SoundHound AI Inc (SOUN) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the SoundHound second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 SoundHound 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Scott Smith, Head of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係主管斯科特史密斯 (Scott Smith)。

Good afternoon and thank you for joining our second-quarter 2025 conference call. With me today is our CEO, Keyvan Mohajer; and our CFO, Nitesh Sharan. We'll begin with some short remarks before moving to Q&A.

下午好，感謝您參加我們的 2025 年第二季電話會議。今天和我一起的有我們的執行長 Keyvan Mohajer 和我們的財務長 Nitesh Sharan。在進入問答環節之前，我們將先進行一些簡短的發言。

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 statements that qualify 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準則指標。請參閱今天的新聞稿，以了解更詳細的財務結果以及有關這些指標的定義、限制和用途以及從 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。今天的電話會議結束後將提供音訊重播。

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. I'm proud to say we had our all-time strongest quarter in Q2 with $43 million in revenue, representing an increase of 217% year over year. That's up more than 3 times. We saw success across all key businesses. We achieved significant growth in our automotive business, significant growth in AI customer service for enterprise, and significant growth in AI and automation for restaurants.

謝謝你，斯科特，也謝謝大家今天參加電話會議。我很自豪地說，我們第二季的業績創歷史新高，營收達 4,300 萬美元，年增 217%。這一數字增加了 3 倍以上。我們在所有關鍵業務上都取得了成功。我們的汽車業務取得了顯著成長，企業人工智慧客戶服務取得了顯著成長，餐廳人工智慧和自動化取得了顯著成長。

In Q2, we surpassed another record processing more than 1 billion queries per month on our platform. Our acquisition strategy and execution is succeeding. Within just 12 to 18 months of each acquisition, we have demonstrated a repeatable turnaround story. Not only have we converted the pre-merger decline to post-merger growth, we have turned them into leaders in their field as fully integrated business units within SoundHound.

在第二季度，我們的平台每月處理超過 10 億次查詢，創下了另一項紀錄。我們的收購策略和執行正在取得成功。在每次收購後的短短 12 至 18 個月內，我們都展現出了可重複的扭虧為盈故事。我們不僅將合併前的衰退轉變為合併後的成長，還將它們打造成 SoundHound 內完全整合的業務部門，成為各自領域的領導者。

Let me tell you why we believe we are succeeding here. First, the companies we acquired had an important trait in common. They are all great businesses, have amazing teams and have incredible solutions. They had already built strong customer relationships and had accumulated years of history and experience. Their business was highly aligned with our highly focused pillars of business, the disrupted category of conversational AI where SoundHound has emerged as a leader.

讓我告訴你為什麼我們相信我們會成功。首先，我們收購的公司有一個重要的共同特徵。他們都是偉大的企業，擁有出色的團隊和令人難以置信的解決方案。他們已經建立了牢固的客戶關係並積累了多年的歷史和經驗。他們的業務與我們高度集中的業務支柱高度一致，即 SoundHound 已成為領導者的對話式人工智慧這一顛覆性類別。

Then SoundHound gave them what they needed to thrive. SoundHound gave them strong IP, replacing their legacy tech dependencies with SoundHound in-house models that are more accurate, faster and less costly, with 20-years of data and innovation behind them. SoundHound made their customer experiences better while reducing their costs. SoundHound gave them strong financial backing for innovation and expansion. SoundHound gave them proven scale, strong brand and credibility.

然後 SoundHound 為他們提供了發展所需的一切。SoundHound 為他們提供了強大的 IP，以更準確、更快、更便宜的 SoundHound 內部模型取代了他們對傳統技術的依賴，並且擁有 20 年的數據和創新作為後盾。SoundHound 在降低成本的同時改善了客戶體驗。SoundHound 為他們的創新和擴張提供了強大的資金支持。SoundHound 為他們提供了公認的規模、強大的品牌和信譽。

Combined together, we have achieved and continue to harvest cost synergies and revenue synergies, with cross-selling and upselling.

綜合起來，我們透過交叉銷售和追加銷售實現並將繼續收穫成本協同效應和收入協同效應。

To give specific examples, our first and second acquisitions are the key ingredients that enabled us to successfully launch our voice commerce ecosystem. Our innovative third pillar. Another notable example in Q2 we cross sold the solution we brought to SoundHound with our most recent acquisition to a marquee customer of our first acquisition, which also triggered a renewal and expansion of the customer's existing subscription.

舉一些具體的例子，我們的第一次和第二次收購是我們成功推出語音商務生態系統的關鍵因素。我們創新的第三支柱。另一個值得注意的例子是，在第二季度，我們將最近收購的 SoundHound 解決方案交叉銷售給了我們第一次收購的大型客戶，這也觸發了客戶現有訂閱的續訂和擴展。

Further, we are well underway to eliminate the legacy cloud cost of all past acquisitions by moving their stack into our own cloud, and all of our solutions are migrating to Polaris, SoundHound's own multimodal, multilingual foundation model. We believe Polaris is the best of its kind. Last quarter, I shared that Polaris easily beats its closer peers, including the big tech in accuracy by over 35% and in latency by 4 times while running at a lower cost. We continue to increase our lead through constant innovation.

此外，我們正在透過將過去所有收購的堆疊遷移到我們自己的雲端中來消除其遺留的雲端成本，並且我們所有的解決方案都將遷移到 Polaris（SoundHound 自己的多模式、多語言基礎模型）。我們相信 Polaris 是同類產品中最好的。上個季度，我分享了 Polaris 輕鬆擊敗其更接近的同行，包括大型技術，其準確率高出 35% 以上，延遲降低 4 倍，同時運行成本更低。我們透過不斷創新繼續擴大領先地位。

Polaris has given us significant tailwinds. As customers migrate to Polaris in production, they see the immediate benefits in accuracy and user experience which now consistently leads to renewals, expansions and growth. And when new customers test Polaris against their legacy solutions, they clearly see the benefit and that is increasing our close rate. Polaris is a unique differentiator for SoundHound, trained with 20 years of innovation and massive amounts of data.

北極星為我們帶來了巨大的順風。當客戶在生產中遷移到 Polaris 時，他們看到了準確性和用戶體驗的直接好處，這現在不斷帶來更新、擴展和成長。當新客戶測試 Polaris 與其傳統解決方案時，他們清楚地看到了好處，這提高了我們的成交率。Polaris 是 SoundHound 的獨特差異化因素，經過 20 年的創新和大量數據的訓練。

And most distinctively, when we migrate from third parties to our own models, we can iterate and drive rapid improvements and massive acceleration in time to value. And we continue to innovate. Most recently, we have added vision AI to our stack, which is engineered to bring real time visual understanding into conversational AI system and marks a transformational shift in how people interact with products and devices.

最獨特的是，當我們從第三方模型遷移到我們自己的模型時，我們可以迭代並推動快速改進和價值實現的大幅加速。我們將繼續創新。最近，我們在堆疊中添加了視覺 AI，旨在將即時視覺理解引入對話式 AI 系統，標誌著人們與產品和設備互動方式的變革性轉變。

This intersection between voice AI and vision AI is compounding, exponentially improving the use cases we can address and the ease with which end users experience when engaging with AI solutions. Our recently launched agentic AI platform, Amelia 7 is especially benefiting from Polaris. We were one of the first companies to bring an agentic solution to the market and you're seeing fast results. This is also creating upsell opportunities to convert all enterprise brands to agentic in the near future.

語音 AI 和視覺 AI 之間的交集正在不斷增強，成倍地改善了我們可以解決的用例以及最終用戶在使用 AI 解決方案時的體驗便利性。我們最近推出的代理 AI 平台 Amelia 7 尤其受益於 Polaris。我們是第一批將代理解決方案推向市場的公司之一，而且您很快就能看到成效。這也為在不久的將來將所有企業品牌轉變為代理品牌創造了追加銷售機會。

Our restaurant business is scaling rapidly, where every quarter our new activations exceed the previous quarter. This quarter in particular was driven by new wins and activations as well as continued penetration into existing brands.

我們的餐飲業務正在迅速擴大，每季的新業務量都超過上一季。本季度尤其受到新勝利和激活以及對現有品牌的持續滲透的推動。

In automotive, we continue to expand within existing customers and add new ones. For example, we just announced that our Generative AI solution called Chat AI has been rolled out in North America with three more global brands. We've also signed several new deals, including a large one in China representing millions of units powering a prominent auto brand that's winning and expanding globally.

在汽車領域，我們持續擴大現有客戶並增加新客戶。例如，我們剛剛宣布，我們的生成式人工智慧解決方案 Chat AI 已在北美與另外三個全球品牌合作推出。我們還簽署了幾項新協議，其中包括在中國的一項大協議，該協議代表著為一個在全球範圍內取得成功和擴張的知名汽車品牌提供數百萬輛汽車的動力。

Where the winners are, we plan to be there. With Voice Commerce, our solution to seamlessly bring convenience to drivers like food ordering, parking payment, and reservations, we are seeding a solution in the market that's never been experienced before.

哪裡有贏家，我們就跟到哪裡。透過語音商務，我們的解決方案可以無縫地為駕駛者帶來訂餐、停車付款和預訂等便利，我們正在市場上推出前所未有的解決方案。

What started out as interest and a buzz from our announcement at CES has now developed to the point of advanced stage pilots and POCs with a number of OEMs. We are also seeing buy-in from well-known merchants and restaurant operators. We believe these first movers will ultimately motivate many other OEMs and restaurants in the near term.

我們在 CES 上發布的產品最初引起了人們的興趣和熱議，如今已發展到與多家 OEM 進行高級階段試點和 POC 的階段。我們也看到了知名商家和餐廳經營者的青睞。我們相信，這些先驅最終將在短期內激勵許多其他原始設備製造商和餐廳。

Last year was about investing in great opportunities, and this year is about realizing the benefits of the strategic decisions we've made to further commercialize our AI solutions. The three-pillar strategy we laid out a number of years ago is now rapidly coming together.

