Intellicheck Inc (IDN) 2023 Q2 法說會逐字稿

Good afternoon, welcome to the Intellicheck Q2 2023 Earnings Call. (Operator Instructions)

下午好，歡迎參加 Intellicheck 2023 年第二季度財報電話會議。 （操作員說明）

It is now my pleasure to introduce your host, Gar Jackson, Investor Relations. Thank you. Please go ahead, sir.

現在我很高興向您介紹主持人，投資者關係部門的加爾·傑克遜。謝謝。請繼續，先生。

Thank you, operator. Good afternoon, and thank you for joining us today for the Intellicheck Second Quarter 2023 Earnings Call. Before we get started, I will take a minute to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

謝謝你，接線員。下午好，感謝您今天參加我們的 Intellicheck 2023 年第二季度收益電話會議。在我們開始之前，我將花一點時間閱讀前瞻性聲明。本次電話會議中的某些陳述構成經修訂的 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

When used in this conference call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company works management as well as assumptions made by and information currently available to the company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在本次電話會議中使用諸如“將”、“相信”、“期望”、“預期”、“鼓勵”等詞語以及與公司工作管理相關的類似表達方式以及公司管理層所做的假設和當前可獲得的信息時，均屬於前瞻性陳述。 1995 年《私人證券訴訟改革法》的含義。

These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether resulting from such changes as new information, subsequent events or otherwise.

這些前瞻性陳述基於管理層當前對未來事件的預期和信念。與任何預測或預測一樣，它們本質上容易受到環境的不確定性和變化的影響，公司不承擔並明確否認任何更新或更改其前瞻性陳述的義務，無論是由於新信息、後續信息等變化而導致的。事件或其他。

Additional information concerning forward-looking statements is contained under the headings of safe harbor statement and risk factors listed from time to time in the company's filings with the Securities and Exchange Commission.

有關前瞻性陳述的更多信息包含在公司向美國證券交易委員會提交的文件中不時列出的安全港聲明和風險因素標題下。

Statements made on today's call are as of today, August 10, 2023. Management will use the financial term adjusted EBITDA in today's call. Please refer to the company's press release issued this afternoon for further definition, reconciliation and context for the use of this term.

今天的電話會議上發表的聲明截至今天，即 2023 年 8 月 10 日。管理層將在今天的電話會議中使用財務術語調整後 EBITDA。請參閱今天下午發布的公司新聞稿，了解該術語的進一步定義、協調和使用背景。

We will begin today's call with Bryan Lewis, Intellicheck's Chief Executive Officer; and then Jeff Ishmael, Intellicheck's Chief Operating Officer and Chief Financial Officer, who will discuss the Q2 2023 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors.

我們將首先與 Intellicheck 首席執行官 Bryan Lewis 進行電話會議。然後是 Intellicheck 首席運營官兼首席財務官 Jeff Ishmael，他將討論 2023 年第二季度的財務業績。在他們準備好的發言之後，我們將回答分析師和機構投資者的問題。

Today's call will be limited to 1 hour, and I will now turn the call over to Bryan.

今天的通話時間限制為 1 小時，我現在將通話轉給 Bryan。

Thank you, Gar, and welcome, everyone, to the Q2 2023 Earnings Call. Before I speak about our results, some highlights and some of the things we're doing to raise awareness of Intellicheck, I'd like to give a brief overview of who we are (inaudible) to renew our story.

謝謝 Gar，歡迎大家參加 2023 年第二季度財報電話會議。在談論我們的結果、一些亮點以及我們為提高 Intellicheck 意識而採取的一些措施之前，我想簡要概述一下我們是誰（聽不清）以更新我們的故事。

Intellicheck has taken its place as an industry leader, and we continue to distinguish ourselves as an exceptional identity validation company because our technology solutions are exceedingly accurate and extremely fast. Many of you on this call are familiar with us, but for our newcomers and those of you who could use an update, we are evolving, we are growing, and we continue to be focused on refining at every level to expand our penetration in key market verticals.

Intellicheck 已成為行業領導者，我們將繼續作為一家卓越的身份驗證公司脫穎而出，因為我們的技術解決方案極其準確且極其快速。這次電話會議中的許多人都熟悉我們，但對於我們的新來者和那些可能使用更新的人來說，我們正在發展，我們正在成長，我們將繼續專注於各個層面的改進，以擴大我們在關鍵領域的滲透率。垂直市場。

I believe that this growing reputation for excellence has led to our use by some of the largest banks and credit card issuers in the United States and Canada at their teller workstations, call centers, online and in their stores to validate their customers' identities.

我相信，這種日益增長的卓越聲譽促使美國和加拿大的一些最大的銀行和信用卡發行機構在其櫃員工作站、呼叫中心、網上和商店中使用我們來驗證客戶的身份。

We are currently in approximately 30,000 retail locations and over 4,800 bank and lender branches, not counting the pilots and adoption continues to grow. I feel equally confident that our demonstrated superior speed and accuracy is key to the fact that 28 state-level law enforcement agencies use Intellicheck to validate IDs. And keep in mind that while law enforcement are the only people that can directly connect with every DMV in North America to validate an ID, they choose Intellicheck. Against speed, accuracy and ease of use are the distinguishing factors.

目前，我們的業務覆蓋約 30,000 個零售點以及超過 4,800 個銀行和貸方分支機構（不包括試點項目），並且採用率持續增長。我同樣相信，我們所展示的卓越速度和準確性是 28 個州級執法機構使用 Intellicheck 驗證 ID 的關鍵。請記住，雖然執法部門是唯一可以直接與北美每個 DMV 連接來驗證 ID 的人員，但他們選擇了 Intellicheck。與速度相比，準確性和易用性是區別因素。

Not to stop there, we're also much more than just ID validation for bars, restaurants, retailers, banks and law enforcement. For example, one of our verticals is our cannabis vending machine clients. To buy cannabis products, the customer scans a QR code on the vending machine screen with their mobile phone. That prompts our system. The ID is validated to prove it is real and you are of age.

不僅如此，我們不僅僅為酒吧、餐館、零售商、銀行和執法部門提供身份驗證。例如，我們的垂直市場之一是大麻自動售貨機客戶。要購買大麻產品，顧客用手機掃描自動售貨機屏幕上的二維碼。這會提示我們的系統。該身份證件經過驗證，以證明其真實性並且您已成年。

In (inaudible) for facial recognition to show that you are the owner of the ID that you're holding. And a person has been geo-located to prove that they are standing at the machine, pretty sophisticated. We are used by our clients because we simplify and speed the process allowing them to onboard more clients faster without making them feel like a criminal and almost as a byproduct, we virtually eliminate fraud.

在（聽不清）進行面部識別，以表明您是您所持有的身份證件的所有者。並且對一個人進行了地理定位，以證明他們正站在機器前，這非常複雜。我們的客戶之所以選擇我們，是因為我們簡化並加快了流程，使他們能夠更快地吸引更多客戶，而不會讓他們感覺自己像罪犯，而且幾乎作為副產品，我們幾乎消除了欺詐。

And although I know there are many of you who may know our story very well, but given the number of locations we're in, I'm willing to bet that the majority of the people on this call have been run through our validation services and didn't know it was us, whether opening a credit card, doing in-bank or online banking transaction, making a change to an existing account, buying a car or making a retailer or age-restricted purchase. We are increasingly an integral part of the process. Trusted by our customers to protect their business, reputation and you.

