PSQ Holdings Inc (PSQH) 2024 Q2 法說會逐字稿

Greetings and welcome to the PublicSquare's second-quarter 2024 earnings conference call and webcast. (Operator Instructions)

歡迎參加 PublicSquare 2024 年第二季財報電話會議和網路廣播。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, William Kent, VP of Investor Relations. Thank you, and you may begin.

現在我很高興向您介紹主持人，投資者關係副總裁威廉·肯特 (William Kent)。謝謝您，您可以開始了。

Thank you, Jeremy. Good morning, everyone, and welcome to PublicSquare's second-quarter 2024 earnings conference call. Joining me today are Michael Seifert, Chairman and Chief Executive Officer; and Brad Searle, Chief Financial Officer of PublicSquare.

謝謝你，傑瑞米。大家早安，歡迎參加 PublicSquare 2024 年第二季財報電話會議。今天與我一起出席的還有董事長兼執行長 Michael Seifert； Brad Searle，PublicSquare 財務長。

The information discussed today is entirely qualified by Form 8-K and Form 10-K filed today by PublicSquare, which may be accessed on the SEC and PublicSquare's website. Today's call is also being webcast and a replay will be posted to PublicSquare's IR page.

今天討論的資訊完全符合 PublicSquare 今天提交的表格 8-K 和表格 10-K，可以在 SEC 和 PublicSquare 的網站上存取。今天的電話會議也將進行網路直播，重播將發佈到 PublicSquare 的 IR 頁面上。

Please note that statements made during this call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. Such statements are made based on 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，本次電話會議期間發表的聲明，包括財務預測或其他非歷史性聲明，可能構成前瞻性聲明。此類聲明是基於 PublicSquare 對未來事件和當時的業務績效的觀點和假設而做出的，我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to risks that could cause PublicSquare's actual results to differ from its historical results and forecasts, including those outlined in PublicSquare's filings with the SEC, and you should refer to and carefully consider those for more information.

前瞻性陳述存在風險，可能導致 PublicSquare 的實際結果與其歷史結果和預測不同，包括 PublicSquare 向 SEC 提交的文件中概述的內容，您應該參考並仔細考慮這些內容以獲取更多資訊。

The cautionary statement applies to all forward-looking statements made during this call do not place undue reliance on any forward-looking statements. During this call, we may refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted county principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the company's quarterly filing today with the SEC.

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聲明。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措施並非依照公認的縣原則制定。該公司今天向美國證券交易委員會提交的季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 hand the call over to Michael Seifert. Michael, please go ahead.

我現在將把電話轉交給邁克爾·塞弗特。邁克爾，請繼續。

Wonderful. Thank you, Will. And welcome, everybody, to our second-quarter 2024 earnings call. As we celebrate the completion of our first full year as a public company, I'm going to take a bit of a different approach and depart from our normal setup from our past calls and utilize the majority of our time here today to cast a long-term vision of PublicSquare and detail where we plan on taking the business over the next 24 months and beyond.

精彩的。謝謝你，威爾。歡迎大家參加我們的 2024 年第二季財報電話會議。當我們慶祝作為一家上市公司的第一個全年的完成時，我將採取一些不同的方法，偏離我們過去電話會議的正常設置，並利用今天的大部分時間來進行長期的投資。長期願景以及我們計劃在未來24 個月及以後開展業務的詳細資訊。

While we won't have a formal question-and-answer session at the conclusion of today's call, we have received a number of great questions from shareholders submitted through the Safe Technologies platform that I will be sure to answer throughout my comments today.

雖然我們不會在今天的電話會議結束時舉行正式的問答環節，但我們收到了股東透過 Safe Technologies 平台提交的許多重要問題，我一定會在今天的評論中回答這些問題。

But to get started, I do want to spend a minute and share a few material updates from Q2 related to the financial performance of our business. Number one, our net revenue in the second quarter increased 1,030%, and cash flow operating expenses only rose 49% compared to the second quarter of 2023. So, again, the second quarter of 2024, our revenue increased 1,030%, while cash flow operating expenses only rose 49% compared to the same period of last year.

