SoundHound AI Inc (SOUN) 2024 Q3 法說會逐字稿

Hello, and thank you for standing by. I would like to welcome you to the SoundHound Q3 2024 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎您參加 SoundHound 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the conference over to Scott Smith, Head of Investor Relations. Please, go ahead.

我現在想將會議交給投資者關係主管史考特史密斯。請繼續。

Good afternoon and thank you for joining our third-quarter 2024 conference call with me today is our CEO, Keyvan Mohajer and our CFO, Nitesh Sharan. We will begin with some short remarks before moving to Q&A.

下午好，感謝您今天參加我們的 2024 年第三季電話會議，我們的執行長 Keyvan Mohajer 和財務長 Nitesh Sharan。在進行問答之前，我們將首先進行一些簡短的評論。

We would 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. Please refer to our filings with the SEC for a detailed discussion of the risks and uncertainties that could affect our business and for discussion statements that qualify as forward-looking statements.

我們也想提醒大家，我們將在這次電話會議上做出前瞻性聲明。實際結果可能與我們的前瞻性陳述所暗示的結果有重大差異。請參閱我們向 SEC 提交的文件，以了解可能影響我們業務的風險和不確定性的詳細討論以及符合前瞻性聲明的討論聲明。

In addition, we may discuss certain non-GAAP measures please refer to today's press release for more detailed financial results and further details on the definitions, limitations and uses of those measures and reconciliations from GAAP to non-GAAP.

此外，我們可能會討論某些非公認會計原則措施，請參閱今天的新聞稿，以了解更詳細的財務業績以及有關這些措施的定義、限制和使用以及從公認會計原則到非公認會計原則的調節的更多詳細資訊。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. We undertake no obligation to update any forward-looking statements, except as required by law.

另請注意，本次電話會議的前瞻性陳述是基於截至今天為止我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

Finally, this call is being audio webcast in its entirety on our Investor Relations website. An audio replay will be available following today's call.

最後，本次電話會議將在我們的投資者關係網站上進行完整的音訊網路直播。今天的電話會議後將提供音訊重播。

With that, I would like to turn the call over to our CEO, Keyvan Mohajer. Please go ahead, Keyvan.

說到這裡，我想將電話轉給我們的執行長 Keyvan Mohajer。請繼續，基萬。

Thank you, Scott, and thank you to everyone for joining the call today. This quarter we have seen an acceleration of our mission to voice-enable the world with conversational intelligence. We have extended our AI agent customer service offering into hundreds of more brands. We are seeing strong demand across all businesses. We increased revenue by 89% year-over-year and exceeded $25 million in a quarter for the first time ever. We achieved a run rate of over $6 billion queries annualized, up over 100% year-over-year. And that's excluding the impact of our recent acquisition. We are thrilled to be setting records.

謝謝斯科特，也謝謝大家今天加入電話會議。本季度，我們看到我們的使命正在加速實現，即透過對話智能為世界提供語音支援。我們已將人工智慧代理客戶服務擴展到數百個品牌。我們看到所有企業都有強勁的需求。我們的營收年增 89%，單季營收首次超過 2,500 萬美元。我們的年查詢運行率超過 60 億美元，年成長超過 100%。這還不包括我們最近收購的影響。我們很高興能夠創造記錄。

While we are seeing massive success in our business, our vision has not wavered. We are pioneering the business evolution of AI founded on our 2 predictions. First, voice is becoming the preferred way for users to interact with billions of devices and is finally meeting the science fiction quality expectations. Users are adopting it enthusiastically and product creators can embrace it with just a small inexpensive microphone and a partner like SoundHound.

儘管我們的業務取得了巨大成功，但我們的願景並未動搖。基於我們的兩個預測，我們正在引領人工智慧的業務發展。首先，語音正在成為用戶與數十億裝置互動的首選方式，並最終滿足科幻小說般的品質期望。用戶正在熱情地採用它，產品創建者只需一個廉價的小型麥克風和像 SoundHound 這樣的合作夥伴就可以擁抱它。

Second, AI customer service will become as necessary to all businesses as Wi-Fi and electricity. And thanks to the incredible strides voice AI has made in recent years, we believe users will prefer to have their questions and transactions handled by a consistent, accurate conversational AI agent than by a human.

其次，人工智慧客戶服務將像Wi-Fi和電力一樣成為所有企業的必需品。由於語音人工智慧近年來取得了令人難以置信的進步，我們相信用戶會更喜歡由一致、準確的對話式人工智慧代理處理他們的問題和交易，而不是由人類處理。

SoundHound is a leader in enterprise conversational AI and we are reaching scale as a pure-play AI software company, significantly expanding into new verticals with our AI agent customer service solutions, which are embedded deep in hundreds of enterprise brands.

SoundHound 是企業對話式AI 領域的領導者，我們正在達到作為一家純粹的AI 軟體公司的規模，並透過我們的AI 代理客戶服務解決方案顯著擴展到新的垂直領域，這些解決方案已深入嵌入數百個企業品牌中。

Moreover, our swift expansion is into end markets that are projected to grow massively over the coming years. So, not only are we growing fast, but the markets we operate in are also growing fast. And just as exciting, our broader addressable market is also expanding rapidly.

此外，我們正在迅速擴張到預計未來幾年將大幅成長的終端市場。因此，我們不僅在快速成長，而且我們經營的市場也在快速成長。同樣令人興奮的是，我們更廣泛的潛在市場也在迅速擴大。

The business in the third quarter demonstrated our incredible scale. We are building an ecosystem with customers and partners that are increasing their usage of our technology. The breadth of our portfolio is growing, and we have seen a massive shift in the way businesses are talking about AI.

第三季的業務展示了我們令人難以置信的規模。我們正在與客戶和合作夥伴建立一個生態系統，以增加他們對我們技術的使用。我們的產品組合範圍不斷擴大，我們看到企業談論人工智慧的方式發生了巨大轉變。

For most companies, AI adoption is no longer an exploration within their innovation budget. It is a mandate. We are in a position of strength and building a moat with our integrations and arbitration engine across multiple LLMs. And most importantly, our biggest differentiator is our technology, which is becoming more penetrated in the market with more businesses more consumers and a growing ecosystem of partners.

對大多數公司而言，人工智慧的採用不再是其創新預算範圍內的探索。這是一項授權。我們處於優勢地位，並透過跨多個法學碩士的整合和仲裁引擎建構了一條護城河。最重要的是，我們最大的差異化因素是我們的技術，隨著越來越多的企業、消費者和不斷成長的合作夥伴生態系統，科技在市場中的滲透力越來越強。

Our AI agents for customer service now span multiple industries and offer solutions that drive efficiencies for companies by improving both employee and customer experience. For employees, we have best-in-class agent-led HR and IT solutions. And for companies looking to deliver the very best experience to customers, our AI agents are able to answer queries and initiate all kinds of transactions. This is substantiated by the customers we work with.

我們的人工智慧客戶服務代理現在涵蓋多個行業，並提供透過改善員工和客戶體驗來提高公司效率的解決方案。對於員工，我們擁有一流的代理商主導的人力資源和 IT 解決方案。對於希望為客戶提供最佳體驗的公司來說，我們的人工智慧代理商能夠回答查詢並發起各種交易。與我們合作的客戶證實了這一點。

For example, AeroMexico, American Heritage Credit Union, Aveanna Healthcare, BNP Paribas, Hoffman Financial Group, Nordic Bank, Resorts World Las Vegas and Sterling National Bank among hundreds of others. We also work with financial services organizations of all sizes, from regional banks to credit unions to 7 out of TOP10 financial institutions globally.

例如，AeroMexico、American Heritage Credit Union、Aveanna Healthcare、BNP Paribas、Hoffman Financial Group、Nordic Bank、Resorts World Las Vegas 和 Sterling National Bank 等數百家。我們也與各種規模的金融服務組織合作，從區域銀行到信用合作社，再到全球 10 大金融機構中的 7 家。

These customers are using our AI agents for a variety of tasks from flight booking to bank transfer to health queries, hotel reservations and on and on. Our automotive portfolio continues to grow, and we are seeing strong traction in the EV space. We won a large deal with a new and up and coming EV OEM in the Middle East this quarter.

這些客戶使用我們的人工智慧代理商執行各種任務，從航班預訂到銀行轉賬，再到健康查詢、飯店預訂等等。我們的汽車產品組合持續成長，我們看到電動車領域的強勁吸引力。本季度，我們與中東一家新興的電動車原始設備製造商贏得了一筆大筆交易。

In total, we have signed 4 EVs and 2 of them already have our technology live on the road. We continue to show momentum with Stellantis in various markets but more importantly, 7 of their brands have now rolled out our generative AI enhanced digital assistant, SoundHound Chat AI with Lancia in Europe being the latest.

我們總共簽署了 4 輛電動車，其中 2 輛已經採用了我們的技術。我們繼續在各個市場展現 Stellantis 的勢頭，但更重要的是，他們的 7 個品牌現已推出我們的生成式 AI 增強型數位助理 SoundHound Chat AI，其中最新推出的是歐洲的 Lancia。

This technology was a first of its kind solution, leveraging the strength of generative AI to delight drivers and increase usage of voice technology within the car. This has been driving strong usage growth over the past 2 quarters now. Our technology has broken through, and we are seeing tremendous interest with other brands that we hope to announce very soon.

該技術是同類解決方案中的首創，利用生成式人工智慧的優勢來取悅駕駛員並增加車內語音技術的使用。這在過去兩個季度推動了使用量的強勁成長。我們的技術已經取得突破，我們看到其他品牌對我們表現出極大的興趣，我們希望很快就能宣布。

We've also won new partnerships that increase our presence in the Chinese market in a substantial way. We have partnered with DayinTec, one of the leading Tier 1 software suppliers to automotive manufacturers in China.

我們也贏得了新的合作關係，從而大大提高了我們在中國市場的影響力。我們與大印科技合作，大印科技是中國汽車製造商領先的一級軟體供應商之一。

Additionally, we are beginning another partnership with one of the largest Chinese multinational technology companies in the world supporting their focus on China's accelerating automotive industry. This is another great accomplishment for our team as we continue to increase our reach globally.

此外，我們正在與世界上最大的中國跨國科技公司之一建立另一項合作夥伴關係，以支持他們對中國不斷發展的汽車產業的關注。隨著我們不斷擴大全球影響力，這是我們團隊的另一個偉大成就。

And this quarter, we also grew within the Indian market. We signed a new deal with VE Commercial Trucks, a joint venture between Volvo and Eicher to provide them voice AI assistance. Also, we further expanded our partnership with Kia, adding additional Hindi language capabilities to several models. And there is more to come. In a phased manner, we plan to roll out many more languages such as Bangla and Punjabi.

