Surgepays Inc (SURG) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to today's SurgePays fourth quarter and full year 2023 earnings conference call. (Operator Instructions) Also, today's call is being recorded, and I will be standing by should anyone need any assistance.

大家下午好，歡迎參加今天的 SurgePays 第四季和 2023 年全年財報電話會議。（操作員說明）此外，今天的通話正在錄音，如果有人需要任何幫助，我將隨時待命。

And now at this time, I'll turn things over to Mr. Quinn Callanan and Investor Relations. Quinn, please go.

現在這個時候，我將把事情交給奎因·卡拉南先生和投資者關係部門。奎因，請走吧。

Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays fourth quarter and full year 2023 earnings webcast and conference call. Today's date is March 12, 2024 and on the call today from SurgePays Brian Cox, President and Chief Executive Officer, Tony Evers, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎觀賞 SurgePays 2023 年第四季和全年收益網路廣播和電話會議。今天的日期是 2024 年 3 月 12 日，由 SurgePays 總裁兼執行長 Brian Cox 和財務長 Tony Evers 進行電話會議。

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 financial filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update these statements to reflect the events that occur after this call.

在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》定義的。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前瞻性陳述中表達的結果有重大差異。有關此類風險和不確定性的討論，請參閱 SurgePays 向 SEC 提交的最新財務文件。今天所做的所有前瞻性陳述僅反映我們目前的預期，我們沒有義務更新這些陳述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 to SurgePays Form 10-K for the year ended December 31, 2023, will also be available on 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 投資者關係網站 ir.surgepays.com 上取得。除了截至 2023 年 12 月 31 日的年度 SurgePays 10-K 表格外，也將在 SurgePays 的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, Quinn. I want to start off by thanking all of our shareholders, especially our long-term shareholders and recent investors for your patience while watching our business model evolve. I believe our management team has done an outstanding job executing our growth strategy and delivering record financial results. Simultaneously, our stock has been pushing record highs recently, and we want that trend to continue. We are in the best financial position ever with over $40 million in cash, and I'll explain more about that later.

謝謝，奎因。首先，我要感謝我們所有的股東，特別是我們的長期股東和新近投資者，感謝你們在見證我們商業模式發展時的耐心。我相信我們的管理團隊在執行我們的成長策略和實現創紀錄的財務表現方面表現出色。同時，我們的股票最近一直創下歷史新高，我們希望這種趨勢能持續下去。我們處於有史以來最好的財務狀況，擁有超過 4000 萬美元的現金，稍後我將對此進行更多解釋。

Now, for our results. Our core mission is to provide financial technology and prepaid wireless services to the underbanked and underserved populations at the grassroots level where they live and shop. Studies have shown that the underbanked to do most of their financial transactions at the trusted local convenience store closest to their home. We believe we are making tremendous strides on this front.

現在，看看我們的結果。我們的核心使命是為居住和購物的基層人群提供金融技術和預付費無線服務。研究表明，銀行服務不足的人會在離家最近的值得信賴的當地便利商店進行大部分金融交易。我們相信我們正在這方面取得巨大進步。

And I think the numbers primarily speak for themselves. 2023 was the most profitable year in the company's history, delivering our highest ever net income of $20.6 million EBITDA of $22.3 million. Revenue for the year was $137.1 million, the highest we've seen as a company. Gross profit increased to $35.6 million, the highest we've seen as a company.

我認為這些數字主要說明了一切。 2023 年是公司歷史上利潤最高的一年，實現了有史以來最高的淨利潤 2,060 萬美元，EBITDA 達到 2,230 萬美元。該年度的收入為 1.371 億美元，是我們公司有史以來的最高收入。毛利增加至 3,560 萬美元，是我們公司以來的最高水準。

Our cash flow from operations is in the black for the first time. Profitability was a focus for the company with the most significant catalysts being the increase in our ACP subscribers and the reduced enrollment costs paid on the ACP subscribers as we move transactions away from the tent and into brick and mortar stores. Early in 2023, we pulled down about $19 million from an inventory line of credit. As we forecasted, we utilized internally generated cash flows to pay off the line by years in.

