PSQ Holdings Inc (PSQH) 2024 Q4 法說會逐字稿

Greetings, and welcome to Public Square's fourth quarter and year-end 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Public Square 2024 年第四季和年終收益電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, William Kent, Senior Vice President of Corporate Affairs. Thank you, and you may begin.

現在我很高興介紹您的主持人，企業事務高級副總裁威廉肯特。謝謝，您可以開始了。

Thank you, Rob. Good afternoon, everyone, and welcome to Public Square's fourth quarter year-end 2024 earnings conference call. Joining me today are Michael Seifert, Chairman and Chief Executive Officer; Brad Searle, Chief Financial Officer; and Dusty Wunderlich, Chief Strategy Officer.

謝謝你，羅布。大家下午好，歡迎參加 Public Square 2024 年第四季財報電話會議。今天與我一起出席的還有董事長兼執行長 Michael Seifert；財務長 Brad Searle；以及首席策略長 Dusty Wunderlich。

Before we get started, we want to emphasize that the information discussed on this call, including our outlook, is based on information as of today and contains forward-looking statements that involve risks, uncertainties, and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings, including our 2024 10-K filed this afternoon for factors that may cause actual results to differ materially from our forward-looking statements. We'd also like to point out that we present non-GAAP measures in addition to and not as a substitute for financial measures calculated in accordance with GAAP.

在開始之前，我們想強調的是，本次電話會議中討論的資訊（包括我們的展望）均基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。請參閱今天的收益新聞稿和我們向美國證券交易委員會 (SEC) 提交的文件，包括我們今天下午提交的 2024 年 10-K 表，以了解可能導致實際結果與我們的前瞻性陳述存在重大差異的因素。我們還想指出，我們提供的非 GAAP 指標是根據 GAAP 計算的財務指標的補充，而不是替代方案。

I'll now hand the call to Michael. Michael, please go ahead.

我現在將電話交給邁克爾。邁克爾，請繼續。

Thank you, Will, and welcome, everybody, to our fourth quarter and year-end 2024 earnings call. Our many accomplishments in 2024 were significant and have positioned us incredibly well for future success. But before I go any further, I want to say a heartfelt thank you and well done to our team for a successful and impactful 2024. I am convinced that we have the best group of people on the planet to accomplish our vision. This is a team that is deeply committed to enhancing the lives of and providing value to our customers, merchants, and shareholders.

謝謝威爾，歡迎大家參加我們的 2024 年第四季和年終財報電話會議。我們在 2024 年取得了許多重大成就，為我們未來的成功奠定了良好的基礎。但在繼續之前，我想衷心感謝我們的團隊，並祝賀他們在 2024 年取得了成功和有影響力。我堅信，我們擁有世界上最優秀的人才來實現我們的願景。這是一個致力於改善客戶、商家和股東的生活並為他們提供價值的團隊。

Entering 2024, Public Square looked markedly different from where the business stands today. For all intents and purposes, we have the Marketplace, EveryLife, and a vision of introducing uncancellable, secure Financial Technology into the mix. And what a difference a year makes. We have turned vision into reality. We've established a firm foundation for future success, and I would like to share some of the notable accomplishments from this past year with you all today.

進入 2024 年，公共廣場的業務狀況與現在相比有了明顯不同。無論出於何種目的和意圖，我們都有市場、EveryLife，以及將不可取消、安全的金融科技引入其中的願景。一年的時間帶來了多大的改變。我們已將願景變成現實。我們為未來的成功奠定了堅實的基礎，今天我想與大家分享過去一年來取得的一些顯著成就。

To get started, we're going to look at the company overall. In 2024, we experienced a very notable acquisition. We purchased Credova in March of 2024 in an all-equity transaction, bringing consumer finance products, including Buy Now Pay Later into our product offering. This acquisition was imperative to launch payments in late 2024 and is key to our broader Financial Technology strategy going forward. More on this in a minute.

首先，我們來全面了解這家公司。2024年，我們經歷了一次非常引人注目的收購。我們於 2024 年 3 月透過全股權交易收購了 Credova，將包括「先買後付」在內的消費金融產品納入我們的產品系列。此次收購對於 2024 年底推出支付服務至關重要，也是我們未來更廣泛的金融科技策略的關鍵。稍後將對此進行詳細介紹。

We strengthened our financial position through a number of strategic financing events, providing our company with the fuel needed to continue building and growing while adopting a more mature capital structure. We streamlined operating expenses through a strategic restructuring, coinciding with the launch of the Financial Technology division, putting us on a solid footing for growth while strategically investing in the areas of the business that will drive the most significant return on investment. And most notably, we accomplished everything I just highlighted while increasing revenue 4 times over the previous year and expanding our gross margin from 33% to 61% across the business.

我們透過一系列策略性融資活動加強了我們的財務狀況，為我們公司在採用更成熟的資本結構的同時繼續建設和發展提供了所需的動力。我們透過策略重組精簡了營運費用，同時成立了金融科技部門，為我們的成長奠定了堅實的基礎，同時對能夠帶來最顯著投資回報的業務領域進行策略性投資。最值得注意的是，我們完成了我剛才強調的所有目標，同時收入比前一年增加了 4 倍，整個業務的毛利率從 33% 提高到了 61%。

Now, diving a little deeper, first, we're going to look at Financial Technology, and I'll start with payments. We developed a fully cancel-proof payment stack with advanced tokenization and secure wallet technology that protects customer data and provides peace of mind to the merchants, the business owners within our ecosystem by assuring them that their financial freedoms will never be infringed upon.

現在，我們來深入探討一下，首先，我們將研究金融科技，我將從支付開始。我們開發了完全不可取消的支付堆疊，它具有先進的標記化和安全的錢包技術，可以保護客戶數據，並讓商家和我們生態系統中的企業主安心，確保他們的財務自由永遠不會受到侵犯。

We secured payment processing contracts in 2024 that could potentially result in over $1 billion in annualized GMV. And by the way, I'm very excited to share further progress on this front in a moment.

我們在 2024 年獲得了支付處理合同，這可能會帶來超過 10 億美元的年化 GMV。順便說一句，我很高興稍後分享這方面的進一步進展。

Coming out of the gates, we proved to the market and the broader Financial Technology industry that we mean business by virtue of the fact that our first onboarded client to our payments platform was a $100 million-plus merchant. And if you know the world of Financial Technology at all, you know that to launch with a client of that size is extremely rare.

從一開始，我們就向市場和更廣泛的金融科技產業證明了我們是認真的，因為我們支付平台的第一位客戶是一位資產超過 1 億美元的商家。如果你對金融科技領域有所了解，你就會知道，與如此規模的客戶合作是極為罕見的。

In the Buy Now Pay Later business, during what was overall a credit challenged year for many, we notably reduced our year-over-year delinquencies by 29% and our charge-offs by 27%. Our average order value in 2024 was $1,194, well in excess of our competitors in the Buy Now Pay Later space.

在「先買後付」業務中，在許多人信用總體受到挑戰的一年裡，我們的拖欠率年減了 29%，沖銷額下降了 27%。我們 2024 年的平均訂單價值為 1,194 美元，遠遠超過「先買後付」領域的競爭對手。

When you combine our higher average order value, favorable merchant discount rates, lower delinquencies, and lower charge-offs, our 2024 credit performance clearly exhibits that we have a better understanding of credit quality and a broader suite of credit offerings to meet consumer and merchant needs than our competitors.

