SoundHound AI Inc (SOUN) 2024 Q4 法說會逐字稿

Hello, and welcome to SoundHound fourth-quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 SoundHound 2024 年第四季財報電話會議。（操作員指令）

I would now like to turn the conference over to Scott Smith. Sir, you may begin.

現在我想將會議交給史考特史密斯。先生，您可以開始啦。

Good afternoon, and thank you for joining our fourth-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，感謝您參加我們的 2024 年第四季電話會議。今天和我在一起的是我們的執行長 Keyvan Mohajer；以及我們的財務長 Nitesh Sharan。在進入問答環節之前，我們將先發表一些簡短的評論。

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. 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 and statements that are qualified as forward-looking statements.

我們也想提醒大家，我們將在本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暗示的結果有重大差異。請參閱我們向美國證券交易委員會提交的文件，以詳細了解可能影響我們業務的風險和不確定性，以及被視為前瞻性陳述的討論和聲明。

In addition, we may discuss certain non-GAAP measures. Please refer to today's press release for more detailed financial results in further details on the definitions, limitations, and uses 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準則指標。請參閱今天的新聞稿以獲取更詳細的財務結果，以了解有關定義、限制和使用這些指標以及從 GAAP 到非 GAAP 的調整的更多詳細資訊。

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，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。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，本次電話會議的完整音訊將在我們投資者關係網站上進行網路直播。今天的電話會議結束後將提供音訊重播。

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

說到這裡，我想把電話轉給我們的執行長 Keyvan Mohajer。請繼續，Keyvan。

Thank you, Scott, and thank you to everyone for joining the call today.

謝謝你，斯科特，也謝謝大家今天參加電話會議。

We had our strongest quarter on record with $35 million in revenue, representing an increase of over 100% year over year. With that, we reached the top end of our revenue guidance range for the full year, which we raised just last quarter. This speaks to the continued acceleration of our business. In fact, in the last five years, we have grown our top line at a compound annual growth rate of more than 50%.

我們迎來了有史以來最強勁的季度，營收達到 3,500 萬美元，年成長超過 100%。這樣一來，我們就達到了全年收入預期範圍的最高值，而我們在上個季度剛剛上調了這一預期。這表明我們的業務正在持續加速發展。事實上，過去五年來，我們的營業收入以超過 50% 的年複合成長率成長。

And since going public less than three years ago, we have achieved significant growth in numerous key metrics. Revenue increased by 8 times, queries increased by 7 times, and bookings increased by 5 times. But the success you're achieving today didn't start three years ago. It began 20 years ago with a vision that is now becoming a reality.

自上市不到三年以來，我們在許多關鍵指標上都取得了顯著的成長。收入增加了8倍，查詢增加了7倍，預訂增加了5倍。但您今天的成功並非始於三年前。20年前，一個願景開始萌芽，如今，這個願景正變成現實。

We made bold predictions early on and stayed committed to the path we envisioned. We built an enterprise-grade platform that powers some of the world's largest organizations. This laid the foundation for us to capitalize on the fast-growing voice AI market. Our ability to innovate at a rapid pace and maintain the agility of a pure-play high-growth disruptor allows us to deliver cutting-edge solutions with speed, accuracy, and reliability.

我們很早就做出了大膽的預測，並堅持我們所設想的道路。我們建構了企業級平台，為世界上一些最大的組織提供支援。這為我們利用快速成長的語音AI市場奠定了基礎。我們能夠快速創新並保持純高成長顛覆者的敏捷性，這使我們能夠快速、準確、可靠地提供尖端解決方案。

We are incredibly excited that we recently unveiled the third pillar of our business, our voice commerce ecosystem. SoundHound has pioneered this vision for years, and the concept is simple yet powerful. The users of products powered by our voice assistant, our pillar one, can transact with businesses that are powered by our AI customer service offering, our pillar two. This forms the foundation of SoundHound's three-pillar business strategy and we expect it will increase our momentum further.

我們非常高興最近推出了我們業務的第三支柱—語音商務生態系統。SoundHound 多年來一直率先實現這一願景，其概念簡單而強大。由我們的語音助理（我們的第一支柱）提供支援的產品的用戶可以與由我們的人工智慧客戶服務產品（我們的第二支柱）提供支援的企業進行交易。這構成了 SoundHound 三大支柱業務策略的基礎，我們預計它將進一步增強我們的發展勢頭。

At CES, we demonstrated the complete end-to-end experience of a driver discovering food options and placing an order via their in-vehicle voice assistant using natural speech. This ecosystem creates value for all stakeholders. For the end user, it enhances convenience and safety. For merchants, it delivers new leads, and it creates a monetizable moment for SoundHound with revenue sharing opportunities for the OEMs.

在 CES 上，我們展示了駕駛員使用自然語音透過車載語音助理發現食物選項並下訂單的完整端到端體驗。這個生態系統為所有利害關係人創造價值。對於最終用戶來說，它提高了便利性和安全性。對於商家來說，它帶來了新的銷售線索，並為 SoundHound 創造了盈利機會，為 OEM 帶來了收入分享機會。

The traction we received could not have been better. Within just a few weeks, two notable Japanese automakers are pursuing POCs. Two German automakers are pursuing POCs. Several other notable OEMs in the US and Korea are pursuing POCs. And multiple national chain restaurants are eager to be participating merchants, which will add to our existing portfolio of prominent brands. We expect this concept to create a flywheel effect for SoundHound, with more OEMs and device makers adopting our voice assistants and more businesses adopting our AI customer service.

我們獲得的牽引力不能更好了。短短幾週內，兩家著名的日本汽車製造商就開始推行 POC。兩家德國汽車製造商正在推行 POC。美國和韓國的其他幾家知名 OEM 廠商也在推行 POC。多家全國連鎖餐廳渴望成為參與商家，這將增強我們現有的知名品牌組合。我們希望這個概念能為 SoundHound 創造飛輪效應，讓更多的 OEM 和設備製造商採用我們的語音助手，讓更多的企業採用我們的 AI 客戶服務。

Let me share more highlights and business wins. In automotive, our pipeline had never been this strong. We are in more and more RFPs and POCs with new logos, including some of the largest automotive brands in the world. We have won four EV brands, including Lucid and Togg. And our existing customers are upgrading to SoundHound Chat AI Automotive with generative AI for additional royalties per unit.

讓我分享更多亮點和商業成果。在汽車領域，我們的通路從未如此強大。我們在越來越多的 RFP 和 POC 中使用了新標識，其中包括一些世界上最大的汽車品牌。我們已經贏得了四個電動車品牌，包括 Lucid 和 Togg。我們現有的客戶正在升級到具有生成式人工智慧的 SoundHound Chat AI Automotive，以獲得每個裝置的額外版稅。

In healthcare, we had a very strong quarter, landing four notable wins, including Duke Health, Engelwood Health, and Wellstar Health System. We are especially excited, since we are seeing strong, repeatable business in this industry.

在醫療保健領域，我們本季表現非常強勁，取得了四個顯著的勝利，包括 Duke Health、Engelwood Health 和 Wellstar Health System。我們特別興奮，因為我們看到這個行業業務強勁、可重複。

In restaurants, Burger King, one of the largest QSRs in the world, went on live in the UK. We also saw expansions and wins with Whataburger, Peet’s Coffee, Torchy’s Tacos, Church's Texas Chicken, among others.

在餐飲領域，全球最大的速食連鎖店之一漢堡王在英國上線。我們也見證了 Whataburger、Peet’s Coffee、Torchy’s Tacos、Church's Texas Chicken 等品牌的擴張和成功。

We continue our expansion in four out of the top five pizza brands. We believe the pace of adoption of AI customer service in restaurants is increasing, with SoundHound already being the largest provider with dozens of prominent brands and well over 10,000 locations.

我們繼續在五大披薩品牌中的四個進行擴張。我們相信餐廳採用 AI 客戶服務的步伐正在加快，SoundHound 已經是最大的供應商，擁有數十個知名品牌和超過 10,000 個門市。

In government and military, we signed a contract with the City of Coral Springs and continue to roll out our conversational AI capabilities with federal government agencies such as a branch of the US military together with General Dynamics.

在政府和軍隊方面，我們與珊瑚泉市簽署了合同，並繼續與通用動力公司等聯邦政府機構合作推出我們的對話式人工智慧功能。

In retail, we are expanding our reach across multi-location retail brands including fitness, vehicle maintenance, home services, waste management, and more. Some of our customers include Torrid, multiple Planet Fitness franchise groups, and My Gym, among others.

在零售業，我們正在擴大我們的覆蓋範圍，涉及多地點零售品牌，包括健身、汽車維護、家庭服務、廢棄物管理等。我們的客戶包括 Torrid、多個 Planet Fitness 特許經營集團以及 My Gym 等。

Our largest deal in Q4 was in energy. We were happy to add a new industry to our portfolio this quarter and signed with one of the largest electric utilities in the United States. We also recently announced a partnership with Rekor, a leader in state-of-the-art roadway intelligence technology, to develop a first-of-its-kind audiovisual AI to bring hands-free voice control to emergency vehicle technology.

我們第四季最大的交易是能源領域的。我們很高興本季在投資組合中增加了一個新產業，並與美國最大的電力公司之一簽約。我們最近也宣布與最先進的道路智慧技術領導者 Rekor 合作，開發首創的視聽人工智慧，為緊急車輛技術帶來免持語音控制。

Moving to Agentic AI. SoundHound is a leader in enterprise conversational AI, and our scale as a pure play AI software company positions us at the forefront of the Agentic AI revolution. With our proven conversational AI platform, deep AI expertise, and AI-driven customer service solutions already embedded into hundreds of enterprise brands across industries, we are uniquely equipped to drive this next wave of innovation and capture this growing market opportunity.

轉向 Agentic AI。SoundHound 是企業對話式 AI 領域的領導者，作為一家純粹的 AI 軟體公司，我們的規模使我們處於 Agentic AI 革命的前沿。我們成熟的對話式 AI 平台、深厚的 AI 專業知識以及 AI 驅動的客戶服務解決方案已嵌入各行各業的數百個企業品牌，我們擁有獨特的優勢來推動下一波創新浪潮並抓住這一不斷增長的市場機會。

Agentic AI is widely discussed, but many are still defining what it means and how it will be applied. At its core, Agentic AI is a network of autonomous agents working together to achieve complex goals and execute actions. Each agent operates independently. They make decisions, execute tasks, and collaborate to optimize performance.

