Intellicheck Inc (IDN) 2023 Q4 法說會逐字稿

Greetings and welcome to the Intellicheck fourth quarter and year end 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gar Jackson with Investor Relations. Thank you, Mr. Jackson, you may begin.

歡迎參加 Intellicheck 第四季和 2023 年底財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。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。謝謝你，傑克遜先生，你可以開始了。

Thank you, Operator. Good afternoon and thank you for joining us today for the Intellicheck fourth quarter and full year 2023 earnings call. Before we get started, I will take a few minutes to read the forward-looking statements. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. When used in this conference call.

謝謝你，接線生。下午好，感謝您今天參加我們的 Intellicheck 第四季和 2023 年全年財報電話會議。在我們開始之前，我將花幾分鐘閱讀前瞻性陳述。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》含義內的前瞻性陳述。在此電話會議中使用時。

Words such as will, believe, expect anticipate encourage and similar expressions as they relate to the Company or its 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.

諸如「將」、「相信」、「期望」、「期望」、「預期」、「鼓勵」等詞語以及與公司或其管理層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所獲得的信息，均構成私人證券訴訟改革含義內的前瞻性陳述。

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, new information, subsequent events or otherwise for 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.

與任何預測或預測一樣，這些前瞻性陳述是基於管理層目前對未來事件的預期和信念。它們本質上容易受到環境的不確定性和變化的影響，公司不承擔任何更新或更改其前瞻性陳述的義務，並明確聲明不承擔更新或更改其前瞻性陳述的義務，無論是由於此類變化、新資訊、後續事件或其他相關附加資訊的原因。

Statements made on today's call are as of today, March 21st, 2024. 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. We'll begin today's call with Bryan Lewis, Intellicheck's CEO., and then, Jeff Ishmael, Intellicheck's COO and CFO, who will discuss the Q4 and full year 2023 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to one hour, and I will now turn the call over to Bryan.

今天電話會議的聲明截止日期為 2024 年 3 月 21 日。管理層將在今天的電話會議中使用財務術語調整後的 EBITDA。請參閱今天下午發布的公司新聞稿，以了解該術語使用的進一步定義協調和上下文。我們將首先與 Intellicheck 執行長 Bryan Lewis 進行電話會議，然後由 Intellicheck 首席營運長兼財務長 Jeff Ishmael 開始，他們將討論第四季度和 2023 年全年財務業績。在他們準備好的發言之後，我們將回答分析師和機構投資人的問題。今天的通話時間限制為一小時，我現在將通話轉給布萊恩。

Thanks, Gar, and thank you all for joining us today for the Intellicheck Q4 2023 and fiscal year 2023 earnings call. What are the things Jeff and I have been emphasizing throughout previous calls and meetings is that we were going to end the year with adjusted EBITDA breakeven or better. I'm excited to point out that we delivered on that goal. For Q4, we achieved net income of positive $757,000, adjusted EBITDA of a positive $1.17 million, and the adjusted EBITDA for the full 2023 year of a positive $377,000. Our gross profit margins continue to remain strong, running at 92% for the year. Given our growth expectations, we expect this trend will continue into 2024 and anticipate that we will also end 2024 adjusted EBITDA positive.

謝謝 Gar，也謝謝大家今天參加我們的 Intellicheck 2023 年第四季和 2023 財年財報電話會議。傑夫和我在之前的電話會議和會議中一直強調的是，我們將在年底實現調整後的 EBITDA 盈虧平衡或更好。我很高興地指出，我們實現了這一目標。第四季度，我們實現淨利潤為正 757,000 美元，調整後 EBITDA 為正 117 萬美元，2023 年全年調整後 EBITDA 為正 377,000 美元。我們的毛利率持續保持強勁，全年達到 92%。鑑於我們的成長預期，我們預計這一趨勢將持續到 2024 年，並預計 2024 年調整後 EBITDA 也將為正值。

Before I get into some of the wins for the fourth quarter and recap some highlights from 2023, I'm first going to share with you some of the substantive changes we have made to the organization. Driven by the changes we made in the engineering team, we reduced year-over-year IT costs by approximately 10%. At the same time, we have realized some significant upgrades to our software.

在介紹第四季度的一些成果並回顧 2023 年的一些亮點之前，我首先要與大家分享我們對組織所做的一些實質改變。在我們對工程團隊進行的變革的推動下，我們的 IT 成本比去年同期降低了約 10%。同時，我們對軟體進行了一些重大升級。

We are now cloud-agnostic, which throughout 2024 will further reduce our cloud expenses as we move clients off of Azure. This improvement is an important milestone. Not only does it provide more security data in transit, but it will essentially eliminate downtime as we are now active active on parallel platforms. This is a noteworthy distinction because active active means we have redundancy and can switch over immediately if the cloud provider has an issue.

我們現在與雲端無關，到 2024 年，隨著我們將客戶從 Azure 轉移出來，我們的雲端支出將進一步減少。這項改進是一個重要的里程碑。它不僅在傳輸過程中提供更多的安全數據，而且從根本上消除了停機時間，因為我們現在在平行平台上非常活躍。這是一個值得注意的區別，因為主動意味著我們有冗餘，如果雲端提供者出現問題可以立即切換。

This advancement has also led to a complete rewrite of our APIs. This too is another distinct step forward because it makes them much simpler to integrate. Anyone can go to our website, a program against our test bed and get simulated results. We're already seeing the positive impact. For example, we had a prospect integrate in one day and call the next day and tell us they were ready for the production keys. We loved how excited they were at the ease of integration we had to tell and we were happy to give them the keys. But in their excitement, they had missed a key step. We needed the contract signed, which they promptly did.

這項進步也導致我們對 API 進行了徹底重寫。這也是又一個明顯的進步，因為它使它們的整合變得更加簡單。任何人都可以訪問我們的網站，這是針對我們測試台的程式並獲得模擬結果。我們已經看到了正面的影響。例如，我們有一位潛在客戶在一天內集成，並在第二天致電並告訴我們他們已準備好生產密鑰。我們喜歡他們對我們必須告訴他們的整合的輕鬆程度的興奮，我們很高興給他們鑰匙。但在興奮之中，他們錯過了關鍵的一步。我們需要簽署合同，他們很快就這樣做了。

Our technology improvements don't stop there, thanks to our revitalized IT organization. We also released a new and much simpler way for our digital clients to capture documents and facial biometrics. If needed previously, our clients built their own proprietary remote capture screens. While we still allow clients to do so if they choose, we now offer a tool that can be white labeled and can be integrated into the client's existing system with two simple web. It's been extremely well received and we currently have seven either existing clients switching over to this tool or new clients integrating it.

由於我們煥然一新的 IT 組織，我們的技術改進不止於此。我們還為我們的數位客戶發布了一種更簡單的新方法來捕獲文件和臉部生物識別資訊。如果以前需要，我們的客戶可以建立自己專有的遠端擷取螢幕。雖然我們仍然允許客戶這樣做（如果他們選擇），但我們現在提供了一種可以進行白標的工具，並且可以透過兩個簡單的 Web 整合到客戶的現有系統中。它受到了極大的歡迎，目前我們有七個現有客戶轉用該工具或整合它的新客戶。

We have seen with existing clients that they experienced an increase of 20% in completed transactions with the new tool. This is important to highlight because we believe that this new tool will substantially decrease time to revenue for new digital clients. Data science and machine learning began in earnest in Q4. The data lake is complete and our data team has already come up with new methods to make our ability to spot become even more accurate throughout the course of 2024.

我們發現現有客戶使用新工具完成的交易量增加了 20%。強調這一點很重要，因為我們相信這個新工具將大大縮短新數位客戶的創收時間。數據科學和機器學習在第四季正式開始。資料湖已經完成，我們的資料團隊已經想出了新的方法，使我們的定位能力在 2024 年變得更加準確。

They will continue to have to enhance our product while in conjunction with our clients, we will continue to build and create new ones across all of our use cases. The number of people in North America that are processed through Intelli-Check is impressive, continues to grow and we believe provides value to our clients.

他們將繼續增強我們的產品，同時與我們的客戶一起，我們將繼續在所有用例中建立和建立新產品。在北美，透過 Intelli-Check 處理的人數令人印象深刻，而且還在持續成長，我們相信能為我們的客戶帶來價值。

We also had notable changes in marketing. I'm happy to say that in Q4, we hired Christine Allison as our new VP of Marketing, has a fantastic track record of helping to ignite sales at several high-growth, cybersecurity and technology companies. I am pleased to report that she is already making an impact. As previously discussed, we hired a branding and design company to help with our branding to make our message clear through interviews with our clients and the collaborative work with the branding and design team, we think we succeeded our clients reinforce two important distinctions that we are certainly calling out know hardware and the ease of use and simplicity of the process for their clients.

我們在行銷方面也發生了顯著變化。我很高興地說，在第四季度，我們聘請了 Christine Allison 擔任新的行銷副總裁，她在幫助多家高成長、網路安全和科技公司推動銷售方面有著出色的記錄。我很高興地報告，她已經產生了影響。如前所述，我們聘請了一家品牌和設計公司來幫助我們進行品牌推廣，透過與客戶的訪談以及與品牌和設計團隊的協作來明確我們的訊息，我們認為我們成功了，我們的客戶強化了我們的兩個重要區別當然，他們會為客戶宣傳硬體、易用性和流程的簡單性。

We truly are the hardware free go anywhere identity validation platform that we believe provides the best identity experience for their customers that their customers never knew they had. We said we would be upping the Intellicheck profile in 2024 and we have moved forward. Christine has Intelli-Check lined up with speaking engagements and some of the most important industry conferences and trade shows. We had a strong presence at fintech made up a few weeks ago. Fintech meet up at the high profile event that brings together more than 4,000 leaders from fintech banking payments and lending to discuss shape and create the future of fintech.