我們的營運現金流首次獲利。獲利能力是公司關注的焦點，最重要的催化劑是我們的 ACP 訂戶數量的增加，以及隨著我們將交易從帳篷轉移到實體店，ACP 訂戶支付的註冊成本降低。2023 年初，我們從庫存信貸額度中提取了約 1,900 萬美元。正如我們預測的那樣，我們利用內部產生的現金流來逐年償還債務。

Looking a bit more deeply at what we did in 2023, we transitioned our sales force from parking lot sales to online and in-store during the year. We've touched on this in prior calls, but the economics of running sales online or through the store counter is so compelling that with the short term growth slowed down during the transition period, made it well worth.

更深入地審視我們在 2023 年所做的事情，我們在這一年將銷售團隊從停車場銷售轉變為線上和店內銷售。我們在之前的電話會議中已經談到過這一點，但在線或透過商店櫃檯進行銷售的經濟性是如此引人注目，以至於隨著過渡期間短期增長放緩，它非常值得。

We signed an agreement with ClearLine Mobile toward the end of 2023 and ultimately acquired their technology in early 2024. We integrated our SurgePays platform with the customer facing touch screen tablets next to the registry and convenience stores and are actively working to get these point-of-sale devices in all of our transacting stores on the network. This will enable real-time marketing of our products and services to customers as they check out and our servers controlled this marketing remotely.

我們在 2023 年底與 ClearLine Mobile 簽署了協議，並最終在 2024 年初收購了他們的技術。我們將 SurgePays 平台與登記處和便利商店旁邊面向客戶的觸控平板電腦整合在一起，並積極努力將這些銷售點設備引入我們網路上的所有交易商店。這將使我們的產品和服務能夠在客戶結帳時即時向他們進行行銷，並且我們的伺服器遠端控制這種行銷。

Touchscreen equipment at the register opened several verticals, our development team is already pursuing. We feel this technology, combined with the launch of Linkup mobile, our own prepaid wireless company will give us such a competitive advantage that we're separating from the pack of competitors in terms of our suite of products and services, aggressive growth strategy, and support team. Our focus is now on building in-house and indirect sales channels and distribution.

收銀台的觸控螢幕設備開啟了幾個垂直領域，我們的開發團隊已經在追求。我們認為這項技術，加上我們自己的預付費無線公司 Linkup mobile 的推出，將為我們帶來如此大的競爭優勢，使我們在產品和服務套件、積極的成長策略以及支援團隊。我們現在的重點是建立內部和間接銷售管道和分銷。

We made some key hires during the year. Just outside of 2023, we introduced Jeremy Gies, who at the time was tasked with focusing on our prepaid fintech platform. Jeremy is now fully integrated with the team and was promoted to President of SurgePays. Jeremy's contribution in 2023 has laid the groundwork for future growth during the year.

我們在這一年中招募了一些關鍵人員。2023 年剛過不久，我們就引進了傑里米·吉斯 (Jeremy Gies)，他當時的任務是專注於我們的預付費金融科技平台。Jeremy 現在已完全融入團隊，並晉升為 SurgePays 總裁。Jeremy在2023年的貢獻為未來這一年的成長奠定了基礎。

We hired Gary Chekan as Head of Revenue Assurance and financial technology.

我們聘請加里·切坎 (Gary Chekan) 擔任收入保證和金融技術主管。

Since joining SurgePays, Gary has been leveraging his extensive telecom background to prepare the runway for our linkup mobile business. SurgePays next big step. Additions like these implemented during 2023 and after planted the seeds for profitable growth in 2024. As we continue building our team, we are focusing on direct and indirect sales leaders. We are constantly evaluating new opportunities to ensure they fit our strategic approach. We entered the year with a strong balance sheet and improved cash balance of over $14.6 million and minimal debt. We have since bolstered the balance sheet further through a successful equity raise of $15 million in January, which included some fantastic new institutional investors. We have also been happy to see warrants from our previous raise in 2021 being exercised, which adds to our cash balance of over $40 million in the bank.

