Presto Automation Inc (PRST) 2024 Q3 法說會逐字稿

Greetings, and welcome to Presto's Financial third-quarter 2024 earnings call. As a reminder, this conference is being recorded.

您好，歡迎參加 Presto 2024 年第三季財務財報電話會議。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Chris Cast. You may begin.

現在我很高興向大家介紹你們的主持人克里斯·卡斯特。你可以開始了。

Good afternoon, everyone. I'd like to welcome all of you to the Presto's fiscal third-quarter 2024 earnings call. Today's call will include prepared remarks from our Interim Chief Executive Officer, Gee Lefevre; and our Interim Chief Financial Officer, Stanley Mbugua. After these prepared remarks, we will open the call for questions. A recording of this call will be made available and information to access the recording is listed in the press release.

大家下午好。歡迎大家參加 Presto 2024 年第三季財報電話會議。今天的電話會議將包括我們的臨時執行長 Gee Lefevre 準備好的演講；以及我們的臨時財務長 Stanley Mbugua。在這些準備好的發言之後，我們將開始提問。本次通話將提供錄音，新聞稿中列出了存取錄音的資訊。

Before we begin, I'd like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including our guidance for Presto's fiscal fourth quarter 2024.

在開始之前，我想提醒大家，在今天的電話會議中，我們將就未來事件和財務業績做出前瞻性聲明，包括我們對 Presto 2024 年第四季財報的指導。

These forward-looking statements are subject to known and unknown risks and uncertainties. Presto cautions that these statements are not guarantees of future. We encourage you to review our most recent reports or any applicable filings for a complete discussion of these factors and other risks that may affect our future results, or the market price of our stock.

這些前瞻性陳述受到已知和未知的風險和不確定性的影響。普雷斯托警告說，這些陳述並不是對未來的保證。我們鼓勵您查看我們最新的報告或任何適用的文件，以全面討論這些因素以及可能影響我們未來業績或我們股票市場價格的其他風險。

Finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Also, during today's call, we will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures, and certain additional information are included in the press release. This press release can be viewed and downloaded from our website.

最後，我們沒有義務根據新資訊或未來事件修改我們的結果或這些前瞻性陳述。此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標。新聞稿中包含非公認會計原則與公認會計原則措施的調節以及某些附加資訊。您可以從我們的網站查看和下載本新聞稿。

Thank you, Chris, for the introduction, and thank you everyone for joining the call. It's my pleasure to speak to you today, for the first time as the CEO of Presto. While I only assumed this role a little over three months ago, I've been working with Presto in a variety of capacities for over a year, and therefore already had deep experience of the company and its potential.

謝謝克里斯的介紹，也謝謝大家加入電話會議。今天我很高興第一次以 Presto 執行長的身份與大家交談。雖然我在三個多月前才擔任這個職位，但我已經在 Presto 擔任各種職務一年多了，因此已經對公司及其潛力有了深入的了解。

By way of some brief background, I have extensive experience working with some of the world's largest restaurant chains on commercial and operational issues. And so I have a deep understanding of what matters to our customers.

透過一些簡短的背景介紹，我在與世界上一些最大的連鎖餐廳在商業和營運問題上合作方面擁有豐富的經驗。因此，我深刻理解什麼對我們的客戶來說最重要。

My personal focus will always use the customer, commercial and strategic elements of this business, while I will work closely with our excellent engineering, product, and operational leaders to deliver in those areas.

我個人的重點將始終利用該業務的客戶、商業和策略要素，同時我將與我們優秀的工程、產品和營運領導者密切合作，在這些領域實現目標。

In this, my first earnings call, I wanted to spend a majority of the time updating you all on the business and operational progress we have made since I assumed my role, which includes some new approaches, and how these initiatives position us for the future.

