Surgepays Inc (SURG) 2024 Q2 法說會逐字稿

Greetings. Welcome to SurgePays second-quarter 2024 earnings conference call. (Operator Instructions)

問候。歡迎參加 SurgePays 2024 年第二季財報電話會議。（操作員說明）

Please note, this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to your host, [Doug Lane], Investor Relations at SurgePays. Doug, you may begin.

我現在將會議交給主持人 SurgePays 投資者關係部門的 [Doug Lane]。道格，你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays second-quarter 2024 earnings webcast and conference call. Today's date is August 13, 2024, 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 2024 年第二季財報網路廣播和電話會議。今天的日期是 2024 年 8 月 13 日，SurgePays 總裁兼執行長 Brian Cox 今天接聽了電話；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.

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 最近向 SEC 提交的文件。

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. Copies of today's press release are accessible on SurgePays Investor Relations website, ir.surgepays.com. In addition, SurgePays Form 10-Q for the quarter ended June 30, 2024, will also be available on SurgePays Investor Relations website.

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。今天新聞稿的副本可在 SurgePays 投資者關係網站 ir.surgepays.com 上取得。此外，截至 2024 年 6 月 30 日的季度的 SurgePays 10-Q 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, Doug. Thank you for joining today's call and your continued interest in SurgePays. I want to start by reiterating our unwavering commitment to providing financial technology and prepaid wireless services to the underbanked and underserved populations at the grassroots level where they live and shop. This commitment is at the core of our mission and guides all of our actions. Over the past few years, we have successfully acquired over 250,000 subscribers to our Mobile Virtual Network Operators or MVNO business, which at its peak accounted for over 90% of our consolidated sales.

謝謝，道格。感謝您參加今天的電話會議以及您對 SurgePays 的持續關注。首先，我想重申我們堅定不移的承諾，為居住和購物的基層民眾提供金融科技和預付費無線服務。這項承諾是我們使命的核心，並指導我們的所有行動。過去幾年，我們的行動虛擬網路營運商或MVNO業務已成功獲得超過25萬用戶，在高峰時期占我們綜合銷售額的90%以上。

This was made possible by offering plans subsidized by the federally funded Affordable Connectivity Program or ACP. We were aware that this program's funding could run out in the first half of this year, which it did. However, the uncertainty lay in whether Congress would authorize additional funding for the program, which, unfortunately, as of this date, did not happen.

這是透過提供由聯邦政府資助的平價連接計劃 (ACP) 補貼的計劃來實現的。我們知道該計劃的資金可能會在今年上半年用完，事實也確實如此。然而，不確定性在於國會是否會授權為該計劃提供額外資金，但不幸的是，截至目前，這還沒有發生。

We want to ensure you we are fully informed about the challenges we face. But as I said on the last call, we could no longer wait around to find out. We had contingencies and had already begun implementing non-subsidized MVNO business, LinkUp Mobile, which was launched in early June. We aim to offer our subscribers the option to remain on a free monthly plan, subsidized by a sister subsidy program or transition them over to LinkUp Mobile, which we price to be attractive to our target customer.

我們希望向您保證，我們充分了解我們面臨的挑戰。但正如我在上次電話中所說，我們不能再等待找出答案。我們有緊急措施，已經開始實施無補貼的 MVNO 業務 LinkUp Mobile，該業務已於 6 月初推出。我們的目標是讓我們的訂戶可以選擇繼續使用免費的每月套餐，並由姊妹補貼計劃提供補貼，或將他們轉移到 LinkUp Mobile，我們的定價是為了對我們的目標客戶有吸引力。

We also hired Joe Gomez, a senior telecommunications industry executive, for the newly created position of Vice President of MVNO Operations. Joe spent over 18 years at AT&T and brings a wealth of experience to the team. He is charged with helping to develop innovative products and services for the value market segment where we believe our competitive position is enhanced in a non-subsidized market environment. Stay tuned for further developments to come in our ongoing efforts to build out our prepaid wireless MVNO business.

我們也聘請了電信業高階主管 Joe Gomez 擔任新設立的 MVNO 營運副總裁職位。Joe 在 AT&T 工作了超過 18 年，為團隊帶來了豐富的經驗。他負責幫助為價值市場領域開發創新產品和服務，我們相信我們的競爭地位在非補貼市場環境中得到增強。請繼續關注我們不斷努力發展預付費無線 MVNO 業務的進一步進展。

In the meantime, we are going through a transition phase in the business. It would have been an easy though shortsighted decision to let our subscribers go once the ACP funding ran out. That's losing sight of the fact that we now have an existing subscriber base of 250,000 customers, not to mention a distribution network of thousands of local convenience stores and bodegas where our customers shop every day.

同時，我們正在經歷業務的過渡階段。一旦 ACP 資金用完，就讓我們的訂戶離開，這將是一個簡單但短視的決定。這忽略了這樣一個事實：我們現在擁有 250,000 名客戶的現有訂閱者群，更不用說由數千家當地便利商店和雜貨店組成的分銷網絡，我們的客戶每天都在那裡購物。

Those are huge and valuable assets. Therefore, to hold on to these valuable assets during this transition period, we chose to keep our subscribers active, absorb the wholesale costs, and put our strong balance sheet to work to replace the cash flow we lost once ACP funding ran out. But rest assured, this is only temporary. We do not like talking about cash burn rates around here. And we plan to put that in the rearview mirror by the time we closed the year in December.

這些都是巨大而寶貴的資產。因此，為了在這個過渡時期保住這些寶貴的資產，我們選擇保持訂閱者的活躍度，吸收批發成本，並利用我們強大的資產負債表來彌補 ACP 資金耗盡後損失的現金流。但請放心，這只是暫時的。我們不喜歡在這裡談論現金消耗率。我們計劃在 12 月年底前將其納入後視鏡。

So in looking at the second-quarter 2024 results, our sales were $15.1 million compared to $35.9 million in the year ago quarter, which were about as expected with the ACP program winding down mid-quarter and Congress declining to provide it with new funding at least as of yet. Our MVNO revenues were $12.5 million versus $30.2 million in the same quarter of last year when ACP was fully funded throughout the quarter.