我們確實是一個免費的、隨時隨地的身份驗證平台，我們相信，我們為客戶提供了他們的客戶從未意識到的最佳身份體驗。我們說過我們將在 2024 年提升 Intellicheck 的配置，我們已經向前邁進了。Christine 讓 Intelli-Check 安排了演講活動以及一些最重要的行業會議和貿易展覽。我們在幾週前組成的金融科技領域擁有強大的影響力。金融科技在這場備受矚目的活動中齊聚一堂，來自金融科技、銀行支付和貸款領域的 4,000 多名領導者齊聚一堂，討論塑造和創造金融科技的未來。

The agenda there is designed to focus on the biggest issues, challenges and opportunities facing the industry. Our SVP of Sales, Chris Meyer, delivered a well-attended tech talk on next-gen fraud prevention and how it increases conversion rates by 20% key and enterprise account executive. Joshua Baker held a number of one-on-one meetings during the event previously in February, Chris attended the stadium managers trade show.

該議程旨在重點關注行業面臨的最大問題、挑戰和機會。我們的銷售高級副總裁 Chris Meyer 就下一代詐欺預防以及如何將關鍵客戶和企業客戶經理的轉換率提高 20% 發表了一場備受關注的技術演講。約書亞貝克 (Joshua Baker) 在二月份的活動期間舉行了多次一對一會議，克里斯 (Chris) 參加了體育場經理貿易展。

This event brings together personnel from teams, colleges and universities, facility managers and public Sports Authorities and suppliers to the industry. It was yet another important opportunity to build brand awareness and connect with influencers. These are just the first of many trade shows that we'll be attending this year coming up will be attending data insights, which focuses on financial crime and cyber security and provides a forum for senior level executive to focus on fraud and now cyber security interest.

此次活動匯集了來自團隊、學院和大學、設施經理、公共體育機構和行業供應商的人員。這是建立品牌知名度並與影響者建立聯繫的另一個重要機會。這些只是我們今年將參加的眾多貿易展中的第一個，接下來將參加數據洞察，重點關注金融犯罪和網路安全，並為高級管理人員提供一個關注欺詐和網路安全興趣的論壇。

Turning now to Q4, we saw new client wins in addition to an expansion of use cases with our long-standing financial services company clients that are also bringing on additional retailers. One of the things we as a management team foresaw was that retail was potentially running into challenges. So focusing on diversifying our portfolio of verticals served became a focus given the fact that major retailers are shutting down locations. We were correct in our assumptions as Q4 transactions at our largest retailers were off 15%.

現在轉向第四季度，除了我們的長期金融服務公司客戶的用例擴大之外，我們還看到了新客戶的贏得，這些客戶也帶來了更多的零售商。作為管理團隊，我們預見到的一件事是零售業可能會遇到挑戰。因此，考慮到主要零售商正在關閉門市，專注於我們所服務的垂直行業組合的多樣化就成為了焦點。我們的假設是正確的，因為我們最大的零售商在第四季度的交易量下降了 15%。

You will see that there are wins with new banking clients and new banking use cases in additions to clients in new verticals, not tied to traditional retail that we are confident that this pivot is working. We believe that over time, these new channels should more than offset the retail reductions we are currently seeing, and we believe that we made the right decision. That being said, we continue to expand our retail penetration and anticipate more than 3,000 new retail doors by the end of the year during the Fourth Quarter Financial services company number two brought online a 565 location wholesale Beauty Supply Company. In addition, they launched a branded credit card utilizing Intelli-Check as a first step in the digital application.

您將看到，除了新垂直領域的客戶之外，新的銀行客戶和新的銀行用例也取得了勝利，而與傳統零售無關，我們相信這一點正在發揮作用。我們相信，隨著時間的推移，這些新管道應該足以抵消我們目前看到的零售減少，我們相信我們做出了正確的決定。話雖如此，我們將繼續擴大零售滲透率，並預計到今年第四季末將新增 3,000 多家新零售店，第二大金融服務公司將擁有 565 個地點的批發美容用品公司上線。此外，他們還利用 Intelli-Check 推出了品牌信用卡，作為數位應用的第一步。

They have also begun integrations with two in two additional retailers. They expect to bring live by year end. What is a clothing store with over 1,000 locations for new account openings and account lookup. And the other is 170 location hotel and gaming company for new card account openings, Financial services company number three is expanding in-branch use cases with the addition of wire transfers and new account opening. In addition to the current use cases of transactions over a certain counter, no debit card present an account lookup.

他們也開始與另外兩家零售商中的兩家進行整合。他們預計在年底前上線。什麼是一家擁有 1,000 多個地點可供新帳戶開設和帳戶查找的服裝店？另一家是擁有 170 個地點的飯店和博彩公司，用於開設新卡帳戶。除了目前透過特定櫃檯進行交易的用例之外，沒有借記卡提供帳戶查找。

They anticipate volume for the new use cases to be about 100,000 transactions a month. They are also working on the integration to bring live a retailer with over 22 hundred locations throughout 49 states that provides home improvement, lawn and garden products and farming equipment and supplies. They expect to go live in Q3 of this year. The two regional bank pilots were completed in Q4 and were fully implemented and revenue-generating in February, a bit behind schedule, but they are now up and running.

他們預計新用例的交易量約為每月 10 萬筆交易。他們也致力於整合，以建立一家在 49 個州擁有 2200 多個門市的零售商，提供家居裝修、草坪和花園產品以及農業設備和用品。他們預計將於今年第三季上線。兩家區域銀行試點已於第四季度完成，並於 2 月全面實施並產生收入，雖然有點落後於計劃，但目前已啟動並運行。

If you recall, the first bank with 1,300 locations had an in-branch proof of concept this one so well that they are now doing the work to incorporate Intelli-Check into their digital use cases, they expect rollout in late Q2 or early Q3. The other regional bank with over 2000 locations started the other way around with a single digital use case opening new accounts because of how Intelli-Check's simplifies account opening. They had hoped for a 2% increase in new account openings after we were implemented. But because of how Intelli-Check simplifies account opening they realized an impressive 20% increase.

如果您還記得，第一家擁有1,300 個網點的銀行在分行內進行了概念驗證，這一點非常好，以至於他們現在正在努力將Intelli-Check 納入其數位用例中，他們預計在第二季度末或第三季初推出。另一家擁有 2000 多個網點的區域銀行則相反，由於 Intelli-Check 簡化了開戶流程，因此透過單一數位用例開設新帳戶。他們原本希望我們實施後新開戶數能增加 2%。但由於 Intelli-Check 簡化了開戶流程，他們實現了令人印象深刻的 20% 的成長。

They are now expanding to other digital use cases and are working to incorporate Intellicheck into their branch bank branches. You may not remember, we have been working to secure an agreement with a top three bank. I am very pleased to report they completed their security audits in Q4, and we now have a signed contract with them like all very large organizations, bringing on a new initiative takes time. And our sense is that just like the audits were an extensive time-consuming effort. So will be the implementation right now.

他們現在正在擴展到其他數位用例，並正在努力將 Intellicheck 納入其分行分支機構。您可能不記得，我們​​一直在努力與三大銀行達成協議。我很高興地報告他們在第四季度完成了安全審核，現在我們像所有大型組織一樣與他們簽署了合同，推出新舉措需要時間。我們的感覺是，就像審計一樣，也是一項耗時的工作。現在的實施也是如此。

They are targeting Q4 of this year to go live with their digital and mobile banking app. We will continue to provide updates on the integration progress on future calls, we are excited by the win. We believe that when a bank of this size goes with Intelli-Check is a tremendous validation of what we do and provides a great foundation for 2025 and beyond.

他們的目標是在今年第四季推出數位和行動銀行應用程式。我們將繼續在未來的電話會議上提供有關整合進展的最新信息，我們對勝利感到興奮。我們相信，如此規模的銀行採用 Intelli-Check 是對我們所做工作的巨大驗證，並為 2025 年及以後奠定了良好的基礎。

We are very excited by another step forward. Our products are now being utilized outside of North America. Our clients are a renowned global media and tech company, reaching nearly 1 billion people worldwide is now using Intellicheck in the UK to validate people. We believe that we will see more multinational clients that need to validate people in North America turned to Intellicheck for their international needs.

我們對又向前邁出了一步感到非常興奮。我們的產品現已在北美以外地區使用。我們的客戶是一家全球知名的媒體和科技公司，覆蓋全球近 10 億人，目前在英國使用 Intellicheck 來驗證人員身分。我們相信，我們將看到更多需要驗證北美人員的跨國客戶轉向 Intellicheck 來滿足他們的國際需求。

We are also continuing to expand in the automotive space, both directly and with resellers reseller that is working with one of the largest auto manufacturers Beach to deal with them to fully roll out to all 26 hundred locations, with expected minimum annual volumes of approximately 750,000 transactions we anticipate that full rollout should occur in Q2 between Q4 of 23 and Q1 of this year.

我們也繼續直接或與經銷商一起在汽車領域進行擴張，經銷商正在與最大的汽車製造商之一 Beach 合作，以全面推廣到所有 2600 個地點，預計年銷量至少約為 750,000 輛我們預計交易將在23 年第四季到今年第一季之間的第二季全面推出。

We have either signed or in the process of signing an additional four resellers in the automotive space. Title insurance is another market vertical where we continue to see expansion again, either through direct sales to inbound needs or through resellers between Q4 and Q1. Of this year, we signed four of the largest title companies. We have also signed, where are the largest providers of software that small title companies use to run their business. We are fully incorporated into their platform now and they are looking to really expand the rollout in Q2.