但首先，我確實想花一點時間分享第二季與我們業務財務表現相關的一些重大更新。第一，我們第二季的淨收入成長了 1,030%，而現金流營運支出與 2023 年第二季相比僅成長了 49%。所以，2024 年第二季度，我們的營收成長了 1,030%，而現金流營運費用與去年同期相比僅成長了 49%。

We increased net revenue, which is net of returns and discounts, by 73% quarter over quarter to $6 million compared to $3.5 million in the first quarter. So, again, Q1 of this year, we generated $3.5 million in revenue. And Q2 of this year, we generated $6 million.

我們的淨收入（扣除退貨和折扣後）環比增長 73%，達到 600 萬美元，而第一季為 350 萬美元。因此，今年第一季我們再次創造了 350 萬美元的收入。今年第二季度，我們創造了 600 萬美元的收入。

Our gross margin across the increased to 67% in the second quarter of 2024 compared to 43% in the first quarter of 2024. Our second-quarter results ultimately show that we are on a solid path toward profitability, with our revenue growth far outpacing the growth of our expenses. That's exactly what we want to see.

2024 年第二季我們的毛利率增至 67%，而 2024 年第一季為 43%。我們的第二季業績最終表明，我們正走在盈利的堅實道路上，我們的收入成長遠遠超過了支出的成長。這正是我們希望看到的。

But the greatest success of the last quarter, in my strong opinion, is the foundation we have set for the future of our marketplace and payments ecosystem. And I'm looking forward to telling you more about that here today.

但我強烈認為，上個季度最大的成功是我們為市場和支付生態系統的未來所奠定的基礎。我期待今天在這裡向您介紹更多相關內容。

Three years ago, as a little backstory, our business consisted of an idea, a few lines of code, and seven employees in a one-room garage office. Everybody likes to say they started in a garage. We actually started in a garage.

三年前，作為一個小背景故事，我們的業務由一個想法、幾行程式碼和一間車庫辦公室的七名員工組成。每個人都喜歡說他們是從車庫開始的。我們實際上是從一個車庫開始的。

Three years ago, we had a roadmap filled with promise, but we didn't even have a product live yet. We had a simple mission that remains as true today as it was then. We knew there were millions of Americans out there just like us that were desperately looking for economic solutions that would embrace excellence, meritocracy, and family values. They wanted a marketplace that wouldn't cancel you if you held more conservative views or deem the big box stores essential while suppressing the rights of small business owners and sacrificing the sacred treasure of the American main street.

三年前，我們制定了充滿希望的路線圖，但我們甚至還沒有推出產品。我們有一個簡單的使命，至今仍然如此。我們知道有數以百萬計的美國人像我們一樣迫切地尋求包含卓越、精英管理和家庭價值觀的經濟解決方案。他們想要一個市場，如果你持有更保守的觀點或認為大型商店至關重要，同時又壓制小企業主的權利並犧牲美國大街的神聖寶藏，那麼這個市場就不會取消你。

Put simply, we set out to connect a market of unaddressed consumers and businesses and an economic ecosystem that values the principles that have made the United States the greatest country to ever exist, most notably life, liberty, faith, family. We knew our vision could only be accomplished through determined and best execution.

簡而言之，我們著手將一個由尚未解決的消費者和企業組成的市場與一個經濟生態系統連接起來，該生態系統重視使美國成為有史以來最偉大國家的原則，尤其是生命、自由、信仰和家庭。我們知道，我們的願景只能透過堅定和最佳的執行來實現。

We put our heads down, got to work, and the growth we've experienced in the last three years has exceeded all expectations. We generated $7,000 in revenue in 2021, $7,000. $475,000 in 2022. $5.7 million in 2023, and in the last quarter alone, generated $6 million.

我們埋頭苦幹，過去三年的成長超出了所有人的預期。2021 年我們的收入為 7,000 美元，即 7,000 美元。 2022 年為 475,000 美元。

2021 was $7,000; 2022 was $475,000; 2023 was $5.7 million; and last quarter alone, the second quarter of this year, we generated $6 million. I think it's safe to say that we've executed. And yet we, as a team, hold the firm belief that we have barely scratched the surface of our business's potential. We are in the first inning, and we have the long game in mind.

