Surgepays Inc (SURG) 2024 Q3 法說會逐字稿

Good day, everyone and welcome to the Surgepays, third quarter, 2024 earnings conference call.

大家好，歡迎參加 Surgepays 2024 年第三季財報電話會議。

(operator instruction)

（操作員指令）

It is now my pleasure to turn the floor over to your host, Doug Lane Investor Relations at Surge Pays, sir. The floor is yours.

現在我很高興將發言權交給主持人，Surge Pays 投資者關係部門 Doug Lane 先生。現在請您發言。

Thank you, operator and good afternoon, everyone. Welcome to the Surge pays third quarter, 2024 earnings webcast and conference call. Today's date is November 12th, 2024. And on the call today from Surge Pays are Brian Cox, President and Chief Executive Officer and Anthony Evers , Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 Surge 2024 年第三季財報網路廣播和電話會議。今天的日期是 2024 年 11 月 12 日。今天參加 Surge Pays 電話會議的有總裁兼執行長 Brian Cox 和財務長 Anthony Evers。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Security Litigation Reform Act of 1,995. 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.

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《私人安全訴訟改革法案》定義的前瞻性陳述。這些聲明受某些風險和不確定性的影響，可能導致實際結果與前瞻性聲明中表達的結果有重大差異。討論此類風險和不確定性。

Please see surge pays 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.

請參閱 Surge Pays 向美國證券交易委員會提交的最新文件，今天所做的所有前瞻性聲明僅反映我們當前的預期，我們不承擔更新任何聲明以反映本次電話會議後發生的事件的義務。

Copies of today's press release are accessible on surge pays investor relations website. Ir.Surgepays.com. In addition, surge pays form 10-Q for the quarter ended September 30th 2024 will also be available on surge pays investor relations website. And now I'd like to turn the call over to President and Chief Executive Officer Brian Cox.

今天的新聞稿副本可在 Surge Pays 投資者關係網站上查閱。Ir.Surgepays.com。此外，截至 2024 年 9 月 30 日的季度 Surge Pays 表 10-Q 也將在 Surge Pays 投資者關係網站上提供。現在我想將電話轉給總裁兼執行長布萊恩考克斯。

Thank you for joining today's call and for your continued trust in surge pays today. I'm excited to share our progress in advancing our core business strategy since the affordable connectivity program ran out in May.

感謝您參加今天的電話會議，並感謝您對今天激增支付的持續信任。我很高興與大家分享自五月經濟實惠的連接計劃結束以來我們在推進核心業務戰略方面取得的進展。

While there is optimism that ACP may resume when the political landscape allows. As we discussed on our last call. We are not and never have been an AC P only company this quarter.

但人們樂觀地認為，當政治情勢允許時，ACP 可能會恢復。正如我們上次通話中所討論的那樣。本季我們不是、也從來不是一家僅經營 AC P 的公司。

We've channelled all of our energy into realizing our core mission and positioning ourselves for a transformative growth phase.

我們將全部精力投入實現我們的核心使命和為轉型成長階段做好準備。

We anticipated a challenging third quarter and we seized it as an opportunity to reset, recalibrate and accelerate with every team member intensely focused. We're advancing toward our goal of becoming cash flow positive as quickly as possible.

我們預計第三季將面臨挑戰，我們抓住這個機會，讓每個團隊成員都高度集中精力，重新設定、重新調整和加速。我們正在朝著盡快實現現金流為正的目標邁進。

It's been all hands-on deck, aligning sales integration and strategy to generate new revenue streams across each of our business segments.

我們全員參與，協調銷售整合和策略，為每個業務部門創造新的收入來源。

This quarter wasn't a setback but a set up priming us for long term sustainable growth.

本季不是一個挫折，而是為我們長期可持續成長奠定了基礎。

We're Now at a turning point where our business summary aligns with our business plan and the fly will affect takes hold over the next few months. We expect each of our four business segments to create a momentum that drives continuous growth and improvement, generating synergistic and scalable recurring revenue.

我們現在正處於一個轉折點，我們的業務摘要與我們的業務計劃一致，並且這種影響將在未來幾個月內產生。我們希望我們的四個業務部門都能創造推動持續成長和改​​進的勢頭，產生協同和可擴展的經常性收入。

As we expand our footprint, our business model becomes increasingly relatable to investors as revenue climbs, we foresee growth in technology and telecom-based valuations, Unlocking new potential for shareholder value at our core surge pays is pioneering financial technology and telecommunications with a single mission to enhance connectivity and financial access where people live, shop and work.

隨著我們業務範圍的擴大，我們的商業模式越來越受到投資者的關注，因為收入不斷攀升，我們預計技術和電信估值將增長，釋放股東價值的新潛力，我們的核心業務是開拓金融科技和電信，而我們的使命只有一個增強人們生活、購物和工作場所的連結性和金融服務可近性。

We serve convenience stores, bodegas and retail, local hubs nationwide, delivering prepaid wireless services, financial products and advanced point of sale solutions to those high need markets.

我們為全國各地的便利商店、雜貨店和零售店、當地中心提供服務，為這些高需求市場提供預付無線服務、金融產品和先進的銷售點解決方案。

This is an enormous, underserved sector and we are at the forefront by seamlessly blending telecommunications and fintech on one unified platform, we create an experience that meets customer demand while building a powerful reoccurring revenue model surge pays operates through two primary business segments, both strategically tailored to meet diverse customer needs and engineered for mutual growth.

這是一個巨大的、服務不足的行業，我們透過在一個統一的平台上無縫融合電信和金融科技，走在了前列，我們創造了一種滿足客戶需求的體驗，同時建立了一個強大的經常性收入模式。

Here's how we do it.

以下是我們的操作方式。

Number one, mobile virtual network operator, telecommunications or MVNO.

第一，行動虛擬網路營運商，電信或MVNO。

This segment includes our subsidized wireless and retail, prepaid wireless brand. Link up mobile number two platform services. This includes our surge pays prepaid top ups software and clear line point of sale software as a service or SASS.

該部門包括我們的補貼無線和零售、預付費無線品牌。打通移動二號平台服務。這包括我們的峰值付費預付充值軟體和清晰線路銷售點軟體即服務或 SASS。

Each segment is independently robust, yet both integrate to maximize synergy and scale.

每個部分都獨立且強大，但兩者又相互整合，以最大限度地發揮協同效應和規模。

We're not here for incremental wins. We're building a nationwide network that redefines access to essential services with a backbone of convenience stores, bodegas and neighbourhood locations. We bring connectivity and financial products directly to the communities that need them most.

我們來這裡不是為了獲得漸進的勝利。我們正在建立一個全國性的網絡，以便利商店、雜貨店和社區店為骨幹，重新定義基本服務的取得方式。我們將連結和金融產品直接提供給最需要的社區。

While we've made substantial advancements across our four business areas, our subsidized MVNO channel has demonstrated the fastest economic traction largely through the affordable connectivity ACP.

雖然我們在四個業務領域都取得了實質進展，但我們的補貼 MVNO 管道主要透過經濟實惠的連接 ACP 表現出了最快的經濟吸引力。

From the inception of ACP in August 2021 until funding concluded in April 2024, we generated a quarter billion dollars in FCC backed revenue directly fuelling our growth initiatives and enabling us to onboard 280,000 MVNO customers.

從 2021 年 8 月 ACP 成立到 2024 年 4 月融資結束，我們在 FCC 支援下創造了 2.5 億美元的收入，直接推動了我們的成長計劃，並使我們能夠吸收 280,000 名 MVNO 客戶。

In response to the funding shift, we took strategic action to partner with a lifeline provider, aiming to migrate as many of these customers as possible and accelerate our profitability trajectory.

