Intellicheck Inc (IDN) 2024 Q3 法說會逐字稿

Thanks and welcome to the Intellicheck Q3 2024 earnings call at this time (operator instruction).

感謝並歡迎參加 Intellicheck 2024 年第三季財報電話會議（操作員指令）。

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

現在我很高興介紹您的主持人 Gar Jackson 投資者關係部門。謝謝。

Thank you, operator.

謝謝您，接線生。

Good afternoon and thank you for joining us today for the Intellicheck third quarter, 2024 earnings call. Before we get started, I will take a few minutes to read the forward-looking statement.

下午好，感謝您今天參加 Intellicheck 2024 年第三季財報電話會議。在我們開始之前，我將花幾分鐘閱讀前瞻性聲明。

Certain statements in this conference call constitute looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

本次電話會議中的某些陳述構成 1995 年私人證券訴訟改革法所定義的前瞻性陳述。

As amended when using this conference call, words such as will believe, expect, anticipate, encourage and similar expressions as they the company management as well as assumptions made by and information currently available to the company's management.

在使用本次電話會議時，諸如相信、期望、預期、鼓勵等詞語和類似的表述與公司管理層的判斷以及公司管理層所做的假設和目前掌握的信息一致。

Identify forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1,995. Throughout this call, we may reference certain financial metrics that have been rounded for the ease of discussion.

識別 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。在整個通話過程中，我們可能會參考某些已四捨五入的財務指標，以便於討論。

These forward-looking statements are based on management's current expectations and beliefs about future events as of any projection or forecast. They are inherently susceptible to uncertainty and changes in circumstances.

這些前瞻性陳述是基於管理層目前的預期和對未來事件的信念，如任何預測或預報。他們天生就容易受到不確定性和環境變化的影響。

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.

且本公司不承擔任何義務並明確否認任何更新或更改其前瞻性陳述的義務，無論這些義務是由於此類變更、新資訊、後續事件或其他原因造成的。

Additional information concerning forward-looking statements is contained under the headings of safe harbour statement and risk factors listed from time to time in the company's filings with the securities and exchange commission statements made on today's call are as of today, November 13, 2024.

有關前瞻性陳述的更多資訊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，今天的電話會議上發表的聲明截至今天（2024 年 11 月 13 日）。

Management will use the financial term adjusted EBITDA on 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.

管理層將在今天的電話會議中使用財務術語“調整後 EBITDA”。有關該術語的進一步定義、協調和使用背景，請參閱該公司今天下午發布的新聞稿。

We'll begin today's call with Bryan Lewis. Intellicheck, Chief Executive Officer and then Adam Sragovicz. Intellicheck, Chief Financial Officer who will discuss the Q3 2024 financial results following their prepared remarks.

今天的電話會議我們將首先由 Bryan Lewis 主持。Intellicheck 擔任首席執行官，然後是 Adam Sragovicz。Intellicheck 財務長將在準備好的發言後討論 2024 年第三季的財務業績。

We will take questions from our analysts and institutional investors. Today's call will be limited to 1 hour and I will now turn the call over to Bryan.

我們將回答分析師和機構投資人的問題。今天的通話時間將限制在 1 小時內，現在我將把電話轉給布萊恩。

Hey, thanks Gar and good afternoon and thanks for joining us today for our third quarter. 2024 earnings call total revenues for the third quarter were $4.71 million and SAS revenues increased slightly totalling $4.66 million. Our gross margin remains strong at 91% in line with last year's results.

嘿，謝謝 Gar，下午好，感謝您今天加入我們的第三季節目。 2024 年財報電話會議第三季總營收為 471 萬美元，SAS 營收小幅增加，總計 466 萬美元。我們的毛利率依然保持強勁，達到 91%，與去年的業績一致。

Of note, our new business continue to generate higher prices per transaction values. During the third quarter, our new business price per transaction increased 25% year over year and 8%. Sequentially.

值得注意的是，我們的新業務持續產生更高的每筆交易價值。第三季度，我們每筆新業務的交易價格年增25%，較上季成長8%。依次。

When compared to the second quarter of this year, we believe this further reiterates our pricing power on our last call.

與今年第二季相比，我們相信這進一步證實了我們上次的定價能力。

I began with an update on some recent organizational changes. I told you about Sandra Bauer joining the team as Vice President of customer success and account management. I'm very pleased to say that she hit the ground running and has already made significant progress in a very short period of time.

我先介紹最近的一些組織變化。我告訴你桑德拉鮑爾將加入團隊擔任客戶成功和客戶管理副總裁。我很高興地說，她一開始就全力以赴，並在很短的時間內取得了重大進展。

Sandra has evaluated our customer success program as it made changes to the organization that we believe will drive sales growth as we enter 2025.

桑德拉評估了我們的客戶成功計劃，因為該計劃對組織做出了改變，我們相信這些改變將在進入 2025 年時推動銷售成長。

1 of the big opportunities that she saw in an area that we have needed to capitalize on more effectively is driving more use cases for customer and increasing incremental revenue.

她在我們需要更有效利用的領域中看到的一大機會是，為客戶帶來更多使用案例並增加增量收入。

Sandra has done a deep dive on the product pipeline has been putting plans in motion that we expect will drive additional revenues with many of our customers.

桑德拉對產品線進行了深入研究，並製定了計劃，我們預計這些計劃將為許多客戶帶來額外收入。

She's effectively aligned with the sales team gave a fresh look to our customer facing marketing materials and is providing valuable input into these important areas. We see the customer success program is a key metric to our success.

她與銷售團隊的有效協調為我們的面向客戶的行銷材料提供了全新的視角，並為這些重要領域提供了寶貴的意見。我們認為客戶成功規劃是我們成功的關鍵指標。

Organizational change is not a new topic on these calls. I have continued to underscore my commitment to organizational review with a focus on our needs and having the right people in the right positions to drive revenue growth.

組織變革並不是這些電話會議中的新議題。我始終強調我對組織審查的承諾，重點是我們的需求，並讓合適的人才在合適的職位上推動收入成長。

I will not be reticent in calling it as I see it, I will not hesitate to continue to make changes if I did not see the progress, I expect my objective is to put the best people into operational roles that will position us to drive growth and product innovation.

我不會羞於表達我的看法，如果我沒有看到進步，我會毫不猶豫地繼續做出改變，我的目標是將最優秀的人才安排到營運崗位上，從而推動成長和產品創新。

We are continuing to attend trade shows as we leverage opportunities to grow brand awareness of our distinctive hardware agnostic state of the art technology solution and our role as thought leaders in the identity theft and fraud space at the identity week conference in September.

我們將繼續參加貿易展會，利用機會在 9 月的身份週會議上提升我們獨特的與硬體無關的先進技術解決方案的品牌知名度，以及我們作為身份盜竊和欺詐領域思想領袖的角色。

I was pleased to participate in a panel discussion on fighting online fraud. It was great to have a presence with distinguished co-panellists that included Scotia Bank, Vice President, global fraud management and capital 1, senior counsel for Enterprise innovation.

我很高興參加關於打擊網路詐欺的小組討論。非常高興能有如此傑出的小組成員出席，其中包括加拿大豐業銀行全球詐欺管理副總裁以及資本1的企業創新高級顧問。

In addition, Chris Meyer, our VP of sales chaired a round table discussion on fighting fraud. Chris was also active at the Das Insight Financial crime trade show where he led an intimate round table discussion from rock risk to reward transforming fraud prevention into customer acquisition.

