PSQ Holdings Inc (PSQH) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be the operator for today's call. At this time, I would like to welcome each and every one of you to the Public Square first-quarter 2025 earnings conference call. (Operator instructions).

感謝您的支持。我叫蓋爾，今天電話的接線生由我來接聽。此時，我謹歡迎各位參加 Public Square 2025 年第一季財報電話會議。（操作員指令）。

It is now my pleasure to turn today's call over to William Kent.

現在我很高興將今天的電話轉給威廉·肯特。

Thank you, Gail. Good afternoon, everyone, and welcome to Public Square's first-quarter 2025 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，蓋爾。大家下午好，歡迎參加 Public Square 2025 年第一季電話會議。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 和首席策略長 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.

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。

Please refer to today's earnings press release and our SEC filings, including our 2024 10-K, 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. I'll now hand the call to Michael. Michael?

請參閱今天的收益新聞稿和我們的 SEC 文件（包括我們的 2024 年 10-K 文件），以了解可能導致實際結果與我們的前瞻性陳述有重大差異的因素。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。我現在將電話交給邁克爾。麥可？

Thank you, Will, and welcome, everyone, to our first quarter 2025 earnings call. I would like to take our time together today to cover our accomplishments from the quarter and express how they provide a strong foundation for the remainder of the year and beyond.

謝謝威爾，歡迎大家參加我們 2025 年第一季財報電話會議。今天，我想利用這個時間來回顧我們本季的成就，並闡述這些成就如何為今年剩餘時間及以後奠定堅實的基礎。

So first, I will start at the overall company level. Our revenue in the quarter grew by 95% year-over-year to $6.75 million compared to $3.47 million in the first quarter of 2024. Our FinTech division, consisting of our payment processing stack and our Buy Now, Pay Later services, contributed $3.05 million. The Public Square Marketplace added just over $0.4 million, and our Brands segment, consisting of our EveryLife brand, contributed $3.27 million.

首先，我將從整個公司層面開始。本季我們的營收年增 95% 至 675 萬美元，而 2024 年第一季為 347 萬美元。我們的金融科技部門（包括支付處理堆疊和「先買後付」服務）貢獻了 305 萬美元。公共廣場市場增加了 40 多萬美元，而由我們的 EveryLife 品牌組成的品牌部門貢獻了 327 萬美元。

Now, regarding expenses, while we've nearly doubled our revenue year-over-year, our operating expenses have actually decreased 10% year-over-year from $16 million in Q1 of 2024 to $14 million in Q1 of 2025. Through our team's hard work and strategic creativity, our leveraging of AI tools for an increasing number of functions within the business, our exercising of synergies between our business lines and our continually decreasing customer acquisition costs, we are truly accomplishing more with less, helping us drive closer and closer to operating cash flow positivity even while remaining in hyper growth mode.

現在，關於費用，雖然我們的收入同比幾乎翻了一番，但我們的營運費用實際上同比下降了 10%，從 2024 年第一季的 1,600 萬美元下降到 2025 年第一季的 1,400 萬美元。透過我們團隊的辛勤工作和策略創造力，我們將人工智慧工具用於業務中越來越多的功能，發揮業務線之間的協同作用，並不斷降低客戶獲取成本，我們真正做到了事半功倍，幫助我們在保持高速增長模式的同時，越來越接近經營現金流為正。

Actually, to elaborate further on our decreasing customer acquisition costs, as I mentioned on our last earnings call, nearly two months ago, we anticipate that customer acquisition costs, especially in our FinTech division, will remain near zero for at least the next two years. This was also exemplified by the fact that our sales and marketing expenses in Q1 decreased by 48% year-over-year.

實際上，為了進一步闡述我們不斷下降的客戶獲取成本，正如我在近兩個月前的上次財報電話會議上提到的那樣，我們預計客戶獲取成本，特別是金融科技部門的客戶獲取成本，至少在未來兩年內將保持在接近於零的水平。我們第一季的銷售和行銷費用比去年同期下降了 48%，這也證明了這一點。

We are able to achieve organic growth at our core business without having to pay an arm and a leg for a new customer because of the community that we've worked so hard to build over the past three years, paired with the viral nature of our products and our brand.

由於我們在過去三年中努力建立的社區，加上我們的產品和品牌的病毒式傳播特性，我們能夠在核心業務上實現有機增長，而無需為新客戶付出高昂的成本。

Finally, a word on margin. Our margin across the entire business expanded to 58% in Q1 of '25 compared to 43% in Q1 of 2024. Now, we're going to dive a little deeper into each business segment. And first, we will get started with payments.

最後，談談保證金。我們整個業務的利潤率在 2025 年第一季擴大至 58%，而 2024 年第一季為 43%。現在，我們將更深入地探討每個業務部門。首先，我們開始付款。

In Q1, we made significant progress integrating and onboarding a large number of the material backlog of merchants we have built up on our waiting list. These merchants have sought us out either because we were already serving them on the marketplace or through our Buy Now, Pay Later services or they heard about us because of the positive feedback we've received from one of our payment processing launch partners currently using our services or they were introduced to us by one of our Board members or they inquired about our services after the enormous viral traction we've received in the market because of the unique product differentiators we offer and the cancel-proof promise we make to our merchants.

在第一季度，我們在整合和吸收候補名單上的大量商家資料積壓方面取得了重大進展。這些商家找到我們，要么是因為我們已在市場上為他們提供服務，要么是因為我們通過我們的“先買後付”服務為他們提供服務，要么是因為我們目前使用我們服務的支付處理發布合作夥伴給予了他們積極的反饋，要么是我們的董事會成員將他們介紹給我們，要么是因為我們獨特的產品差異化以及我們向商家提出了不可取消的服務。

We anticipate that much of the revenue from these onboarding and integration activities will begin to be realized in Q2 and especially in the latter half of the year. In Q1, PSQ payments came to the rescue for a number of merchants who had recently and abruptly experienced economic cancel culture. For one major example, after Guns.com, one of the largest and most trusted digital marketplaces in the shooting sports industry was abruptly canceled by their ACH provider, which was one of the largest ACH providers in the market by the way, Guns.com reached out to us and hopes that we could fill the void in a trusted, cancel-proof manner.

我們預計，這些入職和整合活動的大部分收入將在第二季度，尤其是下半年開始實現。在第一季度，PSQ 支付為許多最近突然遭遇經濟取消文化的商家提供了幫助。舉一個主要的例子，在射擊運動行業最大、最值得信賴的數字市場之一 Guns.com 突然被其 ACH 提供商取消之後，該提供商順便說一下，是市場上最大的 ACH 提供商之一，Guns.com 向我們伸出了援手，希望我們能夠以值得信賴、防取消的方式填補這一空白。

We immediately jumped on the opportunity to protect Guns.com, as this is a perfect example of a merchant that we feel a great deal of responsibility to serve, and we launched our ACH processing product in February with Guns as our launch partner. We have since scaled that product, and we're excited about the trajectory as we move forward.

我們立即抓住機會保護 Guns.com，因為這是我們感到有責任為其服務的商家的完美典範，並且我們在二月份與 Guns 一起推出了我們的 ACH 處理產品，Guns 是我們的發布合作夥伴。從那時起，我們就擴大了該產品的規模，並對未來的發展軌跡感到興奮。

And for Guns.com, we now have the privilege of serving them with our full suite of fintech products. We handle their Buy Now, Pay Later transactions through our Cordova business, which actually ups conversion rates at checkout for that merchant. We also serve them with our credit and debit card transactions and B2B and C2B ACH processing through our PSQ payments products.

對於 Guns.com，我們現在很榮幸能夠為他們提供全套金融科技產品。我們透過 Cordova 業務處理他們的「先買後付」交易，這實際上提高了商家結帳時的轉換率。我們也透過 PSQ 支付產品為他們提供信用卡和金融卡交易以及 B2B 和 C2B ACH 處理服務。

This is what we're looking to replicate for many more merchants in our pipeline as we move forward. For another example of a business we assisted with our fintech products after they recently faced cancellation, I'll reference Tenacity Arms. When Tenacity Arms, an American manufacturer and online retailer of firearms, received a sudden notice from their payment processor threatening to freeze their funds and terminate service, their business was at risk of grinding to a halt.