為了應對資金轉移，我們採取策略行動，與生命線提供者合作，旨在盡可能遷移這些客戶並加速我們的獲利軌跡。

With ACP funding ending our immediate focus was on how to retain and preserve these hard-earned customers within the surge pays ecosystem leveraging our solid balance sheet. We chose to temporarily self-fund our MVNO operations prioritizing customer continuity while facilitating a seamless transition to lifeline.

隨著 ACP 融資結束，我們的當務之急是如何利用我們穩健的資產負債表，在激增付費生態系統中保留和維護這些來之不易的客戶。我們選擇暫時自行資助我們的 MVNO 運營，優先考慮客戶連續性，同時促進向生命線的無縫過渡。

Another government subsidized program by maintaining connectivity for our low-income customers. We made a socially responsible choice and a strategic one that positions us for long term economic returns, and we expect this decision to be both customers centred and financially astute in the long run our recent master service agreement with Terracom Incorporated, a licensed lifeline provider represents a pivotal step.

另一項政府補貼計畫是為我們的低收入客戶維持連結性。我們做出了對社會負責的選擇，也做出了一個策略性的選擇，使我們能獲得長期的經濟回報，我們期望這個決定既以客戶為中心，又在長期內具有財務上的精明，我們最近與Terracom Incorporated（一家獲得許可的生命線提供者）簽訂的主服務協議代表關鍵的一步。

This partnership allows us to migrate 280,000 subscribers to lifeline establishing a steady alternative subsidy channel.

透過此次合作，我們得以將 28 萬名用戶遷移至生命線，從而建立穩定的替代補貼管道。

In tandem, our sales teams are now actively engaging new customers reigniting growth initiatives and leveraging our search pays platform point of sale capabilities at convenience stores.

同時，我們的銷售團隊現在正積極吸引新客戶，重新激發成長計劃，並利用我們的搜尋付費平台在便利商店的銷售點功能。

While ACP remains uncertain, our subsidized revenue channel is robustly supported by the lifeline program.

儘管 ACP 仍不確定，但我們的補貼收入管道得到了生命線計畫的大力支持。

The team and platform built for ACP is now enrolling thousands of lifeline customers daily without distracting from our core business focus.

為 ACP 建置的團隊和平台現在每天招募數千名生命線客戶，同時又不會分散我們對核心業務的注意力。

As a matter of fact, this department has been somewhat overwhelmed, and we've had to hire additional employees in the sales onboarding team.

事實上，這個部門已經有點不堪重負了，我們不得不在銷售入職團隊中僱用額外的員工。

We believe our lifeline subscribers can far outpace our highest ACP subscriber total.

我們相信，我們的生命線用戶數量將遠遠超過我們最高的 ACP 用戶總數。

Meanwhile, our retail prepaid brand link up mobile has proved to be a more significant opportunity than initially anticipated and to capture maximum market share. We moved decisively to secure a direct carrier connection.

同時，我們的零售預付費品牌 Link Up Mobile 已被證明是一個比最初預期更重要的機會，可以佔領最大的市場份額。我們採取果斷行動，確保與承運商建立直接聯繫。

In the coming weeks, we'll announce a transformative agreement with the largest wireless network in the country which will enable us to go to market at scale with full featured wireless plans and enhanced margins.

在接下來的幾週內，我們將宣布與國內最大的無線網路達成一項變革性協議，這將使我們能夠以全功能無線計劃和更高的利潤率大規模進入市場。

We anticipate this partnership will enable us to quickly generate hundreds of thousands of new subscribers and establish linkup mobile as a formidable presence in the prepaid space.

我們預計，此次合作將使我們能夠迅速吸引數十萬名新用戶，並確立 Linkup Mobile 在預付費領域的強大影響力。

The team is already working on the integration with a soft launch imminent and a full-scale rollout plan for early Q1 2025 on the software front, our surge pays prepaid top ups platform is experiencing exponential growth as a critical element in store readiness for link up mobile activations as a prerequisite to link up activations, stores join our platform which also facilitates prepaid reloads or top ups.

團隊已開始著手整合，即將進行軟啟動，並製定了 2025 年第一季初全面推出的軟體計劃，我們的 Surge Pays 預付充值平台正在經歷指數級增長，這是商店做好連接準備的關鍵要素移動啟動是連線啟動的先決條件，商店加入我們的平台，這也有利於預付費充值或充值。

This channel's monthly revenue growth has surged nearly 400% in just five months. Reaching over $2.2 million in monthly revenue. A trend we expect will continue as the market demand intensifies our clear line point of sale. SASS platform is emerging as a high potential asset within surge pays this advanced platform. Redefines the in-store customer experience by transforming POS terminals and customer facing screens into interactive engagement tools.

短短五個月內，該頻道的月收入增幅飆升近400％。每月收入達 220 萬美元以上。我們預計，隨著市場需求增強，我們的明確銷售點將進一步擴大，這一趨勢將會持續下去。SASS 平台正在成為 Surge Pay 這個先進平台中的一項高潛力資產。透過將 POS 終端機和麵向客戶的螢幕轉變為互動式參與工具，重新定義店內客戶體驗。

Clear Line's patent pending application supports in store marketing campaigns, loyalty enrolment and QR code interactions effectively replacing traditional posters with smart tvs for dynamic QR code, advertising and instant coupon redemptions by enhancing revenue per store and elevating customer satisfaction. Clear Line offers retailers, actionable insights, driving growth and loyalty as a SASS solution compatible across various devices. Clear line has strong market appeal and will become a valuable revenue generator for surge pays. It opens new pathways for our wireless channels and brings in its own reoccurring revenue stream.

Clear Line 正在申請專利的應用程式支援店內行銷活動、忠誠度登記和二維碼互動，有效地用智慧電視取代傳統海報，以實現動態二維碼、廣告和即時優惠券兌換，從而提高每家商店的收入並提升客戶滿意度。Clear Line 是一種相容於多種裝置的 SASS 解決方案，為零售商提供可操作的見解，以推動成長和忠誠度。Clear line具有強大的市場吸引力，將成為激增付費的寶貴收入來源。它為我們的無線管道開闢了新的途徑，並帶來了自己的經常性收入來源。

Following years of development. Clear line is now ready for market deployment and as it gains traction, we anticipate it will contribute meaningfully to consolidated revenues by Q1 2025.

經過多年的發展。Clear line 現在已準備好進行市場部署，隨著它的普及，我們預計到 2025 年第一季它將對合併收入做出有意義的貢獻。

While we continue investing across our four business channels, we're also laying a robust foundation for rapid sustainable growth.

在我們繼續向四大業務管道進行投資的同時，我們也為快速永續成長奠定了堅實的基礎。

Recently, we opened a dedicated sales and operations centre in El Salvador, a project over a year in the making and a strategic move in anticipation of growth across all our verticals.

最近，我們在薩爾瓦多開設了一個專門的銷售和營運中心，這個計畫歷時一年多，是我們期待所有垂直領域成長的策略舉措。

Nearly 100 experienced team members previously outsourced are now full-time surge pays employees bringing continuity and expertise essential for our ambitious expansion and product launches.

先前外包的近 100 名經驗豐富的團隊成員現已成為全職的加薪員工，為我們雄心勃勃的擴張和產品發布帶來了至關重要的連續性和專業知識。

This new facility marks a pivotal evolution from our longstanding outsourcing strategy, enhancing customer relationships and maximizing sales opportunities and efficiencies positioned as the central hub for all four business channels. It is set up to support our growth and by 2025 will be integral to launching Hispanics products into the market.

這個新工廠標誌著我們長期以來的外包策略的關鍵轉變，它加強了客戶關係，最大限度地增加了銷售機會和效率，並定位為所有四個業務管道的中心樞紐。它的設立是為了支持我們的成長，到 2025 年將成為將西班牙裔產品推向市場的關鍵。

In the third quarter of 2024 surge pays reported $4.8 million in sales aligning with expectations for our first full quarter without ACP funding. Since mid-2021.