因此，從2024 年第二季的業績來看，我們的銷售額為1,510 萬美元，而去年同期為3,590 萬美元，這與ACP 計劃在季度中期結束且國會拒絕為其提供新資金的預期基本一致。我們的 MVNO 收入為 1,250 萬美元，而去年同期 ACP 整個季度資金充足時為 3,020 萬美元。

Also impacting sales were the operational changes made by management in Surge Logics' lead generation services, which had $2.8 million in sales a year ago quarter, but did not contribute sales this quarter. What was not expected in our planning coming into 2024 was that the second-quarter gross profit would be a loss of $3.4 million versus a $10 million profit the year ago quarter.

同樣影響銷售額的還有 Surge Logics 的銷售線索產生服務管理層所做的營運調整，該服務去年同期的銷售額為 280 萬美元，但本季並未貢獻銷售額。我們在 2024 年的計畫中沒有預料到的是，第二季毛利將虧損 340 萬美元，而去年同期為 1,000 萬美元利潤。

This was due to the double whammy of Congress letting the original ACP funding run out and not immediately renewing the program, coupled with our decision to have our balance sheet take on the funding to maintain continuity within our subscriber base.

這是由於國會讓最初的 ACP 資金用完並且沒有立即續訂該計劃的雙重打擊，加上我們決定讓我們的資產負債表承擔這筆資金，以維持我們訂戶群的連續性。

So why would we continue to provide wireless services and absorb the costs? For three main reasons. Number one, Congress could renew the ACP program at any time. And if we terminated service, we would have to go out and reacquire customers from a standing start, which would cost tens of millions of dollars.

那我們為什麼要繼續提供無線服務並承擔成本呢？有三個主要原因。第一，國會可以隨時更新 ACP 計劃。如果我們終止服務，我們就必須走出去，從頭開始重新獲得客戶，這將花費數千萬美元。

Number two, if Congress delayed or didn't fund the program, we had as a backup plan B to acquire a company with licenses to provide a similar subsidy program to our customer base and recapture a lower but viable and sustainable reoccurring revenue stream. This is in conjunction with incentivizing customers to switch over to LinkUp Mobile, our non-subsidized prepaid wireless brand. Number three, we know how critical a role broadband service plays in everybody's life, and we believe it was simply the right thing to do.

第二，如果國會推遲或不資助該計劃，我們有一個備用計劃B，即收購一家擁有許可證的公司，為我們的客戶群提供類似的補貼計劃，並重新獲得較低但可行且可持續的經常性收入流。這與激勵客戶轉向我們的無補貼預付費無線品牌 LinkUp Mobile 結合。第三，我們知道寬頻服務在每個人的生活中發揮著多麼重要的作用，我們相信這是正確的做法。

As we evolve, we want to become and more increasingly important provider of goods and services to our convenience store and bodega partners. While prepaid wireless and fintech are the main products we now provide, we look to expand our offerings to these points of distribution in the community since we know that our customer base of underbanked and underserved consumers conduct most of their financial transactions at their trusted local convenience store.

隨著我們的發展，我們希望成為便利商店和雜貨店合作夥伴越來越重要的商品和服務提供者。雖然預付費無線和金融科技是我們現在提供的主要產品，但我們希望將我們的產品擴展到社區中的這些分銷點，因為我們知道我們的客戶群缺乏銀行服務和服務不足的消費者在他們值得信賴的當地便利設施中進行大部分金融交易店鋪。

We recognize that the delay in ACP funding has adversely impacted our business and stock price. Therefore, we feel it's an opportunistic time to announce a corporate stock buyback, so our long-term investors know our interests are aligned. We have announced a buyback of up to $5 million of SurgePays common stock in the open market over the next six months.

我們認識到 ACP 融資的延遲對我們的業務和股價產生了不利影響。因此，我們認為現在是宣佈公司股票回購的機會主義時機，因此我們的長期投資者知道我們的利益是一致的。我們已宣佈在未來六個月內在公開市場上回購最多 500 萬美元的 SurgePays 普通股。

We are in a transition phase and are looking to get back to generating positive free cash flow by the end of this year through the following initiatives: number one, continue to grow our ACP revenue stream should Congress continue to fund it; number two, offer our subscriber base, a sister subsidy program while enticing customers with a cost-saving LinkUp prepaid wireless plan; number three, scaling up our third-party wholesale transactions for other prepaid wireless company payments at convenience stores. This initiative has been necessary because it's a relationship gateway product for LinkUp activations and subscriber growth at the convenience store.

我們正處於過渡階段，希望透過以下措施在今年年底前恢復產生正的自由現金流：第一，如果國會繼續為其提供資金，則繼續增加我們的 ACP 收入流；第二，為我們的用戶群提供姐妹補貼計劃，同時透過節省成本的 LinkUp 預付費無線計劃吸引客戶；第三，擴大我們在便利商店的其他預付費無線公司付款的第三方批發交易。這項措施是必要的，因為它是一個關係網關產品，用於便利商店的 LinkUp 啟動和用戶成長。

Number four, expand our offerings outside of wireless. For instance, we recently launched our ClearLine customer engagement platform for convenience stores at last month's RetailNOW Conference in Las Vegas.

第四，將我們的產品擴展到無線領域之外。例如，我們最近在上個月於拉斯維加斯舉行的 RetailNOW 會議上推出了便利商店的 ClearLine 客戶參與平台。

Number five, expand product and service offerings to the same nationwide network of convenience stores we are building by exploring and executing prospective partnering or product distribution opportunities. Number six, identify unique market opportunities that represent potential positive short-term cash flow.

第五，透過探索和執行潛在的合作或產品分銷機會，將產品和服務擴展到我們正在建立的同一全國性便利商店網路。第六，確定代表潛在正短期現金流的獨特市場機會。

As I said at the outset, we knew that the ACP funding could run out and we were not waiting around for Congress to provide additional funding. Many initiatives are underway to expand SurgePays footprint among the underbanked and underserved who remain our key customers. Stay tuned for more news on this front as we move into the back half of 2024.

正如我一開始所說的，我們知道 ACP 的資金可能會耗盡，我們不會等待國會提供額外的資金。許多措施正在進行中，以擴大 SurgePays 在銀行服務不足和服務不足的人群中的足跡，他們仍然是我們的主要客戶。進入 2024 年下半年，請繼續關注這方面的更多新聞。

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

在總結今天的電話會議之前，我會將電話轉給托尼，讓他審查我們的財務表現。托尼？

Thank you, Brian, and good afternoon, everyone. I will begin my overview of the second quarter's financial results. For the second quarter, we reported revenues of $15.1 million compared to $35.9 million in 2023, representing a decrease of 58%. The decrease was primarily due to the lack of additional federal funding for the ACP. April was the last month that ACP households received the full ACP benefit as they had in prior months. Some ACP households received a partial benefit in May and effective June 1, households were no longer receiving an ACP benefit.