本季度，我們在印度市場也取得了成長。我們與 VE Commercial Trucks（沃爾沃和 Eicher 的合資企業）簽署了一項新協議，為他們提供語音人工智慧協助。此外，我們進一步擴大了與起亞的合作夥伴關係，為多種車型添加了額外的印地語功能。未來還會有更多。我們計劃分階段推出更多語言，例如孟加拉語和旁遮普語。

Moving on to our AI agent customer service portfolio. I'm very pleased with the way we have grown this business over the course of this year, winning new logos organically, expanding with existing customers, growing our ecosystem of partners and making smart acquisitions. We have now expanded our enterprise customer brands deep into some major industries like financial services and healthcare among others.

延續我們的人工智慧代理客戶服務組合。我對今年我們發展這項業務的方式感到非常滿意，包括有機地贏得新徽標、擴大現有客戶、發展我們的合作夥伴生態系統以及進行明智的收購。我們現在已將企業客戶品牌深入金融服務和醫療保健等一些主要行業。

And we see opportunities in our pipeline for new verticals such as energy and going deeper into retail. Channel and broader technology partnerships are also critical as we build out our ecosystem. We work with Deloitte, Epic, EXL, Fujitsu, General Dynamics Information Technology, Jack Henry, Kyndryl, NICE, Oracle Cerner and ServiceNow among others, making our world class technology available to a whole host of businesses across a range of verticals.

我們看到了能源等新垂直領域的機會，並深入零售業。當我們建立生態系統時，通路和更廣泛的技術合作夥伴關係也至關重要。我們與德勤、Epic、EXL、富士通、通用動力資訊技術、Jack Henry、Kyndryl、NICE、Oracle Cerner 和 ServiceNow 等合作，為各個垂直領域的眾多企業提供我們世界一流的技術。

We have 2 robust offerings for enterprise AI. First is a sophisticated omnichannel conversational AI solution that allows our customers to power seamless phone and chat experiences for their customers. The second is an AI automation offering that helps enterprise IT leaders manage, resolve and document thousands of events in their IT infrastructure to dramatically speed resolution time and lower label costs.

我們為企業人工智慧提供 2 種強大的產品。首先是複雜的全通路對話式人工智慧解決方案，使我們的客戶能夠為其客戶提供無縫的電話和聊天體驗。第二個是人工智慧自動化產品，可協助企業 IT 領導者管理、解決和記錄其 IT 基礎架構中的數千個事件，從而顯著加快解決時間並降低標籤成本。

It also uses generative AI to build automations and address issues when or before they happen. We often see the opportunity to sell both of these solutions to the same customer and having this comprehensive full package offering makes us the partner of choice for many enterprise brands.

它還使用生成式人工智慧來建立自動化並在問題發生時或發生之前解決問題。我們經常看到向同一客戶銷售這兩種解決方案的機會，並且擁有這種全面的全套產品使我們成為許多企業品牌的首選合作夥伴。

I wanted to call out a few critical wins we signed this quarter with our AI agent solutions for enterprises. In telecom, Telefonica renewed for another 2 years, further expanding our strong relationship with them in South America with opportunities to expand further.

我想談談我們本季透過企業導向的人工智慧代理解決方案簽署的一些關鍵勝利。在電信領域，Telefonica 又續簽了 2 年，進一步擴大了我們與他們在南美洲的牢固關係，並提供了進一步擴展的機會。

In healthcare, MUSC Health was signed to deploy an AI agent powered by SoundHound AIs Amelia patient engagement solution to enhance patients' access. In insurance, together with EXL, a trusted partner to offer solutions in insurance, we secured a deal to work with Transamerica.

在醫療保健領域，MUSC Health 簽約部署由 SoundHound AIs Amelia 患者參與解決方案支援的 AI 代理，以增強患者的存取能力。在保險領域，我們與提供保險解決方案的值得信賴的合作夥伴 EXL 一起，與 Transamerica 達成了合作協議。

In banking, Truity Credit Union also chose us adding to our growing number of credit union customers deploying consumer banking. In retail, Truity signed with us to improve the shopping experience for its popular fashion brands. In government and military, together with General Dynamics information technology, we renewed a federal government contract within a branch of the U.S. Military.

在銀行業務方面，Truity Credit Union 也選擇了我們，這使得我們部署消費銀行業務的信用社客戶數量不斷增加。在零售方面，Truity 與我們簽約，以改善其流行時尚品牌的購物體驗。在政府和軍隊方面，我們與通用動力資訊科技公司一起，在美國軍方的一個部門內續簽了一份聯邦政府合約。

Finally, one of the largest multinational payment card services companies in the world renewed for another 3 more years. Those are some great wins with our enterprise AI agent offering, but we are also excited about our opportunity for SMBs with smart answering. This low touch, highly scalable offering is seeing a strong and growing pipeline that includes individual brands with over 1,000 locations.

最終，世界上最大的跨國支付卡服務公司之一又續簽了三年。這些是我們的企業人工智慧代理產品的一些巨大勝利，但我們也對為中小型企業提供智慧回應的機會感到興奮。這種低接觸、高度可擴展的產品正在形成強大且不斷增長的管道，其中包括擁有 1,000 多個門市的各個品牌。

We estimate this massive TAM to be over $30 million businesses just in North America alone. We have solutions to cover the market from SMBs to enterprise across a growing number of industries, so the opportunity in front of us is very exciting.

我們估計光在北美這龐大的 TAM 業務就超過 3,000 萬美元。我們的解決方案涵蓋了從中小企業到企業的越來越多行業的市場，因此我們面前的機會非常令人興奮。

For restaurants, we continue to expand our offering across Drive-Thru, phone ordering and supporting their staff with employee assist. Our Drive-Thru solutions continue to penetrate new brands and expand with existing ones. While our customers realize efficiencies during the ordering process for their customers, what they are also excited about is the upsell per order our solution is creating for them.

對於餐廳，我們繼續擴大我們的服務範圍，包括得來速、電話訂購，並透過員工協助為員工提供支援。我們的得來速解決方案不斷滲透新品牌並擴展現有品牌。雖然我們的客戶在訂購過程中意識到了效率，但他們也對我們的解決方案為他們創造的每筆訂單的追加銷售感到興奮。

We power the AI Drive-Thru for Panda Express in dozens of locations in multiple states and continue to add new locations. We also just went live with Church's Texas Chicken and the feedback from the restaurant staff is incredible. They are delighted with how much faster they're able to accept orders. We continue to expand in more locations with White Castle. Our earliest Drive-Thru customer is also our largest deployment.

我們在多個州的數十個地點為 Panda Express 提供人工智慧得來速服務，並繼續增加新地點。我們也剛入住了 Church's Texas Chicken，餐廳工作人員的回饋令人難以置信。他們對接受訂單的速度有多快感到高興。我們繼續透過 White Castle 在更多地點進行擴張。我們最早的得來速客戶也是我們最大的部署。

Last quarter, we implemented innovation related to speeding up the hardware deployments that we believe can help us scale even faster going forward. Because of our tech and ability to navigate different languages and acoustic variations, we already have Drive-Thru locations in 3 continents and we're just getting started.

上季度，我們實施了與加快硬體部署相關的創新，我們相信這可以幫助我們更快地擴展規模。由於我們的技術和駕馭不同語言和聲音變化的能力，我們已經在三大洲設有得來速地點，而我們才剛開始。

It's also our trusted partners that help make this happen. We are deepening our relationship with hardware and platform partners like HME, Olo, Oracle Micros, Samsung, Sapient, Square, Toast, among others to build out a scalable packet solution that can improve the speed of rollouts over time.

我們值得信賴的合作夥伴也幫助實現這一目標。我們正在深化與 HME、Olo、Oracle Micros、Samsung、Sapient、Square、Toast 等硬體和平台合作夥伴的關係，以建立可擴展的資料包解決方案，隨著時間的推移，可以提高推出速度。

The demand for our phone ordering continues to accelerate. We just recently signed yet another TOP10 QSR brand in pizza and that makes for 3 of the top pizza brands globally that we now have as customers.

我們的電話訂購需求持續加速。我們最近剛簽署了另一個披薩領域 10 強 QSR 品牌，這使得我們現在擁有了 3 個全球頂級披薩品牌的客戶。

Of late, we are also seeing demand from brands to power their mobile apps. This is such a powerful and convenient modality for so many consumers. And we are excited to have signed a new enterprise restaurant brand to power their native consumer facing mobile application with voice AI, which includes ordering and business query functionality. As off premise ordering continues to grow, we see mobile based voice AI ordering as an emerging channel further increasing our addressable market.

最近，我們也看到了品牌為其行動應用程式提供支援的需求。對於如此多的消費者來說，這是一種非常強大且方便的方式。我們很高興簽署了一個新的企業餐廳品牌，透過語音人工智慧為其面向消費者的本地行動應用程式提供支持，其中包括訂購和業務查詢功能。隨著場外訂購的持續成長，我們將基於行動裝置的語音人工智慧訂購視為一個新興管道，進一步擴大了我們的潛在市場。

Whether Drive-Thru, phone ordering, kiosk, mobile apps or even adding efficiencies in the kitchen with employee assist, we are seeing tremendous demand from coffee shops to some of the premier QSR burger and chicken restaurants in the world. Some of the wins this quarter include Torchy's Tacos and a large restaurant chain with hundreds of stores that serves home style food and sells unique retail products.

無論是得來速、電話訂餐、自助服務終端、行動應用程序，還是在員工協助下提高廚房效率，我們都看到從咖啡店到世界上一些頂級 QSR 漢堡和雞肉餐廳的巨大需求。本季的一些勝利包括 Torchy's Tacos 和一家擁有數百家商店的大型連鎖餐廳，該連鎖餐廳提供家庭風味食品並銷售獨特的零售產品。

We also expanded within existing customers. We had franchise wins with Firehouse Subs, Five Guys, Panda Express and Beef 'O' Brady's as well as one of our larger pizza chains. And with Applebee's, we are now penetrated in 2/3 of their locations, adding to the expansion we see every quarter with Chipotle and Casey's to remain fully implemented in all their locations.

我們也擴大了現有客戶的範圍。我們贏得了 Firehouse Subs、Five Guys、Panda Express 和 Beef 'O' Brady's 以及我們較大的披薩連鎖店之一的特許經營權。憑藉 Applebee's，我們現在已滲透到其 2/3 的門市，而 Chipotle 和 Casey's 每個季度都會進行擴張，以在其所有門市中保持全面實施。

Our AI customer service product portfolio is resonating with businesses of all sizes. We are the market leader in phone ordering solutions for restaurants. Additionally, we are proud to say that our phone ordering solutions have crossed the milestone of handling 100 million interactions that's more than 100 million inbound customer calls exclusively with AI.

