Reliance Global Group Inc (RELI) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Reliance Global first-quarter 2023 financial results and business update conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Ted Davis, Investor Relations. Ted, you may begin.

您好，歡迎來到 Reliance Global 2023 年第一季度財務業績和業務更新電話會議。 （操作員說明）請注意正在錄製此會議。我現在將把會議轉交給你的主持人，投資者關係部的泰德戴維斯。泰德，你可以開始了。

Thanks, Paul. Good afternoon and thank you for joining Reliance Global Group's 2023 first-quarter financial results and business update conference call. On the call with us today are Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group; and Joel Markovits, Chief Financial Officer of Reliance.

謝謝，保羅。下午好，感謝您參加 Reliance Global Group 2023 年第一季度財務業績和業務更新電話會議。今天與我們通話的有 Reliance Global Group 董事長兼首席執行官 Ezra Beyman； Reliance 首席財務官 Joel Markovits。

Earlier today, the company announced its operating results for the three months ended March 31, 2023. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company will file its quarterly report on Form 10-Q with the US Securities and Exchange Commission today as well, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov.

今天早些時候，該公司公佈了截至 2023 年 3 月 31 日止三個月的經營業績。新聞稿發佈在公司網站 www.relianceglobalgroup.com 上。此外，該公司今天還將向美國證券交易委員會提交 10-Q 表季度報告，該報告也可在公司網站和 SEC 網站 www.sec.gov 上查閱。

If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020. Before Mr. Beyman reviews the company's operating results for the quarter ended March 31, 2023, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations, financial position, strategy and plans, and our expectations for future operations are forward-looking statements.

如果您在通話後有任何疑問或想了解有關公司的任何其他信息，請致電 (212) 671-1020 聯繫 Crescendo Communications。在 Beyman 先生回顧公司截至 2023 年 3 月 31 日的季度經營業績之前，我們想提醒大家，本次電話會議可能包含前瞻性陳述。本次電話會議中除歷史事實陳述外的所有陳述，包括關於我們未來經營業績、財務狀況、戰略和計劃的陳述，以及我們對未來經營的預期，均為前瞻性陳述。

The words anticipate, estimate, expect, project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design, and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs.

預計、估計、期望、項目、計劃、尋求、打算、相信、可能、可能、將、應該、可能、可能、繼續、設計等詞以及這些詞的否定和其他詞和類似表達的詞是有意的識別前瞻性陳述。這些前瞻性陳述主要基於公司當前對未來事件和趨勢的預期和預測，它認為這些事件和趨勢可能會影響其財務狀況、運營結果、戰略、短期和長期業務運營和目標以及財務需求.

These forward-looking statements are subject to several risks, uncertainties, and assumptions as described in the company's Form 10-K filed with the US Securities and Exchange Commission on March 30, 2023. Because of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

這些前瞻性陳述受公司於 2023 年 3 月 30 日提交給美國證券交易委員會的 10-K 表格中所述的若干風險、不確定性和假設的影響。由於這些風險、不確定性和假設，前瞻性- 本次電話會議中討論的看似事件和情況可能不會發生，實際結果可能與前瞻性陳述中預期或暗示的結果大不相同。

You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

您不應依賴前瞻性陳述作為對未來事件的預測。儘管公司認為前瞻性陳述中反映的預期是合理的，但它不能保證未來的結果、活動水平、績效或成就。此外，公司或任何人均不對任何這些前瞻性陳述的準確性和完整性承擔責任。

The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties.

公司不承擔任何更新這些前瞻性陳述的義務。這些警告性聲明以及本次電話會議中作出的其他聲明明確限定了所有屬於公司的前瞻性聲明。您應該評估公司在這些風險和不確定性的背景下所做的所有前瞻性陳述。

With that, I will now turn the call over to Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group. Ezra?

