SoundHound AI Inc (SOUN) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to SoundHound's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Scott Smith, Head of Investor Relations. Please go ahead.

下午好，歡迎參加 SoundHound 的 2022 年第二季度收益電話會議。 （操作員說明）我現在想將電話轉給投資者關係主管 Scott Smith。請繼續。

Thanks, Jillian. Hi, everyone. Good afternoon, and thanks for joining our second quarter 2022 earnings call. With me here today is our CEO, Keyvan Mohajer; and our CFO, Nitesh Sharan. We will begin with some short remarks before moving to Q&A.

謝謝，吉利安。大家好。下午好，感謝您參加我們的 2022 年第二季度財報電話會議。今天和我在一起的是我們的首席執行官 Keyvan Mohajer；和我們的首席財務官 Nitesh Sharan。在進入問答環節之前，我們將從一些簡短的評論開始。

We'd also like to remind everyone that we'll be making forward-looking statements on this call. Actual results could differ materially from those suggested by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please refer to our filings with the SEC for a discussion of the factors that could cause our results to differ, including those described in our prospectus filed April 8, 2022, in connection with our business [combination].

我們還想提醒大家，我們將在這次電話會議上做出前瞻性陳述。實際結果可能與我們的前瞻性陳述所建議的結果大不相同。報告的結果不應被視為未來業績的指標。請參閱我們提交給美國證券交易委員會的文件，討論可能導致我們的結果不同的因素，包括我們在 2022 年 4 月 8 日提交的招股說明書中描述的與我們的業務 [組合] 相關的因素。

In addition, we may discuss certain non-GAAP measures. Please refer to today's press release for further details on the definitions, limitations and uses of those measures and reconciliations from GAAP to non-GAAP. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. Finally, this call in its entirety is being audio webcast on our Investor Relations website. An audio replay will be available shortly following today's call.

此外，我們可能會討論某些非公認會計原則的措施。有關這些措施的定義、限制和使用以及從 GAAP 到非 GAAP 的對賬的更多詳細信息，請參閱今天的新聞稿。另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。最後，整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。今天的電話會議後不久將提供音頻重播。

And with that, I would like to turn the call over to Keyvan.

有了這個，我想把電話轉給 Keyvan。

Thank you, Scott. Before we get started, I wanted to welcome Scott Smith to the SoundHound team, our new Head of Investor Relations. Welcome, Scott. And thank you to everyone for joining the call today.

謝謝你，斯科特。在開始之前，我想歡迎 Scott Smith 加入 SoundHound 團隊，他是我們新的投資者關係主管。歡迎，斯科特。感謝大家今天加入電話會議。

We are pleased to welcome you to our first earnings call as a public company. We celebrated our listing on NASDAQ under the ticker SOUN on April 28 of this year. Today, we are excited to share with you our strong second quarter results. We grew our cumulative booking backlog by 3x compared to the prior year, and our monthly queries have more than tripled since early last year, showing that our technology is being adopted at an accelerated rate. SoundHound has spent many years building our foundation for this moment. We began this journey 17 years ago in a small dorm room at Stanford University, where my co-founders and I decided that within our lifetime, we should be able to talk to the computers the way we talk to each other, and we embarked on the journey to make that happen.

我們很高興歡迎您參加我們作為一家上市公司的第一次財報電話會議。我們於今年 4 月 28 日慶祝在納斯達克上市，股票代碼為 SOUN。今天，我們很高興與您分享我們強勁的第二季度業績。與去年相比，我們的累積預訂積壓量增加了 3 倍，自去年年初以來，我們的月度查詢量增加了兩倍多，這表明我們的技術正在以更快的速度被採用。 SoundHound 多年來一直在為這一刻奠定基礎。 17 年前，我們在斯坦福大學的一個小宿舍裡開始了這段旅程，我和我的聯合創始人決定在我們的有生之年，我們應該能夠像彼此交談那樣與計算機交談，我們開始了實現這一目標的旅程。

We know that now is the time to scale, and that's exactly what we are doing. Earlier this year, we welcomed Zubin Irani as Chief Revenue Officer to our leadership team. Zubin brings tremendous experience to help us achieve our growth ambitions. We are ramping up our sales and service organizations and continue to invest in R&D organization to rapidly expand adoption of SoundHound's voice AI technology. We have already expanded to almost 450 employees globally, and I want to take a moment to thank those that have been with us from the early days right up to our public listing. At the same time, I also want to welcome the many new and talented employees that share our passion and excitement about this new opportunity.

我們知道現在是擴大規模的時候了，而這正是我們正在做的事情。今年早些時候，我們歡迎 Zubin Irani 成為我們領導團隊的首席營收官。 Zubin 帶來了豐富的經驗來幫助我們實現增長目標。我們正在加強我們的銷售和服務組織，並繼續投資於研發組織，以迅速擴大對 SoundHound 語音人工智能技術的採用。我們已經在全球範圍內擴大到近 450 名員工，我想花一點時間感謝那些從早期到我們公開上市一直與我們在一起的人。同時，我也想歡迎許多有才華的新員工，他們分享我們對這個新機會的熱情和興奮。

While we are aware of the macroeconomic environment and the high levels of uncertainty surrounding it, we believe it is the perfect time for our value proposition. Innovation around legacy voice AI technology is long overdue. At the same time, AI and business process automation resonates even more than ever in times like these. We also know that customers are rapidly pushing for the next evolution in how humans interact with technology, and consumer expectation for convenience are rising.

雖然我們意識到宏觀經濟環境及其周圍的高度不確定性，但我們相信現在是我們提出價值主張的最佳時機。圍繞傳統語音 AI 技術的創新早就該進行了。與此同時，在這樣的時代，人工智能和業務流程自動化比以往任何時候都更能引起共鳴。我們還知道，客戶正在迅速推動人類與技術交互方式的下一次發展，消費者對便利性的期望也在上升。

The world is in the process of becoming voice-enabled, and so it is unavoidable that the current status quo and the familiar shortlist of incumbent players needs to be reexamined. For too long, innovation around voice AI had been static. We believe we have taken it to the next level with the technology that is at the forefront of the next major disruption of computing: conversational AI.

世界正處於啟用語音的過程中，因此不可避免地需要重新審視當前的現狀和熟悉的現有玩家候選名單。長期以來，圍繞語音 AI 的創新一直是靜止的。我們相信，我們已經將它提升到了一個新的水平，該技術處於下一次重大計算顛覆的前沿：對話式人工智能。

When we unveiled our disruptive technology in 2016 after more than a decade of self-innovation, it caught the world by surprise. Some players even denied that it was real, and others have been trying to catch up to us for years and have not succeeded. Let me play a short clip from one of the earlier demos that highlights some of the unique strengths of our conversational AI technology.