2024 年第三季度，Surge Pays 報告的銷售額為 480 萬美元，與我們在沒有 ACP 資金的情況下第一個完整季度的預期一致。自 2021 年中期起。

Our MBO revenue was $23,609 compared to $30 million in the same time frame last quarter reflecting an anticipated funding shift. Meanwhile, sales in our prepaid platform service segment surged 69% to $4.7 million showcasing significant growth momentum.

我們的 MBO 收入為 23,609 美元，而上季度同期為 3,000 萬美元，反映了預期的資金轉移。同時，我們的預付費平台服務部門的銷售額飆升69%，達到470萬美元，顯示出強勁的成長動能。

While this quarter's financials may not fully capture our strategic advancements. It was a pivotal 90 days of foundational growth.

雖然本季的財務狀況可能無法完全反映我們的策略進步。這是基礎成長的關鍵的90天。

I believe our disciplined approach will eventually yield substantial returns rewarding shareholders as we build toward market leadership. Now I'll turn over the call to Tony to review our financial results before summarizing today's call, Anthony.

我相信，在我們逐步建立市場領導地位的過程中，我們嚴謹的作風最終將為股東帶來豐厚的回報。現在，我將把電話交給托尼來審查我們的財務結果，然後再總結今天的電話會議，安東尼。

Thank you, Brian. And good afternoon, everyone. I will begin my overview of the third quarter's financial results for the third quarter. We reported revenues of $4.8 million compared to $34.2 million for the same period in 2023 representing a decrease of 86% decrease was primarily due to the shutdown of the ACP funding program which ceased as of June 2024.

謝謝你，布萊恩。大家下午好。我將開始概述第三季的財務表現。我們報告的收入為 480 萬美元，而 2023 年同期為 3,420 萬美元，下降了 86%，主要是由於 ACP 資助計劃於 2024 年 6 月停止。

Similar to the 1st and 2nd quarter of 2024 we received no revenues from our lead generation services in Q3 of 2024 versus $0.7 million received in the third quarter of 2023. Again, as a result of operational changes by management.

與 2024 年第一季和第二季類似，我們在 2024 年第三季沒有從潛在客戶開發服務中獲得任何收入，而 2023 年第三季獲得了 70 萬美元的收入。再一次，這是管理階層營運變革的結果。

On a positive note, the platform service revenue for the third quarter of 2024 was $4.8 million compared to $2.8 million in the same period of 2023. This increase is the direct result of our new sales director hired earlier in the year, gross profit swung to a $7.8 million loss in the third quarter from a $10.5 million profit in the year ago period due to the shutdown of the ACP federal funding and our strategic decision to utilize our strong balance sheet to protect our previous ACP subscriber base and distribution network. While we transition the base over to either a nonsubsidized MVNO business model link up mobile or into another subsidized program lifeline.

正面的一面是，2024 年第三季的平台服務收入為 480 萬美元，而 2023 年同期為 280 萬美元。這一增長直接得益於我們今年早些時候聘用的新銷售總監，由於 ACP 聯邦資金的關閉以及我們的我們做出的戰略決策是利用我們強大的資產負債表來保護我們之前的ACP 用戶群和分銷網絡。當我們將基礎業務轉換為非補貼的 MVNO 商業模式時，就會連接行動裝置或另一個補貼計畫生命線。

Additionally, the deemphasis of our lead generation business resulted in lower gross profits in that segment SG&A expenses increased by 97% year over year. The increase was primarily due to additional noncash stock compensation for management. This stock compensation relates to employment agreements signed in late 2023.

此外，我們對潛在客戶開發業務的不再重視導致該部門的毛利下降，銷售、一般和行政費用較去年同期成長了 97%。成長的主要原因是管理層獲得了額外的非現金股票補償。該股票補償與 2023 年底簽署的僱傭協議有關。

We also had additional expenses for contractor and consultant fees. The company continued to engage several contractors to overhaul the financial platform to allow for the conversion to a tablet-based transaction at the store level. On the outdated Verifone terminal.

我們還有承包商和顧問費用的額外開支。該公司繼續與多家承包商合作，對財務平台進行徹底改革，以便在商店層級轉換為基於平板電腦的交易。在過時的 Verifone 終端上。

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 $14.3 million during the third quarter compared to a $7.1 million profit in a year ago period.

該公司還聘請了顧問提供投資關係領域的諮詢服務，以尋找增加股東價值的機會。第三季營業虧損為 1,430 萬美元，而去年同期的利潤為 710 萬美元。

Our reported net loss and loss per share were $14.3 million and $0.73 per share loss.

我們報告的淨虧損和每股虧損分別為 1,430 萬美元和每股虧損 0.73 美元。

Our loss and loss per share were adversely impacted primarily by the ending of the federally funded ACP turning to the balance sheet liquidity and cash flow.

我們的虧損和每股虧損主要受到聯邦資助的 ACP 終止轉向資產負債表流動性和現金流的不利影響。

Our cash equivalents and investment balances as of September 30th, 2024, were collectively $23.7 million compared to $38.4 million at the end of the second quarter, our cash from operations was $13.4 million use in the third quarter versus a $90,000 used in the second quarter. A large negative swing due to the winding down of the federally funded ECP and our continued servicing of the subscribers for the third quarter of 2024 accounts receivable, increased slightly by $100,000 in the third quarter to $1.5 million from $1.4 million at the end of the second quarter.

截至2024 年9 月30 日，我們的現金等價物及投資餘額總計2,370 萬美元，而第二季末為3,840 萬美元，第三季我們的經營活動現金使用量為1,340 萬美元，而第二季為90,000 美元。A large negative swing due to the winding down of the federally funded ECP and our continued servicing of the subscribers for the third quarter of 2024 accounts receivable, increased slightly by $100,000 in the third quarter to $1.5 million from $1.4 million at the end of the second四分之一.

Given our cash balance and capital structure. Our cash allocation priority is in financing the transition of our subscribers to either linkup mobile or lifeline and the continued emphasis of establishing our linkup mobile brand.

考慮到我們的現金餘額和資本結構。我們的現金分配重點是資助我們的用戶向連結移動或生命線的過渡，並繼續強調建立我們的連結行動品牌。

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

現在我將把電話轉回給布萊恩，請他做一些結束語。

Thanks Tony at surge pays. We're driven by four pillars of success, team, product distribution and funding with what I believe is the most seasoned team in prepaid wireless, a market leading product suite, proprietary distribution channels and $24 million in cash, cash equivalents and investments collectively. As of September 30 2024 we're positioned to execute our growth strategy with precision.

感謝 Tony 的加班支付。我們的成功由四大支柱推動：團隊、產品分銷和資金。現金等價物和投資。截至 2024 年 9 月 30 日，我們已準備好精準執行我們的成長策略。

We're only beginning to tap into a vast market opportunity. Our foundation is built on diversified products, a solid infrastructure and strategic partnerships. All aligning us for rapid expansion.

我們才剛開始挖掘巨大的市場機會。我們的基礎建立在多樣化的產品、堅實的基礎設施和策略合作夥伴關係之上。一切都使我們快速擴張。

Our focus on high growth sectors and telecommunications, fintech and retail solutions targets an underserved market with immense potential guided by a mission to deliver affordable quality services to communities.

我們專注於高成長產業和電信、金融科技和零售解決方案，瞄準具有巨大潛力的服務不足的市場，並以向社區提供可負擔的優質服務為使命。

Our unique approach to problem solving is our moat a lasting competitive edge surge pays are dedicating to creating enduring value by meeting essential needs in a way that others can't. Thank you so much for your time today. We will now open the call to questions operator.