謝謝你，布萊恩，大家下午好。我將開始概述第二季的財務表現。第二季的營收為 1,510 萬美元，與 2023 年的 3,590 萬美元相比，下降了 58%。減少的主要原因是 ACP 缺乏額外的聯邦資金。4 月是 ACP 家庭像前幾個月一樣獲得全額 ACP 福利的最後一個月。一些 ACP 家庭在 5 月領取了部分福利，自 6 月 1 日起，家庭將不再領取 ACP 福利。

Additionally, similar to the first quarter, we received no revenues from our lead generation services consisting of LogicsIQ and Q2 of 2024 versus the $2.8 million received in Q2 of 2023. This was a result of operational changes by management.

此外，與第一季類似，我們並未從包括 LogicsIQ 和 2024 年第二季在內的潛在客戶開發服務中獲得收入，而 2023 年第二季收到的收入為 280 萬美元。這是管理階層進行營運變革的結果。

Gross profit swung to a $3.4 million loss in the second quarter from a $10 million profit in the year ago period due to our strategic decision to utilize our strong balance sheet to protect our ACP subscriber base and distribution network while we transition over to a non-subsidized MVNO business model. Additionally, the deemphasis of our lead generation business resulted in a lower gross profits in that segment as well.

由於我們的策略決定，利用我們強大的資產負債表來保護我們的ACP 用戶群和分銷網絡，同時我們過渡到非非營利模式，因此第二季度的毛利從去年同期的1000 萬美元利潤轉向了340 萬美元虧損。此外，我們不再重視潛在客戶開發業務，也導致該領域的毛利下降。

SG&A expenses increased by 101% year over year. Increase was primarily due to additional non-cash stock compensation for management. The stock compensation relates to employment agreements signed in late 2023. We also had additional expenses for contractor and consulting fees. The company engaged several contractors to overhaul the financial platform to allow for the conversion to a tablet-based transaction at the store level from the outdated Verifone terminal.

SG&A 費用年增 101%。增加主要是由於管理層的額外非現金股票補償。股票補償與 2023 年底簽署的僱傭協議有關。我們還有承包商和諮詢費的額外費用。該公司聘請了幾家承包商對金融平台進行徹底改造，以便將過時的 Verifone 終端轉換為基於平板電腦的商店級交易。

The company also engaged with consultants to provide advisory services, specifically in the area of investment relations to identify opportunities to increase our shareholder value. Loss from operations was $10.9 million during the second quarter compared to a $6.2 million profit in a year ago period.

該公司還聘請顧問提供諮詢服務，特別是在投資關係領域，以確定增加股東價值的機會。第二季營運虧損為 1,090 萬美元，而去年同期獲利為 620 萬美元。

Our reported net loss and loss per share were $12.9 million loss and $0.66 per share loss. Our loss and loss per share were adversely impacted primarily by the ending of the federally funded ACP for our customers during the quarter.

我們報告的淨虧損和每股虧損分別為 1,290 萬美元和每股 0.66 美元。我們的虧損和每股虧損主要受到本季度我們客戶聯邦資助的 ACP 終止的不利影響。

Turning to the balance sheet, liquidity, and cash flow. Our cash balance as of June 30, 2024, was $38.4 million compared to $42.9 million at the end of the first quarter. Our cash from operations was $4.1 million in use in the second quarter versus a $4.0 million source in the first quarter, a large negative swing due to the winding down of the federal ACP funding to our customers during the quarter, which we picked up and funded with our cash on hand. Accounts receivable decreased by $6.9 million in the second quarter to a $1.4 million from $8.3 million at the end of the first quarter. The ACP stopped accepting new subscribers in February of 2024, resulting in much lower receivables from the US government.

轉向資產負債表、流動性和現金流。截至 2024 年 6 月 30 日，我們的現金餘額為 3,840 萬美元，而第一季末為 4,290 萬美元。我們第二季使用的營運現金為410 萬美元，而第一季的來源為400 萬美元，這是由於本季度向我們的客戶提供的聯邦ACP 資金逐漸減少而造成的大幅負波動，而我們已收回並資助了這些資金用我們手頭上的現金。第二季應收帳款減少了 690 萬美元，從第一季末的 830 萬美元降至 140 萬美元。ACP 於 2024 年 2 月停止接受新訂戶，導緻美國政府的應收帳款大幅減少。

Given our cash balance and capital structure, our cash allocation priority is in financing the transition from a federally subsidized [NPO model] to one fully funded by our customers.

考慮到我們的現金餘額和資本結構，我們的現金分配優先事項是為從聯邦政府補貼的[非營利組織模式]過渡到完全由客戶資助的模式提供資金。

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

現在我將把電話轉給布萊恩，讓他做一些結束語。

Thanks, Tony. I believe the four key components to a company's success are the team, the products, the distribution and the funding. I believe we have assembled the best and most experienced team in the history of prepaid wireless products. We currently have the most compelling offering in our market. We own our own distribution and have $38 million cash in the bank as of June 30, 2024, to execute our transition.

謝謝，托尼。我相信公司成功的四個關鍵要素是團隊、產品、分銷和資金。我相信我們已經組建了預付費無線產品史上最優秀、最有經驗的團隊。目前，我們擁有市場上最引人注目的產品。截至 2024 年 6 月 30 日，我們擁有自己的分配權，並在銀行中有 3,800 萬美元的現金，用於執行我們的過渡。

I believe SurgePays has the foundation for long-term success despite the short-term disruption caused by the ACP funding situation. Thank you so much for your time today.

我相信 SurgePays 擁有長期成功的基礎，儘管 ACP 融資狀況造成了短期幹擾。非常感謝您今天抽出時間。

We will now open up the call to questions. Operator?

我們現在開始接受提問。操作員？

(Operator Instructions)

（操作員說明）

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi. Thanks for taking my question. First, of course, the ACP. What are you -- how optimistic are you that that's going to be refunded? And do you have any sort of idea of any timeline there?

