Intellicheck Inc (IDN) 2025 Q1 法說會逐字稿

Greetings and welcome to the Intellicheck first quarter 2025 earnings conference call [Operator Instructions] It is now my pleasure to introduce our host, Gar Jackson, Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加 Intellicheck 2025 年第一季收益電話會議 [操作員指示] 現在我很高興介紹我們的主持人、投資者關係部 Gar Jackson。謝謝您，先生。你可以開始了。

Thank you, operator. Good afternoon and thank you for joining us today for the Intellicheck first quarter 2025 earnings call. Before we get started, it 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 1,995 as amended.

謝謝您，接線生。下午好，感謝您今天參加 Intellicheck 2025 年第一季財報電話會議。在我們開始之前，需要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》（修訂版）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 an information currently available to the company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995.

在本次電話會議中，將、相信、期望、預期、鼓勵等詞語及與公司或其管理層相關的類似表述，以及根據公司管理層當前掌握的信息做出的假設，均符合 1995 年《私人證券訴訟改革法案》中規定的前瞻性陳述。

These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecasts, they are inherently susceptible to uncertainty and changes in circumstances.

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環境變化的影響。

And the company undertakes no obligation to and expressly disclaims any obligation to update or alter it 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有義務更新或修改其前瞻性陳述，無論該等更新或修改是由此類變更、新資訊、後續事件或其他原因造成的。

Additional information concerning foreignlic statements is contained under the headings of Safe Harbor statement. And risk factors listed from time to time in the company's filings with the Securities and Exchange Commission.

有關外國聲明的其他資訊包含在安全港聲明的標題下。以及公司向美國證券交易委員會提交的文件中不時列出的風險因素。

Statements made on today's call are as of today, May 13, 2025. Management will use the financial term adjusted Eda and adjusted gross margin 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 these terms.

今日電話會議所作的聲明截至 2025 年 5 月 13 日。管理層將在今天的電話會議中使用財務術語「調整後的 Eda」和「調整後的毛利率」。有關這些術語的進一步定義、協調和使用背景，請參閱該公司今天下午發布的新聞稿。

We will begin today's call with Brian Luritz, IntelliTech's Chief Executive Officer, and then Adam Stragovitz, the Chief Financial Officer, who will discuss the first quarter financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to one hour, and I will now turn the call over to Brian.

今天的電話會議我們將首先由 IntelliTech 執行長 Brian Luritz 主持，然後由財務長 Adam Stragovitz 主持，他們將討論第一季度的財務業績。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 and good afternoon everyone, and thank you for joining us for our first quarter 2025 earnings call. Although it's been less than two months since we last spoke, a lot of things have happened over that span of time.

謝謝大家，下午好，謝謝大家參加我們的 2025 年第一季財報電話會議。雖然距離我們上次交談不到兩個月，但在這段時間裡發生了很多事情。

Before I get started with the discussion about our recent achievements, I would like to put some things into perspective. We've heard from a number of people that said, yeah, I've looked at this company and there's nothing to see.

在開始討論我們最近的成就之前，我想先介紹一些事情。我們聽到很多人說，是的，我看過這家公司，但沒什麼好看的。

I usually quickly respond by saying you looked at the old Intellicheck, right? Since I joined the company, we've grown our recurring revenue stream from under $2 million per year to almost $20 million last year, so quite a difference. In fact, already in Q1 of this year, including upsells and price increases, we renewed $10 million in annual contract value, demonstrating how sticky we are with our customers.

我通常會很快回答說你看過舊的 Intellicheck，對嗎？自從我加入公司以來，我們的經常性收入流從每年不到 200 萬美元增長到去年的近 2000 萬美元，差異很大。事實上，今年第一季度，包括追加銷售和漲價在內，我們續約的年度合約價值已達 1000 萬美元，這表明我們與客戶的緊密聯繫。

On the technology front, we completely retooled our tech stack over the course of the past couple of years, taking advantage of AI and data science analysis because we see the information on about $100 million people in North America every year.

在技​​術方面，我們在過去幾年中徹底改造了我們的技術堆疊，利用人工智慧和數據科學分析，因為我們每年都會看到北美約 1 億人的信息。

We are also making terrific progress on our platform migration program. We are well underway with migrating our clients from Azure platform to AWS, which will result in cloud savings. Just as important, it will allow for quicker and easier on boarding of new clients and gives us improved data feeds for additional analytics.

我們的平台遷移計劃也取得了巨大進展。我們正在順利地將客戶從 Azure 平台遷移到 AWS，這將帶來雲端成本的節省。同樣重要的是，它將使我們能夠更快、更輕鬆地接納新客戶，並為我們提供改進的數據饋送以進行額外的分析。

As we move forward with the implementation of our strategic initiatives, we continue to diversify our client base. As we used to be very tied to retail credit cards. Now we're growing very quickly in retail banking, title insurance, auto, email account security, and background checks, which I am very excited about. We are also making progress in the logistics and shipping market vertical. The amount of theft and fraud that happens there is shockingly large.

隨著我們策略性舉措的實施，我們的客戶群也不斷多樣化。因為我們過去非常依賴零售信用卡。現在我們在零售銀行、產權保險、汽車、電子郵件帳戶安全和背景調查等領域發展非常迅速，我對此感到非常興奮。我們也在物流和航運垂直市場取得進展。那裡發生的盜竊和詐欺案件數量驚人。

I just want to preface our discussion of 11 with that background because we believe our progress in achieving diverse market adoption lies in the fact that we're different and relevant. We leverage the proprietary barcode on a driver's license, the back of a license, versus all of our competition that templates the front of the license.

我只是想以這個背景來開始我們對 11 的討論，因為我們相信我們在實現多元化市場採用方面的進步在於我們的不同和相關性。我們利用駕駛執照背面的專有條碼，而我們的競爭對手則使用駕駛執照正面的模板。

Gartner in their last report said that we are unique in what we do and we're the only ones with what they call privileged access to information to accurately identify a fake or fraudulent ID based on the proprietary nature of these barcodes. So that brings you up to speed about some of our growth opportunities that we believe people don't fully recognize.

Gartner 在其上一份報告中表示，我們所做的事情是獨一無二的，我們是唯一擁有他們所謂的特權存取資訊的人，可以根據這些條碼的專有性質準確識別假冒或欺詐性身份證。這樣您就可以了解一些我們認為人們尚未完全認識到的成長機會。

Before I continue talking about recent deals and achievements, this is the appropriate time to share some more exciting news the appointment of Tim Poolin to the role of senior Vice President of sales. Tim brings extensive experience in sales leadership, staff development.

在我繼續談論最近的交易和成就之前，現在是分享一些更令人興奮的消息的適當時機，即任命 Tim Poolin 為銷售高級副總裁。蒂姆在銷售領導、員工發展方面擁有豐富的經驗。

And business development through his demonstrated ability to drive revenue and foster long-term client relationships. He has a solid track record of building high performing teams that consistently exceed targets. Most recently, he contributed to Ping Identity's nearly tenfold growth from $85 million to over $800 million as senior directors sales strategic accounts.

並透過他所展現的推動收入和建立長期客戶關係的能力來促進業務發展。他在組建高績效團隊並持續超越目標方面有著豐富的經驗。最近，他作為銷售策略客戶高級總監，為 Ping Identity 的銷售額從 8,500 萬美元增長至 8 億多美元，貢獻了近十倍的業績。

Like the other new members of our senior leadership team, Tim has hit the ground running. Tim has already added three additional sales associates, bringing the total to 18 members under his leadership who are focused on new logos.