我們已經簽署或正在簽署汽車領域的另外四家經銷商。產權保險是另一個垂直市場，我們繼續看到其再次擴張，無論是透過直接銷售滿足入境需求還是透過第四季和第一季之間的經銷商。今年，我們簽署了四家最大的產權公司。我們也簽署了小型產權公司用於營運業務的最大軟體供應商。我們現在已完全融入他們的平台，他們希望在第二季真正擴大推出範圍。

We believe that being an integral part of a larger platform creates an incremental growth opportunity in the real estate transaction space that is seeing a significant pickup in fraud. Our growth in the age-restricted space in both unattended and in-person use cases continues to grow during the fourth quarter, we signed an additional two vending machine companies.

我們相信，成為更大平台不可或缺的一部分，可以為房地產交易領域創造增量成長機會，而詐欺行為正在顯著增加。我們在無人值守和麵對面使用案例中的年齡限制空間的增長在第四季度繼續增長，我們又簽約了兩家自動販賣機公司。

Also in Q4, we signed a company that provides the access to unattended liquor distribution and loyalty lounges at hotels they're going live with a proof of concept with a very large hotel chain in Q2 of this year, a deal that we closed a long time ago, but will finally going will be going live is to age, which was developed by the National Association of Convenience Stores and Connexus to provide a simple way for convenience stores to stop sales to the under age.

同樣在第四季度，我們簽署了一家公司，該公司提供無人值守的酒類分銷和酒店忠誠度休息室的使用權，他們將在今年第二季度與一家非常大的連鎖酒店進行概念驗證，這是我們長期達成的協議不久前，但最終將上線的是年齡，這是由全國便利商店協會和 Connexus 開發的，旨在為便利商店提供一種停止向未成年人銷售的簡單方法。

Intellicheck will be used to authentic take the user before they are given access to the app. We expect to begin nationwide deployment in Q2 of this year, starting slowly and ramping up throughout the year. We continue to expand in new markets. In Q4, we signed two crypto wallet companies. The use case will be to validate people as they open an account for the wallet. We believe that crypto currency could be another meaning meaningful market vertical for Intellicheck in Q4.

Intellicheck 將用於在使用者獲得應用程式存取權限之前對使用者進行身份驗證。我們預計今年第二季開始全國部署，緩慢啟動，全年逐步推進。我們繼續拓展新市場。第四季度，我們簽了兩家加密錢包公司。用例是在人們為錢包開設帳戶時驗證他們。我們認為，加密貨幣可能成為第四季 Intellicheck 另一個有意義的垂直市場。

We also signed a wire transfer payments company. They see so much fraud that they are going to make about the validation mandatory on all transfers. Integration is underway and they will be working to be live by the end of Q2. I'm happy to say that our pipeline of pilots all are going extremely well, which I believe bodes well for future quarters in closing, with the current wins going live over the next two quarters as well as the robust pipeline that the sales team has created. We see significant growth throughout the rest of the year and look forward to keeping you updated as clients go live and we report our Q1 results in May.

我們還簽了一家電匯支付公司。他們看到如此多的詐欺行為，因此他們將對所有轉帳進行強制驗證。整合正在進行中，他們將努力在第二季末上線。我很高興地說，我們的試點管道都進展得非常順利，我相信這對未來幾季的結束來說是個好兆頭，當前的勝利將在未來兩個季度生效，並且銷售團隊擁有強大的管道創建的。我們預計今年剩餘時間將出現顯著增長，並期待在客戶上線時為您提供最新信息，我們將在 5 月份報告第一季度的業績。

With that, I'll turn it over to Jeff, who will provide more details on the financials.

這樣，我會將其轉交給傑夫，他將提供有關財務狀況的更多詳細資訊。

Thank you, Bryan. I'm pleased with the continued progress we've been making across all levels of the organization as we continue our efforts to recalibrate our spend and redistribute investment in areas that will fuel our growth and profitability. Our fourth quarter revenues were 13.7% higher versus the prior year. We continue to report a higher average price per scan versus the prior year. And we not only achieved our committed goal of adjusted EBITDA neutral results for the year, but we finished the year with a gain of $377,000 or $0.02 per share on an adjusted basis.

謝謝你，布萊恩。我對我們在組織各個層面取得的持續進展感到高興，因為我們繼續努力重新調整支出並重新分配投資到能夠推動我們成長和獲利的領域。我們第四季的營收比去年同期成長了 13.7%。我們繼續報告每次掃描的平均價格高於去年。我們不僅實現了當年調整後 EBITDA 中性業績的承諾目標，而且我們在年底實現了 377,000 美元的收益，即調整後每股收益 0.02 美元。

As Bryan mentioned earlier, we are also pleased to see the continued trailing 12-month growth progression of SaaS revenues each month, which has been achieved consecutively for the last four years. Continuing to cast a critical eye to the metrics of our SaaS revenue, it's encouraging to see a 16% increase in our average price per scan versus the prior year as we have continued rightsizing the pricing of our legacy accounts and enforce internal disciplines on CPI increases. This is especially encouraging as it continues to speak to the testament of the value realized by our customers.

正如 Bryan 之前提到的，我們也很高興看到 SaaS 收入每個月連續 12 個月持續成長，這是過去四年連續實現的。我們繼續密切關注 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 16%，因為我們繼續調整舊帳戶的定價並針對 CPI 上漲執行內部紀律。這尤其令人鼓舞，因為它繼續證明了我們的客戶所實現的價值。

We are also continuing to maintain our focus on our operating expenses to ensure that we achieved the expected return on our investments in this area. Within the Q4 period, we started to realize the benefits of our midyear restructuring efforts and the subsequent increase in our adjusted EBITDA. I will share more details after the summary of our fourth quarter results. We have also successfully launched our channel program, which I also will provide more details on later in the remarks.

我們也將繼續關注營運支出，以確保我們在該領域的投資實現預期回報。在第四季度，我們開始意識到年中重組工作的好處以及調整後 EBITDA 的後續成長。我將在總結第四季業績後分享更多細節。我們還成功啟動了我們的頻道計劃，我也將在稍後的評論中提供更多詳細資訊。

We expect this program to have a noticeable impact on our 2024 pipeline growth and bookings and to be an important driver of our sales going forward. We believe that this combination of efforts will provide the necessary support from the sales team to drive increases in customer engagement, bookings and revenues in 2020.

我們預計該計劃將對我們 2024 年的管道成長和預訂產生顯著影響，並成為我們未來銷售的重要推動力。我們相信，這些努力的結合將為銷售團隊提供必要的支持，以推動 2020 年客戶參與度、預訂量和收入的增加。

For Turning now to our fourth quarter results, revenue for the fourth quarter of 2023 increased 13.7% to a record $5,176,000 compared to $4,551,000 in the same period of 2022. Our SaaS revenue for the fourth quarter of 2023 grew 13.2%, $5,069,000 from $4,479,000 during the same period of 2022, and represented 98% of our fourth quarter revenue. Gross profit as a percentage of revenues was 94.9% for the fourth quarter of 2023 compared to 94.8% for the same period of 2022. The nominal increase reflected a credit received from our cloud service provider, which also occurred in the same period of 2022. We are considering these credits to be non-reoccurring as we continue our migration to a cloud agnostic structure to minimize any downtime and ensuring service availability for our customers.

現在轉向我們的第四季業績，2023 年第四季的營收成長 13.7%，達到創紀錄的 5,176,000 美元，而 2022 年同期為 4,551,000 美元。我們 2023 年第四季的 SaaS 營收成長了 13.2%，從 2022 年同期的 4,479,000 美元成長到 5,069,000 美元，占我們第四季營收的 98%。2023 年第四季毛利佔營收的百分比為 94.9%，而 2022 年同期為 94.8%。名目成長反映了我們從雲端服務提供者獲得的信貸，這也發生在 2022 年同期。隨著我們繼續遷移到與雲端無關的結構，以最大限度地減少停機時間並確保客戶的服務可用性，我們認為這些積分是不會重複發生的。

As we discussed during the last few quarters, we've been modeling gross margin performance in a range of 90% to 91% as we continue to improve our cloud cost infrastructure. But as the product team has shown, we've been able to maintain reoccurring margins of 92%. As the rearchitecture progresses. We will continue to scrutinize our cost structure with the goal to maintain that level.

正如我們在過去幾個季度中討論的那樣，隨著我們不斷改進雲端成本基礎設施，我們一直在對 90% 到 91% 範圍內的毛利率績效進行建模。但正如產品團隊所表明的那樣，我們能夠保持 92% 的經常性利潤。隨著重構的進展。我們將繼續審查我們的成本結構，以維持這一水平。

Operating expenses, which consist of selling, general and administrative, marketing, and research and development expenses decreased $763,000 or 15.1% to $4,291,000 for the fourth quarter of 2023 compared to $5,054,000 for the same period of 2022. Included within operating expenses for the fourth quarter of 2023 and 2022 with $249,000 and $687,000 respectively, of non-cash equity compensation expense.

2023 年第四季的營運費用（包括銷售、一般和管理、行銷以及研發費用）減少了 763,000 美元或 15.1%，至 4,291,000 美元，而 2022 年同期為 5,054,000 美元。包括在 2023 年第四季和 2022 年第四季的營運費用中，非現金股權補償費用分別為 249,000 美元和 687,000 美元。

While we realize the benefits of our restructuring efforts in the period, there were two notable entries for the fourth quarter. First, in support of our rearchitecture efforts, we are capitalizing $407,000 in costs tied to this project. We anticipate that we will see similar levels of capitalization in Q1, and we'll then see the amount decreasing in the Q2 period.

雖然我們意識到這段時期重組工作的好處，但第四季有兩個值得注意的條目。首先，為了支持我們的重組工作，我們將與該專案相關的 407,000 美元成本資本化。我們預計第一季的資本化水準將相似，然後第二季的資本化水準將會下降。

Second, while we have historically invoice for and remitted sales taxes on required transactions, it was determined that sales taxes for certain customers were not being collected for the periods of 2018 through 2023. The company has initiated and finalized the voluntary disclosure agreement with the primary state in question and has recorded the necessary liability of $227,000 within the Q4 period as well as $308,000 for the Q4 2022 period. While the amounts are not material to any one year, it was necessary to record the tax liabilities for the entire amount within the fourth quarter periods.