自從加入 SurgePays 以來，Gary 一直利用其豐富的電信背景為我們的連結行動業務做好準備。SurgePays 邁出下一步。此類新增項目於 2023 年實施，之後為 2024 年的獲利成長埋下了種子。在我們繼續建立團隊的過程中，我們將重點放在直接和間接銷售領導者。我們不斷評估新機會，以確保它們符合我們的策略方針。進入這一年，我們的資產負債表強勁，現金餘額超過 1,460 萬美元，債務也極少。此後，我們在 1 月成功籌集了 1500 萬美元的股權，進一步增強了資產負債表，其中包括一些出色的新機構投資者。我們也很高興看到 2021 年之前籌集的認股權證得到行使，這使我們的銀行現金餘額增加了超過 4000 萬美元。

2023, indeed compares well to 2022 when we lost $0.7 million on the bottom line and had minimal cash on hand. SurgePays has achieved tremendous profitability, which afforded the company, some opportunities and a war chest to maximize those opportunities.

2023 年確實與 2022 年相比，當時我們的利潤損失了 70 萬美元，手頭現金也很少。SurgePays 取得了巨大的盈利能力，這為公司提供了一些機會和資金來最大限度地利用這些機會。

I'll now turn the call over to Thony to review our financial results before summarizing today's call. Thony?

現在，我將把電話轉給托尼，讓他回顧我們的財務業績，然後再總結今天的電話會議。托尼？

Thank you, Brian, and good afternoon, everyone. I'll begin my overview of the fourth quarter and full year 2023 financial results. For the year, we reported revenues of $137.1 million compared to $121.5 million in 2022, representing an increase of 11%. The increase was primarily due to revenues related to providing mobile broadband and wireless service to low income subscribers through the ACP, which increased 34% to $118.6 million in 2023. Revenue for the quarter totaled $32.3 million compared to $36.2 million in the fourth quarter of 2022. Gross profit increased 165% in the year to $35.6 million compared to $21.6 million in the year ago period.

謝謝你，布萊恩，大家下午好。我將開始概述 2023 年第四季和全年財務表現。今年，我們的營收為 1.371 億美元，與 2022 年的 1.215 億美元相比，成長了 11%。這一增長主要是由於透過 ACP 向低收入用戶提供行動寬頻和無線服務相關的收入，該收入在 2023 年增長了 34%，達到 1.186 億美元。該季度的收入總計 3,230 萬美元，而 2022 年第四季的營收為 3,620 萬美元。今年毛利成長 165%，達到 3,560 萬美元，去年同期為 2,160 萬美元。

During the fourth quarter of 2023, gross profit increased 14% to $7.4 million compared to $6.5 million in the year ago period. Fourth quarter gross margin also showed improvement up to [30] -- 23.0% versus 18.1% on fourth quarter of last year. SG&A expenses increased by [30.7%] year over year. The increase was primarily driven by compensation expenses, as Brian has talked about, the additional hires we had in 2023 and contractor and consultant fees over the course of the year.

2023 年第四季，毛利成長 14%，達到 740 萬美元，去年同期為 650 萬美元。第四季毛利率也有所改善，高達 [30]——23.0%，而去年第四季為 18.1%。SG&A 費用年增[30.7%]。正如布萊恩所說，這一成長主要是由薪資支出、我們在 2023 年增加的員工以及這一年的承包商和顧問費用所推動的。

Income from operations was positive for the year at $18.9 million compared to a gain of $0.6 million in the year ago period. Net income for the year was $20.6 million or $1.39 per share compared to a net loss of $0.7 million or a loss of $0.05 per share in 2022. The other $20.6 million in net income year included much lower interest expense than year-ago period and included $110,000 gain on investments in CenterCom.

與去年同期的收益 60 萬美元相比，今年的營運收入為正數 1,890 萬美元。當年淨利為 2,060 萬美元，即每股虧損 1.39 美元，而 2022 年淨虧損為 70 萬美元，即每股虧損 0.05 美元。另外 2,060 萬美元的淨利潤年度包括比去年同期低得多的利息支出，以及 CenterCom 投資收益 110,000 美元。

Turning to the balance sheet and liquidity and cash flow, our cash balance as of December 31 was $14.6 million compared to $7 million a year ago year ended 2022. Funds receivable have increased by $306,000 from year end 2022 to $9.5 million. Receivable from the US government for the mobile broadband subsidy payment usually occurs approximately 30 to 60 days after a new customer is verified and signed up. Subsequent to the year end, our secondary offering raised approximately [$15 million] in cash and $8.6 million came in from exercising of warrants since January 1.