你好。感謝您提出我的問題。首先當然是 ACP。你對退款有多樂觀？您對其中的時間表有什麼想法嗎？

Hi, Anja. Thanks for the question. I'd tell you, it's been a week-to-week feedback scenario for us. I think our optimism wanes as time goes on, I mean, just being blunt. We had internally set a date of August 1 to take action and assume internally, if ACP comes back, great. If it doesn't, it's beyond that, let's just call it, the threshold that we had set for ourselves to take and move to transition to plan B.

嗨，安雅。謝謝你的提問。我告訴你，這對我們來說是每週的回饋場景。我認為隨著時間的推移，我們的樂觀情緒會減弱，我的意思是，只是直言不諱。我們在內部設定了 8 月 1 日採取行動的日期，並在內部假設，如果 ACP 回來，那就太好了。如果沒有，那就超出了我們為自己設定並轉向 B 計畫的門檻。

We are still told that there are actions taking place in the halls of Congress. We are still told that most people -- even the folks who were negative about the program now are very positive about it, especially since JD Vance on the Republican side as the Vice President pick, and he was a huge advocate of the program. But at the same time, we can't sit on our hands anymore as we talked about earlier, had to take action.

我們仍然被告知國會大廳正在採取行動。我們仍然被告知，大多數人——甚至那些對該計劃持消極態度的人現在都對此非常積極，特別是自從共和黨方面的JD 萬斯被選為副總統以來，他是該計劃的大力倡導者。但同時，我們不能再像之前所說的袖手旁觀，必須採取行動。

So we're positioning the company after a lot of talk and a lot of back and forth. We want to transition these customers or offer them the ability to remain on a free service and then have that subsidized by the Lifeline program. But for those that want to keep a, let's call it, a heavier broadband bandwidth, more gigabytes per month, more accustomed to a regular wireless plan that would have a much larger -- let's call it, more like a regular plan, $30 or $40 or $50 plan, in the prepaid world, offer those folks a discounted LinkUp mobile plan that they could transition to.

因此，經過大量討論和反覆討論後，我們對公司進行了定位。我們希望轉變這些客戶，或讓他們能夠繼續使用免費服務，然後獲得生命線計畫的補貼。但對於那些想要保留更重的寬頻頻寬、每月更多千兆位元組、更習慣常規無線計劃的人來說，該計劃的費用要大得多——我們稱之為，更像常規計劃，30 美元或在預付費領域，40 美元或 50 美元的計劃為這些人提供了可以過渡到的折扣 LinkUp 行動計劃。

So if they needed the help, they could stay on the Lifeline, the free service. If they wanted to have something more similar to ACP in that service, then they could start paying for it.

因此，如果他們需要幫助，他們可以繼續使用免費服務生命線。如果他們想在該服務中獲得與 ACP 更相似的東西，那麼他們可以開始付費。

And do you have any sort of initial read on who's going to opt for the Lifeline program, who's going to up for the LinkUp Mobile?

您對誰將選擇 Lifeline 計劃、誰將支援 LinkUp Mobile 有任何初步了解嗎？

My instincts would tell me that the majority of folks want something as free, they're going to maintain and stick with the free program. And then it would be over the course of, let's say, three to four months, the transition would take place to bump to a paid plan. I don't think people out of the gate would opt for a paid plan until they've experienced the free plan first.

我的直覺告訴我，大多數人都想要免費的東西，他們會維護並堅持免費程序。然後，在三到四個月的時間內，就會發生過渡以達到付費計劃。我認為人們在先體驗免費計劃之前不會選擇付費計劃。

Okay. And then in terms of the ClearLine customer engagement platform, what are you seeing initial reads there?

好的。那麼就 ClearLine 客戶參與平台而言，您在那裡看到的初步讀數是什麼？

I've spent a lot of time with our folks on the ClearLine side of things. I'm really happy we acquired ClearLine. Just a quick history lesson for those that are not familiar with ClearLine. The reason we acquired ClearLine was they had a really good technology that allowed us to do the ACP enrollments at convenience stores. They enabled us, as Tony had mentioned, to transition away from refurbished Verifone terminals, which are the little credit card terminals with the keypad push buttons.

我花了很多時間與我們的同事一起處理 ClearLine 方面的事情。我真的很高興我們收購了 ClearLine。對於那些不熟悉 ClearLine 的人來說，這只是一個快速的歷史課。我們收購 ClearLine 的原因是他們擁有非常好的技術，使我們能夠在便利商店進行 ACP 登記。正如托尼所提到的，它們使我們能夠擺脫翻新的 Verifone 終端，即帶有鍵盤按鈕的小型信用卡終端。

They allowed us to transition over to touchscreens, which enable people to use their finger to sign things. And it is obviously a much more technologically advanced interface at the store. Also provides for a lot of cool things in the future, such as scanning QR codes and doing transactions, which is one of our business model -- or excuse me, business plan goals in the future is to be able to be that go-to for digital transactions at the convenience store front or bank folks.

它們使我們能夠過渡到觸控屏，人們可以用手指來簽署東西。這顯然是商店中技術更先進的介面。也為未來提供了很多很酷的東西，例如掃描二維碼和進行交易，這是我們的商業模式之一——或者對不起，未來的商業計劃目標是能夠成為那個首選用於便利商店前台或銀行人員的數位交易。

So ClearLine was a really good acquisition for us, but what was -- it helped us accomplish a goal that we had and an immediate need. It addressed the problem for us. But the really great thing about that is with that solution, also came all of the projects that they were currently working on and were just a tad bit underfunded.

因此，ClearLine 對我們來說是一次非常好的收購，但它幫助我們實現了我們的目標和迫切的需求。它為我們解決了這個問題。但真正偉大的事情是，有了這個解決方案，他們目前正在進行的所有項目也隨之而來，只是資金有點不足。

They had a great team. They were almost there on quite a few projects, and we incentivized the guys to come over. We converted that entrepreneur into an entrepreneur, empowered him to go focus on doing what he was great at, and not have to worry about all the operational distractions of running a business. And Nate, the gentleman who runs up for us, has rolled out some really good products.

他們有一支很棒的團隊。他們幾乎完成了很多項目，我們激勵他們過來。我們將這位企業家轉變為一名企業家，讓他能夠專注於做他擅長的事情，而不必擔心經營企業的所有營運幹擾。內特，這位為我們奔跑的紳士，推出了一些非常好的產品。

And just at a high level, the goal of ClearLine is to create customer engagement at the store level. And they've got quite a few products, and I don't want to take up too much time because it's a little bit -- it can get off into the weeds.