經過十多年的自我創新，我們在 2016 年推出了我們的顛覆性技術，令世界大吃一驚。一些玩家甚至否認這是真的，還有一些玩家多年來一直試圖追趕我們，但都沒有成功。讓我播放早期演示中的一個短片，它突出了我們對話式 AI 技術的一些獨特優勢。

(presentation)

（介紹）

Conversational AI is undoubtedly the future, and we believe SoundHound offers the only global, independent, cross-industry conversational AI platform. As you can see in our demonstrations, our technology is unmatched by the incumbent players, including the big tech. Our ambition and opportunity is to make conversational AI that is even better than humans in understanding, but as human and natural as possible in the way it responds and interacts, making people more productive and the world a better place.

對話式 AI 無疑是未來，我們相信 SoundHound 提供了唯一的全球性、獨立、跨行業的對話式 AI 平台。正如您在我們的演示中看到的那樣，我們的技術是包括大型科技公司在內的現有參與者所無法比擬的。我們的目標和機會是讓對話式人工智能在理解力上比人類更好，但在響應和交互方式上盡可能人性化和自然，讓人們更有效率，讓世界變得更美好。

We are in a unique position to maintain our leadership due to our core technology DNA and our track record to solve extremely difficult problems with our breakthrough inventions and constant innovation. Furthermore, while other players that are pure technology vendors are under constant customer pressure to lower their licensing fees and face the real risk of declining revenues. our unique 3-pillar monetization ecosystem that Nitesh will soon highlight puts us on a trajectory of increasing revenue per user and increasing adoption due to the revenue share with the product creators.

由於我們的核心技術 DNA 和我們通過突破性發明和不斷創新解決極其困難的問題的記錄，我們處於保持領先地位的獨特地位。此外，雖然其他純技術供應商的參與者不斷受到客戶壓力，要求降低其許可費用並面臨收入下降的真正風險。 Nitesh 將很快強調我們獨特的 3 支柱貨幣化生態系統，這使我們走上了增加每用戶收入和增加採用率的軌跡，因為與產品創造者的收入分成。

Let's summarize our unique positioning and opportunity. Natural language understanding is an especially challenging form of artificial intelligence. It is complex. It takes a long time to perfect and requires a full technology stack to deliver value. This creates a very high barrier to entry, which is why there are not many companies delivering conversational voice AI. With our proprietary Speech-to-Meaning, Deep Meaning Understanding and collective AI breakthroughs, along with our industry-leading cloud and edge offerings, we believe we have the best-in-class technology.

讓我們總結一下我們獨特的定位和機會。自然語言理解是一種特別具有挑戰性的人工智能形式。它很複雜。完善需要很長時間，並且需要完整的技術堆棧來交付價值。這創造了非常高的進入門檻，這就是為什麼沒有多少公司提供對話式語音人工智能的原因。憑藉我們專有的語音轉意義、深度意義理解和集體人工智能突破，以及我們行業領先的雲和邊緣產品，我們相信我們擁有一流的技術。

Our technology bridges 2 major industry gaps: legacy, inflexible, expensive competitors whose technology is outdated; and big tech players whose voice assistants overwrite other brand connection with the consumers and replaces them with hidden agendas and conflict of interest. The competitive and technological differentiation is why we win. We aim to power billions of devices and services. And rather than being a simple technology vendor, we help product creators innovate and monetize while delighting their users, which increases our adoption and revenue potential.

我們的技術彌合了兩個主要的行業差距：技術過時的傳統、不靈活、昂貴的競爭對手；和大型科技公司，他們的語音助手覆蓋了與消費者的其他品牌聯繫，並用隱藏的議程和利益衝突取而代之。競爭和技術差異化是我們獲勝的原因。我們的目標是為數十億台設備和服務提供動力。我們不是一個簡單的技術供應商，而是幫助產品創造者在取悅用戶的同時進行創新和貨幣化，這增加了我們的採用率和收入潛力。

SoundHound's technology is already voice-enabling millions of cars, TVs, mobile apps and IoT devices on a global scale thanks to our extensive set of languages and international presence. We are doubling down on all these services as we ramp our go-to-market organization, thus enabling us to address the strong demand from our existing customers where we see tremendous opportunity to expand further. We are seeing robust demand from new and existing customers, and it is clear our technology is resonating and delivering on expectations. For example, in Q2, we announced a new 7-year agreement with Hyundai, and we entered into a new relationship with Square. Our momentum has continued with more recent announcements, delivering voice AI to the most popular Stellantis vehicle brand in Europe and entering in an agreement with LG Electronics.

得益於我們廣泛的語言和國際影響力，SoundHound 的技術已經在全球範圍內為數百萬輛汽車、電視、移動應用程序和物聯網設備提供語音支持。隨著我們擴大進入市場的組織，我們正在加倍提供所有這些服務，從而使我們能夠滿足現有客戶的強勁需求，我們看到了進一步擴展的巨大機會。我們看到新客戶和現有客戶的強勁需求，很明顯我們的技術正在引起共鳴並達到預期。例如，在第二季度，我們宣布與現代簽訂一份為期 7 年的新協議，並與 Square 建立了新的合作關係。我們的勢頭隨著最近的公告而繼續，為歐洲最受歡迎的 Stellantis 汽車品牌提供語音 AI，並與 LG 電子達成協議。

Our business gained momentum in Q2 with cumulative bookings backlog increasing to $283 million, more than 3x year-over-year and making the third consecutive quarter of triple-digit growth. We are clearly taking market share and driving exceptional growth at the same time. Our revenue grew by 43% from the previous quarter, and Nitesh will discuss our financial results in more detail shortly. Our user queries, one of the key measures of customer adoption into our conversational AI platform, was also up triple digit year-over-year. And in just 1.5 years, our monthly queries have increased by more than 3x.

我們的業務在第二季度獲得了發展勢頭，累計預訂訂單增加到 2.83 億美元，同比增長 3 倍以上，連續第三個季度實現三位數增長。我們顯然正在佔領市場份額並同時推動非凡的增長。我們的收入比上一季度增長了 43%，Nitesh 不久將更詳細地討論我們的財務業績。我們的用戶查詢是我們對話式 AI 平台採用客戶的關鍵衡量標準之一，也同比增長了三位數。在短短 1.5 年內，我們每月的查詢量增加了 3 倍以上。

We are also seeing more penetration in new devices while we continue to expand with existing users. This expansive growth gives us confidence that we are continuing to deliver meaningful value to end consumers. We further continued our momentum with new products, enhanced new customer agreements and added key relationships in Q2. For example, we launched SoundHound for Restaurants, an AI assistant that allows restaurants to automate the phone ordering process, addressing the twin challenges of staffing shortages and increased demand for takeout so that restaurants can take more orders and maximize sales. Not to mention that the current environment, these businesses are seeing increasing wage pressure. The initial customer feedback has been extremely positive, and additional customer interest is building rapidly. We have already seen some well-known brands sign up with interest with hundreds more.