在我的第一次財報電話會議中，我想花大部分時間向大家介紹自我上任以來我們所取得的業務和運營進展，其中包括一些新方法，以及這些舉措如何為我們的未來定位。

First, however, I need to review Presto's current financial position. We recently made several public statements relating to our plans for the coming months in relation to financing. I wish to address and recap these before moving on to the business itself.

不過，首先我需要回顧一下 Presto 目前的財務狀況。我們最近就未來幾個月的融資計劃發表了幾項公開聲明。在繼續討論業務本身之前，我希望先解決並回顧這些問題。

On May 20, 2024, we completed a financing of $3 million in common equity and subordinated debt from various parties, including our existing investor, Remus Capital.

2024 年 5 月 20 日，我們完成了來自各方（包括我們現有投資者 Remus Capital）的 300 萬美元普通股和次級債務融資。

In conjunction with this financing, Presto's principal senior secured lender, Metropolitan Partners Group, agreed to extend forbearance with respect to existing defaults under the company's credit facility until June 15, 2024. The capital raised, together with cash on hand, and projected revenues is expected to be sufficientnto finance the company through June 15, 2024.

在此次融資的同時，Presto 的主要高級擔保貸款人 Metropolitan Partners Group 同意將公司信貸安排下現有違約的寬限期延長至 2024 年 6 月 15 日。預計籌集的資金、手頭現金和預計收入足以為公司提供截至 2024 年 6 月 15 日的資金。

Metropolitan has agreed to further extend forbearance until July 15, 2024, if the company raises $3 million in additional equity by June 7 this year. Crucially, during this forbearance period, Metropolitan has agreed to negotiate in good faith, to complete an agreement to transfer its debt position to a new lender in consideration for $20 million and evidence of a minimum of $12 million, of operating capital in the company. Metropolitan will also receive convertible notes in the company.

如果該公司在今年 6 月 7 日之前籌集 300 萬美元的額外股權，Metropolitan 已同意進一步將寬限期延長至 2024 年 7 月 15 日。至關重要的是，在這段寬限期內，Metropolitan 同意真誠地進行談判，以完成一項將其債務頭寸轉移給新貸款人的協議，代價是2000 萬美元，並提供至少1200 萬美元的公司營運資本證據。大都會也將獲得該公司的可轉換票據。

If a transfer of the debt, is not completed or if forbearance is otherwise terminated, the company has agreed to cooperate with Metropolitan as it explores its other financial alternatives, including seeking new investors or M&A options. Please refer to the Form 8-K filed by the company on May 16 for full details.

如果債務轉移未完成或債務寬限以其他方式終止，該公司同意與大都會合作，探索其他財務替代方案，包括尋找新投資者或併購選項。完整詳情請參閱本公司於 5 月 16 日提交的 8-K 表格。

As we have articulated previously, we are singularly focused on creating a capital structure that will position Presto for the future. This agreement with Metropolitan to explore the transfer of its debt position to a new lender is viewed as a critical step in achieving this outcome. There is substantial work underway from both myself and the Board to execute on this in the coming days and weeks.

正如我們之前所闡述的，我們特別專注於創建一個資本結構，為 Presto 的未來做好準備。與大都會銀行達成的旨在探索將其債務頭寸轉移給新貸款人的協議被視為實現這一成果的關鍵一步。我本人和董事會正在進行大量工作，以在未來幾天和幾週內執行此任務。

Before I get into the business detail, I would also like to provide a brief update on the wind down of our heritage Touch pay-at-table business. As has previously been communicated, we have taken the decision to focus all of our efforts and resources on Voice AI, and such made the difficult decision to exit our Touch business.

在討論業務細節之前，我還想簡單介紹一下我們傳統的 Touch 餐桌付費業務逐步結束的最新情況。正如之前所傳達的，我們已決定將所有努力和資源集中在語音人工智慧上，因此做出了退出觸控業務的艱難決定。

Over the last few months, we have been executing on that decision and expect to have completed the wind down, by the end of next quarter. This initiative has allowed us to focus the whole team exclusively on one goal, improving our Voice AI product, which has led to a greater pace of innovation and progress. It also has significant cost reduction benefits, which, as we said, are critical, as we move forward towards a profitable business model.