談到資產負債表、流動性和現金流，截至 12 月 31 日，我們的現金餘額為 1,460 萬美元，而去年截至 2022 年的現金餘額為 700 萬美元。應收資金較 2022 年底增加了 306,000 美元，達到 950 萬美元。美國政府的行動寬頻補貼付款通常會在新客戶經過驗證和註冊後約 30 至 60 天收到。年底後，我們的二次發行籌集了約 [1500 萬美元] 現金，自 1 月 1 日以來，透過行使認股權證籌集了 860 萬美元。

Given our strengthening financial position, cash balance, and capital structure, our cash allocation priorities focused on investing in the business and maintaining ample liquidity for future growth I'll now pass the call back to Brian for closing remarks.

鑑於我們的財務狀況、現金餘額和資本結構不斷增強，我們的現金分配優先重點是投資於業務並為未來增長保持充足的流動性，我現在將把電話轉回給布萊恩，讓他發表結束語。

Thanks, Thony. We believe SurgePays is now on solid financial footing with a significant cash balance consistent earnings and growth. This disposition contrasted by some economic uncertainty in our market and country has made SurgePays an attractive destination for some of the best sales talent in the industry.

謝謝，托尼。我們相信 SurgePays 目前財務基礎穩固，擁有大量現金餘額，可實現持續獲利和成長。這種配置與我們市場和國家的一些經濟不確定性形成鮮明對比，使 SurgePays 成為業內一些最優秀銷售人才的有吸引力的目的地。

We are adding in-house and indirect salespeople monthly. These folks bring networks of sales opportunities and relationships with them. We believe we are poised to create one of the country's largest direct distribution networks of underbanked products and services and a vast market with tremendous opportunity and growth awaits.

我們每月都會增加內部和間接銷售人員。這些人帶來了銷售機會以及與他們的關係網絡。我們相信，我們已準備好創建全國最大的銀行服務不足的產品和服務直接分銷網絡之一，以及一個蘊藏著巨大機會和增長的廣闊市場。

I look to increase revenue growth through organic sales, key hires and as opportunities arise. Complementary acquisitions that are synergistic and accretive to our business model. Our track record shows we maximized management effective ratios and can make difficult decisions that produce results and deliver positive cash flow. Our interests are aligned with our shareholders.

我希望透過有機銷售、關鍵招聘以及機會出現來增加收入成長。互補性收購對我們的業務模式具有協同效應和增值作用。我們的業績記錄表明，我們最大限度地提高了管理有效比率，並且可以做出艱難的決策，從而產生成果並帶來正現金流。我們的利益與股東的利益一致。

Thank you so much for your time today. We will now open up the call to questions.

非常感謝您今天抽出時間。我們現在開始接受提問。

(Operator Instructions) Curtis Shauger, Watertown Research.

（操作員說明）Curtis Shauger，沃特敦研究中心。

Ye, hi, guys. Thanks for taking my call. First, both great face of the year and some interesting point there. It looks like the wireless business finished at $30 million for the quarter, which is trending down, I guess in light of the ACP seems like a pretty good controlled trajectory there in light of the stop taking new customers, what can you say about the ClearLine Mobile at launch, they could give investors some encouragement that that we continue to have a smooth transition from ACP to the more traditional wireless business. In the event that ACP delays or we continue to see funding issues with the government?

是的，嗨，夥計們。感謝您接聽我的電話。首先，既有今年的精彩面孔，也有一些有趣的點。看起來無線業務本季的營收為 3000 萬美元，呈下降趨勢，我想考慮到 ACP 似乎是一個很好的受控軌跡，考慮到停止吸收新客戶，您對 ClearLine 有何看法在推出行動業務時，它們可以為投資者帶來一些鼓勵，讓他們相信我們將繼續從ACP 平穩過渡到更傳統的無線業務。如果 ACP 延遲或我們繼續看到政府的資金問題？

No, hi, Curtis. Thanks for the question. Yeah, those are things that my team meets daily and goes over. We definitely have an all hands on deck approach right now. And when you don't know what your lineup is going to be for game time in respect to ACP, you have to have contingencies and audibles on hand. So we definitely have all of these factored in.