與我們高階領導團隊的其他新成員一樣，蒂姆也已開始積極工作。提姆已經增加了三名銷售助理，使他領導下的負責新標誌的銷售助理總數達到 18 名。

Tim started his career as a sales engineer and quickly rose to become a top performing sales professional, earning #1 worldwide sales representative accolades at three different primarily early stage companies.

提姆的職業生涯始於一名銷售工程師，並迅速晉升為一名業績出色的銷售專業人員，在三家不同的早期公司中獲得了全球第一銷售代表的稱號。

Transitioning into leadership, he has hired, scaled, and coached execution focused teams that have delivered significant results and forged deep client and team loyalty. Tier Tim's career highlights include being part of 3 successful IPOs, so he's familiar with rapid growth, and we are very excited to have him join the team.

在轉型為領導層的過程中，他聘用、擴大並指導了專注於執行的團隊，這些團隊取得了顯著的成果，並贏得了客戶和團隊的深刻忠誠度。Tier Tim 的職業生涯亮點包括參與了 3 次成功的 IPO，因此他熟悉快速成長，我們非常高興他能加入團隊。

Now for some sales updates, a provider of a variety of revolving credit products originated through banks as well as private label and their own branded credit cards went live in Q1. This is an initial smaller release to work out any kinks in their system. They are now satisfied that all is working as planned, and we anticipate that they will be rolling out the full release in the 2nd quarter.

現在來看看一些銷售更新，透過銀行以及自有品牌和他們自己的品牌信用卡提供各種循環信貸產品的供應商在第一季上線了。這是最初的較小版本，旨在解決其係統中的任何問題。他們現在對一切按計劃感到滿意，我們預計他們將在第二季推出完整版本。

The client that uses us for password resets on email accounts which started using us in the US and then moved to Europe is now rolling us out to Canada. I will remind you that they looked at us and our competitors.

這位客戶最初在美國使用我們的服務來重設電子郵件帳號的密碼，後來轉移到歐洲，現在正在將我們的服務推廣到加拿大。我要提醒你，他們關注的是我們和我們的競爭對手。

They were seeking proven robust technology because they understood what can happen when a crook gains control of an email account linked to your banking, investment, and credit card accounts. They knew they needed the most accurate solution which I believe is Intellicheck.

他們正在尋求經過驗證的強大技術，因為他們知道當騙子控制與您的銀行、投資和信用卡帳戶相關的電子郵件帳戶時會發生什麼。他們知道他們需要最準確的解決方案，我相信那就是 Intellicheck。

Also, one of the largest title companies we spoke about on our last call has gone live using our no integration portal delivery method. They are now using our technology in all three of their divisions, and they will be doing a full integration into their systems with our direct API. In addition, they will be adding passports to the documents we authenticate for them.

此外，我們在上次通話中談到的最大的產權公司之一已開始使用我們的無整合入口網站交付方法。他們現在在其所有三個部門中使用我們的技術，並將使用我們的直接 API 將技術完全整合到他們的系統中。此外，他們還會將護照添加到我們為他們認證的文件中。

Title insurance continues to be a strong area of interest for us. We estimate that we are now working with the title insurance companies that handle approximately 40% of all the title insurance volume in the country. This is another important area where we quickly and effectively stop fraud and in this case on a very high dollar transaction.

產權保險仍然是我們關注的領域。我們估計，我們目前與處理全國約 40% 產權保險業務的產權保險公司合作。這是我們快速有效地阻止詐欺行為的另一個重要領域，在本案中，詐欺行為針對的是金額非常大的交易。

As we continue to build on our efforts to advance our market penetration in this vertical, I can share with you that we are working with another one of the top title insurance companies on finalizing an agreement. currently we have a proof of concept underway with them so that they can have a firsthand experience with our cutting edge technology. We believe this will ultimately lead to adoption of our technology on a national scale.

隨著我們繼續努力提高我們在這個垂直領域的市場滲透率，我可以告訴大家，我們正在與另一家頂級產權保險公司合作，以達成最終協議。目前我們正在與他們進行概念驗證，以便他們能夠親身體驗我們的尖端技術。我們相信這最終將導致我們的技術在全國範圍內被採用。

Now for an upgrade on our AWS migration. In April we migrated 3 large clients, including one of our TOP3 from Azure to AWS, all with great success. this quarter we have scheduled 11 additional large clients, including another of our TOP3 to move. by the end of the quarter we expect all of our no integration portal clients will be moved over as well.

現在將我們的 AWS 遷移升級。4 月份，我們將 3 個大客戶（包括我們的 TOP3 之一）從 Azure 遷移到了 AWS，並取得了巨大的成功。本季我們又安排了11個大客戶搬遷，其中又包括我們的TOP3大客戶之一。到本季末，我們預計所有無整合入口網站客戶也將被轉移。

The changes to marketing are also having an impact. Here are a couple of examples. Since we've made the changes to our marketing team in focus, LinkedIn followers are up 16%.

行銷方式的改變也產生了影響。這裡有幾個例子。自從我們對行銷團隊進行重點調整以來，LinkedIn 追蹤者數量增加了 16%。

YouTube video views, which have become an important part of selling, are up 141% versus Q4. Website visitors are up 34%. And more importantly, visitors are staying 10% longer versus Q4. I attribute this to better outreach, content, and execution.

YouTube 影片觀看次數已成為銷售的重要組成部分，較第四季度增長了 141%。網站訪問量增加了34%。更重要的是，遊客的停留時間比第四季增加了 10%。我將此歸功於更好的外展、內容和執行。

On the IR front, we continue to remain active. In March, we presented and attended the i Access virtual conference. There we had a full day of one on one meetings with potential investors. That was followed by the Planet Micro capp conference late last month. I did an interview with the Planet Micro cap podcast host and a featured presentation.

在 IR 方面，我們繼續保持活躍。三月份，我們出席了 i Access 虛擬會議。我們在那裡與潛在投資者進行了一整天的一對一會談。隨後，Planet Micro capp 會議於上個月底舉行。我接受了 Planet Micro cap 播客主持人的採訪並做了專題演講。

Take a look at the investor relations page on the Intelli check website to access the link to the presentation and the investor deck. There we also had two full days of meetings with interested investors. These forms also provided us with the opportunity to network with other potential business prospects.

請查看 Intelli check 網站上的投資者關係頁面，以取得簡報和投資者資料的連結。我們也與有興趣的投資者進行了整整兩天的會議。這些表格也為我們提供了與其他潛在商業前景建立聯繫的機會。

What we saw at these conferences tells us investors' interest is certainly there and it is being strengthened by key data points. We are the market differentiator in digital and physical ID validations. Our product and process are different and more effective than our competitors. Our gross margins are around 90% and are very scalable, and the value proposition we offer speaks to the reality. Fraud isn't going away, it is escalating.

我們在這些會議上看到的情況告訴我們，投資人的興趣確實存在，而且關鍵數據點正在加強這種興趣。我們是數位和實體身份驗證領域的市場差異化者。我們的產品和流程與競爭對手不同，而且更有效。我們的毛利率約為 90%，並且具有很強的可擴展性，我們提供的價值主張也符合現實。詐欺不僅沒有消失，反而愈演愈烈。

These developments are outgrowths of the implication of our strategic plan and its emphasis on a diversification strategy. Economic data underscores just how important our move away from a retail retail first emphasis has proven.