儘管我知道你們很多人可能非常了解我們的故事，但考慮到我們所在的地點數量，我敢打賭，這次通話中的大多數人都已經通過了我們的驗證服務並且不知道是我們，無論是開信用卡、進行銀行內或網上銀行交易、更改現有帳戶、購買汽車還是進行零售商或有年齡限制的購買。我們越來越成為這個過程中不可或缺的一部分。深受客戶信賴，可保護他們的業務、聲譽和您。

So with all this in mind, now on to some of the financial highlights that Jeff will further detail later. I'll start by saying that our trailing 12-month SaaS revenue continues to increase and has every month for the last 42 months. Our momentum continued in Q2 of 2023 with SaaS revenue up 19% to $4.7 million from $3.9 million in Q2 of 2022. Gross margin improved to 92.5%, and we were EBITDA positive for the quarter. All of this positions us to continue to invest in the growth of the business.

考慮到這一切，現在我們來看看傑夫稍後將進一步詳細介紹的一些財務亮點。首先我要說的是，我們過去 12 個月的 SaaS 收入持續增長，並且在過去 42 個月中每個月都在增長。我們的勢頭在 2023 年第二季度繼續保持，SaaS 收入從 2022 年第二季度的 390 萬美元增長了 19%，達到 470 萬美元。毛利率提高到 92.5%，本季度 EBITDA 為正值。所有這些都使我們能夠繼續投資於業務增長。

Looking at some sales updates of note for the quarter. Financial services company #3, ran through their scan allocations and renewed for another 2.5 million transactions. Turning to the pilots of the 2 regional banks with 1,400 and 2,700 locations that will use Intellicheck in their bank branches, call centers and digital use cases. Here's an update.

查看本季度一些值得注意的銷售更新。 #3 金融服務公司完成了掃描分配並續訂了另外 250 萬筆交易。兩家地區銀行擁有 1,400 個和 2,700 個網點，他們將在其銀行分行、呼叫中心和數字用例中使用 Intellicheck。這是一個更新。

The 1,400 location bank intends to roll out next month when they finish the software update on the remaining scanners in about 1/3 of their branches. The 2,700 location bank is live in their contact call center for high-risk account openings with their much more expanded digital and online use case planning to go live later in Q3. The good news is that we are already in discussions on expanding to other partners in (inaudible), which is exciting and demonstrates their endorsement of our products.

這家擁有 1,400 個網點的銀行計劃在下個月完成大約 1/3 分行剩餘掃描儀的軟件更新後推出。這家擁有 2,700 個網點的銀行已在其聯絡呼叫中心開設高風險賬戶，其更廣泛的數字和在線用例計劃於第三季度晚些時候上線。好消息是，我們已經在討論向其他合作夥伴擴展（聽不清），這令人興奮，並表明他們對我們產品的認可。

Last quarter, I spoke about a channel partner who has incorporated Intellicheck into their platform and is working with his auto manufacturer with 2,700 locations. The manufacturers saw the early success of the pilot and decided that the launch had to be a big bag, because they had not adequately developed training materials or trained their trainers. That is being done now and they plan to launch in September.

上個季度，我談到了一位渠道合作夥伴，他已將 Intellicheck 納入其平台，並正在與擁有 2,700 個地點的汽車製造商合作。製造商看到了試點的早期成功，並決定推出必須是一個大包，因為他們沒有充分開發培訓材料或培訓他們的培訓師。目前正在進行中，他們計劃於 9 月份推出。

You may have seen the press release about the success of the pilot program we've had with the city of Charleston, South Carolina Bar and Restaurant owners, which now has become a permanent program. During the pilot, we detected 3,400 safe or invalid IPs. And I can tell you that bar owners and security staff love the system.

您可能已經看到了有關我們與南卡羅來納州查爾斯頓市酒吧和餐館業主開展的試點計劃取得成功的新聞稿，該計劃現已成為一項永久性計劃。在試點期間，我們檢測到 3,400 個安全或無效 IP。我可以告訴你，酒吧老闆和保安人員喜歡這個系統。

My daughter live in Charleston and had her ID check at the venue. She asked the man what they were using and he said, Intellicheck. And she said, my dad is the CEO and it turned out he was the CEO of the security company hired by the venue. He gave her his card and it had the password to have me call him. I did, and he couldn't stop (inaudible) about Intellicheck. We are now looking to replicate this program in other college towns or places with rowdy entertainment districts.

我女兒住在查爾斯頓，在現場檢查了她的身份證。她問那個人他們在使用什麼，他說，Intellicheck。她說，我爸爸是CEO，原來他是場館聘請的保安公司的CEO。他給了她他的卡，上面有我給他打電話的密碼。我做到了，他無法停止（聽不清）Intellicheck。我們現在正尋求在其他大學城或娛樂區喧鬧的地方復制這一計劃。

Last quarter, I spoke about the diversification of our client base. So to provide further color in that regard. I thought I listed some of the types of clients we sold in June in the quarter will help illustrate this progressive growth. We onboarded 17 bars and restaurants. We onboarded a event security company, an online marketplace for premium event (inaudible), 2 more Canada's vending machine companies, a credit union and a small online bank, an Internet child safety company, 9 more title companies and additional auto dealers.

上個季度，我談到了我們客戶群的多元化。因此，在這方面提供進一步的色彩。我認為我列出了本季度 6 月份出售的一些客戶類型將有助於說明這種漸進式增長。我們加入了 17 家酒吧和餐館。我們加入了一家活動安全公司、一家高級活動在線市場（聽不清）、另外2 家加拿大自動售貨機公司、一家信用合作社和一家小型網上銀行、一家互聯網兒童安全公司、另外9 家產權公司和其他汽車經銷商。

What I continue to see is there are a lot of business to be had in the $5,000 to $50,000 annual revenue market, but our challenge has been, we still do not enjoy the brand recognition befitting the company with multi-market vertical success, especially with the pedigree of our clients.

我繼續看到的是，年收入 5,000 至 50,000 美元的市場有很多業務，但我們面臨的挑戰是，我們仍然沒有獲得適合多市場垂直成功的公司的品牌認知度，尤其是在我們客戶的血統。

As you know, we've engaged in a growing number of efforts to address this challenge. We still aren't satisfied with where these efforts are standing so we have brought on board an agency to reramp and further develop our messaging. As part of this process, there's been new clients across all sectors.

如您所知，我們付出了越來越多的努力來應對這一挑戰。我們仍然對這些努力的現狀不滿意，因此我們聘請了一個機構來重新調整併進一步發展我們的信息傳遞。作為這一過程的一部分，各個領域都出現了新客戶。

We asked the head of fraud in one of our largest banks that we would be willing to speak to the agency. He basically told us he would love to because so many of our competitors only do about 20% of what they say they can do while Intellicheck does 100%.

我們詢問我們最大的銀行之一的欺詐主管，我們是否願意與該機構交談。他基本上告訴我們他很樂意這樣做，因為我們的許多競爭對手只做了他們所說的 20% 左右，而 Intellicheck 做到了 100%。

We said that anything we could do to help us improve our message and awareness and grow our business will be great for an industry that is trying to stop fraud. When a client of this stature makes such an endorsement and offers further support based on the value of our technology solutions, it speaks volumes. We expect this branding work to be done in Q4 and be ready to launch early next year. We believe that raising awareness about Intellicheck will help drive interest and leads in markets where we know accuracy is important because the stakes are so high.