去年我們致力於投資重大機遇，而今年我們則致力於實現策略決策的效益，進一步將我們的人工智慧解決方案商業化。我們幾年前製定的三大支柱策略現在正在迅速形成。

With Voice Commerce, going live is imminent. This is driving strong demand in our Pillar 1 for products and Pillar 2 for services, as both existing customers and new additions are anticipating the powerful ecosystem we are creating and are racing to be a part of it. This is expected to drive Future Monetization in Pillar 3.

語音商務，上線在即。這推動了我們的第一支柱產品和第二支柱服務的強勁需求，因為現有客戶和新客戶都期待著我們正在創建的強大生態系統，並爭相成為其中的一部分。預計這將推動支柱 3 的未來貨幣化。

With that, let me now talk about some specific customer highlights in Q2. In restaurants, we expanded the company's relationship with a household named Fast Casual brand, cross-selling the SoundHound Amelia platform to provide customer service support in addition to food ordering. We also added new wins with IHOP, Red Lobsters, and Peter Piper Pizza and renewed with MOD Pizza.

現在，讓我來談談第二季的一些具體客戶亮點。在餐廳領域，我們擴大了公司與家喻戶曉的 Fast Casual 品牌的關係，交叉銷售 SoundHound Amelia 平台，除了提供訂餐服務外，還提供客戶服務支援。我們還增加了 IHOP、Red Lobsters 和 Peter Piper Pizza 等新勝利，並續訂了 MOD Pizza。

One of our existing phone ordering customers, Red Robin, added Smart Answering and now has both AI phone solutions for ordering and customer service fully integrated. And we continue to grow with our existing customer base including an expansion with Chipotle and adding more locations to Firehouse Subs, Habit Burger, McAllister's Deli, Beef O'Brady's and Casey's.

我們現有的電話訂購客戶之一 Red Robin 增加了智慧應答功能，現在已完全整合了訂購和客戶服務的 AI 電話解決方案。我們將繼續擴大現有客戶群，包括與 Chipotle 的合作擴張，以及增加 Firehouse Subs、Habit Burger、McAllister's Deli、Beef O'Brady's 和 Casey's 等餐廳的門市。

In automotive, we won a new customer with a major supplier in China to ship to one of China's top 5 and fastest growing OEMs worldwide. SoundHound Chat AI, our Generative AI solution continues to make it into new brands as well as being added into vehicles by our largest automotive customers, increasing the revenue per vehicle we receive.

在汽車領域，我們贏得了一個新客戶，它與中國一家主要供應商合作，向中國五大和全球增長最快的原始設備製造商之一發貨。SoundHound Chat AI 是我們的生成式人工智慧解決方案，它不斷進入新品牌，並被我們最大的汽車客戶添加到車輛中，從而增加了我們每輛車的收入。

In healthcare, we signed with Primary Health Solutions to improve their patient facing solutions, starting with appointment management and progressing into more complex use cases over time. We also deployed our solutions with healthcare system Allina Health to streamline and automate patient access and overall customer experience. In Q2, we were also delighted to sign one of the world's largest healthcare companies.

在醫療保健領域，我們與 Primary Health Solutions 簽約，以改善其面向患者的解決方案，從預約管理開始，並隨著時間的推移逐漸發展到更複雜的用例。我們還與醫療保健系統 Allina Health 合作部署了我們的解決方案，以簡化和自動化患者訪問和整體客戶體驗。在第二季度，我們也很高興與世界上最大的醫療保健公司之一簽約。

In retail, we made deals to deploy Smart Answering with two multi-hundred-unit personal care companies and a home services company with over 500 locations. The solution also continues to attract additional fitness chains and expand further into existing brands.

在零售業，我們與兩家擁有數百個分店的個人護理公司和一家擁有 500 多個門市的家庭服務公司達成協議，部署智慧應答系統。該解決方案還將繼續吸引更多的健身連鎖店並進一步擴展到現有品牌。

In financial services, we already have 7 of the top 10 global financial institutions as customers and the company either renewed or had upsell deals with 4 of them. This included expanding into new lines of business, penetrating across dozens of business units and doubling automated conversation volume from the previous year.

在金融服務領域，我們已經擁有全球十大金融機構中的七家作為客戶，而公司與其中四家續簽了協議或達成了追加銷售協議。其中包括擴展到新的業務線、滲透到數十個業務部門以及使自動對話量比上一年增加一倍。

We are also expanding our presence in the regional bank and credit union market. For example, we recently signed with a leading credit union with operations across multiple states. Together with channel partners, we expanded our relationship with EXL to deliver agentic and voice AI integrations across various industry verticals and use cases.

我們也正在擴大我們在區域銀行和信用合作社市場的影響力。例如，我們最近與一家業務遍及多個州的領先信用合作社簽約。我們與通路合作夥伴一起擴大了與 EXL 的關係，以在各個行業垂直領域和用例中提供代理和語音 AI 整合。

With Par Technologies, we entered into a partnership to extend SoundHound's reach across Par's extensive portfolio of restaurant chains and their franchisees globally. We launched a strategic partnership with global QSR technology leader Acrelec to accelerate AI adoption in restaurants globally.

我們與 Par Technologies 建立了合作夥伴關係，以擴大 SoundHound 在全球 Par 廣泛的餐飲連鎖店及其特許經營商的影響力。我們與全球 QSR 技術領導者 Acrelec 建立了策略合作夥伴關係，以加速全球餐廳採用人工智慧。

To expedite the adoption of SoundHound AI agents across enterprise markets, we went into a sales partnership with technology services distributor AVANT Communications. We also doubled the volume of interactions with a long-standing partner that specializes in customer experience and workforce engagement solutions focused on contact centers. This inflection with channel partners gives us a new catalyst to our accelerating growth story.

為了加快企業市場採用 SoundHound AI 代理，我們與技術服務經銷商 AVANT Communications 建立了銷售合作夥伴關係。我們還將與長期合作夥伴的互動量增加了一倍，該合作夥伴專門從事以聯絡中心為重點的客戶體驗和員工參與解決方案。與通路夥伴的這種轉變為我們加速成長提供了新的催化劑。

One of the biggest opportunities for SoundHound is with our new agentic AI solution launched in May. While there is hype around this category, we've yet again achieved an advantage by moving fast to bring an advanced AI agent platform with true agentic capabilities to market. We are migrating 15 of our large enterprise customers onto the Amelia 7 platform and we are working with them to build real world efficiency creating agent use cases for their customers, employees and patients.

SoundHound 最大的機會之一是我們於 5 月推出的全新代理 AI 解決方案。儘管這一類別被大肆炒作，但我們再次取得了優勢，透過快速行動將具有真正代理功能的先進 AI 代理平台推向市場。我們正在將 15 家大型企業客戶遷移到 Amelia 7 平台，並與他們合作，為他們的客戶、員工和患者創建代理用例，實現現實世界的效率。

As a reminder, Amelia 7 is powered by a proprietary multiprocess agentic framework branded Agentic plus, which is a blended autonomous architecture that dynamically toggles between fully autonomous workflows and deterministic functions. This enables AI agents to act independently when appropriate, while maintaining guardrails and precision for sensitive, high-impact tasks.

提醒一下，Amelia 7 由專有的多進程代理框架 Agentic plus 提供支持，這是一種混合自主架構，可在完全自主的工作流程和確定性功能之間動態切換。這使得人工智慧代理能夠在適當的時候獨立行動，同時為敏感、高影響力的任務保持護欄和精確度。

Amelia 7 allows for low-code no-code development, providing flexible options for enterprise teams, including natural language GenAI tools that allow non-technical users to build and refine agents quickly, alongside traditional low-code controls for technical teams.

Amelia 7 允許低程式碼無程式碼開發，為企業團隊提供靈活的選擇，包括允許非技術用戶快速建置和完善代理程式的自然語言 GenAI 工具，以及為技術團隊提供傳統的低程式碼控制。

Importantly, it also integrates SoundHound's world-class proprietary Polaris speech recognition engine, which delivers speed, accuracy, and domain-specific understanding. It is implemented with end-to-end optimizations that also significantly reduce lag between user input and system response, creating a more natural conversational voice experience. We are delighted to be bringing this technically advanced system to market backed by our decades of combined R&D conversational AI, including over 200 patents with a focus on voice capability which is poised to become a dominant user interface.

重要的是，它還整合了 SoundHound 世界一流的專有 Polaris 語音識別引擎，可提供速度、準確性和特定領域的理解。它採用端對端優化，顯著減少用戶輸入和系統回應之間的延遲，創造更自然的對話語音體驗。我們很高興能夠將這款技術先進的系統推向市場，該系統以我們數十年的對話式人工智慧研發經驗為後盾，其中包括 200 多項專注於語音功能的專利，有望成為主流用戶介面。

That brings me on to one of the other SoundHound technologies that is catching real momentum, Voice Commerce. I'm excited to report that our Voice Commerce solution is advancing at a rapid pace. For those who might be new to SoundHound, the Voice Commerce ecosystem was once part of our future vision, but it is now gaining momentum with existing and new customers from different parts of our business.

這讓我想到了另一項正在獲得真正發展勢頭的 SoundHound 技術，即語音商務。我很高興地報告，我們的語音商務解決方案正在快速發展。對於那些可能剛接觸 SoundHound 的人來說，語音商務生態系統曾經是我們未來願景的一部分，但現在它正隨著現有我們業務不同部分的客戶和新客戶而獲得發展動力。

We anticipated many years ago that consumers would want the convenience of executing transactions on a platform that seamlessly brings the services they enjoy directly to the connected products, and that this would all come together in one environment.

我們多年前就預料到，消費者希望在一個平台上方便地執行交易，該平台將他們享受的服務無縫地直接帶到連接的產品上，並且所有這些都可以在一個環境中進行。

For example, a driver being able to use their natural speech through their in-vehicle voice assistant to place an on-the-go order for coffee or food from their favorite restaurant and have it be available to them upon arrival without having to wait in line. We wanted to make it easy, intuitive, and available via the most natural modality we have available to us, the human voice. For us, that means the users of products powered by our voice assistant are pillar one, can transact with businesses that are powered by our AI customer service offering our pillar 2.