這些發展是我們戰略計劃的含義及其對多元化戰略的強調的結果。經濟數據凸顯了我們擺脫以零售為先的策略的重要性。

The latest Wallethub Economic index released less than a month ago shows consumer confidence is down nearly 8% from the same time last year. This represents the 4th lowest point for consumer sentiment in the past 5 years. Consumers are putting off retail purchases in the face of economic disruption and uncertainty.

不到一個月前發布的最新 Wallethub 經濟指數顯示，消費者信心較去年同期下降了近 8%。這是過去五年來消費者信心的第四低點。面對經濟混亂和不確定性，消費者正在推遲零售購買。

As we move forward, we will continue to make adjustments to the implementation of our strategic initiatives where we believe they are needed as market changes and economic conditions evolve. I will now turn the call over to Adam for further discussion of our Q1 results.

隨著我們不斷前進，我們將繼續根據市場變化和經濟條件發展需要對戰略舉措的實施進行調整。現在我將把電話轉給亞當，進一步討論我們的第一季業績。

Thank you, Brian. We are pleased to give you more information about the numbers of our first quarter of 2025 in more detail. Our first quarter revenues were 5% higher versus the prior year, even in this challenging macro environment. We also saw pricing firmer across the board, up 9% for new business versus the 4th quarter of 2024, which partly reflects pricing power and is partly due to pursuing verticals such as auto and title insurance that typically carry higher costs per scan.

謝謝你，布萊恩。我們很高興向您提供有關 2025 年第一季數據的更多資訊。即使在充滿挑戰的宏觀環境下，我們的第一季營收仍比去年成長了 5%。我們還看到，定價全面走強，新業務價格較 2024 年第四季度上漲 9%，這部分反映了定價能力，部分是由於追求汽車和產權保險等通常每次掃描成本較高的垂直行業。

Adjusted EBITDA also improved by $100,000 versus 2024, putting us at roughly break even with only a very small $17,000 loss for the quarter. revenue for the first quarter of 2025 increased 5% to a first quarter record of $4,894,000 compared to $4,680,000 in the same period of 2024. Our SAS revenue for the first quarter of 2025 grew 6%.

調整後的 EBITDA 也比 2024 年增加了 10 萬美元，使我們大致達到收支平衡，本季僅虧損 1.7 萬美元。 2025 年第一季的營收成長 5%，達到第一季創紀錄的 4,894,000 美元，而 2024 年同期為 4,680,000 美元。我們 2025 年第一季的 SAS 營收成長了 6%。

To $4,868,000 from $4,609,000 during the same period of 2024 and represented over 99% of our first quarter revenue. Gross profit as a percentage of revenues was 89.7% for the quarter, which included 210 basis points of amortization expense related to the software development projects previously discussed.

從 2024 年同期的 4,609,000 美元增至 4,868,000 美元，占我們第一季營收的 99% 以上。本季毛利佔營收的百分比為 89.7%，其中包括與先前討論的軟體開發專案相關的 210 個基點的攤銷費用。

This compares to 90.7%. That includes 50 basis points of amortization expense in the first quarter of 2024. and now we will be introducing a new metric for evaluating our business performance, our adjusted gross margin that excludes the software amortization expenses. Our adjusted gross margin improved to 91.8% in Q1 of 2025 compared to 91.2% in Q1 of 2024.

相比之下，這一比例為 90.7%。其中包括 2024 年第一季的 50 個基點的攤銷費用。現在我們將引入一個評估我們業務績效的新指標，即不包括軟體攤銷費用的調整後毛利率。我們的調整後毛利率從 2024 年第一季的 91.2% 提高到 2025 年第一季的 91.8%。

This is the first time in our conversation with you today and in our press release and financials filed just before this call with the SEC, we are reporting this new metric. We believe that this is a useful way to view our business since GAAP gross margin shows a lower number for Q1 of 2025 only because of the non-cash amortization of software development costs.

這是我們今天與您的談話中第一次，也是在與美國證券交易委員會通話之前提交的新聞稿和財務報告中第一次報告這一新指標。我們認為，這是觀察我們業務的有用方式，因為 GAAP 毛利率顯示 2025 年第一季的數字較低，只是因為軟體開發成本的非現金攤提。

When removing this non-cash item as many software companies do, we see continued strong margins even as revenue grows. we did capitalize $166,000 this quarter and expect to do roughly the same in the second quarter of 2025. These capitalization costs are related to the customer migration to AWS, which, as you heard, is well underway, and we expect to complete around the middle of 2025. We should not see more capitalization of costs related to this migration after it is complete.

當像許多軟體公司一樣去除這項非現金項目時，即使收入成長，我們也會看到利潤率持續強勁。本季我們確實資本化了 166,000 美元，預計 2025 年第二季的資本化程度將大致相同。這些資本化成本與客戶向 AWS 的遷移有關，正如您所聽到的，遷移正在順利進行中，我們預計將在 2025 年中期完成。遷移完成後，我們不應該看到與此遷移相關的更多成本資本化。

Operating expenses which consist of selling general and administrative marketing and research and development expenses decrease $28,000 or 1% to $4,740,000 for the first quarter of 2025 compared to $4,768,000 for the same period of 2024. you can see the reduction specifically in SG&A of about $500,000 compared to the first quarter of last year, notably due to more efficient marketing spent.

2025 年第一季度，營運費用（包括銷售、一般和行政行銷以及研發費用）減少 28,000 美元（1%）至 4,740,000 美元，而 2024 年同期為 4,768,000 美元。您可以看到，與去年第一季相比，銷售、一般和行政費用（SG&A）減少了約 50 萬美元，這主要是由於行銷支出效率更高。

On an accounting basis, R&D expenses are $468,000 higher in Q1 of 2025, driven largely by the fact that we have put many of our projects into production and are now capitalizing very few of our ongoing engineering expenses.

從會計角度來看，2025 年第一季的研發費用增加了 468,000 美元，這主要是因為我們已經將許多專案投入生產，現在只有很少一部分正在進行的工程費用資本化。

The weighted average diluted common shares was $19.8 million for the first quarter of 2025 compared to $19.4 million for the same period of 2024. as to the company's liquidity and capital resources at March 31, 2025, the company had cash and cash equivalents of $5.1 million.

2025 年第一季的加權平均稀釋普通股為 1,980 萬美元，而 2024 年同期為 1,940 萬美元。至於公司 2025 年 3 月 31 日的流動性和資本資源，公司擁有現金和現金等價物 510 萬美元。

As a practice, we don't provide guidance, but we do TRY to read all of the reports written about us and couldn't help but note the consensus for Q1 2025 cash was $3.4 million. This is a full $1.7 million lower than where we ended up.

按照慣例，我們不提供指導，但我們確實嘗試閱讀所有關於我們的報告，並且不得不注意到 2025 年第一季現金的共識是 340 萬美元。這比我們最終的金額低了整整 170 萬美元。

We expect the cash number to be even higher for the 2nd quarter and to end the 2025 year at a level higher than Q1 as well. This reflects discipline on the operating expense side, as well as revenue that continues to grow. This is a byproduct of the positive cash flow that we expect to show for the 2025 year.