當您將我們更高的平均訂單價值、優惠的商家折扣率、更低的拖欠率和更低的沖銷額結合起來時，我們 2024 年的信用表現清楚地表明，與競爭對手相比，我們對信用品質有更好的了解，並且有更廣泛的信用產品來滿足消費者和商家的需求。

Moving to the Marketplace. We saw continued significant growth by refining our strategy as we headed into the end of the year. We focused on a more curated selection of products to target our core customers better, and it worked. December 2024 brought the highest month ever for both order volume and gross sales, continuing the positive momentum built throughout the year.

移至市場。臨近年底，我們透過改進策略實現了持續顯著的成長。我們專注於精心挑選產品，以更好地瞄準我們的核心客戶，而這項舉措確實奏效。2024 年 12 月是訂單量和總銷售額有史以來最高的一個月，延續了全年的積極勢頭。

Specifically focusing on the holiday season, i.e., November and December, orders were up 34% year over year, and conversion more than doubled, even with significantly reduced marketing spend as we focused our financial investments on the launch of payments. We moved to advertising on the Marketplace from a flat fee to a self-service CPM model, reducing costs for our company, expanding our margins, and driving a more positive advertiser experience in the process.

具體來說，在假期季節（即 11 月和 12 月），訂單量同比增長 34%，轉換率增長了一倍以上，儘管我們將財務投資重點放在推出支付功能上，但行銷支出大幅減少。我們將市場上的廣告從固定費用模式轉變為自助式 CPM 模式，從而降低了公司的成本，擴大了利潤率，並在此過程中推動了更積極的廣告客戶體驗。

Over to the brand division. EveryLife, our life-affirming baby care brand, experienced 276% year-over-year revenue growth. This notable performance was driven by year-over-year subscriber growth of 76%, the expansion of the EveryLife ambassador program to over 1,300 members, an increase of over 160% year over year. And by the way, just to note here, our ambassadors play a key role in driving brand awareness and customer engagement for the EveryLife brand, helping to drive sales by sharing their personal experiences with EveryLife products and communicating their passion for our mission to their family, friends, and community.

轉到品牌部門。EveryLife 是我們倡導生命的嬰兒護理品牌，其收入年增了 276%。這項顯著業績得益於用戶數量年增 76%，EveryLife 大使計畫的會員數量擴大至 1,300 多名，較去年同期成長超過 160%。順便說一句，需要在此指出的是，我們的大使在推動 EveryLife 品牌的品牌知名度和客戶參與度方面發揮著關鍵作用，他們透過分享自己使用 EveryLife 產品的個人體驗以及向家人、朋友和社區傳達對我們使命的熱情來幫助推動銷售。

In EveryLife, we experienced our first month of positive EBITDA in 2024, a major milestone for our brand. Growth in our non-profit outreach program resulted in nearly 1,000 partners at year end, a greater than 300% increase year over year. Notably, our annual revenue per employee was slightly over $1 million, well outperforming our competitors. And finally, one of my favorite stats. 3,198,942 diapers and 2,614,560 wipes were donated in 2024 to parents in desperate need through our Buy for a Cause program.

在 EveryLife，我們在 2024 年首次實現了正 EBITDA，這是我們品牌的一個重要里程碑。我們的非營利外展計畫不斷發展，到年底合作夥伴已接近 1,000 個，較去年同期成長超過 300%。值得注意的是，我們每位員工的年收入略高於 100 萬美元，遠遠超過我們的競爭對手。最後，這是我最喜歡的統計數據之一。 2024 年，我們透過「為公益購買」計畫向急需幫助的父母捐贈了 3,198,942 片尿布和 2,614,560 張濕紙巾。

We launched complimentary products, including training pants and soaps and lotions, which grew our share of wallet within our customer base and expanded the LTV of our customers. Finally, we saw our first month of over $1 million in EveryLife's sales in late 2024, a figure that has continued to grow monthly.

我們推出了免費產品，包括訓練褲、肥皂和乳液，這增加了我們在客戶群中的份額並擴大了客戶的生命週期價值 (LTV)。最終，我們在 2024 年底首次實現了 EveryLife 月銷售額超過 100 萬美元，而這一數字還在持續每月增長。

Now, I want to turn to 2025. And simply put, we expect another monumental year for the company. While 2024 was focused on setting a foundation for scale, the launch of our Fintech division, and making a number of strategic investments in key areas of the business, 2025 is focused on monetizing our efforts from 2024. We expect to more than double revenue year over year. We expect to reap the benefits of right-sizing our general and administrative and sales and marketing expenses, and we expect to significantly grow our gross merchandise volume, or GMV, for our payments business.

現在，我想展望2025年。簡而言之，我們預計該公司將迎來不朽的一年。2024 年的重點是奠定規模基礎、推出金融科技部門以及在關鍵業務領域進行多項策略性投資，而 2025 年的重點則是將 2024 年的努力轉化為現實。我們預計收入將比去年同期增加一倍以上。我們預期從合理調整一般行政及銷售及行銷費用中獲益，且我們預期大幅增加支付業務的商品交易總額（GMV）。

Notably, today, we are already at over $2.5 billion in signed payments GMV, more than doubling where we exited 2024, only 10 weeks ago. So how will we increase the monetization of our ecosystem in 2025? First, we expect to grow our payments business significantly, as I just mentioned, both in features, we're continuing to bring to market and the revenue associated with those crucial features we're providing to our merchants.

值得注意的是，今天，我們的簽約支付 GMV 已經超過 25 億美元，比 10 週前（2024 年）時增長了一倍多。那麼，到 2025 年，我們將如何提高生態系的貨幣化程度？首先，正如我剛才提到的，我們預計我們的支付業務將大幅成長，包括我們將繼續向市場推出的功能以及我們為商家提供的與這些關鍵功能相關的收入。

For example, we recently announced the launch of our ACH Processing product with a $200 million-plus launch client. We recently completed the launch of our automated onboarding functionality, which will serve as a crucial feature for our 80,000-plus Marketplace small business owners who are looking for a quick and easy way to onboard to our payment stack. And we have begun to offer our Buy Now Pay Later and payment processing capabilities as a bundled product offering to our merchants, a first in the world of Financial Technology. We continue to see our sales pipeline exponentially grow, and we are onboarding in a more efficient and expedient manner with each merchant we work with.

例如，我們最近宣布推出 ACH 處理產品，其首發客戶價值超過 2 億美元。我們最近完成了自動入職功能的推出，這對於我們 80,000 多名尋求快速簡便地加入我們的支付堆疊的 Marketplace 小型企業主來說是一項至關重要的功能。我們已經開始向商家提供「先買後付」和支付處理功能作為捆綁產品，這在金融科技領域尚屬首次。我們的銷售管道持續呈指數級增長，我們正在以更有效率、更便捷的方式與每家與我們合作的商家合作。

We also expect to see growth in our credit business in 2025. We're advancing our credit business through a series of strategic product enhancements and initiatives, one of which is called Credit 2.0. Credit 2.0 initiative is a comprehensive upgrade to our product offering, designed to not only meet but exceed industry standards and competitive benchmarks. We are strategically deploying capital to expand our margins, enhance cash flow efficiency, and build a robust consumer lending portfolio on our balance sheet. A key pillar of the strategy is lowering our cost of capital while strengthening risk management through AI-driven underwriting. These efforts position us for sustainable growth while improving profitability for the Fintech division.

