SoundThinking Inc (SSTI) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to SoundThinking's first-quarter 2025 earnings conference call. My name is Kevin, and I'll be your operator for today's call. Joining us are SoundThinking's CEO, Ralph Clark; and CFO, Alan Stewart.

下午好，歡迎參加 SoundThinking 2025 年第一季財報電話會議。我叫凱文，今天我將擔任您的電話接線生。與我們一起參加的還有 SoundThinking 的執行長 Ralph Clark 和財務長 Alan Stewart。

Please note that certain information discussed on the call today will include forward-looking statements for our future events and SoundThinking's business strategy in future financial and operating performance. These forward-looking statements are only predictions and are subject to risks and certainties that are actually difficult to predict and may cause actual results to differ materially from those stated or implied by those statements. Certain of these risks and assumptions are discussed in SoundThinking's SEC filings, including its registration statement on Form S-1.

請注意，今天電話會議上討論的某些資訊將包括對我們未來事件以及 SoundThinking 未來財務和營運績效的業務策略的前瞻性陳述。這些前瞻性陳述僅是預測，受制於實際上難以預測的風險和確定性，並可能導致實際結果與這些陳述所明示或暗示的結果有重大差異。SoundThinking 向美國證券交易委員會提交的文件中討論了其中的某些風險和假設，包括其 S-1 表格上的註冊聲明。

These forward-looking statements reflect management's beliefs, estimates, and predictions as of the date of this live broadcast, May 13, 2025, and SoundThinking undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.

這些前瞻性陳述反映了管理層截至本次直播之日（2025 年 5 月 13 日）的信念、估計和預測，SoundThinking 不承擔修改或更新任何前瞻性陳述以反映本次電話會議日期之後的事件或情況的義務。

Finally, I'd like to remind everyone that this call will be recorded and made available for replay via a link available in the Investor Relation section of the company's website at ir.soundthinking.com.

最後，我想提醒大家，本次電話會議將會被錄音，並可透過公司網站 ir.soundthinking.com 投資者關係部分提供的連結重播。

With that, I'll turn the call over to Ralph. Ralph, please go ahead.

說完這些，我將把電話轉給拉爾夫。拉爾夫，請繼續。

Good afternoon, and thank you for joining SoundThinking's Q1 2025 earnings call. I'll start by providing some high-level commentary on our financial results, progress we're making on our key strategic initiatives, and then share some thoughts on the headwinds and tailwinds we are seeing in the public safety and security marketplace.

下午好，感謝您參加 SoundThinking 2025 年第一季財報電話會議。我將首先對我們的財務表現、我們在關鍵策略舉措上取得的進展提供一些高層評論，然後分享一些我們在公共安全和安保市場中看到的逆風和順風的看法。

I'm pleased to report that we're off to a strong start in 2025, delivering disciplined growth and expanding our platform and data aggregation capabilities to help position SoundThinking as a clear leader in the public safety technology space. Our work matters, and we believe it's resonating in the market. I'm proud of the momentum we've built and even more excited about what's ahead.

我很高興地報告，我們在 2025 年取得了良好的開端，實現了穩健的成長，並擴展了我們的平台和資料聚合能力，以幫助 SoundThinking 成為公共安全技術領域的明顯領導者。我們的工作很重要，我們相信它會引起市場的共鳴。我為我們已取得的進展感到自豪，並對未來充滿期待。

In the first quarter, we delivered 12% revenue growth year-over-year of $28.3 million, driven by solid new sales in renewal activity. As a reminder, there was approximately $3.5 million of catch-up revenue in the quarter based on the renewal of two delayed contracts with New York City Police Department, including ShotSpotter and TechnoLogic, which totaled $64 million over a three-year term.

第一季度，我們的營收年增 12%，達到 2,830 萬美元，這得益於續約活動中強勁的新銷售。提醒一下，根據與紐約市警察局續約的兩份延期合約（包括 ShotSpotter 和 TechnoLogic），本季有大約 350 萬美元的補繳收入，三年總額為 6,400 萬美元。

Our adjusted EBITDA grew 50% year over year to $4.5 million, highlighting our operational leverage and profitable growth strategy. ShotSpotter remains a core part of our SafetySmart portfolio and is trusted by public safety agencies across the country. In Q1, that trust was reaffirmed with NYPD's decision to extend their ShotSpotter contract for an additional three years.

我們的調整後 EBITDA 年成長 50%，達到 450 萬美元，突顯了我們的營運槓桿和獲利成長策略。ShotSpotter 仍然是我們 SafetySmart 產品組合的核心部分，受到全國各地公共安全機構的信賴。在第一季度，紐約警察局決定將其 ShotSpotter 合約延長三年，這再次證實了這種信任。

We believe that this renewal with one of our largest and longest-standing customers, 12 years and counting, speaks volumes about the sustained value and operational reliability of our gunshot detection platform in America's largest city.

我們相信，與我們最大、合作時間最長的客戶之一的這次續約（已持續 12 年）充分說明了我們的槍擊偵測平台在美國最大城市的持續價值和運作可靠性。

We also went live with four new cities plus one expansion in the quarter. Our international ShotSpotter pipeline is robust and growing. We're very pleased to see a soon-to-be live ShotSpotter deployment in Niteroi, Brazil, marking our return to the strategically important market.

本季度，我們還在四個新城市上線，並擴展了一個城市。我們的國際 ShotSpotter 管道強勁且不斷成長。我們非常高興地看到 ShotSpotter 即將在巴西尼泰羅伊投入使用，這標誌著我們重返這個具有重要戰略意義的市場。

We will now have two strong and important reference customers in both Spanish-speaking and Portuguese-speaking Latin America. We expect to see accelerated traction with ShotSpotter internationally in the second half of this year and early 2026 based on these touchdowns.

我們現在在拉丁美洲的西班牙語和葡萄牙語地區都擁有兩個強大而重要的參考客戶。基於這些成功案例，我們預計今年下半年和 2026 年初 ShotSpotter 在國際上的發展將加速。

Let me also take a moment to address the recent five-year Chicago gunshot detection RFP, which we bid on in April. We believe our submission represents a comprehensive and compelling proposal that reflects our deep experience, proven performance, and long-standing partnership with the city, which spanned well over a decade. We fully respect the integrity and objectivity of the procurement process, but quietly feel confident in the strength of our offering and the differentiated value that we will bring back to the city of Chicago.

我還想花點時間談談我們四月份投標的最近五年芝加哥槍擊檢測 RFP。我們相信，我們提交的方案是一份全面且令人信服的提案，反映了我們豐富的經驗、經過驗證的業績以及與該市長達十多年的長期合作關係。我們充分尊重採購流程的完整性和客觀性，但也對我們的產品實力以及我們將帶回芝加哥市的差異化價值充滿信心。

And while we await the outcome of the formal bid adjudication process, I must also emphasize that our current outlook does not include any contribution from Chicago. Any potential reengagement with Chicago would represent pure upside.