我們預計第二季的現金數量會更高，並且 2025 年底的水平也會高於第一季。這反映了營運費用的紀律，以及持續成長的收入。這是我們預計 2025 年將出現的正現金流的副產品。

At quarter end there was working capital, which is defined as current assets minus current liabilities of $6.6 million total assets of $24.5 million and stockholders equity of $17.6 million.

季度末的營運資本定義為流動資產減去流動負債 660 萬美元，總資產 2,450 萬美元，股東權益 1,760 萬美元。

One final liquidity note, the company has a $2 million revolving credit line with Citibank. That line may be secured by accounts receivable. There are no amounts outstanding under this facility, and the facility was not utilized during 2025.

最後一點流動性說明，該公司在花旗銀行擁有 200 萬美元的循環信貸額度。此額度可以透過應收帳款進行擔保。該貸款項下無未償還金額，且 2025 年期間未使用該貸款。

On past earnings calls we've shared our progress in marketing and customer satisfaction as well as our systems migration and development. Today you heard about a very important piece of the puzzle coming together on the sales side, which should pave the way for even greater growth, especially through the development of channel and partner opportunities. We look forward to sharing our Q2 results with you in August. I'll now turn the call over to the operator who will take your questions.

在過去的財報電話會議上，我們分享了我們在行銷和客戶滿意度以及系統遷移和開發方面取得的進展。今天，您聽到了有關銷售方面出現的一個非常重要的難題的消息，這將為更大的成長鋪平道路，特別是透過開發管道和合作夥伴機會。我們期待在八月與您分享我們的第二季業績。我現在將電話轉給接線員，他會回答您的問題。

Thank you. We will now be conducting a question and answer session [Operator Instructions] Our first question comes from Mike Grendal with Northland Security. Please proceed with your question.

謝謝。我們現在將進行問答環節 [操作員指示] 我們的第一個問題來自 Northland Security 的 Mike Grendal。請繼續您的問題。

Hey guys, thanks. How much, the 40% of the title market that you have a exposure to, roughly what's your penetration of that market and where do you think it goes?

嘿，大家，謝謝。您所接觸的產權市場佔比為 40%，您對該市場的滲透率大概是多少？您認為滲透率將達到什麼程度？

So you know I look at the marketi is sort of two things you know that 40% is if you look at the market share, there's plenty of people to do studies on this. You Google who are the top guys and they list what percentage that they have now, I look at the one we talked about today, that very large one, I always think that when we're not integrated into their systems we're not seeing all the business but that's why they're doing an integration to our API.

所以你知道我看市場有兩件事你知道 40% 是如果你看市場份額，有很多人對此進行研究。您可以透過 Google 搜尋誰是頂尖人物，他們會列出他們現在所佔的百分比，我看了看我們今天談到的那個，那個非常大的百分比，我總是認為，當我們沒有融入他們的系統時，我們就看不到所有的業務，但這就是他們要融入我們的 API 的原因。

And then the other half of it is all those small guys and what I'd say is, and those are the resellers that we're dealing with and you know what I really like is I was looking at the numbers and if I look at the transaction volumes actually I'm sorry, the revenue volume, in 1 of this year the revenue from Tidal is up about 350% and that's almost equally split between.

另一半是那些小公司，我想說的是，那些是我們正在打交道的經銷商，你知道我真正喜歡的是，我正在看數字，如果我看交易量，實際上，對不起，收入量，今年 1 月來自 Tidal 的收入增長了約 350%，而且幾乎平均分配給了我們。

Us going direct to the large folks, the revenue in in Q1, us going direct to the large folks and the resellers, the partners that we picked to hit all the small folks. So I think it's paying off, people are certainly talking about us, we have a ton of inbound leads, but they tend to be the smaller guys which we then just turn over to our partners.

我們直接面向大公司，第一季的收入，我們直接面對大公司和經銷商，我們挑選的合作夥伴來打動所有小公司。所以我認為這是有回報的，人們肯定在談論我們，我們有大量的潛在客戶，但他們往往是規模較小的公司，然後我們就把他們轉交給我們的合作夥伴。

Got it. And then outside credit cards.

知道了。然後是外部信用卡。

What would you say your next three largest verticals are?

您認為接下來的三大垂直產業是什麼？

Banking. An auto. And then, quite H1stly age restricted, if I just look at the numbers with banking, kind of dwarfing that again just to talk about numbers and things, the revenue from retail banking is up about 50% versus Q1 of last year.

銀行業。一輛汽車。然後，雖然年齡受到一定限制，但如果我只看銀行業的數字，那麼再從數字和其他方面來看，零售銀行的收入與去年第一季相比增長了約 50％。

So you know we're growing in that space and the retail branches and digital right because it you know it either the bank starts in the digital world and then moves us into the bank branches oftentimes they do that because it's easier to start, stop at least part of the fraud because they don't have to build anything they're using our tools, our capture, delivery method while they figure out how to get us in the branches or they go the other way around. But by and large, every bank that we have, we are, in.

所以你知道我們在那個領域和零售分支機構和數位領域都在成長，因為你知道，要么銀行從數位世界開始，然後將我們轉移到銀行分支機構，他們經常這樣做，因為這樣更容易啟動，至少可以阻止部分欺詐，因為他們不必構建任何東西，他們正在使用我們的工具，我們的捕獲，交付方法，同時他們想辦法讓我們進入分支機構，或者他們反過來做。但總的來說，我們擁有的每家銀行都有我們的業務。

Like one of the banks that we've been dealing with for a while just moved us into their call center and their help desk right? So they figure out oh we can use this everywhere so everything digital and then everything in bank branch.

就像我們曾經打過交道的一家銀行剛剛把我們轉移到了他們的呼叫中心和服務台，對嗎？所以他們發現我們可以在任何地方使用它，所以一切都數位化，然後銀行分行中的一切都可以實現。

Got it. And last one, historically your exposure to retail has been about and not retail branch banking but just, retail shopping has been about 70 70% roughly where what would you describe that exposure as today. and is that still acting as a small drag and kind of what was that drag if it was a drag in one cue and how do you see it playing out the rest of the year?

知道了。最後，從歷史上看，您對零售業的曝險不是零售分行銀行業務，而是零售購物，大約佔 70% 到 70%，那麼您今天如何描述這種敞口？這是否仍然會成為一種小阻礙？如果它只是一種阻礙，那麼這種阻礙又是什麼？您認為它會如何影響今年剩餘的時間？

Yeah, if I look at the same type of thing, between, the companies that went out of business, so our customers that went out of business and then just regular retail malaises revenue from retail was down 26% from Q1 of 2024.

是的，如果我看一下同一類型的事情，那麼在那些倒閉的公司之間，我們的客戶也倒閉了，然後只是常規的零售不景氣，零售收入比 2024 年第一季下降了 26%。

So you know as a percentage it's certainly dropping now you know we've and we've got customers who are adding retailers right still but it's just right now I think people are kind of maxed out on their cards and other things so it's not one of our growth drivers at the moment it's certainly the way that I put it. Again, I think should the economy turn around.

所以你知道，從百分比來看，現在肯定在下降，你知道我們已經有客戶在增加零售商了，但現在我認為人們的信用卡和其他東西都用完了，所以這不是我們目前的增長動力之一，我肯定是這麼說的。我再次認為經濟應該會好轉。

It becomes a really nice tailwind. But I just think it also points to the fact that getting into other markets has been really good for us. And again, I always stress that we focus on the markets where it really hurts if you're not right.