我們獨特的解決問題的方法是我們的護城河，持久的競爭優勢，激增的薪酬致力於透過以其他人無法做到的方式滿足基本需求來創造持久的價值。非常感謝您今天抽出時間。我們現在將開始問答環節。

(operator instruction)

（操作員指令）

Curtis Shauger from Water Tower research.

來自水塔研究機構的柯蒂斯‧肖格 (Curtis Shauger)。

Yeah. Hey guys, I think you know, the thanks for taking the call and I think the main impetus here is, you know, around all the new initiatives very exciting to see against the tough backdrop of what happened with the ACP.

是的。嘿夥計們，我想你們知道，感謝你們接聽電話，我認為這裡的主要動力是圍繞所有新舉措，在 ACP 發生的艱難背景下，看到這些新舉措非常令人興奮。

Can you give us any more details on you know what, what you know, the renewed expectations about getting back to break even is there? Do you have enough experience now in converting folks to lifeline? In terms of, you know what the efficiency is, the cost associated costs are and then also what you're yielding in terms of return to when we might see, you know, when investors can kind of see a path to cash flow break even. Thank you.

您能否提供我們更多細節，說明對實現收支平衡的新期望？您現在是否擁有足夠的經驗來將人們轉變為生命線？就效率而言，成本相關成本是多少，以及當投資者看到現金流損益平衡的路徑時，您獲得的回報是多少。謝謝。

Yeah. No. Hey Curtis. Thank you for the question. I appreciate it. And it's a good one. Let me do my best to navigate that. There's a couple of points to make on that because we do look at things through the lens of getting back to cash flow positive as we hopefully stressed as fast as possible.

是的。不。嘿，柯蒂斯。感謝您的提問。我很感激。這是一件好事。讓我盡力解決這個問題。關於這一點，有幾點需要說明，因為我們確實是從恢復現金流為正的角度來看待事物的，我們希望盡快強調這一點。

That's priority one and the point of least resistance to do that. And the, the purpose of retaining those ACP customers was to migrate them over and utilize the platforms that we had already built to be able to put those on lifeline and be able to maximize those subscribers. So right now what we're seeing and I think we had referenced this in a previous press release is you know, between 2000 to 3,000 a day, some days more than that are, are migrating over.

這是首要任務，也是實現這目標阻力最小的一點。而保留這些 ACP 客戶的目的是將他們遷移過來，並利用我們已經建立的平台，以便能夠將這些客戶置於生命線上，並能夠最大限度地增加這些用戶。所以現在我們看到的是，我想我們在之前的新聞稿中提到過，每天有 2000 到 3000 人移民，有時甚至更多。

And that's a mix of existing ACP customers that we've reached out to that have opted into lifeline and also new subscribers. You know, we've, we've got some online ads going. And as a matter of fact, the online ads have been so successful that we actually had to shut them down last week because we needed another reload as we talked about earlier reload of people to help work the sales. It's, it's been, I tell you what I'm, I was expecting about 30% to 45%. We're seeing over 50% right now.

這是我們聯繫到的選擇生命線的現有 ACP 客戶以及新訂戶的混合體。您知道，我們已經推出了一些線上廣告。事實上，線上廣告非常成功，我們上週實際上不得不關閉它們，因為我們需要再次重新加載，正如我們之前討論過的重新加載人員來幫助銷售。是的，我告訴你，我預計大約是 30% 到 45%。我們現在看到的比例已超過 50%。

The initial people we, we get in touch with coming over to lifeline at this time, we're over 70,000 folks that have enrolled on lifeline.

我們聯繫的第一批加入生命線的人目前已有超過 7 萬人加入生命線。

And my obviously immediate goal is to get back to that 28,300 number. And to put it in perspective, if you're looking at the average lifeline revenue per customer, there are 5 to 7 states that have some additional money, but the average revenue is going to be $9.25.

我的近期目標顯然是回到 28,300 這個數字。從這個角度來看，如果你看的是每位客戶的平均生命線收入，有 5 到 7 個州有一些額外的錢，但平均收入將是 9.25 美元。

Again, you've got certain states that have an additional $5, $7 dollars. California's revenue is actually very similar to AC P which is why hopefully we'll be in California in the next week or so. Because we've also got 50,000 of our legacy base in California. It's a good spot for us. But if you wanted to use simple math, our average cost is going to be in the $5 to $5.5 range for those customers and we're going to be getting 925. So if you look at it from a simple shape, colours and stacking blocks perspective, you know, our goal would be to get to that (inaudible) as fast as possible.

再說一遍，某些州還有額外的 5 美元、7 美元。加州的收入實際上與 AC P 非常相似，這就是為什麼我們希望在下週左右到達加利福尼亞州。因為我們在加州也有 50,000 個傳統基地。對我們來說這是個好地方。但如果你想使用簡單的數學方法，我們的平均成本將在 5 美元到 5.5 美元之間，對於這些客戶，我們將獲得 925 美元。因此，如果從簡單的形狀、顏色和堆疊塊的角度來看，我們的目標是盡快實現這一目標（聽不清楚）。

And then cash flow wise, we should be covering our overhead. And as the other divisions of the company kick in and especially as we talked about linkup mobile, you know, linkup mobile, again, we talked about it. I sat in the room and listened to folks ask questions, these master agents who are responsible for tens of thousands of activations a month, we listen to their needs and there was a couple of things that we didn't have access to that if we could get it.

從現金流方面來看，我們應該能夠支付我們的管理費用。隨著公司其他部門的啟動，特別是當我們談到 Linkup Mobile 時，我們再次談到了 Linkup Mobile。我坐在房間裡聽人們提問，這些負責每月數萬次激活的總代理，我們傾聽他們的需求，有幾件事我們無法獲得，如果我們可以得到它。

For example, number portability, which is kind of a new thing in the prepaid market. Historically, porting your number over didn't mean anything to prepaid folks. Now it does because now people are starting to get more digitally inclined to keeping their number. We didn't have that capability before we will have that here shortly. So those types of things are what lead to believe or lead us to believe. Number one, we're going to have more lifeline customers most likely significantly more than ACP customers. The reason is kind of like the bubble gum shrimp.

例如號碼可攜性，這在預付費市場中是一種新鮮事。從歷史上看，移植號碼對於預付費用戶來說並不意味著什麼。現在確實如此，因為現在人們開始更傾向於透過數位化方式保留自己的號碼。我們以前不具備這種能力，但我們很快就會擁有這種能力。所以這些事情就是導致人們相信或讓我們相信的原因。首先，我們將擁有更多的生命線客戶，而且這數量很可能比 ACP 客戶多得多。原因有點像泡泡糖蝦。

There's not many people left in the lifeline business. It's not like ACP where people were everywhere coming out of the woodwork. Lifeline is a business that has been around for a long time and there's only a few good players and good actors in the business. So we feel like there's less of a choice and there's a lot of people who lost their ACP service that are now great potential subscribers for us. And then we look for the link up subscribers as we talked about start kicking in in January.

從事生命線行業的人已經不多了。它不像 ACP，那裡到處都有人出來。生命線是一個已經存在很長時間的行業，這個行業裡只有少數優秀的參與者和演員。因此，我們覺得選擇變少了，許多失去 ACP 服務的人現在成為了我們龐大的潛在用戶。然後，我們尋找連結訂閱者，正如我們所說的那樣，從一月開始。

So what I would look at, you know, I'm, I'm going to give some subscriber counts as we go, we're going to embed those in some of these announcements that we have coming up. But I think what you can look for is by the end of the year to have that number closer to $200,000. And at that point, we should be getting closer to that black number that you're talking about. And then we can really start building from there. But the $200,000 would be my sweet spot. I believe in lifeline to get us right close to break even from a cash flow perspective.