代理人工智慧被廣泛討論，但許多人仍在定義它的含義以及如何應用它。從本質上講，Agentic AI 是一個自主代理網絡，它們共同協作以實現複雜的目標並執行行動。每個代理人獨立運作。他們做出決策、執行任務並協作以優化績效。

When a user sets a goal, the system intelligently identifies the necessary steps, orchestrates them in sequence, and applies reasoning to deliver the best outcome. This shift allows businesses to focus on defining objectives, while AI handles the execution, unlocking new capabilities and efficiencies.

當使用者設定目標時，系統會聰明地辨識必要的步驟，依序安排這些步驟，並運用推理來提供最佳結果。這種轉變使企業能夠專注於定義目標，而人工智慧負責執行，釋放新的能力和效率。

We believe the world is transforming from an ecosystem of APIs to an ecosystem of agents. Agentic AI introduces a new dimension to our platform, expanding capabilities and impact. It is an inevitable evolution in AI functionality for our customers. This evolution comes as AI adoption moves from experimentation to necessity. Businesses are rapidly embracing AI, and as they do, SoundHound is in a position of strength.

我們相信世界正在從 API 生態系統轉變為代理生態系統。Agentic AI 為我們的平台引入了新的維度，擴展了功能和影響力。對我們的客戶來說，這是人工智慧功能不可避免的演進。這種演變正值人工智慧的應用從實驗走向必要之際。企業正迅速擁抱人工智慧，而 SoundHound 也因此佔據了優勢地位。

We have seen exciting results in the Agentic AI tools we've created and are building and testing agentic use cases in every major vertical. We will bring these to commercial deployment soon, and this will be a game changer for our customers and the industry. More to come in the near future.

我們在所創建的 Agentic AI 工具中看到了令人興奮的結果，並且正在每個主要垂直領域中建立和測試 Agentic 用例。我們很快就會將它們投入商業部署，這將改變我們的客戶和行業格局。不久的將來還會有更多內容。

I'm also pleased to share that SoundHound had a strong presence at CES, where we showcased groundbreaking technologies and AI solutions in our first-ever booth at the show. The buzz around our booth was electric, with non-stop traffic from industry leaders and innovators eager to come and demo our latest advancements.

我也很高興地告訴大家，SoundHound 在 CES 上表現出色，我們在展會的第一個展位上展示了突破性的技術和人工智慧解決方案。我們的展位周圍熱鬧非凡，行業領導者和創新者絡繹不絕，他們渴望前來演示我們最新的進展。

In addition to unveiling the first-ever in-vehicle voice commerce ecosystem, our CES participation also featured collaborations with NVIDIA, Perplexity, Lucid Motors, LG, and a broad range of restaurant partners. These partnerships highlight our leadership in delivering innovative voice solutions that are transforming customer experiences across industries.

除了推出首個車用語音商務生態系統外，我們在 CES 上的參展還與 NVIDIA、Perplexity、Lucid Motors、LG 以及眾多餐廳合作夥伴進行了合作。這些合作關係凸顯了我們在提供創新語音解決方案方面的領導地位，這些解決方案正在改變各行各業的客戶體驗。

In addition, SoundHound was featured in NVIDIA's Partner Passport Program at CES. Across the event, select partners were chosen to present their innovative work with NVIDIA, and we were honored to demonstrate our voice AI work with them. This collaboration continues with our upcoming participation at NVIDIA GTC 2025, where we'll be showcasing demos of our voice assistant leveraging generative AI on the edge with NVIDIA Drive AGX as well as our voice commerce ecosystem. We look forward to bringing more exciting updates and demos to GTC this year.

此外，SoundHound 還在 CES 上 NVIDIA 的合作夥伴護照計畫中亮相。在整個活動期間，我們挑選了合作夥伴來展示他們與 NVIDIA 合作的創新成果，我們也很榮幸能與他們一起展示我們的語音 AI 成果。我們即將參加 NVIDIA GTC 2025，將繼續進行此次合作，屆時我們將展示利用 NVIDIA Drive AGX 在邊緣生成 AI 的語音助理以及我們的語音商務生態系統的演示。我們期待今年為 GTC 帶來更多令人興奮的更新和演示。

Previously, I had talked about opportunities with Polaris, our multimodal multilingual foundation model. Let me share some of the impressive results of this groundbreaking technology. We compare ourselves against all the major players and prominent benchmarks, both public and private. We do this in different real-world settings, high-notice environments, and in settings where speed and low latency are critical.

之前，我曾談到 Polaris（我們的多模式多語言基礎模型）帶來的機會。讓我來分享一下這項突破性技術的一些令人印象深刻的成果。我們將自己與所有主要參與者和知名基準（包括公共和私人）進行比較。我們在不同的現實環境、高關注度環境以及速度和低延遲至關重要的環境中執行此操作。

We know that humans don't speak uniformly, so we consider accents and background disruptions. The results have been amazing. Against Google, for example, we outperformed by north of 20% better accuracy. We also beat them on speed with 4 times better latency.

我們知道人類的說話方式並不統一，所以我們會考慮口音和背景幹擾。其結果令人驚訝。例如，與Google相比，我們的準確率高出了 20% 以上。我們的延遲時間是他們的 4 倍，速度也高於他們。

Against OpenAI's Whisper model, we are 26% to 36% more accurate on various benchmarks. And we are able to do this on models 1/10 of its size of what OpenAI uses. This is because of our ability to balance the right portions of data science and machine learning. And we continue to innovate to keep extending our lead.

與 OpenAI 的 Whisper 模型相比，我們在各種基準測試中的準確率提高了 26% 到 36%。我們能夠在 OpenAI 所用模型十分之一大小的模型上做到這一點。這是因為我們有能力平衡資料科學和機器學習的適當部分。我們不斷創新，持續擴大領先優勢。

This is exciting technology, and as more customers begin to adopt it, the power of our AI only gains more interest in the market, positioning us as a leader in innovation and performance. Our ongoing advancements strengthen our competitive edge, driving further interest and accelerating our growth in the market.

這是一項令人興奮的技術，隨著越來越多的客戶開始採用它，我們人工智慧的力量只會在市場上引起更多的關注，使我們成為創新和性能的領導者。我們不斷的進步增強了我們的競爭優勢，推動了進一步的興趣並加速了我們在市場中的成長。

In closing, it's becoming increasingly clear that the AR revolution we predicted is now here. You're seeing strong growth, our customers love our solutions, and our entire ecosystem is expanding rapidly. Within automotive and pillar one, we continue to add new logos, including with the EVs. Thanks to our innovations, such as SoundHound Chat AI Automotive and our newly unveiled voice commerce ecosystem, you're seeing massive interest.

最後，我們預測的 AR 革命現在已經到來，這一點變得越來越明顯。您看到了強勁的成長，我們的客戶喜歡我們的解決方案，我們的整個生態系統正在迅速擴張。在汽車和第一支柱領域，我們繼續添加新標誌，包括電動車。由於我們的創新，例如 SoundHound Chat AI Automotive 和我們新推出的語音商務生態系統，您將看到巨大的興趣。

In pillar two, across customer service, we are gaining momentum with drive-through and phone ordering rollouts for major QSR brands. We are excited to have just announced our breakthrough dynamic drive-through platform that extends the restaurant ordering experience into calling, texting, scanning, and directly into cars. Our AI agents are seeing strong adoption across SMBs, regional chains, and enterprise brands.

在第二支柱即客戶服務方面，我們正為主要 QSR 品牌推出免下車訂餐和電話訂餐服務，從而獲得發展勢頭。我們很高興剛剛宣布了我們突破性的動態免下車平台，該平台將餐廳訂餐體驗擴展到打電話、發送簡訊、掃描以及直接在車上訂餐。我們的 AI 代理商在中小型企業、地區連鎖店和企業品牌中得到了廣泛的應用。

We've brought meaningful depth and breadth to conversational AI capabilities along with a diverse range of verticals. And with the acceleration of our Agentic AI capabilities, our customer service offering will continue to see accelerated growth.

我們為對話式人工智慧功能以及多種垂直領域帶來了有意義的深度和廣度。隨著我們的 Agentic AI 能力的加速發展，我們的客戶服務產品將持續加速成長。

We are proud to have introduced our third pillar, voice commerce, last month, fulfilling our vision of merging products and customer service into a powerful new product offering. We have a winning position in all pillars of our business.

我們很榮幸上個月推出了我們的第三大支柱——語音商務，實現了我們將產品和客戶服務合併為強大的新產品的願景。我們在所有業務支柱中都佔據領先地位。

As we bring another successful year to a close, I want to express my sincere gratitude to all SoundHound employees for their exceptional achievements and contributions in making this all possible.

當我們結束另一個成功的一年時，我想向所有 SoundHound 員工表達最誠摯的感謝，感謝他們的傑出成就和貢獻，使這一切成為可能。

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

說完這些，我現在將電話轉給 Nitesh，讓他談談我們的財務表現、關鍵成長動力和業務前景。

Thank you, Keyvan, and good afternoon, everyone. Q4 revenue was $34.5 million, increasing more than 100% year over year. For the full year, we grew by 85%, reaching the high end of our guidance range with $85 million in revenue.

謝謝你，Keyvan，大家下午好。第四季營收為 3,450 萬美元，年成長超過 100%。全年來看，我們的營收成長了 85%，達到了 8,500 萬美元的預期上限。

Before we dive into the financials for the quarter, I'd like to reflect on 2024 and what we accomplished. Within the most dynamic and fastest growing market in tech, we continue to execute our game plan, added to our portfolio solutions, and innovated with distinction in one of the most significant technological shifts in over a decade and quite possibly in our lifetime.

在深入研究本季的財務狀況之前，我想回顧一下 2024 年以及我們所取得的成就。在科技領域最具活力和成長最快的市場中，我們繼續執行我們的計劃，增加我們的產品組合解決方案，並在十多年來、甚至可能是我們一生中最重要的技術變革之一中實現卓越創新。

2024 was a breakthrough year for SoundHound as we diversified our business across products and industries, laying the foundation for scalable growth. The time for voice AI is now. Today, we work with 30% of the top quick-service restaurants and 70% of the top financial institutions in the world. We added new automotive customers, grew in healthcare, and this quarter, we entered a new high seven-figure deal with a large energy customer.