從較高的層面來看，ClearLine 的目標是在商店層級建立顧客參與。他們有相當多的產品，我不想佔用太多時間，因為它有點 - 它可能會陷入困境。

But for example, having a scenario where you walk into a convenience store -- and by the way, over the next year or two, you're going to start seeing this at your larger chains and all the way down to the mom-and-pops, where instead of posters on the wall, you're going to see big screen TVs mounted. And there's going to be more dynamic advertising in these stores. And it's going to be engaging.

但是，例如，有一個場景，您走進一家便利商店 - 順便說一句，在接下來的一兩年內，您將開始在較大的連鎖店以及一直到媽媽和媽媽店中看到這種情況-流行音樂，你將看到安裝的大螢幕電視，而不是牆上的海報。這些商店將會有更多動態廣告。而且它會很吸引人。

It's not going to be just slides of pictures; it's going to be QR codes. It's going to be things that can be tracked and redeemed right there at the register. ClearLine manages that entire process. As a matter of fact, we're rolling that out now into several chains. I don't want to call it a beta test because we know it works.

這不僅僅是圖片幻燈片；這將是二維碼。這將是可以在收銀機追蹤和兌換的東西。ClearLine 管理整個流程。事實上，我們現在正在將其推廣到多個連鎖店。我不想將其稱為 Beta 測試，因為我們知道它有效。

But as our initial engagement of putting it out in the market, very high-margin products for us. And what's really cool about it is it's the same target market, the convenience store, and it can be another relationship builder. So that same ClearLine TV, if you will, over in the corner that's rolling 8 to 10 different ads with buy one, get one free or what have you. And it's got the QR code, customers can hold their smartphone up, scan walk right up to the register and literally tap their phone and then redeem that coupon in real time. That data will be sent in a really cool back office format to the store owner or the chain owners. And they'll know the impact of their in-store marketing, their hyper local marketing.

但隨著我們最初將其推向市場，對我們來說這是利潤非常高的產品。它真正酷的是它有相同的目標市場，即便利商店，而且它可以成為另一個關係建立者。同樣的 ClearLine 電視，如果你願意的話，在角落裡滾動著 8 到 10 個不同的廣告，包括買一送一或你有什麼。它有二維碼，顧客可以舉起智慧型手機，掃描走到收銀台，點擊手機，然後即時兌換優惠券。這些數據將以一種非常酷的後台格式發送給商店所有者或連鎖店所有者。他們會知道店內行銷、超級本地行銷的影響。

And that same system will also enable them to do our prepaid transactions, our third-party prepaid top-ups for any wireless company out there. That same system will also allow them to do activations for LinkUp Mobile. That is a customer now. That is a point of distribution for us and all of our other products at the convenience stores.

同樣的系統也將使他們能夠進行我們的預付費交易，我們為任何無線公司提供第三方預付費充值。該系統還允許他們啟動 LinkUp Mobile。那現在是客戶了。這是我們和我們所有其他產品在便利商店的分銷點。

So that's what's really -- the ClearLine deal, again, it addressed a problem that we had with a solution, but it came with it with a plethora of fantastic opportunities. But I'm not even sure we fully realized last year when we bought it. But now we've been able to capitalize on those.

這就是真正的情況——ClearLine 交易再次解決了我們在解決方案中遇到的問題，但隨之而來的是大量的絕佳機會。但我什至不確定我們去年購買它時是否完全意識到了這一點。但現在我們已經能夠利用這些了。

Okay. And then after you talked about getting back to free cash flow positive this year. Do you vision you doing that without the ACP being refunded? Or how dependent are you on that, for coming back for you to be free cash flow positive?

好的。然後在你談到今年自由現金流恢復為正之後。您是否希望在不退還 ACP 的情況下做到這一點？或者你對這一點有多大的依賴，才能讓你的自由現金流為正？

Yes. No, I appreciate that question. Our goal of being cash flow positive by the end of the year is assuming ACP has gone. I'm not going to do any modeling or projections or any -- even on my own spreadsheets, old school pro forma, I'm not going to factor in any ACP. I'm going to assume that's behind us.

是的。不，我很欣賞這個問題。我們的目標是在年底前實現正現金流，前提是 ACP 已經消失。我不會做任何建模或預測或任何事情——即使在我自己的電子表格、老式的準備考試中，我也不會考慮任何 ACP。我假設那已經過去了。

The cash flow positive by the end of the year would be taking into account transitioning those customers who want to remain on a free product over to a Lifeline product. That would be the third-party wireless transactions we talked about that really a gateway product to the store.

到今年年底，正現金流將考慮將那些希望繼續使用免費產品的客戶過渡到生命線產品。這就是我們談論的第三方無線交易，它確實是商店的網關產品。

It's the lead product to -- where a convenience store owner could take payments for every prepaid wireless company out there using our platform. That is ramping up significantly right now. The ClearLine product picking in for us. And then by the end of the year, LinkUp Mobile getting its -- getting traction and starting to contribute as well.

它是便利商店老闆可以使用我們的平台為每個預付費無線公司付款的主導產品。目前這一數字正在顯著增加。ClearLine 產品為我們挑選。然後到今年年底，LinkUp Mobile 獲得了關注並開始做出貢獻。

Curtis Shauger, Water Tower Research.

柯蒂斯‧肖格，水塔研究中心。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

I think what immediately comes to mind for me is, are there any opportunities with the carriers to help mitigate the cost that you're experiencing to keep the ACP customers alive?

我想我立即想到的是，營運商是否有任何機會可以幫助您降低為維持 ACP 客戶生存所需的成本？

That's a good question. And I appreciate that question because you've given me an angle to discuss some of what Tony and I and our management team has been scratching our head about. The initial discounts, and let's call it maybe the cost of goods sold alleviation that the carriers were discussing, it was a lot more aggressive for a period of time back, let's say, when this first came up on the horizon in April, but they pulled a lot of it back due to their absolute certainty that ACP was going to be funded.

