SoundHound AI, Inc. (SOUN) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to SoundHound AI Q2 2026 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Scott Smith, Investor Relations.

大家好，感謝您稍候。歡迎參加 SoundHound AI 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，投資人關係的 Scott Smith。

Good afternoon, and thank you for joining our second quarter 2026 conference call. With me today is our CEO and co-founder Keyvan Mohajer; and our CFO and co-founder, James Hom. We will begin with some short remarks before moving to Q&A.

各位下午好，感謝您參加我們 2026 年第二季電話會議。今天與我一同出席的有我們的執行長暨共同創辦人 Keyvan Mohajer，以及我們的財務長暨共同創辦人 James Hom。在進入問答之前，我們將先做一些簡短的開場說明。

We'd also like to remind everyone that we will 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 a discussion of the statements that qualify as forward-looking statements.

我們也想提醒各位，本次電話會議中將包含前瞻性陳述。實際結果可能與前瞻性陳述所暗示者有重大差異。請參閱我們向美國證券交易委員會（SEC）提交的文件，以取得可能影響我們業務之風險與不確定性的詳細討論，以及哪些陳述屬於前瞻性陳述的說明。

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 GAAP 指標。請參閱今日新聞稿，以取得更詳細的財務結果，以及這些指標的定義、限制與用途之進一步說明，並包含從 GAAP 到非 GAAP 的調節表。

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係基於截至今日我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

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

最後，本次電話會議將在我們的投資人關係網站上全程以音訊網路直播。今日會議結束後將提供音訊重播。接下來，我想把電話會議交給我們的執行長 Keyvan Mohajer。Kevan，請開始。

Thank you, Scott, and thank you to everyone for joining the call today. I'm delighted to report an outstanding second quarter. Coming off an already strong Q1, the team executed flawlessly in Q2. This was not only a record Q2, but our largest all-time quarter with $62 million in revenue.

謝謝你，Scott，也感謝各位今天加入本次電話會議。我很高興向各位報告，我們第二季表現非常出色。在第一季已經相當強勁的基礎上，團隊在第二季執行得近乎完美。這不僅是創紀錄的第二季，也是我們史上單季最高的一季，營收達 6,200 萬美元。

Revenue was up 45% year-over-year, 40% sequentially and 10 times higher than Q2 4 years ago, which was our first quarter as a public company. We also improved all key profitability metrics. Our gross margin improved, our adjusted EBITDA improved and our EPS improved both year-over-year and sequentially.

營收年增 45%、季增 40%，並且較 4 年前的第二季（那是我們成為上市公司後的第一個季度）高出 10 倍。我們也改善了所有關鍵獲利指標。我們的毛利率提升、調整後 EBITDA 改善，且每股盈餘（EPS）無論年比或季比皆有所提升。

Our results were beyond our own expectations, and a significant part of that is attributed to OASYS, SoundHound's self-learning agentic AI platform that we launched in May this year. With OASYS, we are winning in demos, we are winning in RFPs, we are winning in pilots, and we are winning as we scale with our customers in production.

我們的成果超出自身預期，其中很大一部分歸功於 OASYS——SoundHound 於今年 5 月推出的自我學習代理式 AI 平台。透過 OASYS，我們在展示（demo）中勝出、在 RFP（提案徵求）中勝出、在試點（pilot）中勝出，並且在與客戶進入正式上線（production）並擴大規模時持續勝出。

OASYS demos are absolutely delighting new and existing customers, and it shows in our renewal rates and our exceptional win rates. Because of our standout technology, we are now moving quickly with our prospects from demo to contract signing in a matter of months. And we're also converting pilots to large implementations at a record pace.

OASYS 的展示讓新舊客戶都感到非常驚豔，這也反映在我們的續約率與極高的勝出率上。憑藉我們突出的技術優勢，我們現在能在短短數月內，快速推動潛在客戶從展示走到合約簽署。同時，我們也以創紀錄的速度，將試點專案轉換為大型導入。

We recently signed an eight-figure commitment in less than 90 days from the initial demo to contract signature. This is all while enterprise market for conversational and agentic AI grows exponentially with every quarter that passes. In a recent report, Gartner projected that agentic AI software spending will hit nearly $1 trillion by 2030 with a compound annual growth rate of over 60% between 2025 and 2030 as enterprises scale adoption.

我們最近在從首次展示到合約簽署不到 90 天內，就簽下了一筆八位數美元的承諾金額。而此時，對話式與代理式 AI 的企業市場正隨著每一季的推進而呈指數型成長。在近期一份報告中，Gartner 預測代理式 AI 軟體支出將於 2030 年接近 1 兆美元，並在 2025 年至 2030 年間，隨著企業擴大採用而達到超過 60% 的年複合成長率。

We have everything we need to seize a sizable portion of this. We continue to invest in growth and convert on the massive pipeline we built to start the year. And even with those key investments, we have maintained a disciplined approach to spending, achieving a 33% improvement in adjusted EBITDA this quarter.

我們具備掌握其中相當大份額所需的一切條件。我們持續投資成長，並將年初建立的龐大商機管線轉化為實際成果。即便進行這些關鍵投資，我們仍維持嚴謹的支出紀律，使本季調整後 EBITDA 改善 33%。

We saw success across all key metrics and every part of our business. SoundHound's enterprise AI business is fundamentally changing the market, emerging as a clear leader in what was once a fragmented landscape. SoundHound's excellence in conversational AI for enterprise also recently received heavyweight validation with SoundHound being named as a leader by analyst firm Gartner in their Magic Quadrant for conversational AI platforms.

我們在所有關鍵指標以及業務的每個環節都取得成功。SoundHound 的企業 AI 業務正在從根本上改變市場，並在過去曾高度分散的版圖中，崛起為明確的領導者。SoundHound 在企業對話式 AI 的卓越表現也近期獲得重量級肯定：分析機構 Gartner 在其《對話式 AI 平台魔力象限》中將 SoundHound 評為領導者。

We expect these high-profile recognition to drive even greater momentum with enterprise buyers who rely on Gartner to validate market leaders with both a strong vision and proven ability to execute.

我們預期這些高知名度的肯定將帶來更強勁的動能，特別是對於仰賴 Gartner 來驗證同時具備清晰願景與經證實執行能力之市場領導者的企業買家。

Looking ahead, we are poised to increase our scale again with the acquisition of LivePerson, which is expected to close by the end of this year. When it does, we will accelerate our leadership position and extend our footprint in conversational AI with 25 of the Fortune 100 brands and a significant increase in the number of enterprise brands using our platform across a range of verticals.

展望未來，隨著我們對 LivePerson 的收購（預計於今年底前完成），我們已準備好再次擴大規模。交易完成後，我們將加速鞏固領導地位，並透過 25 個《財富》百大品牌（Fortune 100）擴展我們在對話式 AI 的版圖，同時大幅增加在多個垂直領域中使用我們平台的企業品牌數量。

Our track record shows that our repeatable M&A formula working, we've been able to realize high potential turnaround opportunities with our technical innovation and financial discipline. We look forward to repeating our process with LivePerson.

我們的過往紀錄顯示，我們可複製的併購（M&A）公式正在發揮作用；憑藉技術創新與財務紀律，我們得以實現高潛力的轉型機會。我們期待在 LivePerson 上再次複製我們的流程。

Our success in Q2 was driven in large part by our new OASYS platform, which we demoed extensively with existing customers and prospects before launching publicly in May. Early reactions confirm what we already knew. This is a category-leading enterprise AI platform that addresses the critical pain points that large multinational businesses face when trying to deliver a quality AI-based customer experience consistently across billions of interactions.

我們第二季的成功，很大程度上由全新的 OASYS 平台所驅動；在 5 月正式對外發布前，我們已向既有客戶與潛在客戶進行大量展示。早期回饋印證了我們原本就知道的事。這是一個類別領先的企業 AI 平台，能解決大型跨國企業在試圖於數十億次互動中，一致性地提供高品質 AI 客戶體驗時所面臨的關鍵痛點。

One large health care company leader told us they evaluated other options and found OASYS was the most intuitive and easiest to navigate. OASYS has a unique feature where AI builds AI, and they were able to create agents using this feature in just a few minutes, which took much longer in other platforms.

某家大型醫療保健公司的主管告訴我們，他們評估了其他選項後，認為 OASYS 最直覺、也最容易操作。OASYS 具備一項獨特功能，讓 AI 建構 AI；他們能在短短幾分鐘內利用此功能建立代理（agents），而在其他平台上則需要更長時間。

Agentic AI is an important step change for our industry. Previously, technology stacks were vertically integrated. Meaning that, for example, phone-based customer service was attached to telephony channels or product-based conversations were limited to the product platform itself.