不，嗨，柯蒂斯。謝謝你的提問。是的，這些是我的團隊每天都會遇到並討論的事情。我們現在肯定採取了全員參與的方法。當您不知道 ACP 比賽時間的陣容時，您必須準備好應急措施和音訊。所以我們肯定已經考慮了所有這些因素。

One of the things that we've been focused heavily on, as we've spoken of before, Linkup mobile and utilizing our buying power because of what ACP has allowed us to achieve to offer a proof brand through the convenience store where folks are shopping and closest to where they live, that would be significantly lower than any of the other competition out there. And the reason is because of our ability to take payments for ourself. Essentially, every other wireless company utilizes a third party to process payments. We're one of the only companies out there that we know of actually we're the only company that is a wireless company and is a fintech transaction company.

正如我們之前談到的，我們一直重點關注的事情之一是 Linkup 移動和利用我們的購買力，因為 ACP 使我們能夠透過人們購物的便利商店提供一個有說服力的品牌而且距離他們居住的地方最近，這將大大低於任何其他競爭對手。原因是我們有能力為自己付款。本質上，所有其他無線公司都利用第三方來處理付款。據我們所知，我們是唯一一家無線公司和金融科技交易公司。

So where ClearLine comes in? ClearLine, the customer facing tablets at the register, a point-of-sale register just imagine that eight inches full-color moving ads constantly promoting our products. So when you have the volume of foot traffic in convenience stores and 9 times out of 10, every customer that comes in these targeted community convenience stores are going to be prepaid wireless customers. Again, there's over 100 million of out there. That opportunity to offer people a chance to save money on the wireless bills and then offering that store owner and usually owner operator behind the register, an opportunity to make transactional profit off of that customer coming back in every month is pretty astounding.

那麼 ClearLine 的作用在哪裡呢？ClearLine，收銀台上面對顧客的平板電腦，銷售點收銀台，想像一下八吋全彩行動廣告不斷推銷我們的產品。因此，當便利商店的客流量達到十分之九時，進入這些目標社區便利商店的每位顧客都將是預付無線顧客。再說一次，那裡有超過 1 億。這種機會為人們提供了一個在無線帳單上省錢的機會，然後為商店老闆和通常是收銀台後面的業主經營者提供了一個從每個月回來的顧客身上賺取交易利潤的機會，這是相當令人震驚的。

So, where ClearLine comes in handy again is the ability to promote those products, to be able to change our ads constantly, putting different rotators in. And then, as we bring in other products to the stores as we're always looking for other high-margin products that would cater to the same people group, that's where we feel like the ClearLine piece will be the strongest.

因此，ClearLine 再次派上用場的是能夠推廣這些產品，並且能夠不斷更改我們的廣告，放入不同的旋轉器。然後，當我們將其他產品引入商店時，因為我們一直在尋找其他能夠滿足同一人群的高利潤產品，這就是我們認為 ClearLine 產品將最強大的地方。

And look, we're -- I think we touched on it deploying these. We've got a whole subset of our support reps right now, that are actively calling our existing stores, our legacy stores, and I got to call it the R&R, the rekindle and retrofit. We reengage the store, remind them who we are remind them of the products that we have to offer them. And then let's get the ClearLine point of sale out to the store. We don't charge the store for that. We want that to be out in the store. That's pre-marketing constantly for us.

看，我們——我想我們已經談到了部署這些。我們現在有一整套支援代表，他們正在積極致電我們現有的商店、我們的傳統商店，我稱之為 R&R，即重新點燃和改造。我們重新與商店互動，提醒他們我們是誰，提醒他們我們必須提供給他們的產品。然後讓我們將 ClearLine 銷售點帶到商店。我們不向商店收取此費用。我們希望它能出現在商店裡。這對我們來說就是持續的行銷前活動。

And for example, I made a quick call before I hopped on today's call, and we've already shipped out 14, which is a great day today of stores that want that they're hungry for more revenue, especially where they don't have to come out of pocket for consumable goods that sit on the shelf. So we're finding our stores very receptive and it's being adopted well, and we look forward to that continuing. And in case there is a little downturn in ACP, we're very hopeful. But if there is downturn, what we can read position, all of those resources currently being used to sell and support ACP to going full throttle with Linkup mobile and getting the ClearLine POS out to our stores.

