(TIO) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Tingo Group first-quarter 2023 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tingo Group 2023 年第一季度財務業績電話會議。 （操作員說明）提醒一下，正在錄製此會議。

Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include forecasts, estimates, or other information that might be considered forward looking. While these forward-looking statements represent our current judgment on what the future holds, they are not guarantees and are subject to risks and uncertainties that could cause actual results to differ materially. You're cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

在我們開始正式介紹之前，我想提醒大家，在電話會議和網絡廣播中發表的聲明可能包括預測、估計或其他可能被視為前瞻性的信息。雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們不是保證，並受可能導致實際結果大不相同的風險和不確定性的影響。請注意不要過分依賴這些前瞻性陳述，這些陳述僅反映我們截至本演示文稿之日的意見。請記住，我們沒有義務根據新信息或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果。

Throughout today's discussion, we will attempt to present some important factors related to our business that may affect our predictions. You should also review our most recent Form 10-Q filed today and Form 10-K for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results crossed the wires this morning at 7 AM Eastern Time and is available in the Investor Relations section of our company website, tingogroup.com.

在今天的討論中，我們將嘗試介紹一些與我們的業務相關的可能影響我們預測的重要因素。您還應該查看我們今天提交的最新 10-Q 表格和 10-K 表格，以更完整地討論這些因素和其他風險，特別是在風險因素標題下。詳述這些結果的新聞稿於東部時間今天早上 7 點發布，可在我們公司網站 tingogroup.com 的投資者關係部分獲取。

Your hosts today, Darren Mercer, Tingo Group Chief Executive Officer; Dozy Mmobuosi, Tingo Mobile and Tingo Foods Founder and CEO; and Kevin Chen, Tingo Group Chief Financial Officer, will present results of operations for the quarter ended March 31, 2023.

今天的主持人是 Tingo Group 首席執行官 Darren Mercer； Tingo Mobile 和 Tingo Foods 創始人兼首席執行官 Dozy Mmobuosi； Tingo Group 首席財務官 Kevin Chen 將介紹截至 2023 年 3 月 31 日的季度運營業績。

At this time, I will turn the call over to Tingo Group Chief Executive Officer, Darren Mercer.

此時，我會將電話轉給 Tingo Group 首席執行官 Darren Mercer。

Thank you, operator, and good morning, everybody. I am pleased to welcome you to today's first-quarter 2023 financial results conference call. I could not be more excited about the future for Tingo Group and its rapidly expanding growing group of businesses.

謝謝接線員，大家早上好。我很高興地歡迎您參加今天的 2023 年第一季度財務業績電話會議。我對 Tingo Group 及其快速擴張的業務集團的未來感到無比興奮。

For those of you joining us for the first time, I would like to take a moment to introduce Tingo Group and recap on our remarkable story so far. Tingo Group is a diverse fintech and agri-fintech group of companies, with operations in Africa, Southeast Asia, and the Middle East. The company significantly expanded and was somewhat transformed when we acquired 100% of Tingo Mobile Limited on November 30, 2022, and we then acquired Tingo Foods PLC on February 7, 2023, before subsequently changing our name to Tingo Group, Inc. on February 27, 2023.

對於第一次加入我們的人，我想花點時間介紹一下 Tingo Group 並回顧一下我們迄今為止的非凡故事。 Tingo Group 是一家多元化的金融科技和農業金融科技公司集團，業務遍及非洲、東南亞和中東。當我們於 2022 年 11 月 30 日收購 Tingo Mobile Limited 100% 的股份時，公司顯著擴張並有所轉變，然後我們於 2023 年 2 月 7 日收購了 Tingo Foods PLC，隨後於 2 月 27 日更名為 Tingo Group, Inc. , 2023.

Tingo Group is now comprised of the following businesses: Tingo Mobile, which is a leading fintech and agri-fintech business in Africa that operates through a device-as-a-service and a smartphone USSD platform model; Tingo Foods, which offtakes crops from Tingo Mobile's large customer base of farmers and processes those crops into finished products; Tingo DMCC, which operates a commodity trading platform and commodity export business from Dubai and deals in both raw agricultural commodities, including from our Tingo Mobile farmers and finished food products, including from Tingo Foods; TingoPay, which has developed and operates the TingoPay Super App and has a pan-Africa partnership with Visa. The full version of TingoPay, which will be rolled out later this year, provides payment services and e-wallet and a range of value-added services to customers. TingoPay, in partnership with Visa, also offers a range of merchant services to businesses; the company's fintech verticals, which operate platforms that offer a range of insurance and financial service products and are currently focused on the Southeast Asia markets; and finally, our various businesses and their synergistic interlinking ecosystem creates a strong position from which we are confident that we can achieve significant further growth and expand internationally.

Tingo Group 現在由以下業務組成： Tingo Mobile，這是非洲領先的金融科技和農業金融科技企業，通過設備即服務和智能手機 USSD 平台模式運營； Tingo Foods，從 Tingo Mobile 龐大的農民客戶群那裡收購農作物，並將這些農作物加工成成品； Tingo DMCC，經營商品交易平台和迪拜的商品出口業務，並交易包括來自我們的 Tingo Mobile 農民的未加工農產品和來自 Tingo Foods 的成品食品； TingoPay 開發並運營了 TingoPay 超級應用程序，並與 Visa 建立了泛非合作夥伴關係。將於今年晚些時候推出的完整版 TingoPay 為客戶提供支付服務和電子錢包以及一系列增值服務。 TingoPay 與 Visa 合作，還為企業提供一系列商戶服務；該公司的金融科技垂直業務，運營提供一系列保險和金融服務產品的平台，目前專注於東南亞市場；最後，我們的各種業務及其相互關聯的協同生態系統創造了強大的地位，我們相信我們可以從中實現顯著的進一步增長和國際擴張。

The Tingo Group quarterly financial results reported in today's 10-Q filing, which are presented here today, include, for the first time, the revenues and earnings of Tingo Foods, which are consolidated from its date of acquisition on February 7, 2023. In other words, the income statements included within the 10-Q is comprised of the full quarter results of the consolidated company, together with two months' results of Tingo Foods.

今天的 10-Q 文件中報告的 Tingo Group 季度財務業績首次包括 Tingo Foods 的收入和收益，這些收入和收益自 2023 年 2 月 7 日收購之日起合併。換句話說，包含在 10-Q 中的損益表包括合併公司的完整季度業績，以及 Tingo Foods 兩個月的業績。

At the close of the Tingo Mobile acquisition on November 30, 2022, we immediately became highly profitable and have continued to grow strongly since, including through the recent acquisition of Tingo Foods and as also evidenced by the announcements of a number of major trade deals and partnerships, including Tingo Mobile's recent exclusive agreement with the Prime Commodity Exchange or PCX and All Farmers Association of Nigeria or AFAN, which is expected to lock in considerable produce supply for our Tingo Foods and Tingo DMCC businesses, as well as a nationwide network of warehousing facilities for our farmers and significantly enhanced commodity trading opportunities, all of which goes to further strengthen our agri ecosystem.

在 2022 年 11 月 30 日對 Tingo Mobile 的收購結束時，我們立即獲得了高利潤，並且此後繼續強勁增長，包括通過最近對 Tingo Foods 的收購以及一系列重大貿易交易的公告和夥伴關係，包括 Tingo Mobile 最近與 Prime Commodity Exchange 或 PCX 以及尼日利亞所有農民協會或 AFAN 達成的獨家協議，預計這將為我們的 Tingo Foods 和 Tingo DMCC 業務以及全國范圍的倉儲網絡鎖定大量農產品供應為我們的農民提供設施並顯著增加商品貿易機會，所有這些都將進一步加強我們的農業生態系統。

The first-quarter 2023 results highlights for the group, as shown on this slide, are representative of our strong financial performance since the completion of acquisition of Tingo Mobile on November 30, 2022, and our subsequent acquisition of Tingo Foods. For the quarter ended March 31, 2023, the company generated over USD851 million in revenue, USD387 million in gross profit, and USD372 million in EBITDA, and nearly USD263 million in income before tax. Furthermore, our cash balance as of March 31, 2023, which is reflected on our balance sheet as audited by Deloitte LLP, stood at just over USD780 million.

如本幻燈片所示，該集團 2023 年第一季度的業績亮點代表了我們自 2022 年 11 月 30 日完成對 Tingo Mobile 的收購以及我們隨後對 Tingo Foods 的收購以來強勁的財務業績。截至 2023 年 3 月 31 日的季度，公司實現收入超過 8.51 億美元，毛利潤 3.87 億美元，EBITDA 3.72 億美元，稅前收入近 2.63 億美元。此外，經 Deloitte LLP 審計的資產負債表顯示，我們截至 2023 年 3 月 31 日的現金餘額剛剛超過 7.8 億美元。

Our reason why, at Tingo Group, is very important to us. And those of you that have listened to or read our presentations before will most likely already be aware of our mission statements. For those of you who are not familiar, our overarching mission at Tingo Group is to foster digital and financial inclusion through our fintech platforms and to drive social and economic upliftment. In our agri-fintech businesses, our mission includes our commitment to make a significant difference in improving global food supply and tackling the world's food security crisis by delivering farmer empowerment, improved crop yields, a reduction in post-harvest losses, and better access to both foreign and domestic markets. At a regional level, we also aim to support Africa and its farmers to achieve sustainable food self-sufficiency, bringing an end to Africa's food insecurity and poverty.