這是個好問題。我很欣賞這個問題，因為你給了我一個角度來討論托尼和我以及我們的管理團隊一直在摸索的一些問題。最初的折扣，我們可以稱之為運營商正在討論的商品銷售成本緩解，在一段時間內，折扣要激進得多，比方說，當這在四月份首次出現時，但他們由於他們絕對確定ACP 將獲得資助，因此撤回了大部分資金。

So it was really -- I mean, we were in a whirlwind. Every day, it was something different. It was a soap opera. And so that's one reason why finally, we had to put our foot down and say, hey, this is the path we're going to chart. If ACP comes back, great, if it doesn't, it's been a great run.

所以這真的是——我的意思是，我們正處於旋風之中。每一天，都是不同的。這是一部肥皂劇。這就是為什麼我們最終不得不堅定立場說，嘿，這就是我們要規劃的道路。如果 ACP 回來，那就太好了，如果沒有，那也是一次偉大的體驗。

The carriers right now, where I believe the alleviation is going to be is, obviously, they do not want to lose subscribers. Just looking out at the market, you can see some of the other guys out there who have lost significant subscribers. The backbones of T-Mobile and AT&T, they don't want to lose subscribers.

我認為目前的營運商將採取緩解措施，顯然他們不想失去用戶。只要看看市場，你就會發現其他一些人已經失去了大量的訂閱者。作為 T-Mobile 和 AT&T 的骨幹，他們不想失去用戶。

So I think where we're going to see the -- I would never call it a partnership necessarily, but the assistance to collectively keep these subscribers on is going to be in offering some discounted rates to provide these folks Lifeline service, which, again, that's the subsidy program has been around since Ronald Reagan.

因此，我認為我們將看到 - 我永遠不會將其稱為合作夥伴關係，但共同留住這些訂戶的幫助將是提供一些折扣費率來為這些人提供生命線服務，這再次，這就是自雷根以來就一直存在的補貼計畫。

And it's not quite as much as ACP, but it is viable. The challenge with Lifeline was that pricing to provide the service, the wholesale side of it never was really there to give consumers a viable product. It was almost just an emergency phone or let's just call it like the glove box phone. But now where I think carriers are -- from what I've seen, and we'll find out in the next week or two.

雖然它不像 ACP 那麼多，但它是可行的。Lifeline 面臨的挑戰是提供服務的定價，批發方面從來沒有真正為消費者提供可行的產品。它幾乎只是一個緊急電話，或者我們就叫它「手套箱電話」吧。但現在我認為運營商在哪裡——從我所看到的來看，我們將在接下來的一兩週內找到答案。

But what we're told is they're going to step up and offer us something that would be considered a regular plan for a basic phone user talk, text, data, that would be something that could be provided on the Lifeline program. So that's where I think they're going to step up. And look, they have given us discounts the last couple of months. So if they had not, it probably would have moved the needle faster for us. But those were all things that we factored in, and they have stepped up a little bit.

但我們被告知，他們將站出來為我們提供一些被視為基本電話用戶通話、短信、數據的常規計劃的東西，這將是可以在生命線計劃中提供的東西。所以我認為這就是他們要挺身而出的地方。看，他們在過去幾個月給了我們折扣。因此，如果他們不這樣做，我們的進展可能會更快。但這些都是我們考慮的因素，而且它們已經加強了一點。

I wish they would have shouldered it more. But again, they were under the complete impression that this was going to be funded. Their folks told them, our folks told us, everybody across the board, both sides of the aisle, everybody thought it would have been funded. I think everybody is still a little bit caught off guard it wasn't.

我希望他們能承擔更多。但他們再次確信這將得到資助。他們的家人告訴他們，我們的家人告訴我們，所有人，無論是兩黨，都認為它會得到資助。我認為每個人仍然有點措手不及，事實並非如此。

But we're here now. And that's why we've taken that day of August 1 to start to pass to plan B, get back on -- get back cash flow positive and then go from there.

但我們現在就在這裡。這就是為什麼我們從 8 月 1 日開始轉向 B 計劃，重新開始——恢復正現金流，然後從那裡開始。

Andrew Scott, 395 Group.

安德魯·斯科特，395 集團。

I know you guys are in a truly challenging period right now. And a lot of the questions that I had were just answered regarding what's your fastest way back to cash flow positivity and breakeven. It sounds like you guys outlined it on the call, it looks like you have more than enough cash to get there.

我知道你們現在正處於一個真正充滿挑戰的時期。我剛才提出的許多問題都得到了解答，關於恢復現金流量正值和損益平衡的最快方法是什麼。聽起來你們在電話中概述了這一點，看起來你們有足夠的現金來實現這一目標。

And I've heard you talk about Lifeline a lot. Would you consider -- would you look at any other accretive acquisitions with synergistic business models, whether it be any other kind of payment processing? I'm still on ideas out there. But have you guys thought about other acquisitions in addition to Lifeline?

我常聽你談論生命線。您是否會考慮 - 您是否會考慮任何其他具有協同業務模式的增值收購，無論是任何其他類型的支付處理？我仍然有想法。但除了 Lifeline 之外，你們有沒有考慮過其他收購？

Yes. Thank you for the question, Andrew. And yes, we're constantly in a mode of evaluating. Let's call it sorting and sifting like painting for gold through acquisitions. And I think right now, and let's just kind of zoom out of the ACP and what we're dealing with and say the macro environment is unique for a company with cash in the bank.

是的。謝謝你的提問，安德魯。是的，我們一直處於評估模式。我們稱之為分類和篩選，就像透過收購繪畫黃金一樣。我認為現在，讓我們把目光從 ACP 和我們正在處理的事情上縮小，說宏觀環境對於一家在銀行有現金的公司來說是獨一無二的。

We don't want to buy a company just to buy a company or just to go buy revenue. But I think one of the mantras I've had is I'd rather have a little less in the bank and have that cash flow stacking upward than have a little more in the bank and have that cash flow depleting because you're either growing or you're dying. So that's just an old school mentality that coming from the entrepreneurial world where we had to survive or you went out of business.

我們不想只是為了購買一家公司或只是為了購買收入而購買一家公司。但我認為我的口頭禪之一是我寧願在銀行裡少一點，讓現金流向上堆積，也不願在銀行裡多一點，然後讓現金流耗盡，因為你要么在成長或者你快要死了。所以這只是一種來自創業世界的老派心態，我們必須生存，否則你就會破產。

And yes, it's a tough environment, but it's a transition. And look, the opportunities for people who keep their heads up during transitions or during tough environments. I think the team that we have, we've made our biggest gains when times were the toughest. So we see this as opportunity. There's opportunities for millions of customers who are going to be looking for an alternate way to communicate for their wireless services.