在我們前進的過程中，我們希望為更多的商家複製這一點。另一個我們在金融科技產品近期面臨取消後提供協助的企業是 Tenacity Arms。當美國槍支製造商和線上零售商 Tenacity Arms 突然收到其支付處理商的通知，威脅要凍結其資金並終止服務時，他們的業務面臨停滯的風險。

Within hours, PublicSquare's Fintech division stepped in with the new PSQ payments product and a direct Shopify integration, migrating Tenacity Arms to the cancel-proof payment platform that is purpose-built for resilience, speed, and the functionality needed to operate a growing American-made firearms business. We're proud to support Liberty-minded business owners like this as they exercise their God-given rights to grow their business and protect the Second Amendment.

幾個小時之內，PublicSquare 的金融科技部門就介入，推出了新的 PSQ 支付產品並直接與 Shopify 集成，將 Tenacity Arms 遷移到防取消支付平台，該平台專為彈性、速度和運營不斷增長的美國製造槍支業務所需的功能而構建。我們很自豪能夠支持像這樣具有自由意識的企業主，因為他們行使上帝賦予的權利來發展他們的業務並保護第二修正案。

As I just alluded to when referencing Shopify, another event we announced recently was the launch of our Shopify integration to PSQ payments. This is a powerful move that catapults our business's ability to serve our tens of thousands of marketplace e-commerce merchants @publicsquare.com, 80% plus of whom host their digital storefront on Shopify. We utilized this integration with Yonder, one of our top-performing Public Square marketplace merchants, and the first marketplace merchant that we have onboarded fully to our payment processing stack.

正如我剛才提到 Shopify 時提到的，我們最近宣布的另一個事件是推出 Shopify 與 PSQ 支付的整合。這是一個強有力的舉措，將增強我們為數以萬計的市場電子商務商家@publicsquare.com 提供服務的能力，其中 80% 以上的商家在 Shopify 上託管他們的數位店面。我們利用了與 Yonder 的這種整合，Yonder 是我們表現最好的公共廣場市場商家之一，也是第一個完全加入我們的支付處理堆疊的市場商家。

Now, moving over to the Buy Now, Pay Later business. We saw a slight dip in the originations volume due to the normal seasonal shift coming out of the Christmas shopping season. In addition, our proprietary economic forecast model indicates that we're in a transitional period with consumer credit and credit scores shifting downward as consumers continue to experience the effects of the inflation that plagued household finances over the past few years.

現在，轉向「先買後付」業務。由於聖誕購物季的正常季節性變化，我們發現發起量略有下降。此外，我們專有的經濟預測模型表明，我們正處於一個過渡時期，隨著消費者繼續受到過去幾年困擾家庭財務的通貨膨脹的影響，消費者信貸和信用評分正在下降。

In response, we've tightened our AI-driven underwriting models and reduced both approval amounts and monthly payments while also helping consumers manage their credit in the process. These adjustments are designed to mitigate credit risk while supporting consumers with responsible access to credit during a challenging economic environment.

作為回應，我們加強了人工智慧驅動的核保模式，減少了批准金額和每月付款，同時也幫助消費者在過程中管理他們的信用。這些調整旨在降低信貸風險，同時在充滿挑戰的經濟環境下支持消費者負責任地獲得信貸。

As a positive note, we had tremendous traction in onboarding new merchants to our Buy Now, Pay Later services, and we actually grew our database of prequalified applicants by 198,196 in Q1, which reaffirms our position as one of the fastest-growing consumer databases in the shooting sports industry. These positive enhancements set us up for a powerful remainder of 2025 in our Buy Now, Pay Later segment.

積極的一面是，我們在吸引新商家使用「先買後付」服務方面取得了巨大的進展，而且我們在第一季度的預審合格申請人資料庫中實際上增加了 198,196 個，這再次證明了我們作為射擊運動行業增長最快的消費者資料庫之一的地位。這些積極的改進為我們在 2025 年剩餘時間裡「先買後付」業務的強勁發展奠定了基礎。

We also made significant progress in the continued development of what we are calling Credit 2.0, an initiative we introduced on our last earnings call that we believe will drive repeat customer growth, easier onboarding for merchants, and a gamified experience for the consumer. Stay tuned for more there in the coming months.

我們在所謂的 Credit 2.0 的持續開發方面也取得了重大進展，這是我們在上次收益電話會議上推出的一項計劃，我們相信它將推動回頭客的成長、讓商家更容易入職，並為消費者帶來遊戲化的體驗。請關注未來幾個月的更多內容。

I spoke last quarter about how we were beginning to strategically deploy capital to expand margins, enhance cash flow efficiency, and build a robust consumer lending portfolio on our balance sheet, which will have a materially positive effect on revenue over time.

我上個季度談到了我們如何開始策略性地部署資本以擴大利潤率、提高現金流效率以及在我們的資產負債表上建立強大的消費者貸款組合，這將對長期收入產生實質性的積極影響。

During the first quarter, we used approximately $1.1 million in cash to retain certain consumer receivables, which include loans and leases that we deemed high quality, utilizing our AI-driven underwriting tools. We continue to expand the use of AI throughout the business, and AI is a critical component of our future credit strategy.

在第一季度，我們使用了大約 110 萬美元的現金來保留某些消費者應收帳款，其中包括我們認為高品質的貸款和租賃，並利用了我們的人工智慧驅動的承保工具。我們繼續在整個業務中擴大人工智慧的使用，人工智慧是我們未來信貸策略的關鍵組成部分。

We leverage AI to enhance underwriting, mitigate risk, and drive smarter lending decisions. Investors can expect us to continue to share progress here in the coming months. And this is an important point that we'll seek to drive home continually. AI will be an increasingly essential component of our ability to create and maintain an industry-competitive cost structure with margin expansion opportunities across the business moving forward.

我們利用人工智慧來加強承保、降低風險並做出更明智的貸款決策。投資者可以期待我們在未來幾個月繼續分享進展。這是一個重要的觀點，我們會不斷強調這一點。人工智慧將成為我們創造和維持行業競爭性成本結構能力中越來越重要的組成部分，並為整個業務帶來利潤擴張機會。

Finally, a quick update on our new line of credit, which I highlighted during our last call. As I mentioned, we expect this line of credit to reduce our cost of capital by approximately 50%, and we expect this new line of credit to be in place and active by no later than the end of the third quarter. This is an important new banking relationship for Public Square and even more impactful as we continue to scale the business, and we're grateful for this partnership.

最後，我們來快速更新我們的新信用額度，我在上次通話中強調了這一點。正如我所提到的，我們預計這條信貸額度將使我們的資本成本降低約 50%，並且我們預計這條新的信貸額度將在第三季末之前到位並生效。對於 Public Square 來說，這是一個重要的新銀行關係，隨著我們繼續擴大業務規模，其影響將更加深遠，我們非常感謝這次合作。

Now moving on to the marketplace. On our last call, I presented a sneak peek at our vision for the marketplace as we move through 2025, which included the leveraging of synergies between our Payments and Marketplace business segments, accelerating the growth of our ambassador program, and elevating our Made in America focus. I'm very pleased to say that we have made significant progress on all fronts.

現在轉向市場。在我們上次電話會議上，我簡要介紹了我們對 2025 年市場發展的願景，其中包括利用支付和市場業務部門之間的協同效應、加速我們的大使計劃的發展以及提升我們對美國製造的關注。我很高興地說，我們在各方面都取得了重大進展。

As I mentioned earlier, we recently announced the first marketplace merchant to onboard to PSQ Payments, and we anticipate the exercising of this important synergy between payments and marketplace will continually and materially ramp up as we move through the year. This strategy is one of the major differentiators that sets us apart from not just other payment companies, but also other marketplaces.