有了這個，我現在將電話轉交給 Reliance Global Group 董事長兼首席執行官 Ezra Beyman。以斯拉？

Thank you, Ted. And good afternoon, and thanks to everyone for joining us today. We are pleased to announce that our revenue grew 29% for the first quarter of 2023 compared to the same period in 2022, demonstrating the ongoing expansion and strong performance of our subsidiary operations. RELI Exchange continues to outperform our forecast with over 250 partner agencies presently on our platform. We attribute this success to the extensive range of business tools provided to independent insurance agents, enabling them to effectively compete with and even surpass the larger national agencies.

謝謝你，特德。下午好，感謝大家今天加入我們。我們很高興地宣布，與 2022 年同期相比，我們 2023 年第一季度的收入增長了 29%，這表明我們子公司業務的持續擴張和強勁表現。 RELI Exchange 的表現繼續超出我們的預期，目前我們的平台上有超過 250 家合作機構。我們將這一成功歸功於為獨立保險代理人提供的廣泛的業務工具，使他們能夠有效地與更大的國家代理機構競爭，甚至超越它們。

During the initial stages of rolling out RELI Exchange, our strategy was centered on recruiting newer, less experienced agency partners to the platform. However, with the platform's evolution and growth, we have shifted our focus to cater to more seasoned agents who possess robust client bases as we continue building out and growing the platform.

在推出 RELI Exchange 的初始階段，我們的戰略重點是為該平台招募更新、經驗較少的代理合作夥伴。然而，隨著平台的發展和發展，隨著我們繼續構建和發展平台，我們已經將重點轉移到迎合擁有強大客戶群的經驗豐富的代理商。

Traditionally most insurance agents were bound to a single carrier, and due to the limited product offerings that particular carrier presented, they achieved a close rate of only 10% to 20%. On the RELI Exchange platform, we believe they can reach a close rate in excess of 80% due to their ability to offer a wider variety of competitive third-party quotes.

傳統上，大多數保險代理人都與一家承運人綁定，由於特定承運人提供的產品有限，他們的收盤率僅為 10% 至 20%。在 RELI Exchange 平台上，我們相信他們可以達到 80% 以上的收盤率，因為他們能夠提供更廣泛的有競爭力的第三方報價。

We continually seek to introduce new products that our agency partners can present to their clients. In February 2023, we integrated a real-time life insurance quotation tool into both our RELI Exchange and 5minuteinsure.com platforms. This tool showcases life insurance quotes from over 15 life insurance companies and expand on the company's successful home and auto insurance offerings.

我們不斷尋求推出我們的代理合作夥伴可以向其客戶展示的新產品。 2023 年 2 月，我們將實時人壽保險報價工具集成到我們的 RELI Exchange 和 5minuteinsure.com 平台中。該工具展示了超過 15 家人壽保險公司的人壽保險報價，並擴展了該公司成功的家庭和汽車保險產品。

The life insurance capabilities provide our RELI Exchange agency partners with the necessary technology to properly compare life insurance policies and rates in less than one minute. This improvement will enhance client communication and speed up policy binding while adding a valuable new resource to their agency toolbox. The inclusion of the quotation tool on both the B2B and B2C platforms bolster the value proposition for each platform.

人壽保險功能為我們的 RELI Exchange 代理合作夥伴提供了必要的技術，可以在不到一分鐘的時間內正確比較人壽保險單和費率。這一改進將加強客戶溝通並加快政策綁定，同時為他們的代理工具箱添加有價值的新資源。在 B2B 和 B2C 平台上包含報價工具可增強每個平台的價值主張。

Additionally, it offers consumers complete transparency regarding the options available to them and the expected pricing. We remain dedicated to our mission of assisting clients in obtaining the appropriate insurance coverage to safeguard what matters most while guaranteeing they receive the best value for their investments. The RELI Exchange platform experienced a significant upgrade in February as it implemented a state-of-the-art artificial intelligence engine that autonomously populates 90% of a customer's application, increasing efficiency for agents.

