Intellicheck Inc (IDN) 2024 Q4 法說會逐字稿

Greetings and welcome to the Intellicheck fourth-quarter and year-end 2024 earnings call. (Operator Instructions) As a reminder this conference is being recorded. It is now my pleasure to introduce Gar Jackson, Investor Relations. Please go ahead.

問候並歡迎參加 Intellicheck 2024 年第四季和年終收益電話會議。（操作員指示）提醒一下，本次會議正在錄製中。現在我很高興介紹投資者關係部門的加爾傑克遜 (Gar Jackson)。請繼續。

Thank you, operator. Good afternoon, and thank you for joining us today for the Intellicheck fourth-quarter and full year 2024 earnings call. Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

謝謝您，接線生。下午好，感謝您今天參加 Intellicheck 2024 年第四季和全年財報電話會議。在我們開始之前，我將花幾分鐘閱讀前瞻性聲明。本次電話會議中的某些聲明構成《1995 年私人證券訴訟改革法案》（經修訂）所定義的前瞻性聲明。

When used in this conference call, 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.

在本次電話會議中，與公司或其管理層相關的諸如將、相信、期望、預期、鼓勵等詞語和類似表述以及公司管理層做出的假設和當前可用的信息均符合《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。

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.

這些前瞻性陳述是基於管理階層對未來事件的當前預期和信念。與任何預測或預報一樣，它們本質上容易受到不確定性和情況變化的影響，公司不承擔任何義務，並明確否認有義務更新或更改其前瞻性陳述，無論是由於此類變化、新資訊、後續事件還是其他原因造成的。

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. Statements made on today's call are as of March 20, 2025. Management will use the financial term adjusted EBITDA in today's call.

有關前瞻性陳述的其他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。今日電話會議所作的聲明截至 2025 年 3 月 20 日。管理層將在今天的電話會議中使用財務術語“調整後 EBITDA”。

Please refer to the company's press release issued this afternoon for further definition, reconciliation and context for the use of this term. We will begin today's call with Bryan Lewis, Intellicheck's Chief Executive Officer; then Adam Sragovicz, Intellicheck's Chief Financial Officer, who will discuss the Q4 and full year 2024 financial results.

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。今天的電話會議我們將與 Intellicheck 執行長 Bryan Lewis 開始；然後是 Intellicheck 財務長 Adam Sragovicz，他將討論 2024 年第四季和全年財務表現。

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.

在他們發表準備好的發言之後，我們將回答分析師和機構投資者的提問。今天的通話時間將限制為一小時，現在我將把電話轉給布萊恩。

Thanks, Gar, and thank you all for joining us today for the Intellicheck Q4 2024 and fiscal year 2024 earnings call. 2024 marked the year focused on vertical channel diversification and further investment in what we believe are the best-in-class ID validation services. We are keenly aware of the fact that the market for identity verification services continues to evolve at a rapid pace.

謝謝，Gar，也謝謝大家今天參加 Intellicheck 2024 年第四季和 2024 財年財報電話會議。 2024 年是我們專注於垂直管道多樣化和進一步投資我們認為一流的身份驗證服務的一年。我們敏銳地意識到身分驗證服務市場正在繼續快速發展。

One of the most important facets we are focused on is to maintain our competitive stance and ongoing investments in our IT initiatives. We have also added new leadership to the customer success team that we believe will be instrumental in enhancing the customer experience were improved marketing and stronger relationships with our key accounts.

我們關注的最重要的方面之一是保持我們的競爭地位和對 IT 計劃的持續投資。我們也為客戶成功團隊增加了新的領導，我們相信這將有助於提升客戶體驗、改善行銷並加強與主要客戶的關係。

Leveraging marketing and customer service capabilities will allow us to emphasize our technology solutions key distinguishing benefits as we believe that we are more effective at identifying fake IDs than our competitors. Templating, which is the most common practice for ID verification is prone to errors.

利用行銷和客戶服務能力，我們將能夠強調我們的技術解決方案的關鍵優勢，因為我們相信，我們在識別假身分證方面比我們的競爭對手更有效。模板化是身分驗證最常見的做法，但很容易出錯。

Many factors such as glare on the license and bad lighting for image capture impact the accuracy of what others can do. But we are different, we utilize the barcode on the back of the license and confirm that the DMV planted hidden attributes exist in that bar code and that the license is in fact a government issue document. Nobody else does this. This is something that is unique to Intellicheck and is driven by our long-standing relationship with the American Association of Motor Vehicle Administrators.

駕照上的眩光和影像捕捉的不良照明等許多因素都會影響其他人所做操作的準確性。但我們不同，我們利用駕照背面的條碼，並確認該條碼中存在 DMV 植入的隱藏屬性，並且駕照實際上是政府頒發的文件。沒有人會做這樣的事。這是 Intellicheck 獨有的，由我們與美國機動車管理局協會的長期合作關係推動。

We will begin with an overview of our results that Adam will go into in more detail later on in this call. SaaS revenues in Q4 grew 17% quarter-over-quarter and totaled a record $5.9 million. SaaS revenues for the full year grew 7% and came in at a record $19.8 million versus the prior year, just shy of the $20 million mark. We achieved our goal at the outset of year finishing adjusted EBITDA positive and believe that we are well positioned as we go into 2025 to accelerate growth, particularly in the back half of the year.

我們將首先概述我們的結果，Adam 稍後將在本次電話會議中詳細介紹。第四季 SaaS 營收季增 17%，達到創紀錄的 590 萬美元。全年 SaaS 營收成長 7%，達到創紀錄的 1,980 萬美元，與前一年相比略低於 2,000 萬美元大關。我們在年初就實現了調整後 EBITDA 為正的目標，並相信在進入 2025 年時，我們已做好準備，加速增長，特別是在下半年。

What this tells us is that our focus on new verticals is working. We put a very strong focus on the automotive title insurance, e-mail, social media and retail banking verticals. And I'm excited to say that the volume in these new and targeted verticals grew 13%, 2,500%, 54% and 17%, respectively, for the year. These new clients are important to us as they are generally at higher rates than our legacy customers.

這告訴我們，我們對新垂直領域的關注正在發揮作用。我們非常重視汽車產權保險、電子郵件、社群媒體和零售銀行垂直領域。我很高興地說，這些新的和目標垂直行業的交易量今年分別增長了 13%、2,500%、54% 和 17%。這些新客戶對我們很重要，因為他們的收費通常比我們的老客戶更高。

Illustrating this point is the very strong progress we have made in the title insurance vertical. We just signed another title insurance company after a successful pilot. We anticipate issuing a press release with more details when the rollout is completed later this year. That gives us the top two title insurance companies across this vertical, our direct title clients give us approximately 45% of this market.

我們在產權保險垂直領域的重大進展就說明了這一點。在試點成功後，我們剛與另一家產權保險公司簽約。我們預計將在今年稍後推出完成後發布包含更多詳細資訊的新聞稿。這使我們成為該垂直領域排名前兩位的產權保險公司，我們的直接產權客戶為我們帶來了約 45% 的市場份額。

In addition, as has been our strategy where it makes sense, we want to sell through channel partners. In this regard, we are up and running with the two largest providers of software to independent title insurance agents. The growth in these new categories more than offset the headwinds we faced from retail bankruptcies and customer churn driven primarily by bars and restaurants and hardware-focused manufacturers that didn't fit into our SaaS-focused growth plans.

此外，按照我們的策略，我們希望透過通路合作夥伴進行銷售。在這方面，我們與兩家最大的獨立產權保險代理軟體供應商合作。這些新類別的成長足以抵消我們面臨的零售破產和客戶流失的阻力，這些阻力主要由酒吧、餐廳和專注於硬體的製造商造成，這些製造商不符合我們以 SaaS 為中心的成長計畫。

We are particularly excited about the title insurance vertical that we believe will benefit from lower mortgage rates as of late that have historically driven significant refinancing and improved home purchasing activity.

我們對產權保險垂直行業尤其感到興奮，我們相信該行業將受益於近期較低的抵押貸款利率，而抵押貸款利率歷來推動了大量的再融資和改善的購房活動。

In addition to our market diversification efforts, we set a goal last year to drive more business through existing clients. I'm pleased to announce that we made further progress on this goal. You likely saw the press release we issued recently highlighting the renewal and expansion of a contract with a prominent domestic bank and credit card issuing customer.

除了我們的市場多元化努力之外，我們去年還設定了一個目標，即透過現有客戶推動更多業務。我很高興地宣布，我們在這一目標上取得了進一步的進展。您可能看到了我們最近發布的新聞稿，其中重點介紹了與知名國內銀行和信用卡發行客戶續約和擴大合約的情況。

This leading bank has increased their contract value by approximately 15%, resulting in revenues that now total a mid-70 figure annual amount, making them one of our top three clients at this time. Two factors drove this growth. First is the expanding use of our technology in the bank branches. Second is they integrated a retail client, they provide credit cards for that previously came to us directly. These transactions now have a higher cost per scan, remind that this retailer was one of the original Intellicheck clients. This further illustrates our pricing power.

