Surgepays Inc (SURG) 2021 Q4 法說會逐字稿

Greetings. Welcome to the SurgePays, Inc. 2021 Year-End Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Brian Prenoveau, Investor Relations. Thank you. You may begin.

問候。歡迎參加 SurgePays, Inc. 2021 年年終財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將會議轉交給主持人投資人關係部門的布萊恩‧普雷諾沃 (Brian Prenoveau)。謝謝。你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays 2021 Earnings Webcast and Conference Call. Today's date is March 24, 2022. And on the call today from SurgePays are Brian Cox, President and Chief Executive Officer; and Tony Evers, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 SurgePays 2021 年收益網路廣播和電話會議。今天的日期是 2022 年 3 月 24 日。SurgePays 今天的電話會議由總裁兼執行長 Brian Cox 主持；和財務長托尼·埃弗斯。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a discussion of such risks and uncertainties, please see SurgePays' most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect the events that occur after this call.

在我們開始之前，我想提醒大家，本次電話會議可能包含根據1995 年《私人證券訴訟改革法案》定義的前瞻性陳述。這些陳述受到某些風險和不確定性的影響，可能導致實際結果與實際結果有所不同。實質上來自於前瞻性陳述中所表達的內容。有關此類風險和不確定性的討論，請參閱 SurgePays 最近向 SEC 提交的文件。今天發表的所有前瞻性聲明僅反映我們目前的預期，我們沒有義務更新任何聲明以反映本次電話會議後發生的事件。

Also, during the course of today's call, the company will be discussing one or more non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the press release we issued this afternoon. Copies of today's press release are accessible on SurgePays' Investor Relations website, ir.surgepays.com. In addition, SurgePays' Form 10-K for the year ended December 31, 2021, will also be available on the SurgePays Investor Relations website.

此外，在今天的電話會議期間，該公司將討論一項或多項非公認會計準則財務措施。我們今天下午發布的新聞稿中包含了這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表。今天新聞稿的副本可在 SurgePays 的投資者關係網站 ir.surgepays.com 上取得。此外，SurgePays 截至 2021 年 12 月 31 日的年度 10-K 表格也將在 SurgePays 投資者關係網站上提供。

And now I'd like to turn the call over to President and Chief Executive Officer, Brian Cox.

現在我想將電話轉給總裁兼執行長布萊恩考克斯。

Thanks, Brian, and good afternoon, everyone. During today's call, I'll provide an overview of SurgePays' performance in 2021. I'll discuss our future and 2022 expectations. Tony Evers, our CFO, will review the annual financial results in more detail, and then we'll open up the call for questions later.

謝謝布萊恩，大家下午好。在今天的電話會議中，我將概述 SurgePays 2021 年的業績。我將討論我們的未來和 2022 年的期望。我們的財務長托尼·埃弗斯（Tony Evers）將更詳細地審查年度財務業績，然後我們將在稍後開放提問。

2021 was a transformative year of results and accomplishments for the SurgePays team. Our key objectives, including access to capital, liquidity and long-term shareholder value hinged on achieving a listing on the NASDAQ Exchange. This was without question the most important accomplishment since starting this public company journey almost 4 years ago.

2021 年對 SurgePays 團隊來說是成果和成就變革的一年。我們的主要目標，包括獲得資本、流動性和長期股東價值，取決於在納斯達克交易所上市。毫無疑問，這是自近四年前開始上市公司之旅以來最重要的成就。

It was a bumpy road. We got thrown a few curveballs with COVID and some other things along the way, but our team persevered. And in November 2021, we completed a capital raise that netted the company approximately $20 million, and we completed our listing on the NASDAQ Exchange.

這是一條崎嶇不平的路。一路上我們遇到了新冠肺炎和其他一些問題，但我們的團隊堅持了下來。 2021 年 11 月，我們完成了融資，為該公司淨賺了約 2000 萬美元，並完成了在納斯達克交易所的上市。

There were several other notable achievements and moves made during 2021 that I'd like to highlight. We made the strategic decision to focus on driving profitability with existing customers and eliminating unprofitable customers. Our executive team set out to focus inward to explore margin expansion and pursue strategies to be more financially efficient while building the foundation for rapid sales increases.

我想強調一下 2021 年期間取得的其他幾項值得注意的成就和舉措。我們所做的策略決策是專注於提高現有客戶的獲利能力並消除無利可圖的客戶。我們的執行團隊開始將重點放在內部，探索利潤擴張並尋求提高財務效率的策略，同時為銷售額的快速成長奠定基礎。

While our top line sales for 2021 did not increase, we reduced our monthly burn and cut our yearly operating loss by almost 50% compared to our 2020 numbers while still achieving similar top line sales numbers. These numbers improved month-over-month and trended towards operational positive cash flow. Perhaps the most transformative part of 2021 was our push to provide mobile broadband to underserved communities through the Affordable Connectivity Program, or ACP.

雖然我們 2021 年的營收沒有成長，但與 2020 年的數字相比，我們減少了每月的燒錢，並將年度營運虧損減少了近 50%，同時仍實現了類似的營收數字。這些數字逐月改善，並趨向於營運正現金流。也許 2021 年最具變革性的部分是我們透過平價連接計劃 (ACP) 推動向服務不足的社區提供行動寬頻。

Originally called the Emergency Broadband Benefit, or EBB, this program allowed eligible -- or allows eligible households to receive a discount on their monthly broadband bill of up to $30. The infrastructure bill late in 2021 transitioned this program from the emergency benefit to a permanent connectivity program benefit. We launched our SurgePhone mobile broadband subsidiary in August of 2021 to take advantage of this opportunity. We couldn't be more proud of the growth in this program and the customers we are helping.

該計劃最初稱為緊急寬頻福利 (EBB)，允許符合資格的家庭獲得每月高達 30 美元的寬頻帳單折扣。 2021 年底的基礎設施法案將該計劃從緊急福利轉變為永久連通計劃福利。為了利用這個機會，我們在 2021 年 8 月推出了 SurgePhone 行動寬頻子公司。我們對此計劃的發展以及我們正在幫助的客戶感到非常自豪。

Making home Internet more affordable makes getting homework done, applying for jobs and receiving higher quality health care easier and more accessible to low-income households. We started with 0 customers in August and ended 2021 with over 30,000 mobile broadband subscribers. We surpassed 65,000 mobile broadband subscribers in early March, and the growth continues at this trajectory. We are currently licensed to offer this program in 14 states, encompassing approximately 25 million qualified households. We announced an initial target of 200,000 subscribers by the end of this year. But given the daily subscriber growth of our sales team, we believe this will easily surpass that number. Throughout March, we were consistently signing up over 1,000 subscribers per day.