此外，它還為消費者提供了有關可用選項和預期定價的完全透明信息。我們始終致力於我們的使命，即協助客戶獲得適當的保險範圍，以保障最重要的事情，同時保證他們的投資獲得最大價值。 RELI Exchange 平台在 2 月份經歷了一次重大升級，因為它實施了最先進的人工智能引擎，該引擎可以自動填充 90% 的客戶應用程序，從而提高了代理商的效率。

Concurrently, a new tailor-made CRM system was rolled out guiding agents through every step of customer engagement, sales, and closing by providing timely, smart coaching. While these AI-based improvements are significant, they are not intended to replace agents' experience experiences. Instead, they enhance them, empowering agents to assess a greater number of quotes more quickly and provide a superior customer experience.

同時，推出了一個新的量身定制的 CRM 系統，通過提供及時、智能的指導，指導代理完成客戶參與、銷售和關閉的每個步驟。雖然這些基於 AI 的改進意義重大，但它們無意取代座席的體驗體驗。相反，它們會增強它們，使代理能夠更快地評估更多報價並提供卓越的客戶體驗。

These upgrades have further reinforced our position as a leading force in the InsurTech arena, where our commitment to cutting-edge, AI-based technologies has always distinguished us. This latest integration amplifies our stature as an InsurTech innovator. In March, we launched RELI University and as an innovative training platform designed for our RELI Exchange agency partners, the new educational platform is unique in the independent insurance industry.

這些升級進一步鞏固了我們在保險科技領域的領先地位，我們對基於人工智能的尖端技術的承諾一直讓我們脫穎而出。這一最新整合提升了我們作為保險科技創新者的地位。 3月，我們推出了RELI University，作為為我們的RELI Exchange代理合作夥伴設計的創新培訓平台，這個新的教育平台在獨立保險行業是獨一無二的。

This comprehensive learning resource equips both novice and seasoned agents with an in-depth technology -- I'm sorry, in-depth knowledge and the entire suite of products, services, and tools available via RELI Exchange, keeps them informed regarding the latest carrier and industry and development and empowers them to grow their business.

這種全面的學習資源為新手和經驗豐富的代理人提供了深入的技術——對不起，深入的知識以及通過 RELI Exchange 提供的整套產品、服務和工具，讓他們了解最新的運營商以及工業和發展，並賦予他們發展業務的能力。

RELI University offers an extensive array of resources to optimize the success of our agency partners, catering to both experienced insurance agents and those new to the field, RELI University is specifically designed to boost the productivity of each agency partner. Additionally, agents are encouraged to share feedback on improving productivity for their fellow agents, fostering a genuinely cooperative atmosphere.

RELI 大學提供廣泛的資源來優化我們的代理合作夥伴的成功，同時迎合經驗豐富的保險代理人和該領域的新手，RELI 大學專門設計用於提高每個代理合作夥伴的生產力。此外，我們鼓勵座席分享有關提高其他座席生產力的反饋，營造真正合作的氛圍。

This collaborative spirit is a cornerstone of what we call the RELI Exchange Agency Partner community. It is extremely satisfying to watch agency partners help each other so that they can all write more business, growing to more than 250 RELI Exchange agency partners in such a short span of time is something that we are very proud of at Reliance Global.

這種協作精神是我們稱之為 RELI Exchange Agency Partner 社區的基石。看到代理合作夥伴互相幫助，以便他們都可以寫更多的業務，在如此短的時間內發展到 250 多個 RELI Exchange 代理合作夥伴是非常令人滿意的，這是我們在 Reliance Global 感到非常自豪的事情。

Before I turn the call over to Joel to discuss our financial results for the 2023 first quarter, I would like to highlight that in February, I converted $645,000 of a $1.8 million company loan that I beneficially held into shares of Reliance Global at a price that was significantly above the closing market price at that time.

在我將電話轉給 Joel 討論我們 2023 年第一季度的財務業績之前，我想強調的是，在 2 月份，我將我實益持有的 180 萬美元公司貸款中的 645,000 美元轉換為 Reliance Global 的股票，價格為明顯高於當時的收市價。

The original loan was provided at extremely favorable terms to the company in order to accelerate the growth of RELI Exchange while protecting the interests of all shareholders by converting a portion of the note at a price significantly above the then-market market price. I further redemonstrated my complete alignment with shareholders and utmost confidence in the bright future ahead for our business.