代理式 AI 是我們產業的一項重要躍升。過去，技術堆疊多為垂直整合。也就是說，例如以電話為基礎的客服會綁定在電信通路上，或以產品為基礎的對話會受限於產品平台本身。

OASYS is built for a new era in which the AI conversational layer is no longer attached to a specific modality or channel. It lives independently with cross-channel orchestrated agents that are built for any and every touch point, including physical environments.

OASYS 是為一個新時代而打造：在這個時代，AI 對話層不再綁定於特定形式或通路。它可獨立運作，透過跨通路協同編排的代理，為任何與所有接觸點而建構，包含實體環境。

This means that AI agents built on OASYS can power enterprises and businesses of all sizes in vehicle voice assistance, restaurant and retail voice AI transactions and complex customer tasks across our multiple verticals.

這表示，建立在 OASYS 上的 AI 代理可為各種規模的企業與商家提供動力，涵蓋車載語音助理、餐飲與零售的語音 AI 交易，以及我們多個垂直領域中的複雜客戶任務。

SoundHound is a company that puts its customers first, supported by products that deliver tangible value. That's why we are proud that our biggest Q2 deals are with customers that chose OASYS. And as we continue to onboard and upgrade customers, introducing them to features that enable AI to build and continually optimize agentic workflows on their behalf. We are expanding our capabilities to support our rapid growth across key verticals.

SoundHound 是一家以客戶為先的公司，並由能帶來具體價值的產品所支撐。這也是為什麼我們很自豪，我們在第二季最大的交易來自選擇 OASYS 的客戶。隨著我們持續導入並升級客戶，向他們介紹可讓 AI 代表其建立並持續最佳化代理式工作流程的功能。我們正在擴展能力，以支援我們在關鍵垂直領域的快速成長。

One area we are seeing very strong traction is in health care with one top 20 provider quadrupling their spend with us in Q2. We also added Champion Payer Solutions and managed health care services organization based in California and either expanded or renewed with five additional health care organizations.

我們看到成效非常強勁的一個領域是醫療保健，其中一家前 20 大醫療服務提供者在第二季將其在我們這裡的支出提高到原來的四倍。我們也新增了 Champion Payer Solutions（加州的付款方解決方案與受管理醫療服務組織），並與另外五家醫療保健機構擴大合作或完成續約。

And we continue to strengthen our presence in banking and financial services, renewing or expanding contracts with two of the top seven global banking institutions as well as one of the largest global insurers. At the same time, we are seeing strong demand from regional banks and credit unions who look to leverage our platform to scale customer service efficiently and extend operating hours.

我們也持續強化在銀行與金融服務領域的布局，與全球前七大銀行機構中的兩家，以及全球最大的保險公司之一完成合約續約或擴約。同時，我們也看到區域性銀行與信用合作社的強勁需求，他們希望運用我們的平台有效率地擴大客服規模並延長營運時段。

We recently partnered with a top-tier regional credit union and help them introduce automated AI agents without compromising their famously high standard of customer service or sacrificing containment rates. And in Q2, we announced that Qualitas, one of our insurance customers in Latin America now uses SoundHound AI agents to handle over 100,000 calls per month, an increase of 150% over four years, with our automated agents interacting with customers over issues like card assistance requests and broken glass claims, handling the complexities from the initial call to the claim resolution. These are very human moments of need and the message is clear, end customers are not resistant to automation. They're only resistant to bad service.

我們近期與一家頂尖的區域性信用合作社合作，協助其導入自動化 AI 代理，同時不影響其以高水準客戶服務著稱的標準，也不犧牲自助解決率（containment rates）。此外在第二季，我們宣布拉丁美洲的保險客戶 Qualitas 現在使用 SoundHound AI 代理每月處理超過 100,000 通來電，四年來增加了 150%；我們的自動化代理會就卡片協助需求與玻璃破損理賠等議題與客戶互動，從首次來電到理賠結案全程處理其複雜性。這些都是非常需要人性關懷的時刻，而訊息很清楚：終端客戶並不排斥自動化。他們只排斥糟糕的服務。

This momentum in highly regulated industries like health care and financial services underscores our enterprise readiness. And with built in guardrails and rigorous agent evaluation, SoundHound platform provides the security and traceability needed for mission-critical AI workflows. Because of this trusted foundation and our growing credentials, we are seeing our vertical specific strength build across a number of other critical industries, including telecommunications and energy and utilities.

在醫療保健與金融服務等高度監管產業的這股動能，凸顯了我們已具備企業級就緒度。透過內建防護欄與嚴謹的代理評估，SoundHound 平台提供任務關鍵型 AI 工作流程所需的安全性與可追溯性。基於這個值得信賴的基礎與我們日益增長的資歷，我們也看到我們在其他多個關鍵產業的垂直優勢正在建立，包括電信、能源與公用事業。

A notable component of SoundHound's ongoing success is the excellent traction our solutions are getting in Asia. In each of the last five consecutive quarters, we have signed major deals in the region, and we are seeing particular success with the automotive sector in China, a market that has been notoriously difficult for Silicon Valley companies to compete in.

SoundHound 持續成功的一個重要組成部分，是我們的解決方案在亞洲獲得極佳的市場牽引力。在過去連續五個季度中，我們每一季都在該地區簽下重大交易，並且在中國汽車產業特別成功——這個市場向來以矽谷公司難以競爭而聞名。

Time and time again, large Chinese OEMs are choosing SoundHound because of our mature flexible proprietary stack and due to the pure-play nature of our offering. The Chinese automotive industry is booming and where the winners are, we will be there.

一次又一次，大型中國 OEM 選擇 SoundHound，原因在於我們成熟、彈性且自有的技術堆疊，以及我們產品供應的純粹「純玩家」（pure-play）定位。中國汽車產業正蓬勃發展，贏家在哪裡，我們就會在哪裡。

In Q2, we signed a seven-figure deal with a large infotainment software company to provide agent AI solutions, and we also had an IoT win with an established automotive maintenance and diagnostic company that will use our AI agents to boost operational productivity on site. Both customers will integrate with our OASYS platform which expands their possibilities for taking any built-for-purpose agents and deploying it across multiple channels.

在第二季，我們與一家大型車載資訊娛樂軟體公司簽下百萬美元等級的交易，提供代理式 AI 解決方案；同時，我們也在 IoT 領域拿下一個案子，客戶是一家成熟的汽車維修與診斷公司，將使用我們的 AI 代理提升現場營運生產力。兩家客戶都將與我們的 OASYS 平台整合，這將擴大他們把任何為特定目的打造的代理部署到多個通路的可能性。

Elsewhere in the region, we also signed a six-figure unit expansion with Indian two-wheeler company Ultraviolette. And we entered an agreement with another large OEM customer to roll out real-time generative AI feature to vehicles in India. The first LLM enabled voice technology, the brand has rolled out in the country.

在該地區的其他市場，我們也與印度二輪車公司 Ultraviolette 簽下六位數的單位擴充合約。此外，我們也與另一家大型 OEM 客戶達成協議，將即時生成式 AI 功能導入其在印度的車輛。這是該品牌在當地推出的首個支援 LLM 的語音技術。

Our ability to outpace our competitors in high-impact Asian markets is not accidental. These companies consistently partner with us based on the performance of our agentic technology, our broad vertical expertise and our growing experience within the region.

我們能在高影響力的亞洲市場超越競爭對手，並非偶然。這些公司之所以持續與我們合作，是基於我們代理式技術的表現、我們廣泛的垂直領域專業，以及我們在該地區日益累積的經驗。

And the same story holds for automotive globally. In Q2, we expanded with a number of our major OEM customers, including Stellantis in Europe, which saw overall higher unit adoption and added live generative AI capabilities.

而在全球汽車領域也是同樣的故事。在第二季，我們與多家主要 OEM 客戶擴大合作，包括歐洲的 Stellantis，其整體採用量提升，並新增了即時生成式 AI 能力。

And Hyundai, one of our prominent automotive customers in the US, Latin America and India, who is adding generative AI enhancements which allow end users to retrieve LLM power search results and ask multilayered questions on the go.

以及 Hyundai——我們在美國、拉丁美洲與印度的重要汽車客戶——正在加入生成式 AI 強化功能，使終端使用者能取得 LLM 驅動的強力搜尋結果，並可在行進間提出多層次問題。

We continue to innovate and see opportunity and growth across restaurants and retail. Our agentic AI solution for SMBs, which we call Smart Answering more than doubled year-over-year in Q2, largely driven by excellent platform performance and increasingly sophisticated capabilities that allow for outbound calls to help businesses with retention, new registration and win-back campaigns.

我們持續創新，並在餐飲與零售領域看到機會與成長。我們面向中小企業（SMB）的代理式 AI 解決方案（我們稱為 Smart Answering）在第二季年增超過一倍，主要受惠於平台的優異表現，以及日益成熟的能力——可進行外撥電話，協助企業做留存、新註冊與喚回（win-back）活動。

We also signed three major US restaurant chains in the quarter. In Q2, restaurant renewal rates reached 100% for key accounts while client location count grew with major brands, including Jersey Mike's, Five Guys, IHOP and a prominent pizza brand with thousands of locations that are now live with more than 75% of their total locations.