在我們繼續擴大現有用戶的同時，我們也看到了新設備的更多滲透。這種廣泛的增長使我們相信我們將繼續為最終消費者提供有意義的價值。我們在第二季度通過新產品、增強新客戶協議和增加關鍵關係進一步延續了我們的勢頭。例如，我們推出了 SoundHound for Restaurants，這是一種 AI 助手，它允許餐廳自動執行電話訂購流程，解決人員短缺和外賣需求增加的雙重挑戰，以便餐廳能夠接受更多訂單並最大限度地提高銷售額。更不用說目前的環境，這些企業的工資壓力越來越大。最初的客戶反饋非常積極，並且正在迅速建立更多的客戶興趣。我們已經看到一些知名品牌與數百個感興趣的品牌簽約。

Together with this product launch, we announced our first POS integration with Square, which will allow restaurants to use SoundHound's automated conversational AI phone ordering with Square's thousands of point-of-sale systems. This is the start of a new tremendous market opportunity that we believe we are perfectly positioned to address. Voice-enabled food ordering is particularly challenging. It requires specialized speech recognition and complex natural language understanding, which match our key differentiators very well. This is clearly an amazing product market space, and the demand from restaurants is significant.

在此次產品發布的同時，我們還宣布了與 Square 的首次 POS 集成，這將允許餐廳使用 SoundHound 的自動對話式 AI 電話訂購與 Square 的數千個銷售點系統。這是一個新的巨大市場機會的開始，我們相信我們完全有能力應對。語音訂餐尤其具有挑戰性。它需要專門的語音識別和復雜的自然語言理解，這與我們的關鍵差異化非常匹配。這顯然是一個驚人的產品市場空間，餐廳的需求量很大。

We have shown amazing success with the types of partners we have announced so far. And while we are strong -- and while they are strong, it take years to build that strong foundation. What excites me the most about SoundHound for Restaurants is that the time to customer adoption is extremely fast. We have already seen customers up and running in a matter of days, and this should only improve as we scale into thousands of customers. This new offering has great potential to make an impact in a much shorter time frame due to the shorter sales cycles and faster deployment rates.

迄今為止，我們已經宣布的合作夥伴類型取得了驚人的成功。雖然我們很強大——雖然他們很強大，但建立這個堅實的基礎需要數年時間。 SoundHound for Restaurants 最讓我興奮的是，客戶採用的時間非常快。我們已經看到客戶在幾天內啟動並運行，隨著我們擴展到成千上萬的客戶，這種情況只會有所改善。由於更短的銷售週期和更快的部署速度，這種新產品具有在更短的時間內產生影響的巨大潛力。

One of those existing relationships where we are now seeing the strong foundation play out is Hyundai. This quarter, we announced an expanded agreement with multiple brands and multiple languages around the world. The new agreement brings SoundHound's Edge+Cloud voice AI technology, music recognition software, voice commerce solutions and multiple languages to Hyundai, Genesis and Kia brands. The size and scope of this agreement will allow them to bring the power of voice AI to drivers in every class of vehicles in markets around the world.

我們現在看到強大基礎發揮作用的現有關係之一是現代。本季度，我們宣布與全球多個品牌和多種語言簽訂擴展協議。新協議將 SoundHound 的 Edge+Cloud 語音人工智能技術、音樂識別軟件、語音商務解決方案和多種語言引入現代、Genesis 和起亞品牌。該協議的規模和範圍將使他們能夠將語音 AI 的力量帶給全球市場上各類車輛的駕駛員。

Before turning the call to Nitesh, I would like to make a few closing remarks. In the first decade of our company's history, we worked tirelessly to create what we believe is the best voice AI technology and platform. Since launching SoundHound's initial voice AI platform in 2016, we have radically evolved it, globalized it from 1 language to 25 and now have scaled it into major enterprises across several industries. Large brands such as Mercedes-Benz, Hyundai, Kia, Stellantis, VIZIO, Snap and Pandora have helped build our foundation. We first extended this momentum with major announcements over the past several months, such as with Qualcomm, Netflix, Square and LG Electronics, among others. We launched SoundHound for Restaurants, the first of many steps to enter the enormous voice commerce industry, creating a huge global [advertiser] market for us.

在將電話轉給 Nitesh 之前，我想說幾句結束語。在我們公司歷史的第一個十年裡，我們孜孜不倦地創造了我們認為最好的語音人工智能技術和平台。自 2016 年推出 SoundHound 的初始語音 AI 平台以來，我們對其進行了徹底的改進，將其從 1 種語言全球化到 25 種語言，現在已將其擴展到多個行業的主要企業。梅賽德斯-奔馳、現代、起亞、Stellantis、VIZIO、Snap 和 Pandora 等大品牌幫助我們奠定了基礎。在過去的幾個月中，我們首先通過重大公告擴展了這一勢頭，例如高通、Netflix、Square 和 LG 電子等。我們推出了 SoundHound for Restaurants，這是進入龐大的語音商務行業的眾多步驟中的第一步，為我們創造了一個巨大的全球 [廣告商] 市場。

While the macroeconomic environment has proved challenging for many companies, we are pleased that SoundHound is performing right on plan and delivering against our own expectations for the first half of the year. Therefore, we confidently reaffirm our 2022 revenue target, and the potential opportunity in front of us is only expanding and we are aggressively moving forward.

儘管事實證明，宏觀經濟環境對許多公司而言都充滿挑戰，但我們很高興 SoundHound 按計劃正確執行，並在今年上半年實現了超出我們自己預期的業績。因此，我們有信心重申我們的 2022 年收入目標，而擺在我們面前的潛在機會只會擴大，我們正在積極向前推進。

With that, I will now turn the call over to Nitesh to talk about our financial performance for the quarter.

有了這個，我現在將把電話轉給 Nitesh 談論我們本季度的財務業績。

Thank you, Keyvan. I share Keyvan's excitement about our first earnings conference call as a public company and the opportunity for ongoing dialogue with all of you. With Q2's triple-digit bookings growth and strong customer engagement, we are building and executing on the foundation that will fuel our continued expansion.

謝謝你，基文。我與 Keyvan 一樣對我們作為一家上市公司的第一次收益電話會議以及與大家進行持續對話的機會感到興奮。隨著第二季度三位數的預訂增長和強大的客戶參與度，我們正在建立和執行將推動我們持續擴張的基礎。

Before going into the results for the quarter, I wanted to discuss our business model and how we generate revenue as my remarks will often reference this framework. For some of you, this may be repetitive, but it is very important so I wanted to start here.