原始貸款以極其優惠的條件提供給公司，以加速 RELI 交易所的發展，同時通過以遠高於當時市場價格的價格轉換部分票據來保護所有股東的利益。我進一步再次證明了我與股東的完全一致，並對我們業務的光明未來充滿信心。

In conclusion, as previously stated, RELI Exchange has seen tremendous growth in agency partners since its extent inception in July of 2022, attributable to our team's outstanding dedication and steadfast commitment. Our business model is both unique and highly scalable placing us at the forefront of the industry. We are proud of our strong first-quarter results which demonstrate the success of management's efforts to streamline operations and reduce costs, while at the same time growing revenues.

總之，如前所述，RELI Exchange 自 2022 年 7 月成立以來，代理合作夥伴數量大幅增長，這歸功於我們團隊的卓越奉獻和堅定承諾。我們的商業模式既獨特又高度可擴展，使我們處於行業的前沿。我們為我們強勁的第一季度業績感到自豪，這表明管理層在精簡運營和降低成本方面取得的成功，同時增加了收入。

It is important to note that our operating agencies on a stand-alone basis are performing well and operating profitably with healthy margins. We look forward to continuing to think continuing this trajectory, which we believe will position the company to become cash flow positive by later in the year.

值得注意的是，我們的獨立運營機構表現良好，盈利良好，利潤豐厚。我們期待繼續考慮延續這一軌跡，我們相信這將使公司在今年晚些時候實現正現金流。

I would like now to turn the call over to Joel Markovits, Chief Financial Officer at Reliance Global, who will review the financial results for the quarter ended March 31, 2023. Joel?

我現在想把電話轉給 Reliance Global 的首席財務官 Joel Markovits，他將審查截至 2023 年 3 月 31 日的季度的財務業績。喬爾？

Thank you very much, Ezra, and good afternoon, all. Great to be here today. We're excited to present financial results for the company's first quarter in 2023. Note that figures presented are approximate. The company's revenue for the three months ended March 31, 2023 was $3.9 million. This represents a 29% increase from $3.1 million for the same period in the prior year. Increase is primarily driven by organic growth and second quarter 2022 acquisition for RELI Exchange.

非常感謝，Ezra，大家下午好。很高興今天來到這裡。我們很高興公佈公司 2023 年第一季度的財務業績。請注意，提供的數字是近似值。該公司截至 2023 年 3 月 31 日止三個月的收入為 390 萬美元。這比去年同期的 310 萬美元增長了 29%。增長主要是由有機增長和 2022 年第二季度 RELI Exchange 的收購推動的。

For expenses, commission expense was $1.1 million for the three months ended March 31, 2023, compared to $786,000 for the 2022 comparable period. Salaries and wages totaled $1.7 million for the Q1 '23 period versus $1.6 million in Q1 2022. G&A or general and administrative expense totaled $1.4 million for this quarter, down from $2.3 million for the 2022 comparable period.

在費用方面，截至 2023 年 3 月 31 日止三個月的佣金費用為 110 萬美元，而 2022 年同期為 786,000 美元。 23 年第一季度的薪水和工資總額為 170 萬美元，而 2022 年第一季度為 160 萬美元。本季度的 G&A 或一般和行政費用總計 140 萬美元，低於 2022 年同期的 230 萬美元。

Marketing and advertising totaled $137,000 in Q1 of 2023 versus $90,000 in Q1 of 2022. Depreciation and amortization was $542,000 for the three months ended March 31, 2023, versus $468,000 for the same period in the prior year.

2023 年第一季度營銷和廣告總計 137,000 美元，而 2022 年第一季度為 90,000 美元。截至 2023 年 3 月 31 日的三個月的折舊和攤銷費用為 542,000 美元，而去年同期為 468,000 美元。

With regards to other income and other expense, we reported $3.9 million of other income for the three months ended March 31, 2023, compared to approximately $11.7 million for the same period in the prior year. Flux is attributable primarily to the change in the fair value of warrant liabilities, offset by interest expense. Net income or loss for the first quarter of 2023 was a net loss of $1.8 million compared to net income of $9.3 million for the three months ended March 31, 2022.