正如我之前提到的，我們最近宣布了第一個加入 PSQ Payments 的市場商家，我們預計，隨著時間的推移，支付和市場之間的這種重要協同作用的發揮將持續大幅提升。這項策略是我們與其他支付公司以及其他市場區分開來的主要因素之一。

No other payment company or marketplace can secure a merchant's economic liberty through a cancel-proof checkout while also driving new customers to them through a consumer-facing marketplace. In Q1, we also made strides to improve our ambassador program and the related technical functionality that is needed to launch our new and improved ambassador program in late Q2.

沒有其他支付公司或市場能夠透過不可取消的結帳方式保障商家的經濟自由，同時也能透過面向消費者的市場吸引新客戶。在第一季度，我們也大力改進了我們的大使計畫以及在第二季末推出新的和改進的大使計畫所需的相關技術功能。

As a reminder, organic grassroots marketing is the key to low-cost growth for us, and the strong ambassador network we've accumulated over the last few years is the primary driver of those marketing efforts.

提醒一下，有機草根行銷是我們實現低成本成長的關鍵，而我們在過去幾年中累積的強大大使網絡是這些行銷工作的主要驅動力。

Finally, in Q1, our primary focus was building the foundation for the evolution of the marketplace that will launch in late Q2. This evolution will include our marketplace becoming primarily known above all else for its Made in America product assortment. We've been looking forward to taking this crucial step, honestly, since the beginning of our marketplace journey. And starting in late Q2, you'll see an aggressive and grassroots push to promote our mission. What is that mission?

最後，在第一季度，我們的主要重點是為第二季末推出的市場發展奠定基礎。這一演變將包括我們的市場主要因其美國製造的產品組合而聞名。說實話，自從我們開始市場之旅以來，我們一直期待著邁出這關鍵的一步。從第二季末開始，您將看到一股積極的、自下而上的推動力來推進我們的使命。那項使命是什麼？

The mission of the marketplace is to champion Made in America products from businesses that uphold life, liberty, and family. To us, this is more than a branding statement. It's a modern embodiment of what the founders hoped America would become in an age where so much is outsourced, products, values and even identity.

市場的使命是支持維護生命、自由和家庭的企業生產的美國製造的產品。對我們來說，這不僅僅是一個品牌宣言。它是建國者們對美國在當今時代所期望的現代化體現，在這個時代，產品、價值觀甚至身分都大量外包。

Public Square, our marketplace, stands as a reminder that America works best when Americans invest in one another. This move will satiate the desires of our customers looking to purchase Made in America goods, support the small business owners 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 as a team are highly in support of.

我們的市場公共廣場提醒我們，當美國人相互投資時，美國才能發揮最佳作用。此舉將滿足我們的客戶購買美國製造商品的需求，支持那些在美國努力生產產品的小企業主，並在日益擁抱經濟民族主義的美國經濟中建立起顯著的競爭優勢，我們作為一個團隊對此表示強烈支持。

While our best-selling products have always been resoundingly made in America, we're excited to extend the same spirit and requirement to the merchants across our entire platform and stay tuned over the remainder of Q2 for more progress updates on this front. As we focus our marketplace efforts singularly on prepping for this material next step, we significantly reduced our marketing efforts in Q1, which was responsible for the drop in marketplace revenue.

雖然我們最暢銷的產品始終都是美國製造的，但我們很高興將同樣的精神和要求擴展到我們整個平台的商家，並請在第二季度剩餘時間內繼續關注這方面的更多進展更新。由於我們將市場努力的重點放在為下一步實質工作做準備上，我們在第一季大幅減少了行銷力度，這導致市場收入下降。

This was fully anticipated, and we look forward to intentionally putting our growth foot on the gas for the marketplace in the second half of the year through the initiatives I have just mentioned. And one more important note here, there's been a lot of talk recently about tariffs. Tariffs have obviously been on people's minds the last few months.

這是完全可以預料到的，我們期待著透過我剛才提到的舉措，在下半年有意地為市場注入成長動力。還有一點很重要，最近有很多關於關稅的討論。顯然，在過去幾個月裡，關稅一直是人們關注的焦點。

And while it may seem self-evident, it's worth reiterating, our position is simple. We believe as a company that we are exceptionally positioned to benefit from the growing focus on American manufacturing, specifically with our marketplaces increasing Made in America focus.

儘管這似乎是不言而喻的，但值得重申的是，我們的立場很簡單。我們相信，作為一家公司，我們處於有利地位，可以從對美國製造業日益增長的關注中受益，特別是隨著我們的市場越來越關注美國製造。

Finally, over to the Brands division. We saw year-over-year revenue growth in the EveryLife business greater than 40%, and we saw 68% or $2.2 million of our Q1 revenue come from subscription orders, which is a fantastic sign of the strength of our repeat customers.

最後，轉到品牌部門。我們看到 EveryLife 業務的營收年增超過 40%，第一季營收的 68% 或 220 萬美元來自訂閱訂單，這充分證明了我們回頭客的強勁勢頭。

Also, and this is big news, we just recently received our largest ever bulk order from a pregnancy Resource Center coalition for $2 million paid in full earlier this week, which amounts to an immediate increase in cash with the revenue recognized as the components of this order are shipped throughout the coming months.

另外，這是一個重大新聞，我們最近剛從懷孕資源中心聯盟收到了有史以來最大的批量訂單，金額為 200 萬美元，已於本週早些時候全額付款，這相當於立即增加了現金，因為在接下來的幾個月中，該訂單的組件將發貨，從而確認收入。

This bulk order will be used to support their network efforts for the next year, and we anticipate that this bulk order will recur annually. We also see this expansion as a crucial component of our Every Life growth story moving forward. There are thousands of similar pregnancy centers and nonprofit coalitions across the country, and we're increasingly presenting them with opportunities to stock their shelves with our consumer products. This is a liberating and lucrative opportunity for our Brands division, and we're excited to create more partnerships like this as we move forward.

該批量訂單將用於支持他們明年的網路工作，我們預計該批量訂單將每年重複出現。我們也將這次擴張視為我們未來「Every Life」成長故事的重要組成部分。全國有數千個類似的懷孕中心和非營利聯盟，我們正在為他們提供越來越多的機會，讓他們將我們的消費產品擺上貨架。對於我們的品牌部門來說，這是一個解放思想、獲得豐厚利潤的機會，我們很高興在未來的發展中能夠建立更多這樣的合作關係。

In closing, our Fintech division is uniquely positioned to deliver strong revenue and cash flow growth as the core business segment for our company moving forward. Q1 was the onboarding and integration quarter. The focus of Q2 is on ramping up GMV, and Q3 and Q4 are positioned perfectly for tremendous revenue growth from these efforts.

最後，我們的金融科技部門具有獨特的優勢，可以作為公司未來發展的核心業務部門，實現強勁的收入和現金流成長。第一季是入職和整合季度。第二季的重點是提高 GMV，而第三季和第四季則有望透過這些努力實現巨大的收入成長。

The marketplace is hitting its stride with our core customers and is on track for a breakout second half of 2025 and beyond, particularly as we lean into our Made in America product lineup. Meanwhile, our Brands division is driving momentum for the business through strong repeat purchasing and increased product assortment, and monumental bulk order partnerships, like I've previously stated. We are exactly where we want to be as a business right now.

市場正與我們的核心客戶一起蓬勃發展，並有望在 2025 年下半年及以後實現突破，特別是當我們傾向於美國製造的產品系列時。同時，正如我之前所說，我們的品牌部門正在透過強勁的重複購買、增加的產品種類以及巨大的批量訂單合作夥伴關係來推動業務發展。我們目前正處於我們企業想要達到的水平。

It's clear that there's never been a greater need for the services we're providing. And given our performance in Q1 and our road map for the remainder of the year, we want to reaffirm our previously stated guidance of total year-over-year revenue growth of greater than 100%, or said differently, greater than $46 million. And our operating expense, defined as general and administrative, sales and marketing, and research and development to actually decrease in 2025 from 2024.

顯然，我們提供的服務的需求從未像現在這樣大。鑑於我們第一季的業績和今年剩餘時間的規劃，我們想重申先前提出的總收入同比增長超過 100% 的預期，或者換句話說，超過 4600 萬美元。我們的營運費用（定義為一般及行政、銷售及行銷、以及研發）實際上將從 2024 年到 2025 年有所減少。

I will now turn the call over to Brad to discuss some important financial highlights. There you go, Brad.