我們之所以在 Tingo Group 對我們非常重要。那些以前聽過或讀過我們的演講的人很可能已經知道我們的使命宣言。對於那些不熟悉的人，我們在 Tingo Group 的首要任務是通過我們的金融科技平台促進數字和金融包容性，並推動社會和經濟發展。在我們的農業金融科技業務中，我們的使命包括我們承諾通過賦予農民權力、提高作物產量、減少收穫後損失以及更好地獲取糧食，從而在改善全球糧食供應和應對世界糧食安全危機方面發揮重大作用國外和國內市場。在區域層面，我們還旨在支持非洲及其農民實現可持續的糧食自給自足，結束非洲的糧食不安全和貧困。

By way of a recap, we entered into a definitive merger agreement to acquire Tingo Mobile on May 10, 2022. Following this, we immediately appointed an elite team of world-class advisors to undertake extensive due diligence and financial analysis. The team included big four accountants, Ernst & Young; the world's leading law firm, Dentons; and the number one M&A investment bank, Houlihan Lokey and our long-standing New York legal counsel, Ellenoff Grossman & Schole.

作為回顧，我們於 2022 年 5 月 10 日達成了收購 Tingo Mobile 的最終合併協議。此後，我們立即任命了一支由世界級顧問組成的精英團隊進行廣泛的盡職調查和財務分析。該團隊包括四大會計師事務所安永會計師事務所；世界領先的律師事務所大成；以及排名第一的併購投資銀行 Houlihan Lokey 和我們長期擔任紐約法律顧問的 Ellenoff Grossman & Schole。

We announced on June 15, 2022 that the due diligence exercise has been completed and that the findings were positive with no material concerns. The original merger agreement was amended and restated in October of 2022 to facilitate the expedited acquisition of 100% of Tingo Mobile, as well as an improvement in terms to the company's shareholders.

我們於 2022 年 6 月 15 日宣布盡職調查工作已經完成，調查結果是積極的，沒有重大問題。原合併協議於 2022 年 10 月進行了修訂和重申，以促進加快收購 Tingo Mobile 100% 的股權，並改善對公司股東的待遇。

The acquisition was subsequently completed on November 30, 2022. With the benefits of the company's and Tingo Mobile's collaboration, the fourth quarter of 2022 saw the beginning of the geographical expansion of Tingo Mobile with the opening of new offices in Ghana, Malawi, and Dubai. The fourth quarter also saw us launch the Tingo DMCC commodities trading platform and export business and the soft launch of the TingoPay Super App in partnership with Visa.

此次收購隨後於 2022 年 11 月 30 日完成。得益於公司與 Tingo Mobile 的合作，2022 年第四季度 Tingo Mobile 開始了地域擴張，在加納、馬拉維和迪拜開設了新辦事處.第四季度我們還推出了 Tingo DMCC 商品交易平台和出口業務，並與 Visa 合作推出了 TingoPay Super App。

By January 2023, we have begun to pivot the company's insurance and fintech verticals to better complement the Tingo businesses, with the aim of leveraging is already established brand and large customer base. And then, on February 7, 2023, we acquired the Tingo Foods and Beverage Processing business, so as to further strengthen the Tingo seed-and-sale ecosystem.

到 2023 年 1 月，我們已開始調整公司的保險和金融科技垂直領域，以更好地補充 Tingo 業務，目的是利用已經建立的品牌和龐大的客戶群。然後，在 2023 年 2 月 7 日，我們收購了 Tingo 食品和飲料加工業務，以進一步加強 Tingo 種子和銷售生態系統。

On February 27, 2023, we changed our corporate name and ticker symbol to better reflect the importance of the Tingo brand to the business and provide improved clarity to our external stakeholders, including current and prospective partners, customers, and investors. And finally, our reporting of full-year 2022 financial results on March 31, 2023 was followed by two material announcements in April: the first being Tingo Mobile's exclusive partnership agreement with PCX and AFAN; and the second being the filing of our Deloitte-audited full-year 2022 financial statements and pro forma financial information for the recently acquired Tingo Foods.

2023 年 2 月 27 日，我們更改了公司名稱和股票代碼，以更好地反映 Tingo 品牌對業務的重要性，並為我們的外部利益相關者（包括當前和潛在合作夥伴、客戶和投資者）提供更清晰的信息。最後，我們在 2023 年 3 月 31 日報告了 2022 年全年財務業績後，在 4 月份發布了兩項重大公告：第一項是 Tingo Mobile 與 PCX 和 AFAN 的獨家合作協議；第二個是我們提交了德勤審計的 2022 年全年財務報表和最近收購的 Tingo Foods 的備考財務信息。

I would now like to turn the call over to Dozy Mmobuosi, the Founder and CEO of Tingo Mobile and Tingo Foods, to further discuss Tingo's operations. Dozy?

我現在想將電話轉給 Tingo Mobile 和 Tingo Foods 的創始人兼首席執行官 Dozy Mmobuosi，以進一步討論 Tingo 的運營。想睡？

Thank you, Darren, and to everyone joining us today. By way of recap and update on the Tingo Mobile business that I founded about 20 years ago, we'll begin with the Tingo Mobile business-as-a-service model and Nwassa USSD fintech platform, which we believe is the leading agri-fintech platform in Africa.

謝謝你，Darren，也感謝今天加入我們的每一個人。通過回顧和更新我大約 20 年前創立的 Tingo Mobile 業務，我們將從 Tingo Mobile 業務即服務模型和 Nwassa USSD 金融科技平台開始，我們認為這是領先的農業金融科技平台在非洲。

Following the signing of the definitive merger agreement with MICT in October of 2022, we said about accelerating our growth strategy. In November and December 2022, we signed trade agreements with two major partners with the aim of quickly expanding Tingo Mobile's customer base from 9.3 million to an expected 30 million by the end of 2023. We signed the trade partnership with the All Farmers Association of Nigeria, which included a commitment to enroll a minimum of 20 million new customers to Tingo Mobile.

在 2022 年 10 月與 MICT 簽署最終合併協議後，我們談到了加速我們的增長戰略。在 2022 年 11 月和 12 月，我們與兩大合作夥伴簽署了貿易協議，旨在到 2023 年底將 Tingo Mobile 的客戶群從 930 万迅速擴大到預計的 3000 萬。我們與尼日利亞全農協會簽署了貿易夥伴關係，其中包括承諾為 Tingo Mobile 招收至少 2000 萬新客戶。

We also launched in Ghana and signed a trade agreement with the Kingdom of Ashanti, which included a commitment to enroll a minimum of 2 million new customers to Tingo Mobile and a target to enroll more than 4 million new customers soon afterwards. We launched into Malawi and began to progress several trade partnerships there, with the aim of establishing a base rollout in the future across East Africa, including into Tanzania, Mozambique, and Zambia. Looking further ahead, we plan to expand in the future into other parts of Africa, as well as into Asia and other relevant markets in the world.

我們還在加納推出並與阿散蒂王國簽署了一項貿易協議，其中包括承諾為 Tingo Mobile 招收至少 200 萬新客戶，併計劃在不久之後招收超過 400 萬新客戶。我們進軍馬拉維，並開始在那裡推進多項貿易夥伴關係，目的是在未來在整個東非建立一個基地，包括進入坦桑尼亞、莫桑比克和讚比亞。展望未來，我們計劃在未來擴展到非洲其他地區，以及亞洲和世界其他相關市場。

Through other businesses within the Tingo family, namely Tingo Foods and Tingo DMCC, we aim to increase offtake and demand for produce from Tingo Mobile's farmers, thereby creating a virtual self-reinforcement cycle. In April 2023, as part of the further strengthening of our ecosystem, Tingo Mobile entered into a tripartite agreement with PCX and AFAN, which I will discuss in more detail shortly. Lastly, as we currently look to expand the reach of our Nwassa Marketplace platform, we are currently testing the forthcoming Nwassa web platform and the Nwassa app, which we intend to launch around the middle of this year, to complement the already successful years as the GSM transaction platform.

通過 Tingo 家族的其他業務，即 Tingo Foods 和 Tingo DMCC，我們的目標是增加 Tingo Mobile 農民對農產品的採購和需求，從而創造一個虛擬的自我強化循環。 2023 年 4 月，作為進一步加強我們生態系統的一部分，Tingo Mobile 與 PCX 和 AFAN 達成了三方協議，我將在稍後詳細討論。最後，由於我們目前希望擴大我們的 Nwassa Marketplace 平台的覆蓋範圍，我們目前正在測試即將推出的 Nwassa 網絡平台和 Nwassa 應用程序，我們打算在今年年中左右推出，以補充已經成功的幾年，因為GSM交易平台。

Tingo Foods was brought into the group on February 7, 2023. This is a business that our team and I have been developing for some time outside of Tingo Mobile. We launched the business as a standalone company in September 2022, focusing on supplying of relatively small product range to several large distribution and wholesale businesses. Tingo Foods creates significant demand and offtake for Tingo Mobile farmers, while, at the same time, creating supply for Tingo DMCC's commodity trading and export business.

Tingo Foods 於 2023 年 2 月 7 日被納入集團。這是我們團隊和我在 Tingo Mobile 之外開發了一段時間的業務。我們於 2022 年 9 月作為獨立公司開展業務，專注於向幾家大型分銷和批發企業供應相對較小的產品範圍。 Tingo Foods 為 Tingo Mobile 農民創造了巨大的需求和承購量，同時為 Tingo DMCC 的商品貿易和出口業務創造了供應。

Within the first four months of trading to December 31, 2022, Tingo Foods generated more than USD466.2 million of turnover. The first quarter of 2023 then saw revenues grew to $577.2 million, generating an operating profit of USD143.5 million. Tingo Foods is set to multiply capacity and revenue with a new state-of-the-art $1.6 billion food processing facility in Delta State of Nigeria. Our joint venture partner is already at an advanced stage of completing work on the building's foundations and the installation of infrastructure, drainage, and water supply and facility is on track to open by mid-2024.