本季度我們也簽下三家美國大型連鎖餐廳。在第二季，餐飲業關鍵客戶的續約率達到 100%，同時客戶據點數也隨著主要品牌而成長，包括 Jersey Mike's、Five Guys、IHOP，以及一家擁有數千家門市的知名披薩品牌；該品牌目前已有超過 75% 的總門市正式上線。

Last earnings, I talked about one well-known QSR customer that had conducted an analysis and reported that drive-through locations deploying SoundHound AI solutions are generating greater revenue than comparable locations that don't currently use it. I'm delighted to say that those metrics continue to improve across locations, which is fueling the path to broader expansion.

在上次財報電話會議中，我談到一家知名 QSR 客戶曾進行分析並回報：部署 SoundHound AI 解決方案的得來速門市，所創造的營收高於目前尚未使用該方案的可比門市。我很高興地表示，這些指標在各門市持續改善，正推動我們走向更廣泛的擴張。

Our restaurant AI solutions get better and better, and customers and businesses alike have become even more confident of their capabilities and consistency. This is proving fertile territory for cross-selling, using our land and expand strategy with our OASYS platform, which allows us to also provide IT help desk and guest relation services to our existing restaurant base. By positioning SoundHound as a one-stop shop for AI we aim to become central to the AI strategies of our top restaurant clients, thereby growing our total addressable market.

我們的餐飲 AI 解決方案愈來愈好，客戶與商家對其能力與一致性也更有信心。這也為交叉銷售提供了肥沃土壤：我們透過 OASYS 平台採取「先落地、再擴張」（land and expand）策略，使我們也能為既有餐飲客群提供 IT 服務台與顧客關係服務。透過將 SoundHound 定位為 AI 一站式服務供應商，我們的目標是成為頂級餐飲客戶 AI 策略的核心，進而擴大我們的總可服務市場（TAM）。

Another part of our business that is experiencing rapid expansion is Voice Commerce. In Q2, we saw strategic advancements engaging with some of the biggest global manufacturers across automotive and IoT, all of whom we're excited about the prospect of this new monetization channel and what it can do for their business and the end user experience.

我們業務中另一個正在快速擴張的部分是語音商務（Voice Commerce）。在第二季，我們在與一些全球最大製造商（涵蓋汽車與 IoT）合作方面取得策略性進展；他們都對這個新的變現通路及其對自身業務與終端使用者體驗的助益感到振奮。

I'm delighted to reveal that our first commercial projects will launch soon. In Q3, we will begin to pilot direct in-vehicle transactions, with a world-renowned automotive brand with a recently signed contract. We are integrating these vehicle native voice commerce capabilities seamlessly into the car navigation system, via the OASYS agentic AI platform with a broader public launch to follow.

我很高興揭露，我們的第一批商業專案即將推出。在第三季，我們將與一家世界知名汽車品牌（近期已簽約）開始試點車內直接交易。我們將透過 OASYS 代理式 AI 平台，把這些車載原生的語音商務能力無縫整合進車用導航系統，後續將進行更大規模的公開上線。

And later this year, we will launch with a global electronic manufacturer who will initially utilize SoundHound technology to enable agentic transactions, including retail and restaurant purchases right from the television screen in homes across the US without the need for a phone, tablet or even an app. With Voice Commerce, we are observing and accelerating interest within the automotive industry to implement agentic AI for a broader range of use cases as well as monetizable transactional opportunities with OEMs adjusting their business models to accommodate it.

而在今年稍晚，我們將與一家全球電子製造商推出服務；該客戶初期將使用 SoundHound 技術來啟用代理式交易，包括在美國各地家庭中，直接從電視螢幕完成零售與餐飲購買，無需手機、平板，甚至不需要 App。透過語音商務，我們正觀察到並加速汽車產業對導入代理式 AI 的興趣，涵蓋更廣泛的使用情境，以及可變現的交易機會；同時 OEM 也在調整其商業模式以因應這一趨勢。

It's amazing what we are doing. We are transforming the way OEMs can improve the user experience and monetize their products while delighting their customers. Our leadership position in this space is unprecedented, and we are leading the charge to a shift in the way OEMs are looking at the next-generation capabilities.

我們正在做的事情令人驚嘆。我們正在改變 OEM 改善使用者體驗並將其產品變現、同時讓客戶感到滿意的方式。我們在此領域的領導地位前所未有，我們正帶頭推動 OEM 看待下一代能力方式的轉變。

The breadth of our tech suite and the depth of our stack have made us hugely appealing to enterprise clients looking for consistency across all their channels and operations. OASYS delivers on this with a single pane of glass view, alongside capabilities like AI builds AI, which slashes build times from months to minutes, and save vital resources.

我們技術套件的廣度與技術堆疊的深度，使我們對於尋求在所有通路與營運上保持一致性的企業客戶極具吸引力。OASYS 透過單一玻璃窗（single pane of glass）視圖實現這一點，並提供如「AI builds AI」等能力，可將建置時間從數月縮短至數分鐘，並節省關鍵資源。

And we always say innovation is in our DNA. So those businesses already adopting OASYS can expect features to be added and existing capabilities to grow even more powerful. Last quarter, I gave an update on our investment in our R&D. OASYS will be powered by Polaris, SoundHound's own speech foundation model that consistently outperforms its competitors.

而我們一直說，創新已融入我們的 DNA。因此，已採用 OASYS 的企業可期待新增功能，且既有能力將變得更強大。上季我更新了我們在研發（R&D）方面的投資進展。OASYS 將由 Polaris 驅動，這是 SoundHound 自研的語音基礎模型，且其表現持續優於競爭對手。

We are also making a calculated investment to augment Polaris with our own specialized LLMs and speech synthesis, built using our own rich interaction data. We expect the results of these investments will be better quality and lower cost for our customers and more control, independence, higher profit margin and differentiation for SoundHound.

我們也正進行一項經過審慎評估的投資，利用我們豐富的互動資料，自行打造專用 LLM 與語音合成，以強化 Polaris。我們預期這些投資的成果將為客戶帶來更高品質與更低成本，並為 SoundHound 帶來更高的掌控力與獨立性、更高的利潤率，以及差異化優勢。

I'm proud to say that we have made incredible progress with thanks to the strength of our engineering teams, which also bring together some of the best minds from the pioneer companies we've acquired over the last few years. Our SMB customers are now entirely on our own stack using our models, independent of frontier models.

我很自豪地說，憑藉我們工程團隊的實力，我們已取得驚人的進展；這些團隊也匯聚了我們過去幾年所收購的先驅公司中的頂尖人才。我們的 SMB 客戶如今已完全運行在我們自有的技術堆疊上，使用我們的模型，不再依賴前沿模型。

And we are about to go live with one of our largest healthcare customers after seeing significant improvements by making the switch. Once again, this is not just about cost savings, but also improvement in quality, such as accuracy and latency. As we lean deeper into our specific verticals, Being able to tune and deploy models using our own data has huge advantages for cost, efficiency, accuracy and AI safety.

在看到切換後帶來顯著改善之後，我們即將與我們最大的醫療保健客戶之一正式上線。再次強調，這不僅是成本節省，更是品質提升，例如準確率與延遲表現。隨著我們更深入聚焦特定垂直領域，能夠使用自有資料來調校並部署模型，對成本、效率、準確性與 AI 安全性都有巨大優勢。

Turning to M&A and building on what we've said last quarter. We are excited that our previously announced agreement to acquire LivePerson is advancing. We recently secured all key regulatory clearances and continue to expect the deal to close before the end of the year. Bringing the two companies together will compound the winning strategy we have proven.

接著談到併購（M&A），並延續我們上季所說的內容。我們很高興先前宣布收購 LivePerson 的協議正在推進。我們近期已取得所有關鍵監管核准，並仍預期交易將在年底前完成交割。將兩家公司結合，將放大我們已驗證的致勝策略。

We've now done this with SYNQ3, Allset, Amelia and Interactions, and it has become a repeatable formula for us. With each, we get faster and more efficient at integrating the strength of the business. Our first acquisition took about two years to fully turn around and our most recent is demonstrating early signs of acceleration in just a few quarters.

我們已在 SYNQ3、Allset、Amelia 與 Interactions 上做到這一點，並已成為我們可重複執行的公式。每一次，我們在整合業務優勢方面都更快、更有效率。我們的第一筆收購約花了兩年才完全扭轉，而最近的一筆在短短幾個季度內就已展現加速的早期跡象。

What makes us confident that we can do this again and even faster with LivePerson is OASYS. OASYS is built specifically to unify the technology from every company acquired onto one platform. Harvesting the years of innovation SoundHound has developed, coupled with the great innovation these companies created.