在過去的幾個月裡，我們一直在執行該決定，並預計在下個季度末完成逐步結束。這項舉措使我們整個團隊能夠專注於一個目標，即改進我們的語音人工智慧產品，從而加快創新和進步的步伐。它還具有顯著的成本降低優勢，正如我們所說，隨著我們邁向獲利的商業模式，這一點至關重要。

I will later reference specific advantages or advancements, which have been made due to the singular focus, and we are confident as ever that this was the correct strategic decision, for the good of the long-term future of Presto. As referenced above, I would like to spend the remainder of my time detailing the substantial progress we have made across four core areas of the business.

我稍後將提到由於單一焦點而取得的具體優勢或進步，我們一如既往地相信，這是正確的策略決策，有利於 Presto 的長期未來。如上所述，我想用剩餘的時間詳細介紹我們在業務的四個核心領域取得的實質進展。

These are commercial developments, including new logo wins, existing customer expansions, and differentiators in the market. Strategic product developments, highlighting our latest product innovations and discussing potential opportunities for Presto Voice AI product evolution, and tactical product developments, including new features we've recently introduced, and product improvements we're already working on.

這些都是商業發展，包括新標誌的贏得、現有客戶的擴張以及市場的差異化。策略性產品開發，重點介紹我們最新的產品創新並討論 Presto Voice AI 產品演進的潛在機會，以及戰術產品開發，包括我們最近推出的新功能以及我們已經在進行的產品改進。

And finally, operations, emphasizing the importance of customer success, support, and our deployment capabilities. First, let me discuss commercial and customer development. This is an exciting time for Presto. The market opportunity for Voice AI remains substantial in the drive-thru restaurant sector, at well over $2.5 billion per year in the US alone.

最後是運營，強調客戶成功、支援和我們的部署能力的重要性。首先，讓我討論商業和客戶開發。對於 Presto 來說，這是一個令人興奮的時刻。語音 AI 在得來速餐廳領域的市場機會仍然很大，僅在美國每年就遠超過 25 億美元。

The industry is only just starting to embrace automation, with fewer than 1% of US drive-thrus having adopted any form of Voice AI yet.

該行業才剛開始擁抱自動化，美國汽車餐廳中只有不到 1% 採用了任何形式的語音 AI。

Moreover, due to the underlying complexity of the technology, it is an extremely difficult market for new players to enter, providing those already in the space with a significant advantage. I've witnessed firsthand the intricacy involved in integrating into restaurant systems and building one's own AI product.

此外，由於該技術的潛在複雜性，對於新參與者來說這是一個極其困難的市場，這為已經進入該領域的參與者提供了顯著的優勢。我親眼目睹了融入餐廳系統和建立自己的人工智慧產品的複雜性。

These efforts and investments place us at a substantial advantage in terms of our future growth. We believe that through these investments in development, Presto is ideally suited to address the needs of the middle market restaurant operators, a sector we are now strategically targeting. With that backdrop, I want to address our significant commercial progress over the past quarter.

這些努力和投資使我們在未來的成長方面具有巨大的優勢。我們相信，透過這些開發投資，Presto 非常適合滿足中間市場餐廳營運商的需求，這是我們現在的策略目標產業。在此背景下，我想談談我們在過去一個季度取得的重大商業進展。

First of all, we are engaged in expanding live deployments among our existing customers. There are currently active expansion negotiations with seven franchise groups, which have nearly 500 total locations to expand to. This is equivalent to nearly $10 million in ARR.