我們的人工智慧客戶服務產品組合與各種規模的企業產生共鳴。我們是餐廳電話訂餐解決方案的市場領導者。此外，我們很自豪地說，我們的電話訂購解決方案已經跨越了處理 1 億次互動的里程碑，其中僅使用人工智慧處理了超過 1 億個入站客戶呼叫。

With that, I wanted to share with you some of our trusted brands that have been using our solutions along the way. Chipotle, Casey's, Applebee's, Jersey Mike's, Firehouse Subs, Five Guys, Habit Burger, Noodles and Co, Mott Pizza, California Pizza Kitchen, Corner Bakery, Blaze Pizza, McAlister's Deli, Schlotzsky's, Café Zupas and Blake's Lotaburger.

在此，我想與您分享一些一直在使用我們的解決方案的值得信賴的品牌。Chipotle、Casey's、Applebee's、Jersey Mike's、Firehouse Subs、Five Guys、Habit Burger、Noodles and Co、Mott Pizza、California Pizza Kitchen、Corner Bakery、Blaze Pizza、McAlister's Deli、Schlotzsky's、Café Zupas。

Basically, you can go Monday through Sunday using SoundHound voice AI solutions to get anything from burritos to burgers or pizzas to pies with speed and convenience. We own our tech, have hundreds of patents, have data from real interactions and nearly 20 years of experience.

基本上，您可以在周一到週日使用 SoundHound 語音 AI 解決方案快速、便捷地獲取從墨西哥捲餅到漢堡、從披薩到餡餅的任何食物。我們擁有自己的技術，擁有數百項專利，擁有來自真實互動的數據和近 20 年的經驗。

We believe we are winning because of the data science and machine learning behind our solutions. We have built a competitive moat with our proprietary technology that is creating a massive opportunity in customer service.

我們相信，我們之所以獲勝，是因為我們的解決方案背後有資料科學和機器學習。我們利用專有技術建立了一條競爭護城河，為客戶服務創造了巨大的機會。

I'm also happy to announce today that we will have a prominent presence at CES 2025 in January. There, we will be showcasing several automotive technologies and AI solutions, some for the very first time. This will include our work with NVIDIA to bring voice generative AI to the edge without cloud connectivity.

今天我還很高興地宣布，我們將在 1 月的 CES 2025 上亮相。在那裡，我們將展示多項汽車技術和人工智慧解決方案，其中一些是首次展示。這將包括我們與 NVIDIA 的合作，將語音生成人工智慧帶到無需雲端連接的邊緣。

Our live demonstration at CES will show how the solution empowers automakers to enhance in-car experiences by bringing the intelligence of cloud-based LLMs directly into vehicles. We will demonstrate how drivers can have meaningful interactions with an in-car assistant using voice generative AI, as well as seamless access to efficient car control capabilities that understand context without the need for cloud connectivity.

我們在 CES 上的現場演示將展示該解決方案如何透過將基於雲端的法學碩士的智慧直接引入車輛中，幫助汽車製造商增強車內體驗。我們將示範駕駛員如何使用語音生成人工智慧與車內助理進行有意義的交互，以及如何無縫存取高效的汽車控制功能，無需雲端連接即可理解上下文。

We believe technology like this will ultimately redefine the way drivers interact with their cars, setting a new standard for the driver experience. We will also demonstrate at CES 2025, what we believe will be the voice commerce ecosystem of the future. We are creating a new category altogether and are excited to share with all of you the dynamic and convenient ways for people to do voice commerce, from ordering food, to buying tickets, making appointments, and completing a range of other transactions just by speaking naturally from an ecosystem of devices that we power. More details to come. We look forward to taking part this year at CES 2025.

我們相信，這樣的技術最終將重新定義駕駛者與汽車之間的互動方式，為駕駛體驗設定新標準。我們也將在 CES 2025 上展示我們認為未來的語音商務生態系統。我們正在創建一個全新的類別，並很高興與大家分享人們進行語音商務的動態且便捷的方式，從訂餐到買票、預約，以及透過自然說話完成一系列其他交易來自我們所支持的設備生態系統。更多細節即將到來。我們期待參加今年的 CES 2025。

Before closing, I wanted to give an update on our Polaris Foundation model, our multimodal, multilingual foundation model that elevates our proprietary automatic speech recognition technology to the next level. Polaris built on 2 decades of work. It has learned from billions of real conversations and over 1 million hours of audio in dozens of languages that SoundHound has carefully accumulated over the years.

在結束之前，我想先介紹一下我們的 Polaris 基礎模型的最新情況，我們的多模式、多語言基礎模型將我們專有的自動語音辨識技術提升到了一個新的水平。Polaris 建立在 20 年的工作基礎上。它從 SoundHound 多年來精心積累的數十億次真實對話和超過 100 萬小時的數十種語言音訊中學習。

We've been rolling out Polaris in production, and the results are exceptional. We are seeing impressive increases in accuracy, while also reducing hosting costs. And because we built it ourselves, we can adapt and improve efficiently and with minimal human efforts.

我們已經在生產中推出了 Polaris，結果非常出色。我們看到準確性顯著提高，同時託管成本也降低了。而且由於我們自己建立了它，因此我們可以以最少的人力進行有效的調整和改進。

I'm delighted to say that Polaris is now powering approximately 1/3 of all AI interactions that SoundHound handles for restaurant customers. And we expect this exceptional SoundHound developed technology will soon be the AI engine to power all our customer experiences.

我很高興地說，Polaris 現在為 SoundHound 為餐廳顧客處理的所有人工智慧互動提供了大約 1/3 的支援。我們預計 SoundHound 開發的這項卓越技術很快就會成為人工智慧引擎，為我們所有的客戶體驗提供動力。

As we continue to develop Polaris, we will also release a number of groundbreaking features that will continue to revolutionize the way our technology understands speech, intent, and the full meaning of conversational exchanges. This exciting engineering innovation keeps us at the cutting edge of conversational AI and allows us to deliver consistently superior technology to our customer base.

隨著我們繼續開發 Polaris，我們還將發布許多突破性的功能，這些功能將繼續徹底改變我們的技術理解語音、意圖和對話交流的全部含義的方式。這項令人興奮的工程創新使我們始終處於對話式人工智慧的最前沿，並使我們能夠為客戶群提供始終如一的卓越技術。

In closing, we have a winning position in all pillars of our business. In automotive, we continue to take market share. We see ourselves ahead of the competition in the adoption of generative AI technologies and AI in the cloud. We are leading in the EV space and with new companies that are choosing their technology partners to bring innovative products to the world. This speaks to our technology and offerings.

最後，我們在業務的所有支柱上都取得了勝利。在汽車領域，我們繼續佔據市場份額。我們認為自己在採用生成式人工智慧技術和雲端人工智慧方面處於競爭優勢。我們在電動車領域處於領先地位，並與正在選擇技術合作夥伴將創新產品推向世界的新公司合作。這說明了我們的技術和產品。

In customer service, our AI agent offerings are now more than half of our business and growing at a rapid rate. We are working with premier Fortune 500 enterprise brands and adding major system integrator partners to catalyze our business growth. We've had a consistent vision over the years, and that vision is now being noticed more than ever before.

在客戶服務方面，我們的人工智慧代理產品現已占我們業務的一半以上，並且正在快速成長。我們正在與一流的財富 500 強企業品牌合作，並增加主要的系統整合商合作夥伴，以促進我們的業務成長。多年來，我們一直有一個一致的願景，現在這個願景比以往任何時候都更受關注。

Companies, partners, stakeholders, and most importantly, users of our technology are realizing the amazing experiences we've created. We are grateful to all the collaboration and engagement to all who play a role in our continued joint success, especially our amazing team.

公司、合作夥伴、利害關係人，最重要的是，我們技術的使用者正在意識到我們創造的令人驚嘆的體驗。我們感謝所有在我們持續共同成功中發揮作用的人的所有合作和參與，特別是我們出色的團隊。

With that, I'll now turn the call over to Nitesh to talk about our financial performance, key growth drivers, and business outlook.

現在，我將把電話轉給 Nitesh，討論我們的財務表現、主要成長動力和業務前景。

Thank you, Keyvan, and good afternoon, everyone. Q3 revenue increased 89% year-over-year. We had over $25 million in revenue this quarter, once again exceeding 50% growth and we are just getting started.

謝謝你，Keyvan，大家下午好。第三季營收年增89%。本季我們的營收超過 2500 萬美元，成長再次超過 50%，而我們才剛開始。

Before we dive into the financials for the quarter, let me contextualize how we view the shifting technology landscape and what we are building here. We believe natural language conversations will be the next major interface in how humans interact with technology, and generative AI and LLMs are catalyzing that opportunity at an exponential pace.

在我們深入了解本季度的財務狀況之前，讓我先介紹一下我們如何看待不斷變化的技術格局以及我們在這裡建立的內容。我們相信自然語言對話將成為人類與科技互動的下一個主要介面，而生成式人工智慧和法學碩士則以指數級的速度催化這個機會。

In this new world order, we believe voice AI is the killer app. This is a generational shift. We are building a foundation for the next 5 years, 10 years, and 20 years. Our heritage and innovation uniquely position us to succeed.

在這個新的世界秩序中，我們相信語音人工智慧是殺手級應用。這是一代人的轉變。我們正在為未來5年、10年、20年打基礎。我們的傳統和創新使我們能夠取得成功。

The basis of our capital activities and investments this year in particular have been to set ourselves up for the shifting reality. As we gear up to finish 2024 and transition into 2025, it is with this lens that we organize and align ourselves.

我們今年的資本活動和投資的基礎尤其是為不斷變化的現實做好準備。當我們準備好迎接 2024 年並過渡到 2025 年時，我們正是以這個視角來組織和調整自己。

Our financial position remains strong. Throughout 2024, our capital position has been a source of strength, and we want to maintain that strength, because it affords us the opportunity to grow, invest strategically, extend our reach, and deepen our customer footprint.

我們的財務狀況依然強勁。在整個 2024 年，我們的資本狀況一直是我們的實力源泉，我們希望保持這種實力，因為它為我們提供了發展、策略性投資、擴大影響力和深化客戶足蹟的機會。

Our cumulative subscriptions and bookings backlog metric is a measure of customer activity and gives value to our current customer contracts. It continues to grow as we further deepen our automotive partnerships and scale the restaurant business.

我們的累積訂閱和預訂積壓指標是衡量客戶活動的指標，並為我們目前的客戶合約賦予價值。隨著我們進一步深化汽車合作夥伴關係和擴大餐廳業務，它不斷增長。

Excluding the Amelia acquisition, it is double what we reported in the prior year period again this quarter, and its inclusion substantially increases our enterprise customer base. The Amelia team utilizes their own measure of bookings, and we are midstream in aligning all our key metrics.