在我們等待正式競標裁決程序的結果的同時，我還必須強調，我們目前的展望不包括芝加哥的任何貢獻。與芝加哥的任何潛在重新接觸都將帶來純粹的好處。

Our CrimeTracer solution is evolving into one of the most powerful AI-enhanced law enforcement tools in the country. We warehouse over 1 billion CJIS-compliant documents for more than 1,000 law enforcement agencies and federate to billions more through Index, Navy Links and Thomson Reuters Clear, giving investigators access to an expansive depth of structured and unstructured data. But what we believe makes CrimeTracer truly unique is how we can apply generative AI and soon-to-be large language models and agents to make that data just not searchable, but contextually insightful.

我們的 CrimeTracer 解決方案正在發展成為國內最強大的人工智慧執法工具之一。我們為 1,000 多個執法機構儲存了超過 10 億份符合 CJIS 標準的文件，並透過 Index、Navy Links 和 Thomson Reuters Clear 與數十億份文件聯合，使調查人員能夠存取廣泛的結構化和非結構化資料。但我們相信，CrimeTracer 真正獨特之處在於我們如何應用生成式人工智慧和即將成為大型的語言模型和代理，使這些數據不僅可搜索，而且具有上下文洞察力。

This quarter, we deployed new features that allow investigators to ask natural language queries like show me persons of interest who match known patterns in recent steps involving white bands in three counties and receive actual ad sites that would take hours, if not days, to surface manually. The combination of search, summarization and synthesis is transforming what's possible for digital casework in crime linking.

本季度，我們部署了新功能，允許調查人員提出自然語言查詢，例如向我顯示在三個縣涉及白人樂隊的最近步驟中與已知模式相匹配的嫌疑人，並接收實際的廣告網站，而這些網站需要數小時甚至數天才能手動顯示。搜尋、總結和綜合的結合正在改變犯罪聯繫中數位案件工作的可能性。

Furthermore, we also made progress integrating CrimeTracer's large data footprint with PlateRanger's ALPR data to unlock powerful response and investigative use cases for our customers. We believe that this integration provides a force multiplier for real-time and retrospective investigations, allowing investigators to seamlessly move back and forth from narrative-based incident search to connected license plate recognition. We believe this ability will enable agencies to help solve cases faster with fewer resources. The early feedback has been extremely positive and has proven to be a powerful differentiator in driving PlateRanger traction.

此外，我們還在將 CrimeTracer 的大數據足跡與 PlateRanger 的 ALPR 數據相結合方面取得了進展，為我們的客戶解鎖了強大的回應和調查用例。我們相信，這種整合為即時和回顧性調查提供了力量倍增器，使調查人員能夠無縫地在基於敘述的事件搜尋和連接的車牌識別之間來回切換。我們相信這種能力將使機構能夠以更少的資源更快地解決案件。早期的回饋非常積極，並已被證明是推動 PlateRanger 發展的強大差異化因素。

More importantly, we view this as foundational to move into building a truly multimodal investigative intelligence platform that combines people, places, vehicles and incidents in a single pane of glass. We continue to scale resource router, our proactive patrol planning tool with strong adoption and demonstrable results.

更重要的是，我們認為這是建立真正多模式調查情報平台的基礎，該平台將人物、地點、車輛和事件結合在一個玻璃窗格中。我們繼續擴展資源路由器，這是我們的主動巡邏規劃工具，具有廣泛的採用率和明顯的效果。

Resource router is currently deployed in over 20 agencies more than double its installed base less than 18 months ago. Agencies are using it to allocate limited officer resources to areas with the highest probability of criminal activity, and we're seeing real-world impact in both community engagement and crime suppression. As public safety agencies face mounting pressure to do more with less resource router seems to be an essential capability, not just a nice to have.

資源路由器目前已部署在 20 多個機構，比不到 18 個月前的安裝量增加了一倍以上。各機構正在利用它將有限的警力資源分配到犯罪活動發生機率最高的地區，我們看到了它在社區參與和犯罪抑制方面的實際影響。由於公共安全機構面臨越來越大的壓力，需要用更少的資源做更多的事情，路由器似乎是一項必不可少的功能，而不僅僅是一種可有可無的功能。

Now let me turn to one of our most exciting growth areas, SafePointe. Following the passage of California Assembly Bill 2975, hospitals are now required to deploy weapon detection systems at all public entrances by 2027. This is a seismic shift in healthcare securities policy and plays directly to SafePointe's strength. Our system uses passive low-frequency magnetic field detection, not invasive scanners or disruptive walk-through gates or intimidating checkpoints. That means hospitals can maintain patient dignity visitor experience and operational throughput, all while meeting the new legal compliance standard for safety.

現在讓我來談談我們最令人興奮的成長領域之一，SafePointe。加州議會第 2975 號法案通過後，醫院必須在 2027 年前在所有公共入口處部署武器偵測系統。這是醫療保健證券政策的重大轉變，直接發揮了 SafePointe 的優勢。我們的系統採用被動式低頻磁場檢測，而不是侵入式掃描器或破壞性的通道門或令人生畏的檢查站。這意味著醫院可以維持病患尊嚴、訪客體驗和營運吞吐量，同時滿足新的安全法律合規標準。

We've already engaged with multiple large healthcare systems in California, and we see similar legislation advancing in Maryland, New Jersey and beyond. With over 400 hospitals impacted in California alone, each with multiple entrances, the now mandated and addressable opportunity is significant. We believe SafePointe can become a category-defining solution in this space, not only for hospitals but for any environment where high flow, high state security is required.

我們已經與加州的多個大型醫療保健系統進行了合作，我們看到馬裡蘭州、新澤西州及其他地區也在推動類似的立法。僅加州就有超過 400 家醫院受到影響，每家醫院都有多個入口，因此現在強制執行和可解決的機會非常重要。我們相信 SafePointe 可以成為該領域的分類解決方案，不僅適用於醫院，也適用於任何需要高流量、高國家安全的環境。

As we move further into 2025, we remain bullish and focused on executing to our growth strategy and strategic road map. And while there have been very positive tailwinds to our business, driving strong demand for our capabilities, we remain acutely vigilant around lingering headwinds, especially those related to municipal funding and budgets.