其次，雖然我們過去曾對所需交易開立發票並匯繳銷售稅，但我們確定在 2018 年至 2023 年期間不會向某些客戶徵收銷售稅。該公司已與相關主要州啟動並敲定了自願披露協議，並在第四季度記錄了 227,000 美元的必要負債，以及 2022 年第四季度的 308,000 美元的必要負債。雖然這些金額對於任何一年來說都不重要，但有必要在第四季度內記錄全部金額的稅務義務。

Adjusted for these two entries, our operating expenses would have decreased by 5.8% on a constant basis. The most notable reduction was in stock-based compensation expense which decreased $438,000 versus the same period of 2022. As discussed in our last call, we expect our total non-cash expenses will continue to decrease and comprise approximately 10% of our operating expenses with stock based compensation comprising 90% of that figure. This compares to our prior historical trend of 13% to 15%

在這兩項進行調整後，我們的營運費用將持續下降 5.8%。最顯著的減少是基於股票的薪酬費用，與 2022 年同期相比減少了 438,000 美元。正如我們在上次電話會議中所討論的，我們預計非現金支出總額將繼續減少，約占我們營運支出的 10%，其中基於股票的薪酬佔該數字的 90%。相比之下，我們先前的歷史趨勢為 13% 至 15%

Turning to net income and adjusted EBITDA, the company reported a gain of $757,000 for the fourth quarter of 2023, compared to a net loss of $869,000 for the same period of 2022. Net gain per diluted share for the fourth quarter of 2023 was a gain of $0.04 compared to a net loss per diluted share of $0.05 for the same period of 2022.

談到淨利潤和調整後 EBITDA，該公司報告 2023 年第四季收益為 757,000 美元，而 2022 年同期淨虧損為 869,000 美元。2023 年第四季稀釋後每股淨收益為 0.04 美元，而 2022 年同期稀釋後每股淨虧損為 0.05 美元。

As noted above, the Q4 periods reflect the adjustments of the sales tax liability entries. The weighted average diluted common shares were 19.3 million for the fourth quarter of 2023 compared to 18.9 million for the same period of 2022. We also continue to ensure we are properly managing our cash reserves, which generated $83,000 in interest income versus $5,000 in the same period of 2022. Adjusted EBITDA for the fourth quarter of 2023 increased $780,000 or 201%, resulting in a gain of $1,169,000 compared to a gain of $389,000 for the same period of 2022.

如上所述，第四季度反映了銷售稅負債條目的調整。2023 年第四季的加權平均稀釋普通股為 1,930 萬股，而 2022 年同期為 1,890 萬股。我們也繼續確保正確管理我們的現金儲備，產生了 83,000 美元的利息收入，而 2022 年同期為 5,000 美元。2023 年第四季調整後 EBITDA 增加了 78 萬美元，即 201%，與 2022 年同期的 389,000 美元收益相比，收益為 1,169,000 美元。

Now turning to our full year 2023 results. Revenue for the full year of 2023 increased $2,940,000 million or 18.4% to $18,906,000 compared to $15,966,000 in the same period of 2022. Excluding equipment, our SaaS revenue for the full year for 2023 grew $2,867,000 or 18.2% to $18,595,000 from $15,728,000 for the same period of 2022. Gross profit as a percentage of revenues was 92.7% for the full year of 2023 compared to 92.0% for the full year of 2022. The increase in gross margin profit percentage was primarily driven by our concentration of SaaS-based revenues.

現在轉向我們 2023 年全年業績。2023 年全年營收為 18,906,000 美元，較 2022 年同期的 15,966,000 美元增加 2,9,400 億美元，增幅 18.4%。不包括設備在內，我們 2023 年全年 SaaS 收入從 2022 年同期的 15,728,000 美元增長了 2,867,000 美元，增幅為 18.2%，達到 18,595,000 美元。2023 年全年毛利佔收入的百分比為 92.7%，而 2022 年全年為 92.0%。毛利率的成長主要是由於我們集中基於 SaaS 的收入所推動的。

The credit we received from our cloud service providers had a negligible impact on our full year gross margin results. Operating expenses, which consist of selling, general and administrative marketing and research and development expenses increased $1,086,000 or 5.8% to $19,807,000 for the full year 2023 compared to $18,721,000 for the full year of 2022. This increase was primarily driven by higher general and administrative costs, specifically, severance related expenses of $984,000, included within operating expenses for the full year of 2023 and 2022 were $1,596,000 and $2,455,000, respectively, of non-cash equity compensation expense.

我們從雲端服務提供者獲得的信用對我們全年毛利率結果的影響可以忽略不計。2023 年全年營運費用（包括銷售、一般和行政行銷以及研發費用）增加了 1,086,000 美元，即 5.8%，達到 19,807,000 美元，而 2022 年全年為 18,721,000 美元。這一增長主要是由於一般和管理成本增加，具體而言，遣散費相關費用為984,000 美元，其中包括在2023 年和2022 年全年營運費用中，非現金股權補償費用分別為1,596,000 美元和2,455,000 美元。

As mentioned earlier and included in the full year results were the two notable entries for the fourth quarter, which included the product capitalization entry $407,000 and the sales tax liability increase of $227,000 $308,000 for the fiscal year '23 and fiscal year '22 periods. Adjusting for these two entries, our operating expenses would have increased by only 8.5% on a constant basis compared to our revenue growth of 18.4%. The most noticeable reduction was in stock-based compensation expense, which decreased $859,000 versus 2022.

如前所述，全年業績中包括第四季度的兩個值得注意的條目，其中包括 23 財年和 22 財年期間的產品資本條目 407,000 美元和銷售稅負債增加 227,000 美元 308,000 美元。在這兩項進行調整後，我們的營業費用僅持續成長 8.5%，而我們的營收成長率為 18.4%。最顯著的減少是基於股票的薪酬費用，與 2022 年相比減少了 859,000 美元。

The company reported an improved net loss of $1,980,000 for the full year of 2023 compared to the net loss of $4,159,000 for the same period of 2022. Net loss per diluted share for the full year of 2023 improved to $0.1 compared to the net loss per diluted share of $0.22 for the full year 2022. The impact of these two noticeable entries above represented $0.01 within our net loss per diluted shares result. The weighted average diluted common shares for 19.3 million for the full year of 2023 compared to 18.8 million for the same period of 2022. Adjusted EBITDA for the full year of 2023 improved to a gain of $377,000 versus a loss of $924,000 for the same period of 2022.

該公司報告稱，2023 年全年淨虧損改善為 1,980,000 美元，而 2022 年同期淨虧損為 4,159,000 美元。2023 年全年攤薄後每股淨虧損改善至 0.1 美元，而 2022 年全年攤薄後每股淨虧損 0.22 美元。上述兩個顯著條目的影響在我們攤薄後每股淨虧損中佔 0.01 美元。2023 年全年加權平均稀釋普通股為 1,930 萬股，而 2022 年同期為 1,880 萬股。2023 年全年調整後 EBITDA 增至 377,000 美元，而 2022 年同期為虧損 924,000 美元。

Turning to the company's liquidity and capital resources. As of December 31, 2023, the company had cash and cash equivalents that totaled $9.0 million that's currently on deposit, Citibank and Capital One. Working capital defined as current assets minus current liabilities of $7.8 million, total assets of $23.8 million, and stockholders' equity of $17.3 million.

轉向公司的流動性和資本資源。截至 2023 年 12 月 31 日，該公司目前存放在花旗銀行和第一資本的現金和現金等價物總計 900 萬美元。營運資本定義為流動資產減去流動負債 780 萬美元、總資產 2,380 萬美元、股東權益 1,730 萬美元。

The company recognized an adjustment to the beginning balance of stockholders' equity in 2022 of$ 529,000 in consideration of recognized sales tax liabilities for the years 2018 through 2021, The company has a $2 million revolving credit facility with Citibank. That is secured by collateral accounts. There are no amounts outstanding under this facility and the facility was not utilized during the quarter.

考慮到 2018 年至 2021 年已確認的銷售稅負債，該公司對 2022 年期初股東權益餘額進行了 529,000 美元的調整。這是由抵押帳戶擔保的。該貸款下沒有未償還金額，且該貸款在本季未使用。

Turning now to the progress on our internal initiatives. 2023 certainly represented a year of significant changes for Intellicheck as we executed on a number of key initiatives that we believe set us up well for further growth in 2024. During the Q2 period, we initiated a $2 million expense savings initiative aimed at rightsizing our expense structure and securing the necessary team and talent to properly drive product marketing and operational efficiencies during the Q2 period, we hired Jonathan Robbins is our VP of Engineering, who subsequently promoted to the role of CTL. in Q4.

現在談談我們內部舉措的進展。 2023 年對 Intellicheck 來說無疑是發生重大變化的一年，因為我們執行了許多關鍵舉措，我們相信這些舉措為我們在 2024 年的進一步成長奠定了良好的基礎。在第二季度期間，我們啟動了一項200 萬美元的費用節省計劃，旨在調整我們的費用結構並確保必要的團隊和人才，以在第二季度期間正確推動產品營銷和運營效率，我們聘請了喬納森·羅賓斯(Jonathan Robbins) 擔任我們的工程副總裁，他是隨後晉升為CTL。在第四季。

Jonathan has been recalibrating that team working with the broader team on the re-architecture of our SaaS platform, moving us towards a cloud-agnostic structure as well as bringing in additional talent to drive our data science and reporting intelligence efforts. As Brian mentioned, in January of this year, we brought on Christie Nelson as our new VP of Marketing. We believe that Christine is the right person to drive additional recognition of the Intellicheck brand and to provide the support that the sales team needs to further drive revenues and logo wins.