讓家庭網路變得更經濟實惠，可以讓低收入家庭更輕鬆、更容易完成家庭作業、申請工作和獲得更高品質的醫療保健。我們從 8 月開始只有 0 個客戶，到 2021 年結束時擁有超過 30,000 名行動寬頻用戶。 3 月初，我們的行動寬頻用戶數量超過 65,000 名，並且繼續保持這一成長趨勢。目前，我們已獲得在 14 個州提供此計劃的許可，涵蓋約 2500 萬合格家庭。我們宣布了今年底訂閱者數量達到 20 萬的初步目標。但考慮到我們銷售團隊每日訂閱用戶的成長，我們相信這個數字將輕鬆超過這個數字。在整個 3 月份，我們每天的註冊訂戶數量持續超過 1,000 名。

Not only is this providing access to essential technology for underserved communities, it will drive significant revenue growth and margin expansion for the company. Each subscriber provides $30 on monthly recurring revenue month after month. This includes the cost of equipment and commissions paid to salespeople. Factoring that in, our growth margin is approximately 40% per subscriber , remembering that we do get a reimbursement on the tablet device that we provide to the customer on the onset of enrolling them in the program and signing them up as a consumer and a customer.

這不僅為服務不足的社區提供了獲得基本技術的機會，還將推動公司收入的顯著成長和利潤率的擴大。每個訂戶每月提供 30 美元的經常性收入。這包括設備成本和支付給銷售人員的佣金。考慮到這一點，我們的增長率約為每位訂戶 40%，請記住，在客戶註冊計劃並註冊為消費者和客戶時，我們確實獲得了向客戶提供的平板電腦設備的補償。 。

This new business has become integral to our overall strategy, and it's even more exciting because it's a perfect complement to our existing business of providing financial services to underbanked and underserved communities. Our suite of financial and prepaid products essentially converts corner stores and bodegas into tech hubs for underbanked neighborhoods.

這項新業務已成為我們整體策略的組成部分，更令人興奮的是，它是對我們向銀行服務不足和服務不足的社區提供金融服務的現有業務的完美補充。我們的金融和預付費產品套件本質上將街角商店和雜貨店轉變為銀行服務不足的社區的技術中心。

In February of this year, we launched our Bitcoin sales platform. This program enables local convenience and neighborhood stores to sell Bitcoin to customers for amounts between $50 and $1,499, keeping in mind this is without a bank account or credit card. We also do not use ATMs. We rely on the store clerk and the trust that they've built over the years serving their local communities.

今年二月，我們推出了比特幣銷售平台。該計劃使當地便利商店和社區商店能夠以 50 至 1,499 美元的價格向顧客出售比特幣，請記住，這是沒有銀行帳戶或信用卡的情況。我們也不使用自動櫃員機。我們依賴店員以及他們多年來為當地社區服務所建立的信任。

Customers simply download one of the many digital wallets available on their phone or tablet, and the clerk becomes their virtual financial teller facilitating this Bitcoin purchase at the register using our web interface app while checking out at the registry. To be clear, this isn't for investing in Bitcoin. I wanted our company to be at the tip of the spear grassroots level for adopting Bitcoin or digital currencies for actually use, enhancing the lives of underbanked and underserved folks in our country.

客戶只需在手機或平板電腦上下載眾多數位錢包之一，店員就成為他們的虛擬財務出納員，在收銀台結帳時使用我們的網絡介面應用程式在收銀台購買比特幣。需要明確的是，這不是為了投資比特幣。我希望我們的公司在採用比特幣或數位貨幣進行實際使用方面處於基層的前沿，改善我們國家銀行服務不足和服務不足的人們的生活。

Corner stores, bodegas and local convenience stores are profit partners that provide prepaid debit card, wireless card minutes and cash to digital currency conversions as well as capture data and build a loyal consumer base using our ever-growing network of fintech-providing software. These communities historically have been overlooked by larger corporations, and we saw an opportunity in this largely untapped market.

街角商店、雜貨店和當地便利商店是利潤合作夥伴，提供預付借記卡、無線卡分鐘和現金到數位貨幣的兌換，並使用我們不斷增長的金融科技提供軟體網路捕獲數據並建立忠實的消費者基礎。這些社群歷來被大公司忽視，我們在這個很大程度上尚未開發的市場中看到了機會。

Most people don't realize there are approximately 100 million Americans that are either unbanked or underbanked. It's almost 1/3 of the country. That means they don't have access to checking and saving accounts or credit cards. Everyday transactions that most of us take for granted, especially assuming most of you listening in my voice are in the investment class, these are not available. The luxuries that we are used to and take for granted are not available in the underserved communities. Their local bodega or convenience store or community store market becomes their trusted partner for obtaining and reloading their debit cards, adding minutes or paying their prepaid wireless bills and sending money overseas to family.

大多數人沒有意識到大約有 1 億美國人沒有銀行帳戶或銀行服務不足。幾乎佔了全國的1/3。這意味著他們無權使用支票和儲蓄帳戶或信用卡。我們大多數人認為理所當然的日常交易，特別是假設你們中的大多數人都屬於投資類別，但這些是不可用的。我們習慣並認為理所當然的奢侈品在服務不足的社區是無法獲得的。他們當地的雜貨店、便利商店或社區商店市場成為他們值得信賴的合作夥伴，用於獲取和重新加載借記卡、增加通話時間或支付預付費無線賬單以及向海外匯款給家人。

With the addition of SurgePhone Wireless in some of these same communities, we believe our infrastructure positions us at the grassroots level. It allows us to serve the underbanked market better than any company in the sector. We're looking to corner the underbanked market, both in the customer's home through the direct-to-customer model where we are allowing these customers to connect to the Internet, we're enabling this, and also through the communities markets where they shop. We have a B2C and a B2B product that brings us in both sides encompassing this market.

隨著 SurgePhone Wireless 在其中一些社區的加入，我們相信我們的基礎設施使我們處於基層。它使我們能夠比該行業的任何公司更好地服務銀行服務不足的市場。我們希望壟斷銀行服務不足的市場，無論是透過直接面向客戶的模式在客戶家裡，我們允許這些客戶連接到互聯網，我們正在實現這一點，也透過他們購物的社區市場。我們有 B2C 和 B2B 產品，讓我們能夠涉足這個市場。

Our ability to grow our mobile broadband subscriber customer base and increased store count has significantly increased across the board. With the company's strategic position solidified, the balance sheet improved and the product offering growing, we anticipate revenue growth significantly growing in 2022. By the end of 2022, we expect to be at a sales run rate of $130 million per year with a higher-margin sales. We anticipate revenue growth will be evident in the first quarter of 2022 and will accelerate through the year.

我們擴大行動寬頻用戶客戶群和增加商店數量的能力全面顯著增強。隨著公司策略地位的鞏固、資產負債表的改善和產品供應的增加，我們預計 2022 年收入將顯著成長。到 2022 年底，我們預計年銷售額將達到 1.3 億美元，成長率將更高。利潤銷售。我們預計營收成長將在 2022 年第一季明顯，並將在全年加速。

Moving forward, we will be talking about adjusted EBITDA as a way to measure the operational progress of the business, and Tony will provide some more details on that in just a minute. We anticipate that revenue growth starting in the first quarter of 2022 will translate to positive adjusted EBITDA in the second quarter of 2022. For the full year, we anticipate generating greater than $15 million in adjusted EBITDA.