我們說過，我們可以做的任何事情來幫助我們改善我們的信息和意識並發展我們的業務，對於一個試圖阻止欺詐的行業來說將是偉大的。當這樣的客戶給予我們這樣的認可並根據我們的技術解決方案的價值提供進一步的支持時，這意義重大。我們預計這項品牌推廣工作將在第四季度完成，並準備在明年初推出。我們相信，提高對 Intellicheck 的認識將有助於提高市場的興趣和領先地位，我們知道準確性非常重要，因為風險如此之高。

As part of our evolution and refinement, we made some personnel changes as well. We have promoted Jeff to Chief Operating Officer in addition to the CFO role. Jeff has a very strong growth focused, SaaS operational background and his assuming this role allows me to spend more time on important initiatives in areas like sales, marketing and branding. In his new position, Jeff will look to ensure our internal systems are all fully operational and properly integrated with each other. In addition, given his channel partner experience with Cylance, which really accelerated their growth, he is tasked with building out the systems and programs needed to support this, and I'll let him speak more in detail about that shortly.

作為我們發展和完善的一部分，我們也進行了一些人事變動。除了首席財務官職位之外，我們還晉升傑夫為首席運營官。 Jeff 擁有非常強大的專注於增長的 SaaS 運營背景，他擔任此職位使我能夠將更多時間花在銷售、營銷和品牌等領域的重要舉措上。在他的新職位上，傑夫將致力於確保我們的內部系統全面運行並相互正確集成。此外，考慮到他的渠道合作夥伴在Cylance 方面的經驗，這確實加速了他們的成長，他的任務是構建支持這一點所需的系統和程序，我很快會讓他更詳細地談論這一點。

We have also brought in a new VP of Engineering, Jonathan Robins, we brought him on board for two reasons. First is to upgrade our technology stack, which will reduce our dependence on Microsoft products and Azure. We believe this will reduce our overall IT costs in 2024. The other reason is his data analytics experience. In his most recent role, he worked with the Chicago Cubs to develop the database and AI for them to track players, even young players and build models with that would help them predict future success, and therefore, who they should draft or trade for. That is important because we've been speaking about data and the power of the data in a community setting. Each of our clients use their own data, nothing more, but we see it all.

我們還聘請了新的工程副總裁喬納森·羅賓斯（Jonathan Robins），我們邀請他加入有兩個原因。首先是升級我們的技術棧，這將減少我們對微軟產品和Azure的依賴。我們相信這將在 2024 年降低我們的整體 IT 成本。另一個原因是他的數據分析經驗。在他最近的職位中，他與芝加哥小熊隊合作開發數據庫和人工智能，讓他們跟踪球員，甚至是年輕球員，並建立模型，幫助他們預測未來的成功，從而預測他們應該選秀或交易誰。這很重要，因為我們一直在社區環境中談論數據和數據的力量。我們的每個客戶都使用自己的數據，僅此而已，但我們看到了這一切。

Our clients are very enthusiastic about cooling the data and then using AI and machine learning to bring insights to be used in modeling. Some said that would provide significant value along with ID validation. Jonathan is in the process now of building out the data list that could make that happen. I am very enthusiastic about the exciting developments happening here at Intellicheck. We look forward to sharing more on our expanding efforts to perfectly deliver our messaging on point and about products such as the new [effort] being developed to tap into our data to help our clients stop even more fraud and therefore, generate more (inaudible). With that, I'll turn it over to Jeff.

我們的客戶非常熱衷於冷卻數據，然後使用人工智能和機器學習來帶來可用於建模的見解。一些人表示，這將與身份驗證一起提供重要的價值。喬納森現在正在構建可以實現這一目標的數據列表。我對 Intellicheck 所發生的激動人心的發展感到非常興奮。我們期待分享更多關於我們不斷擴大的努力，以完美地傳達我們的信息，以及正在開發的新[努力]產品，以利用我們的數據來幫助我們的客戶阻止更多欺詐，從而產生更多（聽不清） 。有了這個，我會把它交給傑夫。

Hi, thank you, Bryan. On 2 years of continuous progress that we've been making across all levels of the organizations, we continue our efforts to redistribute our spend and investment into the areas that will fuel growth and profitability. Our second quarter SaaS revenue saw growth across our top accounts versus the prior year, continue to report a higher average price per scan versus the prior year, and we continued our progression towards adjusted EBITDA neutral results for the year.

嗨，謝謝你，布萊恩。兩年來，我們在組織各個層面取得了持續進步，我們將繼續努力將我們的支出和投資重新分配到能夠促進增長和盈利的領域。我們第二季度的 SaaS 收入在我們的頂級客戶中與上年相比有所增長，每次掃描的平均價格繼續比上年更高，並且我們繼續朝著今年調整後的 EBITDA 中性結果邁進。

As Bryan mentioned earlier, we're pleased to see the continued trailing 12-month growth progression in SaaS revenues each month, which has been achieved consecutively for the last 42 months. Continuing to cast a critical light of metrics of our SaaS revenue, it's encouraging to see a 14.7% increase in our average price per scan versus the prior year, while we continue to see sequential monthly growth in our transaction activity.

正如 Bryan 之前提到的，我們很高興看到 SaaS 收入每月持續連續 12 個月增長，這是過去 42 個月連續實現的。繼續審視我們的 SaaS 收入指標，令人鼓舞的是，我們的每次掃描平均價格與上一年相比增長了 14.7%，同時我們的交易活動繼續保持每月環比增長。

With 1 large customer whose activities are primarily predicated on parsing consumer data at the point of transaction, our average price per stand is up 17% versus last year when adjusted for this customer. I'm also pleased to see that our average price per scan has grown sequentially for the flat last 18 months, and we will continue to maintain a focus on the development of this metric. This is especially encouraging as it continues to speak to the testament of value realized by our customers.

有 1 個大客戶的活動主要基於在交易時解析消費者數據，因此針對該客戶進行調整後，我們每個攤位的平均價格比去年上漲了 17%。我還很高興地看到，在過去 18 個月裡，我們的每次掃描平均價格連續增長，我們將繼續關注這一指標的發展。這是特別令人鼓舞的，因為它繼續證明了我們的客戶所實現的價值。

We are maintaining a focus on ensuring that renewals across the entire customer landscape are including annualized CPI increases and that we continue rightsizing legacy customers that are entering renewal periods. As we previously shared, to drive revenues, we've been shifting our expense focus to have a greater emphasis on SG&A specifically our investment in sales and marketing. We're maintaining our focus on operating expenses to ensure that we achieve the expected return on our investments in this area.

我們始終致力於確保整個客戶領域的續訂包括年度 CPI 增長，並繼續調整進入續訂期的傳統客戶規模。正如我們之前分享的那樣，為了增加收入，我們一直在將支出重點轉移到更加重視 SG&A，特別是我們在銷售和營銷方面的投資。我們將繼續關注運營支出，以確保我們在該領域的投資實現預期回報。

Within the Q2 period, we initiated a complete overhaul of the customer success team, as well as the platforms they are operating on to better support our existing customers as well as ensure a smoother onboarding experience for new customers. We also signed and commenced the full brand strategy initiative that will be realized during the Q3 and Q4 periods. We are also beginning the recalibration of our digital advertising strategy to increase the quality of our lead generation efforts. We are finalizing the release of a co-branded industry case study and we're now initiating the implementation of our channel program to be completed by the end of the year.

