳會議。我們聽到了印第安納州這些社區小企業的故事，他們分享了他們的挑戰，但也分享了他們的勝利。在那個市政廳晚上之後，我們受到了 11 個不同當地媒體的關注。

We just went to Pensacola two weeks ago and experienced a similar media coverage that expanded both locally and nationally. These things are helpful because it really sets us as a known entity in local communities around the country. And we anticipate doing a whole lot more of those as we head into 2024.

兩週前我們剛去了彭薩科拉，經歷了類似的媒體報道，並在當地和全國擴大。這些事情很有幫助，因為它確實使我們成為全國各地當地社區的知名實體。進入 2024 年，我們預計會做更多這樣的事。

But the bigger effort that we're continuing to grow is our ambassador program. And so our ambassador program is our way that we have boots on the ground in local communities. We have well over 600 ambassadors on the company currently that are basically supercharged volunteers.

但我們繼續發展的更大努力是我們的大使計畫。因此，我們的大使計劃是我們深入當地社區的方式。目前，我們公司有超過 600 名大使，他們基本上都是超級志工。

They've got our merch. They've got our swag. They're around the country and their local communities, inviting local businesses to join the platform. And it allows for consumers, when they go to the PublicSquare platform, to have a very unique, differentiated marketplace experience, where you can actually tell us what you want.

他們有我們的商品。他們有我們的贓物。他們遍布全國各地和當地社區，邀請當地企業加入平台。當消費者造訪 PublicSquare 平台時，它可以讓他們獲得非常獨特、差異化的市場體驗，您可以真正告訴我們您想要什麼。

What are you looking for? Are you looking for coffee? Are you looking for jeans? We'll show you options that you can purchase directly, right there, online. Or we'll show you a local solution, where you can drive 5 miles down the road and get a cup of coffee.

你要買什麼？您在尋找咖啡嗎？您在尋找牛仔褲嗎？我們將向您展示可以直接在線購買的選項。或者，我們將向您展示當地解決方案，您可以沿著公路行駛 5 英里，喝杯咖啡。

That's a unique experience that Amazon, Temu, or other marketplaces like SE do not have. They don't have an ability to connect you with your local community. We think it's a strong differentiator moving forward, and we appreciate the opportunity to service those local communities.

這是亞馬遜、Temu 或 SE 等其他市場所沒有的獨特體驗。他們沒有能力將您與當地社區聯繫起來。我們認為這是一個強大的差異化因素，我們很高興有機會為這些當地社區提供服務。

So in recap, events in local communities, like our town hall series, are a very exciting way of us getting out into the community, onto Main Street, in a greater capacity. And our ambassador program, marketing on the local level through the help of super consumers that believe in the PublicSquare mission and want to share that far and wide and have incentive to do so. Those are our two pinnacle ways that we're going to reach local communities at a greater capacity over the course of the next nine months and going forward. Thanks again for your question.

因此，總而言之，在當地社區舉辦的活動，例如我們的市政廳系列活動，是我們以更大的能力進入社區、進入主街的一種非常令人興奮的方式。我們的大使計劃，透過相信 PublicSquare 使命、希望廣泛分享並有動力這樣做的超級消費者的幫助，在當地進行行銷。這是我們在未來九個月及未來以更大的能力接觸當地社區的兩種最重要的方式。再次感謝您的提問。

We'll take one more question here from the Say Tech platform. Brett S asked, as a shareholder and on your company platform, I'd like to know when your platform will allow companies to log into their company portal and make edits and changes. The current method is to e-mail one of your customer service representatives with the select changes. And will these things become more automated?

我們將在 Say Tech 平台上再回答一個問題。Brett S問道，作為股東和你們公司的平台，我想知道你們的平台什麼時候允許公司登入他們的公司入口網站並進行編輯和更改。目前的方法是透過電子郵件向您的一位客戶服務代表發送所選變更。這些事情會變得更自動化嗎？

I love that question. Anytime you've got feature or functionality questions, please fire them away. We love to talk to our members about what features they are wanting to prioritize. So great question. The answer is imminently.

我喜歡這個問題。每當您有特性或功能問題時，請立即解決。我們喜歡與我們的會員討論他們想要優先考慮的功能。很好的問題。答案已經迫在眉睫。

The reason that we've prioritized the consumer onboarding experience is because, obviously, the best way we can help businesses, at the end of the day, is by driving more consumers toward them. And anytime we have a new feature trade off, we always want to make sure that we're prioritizing the option that will lead to the greatest growth of the platform holistically and will service as many members as possible.

我們優先考慮消費者入門體驗的原因是，顯然，歸根結底，我們可以幫助企業的最佳方式是吸引更多消費者走向他們。每當我們需要權衡新功能時，我們總是希望確保優先考慮能夠帶來平台整體最大成長並為盡可能多的會員提供服務的選項。

Well, that's why we ultimately chose to say, you know what? Let's really dive into the transaction experience and the integration of e-commerce. Then, next on the docket, we handle business onboarding, business continuity, the ability for businesses to adjust and manage their profiles, to actually, in an automated fashion, pay for advertising, which is very exciting.

好吧，這就是為什麼我們最終選擇說，你知道嗎？讓我們真正深入探討交易體驗和電子商務的整合。然後，接下來，我們處理業務入職、業務連續性、企業調整和管理其個人資料的能力，實際上以自動化的方式支付廣告費用，這是非常令人興奮的。

So one of our features coming this year actually is the ability to automate your ad experience as a business vendor to set your own budget and let your advertisement fly to a group of consumers that are values aligned and excited to see your business. So in recap, the answer is, one of our next priorities imminent on the agenda is our servicing of the business community through more technological advancements to the platform.

因此，我們今年推出的功能之一實際上是能夠將您作為企業供應商的廣告體驗自動化，以設定您自己的預算，並讓您的廣告飛向一群價值觀一致且對您的業務感到興奮的消費者。因此，回顧一下，答案是，我們議程上迫在眉睫的下一個優先事項之一是透過平台的更多技術進步為商業界提供服務。

Finally, one more thing is, obviously, one of the synergies we anticipate with Credova is the ability for Credova to be a service not only to the consumer conversion process, but also to the businesses. So for a business to actually link Credova to their storefront and experience the conversion uppage that is likely through that tool is a great way that we can experience one of the synergies we mentioned. I hope that's helpful. Back to you, Will.

最後，顯然，我們預期與 Credova 的綜效之一是 Credova 不僅能夠為消費者轉換過程提供服務，還能為企業提供服務。因此，對於企業來說，將 Credova 實際連結到他們的店面並體驗可能透過該工具實現的轉換頁面是我們體驗我們提到的協同效應之一的好方法。我希望這有幫助。回到你身邊，威爾。

Thank you, Michael. And with that last question, we'll conclude the call today. Really do appreciate everyone's participation and interest in PublicSquare. Thank you so much. Thank you, operator.

謝謝你，麥可。帶著最後一個問題，我們將結束今天的電話會議。非常感謝大家對 PublicSquare 的參與與興趣。太感謝了。謝謝你，接線生。

Thank you for attending today's conference. We hope you have a wonderful day. You may now all disconnect.

感謝您參加今天的會議。我們希望您度過愉快的一天。你們現在可以斷開連結了。