首先，我們致力於在現有客戶中擴大即時部署。目前正在與七個特許經營集團進行積極的擴張談判，這些集團總共有近 500 個地點可供擴張。這相當於近 1000 萬美元的 ARR。

I am delighted to report, we've also made real strides in expanding our customer base, and enhancing our top of funnel pipeline. We currently have successful pilot programs with four well-known QSR brands, which collectively represent 1,300 locations or approximately $25 million in ARR.

我很高興地向大家報告，我們在擴大客戶群和增強漏斗頂端管道方面也取得了真正的進步。目前，我們與四個知名 QSR 品牌開展了成功的試點計劃，這些品牌總共代表 1,300 個地點，ARR 約為 2,500 萬美元。

Of these four pilots, we just last week signed an MSA with one brand that has approximately 350 locations, and have agreed to deploy Presto Voice in 25 of their drive-thrus immediately. For another operator, we have already deployed Presto Voice in seven of its 35 drive-thru locations.

在這四個試點中，我們上週剛與一個擁有大約 350 個地點的品牌簽署了一份 MSA，並同意立即在其 25 個得來速餐廳部署 Presto Voice。對於另一家營運商，我們已經在其 35 個得來速地點中的 7 個部署了 Presto Voice。

We are close to completing MSA negotiations with the other two brands, and we are also in separate new pilot discussions with a major household name brand.

我們即將完成與其他兩個品牌的 MSA 談判，我們也正在與一個家喻戶曉的主要品牌進行單獨的新試點討論。

In closing on the commercial front, I'd like to take a step back and rearticulate the core elements of our proposition, which are most attractive to our customers and are driving the commercial success outlined above.

在結束商業方面時，我想退後一步，重新闡明我們主張的核心要素，這些要素對我們的客戶最具吸引力，並且正在推動上述商業成功。

First, we have the proven ability to integrate into a broad range of customer environments, including four different point of sale systems and the customer hardware. This flexibility is crucial in such a fragmented market.

首先，我們有能力整合到廣泛的客戶環境中，包括四種不同的銷售點系統和客戶硬體。在如此分散的市場中，這種彈性至關重要。

Our new approach to menu ingestion. This is the way in which we take a customer's menu, and build it out to link to our AI product. This will enable us to significantly simplify the menu building process, and will deliver a step change in our ability to expand rapidly, across multiple brands at the same time.

我們的菜單攝取新方法。這就是我們獲取客戶選單並將其建立為連結到我們的人工智慧產品的方式。這將使我們能夠顯著簡化菜單建立過程，並將使我們同時在多個品牌中快速擴張的能力發生重大變化。

We possess a 10-year track record serving restaurant operators, including corporate owners and their franchise networks. We understand complex customer environments exceptionally well. Moreover, we have proved our ability to deploy at pace, operating at an average rate of around 30 deployments per month, from November through February, with a peak of nearly 50 in December.

我們擁有 10 年為餐廳經營者（包括企業主及其特許經營網絡）提供服務的記錄。我們非常了解複雜的客戶環境。此外，我們已經證明了我們快速部署的能力，從 11 月到 2 月，平均每月部署 30 次左右，12 月的峰值接近 50 次。

This demonstrates our ability to scale quickly and safely with our partners, even across a range of different point of sale systems and environments. Finally, we've built and own our own proprietary hardware, specifically designed to improve successful and quick integration.

這表明我們有能力與合作夥伴一起快速、安全地擴展規模，甚至可以跨越一系列不同的銷售點系統和環境。最後，我們建造並擁有自己的專有硬件，專門為提高成功和快速整合而設計。

Because of these capabilities, we believe we are the only player in the market, who has the ability to serve the mid-market of the North American QSR space. Other providers do not possess the technology, or deployment experience to allow them to expand across multiple different brands, with different technology environments and many structures. As such, mid-market brands will be a key focus of our short to medium-term growth plan.