讓我們有信心能在 LivePerson 上再次做到、而且更快的關鍵在於 OASYS。OASYS 專為將每一家被收購公司的技術統一到同一平台而打造。它能汲取 SoundHound 多年累積的創新成果，並結合這些公司所創造的卓越創新。

Put simply, this is an amazing opportunity to bring true end-to-end omnichannel conversational AI to some of the most recognizable enterprise brands in the world and combining decades of customer relationships and data with the speed and innovation OASYS unlocks. We are proud of the strategy, energized by the team we are bringing on board and confident this positions SoundHound for its next chapter of scale and leadership in Agentic AI.

簡而言之，這是一個絕佳機會：我們能把真正端到端的全通路對話式 AI 帶給全球最具代表性的企業品牌之一，並將數十年的客戶關係與資料，與 OASYS 所釋放的速度與創新相結合。我們為這項策略感到自豪，對即將加入的團隊充滿幹勁，也有信心這將使 SoundHound 在代理式 AI（Agentic AI）的下一個規模化與領導篇章中占據有利位置。

I already spoke of a number of customer highlights this quarter. But let me list out a few more of the key deals we have across a diverse number of verticals, including financial services, insurance, telecommunications, health care, pharmaceutical and restaurants.

我先前已談到本季多項客戶亮點。但我再列出幾個我們在多元垂直領域的關鍵交易，包括金融服務、保險、電信、醫療保健、製藥與餐飲。

They included Rakuten Securities, one of Japan's largest online brokerages, serving over 6 million accounts. The company offers purchase, sales and brokerage of securities throughout the world, a global asset management firm providing investment management and research services worldwide to investors.

其中包括樂天證券（Rakuten Securities），日本最大的線上券商之一，服務超過 600 萬個帳戶。該公司在全球提供證券的買賣與經紀服務；另有一家全球資產管理公司，為全球投資人提供投資管理與研究服務。

A major international financial services organization headquartered in Canada, that offers life and health insurance, wealth solutions and asset management, an insurance company that offers individuals, professionals and businesses, casualty insurance products, an American health care customer that provides technology, pharmacy care and direct health care services globally, a leading provider of practice management and electronic health record solutions customized for the eye care industry, a leader in in-home nursing services, pediatric therapy, enteral nutrition and ABA therapy Healthcare.

一家總部位於加拿大的大型國際金融服務機構，提供人壽與健康保險、財富解決方案與資產管理；一家保險公司，為個人、專業人士與企業提供意外險產品；一家美國醫療保健客戶，在全球提供技術、藥事照護與直接醫療服務；一家為眼科照護產業量身打造的診所管理與電子病歷解決方案領導供應商；一家居家護理服務的領導者，提供到府護理、兒科治療、腸內營養與 ABA 治療等醫療保健服務。

A rehab facility offering nursing care for short-term rehab, respite care and long-term care facilities. A global biopharmaceutical leader and one of the world's largest generic drug manufacturer, a British multinational telecommunications company, operating networks in 15 countries, a large QSR specializing in seafood to adopt SoundHound drive-thru solution.

一家復健機構，提供短期復健護理、喘息照護與長期照護設施服務。一家全球生物製藥領導者，以及全球最大的學名藥製造商之一；一家英國跨國電信公司，在 15 個國家營運網路；以及一家大型速食連鎖（QSR），專營海鮮，將採用 SoundHound 的得來速解決方案。

A major QSR known for American-style Mexican food. A sushi restaurant known for its rock music and concert theme menus. Also in restaurants, Ruby Tuesday, Habit Burger, Red Lobster, Torchy's Tacos and Lazy Dog.

一家以美式墨西哥料理聞名的大型速食連鎖（QSR）。一家以搖滾音樂與演唱會主題菜單聞名的壽司餐廳。在餐飲方面，還包括 Ruby Tuesday、Habit Burger、Red Lobster、Torchy's Tacos 與 Lazy Dog。

We also continue to make progress with channel partners. We entered into a partner agreement with a large global IT services and consulting provider specializing in comprehensive enterprise digital transformations. We also entered into a multiyear partnership with a Latin America-based company to deliver SoundHound technology to their vast network of customers spanning over 20 countries.

我們也持續在通路合作夥伴方面取得進展。我們與一家大型全球 IT 服務與顧問供應商簽訂合作協議，該供應商專精於全面性的企業數位轉型。我們也與一家以拉丁美洲為基地的公司簽訂多年期合作夥伴關係，將 SoundHound 技術導入其遍及 20 多個國家的龐大客戶網路。

In closing, we had an exceptional Q2 and our results demonstrate the incredible momentum SoundHound is building achieving a strong revenue performance, disciplined cost management and industry-leading platform validation. The demand for our solutions is at an all-time high. Enterprises, in particular, are looking for high ROI voice and agentic AI solutions and our OASYS platform delivers just that.

總結來說，我們第二季（Q2）表現卓越，成果展現 SoundHound 正在累積的強勁動能：營收表現強勁、成本管理嚴謹，且平台驗證在業界領先。市場對我們解決方案的需求已達歷史新高。尤其是企業客戶，正在尋找高投資報酬率（ROI）的語音與代理式 AI 解決方案，而我們的 OASYS 平台正能提供這些。

Our expanding IoT ecosystem and in-house model innovation position us to lead in this new era of enterprise automation. We are excited about the progress we are seeing with the planned acquisition of LivePerson, which we expect to be in the second half of this year. With that, I'll now turn the call over to my co-founder James, to talk about our financial performance, key growth drivers and business outlook.

我們持續擴張的 IoT 生態系與自研模型創新，使我們有能力在這個企業自動化新時代中領先。我們對於規劃中的 LivePerson 收購案所取得的進展感到振奮，並預期將在今年下半年完成。接下來，我將把電話會議交給我的共同創辦人 James，請他談談我們的財務表現、主要成長驅動因素與業務展望。

Thank you, Keyvan, and good afternoon, everyone. In Q2, we had $61.9 million in revenue, up 45% year-over-year. With sustained high demand for our AI solutions, it's become more evident each quarter that SoundHound is leading the charge as a pure-play conversational AI vendor.

謝謝你，Keyvan，各位下午好。第二季（Q2）我們的營收為 6,190 萬美元，年增 45%。在對我們 AI 解決方案的高需求持續之下，每一季都更清楚地顯示，SoundHound 正以純對話式 AI 廠商（pure-play conversational AI vendor）的身分領軍前進。

The launch of OASYS, our self-building and self-optimizing agentic AI platform has fueled excitement and accelerated deals. This high-performance platform, which draws upon the collective technical strengths of SoundHound and our acquired businesses, appeals to businesses looking to automate and scale reliable, consistent customer service resolutions while reducing costs.

OASYS（我們可自建並可自我優化的代理式 AI 平台）的推出引發了市場熱度，並加速了交易進展。這個高效能平台汲取了 SoundHound 與我們所併購業務的整體技術優勢，對於希望在降低成本的同時，自動化並擴大可靠且一致的客戶服務解決方案的企業極具吸引力。

We are seeing traction across all industry verticals and in all pillars of our businesses, building on this OASYS momentum. As Keyvan mentioned, one of the verticals we are seeing SoundHound pull ahead of the competition is health care, where we provide automated patient services powered by AI agents that facilitate appointment making, care updates, prescription refills and more.

在 OASYS 動能的帶動下，我們看到所有產業垂直領域以及我們業務的各個支柱都出現進展。如 Keyvan 所提到的，我們看到 SoundHound 在醫療保健領域領先競爭對手；在該領域，我們提供由 AI 代理驅動的自動化病患服務，協助完成預約安排、照護更新、處方續配等更多事項。

We had seven deals in health care alone with one hitting seven figures, and we continue to execute with manufacturers, bringing AI agents to vehicles and physical devices, particularly in Asia, where we had our largest deal of the quarter. The pieces are coming together, and we continue to execute on the strong pipeline we built earlier this year, resulting in an exceptional first half of the year.

僅在醫療保健領域我們就拿下了七筆交易，其中一筆達到七位數金額；同時我們也持續與製造商推進執行，將 AI 代理導入車輛與實體裝置，尤其是在亞洲，我們在那裡拿下了本季最大的一筆交易。各項要素正逐步到位，我們也持續推進今年稍早建立的強勁案源管線，帶來了上半年極為出色的表現。

With that, let me discuss the second quarter financial results in more detail. As I mentioned earlier, Q2 revenue was $61.9 million, up 45% year-over-year. The growth was driven across multiple verticals such as health care, financial services, technology and automotive. And our broad-based expansion once again enabled us to realize strong customer diversification.