喬納森一直在重新調整團隊，與更廣泛的團隊合作重新建構我們的 SaaS 平台，使我們走向與雲端無關的結構，並引進更多人才來推動我們的數據科學和報告情報工作。正如布萊恩所提到的，今年 1 月，我們聘請克里斯蒂·尼爾森 (Christie Nelson) 擔任新的行銷副總裁。我們相信 Christine 是推動 Intellicheck 品牌獲得更多認可並為銷售團隊提供進一步推動收入和贏得徽標所需的支援的合適人選。

As we executed on expense initiatives, we made significant shifts in our expense structure and move much of our spend out of the G&A and product areas to our previously discussed investments in sales and marketing. These initiatives have already had a demonstrable impact and are reflected in our fourth quarter results, where operating expenses decreased 15.1% versus the prior year compared to a 13.7% increase in revenue and delivering on our goal of adjusted EBITDA breakeven or better.

當我們執行費用計劃時，我們對費用結構進行了重大轉變，並將大部分支出從一般管理費用和產品領域轉移到我們之前討論的銷售和行銷投資。這些舉措已經產生了明顯的影響，並反映在我們第四季度的業績中，營業費用比上年同期下降了15.1%，而收入則增長了13.7%，實現了我們調整後EBITDA 盈虧平衡或更好的目標。

As a percentage of expenses, we are expecting to see our R&D spend continue to decrease year over year, while sales and marketing expenses will increase by approximately 8% to 10% to support a broad range of brand and marketing initiatives. Overall, we expect to see significant leverage increases in our OpEx spend against our growth in '24.

作為支出的百分比，我們預計研發支出將繼續逐年下降，而銷售和行銷支出將增加約 8% 至 10%，以支持廣泛的品牌和行銷活動。總體而言，我們預計我們的營運支出支出相對於 2024 年的成長將顯著增加。

While we are significantly increasing program spend on the sales and marketing side of the business, we believe we are properly structured in our headcount and expected 2020 for year end headcount that will be equivalent to the 52% currently finished with in 2022. We now have a significantly higher caliber team that has the financial support to drive the growth that we expect this brand should be able to achieve.

雖然我們正在大幅增加業務銷售和行銷方面的計畫支出，但我們相信我們的員工人數結構合理，預計 2020 年年底員工人數將相當於 2022 年目前完成的 52%。我們現在擁有一支素質明顯更高的團隊，他們擁有財務支持來推動我們期望品牌能夠實現的成長。

As mentioned in earlier remarks, we continue to improve our cost structure which when adjusted for the previously noted adjustments, increased a mere 8.5% for the full year versus 2022, while revenue increased 18.4%. We have remained committed the entire year to achieving adjusted EBITDA breakeven for the year, which we have exceeded and now puts us in a position to start moving that result into a more positive position for 2020 for a higher adjusted EBITDA result for 2024 will be the combined disciplines of executing on our revenue plans, ensuring consistency in our gross margins and holding all the team accountable for their FY24 operating budget during the prior quarter. We also discussed the early efforts regarding the formalization of our channel partner program and I'm happy with the results that we are seeing since the launch of the program.

正如先前的評論中提到的，我們繼續改善我們的成本結構，根據先前提到的調整進行調整後，與 2022 年相比，全年僅增長 8.5%，而收入增長 18.4%。我們一整年都致力於實現本年度調整後EBITDA 盈虧平衡，我們已經超過了這一目標，現在使我們能夠開始將這一結果轉向2020 年的更積極的位置，因為2024 年調整後EBITDA 的結果將是更高的綜合執行我們的收入計劃、確保毛利率的一致性以及讓所有團隊對上一季的 2024 財年營運預算負責。我們也討論了有關通路合作夥伴計畫正式化的早期努力，我對自該計畫啟動以來所看到的結果感到滿意。

We have rolled out our partner portal, where we will conduct our deal registration and where our sales team will start accepting register leads from partners we have and also successfully signed our first cohort of partners. We are excited to see a group of partners that will expand our presence within the automotive, law-enforcement and government sectors. One of our top partner signings has a technology ecosystem of more than 10,000 government contractors, value added resellers, solution providers and system integrators.

我們已經推出了合作夥伴門戶，我們將在其中進行交易註冊，我們的銷售團隊將開始接受我們現有合作夥伴的註冊線索，並成功簽署了我們的第一批合作夥伴。我們很高興看到一群合作夥伴將擴大我們在汽車、執法和政府領域的業務。我們簽約的頂級合作夥伴之一擁有一個由 10,000 多家政府承包商、增值經銷商、解決方案提供商和系統整合商組成的技術生態系統。

In consideration to our 2024 outlook, we expect to see continued gross margins of approximately 92%. While we continue to improve our architecture and data intelligence capabilities. We also expect to see continued leverage in our operating expenses as a result of the expense initiatives we implemented in 2023. As previously discussed, we expect the noncash component of our spend to decrease by 400 to 500 basis points versus 2023, with 90% of that being Total stock-based compensation.

考慮到 2024 年的前景，我們預計毛利率將持續維持在 92% 左右。同時我們不斷提升我們的架構和資料智能能力。由於我們在 2023 年實施的費用計劃，我們也預計我們的營運費用將繼續發揮槓桿作用。如前所述，我們預計支出中的非現金部分將比 2023 年減少 400 至 500 個基點，其中 90% 是基於股票的薪酬總額。

In closing, we remain committed to the continued improvement of our corporate performance, maintaining our strong balance sheet and driving shareholder value within these new initiatives, we look forward to sharing our Q1 results with you in May, and I'll now turn the call back to Bryan, who will discuss our Q1 revenue outlook.

最後，我們仍然致力於持續改善我們的企業業績，保持強勁的資產負債表並在這些新舉措中推動股東價值，我們期待在五月份與您分享我們的第一季業績，現在我將轉接電話回到布萊恩，他將討論我們第一季的營收前景。

Thanks, Jeff. As I mentioned in my prepared remarks, we have a lot of activity in the pipeline with a number of deals going live in Q2 and Q3 that we believe will drive significant revenue growth in the back half of the year. Like I've always said, larger deals take longer to close and a longer for the implementations. We are on the cusp of a number of sizable revenue generators that we believe will really move the needle in the back half of the year.

謝謝，傑夫。正如我在準備好的演講中提到的，我們正在進行大量活動，其中一些交易將在第二季和第三季進行，我們相信這些交易將推動今年下半年的收入大幅成長。就像我一直說的那樣，較大的交易需要更長的時間來完成和實施。我們正處於許多規模可觀的收入來源的風口浪尖，我們相信這些收入來源將在今年下半年真正發揮作用。

These include the new retailers with our long-standing bank partners, additional bank use cases, global media companies, autos, title and our crypto currency. Our latest vertical as it stands today, we've seen year-over-year declines in scanning volumes in the first quarter at our retail partners that we believe is driven by some of our larger clients, reducing door counts and weaker store traffic in general.

其中包括新零售商與我們的長期銀行合作夥伴、其他銀行用例、全球媒體公司、汽車、產權和我們的加密貨幣。就我們今天最新的垂直行業而言，我們看到零售合作夥伴第一季的掃描量同比下降，我們認為這是由一些較大的客戶推動的，門數減少，商店客流量總體下降。

Additionally, as I mentioned in my prepared remarks, we have had longer than originally anticipated implementation times to onboard larger customers. For example, the two regional banks that are now live as it stands today. We anticipate Q1 revenues in the range of $4.3 million to $4.4 million with year-over-year growth accelerating sequentially throughout the remainder of the year. With the new hires we have in place, our pipeline and our gross margin and expense structures, we believe that we are well positioned for accelerated growth and to be adjusted EBITDA positive in 2024.

此外，正如我在準備好的發言中提到的，我們為大客戶提供的實施時間比最初預期的要長。例如，目前的兩家地區銀行。我們預計第一季的營收將在 430 萬美元至 440 萬美元之間，並且在今年剩餘時間內同比成長將持續加速。憑藉我們現有的新員工、我們的管道以及我們的毛利率和費用結構，我們相信我們已經做好了加速成長的準備，並在 2024 年調整後的 EBITDA 為正值。

I will 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)

（操作員說明）

Mike Grondahl, Northland Securities.

麥克‧格隆達爾 (Mike Grondahl)，北國證券。

Please proceed with your question, Bryan and Jeff. Bryan, could you talk about pricing kind of overall, I think at one point, like a 16% increase in average pricing per scan was maybe called out. I'm just kind of curious, like are you seeing pricing pressure, pricing power? Trying to understand that a little bit? And then if you could segue in the transaction, I think you talked about I don't know if you just meant at the big retailers like down 15% or kind of what overall are you seeing that with transaction trends?

布萊恩和傑夫，請繼續回答你的問題。Bryan，您能談談整體定價嗎？ 我認為，在某一時刻，每次掃描的平均定價可能會增加 16%。我只是有點好奇，你是否看到定價壓力、定價能力？嘗試稍微理解一下嗎？然後，如果你可以繼續進行交易，我想你談到了我不知道你是否只是指大型零售商，例如下降 15%，或者你對交易趨勢的整體看法是什麼？

Okay. So in terms of pricing, the only time that we see pricing pressure, I'd say is if we're looking at bringing on people in the age, restricted space. And I think there's a lot of people that want to sell into there. And I also think that there's a lot you play in places that don't really what something as accurate as we are because when you're as accurate as us, you're cutting your revenue, where we always win and certainly have pricing power is where it hurts our clients financially if somebody gets through and commits identity theft. So overall, I'd say that in our core markets for people really care title and auto and banking and all those things and even crypto, can you get crypto wallet empty? You're kind of in trouble. So where it really matters that you catch the bad guys?