由於這些能力，我們相信我們是市場上唯一有能力服務北美 QSR 領域中端市場的參與者。其他提供者不具備技術或部署經驗，無法讓他們在多個不同品牌、不同技術環境和多種結構中擴展。因此，中階市場品牌將成為我們中短期成長計畫的重點。

We will, of course, continue to build relationships and develop pilots with the largest brand, which will represent a greater proportion of our long-term opportunity. In the shorter to medium-term, we anticipate a significant proportion of our deployments will come from these customers in the mid-market, whom we are purpose built to serve.

當然，我們將繼續與最大的品牌建立關係並開發試點，這將代表我們長期機會的更大比例。在中短期內，我們預計我們的部署的很大一部分將來自中端市場的這些客戶，我們是專門為這些客戶服務的。

Second, I would like to outline our strategic product development. As we disclosed a few weeks ago, we have recently launched Presto Voice Pure AI, a transformational feature that eliminates humans in the loop in an initial test location.

其次，我想概述一下我們的策略性產品開發。正如我們幾週前所揭露的，我們最近推出了 Presto Voice Pure AI，這是一項變革性功能，可在初始測試位置消除人類參與。

Candidly, the technology has performed at a level far above what we have been anticipating, with AI efficiency rising from around 50% to around 80% at the initial test location. We'll be expanding Pure AI to a greater range of stores, over the next few weeks to collect more data.

坦白說，該技術的表現遠遠超出了我們的預期，在最初的測試地點，AI 效率從 50% 左右上升到 80% 左右。在接下來的幾週內，我們將把 Pure AI 擴展到更多的商店，以收集更多數據。

Why is Pure AI so exciting? Well, we found that humans-in-the-loop often intervene early in the order process, before the AI has a chance to complete the order and learn. The Pure AI feature enables a smooth transition to the restaurant team member, only when the AI determines that it's unable to process an order.

為什麼 Pure AI 如此令人興奮？嗯，我們發現，在人工智慧有機會完成訂單和學習之前，循環中的人類通常會在訂單流程的早期進行幹預。只有當人工智慧確定無法處理訂單時，純人工智慧功能才能順利過渡到餐廳團隊成員。

We believe that this feature will allow the Voice AI system, to improve more quickly while still providing the efficiency and level of accuracy we are known for. For us, the gradual eliminations of human-in-the-loop will allow us to improve our margins and reach profitability more quickly.

我們相信，這項功能將使語音人工智慧系統更快地改進，同時仍提供我們眾所周知的效率和準確性水平。對我們來說，逐步消除人機互動將使我們能夠提高利潤率並更快地實現盈利。

I believe humans-in-the-loop will still play a crucial role in our overall solution, but this advancement is testament to the strength of our underlying technology solution. With this backdrop of our new AI configuration, I do think it would be helpful to explain my vision for the evolution of Presto Voice AI's capabilities on the whole.

我相信人機互動仍將在我們的整體解決方案中發揮至關重要的作用，但這一進步證明了我們底層技術解決方案的實力。在我們新的人工智慧配置的背景下，我確實認為這將有助於解釋我對 Presto Voice AI 功能整體演變的願景。

There are effectively five modes of Presto that we can deploy. Pure AI, where AI leads order management and does not require any agents. When uncertain, it will just escalate directly to the store. Unsupervised AI, where AI leads order management with agents pulled in from a pool, to support if issues emerge.

我們實際上可以部署五種 Presto 模式。純AI，AI主導訂單管理，不需要任何代理。不確定時，它會直接升級到商店。無監督人工智慧，人工智慧透過從池中拉出代理來領導訂單管理，以在出現問題時提供支援。

Supervised AI, where AI leads order management with constant oversight from agents in case issues emerge. Agent-led, where remote agents lead our order management use, but using Voice AI infrastructure to input the orders.

受監督的人工智慧，人工智慧領導訂單管理，並在出現問題時由代理人持續監督。以代理為主導，遠端代理引導我們的訂單管理使用，但使用語音人工智慧基礎設施來輸入訂單。

And finally, Snooze, a new feature where if for any reason, the customer would like to take orders manually, they can choose to snooze Presto for a set period of time, say 30 minutes during the rush hour.