此外，我們的銷售副總裁 Chris Meyer 主持了一場關於打擊詐欺的圓桌討論。Chris 也積極參與了 Das Insight 金融犯罪貿易展，在那裡他主持了一場親密的圓桌討論，從風險到回報，將欺詐預防轉變為客戶獲取。

Just a few weeks ago, we participated in money 2020 for the 2nd year. This conference is considered the world's leading premium content sales and networking platform for the global money ecosystem.

就在幾週前，我們第二年參加了 Money 2020。該會議被認為是全球貨幣生態系統領先的優質內容銷售和交流平台。

Money 2020 has a distinctive focus on what's next in the world of payments, fintech and financial services. This prestigious show allowed us another strong platform to increase brand awareness.

《Money 2020》特別關注支付、金融科技和金融服務領域的未來發展。此次盛大的展會為我們提供了另一個強大的平台來提升品牌知名度。

We continue to evaluate our attendance at these shows with an eye towards return on investment and brand building.

我們將繼續評估我們參加這些展會的情況，並著眼於投資回報和品牌建立。

As we also explore other opportunities that may serve us well, we believe that we have the most accurate and hardware free fast solution in the market today and that these trade shows show should drive both market awareness and sales for Intellicheck .

我們也在探索其他可能對我們有利的機會，我們相信我們擁有當今市場上最準確、最無硬體的快速解決方案，這些貿易展覽會應該會提高 Intellicheck 的市場知名度和銷售量。

And 1 final note on marketing initiatives, marketing continues to be a focus for us and is another area where we see additional opportunities to drive more interest in (in audible) [tlo] and our product offerings targeting multiple verticals.

關於行銷措施的最後一點說明，行銷仍然是我們關注的重點，也是我們看到更多機會來吸引更多人對（可聽）[tlo] 和我們針對多個垂直領域的產品興趣的領域。

We're in the process of shifting a greater focus to developing support materials for the sales force based on what we have learned over the past 6 months.

我們正根據過去 6 個月所獲得的經驗，將重點轉移到為銷售人員開發支援材料。

Turning out his sales in this quarter, we reached an agreement with a retailer located throughout the southeast region that serves as the umbrella corporation for 287 franchise locations of a well-known retail chain offering a variety of signature home furniture decor and accessories.

在本季的銷售結果出來後，我們與位於東南地區的一家零售商達成了協議，該零售商是一家知名零售連鎖店 287 家特許經營店的總公司，提供各種標誌性的家居家具裝飾和配件。

We also achieved an important milestone with a leading operator in the retail lease to own space. We are now live assuring the validity of high-risk applications. This adds to the growth. We're seeing with this client who continues to implement our technology in their brick-and-mortar locations.

我們也與零售租賃自有空間領域的領先營運商合作取得了重要的里程碑。我們現在正在即時確保高風險申請的有效性。這促進了增長。我們正在與該客戶會面，他們繼續在其實體店中實施我們的技術。

We anticipate this partnership will generate annual revenues in the low 6 figures with their initial use case alone. While we continue to diversify and see substantial growth in our newer vertical markets.

我們預計，僅憑此合作關係的初步使用案例，年收入就將達到六位數。我們繼續實現多元化，並在新的垂直市場中實現大幅成長。

Retail remains a large important part of our mix 1 of our prominent department stores that does their credit card processing through one of our leading bank clients is shifting part of their process to now run their transactions through the bank API.

零售仍然是我們業務組合中很重要的一部分，我們的一些著名百貨商場透過我們一家領先的銀行客戶進行信用卡處理，現在他們正在將部分流程轉變為透過銀行 API 來運行交易。

This is good news for us because the bank has a higher transaction value per transaction per scan. And as a result, we've seen an uptick in revenue generated from this retail customer which leads me now to the banking vertical.

這對我們來說是個好消息，因為銀行每次掃描的交易價值較高。結果，我們看到來自這個零售客戶的收入有所上升，這讓我現在轉向銀行垂直行業。

We believe this move also further solidifies our relationship with this bank that does credit card transactions for multiple merchants as well as their retail locations.

我們相信此舉將進一步鞏固我們與該銀行的關係，該銀行為多家商家及其零售店提供信用卡交易服務。

Additionally, this incremental revenue reinforces our pricing power as others with inferior products, cut their rates in order to try and gain share and remain relevant. We continue to decrease increase our per transaction pricing with little resistance.

此外，這些增量收入增強了我們的定價能力，因為其他生產劣質產品的公司會降低價格，以試圖獲得市場份額並保持相關性。我們繼續降低並增加每筆交易的定價，幾乎沒有遇到任何阻力。

We anticipate that the revenue generated from this bank will have a material increase as we enter 2025 to give you a little history. This bank's transaction volume has increased far beyond what they originally projected and they ran through their prepaid bucket much packed faster than anticipated right now.

我們預計，到 2025 年，這家銀行的收入將大幅增加，我們可以回顧一下歷史。該銀行的交易量已遠遠超出了他們最初的預期，而且他們的預付費儲存桶使用速度比目前預期的要快得多。

We're seeing 30% growth across their combined channels. And as a result, this banking client is reassessing their first their future transaction volume needs, recognizing they sharply underestimated their usage. This happened faster than either of us anticipated.

我們看到他們的綜合管道成長了 30%。因此，該銀行客戶正在重新評估他們未來的交易量需求，並認識到他們嚴重低估了他們的使用量。這件事發生得比我們任何人預想的都要快。

So we are currently billing them in arrears for usage and we are working towards a new three year annually prepaid commitment from them that we anticipate will be signed and paid for in the first quarter.

因此，我們目前正在向他們收取使用費，並正在努力與他們達成新的三年年度預付承諾，我們預計將在第一季簽署並付款。

Continuing with our efforts in the banking market vertical. 1 of our large regional banks has signed a new multi-year agreement and they are now fully rolled out in live in 1,200 bank branches with plans to expand to a digital use case in the near future.

繼續在銀行垂直市場做出努力。我們的一家大型地區性銀行已經簽署了一項新的多年期協議，目前該協議已在 1,200 家銀行分行全面推出，併計劃在不久的將來擴展到數位化用例。

We anticipate this being a mid-six figure revenue producing agreement annually over time, the powerhouse Southern Regional Bank with more than 2,700 branches we previously partnered with is in the process of working with us towards finalizing a multi-year deal for their in branch location.

我們預計這將是一份長期每年六位數中等收入的協議，我們之前合作過的擁有超過 2,700 個分支機構的強大的南方地區銀行正在與我們合作，以敲定其分支機構的多年期協議。

Roll out this multi-year agreement stands to have significant implications. There are in the process of integrating int technology solution into their teller workstations and we believe it has the potential to become a multiyear seven figure contract beginning in the middle of next year.

這項多年協議的推出將產生重大影響。他們正在將 int 技術解決方案整合到他們的櫃員工作站中，我們相信它有可能在明年年中開始成為為期多年的七位數合約。

I am pleased to share with you that we have continued our expansion into Canada during the third quarter. A small but growing Canadian Online Bank completed integration for digital online use cases.

我很高興地與大家分享，我們在第三季繼續向加拿大擴張。一家規模雖小但正在成長的加拿大網路銀行完成了數位線上用例的整合。

Canada has been a growing market for us and we continue to believe that we will see additional opportunities to drive revenue there.

加拿大一直是我們不斷成長的市場，我們仍然相信我們將在那裡看到更多增加收入的機會。

Our real estate market vertical presence continues to see solid growth on our last call I shared with you news of Intellicheck partnership with the Nation's 8 largest title insurance, Doma title insurance.