我們也預期 2025 年我們的信貸業務將會成長。我們正在透過一系列策略性產品改進和舉措來推進我們的信貸業務，其中之一就是「信貸 2.0」。 Credit 2.0 計畫是對我們的產品的全面升級，旨在不僅滿足而且超越行業標準和競爭基準。我們正在策略性地部署資本，以擴大利潤率、提高現金流效率，並在我們的資產負債表上建立強勁的消費者貸款組合。該策略的一個關鍵支柱是降低我們的資本成本，同時透過人工智慧驅動的核保來加強風險管理。這些努力使我們實現了永續成長，同時提高了金融科技部門的獲利能力。

And when we talk about strengthening our capital structure and cost of capital, we have some exciting news. As of yesterday, we signed a letter of intent for a new asset-backed lending facility and a working capital line of credit provided by a trusted banking institution. We expect these moves will reduce our cost of capital by approximately 50%, demonstrating our financial strength and an increasing level of confidence from traditional financial institutions.

當我們談到加強資本結構和資本成本時，我們有一些令人興奮的消息。截至昨天，我們簽署了一份意向書，將獲得一份新的資產支持貸款工具和一份由值得信賴的銀行機構提供的營運資金信貸額度。我們預計這些措施將使我們的資本成本降低約 50%，從而證明我們的財務實力以及傳統金融機構日益增強的信心。

AI is a critical component of our future credit strategy. Since 2022, we have been training AI models to refine credit risk assessment with great success. We continue to leverage AI to enhance underwriting, mitigate risk, and drive smarter lending decisions, and it's paying off for the company. By optimizing our product offerings, strengthening our capital structure, and deepening our AI integrations, we're positioning our credit business for long-term growth, improved margins, and risk management.

人工智慧是我們未來信貸策略的重要組成部分。自 2022 年以來，我們一直在訓練人工智慧模型來完善信用風險評估，並取得了巨大成功。我們繼續利用人工智慧來加強承保、降低風險並推動更明智的貸款決策，這對公司來說正在帶來回報。透過優化我們的產品供應、加強我們的資本結構和深化我們的人工智慧整合，我們將我們的信貸業務定位於長期成長、提高利潤率和風險管理。

Now, moving to the Marketplace in the lens of 2025. Our Marketplace has three key goals for 2025. First, we're excited to leverage the synergies between Payments and Marketplace by onboarding the small businesses on our Marketplace platform onto our Payments platform and vice versa.

現在，以 2025 年的視角來看市場。我們的市場針對 2025 年設定了三個主要目標。首先，我們很高興能夠利用支付和市場之間的協同效應，將我們市場平台上的小型企業納入我們的支付平台，反之亦然。

Secondly, and I'm very excited about this one, we are going to increasingly focus on and elevate our Made in America product assortment to satiate the desires of our customers looking to purchase Made in America goods, support the small businesses who are putting in the hard work to manufacture their products in America, and set ourselves up with a significant competitive advantage in an American economy that is increasingly embracing economic nationalism, which we are highly in support of.

其次，我對此感到非常興奮，我們將更加關注和提升我們的美國製造產品組合，以滿足希望購買美國製造商品的客戶的需求，支持那些在美國努力生產產品的小企業，並在美國經濟中建立顯著的競爭優勢，美國經濟日益擁抱經濟民族主義，我們對此表示強烈支持。

We have always been a Marketplace that prioritizes American owned small businesses that value life, liberty, and family, but we are going to take it even a step further. Made in America will actually become the primary differentiating factor of our Marketplace in the near future, to the point where, in the coming months, we will exclusively showcase Made in America products in our shopping experience, and we are really excited to continually update our shareholders as we progress on this front.

我們一直是一個優先考慮重視生命、自由和家庭的美國小企業的市場，但我們將更進一步。實際上，在不久的將來，「美國製造」將成為我們市場的主要差異化因素，在未來幾個月內，我們將在購物體驗中獨家展示「美國製造」的產品，並且我們非常高興能夠不斷向股東通報我們在這方面取得的進展。

And finally, in the Marketplace, we're going to continue building out our affiliate and ambassador programs further to meet the desires of our customers who are looking to spread the word about our Marketplace and earn commissions as they tell their communities about their favorite products, fill our social media and digital advertising channels with shopper generated content, and help the company experience low cost customer acquisition.

最後，在市場中，我們將繼續進一步建立我們的聯盟和大使計劃，以滿足客戶的需求。他們希望傳播有關我們市場的訊息，並透過向社群介紹他們最喜歡的產品來賺取佣金，用購物者產生的內容填充我們的社群媒體和數位廣告管道，並幫助公司實現低成本的客戶獲取。

In the Brands division, we expect revenue to grow significantly as we enhance our visibility and marketing of our core product lines of diapers, swipes, and training pants, as well as our recently launched adjacent verticals, including soaps and lotions. We are grateful for the strong subscriber base we have built and the continued growth of our subscription program, which provides recurring revenue for the company and an easy way for our customers to have our products automatically delivered to their door each and every month.

在品牌部門，隨著我們提高尿布、濕紙巾和訓練褲等核心產品線以及最近推出的肥皂和乳液等相鄰垂直產品的知名度和行銷，我們預計收入將大幅增長。我們非常感激我們已經建立的強大的用戶群以及我們訂閱計劃的持續增長，這為公司提供了經常性收入，並為我們的客戶提供了一種簡單的方式，讓他們每個月都能自動將我們的產品送到他們家門口。

We also expect to launch our previously announced feminine care line under the EveryLife brand in the coming months. As we've gotten to know our customers, we've learned that the number one additional product category they are seeking is feminine care products. These are the EveryLife customers. So because of that, EveryLife Women has been highlighted as a clear next step for the brand as we seek to provide premium products that are clean for the entire family.

我們也預計在未來幾個月內推出先前宣布的 EveryLife 品牌女性護理系列。隨著我們對客戶的了解，我們了解到，他們尋求的首要附加產品類別是女性護理產品。這些都是 EveryLife 的客戶。因此，EveryLife Women 被視為該品牌的明確下一步，因為我們致力於為整個家庭提供清潔的優質產品。

There's a previously unaddressed audience of millions of parents who are looking for high quality, reliable, and clean essential products from companies who celebrate the miracle of EveryLife, and we at EveryLife are proud to be reaching that audience with our products, our ambassador community, our non-profit program, and our Buy for a Cause initiatives.

數百萬父母是以前未曾關注的受眾，他們正在尋找來自慶祝 EveryLife 奇蹟的公司生產的高品質、可靠和清潔的基本產品，而 EveryLife 的我們很自豪能夠透過我們的產品、我們的大使社區、我們的非營利計劃和我們的「為公益購買」倡議來接觸這些受眾。

So that was Fintech, Marketplace, and Brands. Finally, I want to touch on our expenses of the company.

這就是金融科技、市場和品牌。最後我想談談我們公司的開支。

Regarding our expenses, we made a number of foundational investments in the business during 2024 and ultimately, some significant changes to our organizational structure late last year as we launched our payment services to the market. The net impact of these changes will lead to lower operating expenses year over year for the company, and these reductions are even more impactful when juxtaposed with the revenue growth that we anticipate.

關於我們的費用，我們在 2024 年對業務進行了一些基礎投資，並最終在去年年底向市場推出支付服務時對我們的組織結構進行了一些重大調整。這些變化的淨影響將導致公司營運費用逐年降低，與我們預期的收入成長相比，這些削減的影響更為顯著。

To wrap up, Fintech is positioned exceptionally well to drive significant revenues and cash flow for the business. The Marketplace is finding its sweet spot with our core customer base and setting up for an incredible second half of 2025 and beyond as we focus on the expansion of our Made in America product offering. And our Brand division continues to innovate and grow with increased product offerings and expansion into new markets.