例如，駕駛員可以透過車載語音助理使用自然語言在他們最喜歡的餐廳訂購咖啡或食物，並在到達時即可享用，而無需排隊等候。我們希望透過現有的最自然的方式——人聲，讓它變得簡單、直覺、可用。對我們來說，這意味著由我們的語音助理提供支援的產品的用戶是第一支柱，可以與由我們的 AI 客戶服務提供支援的企業進行交易，這是我們的第二個支柱。

The way this works is through our Pillar 3, which connects both on a single platform to delight the end user. We talked about signing multiple pilots and POCs earlier this year. These engagements are going well and moving fast. We expect this to create the flywheel we had envisioned. We have large automotive brands in Europe and the USA, both existing customers and new car brands with participations from prominent national and global merchants for food ordering, coffee, parking and more.

其工作方式是透過我們的支柱 3，它將兩者連接到一個平台上，以取悅最終用戶。我們今年早些時候談到了簽署多名飛行員和 POC 的事宜。這些合作進展順利，進展迅速。我們希望這能創造出我們所設想的飛輪。我們在歐洲和美國擁有大型汽車品牌，包括現有客戶和新汽車品牌，並有來自國內和全球知名商家的參與，提供食品訂購、咖啡、停車等服務。

We're also on track to launch partnerships with platform giants later this year to offer our voice ordering to their many millions of users. This not only emphasizes the power of the technology we have built, but also gives us confidence in the demand for users to have a safe, convenient, hands free option when performing transactions from their vehicles or devices. This speaks to the rapid innovation at SoundHound.

我們還計劃在今年稍後與平台巨頭建立合作夥伴關係，為他們的數百萬用戶提供語音訂購服務。這不僅強調了我們所建構的技術的強大功能，也讓我們對使用者在透過車輛或設備進行交易時需要安全、方便、免持選項的需求充滿信心。這體現了 SoundHound 的快速創新。

The developments we are making are impressing the larger platforms, in particular the way we can now support a much broader scope of LLM conversations in the context of Voice Commerce. That's bringing their interest as well as large merchants, QSRs and OEMs alike.

我們正在進行的開發給更大的平台留下了深刻的印象，特別是我們現在可以在語音商務的背景下支援更廣泛的 LLM 對話。這引起了他們以及大型商家、快餐店和原始設備製造商的興趣。

In closing, we are pleased to have reported such a strong quarter where all businesses were up. We built a strong pipeline to start the year and that's not only now showing up in our results, but is growing as we create more value for the end user. Our acquisitions are turning into reputable success stories. We are pioneering our platform with agentic AI and thus resonating with customers.

最後，我們很高興地報告本季業績強勁，所有業務均實現成長。我們在年初建立了強大的管道，這不僅體現在我們的業績上，而且隨著我們為最終用戶創造更多價值而不斷成長。我們的收購正在成為有口皆碑的成功案例。我們正在利用代理人工智慧開拓我們的平台，從而與客戶產生共鳴。

We are also leveraging our advanced technology to bring opportunities to enterprises, automakers and restaurants that they have been waiting for. The Voice Commerce ecosystem we are building is bringing real time AI agents that larger platforms want to partner with and OEMs and merchants are racing to be a part of. Our three-pillar strategy is no longer three separate offerings, but is forming an ecosystem, creating AI value to businesses and quickly becoming a necessity for them to differentiate themselves and strive.

我們也利用先進的技術為企業、汽車製造商和餐廳帶來他們期待已久的機會。我們正在建構的語音商務生態系統正在帶來即時人工智慧代理，大型平台希望與之合作，而原始設備製造商和商家也在競相加入其中。我們的三大支柱策略不再是三個獨立的產品，而是正在形成一個生態系統，為企業創造人工智慧價值，並迅速成為企業實現差異化和奮鬥的必需品。

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，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. Q2 is a big quarter for us, with $42.7 million in revenue up 217% year over year with sustained high demand for our AI solutions, it's becoming more evident each quarter that passes that Voice AI is increasingly sharpening as the spearhead of this gen AI era. We are seeing traction across all industry verticals and in all pillars of our business.

謝謝你，Keyvan，大家下午好。第二季度對我們來說是一個重要的季度，營收 4,270 萬美元，年成長 217%，對我們的人工智慧解決方案的需求持續高漲，每個季度都越來越明顯地表明，語音人工智慧正日益成為這一代人工智慧時代的先鋒。我們看到所有垂直行業以及我們業務的所有支柱都呈現出成長勢頭。

Enterprise AI grew with strong execution and clear focus while restaurants added new logos and scaled existing relationships, and auto saw strong growth with the major new win and continued scaling of our new generative AI offerings. Our solutions are resonating with customers and we keep elevating our technological differentiation against the rest of the marketplace.

企業 AI 憑藉強大的執行力和明確的重點而成長，同時餐廳增加了新的標誌並擴大了現有的關係，而汽車則憑藉重大的新勝利和我們新的生成 AI 產品的持續擴展而實現了強勁增長。我們的解決方案引起了客戶的共鳴，我們不斷提升與市場其他部分的技術差異化。

One of the driving forces behind the strong execution comes from early successes in the integration of our acquisitions. We have re-catalyzed those businesses. Completely shifting their growth trajectories and driving step function improvements in close and renewal rates. We have integrated technology and product stacks which has led to much faster product cycles and greater time to value for customers.

強勁執行力背後的驅動力之一來自於我們早期收購整合的成功。我們重新催化了這些業務。徹底改變他們的成長軌跡並推動成交率和續約率的階躍功能改進。我們整合了技術和產品堆棧，從而大大縮短了產品週期並延長了為客戶創造價值的時間。

Let me share some data points that illustrate this. With Synq3 we have fully displaced third party ASR engines across all restaurant customers with Polaris, delivering us millions in cost savings while improving performance for customers and generating faster iteration cycles for developers.

讓我分享一些可以說明這一點的數據點。借助 Synq3，我們已用 Polaris 為所有餐廳客戶完全取代了第三方 ASR 引擎，為我們節省了數百萬美元的成本，同時提高了客戶的性能並為開發人員創造了更快的迭代周期。

In Amelia, pre-acquisition sales attainment levels of nearly 40% have completely reversed to greater than 100% this quarter, demonstrating the resonance of our combined solutions to customers and validating our investment thesis. Net revenue retention jumped from less than 90% preacquisition to over 120% this quarter, largely due to better product performance and also resulting from our investments in customer success.

在 Amelia，收購前的銷售達成率接近 40%，本季已完全逆轉至 100% 以上，這表明我們的綜合解決方案對客戶產生了共鳴，並驗證了我們的投資論點。淨收入保留率從收購前的不到 90% 躍升至本季的 120% 以上，這主要歸功於產品性能的提升以及我們對客戶成功的投資。

Keyvan discussed the exciting major win where we cross sold product solutions into one of the largest and most innovative QSRs. And not to be lost in the shuffle, operationally, we have now fully integrated three disparate ERP systems into one, providing a common platform with better controls, streamlined processes and deeper business insights. We know the tech landscape is shifting rapidly with the Cambrian explosion of new innovation and players emerging every week.

Keyvan 討論了令人興奮的重大勝利，我們將產品解決方案交叉銷售給最大的、最具創新性的 QSR 之一。為了避免在混亂中迷失，在營運方面，我們現在已經將三個不同的 ERP 系統完全整合為一個，從而提供了一個具有更好的控制、簡化的流程和更深入的業務洞察力的通用平台。我們知道，隨著每週新創新和新參與者的湧現，技術格局正在迅速變化。

Having solidified our integration muscle, this is one more competitive differentiator in our toolkit that we can leverage as we accelerate forward. The net impact is continued strong momentum underpinning the reported financials. Within our product pillar we continue to see strong 50% plus growth in our active cloud users. The number of active restaurants using our Voice AI ordering solutions now exceeds 14,000 locations, adding an additional 1,000 locations and roughly 1 million new interactions in Q2, further extending our market leadership position.

鞏固了我們的整合實力後，這是我們工具包中的另一個競爭優勢，我們可以利用它來加速前進。淨影響是繼續支撐報告的財務狀況的強勁勢頭。在我們的產品支柱內，我們的活躍雲端用戶數量持續強勁成長 50% 以上。使用我們的語音 AI 訂餐解決方案的活躍餐廳數量現已超過 14,000 家，第二季度又增加了 1,000 家門市和約 100 萬次新互動，進一步鞏固了我們的市場領導地位。

In the enterprise, Q2 is our highest number of monthly go lives, demonstrating the increased speed of deployment and we saw a massive sequential improvement in total volume, illustrating the value we are delivering for some of the largest and most complex global companies. And queries into our Voice AI engine overall continue to accelerate. We are now getting nearly 3 billion queries a quarter compared to last year at this time, that's more than 100% increase.

在企業領域，第二季度是我們每月上線次數最多的季度，這表明部署速度加快，並且總量連續大幅提升，體現了我們為一些規模最大、最複雜的全球公司提供的價值。而我們的語音 AI 引擎的查詢總體上繼續加速。與去年同期相比，我們每季收到近 30 億次查詢，增幅超過 100%。

With that, let me now discuss the second quarter financials in more detail. Q2 revenue was $42.7 million, up 217% year over year. This was driven by a strong revenue contribution from Enterprise AI with automotive and restaurants also contributing strong year-over-year growth.

現在，讓我更詳細地討論一下第二季的財務狀況。第二季營收為 4,270 萬美元，較去年同期成長 217%。這是由企業人工智慧的強勁收入貢獻所推動的，汽車和餐廳也貢獻了強勁的同比增長。

Our Q2 introduction of agentic AI is a tailwind across the business and our channel investments are starting to pay dividends and have made a strong contribution with expanded enterprise channel partnerships and deeper penetration with existing partners. In automotive, we signed a new OEM in China and saw a double-digit increase in ASPs primarily from further expansion of our generative AI solutions.