好的。因此，就定價而言，我們唯一會看到定價壓力的時候，我想說的是，如果我們考慮在年齡、空間有限的情況下吸引人才。我認為有很多人想在那裡出售。我還認為，你在很多地方做的事情並不像我們那麼準確，因為當你像我們一樣準確時，你就會削減你的收入，而我們總是贏，而且當然有定價權如果有人通過並進行身份盜竊，就會為我們的客戶帶來經濟損失。總的來說，我想說，在我們的核心市場中，人們真正關心的是產權、汽車和銀行以及所有這些東西，甚至是加密貨幣，你能把加密錢包清空嗎？你有點麻煩了。那麼抓到壞人真正重要的是什麼呢？

We have pricing power in again, some of the age-restricted spaces. We'll just walk away from the business. Is it really worth it for you what some people are willing to do it, but the systems just don't mark anything at the end of the day, they're going to get cost. They're going to get fined. They'll probably come back to us.

對於一些有年齡限制的空間，我們再次擁有定價權。我們就離開公司吧。有些人願意這樣做，但係統最終不會標記任何內容，這對您來說真的值得嗎，他們會付出代價。他們會被罰款。他們可能會回到我們身邊。

In terms of I think you're asking, Mike overall, what are we seeing in transactions, transaction volumes continue to go up in areas other than retail. I'm looking at some of the numbers now. And if I compare this year to Q4, this year to Q4 last year and looking at some of our very large retailers down anywhere between 15% to 25% in terms of their transaction volume.

總體而言，麥克，我認為您會問，我們在交易中看到了什麼，零售以外領域的交易量繼續上升。我現在正在查看一些數字。如果我將今年與第四季、今年與去年第四季進行比較，我們的一些大型零售商的交易量下降了 15% 至 25%。

So in everything that I'm reading, we've got the retailers shutting down 150 stores. People are talking about credit cards, get Maxtor people worried about the interest rates. So I think that that's one of the reasons that we really made sure that we were diversifying and getting into other markets, it really aren't dependent on a transaction. You know, if you need to reset your email or something. It's really important. You have to do it. And those are subject to economic conditions and they're making sure they are getting into more and more businesses like that.

因此，在我讀到的所有內容中，零售商都關閉了 150 家商店。人們談論信用卡，讓邁拓人擔心利率。所以我認為這就是我們真正確保多元化並進入其他市場的原因之一，它確實不依賴交易。你知道，如果你需要重置你的電子郵件或其他東西。這真的很重要。你必須這樣做。這些都受到經濟條件的影響，他們正在確保進入越來越多的此類業務。

Got it. And then I don't know, can you call out major two new wins that really help you in the back half of 24? Trying to kind of understand the statement in the press release, some sizable revenue growth, some wins, it will really move the needle trying to figure out which ones we need to track closely.

知道了。然後我不知道，你能說出兩個對你在 24 年後半段真正有幫助的重大新勝利嗎？試圖理解新聞稿中的聲明，一些可觀的收入成長，一些勝利，這確實會推動我們找出我們需要密切追蹤的內容。

Yes, I think that these automotive partnerships are very important to us. Certainly getting you have 2,600 locations, you know, with guaranteed volumes minimums. And I look at what I think that really could be certainly should be must have much higher. I think getting into the other use cases at the regional banks, it could be significant revenue. It could be the true edge in their partnership with NAX. could be significant revenue through the back half of the year.

是的，我認為這些汽車合作關係對我們非常重要。當然，您將擁有 2,600 個地點，並保證最低數量。我看看我認為確實應該有更高的水平。我認為進入地區銀行的其他用例，這可能會帶來可觀的收入。這可能是他們與 NAX 合作的真正優勢。下半年可能會帶來可觀的收入。

So I think it's a combination of a lot of things. Some of the things that we're working on with the resellers could really help us blow up at the back end of the year. Some of the pilots that we've been working with some larger organizations. And again, just the larger it is the longer it takes is the amount of people that have to give their stamp of approval.

所以我認為這是很多事情的結合。我們正在與經銷商合作的一些事情確實可以幫助我們在今年年底取得成功。我們一直在與一些較大的組織合作進行一些試點。同樣，規模越大，需要給予批准的人數就越多。

It seems that everywhere we go the business people like I want it yesterday and rightly so DevOps and infosec are making sure that everything about us is safe so that they don't get hacked and it just always takes longer than we would open certainly longer than their business folks would hope. So. I think it's a combination of some of the deals that we signed and then some of the pilots that we have in place are really hitting the aftermarket.

似乎我們走到哪裡，業務人員就像我昨天想要的那樣，這是正確的，所以DevOps 和資訊安全正在確保我們的一切都是安全的，這樣他們就不會被駭客攻擊，而且它總是比我們開放的時間更長，當然也比我們開放的時間更長。所以。我認為這是我們簽署的一些協議以及我們已經實施的一些試點項目的結合，這些試點項目確實進入了售後市場。

Got it. And then, hey, just lastly, we tail customers transactions. What percent roughly of revenue are they still?

知道了。然後，嘿，最後，我們追蹤客戶交易。他們大約還佔收入的百分之多少？

there's still the majority upwards of the cap might have better numbers off the top of his head. But I'm going to say there's still up there around if I look at financial services. And again, your number for the everything comes through one fee. So it's hard to break it out. But the financial services and everything that they're doing, probably about 95%, but a greater percentage of financial services overall is also becoming banking, just regular banking transactions. And again, something that certainly is not so much economic dependent. It is just that, you know, certainly some of our largest retailers were a significant volume of transactions, but again, they're hitting headwinds and that will hit us. And again, why we're focused so much on diversifying for sure.

仍然有大多數超過上限的人可能有更好的數字。但如果我看看金融服務業，我會說仍然存在。再說一遍，您所有的號碼都需要支付一筆費用。所以很難破解它。但金融服務和他們所做的一切，可能佔 95% 左右，但整體上更大比例的金融服務也正在變成銀行業務，只是常規的銀行交易。再說一次，這肯定不是那麼依賴經濟。只是，你知道，我們的一些最大的零售商當然交易量很大，但他們再次遇到逆風，這將打擊我們。再說一遍，為什麼我們如此關注多元化。

Got it.

知道了。

Okay.

好的。

Hey, thanks, guys.

嘿，謝謝，夥計們。

Thank you.

謝謝。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good afternoon, everyone. Thanks for taking my questions this past summer.

嗨，大家下午好。感謝您去年夏天回答我的問題。

Brian, I was hoping you could give a follow-up following up here a little bit on the pricing.

布萊恩，我希望你能對定價進行一些後續跟進。

I was hoping you could give a little color on your three-quarters of $1 million of auto transactions looks similar pricing wise to three-quarters of $1 million card not present or do you charge is there a material difference between customers of that nature.

我希望你能對四分之三的100 萬美元的汽車交易進行一些說明，看起來定價與四分之三的100 萬美元的信用卡不存在類似，或者你是否收費，這種性質的客戶之間是否存在重大差異。

It's what we're looking at more. The only time is really a difference in pricing is age-restricted versus kind of everything else. So the transaction deal for an auto dealer. It's going to be if they're doing volume like that, they're going to be almost like a retailer who's doing a ton card-not-present transaction. What I certainly will say is we continue to raise pricing. I think Jeff said in his remarks, we're up about 16% overall for the year. That includes every deal that we have been closing. So we are always doing a combination of we're pushing the pricing because we know we see how much we're saving for people and you get enough auto dealers and you can realize why we did that for them. We're going to raise price for everybody else, and that's what we've done.

這是我們更多關注的。唯一真正的定價差異是年齡限制與其他一切。這是一家汽車經銷商的交易。如果他們的交易量達到這樣的水平，他們幾乎就像一個零售商在進行大量無卡交易。我肯定會說的是我們繼續提高定價。我想傑夫在他的演講中說過，我們今年整體成長了約 16%。這包括我們已經完成的每筆交易。因此，我們總是在推動定價方面進行結合，因為我們知道我們為人們節省了多少錢，並且您擁有足夠的汽車經銷商，您可以意識到為什麼我們為他們這樣做。我們將提高其他所有人的價格，這就是我們所做的。

Great. That's helpful. And then I wanted to ask about the balance between profitability and revenue growth. It sounds like 24, we're going to the EBITDA margins improve a little bit, but you're certainly not taking the foot off the gas here on growth rate?

偉大的。這很有幫助。然後我想問一下獲利能力和收入成長之間的平衡。聽起來像是 24 歲，我們將 EBITDA 利潤率提高一點，但您肯定不會放鬆對成長率的關注？

No, no, no, no, no, not at all in OpEx. Now. We are running as hard and fast as we can for growth. And at the same time what I love is, Jeff has been able to bring and yes, a financial diligence that really didn't exist before and put all the systems in place. So I think we've got a better picture of where and how we're spending money, and we can sort of quickly move it to the things that we think are going to accelerate growth.

不，不，不，不，不，在營運支出中一點也不。現在。我們正在盡我們所能地努力和快速地實現成長。同時，我喜歡的是，傑夫能夠帶來以前確實不存在的財務盡職調查，並將所有系統落實到位。因此，我認為我們已經更好地了解了我們在哪裡以及如何花錢，並且我們可以快速將其轉移到我們認為會加速成長的事情上。

And certainly, that was the marketing, the branding and the channel program and then making sure also we have the right salespeople, which I really believe we finally have the right team in place. So growth is what we are going for. We are all tying to revenue from the most recent employee in the company. To me, all we care about is making sure that we're growing the revenue, but we've got Jeff in the corner over there and making sure we're not spending a ton of money and blowing margins. So no growth is king state-by-state for channel. (multiple speakers)

當然，這就是行銷、品牌和通路計劃，然後確保我們擁有合適的銷售人員，我真的相信我們最終擁有了合適的團隊。因此，成長就是我們的目標。我們都與公司最新員工的收入掛鉤。對我來說，我們關心的只是確保收入成長，但我們有傑夫在那邊，確保我們不會花費大量資金並降低利潤。因此，對於各州的通路來說，成長不是王道。（多個發言者）

I was going to say we're definitely cognizant of how we're deploying that that spend. I mean, one of the things I watch as I look at our employee count and we're looking at moving towards 52 people. I mean, we've got a very high revenue per employee and I'm cognizant of that because what we don't want to do is overheat the team either.