總而言之，金融科技具有極佳的定位，可以為企業帶來可觀的收入和現金流。隨著我們專注於擴大美國製造的產品供應，市場正在我們的核心客戶群中找到最佳結合點，並為 2025 年下半年及以後的輝煌發展做好準備。我們的品牌部門不斷創新發展，增加產品供應並拓展新市場。

Our management and Board of Directors see the potential of what we are building, and we are locked in. After two successful financing rounds in Q4, raising a total of $41.6 million for the company before fees, we are better capitalized than ever and have more than healthy enough of a balance sheet to achieve our significant growth goals while generating substantial profits in the near future. We know how to build for the next generation of commerce, and I'm more confident in our business than ever.

我們的管理階層和董事會看到了我們正在建立的事業的潛力，並且我們堅定不移地致力於此。在第四季度成功完成兩輪融資後，公司在扣除費用前共籌集到 4,160 萬美元，我們的資本狀況比以往任何時候都更好，資產負債表也足夠健康，可以實現我們顯著的成長目標，同時在不久的將來產生可觀的利潤。我們知道如何打造下一代商業，我對我們的業務比以往任何時候都更有信心。

So to finish, our message to potential investors is simple. You can watch from the sidelines, or you can choose to be active participants in a growth story that we believe many are missing. To be more clear, we believe this will be one of the most significant growth opportunities the market has seen in modern memory, and we invite you to experience it with us.

最後，我們向潛在投資者傳達的訊息很簡單。你可以從旁邊觀看，也可以選擇積極參與我們認為許多人都錯過的成長故事。更明確地說，我們相信這將是市場在現代記憶中看到的最重要的成長機會之一，我們邀請您與我們一起體驗。

I will now turn the call over to our CFO, Brad Searle, to discuss some of our financial highlights from full-year 2024 and Q4 2024.

現在，我將把電話轉給我們的財務長布拉德·塞爾 (Brad Searle)，討論我們 2024 年全年和 2024 年第四季的一些財務亮點。

Thank you, Michael, and good afternoon, everyone. I'm honored to be with you today to discuss our fourth quarter and full-year 2024 results. I'd like to present a few financial items to note, starting with Q4. We increased Q4 net revenue by 167% to $7.2 million compared to the fourth quarter of 2023. Breaking that down a bit, $3.5 million of this came from our Financial Technology or Fintech segment. Marketplace revenue was $0.6 million, and EveryLife generated $3.1 million of net revenue. Our overall gross margin was 61% in Q4 '24 compared to only 38% in Q4 '23.

謝謝你，邁克爾，大家下午好。我很榮幸今天能與大家一起討論我們的第四季和 2024 年全年業績。從第四季開始，我想介紹一些值得注意的財務事項。與 2023 年第四季相比，我們的第四季淨收入成長了 167%，達到 720 萬美元。具體來說，其中 350 萬美元來自我們的金融科技或金融科技部門。市場收入為 60 萬美元，EveryLife 創造了 310 萬美元的淨收入。2024 年第四季我們的整體毛利率為 61%，而 2023 年第四季僅為 38%。

For full-year 2024, our results were as follows. We increased net revenue to $23.2 million, a 308% increase over 2023. Of that, Fintech was $10.1 million, and it's worth noting that this $10.1 million represents revenue from the acquisition date of March 13 through the end of the year. Fintech pro forma revenue, as if the acquisition had occurred on January 1, was $13 million.

對於 2024 年全年，我們的業績如下。我們的淨收入增至 2,320 萬美元，比 2023 年成長 308%。其中金融科技收入為1,010萬美元，值得注意的是，這1,010萬美元代表從收購日3月13日到年底的收入。假設此次收購發生在 1 月 1 日，金融科技的預期收入為 1,300 萬美元。

Marketplace revenue was $2.9 million, and Brands revenue net of returns and discounts was $10.2 million. Consolidated net revenue pro forma for the Credova acquisition was $26.1 million. And finally, full-year gross margin increased from 33% in 2023 to 61% in 2024.

市場收入為 290 萬美元，品牌收入扣除退貨和折扣後為 1020 萬美元。Credova 收購案的合併淨收入預計為 2,610 萬美元。最後，全年毛利率從 2023 年的 33% 成長至 2024 年的 61%。

Moving on to cash. We ended 2024 with cash and cash equivalent of $36.3 million and $0.3 million in restricted cash. In terms of share count, as of December 31, 2024, we had 39,575,499 Class A common shares outstanding and 3,213,678 Class C common shares outstanding. The company had an outstanding principal balance of $3.8 million on its $10 million revolving line of credit as of year end.

轉向現金。截至 2024 年，我們的現金和現金等價物為 3,630 萬美元，受限現金為 30 萬美元。就股數而言，截至 2024 年 12 月 31 日，我們已發行 39,575,499 股 A 類普通股和 3,213,678 股 C 類普通股。截至年底，該公司 1,000 萬美元的循環信用額度中未償還本金餘額為 380 萬美元。

So those were some of our Q4 and full-year 2024 financial highlights. Now, let's move on to Q&A.

這些就是我們 2024 年第四季和全年的一些財務亮點。現在，我們進入問答環節。

(Operator Instructions) And we have no phone questions at this time.

（操作員指示）目前我們沒有電話問題。

Thank you, Rob. We'll take some questions that have been submitted via the State Tech platform at this moment. The first question that we got, I'll read them directly, tariffs are being imposed around the world are going to dramatically incentivize manufacturing and production in the United States. Considering your business model and target demographics, do you believe Public Square can become a competitive cornerstone in the Marketplace like Amazon?

謝謝你，羅布。我們將回答目前透過 State Tech 平台提交的一些問題。我們收到的第一個問題，我會直接讀出來，世界各地徵收的關稅將極大地激勵美國的製造業和生產。考慮到您的商業模式和目標人群，您是否認為 Public Square 能夠像亞馬遜一樣成為市場中的競爭基石？

Great question. We absolutely believe that is the case. Put simply, we believe that tariffs are actually a great thing for our business. The global economy is changing for the better. There is a greater hunger than I've seen in my lifetime for America to prioritize Americans first. That means companies bringing their manufacturing back to our towns and consumers prioritizing American-made goods in their purchases from small businesses they can trust.

好問題。我們絕對相信事實確實如此。簡而言之，我們認為關稅實際上對我們的業務來說是一件好事。全球經濟正向好轉變。我一生中從未見過如此強烈的願望要求美國優先考慮美國人民。這意味著公司將把製造業帶回我們的城鎮，消費者在從他們信賴的小型企業購買商品時優先考慮美國製造的商品。

So we're incredibly grateful to find ourselves at the forefront of this new American golden age, and we believe we are set up to reap the benefits of deglobalization in a way that far outpaces our competition. We're very excited about the future, and we believe that every bit of the increasing America-first sentiment in our economy will only lead to a greater benefit for the movement that we are seeking to lead with our company.

因此，我們非常高興能夠站在美國新黃金時代的前沿，並且相信，我們能夠以遠遠超過競爭對手的方式收穫去全球化帶來的好處。我們對未來充滿期待，並相信，我們經濟中日益增強的「美國優先」情緒將為我們公司試圖引領的運動帶來更大的利益。

Darren Aftahi, Roth Capital Partners.

羅斯資本合夥公司的達倫‧阿夫塔希 (Darren Aftahi)。

Couple, if I may. Michael, the comments here about the growth in the GMV, from I think it was a little over $1 billion to $2.5 billion, can you just talk about the composition and the type of clients that kind of make that up and then kind of a timeframe for when that could actually manifest in revenue?