2024 年是 SoundHound 突破的一年，因為我們實現了業務跨產品和跨行業多元化，為可擴展成長奠定了基礎。現在是語音 AI 的時代。如今，我們與全球30％的頂級快餐店和70％的頂級金融機構合作。我們增加了新的汽車客戶，醫療保健領域也實現了成長，本季度，我們與一家大型能源客戶達成了一項新的七位數交易。

We have significantly reduced our customer concentration. Our largest customer represented slightly more than 14% of revenue in 2024 versus comprising nearly half in 2023. We have transformed our business towards more predictable, recurring revenue streams and have positioned ourselves for sustainable growth in 2025 and beyond. We continue to innovate with high velocity, further reinforcing our leadership in voice AI.

我們已大幅降低客戶集中度。我們最大的客戶在 2024 年的收入佔比略高於 14%，而 2023 年則佔比接近一半。我們已將業務轉型為更可預測的經常性收入來源，並為 2025 年及以後的可持續成長做好準備。我們持續高速創新，進一步鞏固我們在語音AI領域的領導地位。

The balance sheet is strong. We have capital flexibility to do the right things and our vision is now being realized. We finished the year with cumulative subscriptions and bookings backlog of nearly $1.2 billion, up over 75% year over year. As mentioned before, this metric is a measure of customer activity and gives current value to our existing contracts. The measure is based on contract signed and gives a snapshot of the revenue we expect to realize over the coming several years.

資產負債表強勁。我們擁有資本靈活性來做正確的事情，我們的願景現在正在實現。今年，我們的累積訂閱和預訂積壓量接近 12 億美元，年增 75% 以上。如前所述，該指標是衡量客戶活動的指標，並賦予我們現有合約的當前價值。該指標以簽訂的合約為基礎，反映了我們預計未來幾年實現的收入。

In and of itself, though, it is an incomplete measure as we have been noting new deals each quarter, as well as significant cross-sell and up-sell opportunities we're seeing, having added new SKUs and use cases across verticals. We have a very diverse product portfolio with a massive addressable market that is growing rapidly. We see a number of near-term serviceable markets where we have great product market fit. And we are going after these with accelerating momentum.

然而，就其本身而言，這是一個不完整的衡量標準，因為我們每個季度都會注意到新的交易，以及我們看到的重大交叉銷售和追加銷售機會，並在垂直領域增加了新的 SKU 和用例。我們擁有非常多樣化的產品組合，以及快速成長的巨大潛在市場。我們看到了許多近期可服務的市場，我們的產品與這些市場有著很好的契合度。我們正以更快的速度實現這些目標。

Let me give you a few examples. In automotive, the 90 million-plus global light vehicles produced each year gives us billions of dollars of repeatable revenue opportunity. We continue to gain share in this space, and with GenAI and now voice commerce, we believe it will only further accelerate.

讓我給你舉幾個例子。在汽車產業，全球每年生產的9,000多萬輛輕型汽車為我們帶來了數十億美元的可重複收入機會。我們在這個領域的份額不斷擴大，隨著 GenAI 和現在的語音商務的發展，我們相信這一領域的發展只會進一步加速。

In restaurants, there are millions of global food establishments representing tens of billions of dollars of serviceable market, with over 75 billion transactions that can be automated for pickup, delivery, and drive-thru orders. Just looking at one small but attractive and rapidly growing slice, US-based drive-throughs, we see roughly $5 billion in annual revenue available. We are expanding partnerships and catalyzing scale, and we are leading the competition.

在餐廳領域，全球有數百萬家餐飲企業，代表著數百億美元的可服務市場，其中超過 750 億筆交易可實現自動化取貨、配送和免下車訂單。光是看美國免下車取餐市場這一雖小但卻很有吸引力且成長迅速的領域，我們就能看到每年大約有 50 億美元的收入。我們正在擴大合作夥伴關係、催化規模，並引領競爭。

In healthcare, retail, and energy sectors, there are trillions of interactions occurring annually across customer service, scheduling, and operational workflows. With millions of businesses and consumers relying on these industries daily, this creates a massive pool of mission-critical recurring revenue streams to enhance efficiency, reduce costs, and drive engagement at scale. Agentic AI will play a key role here.

在醫療保健、零售和能源領域，每年在客戶服務、調度和營運工作流程中發生數兆次互動。由於每天有數百萬的企業和消費者依賴這些行業，因此創造了大量關鍵任務的經常性收入來源，以提高效率、降低成本並推動大規模參與。Agentic AI 將在這裡發揮關鍵作用。

There are several other industries where we can point to billion-dollar-plus TAMs. And the fact that we have scalable products, strong reference customers, and direct and indirect sales motivated to win gives us great confidence in our ability to continue our hypergrowth for years to come.

我們也可以指出其他幾個產業的 TAM 也超過 10 億美元。事實上，我們擁有可擴展的產品、強大的參考客戶以及積極爭取成功的直接和間接銷售，這讓我們對未來幾年繼續保持高速成長的能力充滿信心。

To summarize, our product platform is in the sweet spot of a massive technological shift happening right now. We have a differentiated competitive position and the markets we are targeting are extremely large. And so we are executing with tenacity to capture as much of these opportunities as we can.

總而言之，我們的產品平台正處於當前大規模技術轉變的最佳階段。我們擁有差異化的競爭地位，而且我們的目標市場極為龐大。因此，我們正在堅持不懈地努力，盡可能地抓住這些機會。

With that, let me now discuss the fourth-quarter financials in more detail.

現在，讓我更詳細地討論一下第四季的財務狀況。

Q4 revenue was $34.5 million, up 101% year over year. In automotive, we continue to see double-digit unit price expansion in the quarter, driven by our generative AI solutions and overall product expansion. The automotive unit growth was hampered in Q4 by some of the overall macro pressures facing the industry, but our projections in 2025 are for continued strong growth based on the positive signs we are seeing already this year.

第四季營收為 3,450 萬美元，較去年同期成長 101%。在汽車領域，由於我們的生成式人工智慧解決方案和整體產品擴展，我們本季繼續看到兩位數的單價擴張。由於行業面臨的一些整體宏觀壓力，第四季度汽車銷售成長受到阻礙，但根據我們今年已經看到的積極跡象，我們預測 2025 年汽車銷售將繼續強勁增長。

And we are seeing strong double-digit year-over-year growth in active cloud users, which in effect is our most important measure as it represents our ongoing most committed user base. Within customer service, we continue to scale, signing meaningful new logos, such as Burger King in the UK and the aforementioned large energy company based in the US. The quarter also benefited from the previously discussed acquisitions.

我們看到活躍雲端用戶數量年增了兩位數，這實際上是我們最重要的衡量標準，因為它代表了我們持續最忠誠的用戶群。在客戶服務領域，我們不斷擴大規模，簽署有意義的新標誌，例如英國的漢堡王和前面提到的總部位於美國的大型能源公司。本季度也受益於先前討論的收購。

As mentioned last quarter, our scale and increased SaaS-like revenue enables us to reduce our reliance on certain large point-in-time deals going forward, directly improving price stability, and which will benefit the diversity and predictability of our revenue in future periods.

正如上個季度所提到的，我們的規模和增加的類 SaaS 收入使我們能夠減少對未來某些大型時點交易的依賴，從而直接提高價格穩定性，這將有利於我們未來收入的多樣性和可預測性。

Similar to what I noted last quarter, our customer concentration had significantly improved. In the prior year, we had well over 90% of our revenue from just five customers. Now that ratio is roughly one-third.

與我上個季度注意到的情況類似，我們的客戶集中度有了顯著提高。上一年，我們 90% 以上的收入均來自五位客戶。現在這個比例大約是三分之一。

In Q4, our GAAP gross margin was 40%, down year over year, primarily due to the impact of the business and product mix of recent acquisitions. Adjusted for non-cash amortization of purchase and tangibles and employee stock compensation, our non-GAAP gross margin was 52%. Both GAAP and non-GAAP gross margins were down sequentially due to the inclusion of Amelia for a full quarter compared to only partial quarter in Q3.

第四季度，我們的 GAAP 毛利率為 40%，較去年同期下降，主要由於近期收購的業務和產品組合的影響。經調整購買和有形資產的非現金攤提以及員工股票薪酬後，我們的非 GAAP 毛利率為 52%。由於納入了 Amelia 整個季度的數據，而第三季僅納入了部分季度的數據，因此 GAAP 和非 GAAP 毛利率均較上季下降。

We are executing on the synergies identified from our acquisitions and are already starting to realize some of these efficiencies. Additionally, as we automate more workflows, we expect our product mix to drive meaningful improvement in our gross margins, ultimately driving us back to the 70%-plus levels we have historically realized.

我們正在實施從收購中發現的協同效應，並且已經開始實現其中的一些效率。此外，隨著我們實現更多工作流程的自動化，我們預計我們的產品組合將推動毛利率的顯著提升，最終使我們回到歷史上實現的 70％以上的水平。

Last quarter, I mentioned we would review acquired customer contracts and move away from deals that didn't meet our long-term profit objectives, and we started to prune that portfolio in the quarter. The impacts will be seen over time, and we have more to do. There will be revenue impacts, but it will drive healthier margins and a better long-term profitable growth profile.

上個季度，我提到我們將審查已獲得的客戶合同，並放棄那些不符合我們長期利潤目標的交易，並且我們在本季度開始削減該投資組合。其影響將隨著時間的推移而逐漸顯現，我們還有很多工作要做。雖然這會對收入產生影響，但將帶來更健康的利潤率和更好的長期獲利成長狀況。

R&D expenses were $20.4 million in Q4, reflecting a 60% year-over-year increase, primarily driven by our acquisitions. We are committed to innovating our products to stay at the cutting edge of this fast-moving market. We have developed an architecture capable of arbitrating multiple LLMs, both our internally-trained models and knowledge domains, as well as third-party LLMs, to deliver the best possible customer experiences.

第四季的研發費用為 2,040 萬美元，年增 60%，主要得益於我們的收購。我們致力於創新我們的產品以在這個快速發展的市場中保持領先地位。我們已經開發出一種能夠仲裁多個 LLM 的架構，包括我們內部訓練的模型和知識領域以及第三方 LLM，以提供最佳的客戶體驗。

Investing in our key initiative, Polaris, is a priority, and you can see why based on the differentiation against peers that Keyvan talked about. The massive amount of data we have is another focus area where we continue to invest. We use this data to consistently train our models in various industries, which we see is a key differentiator versus our competition, further deepening our moat.