這家領先的銀行已將其合約價值提高了約 15%，目前年收入總額已達到 75 位數中段，使其成為我們目前的三大客戶之一。有兩個因素推動了這一成長。首先是我們的科技在銀行分行的廣泛應用。第二，他們整合了零售客戶，為先前直接向我們提供的客戶提供信用卡。這些交易現在每次掃描的成本更高，提醒一下，這家零售商是最初的 Intellicheck 客戶之一。這進一步說明了我們的定價能力。

We believe that this is further testament that we are truly helping credit card issuers stop fraud quickly, efficiently and without the need for additional hardware purchases. As it often the case with banks, these seven figure deals take longer than we would like to close but are significant when they do. A case in point, we've come to a verbal agreement with that super regional bank we have been sharing with you. That discussion surrounds a three year deal with a minimum dollar commitment when fully rolled out.

我們相信，這進一步證明我們確實在幫助信用卡發行商快速、有效地阻止詐欺行為，而無需購買額外的硬體。正如銀行經常遇到的情況一樣，這些七位數的交易花費的時間比我們期望的要長，但一旦完成，意義重大。舉個例子，我們已經與我們一直與您分享的那家超級區域銀行達成了口頭協議。該討論圍繞著為期三年的協議展開，該協議全面實施時需承擔最低金額的承諾。

Although many on their team would like this to be implemented immediately, IT still has to say and they will be doing a phased rollout. We are working on that rollout plan now. We have already agreed to the pricing for the fully rolled out transaction volumes. Now we are negotiating higher pricing per transaction while volume scale. They are anticipating the rollout to begin in early Q3 of this year.

儘管團隊中的許多人都希望立即實施這項計劃，但 IT 部門仍表示將分階段推出。我們現在正在製定該推廣計劃。我們已經同意了全面推出的交易量的定價。現在我們正在協商提高每筆交易的價格，同時擴大交易量。他們預計將於今年第三季初開始推出。

Another leading off-price department store client recently renewed their contract to include a three year commitment with guaranteed volumes. Although we've been working with the retailer for years, this is the first time they are guaranteeing minimum volume levels. With guaranteed levels in the mid-six figures, this retailer has historically done much higher transaction volumes than these current commitments.

另一家領先的折扣百貨公司客戶最近續簽了合同，其中包括一份為期三年的保證銷量的承諾。儘管我們已經與該零售商合作多年，但這是他們第一次保證最低音量水平。該零售商的保證水準達到六位數的中間水平，其歷史交易量遠高於目前的承諾。

We believe that having guaranteed commitments is important in the event that there is further significant slowdown on the retail front and expanded erosion of consumer confidence. We continue to gain ground in the specialty finance vertical. I'm excited with the progress we are making in the lease-to-own space where we now work with half of the top four players, we make up a significant portion of the LTO market.

我們認為，如果零售業進一步大幅放緩，消費者信心進一步受到侵蝕，那麼做出保證的承諾就非常重要。我們在專業金融垂直領域繼續取得進展。我對我們在租賃購買領域取得的進展感到非常興奮，目前我們與前四大參與者中的一半都有合作，我們佔據了 LTO 市場的很大份額。

Remember, our top product accelerates our clients' customer acquisitions with a frictionless, seamless process that onboards good customers faster while protecting our customer and consumers by stopping fraud. It is important to recognize that stopping fraud is part of the solution but the speed in which our technology solution response is another important part of our service.

請記住，我們的頂級產品透過無摩擦、無縫的流程加速客戶的客戶獲取，該流程可以更快地接納優質客戶，同時透過阻止詐欺來保護我們的客戶和消費者。重要的是要認識到阻止詐欺是解決方案的一部分，但我們的技術解決方案回應速度是我們服務的另一個重要部分。

Not to be overlooked is yet another distinguishing factor and value-add as our methodology triggers very few false negatives. This is another aspect that I don't think customers and investors fully appreciate, which is why we are working to ensure more awareness.

另一個不容忽視的區別因素和附加價值是我們的方法很少引發假陰性。我認為這是客戶和投資者尚未充分認識到的另一個方面，這就是我們努力確保提高認識的原因。

You may remember that we have shared with you that we moved into the higher education vertical with a university client where the ease of obtaining false credentials is taking a significant toll. So-called ghost students are robbing legitimate students of the opportunity to attend this university. And keep in mind, it's not only the loan money that is at the heart of this problem. These fake students also tie up class sign-ups, which means legitimate students can't register for classes in order to complete the course work they need to obtain a degree.

您可能還記得，我們​​曾與您分享過，我們與大學客戶一起進入了高等教育垂直領域，在這個領域，獲取虛假證書的便利性正在造成重大損失。所謂的幽靈學生正在剝奪合法學生就讀這所大學的機會。請記住，這個問題的核心不僅僅是貸款資金。這些假學生還會佔用課程註冊時間，這意味著合法學生無法註冊課程以完成獲得學位所需的課程作業。

By authenticating that the applicants are who they say they are, we have given them an effective, affordable technology solution to address their issue, and at the same time, we see opportunity. We believe that there are additional prospects to grow this vertical and continue to stop student loan fraud before it starts.

透過驗證申請人的身份，我們為他們提供了有效、經濟的技術解決方案來解決他們的問題，同時我們也看到了機會。我們相信，這個垂直領域還有進一步發展的前景，並且在學生貸款詐欺行為發生之前就將其阻止。

On the IT front, we've been keeping you up to date on the growing investments we have made over the last two years, we are almost to the finish line with our move from Azure to the AWS cloud platform. This move will not only result in savings in the hosting front, but more importantly, we believe this will make implementations faster and easier.

在 IT 方面，我們一直在向您通報我們在過去兩年中不斷增加的投資，我們從 Azure 遷移到 AWS 雲端平台的工作已接近尾聲。這項措施不僅會節省託管方面的成本，更重要的是，我們相信這將使實施變得更快、更容易。

At the same time, it has considerable impact to both current and future customers because it move results in a more user-friendly environment. And as we continue to build out our AI capabilities, our data science team will be key to ongoing investments in this evolving discipline. We're investing in the use of high-performance servers equipped with powerful GPUs for AI capabilities and machine learning and our continuing efforts to keep one step ahead of the bad guys.

同時，它對當前和未來的客戶都有相當大的影響，因為它帶來了更用戶友好的環境。隨著我們不斷增強人工智慧能力，我們的數據科學團隊將成為持續投資這一不斷發展的學科的關鍵。我們正在投資使用配備強大 GPU 的高效能伺服器，以實現 AI 功能和機器學習，並不斷努力領先壞人一步。

As we expand our presence in new market verticals and build on our presence in others, our ongoing efforts include leadership additions. I'm very pleased by the progress we have already seen since August when Sandra Bower came on board to lead this customer success team. She has hit the ground running for sure. Through Sandra's efforts, we have bolstered our relationships with our key accounts, and have substantially improved the process for implementations.

隨著我們擴大在新垂直市場的影響力並鞏固在其他市場的影響力，我們正在持續努力，包括增加領導層。自從桑德拉·鮑爾 (Sandra Bower) 八月加入並領導這個客戶成功團隊以來，我們已經取得了進展，對此我感到非常高興。她確實已經開始行動了。透過桑德拉的努力，我們加強了與主要客戶的關係，並大大改善了實施流程。

On the marketing front, we have refreshed much of our customer-facing materials and key message points as part of our ongoing efforts to critique and improve how we are communicating with both current and prospective customers. We've also continued to refine the look and feel of our website to build engaging content and customer support.

在行銷方面，我們更新了許多面向客戶的材料和關鍵資訊點，這是我們持續努力批評和改進與現有和潛在客戶溝通方式的一部分。我們也不斷改進網站的外觀和感覺，以建立引人入勝的內容和客戶支援。

In addition, all of our materials, the website, the blogs and their videos have been properly optimized for search. This has resulted in a 15% increase in both followers and impressions since December. Brand awareness has been a focus, and I will believe we are on our way.

此外，我們的所有資料、網站、部落格及其影片都針對搜尋進行了適當的優化。這使得自 12 月以來追蹤者和印象數都增加了 15%。品牌知名度一直是我們關注的焦點，我相信我們正在朝著這個方向前進。

Our staffing changes include customer-facing positions as well. We have added three new sales associates that we believe are solid fit for the organization. We believe that we should start seeing contributions from them in the back half of the year. We are very excited about our differentiated product technology and the efficacy that we have for helping our clients onboard better customers faster and addressing stopping fraud.

我們的人員變動也包括面對客戶的職位。我們增加了三名新的銷售助理，我們認為他們非常適合該組織。我們相信，我們應該在今年下半年開始看到他們的貢獻。我們對我們的差異化產品技術以及幫助我們的客戶更快地吸引更好的客戶和解決詐欺問題的功效感到非常興奮。

Accelerating revenue growth and achieving increased productivity are that much more attractive when viewed with the understanding of just how damaging the problem of fraud continues to be. As reported by Javelin Research, businesses and consumers suffered at $43 billion cost from fraud in 2023 alone. Breaking it down further, the Federal Trade Commission said that self-reported consumer losses alone in 2024 popped $12.5 billion.

當我們意識到詐欺問題的危害有多大時，加速收入成長和提高生產力就更有吸引力了。根據 Javelin Research 報道，光是 2023 年，企業和消費者就因詐欺遭受了 430 億美元的損失。聯邦貿易委員會進一步表示，光是 2024 年消費者自報的損失就高達 125 億美元。

And remember, that's only people who self-reported to the FTC, but even that was a 25% increase over '23. The bottom line is clear. Credit card, loan and lease, bank account, employment and government program-related fraud, remains an explosive problem that shows no sign of diminishing.