展望未來，我們將討論調整後的 EBITDA，作為衡量業務營運進度的一種方式，托尼將在一分鐘內提供更多相關細節。我們預計，從 2022 年第一季開始的營收成長將在 2022 年第二季轉化為正的調整後 EBITDA。我們預計全年調整後 EBITDA 將超過 1500 萬美元。

Keep in mind that a new subscriber base produces a loss of $20 for the first 2 months. This is on our mobile broadband once we're paying commissions and we're covering tablets and the initial cost, the cost per acquisition. After that initial period, a new subscriber drives high-margin recurring revenue every month. We intend to continue growing and focusing on the long-term opportunities even if it means a lower adjusted EBITDA in the short term. Our goal is long-term shareholder value.

請記住，新訂閱者群在前 2 個月會產生 20 美元的損失。一旦我們支付佣金，我們就會覆蓋平板電腦和初始成本，即每次獲取的成本，這是我們的行動寬頻。在初始階段之後，新訂戶每月都會帶來高利潤的經常性收入。我們打算繼續成長並專注於長期機會，即使這意味著短期調整後的 EBITDA 較低。我們的目標是長期股東價值。

Our target of 200,000 mobile broadband subscriber activations by the end of the year is based on our license to operate in 14 states. We are working to be licensed in 20 to 30 additional states by May of this year and would anticipate higher subscriptions along with that.

我們的目標是在今年年底啟動 20 萬名行動寬頻用戶，這是基於我們在 14 個州運營的許可證。我們正努力在今年 5 月之前在另外 20 到 30 個州獲得許可，預計訂閱量也將隨之增加。

We have a goal to reach $1 billion in annual sales with profitable growth. And I want to stress that last phrase, profitable growth. We have made significant progress since this time last year. 2021 included a lot of bumps and bruises, but the entire team stayed focused on the long-term vision of the company, and we ended the year in a much, much better position. Revenue is growing. Profitability is increasing. We are now operating a business that has the ability to grow organically and through accretive acquisitions while simultaneously making money across our core revenue channels.

我們的目標是年銷售額達到 10 億美元並實現獲利成長。我想強調最後一句話，獲利成長。自去年這個時候以來，我們取得了重大進展。 2021 年充滿了坎坷和挫敗，但整個團隊仍然專注於公司的長期願景，我們以更好的狀態結束了這一年。收入正在增長。盈利能力正在增加。我們現在經營的業務有能力透過增值收購實現有機成長，同時透過我們的核心收入管道賺錢。

Now I'd like to turn the call over to Tony to provide a brief revenue -- or excuse me, a brief review of our financial results before summarizing today's call. Tony?

現在我想把電話轉給托尼，讓他提供一份簡短的收入情況——或者對不起，在總結今天的電話會議之前，簡要回顧一下我們的財務表現。托尼？

Thank you, Brian, and good afternoon, everyone. I will begin my overview of 2021's financial results.

謝謝你，布萊恩，大家下午好。我將開始概述 2021 年的財務表現。

For the full year of 2021, we reported revenues of $51.1 million compared to $54.4 million in '20. The 6% decrease was primarily attributable to a $10.2 million decrease in prepaid wireless business as we rationalized stores to focus on profitability. Gross margin in '21 improved to $6.2 million from $2.5 million in '20, a 150% increase. Loss from operations decreased 41% to a loss of $6 million in '21 from $10.1 million in '20.

2021 年全年，我們的收入為 5,110 萬美元，而 20 年為 5,440 萬美元。下降 6% 的主要原因是預付費無線業務減少了 1,020 萬美元，因為我們對商店進行了合理化調整，以專注於盈利能力。 21 年的毛利率從 20 年的 250 萬美元提高到 620 萬美元，增加了 150%。營運虧損從 20 年的 1,010 萬美元下降到 21 年的 600 萬美元，下降了 41%。

As part of our strategy to improve the foundation of the company, we conducted a thorough review of our infrastructure, software duplicity and excess products and customer base. We focused on profitable products and customers while eliminating nonprofitable components of our business. Also, we transitioned from our software development phase to the growth phase.

作為改善公司基礎策略的一部分，我們對基礎設施、軟體重複性以及過剩產品和客戶群進行了徹底審查。我們專注於獲利的產品和客戶，同時消除業務中的非營利部分。此外，我們從軟體開發階段過渡到成長階段。

SG&A expenses decreased $38,000 for the year, primarily due to decreased web hosting Internet costs and a reduction of bad debt expense. Net loss for the full year was $13.5 million or a loss of $3.09 per share compared to a net loss of $10.7 million and a loss of $5.02 per share in '20.

今年 SG&A 費用減少了 38,000 美元，主要是由於網路託管網路成本下降和壞帳費用減少。全年淨虧損為 1,350 萬美元，每股虧損 3.09 美元，而 20 世紀淨虧損為 1,070 萬美元，每股虧損 5.02 美元。

We are introducing our adjusted EBITDA calculation as we believe this is a useful measure of the performance of the ongoing business that excludes many nonrecurring items. Adjusted EBITDA improved to a loss of $3.9 million in '21 from a loss of $8.1 million in '20. As Brian mentioned earlier, with the growth in revenue and profitability from higher-margin customers and products, we would anticipate becoming adjusted EBITDA-positive by the second quarter of this year and generate at least $15 million overall in '22.

我們引入調整後的 EBITDA 計算，因為我們相信這是衡量持續業務績效的有用指標，不包括許多非經常性項目。調整後的 EBITDA 從 20 年的虧損 810 萬美元改善到 21 年的虧損 390 萬美元。正如布萊恩之前提到的，隨著利潤率較高的客戶和產品帶來的收入和盈利能力的增長，我們預計到今年第二季度調整後的EBITDA 將為正值，並在22 年產生至少1500 萬美元的總體收入。

Turning to the balance sheet, liquidity and cash flow. Our cash balance as of December 31, '21 was $6.3 million compared to less than $700,000 at the end of '20. Inventory increased by more than $4.2 million at year-end as we made significant upfront purchases of phones and laptops as we prepared for the hyper growth of our mobile broadband business.

轉向資產負債表、流動性和現金流。截至 20 世紀 12 月 31 日，我們的現金餘額為 630 萬美元，而 20 世紀末的現金餘額不到 70 萬美元。由於我們為行動寬頻業務的高速成長做好了準備，因此大量預購手機和筆記型電腦，導致年底庫存增加超過 420 萬美元。

We have minimal debt as we spent much of '21 cleaning up the balance sheet to position us for growth and improved performance. Given our strengthened financial position and capital structure, our cash allocation priority is now focused on investing in the business and maintaining ample liquidity for future growth.

我們的債務很少，因為我們花了 21 年的大部分時間清理資產負債表，為我們的成長和改善績效做好準備。鑑於我們的財務狀況和資本結構得到加強，我們的現金分配重點現在集中在投資業務並為未來成長保持充足的流動性。

I will now pass the call back to Brian for some closing remarks. Brian?