在截至 2022 年 12 月 31 日的頭四個月內，Tingo Foods 的營業額超過 4.662 億美元。 2023 年第一季度收入增長至 5.772 億美元，營業利潤為 1.435 億美元。 Tingo Foods 將在尼日利亞三角洲投資 16 億美元新建一個最先進的食品加工設施，以提高產能和收入。我們的合資夥伴已經處於完成建築物地基工程的後期階段，基礎設施、排水和供水設施的安裝有望在 2024 年中期開放。

We also recently partnered with Evtec Energy PLC to build a $150 million 110-megawatt solar plant to power the facility there to achieve net-zero carbon emissions and reduce energy costs. We believe Africa's farmers and agriculture sector will benefit from the significant expansion of the continent's own processing capabilities, including crop demand, reducing post-harvest losses, giving farmers higher prices, and delivering financial upliftment.

我們最近還與 Evtec Energy PLC 合作，建造一座價值 1.5 億美元的 110 兆瓦太陽能發電廠，為那裡的設施供電，以實現淨零碳排放並降低能源成本。我們相信，非洲農民和農業部門將受益於非洲大陸自身加工能力的顯著擴張，包括作物需求、減少收穫後損失、為農民提供更高的價格以及帶來財務提升。

In December 2022, we launched Tingo DMCC, which is an agricultural commodity platform and export business, in partnership with the Dubai Multi Commodities Centre, DMCC. As part of the team's ecosystem, Tingo DMCC creates significant offtake of new crops Tingo Mobile's farmers and is also expected to be a major customer, as it looks to export the finished food and beverage produce of Tingo Foods.

2022 年 12 月，我們與 DMCC 的迪拜多種商品中心合作推出了 Tingo DMCC，這是一個農產品平台和出口業務。作為團隊生態系統的一部分，Tingo DMCC 為 Tingo Mobile 的農民帶來了大量的新作物承購，預計也將成為主要客戶，因為它希望出口 Tingo Foods 的食品和飲料成品。

We have made significant progress during Q1 2023 on the aggregation of bulk volumes of produce for exports from AFAN's members, where the first export orders need to be completed before the end of Q2 2023. Through the farmers of Nigeria, which are estimated at around 60 million, as well as those in Ghana, Malawi, and certain other territories, we have access to several billion dollars per annum of agricultural produce for our export business. These export orders are set to dollarize and globalize Tingo Group, while, at the same time, giving Tingo Mobile's farmers and Tingo Foods direct access to international markets.

2023 年第一季度，我們在匯總 AFAN 成員出口的大宗農產品方面取得了重大進展，首批出口訂單需要在 2023 年第二季度末之前完成。通過尼日利亞的農民，估計約有 60 名農民萬，以及加納、馬拉維和某些其他地區的人，我們每年可以為我們的出口業務獲得數十億美元的農產品。這些出口訂單將使 Tingo Group 美元化和全球化，同時讓 Tingo Mobile 的農民和 Tingo Foods 直接進入國際市場。

On April 26, 2023, it was announced that Tingo Mobile has partnered with PCX and AFAN for the exclusive use of AFAN's existing network of 2,322 warehouses across Nigeria for a minimum term of 30 years. This strategic partnership uniquely positions Tingo to monetize Nigeria's crop ecosystem across its population of 213 million and the global export market. Under the terms of the agreement, Tingo Mobile has a right of first refusal to purchase or trade any of its produce, both in the AFAN warehouses, which it intends to use primarily to serve the Tingo Foods processing business and the Tingo DMCC commodity trading and export business.

2023 年 4 月 26 日，Tingo Mobile 宣布與 PCX 和 AFAN 合作，獨家使用 AFAN 在尼日利亞現有的 2,322 個倉庫網絡，期限至少為 30 年。這種戰略合作夥伴關係使 Tingo 處於獨特的地位，可以通過尼日利亞 2.13 億人口和全球出口市場的作物生態系統獲利。根據協議條款，Tingo Mobile 有權優先購買或交易其在 AFAN 倉庫中的任何產品，主要用於服務 Tingo Foods 加工業務和 Tingo DMCC 商品貿易和出口業務。

PCX has installed its leading-edge e-warehouse receipt system in all the partnership warehouses, enabling crops and other produce to be commoditized and traded by Tingo from the date of delivery. Tingo Mobile is also to be granted a priority position on the PCX commodity trading platform, enabling Tingo DMCC to trade farming produce and other commodities on spot, futures, fiscal, and derivative business.

PCX 在所有合作夥伴倉庫中安裝了其領先的電子倉單系統，使農作物和其他產品從交貨之日起就可以由 Tingo 商品化和交易。 Tingo Mobile也將被授予PCX商品交易平台的優先地位，使Tingo DMCC能夠交易農產品和其他商品的現貨、期貨、財政和衍生品業務。

AFAN, the umbrella body for Nigeria's farming sector, has committed to coordinate all its agricultural cooperatives and members to utilize the partnership's warehouses to handle their produce. In addition to which, the partnership has committed to targeted increase in the number of warehouses to 80,000 in the next two years.

尼日利亞農業部門的保護機構 AFAN 已承諾協調其所有農業合作社和成員利用合作夥伴關係的倉庫來處理他們的產品。除此之外，合作夥伴還承諾在未來兩年內將倉庫數量目標增加到 80,000 個。

Tingo Mobile also has the right to sublet the warehouse space to pre-approved third parties, such as e-commerce businesses and wholesale businesses. This partnership with AFAN and PCX is expected to considerably increase our offtake of crops and all our produce from farmers, which, we believe, will help to satisfy the substantial future requirements of our food processing and commodity trading and export business. Importantly, the agreement also further augments our seed-to-sale model, assist and also achieve our objectives of reducing post-harvest losses and crop wastage, while also increasing food production levels and meaningfully improving food security.

Tingo Mobile 還有權將倉庫空間轉租給預先批准的第三方，例如電子商務業務和批發業務。與 AFAN 和 PCX 的合作預計將大大增加我們對農作物和我們所有農民農產品的採購量，我們相信這將有助於滿足我們食品加工和商品貿易及出口業務未來的大量需求。重要的是，該協議還進一步增強了我們的種子銷售模式，協助並實現我們減少收穫後損失和作物浪費的目標，同時提高糧食生產水平並切實改善糧食安全。

As explained previously, TingoPay's a Super App that offers a full range of value-added services and partnership with Visa. Such services include a digital Visa card, e-wallet, payment services, marketplace, e-commerce, insurance, and finance. As a full market B2C and B2B offering, the TingoPay Super App and Visa partnership is helping us to diversify and expand Tingo Group into new sectors, with the aim of making TingoPay and Tingo house and Tingo household names as widely recognized as Visa itself.

如前所述，TingoPay 是一款超級應用程序，可提供全方位的增值服務並與 Visa 建立合作夥伴關係。這些服務包括數字 Visa 卡、電子錢包、支付服務、市場、電子商務、保險和金融。作為一個全面的 B2C 和 B2B 市場產品，TingoPay Super App 和 Visa 的合作夥伴關係正在幫助我們實現 Tingo Group 的多元化並將其擴展到新的領域，目的是使 TingoPay 和 Tingo house 和 Tingo 家喻戶曉，就像 Visa 本身一樣得到廣泛認可。

To assist us in achieving market penetration, our Pan-Africa partnership with Visa includes the provision of marketing and customer acquisition support. SMEs and all business sectors plan to benefit from our new range of Tingo Visa merchant services and the TingoPay business portal, whereas our small horde of farmer customers will see significant additional advantages through the integration of TingoPay with Nwassa agri marketplace platform. The TingoPay business portal and Tingo Visa merchant services enables subscriber farmers and businesses in all sectors to easily and securely accept payments and use it to make online transactions in their domestic or foreign currencies, as well as to manage the card's setup, repeat payments, and access transaction shipments. A better version of our TingoPay app, which now includes the addition of several new value-added services, is currently at an advanced stage of testing with Visa ahead of a full-scale launch that we'll meet 2023.

為了幫助我們實現市場滲透，我們與 Visa 的泛非合作夥伴關係包括提供營銷和客戶獲取支持。中小企業和所有商業部門都計劃從我們新的 Tingo Visa 商戶服務系列和 TingoPay 商業門戶中受益，而我們的一小群農民客戶將通過 TingoPay 與 Nwassa 農業市場平台的整合看到顯著的額外優勢。 TingoPay 商業門戶和 Tingo Visa 商戶服務使訂戶農民和各行各業的企業能夠輕鬆安全地接受付款，並使用它以本國或外幣進行在線交易，以及管理卡的設置、重複支付和訪問交易出貨量。我們的 TingoPay 應用程序的更好版本，現在包括添加了幾項新的增值服務，目前正處於與 Visa 進行測試的高級階段，然後我們將在 2023 年全面推出。

Through Tingo Mobile, Nwassa, TingoPay, Tingo Foods, and Tingo DMCC, we have a created a full agri-fintech ecosystem. We communicate with and push services to our farmers through the smartphone handset we supply to them. The farmers can then use the embedded Nwassa USSD platform and the soon-to-be-launched Nwassa and TingoPay apps to purchase inputs for their farming business, to purchase other services, to make payments, and to sell their produce.

通過 Tingo Mobile、Nwassa、TingoPay、Tingo Foods 和 Tingo DMCC，我們創建了一個完整的農業金融科技生態系統。我們通過提供給農民的智能手機與農民溝通並向他們提供服務。然後，農民可以使用嵌入式 Nwassa USSD 平台和即將推出的 Nwassa 和 TingoPay 應用程序為其農業業務購買投入品、購買其他服務、付款和銷售他們的產品。

Then, Tingo Foods is a valuable customer and source of offtake for Tingo Mobile farmers. In relation to which, it processes their raw crops into finished food and beverage products. Finally, Tingo DMCC can trade and export both the raw crops of Tingo Mobile's farmers and the finished food and beverage products of Tingo Foods, which it can sell to a global market where demand significantly outstrips supply.