如果可以的話，我們是一對夫妻。邁克爾，這裡關於 GMV 成長的評論，我認為是從 10 億美元多一點增長到 25 億美元，您能否談談其構成和構成它的客戶類型，以及它何時能真正體現在收入上？

Yeah, great question, Darren. Great to hear from you. So I will first talk about the types of merchants, and then I'll talk about the general size of the merchants. So the merchants that make up the over $2.5 billion in signed GMV today are largely representative of the Credova and Public Square existing ecosystem. So we have a large representation of firearms merchants. Obviously, the firearms industry is an industry that is near and dear to our hearts, and they have been rather frustrated historically with the existing payments options.

是的，問得好，達倫。很高興收到你的來信。所以我先談論商家的類型，然後再談論商家的一般規模。因此，今天簽約 GMV 超過 25 億美元的商家很大程度上代表了 Credova 和 Public Square 現有的生態系統。因此，我們擁有大量的槍支商人代表。顯然，槍枝產業是我們非常關心的一個產業，而他們對現有的支付方式一直感到相當失望。

They've really seen us as a safe haven and a provider of best-in-class technology that can honestly commit with a cancel-proof promise to protecting their economic liberty. So we've done very well in that space here in these early days. We also have many merchants from the Public Square community that have become awesome payments merchants for us in terms of signed GMV, some of which is -- this is a little bit more industry agnostic, so some of these are in the travel space. Others of these are in the consumer product space. But overall, the size of these merchants varies. Our smaller merchants that are currently signed onto the payment stack are in that $1 million to $5 million in annual sales range, and we have other merchants that are in the hundreds of millions and beyond.

他們確實將我們視為安全的避風港和一流技術的提供者，可以誠實地承諾保護他們的經濟自由，並且不會取消承諾。因此，我們早期在該領域做得非常好。我們也有很多來自公共廣場社區的商家，就簽約 GMV 而言，他們已經成為我們出色的支付商家，其中一些是——這與行業無關，所以其中一些是在旅遊領域。其餘則屬於消費產品領域。但整體來說，這些商家的規模大小不一。我們目前簽約支付堆疊的小型商家的年銷售額在 100 萬至 500 萬美元之間，而其他商家的年銷售額則在數億美元甚至更高。

So we are also excited about the existing pipeline. That's one other thing I'll add, Darren, is that the $2.5 billion that we have currently signed today is fairly representative of what we believe will be our first $10 billion to $15 billion in pipeline. The good news here for us is that these merchants have been acquired with no customer acquisition costs. They already exist within our ecosystem. And so that's real low-hanging fruit for us. We're looking forward to serving them.

因此，我們對現有的管道也感到興奮。達倫，我要補充的另外一點是，我們今天簽署的 25 億美元協議相當具有代表性，我們認為這將是我們第一個 100 億至 150 億美元的協議。對我們來說，好消息是，這些商家的收購不需要任何客戶獲取成本。它們已經存在於我們的生態系統中。所以這對我們來說才是真正唾手可得的成果。我們期待為他們服務。

And in terms of timeline, we said on our Q3 earnings call that with the shopping season coinciding with the launch of our payment stack, we were having great success with the signing of contracts with new payments merchants, but the majority of the actual onboarding would take place in Q1 and Q2, and we reaffirmed that today. Q1 has been a tremendous onboarding quarter for us with this GMV, and Q2 will remain the same. So we're really looking forward to the remainder of 2025 being an incredible fruitful year for investors to see the full impact of the revenue associated with the GMV we've signed today.

就時間表而言，我們在第三季財報電話會議上表示，由於購物季恰逢我們支付堆疊的推出，我們在與新支付商家簽訂合約方面取得了巨大成功，但大部分實際入職工作將在第一季度和第二季度進行，我們今天重申了這一點。對我們來說，第一季是一個非常棒的入職季度，GMV 非常可觀，第二季度也將保持相同的水平。因此，我們非常期待 2025 年剩餘時間成為令人難以置信的豐碩成果的一年，投資者能夠看到我們今天簽署的 GMV 相關收入的全部影響。

Great, that's helpful. And then a couple more, you talked about the integration of Marketplace merchants and then onboarding to Fintech. I guess, where are we in the curve in terms of when that's going to occur? And if it's already in the process of occurring, how is conversion going?

太好了，很有幫助。另外，您也談到了市場商家的整合以及金融科技的加入。我想，就何時會發生這種情況而言，我們處於曲線的什麼位置？如果這過程已在發生，那麼轉換進展如何？

Yeah, great question. We are currently in the process as of about two weeks ago. So as of about two weeks ago, the company began to court the Marketplace merchants into the Public Square Payments platform universe, and we have been met with overwhelming demand. So again, this is one of those topics we're excited for shareholders to see in the coming months and quarters, but we are already reaping the positive benefits of the synergies between our divisions, nowhere greater than the topic we're discussing right now.

是的，很好的問題。大約兩週前我們就已經開始這項流程了。因此，大約兩週前，該公司開始吸引 Marketplace 商家進入 Public Square Payments 平台領域，並且我們已獲得巨大的需求。因此，這是我們很高興股東在未來幾個月和幾個季度看到的話題之一，但我們已經從各部門之間的協同效應中獲得積極效益，沒有什麼比我們現在討論的話題更重要的了。

Marketplace merchants have been hungering for a better payment solution. Many of our existing Marketplace merchants are Stripe customers, and they've been eager to leave both because they really appreciate the trust that has been established between Public Square, the Marketplace, and their small business and also because we're able to actually offer more competitive rates.

市場商家一直渴望更好的支付解決方案。我們現有的許多 Marketplace 商家都是 Stripe 的客戶，他們一直渴望離開，因為他們非常珍惜 Public Square、Marketplace 和他們的小型企業之間建立的信任，也因為我們能夠提供更具競爭力的價格。

And something I want to highlight here is, one of the reasons we're able to offer better rates overall across the Fintech business to our merchants is because of the bundled product nature between Payments and Buy Now Pay Later. Given that the margin on the BNPL business is nearly 100% and can be a real serious cash flow generator for the business, it actually allows for us when we present this bundled offering to a merchant to get more aggressive with the rates on the payment processing side. So having these levers to pull when we're interacting with a merchant of really any size is incredibly advantageous and allows for us to give lower rates than many of our competitors in either the Payments or the Buy Now Pay Later space, respectively.

我想在這裡強調的是，我們能夠為商家提供更優惠的金融科技業務利率的原因之一是支付和先買後付之間的捆綁產品性質。鑑於 BNPL 業務的利潤率接近 100%，並且可以成為業務的真正現金流來源，當我們向商家提供此捆綁服務時，它實際上允許我們在支付處理方面更積極地提高費率。因此，當我們與任何規模的商家互動時，利用這些槓桿是非常有利的，並且使我們能夠在支付或先買後付領域提供比許多競爭對手更低的利率。

So Darren, I'll finish in answering your question with saying that our strategy for onboarding Public Square Marketplace merchants starts with the e-commerce businesses first. We are focusing on e-commerce consumer products focused businesses over the course of the next quarter, and then we'll began to expand out of that universe to more custom offerings, where businesses might have a brick-and-mortar presence as well as an e-commerce store and then eventually, the service-based businesses that are on the Marketplace as well.

所以 Darren，在回答你的問題時，我最後要說的是，我們引入公共廣場市場商家的策略首先從電子商務業務開始。在下一季度，我們將專注於電子商務消費品業務，然後我們將開始擴展到更多客製化產品，其中企業可能擁有實體店和電子商務商店，最終也包括市場上的基於服務的業務。

Great. And then this last one for me with the more than doubling of revenue in '25, can you just talk about relative mix and then I guess, on the Fintech side, just the relative mix of credit versus payments?