在第二季度期間，我們對客戶成功團隊及其運營平台進行了全面改革，以更好地支持現有客戶並確保新客戶獲得更順暢的入職體驗。我們還簽署並啟動了將在第三季度和第四季度實現的全面品牌戰略計劃。我們還開始重新調整我們的數字廣告策略，以提高我們的潛在客戶開發工作的質量。我們正在完成聯合品牌行業案例研究的發布，並且現在正在開始實施我們的渠道計劃，該計劃將於今年年底完成。

As Bryan mentioned earlier, we're excited to putting in place a more formalized program that will support an expanded group of resellers, providing marketing and development funds to support their respective channels or regions as well as develop a collaborative approach with our existing sales team on increased lead generation efforts. We expect this program to have a noticeable impact on our 2024 pipeline growth and bookings.

正如布萊恩之前提到的，我們很高興能夠實施一個更正式的計劃，該計劃將支持擴大的經銷商群體，提供營銷和開發資金來支持他們各自的渠道或地區，並與我們現有的銷售團隊建立協作方法加大潛在客戶開發力度。我們預計該計劃將對我們 2024 年的管道增長和預訂產生顯著影響。

We believe that the combination of efforts discussed above will provide the necessary support from the sales team to drive increases in customer engagement, bookings and revenues in 2024.

我們相信，上述努力的結合將為銷售團隊提供必要的支持，以推動 2024 年客戶參與度、預訂量和收入的增加。

Turning now to our second quarter results. Revenue for the second quarter of 2023 increased 18% to $4.716 million compared to $4.008 million in the same period of 2022. Our SaaS revenue for the first quarter of 2023 grew 19% to a record $4.663 million, from $3.928 million during the same period of 2022. Gross profit as a percentage of revenues increased to 92.5% for the second quarter 2023 compared to 90.9% in the same quarter of 2022. The increase was driven by a higher concentration of SaaS revenues, a nominal decrease in hardware revenue as well as continued improvements on our cloud cost structure.

現在轉向我們的第二季度業績。 2023 年第二季度的收入增長18%，達到471.6 萬美元，而2022 年同期為400.8 萬美元。2023 年第一季度的SaaS 收入增長19%，達到創紀錄的466.3 萬美元，而2022 年同期的收入為392.8 萬美元。 2022 年。2023 年第二季度毛利潤佔收入的百分比增至 92.5%，而 2022 年同一季度為 90.9%。這一增長是由 SaaS 收入集中度提高、硬件收入名義下降以及持續改進我們的云成本結構。

As we discussed during the first quarter earnings call, we continue to model gross margin performance at a range of 90% to 91% as we continue to improve our cloud cost infrastructure and may experience some cost overlap, thus not only impacting our current gross margin performance. While we continue to scrutinize our cost structure, we'll continue to assess any specific impact.

正如我們在第一季度財報電話會議上討論的那樣，隨著我們繼續改進云成本基礎設施，我們繼續將毛利率表現預測在90% 至91% 的範圍內，並且可能會遇到一些成本重疊，從而不僅影響我們當前的毛利率表現。在我們繼續審查成本結構的同時，我們將繼續評估任何具體影響。

Operating expenses, which consist of selling, general and administrative, marketing and research and development expenses increased $392,000 or 8% to $5.137 million for the second quarter of 2023 compared to $4.742 million for the same period of 2022.

2023 年第二季度的運營費用（包括銷售、一般和管理、營銷以及研發費用）增加了 392,000 美元，即 8%，達到 513.7 萬美元，而 2022 年同期為 474.2 萬美元。

The increase was primarily driven by higher general and administrative costs, specifically headcount-related expenses related to the full approval of severance-related expenses. Included within operating expenses for the second quarters of 2023 and 2022 were $323,000 and $446,000, respectively, of noncash equity compensation expense. While lower this quarter, we expect our total noncash expenses will continue to comprise approximately 13% to 15% of our operating expenses with stock-based compensation comprising 90% of that figure.

這一增長主要是由於一般和管理成本增加，特別是與遣散費相關費用完全批准相關的人員相關費用。 2023 年和 2022 年第二季度的運營費用中分別包含 323,000 美元和 446,000 美元的非現金股權補償費用。雖然本季度有所下降，但我們預計非現金支出總額將繼續佔運營支出的約 13% 至 15%，其中基於股票的薪酬佔該數字的 90%。

We continue to implement aggressive expense reviews to ensure we are effectively allocating the proper areas to support our growth initiatives. With respect to our Q2 operating expenses, we enacted changes to the team that resulted in the Q2 severance accrual of $417,000, which were fully accrued to employment agreements previously in place. From an annualized perspective, these personnel changes, along with additional changes will yield approximately $2.1 million in operating expense savings that we'll be able to reallocate towards our investment in sales and marketing initiatives, specifically the brand strategy initiative and the launch of the channel partner program that will lay the foundation for the incremental revenues in 2024.

我們繼續實施積極的費用審查，以確保我們有效地分配適當的領域來支持我們的增長計劃。關於我們第二季度的運營費用，我們對團隊進行了調整，導致第二季度應計遣散費達到 417,000 美元，這些費用已全部計入之前簽訂的僱傭協議中。從年化角度來看，這些人事變動以及其他變動將節省約 210 萬美元的運營費用，我們將能夠將其重新分配給我們對銷售和營銷計劃的投資，特別是品牌戰略計劃和渠道的推出合作夥伴計劃將為2024 年收入增量奠定基礎。

The company reported a net loss of $777,000 for the second quarter of 2023 compared to the net loss of $1.098 million for the same period of 2022. Net loss per diluted share for the second quarter of 2023 was $0.04 compared to the net loss per diluted share of $0.06 for the same period of 2022. The weighted average diluted common shares were 19.1 million for the first quarter of 2023 compared to 18.8 million for the same period of 2022. Adjusted EBITDA for the second quarter of 2023 improved by $619,000 or 106%, resulting in a gain of $36,000 compared to a loss of $583,000 for the same period of 2022. As a result of the expense initiatives, we continue to put in place, we're able to realize improvement in our adjusted EBITDA results when compared to the same period last year as well as the prior quarter.

該公司公佈的2023年第二季度淨虧損為77.7萬美元，而2022年同期淨虧損為109.8萬美元。 2023年第二季度攤薄後每股淨虧損為0.04美元，而2022年同期攤薄後每股淨虧損為0.04美元2022 年同期的加權平均稀釋普通股為 1,910 萬股，而 2022 年同期為 1,880 萬股。2023 年第二季度調整後 EBITDA 增加了 619,000 美元，即 106%，與2022 年同期的虧損583,000 美元相比，實現了36,000 美元的收益。由於我們繼續實施費用計劃，我們能夠實現調整後EBITDA 業績的改善，與2022 年同期相比去年同期以及上一季度。

Turning to the company's liquidity and capital resources. As of June 30, 2023, the company had cash and short-term investments in the form of U.S. treasuries that totaled $9.1 million that is currently on deposit at Citibank and Capital One. Working capital, defined as current assets minus current liabilities of $8.3 million, total assets of $21.6 million and stockholders' equity of $17.3 million. It's worth noting that the U.S. Treasury subsequently matured in July, and we have rolled these over into a new tranche that matures in December with a weighted average rate of 5.1%. The company has a $2 million revolving credit facility with Cap -- Citibank that is secured by collateral accounts. There are no amounts outstanding under this facility, and the facility was not utilized during the quarter.