我想說的是，我們絕對清楚如何部署這筆支出。我的意思是，當我查看我們的員工人數時，我看到的一件事是我們正在考慮向 52 人邁進。我的意思是，我們每個員工的收入都非常高，我意識到這一點，因為我們也不想讓團隊過熱。

So there's Jonathan work centers, re-architecture efforts. It's like I don't think that you're resource constrained. If you have a compelling case and you need more spend, communicate that work across the entire team as receivables out all of these marketing initiatives, all of the trade shows that we're going to be attending conferences.

因此，有喬納森工作中心和重新架構工作。就好像我不認為你的資源有限。如果你有一個令人信服的案例並且需要更多的支出，請在整個團隊中傳達這項工作，作為所有這些行銷活動、我們將參加的會議的所有貿易展覽的應收帳款。

Kate, let's balance, you know, her needs and knows what's going to be effective. These are all new cut. Let's work as a team. So there's really not a reservoir are inflation, but we're making sure that we stay in the guardrails of achieving those committed EBITDA levels. Tom, you know, publicly.

凱特，讓我們平衡她的需求，並知道什麼是有效的。這些都是新剪的。讓我們作為一個團隊一起工作。因此，通貨膨脹確實不存在蓄水池，但我們確保我們保持在實現承諾的 EBITDA 水準的範圍內。湯姆，你知道，公開的。

Great. That's helpful. And then last one for me. In terms of capital allocation, as the business starts to generate more cash internally, how are you thinking about uses of that cash? Could we see, you know, us at aggressive share repurchase with the stock trading done?

偉大的。這很有幫助。然後是我的最後一張。在資本配置方面，隨著企業開始在內部產生更多現金，您如何考慮這些現金的用途？你知道，我們能看到我們在完成股票交易後積極回購股票嗎？

when I say that everything's on the table, we're always going to look at what do we think brings the most shareholder value and that could be everything from a stock repurchase to is there a small little tuck-in company with really full technology that makes sense to add into our portfolio. So yes, a lot of school startups and other things come across our door where they all know that you've got something very interesting, but it's useless without a really, really accurate first step. So we're always looking and it would, again, what makes the most sense for the future growth of Intelli-Check and also for the shareholders.

當我說一切都擺在桌面上時，我們總是會考慮我們認為什麼可以帶來最大的股東價值，這可能是一切，從股票回購到是否有一家擁有真正完整技術的小公司加入我們的投資組合是有意義的。所以，是的，很多學校新創公司和其他事情都來到我們家門口，他們都知道你有一些非常有趣的東西，但如果沒有真正、真正準確的第一步，那麼它是沒有用的。因此，我們一直在尋找對 Intelli-Check 以及股東的未來發展最有意義的因素。

Great.

偉大的。

Well, thanks for the time, guys, and appreciate all the added detail in the prepared remarks.

好吧，感謝各位抽出時間，並感謝準備好的評論中添加的所有細節。

Today.

今天。

Great.

偉大的。

Thanks, Scott.

謝謝，斯科特。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Great. Thanks for taking my question. And I guess finally, Jeff, if you had to take a swag at it, kind of going back to my first question of the 95% that's coming from financial services is, you know, I know there's some messiness in the data you're getting, but it's like two thirds of that coming from retailers bringing forces it has like is there any kind of bounce you can put around it.

偉大的。感謝您提出我的問題。我想最後，傑夫，如果你不得不接受這個問題，那麼回到我的第一個問題，95% 來自金融服務，你知道，我知道你的數據中有一些混亂。之二來自零售商帶來的力量，就像你可以圍繞它施加任何形式的反彈。

It's going to be a significant portion of it, 75% to 80%, probably in that range.

這將佔其中很大一部分，75% 到 80%，可能在這個範圍內。

Okay.

好的。

That's --

那是--

Yes, it's still a disease. It's going down every quarter as we add more pure bags and then also as to the banks that we have had more banking use cases. So it continues to move down.

是的，它仍然是一種疾病。隨著我們添加更多的純包，每個季度都會下降，對於銀行來說，我們有更多的銀行用例。所以它繼續向下移動。

Yes. Okay. And then as far as you said, you saw some large retailers with 15% to 25% declines in Q4. I mean, what have you seen quarter to date? And is that down year over year, Q2 to Q1, but like what level of decline has it gotten worse throughout Q1 or is it say diluted EPS?

是的。好的。然後，正如您所說，您看到一些大型零售商在第四季度出現了 15% 到 25% 的下降。我的意思是，到目前為止您看到了什麼？從第二季度到第一季度，這一數字是否逐年下降，但整個第一季下降到什麼程度，或者是稀釋後的每股盈餘？

If I look at Q1, I think and that's part of the reason. I think what we're seeing in Q1 been looking at the numbers are as Ray just fault, that we've got some down upwards of 27% from the large guys are basically down anywhere between 18% and 27%.

如果我看一下第一季度，我認為這就是部分原因。我認為我們在第一季看到的數字是雷的錯，我們有些下降了 27% 以上，而大公司基本上下降了 18% 到 27% 之間。

Okay. So a bit a bit worse thus far in Q1 than Q4, they buy barrels out of compact?

好的。那麼到目前為止，第一季比第四季有點糟糕，他們買了緊湊型桶？

So I can do apples to apples because we always see a decline in retail in Q1 just because the holidays holiday been shopping and everybody's like not spending a lot of money. So it's not comparing to the first two months of this year versus two months of last year, and that's what those numbers are.

因此，我可以逐一比較，因為我們總是看到第一季零售業下降，只是因為假期購物，每個人都不想花很多錢。因此，這並不是將今年前兩個月與去年兩個月進行比較，而這就是這些數字。

Okay. And I guess I want to be clear. One thing that you said you do expect growth to accelerate sequentially throughout the year. And so does that mean improving year-over-year growth Q2 versus Q1, Q3 versus Q2, so on and so forth.

好的。我想我想澄清一下。您所說的一件事是，您確實預計全年成長將連續加速。這是否意味著第二季與第一季相比，第三季與第二季相比，年成長有所改善，依此類推。

And could you just maybe talk about some of these new wins? Or are these all kind of six-figure year revenue opportunities is the big three banks just initial use cases, is that does that push them into a seven figure a year customer like the other large banks that you have? I mean, just what and where should growth accelerate to by the end?

您能否談談其中一些新的勝利？或者，這些每年六位數收入的機會是三大銀行只是最初的用例，這是否會將它們推向像您擁有的其他大型銀行一樣每年七位數的客戶？我的意思是，到最後，成長到底該加速到什麼程度、加速到什麼程度？

Look, I think that you're looking at that large bank, it should be just like all of our other large banks. It is the same use cases the same need. It's just a matter of how fast they get up and running. And again, they're going to start with everything digital and their mobile app. And then you roll everything into in-branch in 2025?

聽著，我認為你正在看那家大銀行，它應該像我們所有其他大銀行一樣。這是相同的用例相同的需求。這只是他們啟動和運行的速度有多快的問題。再次，他們將從數位化的一切和行動應用程式開始。然後在 2025 年將所有內容轉移到分公司內？

I think one of the things that we're doing as part of our strategy is not chasing the wells is something we're always down and they take a really, really long time. And but we're also through our channel partners and also now with the simplicity of our tools to be able to integrate them particularly in the digital world. We're certainly making sure the sales team is going after the singles and doubles as well.

我認為，作為我們策略的一部分，我們正在做的事情之一不是追逐油井，這是我們總是處於停滯狀態的事情，而且需要非常非常長的時間。但我們也透過我們的通路合作夥伴，現在也透過我們的工具的簡單性，能夠將它們整合到特別是在數位世界中。我們當然會確保銷售團隊也專注於單打和雙打。

So I expect to see that we'll bring in $50,000 to $75,000 kind of deals with more frequency because they're easy to bring up while at the same time continuing to grow the existing clients, adding some of the folks that should be, you know, seven figure kind of deals on sort of a combination of things that we're hoping for brings in a way less lumpiness to the revenue growth and make sure that we continue to land the big giant deals that are, I think, really important and prove how good we are.

因此，我希望看到我們會更頻繁地帶來 50,000 美元到 75,000 美元的交易，因為它們很容易提出，同時繼續發展現有客戶，增加一些應該的人，你我們希望達成七位數的交易，以減少收入成長的波動，並確保我們繼續達成我認為非常重要的大型交易並證明我們有多優秀。

And at the same time, making sure the sales guys are bringing in stuff so that they make commissions and they're happy and they stay. So that's the whole point of getting the marketing right messaging, right, more people to know who we are because I still stay at home. People think that everybody's the same doing IT validation and whatnot. And when they see how differently are things move quickly and we don't always win the business side.

同時，確保銷售人員帶來東西，以便他們賺取佣金，他們很高興並留下來。因此，這就是行銷正確訊息的重點，讓更多的人知道我們是誰，因為我仍然待在家裡。人們認為每個人都在進行 IT 驗證等工作。當他們看到事情有多麼不同時，事情就會迅速發展，而我們並不總是能贏得業務。

We still have to go through all the infosec and those types of things, but it moves quickly when people realize what we can do that really nobody else can do in our opinion and they want us. So I think a combination of things are going to put it all across the board this year and the size of the deals that we're bringing in used to be very big and sort of very small. Now we're making sure that we get that midrange as well.