所以我要看的是，你知道，我將在進行過程中提供一些訂閱者數量，我們將把這些數據嵌入到我們即將發布的一些公告中。但我認為到今年年底，這個數字將接近 20 萬美元。到那時，我們應該就會更接近您所說的那個黑色數字了。然後我們就可以真正從那裡開始建造了。但20萬美元對我來說是最佳價位。我相信，從現金流的角度來看，生命線可以讓我們接近收支平衡。

Yeah, that's, that's awesome. Thanks for the detail. I'll let the next person go.

是的，那太棒了。謝謝你的詳細說明。我會讓下一個人走。

Thanks guys.

謝謝大家。

Andrew Scott from SLS.

來自 SLS 的 Andrew Scott。

Hey, Brian, thanks again. The gentleman that asked the question before me was the same exact question I was going to ask. So, I won't hold up too much time, but I think everybody's focused on, you know, how you can minimize the loss from operations.

嘿，布萊恩，再次感謝。在我之前提問的那位先生的問題和我要問的問題一模一樣。所以，我不會浪費太多時間，但我認為每個人都在關注如何最大限度地減少營運損失。

We see what you're doing with Lifeline and to your last comment, how you're going to put out some metrics on upcoming press releases. I think that's going to help the street track the progress you're making. So I'm encouraging you and supporting you to do that, but it sounds like things are lining up and I don't know if you go out and say it yet, but it seems like the worst is behind you now and you're making progress.

我們看到了您對 Lifeline 所做的事情，以及您最後的評論，即您將如何在即將發布的新聞稿中公佈一些指標。我認為這將有助於街道追蹤你的進展。所以我鼓勵你並支持你這樣做，但聽起來事情已經安排好了，我不知道你是否已經說出來，但看起來最糟糕的時期已經過去了，你正在取得進步。

Any other guidance going forward in the future that you're comfortable with or, or what we should be looking for?

您對未來的其他指導還有什麼看法，或者我們應該尋找什麼？

Yeah. No, Andrew. I appreciate the question. The opportunity to address that is as we talk about often on these calls, I we get a lot of questions from shareholders fund managers and sophisticated folks who look to build their own model of where we are, where we can be and then the valuation in the future.

是的。不，安德魯。我很感謝你提出這個問題。解決這個問題的機會是，正如我們在電話會議上經常談到的那樣，我收到了很多來自股東、基金經理和資深人士的問題，他們希望建立自己的模型，了解我們目前的情況、未來可能的發展方向，然後進行估值。

And so that's been one of my focuses. The past year or two is thinking through the fact that almost everybody who works their deals in the stock market is bank. So, the under bank is a part of the world that they're not familiar with normally.

這就是我的關注點之一。過去一兩年我一直在思考這樣一個事實：幾乎所有在股票市場進行交易的人都是銀行。所以，底層銀行是他們通常不熟悉的世界的一部分。

And the market opportunity, the problems in that market is not something they see on a daily basis. So while that will continue to be our focus, we're shifting some of the phraseology that we use so that we can have better, more, let's say more consistent touch points with shareholders so that there's not a confusion in what we do when you start talking about shareholder value and you start talking about the things that we will be putting out there moving forward.

而市場機會和市場問題並不是他們每天都能看到的。因此，雖然這仍將是我們的重點，但我們正在改變一些措辭，以便我們能夠與股東建立更好、更一致的接觸點，這樣當你開始談論股東價值，開始談論我們未來將要做的事情。

And that was one of the rewrites of our business plan even up until the last week or so where we're going to consistently moving forward, talk about our four segments. We have our telecommunications segment which the market understands. We've got the prepaid and subsidized. There should be models there, especially once you start getting into the (inaudible) of Q1.

這是我們業務計劃的一次重寫，直到上週左右，我們仍將持續向前發展，討論我們的四個部分。我們擁有市場熟知的電信部門。我們有預付費和補貼。那裡應該有模型，特別是當你開始進入 Q1 的（聽不清楚）時。

And once we're able to utilize this new contract where our rates are even better than what we've had in the past four or five years, our capabilities are better and our ability to service people and capture more of a market in the prepaid where we can actually become a name in the prepaid space. That's going to be something that people can build models around.

一旦我們能夠利用這個新合同，我們的費率將比過去四五年的費率更低，我們的能力將更強，我們為人們提供服務的能力也將更強，我們佔領預付費市場的潛力也將更大。這將成為人們可以建立模型的東西。

So I think that'll be where we get traction. And on the other hand, when you look at our customers, our customers in the telecom segment are end users, people holding a smartphone, people that talk on their phone that, that access the internet that use that for their, their everything from the wallet to the communications. That's our customer in that segment. In our software platform segment.

所以我認為這就是我們獲得關注的地方。另一方面，當你看著我們的客戶時，我們在電信領域的客戶是終端用戶，持有智慧型手機的人，用手機通話的人，訪問互聯網的人，用手機做他們所有的事情，從錢包到通訊。這是我們在該領域的客戶。在我們的軟體平台部分。

Our customer is that end user retailer, the store, the point of sale, the Bodega, the convenience store, the gas station, you're going to see us, be able to talk about that, which now that we're talking about point of sale software, now we're utilizing again, phrases that I think people can start building their model because they're familiar with those terms.

我們的客戶是終端用戶零售商、商店、銷售點、雜貨店、便利商店、加油站，您將會見到我們，能夠談論這些，現在我們正在談論銷售點軟體，現在我們再次利用這些短語，我認為人們可以開始建立他們的模型，因為他們熟悉這些術語。

You're going to see a reduction in our use of under bank in those type of words because I think we lose people even though that is true to this community. I think we lose people on it. So, from a messaging standpoint, we're going to really start focusing on our subscribers from subsidized and prepaid wireless and then our point-of-sale software as a service reoccurring revenue through contracts and subscriptions from the store.

你會看到我們在使用這類詞語時會減少使用“under bank”，因為我認為我們會失去一些員工，儘管這對這個社區來說確實如此。我認為我們因此失去了一些員工。因此，從訊息傳遞的角度來看，我們將真正開始關注來自補貼和預付費無線的訂戶，然後將我們的銷售點軟體作為服務透過商店的合約和訂閱而產生的經常性收入。

So I think we're going to see some, some good feedback from that and hopefully get some traction in the market from that. And especially as we start showing these incremental increases in our revenue pushing through profitability and then showing that, you know, look, we have four segments that are in some way, it's almost like a hydra there.

因此我認為我們將會看到一些好的回饋，並且希望在市場上獲得一些推動力。特別是當我們開始展示收入的逐步增長，推動盈利能力的提升，然後展示出，你知道，看，我們有四個部分，在某種程度上，它們幾乎就像九頭蛇一樣。

From a leadership perspective, they're siloed off, but from an operational synergy perspective, because we have the op centre in El Salvador, they can all grow together. For example, we sign up one store to do link up activations.

從領導階層的角度來看，他們是孤立的，但從營運協同的角度來看，因為我們在薩爾瓦多設有營運中心，所以他們可以共同成長。例如，我們簽約一家商店進行連結啟動。

Well, as you heard on the call earlier by default, they're doing top ups. Now, they could also have access to the clear line app which can be really helpful to that store owner, marketing a store. They could also help people who qualify with Lifeline.

嗯，正如您之前在電話中聽到的那樣，他們默認正在進行充值。現在，他們還可以使用 Clear Line 應用程序，這對於店主行銷商店非常有幫助。他們還可以幫助符合 Lifeline 資格的人。

Any one of our four segments are put in the door, those other three segments come with it. It's almost like you have three or four different codes to lower the drawbridge you get in and now you can deploy your whole suite of products.