我們在房地產市場的垂直業務持續保持穩健成長，上次電話會議我與大家分享了 Intellicheck 與美國第八大產權保險公司 Doma 產權保險公司合作的消息。

You may recall that Doma title has partnered with Intellicheck Pro providing its agent and attorney customers with access to Intellicheck, web based solution that validates analyse matches and de risks.

您可能還記得，Doma title 已與 Intellicheck Pro 合作，為其代理人和律師客戶提供 Intellicheck 存取權限，這是一種基於 Web 的解決方案，可驗證分析匹配並降低風險。

The identification credentials of parties involved in real estate transactions is being offered to Doma agents who are signing documents as part of a Doma insured transaction.

作為 Doma 保險交易的一部分，參與房地產交易的各方的身份證明將提供給簽署文件的 Doma 代理商。

Doma title turned to us to address a rising trend that is costing title insurance companies and homeowners billions of dollars in losses each year.

Doma title 向我們尋求幫助，以解決一個日益嚴重的趨勢，該趨勢導致產權保險公司和房主每年遭受數十億美元的損失。

Seller impersonation fraud is a real estate scam in which a fraudster poses as a property owner to illegally sell without the true property owner's knowledge or involvement residential or commercial property.

賣方冒充詐欺是一種房地產詐騙，其中欺詐者冒充業主，在真正的業主不知情或不參與的情況下非法出售住宅或商業房地產。

As incredible as it sounds. It is happening with greater frequency. Sophisticated fraudsters often use the property owners fraudulently used, obtained social security and driver's license information in the transaction.

聽起來確實令人難以置信。此類情況發生得越來越頻繁。老練的詐騙分子往往會在交易中使用業主冒用的、獲取的社會安全和駕駛執照資訊。

In many cases, fraudsters use email and text messages to communicate with the title agent, allowing them to mask their true identities and commit crime from a remote location also called seller ID fraud.

在許多情況下，詐欺者使用電子郵件和簡訊與產權代理人溝通，從而掩蓋其真實身份並從遠端位置實施犯罪，這也稱為賣方身分詐欺。

The scam is most rampant in the high volume states of California, Florida and Texas. But schemes have targeted property owners throughout the country from rural areas in the south to cities in the Midwest.

這種詐騙行為在犯罪率較高的加州、佛羅裡達州和德州最為猖獗。但這些騙局的目標是全國各地的業主，從南部的農村到中西部的城市。

A troubling statistic that demonstrates just how serious the problem is serves to underscore the financial impact in 2023. 30% of all claims paid by Doma title insurance involved fraud and forgery early data from the first few months of 2024 is further evidence of the significance of this problem. In those first few months alone, seller and person impersonation claims surpassed 2023 damages.

一個令人不安的統計數據顯示了問題的嚴重性，凸顯了 2023 年的財務影響。光是最初幾個月，賣家和個人冒充索賠就超過了 2023 筆損失。

I hope you had time to read the Doma title insurance press release that was issued in August because I believe you 2 will appreciate hearing about the consequential impact Intellicheck Technology Solutions having from one from one of Doma's title agents.

我希望您有時間閱讀 8 月發布的 Doma 產權保險新聞稿，因為我相信您一定會喜歡從 Doma 的一位產權代理商那裡聽到 Intellicheck Technology Solutions 的重要影響。

We believe this further sets the stage for additional growth in this area and I am pleased to share with you the fact that we are seeing that already and the other title insurance company is capitalizing on the value of our technology is West Court Land title insurance company, West Court is the number 1 independent title insurance underwriter in the nation. Their model is a bit different.

我們相信這為該領域的進一步增長奠定了基礎，我很高興與你們分享我們已經看到的事實，另一家產權保險公司正在利用我們技術的價值，那就是 West Court Land 產權保險公司，West Court 是全國第一大獨立產權保險承保人。他們的模型有點不同。

They have launched Val ID by West Court. It's an advanced ID verification tool designed to empower title agents in validating the identities of borrowers and sellers.

他們已經推出了 West Court 的 Val ID。它是一種先進的身份驗證工具，旨在幫助產權代理人驗證借款人和賣家的身份。

They describe this new tool powered by our technology solution as delivering and I quote them here unparalleled access and speed and ID verification.

他們將這款由我們的技術解決方案提供支援的新工具描述為提供無與倫比的存取和速度以及身份驗證。

The tool features a comprehensive dashboard that provides title agents with real time tracking of ID verification status, enabling them to manage their work flow efficiently with validation me methods that include state issued IDs passports and support for foreign transactions.

該工具具有一個全面的儀表板，可為產權代理提供身份驗證狀態的即時跟踪，使他們能夠通過包括國家頒發的身份證、護照和對外國交易的支持在內的驗證方法有效地管理他們的工作流程。

Val ID provides multiple validation options including mobile texting and live email, hyperlinks, ensuring flexibility and convenience in the verification process.

Val ID 提供多種驗證選項，包括手機簡訊和即時電子郵件、超鏈接，確保驗證過程的靈活性和便利性。

This comprehensive approach to identity validation helps agents enhance their due diligence process, mitigate risk, prevent fraud and prove overall transaction integrity.

這種全面的身份驗證方法可協助代理商加強盡職調查流程、降低風險、防止詐欺並證明整體交易的完整性。

We really appreciated a comment from Scott Chandler, Chief Operating Officer at We Square Land Title Insurance Company. He said and again, I'm quoting here, we are confident that this tool will be a game changer for our agents allowing them to perform their duties with greater confidence and efficiency.

我們非常感謝 We Square Land Title Insurance Company 首席營運長 Scott Chandler 的評論。他說，我在這裡再次引用，我們相信這個工具將改變我們的特工的遊戲規則，使他們能夠更有自信、更有效率地履行職責。

We couldn't agree more on our last call. I noted that we're seeing growth in our title business and in addition to these clients highlights why we believe that trend will continue in a related development.

我們對於上次通話的結果完全一致。我注意到我們的產權業務正在成長，除了這些客戶之外，我們還相信這種趨勢將會持續發展。

A wire transfer company that has just completed the integration of our technology solution and are now just starting to ramp up in this recent in this client's recent findings on the state of wire fraud.

一家電匯公司剛完成了我們技術解決方案的整合，現在正開始根據該客戶最近對電匯詐欺狀況的調查結果加大力度。

The data show that 1 in 20 Americans who bought or sold a home within the past 3 years has been victim of some type of real estate fraud with the median amount and consumer losses exceeding $70,000 as a result of the stolen buyers down payment and the seller net proceeds.

數據顯示，過去 3 年內，每 20 個買賣房屋的美國人中就有 1 個成為某種房地產詐欺的受害者，由於買家首付和賣家淨收益被盜，平均金額和消費者損失超過 70,000 美元。

The company warned that fraudsters have become increasingly skilled at leveraging public records reaching broker and title agency systems. So they're able to effectively pretend to be someone involved in a transaction to steal from unsuspecting consumers.

該公司警告稱，詐騙者越來越擅長利用公共記錄進入經紀人和產權代理系統。因此，他們能夠有效地假裝參與交易的人員，從毫無戒心的消費者那裡竊取資金。

Although there are multiple warnings in place at all parts of the real estate wire transaction, consumers are still targeted through communications that convince them to send money to a fraudulent account or an entity that they believe to be true.

儘管在房地產電匯交易的各個環節都設置了多重警告，但消費者仍然會受到欺騙，他們會透過各種通訊方式說服消費者將錢匯到欺詐性帳戶或他們認為真實的實體。

(in audible) [Rotra] posing as someone involved in the transaction via email to scam victims out of their funds has seen dramatic growth. The latest data from the FBI showed that this type of crime which they categorized under business, email compromise cost victims a record $446 million in real estate traction and real estate transactions during 2022.