不包括對 Amelia 的收購，本季我們的報告再次是去年同期的兩倍，並且其納入大大增加了我們的企業客戶群。Amelia 團隊使用他們自己的預訂衡量標準，而我們在調整所有關鍵指標方面處於中流狀態。

Suffice to say, this expansion into financial services, banking, healthcare, insurance and more is a meaningful broadening to our customer portfolio and book-of-business. As one quick measure, if we combined on a like-for-like basis, this metric across the full enterprise, we would now be talking about a customer metric in excess of $1 billion and with the duration of approximately 6 years.

可以說，向金融服務、銀行、醫療保健、保險等領域的擴張對我們的客戶組合和業務範圍來說是一次有意義的拓展。作為一項快速衡量標準，如果我們在整個企業的同類基礎上合併這一指標，我們現在討論的客戶指標將超過 10 億美元，持續時間約為 6 年。

That said, when we report our annual results early next year, we will share more on the most appropriate metrics to describe how we are making progress collectively and comprehensively.

也就是說，當我們明年初報告年度業績時，我們將分享更多關於最合適的指標來描述我們如何集體、全面地取得進展。

With that, let me now discuss our third quarter financials in more detail. Q3 revenue was $25.1 million, up 89% year-over-year. We continue to see double-digit automotive unit growth, and we saw double-digit unit price expansion in the quarter, driven by our generative AI solutions and overall product expansion.

現在，讓我更詳細地討論我們第三季的財務狀況。第三季營收為 2,510 萬美元，年增 89%。在我們的生成式人工智慧解決方案和整體產品擴張的推動下，我們繼續看到汽車銷售的兩位數成長，本季的單價也出現了兩位數的成長。

As a reminder, we are anniversarying a period where we had significant point-in-time revenue from our largest customer within the automotive business. Thanks to our scale and diversification of customers that contribute more SaaS like revenue, we have reduced our reliance on such large point-in-time deals.

提醒一下，我們正在慶祝一段時期，我們從汽車行業最大的客戶那裡獲得了可觀的時間點收入。由於我們的客戶規模和多元化貢獻了更多 SaaS 等收入，我們減少了對此類大型時間點交易的依賴。

Within restaurants, we have continued to scale with customers, signed meaningful new logos and further diversified product offerings. We now count 7 of the top 20 quick service restaurants as customers. The quarter also benefited from the acquisition. And at a company level, we have a much more diversified customer geographic and industry base.

在餐廳內，我們繼續擴大客戶規模，簽署有意義的新標誌並進一步提供多樣化的產品。目前排名前 20 的快餐店中有 7 家是我們的客戶。該季度也受惠於此次收購。在公司層面，我們擁有更多元化的客戶地理和產業基礎。

One key measure of that is customer concentration. Last year, we reported 72% of our revenue came from 1 customer, and now that number has improved to just 12% this quarter. Expressed another way, last year, our TOP5 customers represented over 90% of our business. This year, our TOP5 comprises less than 1/3. This was an area of risk highlighted by investors in the past, and so it seemed important to emphasize the tremendous diversification we have experienced over the past 12 months.

衡量這一點的關鍵指標是客戶集中度。去年，我們報告 72% 的收入來自 1 個客戶，而現在這個數字在本季已提高至僅 12%。換句話說，去年我們的TOP5客戶佔了我們業務的90%以上。今年我們的TOP5佔比還不到1/3。這是投資者過去強調的一個風險領域，因此強調我們在過去 12 個月中經歷的巨大多元化似乎很重要。

In Q3, our gross margin was 49%, down year-over-year due to the impact of the business mix from recent acquisitions, which we expect will deliver significant value over time. Adjusted for non-cash amortization of purchase intangibles, our non-GAAP gross margin was 60%. While the acquired businesses weigh on our margins, they provide deep customer relationships and essential enterprise-grade data assets.

第三季度，我們的毛利率為 49%，年減，原因是最近收購的業務組合的影響，我們預計隨著時間的推移，收購將帶來巨大的價值。根據購買無形資產的非現金攤銷進行調整後，我們的非 GAAP 毛利率為 60%。雖然收購的業務影響了我們的利潤，但它們提供了深厚的客戶關係和重要的企業級資料資產。

We anticipate margin recovery as we realize synergies from cloud data center migration, tech stack integration and cost rationalization. Additionally, meaningful reductions in inference costs provide a favorable tailwind for our deployment R&D expenses were $19.5 million in Q3, reflecting a 53% year-over-year increase, primarily driven by our acquisitions.

隨著我們實現雲端資料中心遷移、技術堆疊整合和成本合理化的協同效應，我們預期利潤率將會恢復。此外，推理成本的大幅降低為我們第三季的部署研發費用提供了有利的推動力，研發費用為 1,950 萬美元，年增 53%，這主要是由我們的收購推動的。

We are committed to delivering innovative products that exceed our customers' expectations and that enhance their experiences. Our focus includes advancing our voice AI engines, integrating leading LLM architectures to elevate our offerings, and investing in high-impact innovations such as the Polaris Initiative, which, as Keyvan mentioned, is an exciting breakthrough not only for SoundHound, but for the industry as a whole.

我們致力於提供超越客戶期望並增強他們體驗的創新產品。我們的重點包括推進我們的語音AI 引擎、整合領先的法學碩士架構以提升我們的產品，以及投資於具有高影響力的創新，例如P​​olaris Initiative，正如Keyvan 提到的，這不僅對SoundHound 而言，而且對整個行業來說都是令人興奮的突破作為一個整體。

With efficient model training as a priority, we are well positioned to pioneer next-generation solutions that push boundaries and deliver measurable results. Sales and marketing expenses were $8.4 million in Q3, an increase of 87% year-over-year. The increase is primarily due to the impact from acquisitions. This quarter we also continue to invest in go-to-market, both across restaurants and automotive, and both indirect and direct. Our emphasis continues to be in demand generation, lead generation, and improving close rates with speed and efficiency.

以高效的模型訓練為首要任務，我們有能力開拓下一代解決方案，突破界限並提供可衡量的結果。第三季銷售和行銷費用為 840 萬美元，年增 87%。這一增長主要是由於收購的影響。本季我們也繼續投資於餐廳和汽車領域的市場進入，包括間接和直接投資。我們的重點仍然是需求挖掘、潛在客戶挖掘以及以速度和效率提高成交率。

G&A expenses were $17 million in Q3, an increase of 146% year-over-year. The increase is primarily due to acquisitions, in particular related to transactional costs that are one-time in nature. Note that these are excluded from adjusted EBITDA and non-GAAP earnings. The increase in G&A also continues to reflect growing investments in system and process improvements and enhancements to internal controls, ultimately to drive better standardization and cost efficiencies.

第三季的一般管理費用為 1,700 萬美元，年增 146%。這一增長主要是由於收購，特別是與一次性交易成本相關的收購。請注意，這些不包括在調整後的 EBITDA 和非 GAAP 收益中。一般行政費用的增加也繼續反映了對系統和流程改進以及內部控制增強的投資不斷增加，最終推動更好的標準化和成本效率。

Non-cash employee stock compensation was $9.1 million and non-cash amortization of intangibles was $5.1 million in Q3. As a result, our operating loss for Q3 was $33.8 million.

第三季非現金員工股票薪酬為 910 萬美元，非現金無形資產攤提為 510 萬美元。因此，我們第三季的營運虧損為 3,380 萬美元。

[OI&E] was a positive $1.5 million for the quarter. This includes the interest expense of $1.1 million on our debt. We also had a one-time benefit on the tax expense line of approximately $11 million related to the release of valuation allowances related to the Amelia transaction. Note that this one-time benefit is excluded in our reported non-GAAP metrics.

[OI&E] 本季獲利 150 萬美元。這包括我們債務的 110 萬美元利息支出。我們還獲得了約 1,100 萬美元的一次性稅收支出福利，這與 Amelia 交易相關的估值津貼的發放有關。請注意，這項一次性收益不包括在我們報告的非 GAAP 指標中。

Net loss was $21.8 million in the quarter. GAAP net loss per share in Q3 was $0.06. Adjusting for non-cash acquisition-related amortization of purchase intangibles, fair value adjustments, M&A transaction costs, stock-based comp, and other non-cash items, our non-GAAP EPS loss was $0.04 in the quarter.

該季度淨虧損為 2,180 萬美元。第三季 GAAP 每股淨虧損為 0.06 美元。在購買無形資產的非現金收購相關攤銷、公允價值調整、併購交易成本、股票補償和其他非現金項目進行調整後，本季我們的非 GAAP 每股收益損失為 0.04 美元。

Adjusted EBITDA was a loss of $15.9 million in Q3. The year-over-year increase was driven primarily by strategic acquisitions and growth investments we have been making in the business.

第三季調整後 EBITDA 虧損 1,590 萬美元。年比成長主要是由我們在該業務中進行的策略性收購和成長投資所推動的。

Our cash and equivalents as of September 30 was $136 million, and we have $39 million of debt that remains outstanding from our most recent acquisition. Last week, we announced a new at-the-market equity program. We have utilized ATMs previously to provide capital flexibility and improve our balance sheet. The current outstanding debt has roughly 15% annual cost, so we believe there are economic savings to achieve.

截至 9 月 30 日，我們的現金和等價物為 1.36 億美元，最近一次收購中我們還有 3,900 萬美元的債務尚未償還。上週，我們宣布了一項新的市場股權計畫。我們之前曾利用自動櫃員機來提供資本彈性並改善我們的資產負債表。目前未償債務的年成本約為 15%，因此我們相信可以實現經濟節約。

We will be thoughtful about when we execute on the program. And as I have said before, our capital position is strong and we do not need incremental capital to achieve a breakeven operating profile.

當我們執行該計劃時，我們會深思熟慮。正如我之前所說，我們的資本狀況強勁，我們不需要增量資本來實現損益兩平的營運狀況。

With that, let me discuss our financial outlook. We now expect 2024 revenue to be in a range of $82 million to $85 million. And while we will share more details regarding 2025 in our next earnings call, we thought it would be helpful to lay out an early view.

接下來，讓我討論一下我們的財務前景。我們現在預計 2024 年的收入將在 8,200 萬美元至 8,500 萬美元之間。雖然我們將在下一次財報電話會議中分享有關 2025 年的更多細節，但我們認為提出早期觀點會有所幫助。

We continue to scale our automotive, AI agent, and restaurant businesses. We are integrating the acquisitions, and we see significant revenue synergies. And we expect to drive meaningful opportunities for upsell and cross-sell across the full portfolio.