現在我將把電話轉給布拉德，討論一些重要的財務亮點。就這樣吧，布拉德。

Thank you, Michael, and good afternoon, everyone. I'm honored to be here with you today to discuss our first quarter 2025 results. I'd like to present a few financial items to note.

謝謝你，邁克爾，大家下午好。我很榮幸今天能在這裡與大家討論我們 2025 年第一季的業績。我想提出一些需要注意的財務事項。

First, we increased Q1 net revenue by 95% to $6.7 million compared to the first quarter of 2024. And with that, our overall gross margin was 58% in Q1'25 compared to 43% in Q1'24.

首先，與 2024 年第一季相比，我們的第一季淨收入成長了 95%，達到 670 萬美元。因此，2025 年第一季我們的整體毛利率為 58%，而 2024 年第一季為 43%。

Moving on to cash and other items. We ended Q1 with cash and cash equivalents of $28.0 million and $0.2 million in restricted cash. As Michael mentioned, we made the strategic decision to put our cash to work and to purchase leases in Q1 and put them on our balance sheet, which totaled $1.1 million in cash outflows.

轉向現金和其他物品。我們第一季末的現金和現金等價物為 2800 萬美元，受限現金為 20 萬美元。正如邁克爾所提到的，我們做出了戰略決策，將我們的現金投入使用並在第一季購買租賃並將其納入我們的資產負債表，總計現金流出 110 萬美元。

In terms of share count, as of March 31, 2025, we had 39,959,012 Class A common shares outstanding and 3,213,678 Class C common shares outstanding. As of March 31, we had an outstanding principal balance of $3.7 million on our $10 million revolving line of credit.

就股數而言，截至 2025 年 3 月 31 日，我們已發行 39,959,012 股 A 類普通股和 3,213,678 股 C 類普通股。截至 3 月 31 日，我們的 1,000 萬美元循環信用額度中未償還本金餘額為 370 萬美元。

And lastly, as Michael said, and I want to reiterate, we are tracking ahead of pace regarding our previously issued guidance of reducing operating expenses as outlined in our earnings release. Our operating expense decreased from $16.1 million in Q1'24 to $14.4 million in Q1'25, a 10% decrease year-over-year.

最後，正如邁克爾所說，我想重申一下，我們正在提前實現我們之前發布的降低營運費用的指導，正如我們的收益報告中概述的那樣。我們的營運費用從 2024 年第一季的 1,610 萬美元下降到 2025 年第一季的 1,440 萬美元，年減 10%。

Now let's move on to Q&A.

現在我們進入問答環節。

(Operator instructions)

（操作員指示）

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

Great. So, Michael, Brad, Dusty, and Will, congratulations on the quarter. One question and one follow-up for me. It sounds like the payments rollout for the most part, is going as planned. I appreciate the callouts on taking advantage of opportunities where other companies had been dropped by their payments provider. Can you talk, Michael, about the surprises, both favorable and unfavorable on your payments rollout?

偉大的。所以，麥可、布拉德、達斯蒂和威爾，恭喜你們本季的成績。對我來說，有一個問題和一個後續問題。聽起來付款的推出大部分都按計劃進行。我很感謝你們呼籲利用其他公司被支付提供者拋棄的機會。邁克爾，您能談談支付推出過程中的驚喜，包括有利的和不利的嗎？

Yes. Great question, Tom. Good to hear from you. Thanks for joining us today. As expected, it's about the best way that I would articulate Q1 of '25 for us, especially related to the payments rollout. I can certainly give you highs and lows. I will share on the high side, we have been thrilled at the demand.

是的。很好的問題，湯姆。很高興收到你的來信。感謝您今天加入我們。正如預期的那樣，這是我對我們 25 年第一季最好的描述，特別是與支付推出相關的部分。我當然可以告訴你高潮和低潮。我會分享正面積極的一面，我們對需求感到非常興奮。

The demand has been overwhelming, and ultimately, for us, that's been driven by a lot of the factors I mentioned in this call. Some of that demand is reactive. So, merchants are getting dropped by their other payment providers that deem them to include reputational risk.

需求一直非常巨大，對我們來說，最終這是由我在這次電話會議中提到的許多因素所推動的。其中一些需求是被動的。因此，商家會被其他支付提供者拋棄，因為他們認為商家有聲譽風險。

They don't want to work with the gun industry, and so these merchants are coming to us because we love the Second Amendment community in the shooting sports industry, and we're proud to serve these merchants. And a lot of the demand is also proactive. People are actually assessing what tools they want to build their business around for the coming years, and they want to know with true assurance that their checkout technology is secured by Liberty.

他們不想與槍支行業合作，所以這些商家來找我們，因為我們熱愛射擊運動行業的第二修正案社區，我們很自豪能為這些商家服務。而且很多需求也是主動的。人們實際上正在評估未來幾年他們想要圍繞什麼工具來開展業務，並且他們希望真正確信他們的結帳技術受到 Liberty 的保護。

And the beautiful thing about our payment stack is that we don't view our payment processing capabilities in a vacuum. In many cases, we're actually bundling this product with our Buy Now, Pay Later technology. So, a lot of the proactive demand is where merchants might not be at risk of cancellation from their other providers, but they actually want to combine their checkout into one seamless solution.

我們的支付堆疊的優點在於，我們不會孤立地看待我們的支付處理能力。在很多情況下，我們實際上將該產品與我們的「先買後付」技術捆綁在一起。因此，許多主動需求是商家可能不會面臨被其他供應商取消的風險，但他們實際上希望將結帳流程合併為一個無縫的解決方案。

Those merchants are driving to us in drones, which is pretty cool to see. For a merchant, they don't want to deal with two different providers, one for debit, credit card ACH processing, and then another for Buy Now, Pay Later, because in the merchant size, both of those tools are specifically related to the checkout. They want one team to be able to control the checkout and provide value at that point of sale in the digital environment, and that's where we come in with a powerful differentiator. So I'd say the high has been the demand.

那些商家開著無人機向我們走來，看起來很酷。對於商家來說，他們不想與兩個不同的供應商打交道，一個用於借記卡、信用卡 ACH 處理，另一個用於先買後付，因為在商家規模中，這兩種工具都與結帳特別相關。他們希望一個團隊能夠控制結帳並在數位環境中的銷售點提供價值，而這正是我們強大的優勢所在。所以我想說需求一直都很高。

It's been overwhelming. And ultimately, at this point, we actually have a wait list, a backlog of merchants that are ready to work with us. The only downside, I would say, or speed bump we've encountered over the course of Q1 has ultimately just been that businesses right now, it's actually alluding to a little bit of what I just mentioned.

這真是太讓人難以忍受了。最終，此時，我們實際上有一個等待名單，其中有一群準備與我們合作的商家。我想說，我們在第一季遇到的唯一不利因素或障礙最終就是目前的業務實際上暗示了我剛才提到的一些內容。

They are assessing all of their tooling across their entire business right now, which means that replacing their payment processing technology is one of many tools they're looking to replace right now. And for many of these businesses they have limited bandwidth.

他們目前正在評估整個業務的所有工具，這意味著更換支付處理技術是他們現在想要更換的眾多工具之一。對於許多此類企業來說，其頻寬是有限的。

And so, they're having to rank order their priorities in scope throughout the year. So, the big thing for us is working with these merchants to ensure that the payment processing technology and the Buy Now, Pay Later services that we can offer are the first feature change that they want to implement into their website, as they're looking at replacing many of their services.

因此，他們必須根據全年範圍對優先事項進行排序。因此，對我們來說最重要的是與這些商家合作，確保我們提供的支付處理技術和「先買後付」服務是他們想要在其網站上實施的第一個功能變更，因為他們正在考慮更換許多服務。

I think a lot of merchants right now are looking to streamline costs, improve efficiencies, and we can certainly help there. But making sure that we rank order at the top of their priority list as they're replacing these tools throughout 2025 is something that we've been in conversations with these merchants and has definitely taken more conversation out of our sales team. So, that's how I'd answer that there.