（聽得見）[羅特拉] 透過電子郵件冒充交易參與者來騙取受害者資金的行為急劇增加。美國聯邦調查局 (FBI) 的最新數據顯示，這類被他們歸類為商業和電子郵件洩露的犯罪活動在 2022 年給受害者造成了創紀錄的 4.46 億美元的房地產吸引力和房地產交易損失。

So now turning to our email, social media accounts in the domestic and international social media space, we do have an update. There has been a delay in that roll out but not for reasons that should be of concern. And in fact, we believe it's good news.

現在轉向我們的電子郵件、國內和國際社交媒體領域的社交媒體帳戶，我們確實有更新。此項服務的推出已推遲，但原因並不令人擔憂。事實上，我們相信這是個好消息。

This American multinational company operating as one of the largest social media platforms in the world that shows Intellicheck for ID validation has been so impressed by our technology is working on a larger use case than originally anticipated in our discussions. You know in our discussions they have told us that their goal is to be live no later than early next year.

這家美國跨國公司是世界上最大的社交媒體平台之一，它展示的 Intellicheck 身份驗證技術給我們留下了深刻的印象，並且正在研究比我們最初討論時預期的更大的用例。您知道，在我們的討論中，他們告訴我們，他們的目標是不遲於明年年初上線。

This marks the second globally recognized social media platform that is implemented Intellicheck technology and has been so impressed with his performance that they are expanding its application.

這是全球第二個實施 Intellicheck 技術的社交媒體平台，該平台對其性能感到非常滿意，因此正在擴大其應用。

You may recall that the use case for the original social media company we started working with a few years ago was for identity validation to prevent fraudulent account takeovers in the stadium operations market vertical.

您可能還記得，幾年前我們開始合作的原始社交媒體公司的用例是進行身份驗證，以防止體育場運營市場垂直領域的欺詐性帳戶接管。

We are looking at finalizing deals with two high profile food and beverage concession operators that service multiple stadiums and arena venues.

我們正在與兩家為多個體育場和競技場提供服務的知名食品和飲料特許經營商達成交易。

In addition to these 2 operators, we're in the process of closing an agreement with the primary point of sale company for sporting venues that would incorporate the Intellicheck validation process directly into their point of sale system.

除了這兩家營運商之外，我們還在與體育場館的主要銷售點公司達成協議，該公司將把 Intellicheck 驗證流程直接納入他們的銷售點系統。

What is important to note here is that these leading operators have more than 1 objective in mind. Of course, they're concerned about preventing underage access to alcohol through fake ID use. However, they have been equally important need to address overserving.

這裡值得注意的是，這些領先的業者心中不只一個目標。當然，他們擔心的是防止未成年人透過使用假身分證來獲取酒精。然而，解決過度服務問題也同樣重要。

If an individual is overserved and leaves their premises drunk, should they be in an accident, engage in violent behaviour or other activity that will result in damage and loss. The liability for these operators stands to be monumental.

如果有人喝醉酒並喝醉地離開自己的場所，他們是否會發生事故、參與暴力行為或其他會導致損害和損失的活動。這些運營商的責任將是巨大的。

Our technology solution is able to track to serve per customer and allow the server to prevent over service.

我們的技術解決方案能夠追蹤每個客戶的服務並允許伺服器防止過度服務。

We're also continuing to build our position in the digital space, a software company that specializes in identity management is in the process of incorporating our technology solution in their platform.

我們也正在繼續鞏固我們在數位領域的地位，一家專門從事身分識別管理的軟體公司正在將我們的技術解決方案納入其平台。

Programming is underway for this new client which describes itself as an identity security platform behind over half of the fortune 100, 13 of the 15 largest US banks and 7 of the 9 largest global health care companies.

該新客戶的程式設計工作正在進行中，該客戶自稱是財富 100 強中超過一半的企業、美國 15 家最大銀行中的 13 家以及全球 9 家最大醫療保健公司中的 7 家背後的身份安全平台。

We believe this agreement underscores the superiority of our technology solution in the auto meal market. We're seeing solid growth in the vertical. Automotive is up 28% over Q3, 2023 underscoring why we believe this is a great vertical for us to continue to pursue.

我們相信，這份協議凸顯了我們的技術解決方案在汽車餐點市場的優勢。我們看到垂直領域正在穩定成長。汽車產業比 2023 年第三季成長了 28%，這充分說明了我們為什麼相信這是一個值得我們繼續追求的偉大垂直領域。

On our last call. We introduced another new vertical and employment verification. Employment verification is a multi-faceted market vertical where we are starting to see our expansion efforts pay off. In our previous call. We discussed the use case in the cargo transportation area.

這是我們最後一次通話。我們引入了另一個新的垂直和就業驗證。就業驗證是一個多方面的垂直市場，我們開始看到我們的擴張努力獲得回報。在我們之前的通話中。我們討論了貨物運輸領域的用例。

There's a growing use case and one that we have effectively tackled with the major consumer food company we had talked about.

這個用例正在不斷增長，我們已經與之前討論過的大型消費食品公司有效地解決了這個用例。

You may recall that in this use case, the company has been experienced fraud at all of its shipping distribution locations.

您可能還記得，在此用例中，該公司在其所有運輸配送地點都遭遇了詐欺。

Fraud shows with fake identification documents are showing up at the warehouse posing as legitimate transportation personnel and are driving away with an 18 wheeler loaded with product losses have been dramatic for the company.

詐騙分子手持偽造的身份證明文件，冒充合法運輸人員出現在倉庫，並駕駛滿載產品的 18 輪卡車離開，給公司帶來了巨大的損失。

In the latest development, our proof of concept pilot was so successful that this company is in the process of rolling out our technology solution to all of their fleet locations and they have introduced us to a large coffee retailer who is having similar problems in their distribution centres.

在最新進展中，我們的概念驗證試點非常成功，該公司正在將我們的技術解決方案推廣到其所有車隊位置，他們已將我們介紹給一家在其配送中心遇到類似問題的大型咖啡零售商。

It is important to understand how consequential the issue of employment fraud is related to cargo transportation fraud. Recent study data shows that cargo freight theft has increased 430% year over year in Q3 of 2023.

了解就業詐欺問題與貨物運輸詐欺問題之間的關聯有多大是十分重要的。最近的研究數據顯示，2023 年第三季貨物失竊案年增了 430%。

Further findings reveal that there were 38% more cargo thefts in the first quarter of 2024 compared to the same time frame last year, nearly half of those incidents occurred at warehouses and distribution centres with an average loss of more than $210,000 per theft.

進一步調查結果顯示，2024 年第一季的貨物失竊案與去年同期相比增加了 38%，其中近一半的事件發生在倉庫和配送中心，每次失竊平均損失超過 21 萬美元。

While cargo thefts used to be largely centred around southern California. The hotspots for truckload thefts have started to proliferate around the country with the roll out of our solution to all locations underway. We look forward to sharing more news on this new partnership in a related development.

而貨物竊盜過去主要集中在南加州。隨著我們的解決方案在所有地區推廣，卡車盜竊熱點開始在全國各地激增。我們期待在相關發展中分享有關此新合作夥伴關係的更多消息。

We expect to make an announcement shortly about our new partnership that is allowing a nationally recognized company to effectively validate job seekers, applicants, identity documents. This is another facet of the employment verification market vertical that we believe holds opportunities for further expansion.