請記住，這只是向聯邦貿易委員會自我舉報的人，但即便如此，也比 23 年增加了 25%。底線很明確。信用卡、貸款和租賃、銀行帳戶、就業和政府專案相關的詐欺仍然是一個嚴重問題，而且沒有絲毫減弱的跡象。

The most recent data from bank rate is soaring. About one in three adults have experienced national fraud or a scam in the past 12 months since January 2024 alone. Among them, nearly two in five lost money and the generations viewed as tech-savvy aren't immune. 63% of Gen Zers, those aged 18 to 28 and 64% of millennials aged 29 to 44 have been victimized.

最新數據顯示銀行利率正在飆升。光是從 2024 年 1 月開始的 12 個月內，就有大約三分之一的美國成年人遭遇過全國性詐欺或詐騙。其中，近五分之二的人遭受了損失，而被視為精通技術的幾代人也未能倖免。 63% 的 Z 世代（18 至 28 歲）和 64% 的 29 至 44 歲千禧世代都曾遭受此類攻擊。

Bankrate's US economic analysts summed it up well. She noted that bank rate survey shows fraud can happen to just about anyone even those who appear technologically savvy, for those who have taken steps to safeguard themselves. And I get it. In fact, they hit home for me recently. My wife was -- just last month, the target of fraudsters.

Bankrate 的美國經濟分析師對此做出了很好的總結。她指出，銀行利率調查顯示，幾乎任何人都可能遭遇欺詐，即使是那些看起來精通科技的人，以及已經採取措施保護自己的人。我明白了。事實上，他們最近給我帶來了深刻的印象。就在上個月，我的妻子成為了詐騙分子的目標。

She had somebody try and open up online three different credit cards and they successfully changed personal information with one of the credit bureaus. I have now seen firsthand how long it takes and how difficult it is to correct anything related to identity theft. And it's even worse for the victim when they are able -- the crooks are able to open accounts. It is happening with the increased frequency. And generally, when I talk to someone, they are personally aware of someone else who has been a victim of attempted fraud.

她讓某人嘗試在線上開設三張不同的信用卡，並成功地向其中一家信用局更改了個人資訊。我現在親眼目睹了糾正與身份盜竊有關的任何事情需要多長時間以及有多困難。當騙子有能力開設帳戶時，受害者的處境會更糟。這種情況發生的頻率越來越高。一般來說，當我與某人交談時，他們親自知道其他人也曾經是詐欺未遂的受害者。

So before turning the call over to Adam, here's some color on our first quarter outlook. Coming off of a solid Q4 that was propelled by the additional scan volumes driven by the holiday. The first quarter sees a natural retraction. Of note, our retail customer transaction volumes in Q4 were down more than our current outlook would indicate because they were offset by the growth we are seeing in our new verticals that typically have a higher price per transaction value. We believe our diversification strategy is working and our focus on longer contracts with minimums and guarantees are starting to bear fruit.

因此，在將電話轉給亞當之前，我們先來介紹一下我們對第一季的展望。受假日掃描量增加的推動，第四季業績表現穩健。第一季出現自然回落。值得注意的是，我們第四季的零售客戶交易量下降幅度超過了我們目前的預期，因為它們被我們在新垂直產業中看到的成長所抵消，這些產業的每筆交易價值通常更高。我們相信，我們的多元化策略正在發揮作用，我們對具有最低限額和擔保的長期合約的關注開始取得成果。

Many of you have probably seen reports with cautious outlooks for the consumer as we start 2025. Recent reports show that while US consumers opened their wallets during the holiday season, that quickly changed as 2025 got underway. Recent research shows consumers are now focusing on needs-based spending with drivers cited such as lower consumer confidence numbers, macro and inflation concerns, the continual rise in prices on grocery items and other basics as well as products across the board. All against the backdrop of uncertainty around tariffs and program changes at the federal and state level.

你們中的許多人可能已經看到過有關 2025 年消費者前景謹慎的報告。最近的報告顯示，雖然美國消費者在假期期間打開了錢包，但隨著 2025 年的到來，這種情況很快就改變了。最近的研究表明，消費者現在更注重基於需求的支出，其驅動因素包括消費者信心指數下降、宏觀和通膨擔憂、食品雜貨和其他基本商品以及各類產品價格持續上漲。所有這一切都發生在聯邦和州一級關稅和計劃變化不確定的背景下。

This has driven cautious outlook for many retailers, some of whom are our customers. Although we continue to diversify away from retail, it still represents approximately 75% of our scan volume, either through the retailers directly or through one of our bank or credit card partners. While we remain excited about our growth for the year, particularly in the back half, we anticipate that our first quarter will approximately be in line with the sell-side consensus estimate that at the time of this call was $4.78 million.

這導致許多零售商對前景持謹慎態度，其中一些是我們的客戶。儘管我們繼續從零售業務向多元化發展，但零售業務仍占我們掃描量的約 75%，無論是直接透過零售商還是透過我們的銀行或信用卡合作夥伴。雖然我們對今年的成長，特別是下半年的成長感到興奮，但我們預計第一季的業績將大致與賣方共識預期一致，即本次電話會議時的 478 萬美元。

Another thing to note, all of our Q1 renewals resigned and including upsells and guarantees, these renewals have an ACV that exceeds $10 million, giving us a solid base to build upon as we focus on growth in 2025 and the other renewals that we have coming throughout the year.

另外要注意的是，我們第一季的所有續約，包括追加銷售和擔保，這些續約的 ACV 都超過了 1000 萬美元，這為我們專注於 2025 年的成長以及全年的其他續約奠定了堅實的基礎。

Finally, I want to remind everyone that we will be presenting at the iAccess Alpha Virtual Conference next Tuesday at 2:00 PM Eastern, and I will be hosting one-on-one meetings on Wednesday. We issued a press release earlier this week with the details. You can find the press release posted in the newsroom on our website. Additionally, we will be presenting at Planet MicroCap Showcase on April 23 and 24 in Las Vegas. We look forward to seeing you there.

最後，我想提醒大家，我們將於下週二東部時間下午 2:00 在 iAccess Alpha 虛擬會議上進行演講，並且我將在周三主持一對一會議。本週早些時候我們發布了一份新聞稿，詳細介紹了這一點。您可以在我們網站的新聞室找到發布的新聞稿。此外，我們也將於 4 月 23 日至 24 日在拉斯維加斯的 Planet MicroCap Showcase 上展示。我們期待在那裡見到您。

I will now turn the call over to Adam, who will discuss our financial results in more detail.

現在我將電話轉給亞當，他將更詳細地討論我們的財務結果。

Thank you, Bryan. 2024 was an important year for Intellicheck on the financial side as well as on the business side, where the initiatives that we have talked to you about in the past are now bearing fruit. As you just heard, our fourth quarter revenues were 15% higher than the prior year. We also saw new business pricing firmer, growing at 5% versus 2023. We achieved an important goal that we have mentioned of adjusted EBITDA positive results for the year in the amount of $520,000 from 2024.

謝謝你，布萊恩。 2024 年對 Intellicheck 來說，無論是在財務方面還是在業務方面，都是重要的一年，我們過去與您討論過的舉措現在正在取得成果。正如您剛才聽到的，我們第四季的營收比去年同期高出 15%。我們也看到新業務定價更加堅挺，與 2023 年相比成長了 5%。我們實現了前面提到的重要目標，從 2024 年起，全年調整後的 EBITDA 實現正收益 52 萬美元。

As Bryan also mentioned, we are pleased to see the continued growth progression of SaaS revenue. As we previously have discussed, we are continuing to maintain our focus on our operating expenses to ensure that we achieve the expected return on our investments in this area as we migrate customers from Azure to AWS.

正如 Bryan 所提到的，我們很高興看到 SaaS 收入的持續成長。正如我們之前所討論的，我們將繼續專注於我們的營運費用，以確保在將客戶從 Azure 遷移到 AWS 時實現我們在該領域的投資預期回報。

Starting first with some quarterly results. Revenue for the fourth quarter of 2024 has reached 15% to a record $5,936,000, that's compared to $5,176,000 in the same period of 2023. Our SaaS revenue for the fourth quarter of 2024 grew 17%, $5,913,000, from $5,069,000 during the same period of 2023 and represented over 99% of our fourth quarter revenue.

首先從一些季度業績開始。2024 年第四季的營收成長了 15%，達到創紀錄的 5,936,000 美元，而 2023 年同期的營收為 5,176,000 美元。我們 2024 年第四季的 SaaS 營收較 2023 年同期的 5,069,000 美元成長 17%，達到 5,913,000 美元，占我們第四季營收的 99% 以上。

Gross profit as a percentage of revenues was 91% for the fourth quarter of 2024 compared to 95% for the same period of 2023. Cost of goods sold in Q4 of 2024 was a bit higher at about $528,000 versus $263,000 in 2023, partly due to cloud computing costs as we ran both AWS and Azure in parallel for a period of time to ensure stability of the customer experience during migration. We expect to largely complete this customer move to AWS around middle of 2025.