我認為現在很多商家都在尋求精簡成本、提高效率，我們當然可以提供協助。但是，我們一直在與這些商家進行對話，確保他們在 2025 年更換這些工具時，將我們排在他們的優先順序之首，這無疑讓我們的銷售團隊進行了更多的對話。這就是我的回答。

It certainly has not been a distraction or any material blocker from our progress on the payment stack, because I'll allude back to what I said at the beginning of my comments. This quarter for us has been as expected. Q1 is integration. Q2 is ramping up GMV. Q3 and Q4 are experiencing the revenue benefits that come with that GMV.

這當然不會分散我們的注意力，也不會對我們在支付堆疊方面的進展造成任何實質的阻礙，因為我會回顧我在評論開始時所說的內容。本季對我們來說一切如預期。Q1是整合。Q2 的 GMV 正在上升。Q3 和 Q4 正在經歷 GMV 帶來的收入效益。

Great, thank you for that, Michael. And for my follow-up, on the Brands division, how should we think about your product pipeline and plans to move beyond baby and feminine hygiene?

太好了，謝謝你，麥可。接下來我想問一下，關於品牌部門，我們應該如何看待你們的產品線以及超越嬰兒和女性衛生用品領域的計劃？

Great question. On the Brands division, I would say that we have had a tremendous amount of traction with our customers actually sharing with us what they want to see next. So thankfully, we're not having to undergo a significant amount of deep analysis of market research, understanding where the holes are. Our customers are actually telling us. That's the beauty of creating this community, especially driven by an ambassador program, because these ambassadors are essentially super consumers.

好問題。在品牌部門，我想說，我們已經與客戶建立了巨大的聯繫，他們實際上與我們分享了他們接下來想要看到什麼。所以值得慶幸的是，我們不必進行大量深入的市場研究分析來了解漏洞在哪裡。我們的客戶確實告訴了我們。這就是創造這個社群的美妙之處，尤其是在大使計畫的推動下，因為這些大使本質上是超級消費者。

It's not enough for them just to purchase and have these products in their home. They actually want to help our business expand. So, that's the first point I'd note is that much of our future product development is actually directly informed by what our existing customers are hoping to see more of. So, you obviously mentioned our baby care products that we currently have in the market today. You also addressed our fem care products.

對他們來說，僅僅購買這些產品並在家中放置這些產品是不夠的。他們實際上想幫助我們擴展業務。因此，我要指出的第一點是，我們未來的產品開發在很大程度上實際上直接受到現有客戶希望看到更多產品的影響。所以，您顯然提到了我們目前在市場上銷售的嬰兒護理產品。您也提到了我們的女性護理產品。

I would say that our expanding priorities in the Brands division really are focused on the home. So, home essentials, real quality clean products that are essential for your family to live a happy and healthy, and whole life. So, that started with baby care, moving to fem care. We're going to be looking at household cleaning products and different services we can provide within the home that are essential components of your life. There's one other reason that we love these product lines.

我想說，我們品牌部門不斷擴大的重點確實集中在家庭上。因此，家庭必需品、真正優質的清潔產品對於您的家人過著幸福、健康和完整的生活至關重要。因此，從嬰兒護理開始，逐漸轉向女性護理。我們將研究家用清潔產品和我們可以在家中提供的不同服務，它們是您生活中必不可少的組成部分。我們喜歡這些產品系列還有另一個原因。

It is because they are essential. These are not products that are wants, these are actually needs. And so when we can present these products in front of our customers who have demanded them, have asked for them, we can actually fill out the full suite of their essential services that are less seasonal in need. They're not necessarily based as much on consumer purchasing cycles. If you have a baby, you need diapers.

因為它們是必需的。這些不是想要的產品，而是真正需要的產品。因此，當我們能夠將這些產品呈現在有需求、有要求的客戶面前時，我們實際上可以滿足他們非季節性需求的全套基本服務。它們不一定是基於消費者的購買週期。如果您有嬰兒，您就需要尿布。

If you are a woman, you need fem care. If you have a home that you'd like to keep clean, you need these essential cleaning products. So, we're really excited about our expansion within the home, and that's how I would directly answer that question in terms of priorities.

如果您是女性，您需要女性護理。如果您想保持家中的清潔，您需要這些必備的清潔產品。因此，我們對家庭內部的擴張感到非常興奮，這就是我在優先事項方面直接回答這個問題的方式。

Great thanks, Michael. Thanks for taking my questions.

非常感謝，麥可。感謝您回答我的問題。

Thank you.

謝謝。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Hey, This is Dylan on for Darren. Thanks for taking my question. First, could you talk about some of the cross-selling you've been working on, whether that be from the payments platform onto some of the other marketplace platforms, or even just within payments, whether they be Buy Now, Pay Later or credit? Like, how are those trends going? Or is that more of a second-half-of-the-year focus?

嘿，我是 Dylan，代替 Darren。感謝您回答我的問題。首先，您能否談談您一直在從事的一些交叉銷售，無論是從支付平台到其他一些市場平台，還是僅在支付領域，無論是立即購買、稍後付款還是信用卡？例如，這些趨勢如何發展？還是這更多的是下半年的重點？

Great question, and good to hear from you. So, I would say that today, between the synergies that we exercise between Buy Now, Pay Later and payments, and then the synergies we exercise between marketplace and payments, I would say that about 90% of those synergies currently are coming from the Buy Now, Pay Later business. That was our V1. When we're looking to onboard new payments merchants that were already in our community, first, we're looking at our Buy Now, Pay Later merchants. That's the priority currently.

很好的問題，很高興收到您的回覆。因此，我想說，今天，我們在「先買後付」和支付之間發揮的協同作用，以及我們在市場和支付之間發揮的協同作用，我想說，目前大約 90% 的協同作用來自「先買後付」業務。那是我們的 V1。當我們尋求吸收社群中已有的新支付商家時，首先，我們會考慮「先買後付」商家。這是目前的首要任務。

The reason for that is that they already have a very instrumental piece of checkout technology integrated onto their website. So, to add our payment capabilities is a very quick and seamless transaction, and they're already familiar with working with us related to their point of sale.

原因是他們已經在其網站上整合了非常有用的結帳技術。因此，添加我們的支付功能是一項非常快速且無縫的交易，並且他們已經熟悉與我們在銷售點方面的合作。

10%, I'd say right now is marketplace-focused, converting marketplace merchants into becoming payments merchants. But you'll see that shift pretty quickly over time. In fact, I'd say over the second half of the year, you'll see that scale tilt a little bit to even out between Buy Now, Pay Later and marketplace.

10%，我認為目前是以市場為中心，將市場商家轉變為支付商家。但隨著時間的推移，你很快就會看到這種轉變。事實上，我想說，在今年下半年，你會看到「先買後付」和「市場」之間的比例會稍微傾斜。

And there's a big key component that makes that so. I mentioned today in our original comments that we recently completed our Shopify integration. Over 80% of our marketplace e-commerce merchants, of which there are tens of thousands, over 80% are utilizing Shopify for their storefront technology. So, the fact that we got that integration done, and if anybody knows the payment space as it relates to Shopify, that's not an easy feat to become one of their approved payment services.

有一個重要的關鍵因素可以實現這一點。我今天在我們最初的評論中提到，我們最近完成了 Shopify 整合。我們市場上的電子商務商家有數萬家，其中超過 80% 的商家都使用 Shopify 作為店面技術。因此，事實上我們已經完成了這種整合，如果有人了解與 Shopify 相關的支付領域，就會知道成為他們認可的支付服務之一併不是一件容易的事。

When we got that done, it unlocked the door to being able to serve the vast majority of our marketplace e-commerce merchants. So, 90% of the synergies we exercise today between divisions are mostly Buy Now, Pay Later to payments, and about 10% from marketplace to payments, but those scales will tilt quite a bit over the course of the next 6 to 18 months.