接下來，我將更詳細地說明第二季的財務結果。如我先前提到的，第二季營收為 6,190 萬美元，年增 45%。成長動能來自多個垂直領域，包括醫療保健、金融服務、科技與汽車。而我們廣泛的擴張也再次使我們實現了強勁的客戶多元化。

Our enterprise AI business performed particularly well and continued to be the largest contributor to revenue. In automotive, we continue to accelerate our Asia business, growing substantially there five quarters in a row.

我們的企業級 AI 業務表現尤其亮眼，並持續成為營收的最大貢獻來源。在汽車領域，我們持續加速亞洲業務，並已連續五個季度在當地實現顯著成長。

In Q2, our GAAP gross margin was 45%, up 6 percentage points year-over-year. Our non-GAAP gross margin was 58%, which adjusts for noncash amortization of purchased intangibles and employee stock compensation was flat year-over-year, but up 8 percentage points sequentially.

第二季，我們的 GAAP 毛利率為 45%，較去年同期提升 6 個百分點。我們的非 GAAP 毛利率為 58%，該指標剔除了已購無形資產的非現金攤銷與員工股票薪酬；年比持平，但季比提升 8 個百分點。

We continued to drive efficiencies by modernizing infrastructure, optimizing cloud spend, consolidating legacy systems and improving the efficiency of our core platforms, including shifting from third-party solutions to our own in-house ones as well as realizing synergies from acquisitions. We are being prudent on costs. While acquisitions have temporarily impacted our gross margin, we continue to explore and harvest synergies and expect to see our gross margin exceeding 70% in the future, similar to when we went public.

我們持續透過推動現代化基礎設施、最佳化雲端支出、整併舊有系統，以及提升核心平台效率來提高效能；其中包括從第三方解決方案轉向我們自研的內部方案，並實現併購帶來的綜效。我們在成本方面保持審慎。雖然併購在短期內對毛利率造成影響，但我們仍持續探索並收割綜效，並預期未來毛利率將超過 70%，回到與我們上市時相近的水準。

R&D expenses were $27.1 million in Q2, up 5% year-over-year, largely due to acquisitions and related head count and development costs. Sales and marketing expenses were $16.6 million in Q2, reflecting a 5% year-over-year increase, primarily driven by acquisitions. Outside of that, the bulk of our investments here continue to be go-to-market efforts via direct and indirect sales as well as customer success to increase retention.

第二季研發費用為 2,710 萬美元，年增 5%，主要由併購以及相關人力與開發成本所致。第二季銷售與行銷費用為 1,660 萬美元，年增 5%，主要同樣由併購所驅動。除此之外，我們在此的投資大多仍聚焦於透過直接與間接銷售的市場拓展（go-to-market）工作，以及客戶成功（customer success）以提升留存率。

We continue to elevate our brand and market presence continues to generate demand and convert more opportunities into pipeline. G&A expenses were $26 million in Q2, reflecting a 43% year-over-year increase primarily driven by various legal, advisory and other costs related to our acquisitions, including increased head count.

我們持續提升品牌與市場能見度，並持續帶動需求，將更多機會轉化為案源管線。第二季一般及行政（G&A）費用為 2,600 萬美元，年增 43%，主要由與併購相關的各項法律、顧問及其他成本（包括人力增加）所驅動。

We also continue to add additional resources to support necessary functions as we continue to grow. We had noncash employee stock compensation of $21 million and depreciation and amortization including the amortization of intangibles of $11 million in Q2, all of which are included in our GAAP results.

隨著我們持續成長，我們也持續增加資源以支援必要的職能。第二季我們的非現金員工股票薪酬為 2,100 萬美元，折舊與攤銷（包含無形資產攤銷）為 1,100 萬美元，以上皆已納入 GAAP 結果。

Our GAAP operating loss for the quarter of $43.3 million improved by 45% compared to the same quarter in the previous year. Adjusted EBITDA was a loss of $9.6 million, an improvement of 33% year-over-year. GAAP net loss was $42.8 million and GAAP net loss per share of $0.10.

本季 GAAP 營業虧損為 4,330 萬美元，較去年同期改善 45%。調整後 EBITDA 虧損為 960 萬美元，年比改善 33%。GAAP 淨虧損為 4,280 萬美元，GAAP 每股淨虧損為 0.10 美元。

Non-GAAP net loss was $9 million and non-GAAP net loss per share was $0.02 in this quarter. This adjusts for items such as noncash depreciation and amortization, M&A transaction costs and stock-based compensation. Our balance sheet remains strong with cash and equivalents at quarter end of $203 million with no debt.

本季非 GAAP 淨虧損為 900 萬美元，非 GAAP 每股淨虧損為 0.02 美元。該指標調整了非現金折舊與攤銷、併購（M&A）交易成本以及以股票為基礎的薪酬等項目。我們的資產負債表仍然強勁，季末現金及約當現金為 2.03 億美元，且無負債。

Now let me discuss our financial outlook. Q2 was clearly a strong quarter for us as the demand for our solutions accelerated. We are moving fast to capture the underlying market shifts, which continue to be in our favor. With the strong first half of the year, we are increasing our revenue expectations to be in the range of $230 million to $260 million.

接下來我談談我們的財務展望。第二季對我們而言顯然是強勁的一季，因為市場對我們解決方案的需求加速。我們正快速行動以掌握有利於我們的底層市場變化。在上半年表現強勁的基礎上，我們將營收預期上調至 2.30 億至 2.60 億美元的區間。

Overall, this outlook affirms our expectation of another year of very strong growth. We are pleased with the cost synergies we have realized from acquisitions and the targeted investments we have made in go-to-market, such as in the channel and in technology with OASYS. We will continue to stay aggressive and capture market share by expanding within our existing customer base and attracting new customers with our rapid innovation.

整體而言，這份展望印證了我們對於今年將再度實現非常強勁成長的預期。我們對併購所帶來的成本綜效，以及我們在市場拓展（例如通路）與技術（例如 OASYS）方面所做的精準投資感到滿意。我們將持續保持進取，透過在既有客戶群內擴張，以及以快速創新吸引新客戶，來取得市占率。

In closing, it's clear that our momentum is real. We are excited by the strong interest we are seeing with OASYS which is a testament to the category defining technology we continue to deliver to the market. We will continue to be disciplined on costs as we drive our business towards achieving profitable growth. We have a lot of opportunity in front of us. And we are operating in a way that reflects our optimism.

最後，很明顯我們的動能是真實存在的。我們對 OASYS 所獲得的強烈關注感到振奮，這也證明了我們持續向市場交付具類別定義性的技術。在推動業務邁向獲利性成長的同時，我們將持續在成本上保持紀律。我們面前有大量機會。而我們的營運方式也反映了我們的樂觀態度。

With that, we'll now move to Q&A.

接下來，我們進入問答環節。

Okay. Then we'll continue and take Thomas Blakey with Cantor Fitzgerald.

好的。接著我們請 Cantor Fitzgerald 的 Thomas Blakey 提問。

Congratulations on the record results here in 2Q. I guess maybe to start off to talk about OASYS and especially building your own models was very interesting Keyvan. Could you just maybe talk about what you're seeing in terms of 2Q trends with Amelia and Interactions installed base and these new technologies and try to parlay that into what you're seeing for potential successes with LivePerson's installed base as you see it and potential to grow that very large revenue base in the context of these new technologies and what you're seeing in terms of 2Q trends.

恭喜第二季創下紀錄的成果。我想先從 OASYS 談起，尤其是建立自有模型這點非常有意思，Keyvan。你能否談談第二季在 Amelia 與 Interactions 的既有安裝基礎（installed base）以及這些新技術方面所觀察到的趨勢，並嘗試把這些連結到你對 LivePerson 既有安裝基礎的潛在成功機會、以及在這些新技術背景下如何擴大那個非常龐大的營收基礎的看法，以及你所看到的第二季趨勢？

Yes. Thank you for the great question. So OASYS represents really decades of innovation from several companies that have come together by merging with SoundHound. One of the things that we were really mindful of when we design OASYS was to be able to integrate the innovation of these acquisitions very seamlessly because every company that we have bought that has been pursuing AI for customer service for 20-plus years, has done innovations that are unique to them, and we absolutely wanted to bring these under the same platform. So we designed OASYS to be able to capture the innovations very seamlessly.

是的。謝謝你的精彩提問。OASYS 代表的是數家公司在與 SoundHound 合併後匯聚而成、長達數十年的創新成果。在設計 OASYS 時，我們非常留意的一點是要能非常無縫地整合這些併購所帶來的創新，因為我們收購的每家公司都在客戶服務 AI 領域深耕 20 年以上，並各自做出了獨特的創新，而我們絕對希望把這些納入同一個平台之下。因此，我們將 OASYS 設計成能夠非常無縫地承接這些創新。

OASYS has a lot of strength and promises. One is just absolute high-quality conversational AI and agentic AI for businesses, low latency, high accuracy, naturalness, flexibility, and kind of a better-than-human experience that our customers have been waiting for, for a long time, and it's finally here.