我們繼續擴大汽車、人工智慧代理商和餐飲業務。我們正在整合收購，我們看到了顯著的收入綜效。我們希望在整個產品組合中推動有意義的追加銷售和交叉銷售機會。

As such, we expect revenue for 2025 to be in a range of $155 million to $175 million. We also expect to drive cost synergies and continue to rationalize our portfolio to capitalize on the most meaningful investment opportunities. One of our biggest priorities is ensuring we continue to operate with agility and urgency. We want to make sure we aren't shortchanging opportunities either, so we will balance moving fast to capture market opportunities with driving efficiencies to move towards profitability. In accordance, we expect to achieve adjusted EBITDA profitability by the end of 2025.

因此，我們預計 2025 年的營收將在 1.55 億至 1.75 億美元之間。我們也期望推動成本綜效，並繼續合理化我們的投資組合，以利用最有意義的投資機會。我們最重要的優先事項之一是確保我們繼續敏捷且緊迫地運作。我們希望確保我們不會欺騙機會，因此我們將在快速行動以抓住市場機會與提高效率以實現盈利之間取得平衡。據此，我們預計在 2025 年底實現調整後 EBITDA 獲利能力。

I'd like to close by emphasizing factors that underpin our financials, which may not be obvious on the surface. Over the past year, we have meaningfully diversified our customer base, product set, and industry and geographic coverage. We have solidified the capital base and extended our reach into what is clearly generational and foundational technological shifts that are only just beginning.

最後，我想強調支撐我們財務狀況的因素，這些因素表面上可能並不明顯。在過去的一年裡，我們顯著地實現了客戶群、產品集、行業和地理覆蓋範圍的多元化。我們已經鞏固了資本基礎，並將我們的影響力擴展到了剛開始的明顯的世代和基礎性技術變革。

Another way to view this is that we are steadily derisking our financial profile, while concurrently accelerating growth vectors. That certainly doesn't suggest we aren't elevated beta as we are fundamentally a disruptor. It does though portend that we are better situated to drive sustainable alpha for the long-term.

另一種看待這個問題的方式是，我們正在穩定地降低財務狀況的風險，同時加速成長。這當然不代表我們的貝塔值沒有升高，因為我們從根本上來說就是一個顛覆者。但這確實預示著我們更有能力推動長期可持續的阿爾法。

I have said several times before that our pathway will not always be linear. That is partly by design, because we are thinking exponentially. Thank you, and now we will move to Q&A.

我之前曾多次說過，我們的道路並不總是線性的。這部分是有意為之，因為我們的思維呈指數級增長。謝謝，現在我們將進入問答環節。

(Operator Instructions) Gil Luria, D.A. Davidson.

（操作員說明）Gil Luria，D.A.戴維森。

Three months ago, when you announced the Amelia acquisition, you talked about the fact that you are looking at various parts of the business to decide which ones you're going to incorporate into the future SoundHound. And there was a possibility that you may want to discontinue some of those businesses that you had acquired.

三個月前，當您宣布收購 Amelia 時，您提到您正在研究業務的各個部分，以決定將哪些部分合併到未來的 SoundHound 中。您可能想終止您所收購的某些業務。

With the 3 months' worth of work and perspective on that, can you give us a sense for how much of the Amelia business you're going to be retaining. how much you may be discontinuing. And then what's the accounting going to be for that.

透過 3 個月的工作和對此的看法，您能否告訴我們您將保留多少 Amelia 業務。您可能會停止服用多少。然後對此進行會計處理。

Sure, Gil. So, to be fair, we're still in the process of that. And you're right, we're 3 months in fact, there's a lot that we've been learning and bringing the team together. I think there's a lot we're excited about that we're going to accelerate there's product cross-sell, upsell opportunity we've talked about. There is integration across our technology stacks that we're going to do.

當然，吉爾。所以，公平地說，我們仍然在這個過程中。你是對的，實際上我們已經三個月了，我們學習了很多東西，並將團隊凝聚在一起。我認為我們對加速產品交叉銷售和追加銷售機會感到非常興奮。我們將在我們的技術堆疊中進行整合。

And in terms of the composition directly to your question, they have multiple pieces, one of which is this convergent in this future of Ozempic sort of space. They have real integrations that we're going to accelerate and that's one we absolutely will keep high margin, deep integrations, conversations with customers. I think we talked about also last time where one of the big areas they saw a lot of opportunity was voice enablement with our own proprietary tech and sort of displacement of third parties. That is an area absolutely we will double down on and grow and highly excited about that.

就直接回答你的問題的構成而言，它們有多個部分，其中之一就是在未來的臭氧空間中趨同。他們有真正的集成，我們將加速這種集成，我們絕對會保持高利潤、深度集成、與客戶的對話。我想我們上次也談過，他們看到很多機會的大領域之一是利用我們自己的專有技術和第三方的替代來實現語音支援。這是一個我們絕對會加倍努力和發展的領域，對此我們感到非常興奮。

There is another sort of maybe more employee facing capability. They have a solution called AI Ops. That's one where we're probably going to double down and accelerate investment in. And we think that gets us deeper into many of those enterprise brands where we can provide full suite solutions in employee-facing conversations, customer facing conversations.

還有另一種可能更多面向員工的能力。他們有一個名為 AI Ops 的解決方案。這是我們可能加倍投入並加速投資的領域。我們認為，這讓我們更深入地了解許多企業品牌，我們可以在面向員工的對話、面向客戶的對話中提供全套解決方案。

The 2 pieces we talked about previously that we're sort of still admittedly in contemplation around what's the future hold. One is professional services. The second is related to what I'll just call it escalation support, pass-through support. The professional services is actually strategic and I think the question isn't binary in or out. It's more about where and how.

我們之前討論過的兩件事，我們確實仍在思考未來的發展。一是專業服務。第二個與我稱之為升級支援、直通支援有關。專業服務其實是策略性的，我認為問題不是二元的。更多的是關於在哪裡以及如何進行。

So for example, doing more of these professional services to go deeper into integrations with large enterprises that have hundreds of thousands of interactions, monetizable interactions, that stuff we see a positive return and we'll go faster.

例如，提供更多此類專業服務，以更深入地與擁有數十萬次互動、可貨幣化互動的大型企業集成，我們會看到積極的回報，而且我們會走得更快。

What we want to do over time is standardize that so that you're not really every deployment doing more and more professional services that are at a lower margin clip. But that is going to be a journey. And quite openly, we probably don't have the full answer for you, but over time in the coming quarters, we'll definitely share progress.

隨著時間的推移，我們想要做的是標準化，這樣您就不會真正在每個部署中提供越來越多的專業服務，而利潤率卻越來越低。但這將是一段旅程。坦白說，我們可能沒有給您完整的答案，但隨著時間的推移，在接下來的幾個季度裡，我們肯定會分享進展。

On the escalation support, that is lower margin today. And the question is, we really benefit from the direct customer connection. We benefit certainly, which is probably an understated value proposition of the enterprise grade data assets that come with that and how we can quickly refine and automate our models to improve ultimate delivery for customers. So, that we're already starting out of the gate, learning, growing. We believe that business probably will become less, but it will also become more automated.

在升級支撐方面，今天的利潤率較低。問題是，我們確實從直接的客戶聯繫中受益。我們肯定會受益，這可能是隨之而來的企業級數據資產的一個低調的價值主張，以及我們如何快速完善和自動化我們的模型以改善客戶的最終交付。所以，我們已經開始學習、成長。我們相信業務可能會變得更少，但也會變得更加自動化。

So, I don't have a precise number on what the puts and takes are. We gave a bit of a range next year because we probably still need to keep going through this exercise. A lot of it is going to end up being in some sense industry-by-industry and customer-by-customer.

因此，我沒有關於看跌期權和賣出期權的準確數字。我們明年給了一些範圍，因為我們可能仍然需要繼續進行這項練習。從某種意義上說，其中許多最終將是逐個行業和逐個客戶地進行。

But I think, ultimately, if I lift that answer up a bit to something I've said previously, which is look, we want to be a -- the profile we are a software business. We think that deploying bits and bytes is much easier. We're certainly in some of our parts of our business outside of the Amelia question you asked, but certainly in the restaurant side where integration, tight integration with hardware deployment scales, Drive-Thru's, those are the things we want to look at to be faster. But these are the conversations that are happening every day here.

但我認為，最終，如果我把這個答案提升一點，就像我之前說過的那樣，那就是，我們希望成為——我們是一家軟體企業。我們認為部署位元和位元組要容易得多。當然，除了您問的阿米莉亞問題之外，我們的某些業務領域也如此，但肯定是在餐廳方面，其中集成、與硬體部署規模的緊密整合、得來速，這些都是我們想要考慮的事情快一點。但這些都是這裡每天都在發生的對話。

And so we're going to actively every quarter, try to give you an update. But hopefully, that gives you a little bit of flavor how we're thinking through things.

因此，我們每季都會積極嘗試向您提供最新資訊。但希望這能讓你了解我們是如何思考問題的。

Yes, appreciate it. And then the second question, I'd like to talk about the technology. If you're talking about a foundational model, could you help us understand how you benchmark that model and what the important benchmarks are. How many parameters was it trained on. How big of a cluster of GPUs. What specific benchmarks and what other models are you comparing it to assess how much it can contribute to making your products better.

是的，很欣賞。然後第二個問題，我想談談技術。如果您談論的是基礎模型，您能否幫助我們了解您如何對該模型進行基準測試以及重要的基準測試是什麼。它訓練了多少參數。GPU 叢集有多大。您將它與哪些具體基準和其他模型進行比較，以評估它可以為改進您的產品做出多大貢獻。

Yes, I'll take that one. Thank you for the question. So, we've been building models for almost 2 decades. And we have a ton of data. And we have data for training. We have data for evaluation and there are standardized tests out there. But we also have more difficult tests from real life interactions that are actually an asset to give us a better indication of our performance.

是的，我會接受那個。謝謝你的提問。所以，我們建造模型已經有將近 20 年了。我們有大量數據。我們有訓練資料。我們有評估數據，也有標準化測試。但我們也有來自現實生活互動的更困難的測試，這實際上是一種資產，可以讓我們更了解我們的表現。

We have speech recognition benchmarks and then we have natural language understanding benchmarks. Speech recognition, the benchmark is usually word error rates and there's also latency and speed. We beat -- there are not that many companies actually that provide speech recognition. We are one of the few that has that technology in-house. And generally, we consistently beat the big tech in accuracy and speed when it comes to speech recognition.