例如，在接到今天的電話之前，我打了一個快速電話，我們已經發貨了14 件，對於那些希望獲得更多收入的商店來說，今天是美好的一天，尤其是在他們不想要更多收入的地方必須自掏腰包購買貨架上的消費品。因此，我們發現我們的商店非常容易接受，而且採用得很好，我們期待這種情況繼續下去。如果 ACP 出現小幅下滑，我們對此抱持著很大希望。但如果出現經濟低迷，我們可以讀到的情況是，目前用於銷售和支持 ACP 的所有資源都將全力使用 Linkup 行動設備，並將 ClearLine POS 帶到我們的商店。

Excellent. Thank you.

出色的。謝謝。

Thanks for the question.

謝謝你的提問。

(Operator Instructions) Ed Woo, Ascendiant Capital.

（操作員指令）Ed Woo，Ascendiant Capital。

Yeah, congratulations on your performance in 2023. My question is more on a macro issues. Like you said, it seems like the economy is really brought in at the lower end of the economic ladder. Now, how is that helping or hurting your business and your customers those stores, they have the touch bases with these customers?

是的，恭喜你 2023 年的表現。我的問題更多的是宏觀問題。正如你所說，經濟似乎確實處於經濟階梯的低端。現在，這對您的業務和客戶有什麼幫助或損害？這些商店與這些客戶有聯繫嗎？

Yeah, Ed. Thank you for the question. I'm going to answer your question, used a little bit different words than what you use. It's motivating to us because we know that our market doesn't necessarily benefit from upturns, but takes a little bit of a beating in downturns and some of the most receptive time that people are to making a change for their wireless provider or changing any habits they may have. As they normally would just go through the same route every day when things are fine, there's an awareness and there's an openness, both subconsciously and consciously now because people are struggling a little bit.

是的，艾德。感謝你的提問。我將回答你的問題，使用與你使用的稍微不同的字詞。這對我們來說是一種激勵，因為我們知道我們的市場不一定會從經濟復甦中受益，但在經濟低迷時期以及人們最願意改變無線提供者或改變任何習慣的時候會受到一些打擊他們可能有。因為他們通常每天在一切順利的時候都會走同樣的路線，所以有一種意識和一種開放性，無論是潛意識還是有意識，現在都是因為人們有點掙扎。

So we offer products and services to this community, this group, but it's almost a third of our country now where they can save money and not only save money, but it's convenient for them to pay, whether it's the closest store to their home. They don't have to go out of their way or go to a bill payment center, if you will on we've looked at check all the boxes for the reasons number one, while we can obtain the customer and then number two, how we can secure them as a long-term customer.

所以我們為這個社區、這個群體提供產品和服務，但現在我們國家幾乎有三分之一的人可以省錢，而且不僅省錢，而且對他們來說支付很方便，無論是離他們家最近的商店。他們不必特意去帳單支付中心，如果您願意的話，我們已經檢查了所有的方框，原因是第一個，而我們可以找到客戶，然後是第二個，如何我們可以確保他們成為長期客戶。

And it's usually on a couple of things. Number one is price. Number two is proximity for payment and then number three support. As we've talked about before, I take a tremendous amount of pride in our support center in over 120 people working there to make sure that we offer first-class support to our customers. So I think when you look at it from that perspective and now let me throw in a little bit of a curveball. It's not just our customer base. The target customer base.