現在我將把電話轉給布萊恩，讓他做一些結束語。布萊恩？

Thanks, Tony. I think it's important to recognize we're not surprised of the success achieved in 2021 and the opportunities in front of us. This was a part of our strategic plan. Our team has worked tirelessly building a foundation for this type of growth.

謝謝，托尼。我認為重要的是要認識到，我們對 2021 年的成功和眼前的機會並不感到驚訝。這是我們策略計劃的一部分。我們的團隊孜孜不倦地努力為這種成長奠定基礎。

The underbanked and underserved market have been overlooked for far too long. I've been involved with this market for 20 years. Our goal is to provide essential financial services and access to mobile broadband to these families and communities. We believe we are cornering the underbanked market, both at home and where these customers shop. We believe the infrastructure that we have built positions us to serve the underbanked market at a grassroots level better than any company in the sector. We couldn't be more excited about the opportunities ahead, and we look forward to sharing our progress with our shareholders, employees and partners.

銀行服務不足和服務不足的市場長期以來一直被忽視。我涉足這個市場已有20年了。我們的目標是為這些家庭和社區提供基本的金融服務和行動寬頻存取。我們相信，我們正在壟斷銀行服務不足的市場，無論是在國內還是這些客戶購物的地方。我們相信，我們所建立的基礎設施使我們能夠比該行業的任何公司更好地為基層銀行服務不足的市場提供服務。我們對未來的機會感到非常興奮，我們期待與股東、員工和合作夥伴分享我們的進步。

I want to thank all the employees at SurgePays for their hard work. It's been a long road, but they've persevered and stayed focused and believed and followed and have gotten us here. Lastly, I greatly appreciate the support and interest of our shareholders as we continue this journey of growth.

我要感謝 SurgePays 的所有員工的辛勤工作。這是一條漫長的道路，但他們堅持不懈，保持專注，相信並追隨，讓我們走到了這裡。最後，我非常感謝股東在我們繼續這趟成長之旅時的支持和興趣。

And before I take calls from you guys, I'd like to take a moment, take the liberty to acknowledge one of our fallen friends, Anthony Nuzzo. He greatly contributed to us getting to NASDAQ. Great friend. He'll be missed dearly.

在接聽你們的電話之前，我想花一點時間，冒昧地向我們死去的朋友之一安東尼·努佐致意。他為我們進入納斯達克做出了巨大貢獻。很棒的朋友。人們會非常想念他。

So now I'd like to open it up to questions.

現在我想提出一些問題。

(Operator Instructions) Our first question comes from the line of Michael Diana with Maxim Group.

（操作員說明）我們的第一個問題來自 Maxim Group 的 Michael Diana。

You mentioned that your goal for wireless customers is 200,000 by the end of the year and you think you're going to easily beat that. Do you envision being able to get even more customers in 2023? Or does this thing sort of stop?

您提到您的無線客戶目標是在今年年底達到 200,000 名，並且您認為您將輕鬆實現這一目標。您預計 2023 年能夠獲得更多客戶嗎？還是這件事就此停止了？

Thanks, Mike, for the question. No, I believe that there's a good run rate of at least 2 years. The Miami Herald put out an article a couple of weeks back where they showed 30% of the State of Florida, which we feel is like a good cross-section of the country. Florida is not a risk state, not a poor state. It's a good -- it represents the country well. 30% of the State of Florida, about 6 million folks, qualified for the ACP program. So those are households. And you extrapolate that out, there's a tremendous amount of business, and we've got a ton of momentum.

謝謝邁克提出這個問題。不，我相信至少有兩年的良好運行率。 《邁阿密先驅報》幾週前發表了一篇文章，其中展示了佛羅裡達州 30% 的面積，我們認為這就像是該國的一個很好的橫截面。佛羅裡達州不是一個風險州，也不是一個貧窮州。這是一件好事——它很好地代表了這個國家。佛羅裡達州 30% 的人口（約 600 萬人）符合 ACP 計畫的資格。所以這些都是家庭。你可以推斷出，有大量的業務，而且我們有巨大的動力。

Our company was built with my philosophy of sales and aggressive compounding growth. And as anybody that follows us knows, we're diligently working to get in additional states, and we hope to be able to report some good news about that soon. But once we have the geography that's nationwide, that also allows us to not only do the in-the-community enrollments where we have the tents we put up in the convenience store parking lots, where they come in and they sign up and enroll.

我們的公司是根據我的銷售理念和積極的複合成長理念建立的。正如任何關注我們的人都知道的那樣，我們正在努力進入更多的州，我們希望能夠盡快報告一些有關這方面的好消息。但是，一旦我們擁有了全國性的地理位置，我們不僅可以在社區內進行註冊，我們在便利商店停車場搭建帳篷，讓他們進來註冊並註冊。

Having a nationwide geography map allows us to go online sales now because it's very difficult to do geo-targeting and add up customers when you have 14 states -- 12, 14 states spaced out across the country. But when you can blanket, it becomes a far more cost-efficient cost per acquisition to enroll customers online as well.

有了全國性的地理地圖，我們現在就可以進行線上銷售，因為當全國有 14 個州（12、14 個州）時，進行地理定位和添加客戶非常困難。但是，當您可以覆蓋時，在線註冊客戶的每次獲取成本也將變得更加經濟高效。

Additionally, we're going to kick the initiative off in -- should be about Q3 of this year for our prepaid retail wireless company to aggressively go after the existing market we have and upsell our customers. And by that, I mean, right now, there's limited one per household subscriber. So as we move closer to 100,000, don't think about 100,000 people with our product. Think about 100,000 homes, apartments, condominiums where we are the source of Internet and we have a direct communication into that household.

此外，我們將在今年第三季左右啟動這項計劃，讓我們的預付費零售無線公司積極進軍現有市場並向我們的客戶進行追加銷售。我的意思是，目前每個家庭訂戶的數量有限。因此，當我們接近 10 萬人時，不要考慮 10 萬人使用我們的產品。想想 100,000 個家庭、公寓、公寓，我們是網路的來源，我們可以直接與該家庭進行通訊。

Well, now we can come at these customers with a very, very aggressively priced. Due to our structure and our cost and our economies of scale, we can come at them with a very aggressive family plan that would be more of a retail-oriented plan. Cut the price out there where we would be the lowest provider of wireless service in the prepaid market. So we do have a strategic plan not only to continue to grow the ACP program at the rates you're seeing now and keep ratching that up, but also branch out and leverage what we're making to expand roots, no different than a tree system, and expand other products to those consumers in their household.

好吧，現在我們可以以非常非常優惠的價格來吸引這些客戶。由於我們的結構、成本和規模經濟，我們可以為他們提供一個非常激進的家庭計劃，該計劃更像是一個以零售為導向的計劃。降低價格，我們將成為預付費市場中最低的無線服務供應商。因此，我們確實有一個戰略計劃，不僅要繼續以您現在看到的速度發展 ACP 計劃並不斷加快步伐，還要進行分支並利用我們正在做的事情來擴展根部，就像一棵樹一樣系統，並將其他產品擴展到家庭消費者。

Okay. That sounds great. Now I know you have a huge opportunity here with ACP and you've jumped all over it. You're also pursuing your other -- the other leg of your strategy, are you not in -- with the sales team?