我們在第二季推出的 agentic AI 對整個業務起到了推動作用，我們的通路投資開始產生回報，並透過擴大企業通路合作夥伴關係和深入現有合作夥伴的滲透做出了巨大貢獻。在汽車領域，我們在中國簽約了一家新的 OEM，平均銷售價格實現了兩位數成長，這主要得益於我們生成式人工智慧解決方案的進一步擴展。

Within restaurants, we once again accelerated location go-lives quarter over quarter, resulting in a step-up of revenue. We continue to see strong customer diversification, and through the first half, we don't have any customers contributing greater than 10% of our revenue.

在餐廳領域，我們再次加快了門市上線速度，從而帶來了收入的成長。我們繼續看到客戶呈現強勁的多元化趨勢，上半年，還沒有任何客戶為我們貢獻超過 10% 的收入。

In Q2, our GAAP gross margin was 39% down year over year, primarily due to the impact of the business and product mix of recent acquisitions. Adjusted for non-cash amortization of purchased intangibles and employee stock compensation, our non-GAAP gross margin was 58%. However, both metrics were up sequentially as we continue to realize improvements from acquisition synergies and drive a better product mix.

第二季度，我們的 GAAP 毛利率年減 39%，主要原因是近期收購的業務和產品組合的影響。經調整購買無形資產的非現金攤提和員工股票薪酬後，我們的非 GAAP 毛利率為 58%。然而，隨著我們繼續實現收購協同效應帶來的改善並推動更好的產品組合，這兩個指標都連續上升。

We expect more cost synergies in areas such as cloud spend to take shape in the coming quarters as well. Inference costs on like-for-like models are rapidly declining, although that is offset by the rapid adoption of new models that continue to deliver seemingly new, amazing breakthroughs each and every quarter. And we are still evaluating low margin contracts as they come up for renewal and identify other areas to improve efficiency.

我們預計，未來幾季雲端支出等領域也將形成更多的成本綜效。同類模型的推理成本正在迅速下降，但這被新模型的快速採用所抵消，新模型每個季度都在繼續提供看似新的、令人驚嘆的突破。我們仍在評估即將續約的低利潤合同，並尋找其他可以提高效率的領域。

R&D expenses were $25.8 million in Q2, reflecting a 64% year-over-year increase, primarily driven by our acquisitions and in particular, headcount and headcount-related costs. We also continue to invest in the ongoing enhancements of our speech foundation model, Polaris, which is delivering meaningful benefits to customers.

第二季的研發費用為 2,580 萬美元，年增 64%，主要由於我們的收購，特別是員工人數和員工人數相關成本。我們也將繼續投資於語音基礎模型 Polaris 的持續改進，這將為客戶帶來實際的利益。

As Keyvan highlighted, Polaris brings step change improvements in performance, enabling us to rapidly incorporate cutting edge research into our product offerings in cycles that were simply not possible in the pre-LLM era. This accelerated innovation loop reinforces our confidence in delivering long-term value to our customers. And our research and innovation agenda has much broader reach as we expand multimodal omnichannel solutions that accelerate us into the next era of human computer interfaces.

正如 Keyvan 所強調的，Polaris 在性能方面帶來了階躍式改進，使我們能夠快速地將尖端研究融入我們的產品中，而這在 LLM 時代之前是根本不可能實現的。這種加速的創新循環增強了我們為客戶提供長期價值的信心。隨著我們擴展多模式全通路解決方案，加速我們進入人機介面的下一個時代，我們的研究和創新議程的影響範圍將更加廣泛。

Sales and marketing expenses were $15.8 million in Q2, reflecting a 180% year-over-year increase primarily driven by acquisitions. We continue to invest aggressively in capturing growth opportunities through direct sales, customer support, channel expansion, and a range of digital and physical demand generation initiatives. These efforts are fueling a robust and expanding pipeline of opportunities.

第二季銷售和行銷費用為 1,580 萬美元，年增 180%，主要原因是收購。我們將繼續積極投資，透過直銷、客戶支援、通路擴展以及一系列數位和實體需求產生措施來抓住成長機會。這些努力正在催生出強勁且不斷擴大的機會。

G&A expenses were $18.2 million in Q2, reflecting a 91% year-over-year increase primarily driven by our acquisitions. Sequentially, G&A costs remained stable, reflecting disciplined efforts to strengthen our control environment and streamline post-acquisition integration.

第二季的一般及行政費用為 1,820 萬美元，年增 91%，主要原因是我們的收購。整體而言，一般及行政費用保持穩定，反映出我們為加強控制環境和簡化收購後整合所做的嚴格努力。

We continue to drive efficiencies in our infrastructure spend while creating capacity to invest in modernization. We had non-cash employee stock compensation of $23.8 million and depreciation and amortization, including the amortization of intangibles of $7.8 million in Q2, all of which are included in our GAAP results.

我們持續提高基礎設施支出的效率，同時創造投資現代化的能力。我們第二季的非現金員工股票薪酬為 2,380 萬美元，折舊和攤提（包括無形資產攤提）為 780 萬美元，所有這些都包含在我們的 GAAP 結果中。

The step-up in stock based compensation in Q2 was partly the result of a small workforce reduction program as a result of our acquisition integrations, with modest impact from the inclusion of one-time separation packages that we don't expect to repeat going forward. Our Q2 financials include a loss related to the change in fair value of contingent liabilities, significantly impacting our GAAP income from operations in Q2 by approximately $31 million.

第二季度股票薪酬的增加，部分是由於我們收購整合後實施的小規模裁員計劃，而一次性離職補償金的影響不大，我們預計未來不會再發生這種情況。我們第二季的財務數據包括與或有負債公允價值變動相關的損失，這對我們第二季的 GAAP 營業收入產生了約 3,100 萬美元的嚴重影響。

Just a quick reminder, this stems from the acquisitions we have completed and is a non-operating and non-cash expense, and primarily reflects the quarter-on-quarter increase in our stock price. As such, this item has been excluded in our non-GAAP results.

簡單提醒一下，這是源自於我們已經完成的收購，是一項非經營性、非現金支出，主要反映了我們股價的環比成長。因此，該項目已被排除在我們的非公認會計準則結果之外。

Adjusted EBITDA was a loss of $14.3 million. OI&E was $4.6 million income for the quarter. GAAP net loss of $74.7 million, and GAAP net loss per share of $0.19 were negatively impacted by the change in fair value of contingent liabilities mentioned before. Non-GAAP net loss was $11.9 million, and non-GAAP net loss per share was $0.03 in the quarter. This adjusts for non-cash depreciation and amortization, M&A transaction costs, stock-based comp and other non-cash items.

調整後息稅折舊攤提前利潤（EBITDA）虧損 1,430 萬美元。 OI&E本季營收為 460 萬美元。GAAP 淨虧損 7,470 萬美元，GAAP 每股淨虧損 0.19 美元，受到前面提到的或有負債公允價值變動的負面影響。本季非公認會計準則淨虧損為 1,190 萬美元，每股非公認會計準則淨虧損為 0.03 美元。這根據非現金折舊和攤提、併購交易成本、股票補償和其他非現金項目進行了調整。

Our balance sheet remains strong with cash and equivalents at quarter end of $230 million and no debt. With that, let me discuss our financial outlook. Q2 was clearly a strong quarter for us, as the demand for our solutions is accelerating. We have said before that our momentum won't be linear, and we are moving fast to capture the underlying market shifts, which are clearly in our favor.

我們的資產負債表依然強勁，季末現金及等價物為 2.3 億美元，且沒有債務。接下來，讓我來討論一下我們的財務前景。對我們來說，第二季度顯然是一個強勁的季度，因為對我們解決方案的需求正在加速成長。我們之前曾說過，我們的發展動能不會是線性的，我們正在快速行動，抓住潛在的市場變化，這顯然對我們有利。

That said, while we are staying ambitious, we want to create the appropriate space to make the right long-term choices for our business. All that said, we are increasing our outlook for 2025 revenue to $160 million to $178 million. We still expect to ramp as we exit the year. Q2 was stronger than our initial expectation because of strong close rates on major deals.

話雖如此，我們在保持雄心壯志的同時，也希望創造適當的空間，為我們的業務做出正確的長期選擇。儘管如此，我們將 2025 年的營收預期上調至 1.6 億美元至 1.78 億美元。我們仍然期望在今年年底前實現成長。由於主要交易的成交率很高，第二季的表現強於我們最初的預期。

While we hope to repeat that each and every quarter, sometimes the lumpy nature of these deals can cause quarter-to-quarter volatility. The investments we are making are already showing high returns. We want to stay appropriately measured and aggressive. We are moving towards profitability and we see that in the near-term horizon.

雖然我們希望每個季度都重複這一點，但有時這些交易的波動性可能會導致季度間的波動。我們所做的投資已經顯示出高回報。我們希望保持適當的分寸和積極的態度。我們正在朝著獲利的方向邁進，我們認為這在短期內就能實現。

We are being prudent on costs and see meaningful opportunity in cloud integrations and continued workforce optimization, particularly because of the opportunities Generative AI is providing us operationally. All that said, we believe we can achieve adjusted EBITDA profitability as we exit 2025.

我們在成本方面非常謹慎，並在雲端整合和持續勞動力優化方面看到了有意義的機會，特別是因為生成人工智慧在營運方面為我們提供的機會。儘管如此，我們相信到 2025 年我們能夠實現調整後的 EBITDA 獲利。

In closing, it's clear that our momentum is real. We know we have a lot of opportunity in front of us and we are operating with an urgency that reflects our optimism. The path forward may not always be linear, but our approach will remain tenacious.

最後，很明顯我們的勢頭是真實的。我們知道我們面前有很多機會，我們正以反映樂觀的緊迫感來開展工作。前進的道路可能並不總是一帆風順，但我們的方法將始終堅定不移。

With that, we will now move to Q&A.

接下來，我們將進入問答環節。

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

（操作員指示） Gil Luria，D.A. Davidson。

In the prepared remarks, you went through a series of verticals and a lot of progress on all those fronts, but the sequential growth you had was probably the highest you've had in several years. It was all organic. How would you rank the contribution of the different verticals in terms of the contribution to the sequential growth?