投資我們的關鍵計劃 Polaris 是我們的首要任務，您可以從 Keyvan 談到的與同行的差異化中看到原因。我們擁有的大量數據是我們持續投資的另一個重點領域。我們使用這些數據在各個行業中持續訓練我們的模型，我們認為這是我們與競爭對手的關鍵區別，進一步加深了我們的護城河。

Sales and marketing expenses were $9.6 million in Q4, reflecting a 114% year-over-year increase, primarily driven by acquisitions. We are investing in growth with increased marketing campaigns and overall brand and demand gen efforts. This includes targeted investments in the go-to-market motion of Amelia to attack the tremendous enterprise opportunity we see across multiple verticals.

第四季銷售和行銷費用為 960 萬美元，年增 114%，主要原因是收購。我們正在透過加強行銷活動和整體品牌及需求產生努力來投資成長。這包括對 Amelia 的上市計劃進行有針對性的投資，以抓住我們在多個垂直領域看到的巨大企業機會。

We are continuing to invest in direct and indirect sales capabilities and customer success to go after new customers, incubate existing relationships, and ensure we effectively cross-sell and up-sell across our full portfolio where we've seen some really promising early signals.

我們將繼續投資於直接和間接銷售能力和客戶成功，以尋找新客戶，培養現有關係，並確保我們在整個產品組合中有效地進行交叉銷售和追加銷售，我們已經看到了一些非常有希望的早期信號。

G&A expenses were $16.4 million in Q4, reflecting a 115% year-over-year increase, primarily driven by our acquisitions. On a sequential basis, we were up by 8%, mainly due to the Amelia's full-quarter impact. Over the long term, we expect leverage in our G&A line, although we will continue to invest in system and process improvement to enhance our control environment and modernize our capabilities, including the consolidation and integration of multiple ERPs and other systems that have stemmed from our different acquisitions in 2024.

第四季的一般及行政管理費用為 1,640 萬美元，年增 115%，主要由於我們的收購。與上一季相比，我們的銷售額成長了 8%，這主要歸因於 Amelia 整個季度的影響。從長遠來看，我們預計 G&A 業務將發揮槓桿作用，但我們將繼續投資於系統和流程改進，以增強我們的控制環境並實現我們的能力的現代化，包括合併和整合源於我們在 2024 年進行的不同收購的多個 ERP 和其他系統。

Our financials also show a charge related to the change in fair value of contingent liabilities, significantly impacting our GAAP lost from operations in Q4 by approximately $220 million.

我們的財務數據也顯示與或有負債公允價值變動相關的費用，對我們第四季的 GAAP 經營損失產生了約 2.2 億美元的嚴重影響。

Let me give you some context here. While this is not a new line item, this stems from the acquisitions we have completed. To note, this is a non-operating and non-cash expense. The significant change is due to the required mark-to-market accounting and reflects the strong increase of our stock price at the end of 2024. This balance will fluctuate from quarter to quarter, sometimes as significantly as was in Q4, and as such is excluded in our non-GAAP results.

讓我在這裡給你一些背景資訊。雖然這不是一個新的項目，但它源自於我們已經完成的收購。值得注意的是，這是一項非營業性、非現金支出。這一重大變化是由於要求以市價記賬，並反映了我們 2024 年底股價的強勁上漲。該餘額每季都會有所波動，有時會像第四季一樣波動很大，因此被排除在我們的非 GAAP 結果之外。

We also had non-cash employee stock compensation of $9.9 million and non-cash depreciation and amortization, including the amortization of intangible of $7.9 million in Q4, all of which are included in our GAAP results.

我們還有 990 萬美元的非現金員工股票薪酬以及非現金折舊和攤銷，包括第四季度 790 萬美元的無形資產攤銷，所有這些都包含在我們的 GAAP 結果中。

Please note that we expect stock-based compensation to increase in 2025 with the full impact of the acquired employees' equity awards. As a result, adjusted EBITDA was a loss of $16.8 million in Q4. The year-over-year change was driven primarily by strategic acquisitions, of which we are still early in our integration efforts and growth investments we have been making across the business.

請注意，我們預計，在獲得員工股權獎勵的全面影響下，股票薪酬將在 2025 年增加。因此，第四季調整後的 EBITDA 虧損 1,680 萬美元。與去年同期相比的變化主要受到策略性收購的推動，我們在整個業務範圍內進行的整合工作和成長投資仍處於早期階段。

OI&E was $1.2 million expense for the quarter. This includes interest expense of $1.3 million. GAAP net loss and EPS were impacted by the change in fair value of contingent liabilities mentioned before. Non-GAAP net loss was $19 million and non-GAAP net loss per share was $0.05 in the quarter. This also adjusts for non-cash depreciation and amortization, M&A transaction costs, stock-based comp, and other non-cash items.

本季的 OI&E 支出為 120 萬美元。其中包括130萬美元的利息費用。公認會計準則淨虧損及每股盈餘均受到前述或有負債公允價值變動的影響。本季非公認會計準則淨虧損為 1,900 萬美元，每股非公認會計準則淨虧損為 0.05 美元。這也調整了非現金折舊和攤提、併購交易成本、股票薪資和其他非現金項目。

Our cash and equivalents at year end was $198 million. We paid down the remaining outstanding debt from the acquisition in Q4, so we ended 2024 with no debt on the balance sheet.

我們年底的現金和等價物為 1.98 億美元。我們在第四季度償還了收購後剩餘的未償債務，因此到 2024 年底，我們的資產負債表上沒有任何債務。

Last month, we announced a new S-3, an at-the-market equity program, to opportunistically raise capital and to provide flexibility. We will be thoughtful about when we execute on the program, and as I've said before, our capital position is strong, and we do not need incremental capital to achieve the breakeven operating profile we expect to deliver this year.

上個月，我們宣布了一項新的 S-3，即一項以市場價格發行的股權計劃，旨在抓住機會籌集資金並提供靈活性。我們將認真考慮何時執行該計劃，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我們預計今年實現的盈虧平衡經營狀況。

With that, let me discuss our financial outlook. We are starting 2025 with momentum. We have a strong pipeline and are scaling across our product and business areas. We are adding new capabilities and delivering for our existing customer base. Our customer demand continues to grow and our pace in capturing that demand at scale is accelerating, and our visibility into the near-term opportunities is improving.

接下來，讓我來討論一下我們的財務前景。我們正以強勁的勢頭開啟 2025 年。我們擁有強大的產品線，並且正在擴大我們的產品和業務領域。我們正在增加新的功能並服務現有客戶群。我們的客戶需求持續成長，我們大規模滿足這項需求的步伐也正在加快，我們對近期機會的可見度也在提高。

So even though it is early in the year, for 2025, we feel confident increasing our revenue outlook to $157 million to $177 million. There will be a ramp in revenue through the year given the nature of our customer base, underlying seasonality and expected large deal timing.

因此，儘管現在還處於年初，但我們有信心將 2025 年的營收預期提高到 1.57 億美元至 1.77 億美元。考慮到我們的客戶群性質、潛在的季節性以及預期的大型交易時機，全年收入將會增加。

In prior years, we delivered roughly 30% of our annual revenue in the first half. We think we will deliver closer to 40% in the first half of this year. So the quarterly mix will continue to be back-end loaded, but less so than in prior years as our mix of recurring subscription business has increased. Overall, this outlook affirms our expectation of another year of very strong growth.

過去幾年，我們上半年實現了約30%的年收入。我們預計今年上半年的交車量將接近 40%。因此，季度組合將繼續在以後端加載為主，但由於我們的經常性訂閱業務組合有所增加，因此比前幾年有所減少。總體而言，這一前景證實了我們對明年將實現強勁成長的預期。

We also remain committed to our path to profitability. We will get there through continued scale and through surgical high ROI investments. We will also continue to drive the acquisition cost synergies and build on the positive early integration progress we have seen. Accordingly, we continue to expect to achieve adjusted EBITDA profitability by the end of 2025.

我們也將繼續致力於獲利之路。我們將透過持續的規模和高投資回報率的投資來實現這一目標。我們也將繼續推動收購成本綜效，並在我們看到的早期整合正向進展的基礎上再接再厲。因此，我們仍預期在 2025 年底實現調整後的 EBITDA 獲利。

In closing, 2024 was a catalyzing year for us in many ways, and our business is much stronger as a result. We enter 2025 with tailwinds within a market that is right for our AI solutions. In this new GenAI LLM world, we believe natural language conversations are the next major transformation in how humans will interact with technology, and voice AI is the killer app.

最後，2024 年對我們來說在許多方面都是催化的一年，我們的業務也因此變得更加強勁。我們將在適合我們 AI 解決方案的市場中順風順水地邁入 2025 年。在這個新的 GenAI LLM 世界中，我們相信自然語言對話是人類與科技互動方式的下一個重大轉變，而語音 AI 是殺手級應用。

Voice AI is what we do. We have pioneered and innovated in this space since our origins. As we look forward, we will continue to bring new groundbreaking offerings to our customers to help them excel in this new technology era.

語音 AI 是我們所做的。自成立以來，我們一直在這個領域開拓創新。展望未來，我們將繼續為客戶帶來新的突破性產品，幫助他們在新科技時代中脫穎而出。

Thank you, and now we will move to Q&A.

謝謝，現在我們進入問答環節。

(Operator Instructions) Gil Luria, DA Davidson.

（操作員指示） Gil Luria、 DA Davidson。

Keyvan, there's been some pretty big breakthroughs recently in the efficiency of AI models. And those models are open-source and getting a lot smaller. I know you develop your own models, you use other models as well.

Keyvan，最近人工智慧模型的效率取得了一些相當大的突破。這些模型是開源的，而且體積變得更小。我知道你們發展了自己的模型，你們也使用其他模型。

Does the advances in this technology make it possible for you, especially in the restaurant drive-thru business, to put more of the intelligence on the device and therefore maybe reduce latency, make it more efficient, and improve the performance? Is this something where you can leverage the recent advances?

這項技術的進步是否可以讓您，特別是在餐廳免下車服務產業，將更多的智慧融入設備，從而減少延遲、提高效率並改善性能？這是您可以利用最新進展的領域嗎？

Absolutely. In fact, we predicted this two years ago when we created our architecture to use LLMs to bring LLMs into our conversational AI. We predicted that the models would become better and cheaper, and there will be multiple models that will be good at different things. Some of them will be made by SoundHound, some of them made by third parties, some of them will be open-source.

絕對地。事實上，我們在兩年前創建架構以使用 LLM 將 LLM 引入我們的對話式 AI 時就預測到了這一點。我們預測模型會變得更好、更便宜，並且會出現多個擅長不同事物的模型。其中一些將由 SoundHound 製作，一些由第三方製作，一些將是開源的。

So we created the architecture in a way that we can benefit from it as these advances are realized. So those are absolutely good for us.