然後，Tingo Foods 是 Tingo Mobile 農民的重要客戶和採購來源。與此相關的是，它將他們的未加工農作物加工成食品和飲料成品。最後，Tingo DMCC 可以貿易和出口 Tingo Mobile 農民的未加工農作物和 Tingo Foods 的成品食品和飲料，它可以銷售到供不應求的全球市場。

This already strong seed-to-sale ecosystem is now strengthened further by the recently signed deal between Tingo Mobile, PCX, and AFAN, as this now gives us access to a substantial nationwide network of warehouse facilities, secures us a considerable increase in produce supply, and gives us enhanced commodity trading opportunities. All in all, the Tingo ecosystem creates a reinforcing loop for our financial and digital inclusion, alongside an increase in food supply and a reduction in post-harvest losses, which, in turn, improves food security and reduce food poverty -- poverty. And ultimately, all these factors deliver financial and social upliftment, not only to our farmers, but also to all of our stakeholders.

Tingo Mobile、PCX 和 AFAN 最近簽署的協議進一步加強了這個本已強大的種子到銷售生態系統，因為這現在使我們能夠訪問龐大的全國倉庫設施網絡，確保我們的農產品供應大幅增加，並為我們提供了增強的商品交易機會。總而言之，Tingo 生態系統為我們的金融和數字包容性創造了一個強化循環，同時增加了糧食供應並減少了收穫後的損失，這反過來又改善了糧食安全並減少了糧食貧困——貧困。最終，所有這些因素不僅對我們的農民，而且對我們所有的利益相關者都帶來了經濟和社會進步。

Thank you, Dozy. Before I hand over to Kevin, I think it is important to also state that, at the core of our values, we are highly committed to environmental, social, and governance factors. We foster digital and financial inclusion through our technology platforms, driving the social and economic upliftment of our customers. We meaningfully improve the global food supply and tackle the world's food security crisis by empowering the farmer, helping them increase crop yields, reduce post-harvest losses, gain from improved access to market, and benefit from fairer market prices.

謝謝你，多西。在我交給凱文之前，我認為還必須聲明，作為我們價值觀的核心，我們高度致力於環境、社會和治理因素。我們通過我們的技術平台促進數字和金融包容性，推動客戶的社會和經濟發展。我們通過賦予農民權力、幫助他們提高作物產量、減少收穫後損失、改善市場准入並從更公平的市場價格中獲益，切實改善全球糧食供應並解決世界糧食安全危機。

Our technology and platforms also deliver significant environmental benefits: reducing crop wastage, improving farming and food production efficiency, promoting sustainable farming techniques, and reducing freight miles. As part of our commitment towards the environment and social upliftment, we are focused on adopting a mature ESG framework underpinned and guided by the United Nations' Sustainable Development Goals.

我們的技術和平台還帶來了顯著的環境效益：減少作物浪費、提高農業和食品生產效率、推廣可持續農業技術以及減少貨運里程。作為我們對環境和社會進步承諾的一部分，我們專注於採用以聯合國可持續發展目標為基礎和指導的成熟 ESG 框架。

I will now turn the call over to Tingo Group's CFO, Kevin Chen, to discuss our first-quarter 2023 financial results as reported in this morning's 10-Q filing.

我現在將電話轉給 Tingo Group 的首席財務官 Kevin Chen，討論我們在今天上午的 10-Q 文件中報告的 2023 年第一季度財務業績。

Thank you, Darren. I'm very pleased to present our financial results for the first quarter ended March 31, 2023. A full breakdown of our financial results is available in our regulatory filings and in the press release that crossed the wire earlier this morning.

謝謝你，達倫。我很高興介紹我們截至 2023 年 3 月 31 日的第一季度財務業績。我們的監管文件和今天上午早些時候發布的新聞稿中提供了我們財務業績的完整明細。

Before going into numbers, it is important to note the significant impact of the acquisition of Tingo Foods, which completed in February 2023 and has resulted in the consolidation of Tingo Foods' financial results into our own from the date of completion. In other words, the results of Tingo Group for the first quarter ended March 31, 2023 include the results of Tingo Foods for approximately two months.

在進入數字之前，重要的是要注意收購 Tingo Foods 的重大影響，該收購於 2023 年 2 月完成，並導致從完成之日起將 Tingo Foods 的財務業績合併到我們自己的財務業績中。換句話說，Tingo Group 截至 2023 年 3 月 31 日的第一季度業績包括 Tingo Foods 大約兩個月的業績。

Now, turning to some of the key figures. The net revenues of Tingo Group for the first quarter ended March 31, 2023 were $851.2 million, compared to $9.6 million for the first quarter ended March 31, 2022, an increase of 8,801%, which was mainly attributed to consolidating a full quarter of the results of Tingo Mobile and consolidation of two months of the results of Tingo Foods.

現在，轉向一些關鍵人物。 Tingo Group 截至 2023 年 3 月 31 日的第一季度的淨收入為 8.512 億美元，與截至 2022 年 3 月 31 日的第一季度的 960 萬美元相比，增長了 8,801%，這主要歸功於整合了整個季度的Tingo Mobile 的業績和 Tingo Foods 兩個月業績的整合。

The company's gross profit for the first quarter 2023 was $386.9 million, compared to gross profit of $1.3 million for first quarter 2022, which, again, was attributable to the additions of Tingo Mobile and the Tingo Foods acquisition. The operating profit of Tingo Group for the first quarter ended March 31, 2023 was $260.7 million, up from a loss of $10.0 million for the first quarter ended March 31, 2022.

該公司 2023 年第一季度的毛利潤為 3.869 億美元，而 2022 年第一季度的毛利潤為 130 萬美元，這再次歸因於 Tingo Mobile 的增加和 Tingo Foods 的收購。 Tingo Group 截至 2023 年 3 月 31 日的第一季度營業利潤為 2.607 億美元，高於截至 2022 年 3 月 31 日的第一季度虧損 1000 萬美元。

After adding back depreciation and amortization for the company's operating profit, EBITDA for the first quarter ended March 31, 2023 amounted to $371.8 million (sic - see slide 14, "$372.1 million"), compared to an EBITDA loss of $9.1 million (sic - see slide 14, "$8.9 million") for the first quarter ended March 31, 2022.

加上公司營業利潤的折舊和攤銷後，截至 2023 年 3 月 31 日的第一季度 EBITDA 為 3.718 億美元（原文如此 - 參見幻燈片 14，“3.721 億美元”），而 EBITDA 虧損為 910 萬美元（原文如此 -參見幻燈片 14，“890 萬美元”）截至 2022 年 3 月 31 日的第一季度。

After taking on corporate tax into account, which is charged at the retail 30% on the taxable profit of Tingo Mobile and at Tingo Foods, the company's net income for the first quarter ended March 31, 2023 amounted to $176.7 million, compared to a net loss of $8.7 million for the first quarter ended March 31, 2022.

考慮到公司稅（對 Tingo Mobile 和 Tingo Foods 的應稅利潤徵收 30% 的零售稅）後，該公司截至 2023 年 3 月 31 日的第一季度淨收入為 1.767 億美元，而淨收入為截至 2022 年 3 月 31 日的第一季度虧損 870 萬美元。

Tingo Foods revenues for the approximate two-month period from its date of acquisition to March 31, 2023, were $577.2 million, as compared to $466.2 million for the approximate four-month period from its inception to December 31, 2022.

Tingo Foods 從收購之日到 2023 年 3 月 31 日的大約兩個月期間的收入為 5.772 億美元，而從收購之日到 2022 年 12 月 31 日的大約四個月期間的收入為 4.662 億美元。

Tingo Foods operating profit for the approximate two-month period from its date of acquisition to March 31, 2023 was $143.5 million, as compared to $15.7 million for the approximate four-month period from its inception to December 31, 2022.

Tingo Foods 從收購之日到 2023 年 3 月 31 日的大約兩個月期間的營業利潤為 1.435 億美元，而從收購之日到 2022 年 12 月 31 日的大約四個月期間的營業利潤為 1570 萬美元。

The consolidated cash balances of Tingo Group had grown to $780.2 million at March 31, 2023 from $500.3 million at December 31, 2022.

Tingo Group 的綜合現金餘額已從 2022 年 12 月 31 日的 5.003 億美元增至 2023 年 3 月 31 日的 7.802 億美元。

The first-quarter 2023 revenues were made up of mobile handset leasing revenues of $113.7 million, mobile call and data revenues of $14.4 million, the Nwassa platform revenues of $125.3 million, Tingo Foods revenues of $577.2 million, MICT insurance and financial services revenues of $20.6 million.

2023 年第一季度的收入包括手機租賃收入 1.137 億美元、移動電話和數據收入 1440 萬美元、Nwassa 平台收入 1.253 億美元、Tingo Foods 收入 5.772 億美元、MICT 保險和金融服務收入 20.6 美元百萬。

A summary of the income statement of Tingo Group for the three months ended March 2023 compared to March 2022 is provided on page 16 of the presentation. A reconciliation of GAAP operating income or loss to the non-GAAP EBITDA for the three months ended March 2023 compared to March 2022 is provided on page 17 of the presentation. A summary of the balance sheet highlights is provided on page 18 of the presentation. A summary of the income statement of Tingo Group for the three months ended March 2023 compared to March 2022 is provided on page 19 of the presentation.

演示文稿第 16 頁提供了 Tingo Group 截至 2023 年 3 月的三個月與 2022 年 3 月相比的損益表摘要。演示文稿第 17 頁提供了截至 2023 年 3 月的三個月與 2022 年 3 月相比的 GAAP 營業收入或虧損與非 GAAP EBITDA 的調節。演示文稿的第 18 頁提供了資產負債表要點的摘要。演示文稿第 19 頁提供了 Tingo Group 截至 2023 年 3 月的三個月與 2022 年 3 月相比的損益表摘要。

I will now hand the call back to Darren.