在準備好的發言中，您經歷了一系列垂直領域，並在所有這些方面取得了很大進展，但您所取得的連續成長可能是幾年來最高的。一切都是有機的。就連續成長的貢獻而言，您如何對不同垂直產業的貢獻進行排序？

I can start on that. Well, I think we were seeing, as we noted, momentum across the board, so it's hard to rank. I could do it numerically, but I think maybe I'll step back and just do it more from an underpinning market momentum. So I do think we're continuing to see great progress on the enterprise side. We're just a few quarters post bringing the Amelia acquisition in-house, and we're making a lot of strides. I noted some of that in the prepared remarks, but it really, I guess, from a category kind of covers financial services, healthcare, insurance, energy, et cetera.

我可以開始做這件事。嗯，我認為正如我們所注意到的，我們看到了全面的勢頭，所以很難排名。我可以用數字來做這件事，但我想也許我會退一步，更多地從支撐市場勢頭的角度來做這件事。所以我確實認為我們將繼續看到企業方面的巨大進步。我們剛剛將 Amelia 收購案納入公司內部幾個季度，並且取得了巨大進展。我在準備好的演講中提到了其中的一些內容，但我認為，它實際上涵蓋了金融服務、醫療保健、保險、能源等類別。

And we've seen great progress. The thing that we noted, hopefully you caught, was it's not only one particular vertical, it's the cross section that we're now able to bring our products across multiples of them. So, for example, we're bringing the enterprise product suite into our restaurant customers. We're being able to kind of bring the best of our platform technology and speech recognition more pervasively across all customers.

我們已經看到了巨大的進步。我們注意到，希望您能理解，這不僅是針對一個特定的垂直領域，而且是針對橫斷面，我們現在能夠將我們的產品擴展到多個垂直領域。例如，我們將企業產品套件帶給我們的餐廳客戶。我們能夠將我們最好的平台技術和語音辨識技術更廣泛地推廣給所有客戶。

So we are seeing a lot of traction across the board, but enterprise certainly is doing a great job. Restaurants, we continue to scale. I noted the location growth that we continue to see. This is one where we said it in prior quarters, restaurants know they need to automate. We see different restaurants focus on different things from whether it be cost efficiency to revenue and upsell to speed of service.

因此，我們看到各方面都取得了很大的進展，而企業無疑做得很好。餐廳方面，我們持續擴大規模。我注意到我們持續看到的地點成長。我們在前幾季就說過，餐廳知道他們需要自動化。我們發現不同的餐廳關注的重點不同，無論是成本效益、收入、追加銷售或服務速度。

All those factors matter. And we're also seeing it not just with customer facing opportunities, but also for operational efficiency and back of house type of opportunities. And then our auto side, we noted that a big deal, a big win with a major OEM in China and that just continues to demonstrate like this is a global opportunity.

所有這些因素都很重要。我們不僅在面向客戶的機會上看到了這一點，而且在營運效率和後台類型的機會上也看到了這一點。然後在我們的汽車方面，我們注意到這是一筆大交易，與中國一家主要原始設備製造商的一次重大勝利，這繼續證明這是一個全球機會。

We're leading, our footprint is deepening and when we bring all those together with what we highlighted with Voice Commerce, I mean that's really the flywheel that's going to compound on top of one another, where you naturally interacting with your vehicle as you drive to work, or you watching TV on a Friday evening or just on the go, being able to do commerce, reservations, appointments, manage customer support issues, all those things are really building.

我們正在引領潮流，我們的足跡正在不斷加深，當我們將所有這些與我們在語音商務中所強調的結合起來時，我的意思是，這真的是一個飛輪，它將相互疊加，當你開車上班時，或者你在周五晚上看電視或只是在旅途中，你可以自然地與你的車輛互動，能夠預訂客戶、預訂這些問題、

So it really is truly across the board with just different degrees of positivity. I think ultimately I'd unpack all that to say that Voice AI and Conversational AI are clearly here and we're just getting started.

所以這確實是全面的，只是正面程度不同。我認為最終我會解開所有這些，說語音人工智慧和會話人工智慧顯然已經存在，而我們才剛剛開始。

I want to pick up on that particular announcement about the Chinese OEM. Usually when we talk about who you're displacing, you're displacing some, some legacy providers in auto and restaurants and to some extent competing with the large -- with the big techs and the American big techs and their voice technology. But this is a little different.

我想談談有關中國 OEM 的具體公告。通常，當我們談論你取代誰時，你取代的是汽車和餐飲業的一些傳統供應商，並且在某種程度上與大型科技公司以及美國大型科技公司及其語音技術競爭。但這有點不同。

Who are you competing with to get that business and how are you able to differentiate, I'm guessing against native Chinese AI companies?

您在與誰競爭以獲得這項業務，您如何實現差異化，我猜是與中國本土的人工智慧公司競爭？

Yes, actually we do compete against similar names in China also. Maybe there are a couple of them that don't play there, but there are others that do. And in many cases we go head-to-head with the legacy providers or the big tech providers and we win usually on the quality of the technology when they evaluate accuracy and comprehensiveness of all the features that we can provide.

是的，實際上我們也在中國與類似品牌競爭。也許其中有幾個人不在那裡玩，但其他人卻在那裡玩。在許多情況下，我們與傳統供應商或大型技術供應商進行正面交鋒，當他們評估我們所能提供的所有功能的準確性和全面性時，我們通常憑藉技術的品質獲勝。

We also have the language coverage that some of the local providers may not necessarily have. And when an automotive OEM in China starts to ship outside of China, then our solution becomes a lot more attractive. But in this particular case, we are also providing the Chinese version of our engines.

我們也提供一些本地供應商不一定具備的語言覆蓋範圍。當中國的汽車原始設備製造商開始向中國境外出貨時，我們的解決方案就會變得更具吸引力。但在這種特殊情況下，我們也提供了中文版的引擎。

Scott Buck, H.C. Wainwright and Company.

巴克（Scott Buck），H.C. Wainwright 和公司。

I'm curious, as demand for AI automation appears to be accelerating, are you seeing any opportunities to improve your selling process or maybe optimize pricing?

我很好奇，隨著對人工智慧自動化的需求似乎正在加速成長，您是否看到任何改善銷售流程或優化定價的機會？

That's a great question. Well, we are selling AI to other companies, but we're also using AI internally to improve our processes. For example, compared to two, three years ago, there were things that would take several engineers several months to do. Now we can do them with one person in a matter of days. So the improvement is, you're talking about orders of magnitude. But our opportunities have also increased and surpassed that's why our headcount has gone up and we have more engineers working on more things.

這是一個很好的問題。嗯，我們正在向其他公司銷售人工智慧，但我們也在內部使用人工智慧來改善我們的流程。例如，與兩三年前相比，有些事情需要幾個工程師花幾個月的時間才能完成。現在我們只需要一個人在幾天內就能完成這些工作。所以，你談論的改進是數量級的。但我們的機會也增加了，超越了，這就是為什麼我們的員工人數增加了，我們有更多的工程師從事更多的事情。

So definitely it's impacting our development. And we were early to adopt AI in-house. There were some big tech companies, for example, that prohibited their employees to use AI for a while. And we actually were the opposite, we said use AI as much as possible. In terms of outbound bound sales and marketing, there is some of that exploration happening, but there are regulations also that you need to understand. So we'll have more to say about that in the future.

所以它肯定會影響我們的發展。我們很早就開始在內部採用人工智慧。例如，一些大型科技公司一度禁止其員工使用人工智慧。而我們實際上恰恰相反，我們說要盡可能使用人工智慧。在外向型銷售和行銷方面，正在進行一些探索，但也有一些法規需要了解。因此，我們將來會就此進行更多討論。

And then second, I'm curious, of your existing customer base, how much of the potential wallet share do you think you have? I mean, is there 50% left in the current customers or more than that of potential future earnings?

其次，我很好奇，在您現有的客戶群中，您認為您擁有多少潛在的錢包份額？我的意思是，現有客戶是否還剩下 50% 或更多的潛在未來收益？

We think, Scott, I mean there's a lot more than what you highlighted. We think we're just early penetration again of a new era of how companies will interact with their customers. We think Voice AI is a penetration of overall sort of engagement is still pretty low. And so we see a ton of runway there. I think you've seen, I'm sure just in general, IT budget allocation of total OpEx of many customers across verticals has been growing for a long time.

我們認為，史考特，我的意思是，還有很多事情比你強調的要多。我們認為，我們正處於公司與客戶互動新時代的早期滲透階段。我們認為語音人工智慧的整體滲透率仍然很低。因此我們看到那裡有大量的跑道。我想你已經看到了，我相信總體而言，許多垂直行業客戶的總營運支出的 IT 預算分配一直在增長。

And now within that the AI allocation of spend has been growing significantly and outpacing where there's trade-offs in other parts of the business line to offset and make sure there's room for AI growth. And then within the AI growth, certainly agentic in particular is just, screaming out of the gate. So we think we're really low in penetration. And then the answers kind of get nuances depending on which particular business we talk about.

現在，人工智慧的支出分配已經大幅增長，並且超過了業務線其他部分的權衡，以抵消並確保人工智慧有成長空間。然後在人工智慧的發展中，當然代理技術尤其如此，正在蓬勃發展。所以我們認為我們的滲透率確實很低。然後，根據我們談論的具體業務，答案會有所不同。

But if I take auto, for example, it's not only just in terms of like OpEx budget profile or something, but as we grow and scale with our customers and there's more units out in market for us, that's increased revenue because there's more royalties to get. As we bring new revenue streams, whether that's through restaurant activation of ordering and drive upsell or whether that's through voice commerce, that's actually expanding from IT budgets to marketing budgets and so forth. So, I mean, really, it's a very small penetration and we think there's a lot more runway.