偉大的。然後最後一個問題，25 年的收入增長了一倍多，您能否談談相對組合，然後我想，在金融科技方面，只是信貸與支付的相對組合？

Yeah, absolutely. I'll start there. On the Fintech side, we anticipate that payments and credit will be roughly half and half. We anticipate that payments obviously will really begin to ramp from a revenue perspective from Q2 on through the remainder of the year. And with Credit 2.0 that I mentioned earlier, we really anticipate that the second half of 2025 will be a shining six months for the credit business.

是的，絕對是如此。我就從那裡開始。在金融科技方面，我們預期支付和信貸的比例將大致各佔一半。我們預計，從收入角度來看，從第二季到今年剩餘時間，支付金額顯然會開始真正增加。有了我之前提到的Credit 2.0，我們確實預計2025年下半年將成為信貸業務輝煌的六個月。

We then, going to the earlier part of your question, anticipate that the overall mix in terms of revenue representation at the company will be ranked in this order. We believe that it will be payments and credit vying for the lead, followed by the brands division and then the Marketplace.

然後，回到您問題的前面部分，我們預計公司收入代表方面的整體組合將按此順序排列。我們認為，支付和信貸將爭奪領先地位，其次是品牌部門，然後是市場。

That's right. Thanks, and tip of the hat for all the charity work you're doing for the community.

這是正確的。謝謝，並對您為社區所做的慈善工作表示敬意。

Thank you, Darren. It's great to talk to you. Appreciate it.

謝謝你，達倫。很高興和你談話。非常感謝。

Barry Haimes, Sage Asset Management.

巴里·海姆斯（Barry Haimes），Sage Asset Management 的創始人。

I appreciate all the good hard work and accomplishments in 2024. Main question is, could you talk a little bit about the timing to get to free cash flow breakeven in the business and what has to happen in terms of revenues or any other way you'd like to characterize the progress to get from here to that point?

我感謝 2024 年的所有努力和成就。主要問題是，您能否稍微談談實現業務自由現金流收支平衡的時間，以及在收入方面需要發生什麼，或者您想以任何其他方式描述從現在到那個點的進展？

Thank you. I appreciate it. Yeah, I would answer this question by saying that we are wholly focused on positive unit economics for each of the divisions of our company in 2025. And so you heard my remarks earlier that we achieved our first month of EBITDA positivity for the EveryLife brand. These are milestones we really are hanging our hats on and are excited about that are driving us forward because when you pair that with the fact that our margin at the company has nearly doubled over the last year, we're really excited about the direction that we are trending in as a business to be able to generate significant cash flows over the long term.

謝謝。我很感激。是的，我會這樣回答這個問題：我們完全專注於 2025 年公司每個部門的積極單位經濟效益。所以，您聽到了我之前的評論，我們為 EveryLife 品牌實現了第一個月的 EBITDA 正值。這些都是我們真正為之興奮的里程碑，它們推動著我們前進，因為當你將這些與公司利潤率在過去一年中幾乎翻了一番的事實結合起來時，我們對我們業務的發展方向感到非常興奮，因為我們能夠在長期內產生大量的現金流。

The other thing to keep in mind, and this is continually at the top of our mind, is that we are operating as a growth company. So the big thing that I always want to make sure we're doing is utilizing our cash as best as possible to drive forward growth. This year, we see a pipeline in the Fintech business that is tremendous. And so the thing I don't want to do is actually miss out on the opportunity to provide quality supply to the overwhelming demand purely for the sake of generating profits. I want to make sure that our long-term profitability outlook is as best as it possibly can be.

另一件需要牢記且始終放在我們首位的事情是，我們是一家成長型公司。因此，我一直想確保我們做的一件大事就是盡可能地利用我們的現金來推動成長。今年，我們看到金融科技業的發展勢頭十分強勁。因此，我實際上不想做的是純粹為了盈利而錯失為滿足巨大需求提供優質供應的機會。我想確保我們的長期獲利前景盡可能好。

And so I'd say, this year in 2025, we have the ability to break even from a cash flow positivity perspective. The question that we're asking as a management team and as a Board of Directors is, what is the best utilization of our cash to ride that fine line between hyperfocus on profitability and ensuring that we're able to grow to hit the milestones that we believe are at our doorstep and offered to the company in a very unique season.

所以我想說，從現金流正向的角度來看，2025 年我們有能力達到收支平衡。作為管理團隊和董事會，我們要問的問題是，如何最好地利用我們的現金，以便在高度關注盈利能力和確保我們能夠實現我們認為唾手可得的里程碑之間找到平衡，這些里程碑是公司在一個非常獨特的季節裡實現的。

I think one thing, and this is the last thing I'll say, we came into 2025 feeling like we have a tremendous amount of wind in our sales, not just as a company but even as a country. We feel like we have a unique moment in time to really go capitalize on the growth afforded to our company, given our positioning in the market, and we do not want to miss that moment. And so those are all the factors that we consider when we think about cash flow positivity for the company, and we're excited to continually update shareholders as we grow closer to that milestone.

我認為有一件事，也是我要說的最後一件事，我們進入 2025 年時感覺我們的銷售勢頭強勁，不僅作為一家公司，甚至作為一個國家。考慮到我們在市場上的定位，我們覺得我們有一個獨特的時刻來真正利用我們公司所獲得的成長機會，我們不想錯過這個時機。因此，這些都是我們在考慮公司現金流積極性時考慮的因素，我們很高興在我們越來越接近這一里程碑時不斷向股東通報最新情況。

Great. One quick follow-up, if you were to look at Marketplace and the total amount of GMV that could be created if -- in the hypothetical, that all of them went with you guys just to get a feel for the potential market, any way to characterize that?

偉大的。一個快速的後續問題，如果您要查看 Marketplace 以及可以創建的 GMV 總量 - 假設他們都和你們一起去只是為了感受一下潛在市場，有什麼方法可以描述它嗎？

Yeah, great question. This is something we're actually accumulating currently, given that, obviously, we do not own these 80,000-plus merchants. These are third parties, and many of them are small businesses in the $1 million to $5 million in annual sales range. And so therefore, their financials are not public, and it can be difficult to get some of that information. So we've done some data pooling, and we've had some great interviews with subsets of our business community to begin to identify a total addressable market that exists within our Marketplace ecosystem as it stands today. And to be frank with you, we do not have that answer yet. But that is an answer we are seeking to get.

是的，很好的問題。這是我們目前正在累積的東西，因為顯然我們並不擁有這 80,000 多家商家。這些都是第三方，其中許多是年銷售額在 100 萬至 500 萬美元之間的小型企業。因此，他們的財務狀況不公開，要取得其中一些資訊可能很困難。因此，我們進行了一些數據匯總，並對我們的商業社區的子集進行了一些精彩的訪談，以開始確定目前我們的市場生態系統中存在的整體可尋址市場。坦白說，我們還沒有答案。但這正是我們想要得到的答案。

Now that, as I mentioned after Darren's question, our focus is really shifting toward onboarding our Marketplace merchants. We feel like we're going to have a very clear picture of what the three to five-year roadmap looks like and forecast looks like for the GMV and associated revenue produced by our Marketplace merchant community here in the near term. So I look forward to following up on this question and excited to provide more clarity on those numbers as we move forward.

現在，正如我在 Darren 提問後提到的那樣，我們的重點確實轉向了引入我們的市場商家。我們覺得我們將對未來三到五年的發展路線圖有一個非常清晰的認識，並且對近期我們的市場商家社區產生的 GMV 和相關收入進行預測。因此，我期待著跟進這個問題，並很高興在我們前進的過程中對這些數字提供更清晰的解釋。

(Operator Instructions) I will turn it back to you, Will, for further submitted questions.