我們的四個部分中的任何一個被放在門上，其他三個部分就會隨之而來。這幾乎就像您有三到四種不同的程式碼來放下您進入的吊橋，現在您可以部署整套產品。

So that was kind of the methodology behind the entire business plan going back to 2017 when we put this together. And that's what I meant when we said early on in the call today that for the first time since we've been in existence, you know, on the public side of things, our business plan matches our business summary. So that's why even though Q3 was what it was, we knew we were going to, you know, we knew what it was going to be financially, and we knew you had to pop the hood to see what really went on

所以，這就是我們在 2017 年制定的整個商業計劃背後的方法論。這就是我今天早些時候在電話會議上所說的意思，自從我們成立以來，從公開的角度來看，我們的商業計劃首次與我們的業務摘要相符。因此，儘管第三季度的情況如此，但我們知道，你知道，我們知道財務上會是什麼樣子，我們知道你必須打開引擎蓋才能看到真正發生了什麼

. And hopefully we're able to do that on this call, but that paved the way for what we're about to do now with the team. So, it's kind of interesting our team and I've never been around a team that's excited. And then you put that on top of the talent level that we have. it's pretty, pretty exciting outside of the outside of calls like this where you talk about the financials in Q3, everything we're doing right now has got a whole lot of energy associated attached to it.

。希望我們能夠在這次通話中做到這一點，但這為我們現在與團隊一起要做的事情鋪平了道路。所以，我們的團隊很有趣，我從來沒有見過如此興奮的團隊。然後你把它放在我們擁有的人才水平之上。除了像這樣的電話會議中談論第三季度的財務狀況之外，這真是令人興奮，我們現在所做的每一件事都與大量的精力有關。

Got it, Brian. Thank you. I can hear your enthusiasm too. I appreciate it. I'll turn it over the call now.

明白了，布萊恩。謝謝。我也能聽到你的熱情。我很感激。我現在就轉交電話。

Thanks again.

再次感謝。

Thanks, Andrew.

謝謝，安德魯。

Michael Diana from Maxim Group. Your line is live.

來自 Maxim Group 的 Michael Diana。您的線路處於通電狀態。

Yeah. Right.

是的。正確的。

Hey Michael.

嘿，麥可。

Yeah. So, you guys have been incredibly busy. Start starting with a prepaid platform about how many convenience stores do you have right now?

是的。所以，你們一直都非常忙。先從預付費平台開始了解您現在有多少便利商店？

About right now, we're still hovering at that 8000 to 9,000 range. And now from a perspective of growth, that number this time next year should be exponentially more just based of what's on deck with clear line, what's on deck with link up and the prepaid top ups.

就目前而言，我們仍然徘徊在 8,000 到 9,000 的範圍內。現在從成長的角度來看，明年這個時候這個數字應該會呈指數級增長，這僅僅是基於清晰線路、連接和預付費充值的情況。

So that is one thing that should be coming on very heavy as, as we move forward and then also some potential acquisitions of companies that do nothing but top ups or international top ups.

因此，隨著我們不斷前進，這應該會成為非常重要的一件事，也可能會收購一些只做補充或國際補充的公司。

All right. And the $4.7 million in revenue from prepaid was, was that all top ups?

好的。預付費的 470 萬美元收入都是儲值嗎？

It was mostly top ups. Yes. Okay.

大部分都是儲值。是的。好的。

And, and you mentioned also that you're doing $2.2 million a month in top ups. Is, is that like a run right now or do you expect that to go up a lot?

而且您也提到您每個月的儲值金額為 220 萬美元。那麼，這是否就像現在的跑步一樣，或者您是否預計它會大幅上漲？

Now, let's say, well, it's the run rate right this second, but that's going to go up every month as we're bringing on these masters who bring on their networks. I expect that to be over $3 million in December alone and continue now, it won't continue forever five years from now, you know, doing $80 million a month, but it will continue to the point where, you know, I expect that to get up over $10million to 12 million.

現在，我們可以說，這是此刻的運行率，但隨著我們引入這些大師來建立他們的網絡，這個運行率每個月都會上升。我預計，光是12 月的收入就將超過300 萬美元，而且現在還會繼續下去，五年後不會永遠持續下去，你知道，每月收入8000 萬美元，但會持續到，你知道，我預計達到 1,000 萬至 1,200 萬美元以上。

You know, later in the year next year because now not only are we doing top ups, but we're also doing top ups for our products as well. Our link up mobile, and keep in mind that one of the reasons you see that kind of growth is because when you add that store and you start to get those top ups, then you add more stores. I mean, you know, it's, it's stack that compounding revenue momentum.

您知道，明年晚些時候，因為現在我們不僅在進行充值，而且還在為我們的產品進行充值。我們連結行動設備，請記住，您看到這種增長的原因之一是，因為當您添加該商店並開始獲得這些充值時，您會添加更多商店。我的意思是，你知道，這是複合收入動能的疊加。

So you're saying you expect $10 million to $12 million a month in top ups by the end of 25 is that it.

所以您的意思是，預計到 25 年底，每月的儲值金額將達到 1000 萬到 1200 萬美元，是嗎？

December next year? I expect that to be about where we are in top up. Yes.

明年十二月？我希望這和我們現在的補充情況差不多。是的。

Okay. Moving on to Lifeline h how many compared to AC P or how, how many people qualify for Lifeline?

好的。繼續討論 Lifeline h，與 AC P 相比有多少人，或者有多少人有資格獲得 Lifeline？

That's a good question. I probably should have put that in the script. It's a, it's an identical sister plan if you will and it would be approximately the same number of people and just as a backdrop to that, it's anyone who's already receiving any form of government assistance, whether it be EBT food stamps, Medicaid veterans' pension, low-income school lunches. Now there are some states that have a few different ones, but that's going to be your, your primary, which was the same primary for ACP.

這是個好問題。我可能應該把它放到腳本裡。這是一個完全相同的姊妹計劃，如果你願意的話，它大約有相同的人數，並且作為背景，它是任何已經接受任何形式的政府援助的人，無論是 EBT 食品券，醫療補助退伍軍人養老金、低收入學校午餐。現在有些州有幾個不同的初選，但那將是你的初選，與 ACP 的初選相同。

Okay. And I guess it wasn't as big because people, like, you couldn't make much money before it is otherwise. I mean, logically it would have been as big as ACP.

好的。我猜它之所以沒那麼大是因為人們覺得，如果不這麼做，你就賺不到多少錢。我的意思是，從邏輯上來說它應該和 ACP 一樣大。

No, that's a, that's a good question. You know, there were lifeline providers that were strong in certain states, like Oklahoma, California, Kansas, Kentucky states that had extra money.

不，這是一個好問題。你知道，某些州的生命線提供者實力雄厚，例如奧克拉荷馬州、加州、堪薩斯州、肯塔基州，這些州都有多餘的資金。

And if you had asked me to start from zero, you and I go out today and we're going to do a business and do lifeline. Does it make sense to buy devices? Pay commissions? Kick starts that ROI, you know, come out of pocket and get that ROI on a customer and build a business that way it'd be very difficult, very difficult. But since we've already paid for the device, since we've already paid the commission, that's why retaining those customers was so important because by migrating them over.

如果您讓我從零開始，那麼今天我和您一起出去做生意，做生命線。購買設備有意義嗎？付佣金嗎？啟動投資回報，你知道，從口袋裡掏錢，從客戶那裡獲得投資回報，然後以這種方式建立業務，這會非常困難，非常困難。但因為我們已經支付了設備費用，因為我們已經支付了佣金，所以保留這些客戶非常重要，因為我們可以將他們遷移過來。

But there is no ROI you know, we're able to, while we may not make as much money as we did on ACP, we're able to retain that value and go right back to making money. Even if it's four dollars a customer, we're able to go back to making that four dollars a customer and we have no ROIs today as opposed to the historical lifeline. Ro I is going to be about month, four, maybe month five and we're able to bypass that.