它通常涉及幾件事。第一是價格。第二是付款的便利性，第三是支持。正如我們之前談到的，我對我們的支援中心感到非常自豪，那裡有超過 120 名工作人員，以確保我們為客戶提供一流的支援。所以我認為當你從這個角度來看它時，現在讓我拋出一點曲線球。這不僅僅是我們的客戶群。目標客戶群。

Remember, we have a unique business model where we serve clients the store to ultimately obtain customers who visit the store. So the store owners who are getting squeezed by interest rates for the lines of credit, for the goods on our shelf, and have already got their stores maxed out floor-to-ceiling. To be able to offer these stores a fantastic way for them to help make more bottom line money in this type of environment. Now they're listening.

請記住，我們有一個獨特的商業模式，我們為商店的客戶提供服務，以最終獲得訪問商店的客戶。因此，商店老闆們的信用額度和貨架上的商品都受到利率的擠壓，他們的商店已經從地板到天花板都被擠滿了。能夠為這些商店提供一種絕佳的方式，幫助他們在這種環境下賺取更多的利潤。現在他們正在聽。

As a matter fact, we have because we have our product suite put together now in a really compelling offering in our sales teams. I believe we've got four -- we've got boots for conventions that cater to convenience stores just in April alone. So we're only in the outbound part, the reception that our folks are getting, it's fantastic. There's definitely an openness. People are hungry. These business owners are hungry to bring these products in. Number one they know that they will sell. And number two, everybody wins off of it. So it's been a really good deal.

事實上，我們之所以這樣做，是因為我們的產品套件現在已經整合到我們的銷售團隊中，成為真正引人注目的產品。我相信我們已經有四件了——僅在四月份，我們就為便利商店準備了適合會議的靴子。所以我們只處於出站部分，我們的員工受到的接待非常棒。絕對有開放性。人們很餓。這些企業主渴望引進這些產品。第一，他們知道自己會賣出去。第二，每個人都從中受益。所以這是一筆非常划算的交易。

So we again, I always want to stress, I never pray or hope for tough financial conditions. Nobody does. But when they do hit companies like us to cater to and serve and thrive from serving this group of people, we usually do really well.

因此，我總是想強調，我從不祈禱或希望財務狀況會變得艱難。沒有人這樣做。但當他們確實攻擊像我們這樣的公司來迎合、服務並透過服務這群人而蓬勃發展時，我們通常會做得很好。

Thank you for answering my questions, and I wish you guys good luck. Thank you.

謝謝你們回答我的問題，祝你們好運。謝謝。

Thanks for the question.

謝謝你的提問。

[Andrew Scott, SLS Group].

[安德魯·斯科特，SLS 集團]。

Hey, Brian, congratulations to you and your team on a great year. You guys have come a long way. Watching the stock during the aftermarket, a little bit of a head scratcher, but I guess everybody's got something to do. Can you just go over again?

嘿，布萊恩，恭喜你和你的團隊度過了美好的一年。你們已經走了很長的路。在售後市場觀察股票，有點令人頭疼，但我想每個人都有事可做。你能再過去一次嗎？

I think I heard the number right. What -- how much cash do you guys carry right now? And on what do you have any idea on what you plan on doing with it sounds like you have a lot of options, not much cash.

我想我沒聽錯這個數字。什麼——你們現在帶了多少現金？至於你對你打算做什麼有什麼想法，聽起來你有很多選擇，但沒有太多現金。

Hey, Andrew. Thanks for the question. Yes, we do have options because of the cash and that cash is cumulative for us compounding profit month over month. In addition to the -- again, the raise that we talked about that we did with Titan in January. And then, we've had just shy of [$2 million] warrants from our 2021 raise to get to Nasdaq. We've had just [$2 million] shy warrants exercised over the past couple of months. So that's ultimately led to us having over $40 million cash in the bank.

嘿，安德魯。謝謝你的提問。是的，我們確實有選擇，因為有現金，而且現金是我們逐月複利的累積利潤。除了我們討論過的一月份與泰坦進行的加薪之外。然後，我們在 2021 年籌集的資金中獲得了接近 [200 萬美元] 的認股權證，可以進入納斯達克。在過去的幾個月裡，我們只執行了 [200 萬美元] 的有限認股權證。因此，這最終導致我們銀行裡有超過 4000 萬美元的現金。

And really from a strategic standpoint right now, I'm never going to say that we're sitting on the sidelines, but we're in a little bit of we're watching what's going on in Washington as Congress. The funding for ACP has gotten stuck behind a lot of I guess you call it more important global items that the folks in Washington are debating. The -- our consultants and our legal folks up in that neck of the woods are all giving us a good vibes' thumbs up. But I don't want to fully take a step in a direction assuming anything.