這確實是一個不錯的順風。但我認為這也顯示進入其他市場對我們來說確實有好處。我再次強調，我們關注的是那些一旦判斷錯誤就會造成嚴重損失的市場。

And I look at a lot of things in terms of age restricted products and other stuff like that. People look at us as a revenue limiter versus, any other problem because they'll just go buy insurance instead of cutting their sales. So we target where it really hurts if you're not sure that you know who you're dealing with.

我還關注了很多有年齡限制的產品和其他類似的東西。人們將我們視為收入限制因素，而不是其他問題，因為他們只會購買保險而不是削減銷售。因此，如果您不確定自己在與誰打交道，我們就會瞄準真正讓您感到痛苦的地方。

Great, well, and I just say that 6% year over year growth you had to grow through that down 26% in retail, so.

很好，嗯，我想說的是，同比增長 6% 意味著零售額下降了 26%，所以。

Yeah, I, I'm glad you picked up on that because it seems like a lot don't, and even last year, we didn't grow a lot in revenue, but, it, that was overcoming a giant drop in retail revenue, if you look at the amount of retailers that either closed down stores or completely went bankrupt, we, I think the diversification strategy has really worked.

是的，我很高興你注意到了這一點，因為似乎有很多事情沒有發生，甚至去年，我們的收入也沒有增長很多，但是，這克服了零售收入的大幅下降，如果你看看關閉商店或徹底破產的零售商數量，我認為多元化戰略確實奏效了。

Hey thanks a lot guys.

嘿，非常感謝大家。

Thanks bye. our next question comes from Reed Tessinger with DA Davidson Please proceed with your question.

謝謝再見。下一個問題來自 DA Davidson 的 Reed Tessinger，請繼續您的問題。

Hey, great, thanks for taking my questions guys. I guess following up on retail down 26% year year in Q1, can you show what percentage of revenue retail was in Q1 just so maybe we can TRY to back into what the rest of the business is growing ex-retail because obviously it's got to be growing pretty nicely.

嘿，太好了，謝謝大家回答我的問題。我想，繼第一季零售額年減 26% 之後，您能否顯示第一季度零售額佔總收入的百分比，以便我們可以嘗試回到零售以外的其他業務的增長情況，因為顯然它的增長相當不錯。

Yeah, if I look at, and it's these are, kind of back of the envelope, so you really gotta, because you know sometimes data is as clean as I like, but I'd say that at this point in time retail and banking were about equal, let me just pull up that spreadsheet.

是的，如果我看一下，這些就像信封背面一樣，所以你真的必須，因為你知道有時數據就像我喜歡的那樣乾淨，但我想說此時零售和銀行業務大致相同，讓我打開那個電子表格。

Yeah, I mean retail and and retail banking I'm going to consider about equal in terms of revenue so it shows you again how the growth is sort of offset it you know age restricted is going to be. Say 8% of revenue auto around the same.

是的，我的意思是零售和零售銀行在收入方面我認為是相等的，所以它再次向你展示了增長是如何抵消的，你知道年齡限制將會是什麼。假設 8% 的收入汽車差不多。

Okay. Got it. And then, I saw your deferred revenue and fast RPOs were up 3.5 million quarter over the quarter. Both are the highest they've ever been. Was that from the renewal signed last quarter with that large Mid-Atlantic bank or what drove the big increase? Was there any new deals in there that drove that?

好的。知道了。然後，我發現您的遞延收入和快速 RPO 比上一季增加了 350 萬。兩者都達到了歷史最高水準。這是上個季度與那家大西洋中部大型銀行簽署的續約協議的結果嗎？還是是什麼原因導致了大幅成長？是否有任何新交易推動了這項進程？

Yeah, a lot of it is, we've begun moving a lot of our customers to a pricing model where they either pay us, they'll sign a contract like let's take some of our big banks, they sign a contract for 3 years and they'll either pay us.

是的，很多時候，我們已經開始將很多客戶轉向一種定價模式，他們要么向我們付款，要么簽訂合同，就像我們的一些大銀行一樣，他們簽訂了一份為期 3 年的合同，然後他們要么向我們付款。

A year up front or at least a quarter up front so we're moving very much off of that billing in arrears to you know what you're going to do you're going to pay us for it and you know we give a slight discount if you pay a year ahead than if you pay a quarter ahead you know because it sort of makes it a lot easier for us to do our billing and all that kind of stuff.

提前一年或至少提前一個季度，所以我們將在很大程度上擺脫拖欠賬單的困擾，你知道你要做什麼，你要為此付錢給我們，你知道，如果你提前一年付款，我們會給你一點折扣，而不是提前一個季度付款，你知道，因為這讓我們更容易進行賬單和所有這類事情。

Okay. Got it. And then any update on the large social media customer and and their anticipated roll out as well as the large regional bank that I believe last quarter you said you were in pricing discussions with for a multi-year 7 figure deal with a Q3 expected roll out just any update on this stuff.

好的。知道了。然後，關於大型社交媒體客戶及其預期推出的任何更新，以及大型區域性銀行的任何更新，我相信上個季度您說過，您正在與一家大型區域性銀行進行價格討論，商討一項多年期 7 位數的交易，預計第三季度推出，請問關於這方面的任何更新。

Yeah, so we had just had a great conversation with the social media and they're like, yeah, no, you're doing everything we want you to do. You just gotta be patient with us because we're kind of strange and volumes go where we're really worried and interested in things and she, they're like it could be this and then it could be massive next month and then we say we don't care about that anymore.

是的，我們剛剛與社交媒體進行了一次愉快的對話，他們的反應是，是的，不，你正在做我們希望你做的一切。你必須對我們耐心一點，因為我們有點奇怪，數量之多讓我們真正擔心和感興趣，而她，他們可能會這樣，然後下個月可能會變得非常大，然後我們說我們不再關心那個了。

The large regional bank, all the terms and everything, the are done, we're now going through procurement, so everything's been agreed to, but now it's got to do what banks do with procurement and anybody's ever dealt with that knows that it can take a bit, but we are, actively developing to the new middleware that they built.

大型區域性銀行，所有條款和一切都已完成，我們現在正在進行採購，所以一切都已達成一致，但現在它必須做銀行採購所做的事情，任何與之打過交道的人都知道這可能需要一點時間，但我們正在積極開發他們構建的新中間件。

They continue to use us and pay for everything in the digital world because that's where they started, so you know everything looks good and as soon as we get everything finalized and the paperwork signed, we certainly will be putting out an announcement.

他們繼續使用我們的產品並在數位世界中支付一切費用，因為這是他們開始的地方，所以你知道一切看起來都很好，一旦我們完成所有事情並簽署文件，我們肯定會發佈公告。

Great thanks guys.

非常感謝大家。

Thank you Our next question comes from Scott Buck with HEC Wainwright. Please proceed to this here question.

謝謝。我們的下一個問題來自 HEC Wainwright 的 Scott Buck。請繼續回答此處的問題。

Hi, good afternoon guys. Thanks for taking my questions, Brian, you brought up shipping and logistics. Could you give us a little color on how you guys are helping out there and maybe how you size that opportunity.

大家下午好。感謝您回答我的問題，布萊恩，您提到了運輸和物流。您能否向我們稍微介紹一下您們是如何提供幫助的，以及你們如何評估這個機會。

It, yeah, and. I think it's going to be larger than I initially thought. There's actually a conference being held of shipping and logistics people to talk about fraud.