當我們完成這項工作時，我們就能夠為絕大多數市場電子商務商家提供服務。因此，我們今天在各部門之間實施的協同效應 90% 主要是「先買後付」支付方式，約 10% 是市場支付方式，但在未來 6 到 18 個月內，這些比例將會發生很大變化。

Great, thank you. And on your GMV, the payments GMV you talked about in Q4 for Q1, where it was like $2.5 billion year-to-date. Where do you stand in terms of that, I guess, $10 billion pipeline target?

太好了，謝謝。關於您的 GMV，您在第四季度談到的第一季的支付 GMV，今年迄今為止約為 25 億美元。我想問一下，對於這個 100 億美元的管道目標，您持什麼態度？

Yes, great question. So, we have inched higher than the $2.5 billion we recently announced, a little less than eight weeks ago. But right now, we're intentionally moving through the pipeline in more of a waitlist fashion. So, the pipeline remains significantly above $10 billion, but we are focusing very strongly on the first $2.5 billion to $3 billion this year from an onboarding and integration perspective.

是的，很好的問題。因此，我們比最近（大約八週前）宣布的 25 億美元略有增加。但目前，我們有意以候補名單的方式推進流程。因此，管道資金仍遠高於 100 億美元，但從入職和整合的角度來看，我們今年將重點放在前 25 億至 30 億美元。

And then really, as we head into 2026, that's when we'll expand from that $3 billion to $10 billion of interested merchant GMV that's within our community and has expressed desire for our payment stack. So, the right way to think about this year is in that onboarding focus for that $2.5 billion to $3 billion in GMV, and we'll really expand beyond that as we head into early 2026.

然後，實際上，當我們進入 2026 年時，我們的社區內感興趣的商家 GMV 將從 30 億美元擴大到 100 億美元，並且他們已經表達了對我們的支付堆疊的需求。因此，思考今年的正確方式是將重點放在 25 億至 30 億美元的 GMV 上，而到 2026 年初，我們將真正擴大這一目標。

Great, thank you. If I ask one more, maybe just one closer to Brad. With the changes you're making in your AI credit tools, or I guess, risk management, does that change your mix within payments at all, or fintech revenue at all?

太好了，謝謝。如果我再問一次，也許就更接近布拉德了。您對人工智慧信貸工具或風險管理所做的改變是否會改變您的支付結構或金融科技收入？

Not really. No, I'd say that it's within expectations. The beauty of my comments earlier in the credit is that it's a very intentional act. And we don't believe that much will ultimately change in terms of how we respond to the economic environment as we look at the remainder of 2025, but we certainly anticipate our revenue to grow fairly significantly in the credit business. We anticipate healthier margins.

並不真地。不，我認為這是在預期之內。我之前在致謝中發表的評論的美妙之處在於，這是一種非常有意的行為。我們認為，展望 2025 年剩餘時間，我們對經濟環境的反應最終不會發生太大變化，但我們確實預期信貸業務的收入將大幅成長。我們預計利潤率會更高。

And we are excited to continue to leverage the tooling that we've really battle-tested in Q1 to expand our ability to achieve originations and revenue throughout the remainder of 2025. But we don't believe that the scale in terms of revenue mix between payments and credit is all that much changed as we look at 2025. We would reaffirm previously stated guidance related to the revenue mix between those two products. Dusty, is there anything else you'd mentioned there, too?

我們很高興能夠繼續利用我們在第一季真正經過實戰檢驗的工具，以擴大我們在 2025 年剩餘時間內實現起源和收入的能力。但我們認為，展望 2025 年，支付和信貸之間的收入組合規模不會有太大變化。我們將重申先前有關這兩種產品的收入組合的指導。達斯蒂，你還提到了其他什麼嗎？

I think you did a great job, Michael. I'd just add that, I mean, the beauty of the credit business is that we get to use different liquidity sources, either off-balance sheet or on-balance sheet. And combine that with underwriting models to really thread the needle. As Michael said, a lot of our balance sheet strategy was informed by knowing we needed to tighten credit, which might reduce GMV, but with the ability to balance sheet more and lower our cost of capital, we're not going to take a hit there.

我認為你做得很好，麥可。我只想補充一點，信貸業務的魅力在於我們可以使用不同的流動性來源，無論是表外或表內。並將其與承保模型結合，以真正解決問題。正如麥可所說，我們的許多資產負債表策略都是基於我們需要收緊信貸，這可能會降低 GMV，但如果我們能夠進一步平衡資產負債表並降低資本成本，我們就不會受到打擊。

So, as Michael said, our guidance was based on that assumption. Credit gives us a lot of levers, and especially the power of these new AI models to really fine-tune these models even during economic downtimes.

因此，正如邁克爾所說，我們的指導是基於這個假設的。信貸為我們提供了許多槓桿，尤其是這些新人工智慧模型的力量，即使在經濟低迷時期也能真正微調這些模型。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Thank you. To share with us the pre-submitted questions, I would like to turn the call back over to William Kent, please go ahead.

謝謝。為了與我們分享預先提交的問題，我想將電話轉回給威廉肯特，請繼續。

Thank you, Gail. We'll now address some questions that we received through the Say Technologies platform before Michael and Brad close up the call.

謝謝你，蓋爾。在 Michael 和 Brad 結束通話之前，我們將回答透過 Say Technologies 平台收到的一些問題。

Our first question is, it seems that after purchasing items on the marketplace, I received a number of marketing e-mails from your vendors directing me to their own site for purchases and discounts. What is the Public Square doing to combat this and retain customers within the marketplace ecosystem?

我們的第一個問題是，似乎在市場上購買商品後，我收到了來自你們供應商的許多行銷電子郵件，引導我到他們自己的網站進行購買和享受折扣。公共廣場正在採取什麼措施來應對這個問題並留住市場生態系統中的客戶？

That's a great question. Thank you so much for submitting. And I really appreciate it. I just want to make a note here to say I really appreciate the shareholders that submit those questions through the Say Technology platform. I think that's a wonderful innovation, and we love the opportunity to connect directly with you and hear what's of greatest interest to you.

這是一個很好的問題。非常感謝您提交。我真的很感激。我只是想在這裡說一聲，我非常感謝透過 Say Technology 平台提交這些問題的股東。我認為這是一個了不起的創新，我們很高興有機會與您直接聯繫並了解您最感興趣的內容。

So, to address this question, you're exactly right. The way that purchasing happens on the marketplace today, when you submit your e-mail, for example, at checkout, that e-mail is both an e-mail that the marketplace team has to be able to communicate with as well as the vendor individually. And that's the reason why you'll receive marketing e-mails from both Public Square and these vendors, that's actually coming to an end in the very near future.

因此，對於這個問題，你的回答完全正確。如今，在市場上進行購買的方式是，當您在結帳時提交電子郵件時，該電子郵件既是市場團隊必須能夠與之溝通的電子郵件，也是供應商單獨溝通的電子郵件。這就是為什麼您會收到來自 Public Square 和這些供應商的行銷電子郵件的原因，而這些電子郵件實際上很快就會結束。

So, in tandem with this Made in America launch, one of our priorities is actually to do a comms consolidation so that when you check out as a customer, your email is only accessible and marketable by the Public Square team. This will drastically reduce the amount of individual emails that you receive from these vendors, and it will also drive increased purchasing traffic back to the marketplace. So, this is a note that we've taken very seriously. We're excited about streamlining this process for our customers and cleaning up the inbox in the process.

因此，在推出「美國製造」的同時，我們的首要任務之一實際上是進行通訊整合，以便當您作為客戶結帳時，只有公共廣場團隊可以存取和推銷您的電子郵件。這將大大減少您從這些供應商收到的個人電子郵件數量，並且還將增加購買流量以返回市場。因此，我們非常重視這一點。我們很高興能夠為客戶簡化此流程並在此過程中清理收件匣。

Excellent, Thank you, Michael. Next question. What specific milestones or developments does Public Square anticipate could drive profitability and shareholder value over the next 12 to 18 months? And can you share any projections or timelines for when the company expects to achieve profitability or positive free cash flow?