好的。聽起來不錯。現在我知道 ACP 為您提供了巨大的機會，並且您已經全力以赴。您還在追求您的另一條策略——您的策略的另一條腿，您不也在—與銷售團隊一起嗎？

Yes, absolutely. We're deploying that right now. These are internally too siloed off, if you want to call them, a division of the company. We have people solely focused on refining, honing our direct sales team. And that's training in-house salespeople, onboarding them, getting our -- where we can reward them, entice them to come work for us, but also keep the carrot in front of them where they wake up in the morning with 2 things: more stores, more sales per store.

是的，一點沒錯。我們現在正在部署它。如果你想稱它們為公司的一個部門，那麼它們在內部過於孤立。我們有專人專注於完善、磨練我們的直銷團隊。這就是訓練內部銷售人員，讓他們入職，讓他們得到獎勵，吸引他們來為我們工作，同時也把胡蘿蔔放在他們面前，讓他們早上醒來時做兩件事：更多商店，每家商店的銷售額更高。

Really looking forward to seeing some of the results. That's going to take a little bit. It's just like selling real estate. They've got to get in. We're adding -- you build the relationship. You start upselling products. So we look to really see traction on that by Q3 of this year, again, as we're adding in-house salespeople. And I think it's important to note, of the 8,000 transacting stores on our network, those all came from independent 1,099 representatives. So it's very difficult to push new products through people that don't -- that you don't, I don't say, control, but you don't -- you can't tell them and incentivize them exactly what to do.

真的很期待看到一些成果。這需要一點時間。這就像出售房地產一樣。他們必須加入。我們正在添加—你來建立關係。您開始追加銷售產品。因此，隨著我們增加內部銷售人員，我們希望今年第三季才能真正看到這一點。我認為值得注意的是，在我們網路上的 8,000 家交易商店中，所有這些都來自獨立的 1,099 名代表。因此，向那些無法控制的人推銷新產品是非常困難的，我不是說，你不能控制，但你不能告訴他們並激勵他們確切地做什麼。

So we do feel like coming at it from more of a relationship standpoint as opposed to -- compared to merchant processing for credit cards where they have ISOs, where they just bring on the store and go down the road. We do expect to see both our stores increase and also sales per store increase.

因此，我們確實希望從更多的關係角度來看待這個問題，而不是與信用卡的商家處理相比，他們擁有 ISO，他們只是將其帶入商店並繼續使用。我們確實希望看到我們的商店增加，並且每家商店的銷售額也增加。

Our next question comes from the line of Ed Woo with Ascendiant Capital.

我們的下一個問題來自 Ed Woo 與 Ascendiant Capital 的對話。

Congratulations on the quarter and on the year. My question is, have you noticed any change in competition particularly as you're ramping up your core 200,000 subscribers?

恭喜本季和本年度。我的問題是，您是否注意到競爭發生了任何變化，尤其是在您增加 20 萬名核心訂戶的情況下？

Ed, that's a good question. I think what -- the competition has noticed the change in us, better said. Our -- my -- one of my biggest challenges that I have right now, as a matter of fact, it's next on my legal pad here after this call, is balancing growth and my, I'd say, insatiable desire to grow as fast as we possibly can while managing the cash flow side of things. Keeping in mind that we need to bring that tablet device in-house and then we put that tablet in a consumer's hand and that reimbursement comes about 30 to 45 days later.

艾德，這是個好問題。我想——更好地說，競爭對手已經注意到了我們的變化。我們的——我的——我現在面臨的最大挑戰之一，事實上，在這次電話會議之後，我的法律筆記本上的下一個挑戰是平衡增長和我的，我想說的是，我對成長的永不滿足的渴望在管理現金流方面的同時，我們盡可能快地進行。請記住，我們需要將平板電腦設備帶入內部，然後將平板電腦交到消費者手中，大約 30 到 45 天後即可獲得報銷。

So growing at 1,000 a day, you got -- you're doing the math on that, we've got millions in inventory out in the field, millions in receivables coming in reimbursements. So there is a management piece where I could grow faster. But where we are right now, with the stock performance or our overhauled -- excuse me, market cap and our cap table, I'm not willing to go out and just hit the easy button and sell stock for more money.

因此，以每天 1,000 的速度增長，您可以計算一下，我們在現場有數百萬的庫存，數百萬的應收帳款以報銷形式出現。所以有一個管理部分可以讓我成長得更快。但我們現在所處的位置，隨著股票表現或我們的徹底改革——對不起，市值和我們的資本表，我不願意出去，按下簡單按鈕，出售股票以獲取更多資金。

Obviously, we've got a pretty interesting story. We're getting offered some pretty aggressive things out there right now. I'm just not willing to do it. We feel like we can grow organically and using cash flow strategically, working with lines of credit with distributors, working with lines of credit from folks that are facilitating the sales force.

顯然，我們有一個非常有趣的故事。我們現在收到了一些相當激進的東西。我只是不願意這麼做。我們覺得我們可以有機成長並策略性地利用現金流，與經銷商合作，與促進銷售人員的信貸額度合作。

So we're doing everything we can to really protect that overall shareholder value but grow as fast as we can. I do believe that, again, our shareholders are feeling the pinch. We're -- excuse me, not our shareholders, our competition. The competition, we've got a line of, I'd say, at least over 100 people out in the field that want to come sell for us in various regions that we've got a backlog of that have already been background-checked, already been checked into, already ready to go that we have not been able to send tablets yet because we need to make sure and take care of the folks we already have selling for us.

因此，我們正在盡一切努力真正保護股東的整體價值，同時盡可能快速成長。我確實相信，我們的股東再次感受到了壓力。對不起，我們不是我們的股東，而是我們的競爭對手。我想說，在競爭中，我們至少有超過 100 名現場人士想要在各個地區為我們銷售產品，我們已經積壓了這些訂單，並且已經進行了背景調查，已經檢查完畢，已經準備好出發，但我們還無法發送平板電腦，因為我們需要確保並照顧我們已經為我們銷售的人員。

So I think what's going to happen from a competitive standpoint is all of us are going to look for creative ways to gain customers and to maintain those customers and to keep growing. What's unique about SurgePhone and SurgePays is we're not just a one-off mobile broadband or prepaid wireless company. We have access through our integrations with Amazon, through our integrations with and the ability to incentivize people with $5 iTunes gift card that's texted to them digitally, same with Amazon. Like I said, the integration with Amazon to be able to incentivize people, send them $5, $10 in Amazon cash that loads directly on their app.