我們有語音辨識基準，然後有自然語言理解基準。語音識別，基準通常是單字錯誤率，還有延遲和速度。我們打敗了——實際上提供語音辨識的公司並不多。我們是少數擁有該技術的內部公司之一。總的來說，在語音辨識方面，我們在準確性和速度方面始終擊敗了大型科技公司。

And then in terms of natural language understanding, there has been a shift with LLMs. It used to be you would measure, intent recognition and so on. Now we are measuring hallucination, because LLMs always understand, but sometimes they understand incorrectly. And if you look at what OpenAI does, they are one of our vendors. We have our own tech. We use other techs. We arbitrate across LLMs. But what OpenAI does is they put their innovation in front of users in their consumer-facing apps. And it can work mind blowing really amazingly let's say 70%, 80% of the time.

然後在自然語言理解方面，法學碩士發生了轉變。以前是你會測量、意圖辨識等等。現在我們正在測量幻覺，因為法學碩士總是能理解，但有時他們理解不正確。如果你看看 OpenAI 所做的事情，你會發現他們是我們的供應商之一。我們有自己的技術。我們使用其他技術。我們對法學碩士進行仲裁。但 OpenAI 所做的是，他們在面向消費者的應用程式中將創新擺在使用者面前。比如說 70%、80% 的時間，它的效果確實令人驚嘆。

And if it doesn't work 20%, 30% that their audience is forgiving because their audience is getting a glimpse of what the future looks like. But our audience is not forgiving. You cannot be 20%, 30% hallucination when you're providing an AI agent for an enterprise. So, we spend a lot of time bringing our own IP into the equation and our own innovation to the equation to reduce that hallucination. So, our goal is 100% and SoundHound really shines in that area because of the experience and the data that we have.

如果它不起作用，20%、30% 的觀眾會原諒，因為他們的觀眾看到了未來的樣子。但我們的觀眾並不寬容。當你為企業提供人工智慧代理時，你不能有20%、30%的幻覺。因此，我們花了很多時間將我們自己的智慧財產權納入其中，並將我們自己的創新引入其中，以減少這種幻覺。因此，我們的目標是 100%，SoundHound 在該領域確實表現出色，因為我們擁有豐富的經驗和數據。

You asked about GPU costs. So, again, we've been building models for almost 2 decades. We have spent a ton collecting data and building models. So, if you compare us to a company that's just starting, they have to go and raise hundreds of millions of dollars to get started. That investment is already accumulated for us. But we are increasingly spending more on GPUs to iterate on the models that we have.

您詢問了 GPU 成本。再說一次，我們建造模型已經有將近 20 年了。我們花了大量的時間來收集數據和建立模型。因此，如果你將我們比作一家剛起步的公司，他們必須籌集數億美元才能啟動。我們已經累積了這筆投資。但我們在 GPU 上的投入越來越多，以迭代我們現有的模型。

Thank you Very Much.

非常感謝。

Scott Buck, H.C. Wainwright & Co.

巴克 (Scott Buck)，H.C.溫賴特公司

First one, I want to say, I appreciate the breakout by kind of industry vertical that you included in the release. But I'm curious as you look towards '25 and the opportunities within each one of those, what your capacity looks like and maybe how you're moving or allocating resources between restaurants and kind of broader retail or auto. Any kind of color you could provide there would be great.

首先，我想說，我很欣賞您在發布中所包含的垂直行業的突破。但我很好奇，當你展望「25」以及其中每一個機會時，你的能力是什麼樣的，也許你如何在餐廳和更廣泛的零售或汽車之間移動或分配資源。你能提供的任何顏色都會很棒。

Sure. Thanks, Scott. So, we do see a lot of opportunity and we are seeing our long history of building and scaling our relationships with automotive partners is continuing to grow. We've talked about new partners that we've been adding, particularly on the EV side. EVs can scale faster by the way, so that gives us confidence. So, we want to keep doing that and driving that on the device side.

當然。謝謝，斯科特。因此，我們確實看到了許多機會，我們看到我們與汽車合作夥伴建立和擴大關係的悠久歷史正在不斷發展。我們已經討論了我們一直在增加的新合作夥伴，特別是在電動車方面。順便說一句，電動車可以更快地擴展，這給了我們信心。因此，我們希望繼續這樣做並在設備端推動這一點。

I think where we're really at, if I were to marginally kind of go our where we see the outsized pace, we've talked about this. You see this actually in the midst of business is in our Pillar 2 opportunity. And I'll unpack that a bit into the industry dynamics as you're talking about. But more broadly, just our opportunity to take those AI agents and deploy them across our ecosystem of customer service partners, we absolutely expect that again next year to be outpaced growth.

我認為我們真正所處的位置，如果我稍微去我們看到的過大的步伐，我們已經討論過這個。你看，這實際上是我們第二支柱機會中的業務。正如您所談論的那樣，我將把這一點分解到行業動態中。但更廣泛地說，我們有機會利用這些人工智慧代理商並將其部署到我們的客戶服務合作夥伴生態系統中，我們絕對預計明年的成長速度將再次超過成長速度。

So, to double click, the restaurant one, it's one that we are very excited about. We talked on the prepared remarks here about 7 of TOP20 QSRs that we're already working with. Many of these when we give sort of our indication of scope of opportunity, we talk about the current contracts that we're working with sort of a deployment into tens or hundreds of locations. But the reality is across a lot of those QSR fleets, they have thousands of locations.

因此，雙擊餐廳，這是我們非常興奮的一家。我們在此討論了有關我們已經合作的 7 個 TOP20 QSR 的準備好的評論。其中許多當我們給出機會範圍的指示時，我們談論我們正在處理的部署到數十或數百個地點的當前合約。但現實情況是，許多 QSR 車隊擁有數千個地點。

So, we see a lot more unlocking and a lot of time in these restaurants sort of largely the same menu set. So you get it right, you get to 85 plus order completion rate. You have the structure in place, if it's a Drive-Thru , you've got the hardware packaging all combined, you've got a scalable opportunity. And so I mean, we've been talking about that one now for several quarters. I think the restaurant opportunity continues to be very, very exciting for us.

因此，我們在這些餐廳中看到了更多的解鎖和大量的時間，菜單設定基本上相同。如果你做對了，你的訂單完成率就會達到 85 以上。您已經有了適當的結構，如果是得來速，您已經將硬體包裝全部組合在一起，您就有了可擴展的機會。所以我的意思是，我們已經討論這個問題好幾個季度了。我認為餐廳的機會對我們來說仍然非常非常令人興奮。

Certainly now the new industries we talked about, when you get a large enterprise in a large money center bank, for example, or another financial institution or some of those other enterprise spaces, there's just such high volume that we can continue to extend. And again, here we're doing both employee-facing opportunities as well as customer facing.

當然，現在我們談到的新產業，例如，當你在大型貨幣中心銀行或其他金融機構或其他一些企業空間中建立大型企業時，我們可以繼續擴大規模。再說一次，我們在這裡既提供面向員工的機會，也提供面向客戶的機會。

So, those will continue to be big areas, I mentioned briefly in the prior question about a solution we have internally called AI Ops, so it's integration with the internal tech stack. That is another one that we think we can deepen our roots with customers into IT budgets, and that should allow us to scale and penetrate.

因此，這些將繼續成為重要領域，我在上一個問題中簡要提到了我們內部稱為 AI Ops 的解決方案，因此它與內部技術堆疊整合。這是我們認為可以在 IT 預算中加深與客戶的聯繫的另一項內容，這應該使我們能夠擴展和滲透。

Over more of if I take a more of a medium-term answer to your questions, I think just generically, the healthcare opportunities, one we're very excited about. Today we're integrating with several different both insurance companies, but also sort of front-end optometrists, dentists, medical centers for appointments for understanding what happened in your report, for getting there's just a lot more there. It's the largest industry and more and more of it, we see the demand. So, quite openly, I'd say those are a couple of them but for us, we're a horizontal platform play.

如果我對你們的問題採取更多的中期答案，我認為一般來說，是醫療保健機會，我們對此感到非常興奮。今天，我們正在與幾家不同的保險公司以及前端驗光師、牙醫、醫療中心進行整合，以進行預約，以了解您的報告中發生的情況，以獲得更多資訊。這是最大的產業，而且它的規模越來越大，我們看到了需求。所以，相當公開地，我想說這些只是其中的幾個，但對我們來說，我們是一個水平平台遊戲。

We really believe that we're trying to shift to more and more voice first natural conversations, but now we have an omni-channel play. And so where we see consumers that can benefit from this, we're going to deploy that.

我們確實相信我們正在嘗試轉向越來越多的語音優先自然對話，但現在我們擁有全通路遊戲。因此，當我們看到消費者可以從中受益時，我們就會部署它。

And some of our solutions like Smart Answering actually are easily addressable across industries. So, we see a lot of opportunity across restaurants, financial services, healthcare, but frankly, it's about deploying the technology horizontally and getting scale across even more.

我們的一些解決方案（例如智慧應答）實際上可以輕鬆跨行業使用。因此，我們在餐廳、金融服務、醫療保健領域看到了很多機會，但坦白說，這是關於水平部署技術並擴大規模。

Great. I appreciate all that detail, Nitesh. My second one on the increased outlook, is it something you're seeing from directly from one of the acquisitions. Is it something you're seeing from the legacy business. Or is it just the combination of the 2 that's pushing that higher both for fourth quarter and '25.

偉大的。我很欣賞所有這些細節，Nitesh。我關於成長前景的第二個觀點是，您可以直接從其中一項收購中看到這一點。這是您從傳統業務中看到的嗎？或者只是這兩者的結合推動了第四季和 25 年的股價上漲。

It's a combination of the 2, both separately, but also them coming together. We continue to be really excited about just even in answering to your prior question, like the automotive business has a lot more scale opportunity. We're still a smaller share of the total market and we're disrupting the major incumbent player and gaining share all the time. So, we think there's a lot more that we can deploy and grow.

它是兩者的組合，既可以分開，也可以組合在一起。即使是回答您之前的問題，我們仍然感到非常興奮，就像汽車行業擁有更多規模機會一樣。我們在整個市場中所佔的份額仍然較小，但我們正在顛覆主要的現有參與者並一直在獲得份額。因此，我們認為還有更多東西可以部署和發展。

On the restaurant side, I mentioned we're already with enough partners to really get a ton of organic growth just from those partnerships, but we're adding more and more all the time and scaling units across.

在餐廳方面，我提到我們已經擁有足夠的合作夥伴，僅從這些合作夥伴關係中就能真正獲得大量有機增長，但我們一直在增加越來越多的合作夥伴並擴大規模。

And then I think with respect to the acquisitions, the cross-sell, upsell opportunity is tremendous. So we absolutely do see, it's a great opportunity across all of those, both organic and across the M&A.