非常好，謝謝你，邁克爾。下一個問題。Public Square 預計哪些特定里程碑或發展能夠在未來 12 至 18 個月內推動獲利能力和股東價值？您能否分享公司預計何時實現獲利或正自由現金流的預測或時間表？

Well, I'll address the second half of that question right off the bat here. I would say that we are proud to reaffirm the guidance we have previously presented related to turning operating cash flow positive by the end of the year in tandem with that doubling of revenue from '24 to '25 and the reduction of operating expenses year-over-year. We reaffirm that guidance and believe that we have all the tools necessary to go and execute toward that aim.

好吧，我將在這裡立即回答這個問題的後半部分。我想說的是，我們很自豪地重申我們先前提出的指導方針，即到今年年底實現經營現金流為正，同時實現 24 年至 25 年收入翻一番，並逐年減少經營費用。我們重申這項指導方針，並相信我們擁有實現這一目標所需的一切工具。

On the first part of your question, some of the milestones that I'd love for shareholders to look out for, obviously, I mentioned some of these in reference to Dylan's question earlier, but the onboarding of that signed GMV will significantly drive revenue for the company. And our Buy Now, Pay Later business, performing as expected, will certainly drive cash flow for the business.

關於你問題的第一部分，我希望股東關註一些里程碑，顯然，我之前在回答 Dylan 的問題時提到過其中一些，但簽署的 GMV 的加入將顯著推動公司的收入。我們的「先買後付」業務表現如預期，必將為公司帶來現金流。

That's the beauty of that bundled fintech offering is that payments has the ability to really drive top-line revenue and credit has the ability to really provide healthy margins that ultimately fall to the bottom line. So I would look for signed GMV continuing to convert to integrated, onboarded, and live GMV as a major milestone over the course of the next 12 to 18 months.

捆綁金融科技產品的魅力在於，支付能真正推動營業收入，而信貸能夠真正提供健康的利潤率，最終落入利潤。因此，我認為在未來 12 到 18 個月內，簽約 GMV 將繼續轉化為綜合、入職和即時 GMV，這是一個重要的里程碑。

I would also say that the organic grassroots growth of the Public Square marketplace, we believe, will significantly contribute to the company's growth story at both the top and bottom line moving forward. And then finally, I would say we're excited about the continued margin expansion in the Brands division as we achieve economies of scale. That's something that we've had our eye on for a number of months now, and we're really looking forward to that.

我還要說的是，我們相信，公共廣場市場的有機基層成長將對公司未來的營收和利潤成長做出重大貢獻。最後，我想說，隨著我們實現規模經濟，我們對品牌部門利潤率的持續擴大感到非常興奮。這是我們幾個月來一直關注的事情，我們真的很期待它。

Finally, I would say that you can look for us as a team to continue to streamline our efficiencies in the business, doing more with less. It's really a theme I've tried to drive home on today's call. We're excited that our operating expenses are actually decreasing year-over-year. We're excited about the heavier utilization of AI, and we have the best team of people on the planet to be able to execute the tasks ahead of us on our product road map.

最後，我想說，您可以期待我們作為一個團隊繼續精簡業務效率，用更少的資源做更多的事情。這確實是我在今天的電話會議上試圖強調的一個主題。我們很高興看到我們的營運費用實際上逐年下降。我們對人工智慧的更廣泛應用感到興奮，我們擁有全球最優秀的團隊，能夠執行我們產品路線圖上的任務。

And they're really jack of all trades Swiss Army Knife type of folks that can do the work of five people in one person. And it's really what sets us apart and allows us to build in a lean and efficient fashion even while in hypergrowth mode over the course of the next 12 to 18 months.

他們真的是萬事通，就像瑞士軍刀一樣，一個人就能完成五個人的工作。這確實使我們與眾不同，並使我們能夠在未來 12 到 18 個月的高速成長模式下以精益高效的方式進行建設。

Our next question. Around the middle of last year, were you seeing any advertising? Is there any plan to aggressively bring back advertising for new customers using social media or other platforms?

我們的下一個問題。去年年中左右，您有看過任何廣告嗎？是否有計劃利用社群媒體或其他平台積極地為新客戶恢復廣告？

Certainly, using social media. As I mentioned earlier in the call, we halted a lot of paid marketing efforts on the marketplace, for example, over the past six to nine months, largely in part because we were working hard behind the scenes to conduct this brand evolution to this Made in America presentation that we'll be launching in the next two months.

當然，使用社群媒體。正如我之前在電話會議中提到的，例如，在過去的六到九個月裡，我們停止了市場上的大量付費行銷活動，很大程度上是因為我們正在幕後努力進行品牌轉型，以實現我們將在未來兩個月內推出的「美國製造」的展示。

So, we will be turning that back on, but not as much from a paid perspective, more focused on organic grassroots growth, virality on social media through a few very targeted campaigns that perfectly address the desires of the consumers in the broader economic zeitgeist at the moment and our leveraging of really intentional content and large-scale brand partnerships with a multitude of our vendors to drive visibility to the marketplace.

因此，我們將重新啟用這項功能，但不是從付費角度，而是更專注於有機草根成長、透過一些非常有針對性的活動在社群媒體上進行病毒式傳播，這些活動完美地滿足了當前更廣泛的經濟精神中消費者的需求，我們利用真正有意圖的內容和與眾多供應商建立的大規模品牌合作夥伴關係來提高市場知名度。

So, you will certainly be seeing far more of the Public Square marketplace presentation out in the ether as we move to the second half of this year, especially in prep for the shopping season. That's something we're very much looking forward to.

因此，隨著我們進入今年下半年，特別是在購物季的準備中，您肯定會在乙太網路中看到更多公共廣場市場展示。這是我們非常期待的事。

The final thing that I'll mention is that we are going to really focus on the marketplace over the latter half of 2025 on telling the stories of these American manufacturers. We believe that ultimately, these American manufacturers that are selling these great quality products on our platform, whether they're selling home goods or from the farm essentials or apparel or outdoor gear, health care products, no matter what they're selling, each of these businesses have quality products to sell and an impactful story to tell.

最後我要說的是，2025 年下半年我們將真正關注市場，並講述這些美國製造商的故事。我們相信，最終，這些在我們的平台上銷售優質產品的美國製造商，無論他們銷售的是家居用品、農場必需品、服裝、戶外裝備、保健產品，無論他們銷售什麼，這些企業都有優質的產品可供銷售，並且都有一個有影響力的故事可以講述。

We believe that a lot of traffic to our site in the second half of this year and beyond is going to be inspired and created by those intentional storytelling efforts through multiple different content mediums. Then I'll pivot a little bit to the market away from the marketplace here, and I'll talk about Fintech.

我們相信，今年下半年及以後，我們網站的大量流量將受到透過多種不同內容媒介進行的有目的的講故事的努力的啟發和創造。然後我將稍微轉向遠離這裡的市場的市場，並談論金融科技。

As I mentioned, you won't see advertising necessarily in any paid sense for our Fintech services, largely because the backlog is full. We have two years of merchant onboarding to conduct with the audience as it exists today. So, this goes back to our low-cost customer acquisition strategy.

正如我所提到的，您不會看到我們金融科技服務的任何付費廣告，主要是因為積壓的工作已經滿了。我們有兩年的時間針對現有的受眾進行商家入會培訓。所以，這又回到了我們的低成本客戶獲取策略。

And finally, in the Brands division, we do a very good job strategically with placing marketing initiatives on social media through a few select TV ads at different stages of our journey as we look at the past. But more than anything, we're really excited about the earned media opportunities we have in the Brands division. You'll see our Co-Founder and President, Sarah Gabel Syifert, on Fox and Friends very frequently.

最後，在品牌部門，回顧過去，我們在發展歷程的不同階段透過精選的電視廣告在社群媒體上進行行銷活動，策略上做得非常好。但最重要的是，我們對品牌部門所獲得的媒體機會感到非常興奮。您會經常在 Fox and Friends 節目中看到我們的聯合創始人兼總裁 Sarah Gabel Syifert。

You'll see us out on different podcasts and news stations talking about the impact that every life Brand is having for tens of thousands of parents across this country, and we certainly anticipate that those earned media efforts and broad widespread PR initiatives will continue to increase as we head into the second half of this year across all business lines.