隨著我們進一步邁入 2025 年，我們依然保持樂觀，並專注於執行我們的成長策略和策略路線圖。儘管我們的業務面臨著非常積極的順風，推動了對我們能力的強勁需求，但我們仍然對揮之不去的逆風保持高度警惕，特別是與市政資金和預算相關的逆風。

We are taking appropriate risk mitigation efforts, including doubling down on our customer success and engagement efforts, adding a grant riding resource and modeling higher levels of attrition than what we have historically experienced to account for that volatility. To that end, we continue to believe that we are well positioned to drive both revenue and ARR growth for 2025.

我們正在採取適當的風險緩解措施，包括加倍努力實現客戶成功和參與，增加補助金資源，並模擬比我們歷史上經歷過的更高的人員流失水平，以應對這種波動。為此，我們始終相信，我們已做好準備，在 2025 年推動收入和 ARR 的成長。

We are reaffirming our full-year revenue guidance range of $111 million to $113 million, while slightly reducing our adjusted EBITDA guidance range to 20% to 22% to account for the modest impact of the current tariff regime along with investments we're making in AI modeling and tools in AWS that are being incorporated in our products as well as for our internal operational use.

我們重申全年收入預期範圍為 1.11 億美元至 1.13 億美元，同時將調整後的 EBITDA 預期範圍略微下調至 20% 至 22%，以考慮當前關稅制度的適度影響以及我們在 AWS 的 AI 建模和工具方面的投資，這些投資被納入我們的產品以及我們的內部營運用途。

I will now turn the call over to Alan to discuss our financial results for the first quarter of 2025 as well as guidance for the full-year 2025 in detail, and then we will be happy to take your questions.

現在，我將把電話交給艾倫，詳細討論我們 2025 年第一季的財務業績以及 2025 年全年的指導，然後我們很樂意回答您的問題。

Thank you, Ralph, and good afternoon, everyone. As Ralph mentioned, we are pleased with our first-quarter 2025 results. Our strong financial performance reflects the success of our ongoing strategic initiatives, operational efficiency measures and our commitment to delivering value to our shareholders.

謝謝你，拉爾夫，大家下午好。正如拉爾夫所說，我們對 2025 年第一季的業績感到滿意。我們強勁的財務表現反映了我們正在進行的策略性舉措、營運效率措施以及為股東創造價值的承諾的成功。

Revenues were $28.3 million, representing a 12% increase over the $25.4 million in the first quarter of 2024. As Ralph mentioned, our 2024 year-end financial results were impacted primarily due to the delayed renewal of two contracts with New York City Police Department. Both of the NYPD contracts were signed in the first quarter with approximately $3.5 million of the catch-up revenue from the contracts.

營收為 2,830 萬美元，比 2024 年第一季的 2,540 萬美元成長 12%。正如拉爾夫所提到的，我們 2024 年年終財務表現受到影響主要是因為與紐約市警察局的兩份合約續約延遲。紐約警察局的兩份合約都是在第一季簽署的，合約的補繳收入約為 350 萬美元。

We're also pleased to report that both of those contracts were three-year renewals, representing over $64 million in contract awards. The bookings of all of our safety from our platform solutions, some of which are multiyear contracts are also growing healthily. Gross profit was $16.6 million, or 59% of revenue, compared to $14.9 million, or 59% of revenue for the prior-year period.

我們也很高興地報告，這兩份合約都是三年續約的，合約金額超過 6400 萬美元。我們平台解決方案的所有安全預訂量（其中一些是多年期合約）也在健康成長。毛利為 1,660 萬美元，佔營收的 59%，去年同期為 1,490 萬美元，佔營收的 59%。

Our adjusted EBITDA was $4.5 million compared to $3 million in the first quarter of 2024. Our adjusted EBITDA increase was related to the delayed contracts. As a reminder, adjusted EBITDA, a non-GAAP financial measure is calculated by taking our GAAP net income or loss and adjusting out interest income, income taxes, depreciation, amortization and impairment, restructuring costs and losses, including those related to fixed asset disposals, stock-based compensation expenses and acquisition-related expenses, including adjustments to our contingent consideration obligations.

我們的調整後 EBITDA 為 450 萬美元，而 2024 年第一季為 300 萬美元。我們的調整後 EBITDA 成長與合約延遲有關。提醒一下，調整後的 EBITDA 是一種非 GAAP 財務指標，其計算方法是採用我們的 GAAP 淨收入或虧損，並調整利息收入、所得稅、折舊、攤銷和減值、重組成本和損失（包括與固定資產處置、股票薪酬費用和收購相關費用相關的成本和損失），包括對我們的或有對價義務的調整。

Our adjusted EBITDA was a bit lower than consensus estimates as we held our company all hands meeting, which cost over $700,000 in the first quarter. This one-time event happens only once a year generally in the first quarter. Our legal and accounting expenses are also historically higher in the first quarter as we complete our annual financial audit and our preparation for and filing of our 10-K.

由於我們召開了公司全體會議，調整後的 EBITDA 略低於普遍預期，第一季的會議花費超過 70 萬美元。這種一次性事件每年僅發生一次，一般發生在第一季。由於我們完成了年度財務審計以及 10-K 的準備和提交，我們第一季的法律和會計費用也創歷史新高。

And as Ralph mentioned, we are investing more in our AI capabilities as well. Our operating expenses were $17.8 million, or 63% of revenues, compared to $17.5 million, or 69% of revenues in the first quarter of 2024. Breaking down our expenses. Sales and marketing expense in the first quarter was $7.3 million, or 26% of total revenue, compared to $7.1 million, or 28% of total revenue in line with the prior year period. Our R&D expenses were $4.1 million, or 14% of total revenue, compared to $3.6 million, or 14% of total revenue in the prior year period.

正如拉爾夫所提到的，我們也在加大對人工智慧能力的投資。我們的營運費用為 1,780 萬美元，佔營收的 63%，而 2024 年第一季的營運費用為 1,750 萬美元，佔營收的 69%。分解我們的開支。第一季銷售和行銷費用為 730 萬美元，佔總營收的 26%，而去年同期為 710 萬美元，佔總營收的 28%，與去年同期持平。我們的研發費用為 410 萬美元，佔總營收的 14%，而去年同期為 360 萬美元，佔總營收的 14%。

G&A expenses for the quarter were $6.5 million, or 23% of total revenue, compared to $6.8 million, or 27% of total revenue for the prior-year period. As a reminder, we expect our G&A expenses to grow less than our revenue on a percentage basis as our company grows. It's important to recognize the percentage of revenue of each of our OpEx categories is at or below the level of the first quarter of last year.