但你知道，沒有投資回報率，雖然我們可能賺不到像在 ACP 上那麼多的錢，但我們能夠保留該價值並重新賺錢。即使是每位客戶的費用是四美元，我們也能恢復到每位客戶四美元的水平，而且與歷史生命線相比，我們今天沒有投資回報率。Ro I 將會是第四個月，也許是第五個月，我們能夠繞過它。

Okay. And then, I think the number you've been using in the last few years for how much it cost you per month to provide. This service is roughly $10. So, I assume your new deal with your direct carrier is going, what's going to lower it to $5 to (inaudible).

好的。然後，我認為這個數字是你過去幾年一直使用的數字，表示你每月提供這項服務的費用。這項服務的費用約為 10 美元。所以，我假設你和你的直接承運商的新協議是，什麼會把價格降低到 5 美元到（聽不清楚）。

Yes. The new deal and then also the carriers to their credit have been sensitive to the fact that we maintained our subscriber base. You know, we don't have to get into the weeds, but there's, you know, subscribers are good for all underlying carriers.

是的。新協議以及隨後的營運商都對我們維護用戶群的事實很敏感。你知道，我們不必陷入困境，但你知道，用戶對於所有底層運營商來說都是有益的。

So the fact that we retain them, they have opened up other plans and other ways for us to save money. But ultimately, yes, our direct carrier connect by January should reduce that cost below five dollars and enable us to deliver that, that same product where we get paid $925. So our margins by February Q1 next year should, I'm not going to say double, but should be substantially higher.

因此，我們保留了他們，他們為我們開闢了其他計劃和其他省錢的方法。但最終，是的，到 1 月份我們的直接運營商連接應該會將成本降至 5 美元以下，並使我們能夠交付相同的產品，而我們只需支付 925 美元。因此，到明年 2 月第一季度，我們的利潤率應該不會翻倍，但應該會大幅提高。

Higher than McDonald from $4.

比麥當勞高 4 美元起。

No, our, we should, our cost should be closer to $4 at that point, which would put our gross margin, you know, just yeah, just a hair above five.

不，我們的成本應該接近 4 美元，這樣我們的毛利率就只是略高於 5 美元。

Okay.

好的。

And, and the okay.

而且，而且還好。

So, your link up, have you, have you really started that yet or are you waiting for this direct carrier connection before you do that?

那麼，您的連接，您真的已經開始了嗎，還是您正在等待直接運營商連接之後再這樣做？

No, we started it and then tapped the brakes. Like I said, I was actually sitting in on some of those meetings and I heard the opportunity and then link up. We've got somewhere between 30000 to 40,000 customers. But those are ones that, you know, those are the smaller masters that we allowed to go ahead and start bringing on some numbers to test our systems internally.

不，我們啟動了車，然後踩了煞車。就像我說的，我實際上參加了一些會議，聽到了這個機會然後就聯繫起來了。我們大約有 30,000 到 40,000 名客戶。但你知道，這些都是規模較小的大師，我們允許他們繼續前進，並開始引入一些數字來內部測試我們的系統。

But it was definitely a massive throttling by us because we wanted to be able to go out there. And you know, there is something to be said for your first impression. And when somebody pulls a door and brings you into a wireless store, if you're unable to do certain things, you're going to immediately be labelled and most likely relegated to the corner.

但這無疑是我們施加的巨大限制，因為我們想去那裡。你知道，第一印像是很重要的。當有人拉門把你帶進一家無線商店時，如果你無法做某些事情，你就會立即被貼上標籤，並很可能被放到角落。

We didn't want that, and we've got some folks out there that we think we can get some significant traction with and, and get link up well, beyond 100,000 activations a month and we just saved it. We saved the boom. We save the fireworks if you will for when we could come locked and loaded.

我們不希望出現這種情況，而且我們認為我們已經找到了一些人，可以透過他們獲得顯著的吸引力，並且建立良好的聯繫，每月激活量超過 100,000 次，我們就節省了成本。我們挽救了繁榮。如果您願意的話，我們會把煙火保存起來，以備我們全力以赴時使用。

So that 35,000 customers are proving out our systems, it's proving our ability to activate to ship SIMS, to deactivate, to take payments to communicate with the carrier. But what we don't have the ability to do right now is certain things like throttle after a certain amount of data, you know, and there's port numbers as we talked about and those are two things that we need to be able to compete at the highest level to go head-to-head with the brands that you see on TV.

35,000 名客戶證明了我們的系統，證明了我們有能力啟用、運送 SIMS、停用、接受付款並與承運商進行通訊。但我們現在無法做到的是某些事情，例如在達到一定量的數據後進行節流，你知道，還有我們談到的端口號，而這兩件事是我們需要能夠競爭的與您在電視上看到的品牌進行最高水準的正面交鋒。

Okay.

好的。

So I assume your cost for link up is going to be the same as for lifeline. You say you can get it down to about $4. What, what's the, how much are your plans going cost your main link up plan?

因此我估計你的連結成本將與生命線成本相同。你說你可以把價格降到 4 美元左右。您的主要連線計劃要花多少錢？

Yeah, good question. The link up plans will actually be and they should be considerably more profitable than Lifeline. You know, and now the plans will cost us a little bit more, but our revenue, you know, we're not going to be selling $9.25 plans out there.

是的，好問題。連接計劃實際上將會而且應該比 Lifeline 更有利可圖。你知道，現在這些計劃會讓我們花費更多一點，但我們的收入，你知道，我們不會在那裡出售 9.25 美元的計劃。

You're going to be looking at 15, 2025, 30, 40 ,50. You know, our, one of the unique things about our company, we have the ability to see payments, millions and millions of dollars in payments for all of our competitors. So we already know that the most popular plan out there is a $30 payment.

您將要關注的是 15、2025、30、40、50。您知道，我們公司的獨特之處之一是，我們能夠查看所有競爭對手的付款，金額高達數百萬美元。因此我們已經知道最受歡迎的計劃是 30 美元的付款。

Now, psychologically, we all believe it's because it's just two pieces of paper. It's a $10 and a $20 you throw it down $30, there's your phone service. So psychologically, it's an easy payment and that plan should cost us around $15 to $17 .

現在，從心理學上來說，我們都相信這是因為它只是兩張紙。這是 10 美元和 20 美元，您再加 30 美元，這就是您的電話服務。因此從心理上來說，這是一個簡單的付款方式，該計劃的費用約為 15 至 17 美元。

So you could almost keep out your old ACP pencil because the margins and the ROI and the mechanisms we use to deploy that most popular plan if you will, will be about the same. So that will be what we start rolling out there to as soon as it's tested again.

因此，您幾乎可以不使用舊的 ACP 鉛筆，因為利潤率、投資回報率 (ROI) 和我們用來部署最受歡迎計劃的機制大致相同。因此，一旦再次測試，我們就會開始推廣該功能。

It's a first impression thing. We got to be really, really careful. The wireless distribution world is not forgiving and you don't get a second chance. So that's why we're actually, you know, we're soft launching here as we talked about in a couple of weeks, but hard launching full throttle in January and those should be the margins we expect to see.

這是第一印象。我們必須非常非常小心。無線分銷世界是不會寬容的，你不會有第二次機會。所以這就是為什麼我們實際上正在這裡進行軟啟動，正如我們在幾週前談到的那樣，但是在一月份將全力以赴地進行硬體啟動，這些應該是我們期望看到的利潤率。

And I'm definitely going to keep everybody in the loop once that comes around. This because we're really excited about this. So I want to start talking about the subscriber growth. And then by then we should be talking in black numbers as well.