您會在不同的播客和新聞台上看到我們談論每個生活品牌對全國成千上萬的父母產生的影響，我們當然預計，隨著我們進入今年下半年，這些贏得的媒體努力和廣泛的公關活動將繼續增加，涉及所有業務線。

Excellent. Next question. Donald Trump Jr. is a well-known figure associated with the Board and a Board member. Could you outline what specific role he plays in terms of strategic partnerships, marketing, or overall influence on the company's growth trajectory?

出色的。下一個問題。小唐納德·川普 (Donald Trump Jr.) 是與董事會有關的知名人物，也是董事會成員。您能否概述一下他在策略合作夥伴關係、行銷或對公司成長軌蹟的整體影響方面發揮的具體作用？

Yeah, I love this question. Donald Trump Jr. has been an incredible supporter of not just this company, but also the mission we represent, which I articulated earlier in this call from the early days of this company. Don Jr. was obviously an early investor in Public Square well before we went public on the New York Stock Exchange.

是的，我喜歡這個問題。小唐納德·川普不僅對這家公司給予了堅定的支持，而且對我們所代表的使命也給予了堅定的支持，這一點我在公司成立之初的電話會議中已經闡明過。顯然，早在我們在紐約證券交易所上市之前，小唐納 (Don Jr.) 就是 Public Square 的早期投資者。

He's been a long-time supporter of the services that we're providing to the market. And to have him on the board with all of the strategic guidance and marketing wisdom that he brings to the table, it's truly invaluable. You mentioned strategic partnerships, marketing, or overall influence on the company's growth trajectory. I'll break down each of those individually. Strategic partnerships, Don is one of the most well-connected and well-trusted people in our country.

他長期以來一直支持我們向市場提供的服務。讓他加入董事會並帶來所有的策略指導和行銷智慧，這確實是無價的。您提到了策略合作夥伴關係、行銷或對公司成長軌跡的整體影響。我將逐一分析這些內容。戰略夥伴關係，唐是我們國家人脈最廣、最受信任的人之一。

He carries a great deal of influence, not just in the political space. He carries that influence in the economic sector. He carries that influence in the shooting sports industry in outdoor entertainment. He's really passionate about the types of consumers and merchants that we love to serve. And so, for him to be able to bring these partnerships to the table, whether that's to serve the Fintech division or the brands division or the marketplace, has truly been a game changer for us.

他的影響力非常大，不只在政治領域。他在經濟領域具有影響力。他在戶外娛樂射擊運動產業有著很大的影響力。他對我們樂於服務的消費者和商家類型充滿熱情。因此，對他來說，能夠促成這些合作，無論是服務金融科技部門、品牌部門或市場，都確實為我們帶來了改變。

In marketing, obviously, Don is the master of virality. So, he's helped inform a lot of our social media strategies that have catapulted us into the cultural zeitgeist and have grown our business tremendously. And then finally, influence on the company's growth trajectory. I think that Don is a great example of what all of our Board members, frankly, represent, which is that they are fully committed to helping this business achieve the vision we've set out.

顯然，在行銷方面，唐是病毒式傳播的大師。因此，他幫助我們制定了許多社交媒體策略，使我們融入了文化時代精神，並極大地發展了我們的業務。最後，對公司成長軌跡的影響。坦白說，我認為唐恩是我們所有董事會成員的典範，他們全心全意地致力於幫助這家企業實現我們設定的願景。

We believe that we will be a company that has a lasting impact on the American household, that truly becomes a household name. And so much of that happens by inspiring millions of Americans to put their dollars into the type of America they want to create. And obviously, Don is a great spokesman for that cause.

我們相信，我們將成為一家對美國家庭產生持久影響的公司，真正成為家喻戶曉的品牌。而這一切的發生很大程度上是透過激勵數百萬美國人將他們的錢投入到他們想要創造的美國類型中來實現的。顯然，唐是這項事業的傑出代言人。

Thank you, Michael. Last question here. We're going to end on a bit of a different topic. Will you ever accept Bitcoin as a form of payment on your platform with the real-time conversion to US dollars?

謝謝你，麥可。這是最後一個問題。我們將以一個稍微不同的主題來結束我們的討論。你們會接受比特幣作為平台的支付方式，並即時兌換成美元？

I love this. This is awesome. I personally am a big fan of Bitcoin, as are many members of our team. So I'll say this, we believe nontraditional payment methods are going to take market share away from the payment rails over the course of the coming years. And we are positioning ourselves intentionally very well for that future.

我喜歡這個。這太棒了。我個人是比特幣的忠實粉絲，我們團隊的許多成員也是如此。所以我想說的是，我們相信非傳統支付方式將在未來幾年內搶佔支付管道的市場份額。我們正在為這樣的未來做好充分的準備。

And we're also rapidly exploring the utilization of stablecoins within our ecosystem, which we believe, by the way, is the most effective cryptocurrency strategy that will disrupt payment rails, and customer engagement within our network, and overall juice our Fintech product offerings. So, we are big fans of decentralized finance. We're big fans of the world of crypto, gaining more traction.

我們也正在快速探索在我們的生態系統中使用穩定幣，順便說一句，我們相信這是最有效的加密貨幣策略，它將顛覆支付軌道和我們網路內的客戶參與度，並全面增強我們的金融科技產品供應。所以，我們是去中心化金融的忠實粉絲。我們是加密世界的忠實粉絲，並且越來越受到關注。

And actually, we at Public Square believe that we can be a major force in the space to drive consumer adoption. I've always said that cryptocurrency will really be presented as not just an asset, but also a currency when you can get the mass audience of Americans integrating these alternative currencies into their purchasing decisions in a user-friendly manner.

事實上，我們 Public Square 相信我們可以成為推動消費者採用該領域的主要力量。我一直說，當你能夠以用戶友好的方式讓廣大美國民眾將這些替代貨幣融入他們的購買決策中時，加密貨幣將不僅僅是一種資產，而是一種貨幣。

And ultimately, I really personally believe that it starts with the moms. I think that if you can get the moms who are making over 70% of daily household purchasing decisions for the household to adopt these alternative forms of payments in a user-friendly manner, you will actually catapult the trajectory of cryptocurrency, obviously, including Bitcoin. So, we're excited about the space. We're pursuing it intentionally, but very strategically. For example, we know that eventually, we will hold Bitcoin on our balance sheet.

最後，我個人確實相信這一切都始於媽媽們。我認為，如果你能讓那些為家庭做出超過 70% 日常購買決定的媽媽們以用戶友好的方式採用這些替代支付方式，你實際上會推動加密貨幣（顯然包括比特幣）的發展軌跡。所以，我們對這個空間感到興奮。我們正在有意但非常有策略地追求這一目標。例如，我們知道最終我們會在資產負債表上持有比特幣。

So, for us, it's not a matter of if, it's a matter of when. It's a matter of strategic timing as we intentionally position the best usage of our cash going forward, as we are still in hypergrowth mode related to the different divisions within the company. Thanks for your question.

因此，對我們來說，這不是是否會發生的問題，而是何時發生的問題。這是一個策略時機的問題，因為我們有意在未來找到最佳的現金使用方式，因為我們公司內部不同部門仍處於高速成長模式。謝謝你的提問。

Thanks, Michael. That concludes our Say Tech questions. I'll hand it back over to you to finish up.

謝謝，麥可。這就是我們對 Say Tech 的問題。我會把它交還給你去完成。

Awesome. Well, everyone, thank you so much for joining us this afternoon, and we greatly appreciate the opportunity to speak with you about where we've been over the last quarter and ultimately, how we plan to accomplish our mission moving forward of building commerce for a better America. We look forward to speaking with you all again soon, and thank you for being on the journey with us.

驚人的。各位，非常感謝你們今天下午加入我們，我們非常感謝有機會與你們談論我們在過去一個季度所取得的成就，以及我們最終計劃如何完成我們的使命，即為更美好的美國建設商業。我們期待很快能再次與你們交談，並感謝你們與我們一起踏上旅程。

Thank you, everyone. That concludes today's call. Thank you all for joining. You may now disconnect. Have a nice day ahead.

謝謝大家。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝您有個愉快的一天。