是的，而且。我認為它會比我原本想像的還要大。實際上，航運和物流人員正在召開一次會議來討論詐欺問題。

The main way that we're used in this space is many truckers are hired remotely, long haul truckers, they don't work for, say the company whose stuff they're moving, and it is organized crime, and they show up with a fake license. They back up, they hook up to that tractor trailer full of everything from coffee to chocolate to electronics, and they never see that truck again.

我們在這個領域的主要用途是，許多卡車司機都是遠端僱用的，他們是長途卡車司機，他們不為運輸貨物的公司工作，而是有組織犯罪，而且他們持有假駕照。他們倒車，掛上那輛裝滿咖啡、巧克力和電子產品等各種物品的拖車，從此再也沒有見過那輛卡車。

So you're talking, upwards of, $250 million to, a million dollars in loss per truck. So it is a big concern. So they want to know, a couple of things. One, the person actually does have a CDL, the license is real, this person does exist. So that's where we're playing in space. We started off with one company.

所以你說的每輛卡車的損失高達 2.5 億美元到 100 萬美元。所以這是一個大問題。所以他們想知道一些事情。第一，這個人確實有CDL，駕照是真的，這個人確實存在。這就是我們在太空中玩耍的地方。我們從一家公司開始。

The thing I like about this space is they all talk and that's how we're now in two others, our first customer was a reference without us even asking and called up his buddies at two other companies and said you gotta put this in place.

我喜歡這個領域的事情是他們都在談論，這就是我們現在在另外兩個領域的情況，我們的第一個客戶是一個參考，甚至沒有我們詢問，他就打電話給他在另外兩家公司的朋友，說你必須把這個落實到位。

Right, that's that's helpful and then I want to check in and see where you are with resellers. Have you kind of matured that go to market strategy or is there a lot more room there to to improve?

好的，這很有幫助，然後我想檢查您與經銷商的情況。您的行銷策略是否已經成熟，還是還有很大的進步空間？

I think there's plenty of room to improve. One of the people that Tim hired is somebody to come in and. Sort of I'd say light up the the resellers after we get them because you know I think that you need to be making sure the sales you know the reseller sales people know about us, know you know how to present us, all those types of things and there's certainly a lot of other resellers that, we're in, now I'd say deep talks and particularly in banking.

我認為還有很大的進步空間。蒂姆僱用的一個人就是來幫忙的。我想說，在我們獲得經銷商之後，要讓他們了解我們，因為你知道，我認為你需要確保經銷商的銷售人員了解我們，知道如何展示我們，所有這些類型的事情，當然還有很多其他經銷商，我們現在想進行深入的談話，特別是在銀行業。

Where there are a lot of small community banks and credit unions who want to use this but don't build their own back end, they outsource that so getting into that outsource stack is really important to us. But excuse me, it's very interesting, it's sort of like every time I kind of look around and I'm doing some research, I'm like, oh, there's there's another interesting space we should get to through a reseller.

許多小型社區銀行和信用合作社都想使用這個功能，但沒有建立自己的後端，而是將其外包，因此進入外包堆疊對我們來說非常重要。但對不起，這非常有趣，就像每次我環顧四周並做一些研究時，我都會想，哦，還有另一個有趣的空間，我們應該透過經銷商來了解。

Because again any time I see a large market made up of small companies, I'd rather get to that through a reseller and again I like them because since their volume each is lower, the price per transaction is higher and that makes it much more interesting to us and the reseller.

因為每當我看到一個由小公司組成的大市場時，我寧願透過經銷商進入這個市場，而且我喜歡他們，因為他們的銷量較低，所以每筆交易的價格較高，這對我們和經銷商來說更有趣。

Yeah, no, that makes sense. And then last one, it looks like the accounts receivable balance is, has been climbing the last few quarters. Have you made changes to your payment terms, or is there something else mechanical going on there or just the ebbs and flow of the business?

是的，不，這很有道理。最後一點，看起來應收帳款餘額在過去幾季一直在攀升。您是否對付款條件進行了更改，或者是否存在其他機械問題，或者只是業務的起伏？

No, that's mostly changes to our pricing model and how we're working it so that you know now instead of always billing in arrears.we're making people commit to a number of transactions and then they pre-pay that either quarterly so they'll commit to an annual number of transactions and they either prepay it annually or quarterly as opposed to us saying okay we'll see what you did every month and then go bill you.

不，這主要是對我們的定價模式和運作方式的改變，以便您現在就知道，而不是總是拖欠賬單。我們讓人們承諾一定數量的交易，然後他們每季預付，這樣他們就會承諾一定數量的年度交易，他們要么每年預付，要么每季度預付，而不是我們說好的，我們會查看您每個月做了什麼，然後向您收費。

Yeah, okay, that makes sense. I appreciate the time guys thank you very much.

是的，好的，這很有道理。我很感謝你們的時間，非常感謝。

Oh.

哦。

Thanks. Our next question comes from Jeff and Ray with Craig Hallam. Please proceed with your questions.

謝謝。我們的下一個問題來自克雷格·哈勒姆 (Craig Hallam) 的傑夫 (Jeff) 和雷 (Ray)。請繼續提問。

Great, thanks for taking the questions I've got a few so first on the metrics front, anything you can share that's a leading indicator here that you might be able to quantify for us, whether it's pipeline value, maybe pending ARR you've got a lot of lead time on these things so visibility into the dollar value of ARR that is to go live. I know you're not given annual revenue guidance, but something to broadly frame a trajectory.

太好了，感謝您回答我的問題，我有幾個問題，首先在指標方面，您可以分享任何可以為我們量化的領先指標，無論是管道價值，還是待定的 ARR，您在這些事情上都有很多準備時間，因此可以清楚地了解即將上線的 ARR 的美元價值。我知道你沒有得到年度收入指導，但可以大致勾勒出發展軌跡。

Look I think we've got, I look at the sort of the value of the ARR what we know that we've got. Committed if you will, and again, some of this ARR, one customer would put them into, a TOP three or four of our customers, who all are, very large customers, so you know that's how I'm looking at it that's how you know Adam can say that he expects us to be generating, more cash each quarter.

看，我認為我們已經得到了，我看一下 ARR 的價值，我們知道我們已經得到了。如果你願意的話，可以承諾，再說一次，一部分 ARR，一個客戶會把它們放到我們前三、四名客戶中，他們都是非常大的客戶，所以你知道這就是我的看法，這就是亞當可以說他希望我們每個季度都能產生更多的現金。

Pipeline, it's always that's the reason I got Tim around. I want to make sure that we do have a real and true pipeline, but I'm looking at more what we have in committed or near committed, customers or contracts, and that's all looking very good and very robust for us.

管道，這始終是我讓蒂姆留在身邊的原因。我想確保我們確實擁有一個真實的管道，但我更關注的是我們已經承諾或接近承諾的客戶或合同，而這些對我們來說看起來都非常好而且非常穩健。

Okay and on the congrats on the addition of Tim and and curious in the interview process, what was it specifically he's got obviously very accomplished history, but what stood out to you as most applicable what gets you excited about hiring him?

好的，恭喜 Tim 的加入，並且在面試過程中我很好奇，他顯然有著非常成功的歷史，但是什麼最讓您感到興奮並願意聘用他？

One is, if you remember I started off in sales and ran sales teams and went in and grew, the productivity and all that kind of stuff, and in speaking with him, I realized that we were very much of the same mindset and how we manage people, how much rope do we give them before we say there's, not going to make it.