因此，我們創建了這樣的架構，以便在這些進步實現時我們可以從中受益。所以這些對我們來說絕對是好事。

The most immediate impact is that our platform becomes more accurate and the running cost goes down. But a lot of our reliance on third-party APIs, we bring those in-house, including our own models or the open-source ones that we fine tune. But as we said, also we can bring this to the edge. We had a great demo at CES showing the entire language model experience and generative AI without cloud connection.

最直接的影響是我們的平台變得更精準，運作成本也降低了。但是，我們很大程度上依賴第三方 API，我們將它們帶入公司內部，包括我們自己的模型或我們微調的開源模型。但正如我們所說，我們也可以將其推向極限。我們在 CES 上進行了精彩的演示，展示了無需雲端連接的整個語言模型體驗和生成式 AI。

Yeah. Lucky was very impressed when he was there. I'm sorry I wasn't able to make it. Nitesh, for you, that backlog number has grown quite a bit. Can you give us a couple more parameters around it? What's the duration of that backlog number? Maybe by vertical or by pillar, what are the different pieces in that? I think you said $1.2 billion.

是的。當他到那裡時，幸運印象非常深刻。很抱歉我沒能參加。Nitesh，對你來說，積壓數量已經增加了不少。您能給我們更多相關參數嗎？積壓數量持續了多久？也許按垂直或按柱子，其中有哪些不同的部分？我記得你說的是12億美元。

Sure. Duration is pretty consistent with prior quarters, about six years. I think it's slightly north of six years. By vertical, I'll say continue to have a good balance. If you go back 1.5 years ago, it was heavy on the automotive. Automotive continues to penetrate and grow. Very excited coming out of CES and what we announced with voice commerce that we're getting great traction with a lot of deals. Keyvan mentioned some of those in the prepared remarks.

當然。持續時間與前幾季相當一致，約為六年。我認為應該略多於六年。從垂直角度來說，我想說繼續保持良好的平衡。如果回顧 1.5 年前，那時的汽車產業十分繁榮。汽車產業持續滲透並成長。我很高興參加 CES，我們宣布的語音商務正在許多交易中取得巨大進展。Keyvan 在準備好的發言中提到了其中一些。

Where we've seen the outpaced growth now for several quarters running has been in the restaurant space. And for us, the deals that we're signing continue to grow. It's really continues to be about pace and scale and how we can ramp with them. And now with Amelia in the mix, and I mentioned some new customers and new industries that we're really excited about, but across predominantly healthcare, financial services, there's real strength.

我們已經看到餐飲業連續幾季呈現超速成長。對我們來說，我們簽署的交易數量還在增加。這實際上仍然與速度和規模有關，以及我們如何與它們一起進步。現在有了 Amelia 的加入，我提到了一些讓我們感到非常興奮的新客戶和新行業，但在主要的醫療保健和金融服務領域，我們確實實力雄厚。

We had the new deal with the energy sector that we're excited about. We think there's a long runway that we can capitalize on there. So what's wonderful about that metric, call it this year, as compared to when maybe we were talking about it last year, is twofold.

我們與能源領域達成了新協議，對此我們感到非常興奮。我們認為，我們可以利用那裡的長期優勢。與我們去年討論的相比，今年的這項指標的奇妙之處在於雙重。

Number one, the diversity point across industries. Voice AI is agnostic. It can influence and benefit many different types of customers. The strength of it and then just the shift I mentioned in the prepared remarks around more recurring revenue basis in that metric, that's definitely that composition has grown. You see that a bit with our mix towards more pillar two revenue.

第一，跨行業的差異點。語音 AI 是不可知論的。它可以影響和造福許多不同類型的客戶。它的實力，以及我在準備好的評論中提到的圍繞該指標中更多經常性收入基礎的轉變，肯定意味著該組成已經增長。您會發現，我們的收入結構略微偏向第二支柱收入。

So I think all of that pertains to just continued strength and possibilities. And I also mentioned on the call that that's just the starting point for us. We continue to aggressively go after new deals that are not reflected in that metric.

所以我認為所有這些都與持續的力量和可能性有關。我在電話中也提到，這只是我們的起點。我們將繼續積極尋求那些未反映在該指標中的新交易。

We are now having particularly post some of these acquisitions, cross-sell and up-sell opportunities. Really exciting early days on our restaurant customers really leaning into some of the solutions that we got in the conversation AI with the Amelia acquisition or some of the Amelia customer base now leveraging some of our smart answering capabilities that we built up on the SoundHound side. So really, we can incubate a lot more with that existing customer base and certainly are continuing to grow and add more.

我們現在特別發布了一些此類收購、交叉銷售和追加銷售的機會。在早期，我們餐廳的顧客非常樂意接受我們在收購 Amelia 後在對話 AI 中獲得的一些解決方案，或者說，Amelia 的一些客戶群現在正在利用我們在 SoundHound 方面建立的一些智能應答功能，這確實令人興奮。因此，我們實際上可以利用現有的客戶群孵化更多業務，而且肯定會繼續發展並增加更多業務。

(Operator Instructions) Thomas Blakey, Cantor.

（操作員指示）Thomas Blakey，Cantor。

It's great to hear about all those POCs off of CES and probably even work you've done prior to that. Could we maybe click there and just talk about what the typical time to revenue is for POC? Then I have a follow-up.

很高興聽到有關 CES 上的所有 POC 以及您在此之前所做的工作。我們可以點擊那裡並討論一下 POC 的典型收入時間嗎？然後我有一個後續問題。

I'll start and Nitesh might add. So with automotive, we can run POCs very quickly, especially with the ones that we are live in the market. For example, last year we ran several POCs with Stellantis bringing generative AI and ChatGPT into the cars. And the result was incredible, and they decided to actually go live with all their units with the SoundHound Chat AI that brings alternative AI into it.

我先開始，Nitesh 或許會補充。因此對於汽車產業來說，我們可以非常快速地運行 POC，尤其是對於已經在市場上銷售的 POC。例如，去年我們與 Stellantis 合作進行了幾次 POC，將生成式 AI 和 ChatGPT 引入汽車。結果令人難以置信，他們決定在所有設備上使用引入了替代 AI 的 SoundHound Chat AI。

So this time, we actually have a lot of new OEMs, as I mentioned, two Japanese OEMs and two German OEMs. Several OEMs from US and Korea are going to run POCs. So the timing of the POCs is going to happen in the first half of this year for most of those. Sometimes we charge for the POCs, but the vision is still big in this case that we want to prove it as quickly as possible.

所以這次，我們實際上有很多新的 OEM，正如我所提到的，兩家日本 OEM 和兩家德國 OEM。來自美國和韓國的幾家 OEM 廠商將運行 POC。因此，對於大多數 POC 來說，發佈時間將在今年上半年。有時我們會對 POC 收費，但在這種情況下，我們的願景仍然很大，我們希望盡快證明這一點。

And you asked about revenue impact. We actually don't have -- the third pillar monetization revenue is an upside this year. But the impact of the three-pillar vision is already being realized because our pillar one and pillar two customers are more eager to adopt our platform because they see that path to monetizable moments from the third pillar.

您詢問了收入影響。我們實際上沒有——第三支柱貨幣化收入是今年的上升趨勢。但是，三支柱願景的影響已經開始實現，因為我們的第一支柱和第二支柱客戶更渴望採用我們的平台，因為他們從第三支柱中看到了實現貨幣化的道路。

Yeah, maybe Tom, I'll just add, I'm not sure if your question was specific to the POCs we were talking about coming out of CES, but maybe if it's okay, I'll just expand your question more broadly how we see ramping of customer base.

是的，也許湯姆，我只想補充一點，我不確定你的問題是否具體針對我們在 CES 上談論的 POC，但如果可以的話，我可以更廣泛地擴展你的問題，我們如何看待客戶群的增加。

They're slightly different depending on the industry and product vertical. So within the automotive sector, traditionally, it's we get into a deal and we try to roll out and we get royalties on cars as their shift, we get the royalties, so we get more units out in market. That's where we generate revenue. That's historically been the model.

根據行業和產品垂直領域不同，它們略有不同。因此，在汽車行業，傳統上，我們會達成交易，然後嘗試推出產品，隨著汽車的轉變，我們會獲得汽車的特許權使用費，我們會獲得特許權使用費，這樣我們就可以在市場上推出更多的汽車。這就是我們創造收入的地方。從歷史上看，這就是典範。

With restaurants, I think I've mentioned in prior calls how really depends on the customer. One, where there's drive-through, sometimes you have hardware requirements and we have to go through the process of making sure the drive-throughs have the proper microphones, headsets, display boards.

對於餐館，我想我在之前的電話中提到過，這實際上取決於顧客。首先，在免下車取餐服務中，有時對硬體有要求，我們必須經過一系列流程，確保免下車取餐服務配有合適的麥克風、耳機和顯示板。

And we've done a lot of innovation to really help our restaurant customers scale there. For example, we've innovated with like smaller footprint post with the display board. That doesn't have the same permitting requirements and that allows us to go faster. So there's a lot of experimentation and trial and working with great partners on the hardware side to provide that scale.

我們做了很多創新來真正幫助我們的餐廳顧客擴大規模。例如，我們對顯示板進行了創新，使其佔地面積更小。它沒有相同的許可要求，並且使我們能夠更快地前進。因此，我們進行了大量的實驗和試驗，並與硬體方面的優秀合作夥伴合作以實現這種規模。

On the phone ordering for restaurants, it's a little bit more of you can go much faster. We integrate with the point of sales and we can scale it technologically very quickly. Sometimes the gate in restaurants could be the corporate, sort of do they have franchisees that we need to have multiple conversations with? Does corporate own all the locations? Or does corporate have greater influence? So those are some of the gating factors.

透過電話為餐廳訂餐，您可以更快完成訂餐。我們與銷售點進行整合，並能夠在技術上快速擴展其規模。有時餐廳的大門可能是公司的，他們是否有特許經營商，我們需要與他們進行多次對話？公司是否擁有所有地點？還是企業的影響力更大？這些就是一些限制因素。

And then when we get into the enterprise business where we're selling interactions and we can deploy the product pretty quickly. We have a professional services organization that specializes in getting the product ramped up. And then really, again, kind of depends on the scale and interactions and as we can get more and more use cases we can move from customer facing to internal employee facing, that's where we scale the interaction based upon which we generate recurring revenue.