本季的一般及行政費用為 650 萬美元，佔總收入的 23%，而去年同期的一般及行政費用為 680 萬美元，佔總收入的 27%。提醒一下，隨著公司的發展，我們預期一般及行政費用的增幅將低於收入的增幅。重要的是要認識到我們每個營運支出類別的收入百分比都等於或低於去年第一季的水平。

Our GAAP net loss was approximately $1.5 million, or a loss of $0.12 per basic and diluted share for the quarter based on 12.6 million basic and diluted weighted average shares outstanding. This compares to a net loss of $2.9 million, or $0.23 per basic and diluted share based on $12.8 million basic and diluted weighted average shares outstanding for the prior-year period.

根據 1,260 萬股基本和稀釋加權平均流通股計算，本季我們的 GAAP 淨虧損約為 150 萬美元，或每股基本和稀釋虧損 0.12 美元。相較之下，去年同期的淨虧損為 290 萬美元，或基於 1,280 萬美元的基本和稀釋加權平均流通股，每股基本虧損和稀釋虧損均為 0.23 美元。

Deferred revenue as of March 31, 2025, was largely in line at $45.4 million compared to $44.2 million at the end of fourth quarter 2024. We ended the first quarter with $11.7 million in cash and cash equivalents compared to $13.2 million at the end of fourth quarter 2024 and much higher than the $5.7 million that we had at the end of 2023.

截至 2025 年 3 月 31 日的遞延收入基本持平，為 4,540 萬美元，而 2024 年第四季末為 4,420 萬美元。我們第一季末的現金和現金等價物為 1,170 萬美元，而 2024 年第四季末為 1,320 萬美元，遠高於 2023 年底的 570 萬美元。

We repurchased 33,493 of our shares at an average price of $15.04 for approximately $504,000 in the first quarter of 2025. Currently, we have approximately $21 million available on our line of credit as we have approximately $4 million in debt outstanding on all of our line of credit.

我們在 2025 年第一季以平均 15.04 美元的價格回購了 33,493 股股票，總價值約為 504,000 美元。目前，我們的信用額度可用金額約為 2,100 萬美元，因為我們所有信用額度上的未償還債務約為 400 萬美元。

Now turning to our guidance for the full year of 2025. We are reaffirming our full-year revenue guidance range of $111 million to $113 million. We are reducing our full-year 2025 adjusted EBITDA margin guidance range to 20% to 22%, related to potential costs associated with tariff changes and the investments that we are making in AI modeling and tools that we are incorporating in our products and internal operational use.

現在談談我們對 2025 年全年的指導。我們重申全年營收預期範圍為 1.11 億美元至 1.13 億美元。我們將 2025 年全年調整後 EBITDA 利潤率預期範圍下調至 20% 至 22%，這與關稅變化帶來的潛在成本以及我們在產品和內部營運中使用 AI 建模和工具方面的投資有關。

We are reaffirming our expectation for our annual recurring revenue, or ARR, to increase from $95.6 million at the beginning of 2025 to approximately $110 million at the beginning of 2026. As a reminder, this guidance is in spite of the loss of approximately $9.7 million from the loss of the Chicago ShotSpotter contract in 2024. Overall, we are pleased with the progress we have made on each of our strategic initiatives and operational performance of the business.

我們重申我們的預期，即年度經常性收入（ARR）將從 2025 年初的 9,560 萬美元增加到 2026 年初的約 1.1 億美元。提醒一下，儘管 2024 年失去芝加哥 ShotSpotter 合約而損失了約 970 萬美元，但仍得出了這一指導意見。整體而言，我們對每項策略舉措和業務營運績效所取得的進展感到滿意。

With that, we're now happy to open the call for questions. Operator, will you please open the line for Q&A?

現在，我們很高興開始回答問題。接線生，請開問答專線好嗎？

(Operator Instructions) Richard Baldry, Roth Capital Partners.

（操作員指示）Richard Baldry，Roth Capital Partners。

Now that you've got a broader suite of tools. Can you talk about how you manage sort of the pipeline there to make sure you're not overweighting or underweighting resources in each of those areas?

現在您已經擁有了更廣泛的工具套件。您能否談談如何管理那裡的管道，以確保您在各個領域的資源不會過剩或不足？

Yes. Thanks for that question, Rich. This is Ralph. So each product solution has its own pipeline metrics that we're tracking. And I would say that the pipeline is fairly solid across the platform.

是的。謝謝你的提問，Rich。這是拉爾夫。因此，每個產品解決方案都有我們正在追蹤的自己的管道指標。我想說的是，整個平台的管道相當穩固。

and particularly strong in a couple of segments, including resource router and crime tracer. We're targeting kind of 3 to 4x coverage based on the annual contract value quotas that we've issued out to the sales team.

並且在資源路由器和犯罪追蹤器等幾個領域表現尤為強勁。根據我們向銷售團隊發放的年度合約價值配額，我們的目標是實現 3 到 4 倍的覆蓋率。

And then looking at SafePointe specifically, I think you've revamped that product in the past year. So is there any early feedback on that? Maybe any like customer cases without naming names, maybe verticals you sold into at that?

然後具體看一下 SafePointe，我認為你們在過去一年中對產品進行了改進。那麼對此有任何早期反饋嗎？也許有任何類似的客戶案例，但沒有透露姓名，也許是您當時銷售的垂直行業？

Yes. So thanks for that question. Again, this is Ralph. So as you know, we're focused on the healthcare vertical, casino vertical and then high-end commercial properties. And we've seen really success across the board, particularly in the healthcare vertical, where I think our discrete architecture is critically accordant to a healthcare concern.

是的。謝謝你的提問。再說一次，我是拉爾夫。如您所知，我們專注於醫療保健垂直領域、賭場垂直領域以及高端商業房地產。我們在各個領域都取得了真正的成功，特別是在醫療保健垂直領域，我認為我們的離散架構與醫療保健問題至關重要。

I think we talked about on our last call that we have a couple of proof-of-concept deployments going in on one of the top 5, top 10 healthcare chains here in the US. One of those has actually kicked off and is going pretty well. We're hoping to light up the second one here in Q2. So more to come on SafePointe in the healthcare vertical.

我想我們在上次電話會議上談過，我們在美國排名前五、前十的醫療連鎖機構之一中進行了幾個概念驗證部署。其中一個實際上已經開始並且進展順利。我們希望在第二季點亮第二個。SafePointe 在醫療保健垂直領域還有更多精彩內容。

Mike Latimore, Northland Capital.

麥克·拉蒂莫爾 (Mike Latimore)，Northland Capital。

This is Aditya on behalf of Mike Latimore. Could you give some color on if do you expect meaningful bookings to come from PlateRanger this year?

我是邁克·拉蒂莫爾 (Mike Latimore) 的代表阿迪亞 (Aditya)。您能否透露一下，今年 PlateRanger 的訂單量是否有望顯著成長？

Do you want to take that, Alan?