在進入本季度的結果之前，我想討論我們的商業模式以及我們如何產生收入，因為我的評論經常會提到這個框架。對於你們中的一些人來說，這可能是重複的，但它非常重要，所以我想從這裡開始。

We breakout our revenue into 3 distinct pillars: product royalties, service subscriptions and monetization. First, we get royalty revenue when we voice-enable products, such as cars, TVs and the rapidly growing billions of IoT devices around the world. Second, we generate recurring subscription revenue when we voice-enable services like food ordering, appointments, voice commerce and customer service. And third, we create monetization revenue when we connect those voice-enabled products with the voice-enabled services, such as if you were to order a coffee from a voice-enabled coffee shop by speaking to your voice-enabled car on your commute to work. This natural, seamless interaction unlocks value to all parties involved. The sale generates revenue for the coffee shop, and we share the revenue that we receive from the transaction with the product creator, or car manufacturer in this example. Most importantly, you get your morning coffee exactly when and how you want it.

我們將收入分成 3 個不同的支柱：產品版稅、服務訂閱和貨幣化。首先，當我們為汽車、電視和全球快速增長的數十億物聯網設備等產品啟用語音功能時，我們會獲得版稅收入。其次，當我們為訂餐、約會、語音商務和客戶服務等語音服務提供支持時，我們會產生經常性訂閱收入。第三，當我們將這些支持語音的產品與支持語音的服務聯繫起來時，我們創造了貨幣化收入，例如，如果您在通勤途中對支持語音的汽車從支持語音的咖啡店訂購咖啡，工作。這種自然、無縫的交互為所有相關方釋放了價值。此次銷售為咖啡店帶來收入，我們與產品創造者或本例中的汽車製造商分享從交易中獲得的收入。最重要的是，您可以準確地在您想要的時間和方式獲得您的早晨咖啡。

These 3 revenue pillars create a network platform effect that compounds, expanding our addressable market and increasing customer adoption. The monetization pillar extend voice AI from a valuable cost component to a new incremental revenue-generating pathway for customers, meaning, the unit economics become increasingly more attractive as the ecosystem scales and expand. This is the business we have been building. Today, our revenue is more heavily weighted to pillar 1, and that will continue to expand. We already see contributions from pillars 2 and 3, and we see tremendous upside potential.

這 3 個收入支柱創造了一種網絡平台效應，從而擴大了我們的潛在市場並提高了客戶的採用率。貨幣化支柱將語音人工智能從有價值的成本組成部分擴展到為客戶創造新的增量創收途徑，這意味著隨著生態系統的擴展和擴展，單位經濟變得越來越有吸引力。這是我們一直在建立的業務。今天，我們的收入更多地集中在支柱 1 上，並且將繼續擴大。我們已經看到支柱 2 和支柱 3 的貢獻，並且我們看到了巨大的上行潛力。

Now let me move into the Q2 quarterly financial performance. We closed the quarter with a strong cumulative bookings backlog of $283 million, representing a year-over-year growth of 207%. The contracts underlying our backlog range from 1 year to more than 7 years with a 4.5-year weighted average contract length. Our long-term relationships highlight the confidence and commitment our customers have working with us in partnership to build the future together.

現在讓我進入第二季度的財務業績。我們以 2.83 億美元的強勁累積預訂量結束本季度，同比增長 207%。我們積壓的合同從 1 年到超過 7 年不等，加權平均合同期限為 4.5 年。我們的長期合作關係凸顯了客戶與我們合作共建未來的信心和承諾。

In Q2, we generated $6.2 million in revenue, up 43% sequentially from Q1 2022. Prior year Q2 results were impacted by onetime revenue derived from a customer upon the early conclusion of professional services contract, which added $4.3 million to last year's result. Adjusted for that impact, Q2 this year had a 56% year-over-year growth. Revenues were predominantly driven by product royalties where we continued to scale units and also saw expanding average price per unit.

在第二季度，我們產生了 620 萬美元的收入，比 2022 年第一季度環比增長 43%。上一年的第二季度業績受到專業服務合同提前簽訂時客戶一次性收入的影響，這使去年的業績增加了 430 萬美元。經調整後，今年第二季度同比增長 56%。收入主要由產品特許權使用費推動，我們繼續擴大單位規模，並看到單位平均價格不斷擴大。

Our gross margin improved to 60% or up 100 basis points sequentially. Adjusting for that onetime or in last year's results that I just mentioned, our gross margin was consistent with the prior year Q2. Cost of revenues for the quarter was $2.5 million, up 40% sequentially and up 53% from the prior year. The majority of our cost of revenue is associated with data center costs supporting our customers. Those were impacted in the quarter by our migration across cloud vendors. We are expecting to complete the migration this year, after which we expect margins to expand both over the short and long term from this and as we further realize economies of scale.

我們的毛利率提高至 60% 或環比增長 100 個基點。根據我剛才提到的那一次或去年的結果進行調整，我們的毛利率與去年第二季度一致。本季度的收入成本為 250 萬美元，環比增長 40%，比上年增長 53%。我們的大部分收入成本與支持客戶的數據中心成本有關。這些在本季度受到我們跨雲供應商遷移的影響。我們預計今年將完成遷移，之後我們預計利潤率將在短期和長期內擴大，並進一步實現規模經濟。

Our operating expenses have historically been heavily weighted towards R&D as we have built our voice AI platform and deep patent portfolio. We are now also ramping up our sales and marketing investments to accelerate growth. At the same time, we continued to solidify our general and administrative functions as a newly public company. Across our operating expenses, noncash employee stock compensation was $7.9 million in Q2, up sequentially and versus the same prior year period due to increased headcount and other adjustments associated with becoming public. In Q2, R&D was $18.9 million, up 35% year-over-year. We continue to expand our headcount and discretionary spend. We will continue to invest in R&D as we move forward to ensure we remain at the forefront of innovation while also helping to develop and scale new products and services.

由於我們已經建立了語音人工智能平台和深厚的專利組合，我們的運營費用歷來主要用於研發。我們現在也在加大銷售和營銷投資以加速增長。同時，我們繼續鞏固作為新上市公司的一般和行政職能。在我們的運營費用中，由於員工人數增加和與上市相關的其他調整，第二季度非現金員工股票薪酬為 790 萬美元，環比增長，與去年同期相比。第二季度，研發費用為 1890 萬美元，同比增長 35%。我們繼續擴大我們的員工人數和可自由支配的支出。隨著我們前進，我們將繼續投資於研發，以確保我們保持在創新的最前沿，同時幫助開發和擴展新產品和服務。

Sales and marketing expenses were $4.4 million, up 334% year-over-year off a small base. This is a primary area of investment as we grow the team to drive improvements in lead generation, new customer acquisition, expansions into new verticals and ultimately, market share capture. General and administrative expenses were $9.4 million, up 127% year-over-year. This includes headcount growth and non-headcount spend across our global functions to support the operational activities needed as we scale the public company. We expect this to expand over the next 12 to 18 months and then start to become a source of leverage on the P&L.