最後，Snooze 是一項新功能，如果出於任何原因，客戶想要手動接受訂單，他們可以選擇將 Presto 暫停一段設定的時間，例如高峰時段的 30 分鐘。

In addition to Pure AI, we have been focused on developing the unsupervised AI elements of this spectrum and have been trialing this in initial test locations. Unsupervised AI also significantly outperformed our expectations, with AI efficiency rising from around 45% to 70% at the initial test location.

除了純人工智慧之外，我們還專注於開發該領域的無監督人工智慧元素，並在最初的測試地點進行了試驗。無監督 AI 的表現也顯著超出了我們的預期，在初始測試地點，AI 效率從 45% 左右上升到 70%。

We have demonstrated that agents can successfully join a session already in progress, and can help complete tasks that are challenging for the AI. Initially, we were concerned about the fact that agents couldn't do this consistently, given the lack of time they have to view the order, so it was fantastic to see this level of outperformance.

我們已經證明，代理可以成功加入正在進行的會話，並且可以幫助完成對人工智慧來說具有挑戰性的任務。最初，我們擔心代理商無法始終如一地做到這一點，因為他們沒有時間查看訂單，所以看到這種出色的表現真是太棒了。

We will also be expanding unsupervised AI to a greater number of stores, over the next few days and weeks, to collect more data. Over the coming quarters, we will begin to test a single solution that allows for these different modes I outlined to be used in different parts of the day. This initiative allows us to maximize non-intervention and customer satisfaction, while improving our margins by optimizing agent costs.

在接下來的幾天和幾週內，我們還將把無監督人工智慧擴展到更多的商店，以收集更多數據。在接下來的幾個季度中，我們將開始測試單一解決方案，該解決方案允許我概述的這些不同模式在一天中的不同部分使用。這項措施使我們能夠最大限度地提高不干預性和客戶滿意度，同時透過優化代理成本來提高利潤。

This level of flexibility is not something currently on the market, and is something that customers have expressed an interest in. Last week alone, we received several inbound inquiries from existing customers, keen to be part of our trials of these new forms of the product.

目前市場上還沒有這種程度的彈性，但客戶對此表示了興趣。光是上週，我們就收到了幾起現有客戶的入站詢問，他們熱衷於參與我們對這些新產品形式的試驗。

The testing of this potential end state for Presto Voice will be a landmark moment in the ongoing growth of this business, and I look forward to updating you in due course.

對 Presto Voice 的這種潛在最終狀態的測試將是該業務持續增長的一個里程碑時刻，我期待在適當的時候向您通報最新情況。

The third major topic I wanted to cover was the tactical product development. On the more tactical product front, we continue to develop and deliver new features for customers alongside the more fundamental product strategy outlined above.

我想討論的第三個主要主題是戰術產品開發。在更具戰術性的產品方面，我們將繼續為客戶開發和提供新功能以及上述更基本的產品策略。

We recently successfully piloted a Spanish language ordering feature at a location in Southern California, which allows drive-thru customers to easily place orders in Spanish, and effortlessly transition between English and Spanish when necessary.

我們最近在南加州的一個地點成功試行了西班牙語訂購功能，該功能使得來速顧客可以輕鬆地用西班牙語下訂單，並在必要時輕鬆地在英語和西班牙語之間進行轉換。

This new feature allows us to provide a seamless and inclusive experience for this important demographic. We intend to pursue a broader rollout of our Spanish language capability, following additional on-site testing. We are working on a variety of other features to optimize our Voice AI platform, and deliver value to our drive-thru customers, including multi-lane support, customizable upsell, [next hero] integration, and further audio improvements.

