WM Technology, Inc. (NASDAQ:MAPS) Q4 2022 Earnings Call Transcript

Doug Francis: Yes, I will take that. This is Doug. We recently hired a new CMO who is an absolute Pro on that. So we’ve been digging in. There’s no doubt there’s absolute pressure across the board, on the marketplace, but we’re still dialing in to see what the best metric is that reflects the health of our marketplace. But again, the end markets are tough. We are feeling it. But there are pockets of what we used to do great at Weedmaps, which is kind of tell the plant story. So we feel within like health and wellness with Dr. Goldstein and some of these other moves, we have top of the funnel moves that we can make that are opportunistic. And then these new features that we discussed, like category based allows us to really penetrate lower in the funnel. So we have enough slot is coming up here. We think we can get positive movement. But again, nope, there’s no question there’s pressure.

W. Andrew Carter: Got it. Final question, I guess I’ll just ask and this is a realized you can’t control the market. But if you think if you step back and think about the original thesis of the Go Public transaction, a lot of it was the kind of take advantage of being a public cannabis play and being kind of most capital efficient. And if you’re not rewarded for that, do you see the strategic value in remaining there and given you’ve got cash flow insight, this is a capital efficient platform, you’re going to have more options than others. So just anything, I’d love to hear any commentary on that.

Doug Francis: Yes, I can start on that one, Andrew. Listen, we’re focused on executing the answer plan. We obviously went public for a reason. We have benefited from the ability to tell our story externally and being able to kind of showcase the business model and the like. Obviously, it’s a tough capital markets environment. But for us, we’re focused on what we can control, what we control is executing against the plan that we have. And I’ll leave it at that.

W. Andrew Carter: Fair enough. I’ll pass it on.

Operator: Thank you. And our next question comes from the line of Tom Champion Callahan from PSC. Your question please.

Unidentified Analyst: Hi, thanks. This is Jim on for Tom. Thanks for taking the question. So I guess first, one for Doug, so you’ve been back with the company for about four months now. And there’s a lot of macro challenges you’re kind of dealing with. Can you just kind of talk us through some of your biggest takeaways, and what you’ve learned so far as you’ve been getting back involved with the business? And I had one for Arden, it seems like the allowance for doubtful accounts kind of keeps coming up, I guess curious how we think about the cadence of that through the balance of the year. Thank you.

Doug Francis: Yes. So, this is Doug, It’s really a challenging market, that’s for sure. But it is really a state-by-state and market-by-market story. So as I’m getting out there and talking to folks, the one thing that does come up is, because a lot of budgets are compressed in the industry, they’re really reading on Weedmaps, to tell their brand story. So kind of bring in some of the old gang back in the company has been exciting as well, because we’ve been able to build some relationships with the MSOs and brands on the East Coast, that were a little elusive to us. So, what we’re really doing now is focusing on the marketplace, our data and our search. We’re really developing our content, which we think will help in all markets.