銷售和營銷費用為 440 萬美元，同比增長 334%，基數較小。這是一個主要的投資領域，因為我們發展團隊以推動潛在客戶產生、新客戶獲取、向新垂直領域的擴張以及最終獲得市場份額的改進。一般和行政費用為 940 萬美元，同比增長 127%。這包括我們全球職能部門的員工人數增長和非員工人數支出，以支持我們擴大上市公司規模所需的運營活動。我們預計這將在未來 12 到 18 個月內擴大，然後開始成為損益表的槓桿來源。

Our operating loss was $28.9 million in Q2, an increase from the prior quarter. Adjusted EBITDA, which excludes the noncash charges of stock compensation, depreciation and amortization and other nonoperating activities, was a loss of $20.4 million. Net loss per share in Q2 was $0.19. Please note that the 162 million weighted average shares outstanding used in the quarterly EPS calculation are impacted by our transition going from private to public. And as of June 30, our ending share count was approximately 197 million shares.

我們第二季度的經營虧損為 2890 萬美元，比上一季度有所增加。不包括股票補償、折舊和攤銷以及其他非經營活動的非現金費用的調整後 EBITDA 虧損 2040 萬美元。第二季度每股淨虧損為 0.19 美元。請注意，季度每股收益計算中使用的 1.62 億股加權平均流通股受到我們從私人向公眾過渡的影響。截至 6 月 30 日，我們的期末股票數量約為 1.97 億股。

Our cash on hand at quarter end was $65 million. Our business model is capital-light, so the P&L results largely flowed through to free cash flow. That said, we are a newly public company and investing for growth. To do that, we are leveraging the proceeds we received from going public in April while continuing to infuse new capital.

我們在季度末的手頭現金為 6500 萬美元。我們的商業模式是輕資本的，因此損益表的結果主要流向了自由現金流。也就是說，我們是一家新上市的公司，為增長而投資。為此，我們將利用 4 月份上市獲得的收益，同時繼續注入新資金。

Moving to guidance now. As we messaged last quarter, we believe offering annual revenue guidance is most appropriate given our rapidly evolving industry and significant growth potential. We are delivering on near-term commitments while focusing on the long-term potential in front of us. As such, for full year revenue 2022, we reaffirm guidance and continue to expect revenue in the range of $27 million to $33 million. This expectation has not changed since we first communicated it well before the market dislocations of this year, and we continue to feel confident in this outlook.

現在轉向指導。正如我們上個季度所說，鑑於我們快速發展的行業和巨大的增長潛力，我們認為提供年度收入指導是最合適的。我們正在兌現近期承諾，同時專注於我們面前的長期潛力。因此，對於 2022 年全年收入，我們重申指引，並繼續預計收入在 2700 萬美元至 3300 萬美元之間。自從我們在今年市場錯位之前很好地傳達了這一預期以來，這一預期並沒有改變，我們繼續對這一前景充滿信心。

In closing, given where we are as a business, progress will not always be linear, but our current momentum is unquestionable. We are excited to be at this juncture and extremely excited about our path forward. Thank you, and we will now move to Q&A.

最後，鑑於我們作為一家企業所處的位置，進展並不總是線性的，但我們目前的勢頭是毋庸置疑的。我們很高興能在這個關頭，並對我們前進的道路感到非常興奮。謝謝，我們現在將轉到問答環節。

(Operator Instructions) Our first question comes from Mike Latimore from Northland Capital Markets.

（操作員說明）我們的第一個問題來自 Northland Capital Markets 的 Mike Latimore。

Congrats on getting public here. So the bookings were very, very strong, and it seems like you've almost hit your goal for the year there. I guess the -- I'm thinking the momentum would continue to carry through the second half of the year here. So I guess how are you thinking about bookings trajectory throughout the rest of the year?

恭喜你在這裡公開。所以預訂量非常非常大，看起來你幾乎已經實現了當年的目標。我想 - 我認為這種勢頭將繼續在這裡延續到今年下半年。所以我猜你如何看待今年剩餘時間的預訂軌跡？

Yes. I'll start with that. So first, I'll say that we -- I'll make a comment on guidance, and I'll give you a little more color commentary on the bookings, if that's all right. So we -- as I noted, we've sort of established that we think giving revenue guidance on an annual basis is probably the best way to translate how the bookings will flow through. And so, again, we continue to feel confident of that outlook that we just provided of $27 million to $33 million. As you noted also, we're very pleased with the bookings results through Q2, $283 million, up 3x from prior year, just indicates strong momentum and strong conversations that we're having with customers.

是的。我將從那開始。所以首先，我要說的是，我會就指導意見發表評論，如果可以的話，我會給你們一些關於預訂的色彩評論。所以我們 - 正如我所指出的，我們已經確定我們認為每年提供收入指導可能是轉換預訂流程的最佳方式。因此，我們再次對我們剛剛提供的 2700 萬至 3300 萬美元的前景充滿信心。正如您還指出的那樣，我們對第二季度的預訂結果感到非常滿意，即 2.83 億美元，比去年增長了 3 倍，這表明我們與客戶進行了強勁的勢頭和強勁的對話。

So while we're not articulating exactly where we expect to end the year, we're having a lot of great conversations with existing customers on how we expect to plan -- expect to potentially expand across regions, products, brands where, as we noted in the prepared remarks, the second pillar, services offerings particularly with respect to food ordering and the SoundHound for Restaurants offering, we're seeing tremendous traction. We've been -- our sales team, now that scaling significantly has been on the ground, talking to a lot of customers, a lot of restaurants. And there's just almost insatiable demand for what we're providing to them, particularly in this backdrop of labor pressures, wage pressures. It's a solution just very well suited for what they're looking for. And so really, we have a backlog of people trying to get onboard, and we have work to get them through the funnel and on.

因此，雖然我們沒有明確說明我們預計今年年底的目標是什麼，但我們正在與現有客戶就我們期望如何計劃進行大量對話——預計可能會擴展到跨地區、產品、品牌，因為我們在準備好的評論中指出，第二個支柱，服務產品，特別是關於食品訂購和餐廳服務的 SoundHound，我們看到了巨大的吸引力。我們一直 - 我們的銷售團隊，現在已經顯著擴大規模，與很多客戶、很多餐館交談。對我們提供給他們的東西的需求幾乎是永不滿足的，特別是在這種勞動力壓力、工資壓力的背景下。這是一個非常適合他們正在尋找的解決方案。所以真的，我們有很多人試圖加入，我們有工作讓他們通過漏斗等等。

So we're feeling great about the momentum. I would lastly say that bookings is one indicator. I know, Mike, you know this, but just more broadly, I'll say that bookings represent sort of pillars 1 and 2 when we voice-enable product and we voice-enable services. They capture that. We're bringing these ecosystems. Having a lot of great conversations and bringing those together through monetization does -- don't -- these are not reflected in revenue. So -- sorry, monetization is not reflected in bookings. So that will actually just naturally flow through without hitting the bookings number. So I didn't mean to dance entirely off your question, but hopefully that gives some context and color commentary on that.