我現在將把電話交還給達倫。

Thank you, Kevin. My Board and I believe Tingo Group is in a very unique position, both as a company and as an attractive investment proposition. We are a fast-growth and highly profitable Nasdaq-listed company, generating revenues of USD851.2 million and net income before tax of USD262.5 million for the three months ended March 31, 2023.

謝謝你，凱文。我的董事會和我相信 Tingo Group 處於非常獨特的地位，無論是作為一家公司還是作為一個有吸引力的投資建議。我們是一家快速增長且利潤豐厚的納斯達克上市公司，截至 2023 年 3 月 31 日止三個月的收入為 8.512 億美元，稅前淨收入為 2.625 億美元。

We have a very strong balance sheet and are cash flow positive. Our cash balance at March 31, 2023 amounted to USD780.2 million. We have a fast growth, high margin, and sticky revenue model, with low customer acquisition costs and low attrition.

我們的資產負債表非常強勁，現金流為正。截至 2023 年 3 月 31 日，我們的現金餘額為 7.802 億美元。我們擁有快速增長、高利潤和粘性收入模式，客戶獲取成本低，流失率低。

We have a full agri and food ecosystem from seed to sale, creating a virtuous circle for both us and our customers. We are making a difference towards addressing the global food shortage and food security crises, and we are a benefactor of price inflation.

我們擁有從種子到銷售的完整農業和食品生態系統，為我們和我們的客戶創造良性循環。我們正在為解決全球糧食短缺和糧食安全危機做出貢獻，我們是價格通脹的助推器。

Our Visa Tingo partnership and TingoPay Super App expands Tingo significantly into new B2C and B2B markets. We have proven proprietary fintech platforms, which are replicable in new geographical markets and new sectors, and we have a vast addressable global market. We believe we have a significant ESG impact, and that can grow considerably further in the future.

我們與 Visa Tingo 的合作夥伴關係和 TingoPay Super App 將 Tingo 顯著擴展到新的 B2C 和 B2B 市場。我們擁有經過驗證的專有金融科技平台，可以在新的地域市場和新的行業中復制，而且我們擁有廣闊的可尋址全球市場。我們相信我們具有顯著的 ESG 影響，並且在未來可以進一步擴大。

Operator, my colleagues and I from Tingo are now ready to take questions from the participants. Thank you.

接線員、我和 Tingo 的同事現在準備好回答參與者的問題。謝謝。

Our first question comes from Howard Halpern of Taglich Brothers. Howard asked, can you describe how your food processing subsidiary operates? Is it in a small plant? Or if not, how many co-packing relationships do you have?

我們的第一個問題來自 Taglich Brothers 的 Howard Halpern。霍華德問，你能描述一下你的食品加工子公司是如何運作的嗎？是在小廠裡嗎？或者，如果沒有，您有多少合作包裝關係？

As of today, we use two third-party food processing plants, which handle our processing requirements for the five products that we currently handle. It's also, Howard, worth remembering that our food processing business, Tingo Foods, was only launched eight months ago. And since then, we've intentionally limited our product range to the current five products just to enable us to focus to establish key and strong foundations for the business and strengthen the infrastructure and capabilities that we have.

截至今天，我們使用兩個第三方食品加工廠來處理我們目前處理的五種產品的加工要求。霍華德，還值得記住的是，我們的食品加工業務 Tingo Foods 是八個月前才成立的。從那時起，我們有意將我們的產品範圍限制在目前的五種產品，只是為了讓我們能夠專注於為業務建立關鍵和堅實的基礎，並加強我們擁有的基礎設施和能力。

You can see from the numbers today, we're generating from these five products and also the growth that we've achieved in the two months to March 31 compared to performance we had at the backend of last year, which, I'm sure, a greater impressive. But from this, you can get a feel for what we should be able to achieve as we expand our product range and as we gain access to more projects for processing.

你可以從今天的數字中看到，我們從這五種產品中獲得收益，以及我們在截至 3 月 31 日的兩個月內實現的增長與去年年底的業績相比，我敢肯定，更令人印象深刻。但是從這裡，您可以感受到我們在擴大產品範圍和獲得更多項目進行處理時應該能夠實現的目標。

Once we open our new processing facility, which is state-of-the-art, it's much bigger than all of these. It's the biggest -- it's going to be the biggest of its type in Africa, and that's going to open in about a year's time. At the moment we do that, both our product range and processing capacity will multiply significantly. But even ahead of them, we are looking to add several new products to our offering, all of which satisfy a demand that's already penciled in the marketplace.

一旦我們打開了我們最先進的新加工設施，它就會比所有這些都大得多。它是最大的 - 它將成為非洲同類中最大的，並且將在大約一年的時間內開放。在我們這樣做的那一刻，我們的產品範圍和加工能力都將顯著增加。但即使在他們之前，我們也希望在我們的產品中添加幾種新產品，所有這些產品都可以滿足市場上已經確定的需求。

And as we begin to deal in those new products, for example, be it pastas or noodles, cocoa, coffee, tea, carbonated beverages, I can go on. I had -- and as we do that ahead of opening our own facility, we expect to increase the number of third-party food processing partners that we work with to increase, and a number of those we are talking to and already have lined up. Although it's possible for us to achieve very strong growth through the use of external processing companies, it really will be a huge step change when we open our new facility, not just because it will undoubtedly enable us to multiply our revenues and profitability, but because it will allow us to further deliver against our mission of feeding Africa, improving food security, and enabling Africa to become self-sufficient in food.

當我們開始經營這些新產品時，例如，意大利面或麵條、可可、咖啡、茶、碳酸飲料，我可以繼續。我有——當我們在開設自己的工廠之前這樣做時，我們希望增加與我們合作的第三方食品加工合作夥伴的數量，以及我們正在與之交談並已經排隊的一些人.雖然我們有可能通過使用外部加工公司實現非常強勁的增長，但當我們開設新工廠時，這確實將是一個巨大的進步，不僅因為它無疑將使我們的收入和盈利能力成倍增長，而且因為它將使我們能夠進一步履行我們為非洲提供糧食、改善糧食安全並使非洲實現糧食自給自足的使命。

And it's also -- I think I should point out, Howard, that even when our new facility comes online in 12 months' time or so, even though that's going to increase our capacity, as I've just said, it's going to multiply it several times, we already have key indications of pent-up demand, be it through all the host of other African nations, be it through our partners with DMCC in Dubai, that there is plenty of demand for that capacity. And in fact, we may not even have the capacity to be able to meet that, which means the contribution from Tingo Foods and its support for our export drive is going to be significant, particularly from the middle of next year onwards.

而且——我想我應該指出，霍華德，即使我們的新設施在 12 個月左右的時間內上線，儘管這會增加我們的產能，正如我剛才所說，它會成倍增加有好幾次，我們已經有被壓抑需求的關鍵跡象，無論是通過所有其他非洲國家，還是通過我們與迪拜 DMCC 的合作夥伴，都表明對這種能力有大量需求。事實上，我們甚至可能沒有能力實現這一目標，這意味著 Tingo Foods 的貢獻及其對我們出口驅動力的支持將是巨大的，特別是從明年年中開始。

And to, again, further validate the value we believe we deliver to Africa, you've got to understand that the finished food products we're now processing and supplying domestically are replacing very expensive supply that's historically being imported. And as our Nwassa Tingo Mobile platforms continue to deliver much higher crop yields from our farmers, and what this shows really is the underlying success of the Nwassa Tingo Mobile platforms because we are getting much higher crop yields from our farmers.

再次，為了進一步驗證我們相信我們為非洲帶來的價值，您必須了解我們現在在國內加工和供應的成品食品正在取代過去進口的非常昂貴的供應。隨著我們的 Nwassa Tingo 移動平台繼續為我們的農民提供更高的作物產量，這真正表明 Nwassa Tingo 移動平台的潛在成功，因為我們從我們的農民那裡獲得了更高的作物產量。

As a result of our platforms, because they're providing the microfinance, enabling the farmers to reinvest and increase in their capacity significantly, they are enabling those farmers to get their produce to us in a timely basis through the cooperatives. We now have the warehousing capability to actually store all of that produce. As we're getting that food produce into our warehouses and it's becoming available through Tingo Foods and Tingo DMCC, you can see that we're making a real difference towards improving both domestic and world food supply.

由於我們的平台，因為他們提供小額信貸，使農民能夠進行再投資並顯著提高他們的能力，他們使這些農民能夠通過合作社及時將他們的產品送到我們這裡。我們現在擁有實際存儲所有產品的倉儲能力。當我們將食品放入我們的倉庫並通過 Tingo Foods 和 Tingo DMCC 供應時，您可以看到我們正在為改善國內和世界食品供應做出真正的改變。

Thank you, team. Another question from Howard Halpern at Taglich Brothers. Howard asks, how does your recently announced PCX and AFAN warehouse deal impact both your commodity and food processing operations and long-term revenue potential?

謝謝你，團隊。 Taglich Brothers 的 Howard Halpern 提出的另一個問題。霍華德問道，您最近宣布的 PCX 和 AFAN 倉庫交易如何影響您的商品和食品加工業務以及長期收入潛力？

Yeah, good question, Howard. Thank you. You've often heard me talk about the importance of the Tingo ecosystem. And I think as we've already alluded to today in previous answer, the success in increasing crop yields and food production levels is enabling us, for the first time, to talk about fulfilling the significant domestic and export demand for food and beverage products and other agricultural commodities. It, therefore, has been a priority of ours to establish a very strong infrastructure and logistics capability, both for the procurement and supply side of the business, as well as the sell side. It's got to be the bedrock of which we are going to grow a very, very substantial business indeed.