2021年是 7,000 美元； 2022 年為 475,000 美元； 2023 年為 570 萬美元；光是上個季度，今年第二季度，我們就創造了 600 萬美元的收入。我認為可以肯定地說我們已經處決了。然而，作為一個團隊，我們堅信我們的業務潛力才剛剛觸及表面。我們正處於第一局，我們的目標是打持久戰。

We started with the creation of the marketplace because we knew that core to any economic ecosystem had to exist an exchange, a digital environment where we could facilitate high-trust transactions between consumers and business merchants. We launched our marketplace nationwide July 4, 2022. It was a glorious Independence Day. And in the last two years, we've helped millions of Americans find small businesses with impactful stories to tell and high-quality products to sell.

我們從創建市場開始，因為我們知道任何經濟生態系統的核心都必須存在一個交換，一個數位環境，我們可以在其中促進消費者和商家之間的高信任交易。我們於 2022 年 7 月 4 日在全國推出了我們的市場。這是一個光榮的獨立紀念日。在過去的兩年裡，我們幫助數百萬美國人找到了可以講述有影響力的故事和可以銷售高品質產品的小型企業。

In fact, one of the most common testimonials we receive from our customers is that they come to PublicSquare, they come to EveryLife for the values, but they stay for the quality of the products. It's a real differentiator for us. And it's a real honor to connect these business owners with consumers that are driven to support them in that way, as we believe that small businesses are the backbone of our economy.

事實上，我們從客戶那裡收到的最常見的評價之一是，他們來到 PublicSquare，來到 EveryLife 是為了價值觀，但他們留下來是為了產品的品質。這對我們來說是一個真正的差異化因素。我們非常榮幸能夠將這些企業主與那些願意以這種方式支持他們的消費者聯繫起來，因為我們相信小企業是我們經濟的支柱。

As our marketplace began to experience hyper growth, we learned quite a lot from both our consumers and our merchants. We learned what products they were looking for, where their pain points were, and what solutions they were hoping would eventually be created.

隨著我們的市場開始經歷高速成長，我們從消費者和商家那裡學到了很多。我們了解他們正在尋找什麼產品，他們的痛點在哪裡，以及他們希望最終創建什麼解決方案。

With that data and proprietary insights, we created EveryLife, the only pro-life and pro-family baby brand and the fastest-growing diaper brand in America. We've partnered with hundreds of churches and pregnancy centers, donated over 1.5 million diapers with the help of our consumers through our Buy for a Cause program.

憑藉這些數據和專有見解，我們創建了 EveryLife，這是美國唯一的反墮胎和家庭嬰兒品牌，也是美國成長最快的尿布品牌。我們與數百家教會和懷孕中心合作，透過「Buy for a Cause」計畫在消費者的幫助下捐贈了超過 150 萬塊尿布。

And we generated over $7.5 million of sales in the first 12 months with our direct-to-consumer brand, all with less than 10 team members. We expect this to be the first of many premium and high-performing brands that we bring to market as solutions to the needs our customers have clearly articulated to us.

我們的直接面向消費者的品牌在前 12 個月內創造了超過 750 萬美元的銷售額，所有團隊成員都不到 10 人。我們希望這將成為我們推向市場的眾多優質、高性能品牌中的第一個，作為滿足客戶向我們明確表達的需求的解決方案。

We knew the market was there. We knew we'd have the right team to create a quality product, to execute on the opportunity, and thankfully, it's proven fruitful. Now it's time to do it again.

我們知道市場就在那裡。我們知道我們擁有合適的團隊來創造優質產品，抓住機會，值得慶幸的是，事實證明它是富有成效的。現在是時候再做一次了。

We also learned from the merchants on our platform that they were hungering for business services, especially related to their checkout technology and payments processing, that would drive conversion and allow them to thrive without fear of cancellation. We can't tell you how many stories we've heard of businesses that are growing, that are providing great quality products, that are turned off by their payments processors simply because they sell firearms, they exercise their First or Second Amendment, they're involved in a religious organization.