然後，當我們進入企業業務時，我們銷售互動，並且能夠相當快速地部署產品。我們擁有一個專業的服務機構，專門負責提升產品的品質。然後實際上，這又取決於規模和互動，隨著我們可以獲得越來越多的用例，我們可以從面向客戶轉向面向內部員工，這就是我們擴大互動規模並產生經常性收入的基礎。

So that's trying to expand your question to something more broad, but there's different dimensions to all of the verticals.

所以這是試圖將您的問題擴展到更廣泛的範圍，但所有垂直領域都有不同的維度。

Yeah. No, that was a great review, and I appreciate that more than you know. And yeah, I was asking Keyvan a lot about the POCs from the pillar three, and it's great to see the flywheel in motion already impacting pillar one. It'd be exciting to see what that unit ramp looks like in pillar one in the coming year.

是的。不，那是一次很棒的評論，我對此的感激之情無以言表。是的，我向 Keyvan 詢問了很多關於第三支柱的 POC 的問題，很高興看到飛輪運動已經對第一支柱產生了影響。看看明年該單位在第一支柱中的表現會是怎樣的，將會令人興奮。

Maybe in the follow-up, the seven-figure deal in the energy vertical sounds like really exciting in terms of expanding into new verticals like this. First of all, from an administrative perspective, Nitesh, maybe any kind of like what's the economic impact in the current quarter or early '25, that'd be helpful. And what does this kind of portend came on for, Keyvan, for what SoundHound's bringing to outside the core, auto restaurant and finserv and healthcare verticals, that'd be helpful. Thank you very much.

也許在後續行動中，能源垂直領域的七位數交易聽起來真的令人興奮，這對於擴展到這樣的新垂直領域來說確實令人興奮。首先，從行政角度來看，Nitesh，也許對本季或 25 年初的經濟影響是什麼，都會有所幫助。那麼，Keyvan，這種預兆對於 SoundHound 為核心之外的汽車餐廳、金融服務和醫療保健垂直行業帶來什麼幫助？非常感謝。

Sure, I'll hit the first part. So it's a multi-year deal. What is great is the scale is really much larger than our traditional deal. So in terms of interactions and the capabilities that we're bringing, it is the type of customer that pays early. So that's great. We've got actually, from an economics and a cash perspective, there's accelerated cash collection. So that's a strength for us.

當然，我會打第一部分。所以這是一份多年期協議。令人驚訝的是，其規模確實比我們傳統的交易大得多。因此，就我們帶來的互動和功能而言，這是提前付款的客戶類型。這太棒了。實際上，從經濟和現金角度來看，我們的現金收集速度正在加快。所以這是我們的優勢。

But generally speaking, yeah, to the bigger point of the enterprise business has given us great penetration into financial services where we talked about being in 7 of the top 10 financial institutions. And then in healthcare, we've really got a large runway we're investing because we see a lot of opportunity.

但總體來說，企業業務的更大優勢讓我們在金融服務領域取得了巨大的滲透，我們已經成為十大金融機構中的七家。在醫療保健領域，我們確實有很大的投資空間，因為我們看到了許多機會。

And you can just imagine in people's personal interactions, you've got to set an appointment. Sometimes you've got to get some results. You need to have a conversation with a nurse or a doctor. Like all these interactions are very complicated through the traditional models, and that's what we're modernizing, making it easier for people. And now in energy, whether you need to check is your power up or all these types of things, the use cases are tremendous and our platform scales very well.

你可以想像一下，在人們的個人互動中，你必須預約。有時你必須要取得一些成果。您需要與護士或醫生交談。所有這些互動透過傳統模式來說都非常複雜，而我們正在對其進行現代化改造，讓人們能夠更輕鬆地完成這些互動。現在在能源領域，無論您需要檢查電源是否正常還是所有這類事情，用例都非常多，而且我們的平台擴展性非常好。

So we're excited. And again, multi-year deal, so we can benefit from that relationship over the long term and hope to expand even further.

所以我們很興奮。再次，這是一份多年期協議，因此我們可以從這種長期關係中受益，並希望進一步擴大。

Yeah, and it's a very repeatable offering so we can go to other similar companies and offer them more efficient way. And we are very proud and excited that we are expanding beyond restaurants. When we started our AI customer service initiatives a number of years ago, we started with restaurants first and we said restaurants to us are like books first on Amazon. They started with books first, now they sell everything. Let's start with restaurants, do it really well, and then expand to other verticals. And now we are well beyond restaurants.

是的，這是一個非常可重複的產品，因此我們可以去其他類似的公司，並為他們提供更有效的方式。我們非常自豪和興奮，我們的業務範圍正在拓展到餐廳以外。幾年前，當我們啟動人工智慧客戶服務計畫時，我們首先從餐廳開始，我們認為餐廳對我們來說就像亞馬遜上的書籍一樣。他們最初銷售書籍，現在他們銷售所有東西。讓我們從餐廳開始，把它做好，然後擴展到其他垂直領域。如今，我們的業務範圍已經遠遠超出了餐廳領域。

We are, as Nitesh said, in healthcare, financial services, government, military, and retail. And we just added energy, and again, all of those are repeatable and getting faster. Adoption is getting faster.

正如尼特什所說，我們涉足醫療保健、金融服務、政府、軍事和零售業。我們只是增加了能量，所有這些都是可重複的，而且速度越來越快。採用速度越來越快。

Mike Latimore, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Latimore 。

On Amelia, they have both kind of customer engagement and then more internal IT support use cases. Are either one of those sort of more pronounced in the pipeline?

在 Amelia 上，他們既有客戶參與，也有更多的內部 IT 支援用例。其中任何一個在管道中都更加明顯嗎？

The customer services is more pronounced and that also is more aligned with Sound Hound's core technology and history. But the IT automation is also very strategic because a lot of those customers can be customers of both, and we can package and upsell and give them incentives to adopt both of them.

客戶服務更加突出，也更符合 Sound Hound 的核心技術與歷史。但是 IT 自動化也非常具有策略意義，因為許多客戶可以是兩者的客戶，我們可以打包和追加銷售，並激勵他們採用兩者。

And there's probably -- just to give a couple dimensions. So one is they have a customer-facing. They also have employee facing internal to enterprises that's an opportunity that's also there. And then certainly the ITSM part. So all of those are there.

並且有可能——僅給出幾個維度。一是他們有一個面對客戶的目標。他們還擁有面向企業內部的員工，這也是一個機會。然後當然是 ITSM 部分。所以所有這些都在那裡。

They also have mentioned previously the mix. Obviously, we're investing and we value the SaaS-like software growth profile that they had, but they also have professional services that for us, allows us to scale into enterprises and customize, implement.

他們之前也提到過這種混合。顯然，我們正在投資，我們看重他們類似 SaaS 的軟體成長前景，但他們也為我們提供專業服務，使我們能夠擴展到企業並進行客製化和實施。

And then they also have escalation support, which for us is the area I mentioned in the preparative remarks where we're looking at making sure where all those contracts make sense in a long-term profitability standpoint. But what is wonderful with that and what we value tremendously is the data, and we get real-time production data that we can leverage, improve our models, and then automate and scale that over time.

然後他們還提供升級支持，這對我們來說是我在準備發言中提到的領域，我們正在確保所有這些合約從長期盈利的角度來看都是有意義的。但它的奇妙之處以及我們非常重視的是數據，我們可以獲得即時生產數據，利用這些數據來改進我們的模型，然後隨著時間的推移實現自動化和擴展。

Got it. And then just on the pricing or contracting model, is it most kind of your -- under that SaaS model where you get a annual subscription or is there an element that's kind of used to do best?

知道了。然後，就定價或簽約模式而言，這是否最適合您的 — — 在 SaaS 模式下，您可以獲得年度訂閱，或者是否存在某種可以做得最好的元素？

Yeah, it's been a mix, but definitely interactions. And there's different -- depending on the vertical and depending on the customer, there's either interaction-based, sometimes it's containment-based and success-based. Generally speaking, obviously we're creating AI outcomes to try to help deliver value for the customer. And a lot of times the customer is looking for, hey, I'll pay more for something that successfully contains a query.

是的，這是一種混合，但肯定是相互作用。而且存在差異——根據垂直行業和客戶的不同，有時基於交互，有時基於遏制，有時基於成功。一般來說，我們創造人工智慧成果顯然是為了嘗試幫助為客戶創造價值。很多時候，客戶都在尋找，嘿，我願意為成功包含查詢的東西付更多的錢。

So it is generally moving towards that SaaS-like subscription model, but they're sort of up until a certain volume. There's a certain number of interactions that are included, and then above that, there's increased pricing.

因此，它總體上正朝著類似 SaaS 的訂閱模式發展，但它們的數量要達到一定水平。其中包含一定數量的互動，超過這個數量，價格就會上漲。

Scott Buck, H.C. Wainwright & Company.

斯科特·巴克，H.C.溫賴特公司。

Thanks for taking my questions. I guess the first one, when I think about these secondary verticals, whether it's financial services, retail, telecom, healthcare, how are you prioritizing those? And do you have the capacity to go after all at once?

感謝您回答我的問題。我想是第一個問題，當我考慮這些次要垂直行業時，無論是金融服務、零售、電信還是醫療保健，您是如何對它們進行優先排序的？你有能力一次完成所有任務嗎？

So I will start -- build up. We are from the origins of OICI company. And so Keyvan in particular, but the founding team and all the engineers that grew with the company have built an amazing engine and a platform that we're now able to scale across multiple verticals. So we're a platform technology company.

因此我將開始--建立。我們是 OICI 公司的起源地。尤其是 Keyvan，創始團隊和與公司一起成長的所有工程師已經建立了一個令人驚嘆的引擎和平台，現在我們能夠在多個垂直領域中擴展。所以我們是一家平台技術公司。

And then, ultimately, it comes down to where do we want to practice. Where's the biggest use case and benefit to a customer. So we knew early on, automotive, there's real benefits to being able to communicate with your car while driving for safety reasons and so forth and there was investment from the OEMs to try to scale into that.

然後，最終還是要看我們想在哪裡練習。對客戶來說最大的用例和好處在哪裡？因此，我們很早就知道，在汽車領域，出於安全原因等原因，能夠在駕駛時與汽車進行通訊具有真正的好處，並且原始設備製造商也進行了投資，試圖擴大這一領域。

As Keyvan mentioned, we went into customer service. We started with restaurants. And that one made a ton of sense because our technology differentiates based on how good it is, how accurate it is. And when you order food you don't want just any old pizza, you want the pepperoni and sausage specifically, and that's what our technology and product does really well at. So it made a lot of sense to focus on that.