一旦消息屬實，我一定會及時告知大家。因為我們對此感到非常興奮。所以我想開始談談用戶成長。到那時我們也應該談論黑色數字。

Okay. And, and the link up the 30,000 to 40,000 links up customers you have. Now, how much are you charging them?

好的。並且，連結您擁有的 30,000 到 40,000 個客戶。現在，你要向他們收取多少費用？

This, the plans are from I believe $15 to $45 to $50 until January not spending a whole lot of time in the analytics on that because it's just proving out my focus personally has been on this, the lifeline integration and getting everything set up, getting our guys down in El Salvador, getting our team set up, making sure we're able to take the incoming from all the stores coming on, the customers coming on.

我認為，到明年1 月之前，計劃成本在15 美元到45 美元到50 美元之間，我不會花太多時間進行分析，因為這只是證明我個人的重點一直放在這個方面，生命線集成和在一切設定上，我們在薩爾瓦多的員工正在組建我們的團隊，確保我們能夠接收來自所有商店和客戶的進貨。

Because keep in mind the as we're adding these customers for linkup, it's not just the government paid for product anymore. We have to earn people's money, and it doesn't matter how much it is, it may be less than mine in your wireless building.

因為請記住，當我們增加這些客戶進行連結時，它不再只是政府支付的產品了。我們要賺人家的錢，不管多少，可能都比你們無線大樓裡的我的錢還少。

We still have to earn it and it's a different customer service approach when you have to, you know, secure that payment every month. So those are all the things we've been building. I've been spending a whole lot of time on that.

我們仍然需要賺錢，當你必須每月確保付款時，這是一種不同的客戶服務方法。這些都是我們一直在建構的東西。我已經在這上面花了很多時間。

But yeah, you're looking at, you know, ballpark with link up right now, I would say still the same thing, the average $30 to $35 a plan.

但是的，你正在看，你知道，目前鏈接的大致情況，我會說仍然是同樣的事情，平均每個計劃 30 到 35 美元。

Okay.

好的。

All right. Well, thank you very much. It sounds all very exciting.

好的。好吧，非常感謝。聽起來非常令人興奮。

Thank you, Michael. Appreciate, appreciate the questions.

謝謝你，麥可。欣賞，欣賞這些問題。

Edward Woo, from Ascendiant Capital Markets.

來自 Ascendiant Capital Markets 的 Edward Woo。

Yeah, thanks for taking my question. I know it's only been a week out since elections, but there seems to be a little bit of optimism in the economy. What are you hearing from you, know, end customers, the convenience stores, the Bodegas who are on the feet of, you know, dealing with these, you know, underserved, under bank customers.

是的，感謝您回答我的問題。我知道距離選舉只有一周時間，但經濟狀況似乎出現了一些樂觀跡象。您從最終客戶、便利商店、雜貨店聽到了什麼，他們正在努力處理這些服務不足的銀行客戶。

Do you sense any sense of optimism, or do you feel that, you know, things are about the same and it's still going to be tough, which is ultimately kind of good for your business.

您是否感覺到一些樂觀的感覺，或者您是否覺得事情大致相同而且仍然很艱難，但這最終對您的業務有利。

Yeah. I think, you know, being in this business almost, , going on 25 years now, a lot of the folks in this 30% of the market, you know, when you're in the ocean and the waves coming, which kind of represents the, the ebbs and flows of the economy, you drop below the water level in that way, it doesn't affect you a whole lot. That's really where our market is, it sits below that water level.

是的。我想，你知道，從事這個行業已經快 25 年了，佔據這 30% 市場份額的很多人，你知道，當你在大海裡，海浪來襲的時候，代表著經濟的起伏，如果你這樣跌到水面以下，它不會對你造成太大的影響。那確實是我們的市場所在位置，位於水位以下。

Now, the interesting thing is when times get a little bit tough, more people move or just transition into our potential market. Those are people that, you know, may need a little bit of help. Maybe, maybe more value conscious when things get tight, people get more value conscious. Now they're open to changing their wireless care.

現在，有趣的是，當時代變得有點艱難時，更多的人會遷入或轉型進入我們的潛在市場。你知道，這些人可能需要一點幫助。也許，也許當事情變得緊張時，人們會更加重視價值，變得更加重視價值。現在他們願意改變他們的無線服務。

They, their subconscious starts paying attention to opportunities to save money that benefits us. I think from as far as directly from the election and optimism, we could tell in a week, I think that would take a while to see that. And obviously talking to convenience store owners, you know, that's not something that we've jumped out and asked and also in the political world we live in now and let's not jump around and I don't want, you never know because I mean, I, we don't want to offend half the country.

他們的潛意識開始關注對我們有利的省錢機會。我認為，就直接了解選舉結果和樂觀情緒而言，我們可以在一周內看出這一點，我認為這需要一段時間才能看到。顯然，在與便利商店老闆交談時，你知道，這不是我們跳出來問的問題，而且在我們現在生活的政治世界中，我們不要跳出來，我不想，你永遠不知道，因為我的意思是我，我們不想得罪半個國家。

So we got to be careful how we approach things. But I think I would say this, the one thing that's going to be very interesting from the political change that's coming is JD Vance was the lead senator who authored the extension, was a huge proponent of the ACP program.

因此我們必須謹慎處理事情。但我想說的是，即將到來的政治變革中將會非常有趣的一件事是，JD Vance 是提出延期提案的首席參議員，也是 ACP 計畫的重要支持者。

For the, for those of you that may not know he grew up on food stamps and had situations where he was on government assistance. So it's, it's unique. You have a Republican now you have a super powerful Republican who's a huge proponent of these types of programs of keeping people connected and in these subsidy programs.

你們當中有些人可能不知道，他是靠食物券長大的，也曾接受過政府紓困。所以它是獨一無二的。現在有一位共和黨人，一位超級強大的共和黨人，他是這類讓人們保持聯繫的計劃和這些補貼計劃的堅定支持者。

So there's optimism from a regulatory standpoint in companies like ours where you know that theism lies and one of the reasons why lifeline is important to us and we've made this move from a chess perspective as you will, if you will, we think that there's going to be funding, come back for the connectivity of customers similar to ACP, but it's going to be an enhanced lifeline product.

因此，從監管角度來看，對於像我們這樣的公司來說，人們是持樂觀態度的，因為你知道有神論是存在的，而生命線對我們很重要的原因之一就是，我們從國際象棋的角度做出了這一舉動，如果你願意的話，我們認為將會有資金投入，用於與 ACP 類似的客戶連接，但這將是一種增強型生命線產品。

It won't be the traditional ACP. It'll be lifeline providers will be able to provide it, and it will be an enhanced extra subsidy amount per month to cover the, the bandwidth that lifeline doesn't cover so that 925 could go back up to $25 or $30.

它不會是傳統的 ACP。生命線提供者將能夠提供這項服務，並且每月將增加額外的補貼金額來覆蓋生命線未覆蓋的頻寬，這樣 925 的費用就可以回到 25 美元或 30 美元。

So that's what we're going to keep our eyes on it again. We're not going to, you know, bank on that per se. That would be 100% welcome and fantastic, but that's not what we're going to bank the company. We're going to bank on 925 and anything beyond that would be gravy?

因此我們將再次關注此事。你知道，我們本身不會依賴這一點。我們會非常歡迎並且很高興，但這不是我們要為公司提供的服務。我們要押注 925，那麼除此之外的任何事情都是意外之財嗎？

Great. I really.

偉大的。我真的。

Appreciate the answer to my questions and I wish you guys good luck. Thank you.

感謝您回答我的問題，並祝你們好運。謝謝。

Thanks for the question. I appreciate it.

謝謝你的提問。我很感激。

Thank you. That completes our Q&A session. Everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝。我們的問答環節到此結束。每個人。今天的活動到此結束。現在您可以斷開連接並享受美好的一天。感謝您的參與。