2024 年第四季毛利佔營收的百分比為 91%，而 2023 年同期為 95%。2024 年第四季的銷售成本略高，約為 528,000 美元，而 2023 年為 263,000 美元，部分原因是雲端運算成本，因為我們在一段時間內同時運行 AWS 和 Azure，以確保遷移期間客戶體驗的穩定性。我們預計將在 2025 年中期基本完成客戶向 AWS 的遷移。

Operating expenses, which consist of selling, general and administrative, marketing and research and development expenses increased $864,000 or 41% to $4,928,000 for the fourth quarter of 2024 compared to $4,064,000 for the same period of 2023. On an accounting basis, R&D expenses were higher in Q4 of 2024, driven largely by the fact that we have put many development projects into production and are now only capitalizing very few of our ongoing engineering expenses.

2024 年第四季的營運費用（包括銷售、一般及行政、行銷和研發費用）為 4,928,000 美元，而 2023 年同期為 4,064,000 美元，增加了 864,000 美元，增幅為 41%。從會計角度來看，2024 年第四季的研發費用較高，這主要是因為我們已將許多開發案投入生產，而目前僅將極少數正在進行的工程費用資本化。

We've also started to amortize previously capitalized software development expenses. Going forward, we expect our cash R&D spend to be flat to only modest growth. In any case, we expect such spending to grow at a rate less than the growth rate of revenue.

我們也開始攤銷以前資本化的軟體開發費用。展望未來，我們預期現金研發支出將保持穩定或僅略有成長。無論如何，我們預期此類支出的成長速度將低於收入的成長率。

Broader context, I would mention you'll shortly hear about how our overall G&A expense fell for the year in 2024 versus 2023. While we realize the benefits of our cost conscious efforts in the period, we are capitalizing $416,000 in costs tied to software projects in the quarter.

從更廣泛的角度來看，我想說的是，您很快就會聽到我們 2024 年的整體 G&A 費用與 2023 年相比是如何下降的。雖然我們意識到了本期間成本意識努力的益處，但我們在本季將與軟體專案相關的成本資本化為 416,000 美元。

We anticipate that we will see de minimis levels of capitalization of software going forward as the migration of other projects we've been sharing with you with the moved into production. The weighted average diluted common shares were fairly stable at $19.3 million for the fourth quarter of 2024 compared to $19.2 million for the same period of 2023.

我們預計，隨著我們與您分享的其他專案遷移到生產階段，我們將看到軟體資本化的最低水準。2024 年第四季的加權平均稀釋普通股每股盈餘相當穩定，為 1,930 萬美元，而 2023 年同期為 1,920 萬美元。

Now turning to our full year 2024 results. Total revenue for the full year of 2024 increased $1.1 million or 6% to $19.997 million compared to $18.9 million for 2023. Excluding equipment, our SaaS revenue for the full year for 2024 grew $1.2 million or 7%, $19.8 million from $18.6 million for 2023.

現在來看看我們 2024 年全年業績。2024 年全年總收入為 1,999.7 萬美元，較 2023 年的 1,890 萬美元增加 110 萬美元，增幅 6%。不包括設備，我們 2024 年全年的 SaaS 收入從 2023 年的 1860 萬美元增長 120 萬美元（7%），達到 1980 萬美元。

Gross profit as a percentage of revenues was 91% for the full year of 2024 compared to 93% for the full year of 2023. The gross margin profit percentage was impacted mostly by Q4 R&D costs, as previously mentioned.

2024 年全年毛利佔收入的百分比為 91%，而 2023 年全年為 93%。如前所述，毛利率百分比主要受到第四季研發成本的影響。

Operating expenses, which consist of selling, general and administrative, marketing and research and development expenses decreased $473,000 or 2% to $19.3 million for the full year 2024 compared to $19.8 million for the full year of 2023. The reduction was primarily driven by lower R&D costs over the course of the 2024 year.

2024 年全年營運費用（包括銷售、一般及行政、行銷及研發費用）為 1,930 萬美元，較 2023 年全年的 1,980 萬美元減少 473,000 美元（2%）。減少的主要原因是 2024 年研發成本降低。

Another item to note in 2024 was stock-based compensation expense which decreased by $720,000 versus 2023. As discussed on our last call, we expect our total noncash 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%.

2024 年值得注意的另一件事是股票薪酬費用，與 2023 年相比減少了 72 萬美元。正如我們上次電話會議所討論的那樣，我們預計我們的非現金支出總額將繼續下降，約占我們營運支出的 10%，其中股票薪酬將佔該數字的 90%。相比之下，我們之前的歷史趨勢是 13% 至 15%。

The company reported improved net income a GAAP loss of $918,000 for the full year of 2024 compared to a net loss of $1.98 million for the same period of 2023. Net loss per diluted share for the full year of 2024 improved to $0.05 compared to the net loss per diluted share of $0.10 for the full year 2023.

該公司報告稱，2024 年全年淨收入有所改善，以 GAAP 計算的虧損為 918,000 美元，而 2023 年同期的淨虧損為 198 萬美元。2024 年全年每股攤薄淨虧損改善至 0.05 美元，而 2023 年全年每股攤薄淨虧損 0.10 美元。

The weighted average diluted common shares were $19.3 million for 2024 compared to $19.2 million for 2023. Adjusted EBITDA for the full year of 2024 improved to a positive $520,000 worth of $377,000 for the same period of 2023.

2024 年加權平均稀釋普通股為 1,930 萬美元，而 2023 年為 1,920 萬美元。2024 年全年調整後 EBITDA 為正 52 萬美元，而 2023 年同期為 37.7 萬美元。

After the company's liquidity and capital resources at December 31, 2024, the company had cash and cash equivalents that totaled $4.7 million. At year-end, there was working capital, which is current assets minus current liabilities of $6.7 million, total assets of $21 million and stockholders' equity of $17.7 million.

扣除公司2024年12月31日的流動性和資本資源後，本公司擁有的現金和現金等價物總額為470萬美元。截至年底，營運資本為流動資產減去流動負債 670 萬美元，總資產為 2,100 萬美元，股東權益為 1,770 萬美元。

The first quarter of 2025 is not yet complete, but we expect to finish the first quarter with a cash balance of approximately $5 million, at least a few hundred thousand higher than at the end of 2024. This shows the business' ability to generate cash even in a seasonally weaker first quarter.

2025 年第一季尚未結束，但我們預計第一季的現金餘額約為 500 萬美元，比 2024 年底至少高出數十萬美元。這表明，即使在季節性較弱的第一季度，該企業仍有能力產生現金。

On another liquidity note, the company has a $2 million revolving credit facility with Citibank, that credit line may be secured by accounts receivable. There are no amounts outstanding under this facility, and the facility was not utilized during 2024.

在另一個流動性方面，該公司與花旗銀行有 200 萬美元的循環信貸額度，該信貸額度可以透過應收帳款擔保。該貸款項下無未償還金額，且 2024 年期間未使用該貸款。

In 2024, we executed on a number of key initiatives that we believe set us up well for continued strong performance in 2025. We believe that our more efficient new marketing approaches are already yielding dividends for the sales pipeline and we anticipate that we will be able to generate significantly better results with the same or even slightly lower spending.

2024 年，我們實施了一系列關鍵舉措，我們相信這些舉措為我們在 2025 年繼續保持強勁表現奠定了基礎。我們相信，我們更有效率的新行銷方法已經為銷售管道帶來了紅利，我們預計我們將能夠以相同甚至略低的支出產生更好的結果。

We have remained committed to achieving adjusted positive EBITDA for the year, which we did in 2024 and it now puts us in a position to improve on that result in 2025. We believe that we have discipline in executing on our revenue plans, and we'll keep a close eye on operating expenses, which should help us achieve this very important EBITDA goal.

我們始終致力於實現年度調整後正 EBITDA，我們在 2024 年實現了這一目標，現在我們有能力在 2025 年進一步提升這一業績。我們相信，我們在執行收入計劃時有紀律，我們將密切關注營運費用，這應該有助於我們實現這一非常重要的 EBITDA 目標。

For 2025, we expect to see continued gross margins of approximately 90%, while we improve our architecture and data intelligence capabilities. We also expect to see continued leverage in our operating expenses as a result of the initiatives we implemented in 2024 and do not expect that expenses will grow as quickly in 2025 as our revenue.

到 2025 年，我們預計毛利率將繼續保持在 90% 左右，同時我們將改善架構和資料智慧能力。我們也預計，由於我們在 2024 年實施的舉措，我們的營運費用將繼續保持槓桿率，並且預計 2025 年的支出成長速度不會像收入那麼快。

I will specifically mention two of the initiatives that I'm most excited about to drive results in 2025 and beyond. As Bryan alluded to, improved marketing strategy and tactics and a revamped holistic approach to the customer experience. I see these two areas of focus as being critical for new customer acquisition as well as for boosting existing customer satisfaction. I'll now turn the call over to the operator who will take your questions.

我將特別提及兩項我最期待的舉措，以推動 2025 年及以後取得成果。正如布萊恩所提到的，改進了行銷策略和策略，並改進了整體客戶體驗方法。我認為這兩個重點領域對於吸引新客戶以及提高現有客戶滿意度至關重要。我現在將電話轉給接線員，他會回答您的問題。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員指示）

Scott Buck, H.C. Wainright.