正如 Keyvan 所提到的，我們進入了客戶服務領域。我們從餐館開始。這一點非常有意義，因為我們的技術根據其優良程度和準確程度來區分。當你點餐時，你想要的不是普通的披薩，而是特別想要義大利辣香腸和香腸，而這正是我們的技術和產品所擅長的。因此，重點關注這一點非常有意義。

As we expanded into enterprise verticals and brought some of these new capabilities with these acquisitions, we see a lot of runway. And I mentioned this, I think, after the acquisition, it's not like we were -- we had a lot of runway with restaurants. I think I mentioned the scale of opportunity in the prepared remarks. We weren't maybe necessarily rushing to jump into the other verticals, but the opportunity with a really unique asset and a great time made sense for us.

隨著我們向企業垂直領域擴張，並透過這些收購帶來一些新的能力，我們看到了巨大的發展空間。我提到過這一點，我認為，收購之後，情況就不一樣了——我們在餐廳方面有很多發展空間。我想我在準備好的發言中提到了機會的規模。我們可能不一定急於進入其他垂直領域，但擁有真正獨特資產和美好時光的機會對我們來說是有意義的。

And I think really where the investment point is then, discussing your question, is from a platform standpoint, I think the product is a really good place. Now we can continue to invest in integration capabilities and we're doing that all the time. And as I mentioned in response to Mike's question, is we can take real production data and automate. We can improve the software capability.

我認為，討論你的問題時，真正的投資點是從平台的角度來看，我認為產品是一個非常好的地方。現在我們可以繼續投資於整合能力，而且我們一直在這樣做。正如我在回答麥克的問題時提到的，我們可以獲得真實的生產數據並將其自動化。我們可以提高軟體能力。

So there's a bit of investment in product enhancement feature set that we'll continue to do. The real investment then becomes a go-to-market. And a go-to-market, when there's revenue opportunity and a market opportunity, you want to go after it.

因此，我們會繼續對產品增強功能集進行一些投資。真正的投資變成了進入市場。當有收益機會和市場機會時，您就會想去抓住它。

Obviously, you need to make sure the metrics make a lot of sense in a high ROI manner. We look at a lot of metrics, LTV to CAC, or just generally, what is our ability to scale? How do we want to go to market?

顯然，您需要確保這些指標在高投資報酬率方面具有很大的意義。我們考慮了很多指標，從 LTV 到 CAC，或者一般來說，我們的擴展能力如何？我們要如何進入市場？

And we look at that through multiple dimensions also. Where do we want to do it in terms of hiring direct sales reps versus where can we use channel partners to grow. And one of the ways, especially in the enterprise side that we're seeing benefit is using indirect channel and channel partners who -- there's aligned incentives, there's aligned motivation, and that will allow us in sort of an investment lighter standpoint to go and capture the market.

我們也從多個維度來看這個問題。就僱用直銷代表而言，我們想在哪些方面做這件事？就如何利用通路夥伴來成長而言，我們又能做些什麼？其中一種方式，特別是在企業方面，我們看到的好處是使用間接通路和通路合作夥伴，他們有一致的激勵措施，有一致的動機，這將使我們能夠以更輕鬆的投資角度去佔領市場。

So we believe there's a lot of opportunity to go after these markets. There's real demand. I think there's demand for our solutions. When we were looking into Amelia, one of the big questions for us was the cross-synergy opportunity across product sets. And we heard pretty resoundingly from the enterprise customers that the capability on voice was a really interesting one where there was a lot of strategic interest.

因此，我們相信，這些市場仍有許多發展機會。確實存在需求。我認為我們的解決方案是有需求的。當我們研究 Amelia 時，我們面臨的一個大問題就是跨產品系列的交叉協同機會。我們從企業客戶那裡聽到了相當響亮的聲音，即語音功能確實很有趣，具有很大的戰略利益。

And what we've done, we did this with sync three acquisition, we're doing it with the Amelia acquisition, is how do we sort of displace third-party voice engines with our own? First of all, we know that product very well, and we know it's differentiated and better than the competition. So we want to put that out in front for the customer to benefit from. But there's also a cost benefit. And then as I mentioned, the long-term just benefit to product development as we built it on our own solution.

我們所做的，透過 sync three 收購來實現這一點，透過 Amelia 收購來實現這一點，我們如何用自己的語音引擎取代第三方語音引擎？首先，我們非常了解該產品，我們知道它與競爭對手的產品有差異並且更好。因此，我們希望把這一點放在顯眼的位置，讓客戶能夠從中受益。但也有成本效益。正如我所提到的那樣，由於我們基於自己的解決方案來建立產品，因此這對產品開發具有長期利益。

So I guess the long-winded way of saying, the priorities are just what is going to drive the highest outsized returns for us. And we look at it from penetrating voice more deeply into the ecosystem bringing together in this three-pillar architecture.

所以我想長話短說，優先事項就是那些能為我們帶來最高超額回報的事項。我們從更深入地將語音滲透到生態系統的角度來看待這個問題，並將這三大支柱架構結合在一起。

And use cases like driving, grabbing coffee on your way to work or watching football on a Sunday and getting a pizza. These things are interactions that fit very well with our strategy, and that's what we're trying to drive in terms of conversational intelligence out in the market.

使用場景包括開車、上班途中喝咖啡或週日看足球和吃披薩。這些互動非常契合我們的策略，這也是我們在市場上推動對話智慧的嘗試。

Great, I appreciate all that. And then I want to follow up on the earlier question about cross-selling and up-selling. It sounds like you're already starting to see some momentum there. I'm curious, where is the sweet spot? Is that 9 months out? 18 months out? What does that look like, I guess the ramp or the cadence of how that's executed?

太好了，我很感激。然後我想跟進一下之前關於交叉銷售和追加銷售的問題。聽起來你已經開始看到那裡的一些動力了。我很好奇，最佳點在哪裡？那是九個月後嗎？18個月後？它看起來像什麼？我猜是執行的坡道或節奏？

It really depends. I wish I could give you a precise answer, but we're already in a -- I know of a few really, really interesting ones that can be very meaningful to us. And it's just not far enough along for me to give you a sharp timeline, but there are people who are with some other players out there in a renewal period that's coming up this year, and we want to pounce on that opportunity and say we can take -- get a competitive win.

這確實要視情況而定。我希望我能給你一個確切的答案，但我們已經知道一些非常非常有趣的問題，它們對我們來說非常有意義。現在我還無法給你一個明確的時間表，但有些人和其他一些球員正處於今年即將到來的續約期，我們希望抓住這個機會，說我們可以贏得一場有競爭力的勝利。

So there are deals in motion as we speak with, either we got to wait for sort of a renewal timeline, or in some cases is there a way to kind of break through. I see near-term opportunities, but certainly as you get into the six, nine months and into next year, we think there's a lot of opportunities.

因此，正如我們所談論的那樣，交易正在進行中，我們要么等待某種續約時間表，要么在某些情況下有某種方式可以取得突破。我看到了近期的機會，但毫無疑問，隨著進入六、九個月以及明年，我們認為還會有很多機會。

Part of the upsell is also integrating product stacks. We have a smart answering solution. We're really excited about it, and it's an advanced answering capability that's rolling out. We mentioned it in like fitness centers around the US, and it's a solution that helps with upselling membership and so forth. Then Amelia had a similar product and now bringing those kind of together and integrating and allowing us to scale across enterprise and into some of the retail that we were already going after.

追加銷售的一部分還包括整合產品堆疊。我們有一個智慧應答解決方案。我們對此感到非常興奮，這是一項正在推出的先進應答功能。我們在美國各地的健身中心都提到過這一點，這是一種有助於增加會員銷售等的解決方案。當時 Amelia 有一款類似的產品，現在將它們整合在一起，並允許我們跨企業擴展並進入我們已經在追求的一些零售領域。

There's a lot of things to go after. And so I hesitate to put a timeline on it. I could just tell you we're aggressively going after it. And maybe one last point is architecturally things just -- we're still pretty early in the integration plan. Things have been going well. But just to make things work on the ground, sometimes you're really getting aligned comp plans and making sure that people are incented properly.

還有很多事情要做。因此我猶豫著是否要為此設定一個時間表。我只能告訴你，我們正在積極追求這個目標。也許最後一點是關於架構方面的事情——我們的整合計畫還處於早期階段。一切進展順利。但為了使事情切實運轉，有時您確實需要製定一致的薪酬計劃，並確保人們得到適當的激勵。

I will tell you, generically, we really want to move fast on capturing customer opportunities. So if we marginally err on the side of double paying here or there between two groups, like that's okay in the near term, we obviously need to normalize that over the medium term. But really for us, it's about capturing scale. That's what we've been focused on for -- just in recent past and will continue to going forward.

我會告訴你，一般來說，我們確實希望快速抓住客戶機會。因此，如果我們在兩個群體之間稍微犯一些雙重支付的錯誤，那麼在短期內這是可以的，但我們顯然需要在中期內使其正常化。但實際上對我們來說，這是為了掌握規模。這正是我們最近一直關注的重點，並將繼續向前邁進。

Glenn Mattson, Ladenburg.

拉登堡的格倫‧馬特森 (Glenn Mattson)。

Keyvan, I'm curious, you mentioned military a couple of times. Maybe wondering if you could expand if you're able to on what you're doing there. And just between the military and the large energy deal, just curious how that kind of these new verticals fall into the sales funnel? Or do you have guys out there looking at new verticals that are -- haven't historically been in the sweet spot?

Keyvan，我很好奇，你有幾次提到了軍事。也許想知道您是否可以詳細說明您在那裡所做的事情。僅在軍事和大型能源交易之間，只是好奇這些新的垂直產業是如何進入銷售管道的？或者你們有人在尋找新的垂直市場——從歷史上看，這些市場還沒有達到最佳狀態？

Yeah. So it's all similar at the core conversational AI and voice enabling the world. And there are a lot of opportunities for making things safer and more efficient. And so the one we announced was we have a partner that helps us bring our solution to the government and military.

是的。因此，從核心上來說，對話式人工智慧和語音賦能世界都是相似的。還有很多機會可以讓事情變得更安全、更有效率。因此，我們宣布我們有一個合作夥伴，可以幫助我們將解決方案帶給政府和軍隊。

Along the same lines, we announced a partnership with a company called Rekor that will bring voice AI to police cars and fire trucks and so on. And I said this recently also that we benefit when the economy is good. People want to invest in AI and innovation, and that brings them to us. And then when the economy is challenging, people want to invest in automation and cost savings that also brings them to us.