但如果以汽車為例，它不僅僅是在營運支出預算概況等方面，而且隨著我們與客戶一起成長和擴大規模，並且市場上有更多單位可供我們選擇，那麼收入就會增加，因為我們可以獲得更多的特許權使用費。隨著我們帶來新的收入來源，無論是透過餐廳啟動訂購和推動追加銷售，還是透過語音商務，這實際上都從 IT 預算擴展到行銷預算等等。所以，我的意思是，這確實是一個非常小的滲透，我們認為還有很大的發展空間。

Leo Carpio, Joseph Gunnar.

卡皮奧、約瑟夫·岡納爾。

I got a couple of quick questions. First, regarding the guidance you gave for 2025, the revised one. Two parts. First, I saw that we had a Q2 beat, yet the guidance doesn't reflect that completely. Is that part of the seasonality you talked about, or is it just an element of conservatism? And then secondly, is there acquisitions incorporated in this guidance or is it just strictly organic?

我有幾個簡單的問題。首先，關於您給予的 2025 年指導意見，是修訂後的指導意見。兩部分。首先，我看到我們第二季的業績超出預期，但指引並沒有完全反映這一點。這是您所談論的季節性的一部分嗎，還是只是保守主義的一個因素？其次，本指南是否包含收購，還是只是嚴格的有機收購？

Yes, on the first part of that question, yes, I highlighted in the closing of my prepared remarks that I think there is a bit of lumpiness. And when we're dealing with major deals, with major enterprises that are multiples the size of us, they can be big lumpy deals. And we saw some in our favor this time, but we don't -- while we go and chase it every quarter, sometimes you get them, sometimes you don't. So there could be some natural seasonality there.

是的，關於這個問題的第一部分，是的，我在準備好的發言的最後強調過，我認為存在一些不連貫之處。當我們處理大型交易時，與規模是我們數倍的大型企業進行交易，這些交易可能會非常複雜。這次我們看到了一些對我們有利的因素，但我們沒有——雖然我們每個季度都在追逐它，但有時你能得到，有時卻得不到。因此，那裡可能存在一些自然的季節性。

And I think it's fair to say we want to be prudent planners and set expectations and beat expectations, and that's the model we're trying to build for the long, long-term. So that's probably baked into it as well. So all of that together, though, I don't want to back-off the point that we're seeing tremendous momentum and we want to really -- the numbers we're talking about this year will pale in comparison to the numbers we'll talk about for next year and the year after that.

我認為可以說，我們希望成為審慎的規劃者，設定預期並超越預期，這就是我們試圖長期建立的模式。所以這也可能是其中的一部分。所以，綜合考慮所有這些，我不想放棄我們正在看到的巨大勢頭，我們真的想要——我們今年談論的數字與我們明年和後年談論的數字相比顯得微不足道。

And we're certainly on that pathway. And I think historically, our growth organically of 50% plus, and now with other acquisitions going even double of that like that -- that's a pace that we anticipate for the foreseeable future. And we think, by the way, that's naturally attuned to how disruptive markets grow almost every cycle.

我們確實正走在這條道路上。我認為，從歷史上看，我們的有機成長率為 50% 以上，現在其他收購的成長率甚至是這個數字的兩倍——這是我們預計在可預見的未來的成長速度。順便說一句，我們認為，這自然與顛覆性市場幾乎每個週期的成長方式相適應。

You see, in tech land, that's sort of how things play out. So to your second question, then, the guidance as we give them this time and how we've given them previously, they don't contemplate additional acquisitions that we may look at or may add. We'll update you if those do come to bear, but they don't require it. They're not baked into our assumption set. We only kind of base it off of what's in house currently.

你看，在科技領域，事情就是這樣發生的。那麼，對於你的第二個問題，我們這次給他們的指導以及我們以前給他們的指導是，他們沒有考慮我們可能考慮或可能增加的額外收購。如果這些確實發生了，我們會通知您，但這不是必需的。它們並未被納入我們的假設之中。我們只是根據目前內部情況來制定計劃。

Quick question. Also on the Red Lobster account link, could you give us some background in terms of how did that contract came about? I think given that the company was in bankruptcy, how it came out? Just interested to know the details.

快速提問。另外，關於紅龍蝦帳戶鏈接，您能否向我們介紹一下該合約是如何產生的？我認為，鑑於該公司已經破產，結果會如何？只是有興趣了解詳情。

Yes, I could just say, we've actually had them as a partner for a little while and yes, they went through their own journey. I could say personally, in our family, we're big fans, but they've kind of maintained and they're kind of back now. And so we definitely had our own journey working with them through their bankruptcy dynamics and now sort of renewed energy in that partnership and we're scaling.

是的，我只能說，我們實際上已經與他們合作了一段時間，是的，他們經歷了自己的旅程。就我個人而言，在我們家，我們都是他們的忠實粉絲，但他們一直保持著這種狀態，現在又回來了。因此，我們確實與他們一起經歷了破產的歷程，現在這種合作關係煥發了新的活力，我們正在擴大規模。

And so, yes, I mean, like a lot of our -- I wouldn't just say it's specific to that one, but I would say in the restaurants. But even beyond restaurants, there's definitely a lot of companies that have been going through massive disruption and we try to stay with them throughout whatever part of the journey they need. It does highlight. It's not exactly your question, but I'll extend your question to this general point, which we've said before, around AI and automation.

是的，我的意思是，就像我們的很多東西一樣——我不會說它只針對那個，但我會說在餐廳裡。但除了餐廳之外，肯定有很多公司正在經歷巨大的變革，我們會盡力在他們需要的任何旅程中陪伴他們。它確實突出了。這不完全是你的問題，但我會將你的問題延伸到我們之前討論過的有關人工智慧和自動化的一般性問題。

Depending on which direction you're going, AI and automation is really important. If you are a business that's challenged because of foot traffic declines or whatnot, you need automation for cost containment and cost reductions. If you're one that's seeing massive demand, you need automation to help you with throughput and speed of service and all those things.

無論您前進的方向如何，人工智慧和自動化都非常重要。如果您的企業因客流量下降或其他原因而面臨挑戰，您需要自動化來控制和降低成本。如果您是看到大量需求的人，您需要自動化來幫助您提高吞吐量和服務速度等等。

And again, those are the toggles that we provide across the board. And I think Red Lobster is no different than some of the other customers we've highlighted and that we work with.

再次強調，這些都是我們全面提供的切換功能。我認為紅龍蝦與我們重點介紹過並合作過的其他一些客戶沒有什麼不同。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

This is Vijay Devar for Michael Latimore. Can you provide any color on how to model 3Q versus 4Q revenue?

我是邁克爾·拉蒂摩爾 (Michael Latimore) 的維傑·德瓦爾 (Vijay Devar)。您能否提供有關如何模擬第三季與第四季營收的詳細資訊？

Sure. So, we expect it'll ramp into the second half. I mean, we don't give too much in specifics, but I would expect that we're going to continue to gain momentum and Q4, there's a number of deals that we have in motion. With Q3, you always have some time, especially because our penetration in Europe, you got summer months that you work through and, August shutdowns in certain cases, particularly with some of the industries we're working with, that generally you come out of the gate into the fall and you get a lot more momentum and get close into the year-end where a lot of companies have budgets, they try to deploy it year-end.

當然。因此，我們預計下半年這數字將會上升。我的意思是，我們不會透露太多細節，但我預計我們將繼續獲得發展勢頭，並且在第四季度，我們正在進行多項交易。對於第三季度，你總是有時間的，特別是因為我們在歐洲的滲透，你需要度過夏季的幾個月，在某些情況下，8月份會停工，特別是對於我們正在合作的一些行業，通常你會在秋季開始，你會獲得更多的動力，接近年底，很多公司都有預算，他們會試圖在年底部署預算。

So there's a lot of dynamics that are really just typical. If you look at our historical seasonality, you'll see some of that too. So I think you'll see Q4 will be bigger than Q3 is probably the sharpest I can get for you. And then we'll keep trying to penetrate as fast as we can, if we can pull stuff forward then great. Ultimately, it's really just building out these relationships.

因此，有很多動態實際上只是典型的。如果你觀察我們的歷史季節性，你也會看到其中的一些情況。所以我認為你會看到 Q4 會比 Q3 更大，這可能是我能為你提供的最清晰的資訊。然後我們會繼續盡可能快地嘗試滲透，如果我們能夠將東西拉向前，那就太好了。最終，這實際上只是建立這些關係。

And the other thing is, in a lot of our existing contracts, we're seeing growth and scale. So some of the business do have just natural seasonality that plays out that I've talked about in prior calls, but that's probably how it got you.

另一件事是，在我們現有的許多合約中，我們看到了成長和規模。因此，一些業務確實具有自然的季節性，我在之前的電話會議中已經談到過，但這可能是它對你產生影響的原因。

Got it. And if you could kind of highlight key drivers of growth in the second half. Is it Amelia software sales or phone ordering or professional services? What would it be? Or the combination of all three?

知道了。您能否強調一下下半年成長的關鍵驅動力？是 Amelia 軟體銷售、電話訂購還是專業服務？會是什麼呢？還是三者的結合？

Yes, all of the above. I think like we saw in Q2, it was growth across the board, across our pillars. We saw all of our pillars growing double-digits. So we want to extend that and continue to drive that at very healthy clips. And some might be growing much faster and some might take a journey. But I think that net of it, like, I think it was the first question in terms of how would I rank which vertical performed at what level? Like, we're seeing it really across the board, enterprise leading the charge.

是的，以上皆是。我認為，就像我們在第二季度看到的那樣，我們的各項支柱都實現了全面成長。我們看到所有支柱都實現了兩位數的成長。因此，我們希望延續這一趨勢，並繼續以非常健康的速度推動這一進程。有些可能會成長得更快，有些可能會踏上旅程。但我認為，綜合起來，我認為第一個問題是，我該如何對哪個垂直產業在哪個層面的表現進行排名？就像，我們確實看到它全面展開，企業引領潮流。

We're seeing great penetration in restaurants, getting deals with auto, great continued momentum. And the other thing that I'll just highlight you, the question is an opportunity to talk about. And I mentioned this briefly in the prepared remarks, but one of the things we did and put a lot of emphasis as we began this year was around investing in customer success and making sure that our existing book of business, where there maybe previously had been leakage and some churn that we're refining that we're turning that around into -- from reductions into maintenance to actually growth.