因此，我認為從競爭的角度來看，我們所有人都將尋找創意的方法來贏得客戶並維持這些客戶並保持成長。 SurgePhone 和 SurgePays 的獨特之處在於，我們不僅僅是一家一次性行動寬頻或預付費無線公司。我們可以透過與亞馬遜的集成，透過與亞馬遜的整合以及透過以數位方式發送給人們的 5 美元 iTunes 禮品卡來激勵人們的能力，與亞馬遜一樣。就像我說的，與亞馬遜的整合能夠激勵人們，向他們發送 5 美元、10 美元的亞馬遜現金，這些現金直接加載到他們的應用程式上。

So one of the unique things that we have is really a competitive advantage. We're already integrated with almost every other type of underbanked product, whether it be prepaid or financial. And again, if we're able to go out there and offer a product in rural America that would normally cost the customer for talk, text and data, let's say, $65 to $80 and we're able to offer that same product for $35 and still make the same margins that you're seeing in the ACP, I mean, it's pretty significant. And also, we're going to keep those customers. So we feel like our retention will be very sticky as we further ingrain ourselves in the market.

因此，我們擁有的獨特之處之一就是真正的競爭優勢。我們已經與幾乎所有其他類型的銀行服務不足的產品集成，無論是預付費產品還是金融產品。再說一遍，如果我們能夠在美國農村地區提供一種產品，而這種產品通常需要客戶支付 65 至 80 美元的通話、短信和數據費用，那麼我們就能夠以 35 美元的價格提供相同的產品並且仍然獲得與ACP 相同的利潤，我的意思是，這非常重要。而且，我們將留住這些客戶。因此，我們覺得，隨著我們進一步在市場中紮根，我們的保留率將會非常高。

Great. And then my last question is, what's the biggest challenge to expand beyond the 14th state?

偉大的。然後我的最後一個問題是，擴展到第 14 個州之外的最大挑戰是什麼？

Ed, that's a loaded question. The biggest challenge would be, obviously, the ability to be licensed in those states. I think as we've put out there, we're aggressively working and we feel like we're close to being able to add at least another 30 states hopefully here in the next couple of weeks, but definitely by May. So I think if you keep an eye out, you're going to see some positive updates on that. As a matter of fact, internally, we're already making preparations scouting out different states that we expect to be in.

艾德，這是一個有內涵的問題。顯然，最大的挑戰是在這些州獲得許可的能力。我認為正如我們已經推出的那樣，我們正在積極工作，我們感覺我們已經接近能夠在接下來的幾週內增加至少另外 30 個州，但肯定是在 5 月。所以我認為如果你留意的話，你會看到一些正面的更新。事實上，在內部，我們已經在做準備，尋找我們期望進入的不同狀態。

Great. Well, congratulations, and I wish you guys good luck.

偉大的。嗯，恭喜你，祝你們好運。

Thank you, sir.

謝謝你，先生。

Our next question comes from the line of Adam Waldo with Lismore Partners.

我們的下一個問題來自 Adam Waldo 和 Lismore Partners 的路線。

Hope you can hear me okay.

希望你能聽到我的聲音。

Sure. Hey, Adam.

當然。嘿，亞當。

So I want to explore 2 topics at a high level. One is the LogicsIQ near-term spin-off and the second is getting a little more granularity on the guidance that you put out in today's press release for at least $130 million in revenue in 2022 and at least $15 million of adjusted EBITDA with exiting the year at 200,000-plus subscribers for the mobile broadband business. So starting with the LogicsIQ subsidiary near-term spin-off, am I right to understand that, that business has run rate revenue in the low $20 million annualized with EBITDA margins that are profitable business being cash-generative and EBITDA margins that look fairly typical for a SaaS business?

所以我想在高層次上探討兩個主題。一是 LogicsIQ 近期分拆，二是對您在今天的新聞稿中發布的指導進行更詳細的了解，即 2022 年收入至少為 1.3 億美元，退出後調整後的 EBITDA 至少為 1500 萬美元。年移動寬頻業務用戶數超過20 萬。因此，從 LogicsIQ 子公司近期分拆開始，我的理解是否正確，該業務的年化收入僅為 2000 萬美元，EBITDA 利潤率是盈利業務，能夠產生現金，而 EBITDA 利潤率看起來相當典型。對於SaaS 業務？

Adam, let me kick that question over to Tony just to verify 100%. I don't want to overspeak. I believe what you're stating is right. Tony, can you chime in, please?

Adam，讓我把這個問題交給東尼，以 ​​100% 驗證。我不想說太多。我相信你說的是對的。東尼，你能插話一下嗎？

Yes, absolutely. Yes. The revenue for Logics is, as you said, in that low $20 million. Probably going to be around $20 million, $21 million is what we're looking at for 2022. And the margins, somewhere in that 16% to 20% range.

是的，一點沒錯。是的。正如您所說，Logics 的收入只有 2000 萬美元。到 2022 年，我們預計收入可能會在 2,000 萬美元左右，2,100 萬美元。而利潤率則在 16% 到 20% 的範圍內。

Okay. That's the EBITDA margin then, Tony?

好的。那麼這就是 EBITDA 利潤率，東尼？

Correct.

正確的。

Okay. That's very helpful, gents. And then so building on that, I mean, those kinds of businesses often trade at 2 to 3x revenue as stand-alone entities in the public market, sometimes higher depending on the incremental margins with growth and the growth path ahead. Is it your sense that in the public market post the tax-free dividend spin-off that could trade at $40 million to $60 million of enterprise value or more than the current enterprise value of the entire company?

好的。這非常有幫助，先生們。在此基礎上，我的意思是，這類企業作為獨立實體在公開市場上的收入通常是其 2 到 3 倍，有時更高，具體取決於成長的增量利潤和未來的成長路徑。您是否認為在公開市場上發布的免稅股息分拆交易的企業價值可能達到 4000 萬至 6000 萬美元，甚至超過整個公司當前的企業價值？

That's a good question, and that's one of the late-night banter ping pong balls that we back and forth. First of all, we do feel like, as we keep performing on the SurgePays side, that we're going to be in a different position than we are now as we keep executing and showing our ability to do what we -- execute the plan that we laid out. And as we let people know what the plan is and the fact that we're doing what we say, we do feel like that will take care of itself as we work hard and as we're getting out there in front of shareholders. So I do want to say that -- one side of that.

這是一個很好的問題，也是我們經常在深夜開玩笑的乒乓球之一。首先，我們確實覺得，隨著我們在 SurgePays 方面繼續表現，我們將處於與現在不同的位置，因為我們繼續執行並展示我們執行計劃的能力我們佈置的。當我們讓人們知道計劃是什麼以及我們正在按照我們所說的去做的事實時，我們確實覺得，隨著我們的努力工作以及我們在股東面前的表現，這一切都會水到渠成。所以我確實想說——一方面。

The other is this. LogicsIQ got to this point with me, Tony, our management team pulling over most of the profit from the company, and I'd say the gross profit from that subsidiary, and using it to fuel our SurgePays machine. I know fintech for the underbanked. I know telecom for the underbanked. I'm very familiar with scaling companies significantly and rapidly. I feel what I know and what I do best, and my goal was to get to NASDAQ first and then to spin this out.