是的，這是一個艱難的環境，但這是一個過渡。看看，那些在轉型或艱難環境中保持清醒的人的機會。我認為我們的團隊在最艱難的時期取得了最大的成就。所以我們認為這是一個機會。對於數百萬尋求無線服務通訊替代方式的客戶來說，這是一個機會。

There's opportunities out there with immigration and the Hispanic, say, the bilingual prepaid wireless companies. There's not a whole lot of them out there right now. There's a lot of opportunities out there. And one of the benefits that I get to enjoy is that our team is built of primarily at the high-level former entrepreneurs who all built from scratch, from nothing, just crawling across glass, elbows and knees and elbows to survive.

移民和西班牙裔人士那裡有機會，例如雙語預付費無線公司。現在那裡還沒很多。那裡有很多機會。我享受到的好處之一是，我們的團隊主要由高層前企業家組成，他們都是從零開始，從無到有，只是在玻璃上爬行，肘部、膝蓋和肘部才能生存。

So we've all been through things that are far worse than this. We've been through things similar to this but no money in the bank. So we're survivors, very intelligent folks with huge networks.

所以我們都經歷過比這更糟糕的事。我們也經歷過類似的事情，但銀行裡沒有錢。所以我們是倖存者，非常聰明，擁有龐大的網絡。

And then we've added folks from the larger carriers, as we talked about with Joe Gomez, Jeremy Gies, people who bring the corporate aspect of the wireless world together as well. So we're -- obviously, if ACP has stayed around, I'm not going to sit here and say that we're just -- we're fine whatever. It will be the same a year from now where we look and we look back and like -- ACP, by the nature of it being a gold rush, land rush for a timeframe, made us a one product company. And that was never the intention of why we built this. That was -- that's not necessarily our mission, but it was a fantastic opportunity.

然後我們還添加了來自大型營運商的人員，正如我們與 Joe Gomez、Jeremy Gies 討論的那樣，他們也將無線世界的企業方面整合在一起。所以，顯然，如果 ACP 繼續存在，我不會坐在這裡說我們只是——無論如何，我們都很好。一年後，我們回望過去，就會發現，ACP 的本質是淘金熱、一段時間內的土地熱潮，使我們成為一家單一產品公司。這從來都不是我們建造這個的目的。那不一定是我們的使命，但這是一個絕佳的機會。

If it's not funded again -- I mean we've been over and picked up a $200 million bill. We strengthened the balance sheet. We're able to strengthen our team, we're able to make some acquisitions.

如果它不再得到資助——我的意思是我們已經結束並收到了一張 2 億美元的賬單。我們加強了資產負債表。我們能夠加強我們的團隊，我們能夠進行一些收購。

So either way, the way we look at it. Yes, of course. And look, kind of summarizing the last part of your question, We're always open to acquisitions that would grow the company because we're not just an ACP company. We're not just a wireless company and we have goals of distributing into these convenience stores.

所以無論哪種方式，我們都看它的方式。是的當然。看，總結一下你問題的最後一部分，我們始終對能夠發展公司的收購持開放態度，因為我們不僅僅是一家 ACP 公司。我們不僅僅是一家無線公司，我們的目標是向這些便利商店進行分銷。

And I think if you zero in, one of the things that the ACP depletion has made us do, and sometimes it's not a bad thing. Just go back, sharpen your pencil and remember who you are, why you put this together and what your goals were.

我認為，如果你歸零，ACP 耗盡讓我們做的事情之一，有時這並不是一件壞事。只要回去，削尖你的鉛筆，記住你是誰，你為什麼把這些放在一起，以及你的目標是什麼。

And our goal is -- we've been more focused on our goals for the last two months. So it's actually -- again, ACP was still around, but this has not been a bad exercise, big picture as we are looking forward three to five years for us to really focus in on who we want to be, who -- and how are we going to get there?

我們的目標是——過去兩個月我們更專注於我們的目標。所以，實際上，ACP 仍然存在，但這並不是一個糟糕的嘗試，因為我們期待三到五年才能真正專注於我們想成為誰、誰以及如何成為這樣的人。

Got it. Guys, nice touch on the corporate buyback. That was a really good idea.

知道了。夥計們，公司回購的進展不錯。這真是個好主意。

Ed Woo, Ascendiant Capital.

艾德·吳，Ascendian Capital。

Thanks for taking my question. My question is you guys have a direct relationship with the underserved market through the convenience stores. What are you hearing in terms of the economic outlook? And has it really changed? And how has that impacted your business, and obviously, with the underserved customers?

感謝您提出我的問題。我的問題是你們透過便利商店與服務不足的市場有直接的關係。您對經濟前景有何看法？情況真的改變了嗎？這對您的業務（尤其是服務不足的客戶）有何影響？

Ed, thanks for the question. I think that the feedback maybe a way to position that is one of the things we've been cultivating is specific feedback as it relates to the wireless world. And consumers are looking for something that's more engaging.

艾德，謝謝你的提問。我認為回饋可能是我們一直在培養的一種定位方式，它是與無線世界相關的具體回饋。消費者正在尋找更具吸引力的東西。

As far as the economy, it is what it is. And we've always talked about the underbanked segment of society really is not necessarily affected by the Dow Jones or the GDP of the country, they kind of maintains it is what it is in good times and bad times that underbanked, underserved market stays pretty similar.

就經濟而言，就是這樣。我們一直在談論社會中銀行服務不足的部分確實不一定受到道瓊斯指數或國家 GDP 的影響，他們堅持認為，無論是在順境還是逆境，銀行服務不足、服務不足的市場都保持相當不錯的狀態。的。

But there's been a stagnant offering platform to these consumers for the past three or four or five years. And if you look at the prepaid brands out there, there's been a lot of consolidation where the larger carriers, previously Sprint, T-Mobile, Verizon and AT&T, acquired quite a few of the larger companies. And then obviously, we know that Sprint and T-Mobile merged or Sprint was acquired.