實際上，從現在的戰略角度來看，我永遠不會說我們處於袖手旁觀，但我們在某種程度上正在觀察華盛頓國會正在發生的事情。ACP 的資金被困在華盛頓人們正在辯論的許多我猜你稱之為更重要的全球計畫的背後。我們的顧問和法律人員都對我們豎起了大拇指。但我不想在任何假設的方向上完全邁出一步。

So, we obviously have our contingency plans put together, and maybe let's just touch on a couple of those. ACP gets funded like we hope and expect. We're going to push pretty hard in the ACP arena and utilize the profits from that to really focus on growing our core business model, the fintech platform and convenience stores, and pushing out our MVNO prepaid wireless company Linkup. So that's really -- it's pretty simple high level.

所以，我們顯然已經制定了應急計劃，也許我們只討論其中的幾個。ACP 正如我們所希望和期望的那樣獲得了資助。我們將在 ACP 領域大力推進，並利用從中獲得的利潤真正專注於發展我們的核心業務模式、金融科技平台和便利商店，並推出我們的 MVNO 預付費無線公司 Linkup。所以這真的是非常簡單的高水準。

If it doesn't, we know that there's profitable accretive businesses out there that we could take and plug them into our distribution mechanism and definitely get a lot more output from some of the companies that are product companies that depend on third parties to sell their products, being able to push that through our own distribution network and control our own output. We think would be extremely profitable for us. But right now, we're going to wait and see over the next couple of weeks, see how things shake out. I kind of wish this call was 30 days later. It would've given me a little bit more, at least see the army man on the table that we're dealing with. But that is the strategy that we're taking.

如果沒有，我們知道有一些有利可圖的增值業務，我們可以將它們納入我們的分銷機制，並且肯定會從一些依賴第三方銷售產品的產品公司獲得更多產出。產品，能夠透過我們自己的分銷網絡推動產品並控制我們自己的產量。我們認為這對我們來說是非常有利可圖的。但現在，我們將在接下來的幾週內觀望，看看事情會如何發展。我有點希望這通電話是 30 天以後才打的。它會給我更多的東西，至少能看到我們正在處理的桌子上的軍人。但這就是我們正在採取的策略。

But either way, look, we're still -- we're constantly adding salespeople. We're constantly adding sales development folks, independent. They're called ISOs in our industry, independent sales organizations, very similar to the credit card merchant account companies that go door to door selling merchant accounts in same ISO model. And we're also adding in-house salespeople, that are bringing networks with them. So, the feedback we're getting from conventions is great. The feedback we're getting from a lot of salespeople who work for competitors that are looking for something different has been great. So, we're going to stay on this. We're going to stay on this.

但無論如何，我們仍然在不斷增加銷售人員。我們不斷增加獨立的銷售開發人員。他們在我們的行業中被稱為 ISO，獨立的銷售組織，與以相同 ISO 模型挨家挨戶銷售商戶帳戶的信用卡商戶帳戶公司非常相似。我們也增加了內部銷售人員，他們帶來了網路。因此，我們從大會上得到的回饋非常好。我們從許多為尋找不同產品的競爭對手工作的銷售人員那裡得到了很好的回饋。所以，我們將繼續堅持下去。我們將堅持下去。

Great job. You got a lot options. Great job to you and your team. Thank you, Brain.

做得好。你有很多選擇。您和您的團隊做得很好。謝謝你，布萊恩。

Thanks for the question, Andrew.

謝謝你的提問，安德魯。

Thank you. And ladies and gentlemen, that is all the time we have for questions this afternoon. So that will bring us to the conclusion of today's conference call. And again, we'd like to thank you all so much for joining us this afternoon and wish you all a great evening. Good bye.

謝謝。女士們、先生們，今天下午我們的提問時間就到此為止。今天的電話會議到此結束。再次，我們非常感謝大家今天下午加入我們，並祝大家有個愉快的夜晚。再見。