斯科特·巴克，H.C.溫賴特。

Hi, good afternoon guys. Thanks for taking my questions. I'm curious, Bryan, you mentioned stronger back half. Could you give us a little color on your visibility there? And is it just simply that's with the rollout schedule is telling you? Or is there something more to it?

大家下午好。感謝您回答我的問題。我很好奇，布萊恩，你提到了更強的後半部。您能否向我們介紹一下您在那裡的知名度？這只是推出計畫告訴你的嗎？或者還有什麼其他原因？

Yeah. So two things. First, I apologize to everybody, technical difficulties were going on. We are all as flummoxed as you were probably. Yeah, so looking at rollout schedules. That's really what we are seeing on rollout schedules, proof of concepts, when they're ending and generally a proof of concept is full implementation where they have an out if you don't do what we said we do going into it.

是的。所以有兩件事。首先，我向大家道歉，出現了技術故障。我們可能都和您一樣感到困惑。是的，所以正在查看推出時間表。這確實是我們在推出計劃、概念驗證以及它們結束時所看到的，通常概念驗證是全面實施，如果你不按照我們所說的去做，他們就會有退出的機會。

So that's why we're saying sort of the back half of the year. I think things would have been sooner. As I said, had been for the fact that, that one bank wanted to move -- their IT guys want to move things out which is -- I look at it as twofold. It's really painful on one end. But on the other hand, they're building new middleware that they want us to connect to, which means it connects to every part of the bank as opposed to so far with them, it's been a new development process, whether it was online for one use, online for another use and then in branch I'm hoping that delay, while painful, means easier going down the road. So yeah, all timing on rollouts and POCs.

這就是我們說下半年的原因。我認為事情會更早發生。正如我所說的，事實是，一家銀行想要遷移——他們的 IT 人員想要遷移一些東西——我認為這是雙重的。一方面確實很痛苦。但另一方面，他們正在建立新的中間件，希望我們能夠連接到它，這意味著它連接到銀行的每個部分，而不是像目前這樣，這是一個新的開發過程，無論是在線用於一個用途，還是在線用於另一個用途，然後在分支機構，我希望延遲雖然痛苦，但意味著以後更容易。是的，所有時間都集中在推出和 POC 上。

Great. I appreciate that. And then second, you mentioned some of the uncertainty that's out there in regards to the retail customer. But I'm curious whether or not your sales conversations have seen any kind of disruption due to the current macro.

偉大的。我很感激。其次，您提到了零售客戶方面存在的一些不確定性。但我很好奇，由於當前的宏觀因素，您的銷售對話是否受到了任何干擾。

No, nothing from the sales side because it doesn't really matter. The fraud has been so consistent the percentage of transactions that happen is so consistent across every industry. They all have their number. That doesn't change. So it's the same impact on profitability.

不，從銷售方面來說沒有什麼，因為這並不重要。詐欺行為一直如此普遍，以至於各行各業發生的交易百分比都非常一致。他們都有自己的號碼。那一點沒有改變。所以它對獲利能力的影響是一樣的。

And what I'm also seeing and part of what's really been resonating with sort of our sales pitch is, people -- they get a pat on the back for cutting the fraud losses and they get a bonus based on bringing on new clients. And one of the things that they're all noticing about us is the speed and ease of bringing on a new client, and they're almost looking at topping the fraud as a byproduct of getting all those new clients.

我還看到，我們的銷售宣傳中真正引起共鳴的是，人們因為減少了詐欺損失而得到表揚，因為帶來了新客戶而獲得獎金。他們注意到的一件事是我們吸引新客戶的速度和容易程度，他們幾乎把消除詐騙視為獲得所有新客戶的副產品。

So that seems to be resonating well in the sales process. I just look at the consumer as right now, as I said on the call, 75% still the transaction volume is retail. So that is still significant, that's down about 2.5% from '23, but it is a component, right?

因此這似乎在銷售過程中引起了良好的共鳴。我只是看看現在的消費者，正如我在電話中所說的那樣，75％的交易量仍然是零售。所以這仍然很重要，比 23 年下降了約 2.5%，但它是一個組成部分，對嗎？

If people don't want to go get credit, if people don't want to use their credit card, the retail location that does impact us. Hopefully, most of the bankruptcies are over with. But again, retail is still a portion of -- a big portion of our business. So it's something that we watch with a close eye.

如果人們不想獲得信貸，如果人們不想使用信用卡，那麼零售店的位置就會對我們產生影響。希望大多數破產案件已經結束。但零售仍然是我們業務的重要組成部分。因此，這是我們密切關注的事情。

Great. And if I could squeeze one more in. I don't know if you've disclosed it or not, but potential operating expense savings from switching to AWS?

偉大的。如果我能再擠進一個的話。我不知道您是否透露過，但是切換到 AWS 是否可能節省營運費用？

Here's what I'd say, my IT guys gave me a big number, I cut it in half. I think we're probably exceeding what I was hoping. It's becoming really a bit of a battle out there between the different providers of the cloud hosting because once we get this move done, we're basically cloud agnostic. And I can tell you some of the other big cloud vendors are coming to us and saying, all right, we'll buy out your contract. We'll give you rates like this. So I think we're going to continue to see reductions.

我想說的是，我的 IT 人員給了我一個很大的數字，我把它減半了。我想我們可能超出了我的期望。這實際上正在成為不同雲端託管提供者之間的戰鬥，因為一旦我們完成這項舉措，我們基本上就與雲端無關了。我可以告訴你，其他一些大型雲端供應商正在找我們，說，好吧，我們將買斷你的合約。我們會給您這樣的價格。所以我認為我們將繼續看到減少。

Now I also want to be clear part of what we have to do, and when I was discussing AI and all those things, that requires extensive computing power. So it's going to be a balance between what we're saving on our normal transactions and then what we're doing to truly enhance our product through AI and machine learning.

現在我也想明確我們必須做的事情的一部分，當我討論人工智慧和所有這些事情時，這需要大量的運算能力。因此，我們需要在正常交易中節省的費用與透過人工智慧和機器學習真正增強我們的產品之間取得平衡。

Great. Well, I appreciate the time, guys. Thanks and congrats on the quarter.

偉大的。好吧，我很感謝你們抽出時間。感謝並祝賀本季取得的成績。

Great, thank you. Have a good one, Scott.

太好了，謝謝。祝你一切順利，斯科特。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Hey, thanks for taking my questions guys. I want to start maybe just understanding the big Q4 revenue number. I mean the sequential was much stronger than past years. And I mean, SaaS revenue growth went from, I think, 1% year-over-year last quarter, 17% in Q4, then you're kind of indicating back low single digits in Q1. So was there any onetime kind of revenue or true-ups or anything in Q4 that drove that? Or I guess why if not, then why it's such a drop off in Q1?

嘿，謝謝大家回答我的問題。我可能只是想了解一下第四季的營收數字。我的意思是，連續表現比過去幾年強得多。我的意思是，SaaS 營收成長率從上個季度的 1% 上升到第四季的 17%，然後又回到了第一季的低個位數。那麼第四季度是否有任何一次性收入或收入增加或任何因素推動了這一趨勢？或者我猜如果不是的話，那為什麼第一季會出現如此大的下降？

I think you know how we look at the transaction volumes very closely. And I looked at for Q1, for the first two months and then extrapolated out what the quarter would be. And the major retailers are not seeing anywhere near the transaction volume that they did before. So again, that's why I think consumer credit works and things like that are impacting it. There are I think on average, we saw that they're down transactional volume, 45% from Q4 last year would normally that would be about a 15% drop so that's why we're seeing what I'm looking at.

我想您知道我們如何密切關注交易量。我查看了第一季的前兩個月的情況，然後推斷出本季的情況。大型零售商的交易量遠不及以前。所以，這就是為什麼我認為消費信貸是有效的，而且諸如此類的事情正在對其產生影響。我認為平均而言，我們發現他們的交易量下降了，比去年第四季度下降了 45%，通常下降幅度約為 15%，所以這就是我們看到的情況。

And it seems consistent. We looked at our top retailers. And then the one -- top three company we have that does nothing but retail credit cards, and they're all down fairly consistently.

而且它看起來似乎是一致的。我們關注了我們的頂級零售商。然後，我們擁有的排名前三的公司只做零售信用卡，而且它們的銷售額都在持續下降。

Okay. That's helpful. So I guess if I read it back, I mean, the strength in Q4 sounds like you came from non-retail improvements in scan volumes there. And then the reversal in that growth rate in Q1 is retail getting worse on a year-over-year basis?

好的。這很有幫助。所以我想如果我回顧一下，我的意思是，第四季的強勁表現聽起來像是來自於非零售掃描量的改善。那麼，第一季成長率的逆轉是否意味著零售業年比狀況惡化？

Yeah, a little bit, yeah. I mean and certainly, I think you look at credit -- credit card spending and other things during the holiday season, people did go out there and spend money. And I think that they're just being very, very cautious now.

是的，有一點，是的。我的意思是，當然，我認為你看看信用——假期期間的信用卡消費和其他事情，人們確實出去花錢了。我認為他們現在非常非常謹慎。

Okay. And then one last one, if I could. I don't believe I heard any update about the large social media customer. Any update you can provide there? And then Adam, just to clarify, I believe you said in EBITDA you expect to make further progress on the EBITDA you did in '24. Just to make sure I'm hearing that right, you expect EBITDA to be higher for the full year in '25 than '24? Or no?