是的，問得好，霍華德。謝謝。你經常聽我談論 Tingo 生態系統的重要性。我認為，正如我們今天在之前的回答中已經提到的那樣，在提高作物產量和食品生產水平方面取得的成功使我們能夠首次談論滿足對食品和飲料產品的重要國內和出口需求，以及其他農產品。因此，我們的首要任務是為企業的採購和供應方以及賣方建立非常強大的基礎設施和物流能力。它必須成為我們要發展非常非常重要的業務的基石。

Our deal with PCX and AFAN is the very heart of this, and it delivers perfectly against this particular priority. It gives us a really dominant position in warehousing and goods handling, covering the whole of Nigeria. It's significantly increasing our capability and capacity to fulfill orders both domestically and internationally, be it for raw crops, finished food produce, or beverage products.

我們與 PCX 和 AFAN 的交易是這方面的核心，它完美地實現了這一特殊優先事項。它使我們在倉儲和貨物處理方面佔據了真正的主導地位，覆蓋了整個尼日利亞。它顯著提高了我們履行國內和國際訂單的能力和容量，無論是原料作物、成品食品還是飲料產品。

And additionally, to that, Howard, our rights of first refusal to purchase or trade any of the produce received into those warehouses, combined with the partnership's commitment to significantly increase the number of warehouses to 80,000, you hear it as said earlier, and AFAN's commitment to refer all of its cooperatives and farmers to use them, it's expect -- it's very valuable to us, not only to significantly increase the supply into our export and commodity trading business, but also to significantly increase supply into our Tingo food processing business. So yeah, we, therefore, expect that the deal's impact on both our export and processing businesses to be very, very significant indeed.

此外，霍華德，我們擁有優先購買或交易這些倉庫中收到的任何產品的權利，再加上合作夥伴承諾將倉庫數量顯著增加到 80,000 個，正如您之前所說，以及 AFAN 的承諾推薦其所有合作社和農民使用它們，預計 - 這對我們非常有價值，不僅可以顯著增加我們出口和商品貿易業務的供應，還可以顯著增加我們 Tingo 食品加工業務的供應.所以是的，因此，我們預計該交易對我們的出口和加工業務的影響確實非常非常重要。

Thank you, team. Our next question is, given the number of warehouses that you have mentioned today rises to 80,000 over the next two years, can you put that into context how this positions you in the market and what competition you have? It seems to me that this would give you a very strong position. But how would this impact other logistics companies?

謝謝你，團隊。我們的下一個問題是，鑑於您今天提到的倉庫數量在未來兩年內將增加到 80,000 個，您能否將其與您在市場中的定位以及您面臨的競爭相結合？在我看來，這會給你一個非常強大的位置。但這將如何影響其他物流公司？

That's a very good question. We previously reported that we currently have a little over 2,300 warehouses in the network. And as I've just said in the previous answer that the partnership has committed to increase that number to around 80,000 over the next couple of years.

這是一個很好的問題。我們之前曾報告說，我們目前在網絡中擁有 2,300 多個倉庫。正如我剛才在之前的回答中所說，合作夥伴已承諾在未來幾年內將這一數字增加到 80,000 左右。

Put this into context, DHL has reported some of the largest logistics company warehouse network in the United States with -- I think the numbers I saw were about 417 warehouses, and the likes of Amazon and Walmart are reported to have around 1,100 and 200, respectively, in terms of distribution centers. So it's definitely fair to say that our deal with PCX and AFAN on the expansion plans of the partnership gives us a very dominant position in Nigeria, with no real comparable competition.

考慮到這一點，DHL 報告了美國一些最大的物流公司倉庫網絡——我認為我看到的數字大約是 417 個倉庫，據報導亞馬遜和沃爾瑪等公司大約有 1,100 和 200 個，分別在配送中心方面。因此，可以肯定地說，我們與 PCX 和 AFAN 就合作夥伴關係的擴張計劃達成的協議使我們在尼日利亞處於非常主導的地位，沒有真正的可比競爭。

I think, also in addition, our ability to sublet surface capacity on the partnership's warehouse network also creates a major opportunity for us to lease space to third parties, including logistics companies, e-commerce, retailers, and the likes, and indeed, in itself, should be an additional valuable source of profitable revenue.

我認為，此外，我們在合作夥伴倉庫網絡上轉租地面容量的能力也為我們向第三方租賃空間創造了一個重要機會，包括物流公司、電子商務、零售商等，事實上，在本身，應該是一個額外的有價值的盈利收入來源。

Thank you, team. Our next question asks, I note the very significant contribution that Tingo Foods is making to the group. Is it possible for you to comment on how its performance will be impacted by the new food processing facility?

謝謝你，團隊。我們的下一個問題是，我注意到 Tingo Foods 為集團做出的非常重要的貢獻。您能否評論一下新食品加工設施將如何影響其性能？

Yeah. Perhaps it's the only point I haven't already touched upon in answering the previous questions is that by having our own state-of-the-art facility, we do expect to significantly be able to increase our margins. Our state of the art machine will enable us to process food and beverage products very efficiently with minimal wastage, while, at the same time, we'll be able to produce a wide range of products in huge volumes, I might add, that neither we nor the food processors in Africa have previously been able to deal with.

是的。也許這是我在回答前面的問題時唯一沒有提到的一點是，通過擁有我們自己的最先進的設施，我們確實希望能夠顯著提高我們的利潤率。我們最先進的機器將使我們能夠以最少的浪費非常有效地加工食品和飲料產品，與此同時，我們將能夠大批量生產範圍廣泛的產品，我可以補充說，這兩者都不是我們和非洲的食品加工商以前都無法應對。

And to further validate the value we believe we're delivering to Africa, you have to understand that the finished food products we are processing and supplying domestically is replacing very expensive supply that's historically been imported. And as our Tingo Mobile and the Nwassa platform continue to deliver much higher crop yields from our farmers and our microfinance enables farmers to reinvest into increasing that capacity, significantly, more produce becomes available for Tingo Foods and Tingo DMCC. But ultimately, we can make a real difference towards improving both domestic and world food supply.

為了進一步驗證我們相信我們正在向非洲提供的價值，您必須了解我們在國內加工和供應的成品食品正在取代歷史上進口的非常昂貴的供應。隨著我們的 Tingo Mobile 和 Nwassa 平台繼續為我們的農民提供更高的作物產量，我們的小額信貸使農民能夠重新投資以提高產能，顯著地，更多的產品可供 Tingo Foods 和 Tingo DMCC 使用。但最終，我們可以在改善國內和世界糧食供應方面發揮真正的作用。

And I think it's also fair, just to add into this particular question, is that you have to look at the infrastructure we now have in place as an organization. We have 12 million, rising to 30 million, farmers by the end of this year. We have a very sophisticated and getting increasingly better logistics network in place to deliver that produce to us into our warehouses on a timely basis.

而且我認為這也很公平，只是為了增加這個特定問題，你必須看看我們現在作為一個組織擁有的基礎設施。到今年年底，我們有 1200 萬，增加到 3000 萬農民。我們擁有一個非常成熟且日益完善的物流網絡，可以及時將產品運送到我們的倉庫。

We now have a very prominent and dominant position with those warehouses themselves. And all of this puts us in an unrivaled position, be it to support the Tingo Foods through food processing or getting the produce to market for export.

我們現在在這些倉庫本身擁有非常突出和主導的地位。所有這一切都使我們處於無可匹敵的地位，無論是通過食品加工來支持 Tingo Foods 還是將產品推向市場進行出口。

Thank you, team. Our next question asks, is the focus of Tingo Foods on the domestic market or is it also intending to serve the export market?

謝謝你，團隊。我們的下一個問題是，Tingo Foods 的重點是國內市場還是也打算服務於出口市場？

Good question. As we stand today, whilst we're still in the early stages of operation, we all focus on serving what is a huge domestic market. With Nigeria, it's more than 200 million -- I think 220 million population.

好問題。就我們今天的情況而言，雖然我們仍處於運營的早期階段，但我們都專注於服務龐大的國內市場。尼日利亞有超過 2 億——我認為有 2.2 億人口。

That being said, we are also gearing up our operations to increase capacity and commence export finished products in the not-too-distant future. Current product range is focused on staple foods in the domestic market, including rice, [milk], and cooking oil. But as we expand into the non-staple products, such as tea, coffee, cocoa, and carbonated beverages, there is a much greater opportunity for us to move towards export.

話雖這麼說，我們也在加緊運營以增加產能並在不久的將來開始出口成品。目前的產品範圍主要集中在國內市場的主食，包括大米、[牛奶]和食用油。但隨著我們擴展到茶、咖啡、可可和碳酸飲料等副產品，我們就有更大的機會轉向出口。

I mean, it goes without saying that when our own $1.6 billion food processing facility comes online next year, it gives us both the breadth of product range and the production capacity to serve a number of markets. We'll be able to serve. all of Nigeria. We'll be able to serve Pan-Africa. And we're very hopeful we'll be able to serve also demand from our export business internationally through the DMCC.

我的意思是，不用說，當我們自己的價值 16 億美元的食品加工設施明年上線時，它將為我們提供更廣泛的產品範圍和服務於多個市場的生產能力。我們將能夠服務。全尼日利亞。我們將能夠為泛非地區提供服務。我們非常希望我們也能夠通過 DMCC 滿足國際出口業務的需求。

Thank you, team. Our next question asks, I note that there is no mention of Tingo's expansion into China. Given your experience in China, can I ask why not?

謝謝你，團隊。我們的下一個問題是，我注意到沒有提到 Tingo 擴展到中國。鑑於你在中國的經歷，我能問為什麼不呢？

Yeah. I mean, I mentioned in the earnings call, I think at the full-year results, the Board and management of Tingo really have a well for a significant number of opportunities, so we should develop or expand the group. When we evaluate each of these opportunities in turn, the consideration we have has a number of factors, be it return on capital employed, be it the contributions to properties or strategic. And I think that's what I said at the time.