然後我認為就收購而言，交叉銷售、追加銷售的機會是巨大的。所以我們絕對看到，這對於所有這些，無論是有機的還是跨併購的來說都是一個很好的機會。

Great. Well, I appreciate the added color guys.

偉大的。嗯，我很欣賞添加顏色的傢伙。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

So, in relation to that guidance, I'm curious, I think I saw in the filing that there was a for the quarter, you'd be like $40 million this quarter if you had Amelia for the full quarter. Correct me if I'm wrong there. And then so if you were to annualize that's like $160 million next year. Can you just square away perhaps, that's kind of like ballpark to midpoint of your range. So, maybe there's some cushion built in there or perhaps there's some seasonality. Can you just help me explain, help me understand the guidance in relation to that number.

因此，關於該指導，我很好奇，我想我在文件中看到了該季度的指導，如果整個季度都有阿米莉亞，那麼本季的收入將達到 4000 萬美元。如果我錯了請糾正我。如果以年化計算，明年的營收約為 1.6 億美元。也許你可以方方正正，這有點像你範圍的中點。所以，也許裡面有一些緩衝，或者可能有一些季節性。您能否幫我解釋一下，幫助我理解與該數字相關的指導。

Yes. I think there's a couple of things there. One is like we talked about, I think in Gil's question, there are certain things we're actually looking at in terms of how we're going to pursue that going forward and what mix is. It's not just about growth, it's growth and profitability. I also indicated sort of trying to get towards adjusted EBITDA positive.

是的。我認為有幾件事。一是就像我們談到的，我認為在吉爾的問題中，我們實際上正在考慮一些事情，即我們將如何追求這一目標以及混合是什麼。這不僅僅是成長，而是成長和獲利能力。我還表示正在努力實現調整後的 EBITDA 為正值。

So, we're trying to be mindful both the growth and sort of margin profile. But I don't think that's totally off. I think, there is still some seasonality in our business, but as we're moving more towards SaaS, a greater share of our business is SaaS. So, I think you'll see that stabilize and hopefully you won't see it, but we are continuing to grow.

因此，我們正在努力關注成長和利潤狀況。但我不認為這完全是錯的。我認為，我們的業務仍然存在一些季節性，但隨著我們更多地轉向 SaaS，我們的業務中更大的份額是 SaaS。所以，我認為你會看到這種穩定，希望你不會看到它，但我們正在繼續成長。

And if I maybe unpack the guidance this way, it's sort of at the lower end of it to the higher end of it, we gave a bit of a range. We want to be prudent in the estimates we're giving out there just so we continue to give ourselves a bit of the room to breathe to deliver and outpace and make the right investments for the long term. So, all those sort of coming into the calibration around the numbers. And I will say, yes, you're starting to see some disclosures. We actually had disclosure come out recently with respect to details of the business. But a lot of our acquisitions and for us to get it at the prices that we feel were attractive, there's a lot of things that we have to work on through integration to right size the ship, to invest in the right place, to get go to market recalibrated. And so we're doing a lot of that real time. And that's why looking at the past isn't always the best indicator of the future. Those are the things we're driving with the integration. So hopefully that gives you a little more sense of how we're driving it.

如果我可以用這種方式解開指南，那就是從低端到高端，我們給了一些範圍。我們希望對我們給出的估計保持謹慎，這樣我們才能繼續給自己一點喘息的空間，以實現和超越並做出正確的長期投資。所以，所有這些都圍繞著數字進行校準。我會說，是的，你開始看到一些披露。事實上，我們最近披露了有關業務細節的資訊。但是我們進行了很多收購，為了以我們認為有吸引力的價格獲得它，我們必須透過整合來完成很多事情，以調整船舶的規模，在正確的地方進行投資，然後開始行動重新調整到市場。所以我們正在實時做很多事情。這就是為什麼回顧過去並不總是未來的最佳指標。這些就是我們透過整合推動的事情。希望這能讓您對我們如何推動它有更多的了解。

Yes, that's helpful. And then just on the business side, I think you said 7 of the TOP20 QSRs now. Can you just talk in the past you've talked about with these larger deployments, sometimes it's a little harder to get whatever if it's all the franchisees on board or something like that or just to procure the equipment and the time to install everything and everything. Can you just talk about your sense of how that process is going from the wind to the actual deployment.

是的，這很有幫助。然後就業務方面而言，我認為您現在提到了 TOP20 QSR 中的 7 個。您能否談談過去您談到的這些大型部署，有時，如果所有特許經營商都在船上或類似的情況，或者只是採購設備和安裝所有東西的時間，那麼獲得任何東西都有點困難。您能否談談您對該過程如何從設想到實際部署的感受？

Yes, there are a lot of different flavors and a lot of different point of sale systems and integrations that are required. I'll maybe repeat something that Keyvan brought up on the prepared remarks that we're excited about is. Yes, there were, you're right, there were kind of, if I think of the franchise locations, there's -- you've got to have a second conversation with franchisees. So, we've now activated and are investing in franchise sales and getting the right people because that sales motion is different than new customer acquisition. And so we are investing to make sure with big partners that we have MSAs with that have large footprints of franchises, how do we have those multiple conversations with support from corporate to deploy. So that's something we're definitely scaling in.

是的，需要許多不同的風格和許多不同的銷售點系統和整合。我可能會重複基萬在準備好的評論中提出的一些讓我們感到興奮的事情。是的，你是對的，如果我想到特許經營地點，你必須與特許經營商進行第二次對話。因此，我們現在已經啟動並投資於特許經營銷售並尋找合適的人員，因為銷售活動與獲取新客戶不同。因此，我們正在與大型合作夥伴進行投資，以確保我們擁有擁有大量特許經營權的 MSA，我們如何在企業的支持下進行多次對話以進行部署。所以這就是我們肯定會擴大規模的事情。

And then Keyvan mentioned White Castle is one of our earliest partners. And one of the really exciting things this last quarter was how our team got very creative because one of the challenges was the hardware footprint and retrofitting a lot of their locations. And frankly, in some cases, they have you got to get a permit in a certain location to retrofit the Drive-Thru and that could be a multi month, if not year process. And our team was really creative and coming up with a more agile approach with a post and a visual footprint that we could deploy it quickly, get it activated, quickly get to high order completion rate and let customers start using our technology.

然後Keyvan提到White Castle是我們最早的合作夥伴之一。上個季度真正令人興奮的事情之一是我們的團隊如何變得非常有創意，因為挑戰之一是硬體佔用空間和改造許多位置。坦白說，在某些情況下，他們要求您在某個地點獲得許可才能改裝得來速，這可能需要數月甚至一年的過程。我們的團隊非常有創意，提出了一種更靈活的方法，透過貼文和視覺足跡，我們可以快速部署它，啟動它，快速達到高訂單完成率，並讓客戶開始使用我們的技術。

So, it's those types of innovations that we're doing that we're partnering with many of the hardware vendors that Keyvan noted for both headsets, screens, all the capabilities that are required for Drive-Thru.

因此，正是我們正在做的這些類型的創新，我們與 Keyvan 指出的許多硬體供應商合作，提供耳機、螢幕以及得來速所需的所有功能。

And that's the way we're going to calibrate it. So, I would say, our pace continues. We continue to try to aggressively drive this forward, relative to last quarter. I think we just continue to learn so much and I would say the team is frankly going even faster as we learn. And the partnership ecosystem is getting more and more solidified that we feel confident we're going to continue to scale this.

這就是我們校準它的方式。所以，我想說，我們的步伐仍在繼續。相對於上季度，我們繼續努力積極推動這一進程。我認為我們只是繼續學習很多東西，坦白說，隨著我們學習，團隊的速度會更快。合作夥伴生態系統變得越來越鞏固，我們有信心繼續擴大這一規模。

And I guess the last thing, you didn't really exactly ask this, but I'll hit it if it's okay, in terms of the interest and momentum, we brought this up last time, that maybe a year ago we were going out sourcing customers, and now we really, and I say this with full humility, like we believe we're absolutely the industry leader driving this, and so more and more restaurant franchises are coming to us and trying to partner with us. And we have with limited resources the constraint and challenge of how do we prioritize all of these.

我想最後一件事，你並沒有真正問這個，但如果可以的話，我會擊中它，就興趣和動力而言，我們上次提到過這個，也許一年前我們要出去尋找客戶，現在我們真的，我非常謙虛地說，我們相信我們絕對是推動這一點的行業領導者，因此越來越多的餐廳特許經營權來到我們這裡並試圖與我們合作。在資源有限的情況下，我們面臨著如何優先考慮所有這些問題的限制和挑戰。

And when you move from TOP20 conversations to TOP10 conversations to TOP5, we just have to be mindful and edit and set the right expectation. Our goal here is to exceed expectations and delight our customers and certainly their end consumers. And so that's just a continued calibration that we're constantly trying to battle. But net, I would just summarize that by saying feeling really good about the momentum. We're investing in the right spots. We think this is absolutely on trend where the world is moving next year, the year after, 5 years down the road, this is where it's going. And we're just super excited about what we're driving here.

當你從 TOP20 對話轉移到 TOP10 對話，再到 TOP5 時，我們只需要留心並編輯和設定正確的期望。我們的目標是超越期望並取悅我們的客戶，當然還有他們的最終消費者。因此，這只是我們不斷努力應對的持續校準。但總的來說，我只是總結一下，對這種勢頭感覺非常好。我們正在對正確的地方進行投資。我們認為這絕對是世界明年、後年、五年後的發展趨勢，這就是它的發展方向。我們對在這裡駕駛的東西感到非常興奮。

That's very helpful, Nitesh. If I could just squeeze in one quick housekeeping on the backlog. I think you said 2x last year, but I don't remember the figure for last year because you had you converted to the new backlog number at some point, I think, after that point. Is there a hard dollar you can give us or just. Is that the only use case.

這非常有幫助，尼特什。如果我能在積壓的工作中快速完成一項整理工作就好了。我想你去年說過 2 倍，但我不記得去年的數字，因為你在某個時候轉換為新的積壓訂單數量，我想，在那之後。您可以給我們硬美元嗎？這是唯一的用例嗎？

Yes, the reason we would go last year as reported it was mid-300 and then you're right after you normalize it. It's over 400, which I don't think was reported so the doubling of it you can just do the rough math. But I think the bigger point I was trying to raise is now we got to conform with what Amelia brings to bear, and they had a very different way of measuring it.

是的，我們去年去的原因正如報道的那樣是在 300 左右，然後你將其標準化後就可以了。超過 400，我認為沒有報導過，所以你可以粗略計算一下翻倍的數字。但我認為我試圖提出的更重要的一點是，現在我們必須符合阿米莉亞所承擔的責任，而他們有一種非常不同的衡量方式。

So, we just, we'll share more next time, but it's well north of $1 billion was what I conveyed in the prepared remarks as a combined business. Really nice diversification. I would say, if I were to penetrate, sort of like put Amelia to the side, probably the outpaced growth, or not probably, but the outpaced growth continue to be in the restaurant side as we're signing up more customers, but not only that but activating more locations. But we continue to see strength across multiple parts of that customer base.