OASYS 具備許多優勢與潛力。其中之一就是面向企業的絕對高品質對話式 AI 與代理式 AI：低延遲、高準確度、更自然、更具彈性，並帶來某種超越人類的體驗——這正是我們的客戶長期以來一直在等待的，而它終於來了。

One more thing that is very prominent in the design of OASYS is time to value. So it has a feature called AI builds AI and then self improvement after it goes live, we used to sign up a customer, for example, a health care provider with complex use cases, hundreds of APIs and would allocate a team to them to work with them for a month before they could go live.

OASYS 的設計中另一個非常突出的重點是「價值實現時間」（time to value）。它有一個名為「AI 建構 AI」的功能，並且在上線後能自我改進。過去我們簽下一位客戶，例如具有複雜使用情境、數百個 API 的醫療服務提供者時，會配置一個團隊與他們合作一個月，才能上線。

Now what used to take us months with a large team is now taking us minutes by just telling the AI what to build, we upload the documents, we give it all the APIs, and we described the use cases, sometimes we are even able to upload previous calls with humans, the transcription and it just goes and builds itself. And it shows you on the screen what it's doing and you can follow it. And in a matter of minutes, you have something that again used to take us months.

現在，過去需要我們用大型團隊花上數個月的事情，只要告訴 AI 要建什麼就能在幾分鐘內完成：我們上傳文件、提供所有 API、描述使用情境；有時甚至能上傳先前由真人接聽的通話與逐字稿，它就會自行建構。而且它會在螢幕上顯示正在做什麼，你可以一路跟著看。在短短幾分鐘內，你就能得到一個過去需要我們花數個月才能完成的成果。

And then once it goes live, it learns how to improve itself. For example, if it's missing an API, if it's missing document, if callers are asking about certain things that are not in the original design of the use cases. And it even programs the enhancements and then it allows human moderators to review those enhancements and approve them with one click. So it's -- the time to value goes down. We don't need months and months of expensive professional services for our customers. So it makes it easier for them to choose us and faster to go live.

接著一旦上線，它會學會如何自我改進。例如，如果缺少某個 API、缺少某份文件，或來電者詢問了原本使用情境設計中未涵蓋的內容。它甚至會把增強功能寫成程式，然後讓人工審核者檢視這些增強並一鍵核准。因此——價值實現時間大幅下降。我們不再需要為客戶提供一個又一個月昂貴的專業服務。這讓他們更容易選擇我們，也能更快上線。

You asked a lot of questions, I'm going to answer them one by one. The next one is building our own models. So SoundHound is very unique in the sense that we have our own foundation models. We were a pioneer in voice AI. We started working on voice in a dorm room at Stanford University, a long time before even the big tech -- a lot of the big tech players are even thinking about voice. A lot of the innovations in the space were invented by SoundHound concepts like speech-to-meaning that combines speech recognition and language understanding together.

你問了很多問題，我會逐一回答。下一個是建立我們自己的模型。SoundHound 非常獨特，因為我們擁有自己的基礎模型。我們是語音 AI 的先驅。我們很早就在史丹佛大學的宿舍裡開始研究語音，遠早於大型科技公司——在許多大型科技玩家甚至開始思考語音之前。這個領域的許多創新都源自 SoundHound，例如「speech-to-meaning」這種把語音辨識與語言理解結合在一起的概念。

And that gives us the advantage of owning the core technology compared to some of the new players that putting the pieces of the LEGO together by signing up for different APIs. We have our own models that gives us flexibility, ability to enhance things, respond to complex use cases. It also -- our Polaris foundation model for speech outperforms the other providers by a large margin in both speed and accuracy and cost. But we also, in OASYS, we integrate with the frontier models because we want to promise our customers that they get the best experience no matter where it comes from.

這讓我們相較於一些新進玩家更具優勢；那些新玩家是透過申請不同 API，把各種零件像樂高一樣拼起來。我們擁有自己的模型，帶來彈性、強化能力，以及應對複雜使用情境的能力。此外——我們用於語音的 Polaris 基礎模型，在速度、準確度與成本上都以大幅差距優於其他供應商。但同時，在 OASYS 中我們也整合前沿模型（frontier models），因為我們希望向客戶承諾：無論最佳體驗來自哪裡，他們都能得到最好的體驗。

In most cases, it will come from SoundHound, but if one frontier model does an innovation that is very unique and it delivers a better experience for their callers, we don't hesitate to bring that in. And that actually makes it more interesting for them to choose SoundHound versus going directly with the frontier model.

在大多數情況下，最佳體驗會來自 SoundHound；但如果某個前沿模型做出非常獨特的創新，並為他們的來電者帶來更好的體驗，我們也會毫不猶豫地把它納入。而這其實讓他們選擇 SoundHound、而不是直接選用某個前沿模型，變得更有吸引力。

Because if a customer goes directly with the frontier model, they are making a very risky bet that, that frontier model provider is going to be always the best and that doesn't necessarily hold. We've seen some beats others every quarter. They publish results that beat each other. So by choosing SoundHound, they are actually reducing or removing that risk by being able to tap into multiple frontier models.

因為如果客戶直接選用某個前沿模型，他們等於是在做一個風險很高的押注：押注那家前沿模型供應商會永遠是最好的，而這不一定成立。我們看到的是，每一季都有一些模型勝過另一些。他們會發布彼此超越的結果。因此，選擇 SoundHound 其實是在降低或消除這種風險，因為他們可以同時使用多個前沿模型。

So we are investing in our own specialized LLMs and text-to-speech. We'll have a lot more to say about that in the near future but our smaller customers are now running entirely on SoundHound stack. So there's no use of frontier models for our smaller customers, and we are starting to now convert the bigger customers, one is about to go live very soon because they're getting much better results with our own models.

因此我們正在投資自家的專用 LLM 與文字轉語音（text-to-speech）。我們在不久的將來會有更多內容可以分享；但我們的小型客戶目前已完全運行在 SoundHound 的技術堆疊上。也就是說，我們的小型客戶不使用前沿模型；而我們現在也開始轉換大型客戶，其中有一家很快就要上線，因為他們使用我們自家模型得到的結果好得多。

And over time, we expect that the majority of all of our customer service interactions will be powered by OASYS and will be powered by our own models, which also reduced our costs at a higher quality to our users.

隨著時間推進，我們預期大多數客戶服務互動將由 OASYS 驅動，並由我們自家的模型提供支援；這也能在為使用者提供更高品質的同時降低我們的成本。

And then your last question, if my memory serves, is what happens to the customers of the various companies you're acquiring, for example, LivePerson hopefully coming soon in the second half of this year and the companies that we have purchased in the past, like Interactions, Amelia.

然後你最後一個問題，如果我沒記錯的話，是關於你們正在收購的各家公司之客戶會發生什麼事——例如希望在今年下半年完成的 LivePerson，以及我們過去收購的公司，如 Interactions、Amelia 的客戶。

So all the new customers we expect will utilize OASYS. There's no reason for them not to. The legacy customers, we are converting them at a pace that we are comfortable with, right? Because some of these customers have been on a legacy platform for many years, and they are very loyal to it. They are very happy with the results.

因此，我們預期所有新客戶都會使用 OASYS。他們沒有理由不使用。至於既有客戶，我們會以我們覺得合適的節奏來轉換，對吧？因為其中一些客戶已在舊平台上使用多年，對它非常忠誠。他們對成果也非常滿意。

The last thing we want to do is to disturb that. So we are going -- some of them are very eager to switch and some of them will take a little bit more time. So it's really going to be at a pace that they are comfortable with it, but OASYS is ready to take them on now, especially with the AI builds AI and the self-improvement we have a lot of reasons for them to be convinced to make a switch.

我們最不希望做的就是去打擾這一點。所以我們會——有些客戶非常渴望切換，有些則需要多一點時間。因此，整體會以他們覺得舒適的節奏來進行；但 OASYS 現在已準備好承接他們，尤其是有了「AI 建構 AI」與自我改進功能，我們有很多理由能說服他們做出切換。

Very insightful, Keyvan, and it certainly sounds like your installed base and even potential LivePerson customers will have a lot to look ahead and upgrade to. Just as a quick follow-up on the -- it's very impressive to see you continuing to execute and signing large deals intra-quarter. I'd love to get an update there in terms of the pipeline. And if you wanted to double click here on any kind of the recurring component of these large deals, I think, would help investors kind of from an outlook perspective.