所以我們對這種勢頭感覺很好。我最後要說的是預訂量是一個指標。我知道，邁克，你知道這一點，但更廣泛地說，當我們啟用語音產品和啟用語音服務時，我會說預訂代表了支柱 1 和 2。他們抓住了這一點。我們帶來了這些生態系統。進行很多精彩的對話並通過貨幣化將它們聚集在一起確實 - 不要 - 這些都沒有反映在收入中。所以 - 抱歉，盈利並未反映在預訂中。因此，這實際上會自然而然地通過，而不會達到預訂數量。所以我並不是要完全擺脫你的問題，但希望這能提供一些背景和色彩評論。

For sure. Super helpful. I think you said also that the price per unit was going up a little bit. I guess, one, did you say that? And two, is that specific to royalties? Or does that include all 3 pillars here?

當然。超級有幫助。我想你也說過每單位的價格上漲了一點。我猜，一，你說的？第二，這是針對版稅的嗎？還是包括這裡的所有 3 個支柱？

So I did say that. I said average price per unit we saw go up in Q2. We've actually seen it continue to sort of go up. It is -- my comment was generic. But I could tell you that most of our revenue is in product royalty, so it was applicable to product royalties. And the composition of that is multifold. Number one is we're, again, expanding across customers, across product sets. We've had a long steady track record on cloud solutions. We are bringing cloud hybrid and, Keyvan mentioned, sort of edge products. All -- they all have different compositions of pricing per unit. But as -- we are just scaling and we're seeing both units grow and price per unit grow. So that's a good constructive signal and sort of indicative of what we see in the model and what we expect going forward.

所以我確實這麼說了。我說我們看到的每單位平均價格在第二季度上漲。我們實際上已經看到它繼續上漲。是的——我的評論很籠統。但我可以告訴你，我們的大部分收入都是產品版稅，所以它適用於產品版稅。它的組成是多方面的。第一是我們再次跨客戶、跨產品集擴展。我們在雲解決方案方面有著長期穩定的記錄。我們正在帶來雲混合，以及 Keyvan 提到的邊緣產品。全部——它們都有不同的單位價格構成。但是，我們只是在擴展，我們看到單位都在增長，單位價格也在增長。所以這是一個很好的建設性信號，可以說明我們在模型中看到的內容以及我們對未來的預期。

Sorry, Mike, can I add one more, I just thought. But I think it's also important, I didn't want this to be hidden in the prepared remarks either, but we also are cognizant that we think it's one of the strengths of our business model because I think there are other, I'll just say, peers out there who -- the solution is just a cost component to their customers and they feel pressure because they're constantly having conversations about how do I bring the cost of goods down with their customer. We're having a very different set of conversations. It's about, obviously, providing a better solution ultimately to their customers. But as well, it's about bringing solutions that can actually help realize greater value and ultimately for us, that's increasing revenue per user. And that's why we believe it's not just distinctive tech here. It's also positioning and business model differentiation that gives us confidence to where we're going.

抱歉，邁克，我可以再添加一個嗎，我只是想。但我認為這也很重要，我也不希望這被隱藏在準備好的評論中，但我們也認識到我們認為這是我們商業模式的優勢之一，因為我認為還有其他的，我只是比如說，那些同行——解決方案只是他們客戶的成本組成部分，他們感到壓力，因為他們不斷地與他們的客戶就如何降低商品成本進行對話。我們正在進行一組非常不同的對話。顯然，它最終為他們的客戶提供更好的解決方案。但同樣，它是關於帶來真正有助於實現更大價值的解決方案，最終對我們來說，這就是增加每位用戶的收入。這就是為什麼我們認為這不僅僅是獨特的技術。定位和商業模式的差異化也讓我們對前進的方向充滿信心。

Yes. Okay. Great. And then I know you've hired a CRO, and he's been hiring salespeople. I guess how many salespeople are you up to now? Or how many do you want to get to by year end?

是的。好的。偉大的。然後我知道你已經僱傭了一個 CRO，他一直在僱傭銷售人員。我猜你現在有多少銷售人員？或者你想在年底前達到多少？

So we're -- I'll touch on maybe the numbers briefly, and then I'll let Keyvan add more on the excitement we have with Zubin onboard and what he's been doing to his team. So he -- I mentioned year-over-year at least, the numbers are up 3x in sales and marketing. So we're investing not just on the sales side, but also in marketing. I think you've illuminated in your research how sort of even with the limited business development team previously, we were still able to get pretty sizable deals and now with Zubin onboard, really scaling that significantly. So I don't -- we aren't breaking out the per sales. But overall, our company is growing. We're at about 450 people. The sales team that used to be sort of single digits is growing well into the double digits, in the 10s -- moving towards the tens of sales folks. But beyond that, it's also lead generation and marketing investments that you're doing.

所以我們——我可能會簡單地談談這些數字，然後我會讓 Keyvan 補充更多關於我們對 Zubin 的興奮以及他一直在為他的團隊所做的事情。所以他 - 我至少提到了同比，銷售和營銷的數字增長了 3 倍。因此，我們不僅在銷售方面進行投資，還在營銷方面進行投資。我認為您在研究中已經闡明，即使以前的業務開發團隊有限，我們仍然能夠獲得相當大的交易，現在有了 Zubin，確實顯著擴大了規模。所以我不 - 我們沒有打破每筆銷售額。但總的來說，我們的公司正在成長。我們大約有 450 人。曾經是個位數的銷售團隊在 10 多歲時正在迅速增長到兩位數——向數十名銷售人員發展。但除此之外，您正在進行的還有潛在客戶生成和營銷投資。

So we're starting to get traction early. But the other point I'll raise is just the things we're going after, 2 large enterprise deals concurrent with like small, medium-sized restaurants that -- we're getting -- we're addressing a lot of different areas and what he's attacking, which gives us excitement. Maybe with that, I'll let Keyvan add.

因此，我們開始儘早獲得牽引力。但我要提出的另一點就是我們正在追求的事情，兩家大型企業與中小型餐廳同時進行的交易——我們正在獲得——我們正在處理許多不同的領域，並且他在攻擊什麼，這讓我們興奮不已。也許有了這個，我會讓 Keyvan 添加。

Yes, I would add -- I would highlight that a lot of our historical bookings success came from these long-cycle deals, which are amazing when you close them, but they do take a long time to achieve them. And we will continue to invest in that as pillar 1. But in pillar 2, the cycles are a lot faster. So you could go from the meeting to being live with the customer. It could be on the same day. And that's super exciting because -- and we are seeing that. I mean that's what we predicted when we designed that strategy, but now we are actually seeing it live in the market.