一是，如果你還記得的話，我從銷售起步，管理銷售團隊，然後不斷成長，提高生產力等等，在與他交談時，我意識到我們的思維方式非常相似，我們如何管理人員，在我們說我們無法成功之前，我們會給他們多少限制。

A couple of things like that, and then, I had I see a couple of psychologists, who do this for a living for companies, give him some assessments and things, and they're like this guy's perfect for your company and the way that you need to grow out your sales team so between I would say the the professional like mindedness and then having that being.

諸如此類的事情，然後，我見到了幾位心理學家，他們為公司做這件事，給他做了一些評估和其他事情，他們認為這個人非常適合你的公司，而且你需要以這種方式擴大你的銷售團隊，所以我認為兩者之間有專業的志同道合，然後擁有這種存在。

Confirmed by, outside sources worked out very well. I've been doing a search for a bit, and what I liked about Tim also was came through from a reference from somebody that I highly respect.

經外部來源證實，效果非常好。我已經搜尋了一段時間，我喜歡蒂姆的地方也是透過一位我非常尊敬的人的推薦而來的。

Mm hm nice and and I think you're referenced in the script that Tim brought 3 sales reps already. I think if I recall you had said you hired 3 in last quarter as well, but I'm particularly interested in in these 3. I think you said the prior 3 were more, I took it to be junior, more telesales historically, but wanted their own names on some accounts. Curious the make and model of the 3 folks you just brought in.

嗯，不錯，而且我認為腳本中提到 Tim 已經帶來了 3 位銷售代表。我想如果我沒記錯的話，您說過您上個季度也僱用了 3 個人，但我對這 3 個人特別感興趣。我認為您說的是前 3 個，我認為他們是初級人員，歷史上更多的是電話銷售，但希望在某些帳戶上他們有自己的名字。好奇您剛剛帶來的 3 個人的品牌和型號。

Much more senior, guys who have been doing enterprise sales and understand, the long term cycle of it, so I think we've got the right getting the right blend of a team of young hungry kids who are not afraid to work the phone and learn how to do everything that needs to be done to close enterprise sales and then folks that have significant enterprise sales experience.

更資深的，一直從事企業銷售並了解其長期週期的人，所以我認為我們已經找到了正確的團隊組合，由年輕有為、不怕打電話、學習如何做完成企業銷售所需一切工作的人和具有豐富企業銷售經驗的人組成。

And H1stly, looked at what it is we have to sell and sort of said, the same thing that I've heard from investors and it's like, why isn't everybody buying this? I could sell this to anyone. I'm like, you're the type of people that I need on board.

首先，看看我們要賣的東西，然後說了些我從投資者那裡聽到的同樣的話，那就是，為什麼不是每個人都買這個呢？我可以把它賣給任何人。我想，你們就是我需要的那種人。

Great, and 22 last number questions, resellers, just in terms of, I don't know if you want to take it like arR that's in the pipe, what percent of that error in the pipe has come through resellers versus direct and then just the last quantity, numbers question, the, digital data point. I don't know that we've heard that in a while. You used to break it out. I think you're trying to grow digital as a percent of revenue just where that is now.

太好了，最後 22 個數字問題，經銷商，就而言，我不知道您是否想將其視為管道中的 arR，管道中的錯誤有多少百分比是通過經銷商而不是直接造成的，然後是最後一個數量，數字問題，數字數據點。我不知道我們是否有一段時間聽說過這個了。你曾經把它打破過。我認為您正試圖將數位化收入佔總收入的百分比提高到目前的水平。

Oh, but I can't, I that one I don't have right in front of me, but, digital is a much larger and certainly growing portion of our business because if you think about so much of what we're doing in Tidal and automotive and other things is really digital because most of it is a lot of it's remote, that people buy cars remotely, or you know you close on your house remotely. And then also the retail banking you again, we've got.

哦，但是我不能，我沒有那個擺在我面前的，但是，數位化是我們業務中更大而且肯定在增長的一個部分，因為如果你想想我們在 Tidal 和汽車和其他領域所做的很多事情實際上都是數字化的，因為其中大部分都是遠程的，人們可以遠程購買汽車，或者你知道你可以遠程關閉你的房子。然後我們又為您提供零售銀行業務。

Almost every bank but one is we're in the call center or we're in their website or we're part of their mobile app so digital certainly has grown and it's almost to the point that.

幾乎每家銀行（一家除外）都有我們的呼叫中心，或者我們的網站，或者我們是他們的行動應用程式的一部分，因此數位化程度肯定已經增長，幾乎已經到了這樣的程度。

You know it's I don't even think about it because it's just one of the many ways that we sell our product. It's just one of the tools that's out there. Oh, you want digital? Okay, here's our capture, right? And we go, but I'll certainly make sure we have that number for the next time or, that we speak, in terms of the resellers.

你知道我甚至沒有想過這一點，因為這只是我們銷售產品的眾多方式之一。這只是現有的工具之一。哦，你想要數字的嗎？好的，這是我們的捕獲，對嗎？我們走了，但我一定會確保下次我們有這個數字，或者就經銷商而言。

In almost every market where I'm comfortable with what we have in terms of the resellers I'm just looking at some numbers on my remarkable here it's almost fifty-fifty right? So again if I look at automotive, the big folks come direct to us but everybody else we're doing it through reseller, same thing with Tidal.

在幾乎每個我對經銷商情況感到滿意的市場中，我只是看了一些數字，我發現這裡的經銷商比例幾乎是五五開，對吧？因此，如果我再看一下汽車產業，大公司會直接來找我們，但其他人都是透過經銷商來做，Tidal 也是一樣。

But again, I think that there are some other markets where it's going to be almost all resellers, like the whole background check space which I'm very excited about, I don't want to go hit, certainly there's like two big guys we'll go get them, but everybody else want to be done through a reseller, which is why, we brought in this person to work under Tim to really like these accounts up.

但是，我認為在其他一些市場中，幾乎所有市場都是經銷商，例如整個背景調查領域，我對此感到非常興奮，我不想去打擊，當然會有兩個大人物，我們會去得到他們，但其他人都希望透過經銷商來完成，這就是為什麼我們聘請這個人在蒂姆手下工作，真正喜歡這些帳戶。

Okay great thanks Brian appreciate it thanks

好的，非常感謝 Brian，非常感謝

Okay, there are no further questions at this time. I would now like to turn the floor back over to Brian Lewis for closing comments. Oh excuse me, I'm so sorry, we do have one more question, my apologies. We have Neil Kotelby with the Blueprint Capital Management. Please proceed with your question.

好的，現在沒有其他問題了。現在我想把發言權交還給 Brian Lewis，請他發表最後評論。哦，對不起，我們還有一個問題，很抱歉。我們邀請了 Blueprint Capital Management 的 Neil Kotelby。請繼續您的問題。

Hey Brian, Great job on the call today, lots of information to digest here, you mentioned background checks a couple times and you said you're really excited about that vertical, no one asked about it. I was wondering if you could help us, how should we think about it, how to size it, where they, where are they doing these background checks, and I know you announced. A win in that space is it just that one or there are others, maybe help us map that out a little bit.