另一個是這個。 LogicsIQ 和我一起走到了這一步，托尼，我們的管理團隊從公司提取了大部分利潤，我想說的是該子公司的毛利，並用它來為我們的 SurgePays 機器提供動力。我知道金融科技是為那些沒有銀行服務的人服務的。我了解銀行服務不足的人的電信服務。我非常熟悉如何顯著、快速地擴大公司規模。我感覺到我所知道的和我最擅長的，我的目標是首先進入納斯達克，然後將其發展出來。

So because of COVID and some other things that hit us, we used essentially -- I funded the company along with the profit from Logics to get us across those lines. I believe when Logics is a freestanding entity and the goal of everyone working under that roof is to make Logics the strongest, most fantastic entity it could be and they're able to unleash some of the products that are in the pipeline.

因此，由於新冠疫情和其他一些對我們造成打擊的事情，我們基本上使用了我為公司提供的資金以及 Logics 的利潤來幫助我們跨越這些界限。我相信，當 Logics 成為一個獨立的實體時，在這個屋簷下工作的每個人的目標都是使 Logics 成為最強大、最神奇的實體，並且他們能夠釋放一些正在開發中的產品。

For example, they've built several really, really cool products that just need a little bit of funding to get out to the market. They've got a blockchain DocuSign product, that's really, really cool, a digital signature product that they've created as a solution for some of the components of their business that they already do. They've created an ability -- because they have this business intelligence or BI interface so that the client will spend more money when they have comfort with how that money is being spent.

例如，他們開發了幾種非常非常酷的產品，只需要一點資金就可以推向市場。他們有一個區塊鏈 DocuSign 產品，這真的非常酷，這是他們創建的數位簽章產品，作為他們已經在做的一些業務組件的解決方案。他們創造了一種能力——因為他們擁有商業智慧或 BI 介面，這樣當客戶對金錢的使用方式感到滿意時，他們就會花更多的錢。

They were able to take that one rung up the food chain and build a really cool software interface, almost like a Twilio type interface, that is kind of a what you see is what you get interface that hedge funds can use that fund mass tort litigation for law firms. They can see how their capital is being deployed, how it's being spent and the results on our capital.

他們能夠沿著食物鏈向上爬，建立一個非常酷的軟體介面，幾乎就像 Twilio 類型的介面，這是一種所見即所得的介面，對沖基金可以使用該介面來資助大規模侵權訴訟對於律師事務所。他們可以看到他們的資本如何部署、如何使用以及我們資本的結果。

So those are just 2 products alone, not to mention. They've got -- they've been working on some case management software for law firms that would go beyond just the mass tort litigation. It would actually be to help manage cases. And then expanding beyond just law firms, I think that's the future of Logics. It's going to be an enterprise software company that would provide solutions to firms, whether it be financial firms, law firms and the like.

所以這些只是兩種產品，更不用說了。他們一直在為律師事務所開發一些案件管理軟體，這些軟體的範圍不僅限於大規模侵權訴訟。它實際上是為了幫助管理案件。然後擴展到律師事務所之外，我認為這就是 Logics 的未來。它將成為一家企業軟體公司，為金融公司、律師事務所等公司提供解決方案。

Right now, it does what it does best. It creates good revenue. We -- I took the money. We pulled that over to make sure we bolstered SurgePays to get us across the line. And so to answer your question, long and short, I do believe that, that is at least where it's going to trade, and I think it'll flourish once we push that up.

現在，它正在做它最擅長的事情。它創造了良好的收入。我們──我拿走了錢。我們把這個問題擱置起來，以確保我們支持 SurgePays 來幫助我們渡過難關。因此，為了回答你的問題，無論是長期還是短期，我確實相信，這至少是它將進行交易的地方，而且我認為一旦我們推動這一點，它就會蓬勃發展。

Okay. So it seems like $40 million to $60 million public market enterprise value is a conservative view for us and a tax-free dividend to existing shareholders is the plan. So what time line do you see for that at this point given the SEC process?

好的。因此，對我們來說，4,000 萬至 6,000 萬美元的公開市場企業價值似乎是一個保守的觀點，並且計劃向現有股東提供免稅股息。那麼考慮到 SEC 的流程，您認為目前的時間表是什麼？

Well, we're a little bit at the, I don't want to say, the behest of the SEC, but we're following through. Anybody that's ever gone through the S-1 comments back and forth balling with the SEC, that's where we're in right now. We feel like we're -- we've got it within reach on the comments. The comments left are not controversial. They're more accounting and basic structural. So we're working through those.

好吧，我不想說，我們有點遵循 SEC 的要求，但我們正在遵循。任何曾經經歷過 S-1 與 SEC 來回評論的人，這就是我們現在所處的情況。我們覺得我們已經在評論中得到了它。留下的評論沒有爭議。它們更多的是會計和基本結構。所以我們正在解決這些問題。

One of the reasons, filing these numbers, as you know, numbers went stale a little while back or I believe we'd be a little bit further down the road. But by doing this filing of the K, it'll enable us to send our already ready S-1 for the next turn. So hopefully, they come back here in the next 30 days with either fewer or no more comments, and we can get the show on the road.

原因之一是，如您所知，提交這些數字，不久前數字就已經過時了，否則我相信我們會走得更遠。但透過提交 K，我們可以將已經準備好的 S-1 發送到下一個回合。所以希望他們在接下來的 30 天內回到這裡，評論要么更少，要么沒有更多評論，這樣我們就可以讓節目上路了。

Okay. And then once they'll come back with -- and you resolve your final comments, is it a -- it's a pretty quick process after that, right, to just basically dividend it out through your custody agent to the various shareholders, right?

好的。然後，一旦他們回來——你解決了你的最終意見，是不是——這是一個相當快的過程，對吧，基本上透過你的託管代理將其分配給各個股東，對嗎？

What we believe that we're going to do is there will be a period of time that the dividend, I believe, at least 6 months before that will be, I'd say, dividended. I think I'm making a verb. I'm making something into a verb there. But a disbursement of dividends because I believe the way that it's going to work is we'll have to give a 6-month runway for the folks that -- at the capital raise to qualify for NASDAQ as I understand it.

我們認為，我們要做的是，在一段時間內，我相信，至少在此之前的 6 個月，我會說，股息將被派發。我想我正在做一個動詞。我正在把一些東西變成動詞。但是支付股息是因為我相信它的運作方式是，我們必須為那些在籌集資金時有資格進入納斯達克的人提供 6 個月的跑道，據我所知。

So most likely, based on what we went through with the SurgePays uplift, there will be, again, a 6-month runway for the folks that were involved in the capital raise to do the spin-off and the listing and the qualifications for Logics, that they would have that runway. And then based on -- really only based on how it affects shareholders in the most positive light, the right time to actually disperse those dividends.