我們也從平台上的商家了解到，他們渴望商業服務，特別是與結帳技術和支付處理相關的服務，這將推動轉換並讓他們蓬勃發展，而不必擔心被取消。我們無法告訴你有多少我們聽說過的故事，這些企業正在成長，提供優質的產品，但僅僅因為他們銷售槍支，他們行使第一或第二修正案，他們就被他們的支付處理商關閉。重新參與宗教組織。

This creates an opportunity for us because these are our people. This need that was clearly highlighted led us to engage in conversations with the excellence-driven team over at Credova. Credova has been a juggernaut in the financial technology space that has specifically focused their efforts on supporting the gun industry, so obviously we love them.

這為我們創造了機會，因為他們是我們的人民。這種明確強調的需求促使我們與 Credova 的卓越驅動團隊進行對話。Credova 一直是金融科技領域的巨頭，他們特別致力於支持槍支產業，所以顯然我們喜歡他們。

And we felt confident that inviting Credova into our company through acquisition would prove incredibly beneficial as the Credova technology and team members could serve as the foundation of the payments business we wanted to build out underneath the PublicSquare brand. And now, five months post-acquisition, I cannot tell you how much confidence I feel in that decision.

我們相信，透過收購邀請 Credova 加入我們公司將帶來巨大的好處，因為 Credova 技術和團隊成員可以成為我們希望在 PublicSquare 品牌下建立的支付業務的基礎。現在，收購後五個月，我無法告訴你我對這個決定有多大信心。

Over the last quarter, we've set a firm foundation for our business that we believe will prove fruitful for the years to come. So now for a bit more on what that looks like practically.

在上個季度，我們為我們的業務奠定了堅實的基礎，我們相信在未來幾年將會取得豐碩成果。現在我們來詳細了解一下實際情況。

In light of the enhanced focus on our fintech staff and the clear synergies that are materializing between the marketplace and financial technology, we have made the exciting decision to actually sunset the brand name Credova over the coming months and consolidate our branding, marketing, and our various product features all under the name PublicSquare.

鑑於對金融科技員工的日益關注以及市場和金融技術之間正在實現的明顯協同效應，我們做出了令人興奮的決定，在未來幾個月內真正取消Credova 品牌名稱，並鞏固我們的品牌、行銷與業務。

The PublicSquare marketplace will continue to focus our offerings to a family values oriented patriotic audience, targeting our core consumers with a better shopping experience through initiatives like a branded digital wallet, user rewards, financing options like pay-in-for at checkout, and free shipping, all while expanding our PublicSquare B2B and B2C staff offerings to our 80,000-plus merchants through payment processing credits and advertising services.

PublicSquare 市場將繼續將我們的產品重點放在以家庭價值為導向的愛國受眾上，透過品牌數位錢包、用戶獎勵、結帳付款等融資選項和免費等舉措，為我們的核心消費者提供更好的購物體驗。

These initiatives, along with reallocating and consolidating resources associated with these initiatives, are expected to result in cost savings for our overall business, a streamlined message, and more effective customer and merchant acquisition and onboarding.

這些舉措以及與這些舉措相關的資源的重新分配和整合，預計將為我們的整體業務節省成本，簡化信息，並更有效地獲取和吸引客戶和商家。

This morning, we announced a $10 million convertible note investment that closed from a board member and his affiliates at the same terms as our convertible notes from this past March. This will supercharge the launch of our payment stack in order to serve our tens of thousands of merchants with best-in-class technology, competitive rates, and a cancel-proof promise.

今天早上，我們宣布了一項 1000 萬美元的可轉換票據投資，該投資由一名董事會成員及其附屬公司完成，投資條款與我們今年 3 月份的可轉換票據相同。這將加速我們支付堆疊的推出，以便為我們數以萬計的商家提供一流的技術、有競爭力的價格和防取消承諾。

We believe with the launch of our payment stack this month, August of 2024, with over $200 million in annualized GMV in payments processing volume already under contract and currently integrating, and with a line of sight to $1 billion of annualized GMV by the beginning of the 2024 Christmas shopping season, our vision for the marketplace and payments ecosystem is materializing and ready for scale.