嘿，布萊恩，今天的電話會議做得很好，這裡有很多資訊需要消化，你提到了幾次背景調查，你說你對這個垂直行業感到非常興奮，但沒有人問起它。我想知道您是否可以幫助我們，我們應該如何考慮這個問題，如何確定它的規模，他們在哪裡進行這些背景調查，我知道您已經宣布了。在那個領域中的勝利只是那一個還是還有其他的，也許可以幫助我們稍微規劃一下。

Yeah sure so we're talking to a couple.my my goal is, again there's two big guys I want to get them direct, and then, there are, I think we use.

是的，我們正在和一對夫婦交談。我的目標是，再次有兩個大人物，我想直接聯繫他們，然後，我認為我們會使用它們。

Two background check companies they're small. I, I'd never want to go sell to them directly, and you know the folks that we are dealing with for resellers are looking at and their existing customers are a lot of the big box stores, where you know they're hiring people all the time and.

兩家背景調查公司規模都很小。我，我從來不想直接把產品賣給他們，你知道，我們打交道的經銷商正在關注的，他們的現有客戶是很多大型倉儲式商店，你知道，他們一直在招聘員工。

So that's why I see it being a. A large, a potentially very large market, if you just look at the number of people, I mean, that's how I decided I thought this was something that we should go after and I wish I had it in front of me, but I don't.

所以這就是為什麼我認為它是。如果你只看人數，你會發現這是一個很大的、潛在的非常大的市場，我的意思是，這就是我決定我們應該追求的東西，我希望它就在我面前，但我沒有。

I went in and looked at what are the number of background checks done every year and they're all divided up into either firearms or firing. Both were very large numbers. And that's why I figured let's go find the right partner to get to them.

我查看了每年進行的背景調查數量，發現它們都分為槍支或射擊兩類。這兩個數字都非常大。這就是為什麼我認為我們應該尋找合適的合作夥伴來實現這些目標。

So that's the thing that I like. For the most part, there's always people getting jobs, there's always people moving around. It doesn't just have to be big box stores, we need to, our customers require it that we run background checks on everybody, for everything from, criminal history to are they lying about their degree.

這就是我喜歡的東西。大多數情況下，總是有人在找工作，總是有人在四處奔波。不一定非要大型倉儲式商店，我們需要，我們的客戶要求我們對每個人進行背景調查，從犯罪歷史到他們是否在學位上撒謊。

And you know it does happen a lot. So like it even happened to our CTO's niece who was a nurse. Somebody stole her identity to pretend to be a nurse, right? That's kind of scary, that because you think about, certainly there's damage done if somebody's identity is stolen and you get a credit card, but somebody practicing medicine, that's even scarier to me. So.

你知道這種事確實常發生。就像這種事也發生在我們技術長的姪女身上一樣，她是一名護士。有人盜用了她的身分冒充護士，對嗎？這有點可怕，因為你想，如果某人的身份被盜並且你獲得信用卡，肯定會造成損害，但對於行醫的人來說，這對我來說更可怕。所以。

It seems to be, that's why I'm excited about the market, and you know we're still new to it we're playing with these folks they're very excited, we're looking forward to doing a big joint announcement when we get there, I should say they get their first customer, and we're a part of that.

看起來就是這樣，這就是我對這個市場感到興奮的原因，你知道我們對這個市場還很陌生，我們正在和這些人一起玩，他們非常興奮，我們期待著到達那裡時做一個重要的聯合聲明，我應該說他們得到了他們的第一個客戶，而我們是其中的一部分。

Okay, and that's the announcement that you had in December of last year with, I don't know if I'm saying it right, but Achio Data, is that right?

好的，這是你們去年 12 月發布的公告，我不知道我說得對不對，但是 Achio Data，對嗎？

Yes, and then it just took them a bit to, get integrated, and that that's the funny thing, it's like, retail would like we're not touching our point of sale systems in in Q4, but everything else kind of slows down too because everybody takes, holiday vacations and all that kind of stuff so. Anything you sign in in 4, isn't going to get anywhere near live it seems until into 1 so they've got it live, they got it selling.

是的，然後他們花了一點時間來整合，有趣的是，就像零售業一樣，我們在第四季度不會觸及我們的銷售點系統，但其他一切也會放慢速度，因為每個人都休假和諸如此類的事情。你在 4 中登入的任何東西，似乎都不會接近上線，直到進入 1 為止，所以他們已經讓它上線了，他們讓它銷售了。

I think we've got a bunch of other really interesting reseller opportunities too by the way, in everything from folks that sell hardware to banks that we can be incorporated in. To again this background space. So that's why reselling is a big portion of our strategy going forward.

順便說一句，我認為我們還有很多其他非常有趣的經銷商機會，從銷售硬體的商家到可以與我們合作的銀行。再次回到這個背景空間。這就是為什麼轉售是我們未來策略的重要組成部分。

Okay, thanks a lot. Cool. There are no further questions at the.

好的，非常感謝。涼爽的。目前沒有其他問題。

Yeah I'm sorry, Maria.

是的，我很抱歉，瑪麗亞。

No, it's okay. I was just going to pass it over to you, Brian was for closing comments.

不，沒關係。我只是想把它交給你，布萊恩只是做最後的評論。

Okay, alright, so thanks everybody for being on the call. I just want to share another conference opportunity note with you all. I'm going to be presenting at the Latinberg Thoman Technology Expo 25 in New York City on Wednesday, May 21st.

好的，好的，感謝大家參加電話會議。我只是想與大家分享另一個會議機會說明。我將於 5 月 21 日星期三在紐約市舉行的 Latinberg Thoman 技術博覽會 25 上發表演講。

Adam's going to be on hand as well if you want a one on one meeting. I think we still have. A few dances left in our dance card. You can go to their website at latinberg.com. So just then including concluding our call today, my message is this watch this space and the runway for Intellicheck to grow. We believe that our anticipated growth will be driven by our new senior Vice President of sales and a newly revitalized team.

如果您想進行一對一會面，Adam 也會在場。我認為我們仍然有。我們的舞蹈卡上還剩下幾支舞蹈。您可以造訪他們的網站 latinberg.com。因此，就在那時，包括今天結束我們的通話時，我的信息是專注於這個領域以及 Intellicheck 的發展道路。我們相信，我們預期的成長將由我們新任銷售高級副總裁和一支煥發活力的團隊推動。

Partnered with real progress in our customer relations program driven by our, relatively new VP of customer success, I have revigorated marketing, the numbers I think speak for themselves, and this new marketing firm that we're working with

在我們相對較新的客戶成功副總裁的推動下，我們的客戶關係專案取得了真正的進展，我為行銷注入了新的活力，我認為這些數字不言而喻，我們正在與這家新的行銷公司合作

we're finally seeing the finish line in sight with our AWS migration, and then the new partnerships, that we've been speaking about reselling and new opportunities. So we all have very high expectations for ourselves and what's to come, and we look forward to updating you on Intellicheck 2.0 in our new our next call in August. So thanks again for joining us today and everyone have a great evening.

我們終於看到了 AWS 遷移的終點線，然後是新的合作夥伴關係，我們一直在談論轉售和新機會。因此，我們對自己和未來都抱有很高的期望，我們期待在 8 月的下一次電話會議上向您介紹 Intellicheck 2.0 的最新情況。再次感謝您今天的加入我們，祝大家有個愉快的夜晚。

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

其中包括今天的電話會議。現在您可以斷開線路。感謝您的參與。