Keyvan，非常有洞見；而且聽起來你們的既有客戶基礎，甚至潛在的 LivePerson 客戶，都有很多值得期待與升級的地方。作為一個快速追問——看到你們持續執行、並在季度內簽下大型交易，確實令人印象深刻。我很想就銷售管線（pipeline）方面取得最新進展。另外，如果你願意在這裡更深入談談這些大型交易中任何「經常性」（recurring）組成的部分，我想從展望角度會對投資人很有幫助。

Yes. Our pipeline has never been this big and our win rate has never been this good. We are very bullish and excited about our prospects. And we're not the only one that thinks this way. Gartner just published a report on the total addressable market for agentic AI is going to approach $1 trillion by 2030. So that's just a few years away. Every quarter is going up exponentially. It's 50% compounding.

是的。我們的銷售管線從未如此龐大，我們的勝率也從未如此之高。我們非常看多，也對前景感到興奮。而且不只是我們這麼想。Gartner 剛發布一份報告指出，代理式 AI 的整體可服務市場（TAM）到 2030 年將接近 1 兆美元。也就是再過幾年而已。每一季都在以指數級成長。複合成長率是 50%。

So -- and SoundHound has emerged as a leader in their Magic Quadrant. So you can expect a lot of the big logos are relying that to make a decision. So we are very excited about our prospects. We -- our win rate has never been this good. We win in demos, we win in RFP, we win in pilots, because of OASYS. And really, our results speak for themselves. It was beyond our own expectation, the quarter, and we think we can repeat that.

所以——而 SoundHound 已經在其 Magic Quadrant 中崛起成為領導者。因此你可以預期，許多大型品牌（big logos）都在依據那個來做決策。所以我們對我們的前景感到非常興奮。我們——我們的贏單率從未像現在這麼好。我們在展示（demo）中贏、在 RFP 中贏、在試點（pilot）中贏，都是因為 OASYS。而且確實，我們的成果不言自明。這一季的表現超出我們自己的預期，我們也認為可以再複製一次。

You asked about large deals and repeatability. We've had large deals every quarter for the past few years. So there are components of it that may not be recurring, but they have been absolutely repeatable. So just maybe the size of it is not as recurring as one might be able to build a model around it, but the fact that it happens every quarter should show that our pipeline is strong and it's just getting better.

你問到大型交易與可重複性。過去幾年我們每一季都有大型交易。所以其中有些組成部分可能不是經常性（recurring）的，但它們絕對是可重複的。所以也許其規模不會像人們能用來建立模型那樣固定地重複出現，但每一季都會發生這件事，應該能顯示我們的管線很強，而且只會越來越好。

(Operator Instructions)

（接線員指示）

Gil, D.A. Davidson.

Gil，D.A. Davidson。

Let me follow on that conversation and ask about the eight-figure deal. That's a pretty significant jump forward in terms of the types of deals that you're doing. So if you wouldn't mind, without talking about who the specific customer is, talk about what the components are for those -- for that deal what's the scope? What are the types of products you're selling into that customer to make it such a big deal?

我接續剛才的對話，想問一下那筆八位數交易。就你們正在進行的交易類型而言，這是相當顯著的一大步。所以如果你不介意，在不談特定客戶是誰的前提下，談談那筆——那筆交易的構成要素是什麼、範圍（scope）是什麼？你們賣給該客戶的是哪些類型的產品，讓它成為這麼大的一筆交易？

Yes. And I'm hoping we can repeat those a lot more frequently going forward. We have also seven-figure deals in the quarter in different sectors. We had, for example, automotive deals that were very large in China and other parts of Asia.

是的。而且我希望未來我們能更頻繁地複製這類交易。我們本季在不同產業也有七位數交易。例如，我們在中國以及亞洲其他地區有非常大的汽車相關交易。

That particular one you asked for, I would think of them more as a channel customer. And they're all important to us. Channels are important, direct sales are important, M&A is important. I think last time we were talking, I used the analogy of in a land grab moment, you can go by foot, you can go by sea and you can go by air and going by foot is direct sales, going by sea is channel partners, going by air is M&A. And not everyone can do all three, but we can. So -- and we will absolutely do all three. And channel partners are very important.

你問的那一筆，我會把它更多視為通路客戶（channel customer）。而且它們對我們都很重要。通路很重要、直銷很重要、併購（M&A）也很重要。我想上次我們在談時，我用過一個比喻：在一個搶地盤（land grab）的時刻，你可以走路、可以走海路、也可以走空路；走路是直銷，走海路是通路夥伴，走空路是併購。不是每個人都能三者兼具，但我們可以。所以——而且我們絕對會三者都做。而通路夥伴非常重要。

So this particular customer, it is a commitment. So it's an eight-figure commitment to use our platform for their customers and their customers -- they have customers in 20 countries. So they will be utilizing the OASYS platform to provide AI automation for the customers they already have. And we are -- we hope that we can expand beyond the figures that they've committed to.

所以這個特定客戶，這是一項承諾。也就是一項八位數的承諾，使用我們的平台來服務他們的客戶；而他們的客戶——他們在 20 個國家都有客戶。因此他們將使用 OASYS 平台，為他們既有的客戶提供 AI 自動化。而我們——我們希望能在他們承諾的金額之上進一步擴大。

Got it. So then if you wouldn't mind taking this chance while we're on the public call and the protection of Reg FD and reviewing the guidance that we have as of today for the two scenarios. One is before we close the LivePerson deal and then with the possibility of closing it in the second half of the year? What would guidance look like under both of those scenarios?

了解。那麼如果你不介意，趁我們在公開電話會議上、也在 Reg FD 的保護之下，回顧一下截至今天我們針對兩種情境的指引（guidance）。一種是在我們完成 LivePerson 交易之前；另一種是如果有可能在今年下半年完成交易？在這兩種情境下，指引會是什麼樣子？

Yes. So the guidance we provided does not include the acquisition. And because of the uncertainty in the timing of the closing, we are not able to provide clear guidance on what it would look like. But we did say in our press release that once it closes, we are going to have another update to include the results into ours.

是的。我們提供的指引不包含這項收購。而由於交割時間點存在不確定性，我們無法就它會呈現什麼樣子提供明確指引。但我們在新聞稿中確實提到，一旦完成交割，我們會再更新一次，把其結果納入我們的數字。

But we felt confident enough in the closing this year that when we talked about what next year might look like, and we talked about that last time was at minimum, the range would be $350 million to $400 million next year. And again, we hope to do better than that as we gain more visibility and confidence in the integration of the two companies.

但我們對於今年完成交割有足夠信心，因此當我們談到明年可能的樣貌時——我們上次也談過——至少區間會是明年 3.5 億到 4 億美元。而且同樣地，隨著我們對兩家公司整合的能見度與信心提升，我們希望能做得比這更好。

(Operator Instructions)

（接線員指示）

Mike Latimore, Northland Capital Markets.

Mike Latimore，Northland Capital Markets。

This is Vijay Devar for Mike Latimore. About LivePerson, is there any change to what you expect LivePerson to add to the business this year or next? I think it says $350 million to $400 million, but any changes or in terms of your confidence levels in attaining that level of revenue?

我是 Vijay Devar，代替 Mike Latimore 提問。關於 LivePerson，你們對 LivePerson 在今年或明年對業務的貢獻預期有任何變化嗎？我想你們提到的是 3.5 億到 4 億美元，但在達成該收入水準的信心方面，有沒有任何變化？

We haven't talked about the contribution this year mostly because of the uncertainty in the closing date. But with next year, what we said last time remains the same. So again, the $350 million to $400 million next year, assuming the merger is successful in the second half of this year hasn't changed.

我們沒有談今年的貢獻，主要是因為交割日期存在不確定性。但就明年而言，我們上次所說的仍然不變。所以同樣地，假設合併在今年下半年成功完成，明年 3.5 億到 4 億美元的說法沒有改變。

And in terms of confidence in closing that has gone up because there was a whole bunch of regulatory approvals that we needed to get, and we had a filing that disclosed that we got all of those regulatory approvals are already in place.

而在交割信心方面，確實提高了，因為我們需要取得一系列監管核准；而我們也在一份申報文件中揭露，我們已取得所有這些監管核准，且都已到位。

Understood. And secondly, what's the main tech platform benefit from the LivePerson acquisition and main cross-sell opportunity that you see?

了解。第二個問題，從 LivePerson 收購案中，主要的技術平台效益是什麼？以及你們看到的主要交叉銷售（cross-sell）機會是什麼？

Yes, there is -- well, there are a few things I want to say about that. One is there is a very high potential turnaround opportunity via this acquisition because LivePerson is an amazing company. They invented in my opinion, as far as I know, they invented the web chat, when you go to business website at the bottom right, there's a chat.

是的，這裡——嗯，有幾點我想說。第一，透過這項收購有非常高的潛在扭轉（turnaround）機會，因為 LivePerson 是一家很了不起的公司。依我看、就我所知，他們發明了網頁聊天（web chat）：當你到企業網站右下角會有一個聊天視窗。

They were at least a pioneer in that. And there -- the chances are that you have used it at some point in your life if you visited a company website and used that feature. And they have a lot of customers. They have a product called digital CCaaS that is very complementary to what we have.