艾倫，你想接受這個嗎？

Yes, sure. So this is Alan. We are still working on the actual bookings. We have a significant amount of pipeline in there. So I would say it is still going to be somewhere in the 1 million-plus range in terms of actual bookings, and we're expecting slightly a little less than that in revenue this year.

是的，當然。這就是艾倫。我們仍在處理實際預訂。我們在那裡擁有大量的管道。因此，我認為實際預訂量仍將在 100 萬以上，而我們預計今年的收入將略低於這個數字。

But significant increase in revenue into next year. We are seeing a lot of interest there, and we are running a couple of different kinds of marketing aspects to get more customers into the actual contracts.

但明年收入將大幅增加。我們看到了很多興趣，我們正在採取幾種不同的行銷方式來吸引更多的客戶簽訂實際合約。

Got it. And do you see additional expansion in Puerto Rico this year?

知道了。您認為今年波多黎各還會進一步擴張嗎？

I think we're --

我認為我們--

Yes, this is Ralph.

是的，這是拉爾夫。

Go ahead, Ralph.

繼續吧，拉爾夫。

No, go ahead. Sorry.

不，繼續吧。對不起。

No. I was saying that Puerto Rico, as we mentioned before, the contract we have right now ends at the end of June. We are in ongoing discussions with them. to not only extend that contract, but to make that into a multiyear extension renewal. We are also in discussion with them.

不。我說的是波多黎各，正如我們之前提到的，我們目前的合約將於 6 月底到期。我們正在與他們進行持續討論，不僅要延長合同，而且要將其延長為多年的續約。我們也正在與他們進行討論。

I won't give you 2 minutes more details on that, but with some potential expansions beyond the 30 miles that we have there. So things are going positive there, but as we all know, it just takes some time, especially deal in Puerto Rico.

我不會花兩分鐘時間向您詳細介紹這一點，但我們可能會在現有的 30 英里範圍之外進行一些擴展。所以那裡的情況正在朝著積極的方向發展，但眾所周知，這需要一些時間，尤其是在波多黎各的交易。

(Operator Instructions) Trevor Walsh, Citizens.

（操作員指示）特雷弗·沃爾什，公民。

Maybe rotating back to the SafePointe piece. Great to hear the legislative sort of win, I guess, in California. Can you maybe, Ralph, just give us a sense of based on kind of where you see the sales cycle around SafePointe kind of executing now currently and then based on that 2027 requirement when you think deals kind of really start to materialize around that? I would imagine maybe more into 2026 just based on the timing, but I guess how far in advance do customers need to start kind of prepping for that new requirement.

也許旋轉回 SafePointe 部分。我想，很高興聽到加州在立法方面取得勝利。拉爾夫，您能否根據您目前看到 SafePointe 銷售週期的執行情況，以及根據 2027 年的要求，您認為交易何時真正開始實現，給我們一個大概的印象？從時間上看，我猜想可能要到 2026 年才會出現，但我猜想客戶需要提前多久開始為這項新要求做準備。

Yes. Thanks, Trevor, for that question. This is Ralph. So I think you're absolutely right. With respect to the AB 2975, that's really much more of a 2026 opportunity for us. But make no mistake about it, we're making really, really good traction in other places in the country with SafePointe, not only in hospital vertical, not only in the hospital vertical but also in the gaming casino vertical as well.

是的。謝謝特雷弗提出這個問題。這是拉爾夫。所以我認為你完全正確。就 AB 2975 而言，這對我們來說實際上更像是一個 2026 年的機會。但請不要誤會，我們透過 SafePointe 在該國其他地方取得了非常非常好的進展，不僅在醫院垂直領域，而且在賭場垂直領域也是如此。

So what our game plan there is to have a fairly comprehensive campaign in California to really position ourselves within that market because now as we've often had in previous calls, our greatest competition with respect to SafePointe is do nothing. And now this particular unfunded mandate coming from the state of California is taking away that competitive energy or that competitive threat there would do nothing because now at least 400 hospitals have to do something, along the weapon detection space.

因此，我們的計劃是在加州進行一場相當全面的活動，真正在該市場中佔據一席之地，因為正如我們在之前的電話會議中經常提到的那樣，我們在 SafePointe 方面最大的競爭對手是什麼也不做。現在，加州的這項沒有資金支持的特定任務正在奪走那裡的競爭能量或競爭威脅，因為現在至少有 400 家醫院必須在武器檢測領域採取行動。

And we think because of the uniqueness of our offering with respect to the passive centers, it's discrete deployment and not having a checkpoint that we're well positioned to get our fair share of that particular market. But we're going to have to invest some time and energy certainly working without OSHA and the various participants that were kind of behind getting this bill passed in the first place, along with hospital chains in California. So we're pretty excited about it, as you might imagine.

我們認為，由於我們針對被動中心提供的產品的獨特性，它是離散部署，沒有檢查點，因此我們完全有能力在該特定市場中獲得公平的份額。但我們必須投入一些時間和精力，當然是在沒有職業安全與健康管理局和最初推動該法案通過的各參與者以及加州醫院連鎖的情況下進行的。因此，正如您可能想像的那樣，我們對此感到非常興奮。

Awesome. Great. And Alan, maybe my follow-up for you, if I can. I recall from last quarter when we were discussing the New York, pushing up the deal, I guess, into this quarter that there was going to be some at least benefits of the deal sliding around the margins because of kind of the cost being already outlaid and then the revenue is hitting kind of later. But it didn't seem like that necessarily would materialize by at least just kind of looking at kind of where gross margins lined up in the quarter.

驚人的。偉大的。艾倫，如果可以的話，我可以為你跟進。我記得上個季度我們在討論紐約的交易，我想，將交易推遲到本季度，這至少會帶來一些好處，因為成本已經支出，而收入會在稍後才產生。但至少從本季的毛利率來看，這似乎不一定能實現。

So just wondering if -- maybe with other things that you had called out in the quarter around some of the other costs and the annual meeting, et cetera, that maybe kind of washed that out a little bit. But just curious kind of how that materialized in the numbers.

所以只是想知道——也許您在本季度提到的其他一些事情，例如其他一些成本和年度會議等等，可能會稍微消除這一點。但我只是好奇這在數字上是如何體現的。

Yes, this is Alan. Thanks for that question, and it's a valid question, too. I think what we are seeing already at least in Q1, we hit the adjusted EBITDA of the $4.5 million, but we had about $1 million in additional expenses. Our all-hands meeting was north of $700,000.