我們看到餐廳的滲透率很高，與汽車的交易也十分順利，並且發展勢頭持續強勁。我要強調的另一件事是，這個問題是一個談論的機會。我在準備好的發言中簡要提到了這一點，但我們在今年年初所做並重點強調的事情之一就是投資於客戶成功，並確保我們現有的業務，以前可能存在的洩漏和一些流失，我們正在對其進行改進，將其從減少到維持到實際增長。

And we saw great success in Q2. So we do expect that that will continue. And then using that as an opportunity to expand, we did that. We highlighted one big QSR where we had cross-sell. So there's multiple ways now where we can expand with existing customers. So we do anticipate a lot of that. My point of all that is that not only will come from new logos across the verticals, but I think the expanding within existing partnerships is a great opportunity.

我們在第二季度取得了巨大的成功。因此我們確實希望這種情況能夠持續下去。然後我們利用這個機會進行擴張，我們做到了。我們重點介紹了一家進行交叉銷售的大型 QSR。因此，現在我們可以透過多種方式擴大現有客戶。所以我們確實預料到了很多這樣的情況。我的觀點是，這不僅來自於各個垂直領域的新標誌，而且我認為現有合作夥伴關係的擴展也是一個很好的機會。

And then lastly, I'll say we put a lot of energy into the indirect channel and a lot of investment there. And we had a great deal of progress we saw in Q2 on the indirect channel side. And that's one that when that engine gets going, it can really accelerate. So we're excited about the possibilities of that in the second half of this year as well.

最後，我想說我們在間接通路上投入了大量的精力和投資。我們在第二季度在間接通路方面取得了很大進展。當引擎啟動時，它就能真正加速。因此，我們對今年下半年實現這一目標的可能性也感到興奮。

Thomas Blakey, Cantor.

湯瑪斯·布萊基，領唱者。

Congratulations on the results. The auto vertical, Pillar 1, I suppose, congratulations on the China win. Can you just maybe talk to maybe the royalty opportunity there? I understand you guys typically have some kind of non-recurring revenue up front when you win a big customer like this, but I know you don't want to give the customer name, but just kind of any indication there in terms of size and opportunity on maybe a SAR basis?

恭喜你取得這樣的成績。汽車垂直，支柱 1，我想，祝賀中國獲勝。能談談那裡的版稅機會嗎？我知道，當你們贏得這樣的大客戶時，你們通常會預先獲得一些非經常性收入，但我知道你們不想透露客戶的名字，但是能否在規模和機會方面提供一些提示，也許是基於 SAR？

And using that as a segue, I think we need an update on kind of tariffs and units on the auto side. And I have a follow-up if you can, please.

以此為契機，我認為我們需要更新汽車方面的關稅和單位資訊。如果可以的話，我還有一個後續問題。

Sure, I'll start. And on the first part of your question, actually let me back up and say there's really kind of four things we deliver for automotive companies. And you're right, they do have different revenue characteristics and each deal is different and so forth. But we got our traction with cloud services. We penetrated further with our edge solutions. We've added on in recent years our generative AI capabilities that expand the solution set for customers and consumers can navigate and have very engaging conversations on a multitude of topics.

當然，我這就開始。關於你問題的第一部分，實際上讓我回顧一下，我們實際上為汽車公司提供了四樣東西。你說得對，它們確實有不同的收入特徵，而且每筆交易都不同等等。但我們透過雲端服務獲得了發展。我們進一步滲透了我們的優勢解決方案。近年來，我們增加了生成人工智慧功能，擴展了客戶的解決方案集，消費者可以就眾多主題進行導航和非常有趣的對話。

And now Voice Commerce is getting us a lot of traction. So if you kind of say that full suite of solutions of which we have mega OEM customers that are participating in all of those areas, we do have new deals where oftentimes you'll kind of start with one thing and grow with others. I mean we've talked about, some of the big OEMs that we work with, where that's been the history that we've seen and sometimes in the past that's taken several quarters, couple years, we are seeing that speed of opportunity a little faster.

現在語音商務為我們帶來了極大的發展動力。因此，如果您說我們有全套解決方案，其中大型 OEM 客戶參與所有這些領域，我們確實有新的交易，通常您會從一件事開始，然後與其他事情一起成長。我的意思是，我們已經討論過，我們合作的一些大型原始設備製造商，這是我們所看到的歷史，有時在過去這需要幾個季度，幾年的時間，我們看到機會的速度要快一些。

So this one, yes, we think this is especially the units of these automakers in China, there's a lot of great opportunity to both grow across all those platforms. Generative AI is bringing completely new ways of engaging and then Voice Commerce is just getting going. So when we can bring Voice Commerce and connect our, for example restaurant ecosystem with OEMs, there's a lot more opportunity.

所以這一點，是的，我們認為，特別是對於中國汽車製造商的部門來說，在所有這些平台上都有很多很好的發展機會。生成式人工智慧正帶來全新的參與方式，語音商務才剛起步。因此，當我們能夠實現語音商務並將我們的餐廳生態系統與 OEM 連接起來時，就會有更多的機會。

So that was the first part. I think the second part was tariffs and just impact. Yes, we were not immune. I would say the tariff dynamic that's been playing out all year, we don't have any direct impact on our business from the tariffs, but we do have secondary impact from the tariffs. So when tariffs have certainly affected the auto space generally and that does impact us because our ongoing revenue is royalty based and shipment based and so forth.

這就是第一部分。我認為第二部分是關稅及其影響。是的，我們未能倖免。我想說的是，關稅的動態全年都在變化，我們的業務沒有受到關稅的直接影響，但確實受到了關稅的次要影響。因此，當關稅確實對汽車領域產生普遍影響時，這確實也會對我們產生影響，因為我們的持續收入是基於特許權使用費和出貨量等等。

And so, if auto shipments kind of change then that that might affect the royalties that we record. But generally we're watching it closely. I think most of the industries that we play in, I will say some are immune, but everybody's watching it closely, despite sort of the dynamic and the uncertainty, I think, as I said to an earlier question, the AI investments are continuing at a really high pace, and so I think that still gives us a seat at the table to have these important strategic conversations of what we can deliver for them.

因此，如果汽車運輸量發生變化，那麼這可能會影響我們記錄的版稅。但總體來說，我們正在密切關注。我認為我們所涉足的大多數行業，有些行業是免疫的，但每個人都在密切關注，儘管存在某種動態和不確定性，但我認為，正如我在回答之前的問題時所說，人工智能投資仍在以非常高的速度持續增長，所以我認為這仍然讓我們有機會進行重要的戰略對話，討論我們能為他們提供什麼。

Great answer. And it's good to have the higher ARPU kind of trending in the right direction with that kind of whole cadre of services. So on the auto side, so maybe my second question would be on the Voice Commerce. I think you've mentioned it a couple different times. It certainly sounds like it's being mixed into from that kind of like platform sale as Kevyan was alluding to.

很好的答案。隨著這類整體服務的推出，更高的 ARPU 值朝著正確的方向發展，這是一件好事。那麼在汽車方面，也許我的第二個問題是關於語音商務。我想你已經提到過幾次了。這聽起來確實像是 Kevyan 所暗示的那種平台銷售混雜其中。

Maybe just to address like head on because this is obviously a huge optionality for SoundHound, you mentioned all businesses were up double-digits. Could you maybe sharpen the pencil on updates on Voice Commerce? It sounds like it maybe has pulled in. You weren't expecting any revenues until calendar '26, I think was the most recent kind of messaging to the Street. But it sounds like maybe that's changed. I just wanted to get a clarification there.

也許只是為了正面解決這個問題，因為這顯然是 SoundHound 的一個巨大的選擇，您提到所有業務都成長了兩位數。您能否加快語音商務更新的速度？聽起來好像它已經收進去了。你預計直到 26 年才會有任何收入，我認為這是向華爾街傳達的最新訊息。但聽起來情況可能已經改變了。我只是想得到澄清。

We've had revenue impact from Voice Commerce indirectly because it has a flywheel effect. It improves adoption in our Pillar 1 and Pillar 2 customers. So if you're an automaker and you are comparing SoundHound solution to another one, so first, we claim and prove to our customers that we have a better quality and they test it and they validate for themselves.

由於語音商務具有飛輪效應，我們的收入受到了間接影響。它提高了我們的支柱 1 和支柱 2 客戶的採用率。因此，如果您是汽車製造商，並且正在將 SoundHound 解決方案與其他解決方案進行比較，那麼首先，我們會向客戶聲明並證明我們擁有更好的質量，然後他們會進行測試並親自驗證。

But then we also tell them that with Voice Commerce they can provide transactional opportunities to their end users, making it a better experience. But also these transactional opportunities generate revenue and they can get a cost of revenue that gives them something that historically they've never had anything like that before. So I really encourage them to lean in with SoundHound.

但我們也告訴他們，透過語音商務，他們可以為最終用戶提供交易機會，從而獲得更好的體驗。但這些交易機會也會產生收入，他們可以獲得以前從未有過的收入成本。所以我真的鼓勵他們依靠 SoundHound。

We are actually running pilots with new brand OEMs that have not been using our assistant in the past, but now they're running the pilot with our Voice Commerce and we've been winning and securing additional deals because of that. Same in Pillar 2. So when we are talking to, for example, a restaurant brand to power AI and automation, again they compare us to maybe there are others and they realize we have the best solution for them.

實際上，我們正在與一些新品牌 OEM 進行試點，這些 OEM 過去從未使用過我們的助手，但現在他們正在使用我們的語音商務進行試點，我們因此贏得了更多交易。與支柱 2 相同。因此，當我們與某個餐廳品牌討論如何推動人工智慧和自動化時，他們會再次將我們與其他品牌進行比較，然後意識到我們為他們提供了最佳解決方案。

But then we also give them the vision of Voice Commerce that can bring additional leads to them from the ecosystem of devices that we power. And as far as we know, no one else can make that promise to them. And that also helps them or encourages them to lean in with SoundHound.