關於其他收入和其他費用，我們報告截至 2023 年 3 月 31 日止三個月的其他收入為 390 萬美元，而去年同期約為 1170 萬美元。通量主要歸因於認股權證負債的公允價值變化，被利息費用抵消。 2023 年第一季度的淨收入或虧損為淨虧損 180 萬美元，而截至 2022 年 3 月 31 日止三個月的淨收入為 930 萬美元。

Before we open the call for questions, I'll just briefly highlight our March 2023 capital raise. The company closed on a securities purchase agreement with a single institutional investor through a private placement, selling a mix of shares and warrants and achieving respectively gross and net proceeds of $4 million and $3.4 million, with funds favorable to the company. Proceeds provide additional liquidity and strengthen the company's balance sheet.

在我們開始提問之前，我將簡要強調一下我們 2023 年 3 月的融資情況。公司通過私募與單一機構投資者達成證券購買協議，出售股票和認股權證，分別獲得 400 萬美元和 340 萬美元的總收益和 340 萬美元的淨收益，資金對公司有利。收益提供了額外的流動性並加強了公司的資產負債表。

With that, we conclude our prepared remarks. Happy to answer any questions or comments participants may have. Operator, kindly open the lines for conversation.

我們就此結束準備好的發言。很高興回答參與者可能提出的任何問題或意見。接線員，請打開通話線路。

(Operator Instructions) Edward Reilly, EF Hutton.

（操作員說明）Edward Reilly，EF Hutton。

Hey, guys. It's nice to hear that you'll be cash flow positive later in the year. Just wondering what needs to happen within the business for you to be cash flow positive by the end of the year, specifically relating to RELI Exchange and the number of partners you expect to have.

大家好。很高興聽到您將在今年晚些時候獲得正現金流。只是想知道企業內部需要發生什麼才能讓您在年底前實現正現金流，特別是與 RELI Exchange 和您期望擁有的合作夥伴數量有關。

Yes, I can go first, Ed, and thank you for the call -- for the question. So I think it's a mix of cost-cutting measures and efficiency that we're implementing as well as growing revenue. As we see with the strong results here in Q1 and we plan to continue that in the future. And the other thing in the works that we may not be privy to discuss right now, but we do plan to grow the company in this fiscal year. Regarding RELI Exchange, I could maybe have Ezra speak a little bit about that.

是的，我可以先走了，Ed，謝謝你的電話——提出這個問題。因此，我認為這是我們正在實施的削減成本措施和效率以及增加收入的結合。正如我們在第一季度看到的強勁結果，我們計劃在未來繼續這樣做。還有另一件我們現在可能不便討論的事情，但我們確實計劃在本財年發展公司。關於 RELI Exchange，我也許可以讓 Ezra 談一談。

Yeah, I think that that's important. As we mentioned earlier in my remarks, we now have a focus on zeroing in on primarily experienced agents. Those agents, as opposed to rookies, bring revenue almost immediately. And it really doesn't -- because our scalability and the platform has been set up and it's ready to go, we really do not have much increase in expenses when we increased the revenue come in, except for the commissions we pay out.

是的，我認為這很重要。正如我們在前面的發言中提到的，我們現在的重點是專注於主要有經驗的代理人。與菜鳥不同，這些代理人幾乎可以立即帶來收入。事實並非如此——因為我們的可擴展性和平台已經建立並且準備就緒，當我們增加收入時，除了我們支付的佣金外，我們的支出確實沒有增加太多。

But everything else, the basis is set whether we have 250 agents or 1,000, it would not be that much difference actually in expenses. So as we ramp up and the team and the recruiters are being added and everything else, we've had extensive talks and with the corporate team, and we're all geared up. And it doesn't really -- not take that much to put across the line with adding in way before we get to 1,000 agents, we should be able to cross the line nicely.