轉向公司的流動性和資本資源。截至 2023 年 6 月 30 日，該公司擁有總計 910 萬美元的美國國債現金和短期投資，目前存放在花旗銀行和第一資本銀行。營運資金定義為流動資產減去流動負債 830 萬美元、總資產 2,160 萬美元和股東權益 1,730 萬美元。值得注意的是，美國國債隨後於 7 月到期，我們已將其轉入新的一批，於 12 月到期，加權平均利率為 5.1%。該公司與花旗銀行 (Cap) 擁有 200 萬美元的循環信貸額度，並由抵押賬戶擔保。該貸款下沒有未償還金額，並且該貸款在本季度未使用。

Turning now to our internal initiatives. Our second quarter continued to maintain a focus on improving our operational effectiveness and ensuring that we have the proper foundation in place to concentrate on revenue and the path forward towards being adjusted EBITDA neutral while continuing to invest in the business. We also continue to build out revenue and performance reporting to closely monitor the transactional health of our key customers and the key industries that we are targeting and serving. The focus will continue to be on driving revenue productivity across our key customers and ensuring that our sales team has the proper data and support they need.

現在轉向我們的內部舉措。我們第二季度繼續關注提高運營效率，確保我們有適當的基礎來專注於收入和調整後的 EBITDA 中性，同時繼續投資業務。我們還繼續構建收入和績效報告，以密切監控我們的主要客戶以及我們瞄準和服務的關鍵行業的交易健康狀況。重點將繼續放在提高我們主要客戶的收入生產力上，並確保我們的銷售團隊擁有他們所需的適當數據和支持。

As I mentioned in the operating expense remarks, while we recognize the severance accrual within the quarter, this will ultimately lead to the reallocation of approximately $2.1 million towards our sales and marketing efforts, specifically the brand strategy initiative and the formal launch of our channel partner program, which will help lay the proper foundation for incremental revenues in 2024.

正如我在運營費用說明中提到的，雖然我們承認本季度內應計遣散費，但這最終將導致重新分配約210 萬美元用於我們的銷售和營銷工作，特別是品牌戰略計劃和我們渠道合作夥伴的正式推出計劃，這將有助於為 2024 年的增量收入奠定適當的基礎。

Employees also continue to be our largest internal asset, and we are pleased to continue seeing an increase in our average revenue per employee, which is up 14% versus the same prior year period as well as up at full -- 36% versus 2021. In reviewing other public companies in the $0 to $100 million revenue range in the technology services space which has 65 selected companies we were in the upper quartile regarding this metric. We believe that we are currently rightsized from a head count perspective, and we'll continue to watch this with caveat that the sales team will always have the latitude for opportunistic hires.

員工仍然是我們最大的內部資產，我們很高興看到每名員工的平均收入繼續增長，與去年同期相比增長了 14%，與 2021 年相比增長了 36%。在審查技術服務領域收入在0 至1 億美元範圍內的其他上市公司（有65 家選定的公司）時，我們在該指標方面處於上四分之一。我們相信，從人員數量的角度來看，我們目前正在調整規模，我們將繼續關注這一情況，但需要注意的是，銷售團隊將始終擁有機會性招聘的自由度。

In consideration of our continued expense management, we will continue to improve the ratio of our operating expenses to revenue as we continue our progression towards adjusted EBITDA neutral in 2023. We will continue to implement disciplines that we expect will improve our expense ratio by approximately 800 basis points versus 2022, maintain our focus on gross margin performance of 90% to 91% while seeing a fundamental shift in our expenses towards funding sales and marketing initiatives. In closing, we're committed to the continued improvement of our corporate performance. We look forward to sharing our Q3 '23 results in November.

考慮到我們持續的費用管理，我們將繼續提高運營費用與收入的比率，並繼續在 2023 年實現調整後 EBITDA 中性。我們將繼續實施紀律，預計將把我們的費用比率提高約 800與2022 年相比，我們將繼續關注90% 至91% 的毛利率表現，同時看到我們的支出發生根本性轉變，轉向為銷售和營銷活動提供資金。最後，我們致力於持續改進我們的企業績效。我們期待在 11 月分享我們 23 年第 3 季度的結果。

I'll now turn the call over to the operator to take your questions.

我現在將把電話轉給接線員回答您的問題。

(Operator Instructions) The first question is from Rudy Kessinger, D.A. Davidson.

（操作員說明）第一個問題來自檢察官 Rudy Kessinger。戴維森。

Great. the sequential growth was very nice to see. I'm curious if you could kind of attribute that growth quarter-over-quarter to a couple of buckets, I guess, existing customers, scan volumes coming in maybe stronger or higher than expected. Obviously, you called out a few customers that came online. But could you just talk about in more detail the quarter-over-quarter growth that you saw?

偉大的。連續的增長是非常令人高興的。我很好奇你是否可以將季度環比的增長歸因於幾個方面，我猜，現有客戶的掃描量可能比預期更強或更高。顯然，您呼叫了一些在線客戶。但您能否更詳細地談談您所看到的季度環比增長？

Jeff, you ran the numbers, do you want to take that for Rudy?

傑夫，你統計了這些數字，你想把這個算給魯迪嗎？

Yes, I can jump into that. So Rudy, on -- as we mentioned on the call, happy to see the incremental transaction count. We've seen that grow every month and on a monthly basis as well as for the year. On the variance for prior year period, we were up almost 11%. So we saw pricing productivity with existing customers. We saw renewals in excess of -- hold on, I just got that figure in front of me, too, but in excess of 96%. So all the metrics we're seeing right now on revenue side are solid.

是的，我可以跳進去。正如我們在電話會議中提到的，魯迪很高興看到增量交易計數。我們看到這個數字每個月、每個月以及全年都在增長。與去年同期的差異相比，我們增長了近 11%。因此，我們看到了現有客戶的定價效率。我們看到續訂率超過——等等，我剛剛也看到了這個數字，但超過了 96%。因此，我們現在在收入方面看到的所有指標都是可靠的。

Okay. And then could you talk about kind of the -- you mentioned some severance and restructuring. I know Garrett departed. Could you talk about -- was there anybody else you let go? Particularly I mentioned on the sales side, if any restructuring on that side as well?

好的。然後你能談談你提到的一些遣散費和重組嗎？我知道加勒特離開了。你能談談——還有其他人被你解雇了嗎？我特別提到了銷售方面，是否也進行了重組？

We did a restructuring in the marketing department. We swapped out some -- on the sales side, we swapped out some account managers but nothing that I would call a major restructuring, I would say that we did a big round of hiring, and you hope that 80% of the people are -- you made the right decisions on them. But I've said all along that we're going to watch people. If we don't think we're getting what we need out of them, we're not going to spend a ton of time. We're going to make sure that they're productive pretty quick. But the main part of that severance was really Garrett and marketing.

我們對營銷部門進行了重組。我們換掉了一些——在銷售方面，我們換掉了一些客戶經理，但我不會稱之為重大重組，我會說我們進行了一輪大規模的招聘，你希望 80% 的人 - -你對他們做出了正確的決定。但我一直在說我們會觀察人們。如果我們認為我們沒有從他們那裡得到我們需要的東西，我們就不會花費大量的時間。我們將確保他們很快就能提高生產力。但遣散費的主要部分實際上是加勒特和營銷。

Got it. Okay. And then just the last couple of years now, you've had a very strong sequential growth Q1 to Q2 and then Q3 has been effectively flat versus Q2. I know you're not still giving guidance at this point, but just directionally, how should we think about Q3 SaaS revenue versus Q2, given the visibility you have today into projects that are going to come online this quarter?