我們希望很快宣布我們的新合作夥伴關係，該合作夥伴關係將允許一家全國公認的公司有效地驗證求職者、申請人和身分證件。這是就業驗證市場垂直市場的另一個方面，我們認為它有進一步擴展的機會。

We believe that the channel program remains a great platform to propel volume with our partners. Sandra is collaborating closely with the team to drive revenues through this program, we anticipate that this program will be an important contributor to our revenue growth in 2025.

我們相信，通路計畫仍然是我們與合作夥伴共同推動銷售的絕佳平台。桑德拉正在與團隊密切合作，透過該計劃來推動收入，我們預計該計劃將成為我們 2025 年收入成長的重要貢獻者。

You may recall that they shared a quick peek at our technological advances. We are now migrating clients to our new Intellicheck which allows our customers to access their transaction data and perform self-administrative tax.

您可能還記得，他們曾簡要地分享過我們技術進步的情況。我們現在正在將客戶遷移到我們的新 Intellicheck，它允許我們的客戶存取他們的交易資料並執行自我管理稅務。

We believe that this is an extremely important enhancement for a number of reasons. First, it allows clients to be able to gain additional insight into transaction activity allows them to gain keen insight into how they can improve their own internal processes in a lightning-fast digital world. This is a crucial need.

我們認為，由於多種原因，這是一個極其重要的增強。首先，它使客戶能夠對交易活動有更深入的了解，使他們能夠敏銳地了解如何在快速發展的數位世界中改善自己的內部流程。這是一個至關重要的需求。

At the same time, the clients realize important procedural gains. We benefit as well. Our support staff is freed from the time consuming and costly administrative burdens allowing them to provide more value-added service benefits.

同時，客戶也實現了重要的程序效益。我們也受益。我們的支援人員擺脫了耗時且昂貴的管理負擔，從而能夠提供更多增值服務。

I'm pausing here to remind you that the hub reflects a critical, critical facet of our client relations. It demonstrates the ongoing dialogue we have with our clients that we seek their input on their evolving needs and we respond to them.

我在這裡停下來是為了提醒你，該中心反映了我們客戶關係中至關重要的方面。這表明我們與客戶保持著持續的對話，我們尋求他們對不斷變化的需求的意見並做出回應。

This is a win situation and product development is not a nice to have. It's a must as fraudsters continue to evolve their tactics to undermine identity verification solutions.

這是一種雙贏的局面，產品開發並不是一件好事。這是必須的，因為詐欺者不斷改進他們的策略來破壞身分驗證解決方案。

So must we and we are doing that with ongoing enhancements to our ID verification platform.

我們也必須這樣做，並且我們正在不斷改進我們的身份驗證平台。

We are moving forward with the enhancements we mentioned that are part of our strategic focus and include new machine learning and statistical calculations to foil the latest printed physical fake IDs and the onslaught of generated AI attacks.

我們正在推進我們提到的作為我們戰略重點一部分的增強功能，其中包括新的機器學習和統計計算，以挫敗最新的印刷物理假身份證和生成的人工智能攻擊的猛烈攻擊。

I am pleased to report that we're seeing the benefits from my new proprietary statistical models. And as previously discussed, the stand to deliver a significant impact on OCR match processing. While at the same time, it gives customers another feature enhancement for their own models.

我很高興地報告，我們看到了我的新的專有統計模型帶來的好處。如前面所討論的，該支架將對 OCR 配對處理產生重大影響。同時，它也為客戶自己的模型提供了另一項功能增強。

Another valuable step forward and product development from Intellicheck with the enhancement to document liveness that is enabling physical ID documents to be presented during an electronic validation process that uses the end user's phone.

Intellicheck 的另一個重要進步和產品開發是增強了文件活性，使得最終用戶能夠在使用手機的電子驗證過程中出示實體身分證件。

We like what we're seeing. We're seeing that the accuracy that we are known for in this enhancement that confirm if documents presented in the electronic validation procedure are physical versus printed images or simulated by pointing the camera at another screen.

我們喜歡我們所看到的。我們看到，我們在這項增強功能中展現的準確性可以確認電子驗證程式中呈現的文件是實物還是列印的影像，或者是透過將相機對準另一個螢幕而模擬的。

Given the issues that involved as frosters utilize generate a generative AI, we cannot underscore enough the significance of being able to recognize any edits to the user's picture that appears on the front of the ID to cat and mouse game. And we remain diligent on staying one step ahead.

考慮到在使用生成式人工智慧時所涉及的問題，我們再怎麼強調能夠識別出現在貓和老鼠遊戲身份證正面的用戶照片的任何編輯的重要性都不為過。我們始終勤奮努力，保持領先一步。

We continue to invest in product and enhancements understanding that is critical to me in our position as an industry leader in identity verification.

我們將繼續投資於產品和增強理解，這對於我們作為身份驗證行業領導者的地位至關重要。

Over the course of the past 2 years, we have pro we have invested approximately $8.8 million on R&D related to product development. Additionally, we have invested approximately $2.2 million in the transition from Azure to Aws.

在過去的兩年裡，我們在產品開發相關的研發上投資了約 880 萬美元。此外，我們在從 Azure 到 Aws 的過渡上投資了約 220 萬美元。

This has been a capitalized expense with a big lift, largely completed. As a reminder, we utilized outside consultants to get the work done quickly and efficiently and then anticipate the cash outlay for the work is largely behind us.

這是一項資本化支出，規模很大，已基本完工。提醒一下，我們利用外部顧問快速有效地完成工作，然後預計這項工作的現金支出基本上已經過去了。

Our 90 plus percent gross margins positions us well going forward and we anticipating anticipate generating cash next year driven by accelerated top line sales growth.

我們的毛利率超過 90% ，這為我們未來的發展奠定了良好的基礎，我們預計明年將在銷售加速成長的推動下產生現金。

As you can see, we believe we are making substantial progress on a number of fronts is our sense of these developments were served to accelerate our revenue growth. As we enter 2025

正如您所看到的，我們相信我們在許多方面都取得了實質進展，我們認為這些發展有助於加速我們的收入成長。進入 2025 年

I will now turn the call over to Adam.

現在我將電話轉給亞當。

Thank You Bryan.

謝謝你，布萊恩。

I'm excited to be here at Intellicheck and to join such a dedicated and talented team under Bryan's leadership.

我很高興來到 Intellicheck，並加入 Bryan 領導的如此敬業和才華橫溢的團隊。

As this is my first earnings call, I'm eager to share our progress and outlook for the future. Let's dive into the key points of the score.

由於這是我的第一次財報電話會議，我渴望分享我們的進展和未來展望。讓我們深入了解樂譜的要點。

You have heard us in the past discuss our cloud migration from Azure to Aws. And as a result, we anticipate seeing less R&D spend in Q4 and going forward.

您過去曾聽過我們討論從 Azure 到 Aws 的雲端遷移。因此，我們預計第四季及以後的研發支出將會減少。

We believe that this migration as well as other systems initiatives such as hub that Brian just discussed will improve customer satisfaction retention and accelerate new customer onboarding.

我們相信，這次遷移以及其他系統措施（例如 Brian 剛才討論的中心）將提高客戶滿意度保留率並加速新客戶的入職。

They should also provide customers with analytics that will help them monitor and improve their own businesses. We are proud that we have maintained our gross profit and gross margins even while running a dual cloud infrastructure during this period of transition.

他們也應該向客戶提供分析數據，幫助他們監控和改善自己的業務。我們很自豪，即使在過渡期間運行雙雲端基礎設施，我們仍保持了毛利和毛利率。

We've also made a few targeted changes within Intellicheck marketing channel sales and customer success teams which should result in better operating efficiencies without increasing spending.