（操作員指示）威爾，我會把問題交還給你，以便回答進一步的問題。

Thanks, Rob. Next question that we received via Safe Tech -- and I mentioned that these are in order of uploaded by shareholders, just so you understand how these questions are picked. Will Public Square be looking to hone in on more acquisition opportunities or partnerships with payment processors with the money used from the direct offering that you did in December? And could you help outline utilization of those dollars?

謝謝，羅布。我們透過 Safe Tech 收到的下一個問題是——我提到過，這些問題是按照股東上傳的順序排列的，這樣您就能了解這些問題是如何挑選出來的。Public Square 是否會利用 12 月直接發行所得的資金來尋找更多的收購機會或與支付處理商建立合作關係？您能否概述一下這些資金的用途？

Yeah, great question. So I'll answer this in two chunks. First, I will say, related to the use of proceeds from the over $30 million raised in December, we are really prioritizing our Fintech segment. We believe that the Fintech segment, as I've mentioned, has overwhelming demand. And we want to ensure that we can keep up with that demand by producing quality supply that meets the moment. So that is the largest use of capital as we look into 2025.

是的，很好的問題。因此我將分兩部分來回答這個問題。首先，我要說的是，關於 12 月籌集的 3,000 多萬美元資金的使用，我們確實優先考慮金​​融科技領域。正如我所提到的，我們相信金融科技領域有著巨大的需求。我們希望確保能夠透過生產符合當前需求的優質產品來滿足這項需求。因此，展望 2025 年，這將是最大的資本用途。

The second thing that I would say is that we're really looking to put our balance sheet to work. So I mentioned this a bit earlier in our credit business, but we actually want to leverage our own balance sheet in our loan and lease portfolio to be able to drive significant positive enhancements to the unit economics of our credit business, and we're really looking forward to that.

我想說的第二件事是，我們確實希望我們的資產負債表能夠發揮作用。我之前在信貸業務中提到過這一點，但我們實際上希望利用我們貸款和租賃組合中的資產負債表，為信貸業務的單位經濟效益帶來顯著的積極提升，我們對此非常期待。

And finally, on the M&A piece, I would say that we are always open to M&A activity as we move forward into the future. And just a little bit of a perspective in terms of how we view product development as a company, any time that we have a new feature that we want to bring to the market in any of our respective divisions, we always ask the question: is it best to build this feature, or buy this feature?

最後，關於併購部分，我想說，隨著未來的發展，我們始終對併購活動持開放態度。從我們公司對產品開發的看法來看，任何時候我們想要在各自的部門將一個新功能推向市場時，我們總是會問這個問題：最好是自己開發這個功能，還是購買這個功能？

So for example, when we knew we wanted to get into Fintech, when the merchants on our Public Square Marketplace had made it clear that they were looking for checkout solutions that were cancel-proof, we asked the question: do we buy the Fintech segment, or do we build the Fintech segment? And where we landed is actually a little bit of both. We purchased Credova in an all-equity transaction in March of 2024, and that acquisition actually served as the foundation for the payment processing capabilities we built on top of that Credova business.

例如，當我們知道我們想要進入金融科技領域時，當我們公共廣場市場上的商家明確表示他們正在尋找不可取消的結帳解決方案時，我們提出了一個問題：我們是購買金融科技領域，還是建立金融科技領域？而我們的最終結果其實是兩者兼而有之。我們於 2024 年 3 月透過全股權交易收購了 Credova，此次收購實際上為我們在 Credova 業務基礎上建立的支付處理能力奠定了基礎。

And so we're going to continue that attitude as we move forward in the future. We're always open to building and/or buying related to any of the features we want to bring to the market in our product roadmap. The final thing that I will say is that we will enhance much of our creative marketing expenditures in the second half of 2025. Again, as I mentioned, with the unique season we find ourselves in as a company and as a country, we want to make sure that we are increasingly getting our message out and the quality of our products displayed and the stories of our business owners told. And we really believe that we've learned a lot about how to appropriately and effectively market this company with the highest return on investment, and we're going to leverage a lot of those findings in the second half of 2025 in our marketing spend.

因此，在未來的前進中，我們將繼續秉持這種態度。我們始終願意建立和/或購買與我們產品路線圖中想要推向市場的任何功能相關的產品。最後我想說的是，我們將在 2025 年下半年大幅增加創意行銷支出。再次，正如我所提到的，作為一個公司和一個國家，我們正處於一個獨特的時期，我們希望確保我們能夠越來越多地傳播我們的信息、展示我們產品的質量並講述我們企業主的故事。我們確實相信，我們已經學到了很多關於如何以最高的投資回報率適當有效地營銷這家公司的知識，我們將在 2025 年下半年的營銷支出中充分利用這些發現。

Thank you, Michael. Next question, what are the biggest cost drivers impacting margins? And how do you plan on optimizing operational efficiency? I know we've covered some of this, Michael, but certainly, some greater detail might be helpful.

謝謝你，麥可。下一個問題是，影響利潤率的最大成本驅動因素是什麼？您計劃如何優化營運效率？邁克爾，我知道我們已經討論過其中的一些內容，但當然，更詳細的內容可能會有所幫助。

Yeah, very happy to. This is a great question. So one thing I would recall from my statements earlier is the significant restructuring of the company that we conducted in later of the fourth quarter of 2024. This operational restructuring coincided with the launch of our Fintech segment and really streamlined our company for not only growth into the future but also better operational efficiency in terms of our expenditures.

是的，非常高興。這是一個很好的問題。因此，我想從先前的聲明中回顧的一件事是，我們在 2024 年第四季後期對公司進行了重大重組。此次營運重組恰逢我們金融科技部門的推出，它不僅真正精簡了我們的公司，以促進未來的成長，而且在支出方面也提高了營運效率。

For example, we do believe that our operating expenses will actually decrease year over year, and we're excited that we feel like we've got the right team members in the right seats to be able to execute efficiently moving forward, not only through the remainder of 2025 but even for the years beyond. By division, the Marketplace margin has increased significantly due to the restructuring of our ad platform, as I mentioned previously in this call. And not only has that improved our margin on the Marketplace, it's actually helped us with customer acquisition costs on the merchant side as well, and it is better to the merchant experience, which we've appreciated greatly. The brand's margin is increasing steadily due to economies of scale and an increasingly favorable relationship with our suppliers.

例如，我們確實相信我們的營運費用實際上會逐年減少，而且我們很高興，我們覺得我們擁有合適的團隊成員，在合適的職位上，能夠高效地執行任務，不僅在 2025 年剩餘時間內，甚至在以後的幾年裡。按部門劃分，正如我之前在電話會議中提到的，由於我們廣告平台的重組，市場利潤率大幅增加。這不僅提高了我們在市場上的利潤率，實際上也幫助我們降低了商家方面的客戶獲取成本，並且改善了商家體驗，我們對此非常感激。由於規模經濟和與供應商日益良好的關係，該品牌的利潤率正在穩步增長。

And then in the Fintech side, Buy Now Pay Later is virtually 100% margin, and the Payments margin is a long game. The Payments margin, as I expressed on the Q3 earnings call, will continually improve over time and just as a helpful reference point for investors as they are thinking about the revenue associated with the Payments GMV.