同時，我們宣布與一家名為 Rekor 的公司建立合作夥伴關係，將語音 AI 引入警車、消防車等。我最近也說過，經濟好的時候我們就會受益。人們希望投資人工智慧和創新，這就把他們帶到了我們這裡。當經濟面臨挑戰時，人們會希望投資於自動化和節省成本，這也會將他們帶到我們這裡。

So you will see both types of deals. I mean there are transactional deals. So in restaurants, we generate new leads, increased revenue, we upsell and there's some cost saving also. But there are -- when we automate calls and interactions that are very routine that has the cost saving elements.

因此你會看到兩種類型的交易。我的意思是存在交易。因此在餐廳，我們可以創造新的客戶，增加收入，增加銷售額，同時也能節省一些成本。但是，當我們使非常常規的呼叫和互動自動化時，就可以節省成本。

Right. Thanks, Keyvan. And Nitesh, curious on just with the guidance and the -- just curious, I know it's a lot more SaaS than it used to be. There used to be some lumpiness a couple of years back when you get a large kind of on-prem auto deal. Has that gone away?

正確的。謝謝，Keyvan。Nitesh 對此感到很好奇，只是有了指導——只是好奇，我知道現在的 SaaS 比以前多了很多。幾年前，當你獲得大量內部汽車交易時，總是會遇到一些麻煩。它已經消失了嗎？

Is that still something we should think about? And just kind of overall, now that the business has shifted quite dramatically with the addition of 1 million and these other things, just your ability to -- how confident you feel about the general ability to forecast and all that?

這還是我們該思考的問題嗎？總的來說，現在業務已經發生了巨大的變化，增加了 100 萬美元以及其他一些東西，您對整體預測能力等等有多大信心？

Yes. With the greater mix of SaaS, it certainly helps with predictability. And with respect to sort of historical deals, they're still out there, I should say, like we can -- sometimes in customer conversations when we're deploying particularly our edge product, if a customer wants -- we want commitments because we're going to invest in a product, like we want to make sure that the volume is there to provide a sufficient return. And then for a commitment, sometimes a customer wants to negotiate clearly on price. Like those are discussions that are ongoing all the time.

是的。隨著 SaaS 的進一步混合，它肯定有助於提高可預測性。至於歷史交易，我應該說，它們仍然存在，就像我們可以——有時在客戶談話中，當我們部署特別是邊緣產品時，如果客戶想要——我們希望得到承諾，因為我們要投資某種產品，就像我們希望確保有足夠的數量來提供足夠的回報。為了做出承諾，有時客戶希望就價格進行明確的協商。就像這些都是一直在進行的討論。

So the benefit of having a more diversified revenue base is we have a lot more leverage in the discussions and we can kind of go, well, here's sort of our clearing price. And if it doesn't sort of meet the threshold, then we're willing to either pause or just say, let's move on to some other type of discussion.

因此，擁有更多樣化的收入基礎的好處是，我們在討論中擁有更多的籌碼，我們可以說，好吧，這是我們的清算價格。如果它沒有達到門檻，那麼我們願意暫停，或者只是說，讓我們繼續進行其他類型的討論。

But I do think general mix is certainly much more SaaS and recurring. I mentioned with the acquisition, there are different pieces of what we got with the Amelia business. There's a professional services business that is really important for us in terms of activating implementation and customization.

但我確實認為，整體組合肯定更具 SaaS 性和重複性。我提到過，透過此次收購，我們從 Amelia 業務中獲得了不同的部分。在啟動實施和客製化方面，專業服務業務對我們來說確實非常重要。

Depending on the customer environment, the scale and complexity on those deals can be different, so that can create a little bit of noise quarter-to-quarter. What we'd love to do is obviously take a standard implementation package or customization package and then make it much more efficient going forward, so we can be faster to scale. And there's also escalation support, which generally can be recurring, but we're looking at those contracts in great detail and going exactly which one makes sense for us over the long term.

根據客戶環境的不同，這些交易的規模和複雜性可能會有所不同，因此可能會在每個季度產生一些噪音。我們顯然希望採用標準的實施包或客製化包，然後使其在未來更加高效，以便我們能夠更快地擴展。另外還有升級支持，這通常可以重複進行，但我們正在詳細研究這些合同，並確切地確定哪一個對我們來說是長期有意義的。

So that's the other sort of element to the integration that we're actively looking at. And then quite openly, with a lot of our businesses and the new customers we're going after, there are certain customers who actually prefer larger capital-intensive customers sometimes want licensing deals, and that can create a bit of lumpiness in our results, but that's an okay thing.

這是我們正在積極研究的另一個整合要素。然後坦白說，對於我們的許多業務和我們正在爭取的新客戶來說，有些客戶實際上更喜歡更大的資本密集型客戶，有時他們會希望達成許可協議，這可能會給我們的業績帶來一些不平衡，但這是可以接受的。

I mean we're really -- if I were to compared to where we were a year ago, I think, first, the diversity of our revenue base allows us to be much more judicious with choices we make on deals and not compromising on price, for example, and delivering our solution, making sure we're getting full value for those. At the same time, we want to go capture new markets and where there's a specific threshold or type of revenue contract that a customer wants.

我的意思是，如果與一年前相比，我認為，首先，我們收入基礎的多樣性使我們能夠更明智地選擇交易，而不會在價格上妥協，並提供我們的解決方案，確保我們獲得全部價值。同時，我們希望佔領新的市場，並找到客戶想要的特定門檻或收入合約類型。

If there's real value to us, we don't want to fall on principal and say, well, we only do SaaS deals. So sometimes those licensing contracts make sense as well. So the licensing contract element, I guess I'm going to your point on like lumpiness.

如果這對我們真正有價值，我們就不會基於原則說，好吧，我們只做 SaaS 交易。所以有時這些許可合約也是有意義的。因此，對於許可合約要素，我想我會談到你所指出的那種不一致性。

Those things can be lumpy, lumpier than SaaS certainly. So there's a lot of different pieces to that puzzle. Net-net, I think to your question, Glenn, is we do have a great line of sight. We have a strong backlog, and we have a strong pipeline. And we still think there's a lot more runway certainly going into the future years that we want to go capture in terms of the massive TAMs that we're going after.

這些東西可能會很複雜，肯定比 SaaS 更複雜。所以這個謎題有很多不同的部分。總體而言，我認為對於你的問題，格倫，我們確實擁有很好的視線。我們有大量積壓訂單，並且擁有強大的管道。我們仍然認為，就我們所追求的大規模 TAM 而言，未來幾年我們肯定還有很長的路要走。

So hopefully, that gives you a little bit of flavor of what we're facing.

所以希望這能讓您稍微了解一下我們所面臨的情況。

Leo Carpio, Joseph Gunnar.

利奧·卡皮奧、約瑟夫·岡納。

I've got two questions. The first question is regarding your platform. When you look at the platform, are there any missing technologies or systems that you think you still need that you need to go and acquire? And then secondly, on the auto POC contracts, how quickly can those POCs move from testing to full contracts and revenue? Could it be like a 12- to 18-month horizon?

我有兩個問題。第一個問題是關於您的平台。當您查看該平台時，是否還缺少任何您認為需要去獲取的技術或系統？其次，關於自動 POC 合同，這些 POC 多快才能從測試階段轉向全面合約和收入階段？它可能像是 12 至 18 個月的時間範圍嗎？

Yeah. So on your first question, we try to be a complete like one-stop shop for our customers and provide them everything that they need. In the majority of those cases, those technologies are built in-house over the last 20 years, and we are very proud to outperform a lot of our competitors. For example, I mentioned our latest Polaris speech recognition model beats Google by more than 20% and others.

是的。對於您的第一個問題，我們嘗試為客戶提供一站式服務，為他們提供所需的一切。在大多數情況下，這些技術都是在過去 20 年內內部開發出來的，我們非常自豪能夠超越許多競爭對手。例如，我提到我們最新的 Polaris 語音辨識模型比Google和其他公司高出 20% 以上。

But we are also not shy about partnerships. For example, if a partner has a better text to speech that sounds better and some of our customers prefer that, we give them that choice. So SoundHound has its own text to speech, but it also -- we have partnerships that allows us to offer third-party text to speech to our customers. And that, I think, is a source of strength for SoundHound to not be shy about partnerships in addition to building in-house.

但我們也不羞於建立合作關係。例如，如果合作夥伴擁有更好的文字轉語音功能，聽起來也更好，而且我們的一些客戶更喜歡這種功能，我們就會給他們這種選擇。SoundHound 有自己的文字轉語音功能，但我們也有合作夥伴關係，可以為客戶提供第三方文字轉語音功能。我認為，這就是 SoundHound 的力量源泉，它使得 SoundHound 除了內部建設之外，也不羞於建立合作關係。

So ultimately, for our customers, they work with us. Sometimes we source the technologies from third parties, but ultimately, they get it all from us. And then what was your second question, I'm sorry?

因此最終對於我們的客戶來說，他們與我們合作。有時我們會從第三方取得技術，但最終，他們還是從我們這裡獲得所有技術。那麼，抱歉，您的第二個問題是什麼？

The second question was --

第二個問題是--

On the outcome, yes, the POCs. If they are already live with us in production, it's -- in most cases, it's just a flip of a switch. So we take a number of units based on their unique IDs, and we enable the new feature in those. And we can do that very quickly. We can run the pilots and do the audit and get the results.

就結果而言，是的，POC。如果他們已經與我們一起投入生產，那麼在大多數情況下，只需輕輕一按開關即可。因此，我們根據單位的唯一 ID 取得單位數量，並在這些單位中啟用新功能。我們能夠非常快速地完成這項任務。我們可以進行試點、審計並取得結果。

And then to go live with more units, it's a flip of a switch. So that's how it works when we brought generative AI and large language models into Stellantis vehicle in Europe last year. If it's a new OEM that is not using our voice assistant by default, it would have to be -- it's a longer process. But that's also the incredible power of our third pillar. It is bringing a lot more OEMs to us to choose us for their default assistance going forward because of the monetization opportunity.

然後，要讓更多單位上線，只需輕輕一按開關即可。這就是我們去年在歐洲將生成式人工智慧和大型語言模型引入 Stellantis 車輛時的工作原理。如果是新的 OEM，並且預設沒有使用我們的語音助手，那麼就必須這樣做——這是一個更長的過程。但這也是我們第三支柱的驚人力量。由於存在貨幣化機會，它將吸引更多 OEM 選擇我們作為其未來的預設援助。

Ladies and gentlemen, I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，我表示隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。