是的，我要補充一下——我要強調的是，我們歷史上的許多預訂成功都來自這些長周期交易，當你完成這些交易時，這些交易是驚人的，但它們確實需要很長時間才能實現。我們將繼續將其作為支柱 1 進行投資。但在支柱 2 中，週期要快得多。因此，您可以從會議轉到與客戶一起生活。可能在同一天。這非常令人興奮，因為 - 我們正在看到這一點。我的意思是，這就是我們在設計該策略時所預測的，但現在我們實際上看到了它在市場上的表現。

Our next question comes from Brett Knoblauch from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

Congrats on getting the first quarter on the books. I was just wondering if you can maybe walk through how we should think about bookings and that backlog flowing through to revenue. What needs to be met? Is the entirety of bookings consisting of noncancelable, I guess, contracts that have been signed? I guess any insights on how we should think about that flow-through, call it, over the next year or 2 or 3 years?

恭喜第一季度出書。我只是想知道您是否可以了解我們應該如何考慮預訂以及積壓的收入流向。需要滿足什麼？我猜是不是所有的預訂都包含不可取消的已經簽署的合同？我想關於我們應該如何看待未來一年或 2 或 3 年的流動，稱之為流動的任何見解？

Yes. Thanks for the question, Brett. Maybe let me try to characterize it this way, and then maybe I'll give some other color commentary, if that's okay. So first, I mean, I'll just make the statement, our strong bookings backlog sets us up well for future revenue. In our view, bookings is a conservative measure of our success and doesn't include all of the revenue components, such as monetization. Bookings, they represent committed contracts with large enterprise customers, basically, pillar 1, product royalties; and pillar 2, subscription services. And they're based on minimum guarantees where applicable and customer volumes where we have confidence in such forecasts. And we might get them from the customers directly, and we may hedge them down if we don't believe they're conservative.

是的。謝謝你的問題，布雷特。也許讓我試著用這種方式來描述它，然後也許我會給出一些其他顏色的評論，如果可以的話。所以首先，我的意思是，我將發表聲明，我們強大的預訂積壓為我們未來的收入做好了準備。我們認為，預訂量是衡量我們成功的保守衡量標準，並未包括所有收入組成部分，例如貨幣化。預訂，它們代表與大型企業客戶的承諾合同，基本上是支柱 1，產品特許權使用費；支柱 2，訂閱服務。它們基於適用的最低保證以及我們對此類預測有信心的客戶數量。我們可能會直接從客戶那裡得到它們，如果我們不相信他們是保守的，我們可能會對沖它們。

Any overages that we see, which we do see in our contracts by the way, those just flow straight into revenue. And therefore, it's further upside. But to give you a composition of the $283 million of bookings that we have, their average length is about 4.5 years. And there's a [skew] to the latter half of that, but they range from 1 to 7 years. But that's the average is 4.5 years. So in other words, we expect to realize those bookings into revenue over the next several years. It just won't happen ratably. And then I think -- I'd just -- maybe I'll add, because of these dynamics, and I appreciate where your question is going, we decided that given revenue guidance, it was the best way to provide the best visibility of what we're seeing and how that's rolling into the P&L over the near term. And we expect, frankly, to continue to share annual revenue guidance as we go forward.

順便說一句，我們在合同中看到的任何超額費用都會直接流入收入。因此，它還有更大的上漲空間。但是，為了讓您了解我們擁有的 2.83 億美元預訂的構成，它們的平均長度約為 4.5 年。後半部分存在[偏差]，但范圍從 1 年到 7 年不等。但這平均是 4.5 年。換句話說，我們希望在未來幾年內將這些預訂轉化為收入。它只是不會發生。然後我想 - 我只是 - 也許我會補充一下，因為這些動態，我很欣賞你的問題，我們決定給定收入指導，這是提供最佳可見性的最佳方式我們所看到的以及它如何在短期內進入損益表。坦率地說，我們希望在我們前進的過程中繼續分享年度收入指導。

Maybe last comment. I'll just say we are scaling -- I hope this isn't too duplicative, but we're scaling into new verticals across new product offerings, expanding across geographies. Most important for us is to focus our efforts on building each opportunity thoughtfully in a structured manner. So new revenue streams that we build may have different financial profiles. For example, annual subscription revenue is very different than the nature of royalties that we get and these long-term enterprise contracts that are committed, as you noted. And it's different from, like I said, when we sign up a restaurant on a recurring basis. And so we'll keep evaluating which measures make the most sense. And as we scale in different components, we'll happily keep calibrating and making sure that you're getting the right information. But hopefully that gives a little bit of color commentary on that. I think if we're okay with that, then...

也許最後的評論。我只想說我們正在擴展——我希望這不是太重複，但我們正在通過新產品擴展到新的垂直領域，並在各個地區進行擴展。對我們來說，最重要的是集中精力以結構化的方式精心打造每一個機會。因此，我們建立的新收入流可能具有不同的財務狀況。例如，正如您所指出的，年度訂閱收入與我們獲得的特許權使用費的性質以及這些承諾的長期企業合同的性質非常不同。就像我說的那樣，這與我們定期註冊餐廳時不同。因此，我們將繼續評估哪些措施最有意義。隨著我們擴展不同的組件，我們很樂意繼續校準並確保您獲得正確的信息。但希望這能對此給出一些色彩評論。我想如果我們可以接受，那麼...

Sorry, I was on mute. But I guess just to add another question, could you just elaborate on what the $4.3 million was in the compare period, the early termination of professional services? I guess what happened there? Why was there a termination? Any additional color on that?

對不起，我靜音了。但我想再補充一個問題，您能否詳細說明比較期間的 430 萬美元，即提前終止專業服務？我猜那裡發生了什麼？為什麼會有終止？上面還有什麼顏色嗎？

Sure. I'll start, and Keyvan can add more color. There was -- we had -- it was a contract modification actually with an existing customer. The customer effectively sort of had a pathway they were going towards and then ultimately sort of shifted gears, and we continued to work on expansion with them. But the existing contract was basically that we concluded the professional services. The cash was collected. The termination clause said we sort of recognize revenue at that point in time versus spreading over a longer period of time. And we are working on other stuff with them. So that was the context. It was sort of a lumpy impact to the prior year quarter in Q2.