但除此之外，我們有 250 個代理人或 1,000 個代理人的基礎是確定的，實際上在費用上不會有太大差異。因此，隨著我們的發展，團隊和招聘人員的增加以及其他一切，我們與公司團隊進行了廣泛的會談，我們都做好了準備。在我們達到 1,000 名代理人之前，通過添加方式並沒有花那麼多時間，我們應該能夠很好地越過這條線。

Okay, great. And just for modeling purposes, based on shifting the strategy towards more experienced partners, should I maybe expect revenue per agent to increase sequentially throughout the year?

好的，太好了。僅出於建模目的，基於將戰略轉向更有經驗的合作夥伴，我是否應該期望每位代理人的收入在全年依次增加？

Definitely, definitely. That's the whole point, I mean, should be substantial. Remember these agents, when they're coming, some of them have 5 years, 10 years, 20 years of business. Some they can some, some not. But definitely, we're talking about a very significant increase in revenue when you're talking about experienced agents.

絕對，絕對。這就是重點，我的意思是，應該是實質性的。記住這些代理人，當他們來的時候，他們中的一些人有 5 年、10 年、20 年的業務。有些他們可以，有些則不能。但可以肯定的是，當你談論有經驗的代理商時，我們談論的是收入的顯著增長。

Yeah. Got you. And then I was wondering if you could maybe talk about the cost-cutting measures and how that might affect the partner acquisition within RELI Exchange.

是的。明白了然後我想知道你是否可以談談削減成本的措施，以及這對 RELI Exchange 內的合作夥伴收購有何影響。

Yeah. So we don't expect it to impact RELI Exchange upon acquisitions. I think there's very minimal costs. And much of that cost was already invested, I believe today. So I don't think that that will impact our overall cost-cutting measures that we have planned for the year.

是的。因此，我們預計它不會在收購時影響 RELI Exchange。我認為成本非常低。我相信今天已經投入了大部分成本。所以我認為這不會影響我們今年計劃的整體成本削減措施。

But as far as the -- and we're looking at how we've been sharing certain expenses between different agencies and streamlining and really zeroing in, I will say that Grant, who was a part of our executive team and he comes with a lot of experience and that's part of his role also because Michael Dobek is mainly running RELI Exchange now and Grant has been very instrumental.

但就 - 我們正在研究我們如何在不同機構之間分攤某些費用以及精簡和真正集中精力，我會說格蘭特，他是我們執行團隊的一員，他帶來了很多經驗，這也是他職責的一部分，因為 Michael Dobek 現在主要負責 RELI Exchange，而 Grant 發揮了很大作用。

So we've already seen some colors as you could see of the efficiencies are and there we have other things in mind which are very substantial. So that combined with some adding of somewhat more agents, that's been tremendous, and adding and talking about the other thing that as Joel said, we couldn't speak about yet, we are looking forward to really crossing the line, God willing, very strongly.

因此，我們已經看到了一些顏色，正如您所看到的那樣，效率很高，而且我們還考慮了其他非常重要的事情。因此，結合添加更多代理人，這是巨大的，並且添加和談論另一件事，正如喬爾所說，我們還不能談論，我們期待真正越過界限，上帝保佑，非常強烈。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

You're very welcome.

不客氣。

(Operator Instructions) Elon Friedman, VKC Funds.

（操作員說明）Elon Friedman，VKC 基金。

Thank you. How does the business tools o RELI Exchange help the agents compete with and even outperform larger national agencies?

謝謝。 RELI Exchange 的商業工具如何幫助代理商與更大的國家機構競爭甚至超越它們？

I'm sorry, it wasn't clear. But last part of your question more time?

對不起，不清楚。但是你的問題的最後一部分還有更多時間嗎？

How do the business tools on RELI Exchange help the agents compete with and even outperform larger national agencies?

RELI Exchange 上的商業工具如何幫助代理商與更大的國家機構競爭甚至超越它們？

Okay. I actually have Moshe Fishman here. He was very involved in RELI Exchange on a daily basis. He's going to be answering you.