是的，這是艾倫。感謝您提出這個問題，這也是一個有效的問題。我認為至少在第一季我們已經看到，我們的調整後 EBITDA 達到了 450 萬美元，但我們還有大約 100 萬美元的額外支出。我們的全體會議籌集了超過 70 萬美元。

We also did have some increase as we do the AI algorithms in the modeling. That increased our actual bandwidth usage of like AWS and Azure. That was probably a couple of hundred thousand dollars as well. So when you start adding the $1 million in terms of expenses, had those not occurred, then the adjusted EBITDA would have been significantly higher, specifically related to the New York City contracts. A lot of that did flow to the bottom line as you would expect.

在建模中使用人工智慧演算法時，我們也確實取得了一些進展。這增加了我們對 AWS 和 Azure 的實際頻寬使用量。那可能也是幾十萬美元。因此，當你開始增加 100 萬美元的費用時，如果這些費用沒有發生，那麼調整後的 EBITDA 將會高得多，特別是與紐約市的合約有關。正如您所預料的，其中許多確實流向了底線。

There was still some things that we had to cost a little bit related to some actual commissions that were out to the prior company was doing some of that as well as a little bit of a cost of goods sold costs related to that.

我們還需要花費一些與實際佣金有關的費用，這些佣金是先前公司支付的，還有一些與此相關的銷售成本。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Curious to know about the revenue progression, given the outsized kind of the $3.5 million lumpiness that occurred in Q1, how should we be thinking about the progression to Q2, at least what I've got for consensus is 27.8, which would be a step up from the 28.3 minus 3.5, I just wanted to make sure you're comfortable with that step up.

我很好奇地想知道收入的增長情況，考慮到第一季度出現的 350 萬美元的巨大差異，我們應該如何考慮第二季度的增長，至少我得到的共識是 27.8，這將比 28.3 減 3.5 有所提高，我只是想確保您對這一增長感到滿意。

Yes. So this is Alan. It's a great question. And having that 3.5 out would have put us back down to around 24.8. So north of 27 is a little bit too high in terms of what we need in order to hit our revenue guidance for the year.

是的。這就是艾倫。這是一個很好的問題。如果扣除這3.5個，我們的利潤率就會降到24.8左右。所以，就我們實現年度收入預期所需的水平而言，超過27個就有點過高了。

We don't give quarterly revenue guidance. But for the annual, it will be more likely to see a reduction in Q2. Q2 going up to Q3 and Q3 going up more significantly into Q4 as all the stuff that we're investing in right now, especially the SafePointe starts recognizing a lot more of the revenue.

我們不提供季度收入指引。但就年度而言，第二季出現下降的可能性更大。由於我們現在投資的所有項目，尤其是 SafePointe 開始實現更多的收入，因此 Q2 上升到 Q3，而 Q3 上升到 Q4 則更為顯著。

And then on the margin guide, the 100 bps, maybe I missed it, but did you clarify what the gross margin implied in is -- are we still kind of a 59%-ish for gross margin and the impact is in the operating expenses?

然後關於利潤率指南，100 個基點，也許我錯過了，但你是否澄清了隱含的毛利率是多少 - 我們的毛利率是否仍然在 59％ 左右，並且影響在運營費用中？

Yes. It's another great question. We're still expecting our gross margin to stay around there for the year. As we continue to invest, we are seeing some of those costs.

是的。這又是一個好問題。我們仍然預計今年的毛利率將維持在該水平。隨著我們繼續投資，我們看到了其中的一些成本。

When we talk about the change in the adjusted EBITDA percentage, it's only a little over $1 million. But you've got -- some of that's going to go through cost of goods sold, such as things like the increase in sensors that we deploy for the ShotSpotter that might be somewhere around $250,000, maybe $300,000 between new sensors and replacement sensors. So that's going to affect that a little bit.

當我們談論調整後的 EBITDA 百分比的變化時，它僅略高於 100 萬美元。但是，其中一些將計入銷售成本，例如我們為 ShotSpotter 部署的感測器的增加，新感測器和替換感測器的成本可能在 25 萬美元左右，甚至可能在 30 萬美元左右。所以這會有點影響。

And then the rest of the stuff that we're doing in terms of the AI algorithms and investing there for all the appropriate things, especially for SafePointe, into the algorithms and modeling. So that's going to be from the bandwidth cost AWS, Azure as well as personnel. You can have that another probably $700,000-plus throughout the year, not obviously quarter by quarter, but that's something that is going to keep the cost of goods sold a little lower.

然後，我們在人工智慧演算法方面所做的其他工作以及所有適當的投資，特別是對於 SafePointe，投入到演算法和建模中。所以這將來自 AWS、Azure 以及人員的頻寬成本。您可以在全年獲得另外 70 多萬美元，顯然不是逐季度獲得，但這將使銷售成本保持較低水平。

But I think it's so important to understand that overall, our operating expense is growing and will continue to grow less than the revenue, even with those additional loss. So it's something that we are managing. And you can even see that from Q1 last year, our total OpEx was 17.5%. This year was down to 17.2%, even though revenue went up.

但我認為，我們必須明白，總體而言，我們的營運費用正在成長，即使有額外的損失，其成長速度仍將低於收入。所以這是我們正在管理的事情。您甚至可以看到，從去年第一季開始，我們的總營運支出為 17.5%。儘管收入有所增加，但今年卻下降至 17.2%。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

And I wanted to come back to AB 2975, SafePointe, And just understand in terms of the total number of facilities, within the state of California that you believe to be required under this new law to put in place detection. That's kind of part one.

我想回到 AB 2975、SafePointe 的問題，並了解您認為根據這項新法律，加州境內需要實施檢測的設施總數。這是第一部分。

And then part two is, I think you mentioned Maryland, New Jersey, Virginia, as other states looking at similar type of legislation. If you add those states in and what's kind of the total number of addressable facilities that we're talking about?

第二部分是，我想您提到了馬裡蘭州、新澤西州、維吉尼亞州等其他州也在考慮類似的立法。如果新增這些狀態，我們討論的可尋址設施的總數是多少？

Yes. Thanks, Jeremy. This is Ralph. With respect to the state of California, we're estimating this is directionally true. I'd say we're estimating that there's about 400 hospitals in estimating that each of those hospitals kind of given the fact that there's maybe one to three buildings kind of per hospital and location would have on average something in the order of kind of 10 egress points that they'd have to protect.

是的。謝謝，傑里米。這是拉爾夫。就加州而言，我們估計這在方向上是正確的。我想說，我們估計大約有 400 家醫院，考慮到每家醫院可能有 1 到 3 棟建築，每個地點平均有大約 10 個出口點需要保護。

There is a carve-out certainly for a number of hospitals that are in rule settings or more kind of clinics that don't have to comply with this particular legislation. But we think that there's probably about kind of 400 hospitals in California that would have to comply, and we're estimating about 10 lanes per, so about a 4,000 lane opportunity in California quite honestly.