但在過去的三、四年或五年裡，向這些消費者提供的服務平台一直停滯不前。如果你觀察一下現有的預付費品牌，你會發現，大型營運商（之前的 Sprint、T-Mobile、Verizon 和 AT&T）已經進行了大量整合，收購了相當多的大型公司。顯然，我們知道 Sprint 和 T-Mobile 合併了，或者 Sprint 被收購了。

So we think there's a huge opportunity out there for value-added prepaid wireless, not just who can offer the cheapest talk, text and data. No. That's something we can -- due to our efficiencies, we can compete in that environment. But then when the next that comes along and offers the same plan for a couple of bucks less, I mean, now you're in that down -- I always call it the downward bidding game.

因此，我們認為增值預付費無線存在巨大的機會，而不僅僅是誰可以提供最便宜的通話、簡訊和數據服務。不。這是我們可以做到的——由於我們的效率，我們可以在這種環境中競爭。但當下一個出現並以少幾美元的價格提供相同的計劃時，我的意思是，現在你就陷入了困境——我總是稱之為向下出價遊戲。

I think that what we've put together and when you start adding some of the unique components that we can pull from our subsidiaries, for example, one of the folks that are integrated with ClearLine is a coupon redemption company, that the intent of that company is to work for convenience stores and the register. But what we can utilize that for is offering coupons texted sent to our customers, LinkUp Mobile when they pay their bill.

我認為我們已經整合在一起，當您開始添加一些我們可以從我們的子公司提取的獨特組件時，例如，與 ClearLine 集成的其中一個是優惠券兌換公司，其目的是公司是為便利店和收銀台工作的。但我們可以利用它來在客戶支付帳單時透過 LinkUp Mobile 向他們發送優惠券。

There's a lot of really unique ways that we can differentiate from the other guys out there without just trying to be the cheapest. So that's some of the feedback that we're getting right now. We're also hearing that with the -- obviously, we all know we're the melting pot here in the United States. The feedback that we've gotten from a lot of the master agents, we're probably up to 15-plus right now that we're integrating with is that the international offering if we can strengthen that, which we are right now, there's a pretty significant opportunity out there. There's of the masters that we're either integrating with through API or have just finished integrating with, there's known monthly activations of between 120,000 and 150,000 activations a month.

我們有很多真正獨特的方法可以從其他公司中脫穎而出，而不僅僅是試圖成為最便宜的。這就是我們現在收到的一些回饋。我們也聽到——顯然，我們都知道我們是美國的大熔爐。我們從許多主要代理商那裡得到的回饋，我們現在可能有超過 15 家正在整合的代理商，如果我們能夠加強這一點，那麼我們現在就可以提供國際服務。我們正在透過 API 集成或剛剛完成集成，已知每月的啟動量在 120,000 到 150,000 之間。

We didn't want to go in, Ed, and just try to carve out a little of that. We wanted to be able to take it all. And one of the feedback -- there's two things that we got. One of them was you -- we need to strengthen our international offering because there are still people that don't use WhatsApp and Telegram and some of these other apps. To call long distance, people still want to just dial direct. So we're working on that right now. We look to have that offering together in the next 30, 60 days.

我們不想進去，艾德，只是想嘗試。我們希望能夠承受這一切。其中一項回饋是——我們得到了兩件事。其中之一就是您——我們需要加強我們的國際服務，因為仍然有人不使用 WhatsApp 和 Telegram 以及其他一些應用程式。要撥打長途電話，人們仍然希望直接撥打。所以我們現在正在努力。我們希望在接下來的 30、60 天內提供該產品。

The other one was porting numbers over. Historically, the telephone number for that prepaid customer was not really that important. That goes back over a decade. Here recently, now that everything is connected to your number, your -- what is the -- where you get text messages to authorize forgotten passwords and all the other -- the mechanisms that are attached to your phone number, it is important.

另一個是轉號。從歷史上看，預付費客戶的電話號碼並不是那麼重要。這可以追溯到十多年前。最近，現在一切都與你的號碼相關，你的——什麼——你在哪裡收到短信來授權忘記的密碼以及所有其他——附加到你的電話號碼的機制，這一點很重要。

So the ability to port numbers, that's something else that we are integrating a little more heavily on right now so that we can go get all those subscribers. So feedback directly from our, let's call it, our stores, more directly from the master agent to get the feedback from stores. Those are the two big focuses right now for us to be able to achieve.

因此，移植號碼的能力是我們現在正在專注於整合的其他功能，以便我們能夠獲得所有這些訂閱者。因此，直接從我們的，讓我們稱之為，我們的商店反饋，更直接地從主代理那裡獲取商店的反饋。這是我們目前能夠實現的兩大重點。

Like I said, these goals we've talked about by the end of the year. Because when we look down -- and I mean, look -- look, I've never been somebody who just wants a piece, I want the whole thing. So if I can see 150,000 activations a month, and we need to take these two or three steps to knock something out so that we can take it.

就像我說的，我們在年底前討論了這些目標。因為當我們往下看時——我的意思是，看——看，我從來都不是只想要一塊的人，我想要整個東西。因此，如果我每個月可以看到 150,000 次激活，我們需要採取這兩到三個步驟來淘汰一些東西，以便我們可以採取它。

That's what we're doing right now. And we're -- it's not just hearing the feedback, Ed. It's executing a strategy to maximize that feedback and use it to our advantage. And hey, this is all happening right now. As a matter of fact, we have a -- in two weeks, we have the largest prepaid convention of the year. And we will be rolling out all of these products. And I'm booked, sun up and down with meetings personally along with the sales team. And we've got about, I think, 10 to 12 of our team members, so we're coming in strong, and we're not coming into being also run.

這就是我們現在正在做的事情。我們不僅僅是聽到回饋，埃德。它正在執行一項策略來最大化反饋並將其用於我們的優勢。嘿，這一切正在發生。事實上，我們將在兩週內舉辦今年規模最大的預付費會議。我們將推出所有這些產品。我和銷售團隊一起參加了日出日落的個人會議。我想，我們的團隊成員大約有 10 到 12 名，所以我們的實力很強，而且我們不會同時運作。

We're coming in to be one of the top guys. So stay tuned. I appreciate the question as always, and look forward to hearing from you again.

我們將成為最頂尖的人之一。所以請繼續關注。我一如既往地感謝您的提問，並期待再次收到您的來信。

Thank you. This is the end of our Q&A session today. And that does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的問答環節到此結束。今天的會議到此結束，此時您可以掛斷電話。感謝您的參與。