我們也對 Intellicheck 行銷通路銷售和客戶成功團隊進行了一些有針對性的變革，這將在不增加開支的情況下提高營運效率。

Turning now to our third quarter results revenue for the third quarter of 2024 decreased 1% to $4,709,000 compared to $4,760,000. Same period 2023 our sass revenue for the third quarter of 2024 increased 1% to $4,661,000 from $4,635,000 during the same period of 2023.

現在來看看我們的第三季業績，2024 年第三季的營收從 4,760,000 美元下降 1% 至 4,709,000 美元。2023 年同期，我們 2024 年第三季的 sass 營收從 2023 年同期的 4,635,000 美元成長 1% 至 4,661,000 美元。

And represented 99% of our third quarter revenue, gross profit as a percentage of revenue was at the higher end of our expectations at 91% for both the third quarter of 2024 and the same period 2023 and is reflective of the architecture efforts even though we incurred transitional overlap and expenses.

毛利占我們第三季營收的 99%，在 2024 年第三季和 2023 年同期均達到我們預期的 91%，這反映了架構方面的努力，儘管我們發生了過渡重疊和費用。

Our product team and temporary contractors have worked efficiently and they have been able to maintain recurring margins of over 90% throughout the architectural process. We anticipate that this project will conclude with a temporary contract by year end.

我們的產品團隊和臨時承包商工作高效，在整個建築過程中他們能夠維持 90% 以上的經常性利潤。我們預計該項目將在年底前以臨時合約結束。

That being said, we will continue to closely monitor our spending with the goal to maintain or improve upon these margin levels.

話雖如此，我們將繼續密切監控我們的支出，目標是維持或提高這些利潤水準。

Operating expenses which consist of selling general administrative marketing and research and development expenses decreased $32,000 or 1% to $5,195,000 for the third quarter of 2024 compared to $5,227,000 for the same period of 2023.

2024 年第三季的營運費用（包括銷售一般行政行銷和研發費用）較 2023 年同期的 5,227,000 美元減少 32,000 美元（即 1%）至 5,195,000 美元。

The third quarter of 2024 and 2023 included $236,000 and $342,000 respectively of non-cash equity compensation expense and non-acceptance expenses.

2024 年和 2023 年第三季分別包括 236,000 美元和 342,000 美元的非現金股權補償費用和未接受費用。

Within the third quarter, we recognized $443,000 in software capitalization tied to our architecture efforts. Our operating expenses as a percentage of revenues increased 51 basis points against the same period of 2023 year-to-date.

在第三季度，我們確認與架構工作相關的軟體資本化金額為 443,000 美元。與 2023 年同期相比，我們的營業費用佔收入的百分比增加了 51 個基點。

We have capitalized approximately $1.8 million for software development, turning to net income and adjusted EBITDA the company's net income was lower by $113,000 to a net loss of $837,000 for the third quarter of 2024.

我們已為軟體開發投入約 180 萬美元，轉向淨收入和調整後的 EBITDA，2024 年第三季公司淨收入下降 113,000 美元，淨虧損為 837,000 美元。

Compared to a net loss of 724 caps for the same period of 2023 net loss per diluted share for the third quarter of 2024 was 4¢ per diluted share compared to the same loss of 4¢ per diluted share for the same period of 2023.

與 2023 年同期的淨虧損 724 股相比，2024 年第三季的每股攤薄淨虧損為 4 美分，而 2023 年同期的每股攤薄虧損為 4 美分。

The weighted average diluted. Common shares were $19.5 million for the third quarter of 2024. Compared to $19.3 million for the same period of 2023.

加權平均值已稀釋。2024 年第三季普通股價格為 1,950 萬美元。相較之下，2023 年同期為 1,930 萬美元。

Adjusted EBITDA, which is earnings before interest and other income provision for income taxes, sales tax, accruals, depreciation, amortization stock-based compensation expense and certain non-recurring charges improved by $103,000 resulting in a loss of $168,000 compared to a loss of $271,000. For the same period of 2023.

調整後的 EBITDA，即扣除利息、稅金、銷售稅、應計費用、折舊、攤提、股票薪酬費用和某些非經常性費用前的利潤，改善了 103,000 美元，導致虧損 168,000 美元，而上年虧損 271,000 美元。與 2023 年同期相比。

Our balance sheet remains strong and we finished the third quarter with $5.7 million in cash. We also continue to ensure they're properly managing our cash reserves which generated $73,000 in interest income during the third quarter.

我們的資產負債表依然強勁，第三季末我們的現金餘額為 570 萬美元。我們也繼續確保他們妥善管理我們的現金儲備，該儲備在第三季產生了 73,000 美元的利息收入。

Turning now to the progress on our internal initiatives and looking at our sales pipeline, I'm struck by nearly all of the significant opportunities are in the financial services, social media, hospitality and entertainment spaces.

現在談談我們內部舉措的進展並回顧我們的銷售管道，我發現幾乎所有重要的機會都在金融服務、社交媒體、酒店和娛樂領域。

Long term sales, marketing, and product efforts of diversifying the company's revenue mix can be seen in the pipeline itself.

從通路本身就可以看出，公司在銷售、行銷和產品方面所做的長期努力是為了實現收入結構多元化。

It is a real testament to these efforts that Intellicheck revenues is roughly flat while retail saw the largest number of bankruptcies since COVID in 2022 an increase in bankruptcies of over 30% compared to 2023.

這些努力的真實證明是，Intellicheck 的收入基本上持平，而零售業在 2022 年出現了自 COVID 以來最多的破產數量，與 2023 年相比破產數量增加了 30% 以上。

Unfortunately, these bankruptcies included 3 of our customers. Customer experience is also a dimension in which the company has made decent investments and has already seen significant progress in a short period of time.

不幸的是，這些破產的客戶包括我們的 3 位。客戶體驗也是公司在短時間內進行了大量投資並已取得重大進展的一個面向。

We believe that the focus on marketing [ro] the role of sales engineers and the realigning customer experience skill sets are all coming together to improve customer satisfaction and drive additional revenues.

我們相信，專注於行銷、銷售工程師的角色以及重新調整客戶體驗技能將共同提高客戶滿意度並帶來額外收入。

In consideration of our end of 2024 outlook. We expect to see continued gross margins of approximately 90% to 91% while we improve our architecture and data intelligence capabilities with the expected winding down of R&D contractor spend in Q4, we believe that we will continue to maintain strong gross profit and gross margins.

考慮到我們 2024 年底的展望。我們預計毛利率將繼續保持在約 90% 至 91% 之間，同時隨著我們改善架構和數據智能能力以及預計第四季度研發承包商支出將逐漸減少，我們相信我們將繼續保持強勁的毛利潤和毛利率。

This also means that we may see somewhat higher non cash depreciation cost going forward due to the amortization of these completed projects.

這也意味著，由於這些已完成項目的攤銷，我們可能會看到未來非現金折舊成本上升。

In closing, I joined in Intellicheck because I believe that Intellicheck will soon see real benefits from its 3 architecture sales and marketing efforts.

最後，我加入 Intellicheck 是因為我相信 Intellicheck 很快就會從其 3 種架構銷售和行銷工作中看到真正的收益。

The company has been successfully pivoting to financial services and other verticals to diversify its revenue streams. Although this process has long lead times, I believe that it can pay off meaningfully.