我們相信，隨著本月（即2024 年8 月）推出我們的支付堆棧，支付處理量中的年化GMV 將超過2 億美元，目前已簽訂合約並正在整合，預計到2020 年初，年化GMV將達到10 億美元。

Finally, I do want to address the performance of our stock. While it has been an incredible year for our company in terms of growth and performance, it has been an objectively tough year for the stock. And simply put, we do not believe the current price of our stock is in any way, shape, or form accurately reflective of our business.

最後，我確實想談談我們股票的表現。雖然就成長和業績而言，這對我們公司來說是令人難以置信的一年，但客觀上對股票來說也是艱難的一年。簡而言之，我們不認為我們股票的當前價格以任何方式、形狀或形式準確地反映了我們的業務。

We actually believe the market supports this belief as well. For example, if you use our trailing 12 months of revenue, if you look at our last 12 months of revenue, we are currently trading around 6 times trailing 12-month sales. But if you look at comparable hyper-growth companies and similar industries in the market, they are trading at 8 to 9 times forward-year sales.

我們實際上相信市場也支持這個信念。例如，如果您使用我們過去 12 個月的收入，如果您查看我們過去 12 個月的收入，我們目前的交易價格約為過去 12 個月銷售額的 6 倍。但如果你看看市場上類似的高速成長公司和類似產業，它們的交易價格是預期年銷售額的 8 到 9 倍。

So we are trading at about 6 times past 12 months, our industry comps are trading at 8 to 9 times forward-year comps. We can speculate as to where this disconnect is. But at the end of the day, we believe the market hasn't fully realized what we built or where we're going in the near, medium, and long term. And we don't believe, with how fast our revenue is growing, that valuing our company based upon the trailing 12 months is appropriate.

因此，過去 12 個月我們的交易價格約為 6 倍，而我們的產業比較的交易價格是遠期比較的 8 至 9 倍。我們可以推測這種脫節在哪裡。但歸根究底，我們認為市場尚未完全意識到我們所打造的產品或我們在近期、中期和長期的發展方向。而且我們認為，以我們收入成長的速度來看，根據過去 12 個月對我們公司進行估值是不合適的。

What we do hope investors know, though, is that our team, our management, and our Board of Directors are fully bought in and committed to continue executing with the long game in mind. We're putting action behind our words as well, as just this morning, people like myself, our CFO Brad Searle; Investor and Advisor Donald Trump Jr., have elected, of our own volition, to lock up our shares for another 12 months. We're patient, and we believe the stock will eventually reflect the fundamentals of our business. And we believe firmly that the fundamentals of our business are strong.

不過，我們確實希望投資人知道的是，我們的團隊、管理階層和董事會已完全接受並致力於繼續執行長期策略。我們也將行動付諸行動，就在今天早上，像我這樣的人，我們的財務長 Brad Searle；投資者兼顧問小唐納德·川普 (Donald Trump Jr.) 自願選擇將我們的股票再鎖定 12 個月。我們很有耐心，我們相信該股票最終將反映我們業務的基本面。我們堅信我們業務的基礎是強大的。

Until then, we'll keep building. We're more confident than we've ever been. And if you're already an investor of ours, we thank you for believing in our company and in our mission. And if you're not yet an investor, we invite you to join us on this journey. We are just getting started.

在那之前，我們將繼續建造。我們比以往任何時候都更有信心。如果您已經是我們的投資者，我們感謝您對我們公司和我們使命的信任。如果您還不是投資者，我們邀請您加入我們的旅程。我們才剛開始。

I'm very grateful for everyone that attended this conference call today. It is an absolute pleasure and honor to speak with you. I hope you have a fantastic rest of your week. And that marks the conclusion of this call. We will talk to you soon.

我非常感謝今天參加這次電話會議的所有人。與您交談我感到非常高興和榮幸。我希望您這一周過得愉快。這標誌著本次通話的結束。我們很快就會與您聯繫。

That does conclude today's conference. Have a pleasant day.

今天的會議到此結束。祝你有愉快的一天。