好的。實際上我這裡有 Moshe Fishman。他每天都非常參與 RELI Exchange。他會回答你的。

Thank you. Thank you for that question. That's a very common question to ask. The national agencies, when we're dealing with a captive carrier, which is only selling one product, it's really catering to a different client than the independent agents that we are. We're coming to the table with tens of options for one client. So it's not much of a competition in that regard. People are not married to a particular carrier. They're looking for value that the agent is providing at a competitive price.

謝謝。謝謝你提出這個問題。這是一個很常見的問題。國家機構，當我們與一家只銷售一種產品的專屬承運人打交道時，它實際上是在迎合不同的客戶，而不是我們這樣的獨立代理人。我們為一位客戶準備了數十種選擇。所以在這方面這不是什麼競爭。人們沒有與特定的載體結婚。他們正在尋找代理商以有競爭力的價格提供的價值。

And I've always said that no one really gets emotionally attached to their insurance policy if they're giving basically the same coverage. And we're competitive. And in some cases, we've seen extreme competitiveness saving people 60% in some cases. It doesn't take much to make the sale. But when they can only sell like -- from whatever it is that depicts your carrier, they're much more limited. So we've seen good success with that.

而且我一直說，如果他們提供基本相同的承保範圍，沒有人會真正對他們的保險單產生情感依戀。而且我們很有競爭力。在某些情況下，我們看到極端的競爭力在某些情況下可以節省 60% 的人。進行銷售並不需要太多。但是當他們只能像你的運營商描述的那樣銷售時，他們就會受到更多的限制。所以我們已經看到了很好的成功。

Got it. Thank you. And one last question. Can you elaborate on your decision to convert $645,000 of the $1.8 million company loan to shares of Reliance Global?

知道了。謝謝。最後一個問題。您能否詳細說明您決定將 180 萬美元的公司貸款中的 645,000 美元轉換為 Reliance Global 的股票？

I guess you could say it's pretty straightforward that I have confidence in the company. Anyone who knows my private world before becoming public, we've done a lot of big successful things. And I have confidence in the company. And I mean that's besides the $5 million that I invested into the company, by the way.

我猜你會說我對公司有信心，這很簡單。任何在公開之前了解我的私人世界的人，我們都做過很多成功的事情。我對公司有信心。順便說一句，我的意思是這還不包括我向公司投資的 500 萬美元。

So I show a lot of confidence. I don't think we can count just a typical Nasdaq company that comes to the street and milks the street. We didn't do that. I've been putting my money where my mouth is. I don't take a big salary. None of my executives do. We're all very committed to the growth. And I think, I guess the very simple cliché and it's true here, I put my money where my mouth is that.

所以我表現出很大的信心。我不認為我們可以指望一家典型的納斯達克公司走上街頭並從街頭榨取利潤。我們沒有那樣做。我一直把錢放在嘴邊。我不拿高薪。我的高管們都沒有。我們都非常致力於增長。而且我想，我猜這是非常簡單的陳詞濫調，這是真的，我把錢花在了嘴邊。

Thank you.

謝謝。

Thank you. There were no other questions in the queue at this time. I would like to hand the call back to the management team for closing remarks.

謝謝。此時隊列中沒有其他問題。我想將電話轉回給管理團隊以作結束語。

Thank you very much. On behalf of Ezra and the entire Reliance team, we appreciate you joining us for this business update and first-quarter 2023 financial results conference call. We have much enthusiasm for the company's future and growth potential. We look forward to staying in touch and keeping you informed as new developments unfold. Thank you and have a great rest of the day.

非常感謝。我們代表 Ezra 和整個 Reliance 團隊，感謝您加入我們的業務更新和 2023 年第一季度財務業績電話會議。我們對公司的未來和增長潛力充滿熱情。我們期待與您保持聯繫，讓您隨時了解新的發展情況。謝謝你，祝你今天休息愉快。

Thank you. This does conclude today's conference. You may disconnect your lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路並度過美好的一天。感謝您的參與。