這項新功能使我們能夠為這一重要人群提供無縫且包容的體驗。在進行額外的現場測試後，我們打算更廣泛地推廣我們的西班牙語功能。我們正在開發各種其他功能來優化我們的語音 AI 平台，並為我們的得來速客戶提供價值，包括多通道支援、可自訂的追加銷售、[下一個英雄]整合以及進一步的音訊改進。

Finally though, I just want to touch on our approach to operations. We have renewed our commitment to develop robust customer success and customer support functions, as they are critical to the overall effectiveness of Presto Voice for our customers and our ability to scale this business. We have invested and will continue to invest heavily behind this important area of our company.

最後，我只想談談我們的營運方法。我們重申了開發強大的客戶成功和客戶支援功能的承諾，因為它們對於 Presto Voice 對客戶的整體有效性以及我們擴展業務的能力至關重要。我們已經並將繼續在公司的這一重要領域進行大量投資。

I personally view customer success as a fundamental part of the product, which has the ability to further differentiate us in this market. We have implemented a much more streamlined and integrated customer support process that enables customers to easily report issues, and obtain immediate assistance from the Presto team.

我個人認為客戶成功是產品的基本組成部分，它有能力進一步使我們在這個市場上脫穎而出。我們實施了更簡化和整合的客戶支援流程，使客戶能夠輕鬆報告問題，並從 Presto 團隊獲得即時協助。

We have focused on integrating customer support with the engineering and product teams, to triage and prioritize issues and solve them more quickly. With the proper customer support, our customers achieve significantly higher non-intervention rates.

我們專注於將客戶支援與工程和產品團隊整合起來，對問題進行分類和優先排序，並更快地解決它們。透過適當的客戶支援，我們的客戶可以實現顯著更高的無幹預率。

Over the past several quarters, we have demonstrated that we have the ability to deploy new locations at a rapid pace, and have refined our hardware to further improve our install success rate. We feel confident in our team's ability, to continue to expand our live locations during the next quarter.

在過去的幾個季度中，我們已經證明我們有能力快速部署新地點，並改進了我們的硬體以進一步提高我們的安裝成功率。我們對團隊的能力充滿信心，在下個季度繼續擴大我們的現場地點。

In summary, we believe this market is there for us to capture. We have invested heavily in the fundamental product advancements required to service our customers. We are now executing on driving continued commercial momentum in the coming weeks and months.

總而言之，我們相信這個市場等待我們去佔領。我們在服務客戶所需的基礎產品改進方面投入了大量資金。我們現在正在努力在未來幾週和幾個月內推動持續的商業動能。

With that, I'd like to hand it over to our Interim Chief Financial Officer, Stanley, to review our financial performance for Q3, 2024.

至此，我想將其交給我們的臨時財務長 Stanley，以審查我們 2024 年第三季的財務表現。

Thank you, Gee. And once again, thank you, everyone, for joining us today. It is a pleasure speaking to you today as the Interim Chief Financial Officer. This is my second year at Presto, and prior to my current role, I have been the Chief Accounting Officer at the company.

謝謝你，吉。再次感謝大家今天加入我們。今天很高興能以臨時財務長的身份與您交談。這是我在 Presto 的第二年，在擔任現職之前，我一直擔任該公司的首席會計官。

Today, I will walk you through our fiscal third quarter results, and then cover our guidance for fiscal fourth quarter of 2024. I'll talk about certain results on a non-GAAP basis. And in that case, we show reconciliation to GAAP measures in our recent press release, which is available in the Investor Relations section of our website at presto.com.

今天，我將向您介紹我們第三季的業績，然後介紹我們對 2024 年第四季的指導。我將討論非公認會計準則基礎上的某些結果。在這種情況下，我們在最近的新聞稿中顯示了與 GAAP 措施的對賬，該新聞稿可在我們網站 presto.com 的投資者關係部分中找到。

We have taken a number of strategic steps over the past year to reduce operating expenses and cash back. In particular, the wind down of the heritage Touch business, which Gee mentioned earlier.