當然。我開始吧，Keyvan 可以添加更多顏色。有——我們有——實際上是與現有客戶的合同修改。客戶實際上有一條他們正在走向的道路，然後最終改變了齒輪，我們繼續與他們一起努力擴展。但是現有的合同基本上是我們簽訂了專業服務。現金被收了。終止條款說，我們在那個時間點確認收入，而不是在更長的時間內分散。我們正在和他們一起做其他事情。這就是背景。這對第二季度的上一季度產生了一定的影響。

Our next question comes from John Katsingris from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 John Katsingris。

This is John Katsingris on for Dan Ives. So we've seen enterprises start being a bit more selective with capital due to increasing costs due to inflation. Have you witnessed any potential slowdowns in the pipeline? Do you expect anything along those lines or any rapid acceleration of bookings?

這是丹·艾夫斯的約翰·卡辛格里斯。因此，由於通貨膨脹導致成本增加，我們已經看到企業開始對資本更具選擇性。您是否目睹了管道中的任何潛在放緩？您是否期望這些方面的任何事情或預訂的任何快速加速？

Yes, I'll start, and Nitesh, you can chime in. We've seen the opposite, in general, mostly because we are in AI and automation business. And that really resonates in markets like this when people are either trying to save costs or increase their revenue or become more efficient where staffing is -- that challenging with staffing. For example, the SoundHound for Restaurants product, restaurants aren't able to pick up their phone. And when they do pick up the phone, the customer experience is not very good. So that solution is resonating with them. We have actually a waiting list for restaurants that want to sign up for that service.

是的，我會開始，Nitesh，你可以插話。總的來說，我們看到了相反的情況，主要是因為我們從事人工智能和自動化業務。當人們試圖節省成本或增加收入或在人員配備方面變得更有效率時，這在這樣的市場中確實引起了共鳴 - 這對人員配備具有挑戰性。例如，餐廳的 SoundHound 產品，餐廳無法接聽電話。當他們接電話時，客戶體驗不是很好。因此，該解決方案引起了他們的共鳴。實際上，我們有一份想要註冊該服務的餐廳的等候名單。

And then for -- if you look at what's happening in the automotive industry or other devices like TVs and so on, the team is increasing revenue from those products as opposed to -- they used to be you sell the device and your relationship ends with the end user and you have low margins. But if you can monetize the user interaction, that's a new paradigm that a lot of device companies are signing up to. And we are a big part of that solution because the voice AI interface to these devices, we bring services with our 3-pillar models, and we provide a path to generate revenues while delighting the users. So the market conditions actually help our business. But Nitesh, if you want to...

然後 - 如果你看看汽車行業或其他設備（如電視等）正在發生的事情，團隊正在增加這些產品的收入，而不是 - 他們曾經是你銷售設備並且你的關係結束於最終用戶，你的利潤很低。但是，如果您可以通過用戶交互獲利，那將是許多設備公司正在接受的新範式。我們是該解決方案的重要組成部分，因為這些設備的語音 AI 接口，我們為我們的 3 支柱模型提供服務，我們提供了一條在取悅用戶的同時創造收入的途徑。所以市場條件實際上對我們的業務有幫助。但是尼特什，如果你想...

Yes, I mean, I might just add a couple of brief things. I mean I think the pathway we've been on certainly for the past year and leading to this conference call as a public company, the fact that I highlighted that we have -- we're maintaining our expectations, we're able to deliver against that in a sort of macro environment where a lot of things have happened over the last 9 months, to say the least, from inflationary pressures to geopolitical dynamics and so forth.

是的，我的意思是，我可能只是添加一些簡短的內容。我的意思是，我認為我們在過去一年中一直在走的道路，並導致作為一家上市公司召開這次電話會議，事實上我強調我們擁有 - 我們保持我們的期望，我們能夠交付相反，在過去 9 個月裡發生了很多事情的宏觀環境中，至少可以說，從通脹壓力到地緣政治動態等等。

And I'd chalk it up to, one, laser focus from the team and commitment to delivering on our customer commitments. I also believe it has to do with we're delivering solutions -- to amplify what Keyvan said, we're delivering solutions that customers really need and want. And I'd say, in a lot of ways, they're fed up with the status quo and incumbent opportunities that they have. And when they see our technology and they understand how it can help amplify their solutions, they're continuously sort of attracted to continue to engage with us and work with us and buy from us.

我將其歸結為，一是團隊的高度關注和對兌現客戶承諾的承諾。我還認為這與我們提供解決方案有關——為了放大 Keyvan 所說的，我們提供客戶真正需要和想要的解決方案。我想說，在很多方面，他們已經厭倦了現狀和現有的機會。當他們看到我們的技術並了解它如何幫助擴大他們的解決方案時，他們就會不斷地被吸引繼續與我們合作、與我們合作並從我們這裡購買。

And so we're (inaudible) scale and innovate and in a recessionary environment, in a difficult environment, we can -- we have a strong value proposition. But even longer through whatever business cycle, it's about creating a much more seamless interaction of how humans interact with technology. We believe it's the next modality that will really step function change how we interact with technology that is becoming more and more pervasive in our world. And so we just think we're really well suited to deliver on these decade plus of great innovation that Keyvan and co-founders and the team here have built. So we're excited.

所以我們（聽不清）規模和創新，在經濟衰退的環境中，在困難的環境中，我們可以——我們有一個強大的價值主張。但是，無論在任何商業周期中，甚至更長的時間，它都是關於創建人類與技術交互方式的更加無縫的交互。我們相信，下一個模式將真正改變我們與技術互動的方式，這種技術在我們的世界中變得越來越普遍。因此，我們只是認為我們非常適合實現這十年以及 Keyvan 和聯合創始人以及這裡的團隊所建立的偉大創新。所以我們很興奮。

We have no further questions. I would like to turn the call back over to Keyvan Mohajer for his closing remarks.

我們沒有進一步的問題。我想把電話轉回給 Keyvan Mohajer 的閉幕詞。

Thank you. When we founded SoundHound, we have a vision to see conversational AI in our lifetime, and we are now a leader in this space. We have made a series of significant technological innovations, and we are now focused on rapidly scaling our business. With our Speech-to-Meaning, Deep Meaning Understanding and collective AI breakthroughs, we believe we have a competitive and technological differentiation. Conversational AI is, undoubtedly, the future. And we have the only global, independent, cross-industry conversational AI platform. That is why we win.

謝謝你。當我們創立 SoundHound 時，我們的願景是在有生之年看到對話式 AI，而我們現在是這個領域的領導者。我們已經進行了一系列重大的技術創新，現在我們專注於快速擴展我們的業務。憑藉我們的語音轉意義、深度意義理解和集體人工智能突破，我們相信我們擁有競爭和技術差異化。毫無疑問，對話式人工智能是未來。我們擁有唯一的全球性、獨立、跨行業的對話式人工智能平台。這就是我們獲勝的原因。

With that, I thank you for participating in our call today.

有了這個，我感謝你今天參加我們的電話會議。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。