所以，我們只是，下次我們會分享更多，但我在準備好的演講中作為合併後的業務表示的金額遠遠超過 10 億美元。確實不錯的多元化。我想說，如果我要滲透，有點像把阿米莉亞放在一邊，可能會超過增長速度，也可能不會，但隨著我們簽約更多客戶，超過增長速度繼續出現在餐廳方面，但不是僅此而已，但啟動更多位置。但我們繼續看到該客戶群多個部分的實力。

Leo Carpio, Joseph Gunnar.

裡奧·卡皮奧，約瑟夫·岡納爾。

First, congratulations on the quarter. I have a couple of questions. The first question is, what's your M&A appetite as you seek to consolidate the voice AI space, any industries or sectors that look appealing. And could you probably put a little more color on the energy and retail sector comment. It sounds like you're wanting to explore a little bit more deeper in there.

首先，恭喜本季的業績。我有幾個問題。第一個問題是，當您尋求整合語音人工智慧領域、任何看起來有吸引力的行業或部門時，您的併購意願是什麼。您能否對能源和零售業的評論多加一些色彩？聽起來你想更深入地探索那裡。

Sure, Leo. Thanks for the question. I'll take the first part of that. Yes, I may have mentioned this last quarter, the quarter before, like I really believe that having a programmatic M&A muscle is imperative. It's especially in fast-moving industries and quickly calibrating new horizons, which is what we believe we're in with this generative AI, LLM and conversational AI space. And we've seen the benefits of that, getting really attractive strategic partnerships, SYNQ3, Allset, Amelia, and we're much stronger.

當然，利奧。謝謝你的提問。我將採取第一部分。是的，我可能在上個季度、前一個季度提到過這一點，就像我真的相信擁有程式化的併購力量是勢在必行的那樣。尤其是在快速發展的行業和快速校準新視野的領域，這就是我們相信我們在生成式人工智慧、法學碩士和對話式人工智慧領域所處的位置。我們已經看到了這樣做的好處，獲得了真正有吸引力的策略夥伴關係，SYNQ3、Allset、Amelia，我們變得更強大。

As I compare almost like each earnings call, when I compare to what we said last time, we're moving so quickly and expanding and growing the business. This is the right thing to have as a toolkit. That doesn't mean that we are dependent on it. That doesn't mean that we're just actively sourcing anything, but we do have a dedicated team and we have a lot of great banking partners who are, and we have actually now that we've done a few, we get a lot of companies inbounds that are sending ideas, but we're just judicious.

當我與每次財報電話會議進行比較時，當我與我們上次所說的話進行比較時，我們的行動如此之快，業務規模不斷擴大和發展。這是作為工具包的正確選擇。這並不意味著我們依賴它。這並不意味著我們只是積極地採購任何東西，但我們確實有一個專門的團隊，我們有很多優秀的銀行合作夥伴，我們實際上已經做了一些，我們得到了很多很多公司都在發送想法，但我們只是明智之舉。

Ultimately for us, we have built, and Keyvan and team in particular, have built an amazing technological foundation, deep rooted, hundreds of patents, deep tech stack, innovators were constantly pushing the envelope. And the question is, how do we leverage that to go faster. And driving and getting deep customer relationships was one of the major theses this year. And we were able to do that both in restaurants but also into other verticals.

最終對我們來說，我們已經建立了，特別是 Keyvan 和團隊，建立了令人驚嘆的技術基礎，根深蒂固，數百項專利，深厚的技術堆疊，創新者不斷挑戰極限。問題是，我們如何利用這一點來加快速度。推動並建立深厚的客戶關係是今年的主要主題之一。我們不僅能夠在餐廳做到這一點，而且還能在其他垂直領域做到這一點。

So, going forward, we'll be mindful. I think we're at a good spot. There's a lot to digest and there's a lot of work in the integration of the ones we've done. So, we also want to be measured and thoughtful about what we're asking of the teams. So, we're not actively looking or in dialogue like but we're not also going to close up shop or put our head in the fan. We're going to be actively looking, and the lens we do is not always ultimately M&A. It's to understand who else is out there. There's new players constantly, and who might be good partners, suppliers. There could be a lot of different angles, and so that's just all part of the strategic planning that we do.

所以，展望未來，我們會保持警覺。我認為我們處於一個很好的位置。有很多東西需要消化，並且在整合我們已經完成的工作方面還有很多工作。因此，我們也希望對我們對團隊的要求進行衡量和深思熟慮。所以，我們不會積極地尋找或對話，但我們也不會關閉商店或把我們的頭埋在風扇裡。我們將積極尋找，但我們所做的並不總是最終的併購。這是為了了解外面還有誰。不斷有新的參與者出現，他們可能是好的合作夥伴、供應商。可能有很多不同的角度，所以這只是我們所做的策略規劃的一部分。

So, that's part 1. I guess on part 2, because we do have horizontal solutions, we are going after different, we can hit different industries. I think you mentioned energy and I forget what the other one was but yes, there's a lot of pipelines and there's a lot of need for our solutions, particularly the conversational agent side capabilities that we're bringing.

這是第 1 部分。我想在第二部分，因為我們確實有橫向解決方案，我們正在追求不同的，我們可以打擊不同的產業。我想你提到了能源，我忘記了另一個是什麼，但是是的，有很多管道，並且對我們的解決方案有很多需求，特別是我們帶來的對話代理端功能。

So, I think that is an area we'll focus on. These are massive TAMs. Again, now that we're talking about, if you think industry-wise, healthcare, $10 trillion TAM or whatever it is. Financial services, also multi-trillion-dollar TAM Energy, multi-trillion dollar. These are spaces that are ripe for automation and something that we will look at. Our edit always will be governed by capacity and resources and prioritizing highest growth and where our capabilities are best suited to fit.

所以，我認為這是我們將重點關注的領域。這些都是巨大的 TAM。再說一次，現在我們談論的是，如果你從行業角度考慮，醫療保健、10 兆美元的 TAM 或其他什麼。金融服務業，還有數兆美元的TAM Energy，數兆美元。這些都是自動化成熟的空間，我們將予以關注。我們的編輯始終將受到能力和資源的控制，並優先考慮最高的成長以及我們的能力最適合的地方。

Okay. And then speaking of partnerships, any plans to collaborate with the large AI, LLM companies like Anthropic, OpenAI, or are there existing relationships with them.

好的。然後談到合作夥伴關係，是否有與 Anthropic、OpenAI 等大型 AI、LLM 公司合作的計劃，或與他們是否有現有關係。

Well, we do use we've been publicly disclosed that we use OpenAI as one of our vendors, and we brought ChatGPT into our digital assistant in cars, and we also have disclosed our architecture that we can arbitrate across multiple LLMs a lot of the queries are handled by our own models, but for certain things we can go to, let's say, ChatGPT models to answer historical questions.

嗯，我們確實使用過，我們已經公開披露，我們使用OpenAI 作為我們的供應商之一，我們將ChatGPT 帶入我們的汽車數位助理中，我們還披露了我們的架構，我們可以在多個LLM 之間仲裁很多查詢由我們自己的模型處理，但對於某些事情，我們可以使用 ChatGPT 模型來回答歷史問題。

And then if you have questions about real trends and news, we can use models like perplexity. So, we've tried to build our architecture to be kind of LLM agnostic and as I mentioned, we are also building our own Polaris Foundation model.

然後，如果您對真實趨勢和新聞有疑問，我們可以使用困惑度等模型。因此，我們嘗試將我們的架構建構成與 LLM 無關的架構，正如我所提到的，我們也在建立我們自己的 Polaris 基金會模型。

Okay. And then in the restaurant pillar, what's the point of the conversations Last quarter you indicated you're getting a lot of inbound calls, and given the roster of restaurants that you've been working with, what do you think is the extra that you need to top crack into the TOP5 restaurants, the 5 global chains.

好的。然後在餐廳支柱中，對話的意義是什麼？ ，即5 家全球連鎖店。

Well, we are in the 7 of the TOP20, and that number has increased a lot quarter-over-quarter. So, yes, we are winning new logos. We also believe we are the leader in AI for restaurants. We recently announced that we surpassed processing 100 million inbound calls purely with AI. And another thing that we have disclosed in the past and we also mentioned during our remarks is that we are going to bring it all together.

嗯，我們在 TOP20 中排名第七，而且這個數字環比增長了很多。所以，是的，我們正在贏得新標誌。我們也相信我們是餐廳人工智慧領域的領導者。我們最近宣布，純粹使用 AI 處理的來電數量已突破 1 億個。我們過去披露過並在演講中也提到的另一件事是，我們將把所有這些整合在一起。

So, we power automotive and TV products, and then we power restaurants and not beyond. We are going to bring those customer service solutions into the devices, and we are going to demonstrate that at CES. So, when you're driving your car, you're already talking to your car that's powered by our AI. So, you ask it to car control navigation, tune into radio, ask for weather, stock prices, sports course.

因此，我們為汽車和電視產品提供動力，然後為餐廳提供動力，僅此而已。我們將把這些客戶服務解決方案引入設備中，並將在 CES 上進行展示。因此，當您駕駛汽車時，您已經在與由我們的人工智慧驅動的汽車進行對話。所以，你要求它控制汽車導航、調收音機、詢問天氣、股票價格、體育課程。

And if you're also powering the AI Drive-Thru of the restaurant, why do you actually have to drive to the Drive-Thru and get in line. You should be able to talk to your car. And you talk to the agent of the car, the agent of the car talks to the agent of the restaurant. It's all powered by us. And you can basically place your order in advance before you get there. So, we'll demonstrate that at CES and it won't be just limited to ordering food. You can book appointments, buy tickets, do all sorts of voice commerce.

如果您也為餐廳的人工智慧得來速服務提供動力，為什麼您實際上必須開車去得來速服務並排隊。您應該能夠與您的汽車對話。然後你與汽車代理人交談，汽車代理人與餐廳代理人交談。這一切都由我們提供動力。而且你基本上可以在到達之前提前下訂單。因此，我們將在 CES 上展示這一點，並且它不僅限於訂餐。您可以預約、購買門票、各種語音商務。

All right. Congrats again on the quarter.

好的。再次恭喜本季。

I'm showing no further questions at this time. Thank you for your participation in today's conference. This does concludes the program. You may now disconnect.

我目前沒有提出任何進一步的問題。感謝您參加今天的會議。程序就此結束。您現在可以斷開連線。