過去一年，我們採取了一系列策略措施來減少營運費用和現金回饋。特別是 Gee 之前提到的傳統觸控業務的結束。

We will continue to focus on closely managing our headcount and vendor costs, along with streamlining of our operations, to allow us to maximize the rollout of new Voice AI locations.

我們將繼續專注於密切管理我們的員工數量和供應商成本，並簡化我們的運營，以使我們能夠最大限度地推出新的語音人工智慧地點。

For the fiscal third quarter of 2024, we reported revenue of $4.5 million, compared to $6.6 million for Q3 in the prior year. This quarter's revenue comprised platform revenue of $2.2 million, and transaction revenue of $2.3 million.

2024 年第三財季，我們公佈的營收為 450 萬美元，而上一年第三季的營收為 660 萬美元。本季的收入包括 220 萬美元的平台收入和 230 萬美元的交易收入。

Q3 fiscal 2024 operating expenses were $15.5 million, compared to $15 million for Q3 in the prior year. This modest increase of $0.5 million, was driven by higher generated administrative expenses of $3.3 million, offset by lower research and development costs of $2.8 million.

2024 財年第三季營運費用為 1,550 萬美元，而上年第三季營運費用為 1,500 萬美元。50 萬美元的小幅增長是由於管理費用增加 330 萬美元，但被研發成本減少 280 萬美元所抵消。

Sales and marketing expenses were virtually flat year-over-year. Research and development expenses, decreased 52% to $2.7 million in Q3 fiscal 2024, as compared to $5.4 million for Q3 in the prior year. That was primarily due to lower payroll costs, and stock-based compensation expenses resulting from reduced headcount.

銷售和行銷費用幾乎比去年持平。2024 財年第三季的研發費用下降 52%，至 270 萬美元，而前一年第三季的研發費用為 540 萬美元。這主要是由於員工人數減少導致工資成本降低以及基於股票的補償費用。

Sales and marketing expenses were $2 million in Q3 fiscal 2024, virtually flat as compared to Q3 of the prior year. In contrast, general and administrative expenses increased 45% to $10.8 million for Q3 fiscal 2024 as compared to $7.4 million for Q3, in the prior year. The increase was primarily due to higher professional fees for legal, audit, and public company compliance costs.

2024 財年第三季的銷售和行銷費用為 200 萬美元，與上一年第三季幾乎持平。相比之下，2024 財年第三季的一般和管理費用增加了 45%，達到 1,080 萬美元，而上一年第三季為 740 萬美元。這一增長主要是由於法律、審計和上市公司合規成本的專業費用增加。

Adjusted EBITDA for the quarter was a loss of $12.2 million, compared to a loss of $9.7 million in the same quarter last year.

本季調整後 EBITDA 虧損 1,220 萬美元，而去年同期虧損 970 萬美元。

Now I would like to finish with our guidance for our fourth quarter. We expect fiscal fourth quarter 2024, revenue to be between $1.6 million and $1.9 million. That concludes our prepared remarks. Thank you all for joining us today, and we look forward to continuing the dialogue, as we move through the remainder of fiscal 2024.

現在我想以我們第四季的指導結束。我們預計 2024 財年第四季的營收將在 160 萬美元至 190 萬美元之間。我們準備好的演講到此結束。感謝大家今天加入我們，我們期待在 2024 財年剩餘時間繼續進行對話。

With that, Gee and I are ready to take your questions. Operator, please open up the lines for any questions.

至此，Gee 和我準備好回答你們的問題了。接線員，如有任何問題請開通線路。

(Operator Instructions)

（操作員說明）

And I'm not showing any questions in the queue this time. This does conclude the question and answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

這次我不會在隊列中顯示任何問題。問答環節和今天的節目到此結束。謝謝女士們先生們的參與。您現在可以斷開連線。再會。