好的。如果可以的話，我還有最後一個問題。我不相信我聽過有關該大型社群媒體客戶的任何最新消息。您能提供任何更新資訊嗎？然後亞當，只是為了澄清一下，我相信你在 EBITDA 中說過你希望在 24 年的 EBITDA 上取得進一步的進展。為了確保我聽得正確，您預計 25 年全年的 EBITDA 將高於 24 年嗎？還是沒有？

So I'll start. The joy of big companies is there's usually big deals. They're paying a big companies, It means procurement and everything gets into it. And I think if you all recall, one of the things that they wanted to do and which then also delayed testing so much as they wanted to use another one of our products, which being able to -- they wanted just OCR, front of the license and that kind of stuff. So they needed to test it once it was tested and they said that they were good with it, then procurement comes in and that can drag on.

那我就開始了。大公司的樂趣在於通常都有大交易。他們向大公司付錢，這意味著採購，一切都包含在內。我想如果你們都還記得的話，他們想做的事情之一就是推遲測試，因為他們想使用我們的另一款產品，他們只想要 OCR、許可證前面之類的東西。因此，他們需要在測試完成後再進行測試，並且他們表示對測試結果滿意，然後才會進行採購，這可能會拖延下去。

So that's what's happening now. We're just going back and forth on some final language on what a successful transaction is with procurement and then we should have further updates after that.

這就是現在正在發生的事情。我們只是在最後討論一下什麼是成功的採購交易，然後我們應該會有進一步的更新。

Great. Thanks for your question. Yeah, I think that we're going to be seeing continued improvement in 2025. But again, if you've been following us for a while, you know that are really great quarter in terms of cash generation and adjusted EBITDA is -- it comes down to Q4. So the magnitude of the increase will probably be how we see Q4 2025. But I expect the number to be positive, and I do think we'll improve on 2024.

偉大的。謝謝你的提問。是的，我認為我們將在 2025 年看到持續的改善。但是，如果您已經關注我們有一段時間了，您就會知道，就現金產生量和調整後的 EBITDA 而言，這是一個非常棒的季度——這取決於第四季度。因此，成長的幅度可能就是我們對 2025 年第四季的預測。但我預計這個數字會是正數，而且我確實認為到 2024 年我們會有所進步。

Mike Grondahl, Northland Securities

麥克‧格隆達爾（Mike Grondahl），北國證券

Hey guys, thank you. Bryan, the three new salespeople, how many total people do you have in sales now? And what do you focus the three new salespeople on, like a specific vertical? Or how did you kind of point them in the right direction?

嘿夥計們，謝謝你們。布萊恩，新來的三位銷售人員，你們現在銷售部門一共有多少人？您讓三位新銷售人員專注於哪些方面，例如特定的垂直領域？或者您如何為他們指明正確的方向？

So the three folks have really just started and we're kind of going a little bit different. In the past, we've hired a lot of people who are sort of experienced. And this time, one of the things I like is bringing on really young, hungry people who have generally -- I think where you have good salespeople is where they've been working in a place, booking meetings for somebody else who makes all the money and they want to do it, and that's kind of what we focused on.

所以我們三個人才才剛開始，而且我們的做法有點不同。過去，我們僱用了很多有經驗的人。而這一次，我喜歡的事情之一就是招募真正年輕、有抱負的人，他們通常——我認為，優秀的銷售人員是他們在某個地方工作過，為其他能賺大錢的人安排會議，他們想這樣做，這就是我們關注的重點。

Now the good thing is the way that I look at what we do, the problem is the same problem across any vertical. Do I need to know who you are with certainty? And that message works for every single vertical. So instead of some take -- some verticals take longer to close than others, we're going to give a mix of here are some very targeted accounts. Now we do have verticals that we're focusing on, and that's where we're doing targeted marketing. All the things that really smart, modern digital marketers know how to do, to go and hit the right person to warm up that cold call. That's how we're focusing what we're doing.

現在好的方面是，我以自己的方式看待我們所做的事情，問題在任何垂直領域都是相同的。我需要確切地知道你是誰嗎？這項資訊適用於每一個垂直行業。因此，我們不會採取某些措施——某些垂直行業比其他行業需要更長的時間才能關閉，而是提供一些非常有針對性的帳戶。現在我們確實有我們關注的垂直領域，並且我們正在進行有針對性的行銷。真正聰明的現代數位行銷人員知道如何做，如何找到合適的人來做好電話行銷的準備。這就是我們集中精力做事的方式。

So and then people might find they've got a natural affinity to one or another vertical. But I think that it's not like I'm an equity guy trying to sell fixed income. This is -- I'm selling the solution of identity validation. And then it's just what's your use case, how do you want to consume it? Is it you need international? Do you need this? Do you need that? It was just questions to figure out how to provide the solution, much more consultative selling because I think that works better than just trying to go out and demo a product.

因此，人們可能會發現他們對某個垂直產業有著天然的親和力。但我認為，我並不是一個試圖出售固定收益的股票投資者。這是——我正在銷售身份驗證解決方案。然後就是你的用例是什麼，你想如何使用它？您需要國際嗎？你需要這個嗎？你需要那個嗎？這只是弄清楚如何提供解決方案的問題，更多的是顧問式銷售，因為我認為這比僅僅嘗試出去演示產品更有效。

Got it. And Bryan, what would you say are your top two priorities now for '25? What are you focused on?

知道了。布萊恩，您認為 25 年您最優先考慮的兩件事是什麼？你關注的重點是什麼？

Sales, sales, sales, honestly. I think that we finished the -- we finally got the really the right marketing people in place, and I cannot believe what they've done. I mean the fact that without even boosting or doing anything on any post or any of that stuff, we're up 15% in both impressions and followers. I think that shows that the message is getting out. So that's working right. Finance is working right.

銷售，銷售，銷售，誠實。我認為我們已經完成了——我們終於找到了真正合適的行銷人員，我簡直不敢相信他們所做的一切。我的意思是，即使沒有對任何貼文或類似的東西進行任何提升或做任何事情，我們的印象和追蹤者都增加了 15%。我認為這表明訊息已經傳播出去了。所以這是正確的。財務運作正常。

IT, it's working right. IT people are always like, I can't make that deadline, but we'll get them there. I think that we just need to make sure that we've got the right sales things happening. And that's -- we're getting there. That's working pretty good. I'm -- we've got good leads in the pipe. We've got good things happening. Now we just need to get more of that. And then Sandra is so experienced in customer success, customer journey, all those types of things. Like I don't have to worry about that. That's just being completely taken care of.

IT，它運作正常。IT 人員總是說，我無法在那個期限前完成任務，但我們會幫他們完成。我認為我們只需要確保銷售活動順利進行。那就是——我們正在實現這個目標。效果非常好。我——我們已獲得很好的線索。我們有好事發生。現在我們只需要獲得更多。桑德拉在客戶成功、客戶旅程等所有方面都有豐富的經驗。好像我不需要擔心這個。這已經完全解決了。

Got it. And then last question. If I heard it right, I think you said in Q1 you resigned about $10 million of ACV?

知道了。最後一個問題。如果我沒聽錯的話，我記得您在第一季說過您辭去了約 1000 萬美元的 ACV 職位？

Yeah.

是的。

That seems like a huge number relative to your roughly $20 million in sales. Is it -- a lot of things just came due in? What's kind of the pace of the rest of the year?

相對於你們約 2000 萬美元的銷售額來說，這似乎是一個巨大的數字。是不是──很多事情都已經到了該發生的時候了？今年剩餘時間的發展節奏如何？

So the rest of the year is certainly a little bit muffered even, if you will. A couple of things, I think, made this one really big, right? So obviously, one of the big banks always just every year, their contract is -- it was a three year contract, we're in year two of it now that ends on December 31, and then they say, all right, same amount of transactions or we've given them some sort of break points going up or you can commit to this number, this number, this number. So that came in.

因此，如果你願意的話，今年剩餘的時間肯定會受到一些影響。我認為有幾件事使得這件事變得非常重要，對吧？顯然，大型銀行每年都會簽訂合同——這是一份三年期合同，現在正處於第二年，合同將於 12 月 31 日結束，然後他們會說，好吧，交易量保持不變，或者我們給了他們某種上漲的斷點，或者你可以承諾這個數字，這個數字，這個數字。所以就這樣了。

And then that other bank that we talked about on the earnings call, who had been buying buckets, like, again, the buckets ended way earlier than they thought. So it was a -- and we didn't have time to renew it in December. So we said, so look fine, we'll just do -- we'll just keep billing you but in arrears. And then in January, you can buy a new bucket. And now they've realized that, that bucket won't make it. So they want to start thinking about how do they go on a model like the bank I spoke about prior, where it's -- they're going to commit to a number of transactions for the year.

然後，我們在收益電話會議上談到的另一家銀行，他們一直在購買桶，但是，桶的結束時間比他們想像的要早得多。所以這是一個——我們沒有時間在 12 月進行更新。所以我們說，看起來不錯，我們會繼續向你收費，但會拖欠。然後在一月份，你可以買一個新桶子。現在他們意識到，這個桶子已經不行了。因此，他們開始思考如何採用我之前談到的銀行模式，他們將在一年內完成一定數量的交易。

And then if they miss that, they can pay through the end of the year at that rate. And then in the following year, they can commit to a higher rate and get a slight discount. But so they went a little bit and we win a lot. So it's just a bit of timing and what I like about the way we're doing it now is we'll be able to give a little bit of guidance better because I can talk about ACV and TCV and those types of things.