是的。我的意思是，我在財報電話會議上提到，我認為在全年業績中，Tingo 的董事會和管理層確實擁有大量機會，因此我們應該發展或擴大該集團。當我們依次評估這些機會中的每一個時，我們的考慮因素有很多，無論是使用的資本回報率，還是對財產或戰略的貢獻。我想這就是我當時所說的。

Clearly, amongst those opportunities and having had a wealth of experience in Mainland China for the last 15 years or so, China is very much in full consideration. And we are considering a number of ways in which we could utilize what could be a very sizable market for us and the best returns it would bring our group and enable our group to successfully deliver the products. And that can be anything from the export business through to a version of the Tingo model itself.

顯然，在過去 15 年左右的時間裡，在這些機會和在中國大陸積累的豐富經驗中，中國得到了充分的考慮。我們正在考慮多種方式，我們可以利用這些方式對我們來說可能是一個非常龐大的市場，並為我們的團隊帶來最好的回報，並使我們的團隊能夠成功交付產品。這可以是從出口業務到 Tingo 模型本身的任何版本。

I mean, I can tell you that many of my team over there right now are already in contact with the key partners, be it at local or provincial government level, as well as those large logistics providers or large banks, insurance, and other financial institutions we'll need to support us. And having used many of the relationships that we have grown over the years, I think the team, in turn, will be in a position to be presenting our findings to the Board in the not-too-distant future. At this moment in time, the ways it's looking, it could indeed be a very exciting opportunity for us. But that's a decision the Board will make at the appropriate time.

我的意思是，我可以告訴你，我在那邊的許多團隊現在已經在與主要合作夥伴聯繫，無論是地方還是省級政府，以及那些大型物流供應商或大型銀行、保險和其他金融機構。我們需要支持我們的機構。並且利用我們多年來建立的許多關係，我認為該團隊反過來將能夠在不久的將來向董事會展示我們的發現。此時此刻，從它的外觀來看，這對我們來說確實是一個非常令人興奮的機會。但這是董事會將在適當的時候做出的決定。

Thank you, team. Our next question asks, given the company's very strong cash position, together with the positive cash flow nature of the business, can I ask will the company consider paying a dividend to its shareholders? If so, will it be a one-off special dividend or an ongoing program?

謝謝你，團隊。我們的下一個問題是，鑑於公司非常強大的現金狀況，以及業務的正現金流性質，我可以問一下公司是否會考慮向其股東支付股息？如果是這樣，它會是一次性的特別股息還是持續的計劃？

Yeah. It's a very fair question. As you know, I can't give out any non-public information on this call. But I think you remember from our full-year results, again, that we announced just a few weeks ago, that given the profitability of the group and the growth we're expecting to see this year, and I think that we've just demonstrated in the first quarter, it makes sense that the payment of cash dividends to shareholders is something that the Board should and, in fact, is considering.

是的。這是一個非常公平的問題。如你所知，我不能在這次電話會議上透露任何非公開信息。但我想你還記得我們幾週前宣布的全年業績，鑑於集團的盈利能力和我們預計今年的增長，我認為我們剛剛在第一季度表明，向股東支付現金股息是董事會應該考慮的事情，事實上正在考慮。

In particular, once our export business starts to make material contributions to the group, as a result of all this success, is really dollarizing the revenues or dollarizing a significant part of group revenues. I think we feel, as a Board, that this would be the most appropriate and prudent time to commence the dividend program. If we achieve our plans and timelines, and I think as the first quarter has demonstrated, I think we're running ahead of schedule.

特別是，一旦我們的出口業務開始為集團做出重大貢獻，作為所有這些成功的結果，真正將收入美元化或將集團收入的很大一部分美元化。我認為，作為董事會，我們認為現在是開始分紅計劃的最合適和最謹慎的時間。如果我們實現了我們的計劃和時間表，我認為正如第一季度所證明的那樣，我認為我們會提前完成。

And while I can't speak for the members of my Board, my personal preference would be towards the payment of quarterly dividends that takes into account the combination of our profits and free cash flow and the really investment we need to make into our ambitious long-term growth plans.

雖然我不能代表我的董事會成員發言，但我個人傾向於支付季度股息，考慮到我們的利潤和自由現金流的結合，以及我們需要對雄心勃勃的長期投資進行的真正投資- 長期增長計劃。

Thank you, team. Our next question asks, can you provide any update on the market manipulation and short-selling investigations?

謝謝你，團隊。我們的下一個問題是，您能否提供有關市場操縱和賣空調查的最新信息？

Yeah. As you know, we undertook a very detailed investigation through our lawyers, special advisors, and I think it's fair to say that's progressing very well. And for the lawyers and our team of experts are continuing to examine data and collate the evidence. I think as the exercise advances, we began to receive indications of a possible quantum of damages claim. And while it's premature to give any specific details, I think if we were to proceed with any such claims, it's likely to be very substantial or material indeed.

是的。如您所知，我們通過我們的律師、特別顧問進行了非常詳細的調查，我認為可以說進展非常順利。對於律師和我們的專家團隊來說，他們正在繼續檢查數據並整理證據。我認為隨著演習的進行，我們開始收到可能的損害索賠數量的跡象。雖然現在提供任何具體細節還為時過早，但我認為如果我們繼續進行任何此類聲明，它可能確實非常重要或重要。

Thank you, team. Our next question asks, you previously stated there was a significant share price disconnect, when the share price was sub-$1. Now that the share price is around $3, do you still feel a disconnect exists? If so, what is being done to address it?

謝謝你，團隊。我們的下一個問題是，您之前曾說過，當股價低於 1 美元時，股價存在明顯的脫節。現在股價在 3 美元左右，您是否仍然覺得存在脫節？如果是這樣，正在採取什麼措施來解決這個問題？

Yeah, good question. But not sure with our share price now more than three times the level it was when we first mentioned this disconnect. The level of disconnect is technically lower, but it was from that point in time. But what we've done since, we reported very significant increase in earnings. We've also announced several material developments, all of which have materially increased shareholder value. We just had record Q1 numbers.

是的，好問題。但不確定我們的股價現在是我們第一次提到這種脫節時的三倍多。從技術上講，斷開連接的程度較低，但它是從那個時間點開始的。但是從那以後我們所做的是，我們報告了收入的顯著增長。我們還宣布了幾項重大進展，所有這些都大大增加了股東價值。我們剛剛獲得了創紀錄的第一季度數字。

And when you take all of this into account, I still believe that the disconnect itself is very, very significant, especially when you look at other Nasdaq-listed companies, being valued on forward earnings multiples, which are many, many times what we're being valued on. As the results demonstrated today, we're growing impressively. And with the imminent completion of our first export deals and new food processing plant coming online next year, bearing in mind the level of profitability and cash regenerating, I think it should be clear for all to see that the disconnect is still very, very significant indeed.

當你考慮所有這些時，我仍然相信脫節本身非常非常重要，尤其是當你看看其他在納斯達克上市的公司時，它們的估值是根據遠期市盈率計算的，這是我們的很多很多倍重新被重視。正如今天的結果所顯示的那樣，我們的增長令人印象深刻。隨著我們第一筆出口交易即將完成，新的食品加工廠將於明年上線，考慮到盈利水平和現金再生水平，我認為所有人都應該清楚地看到脫節仍然非常非常嚴重的確。

In the transition part of your question, what are we doing about it, I think my answer to the previous questions spoke about the possibility of making quarterly dividend payments. The launch of a program of regular dividends, we believe, will be a very effective way of addressing our disconnects. I should also point out, in addition, that there are other measures, too, available to us, and everything is being assessed on a very live basis.

在你問題的過渡部分，我們正在做什麼，我想我對前面問題的回答談到了按季度支付股息的可能性。我們相信，推出定期分紅計劃將是解決我們脫節問題的一種非常有效的方式。此外，我還應該指出，我們也可以使用其他措施，並且一切都在非常實時的基礎上進行評估。

Thank you, team. The possible acquisition of Sheffield United Football Club by Dozy Mmobuosi continues to attract press coverage in the UK. While I'm not particularly interested in deal itself, I'm keen to know if the English Football League approved Dozy under the owners and directors test, which, as I understand it, has very stringent criteria.

謝謝你，團隊。 Dozy Mmobuosi 可能收購謝菲爾德聯足球俱樂部一事繼續吸引著英國媒體的報導。雖然我對交易本身並不是特別感興趣，但我很想知道英格蘭足球聯盟是否在所有者和董事測試下批准了 Dozy，據我所知，該測試具有非常嚴格的標準。

Yeah, fair question. We can't really comment on the transaction itself, unless it's the right audience and the right setting which we need to do so. But I think we can confirm this is important that the English Football League informed Dozy and his advisors in April that he had been approved under their owners and directors test.

是的，公平的問題。我們無法真正對交易本身發表評論，除非它是我們需要這樣做的正確受眾和正確設置。但我認為我們可以確認這一點很重要，英格蘭足球聯盟在 4 月份通知多茲和他的顧問，他已經通過了他們的老闆和董事測試。

Thank you, team. Our next question asks, I was very reassured when the company took steps of appointing big four in global accounting firm, Deloitte, as its auditor. Can you explain a little about the audit process and whether Deloitte physically visited the Tingo business in Nigeria?

謝謝你，團隊。我們的下一個問題是，當公司採取步驟任命全球四大會計師事務所德勤作為其審計師時，我感到非常放心。您能否解釋一下審計過程以及德勤是否親自訪問了尼日利亞的 Tingo 業務？

That's a very good question, and I'm glad someone's asked it. I think, as mentioned previously, we felt it was very important to appoint a leading audit firm with a global reach, so one that checks in to undertake the audit. And in our opinion, I think, Deloitte is the number one audit firm certainly in Africa and probably on a worldwide basis.

