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

Weedmaps really used to really be the source of truth for the industry. And through our data integrations and bringing kind of the pros back around, that’s really our goal is to be the thought leader. And we hope that, that drives from state to state as we help folks learn how to search for cannabis and how to consume cannabis the right way. But the main takeaway that I’ve gotten from most folks is that, it’s tough. And since we have full knowledge of the supply chain. We were already given counsel and advice kind of beyond technology. So, the main takeaway, again, is just the support that’s needed.

Arden Lee: Yes. And even on the second question you had, you’re right, we did have bad debt expense again, in the quarter, it was about just over $2 million. We did call out in our November call that we expected bad debt to remain elevated in Q4 and to start normalizing over the course of 2023. Listen, it’s still touching go, as I mentioned before, in those three states, and with end market declines, trending the way they are we continue to be very kind of vigilant around not only collections and or gross, AR growth. But how AR is moving through various ageing buckets, we’ve done a lot. We continue to do a lot operationally to control. Like I said, what we can control. One of the big moves that we made starting the year was to put the accountability of our collections back into the hands of a lot of our account teams, because they’re quite successful in terms of managing that client relationship. So we’re seeing some good, good, good results stemming out of that.

Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.