但同時，我們也向他們展示了語音商務的願景，可以透過我們所支持的設備生態系統為他們帶來更多潛在客戶。據我們所知，沒有其他人可以向他們做出這樣的承諾。這也有助於或鼓勵他們依靠 SoundHound。

So we've had -- we are seeing more wins and bigger pipeline in our Pillar one and Pillar 2. Because of the Voice Commerce vision that now we can demonstrate it. So it had an indirect impact. Now, until we go live at scale, we are not going to report its revenue contribution in a meaningful way, but that is going to happen very soon.

因此，我們在第一支柱和第二支柱中看到了更多的勝利和更大的發展空間。由於語音商務願景，我們現在可以展示它。所以它產生了間接影響。現在，在我們大規模上線之前，我們不會以有意義的方式報告其收入貢獻，但這很快就會發生。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

This is [Kane] on for Fish. So I was just kind of wondering what's going on the QSR vertical with some of the larger opportunities not signed yet, such as like McDonalds of the world.

這是 [Kane] 為 Fish 表演的。所以我只是有點好奇 QSR 垂直領域正在發生什麼，一些較大的機會尚未簽約，例如像麥當勞這樣的世界級企業。

I mean, I'd just say that we have continued to grow with more and more of the QSRs. We've noted previously that we're working and operating today with 7 of the top 20 QSRs. And which I guess, basically says there's 13 more to go after and we'll go after in a hurry and -- but even just with the group that we are working with, there is just so much scale opportunity. We really only penetrated a small part.

我的意思是，我只想說，隨著 QSR 越來越多，我們也在不斷發展。我們之前曾指出，我們目前與排名前 20 的 QSR 中的 7 家有合作和營運關係。我想，這基本上意味著還有 13 個目標需要我們去實現，我們會盡快實現 — — 但即使只是與我們合作的團隊，也存在著如此大的規模機會。我們實際上只滲透了一小部分。

I mentioned in the prepared remarks that we're in 14,000 locations. Well, that is a small, small fraction of what's available. And again, that's a global opportunity. We're now live across three continents. We're penetrating and we've highlighted in our prepared remarks some of the big brands that we are working with. And I think, most notably, I think in this space we do have major differentiation. We look at the competitive landscape and call it like three different worlds.

我在準備好的發言中提到過，我們的業務遍及 14,000 個地點。嗯，這只是現有資源的一小部分。再次強調，這是一個全球性的機會。我們的業務現已涵蓋三大洲。我們正在深入研究，並在準備好的演講中強調了我們正在合作的一些大品牌。我認為，最值得注意的是，在這個領域我們確實有很大的差異。我們觀察競爭格局，稱之為三個不同的世界。

There's sort of legacy sort of mostly private companies that -- what we've seen at least we don't believe they have sufficient tech capabilities to really keep pace of where the opportunity is going. We do see in some cases some of the bigger tech players reaching in here with unlimited resources. It's a competitive set we've competed against for quite some time.

有一些傳統的、主要是私人的公司——至少就我們所見，我們認為它們沒有足夠的技術能力來真正跟上機會的發展。在某些情況下，我們確實看到一些大型科技公司帶著無限的資源進入這個領域。我們已經與這個競爭對手競爭了相當長一段時間。

And we think our focus, our niche sort of opportunity where we have dedicated teams and we have custom solutions and we build product suite and we can work in service of those customers to deliver value for their end customers. We found that agility and speed and focus that we work with has been a differentiator. So, we think we can go and get more and more and we look forward to sharing more and more big logos as we go forward.

我們認為我們的重點是我們的利基機會，我們擁有專門的團隊，我們有客製化的解決方案，我們建立產品套件，我們可以為這些客戶提供服務，為他們的最終客戶提供價值。我們發現，我們工作的敏捷性、速度和專注力是我們與眾不同的因素。因此，我們認為我們可以取得越來越多的成果，並且我們期待在未來分享越來越多的大標誌。

And lastly, I'll just say the Voice Commerce one is something unique. There's really nobody else out there that's kind of talking about bringing new leads where they really want to -- big companies -- like you cited want speed. I mean, they want to be able to capture new leads and they want throughput and they want to get more and more of their great food out there for their end customers.

最後，我只想說語音商務是獨一無二的。實際上，沒有其他人會談論將新線索帶到他們真正想要去的地方——大公司——就像您提到的那樣，想要速度。我的意思是，他們希望能夠獲得新的潛在客戶，他們希望提高產量，他們希望為最終客戶提供越來越多的美味食品。

And our Voice Commerce solution is very unique. And so we're leading with that. We're getting a lot of traction and at the same time, we have omnichannel ways of going about it. We have phone ordering, we have drive through, we do SMS, we can work on many different platforms and that's very unique in the ecosystem.

我們的語音商務解決方案非常獨特。因此我們以此為先導。我們獲得了極大的發展動力，同時，我們擁有全通路的方式來實現這一目標。我們有電話訂購、免下車訂購、簡訊訂購服務，我們可以在許多不同的平台上工作，這在生態系統中非常獨特。

So we're excited about it. We're just again great momentum but just getting going and excited to share more in future quarters.

所以我們對此感到很興奮。我們再次展現出強勁勢頭，但才剛起步，並很高興在未來幾季分享更多。

Maybe on that drive-thru, what percentage of QSRs have the drive-thru today? And where do you think that could shake out in two to three years from now?

也許在免下車通道上，今天有多少比例的快餐店有免下車通道？您認為兩到三年後這種情況將會發生怎樣的變化？

I don't know if your question was what percent of QSRs have drive-thru meaning generically in the industry or how many of our business are drive-thru weighted versus phone. I'm assuming it's phone.

我不知道您的問題是，業界有多少百分比的 QSR 具有一般意義上的免下車服務，或者我們的業務中有多少是以免下車服務為主，而不是以電話服務為主。我假設它是電話。

How many is your business?

你的生意有多少？

So we're -- of the 14,000, the vast majority or the majority is definitely on the phone ordering and a lot of those scale faster. I've talked in earlier calls about once you integrate with the point of sales for example and we talked about how we have channel partnerships with the likes of Square and Toast, Olo, and Oracle MICROS Simphony and you work at the larger ones with custom point of sales solutions and that allows us then once you have updated menu and pricing and so forth, you can really scale across all sorts of restaurants really quickly.

因此，在這 14,000 人中，絕大多數或大多數肯定是透過電話訂購的，而且其中許多的規模都更快。例如，我在之前的電話會議中談到，一旦您與銷售點集成，我們就會討論如何與 Square、Toast、Olo 和 Oracle MICROS Simphony 等建立通路合作夥伴關係，然後與更大的公司合作，使用定制的銷售點解決方案，這樣，一旦您更新了菜單和價格等，我們就可以真正快速地擴展到各種餐廳。

And then sometimes you just have to have the conversation with franchisees if a restaurant operations has franchisees. When it comes to drive-thrus of which we're in hundreds and we're growing fast, there's some other requirements in terms of drive-thru hardware. Do you have the right display board, do you have the right microphone set-up onwards and so we're working with that.

有時，如果餐廳有特許經營商，您就必須與特許經營商進行對話。說到免下車服務，我們擁有數百家免下車服務點，而且發展速度很快，但對於免下車硬體還有一些其他要求。您是否有正確的顯示板，是否有正確的麥克風設置，我們正在努力實現這一點。

We announced a partnership this time with Par, but there's several others that we work with and Samsung, HME, and others that we're having a lot of great conversations on how do we scale and deploy faster. One of the things that we're really excited about, we're innovating together with some of these major QSRs in terms of, if for example on a drive-thru retrofit there's some permitting and just high cost of capital to get that going and if that might take 6, 12 months, we've ways that we can really scale much faster -- much more rapidly.

這次我們宣布與 Par 建立合作夥伴關係，但我們也與其他幾家公司合作，包括三星、HME 等，我們正在就如何更快地擴展和部署進行大量精彩的對話。我們真正感到興奮的事情之一是，我們正在與一些主要的 QSR 一起進行創新，例如，如果在免下車改造方面需要一些許可，並且需要高昂的資本成本才能啟動，並且這可能需要 6 到 12 個月的時間，那麼我們有辦法更快地擴大規模——更加迅速。

And so we work in -- we've innovated on smaller footprint posts that you can have a call it visualize a small tablet and a microphone and so forth and you can activate voice ordering through AI that way and we've deployed those at some of our brands that we've highlighted before and that allows us to rapidly scale on the drive-thru side.

因此，我們致力於——我們在佔地面積較小的崗位上進行了創新，您可以通過一個電話將其可視化為一台小型平板電腦和麥克風等，然後您可以通過這種方式通過人工智能激活語音訂購，我們已經在我們之前強調過的一些品牌中部署了這些技術，這使我們能夠在免下車服務方面迅速擴展。

So the drive-thru opportunity, by the way, more and more it's not only going to be drive-thru like you get there and you're used to just pulling up to the post and ordering, whether it's through Voice Commerce or other modalities that we're using, you can actually order ahead now and just pick up on a rapid line. And we have major -- by the way restaurants where we've already through our solutions, kind of seen average order times go from minute plus to sub-minute and ultimately for especially during business times for the QSRs that's a signal of just increased revenue.

順便說一下，免下車服務機會越來越多，它不僅僅是像你到達那裡那樣的免下車服務，你習慣於把車停在崗位上訂購，無論是通過語音商務還是我們正在使用的其他方式，你現在都可以提前訂購，然後在快速線上取貨。順便說一下，我們已經透過我們的解決方案將主要的餐廳的平均訂購時間從一分鐘多縮短到一分鐘以內，最終特別是在快餐店的營業時間內，這是一個收入增加的信號。

So all those things are in motion and a lot of opportunity here, and we're excited about where we're going.

所以所有這些事情都在進行中，這裡有很多機會，我們對我們的未來感到興奮。

This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。