當然，對於一些有規則設定的醫院或更多類型的診所來說，有一個例外，它們不必遵守這項特定的立法。但我們認為，加州大約有 400 家醫院必須遵守規定，我們估計每家醫院大約有 10 條車道，所以說實話，加州大約有 4,000 條車道的機會。

We're not looking -- well, we're not really looking beyond California with respect to this type of legislation. We just want to make note that kind of given the workplace issues that exist preeminently in hospital settings that it wouldn't be a surprise if there are some other sticks that are kind of in the early discussions of doing something similar to California might flip over and have similar legislation.

我們並沒有考慮——嗯，對於這類立法，我們實際上並沒有考慮加州以外的地區。我們只是想指出，考慮到醫院環境中主要存在的工作場所問題，如果其他一些州正在早期討論採取與加州類似的措施並製定類似的立法，這並不奇怪。

We know in the state of Illinois, for example, although it doesn't apply to hospitals, there's a similar regime with respect to requiring weapon detections for casinos in the state of Illinois. So this is something that's going to be, I think, part and parcel for this particular market around how certain entities need to become compliant and they can't afford to do nothing. So it's a bit of a kind of unfunded mandate that we're going to be tracking on, of course.

例如，我們知道在伊利諾伊州，雖然它不適用於醫院，但在伊利諾伊州，也有類似的製度要求賭場進行武器檢測。因此，我認為，這對這個特定的市場來說將是不可或缺的一部分，因為某些實體需要遵守規定，而他們不能無所作為。因此，這有點像是一種無資金支持的任務，我們當然會對其進行追蹤。

And then as a follow-up, how does the annualized cost of the SafePointe per entry way compare versus kind of traditional solutions whether that's Garrett or Chaya kind of traditional metal detector weapons, detection or an Evolve system that's a bit more AI tools involved. Can you give us a sense in terms of bidding on these opportunities where you fall in the spectrum?

然後作為後續問題，SafePointe 每個入口的年化成本與傳統解決方案相比如何，無論是 Garrett 還是 Chaya 類型的傳統金屬探測器武器、檢測還是涉及更多 AI 工具的 Evolve 系統。您能否讓我們了解一下您在競標這些機會方面處於什麼位置？

Yes. Thanks for that following question. So I can tell you what our pricing model is in business model. We're charging about $20,000 per year per lane. And that's kind of similar in many ways to ShotSpotter when you think about our cost to deploy and how we recapture that cost investment is very similar to ShotSpotter.

是的。感謝您提出以下問題。所以我可以告訴你我們的商業模式中的定價模式是什麼樣的。我們每條車道每年收費約 2 萬美元。當您考慮我們的部署成本以及我們如何收回成本投資時，它在許多方面都與 ShotSpotter 非常相似。

We're breaking even on a lane inside of 12 months. And then kind of the ongoing annual subscription fee to the extent that people would renew would be super high margin for us. Interestingly enough, we're finding and dealing with commercial opportunities that a number of these customers are signing up for multiyear deals, two years, three years, et cetera.

我們在 12 個月內就實現了收支平衡。然後，如果人們續訂的話，持續的年度訂閱費會為我們帶來超高的利潤。有趣的是，我們正在尋找和處理商業機會，其中許多客戶正在簽署多年期、兩年期、三年期等等的協議。

From a total cost comparison, and this is pretty early and directionally, I would say that we offer a fairly compelling solution kind of given the unique nature of what we do and not having to have people walk through a checkpoint, total cost of ownership, we think is extremely attractive for our solution versus other solutions that require much more manually intensive resources there at the checkpoints.

從總成本比較來看，這是相當早期和方向性的，我想說，我們提供了一種相當引人注目的解決方案，考慮到我們所做工作的獨特性，而且不必讓人走過檢查站，我們認為總擁有成本對於我們的解決方案來說非常有吸引力，而其他解決方案則需要在檢查站投入更多的人力密集型資源。

We don't require that. We've learned a lot from our experience in ShotSpotter in terms of just not providing the base capability of detecting weapons, but also the reporting analytics that go along with that. So we have kind of an insight solution, where it's not kind of like insight. It is insight that you'd be familiar with, with ShotSpotter.

我們不要求那樣。我們從 ShotSpotter 的經驗中學到了很多東西，它不僅提供檢測武器的基本能力，還提供隨之而來的報告分析。因此，我們有一種洞察解決方案，但它並不像洞察。有了 ShotSpotter，您就會熟悉它的見解。

We reimagine that to the SafePointe solution now where agencies can -- excuse me, corporate entities can basically check their ingress flow, the number of detections per passes number of times they can apply ground truth where they've actually pulled someone over and found a weapon, et cetera. This is an incredibly powerful reporting tool that goes beyond just the weapons detection piece that we think is, again, is going to be very attractive for folks in California, OSHA that are really about protecting these facilities and having robust data to ensure that they're appropriately reduce risk of potential workplace violence in hospitals.

我們將其重新設想為 SafePointe 解決方案，現在各機構可以 — — 對不起，企業實體基本上可以檢查他們的入口流量、每次通過的檢測次數，他們可以應用地面實況的次數，他們實際上攔下某人並發現武器，等等。這是一個非常強大的報告工具，它的功能遠超武器檢測功能，我們認為，對於加州和職業安全與健康管理局 (OSHA) 的人們來說，它將非常有吸引力，他們真正關心的是保護這些設施，並擁有可靠的數據，以確保他們適當降低醫院潛在工作場所暴力的風險。

Great color. I wanted to also just ask a little bit more about the international opportunities that you mentioned, right? So deploying in Brazil here, Q2. And then as you think about some of the other opportunities, I know you've probably looked at some expansion in South Africa.

顏色很棒。我還想再問一下您提到的國際機會，對嗎？因此，這裡將在巴西部署，第二季。然後，當您考慮其他一些機會時，我知道您可能已經考慮過在南非進行一些擴張。

You've noted previously, some other Latin American countries that you might be looking at as well as the Caribbean. And just to get a sense for -- I mean, I know typically, the international bidding is a little bit longer sales cycle. So I wanted to get a sense for how we should be thinking about that.

您之前提到過，您可能正在關註一些其他拉丁美洲國家以及加勒比地區。只是為了了解一下——我的意思是，我知道通常國際競標的銷售週期會更長一些。所以我想了解我們應該如何思考這個問題。

Yes. So you're absolutely correct. The international sales cycles tend to even be longer than the long sale cycles domestically, but they're super impactful. Just to remind you and others that pricing leverage there as we typically charge 3x to what we charge domestically. So when the deals happen, they happen in fairly big ways.