我們仍然必須經歷所有資訊安全和此類事情，但是當人們意識到我們可以做的事情在我們看來其他人實際上無法做到並且他們想要我們時，它就會迅速發展。因此，我認為今年將有多種因素綜合作用，我們引入的交易規模過去很大，也有些很小。現在我們要確保我們也能獲得中頻。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Great. Thanks for taking my questions, guys. Some several here maybe one to follow on Rudy, there. In terms of the new signings, it maybe you could just give us a swag of the ACV of contracts that are signed, but not yet implemented as of Q4, even a ballpark, put them all together, the majors that you mentioned and putting aside any churn or anything else, just the incremental value of the signings that you have in hand in Asia, can you give us a ballpark of that?

偉大的。謝謝你們回答我的問題，夥伴們。這裡有一些可能是魯迪的關注點，那裡。就新簽約而言，也許您可以給我們一些已簽署但截至第四季度尚未實施的合約的 ACV，甚至是一個大概，將它們全部放在一起，您提到的主要項目放在一邊任何流失或其他任何事情，只是您在亞洲手上的簽約的增量價值，您能給我們一個大概的數據嗎？

I know what I'd be worried about us giving a number without having a better idea of what they're going to go live because it just seems to impact things. We certainly plan on giving them some years 2020, 24 guidance on our next call is where we kind of expect to end out the year on. And so what I would say is I am very comfortable with what the ACV that I've seen just and I'll also say this, my sales team always seems to you sell smaller buckets to people that become very much bigger bucket.

我知道我會擔心我們在沒有更好地了解他們將要上線什麼的情況下給出一個數字，因為它似乎只會影響事情。我們當然計劃在 2020 年 24 日的某些年裡為他們提供指導，我們預計下一次電話會議將在今年結束。所以我想說的是，我對我所看到的 ACV 非常滿意，我還要說的是，我的銷售團隊似乎總是向那些變得更大的人出售較小的桶。

So it's always in my mind, an underestimation of what the ACV could really be I'm comfortable with it in terms of what it means for growth for the year and where people where consensus has us and things I'm I'm very happy and comfortable with what I have seen signed and what I expect to be signed.

所以我一直在想，低估了 ACV 的真正潛力，我對此感到滿意，因為它對今年的成長意味著什麼，人們對我們達成了共識，我很高興對我所看到的簽名和我期望簽名的內容感到滿足。

Okay, got it. And then maybe back to the on the scan reductions of 15 to 25 and then maybe accelerating a bit on how do you think about 24? And what do you anticipate in terms of scan volume trends? And maybe just a little bit about what's going on in those retailers. Not a lot of retailers.

好，知道了。然後也許回到掃描減少 15 到 25，然後可能加快一點，您如何看待 24？您對掃描量趨勢有何預期？也許只是了解一下這些零售商正在發生的事情。零售商不多。

There are some, but I mean as a group and they're certainly not putting down 20% on the revenue line. So maybe you can parse that just a little bit, how much of that is due to your retailers closing doors versus just reduced economic activity versus potentially just people somehow finding a way around your solutions, just maybe parse that to the degree you can and how you think about it.

有一些，但我的意思是作為一個整體，他們肯定不會在收入線上投入 20%。所以也許你可以稍微解析一下，其中有多少是由於你的零售商關門而不是經濟活動減少以及可能只是人們以某種方式找到解決方案的方法，也許只是在你可以的範圍內解析它以及如何你想想。

If I'm looking at the stores that are down the retailers, they are down the most. They're the ones that you're reading about because either they sort of lost their branding and people maybe didn't want it. It just didn't make sense to them anymore or they're shutting down their stores, then looking at that. So what I'm seeing where they're down is mostly those large amounts is mostly those types of things.

如果我看一下零售商跌幅最大的商店，它們跌幅最大。你之所以讀到它們，是因為它們失去了自己的品牌，而人們可能不想要它。這對他們來說已經沒有意義了，或者他們正在關閉商店，然後再考慮這一點。所以我看到他們的下跌主要是那些大量的事情。

I think again, retailers that I have lost their way that we've all been reading about for a while. If I look across the rest of them, you know, there are certain stores that have it right and they're up, but they're smaller. So they're up doesn't offset the down. But overall, looking at it, we take the big guys out. People are fairly neutral or slightly up, so anywhere from 95% to 102% of where they were this time last year. So I think that there is definitely some folks who are thinking about, hey, should I be spending money now as well as I think that's what we're seeing partially, but I think a lot of it is really just retailers unless the way.

我再次想到，我已經迷失了方向的零售商，我們都已經閱讀了一段時間了。如果我看看其餘的商店，你知道，有些商店做得不錯，而且價格上漲，但規模較小。所以它們的上漲並不能抵消下跌。但總的來說，我們把大人物淘汰了。人們的態度相當中立或略有上升，因此是去年同期水準的 95% 到 102%。所以我認為肯定有一些人在想，嘿，我現在應該花錢嗎？

Yes.

是的。

Yes.

是的。

I mean, you're giving thought to obviously the annual guide. I mean, how do you tackle that? How do you think about retail scans for 24 at this point.

我的意思是，你顯然正在考慮年度指南。我的意思是，你如何解決這個問題？現在您如何看待 24 小時的零售掃描？

I think that if this trend continues, I don't see it driving much more below this and it could be that people spent a lot of money who knows on Christmas this year and the holidays, and they're now sitting back for a while. I don't, unless something really crazy happens with the economy. Everything I'm reading is saying of retail slightly off, but they don't expect it to take a header. So I don't I mean, I don't see it getting much worse than where we are now, if anything, potentially improving once we get out of Q1 and maybe people start to think about spending money.

我認為，如果這種趨勢繼續下去，我認為它不會比這個水平進一步下降，可能是人們在今年的聖誕節和假期花了很多錢，誰知道，他們現在會袖手旁觀一段時間。我不會，除非經濟發生了真正瘋狂的事。我讀到的所有內容都說零售業略有下滑，但他們不認為零售業會大幅下滑。所以我並不是說，我認為情況不會比我們現在的情況變得更糟，如果有的話，一旦我們走出第一季度，也許人們會開始考慮花錢，情況可能會有所改善。

Got it. Got it. Adjust the RPOs. I know it's in the Q's and K's. I don't know if you have that handy.

知道了。知道了。調整 RPO。我知道它在 Q 和 K 中。不知道你是否有這個方便。

I don't know in front of me, Scott.

我不知道在我面前，史考特。

Jeff, that's all right.

傑夫，沒關係。

I'm sorry. And so yes, I'm sorry. No, I don't actually following that. Once you see the grade. I don't have it in front of me, but I'll make sure I have that prepared on the next call.

對不起。所以，是的，我很抱歉。不，我實際上並沒有遵循這一點。一旦看到等級。我面前沒有，但我會確保在下次通話時準備好。

Sounds good.

聽起來不錯。

Yes, we'll get offline.

是的，我們會離線。

Thank you. We've reached the end of our question-and-answer session. And with that, I would like to turn the floor back over to Mr. Bryan Lewis for closing comments.

謝謝。我們的問答環節已經結束。說到這裡，我想把發言權轉回布萊恩劉易斯先生發表總結評論。

Thank you, operator. So I'd say in closing, 2023 was a year of change and growth for us and everything from a new CTO, new channel partner program, new Vice President of Marketing and what I'm happy about as we continue to build the strength of our organization and I think the changes that we have made, you can see it already have an impact on cost productivity and new sales to be implemented in this year.

謝謝你，接線生。因此，我最後要說的是，2023 年對我們來說是變革和成長的一年，從新的技術長、新的通路夥伴計畫、新的行銷副總裁，到我們繼續增強實力，我感到很高興我們的組織以及我認為我們所做的改變，你可以看到它已經對成本生產力和今年將實施的新銷售產生了影響。

And as I told everybody before, we're continually analyzing our performance and we don't hesitate to make changes where we think we will accelerate growth or reduce costs. Caring for the bottom line requires that we constantly raise the bar against. We measure ourselves in our progress, which we do in US Everybody asks, are you satisfied with where you are? And I would say no, but I am a pragmatist.

正如我之前告訴大家的那樣，我們正在不斷分析我們的績效，並且我們會毫不猶豫地做出我們認為會加速成長或降低成本的改變。關心底線需要我們不斷提高標準。我們用我們的進步來衡量自己，就像我們在美國所做的那樣。我會說不，但我是一個實用主義者。

No, I understand. It's a large deal and the organizations that we deal with that can benefit so much from our services have multiple structural channels that we have to get through before they can integrate a new process or service so well, and we totally wasted. There are ways to streamline the implementation and we work with our clients to do that. And we recognize that that might take a while, but the partnerships.

不，我明白。這是一件大事，與我們打交道的組織可以從我們的服務中受益匪淺，他們有多個結構性渠道，我們必須先打通這些渠道，然後他們才能很好地集成新流程或服務，而我們完全浪費了。有多種方法可以簡化實施，我們與客戶合作來做到這一點。我們認識到這可能需要一段時間，但是夥伴關係。

So just to end from what I say these big deals take a long time. They also have a lot of value and a lot of long-term benefit. So we feel we would fit their worth it also, we haven't changed the business model to make sure we also get every single and double out there. So again, Mike, thanks for joining us today. We really anticipate more good news to come, and we look forward to sharing with it all with you. So have an excellent night.

因此，根據我所說，這些大交易需要很長時間才能結束。它們也有很多價值和很多長期利益。所以我們覺得我們也符合他們的價值，我們沒有改變商業模式來確保我們也能得到每一個單打和雙打。麥克，再次感謝您今天加入我們。我們真的期待更多好消息的到來，並期待與您分享這一切。祝您有個美好的夜晚。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。