該公司已成功轉向金融服務和其他垂直領域，以實現收入來源多元化。儘管這個過程需要很長的時間，但我相信它能夠帶來豐厚的回報。

I look forward to sharing the story, the fruits of these labours and discussing our Q4 and full year 2024 results with all of you in March. I'll now turn the call over to the operator to take your questions.

我期待在三月與大家分享這個故事、這些勞動的成果並討論我們的 2024 年第四季和全年業績。我現在將電話轉給接線員來回答您的問題。

Thank you. We will now be conducting a question-and-answer session (operator instruction).

謝謝。我們現在將進行問答環節（操作員指令）。

Scott Buck, HC Wainwright.

史考特·巴克、HC·溫賴特。

Hi, good afternoon, guys. Thanks for taking my questions.

大家下午好。感謝您回答我的問題。

Bryan, I guess the first 1, I'm curious, when do you guys start to anniversary some of those more difficult retail comps trying to understand when, you know, we might see some, some better you know, growth on the optics side.

布萊恩，我想第一個問題，我很好奇，你們什麼時候開始對一些更困難的零售公司進行週年紀念，試圖了解什麼時候我們可能會看到一些更好的光學方面的成長。

Hey, Scott. So happy to answer your questions. Are you saying when do we expect retail to come back or? I'm not quite sure I understand.

嘿，斯科特。很高興回答您的問題。您是說我們預計零售業什麼時候會復甦嗎？我不太確定我是否理解了。

When do your anniversary when the softer trends started? So the year over year comparable start to look a little bit better because that weakness is already kind of baked in at that point.

您的柔和趨勢開始的紀念日是什麼時候？因此，與去年同期相比，情況開始好一些，因為這種弱點在那時已經被根深蒂固了。

Yeah, look, I think, you know, the weakness, you know, I'm looking at the numbers, the weakness certainly didn't start in my mind until about halfway through last year.

是的，看，我認為，你知道，弱點，你知道，我正在看這些數字，弱點肯定直到去年年中才開始出現在我的腦海中。

So, you know, that's why I'm looking at, you know, I should say actually, you know, even in the third quarter, you know, things have started, been going down as soon as inflation went up.

所以，你知道，這就是為什麼我在關注，你知道，我應該說，實際上，你知道，即使在第三季度，一旦通貨膨脹上升，情況就開始下降。

And, you know, if you're looking at now the amount of credit, a lot of people are carrying, you know, there's issues, there even something came out today that, you know, retail hiring in October was the lowest it's been in, I think it was 10 years. So I think retail certainly is hurting.

而且，你知道，如果你看看現在的信貸額度，很多人都在承擔著信貸，你知道，存在一些問題，甚至今天有消息稱，十月份零售業招聘人數是十年來的最低水平。所以我認為零售業肯定受到了傷害。

I'm hoping that, you know, as we see inflation dropping and other things happening that it comes back, you know, I'm looking at it, you know, hopefully I'm looking at is if I'm flying to the West Coast, it takes longer because I'm going into the wind and flying to the East Coast because I'm going with the wind.

我希望，你知道，隨著我們看到通貨膨脹下降和其他事情發生，它會回升，你知道，我正在關注它，你知道，我希望看到的是，如果我飛往西海岸，需要更長的時間，因為我是迎風飛行，而飛往東海岸，因為我是順風飛行。

So I'm looking at something that a headwind that could become a tailwind. But, you know what I'm happy to say is, you know, we look at the other verticals we're going into and even in and some of the customers in those verticals haven't fully implemented and we know what they're going to do.

因此，我正在尋找可能成為順風的逆風。但是，你知道我很高興地說，你知道，我們正在研究我們正在進入的其他垂直市場，甚至這些垂直市場的某些客戶尚未完全實施，但我們知道他們會做什麼。

I'm happy that, you know, well, over a year ago, we decided to make sure that we were looking at other places that need to know that you are, who you say you are.

我很高興，你知道，一年多以前，我們決定確保我們正在關注其他地方，這些地方需要知道你是誰，你說你是誰。

Yeah. No, that makes sense. I, appreciate that.

是的。不，這很有道理。我對此表示感謝。

And then the second thing I'm just curious on cash levels where you, your kind of comfort is and if you have some room, whether it makes sense to, you know, put a little more money into sales and marketing to try to drive that top line if, if the opportunities are there.

然後第二件事，我只是好奇您的現金水平，您的舒適度，以及如果您還有空間，如果有機會，是否有必要在銷售和營銷上投入更多一點的資金來嘗試推動營收增長。

Look, I'm still comfortable that we do not need to raise cash to run the business. And, you know, currently what we're doing is assessing where did we spend money last year on marketing that we're not going to this year?

聽著，我仍然很放心我們不需要籌集現金來經營業務。你知道，我們目前正在做的是評估去年我們在哪些行銷上花了錢，而今年我們不會花這些錢？

You know, looking at ROI, you know, some of these conferences have become kind of ridiculously expensive and if we're not seeing the ROI, we're not going back.

你知道，從投資報酬率來看，你知道，其中一些會議已經變得非常昂貴，如果我們看不到投資報酬率，我們就不會再回去了。

How do we tighten up our messaging? How do we get out there and do things differently than we did? And certainly, you know, reminding everybody that, you know, the, the partnerships that we have with them and the DMVs is what makes us unique.

我們如何加強我們的訊息傳遞？我們如何走出去並採取與以往不同的做法？當然，你知道，提醒大家，我們與他們以及 DMV 建立的合作關係使我們與眾不同。

You know, I was talking to a woman who runs partnerships for a company that does software for issuing credit and explain to her what to her, what we do. She thought everybody was the same.

你知道，我曾經和一位經營信貸軟體公司合夥關係的女士交談，我向她解釋了我們的業務。她以為每個人都是一樣的。

And I've said this many times, one of the hardest things is getting people to realize we don't template. We don't, we don't need that picture and that picture doesn't work anymore because AI and machine learning has made it. So the bad guys have really, really good faith.

我已經說過很多次了，最困難的事情之一就是讓人們認識到我們不採用模板。我們不需要那張圖片，而且那張圖片不再起作用，因為人工智慧和機器學習已經做到了。所以說壞人確實有真正的善意。

We've got something unique and that's still what we're getting need to get across and we will that you need to talk to us because we do it different than everybody else who might have a much, much larger marketing budget.

我們擁有一些獨特之處，這仍然是我們需要傳達的，我們希望您與我們交談，因為我們的做法與其他可能擁有更大行銷預算的人不同。

Yeah. No, that makes sense. Well, I appreciate it guys.

是的。不，這很有道理。好吧，我很感謝你們。

That's it for me. Thanks again.

對我來說就是這樣了。再次感謝。

Thanks Scott.

謝謝斯科特。

Mike Brundle, Northland.

麥克布倫德爾，北地。

Hey guys, this is [Logan] on for [Mike]. Could you provide some colour around how retail volumes trended in three Q? And then also what you are seeing in 4 Q so far in terms of seasonality? Thanks.

大家好，我是[Logan][麥克風]。能否詳細說明三季零售量的趨勢？那麼到目前為止，就季節性而言，您在第四季度看到了什麼？謝謝。

Look, I haven't looked at yes, seasonality because it really picks up, you know, really right about now. You know, October is usually kind of like October.

看，我還沒有考慮季節性，因為它現在確實開始流行起來。您知道，十月通常就是十月。

It really is what it is, but certainly across department stores, apparel stores, jewellery stores, you know, those types of things.

事實確實如此，但肯定存在於百貨公司、服裝店、珠寶店等等這些類型的地方。

We saw a double digit decline in in transaction volume there. Which again, I'm going to point to and say I'm happy we decided to get other markets that aren't tied to the economy.