是的。所以你完全正確。國際銷售週期往往比國內銷售週期更長，但影響力非常大。只是想提醒您和其他人，我們的定價槓桿通常是國內價格的 3 倍。因此，當交易發生時，它們會以相當大的規模發生。

Look, we're really excited about Latin America, in particular, kind of going back to Brazil we were in Brazil in a couple of cities back when I joined the company in 2010 on our legacy business model. So to be able to return to Brazil is really exciting because of all the Latin American countries, that have issues with gun violence. I would say Brazil is most similar to the US than almost any other country in Latin America or, frankly, even South Africa in terms of the intensity and scale of the problem. Brazil is a very big country.

聽著，我們對拉丁美洲感到非常興奮，特別是回到巴西，當我在 2010 年加入公司時，我們在巴西的幾個城市開展我們的傳統商業模式。因此，能夠重返巴西真的令人興奮，因為所有拉丁美洲國家都存在槍支暴力問題。我想說，就問題的強度和規模而言，巴西與美國最相似，幾乎比拉丁美洲任何其他國家都相似，坦白說，甚至比南非更相似。巴西是一個非常大的國家。

There's a lot of cities there that have a lot of square miles of coverage need there. So to actually get our first mover in Niteroi, Brazil, which is importantly that -- excuse me, Portuguese speaking is going to be important for us to fully reopen that market opportunity up. And we're already in discussions without saying too much more.

那裡有很多城市，需要大面積的覆蓋。因此，實際上我們要先在巴西尼泰羅伊採取行動，這一點很重要——對不起，講葡萄牙語對於我們全面重新開放這個市場機會至關重要。我們已經在討論中，不再多說。

We're already in discussions with a call of other cities in Brazil kind of doing a quick follow, hopefully, to Nitro. We saw the quick expansion that happened in month of a day out Uruguay. We're excited about that, of course, and they represent a very compelling first-mover early adopter customer in Spanish-speaking Latin America.

我們已經在與巴西其他城市進行討論，希望能夠快速跟進 Nitro。我們見證了烏拉圭在一個月內發生的快速擴張。當然，我們對此感到非常興奮，他們是拉丁美洲西班牙語地區非常引人注目的先行者早期採用者客戶。

We've had a number of municipalities from other neighboring, Latin America Spanish-speaking Latin American countries -- South American countries, excuse me, that have visited Montevideo, and they've actually gone out to various Latin America security conferences talking about their success.

我們邀請了來自其他鄰近拉丁美洲、講西班牙語的拉丁美洲國家（對不起，是南美國家）的多個市鎮來蒙得維的亞參觀，他們還參加了各種拉丁美洲安全會議，分享他們的成功經驗。

I do also want to point out that it's just not ShotSpotter, but we're really excited about a couple of pretty interesting opportunities with resource router in with an existing Latin American country where that's already a ShotSpotter customer and then one non-ShotSpotter customer that's pretty substantial.

我還想指出，這不僅僅是 ShotSpotter，但我們對與資源路由器合作的幾個非常有趣的機會感到非常興奮，這些機會與現有的拉丁美洲國家合作，那裡已經是 ShotSpotter 的客戶，然後還有一個非 ShotSpotter 客戶，這相當重要。

And then also true with the PlateRanger as well. And if you follow our press at anything or follow the press in South Africa, you'll see that there is a real, real need for an expanded footprint in around Cape Town that we're hopefully going to get the Western province to support.

對於 PlateRanger 來說也是如此。如果您有在關注我們的新聞或關注南非的新聞，您會發現，開普敦週邊地區確實需要擴大業務範圍，我們希望能夠得到西部省的支持。

So we've got a lot of interesting activities going on. Timing wise, I think the best way to think about this is late, late 2025, early 2026 for some of those cards to flip over. Did that answer your question?

因此，我們進行了許多有趣的活動。從時間角度來看，我認為考慮這個問題的最佳時間是 2025 年末或 2026 年初，屆時一些卡片將會翻轉。這回答了你的問題嗎？

Yes, very helpful. Last one for me is on -- back to the operating expenses for a second. So you saw an uptick in R&D costs, both on a run rate from last year, but also from the end of '24, was that where you're reflecting some of the AI tool investments? Is that falling into that bucket? Or is there any other color you might be able to share on whether or not that kind of $4 million run rate in R&D is kind of where we should be thinking?

是的，非常有幫助。對我來說最後一個問題是——回到營運費用。所以，您看到研發成本上升，不僅從去年的運行率來看，而且從 24 年底開始也有所上升，這是否反映了一些人工智慧工具投資？那是否落入了那個桶子裡？或者您可以分享其他信息，說明 400 萬美元的研發運行率是否是我們應該考慮的水平？

Yes. Great question. This is Alan. It was primarily related to two things. One would be some of -- is primarily for the personnel that are helping us with the AI algorithms.

是的。好問題。這是艾倫。這主要與兩件事有關。其中之一是——主要針對幫助我們開發人工智慧演算法的人員。

We're doing a lot of modeling right now related to SafePointe primarily. Most of the cost is related to that. So that's basically where it is. Also some of the -- like the AWS and some of the other bandwidth type costs end up in the R&D bucket itself. That's primarily where it is.

我們現在正在進行大量主要與 SafePointe 相關的建模。大部分成本都與此有關。基本上就是這樣。另外，像 AWS 和其他一些頻寬類型的成本最終都進入了研發領域。基本上就是如此。

I do think you're going to see the -- for a little more than 4 million go down a little bit as we stabilize those, but it's not going to go down significantly throughout the rest of the year. But they'll definitely still grow less than the revenue.

我確實認為，隨著我們穩定這些數字，你會看到略高於 400 萬的數字有所下降，但在今年剩餘時間內不會大幅下降。但它們的成長肯定仍低於收入。

We've reached at end of our question-and-answer session. I'd like to turn the floor back over to Ralph for any further closing comments.

我們的問答環節已經結束。我想把發言權交還給拉爾夫，請他發表進一步的結論。

Great. Yes. Thank you very much, and thank you all for joining us again today. As you've heard, we're executing well across the board. We're expanding our platform deepening cover relationships and pursuing new opportunities in AI-driven public safety.

偉大的。是的。非常感謝，也感謝大家今天再次加入我們。正如您所聽到的，我們的各項工作都執行得很好。我們正在擴展我們的平台，深化覆蓋關係，並在人工智慧驅動的公共安全領域尋求新的機會。

We certainly appreciate your continued support and look forward to keeping you updated on our progress. Thanks again for joining the call.

我們非常感謝您的持續支持，並期待隨時向您通報我們的進展。再次感謝您參加電話會議。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。