如果他們錯過了，他們可以按照這個利率支付到年底。然後在第二年，他們可以承諾更高的利率並獲得少量折扣。但他們只取得了一點勝利，而我們卻贏了很多。所以這只是一個時間問題，我喜歡我們現在的做法，因為我們可以談論 ACV 和 TCV 以及諸如此類的事情，所以我們能夠更好地提供一些指導。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Yeah.

是的。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Evening Adam, Bryan, thanks for taking my questions. This is Daniel on for Jeff. Just briefly on the sequential here from Q3 to Q4, it sounds like there was -- still trying to understand on the retail dynamic. So I think last quarter, it was called out that there was a double-digit decline year-over-year in retail volumes. It sounds like that improved to like negative 2.5%, I think it was mentioned year-over-year for Q4. And it sounds like that was sort of a on a stronger-than-usual seasonal strength in Q4, and that's expected to kind of go back to more pressure in Q1 '25. Am I reading all that right? Or where am I wrong there?

晚上好，亞當、布萊恩，謝謝你們回答我的問題。丹尼爾代替傑夫發言。只是簡單介紹一下從第三季到第四季的連續情況，聽起來好像仍在試圖了解零售動態。所以我認為上個季度零售量年比出現了兩位數的下降。聽起來好像有所改善，降幅為-2.5%，我認為這是第四季度同比下降的。這聽起來像是第四季度比平常更強的季節性力量，預計 2025 年第一季的壓力會更大。我讀得對嗎？還是我哪裡錯了？

And just to clarify, if you're saying that was is it a stronger Q4 than in '23? I'm looking at the numbers right now. So it was not --

需要澄清的是，如果您說的是第四季度的表現是否比 23 年更強勁？我現在正在看這些數字。所以它不是--

In terms of the seasonal impact. It was not?

就季節性影響而言。不是嗎？

Right. So Q4 '24 and if I -- and again, I'm just looking at this listing of our top retailers and then that one company that does nothing but retail was down 9% from Q4 '23.

正確的。因此，2024 年第四季度，如果我——再次，我只是查看我們頂級零售商的名單，然後發現那家只做零售的公司比 2023 年第四季度下降了 9%。

Okay, so but --

好吧，但是--

Yeah. But and that's just those volumes. But I think part of what happened is we do have part of it was some things were at a higher rate for some of these customers, right? So there was a jump, right? And I'm looking overall.

是的。但那隻是那些卷。但我認為，部分原因是，對於某些客戶來說，某些東西的價格更高了，對嗎？所以有一個跳躍，對嗎？我正在全面觀察。

So I mean, I'm sorry, I'm looking at a few specific ones. Overall, we did see retail was good and strong. But also, there's other areas too that you can consider retail or not, but automotive was very strong. And those are things where again, much, much higher price per transaction than if you're going into a department store.

所以我的意思是，很抱歉，我正在看一些具體的東西。總體而言，我們確實看到零售業表現良好且強勁。但是，還有其他領域你可以考慮零售或不考慮，但汽車產業非常強勁。而且這些東西的單價比你去百貨公司的交易價格高很多。

Okay. So normally, you see sort of a low teens, call it, sequential uptick in Q4 revenue, mostly off of retail volumes, and I'm taking it maybe a little bit less of that impact than normal this Q4. So to be up 26% sequential you're talking about over 10 points of that being strength elsewhere. Just help us walk through, is that primarily title insurance? Help us size 80, 20 where that's landing?

好的。因此，通常情況下，您會看到第四季度收入出現低十幾個百分點的連續增長，這主要得益於零售量，我認為今年第四季度受到的影響可能比正常情況下要小一些。因此，要實現連續 26% 的成長，您說的是其他方面有超過 10 個點的強勁成長。請幫我們了解一下，這主要是產權保險嗎？幫助我們確定 80 號、20 號尺寸的降落位置嗎？

I think it's more automotive than title at this point. And again, automotive -- automotive and title are both significantly higher priced than our banks who are providing credit cards, doing tens of millions of transactions. These folks are doing a lot less. So their price per transaction is much higher. So one of those transactions can be equal to four or five of a retail transaction.

我認為現在它更多的是汽車而不是標題。再說一次，汽車——汽車和所有權的價格都比我們銀行提供信用卡、進行數千萬筆交易的價格高得多。這些人做的少很多。因此他們每筆交易的價格要高得多。因此，其中一筆交易的價值可能相當於四筆或五筆零售交易的價值。

Okay. That's helpful. And then just one last for me. On the result, I think last quarter, it was said sort of guidance for Q4 here was that there would be year-over-year growth wasn't said how much, but kind of interpreted that as low year-over-year growth like single digits.

好的。這很有幫助。對我來說，這是最後一個了。就結果而言，我認為上個季度，據說對第四季度的指導是將實現同比增長，但沒有說明增長幅度，但可以將其解釋為較低的同比增長，例如個位數。

We ended up coming in at 15%. So it looks like it was a stronger quarter than was expected as of kind of mid-quarter. Was there something -- was this sort of fair to read this as some big wins kind of late in the quarter? Or how should we read that?

我們最終的得分是 15%。因此，截至本季中期，本季的表現似乎比預期的要強勁。有什麼事情嗎——把這解讀為本季末的一些重大勝利是否公平？或者我們應該怎樣解讀？

Yeah. A few things do go live in that quarter, not that I would consider them really big wins that would impact it. I think what we saw is across where consumers are spending money, right? So that's not just retail, but it's also in the automotive space, in other places like that, we saw increased demand and usage, right? The other thing is we certainly saw surprisingly, in the e-mail recovery, it went up.

是的。該季度確實有幾件事上線了，但我並不認為它們是會對它產生影響的真正重大勝利。我想我們看到的是消費者在哪裡花錢，對嗎？所以這不僅僅是零售業，而且在汽車領域，在其他類似的地方，我們看到需求和使用量增加，對嗎？另一件事是，我們確實驚訝地看到，在電子郵件恢復方面，它上升了。

So there are different -- there was different sectors. And part of that's part of the reason that I want to get out of things that aren't tied to somebody doing an economic transaction. One of the things I'm looking forward to is we announced it a while back, they're doing the development now, but that company that provides background checks to tons and tons, a vast majority of the independent background check companies, they're excited, I'm excited because jobs happen all the time, and it's -- background checks happened at all levels. So to me, that's going to be a great way to make sure that we're further insulating ourselves from user consumer making a transaction.

因此存在不同——存在不同的部門。這也是為什麼我想要擺脫那些與某人進行的經濟交易無關的事情。我期待的事情之一是我們不久前宣布的，他們現在正在進行開發，但那家為大量獨立背景調查公司提供背景調查的公司，絕大多數，他們很興奮，我很興奮，因為工作一直在發生，而且 - 背景調查發生在各個層面。所以對我來說，這將是一個很好的方法，可以確保我們進一步保護自己免受用戶消費者交易的影響。

That's it for me. Thanks, Bryan.

對我來說就是這樣。謝謝，布萊恩。

Alright, thank you.

好的，謝謝。

Neil Cataldi, Blueprint Capital.

尼爾·卡塔爾迪（Neil Cataldi），Blueprint Capital。

Hi Bryan, great quarter. If I could ask, identity verification across social media seems to have really strong tailwinds right now. I'm curious if you could talk a little bit about the role you think Intellicheck can play as age verification, possibly you come to the norm? And are you guys seeing any activity in your pipeline to support your role expanding in that vertical?

你好，布萊恩，這個季度很棒。如果我可以問的話，社群媒體上的身份驗證現在似乎有著非常強勁的順風。我很好奇，您能否談談您認為 Intellicheck 在年齡驗證方面可以發揮的作用，您是否得出了這樣的結論？你們是否看到你們的頻道中存在任何活動來支持你們在該垂直領域的角色擴展？

Yeah. I think the main thing is the discussions we've had about where else this current client can use us. And when you look at where they are talking about where they know that they have issues. Certainly, you mentioned one, age verification. That's becoming important not only across for what they're doing but now you've got many states that are passing laws for pornographic websites that you need to age verify there.

是的。我認為最重要的是我們已經討論過這個現有客戶還可以在哪些方面使用我們。當你看到他們在談論什麼時，你就知道他們有問題。當然，您提到了一點，年齡驗證。這不僅對他們所做的事情很重要，而且現在許多州都通過了針對色情網站的法律，要求在那裡進行年齡驗證。

So that's just a whole other area. But if you think about there's marketplaces on these things where people are buying and selling, and there's a lot of crime that takes place because people are pretending to be people who they're not or it's a front for selling stolen goods. They need to make sure people are right there. One of the things that they've said is we want to make sure that people are not bots and how do we do that. So to me, social media is kind of the wild-wild west of where people hadn't thought about proving who you are.