這是一個很好的問題，我很高興有人提出這個問題。我認為，如前所述，我們認為任命一家具有全球影響力的領先審計公司非常重要，這樣一家公司就會參與審計。我認為，在我們看來，德勤無疑是非洲乃至全球排名第一的審計公司。

In terms of the work they did, not only did Deloitte involve direct TC audit teams in both Israel and the US -- the United States of America in the audit, but they also sent teams of auditors to Tingo Mobile and Tingo Foods in Africa, as well as to the regional head offices we have in China and Hong Kong. And just to add to this, because the full year of 2022 audit was their first engagement for Tingo Group, Deloitte undertook a much more detailed degree of audit testing in accordance with the PCAOB guidelines.

就他們所做的工作而言，德勤不僅讓以色列和美國的直接 TC 審計團隊參與審計——美利堅合眾國，而且他們還向非洲的 Tingo Mobile 和 Tingo Foods 派出了審計員團隊，以及我們在中國和香港的區域總部。除此之外，由於 2022 年全年審計是他們首次參與 Tingo Group，德勤根據 PCAOB 指南進行了更詳細程度的審計測試。

And let's not forget, in addition to the separate audits performed by Deloitte on Tingo Group and Tingo foods now, we also engaged Grant Thornton to undertake a Sarbanes-Oxley audit and review. And they, themselves, also sent audit teams to Tingo Mobile in Nigeria, as well as to our regional head offices, also in China and Hong Kong. And as you can see from our filings, at no point and no time, have there ever been any evidence of material weaknesses or adverse findings in those audits.

別忘了，除了德勤現在對Tingo Group和Tingo foods進行的單獨審計外，我們還聘請Grant Thornton進行薩班斯-奧克斯利法案的審計和審查。他們自己也向尼日利亞的 Tingo Mobile 以及我們位於中國和香港的地區總部派遣了審計團隊。正如您從我們的文件中看到的那樣，在任何時候、任何時候，這些審計中都沒有任何重大缺陷或不利發現的證據。

The next question asks, when can we expect your export business to commence? And how large do you expect its contribution to group revenues to be?

下一個問題是，我們預計你們的出口業務什麼時候開始？您預計它對集團收入的貢獻有多大？

I think the short answer is very soon and very, very large. But to give us more granularity around it, I think we indicate in our presentation today that, as I've just said, we expect the export business to start very imminently. But as we outlined today, I keep going back to this, we have 12 million farmers whose produce we now have and we have a warehousing capacity and capability for large volumes of storage that nobody else in Nigeria has.

我認為簡短的答案是很快而且非常非常大。但是為了讓我們更詳細地了解它，我想我們在今天的演講中指出，正如我剛才所說的，我們預計出口業務很快就會開始。但正如我們今天概述的那樣，我一直在回顧這一點，我們現在擁有 1200 萬農民的農產品，我們擁有尼日利亞其他任何地方都沒有的倉儲能力和大量存儲能力。

That's only going to increase as the number of farmers increase from those 12 million to hopefully 30 million by year-end. And I haven't even spoken today about the projects we're going to get from the Kingdom of Ashanti, where we believe we're going to get between 2 million and 4 million farmers on our platform. I haven't spoken about, in Malawi itself, that used to be the food basket of Africa 15 years ago, that how our platform is there to help getting back to that level of status, which, in turn, will provide also a great deal of produce for export.

隨著農民數量在年底前從 1200 萬增加到 3000 萬，這一數字只會增加。我今天甚至還沒有談到我們將從阿散蒂王國獲得的項目，我們相信我們的平台上將有 200 萬到 400 萬農民。我還沒有談到，在馬拉維本身，它在 15 年前曾經是非洲的食物籃子，我們的平台如何幫助恢復到那個水平，反過來，這也將提供一個很好的出口農產品交易。

So the volume of produce that we're getting and that we have plans for and that we now have the logistical infrastructure in to support is very significant indeed. I'm not going to put a monetary amount on that. You can see today from the contribution of Tingo Foods from just five products for internal demand in Nigeria itself. We have spoken in previous answers how that's going to increase the tea and cocoa and coffee and many other products, even carbonated drinks.

因此，我們獲得的產量和我們有計劃的產量以及我們現在擁有支持的後勤基礎設施確實非常重要。我不打算為此付出金錢。今天，您可以從 Tingo Foods 的貢獻中看到，尼日利亞本身僅提供五種產品來滿足內部需求。我們在之前的回答中已經談到這將如何增加茶、可可、咖啡和許多其他產品，甚至是碳酸飲料。

The opportunity for us, from a demand side, for exports of produce today seems fairly unlimited. Our amount -- our ability to satisfy that has only been helped with the contract around PCX and AFAN for warehousing has only been helped by the fact that through AFAN, we're going to increase our number of farmers from 12 million to 30 million. That's only been helped by our technological platform is helping get increased crop yields, much more produce that goes through food security threshold, and provides even more produce to either be processed internally, for internal consumption, or for export.

從需求方面來看，我們今天的農產品出口機會似乎是無限的。我們的數量——我們滿足這一點的能力只有在 PCX 和 AFAN 倉儲合同的幫助下才能得到幫助，因為通過 AFAN，我們將把我們的農民數量從 1200 萬增加到 3000 萬。這只是得益於我們的技術平台，它正在幫助提高作物產量，讓更多的農產品通過食品安全門檻，並提供更多的農產品供內部加工、供國內消費或出口。

The market is very, very significant indeed. And we believe that will only grow as we really start penetrating Ghana and Malawi and other markets come onstream.

市場確實非常非常重要。我們相信，只有當我們真正開始滲透加納和馬拉維以及其他市場上線時，這種情況才會增長。

Thank you, team. I'm still confused about how your Nwassa Marketplace works, bearing in mind that neither the Nwassa website nor Nwassa app seems to be fully functional. Please, can you explain?

謝謝你，團隊。我仍然對您的 Nwassa 市場的運作方式感到困惑，請記住 Nwassa 網站和 Nwassa 應用程序似乎都無法正常運行。請問，你能解釋一下嗎？

Yeah. I think this is a question we had at the full-year results back at the end of March. And then, we explain, looking at that caller on perhaps the best of the recap. Our Nwassa Marketplaces is operated via a USSD platform since it was launched in 2020. For those of you who aren't aware of that, it may be new to the company and didn't hear what we said back in March, USSD stands for unstructured supplementary service data. It's a global system for mobile communication protocol, and it's used to send text messages to execute certain transactions.

是的。我認為這是我們在 3 月底的全年業績中提出的一個問題。然後，我們解釋說，看看那個來電者也許是最好的回顧。自 2020 年推出以來，我們的 Nwassa Marketplaces 通過 USSD 平台運營。對於那些不了解這一點的人，這對公司來說可能是新的，並且沒有聽到我們在 3 月份說過的話，USSD 代表非結構化補充服務數據。它是移動通信協議的全球系統，用於發送文本消息以執行某些交易。

So the Nwassa USSD platform allows Tingo customers to execute their transactions across the Nwassa Marketplace, not only in relation to the sale of the produce or the purchase of farming input, but also to purchase airtime, pay utility bills, such as mobile phone insurance, and the cost to arrange finance. As part of our planned technological development, we, today, are developing the Nwassa website and the Nwassa app, which are not yet operational, and they are still in development and still in testing.

因此，Nwassa USSD 平台允許 Tingo 客戶在 Nwassa Marketplace 上執行交易，不僅涉及農產品銷售或農業投入品採購，還包括購買通話時間、支付水電費（如手機保險）、以及安排融資的成本。作為我們計劃的技術開發的一部分，我們今天正在開發 Nwassa 網站和 Nwassa 應用程序，它們尚未運行，它們仍在開發和測試中。

Once that development and testing has been completed, they will be launched to operate alongside the existing Nwassa USSD platform. In terms of timing, we're aiming to perhaps achieve a launch of the website and the app during the early part of Q3 of 2023.

一旦開發和測試完成，它們將與現有的 Nwassa USSD 平台一起運行。就時間而言，我們的目標是在 2023 年第三季度初推出網站和應用程序。

Thank you, team. I noticed that a beta version of TingoPay was soft launched in February of this year. When is the full version expected to be launched?

謝謝你，團隊。我注意到 TingoPay 的測試版已於今年 2 月試運行。預計什麼時候推出完整版？

Yeah. TingoPay is at very advanced stage of testing by both of our own technology development teams and the teams of Visa themselves. During the testing phase, we've also added a number of new functions and products that we think and certainly believe enhance both the user experience on TingoPay's revenue generation capabilities. As things stand today, we're aiming for a launch the launch window really between the end of Q2 and the early part of Q3 of 2023.

是的。 TingoPay 正處於由我們自己的技術開發團隊和 Visa 自己的團隊進行的非常先進的測試階段。在測試階段，我們還添加了一些新功能和產品，我們認為並且肯定會增強 TingoPay 創收能力的用戶體驗。按照目前的情況，我們的目標是真正在 2023 年第二季度末和第三季度初之間啟動啟動窗口。

Thank you, team. I would now like to turn the call back over to Mr. Mercer for his closing remarks.

謝謝你，團隊。我現在想將電話轉回 Mercer 先生的結束語。

Thank you, operator. I'd like to thank each of you for joining our earnings conference call today in really what has been a momentous quarter for the company. And I do look forward to continuing to update you all on our ongoing progress and growth.

謝謝你，運營商。我要感謝你們每個人今天參加我們的收益電話會議，這對公司來說確實是一個重要的季度。我確實期待著繼續向大家介紹我們不斷取得的進步和成長。

If, however, we were unable to answer any of your questions today, please reach out to our IR firm, MZ Group, who will be more than happy to assist. Thank you so much.

但是，如果我們今天無法回答您的任何問題，請聯繫我們的 IR 公司 MZ Group，他們將非常樂意提供幫助。太感謝了。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。