知道了。好的。然後就在過去幾年，第一季度到第二季度出現了非常強勁的連續增長，然後第三季度與第二季度相比實際上持平。我知道您目前還沒有提供指導，但只是方向性的，考慮到您今天對本季度即將上線的項目的了解，我們應該如何考慮第三季度 SaaS 收入與第二季度的收入？

I think it will be a matter of how fast we get some of the banks going. It is generally definitely a quieter period. But I think a lot of it is going to turn around to -- part of the joy of working with large banks is they can be very big deals, but it also -- it's sort of a hurry up and wait kind of mentality. So while we don't give guidance, it's not like -- it typically isn't a blowout quarter. But we still expect to see continued sequential growth.

我認為這將取決於我們讓一些銀行運轉的速度有多快。一般來說，這絕對是一個安靜的時期。但我認為很多事情都會轉向——與大型銀行合作的部分樂趣在於它們可以是非常大的交易，但它也是——一種匆忙等待的心態。因此，雖然我們不提供指導，但這通常不是井噴季度。但我們仍然預計會看到持續的環比增長。

The next question we have comes from Jeff Van Rhee from Craig-Hallum Capital Group.

我們的下一個問題來自 Craig-Hallum Capital Group 的 Jeff Van Rhee。

Sort of a -- of Rudy's question, I guess, as it relates to guidance. I know you don't give the formal outlook here. But to the extent that -- based on what you see in the pipeline and what's in front of you at this point, does '24 from a SaaS standpoint feels sort of like steady as she goes? I mean, we're sort of printing 20% give or take each quarter. I mean is your mindset sort of in that ballpark? Or do you see things that suggest deceleration-acceleration? I know you don't want to quantify specifically, but directionally, maybe in those terms?

我想，這有點像魯迪的問題，因為它與指導有關。我知道你在這裡沒有給出正式的展望。但在某種程度上——根據您在管道中看到的情況以及目前您面前的情況，從 SaaS 的角度來看，'24 是否感覺有點穩定？我的意思是，我們每個季度都會打印 20% 的給予或索取。我的意思是你的心態是這樣的嗎？或者您是否看到了暗示減速加速的東西？我知道您不想具體量化，而是想定向量化，也許用這些術語？

I don't see deceleration. That's for sure. We've always kind of said that given -- with the sales team that was coming on new. Thankfully, very strong, that we were really expecting definitely kind of more end of the year growth and then more into 2024. I've got to say that the pipeline that this sales team is bringing in is -- has me excited. But again, you get a great pipeline with a bank and they're certainly developing a lot of large potential out there. But then it doesn't matter how much the business people want it, you still have to go through all the stuff for the internal security controls. And that's sort of at the whim of those people. So I think we're kind of steady as she goes, but with the caveat that -- when you're hunting whales, sometimes the whale comes in quicker, sometimes it comes in later. So we could see surprises sooner. I like to, in my mind, forecast these whales as they take a lot longer than normal, but then you get surprised when you land them much quicker.

我沒有看到減速。這是肯定的。我們總是這麼說，因為銷售團隊是新的。值得慶幸的是，非常強烈的是，我們確實預計今年年底會有更多增長，然後到 2024 年會有更多增長。我不得不說，這個銷售團隊正在引入的管道讓我感到興奮。但同樣，你與銀行有很好的合作渠道，而且他們肯定正在開發大量巨大的潛力。但是，無論業務人員有多麼想要它，您仍然必須完成內部安全控制的所有內容。這有點像那些人的一時興起。所以我認為我們在她的行動中保持穩定，但需要注意的是——當你捕鯨時，有時鯨魚會來得更快，有時會來得更晚。這樣我們就能更快地看到驚喜。在我看來，我喜歡預測這些鯨魚，因為它們需要比平常更長的時間，但當你更快地將它們著陸時，你會感到驚訝。

Yes. So maybe to follow that then, as you look at your pipeline, I love to hear more, I mean, the breadth and depth of the pipeline, maybe some comparison to the overall -- I don't know how you want to do it, 12-month ARR in the pipe versus 6 months ago. Just how has it -- is there any way you can quantify how it's changed? And then also within that question, is just the composition, is it more onesie, twosies? How is it biased? Big, small? Some color there might help build clarity on the guide.

是的。因此，也許接下來，當你查看你的管道時，我喜歡聽到更多，我的意思是，管道的廣度和深度，也許與整體進行一些比較——我不知道你想如何做到這一點，12 個月的ARR 與6 個月前相比。它到底是如何變化的——有什麼方法可以量化它是如何變化的嗎？然後也在這個問題中，只是構圖，是更多的連體衣，兩件套嗎？怎麼會有偏見呢？大小？那裡的一些顏色可能有助於使指南更加清晰。

Yes. Look -- I'll answer it a couple of different ways here, I guess. One is what I'm very happy about is Chris doesn't -- his pipeline is real, he makes sure his team's pipeline is real. So if I look at the pipeline a year ago, compare it to where the pipeline is today, on what was realistic then and what's realistic now, I'd say it's much larger.

是的。聽著——我想我會在這裡用幾種不同的方式來回答這個問題。一是我非常高興的是克里斯沒有——他的管道是真實的，他確保他的團隊的管道是真實的。因此，如果我看看一年前的管道，將其與今天的管道進行比較，看看當時的現實情況和現在的現實情況，我會說它要大得多。

And the other thing is, since Chris has really divided the team up I think, in a really good format so that we've got people of different skill sets going after sort of different deals and then also dealing in verticals that they're comfortable in -- we have a very good mix of very, very large deals to -- we've got some folks who can turn around an auto dealership or a bar in 2 days.

另一件事是，我認為克里斯確實以一種非常好的形式對團隊進行了劃分，這樣我們就可以讓具有不同技能的人去追求不同的交易，然後也處理他們感到舒服的垂直領域我們有非常非常大的交易組合，我們有一些人可以在兩天內扭轉汽車經銷商或酒吧的局面。

So it's very -- I like the fact that just in the same way that we signed a very diversified group of clients in the quarter. We continue to do that so that we're not sitting here sort of praying that the whale comes in. We've got that, again, that $3,000 to $50,000 a year pipeline really building. And they're doing a lot of that through brute force, which is one of the reasons that I want to make sure that we get the branding, the marketing, the messaging out there, right, so more are coming to us than these guys having to go to them.

因此，我非常喜歡這樣一個事實，就像我們在本季度簽署了一群非常多元化的客戶一樣。我們繼續這樣做，這樣我們就不會坐在這裡祈禱鯨魚進來。我們再次看到，每年 3,000 至 50,000 美元的管道正在真正建設中。他們通過蠻力做很多事情，這就是我想確保我們獲得品牌、營銷、信息傳遞的原因之一，對吧，所以比這些人更多的人來到我們身邊必須去找他們。

Yes. Got it. Got it. And then just one clarification. I think you referenced in the call that the TTM scan price up 15%. Is there anything that complicates the math that taking a look at your TTM growth and backing that 15% out and the difference is -- your scanned volumes?