然後在金融科技方面，先買後付幾乎是 100% 的利潤，而支付利潤則是一場長期遊戲。正如我在第三季財報電話會議上所表達的那樣，支付利潤率將隨著時間的推移而不斷提高，這對於投資者在考慮與支付 GMV 相關的收入時是一個有用的參考點。

As a reminder, we anticipate that revenues for GMV fall between 1.9% and 2.3% of that GMV. So when we say things like $2.5 billion in potential annualized GMV already undersigned contract, the best way to get that revenue is take 1.9% to 2.3% of that GMV. And ultimately, we're excited about some of the margin enhancements that we get to the Payments business through the bundling of Buy Now Pay Later and the processing functionality, which we're excited to talk more about on future earnings calls.

提醒一下，我們預計 GMV 的營收將下降到 GMV 的 1.9% 到 2.3% 之間。因此，當我們說已經簽署了 25 億美元的潛在年度 GMV 時，獲取該收入的最佳方法是提取該 GMV 的 1.9% 到 2.3%。最後，我們對透過捆綁「先買後付」和處理功能為支付業務帶來的利潤率提升感到非常興奮，我們很高興在未來的收益電話會議上更多地談論這一點。

Excellent. Next question, will Public Square be looking into accepting any cryptocurrency anytime soon?

出色的。下一個問題是，Public Square 是否會考慮很快接受任何加密貨幣？

This is the topic of the year. I love it. As a note, I'm a big believer, personally, in cryptocurrency, but we don't take the topic lightly. We are exploring as a company, and we're very intentional about our cryptocurrency strategy. We do believe non-traditional payment methods are going to take market share away from traditional payment rails, and we are positioning ourselves well for that future, but we would have nothing to announce today.

這是今年的話題。我喜歡它。需要說明的是，我個人非常相信加密貨幣，但我們不會輕視這個話題。我們作為一家公司正在進行探索，並且我們非常注重加密貨幣策略。我們確實相信非傳統支付方式將會搶佔傳統支付管道的市場份額，我們也為這一未來做好了充分的準備，但今天我們還沒有什麼可以宣布的。

So absolutely, we're exploring. We're very intentional about our cryptocurrency strategy that we do plan to implement in the future. But in terms of driving down into any further detail there, we would not be prepared to speak about that today.

所以，我們確實在探索。我們非常有意識地制定加密貨幣策略，並計劃在未來實施。但就進一步探討細節而言，我們今天還不準備談論這個問題。

Excellent. And our last submitted question, being a relatively new organization, what are the primary growth strategies for the next few years? And what are the key initiatives to achieve profitability?

出色的。我們提交的最後一個問題是，作為一個相對較新的組織，未來幾年的主要成長策略是什麼？實現獲利的關鍵措施是什麼？

Well, this is a great question. I would say, a few things. First, I would say, obviously, we're looking forward to 2025, providing that guidance that we do anticipate that our revenue will more than double year over year between 2024 to 2025. And we believe that ultimately, that revenue doubling will be driven by our Fintech segment.

嗯，這是一個很好的問題。我想說幾件事。首先，我想說，顯然，我們對 2025 年進行了展望，根據這一指導，我們預計 2024 年至 2025 年期間我們的收入將同比增長一倍以上。我們相信，最終收入翻倍將由我們的金融科技部門推動。

So in the near term, we really are leaning hard into Fintech, meeting the demand that is currently in our pipeline, and ensuring that we can exercise the synergies between our divisions. We want our company between Marketplace, Fintech, and Brands to be a 1 plus 1 plus 1 equals 10 exercise. We believe that the best way we can operate our company moving forward is by playing to the strengths of each of these divisions in order that a rising tide would actually lift all boats associated with our company. That's the first thing I'd say.

因此，在短期內，我們確實會大力發展金融科技，滿足我們目前的需求，並確保我們能夠發揮各部門之間的協同效應。我們希望我們的公司在市場、金融科技和品牌之間實現 1 加 1 加 1 等於 10 的效果。我們相信，推動公司向前發展的最佳方法是充分發揮每個部門的優勢，以便水漲船高，推動公司所有相關船隻順利前進。這是我要說的第一件事。

The second thing I'd say is that if you want to break it down by division a little bit more, I'd say that obviously, the Fintech division, the name of the game in the near term, is go and meet the demand that's already been presented to us, both not only in signing these contracts, but in onboarding these merchants with efficiency and then actually earning that associated revenue with that GMV.

我想說的第二件事是，如果你想按部門進一步細分，我會說，顯然，金融科技部門，即短期內遊戲的名稱，是去滿足已經向我們提出的需求，不僅在簽署這些合同方面，而且在高效地接納這些商家方面，然後實際上通過 GMV 賺取相關收入。

But then in Marketplace, I would say, we really have a long game strategy associated with Marketplace. We actually believe that the Marketplace will be a very fundamental revenue and profit driver for this company long term, and so the name of the game in this season for the Marketplace is ensure that its brand identity is able to grow organically with as much of a community movement behind it as possible. And so that's really our focus, and I mentioned that earlier with some of the ambassador and affiliate programs we're bringing to market as well as the refined strategy around exclusively showcasing Made in America products, which we're really excited about.

但在 Marketplace 中，我想說，我們確實有一個與 Marketplace 相關的長期遊戲策略。我們確實相信，從長遠來看，市場將成為該公司非常基本的收入和利潤驅動力，因此本季市場遊戲的名稱是確保其品牌形象能夠在盡可能多的社區運動的支持下有機增長。這確實是我們的重點，我之前提到過，我們向市場推出了一些大使和附屬計劃，以及圍繞專門展示美國製造產品的完善策略，我們對此感到非常興奮。

And then in the Brands division, I'd say that we've really captured a customer that is so family-driven, and they want to ensure that all the products that they are getting for their household, all of these essential goods for their children and for themselves, anything they put on their body or in their body, they want to make sure that it is clean, that it is premium, and that it is sourced from a brand that they can trust. And we really feel like that's where EveryLife fits in. So EveryLife launched as a baby care brand. We really anticipate that moving forward, over the course of the coming year or two, EveryLife will begin to become known as more of a holistic family brand, which we're very much looking forward to.

在品牌部門，我想說我們確實抓住了非常注重家庭的客戶，他們希望確保他們為家庭購買的所有產品、他們的孩子和他們自己所需的所有必需品、他們穿在身上或穿在身上的任何東西，他們都希望確保它是乾淨的、優質的，並且來自他們可以信賴的品牌。我們確實覺得這就是 EveryLife 所適合的地方。因此EveryLife作為一個嬰兒護理品牌推出。我們真誠地期待，在未來的一兩年內，EveryLife 將開始成為一個更為人熟知的整體家庭品牌，我們對此非常期待。

Thank you, Michael. And that ends our submitted questions. I'll hand it back to you for any closing remarks.

謝謝你，麥可。我們提交的問題到此結束。我會把它交還給您，以便您做最後的總結。

Awesome. Well, thank you, Will. Thank you, Brad, and thank you for all of our shareholders that joined us on today's call and for the questions we received on the call-in feature. I really appreciate everyone joining us this afternoon, and we'd love the opportunity to speak with you today about where we've been and where we are going as we seek to accomplish our mission of building commerce for a better America.

驚人的。好吧，謝謝你，威爾。謝謝你，布拉德，也感謝所有參加今天電話會議的股東，以及我們在電話會議中收到的問題。我非常感謝大家今天下午加入我們，我們很高興有機會與你們談論我們在尋求實現為更美好的美國建設商業的使命過程中所取得的成就和未來發展方向。

We hope you all have a tremendous remainder of your Thursday afternoon and evening, and we look forward to speaking with you soon.

我們希望大家在星期四下午和晚上度過愉快的時光，我們期待很快與您交談。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。