所以這只是一個完全不同的領域。但如果你想想，這些東西有市場，人們在那裡買賣，而且有很多犯罪行為發生，因為人們假扮成別人，或打著幌子出售贓物。他們需要確保人們就在那裡。他們說的一件事是，我們想確保人們不是機器人，以及我們如何做到這一點。所以對我來說，社群媒體就像是狂野的西部，人們從未想過要證明你是誰。

You pay your $8 or whatever it is, and you get a blue checks. It doesn't mean you're real. And the important thing is those are the ones that are usually get most clicks in the most credibility. And now what they're talking about is how do we ensure that credibility is deserved.

您支付 8 美元或其他金額，即可獲得一張藍色支票。這並不意味著你是真實的。重要的是，這些內容通常會獲得最多點擊，並且可信度最高。現在他們討論的是如何確保信譽。

Got it. Okay. And just a follow-up on the one customer that you have referenced. I completely understand why it's hard to forecast. You mentioned procurement, which seems like you're finalizing pricing on the new applications and whatnot. If I could ask, are they finished testing? Or are there other testing steps that also still need to occur?

知道了。好的。這只是對您提到的一位客戶的後續。我完全理解為什麼預測如此困難。您提到了採購，這似乎表明您正在確定新應用程式等的定價。請問一下，他們測試完了嗎？還是是否還需要進行其他測試步驟？

No. Right now, we are fully integrated. They're running transactions through the system, not just at the volumes that they said they will just to keep the pipe live, if you will. But fully tested, fully vetted. They gave us great marks on what we did and the results we did.

不。現在，我們已經完全整合了。他們透過系統運行交易，而不僅僅是按照他們所說的數量運行，只是為了保持管道暢通。但經過了全面測試和全面審查。他們對我們的工作和成果給予了高度評價。

I think it's interesting, too, when you work with companies like that. It helped us think about new ways to work with our products. So part of what we did with the expense of like AI machines, we were like there was a process that everybody usually has take the front, take the back of the document. We now have a detector. We don't care what the customer on the end does, which means I look at that as we can do that across every single one of our customers and hopefully get more volume out of it.

我認為與這樣的公司合作也很有趣。它幫助我們思考如何使用我們的產品。因此，我們在使用人工智慧機器方面所做的部分工作是，每個人通常都要有一個流程，即獲取文件的正面和背面。我們現在有一個探測器。我們不關心最終客戶做什麼，這意味著我們可以為每位客戶做到這一點，並希望從中獲得更多銷售量。

Because if somebody in the past sent the front when it should have been the back, we couldn't process it give them results and charge for it. So sometimes, delays can help you build products that get you revenue across the board.

因為如果過去有人發送了前面的內容而實際上應該是後面的內容，我們就無法處理它並向他們提供結果並收取費用。所以有時候，延遲可以幫助您打造能夠為您帶來全面收入的產品。

Got it. All right, well, look forward to hearing updates on that as the year progresses. Thanks for the time.

知道了。好的，期待隨著時間的推移聽到有關這方面的最新消息。謝謝你的時間。

Right, have a good one, Neil.

好的，祝你玩得愉快，尼爾。

PJ Solit, Potomac Capital.

PJ Solit，波托馬克資本。

Well, I must have been at the back of the queue. All my questions were answered, but I guess while I'm here, I'll say congrats on a nice fourth quarter. And maybe big picture wise, my interest in the company has always been that you have such great gross margins that if you can get some accelerating growth, the operating leverage is substantial. As you're looking into the second half and into 2026, I mean, is it too optimistic to think that you can really start to sustain growth rates well into the double digits and see some of that leverage?

好吧，我肯定排在隊伍的最後面了。我所有的問題都得到了回答，但我想，當我在這裡時，我會對第四季度的順利進行表示祝賀。也許從整體來看，我對公司的興趣一直在於，如果你能獲得加速成長，那麼你的毛利率就會很高，而經營槓桿也會很大。當您展望下半年和 2026 年時，我的意思是，認為您真的可以開始維持兩位數的成長率並看到一些槓桿作用是否過於樂觀？

Yeah. I mean that's -- I can tell you that the Board certainly has set growth rates that are that would make everybody happy, including me. So yeah and again, I always say this to everybody. I don't need legions of people to run this company, right? It's -- the technology team does not need to be any bigger really than it is today, other than maybe a few specialty people like product manager and that kind of stuff.

是的。我的意思是——我可以告訴你，董事會設定的成長率肯定會讓包括我在內的每個人都滿意。是的，我總是對每個人說這句話。我不需要大批人來經營這家公司，對嗎？事實上，技術團隊不需要比現在更大，除了可能需要一些專業人員，例如產品經理之類的。

Salespeople, they should pay for themselves so they don't matter. We need some good account management, customer success people because I think that we still leave a lot of money on the table with existing clients just because we're not focusing on it like we should. But again, they should pay for themselves. So I don't see any need for increasing expenses. And the only thing that you see a need for is increasing the revenue.

銷售人員應該自己付錢，所以他們並不重要。我們需要一些優秀的客戶管理和客戶成功人員，因為我認為我們仍然在現有客戶身上浪費了很多錢，只是因為我們沒有像應該的那樣關注它。但同樣，他們應該自己支付費用。所以我認為沒有必要增加開支。您認為唯一需要做的就是增加收入。

That's good. One last one --

那挺好的。最後一個--

This is Adam, I'll just jump in real quick and then that one of the things to think about margins in this business, cost of goods sold is mostly made up of cloud computing expenses. And as Bryan mentioned, that's a place that has a lot of downward pressure on pricing. So that's kind of exciting to look at because there are a lot of other things that have pricing going up. But the cloud hosting, which is the vast majority of our cost of goods sold has kind of downward pricing pressure. So that's something that does make us optimistic.

我是亞當，我先快速說一下，關於這個行業的利潤率需要考慮的一件事是，銷售成本主要由雲端運算費用構成。正如布萊恩所提到的，這個地方的定價面臨很大的下行壓力。看到這種情況真是令人興奮，因為很多其他東西的價格都在上漲。但占我們銷售成本絕大部分的雲端託管卻面臨某種下行價格壓力。這確實讓我們感到樂觀。

Yeah. I mean you you're kind of alluded to before we'll see it improve, but probably not until after this summer when you get rid of the dual system?

是的。我的意思是，在我們看到它有所改進之前，您有所暗示，但可能要等到今年夏天之後，當您擺脫雙系統時？

Yeah.

是的。

Correct. Okay. And last thing on the social media customer sounds like you're getting closer. Is it too optimistic to hope that maybe that could hit sometime in the second quarter, or is that just too optimistic?

正確的。好的。最後關於社群媒體客戶的事情聽起來你越來越接近了。希望這一目標可能在第二季度某個時候實現，這是否太樂觀了，或者這只是太樂觀了嗎？

They've been an interesting customer to deal with, so it's almost like I've begun to figure out, I almost can't figure out what they're doing, but here's what I'll say again, we are completely integrated, right? There is no more testing need to be done. Now it's just a matter of, them getting their stuff and their act together on their side, and then we should be in good shape.

他們是一位很有趣的客戶，所以我幾乎開始弄清楚了，我幾乎無法弄清楚他們在做什麼，但我還是要再說一遍，我們是完全整合的，對吧？無需再進行任何測試。現在的問題是，他們要收拾好自己的東西，採取一致行動，這樣我們就會處於良好的狀態。

So. It -- at this point in time, it's just, up to them almost, once we get the contract signed, for the or it should say the new purchase order for the new product signed.

所以。目前，這幾乎完全取決於他們，一旦我們簽署了合同，或者應該說簽署了新產品的新採購訂單。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Yeah. Have a good one, PJ.

是的。祝你一切順利，PJ。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Bryan Lewis for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Bryan Lewis，請他發表最後評論。

Great. So thanks, everybody, for joining us. You may remember at the close of the last earnings call, what I said is that our new strategic plan and the implementation of that, I think, was going to be the key to us handling some of the marketplace challenges, particularly what I was seeing in the economy, in consumers and how they're feeling. And I think that, that decision to move into new market verticals continues to be key in us growing. And I think you'll see that, that has helped us in some of these downturns.

偉大的。感謝大家加入我們。您可能還記得，在上次收益電話會議結束時，我說過，我們的新策略計劃及其實施將是我們應對一些市場挑戰的關鍵，特別是我所看到的經濟、消費者及其感受方面的問題。我認為，進軍新垂直市場的決定仍然是我們發展的關鍵。我想你會看到，這在某些經濟低迷時期對我們有所幫助。

We believe we'll continue to show progress in 2025. We're going to remain focused on expanding our customer base, growing within our existing customers through the efforts of Sandra and her team and getting in much stronger in some of these new market verticals. And one thing we really didn't talked about, but I am excited about is our partners that's really beginning to show real growth and benefit, and we're going to focus on that more. So I look forward to discussing our Q1 results with you in midway mid-May. So thank you, and have a great evening, everyone.

我們相信，2025年我們將繼續取得進展。我們將繼續專注於擴大我們的客戶群，透過桑德拉和她的團隊的努力在現有客戶中發展壯大，並在一些新的垂直市場中變得更加強大。有一件事我們確實沒有談論，但我很高興，那就是我們的合作夥伴真的開始顯示出真正的成長和利益，我們將更加關注這一點。因此，我期待在五月中旬與您討論我們的第一季業績。謝謝大家，祝大家有個愉快的夜晚。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。