是的。知道了。知道了。然後只有一項澄清。我想您在電話中提到 TTM 掃描價格上漲了 15%。是否有任何因素使數學變得複雜，查看您的 TTM 增長並支持 15%，差異在於您的掃描量？

No. I mean -- so the scan volume is up, Jeff. And then on a price per scan effectively on a fully blinded basis. It was up 14% and then again, backing out that 1 customer that primarily -- on par we're seeing that we were up 17%.

不，我的意思是——所以掃描量增加了，傑夫。然後在完全盲法的基礎上有效地確定每次掃描的價格。它上漲了 14%，然後又回擊了 1 名客戶，我們看到我們上漲了 17%。

(Operator Instructions) The next question we have comes from Mike Grondahl from Northland Securities.

（操作員說明）我們的下一個問題來自 Northland Securities 的 Mike Grondahl。

This is Owen on for Mike tonight. It sounds like there's some momentum rolling in terms of alcohol sales and a growing number of college stadiums and you guys recently signed a big Midwest stadium. I was just wondering if you guys had states to call out there and how are you targeting growth in this vertical?

今晚由歐文為邁克出場。聽起來酒類銷售和大學體育場數量不斷增加，你們最近簽署了一個大型中西部體育場。我只是想知道你們是否有需要呼籲的州以及你們如何瞄準這一垂直領域的增長？

I'd say the stadiums are certainly -- we've got people who are going out and targeting them. Because I think it's important that -- these people care about it because they make a lot of money off of it, and if they get it wrong, usually, the towns look to pull the license, so both the vendor and university lose the money. So they care about doing the right thing. So we definitely have a targeted outreach to them.

我想說的是，體育場肯定是——我們有人出去瞄準它們。因為我認為重要的是——這些人關心它，因為他們從中賺了很多錢，如果他們弄錯了，通常，城鎮會取消許可證，所以供應商和大學都會損失金錢。所以他們關心做正確的事。所以我們肯定有針對性地與他們接觸。

The good thing is we now have basically a relationship with each one of the major concession companies that serve the universities. They all are sold on an individual basis. Each stadium is sort of its own business underneath kind of the umbrella of concessions company. But given that we now have, I guess, the main 4 are already integrated, know who we are, it's making that process I think -- it should help speed it up and make it go quicker.

好處是我們現在基本上與為大學提供服務的每一家主要特許公司都建立了關係。它們都是單獨出售的。每個體育場在特許經營公司的保護下都有自己的業務。但我想，鑑於我們現在已經整合了主要的 4 個角色，知道我們是誰，我認為這正在推動這個過程——它應該有助於加快速度並使其進展得更快。

So it is a target for us. I don't have people going out and knocking on bars and restaurants one at a time. I think that's sort of a waste of time. But what we're looking to do is target Charleston-like things and the Councilman, who was behind this initiative and the original bar owner who are behind this initiative are willing to help us out in any way we can to make this work. So I think doing larger kind of packaged deals like that is where we do outreach. Everything else is sort of inbound. And I think our law enforcement clients are some of our best references or salespeople because as soon a place busted and they ask what are you using, we have a new customer.

所以這是我們的目標。我不會讓人們一次一個地去酒吧和餐館。我認為這有點浪費時間。但我們想做的是針對類似查爾斯頓的事情，支持這一舉措的議員和支持這一舉措的原酒吧老闆願意以任何方式幫助我們完成這項工作。因此，我認為開展此類規模更大的一攬子交易就是我們進行外展活動的地方。其他一切都是入站的。我認為我們的執法客戶是我們最好的推薦人或銷售人員，因為一旦一個地方被查獲，他們問你在使用什麼，我們就有了一個新客戶。

The final question we have comes from Scott Buck from H.C. Wainwright.

我們的最後一個問題來自 H.C. 的 Scott Buck。溫賴特。

Bryan, can you remind me -- and apologies if some of these have already been asked. Can you remind me, do you guys charge for your pilot programs? Or is that something you kind of give away the carrot to get people into...

布萊恩，你能提醒我嗎？如果已經有人問過其中一些問題，我深表歉意。你能提醒我一下，你們的試點項目收費嗎？或者是你通過贈送胡蘿蔔來吸引人們參與的東西......

Generally, we charge, but it can be a case-by-case basis, but generally we charge for pilots. And it can be sort of a different type of pilot you get up to a number of transactions or things like that. But put it this way, I'm not going to lose a deal because somebody huge says, "well, we don't pay for pilots." I mean, we're like, "I don't care" because I know once we're in, we're in.

一般來說，我們是收費的，但也可以根據具體情況而定，但一般我們是對飛行員收費的。它可以是一種不同類型的試點，您可以進行大量交易或類似的事情。但這樣說吧，我不會因為某個大人物說“好吧，我們不支付飛行員費用”而失去一筆交易。我的意思是，我們就像，“我不在乎”，因為我知道一旦我們進去了，我們就進去了。

Right. Right. Okay. That's helpful. And then I'm curious, how do you guys explore it? Or are there potential partnership opportunities that could get you in the door with a meaningful number of potential customers?

正確的。正確的。好的。這很有幫助。然後我很好奇，你們如何探索它？或者是否有潛在的合作機會可以讓您接觸到大量的潛在客戶？

Yes, that's exactly the whole program that really -- Jeff is building the infrastructure for us to do it. So we're going to have proper deal registration and all that. We have a lot of folks that currently are reselling our products, but we need to formalize the program. And there are absolutely -- we've targeted and have been in discussions with people that need solid identity validation in different verticals. And so -- but we've got folks that are reselling us in automotive. We've got some folks that have embedded us in think -- to scan for age-restricted products. We're talking to people that provide software, say, in the title insurance space. So we're definitely -- that is where we think we could get a lot of growth next year.

是的，這正是整個計劃，傑夫正在為我們構建基礎設施來實現這一目標。因此，我們將進行適當的交易註冊等等。目前我們有很多人在轉售我們的產品，但我們需要使該計劃正式化。我們已經針對不同垂直領域需要可靠身份驗證的人們進行了討論。所以——但我們有人在汽車領域轉售我們。有些人讓我們思考——掃描有年齡限制的產品。我們正在與提供軟件的人交談，例如，在產權保險領域。因此，我們認為明年我們可以實現大幅增長。

I'm happy to be intel inside, like I said at the beginning of the call, that a lot of people have -- we've seen you go through our system. You just never knew it was us because -- where somebody just asked for your license, you don't know that it's us doing it. I'm happy with that model. And again, if it can get me in places. And I think automotive is always a great example. There's something like 16,000 rooftops out there. I don't want to knock on every one of them. But if I can get the software provider that is in most of them, to integrate our system, that's a quick and easy win.

我很高興成為內部情報，就像我在通話開始時所說的那樣，很多人都知道——我們已經看到你瀏覽了我們的系統。你只是永遠不知道是我們幹的，因為有人剛剛向你索要許可證，你不知道是我們幹的。我對這個模型很滿意。再說一次，如果它能讓我到達某個地方。我認為汽車始終是一個很好的例子。那里大約有 16,000 個屋頂。我不想敲他們每一個人。但如果我能讓大多數軟件提供商集成我們的系統，那就是一個快速而輕鬆的勝利。

Yes, that makes a ton of sense. And then I guess last one for me. Is it fair to suggest that you'll be managing the business at this kind of breakeven adjusted EBITDA level, as long as you see meaningful revenue opportunities that just take a little bit of additional investment?