因此，根據我們在 SurgePays 提升過程中所經歷的情況，參與融資的人員將有 6 個月的時間來完成 Logics 的分拆、上市和資格審查。 ，他們會有那條跑道。然後基於——實際上只是基於它如何以最積極的方式影響股東，實際分配這些股息的正確時間。

Okay. So if you're saying 6 months runway from the November capital raise, that takes us in the late second quarter of this year, call it, midyear 2022, assuming everything wraps up fairly efficiently here with the SEC. Is that fair for issuing the dividend, I won't use dividend as a verb, either issuing the dividend to existing shareholders tax-free?

好的。因此，如果你說距離 11 月融資還有 6 個月的時間，那麼我們將在今年第二季末，稱之為 2022 年年中，假設 SEC 的一切都相當有效地完成。發放股利公平嗎？我不會用股利當動詞，或免稅發給現有股東股利？

Yes. I don't want to be pinned to the math.

是的。我不想被數學束縛。

Okay. Fair enough. Somewhere over the summer, maybe.

好的。很公平。也許是在夏天的某個地方。

If it was completely up to me, Adam, I mean, I would feel more comfortable. But considering that we have NASDAQ, SEC, investment bank, there's other people that are at the table with us. But at the end of the day, look, I'm just shooting straight, and I always have on these calls. I'm the largest shareholder of the company. So our officers are also the largest shareholders, and we've got a really -- we've got a Board interested in the big picture. So we're going to make that decision based on what's in the best interest of shareholders overall.

如果這完全取決於我，亞當，我的意思是，我會感覺更舒服。但考慮到我們有納斯達克、美國證券交易委員會、投資銀行，還有其他人與我們一起參與談判。但歸根結底，我只是直接射擊，而且我總是在這些電話中。我是公司最大的股東。因此，我們的高階主管也是最大的股東，我們有一個真正對大局感興趣的董事會。因此，我們將根據股東整體最佳利益做出決定。

And 6 months from now, Adam, the way that we're growing across the board, I mean, I think it's a totally different conversation anyways. So we'll see. Does that revenue -- do we need that "revenue" for the consolidated revenue? Is there a reason anymore to have non-underbanked, non-fintech, non-telecom revenue? If not, then yes. And if it makes the right sense, if Logics is rocking and rolling, yes, I think we'll go ahead and disperse the dividends of the shares of Logics.

亞當，從現在起 6 個月後，我們全面發展的方式，我的意思是，我認為無論如何，這是一次完全不同的對話。所以我們拭目以待。該收入－我們是否需要該「收入」作為合併收入？還有理由擁有非銀行服務不足、非金融科技、非電信收入嗎？如果不是，那麼是的。如果這是正確的，如果 Logics 正在搖擺不定，是的，我認為我們將繼續分散 Logics 股票的股息。

Okay. Fair enough. And then so should we then take the guidance that you issued today for 2022 of $130 million of revenue at least and $15 million of adjusted EBITDA at least to include LogicsIQ for the whole year? Or would that exclude LogicsIQ? Should we think about that as a continuing operations kind of outlook? How should we think about that? That's my last question.

好的。很公平。那麼，我們是否應該採用您今天發布的 2022 年收入至少 1.3 億美元、調整後 EBITDA 至少 1500 萬美元的指導，以包括全年的 LogicsIQ？或者這會排除 LogicsIQ 嗎？我們是否應該將其視為一種持續經營的前景？我們該如何思考這個問題？這是我的最後一個問題。

Continued average.

持續平均。

Tony, can you chime in?

東尼，你能插話嗎？

Yes. For the full year is what we've anticipated at this point.

是的。我們目前對全年的預期是這樣的。

Okay. So you're really giving guidance today for at least $130 million of revenue and at least $115 -- pardon me, at least $15 million of adjusted EBITDA for, let's call it, continuing operations of SurgePays, excluding LogicsIQ subsidiary, which you intend to spin off over the course of the remainder of this year. Is that a fair conclusion?

好的。所以你今天確實給出了至少1.3 億美元的收入和至少115 美元的指導——請原諒我，至少1500 萬美元的調整後EBITDA，我們稱之為SurgePays 的持續運營，不包括LogicsIQ 子公司，你打算將其稱為今年剩餘時間內分拆。這是一個公平的結論嗎？

Probably the opposite. Our guidance on the revenue includes Logics for the full year because, again, to the point, we don't have a time period set in stone, and the EBITDA does include Logics for the full year at this point.

可能恰恰相反。我們對收入的指導包括全年的邏輯，因為我們沒有固定的時間段，而 EBITDA 目前確實包括全年的邏輯。

Okay. So based on the EBITDA margin guidance you gave of kind of mid- to high teens, Tony, we're looking at $3 million, $4 million, $5 million of EBITDA from that. In that adjusted EBITDA guidance overall of $15 million, we're looking for $3 million to $5 million of that to come from LogicsIQ. Is that a fair conclusion?

好的。因此，根據您給出的中高青少年的 EBITDA 利潤指導，托尼，我們預計 EBITDA 為 300 萬美元、400 萬美元、500 萬美元。在調整後的 EBITDA 指導總額為 1500 萬美元中，我們希望其中 300 萬至 500 萬美元來自 LogicsIQ。這是一個公平的結論嗎？

Yes. Probably on the lower end of that, but yes.

是的。可能處於較低水平，但是是的。

Continue good success.

繼續取得良好的成功。

Thanks, Adam. I appreciate the question.

謝謝，亞當。我很欣賞這個問題。

Ladies and gentlemen, that's all the time we have for questions. I will now turn the call over to Brian Cox for closing remarks.

女士們先生們，這就是我們提問的時間了。我現在將把電話轉給布萊恩考克斯 (Brian Cox) 結束語。

Okay. Thank you, operator, and thank all of you for your interest in our company. I just wanted to wrap. I appreciate you persevering through our discussion today, and please stay tuned to what we're doing.

好的。謝謝您，運營商，也感謝大家對我們公司的關注。我只是想包起來。我感謝您堅持參加我們今天的討論，請繼續關注我們正在做的事情。

We could not be more excited. I can't wait to have this call a year from now and be able to report back to you guys what we've done and the fruits from all the labor of the last 4 years of building the infrastructure, significant investments of time, energy and capital and doing so and growing so at a rate that's strategic, intelligent. And protecting all of us on these calls are our actual positions and doing as much as we can to avoid dilution while still growing as fast as we can and really getting out there and attacking and getting our -- getting a foothold in this underbanked market.

我們非常興奮。我迫不及待地想在一年後接到這個電話，並向你們匯報我們所做的事情以及過去 4 年建設基礎設施的所有勞動、時間和精力的大量投資所取得的成果和資本，並以戰略性、明智的速度成長。在這些電話中保護我們所有人的是我們的實際立場，並儘我們所能避免稀釋，同時仍然盡可能快地增長，真正走出去，進攻並在這個銀行資金不足的市場中站穩腳跟。

I appreciate you guys, appreciate the time, and thank you. You have a fantastic evening.

我感謝你們，珍惜時間，謝謝你們。你度過了一個美好的夜晚。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與，祝您有美好的一天。