我們發現那裡的交易量出現了兩位數的下降。我再一次指出，我很高興我們決定進軍與經濟無關的其他市場。

Yeah. So with those new ones too, should we expect possible year over year growth in 4 Q?

是的。那麼，有了這些新產品，我們是否應該預期第四季可能會出現年增率？

Look, that's my hope. That's my anticipation. I think it depends on when some of these, these big guys that we've been working on go live.

看，這就是我的希望。這是我的期待。我認為這取決於我們一直致力於的一些大項目何時上線。

You know, I still think there's going to be in my mind some seasonal growth because you always, you know, people will be shopping there are some people that are hurting and there's some people that aren't, but you know, hopefully the goal is a few of the folks that we get live do help fuel growth.

你知道，我仍然認為在我的腦海裡會有一些季節性的增長，因為你總是，你知道，人們會購物，有些人會受到影響，有些人不會，但你知道，希望我們的目標是，我們現場接觸的少數人確實有助於促進增長。

Perfect. Yeah, that's all from us.

完美的。是的，我們就講到這裡。

Thank you and congrats on the quarter.

謝謝您並恭喜本季取得佳績。

Thank you.

謝謝。

Rudy Kessinger, D A Davidson.

魯迪凱辛格、D A 戴維森。

Hey guys, thank you for taking my questions. I guess first, I just want to clarify on, on the price per transaction, set up 25% year to year, 8% quarter to quarter you said on new business though.

嘿夥計們，謝謝你們回答我的問題。首先，我想澄清一下，關於每筆交易的價格，您說的是新業務的逐年增長 25%，逐季度增長 8%。

So to just be clear, that wasn't a way that across the board for all scan volumes or that was pricing for scan volumes from new logos that you signed in Q3 versus Q2 and Q3 last year.

因此，需要明確的是，這並不是針對所有掃描量所製定的定價方式，也不是針對您在第三季與去年第二季和第三季簽署的新識別的掃描量所製定的定價方式。

Good question. We haven't had any of our largest clients. They're not up for renewal yet, right? It'll be year end and beginning of next year.

好問題。我們還沒有最大的客戶。他們還沒有續約，對嗎？馬上就是年底和明年年初了。

1 of the things I just wanted to make clear to everybody because there was some confusion that people thought our growth was being driven only by charging existing customers more, right?

我想向大家澄清的一件事是因為有人感到困惑，以為我們的成長只是透過向現有客戶收取更多費用來推動的，對嗎？

So that is new business versus new business. So, you know, comparing customers that were brand new to us a year ago versus customers that were brand new to us, you know, Q3 and the customer is brand new Q2 to brand new in Q3.

這就是新業務與新業務的對比。因此，您知道，將一年前對我們來說是全新的客戶與一年前對我們來說是全新的客戶進行比較，您知道，第三季度的客戶是第二季度的全新客戶，第三季度的客戶是全新的客戶。

Just to show that, you know, people are willing to pay for the accuracy that we bring to the table.

只是為了表明人們願意為我們提供的準確性付費。

Okay. That's helpful and you know, I know you called out several, you know, banks, social media, a few customers that have, you know, low mid 6 figure revenue potential. Sounds like starting at some point next year.

好的。這很有幫助，我知道你提到了幾家銀行、社群媒體和一些擁有 6 位數中低收入潛力的客戶。聽起來像是明年某個時候開始。

I guess just as you evaluate the pipeline today, what, what is the size of the pipe versus, you know, I don't know, 123 quarters ago.

我想，就像您今天評估管道一樣，與 123 個季度前相比，管道的尺寸是多少。

And are there any other large, you know, needle moving type of deals in there that could propel you back to you, your growth over the next 1 or 2 quarters?

還有其他什麼大型、有影響力的交易可以推動您在未來 1 到 2 個季度實現成長嗎？

Look, I'm, much happier with the pipeline today than I was, you know, 3 quarters ago. We are certainly talking to and in proof of concept with some clients, you know, prospects that I would consider to be needle moving.

瞧，我對今天的管道比三個季度前要滿意得多。我們確實在與一些客戶進行交談，並驗證概念，你知道，我認為這些客戶有潛力成為推動者。

I just don't want to like I'm a more, you know, under promise and over deliver. I would rather that we get, you know, you know, I talked to you all next call and there's, you know, more substantive things to say about it.

我只是不想成為一個言而無信、言而無信的人。我寧願我們得到，你知道，你知道，我在下次通話中與你們所有人交談，並且有更多實質性的事情要談。

But we certainly have people coming to us large clients and telling us what they have and what they're using, you know, that templating system that just about everybody else on the planet tries to do to.

但確實有一些大客戶來找我們，告訴我們他們有什麼以及他們在使用什麼，你知道，這個模板系統幾乎地球上的每個人都在嘗試使用。

See if an idea is real isn't working and when we get to them and get them to understand we are way different than what they're doing. They want to talk and they want to get into a proof of concept.

看看一個想法是否真實可行，當我們接觸到他們並讓他們明白我們所做的與他們所做的事情完全不同時。他們想要交流並想要驗證概念。

But, you know, the thing is with very large customers, sometimes it takes a while to get through the proof of concept and then to get through the security audit that they always put you through.

但是，您知道，對於非常大的客戶來說，有時需要一段時間才能通過概念驗證，然後通過他們始終要求的安全審核。

So hopefully more to talk about that on the next call.

因此希望在下次通話中能更多地討論這個問題。

Okay, great. Thank you, guys.

好的，太好了。謝謝你們。

This concludes the question-and-answer session. I would like to turn the floor back over to Bryan Lewis for closing comments.

問答環節到此結束。我想將發言權交還給 Bryan Lewis，請他發表最後評論。

So, you know, thanks everybody for joining us.

所以，感謝大家加入我們。

You know, as we look back on this quarter, you know, we’ve made progress in a number of ways. You know, the reality is that, you know, retail bankruptcies, consumer pull back on spending and certainly credit tightening, you know, reflects the state of the economy and has hurt part of our business.

你知道，當我們回顧這個季度時，你知道，我們在許多方面都取得了進展。你知道，現實情況是，零售商破產、消費者減少支出以及信貸緊縮，反映了經濟狀況，並損害了我們的部分業務。

But we stayed the course and implemented what I believe to be a successful strategic plan and that is getting into other markets, you know, in, in the face of, as I said earlier, double digit drops in the retail sectors, you know, we're flat to slightly growing.

但是我們堅持了下來，並實施了我認為成功的戰略計劃，那就是進入其他市場，你知道，正如我之前所說，面對零售行業兩位數的下滑，我們的業績保持平穩或略有增長。

So those new, more new verticals are paying off, right? And our strategic vision and pursuing new directions has allowed us to achieve growth and offset this economic weakness, right?

那麼，這些新的、更多的垂直產業正在獲得回報，對嗎？我們的戰略眼光和追求新方向使我們實現了成長並抵消了經濟疲軟，對嗎？

These we believe these new verticals will continue to show significant growth opportunities in 2025.

我們相信，這些新的垂直產業將在 2025 年繼續顯示出巨大的成長機會。

So in closing, we remain committed to revenue growth and I will continue to work in concert with the executive team and staff to achieve our revenue goals for our shareholders and stakeholders alike.

最後，我們仍然致力於收入成長，我將繼續與執行團隊和員工協同工作，為我們的股東和利害關係人實現收入目標。

Thank you all and have a great evening.

謝謝大家並祝大家有個愉快的夜晚。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。