是的，這很有道理。然後我想最後一個對我來說。只要您看到只需一點點額外投資就能獲得有意義的收入機會，那麼建議您以這種盈虧平衡調整後的 EBITDA 水平來管理業務是否公平？

Yes, we're going to -- look, I think that we're going to invest prudently, right? I'm not a big fan of spending cash on wild goose chases and things. If it makes sense, we're going to do it. If we continue to grow the way that we are, our margins suggest that there should be enough for investment and also building up the cash pool. We know where we need to invest. We know what that dollar amount is, and it's not tons and tons of money. So -- our goal is to be EBITDA neutral until we know that where we're at and then after a certain point, we can't help but be EBITDA positive no matter what we do.

是的，我們將——看，我認為我們將謹慎投資，對吧？我不太喜歡把錢花在徒勞的事情上。如果有意義，我們就會這麼做。如果我們繼續以目前的方式增長，我們的利潤率表明應該有足夠的投資和建立現金池。我們知道我們需要在哪裡投資。我們知道這個金額是多少，而且不是很多很多的錢。因此，我們的目標是保持 EBITDA 中性，直到我們知道我們所處的位置，然後在某個點之後，無論我們做什麼，我們都會情不自禁地實現 EBITDA 為正值。

Yes, one of the biggest questions we've got since I started was at what point are you guys going to hit adjusted EBITDA neutral? And so rather than throw highly aggressive aspirational goals out there 2 years ahead. It's like let's just go ahead and let's that, that adjusted EBITDA neutral, which we are tracking for and we'll be hitting this year. If you take a look at our trailing 12-month adjusted EBITDA we're just under negative $200,000. So we're tracking towards that in Q3 and Q4 coming up, that would bridge that gap. But to Bryan's point, we're going to continue investing in the business but expect to see that ROI too. And if we don't find that expected return, then it's going to fall straight to the bottom line, if you can see that meaningful driver at the top line.

是的，自從我開始工作以來，我們遇到的最大問題之一是，你們什麼時候才能達到調整後 EBITDA 中性？因此，不要在未來兩年提出高度激進的理想目標。就像讓我們繼續吧，調整後的 EBITDA 為中性，我們正在追踪這一目標，今年我們將達到這一目標。如果你看一下我們過去 12 個月的調整後 EBITDA，我們的虧損剛剛低於負 200,000 美元。因此，我們正在跟踪第三季度和第四季度的情況，這將彌補這一差距。但就 Bryan 而言，我們將繼續投資該業務，但也希望看到投資回報率。如果我們找不到預期回報，那麼如果您可以在頂線看到有意義的驅動因素，那麼它將直接跌至底線。

That's helpful. I guess I'll try to squeeze in one more since I'm at the tail end here. How do you think about the current marketing efforts? And how often do you revisit what kind of ROI you might be getting on your marketing?

這很有幫助。我想我會嘗試再擠一擠，因為我已經排在最後了。您如何看待當前的營銷工作？您多久重新審視一下您的營銷可能獲得什麼樣的投資回報率？

So that's one of the things that we're looking at. And I think one of the reasons that we decided to make some changes in that and also why we've hired an agency to help us with that. I think we got a lot of people who are really good in sales at the company, but marketing is definitely a different animal. And again, that's sort of where we're going to put some money out to get -- to make sure that we're doing it right and that they're measuring and telling us what we're doing, helping us, as Jeff said earlier in the call that we're really reanalyzing our whole digital spend, where we're getting what we wanted out of it. And these folks are suggesting that we weren't, so that's why we put it on pause while we figure out how to get it done better.

這就是我們正在關注的事情之一。我認為這是我們決定對此做出一些改變的原因之一，也是我們聘請一家機構來幫助我們實現這一目標的原因之一。我認為我們公司有很多擅長銷售的人，但營銷絕對是另一回事。再說一次，這就是我們要投入一些錢的地方——以確保我們做得正確，並且他們正在衡量並告訴我們我們在做什麼，幫助我們，就像傑夫一樣早些時候在電話會議中表示，我們確實正在重新分析我們的整個數字支出，我們正在從中獲得我們想要的東西。這些人認為我們沒有，所以這就是為什麼我們暫停它，同時我們想辦法如何做得更好。

So everything that we do, that's one of the reasons that I'm so -- Jeff is on board, he's crazy analytical and looks at all this in detail. So we will be analyzing it. We know that our messaging wasn't getting through. Having the head of fraud at one of our biggest banks say, "you guys messaging -- I'm happy to talk to you any prospect you have but we got to help you with the messaging." So we're always looking at it, and we're working on it.

所以我們所做的一切，這就是我如此支持的原因之一——傑夫參與其中，他具有瘋狂的分析能力，並且會詳細地審視這一切。所以我們將對其進行分析。我們知道我們的消息沒有傳達出去。我們最大的銀行之一的欺詐主管說：“你們發消息——我很高興與你們交談任何潛在客戶，但我們必須幫助你們發消息。”所以我們一直在關注它，並且正在努力。

Scott, when you take a step back -- when you take a step back, Scott, and you look at what we will have the ability to reallocate in the coming quarters coming year at $2.1 million, it's a lot of spend and you're also going to ramp that spend up appropriately. You just don't drive that within the first few quarters. And as Bryan mentioned, driving a revised brand strategy and the rollout of that is a multi-quarter as we're rolling out the channel partner program in the more formalized way, we expect to launch that in Q4 with realizing top-line increases, new pipeline generation, all of that going into '24. But again, $2.1 million, at least for this stage of this company at is a lot of channel back into sales and marketing, we're rightsized on the G&A side. We are rightsizing on the product side. Jonathan is doing a tremendous job there. So our spend can almost go entirely into that sales and marketing side.

斯科特，當你退後一步時，斯科特，當你退後一步，看看我們將有能力在明年的未來幾個季度重新分配210 萬美元，這是一筆很大的支出，你會發現還將適當增加支出。你只是不會在最初的幾個季度內推動這一點。正如布萊恩提到的，推動修訂後的品牌戰略及其推出需要多個季度的時間，因為我們正在以更正式的方式推出渠道合作夥伴計劃，我們預計在第四季度推出該計劃，實現營收增長，新一代管道，所有這些都將進入 24 年。但同樣，210 萬美元，至少對於該公司的現階段而言，是返回銷售和營銷的大量渠道，我們在 G&A 方面進行了調整。我們正在產品方面進行精簡。喬納森在那裡做得非常出色。因此，我們的支出幾乎完全投入到銷售和營銷方面。

Ladies and gentlemen, that was our final question for today's conference. I will now hand back to Bryan Lewis for closing remarks. Please go ahead.

女士們、先生們，這是我們今天會議的最後一個問題。現在我將請布萊恩·劉易斯致閉幕詞。請繼續。

Thank you. Thanks, everybody, for joining us today for the Intellicheck Q2 earnings call. Just as a reminder, we'll be presenting at the Sidoti Conference this Thursday -- this coming Thursday. If you're interested in participating, we put out a press release earlier this week with the details. And with that, I'll say thank you, and have a great evening.

謝謝。感謝大家今天參加我們的 Intellicheck 第二季度財報電話會議。提醒一下，我們將在本週四——即將到來的周四——西多蒂會議上發表演講。如果您有興趣參與，我們本週早些時候發布了一份新聞稿，其中包含詳細信息。在此，我要向您表示感謝，並祝您度過一個愉快的夜晚。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝你，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。