他們至少是這方面的先驅。而且——很可能你在人生某個時候用過它：如果你造訪過某家公司網站並使用過那個功能。而他們有很多客戶。他們有一個叫做 digital CCaaS 的產品，與我們的產品高度互補。

And the reason they have lost some customers over the years were reasons that the merger fixes overnight. One was financial stability, one was platform stability and one was innovation. And SoundHound is a leading innovator in this space.

而他們這些年流失部分客戶的原因，是這次合併能在一夜之間解決的。其中一個是財務穩定性，一個是平台穩定性，另一個是創新。而 SoundHound 是這個領域的領先創新者。

So by merging together, the customers now can tap into SoundHound's innovation. And the financial stability gets fixed overnight. So all the debt goes away. The combined company will have a strong balance sheet and no debt. All of this was announced in the deal terms.

因此透過合併，客戶現在可以運用 SoundHound 的創新能力。而財務穩定性也能在一夜之間改善。所以所有債務都會消失。合併後公司將擁有強健的資產負債表且沒有負債。這些都已在交易條款中宣布。

And so it's a huge turnaround opportunity for SoundHound, and it's something that we've done successfully in the past and we're getting better at it every time. The first acquisition took us about two years to turn around. The last one, Interactions is showing signs of turnaround even a lot faster than we expected.

因此，這對 SoundHound 而言是一個巨大的扭轉機會，而且這是我們過去已成功做到的事情，並且每一次都做得更好。第一次收購我們花了大約兩年時間完成扭轉。最近一次，Interactions 顯示出扭轉的跡象，甚至比我們預期的還要快得多。

And beyond the turnaround opportunity, there is, as you mentioned, cross-sell and upsell. The upsell is upgrading to OASYS. So these customers are already using the digital chat from LivePerson, the digital CCaaS will stay, but the AI that powers it can upgrade to OASYS.

除了扭轉機會之外，正如你提到的，還有交叉銷售與向上銷售。向上銷售是升級到 OASYS。因此，這些客戶已經在使用 LivePerson 的數位聊天，數位 CCaaS 會保留，但驅動它的 AI 可以升級到 OASYS。

And because of the very short time to value of OASYS where AI can build AI and AI can build its feature by looking at the log of the prior AI, we think we can -- we have a very good value proposition for the customers. So that's the absolute opportunity on the cross-sell.

而且由於 OASYS 的價值實現時間非常短，AI 可以打造 AI，並且 AI 可以透過查看先前 AI 的日誌來建立其功能，我們認為——我們為客戶提供了非常好的價值主張。所以這就是交叉銷售的絕對機會。

The number one most requested feature of LivePerson customers is to LivePerson has been voice. Historically, LivePerson did not provide voice. It was mostly chat and digital and their customers have to go to different vendors to build -- to power their voice channel versus the chat channel. But now with SoundHound, they can build a single agentic AI solution for their customer service and they can power -- it can be multimodal and omnichannel.

LivePerson 客戶最常要求的第一大功能是語音——LivePerson 一直以來缺少的就是語音。從歷史上看，LivePerson 並不提供語音。它主要是聊天與數位渠道，而他們的客戶必須找不同的供應商來建置——來驅動語音渠道，而不是聊天渠道。但現在有了 SoundHound，他們可以為其客服打造單一的代理式 AI 解決方案，而且它可以——可以是多模態與全通路。

It can power their phone, the call centers. They can power their websites, their mobile apps, their messaging. We can even bring those use cases into the devices that we power like cars and TVs and other IoT devices. So both cross-sell and upsell opportunities are tremendous in our opinion.

它可以驅動他們的電話、呼叫中心。他們可以驅動他們的網站、行動應用程式、訊息傳遞。我們甚至可以把這些使用案例帶到我們所驅動的裝置中，例如汽車、電視以及其他 IoT 裝置。因此，在我們看來，交叉銷售與向上銷售的機會都非常可觀。

Leo Carpio, Joseph Gunnar.

Leo Carpio，Joseph Gunnar。

Congratulations on the quarter. I had a quick question regarding the competitive environment. Given your success winning the 8-figure deal, can you give us some sort of granularity and color on who are you facing off now at this stage in terms of the bake-offs, who are your competitors? Are they existing competitors that we've known about? Or are they a new level? Are the large LLM companies even forced to bidding for these deals?

恭喜本季表現。我有一個關於競爭環境的簡短問題。鑑於你們成功拿下這筆八位數的交易，你能否更具體、提供一些細節與背景，說明在目前這個階段的比稿中你們主要面對的是誰、競爭對手有哪些？他們是我們過去就知道的既有競爭者嗎？還是新的層級？大型 LLM 公司是否也被迫參與這些交易的投標？

Yes. It's -- as I mentioned, it's on track to be almost $1 trillion TAM. So you can expect more competitors to enter the market. But SoundHound is used to having competitors. We have had very big and powerful competitors, and we've managed to do well. We beat them in technology quality, we beat them in business model and partnership mentality.

是的。正如我提到的，它有望接近 1 兆美元的 TAM。因此你可以預期會有更多競爭者進入市場。但 SoundHound 一向習慣面對競爭者。我們曾面對非常大且強勢的競爭對手，而我們也一直表現不錯。我們在技術品質上勝過他們，在商業模式與合作夥伴心態上也勝過他們。

And now we have some newcomers and smaller players of different sizes. Most of them, they don't have their own technology. They basically tap into other APIs, and they could actually become a customer of SoundHound and again, the OASYS platform will be open eventually to those type of customers. Like some of the channel partners that I mentioned, they have a decision, do they compete with us or they become our customer and they can move faster by choosing our platform.

而現在我們也看到一些新進者與不同規模的較小玩家。其中大多數並沒有自己的技術。他們基本上是接入其他 API，而他們其實也可以成為 SoundHound 的客戶；同樣地，OASYS 平台最終也會對這類客戶開放。就像我提到的一些通路夥伴，他們需要做出決定：是要與我們競爭，還是成為我們的客戶，選擇我們的平台就能更快推進。

And I personally think competition is good. It's either they don't matter or they provide an inspiration for us to leapfrog them and we've done well in that situation. You had a very important question about would the frontier models become competitors. We don't think so. Frontier models are after API. And that's the race that they're after, and they need to stay focused on that, to really serve our customers.

而我個人認為競爭是好事。要嘛他們無關緊要，要嘛他們會激勵我們超越他們，而我們在那種情況下一直做得很好。你提出了一個非常重要的問題：前沿模型是否會成為競爭對手。我們不這麼認為。前沿模型追求的是 API。那是他們所競逐的賽道，他們需要專注於此，才能真正服務我們的客戶。

Our customers don't want an API, they want a partner. So we go sit with them, we listen to them. We learned about their pain points. We help them overcome their challenges, then we inspire them to think big and dream big and achieve those dreams. And that kind of a partnership mentality is something that they need and appreciate.

我們的客戶不想要一個 API，他們想要的是合作夥伴。因此我們會與他們坐下來，傾聽他們。我們了解他們的痛點。我們幫助他們克服挑戰，然後啟發他們放眼更大、敢於做夢，並實現那些夢想。而這種合作夥伴心態正是他們所需要並且欣賞的。

And it's unlikely for a big tech player or a frontier model player to want to go into that business. Now their API is available. And sometimes you see customer or a potential customer try to play with those APIs. But as I mentioned earlier, that's a very risky bet because then you're choosing -- you're really betting that in particular frontier model is going to be the best for years to come, whereas if you use SoundHound, you get the best model no matter where it comes from, and you get it at a higher quality and you get it at a lower cost because of SoundHound's own models.

而大型科技公司或前沿模型業者不太可能想進入這種業務。現在他們的 API 是可用的。有時你會看到客戶或潛在客戶嘗試使用那些 API。但如我先前所說，那是一個風險很高的押注，因為你等於是在選擇——你其實是在押注某一個特定的前沿模型在未來多年都會是最好的；然而如果你使用 SoundHound，你就能取得最佳模型，不論它來自哪裡，而且你能以更高品質、也以更低成本取得，因為 SoundHound 也有自有模型。

So we have everything we need to win, and we are winning. And competition is there. It's not a question, it's a certainty, but we know how to navigate around it, and it's a $1 trillion market TAM that we hope to capture a very big part of it.

所以我們具備贏得勝利所需的一切，而我們也正在獲勝。競爭確實存在。這不是一個疑問，而是必然，但我們知道如何在其中周旋，而這是一個 1 兆美元 TAM 的市場，我們希望能夠擷取其中非常大的一部分。

Thank you. And this does conclude today's presentation. Thank you for your participation, and you may now disconnect. Everyone, have a great day.

謝謝。今天的簡報到此結束。感謝各位的參與，現在可以中斷連線。各位，祝你們有美好的一天。